9

Z.1, March 8, 2007

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

2006

2005
Q3

1
2
3
4
5
6
7
8

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

2006
Q4

Q1

Q2

Q3

Q4

2348.0

2725.4

3001.7

3403.2

3554.6

3288.8

4039.9

4031.8

3595.0

3025.2

3566.5

1

1380.7

1684.7

1998.7

2278.8

2100.3

2429.6

2434.9

2530.6

1849.4

1805.1

2216.2

2

810.6
12.9
148.0
7.7
143.9
257.6

980.1
88.6
92.0
7.7
120.3
396.0

1100.1
165.2
244.7
11.5
115.3
361.9

1238.8
245.0
304.2
12.6
171.4
306.9

1012.0
436.9
288.7
27.8
151.6
183.4

1321.2
292.2
314.0
21.6
216.8
263.9

1330.4
197.5
356.1
6.4
175.7
368.9

1145.9
462.6
300.5
28.8
61.4
531.5

1135.7
404.8
273.9
25.0
126.2
-116.1

928.4
275.5
260.8
23.8
156.6
160.0

838.0
604.6
319.8
33.6
262.1
158.2

3
4
5
6
7
8

9

Rest of the world

92.9

31.7

123.5

84.7

254.2

84.7

113.3

117.2

114.8

427.2

357.6

9

10

Financial sectors

874.3

1008.9

879.5

1039.7

1200.1

774.5

1491.7

1384.0

1630.8

792.9

992.6

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

177.4
107.5
-0.3
70.2

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

52.3
15.5
-0.1
36.9

399.9
307.0
-1.1
94.0

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

-61.8
4.2

6.9
0.3

13.3
8.1

9.6
-0.2

-24.7
6.8

41.2
2.0

-273.3
8.4

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
181.9

2.9
243.7
330.5
211.0

3.0
65.0
53.0
331.5

0.4
-84.2
134.8
664.0

2.7
59.2
288.2
532.0

0.4
-243.9
163.4
721.5

0.6
200.9
191.8
806.2

2.8
144.8
327.3
572.7

1.3
314.3
306.1
621.8

2.4
-191.1
280.7
410.8

4.3
-31.3
238.6
522.8

17
18
19
20

21
22
23
24

Finance companies
REITs
Brokers and dealers
Funding corporations

66.2
27.2
-1.7
23.7

111.0
31.6
6.4
14.4

134.3
98.3
15.2
34.6

33.5
58.4
0.1
128.1

36.2
50.9
6.4
104.7

-150.2
65.9
28.0
99.4

202.2
1.8
-33.4
38.9

25.5
66.8
35.1
137.0

63.4
56.5
6.5
83.7

-53.3
32.8
5.0
210.3

109.0
47.5
-20.9
-12.3

21
22
23
24

2348.0

2725.4

3001.7

3403.2

3554.6

3288.8

4039.9

4031.8

3595.0

3025.2

3566.5

25

171.4

175.6

319.9

364.3

101.2

573.8

499.6

274.3

51.3

85.1

-6.0

26

50.6
25.8
-0.8
86.2
9.5

121.6
-3.2
1.5
58.3
-2.7

209.5
31.1
11.5
64.5
3.3

218.6
35.1
12.8
100.5
-2.7

-1.4
25.3
10.0
62.7
4.6

429.6
12.3
13.5
124.7
-6.3

346.4
65.2
14.6
72.5
0.8

193.6
50.5
11.1
10.7
8.3

-79.2
53.9
8.3
61.5
6.8

72.0
-41.8
9.5
49.7
-4.3

-191.8
38.5
10.9
129.1
7.5

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

815.6

825.7

826.2

966.9

768.0

824.7

697.7

1012.4

32

33

Financial sectors

1746.1

2033.5

1908.9

2223.4

2627.7

1888.9

2573.4

2989.4

2719.0

2242.4

2560.1

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

34.7
815.0
708.8
106.6
3.4
-3.7
-98.1
41.1

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
120.4
14.7
102.4
6.6
-3.3
260.0
28.6

20.3
1449.1
1373.3
75.4
8.0
-7.5
-876.8
43.8

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

48.3
84.6
35.3
19.5
8.4

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

31.8
33.2
38.9
7.9
7.7

53.2
90.1
46.8
19.9
2.7

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
188.4

-95.9
138.0
35.5
0.7
236.5
330.5
217.5

-124.9
116.6
11.0
3.8
46.2
53.0
332.6

-5.5
124.1
1.5
6.8
-65.4
134.8
644.9

220.2
180.2
7.4
5.7
34.7
288.2
506.7

12.7
83.8
-0.8
7.1
-263.5
163.4
700.0

253.4
92.2
-3.3
4.8
145.3
191.8
769.0

76.9
238.3
9.7
3.0
64.7
327.3
560.1

148.9
156.7
19.1
9.1
144.8
306.1
603.2

375.9
135.2
-5.0
2.8
-80.5
280.7
378.0

279.1
190.4
5.6
7.9
9.8
238.6
485.6

47
48
49
50
51
52
53

54
55
56
57

Finance companies
REITs
Brokers and dealers
Funding corporations

103.7
23.8
28.4
-68.5

122.7
25.7
79.6
94.8

214.8
87.9
-29.2
73.0

117.2
66.9
82.3
80.8

93.2
50.9
106.2
145.4

112.0
89.0
-215.3
149.8

256.6
20.8
238.2
-96.2

98.1
40.5
-16.5
312.0

65.4
57.7
53.9
-128.5

160.8
44.5
156.4
244.7

48.6
61.0
230.8
153.5

54
55
56
57

(1) Excludes corporate equities and mutual fund shares.

10

Z.1, March 8, 2007

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

2006

2005

2006

Q3

Q4

Q1

Q2

Q3

Q4

1380.7

1684.7

1998.7

2278.8

2100.3

2429.6

2434.9

2530.6

1849.4

1805.1

2216.2

1

1380.7
-57.9
257.1
0.5
159.4
132.3
-106.6
15.7

1684.7
-35.1
398.4
-2.4
137.6
158.3
-77.7
5.5

1998.7
16.8
362.5
-0.6
130.5
77.7
12.6
20.4

2278.8
-7.9
307.3
-0.4
194.8
59.9
136.9
45.1

2100.3
23.4
183.7
-0.3
178.0
220.4
172.8
50.7

2429.6
2.8
264.2
-0.4
237.6
99.6
39.5
20.3

2434.9
-89.9
368.1
0.8
205.8
75.5
187.6
50.2

2530.6
18.8
532.5
-1.0
73.9
211.0
263.7
71.9

1849.4
16.8
-116.4
0.2
163.1
204.5
128.5
92.1

1805.1
-37.7
161.0
-1.0
176.4
143.6
155.4
-34.2

2216.2
95.6
157.7
0.5
298.6
322.3
143.5
73.3

2
3
4
5
6
7
8
9

867.7
731.6
36.8
91.7
7.5
112.6

996.4
797.9
70.4
120.0
8.1
103.9

1262.7
1054.0
48.8
151.7
8.1
116.1

1448.8
1128.4
72.9
241.3
6.2
94.3

1160.6
824.0
49.3
272.1
15.3
111.1

1661.6
1315.7
65.4
272.1
8.5
104.3

1584.6
1173.3
91.9
320.0
-0.5
52.1

1303.4
1021.5
53.9
217.6
10.4
56.5

1211.2
908.6
43.6
243.4
15.5
149.4

1110.3
734.4
41.1
316.6
18.3
131.3

1017.5
631.5
58.5
310.7
16.8
107.3

10
11
12
13
14
15

1380.7
810.6
168.7
12.9
148.0
7.7
143.9
257.6

1684.7
980.1
188.4
88.6
92.0
7.7
120.3
396.0

1998.7
1100.1
421.4
165.2
244.7
11.5
115.3
361.9

2278.8
1238.8
561.8
245.0
304.2
12.6
171.4
306.9

2100.3
1012.0
753.4
436.9
288.7
27.8
151.6
183.4

2429.6
1321.2
627.8
292.2
314.0
21.6
216.8
263.9

2434.9
1330.4
559.9
197.5
356.1
6.4
175.7
368.9

2530.6
1145.9
791.9
462.6
300.5
28.8
61.4
531.5

1849.4
1135.7
703.7
404.8
273.9
25.0
126.2
-116.1

1805.1
928.4
560.1
275.5
260.8
23.8
156.6
160.0

2216.2
838.0
958.0
604.6
319.8
33.6
262.1
158.2

16
17
18
19
20
21
22
23

24

Foreign borrowing in U.S.

92.9

31.7

123.5

84.7

254.2

84.7

113.3

117.2

114.8

427.2

357.6

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

93.1
152.0
15.2
-6.1

78.5
8.5
5.2
-7.4

59.1
17.9
39.5
-3.1

68.3
50.6
7.6
-9.3

-53.2
147.8
28.2
-8.0

255.0
180.2
-5.3
-2.7

102.2
229.4
30.3
-4.3

25
26
27
28

1473.7

1716.5

2122.2

2363.5

2354.5

2514.4

2548.2

2647.8

1964.2

2232.3

2573.9

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

874.3

1008.9

879.5

1039.7

1200.1

774.5

1491.7

1384.0

1630.8

792.9

992.6

1

-63.8
219.8
326.8
352.8
21.1
6.8
10.9

-52.9
243.7
330.5
455.3
-7.2
31.2
8.3

55.1
65.0
53.0
572.8
33.4
74.1
25.9

236.1
-84.2
134.8
686.5
9.3
44.3
12.9

268.9
59.2
288.2
565.0
-12.7
20.1
11.4

243.5
-243.9
163.4
537.1
29.3
25.2
20.0

219.3
200.9
191.8
831.7
35.1
25.9
-13.0

261.4
144.8
327.3
601.1
9.7
16.7
23.0

308.5
314.3
306.1
685.5
-35.2
44.6
7.1

316.2
-191.1
280.7
399.9
-49.5
29.0
7.8

189.6
-31.3
238.6
573.5
24.4
-9.9
7.8

2
3
4
5
6
7
8

874.3

1008.9

879.5

1039.7

1200.1

774.5

1491.7

1384.0

1630.8

792.9

992.6

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

177.4
107.5
-0.3
70.2

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

52.3
15.5
-0.1
36.9

399.9
307.0
-1.1
94.0

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

-61.8
4.2

6.9
0.3

13.3
8.1

9.6
-0.2

-24.7
6.8

41.2
2.0

-273.3
8.4

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
181.9

2.9
243.7
330.5
211.0

3.0
65.0
53.0
331.5

0.4
-84.2
134.8
664.0

2.7
59.2
288.2
532.0

0.4
-243.9
163.4
721.5

0.6
200.9
191.8
806.2

2.8
144.8
327.3
572.7

1.3
314.3
306.1
621.8

2.4
-191.1
280.7
410.8

4.3
-31.3
238.6
522.8

16
17
18
19

20
21
22
23

Finance companies
REITs
Brokers and dealers
Funding corporations

66.2
27.2
-1.7
23.7

111.0
31.6
6.4
14.4

134.3
98.3
15.2
34.6

33.5
58.4
0.1
128.1

36.2
50.9
6.4
104.7

-150.2
65.9
28.0
99.4

202.2
1.8
-33.4
38.9

25.5
66.8
35.1
137.0

63.4
56.5
6.5
83.7

-53.3
32.8
5.0
210.3

109.0
47.5
-20.9
-12.3

20
21
22
23

11

Z.1, March 8, 2007

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

2006

2005

2006

Q3

Q4

Q1

Q2

Q3

Q4

2348.0

2725.4

3001.7

3403.2

3554.6

3288.8

4039.9

4031.8

3595.0

3025.2

3566.5

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
516.7

-75.1
398.4
571.9
137.6
642.3

134.7
362.5
117.5
130.5
712.4

266.7
307.3
50.2
194.8
784.4

385.3
183.7
347.0
178.0
937.4

324.8
264.2
-80.9
237.6
645.1

188.5
368.1
393.5
205.8
925.1

348.4
532.5
471.1
73.9
862.7

272.0
-116.4
620.7
163.1
1037.8

533.4
161.0
88.6
176.4
723.8

387.4
157.7
207.8
298.6
1125.2

2
3
4
5
6

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

-80.2
20.2
878.6
112.6

-92.6
34.5
1004.6
103.9

48.5
90.9
1288.6
116.1

159.0
84.8
1461.8
94.3

175.3
64.7
1172.0
111.1

74.0
38.1
1681.6
104.3

262.2
72.9
1571.6
52.1

281.0
79.2
1326.5
56.5

121.5
128.6
1218.3
149.4

100.6
-8.0
1118.1
131.3

198.2
59.1
1025.2
107.3

7
8
9
10

227.4

427.2

364.6

107.5

-76.3

-104.0

66.1

113.5

-171.4

-290.5

43.0

11

46.4
-41.6

138.6
-42.0

66.4
-126.6

-152.6
-363.4

-409.5
-602.1

-305.6
-469.9

-144.5
-419.2

-390.6
-569.6

-445.7
-602.4

-524.7
-535.2

-277.2
-701.2

12
13

17.0
71.0
181.1

118.0
62.5
288.6

84.8
108.2
298.2

142.1
68.6
260.2

138.1
54.5
333.2

138.7
25.6
201.6

171.2
103.5
210.6

164.2
14.8
504.1

67.9
88.9
274.3

31.9
-21.4
234.1

288.3
135.7
320.3

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

2348.0

2725.4

3001.7

3403.2

3554.6

3288.8

4039.9

4031.8

3595.0

3025.2

3566.5

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

0.4
0.0
0.6
129.7

-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
230.2

-4.2
0.0
1.0
-36.5

6.3
0.0
-0.0
96.1

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

0.9
3.2
314.9
271.1
127.0

-22.3
-14.0
343.6
274.0
305.7

-36.7
-44.4
482.8
376.1
216.7

-34.4
44.7
283.9
193.7
351.4

-13.5
67.9
227.6
375.5
133.1

-131.9
21.9
304.7
300.0
222.6

-25.4
-87.6
262.5
390.0
438.5

81.6
-58.3
579.6
30.3
428.6

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
138.6
288.6
23.7

83.2
66.4
298.2
179.5

352.6
-152.6
260.2
234.0

487.6
-409.5
333.2
140.8

298.3
-305.6
201.6
298.2

163.7
-144.5
210.6
167.2

521.2
-390.6
504.1
129.4

239.1
-445.7
274.3
254.6

615.2
-524.7
234.1
46.0

574.9
-277.2
320.3
133.2

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
-1.1

166.6
33.1
241.4
28.5

0.3
16.1
152.6
26.4

211.7
14.2
154.1
18.2

20.8
20.0
136.8
13.4

-96.4
10.9
223.5
50.0

212.3
3.3
62.8
29.4

194.1
19.2
167.2
-5.9

178.3
12.4
154.4
20.8

262.2
21.7
232.0
28.6

15
16
17
18

19
20

Noncorporate proprietors’ equity
Miscellaneous

-82.6
546.2

27.2
554.2

-5.6
1625.6

-60.8
724.8

-36.8
1176.5

-77.9
1030.8

-59.9
61.5

-48.8
1037.0

-41.1
1078.6

-0.5
1654.7

-56.7
935.8

19
20

3808.3

4645.5

6307.9

5751.9

6662.3

6004.7

5493.0

7109.8

6279.6

6354.2

6905.6

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
-55.5

-0.3
53.5
-4.4
-24.0
-42.6
-72.7

-0.3
62.0
15.0
-139.3
-14.5
221.9

0.7
48.2
9.6
128.0
-28.2
-87.3

-1.1
132.0
-12.7
359.1
-37.7
-196.3

1.7
22.1
1.4
-128.1
9.4
-292.9

-0.1
29.2
41.0
55.2
-11.7
216.1

-4.8
221.3
25.3
306.1
-89.9
-390.5

0.3
248.2
10.1
244.4
-18.0
-275.3

0.6
44.8
-8.8
289.5
3.3
-67.3

-0.6
13.7
-77.5
596.6
-46.3
-52.1

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
39.2

27.9
-0.2
7.7

-6.6
-0.1
-22.1

-3.0
-0.0
-38.0

23.0
0.5
-53.0

-18.7
-0.0
-128.4

4.3
-0.0
75.1

-15.6
0.1
-30.0

35.3
-0.1
-124.8

-35.8
-0.0
-72.4

28
29
30

31

Totals identified to sectors
as assets

3633.8

4705.7

6127.8

5709.6

6460.0

6420.7

5310.5

6963.0

6115.5

6181.7

6579.9

31

12

Z.1, March 8, 2007

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

2006

2005

2006

Q3

Q4

Q1

Q2

Q3

Q4

10469.6

10960.8

11712.5

12455.8

13244.6

12573.5

12730.5

13008.4

13197.3

13322.6

13449.9

1

7350.7

7703.6

8211.5

8742.4

9269.0

8847.3

8927.8

9079.2

9228.1

9346.7

9422.1

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

1070.3
2715.0
5483.7

1057.3
2584.9
5205.1

1019.6
2613.5
5294.7

1064.1
2658.2
5356.8

1061.8
2721.4
5444.9

1075.5
2747.7
5523.5

1079.8
2732.7
5609.6

3
4
5

1582.1

1664.1

1888.0

2057.4

2211.6

2052.6

2154.5

2214.8

2237.1

2235.5

2159.0

6

1570.2

1649.8

1830.6

2036.1

2163.5

2067.9

2105.8

2167.7

2174.8

2171.4

2140.2

7

1066.3
84.9
730.8
113.9
28.7
108.1

1077.4
91.2
743.5
116.1
28.4
98.3

1155.3
96.8
782.4
116.8
31.9
127.4

1265.7
100.9
867.7
125.2
34.4
137.5

1396.4
111.5
961.6
153.9
37.0
132.4

1276.7
100.7
876.9
129.6
34.7
134.8

1304.3
102.5
899.3
130.9
34.9
136.6

1359.2
107.1
936.7
136.9
36.4
142.1

1384.3
110.5
953.4
151.4
36.7
132.3

1420.8
114.1
978.1
161.2
37.6
129.9

1421.3
114.4
978.0
166.2
37.5
125.2

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

767.1
641.2
5.0
115.9
5.1

791.2
677.3
5.2
104.2
4.6

801.5
692.9
5.3
107.5
-4.1

808.5
688.3
5.3
110.8
4.0

790.6
672.9
5.2
114.2
-1.7

750.5
615.1
4.9
117.5
13.0

719.0
588.3
4.7
120.9
5.1

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

48.1
42.7
2.2
3.1

-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

64.2
58.5
3.1
2.5

18.7
15.6
0.8
2.3

19
20
21
22

23

Net U.S. exports of goods and services

-424.4

-499.4

-613.2

-716.7

-763.2

-728.8

-775.4

-765.2

-781.8

-801.7

-704.3

23

24
25

Exports
- Imports

1005.9
1430.3

1040.8
1540.2

1178.1
1791.4

1303.1
2019.8

1466.1
2229.4

1312.4
2041.2

1352.4
2127.8

1405.4
2170.6

1448.1
2229.8

1488.3
2290.1

1522.7
2226.9

24
25

26

Government consumption expenditures and
gross investment

1961.1

2092.5

2226.2

2372.8

2527.2

2402.4

2423.6

2479.6

2513.9

2542.1

2573.1

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

2096.0
808.0
1287.9

2002.1
784.3
1217.8

2014.5
771.1
1243.4

2059.7
803.6
1256.2

2083.0
802.3
1280.7

2109.1
809.1
1300.0

2132.0
817.1
1314.9

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

431.2
118.4
312.8

400.3
111.5
288.7

409.1
115.1
294.0

419.9
118.2
301.7

430.9
117.4
313.5

433.0
118.1
315.0

441.1
120.1
321.0

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

21.9
671.2
649.3

52.2
527.2
475.0

12.5
564.9
552.4

29.1
603.3
574.3

22.7
661.4
638.6

16.7
682.3
665.7

18.9
737.7
718.7

33
34
35

10500.2

11017.6

11758.7

12487.7

13266.4

12625.7

12743.0

13037.4

13220.1

13339.2

13468.9

36

27
28
29

Consumption expenditures (3)
Federal
State and local

30
31
32

Gross investment (3)
Federal
State and local
Memo:

33
34
35

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

36

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

(1) This table is based on NIPA table 1.1.5 in the Survey of Current Business, Department of Commerce.
(2) Component of personal outlays, found on table F.100, line 4.
(3) Government inventory investment is included in consumption expenditures.

13

Z.1, March 8, 2007

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

2006

2005

2006

Q3

Q4

Q1

Q2

Q3

Q4

9229.3

9632.3

10255.9

10811.8

11698.0

10643.2

11106.2

11551.3

11611.5

11733.7

11895.3

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

7478.8
7004.8
461.5
12.5

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

7489.3
7027.7
461.5
0.0

7600.3
7083.3
467.0
50.0

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

1015.0
992.4
22.6

967.3
937.7
29.7

996.8
968.1
28.7

1008.3
984.4
23.9

1011.9
994.3
17.5

1014.8
993.2
21.7

1025.1
997.8
27.4

6
7
8

152.9

133.0

127.1

72.8

76.7

-11.5

81.5

76.8

71.4

78.3

80.5

9

886.3

993.1

1182.6

1330.7

1621.3

1266.3

1393.5

1569.1

1591.8

1653.3

1670.9

10

766.2

894.5

1104.5

1486.1

1781.8

1444.9

1559.1

1717.7

1752.6

1815.8

1841.0

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

1827.2
1088.7
1.3
231.1
506.1

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

1854.0
1117.9
1.3
234.6
500.1

1902.7
1125.5
1.3
223.7
552.2

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

480.8
287.7
0.6
192.4

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

490.6
299.0
0.6
190.9

499.6
289.0
0.6
210.0

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

1346.4
642.2
395.8
2.5
82.5
161.4

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

1363.4
650.4
404.9
2.5
80.6
162.3

1403.2
671.4
412.8
2.6
79.9
176.1

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

704.3
405.2
-1.8
148.6
152.3

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

713.0
413.9
-1.8
154.1
146.8

731.8
423.8
-1.9
143.8
166.1

27
28
29
30
31

32

Inventory valuation adjustment

-2.2

-13.6

-39.8

-32.6

-45.4

-30.9

-39.2

-22.9

-58.9

-38.2

-61.7

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

-160.5
-135.8
0.0
-24.7

-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

-162.4
-137.1
0.0
-25.3

-170.2
-143.0
0.0
-27.2

33
34
35
36

37

Net interest and miscellaneous payments

520.9

524.7

485.1

483.4

510.6

482.9

490.0

514.8

513.2

498.6

515.9

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

964.8
52.5
93.1
-9.9

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

968.6
51.8
92.8
-10.2

971.7
51.0
92.8
-10.9

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

11698.0

10643.2

11106.2

11551.3

11611.5

11733.7

11895.3

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

1310.6
265.7
-11.7

1632.3
265.7
84.5

1307.5
255.0
74.3

1288.9
259.1
-61.9

1309.8
262.9
35.8

1314.4
267.6
23.5

1329.0
273.0
-44.2

43
44
45

46

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

30.6

56.8

46.3

31.9

21.9

52.2

12.5

29.1

22.7

16.7

18.9

46

47

Equals:
Gross Domestic Product

10469.6

10960.8

11712.5

12455.8

13244.6

12573.5

12730.5

13008.4

13197.3

13322.6

13449.9

47

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

14

Z.1, March 8, 2007

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

2003

2004

2005

2006

2005

2006

Q3

Q4

Q1

Q2

Q3

Q4

1

Gross saving

1489.1

1459.0

1543.6

1612.0

1831.3

1653.5

1621.2

1880.5

1789.7

1778.1

1877.0

1

2

Net saving

197.1

122.5

107.5

7.2

255.1

-244.5

58.7

332.4

216.9

196.1

274.9

2

479.2

515.0

502.3

319.7

408.8

170.9

339.5

466.7

353.9

379.3

435.1

3

3

Net private saving

4

Personal saving

184.7

174.9

174.3

-34.8

-102.1

-132.6

-28.5

-29.7

-130.8

-133.0

-114.8

4

5
6
7
8
9

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

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

498.3
704.3
-45.4
-160.5
12.5

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

512.4
713.0
-38.2
-162.4
0.0

499.9
731.8
-61.7
-170.2
50.0

5
6
7
8
9

-282.1

-392.5

-394.9

-312.5

-153.7

-415.4

-280.8

-134.3

-136.9

-183.3

-160.2

10

-247.9
-34.2

-372.1
-20.4

-382.0
-12.9

-309.2
-3.3

-157.9
4.2

-396.0
-19.3

-263.6
-17.2

-147.0
12.7

-163.1
26.1

-173.0
-10.2

-148.3
-11.9

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

1576.2

1898.0

1562.5

1548.0

1572.8

1582.0

1602.1

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

1310.6
1050.4
260.1

1632.3
1197.6
434.7

1307.5
1044.4
263.1

1288.9
1035.1
253.8

1309.8
1050.4
259.5

1314.4
1053.0
261.4

1329.0
1063.3
265.7

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

265.7
104.3
161.4

265.7
99.8
165.9

255.0
100.7
154.3

259.1
102.4
156.7

262.9
103.7
159.2

267.6
105.1
162.5

273.0
106.0
167.0

17
18
19

1468.1

1507.8

1610.3

1683.1

1819.6

1737.9

1695.4

1818.6

1825.5

1801.6

1832.7

20

1926.4

2020.0

2259.4

2454.5

2642.8

2452.9

2563.6

2634.7

2668.0

2668.5

2600.1

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

2211.6
2163.5
1396.4
767.1
48.1

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

2235.5
2171.4
1420.8
750.5
64.2

2159.0
2140.2
1421.3
719.0
18.7

22
23
24
25
26

344.3

356.0

371.4

397.1

431.2

400.3

409.1

419.9

430.9

433.0

441.1

27

1.4

3.2

2.3

4.4

3.8

2.2

2.1

7.0

3.5

1.7

3.0

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

-827.1

-717.2

-870.2

-823.1

-846.1

-868.7

-770.4

29

30

Statistical discrepancy (line 20 less line 1)

-21.0

48.8

66.7

71.1

-11.7

84.5

74.3

-61.9

35.8

23.5

-44.2

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

13.7

14.0

15.3

12.4

14.4

14.3

13.7

1

2
3
4
5
6
7

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

-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

-42.9
27.5
16.7
1.8
51.9
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

-43.6
26.5
16.8
0.0
53.3
0.0

-43.2
27.1
16.9
1.0
52.3
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

56.6
4.8
51.9

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

56.9
4.6
52.3

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

3.8
1.8
-2.0

2.1
0.2
-1.9

2.0
0.1
-1.9

6.9
4.9
-2.0

3.4
1.4
-2.0

2.0
0.0
-2.0

3.0
1.0
-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

1.1
12.2
-13.3
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

-13.4
12.3
0.8
0.3

39.7
12.4
-52.1
0.0

14
15
16
17

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

15

Z.1, March 8, 2007

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

2003

2004

2005

2006

2005
Q3

2006
Q4

Q1

Q2

Q3

Q4

1

Net acquisition of financial assets

632.0

992.3

1234.9

971.5

743.2

1105.2

887.6

1005.8

486.0

815.6

665.7

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
61.2
387.0
-47.9

5.2
5.0
453.9
63.0

7.3
-4.5
533.9
159.4

5.5
-124.2
604.1
131.2

2.8
-35.3
318.0
119.6

13.7
65.7
543.1
109.7

13.8
-74.6
302.1
167.8

-2.2
-9.1
639.4
229.0

4.0
0.1
651.0
131.3

2
3
4
5

6

Securities

23.3

352.4

198.2

21.0

-407.6

43.0

-13.4

-111.4

-485.9

-437.3

-595.9

6

13.1
4.5
-110.1
-156.7
97.4
194.9
-145.4
125.6

-4.5
8.9
22.5
143.7
28.4
-84.3
-2.8
240.5

30.2
0.6
71.9
87.9
36.9
-19.2
-259.2
249.0

28.1
0.7
-92.0
223.1
74.7
-15.6
-463.9
266.0

23.4
-2.7
-68.8
-14.8
44.1
14.7
-740.4
336.8

27.4
-1.1
19.6
456.0
97.4
-169.2
-600.5
213.5

22.7
3.8
-227.6
223.7
91.2
235.6
-578.5
215.6

20.4
3.8
525.6
-296.9
-35.9
-24.8
-830.4
526.8

25.9
-2.7
-205.6
-146.6
101.8
144.3
-680.0
277.1

21.8
-4.8
-54.0
166.2
31.0
-91.1
-740.5
234.2

25.6
-7.2
-540.9
218.2
79.4
30.7
-710.7
309.0

7
8
9
10
11
12
13
14

60.1
186.5

66.8
200.3

33.1
241.4

16.1
152.6

14.2
154.1

20.0
136.8

10.9
223.5

3.3
62.8

19.2
167.2

12.4
154.4

21.7
232.0

15
16

62.8

164.0

356.5

254.6

286.4

288.8

261.6

318.7

376.4

229.0

221.5

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)

1571.8
495.7
227.4
850.4
-1.7

1680.6
568.7
235.6
875.1
1.1

1829.7
663.2
245.5
910.2
10.8

1978.5
766.0
260.5
950.6
1.4

2048.6
757.0
302.4
983.8
5.4

2019.5
781.4
265.0
972.6
0.5

2013.9
800.4
268.4
937.2
7.9

2065.1
799.2
280.3
978.1
7.4

2067.0
787.1
298.6
976.0
5.3

2039.6
732.6
312.8
988.6
5.6

2022.8
709.2
318.1
992.5
3.1

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
195.8
192.3
669.4

1141.8
233.5
206.3
702.0

1274.7
337.3
197.0
740.4

1232.1
293.4
186.6
752.2

1493.6
495.7
250.8
747.0

1250.2
294.9
201.5
753.8

1203.6
287.9
178.9
736.9

1226.3
294.5
184.5
747.3

1240.2
293.6
189.1
757.4

1258.3
297.4
193.8
767.1

23
24
25
26

27

Net investment in tangible assets (4)

563.9

623.0

687.9

703.8

816.5

525.9

763.7

861.5

840.7

799.4

764.5

27

314.0
46.3
205.2
-1.7

372.9
43.3
205.7
1.1

429.7
39.2
208.2
10.8

428.7
63.5
210.2
1.4

463.7
115.9
231.6
5.4

285.8
14.1
225.5
0.5

505.4
66.9
183.4
7.9

511.3
101.4
241.3
7.4

492.6
114.1
228.7
5.3

439.0
123.6
231.2
5.6

411.8
124.3
225.4
3.1

28
29
30
31

985.1

1117.5

1541.7

1602.5

1437.5

1665.8

1689.4

1604.6

1445.0

1300.4

1399.8

32

731.0
105.0
112.6
1.0
-48.2
83.8

796.1
153.8
103.9
-0.7
34.3
30.2

1049.9
166.0
116.1
1.6
81.5
126.4

1121.7
241.4
94.3
0.8
-31.6
175.8

817.2
243.1
111.1
3.9
59.7
202.5

1309.1
231.0
104.3
-1.2
-22.0
44.6

1165.5
307.1
52.1
3.0
-102.3
263.9

1013.2
210.3
56.5
2.8
68.1
253.7

901.0
236.5
149.4
6.2
-22.5
174.5

727.2
233.5
131.3
5.4
42.7
160.3

627.2
292.2
107.3
1.4
150.3
221.3

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

-17.6

-16.1

-17.3

-19.3

-17.9

-16.3

-16.7

39

40

Personal saving, with consumer durables (FOF)

241.1

512.6

396.8

89.1

139.9

-18.6

-20.6

281.9

-100.4

331.0

47.1

40

41

Less net investment in consumer durables

205.2

205.7

208.2

210.2

231.6

225.5

183.4

241.3

228.7

231.2

225.4

41

42

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

35.9

306.8

188.6

-121.2

-91.7

-244.1

-204.1

40.6

-329.1

99.8

-178.2

42

43

Personal saving (NIPA, excludes consumer durables)

184.7

174.9

174.3

-34.8

-102.1

-132.6

-28.5

-29.7

-130.8

-133.0

-114.8

43

44

Difference

-148.8

132.0

14.3

-86.3

10.3

-111.5

-175.6

70.3

-198.4

232.8

-63.4

44

45

Memo:
Disposable personal income

7830.1

8162.5

8681.6

9036.1

9523.1

9047.7

9236.1

9388.8

9446.2

9577.0

9680.5

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

6.3
3.8
2.1
1.6

4.6
2.2
2.0
0.2

1.0
-1.3
-0.4
-1.0

1.5
-1.0
-1.1
0.1

-0.2
-2.7
-1.5
-1.2

-0.2
-2.2
-0.3
-1.9

3.0
0.4
-0.3
0.7

-1.1
-3.5
-1.4
-2.1

3.5
1.0
-1.4
2.4

0.5
-1.8
-1.2
-0.7

46
47
48
49

(1) Consolidated statement for household sector, nonfarm noncorporate business, and farm business.
(2) Directly held and those in closed-end and exchange-traded funds. Other equities are included in mutual funds (line 14) and life insurance and pension reserves (lines 15 and 16)).
(3) Includes corporate farms.
(4) Line 18 less line 23.
(5) Table F.9, line 13 plus line 4 less lines 3 and 9.
(6) Line 42 and 43 are conceptually equivalent but measure saving using different data. Line 42 is net acquisition of financial assets (line 1) plus net investment in tangible assets net of consumer durables
(line 27 less line 41) less net increase in liabilities (line 32) less net capital transfers (line 39). Line 43 is disposable personal income (line 45) less personal outlays (table F.100, line 4).

16

Z.1, March 8, 2007

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

2006

2005

2006

Q3

Q4

Q1

Q2

Q3

Q4

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

10884.0
1360.9
9523.1
9625.2
-102.1

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

10939.4
1362.5
9577.0
9710.0
-133.0

11067.9
1387.4
9680.5
9795.3
-114.8

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

0.3
231.6
1014.5
-17.6

-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
231.2
1021.1
-16.3

1.5
225.4
1035.1
-16.7

6
7
8
9

10

= Gross saving and net capital transfers

1191.8

1238.5

1307.0

1196.2

1126.8

1257.6

1158.8

1189.2

1087.4

1100.2

1130.4

10

11

Gross investment

1046.5

1372.6

1322.7

1110.5

1138.7

1151.2

982.8

1257.2

892.5

1337.5

1067.4

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

1736.5
641.2
983.8
111.5

1750.5
677.3
972.6
100.7

1732.6
692.9
937.2
102.5

1773.5
688.3
978.1
107.1

1759.4
672.9
976.0
110.5

1717.7
615.1
988.6
114.1

1695.2
588.3
992.5
114.4

12
13
14
15

16

Net financial investment

-316.5

-86.4

-258.3

-604.5

-597.8

-599.4

-749.8

-516.3

-866.9

-380.2

-627.8

16

17

Net acquisition of financial assets

466.0

933.7

926.8

605.7

476.1

698.7

483.3

700.6

248.8

592.8

362.3

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
-60.5
334.3
-110.1

5.4
-26.1
382.9
-56.4

5.2
-34.4
406.3
53.8

7.3
-35.7
497.0
152.3

5.5
-165.8
553.9
121.5

2.8
-80.4
263.5
109.1

13.7
31.0
502.0
101.8

13.8
-100.8
271.5
161.8

-2.2
-39.1
604.1
222.2

4.0
-34.0
610.6
123.4

18
19
20
21

22

Credit market instruments

50.6

121.6

209.5

218.6

-1.4

429.6

346.4

193.6

-79.2

72.0

-191.8

22

13.1
-105.6
4.5
-110.1
-156.7
97.6
194.9
7.4

-4.5
29.4
8.9
20.5
143.7
29.0
-84.3
8.3

30.2
67.2
0.6
66.6
87.9
35.2
-19.2
8.1

28.1
-98.8
0.7
-99.5
223.1
74.0
-15.6
7.8

23.4
-77.3
-2.7
-74.6
-14.8
43.6
14.7
9.0

27.4
10.6
-1.1
11.6
456.0
96.7
-169.2
8.2

22.7
-232.4
3.8
-236.2
223.7
90.5
235.6
6.2

20.4
522.9
3.8
519.1
-296.9
-36.5
-24.8
8.5

25.9
-213.2
-2.7
-210.5
-146.6
101.4
144.3
9.0

21.8
-64.4
-4.8
-59.6
166.2
30.5
-91.1
9.1

25.6
-554.5
-7.2
-547.3
218.2
78.9
30.7
9.3

23
24
25
26
27
28
29
30

-145.4
125.6
-41.6
60.1
186.5
-82.6
33.3

-2.8
240.5
62.7
66.8
200.3
27.2
51.6

-259.2
249.0
103.0
33.1
241.4
-5.6
49.8

-463.9
266.0
-3.0
16.1
152.6
-60.8
49.3

-740.4
336.8
80.4
14.2
154.1
-36.8
48.3

-600.5
213.5
-19.2
20.0
136.8
-77.9
81.4

-578.5
215.6
-12.2
10.9
223.5
-59.9
42.6

-830.4
526.8
93.1
3.3
62.8
-48.8
51.7

-680.0
277.1
190.8
19.2
167.2
-41.1
48.3

-740.5
234.2
33.9
12.4
154.4
-0.5
41.8

-710.7
309.0
3.5
21.7
232.0
-56.7
51.2

31
32
33
34
35
36
37

782.4

1020.1

1185.1

1210.2

1073.9

1298.1

1233.2

1216.9

1115.6

973.0

990.1

38

810.6

980.1

1100.1

1238.8

1012.0

1321.2

1330.4

1145.9

1135.7

928.4

838.0

39

681.5
112.6
12.9
-22.6
0.2
26.0

856.6
103.9
14.1
-2.6
-1.6
9.7

969.0
116.1
10.3
-15.6
0.4
19.9

1074.9
94.3
16.5
23.7
-0.0
29.4

792.5
111.1
22.1
49.6
4.3
32.4

1220.4
104.3
14.9
-30.6
-1.9
14.1

1158.1
52.1
20.8
53.7
2.3
43.4

970.6
56.5
9.3
74.8
2.4
32.3

859.6
149.4
30.2
51.7
6.2
38.7

728.1
131.3
16.8
31.3
5.9
14.9

611.7
107.3
32.3
40.5
2.7
43.5

40
41
42
43
44
45

-48.2
19.1

34.3
4.8

81.5
2.0

-31.6
2.0

59.7
2.0

-22.0
2.0

-102.3
2.0

68.1
2.0

-22.5
2.0

42.7
2.0

150.3
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

0.3

-3.1

3.1

0.9

0.5

-0.1

-0.1

48

145.3

-134.1

-15.7

85.6

-11.9

106.4

176.1

-68.0

194.9

-237.4

63.0

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, March 8, 2007

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

2003

2004

2005

2006

2005
Q3

2006
Q4

Q1

Q2

Q3

Q4

1

Income before taxes

1164.3

1289.7

1581.1

1941.0

2144.9

1894.7

2027.7

2098.8

2112.3

2174.7

2193.7

1

2

Gross saving and net capital transfers

983.5

1014.0

1091.7

1223.1

1303.3

1371.6

1241.4

1297.5

1280.9

1325.9

1308.8

2

3

Gross investment

954.6

1001.9

1196.7

1213.2

1345.4

1423.2

1270.2

1375.9

1318.9

1351.5

1335.2

3

4

946.0

971.4

1071.0

1145.3

1322.6

1126.1

1214.8

1261.3

1313.4

1350.1

1365.7

4

5
6
7

Fixed investment
Residential
Nonresidential

945.0
71.7
873.3

967.9
80.0
887.9

1024.7
93.6
931.2

1134.9
107.5
1027.4

1273.4
120.9
1152.5

1150.6
109.3
1041.2

1178.0
112.8
1065.2

1226.1
116.2
1110.0

1260.9
119.4
1141.5

1299.3
122.5
1176.9

1307.3
125.6
1181.7

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

48.1
1.1

-15.3
-9.2

48.6
-11.8

47.2
-12.0

62.3
-9.7

64.2
-13.4

18.7
39.7

8
9

10

Capital expenditures

8.6

30.5

125.7

67.8

22.7

297.2

55.4

114.6

5.4

1.4

-30.5

10

11

Net acquisition of financial assets

212.9

172.9

1089.0

720.8

538.5

768.5

743.9

605.4

597.6

427.5

523.6

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
58.1
116.1
-46.8
-0.2

15.6
52.4
61.8
36.2
0.4

17.2
16.6
81.3
45.0
8.5

1.0
-88.4
9.8
96.5
-0.2

16.9
8.8
89.6
60.0
13.0

52.7
92.1
151.9
90.3
12.9

-16.2
-32.7
24.2
21.2
-17.5

38.9
-150.5
-35.2
65.3
13.7

-42.7
-79.5
61.6
127.4
-11.5

24.0
-90.8
-11.5
172.1
14.6

12
13
14
15
16

17

Credit market instruments

25.1

-1.7

42.6

47.8

35.2

25.8

79.8

61.6

62.2

-32.3

49.4

17

4.6
14.5
-0.7
2.7
2.3
1.6

10.9
3.5
-4.8
2.6
2.3
-16.2

19.3
5.6
0.1
-1.9
19.4
0.0

15.6
11.7
1.5
-0.5
19.4
0.1

12.0
3.5
-0.9
4.0
18.5
-1.9

29.7
-3.9
-4.4
8.2
19.7
-23.5

32.6
28.2
7.2
-2.3
20.1
-6.1

18.2
-1.9
-3.1
12.5
18.9
17.0

44.9
-5.4
-3.8
-3.0
17.9
11.6

-35.6
3.0
-0.9
17.4
18.3
-34.5

20.5
18.1
4.3
-10.9
18.8
-1.6

18
19
20
21
22
23

0.5
-79.4
236.4

11.3
-42.4
60.7

2.0
155.6
722.3

7.4
211.8
285.1

7.4
130.8
346.4

7.4
296.0
251.1

7.4
255.0
1.9

7.4
28.9
528.6

7.4
229.3
366.4

7.4
123.6
273.5

7.4
141.4
217.2

24
25
26

204.3

142.4

963.3

652.9

515.8

471.3

688.5

490.8

592.2

426.1

554.1

27

168.7

188.4

421.4

561.8

753.4

627.8

559.9

791.9

703.7

560.1

958.0

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

23.4
4.9
220.4

2.8
6.5
99.6

-89.9
9.9
75.5

18.8
3.8
211.0

16.8
7.5
204.5

-37.7
3.6
143.6

95.6
4.7
322.3

29
30
31

32
33
34

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

-84.0
15.0
160.2

-75.2
6.8
130.1

28.2
19.8
273.8

113.2
44.6
344.5

123.2
45.8
335.7

70.1
21.7
427.1

133.9
47.3
383.1

188.9
68.9
300.5

76.8
85.2
312.9

124.1
-40.8
367.3

103.0
70.0
362.3

32
33
34

35
36
37
38

Corporate equities
Trade payables
Taxes payable
Miscellaneous liabilities

-41.6
46.3
13.4
100.8

-42.0
-79.8
-12.2
56.4

-126.6
120.3
15.1
535.2

-363.4
172.7
12.1
329.5

-602.1
79.4
2.9
313.2

-469.9
203.0
-3.7
187.0

-419.2
119.3
32.7
453.9

-569.6
101.0
11.4
201.6

-602.4
122.2
-21.0
429.6

-535.2
29.5
3.4
364.5

-701.2
65.0
17.8
257.3

35
36
37
38

39

Proprietors’ net investment

-83.2

31.7

-2.3

-59.7

-31.0

-72.9

-58.3

-45.5

-39.8

3.8

-42.7

39

28.9

12.2

-105.0

10.0

-42.1

-51.6

-28.8

-78.4

-38.0

-25.6

-26.4

40

40

Discrepancy

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

18

Z.1, March 8, 2007

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

2006

2005

2006

Q3

Q4

Q1

Q2

Q3

Q4

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

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

1088.7
287.7
395.8
603.6
1008.8
124.2
-45.4
0.0
1087.5

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
132.3
-58.9
0.0
1065.4

1117.9
299.0
404.9
604.2
1018.1
128.8
-38.2
0.0
1108.7

1125.5
289.0
412.8
605.5
1029.3
119.9
-61.7
0.0
1087.5

1
2
3
4
5
6
7
8
9

Gross investment

782.4

819.1

996.5

976.2

1129.6

1115.5

1040.8

1166.9

1103.4

1134.3

1113.9

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

1010.5
966.6
42.7
1.1

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

1028.2
983.1
58.5
-13.4

1038.1
982.8
15.6
39.7

11
12
13
14

45.2

69.2

174.1

94.3

119.2

258.3

107.3

197.2

97.6

106.0

75.9

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

783.1

414.7

302.5

434.9

397.9

345.8

400.2

200.9

263.0

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
-34.9
57.7
27.7
0.4

17.2
-22.9
33.7
35.8
8.5

1.0
-119.6
-27.1
89.3
-0.2

16.9
-32.8
39.4
50.3
13.0

52.7
47.0
97.4
79.8
12.9

-16.2
-67.5
-17.0
13.2
-17.5

38.9
-176.6
-65.8
59.4
13.7

-42.7
-109.5
26.3
120.6
-11.5

24.0
-124.9
-51.9
164.2
14.6

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
0.3
0.1
-3.6
14.8
0.0
129.0
2.0

15.6
4.2
1.5
-1.1
14.8
0.1
157.2
7.4

12.0
-2.4
-0.9
3.5
14.8
-1.9
88.5
7.4

29.7
-11.9
-4.4
7.5
14.8
-23.5
238.4
7.4

32.6
19.6
7.2
-3.0
14.8
-6.1
192.6
7.4

18.2
-8.4
-3.1
11.9
14.8
17.0
-18.3
7.4

44.9
-10.2
-3.8
-3.4
14.8
11.6
194.3
7.4

-35.6
-2.5
-0.9
17.0
14.8
-34.5
83.1
7.4

20.5
11.8
4.3
-11.4
14.8
-1.6
95.1
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

554.6
219.8
18.9
0.0
-9.7
325.5

142.6
-8.5
20.7
0.0
-1.7
132.1

237.8
187.1
11.1
0.0
12.8
26.7

90.1
-147.7
42.8
0.0
22.0
172.9

-157.1
-99.4
13.8
0.0
-33.5
-37.9

411.1
225.2
4.6
0.0
12.0
169.2

275.0
156.6
12.0
0.0
16.2
90.2

169.0
188.8
11.2
0.0
12.7
-43.7

96.1
178.1
16.6
0.0
10.3
-108.9

30
31
32
33
34
35

84.9

13.4

609.0

320.3

183.3

176.5

290.5

148.6

302.6

94.8

187.1

36

-28.7
-41.6
12.9
-57.9
3.1
132.3
-108.2

46.6
-42.0
88.6
-35.1
3.5
158.3
-86.0

38.7
-126.6
165.2
16.8
5.1
77.7
1.7

-118.4
-363.4
245.0
-7.9
7.4
59.9
60.7

-165.2
-602.1
436.9
23.4
4.9
220.4
65.6

-177.7
-469.9
292.2
2.8
6.5
99.6
41.6

-221.7
-419.2
197.5
-89.9
9.9
75.5
56.3

-107.0
-569.6
462.6
18.8
3.8
211.0
108.1

-197.6
-602.4
404.8
16.8
7.5
204.5
42.0

-259.7
-535.2
275.5
-37.7
3.6
143.6
73.1

-96.6
-701.2
604.6
95.6
4.7
322.3
39.3

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
31.7

1.5
5.0
-2.1
0.7
-0.2
-0.8
-1.1
46.5

17.2
0.7
8.8
0.5
-0.4
6.3
1.4
46.7

39.1
1.9
24.9
0.8
0.0
28.3
-16.8
85.7

22.3
3.0
17.2
0.8
-0.3
-0.2
1.8
100.3

20.1
-2.6
29.0
0.9
1.3
10.3
-18.7
121.5

33.6
4.1
65.1
0.8
-1.2
-9.0
-26.3
112.0

40.9
1.9
9.9
2.0
0.2
24.4
2.6
79.9

60.3
6.9
46.7
-0.6
0.2
0.8
6.3
73.7

-56.7
3.8
21.4
-0.6
-0.1
-65.7
-15.4
149.7

44.6
-0.6
-9.3
2.4
-1.2
39.6
13.6
98.0

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
82.0
27.5
1.5
52.9

-54.7
-11.7
33.2
23.9
-0.2
9.5

97.3
6.8
466.4
28.6
-3.1
440.9

142.7
5.1
290.9
42.9
-1.9
250.0

56.3
-2.5
294.7
107.6
-2.5
189.6

171.2
-11.0
194.0
44.3
9.3
140.5

84.8
24.8
402.7
48.2
-5.9
360.3

75.2
5.4
175.0
110.0
-2.0
67.1

103.1
-25.5
422.7
95.0
-2.0
329.7

7.4
-1.8
348.9
69.0
-1.9
281.9

39.6
11.9
232.3
156.6
-4.2
80.0

52
53
54
55
56
57

58

Discrepancy

28.9

12.2

-105.0

10.0

-42.1

-51.6

-28.8

-78.4

-38.0

-25.6

-26.4

58

59

Memo:
Financing gap (6)

18.4

31.5

38.9

-138.6

47.1

-308.4

-220.2

-3.1

72.6

48.3

70.5

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, March 8, 2007

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

2003

2004

2005

2006

2005
Q3

2006
Q4

Q1

Q2

Q3

Q4

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

1033.5
191.8

931.5
278.3

1011.8
205.3

1025.5
185.4

1032.6
191.6

1035.1
193.3

1040.9
197.1

1
2

3

Gross investment

151.5

161.4

177.3

212.4

191.8

278.3

205.3

185.4

191.6

193.3

197.1

3

4
5
6

Capital expenditures
Fixed investment (1)
Change in inventories

182.6
181.9
0.7

192.7
192.1
0.7

208.3
205.9
2.4

228.8
227.7
1.0

272.0
269.8
2.2

232.9
233.8
-0.8

240.6
238.4
2.1

249.8
247.7
2.1

268.5
265.5
3.0

281.8
278.7
3.1

287.9
287.1
0.8

4
5
6

7

Net financial investment

-31.1

-31.4

-31.1

-16.4

-80.2

45.3

-35.2

-64.4

-77.0

-88.5

-90.8

7

8

Net acquisition of financial assets

78.2

84.9

300.2

300.7

232.2

322.5

342.2

257.3

193.4

222.6

255.5

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

5.8
44.7
-8.2
2.1
-0.7
0.1
0.0
-25.1
66.3
4.4
0.3
61.6

86.3
4.1
8.5
5.3
1.7
4.6
0.0
26.6
163.2
3.5
0.3
159.3

38.8
47.6
9.2
7.5
0.7
4.6
0.0
54.6
137.7
4.9
-0.6
133.4

30.0
36.9
7.1
5.8
0.5
3.6
0.0
42.2
106.0
2.6
0.1
103.3

40.9
50.2
9.7
7.9
0.7
4.9
0.0
57.6
150.5
10.1
-0.3
140.7

44.4
54.5
10.5
8.6
0.7
5.3
0.0
62.4
155.8
3.3
-0.0
152.6

33.6
41.2
8.0
6.5
0.6
4.0
0.0
47.2
116.4
1.1
-0.0
115.3

24.9
30.6
5.9
4.8
0.4
3.1
0.0
35.1
88.6
2.8
0.0
85.7

28.8
35.3
6.8
5.6
0.5
3.5
0.0
40.4
101.7
2.7
0.2
98.9

32.9
40.4
7.8
6.4
0.6
4.0
0.0
46.3
117.2
3.9
0.1
113.2

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

109.3

116.3

331.3

317.1

312.4

277.1

377.4

321.7

270.4

311.1

346.3

21

148.0
25.1
1.9
121.0
26.0
1.5
18.9
-85.1

92.0
11.3
5.2
75.5
-25.7
-0.5
23.2
27.3

244.7
24.3
1.5
219.0
22.2
8.4
68.9
-12.8

304.2
50.3
1.3
252.6
30.8
7.0
38.5
-63.3

288.7
54.3
14.3
220.1
23.8
5.4
18.5
-24.0

314.0
22.4
-5.5
297.1
32.4
7.3
-7.0
-69.7

356.1
74.7
9.7
271.7
35.2
8.0
51.3
-73.1

300.5
78.1
12.2
210.1
26.6
6.0
26.6
-37.9

273.9
29.9
20.3
223.7
19.8
4.5
6.9
-34.6

260.8
47.8
13.6
199.4
22.8
5.2
15.5
6.8

319.8
61.4
10.9
247.4
26.1
5.9
25.0
-30.4

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
24.4
4.6
19.7

30.2
-1.4
26.0
5.0
21.0

22.6
-1.8
25.7
5.0
20.7

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

21.7
-1.8
25.8
5.0
20.8

27.4
-1.9
26.1
5.1
21.1

1
2
3
4
5

6

Gross saving

20.7

21.4

23.0

24.6

23.9

29.5

24.1

23.6

23.9

24.0

24.2

6

7

Gross investment

20.7

21.4

23.0

24.6

23.9

29.5

24.1

23.6

23.9

24.0

24.2

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

40.2
37.0
3.1

36.0
34.7
1.3

40.7
34.9
5.8

41.7
36.4
5.4

39.1
36.7
2.3

40.1
37.6
2.5

39.8
37.5
2.3

8
9
10

11

Net financial investment

-5.5

-7.4

-17.3

-10.1

-16.3

-6.5

-16.6

-18.2

-15.2

-16.1

-15.5

11

12

Net acquisition of financial assets

4.6

5.3

5.6

5.5

3.9

11.1

3.9

2.3

4.0

4.0

5.1

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

1.2
2.7
2.5
0.2

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
2.8
2.5
0.3

1.2
4.0
3.8
0.2

13
14
15
16

10.2

12.7

23.0

15.5

20.1

17.7

20.5

20.5

19.2

20.1

20.7

17

7.7
-0.9
1.1
7.5
0.6
1.8

7.7
-0.4
0.1
8.1
0.7
4.3

11.5
2.2
1.2
8.1
0.9
10.5

12.6
2.2
4.2
6.2
-0.7
3.7

27.8
3.3
9.3
15.3
-0.7
-7.0

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
-0.8
-7.5

25.0
4.9
4.6
15.5
-0.6
-5.1

23.8
3.3
2.2
18.3
-0.7
-3.0

33.6
2.3
14.5
16.8
-0.7
-12.3

18
19
20
21
22
23

17
18
19
20
21
22
23

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

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

20

Z.1, March 8, 2007

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

2006

2005

2006

Q3

Q4

Q1

Q2

Q3

Q4

1410.1

1494.2

1592.6

1700.6

1789.2

1697.8

1729.6

1755.4

1795.5

1798.7

1807.2

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

301.1
863.9
70.1
24.8
77.6
460.2
-8.5

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

297.8
867.2
70.9
24.7
77.9
468.8
-8.7

302.0
873.6
74.4
24.8
78.5
463.3
-9.3

2
3
4
5
6
7
8

Current expenditures, NIPA basis

1444.3

1514.5

1605.5

1703.9

1785.0

1717.2

1746.8

1742.7

1769.4

1808.9

1819.1

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

1287.9
399.7
97.0
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

1300.0
411.0
97.5
0.4
0.0

1314.9
405.5
98.2
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

4.2

-19.3

-17.2

12.7

26.1

-10.2

-11.9

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

161.4
56.6

165.9
54.4

154.3
53.8

156.7
55.6

159.2
56.0

162.5
58.0

167.0
56.9

16
17

18

= Gross saving and net capital transfers

140.7

159.0

175.7

203.8

222.2

201.0

190.9

225.0

241.4

210.2

212.1

18

19

Gross investment

171.1

202.7

229.7

241.6

257.2

237.2

226.6

261.8

273.6

247.5

245.8

19

287.3
11.6

312.8
12.2

288.7
11.6

294.0
11.8

301.7
12.0

313.5
12.2

315.0
12.3

321.0
12.4

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

-57.2

-67.8

-63.2

-79.2

-51.9

-52.0

-79.8

-87.6

22

76.6

79.1

94.8

147.5

120.0

187.2

131.0

44.7

110.5

113.5

211.6

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

2.7
25.2
3.4
7.0

-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

10.3
35.3
5.8
11.3

1.8
43.7
2.6
6.0

24
25
26
27

86.2

58.3

64.5

100.5

62.7

124.7

72.5

10.7

61.5

49.7

129.1

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

9.1
28.0
14.2

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
-4.3
22.3

7.8
92.6
16.9

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

0.3
5.3
5.9

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

0.3
5.5
6.0

32
33
34

10.3
2.1

-17.0
-5.2

-4.8
-1.5

-0.7
-0.2

-8.2
-2.5

-7.3
-2.2

-2.8
-0.9

-15.8
-4.8

12.7
3.9

-6.9
-2.1

-22.6
-7.1

35
36

2.6
4.8
-28.5

8.1
7.7
3.8

6.9
26.1
-8.9

5.3
41.4
-44.4

7.0
53.8
-31.1

7.9
38.7
8.9

6.0
46.4
-38.0

4.6
50.1
-14.3

6.1
51.3
-47.3

11.6
54.6
-56.1

5.8
59.2
-6.7

37
38
39

172.3

149.4

146.1

204.7

187.9

250.4

210.2

96.6

162.5

193.3

299.2

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

171.4

151.6

216.8

175.7

61.4

126.2

156.6

262.1

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

170.9
5.7
165.2
0.5

150.9
-3.2
154.2
0.6

216.2
12.8
203.4
0.6

175.1
26.3
148.7
0.6

60.8
0.3
60.5
0.6

125.4
-8.0
133.4
0.7

156.0
-6.9
162.8
0.6

261.5
1.6
259.9
0.6

42
43
44
45

28.4

29.2

30.8

33.3

36.3

33.6

34.6

35.2

36.3

36.7

37.0

46

-30.5

-43.7

-54.0

-37.8

-35.0

-36.2

-35.7

-36.7

-32.3

-37.2

-33.8

47

46
47

Trade payables
Discrepancy

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

21

Z.1, March 8, 2007

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

2006

2005

2006

Q3

Q4

Q1

Q2

Q3

Q4

1853.2

1879.9

2001.0

2246.7

2544.9

2182.4

2349.8

2490.9

2523.2

2557.2

2608.2

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

1059.8
100.9
396.8
11.2
919.7
24.9
32.9
-1.4

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

1064.7
101.3
401.8
11.3
920.5
25.4
33.6
-1.5

1085.5
98.2
421.7
12.2
932.4
26.7
33.0
-1.6

2
3
4
5
6
7
8
9

10

Current expenditures, NIPA basis

2101.1

2252.1

2383.0

2555.9

2702.7

2578.5

2613.3

2637.9

2686.2

2730.2

2756.6

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

808.0
1170.5
381.0
291.0
52.1
-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

809.1
1175.2
389.6
304.9
51.4
0.0

817.1
1191.8
381.1
316.0
50.6
0.0

11
12
13
14
15
16

17

Net federal government saving, NIPA basis

-247.9

-372.1

-382.0

-309.2

-157.9

-396.0

-263.6

-147.0

-163.1

-173.0

-148.3

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

104.3
0.3
-42.9

99.8
-3.7
-40.4

100.7
1.9
-38.5

102.4
4.0
-43.2

103.7
-1.7
-41.6

105.1
-2.7
-43.6

106.0
1.5
-43.2

18
19
20

21

= Gross saving and net capital transfers

-180.5

-321.5

-326.4

-252.8

-96.7

-333.0

-203.4

-91.7

-99.2

-108.8

-87.0

21

22

Gross investment

-176.5

-383.2

-339.5

-260.1

-145.6

-278.5

-286.2

-463.7

204.5

-140.3

-182.8

22

88.1
0.3

93.7
-0.2

101.4
0.0

109.8
-0.6

118.4
-13.3

111.5
-2.3

115.1
0.0

118.2
0.2

117.4
-2.3

118.1
0.8

120.1
-52.1

23
24

-264.9

-476.7

-440.9

-369.2

-250.6

-387.8

-401.4

-582.1

89.5

-259.2

-250.8

25

24.8

33.9

-2.9

15.0

5.6

-51.3

52.7

0.7

54.5

-24.6

-8.4

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

0.3
-2.7
0.2

-19.4
-9.7
1.5

-19.5
49.5
-2.5

-2.3
-64.0
0.4

1.9
77.7
0.2

-4.4
2.7
13.0

6.0
-27.2
-12.6

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

4.6
0.0
-0.1
3.7
1.0

-6.3
0.0
-10.4
3.8
0.3

0.8
0.0
-5.3
4.0
2.1

8.3
0.0
-4.1
1.8
10.7

6.8
0.0
-3.4
6.9
3.3

-4.3
0.0
2.3
3.6
-10.2

7.5
0.0
4.6
2.6
0.3

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

0.4
2.1
0.6

18.8
-34.7
-1.5

7.8
15.3
1.2

-15.5
69.2
4.7

6.3
-39.3
0.9

6.7
-37.1
-1.2

4.1
15.7
-1.8

35
36
37

289.7

510.6

438.0

384.2

256.2

336.5

454.1

582.8

-35.0

234.6

242.5

38

0.0
1.0

0.0
0.6

0.0
0.7

0.0
0.8

0.0
0.6

0.0
0.9

0.0
0.3

0.0
0.6

0.0
0.8

0.0
1.0

0.0
-0.0

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

183.4
-2.7
186.4
-0.3
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

160.0
-4.8
165.9
-1.0
0.0

158.2
-7.2
164.9
0.5
0.0

41
42
43
44
45

0.8
1.6
28.7
24.5
4.2

72.6
1.1
40.3
24.7
15.6

15.1
1.1
59.2
40.9
18.3

12.6
1.1
62.8
40.0
22.8

8.7
1.5
62.1
35.8
26.3

16.7
0.3
54.7
40.9
13.8

3.2
2.6
79.0
43.1
35.9

9.3
0.3
41.1
32.5
8.6

22.9
2.2
55.3
18.7
36.6

5.0
0.5
68.0
43.2
24.7

-2.6
2.9
84.0
48.6
35.4

46
47
48
49
50

-4.0

61.7

13.1

7.2

48.9

-54.4

82.9

372.0

-303.8

31.5

95.8

51

-1.6

-24.8

-3.1

4.6

-5.5

14.8

28.3

-59.4

62.2

51.0

-75.6

52

38

Net increase in liabilities

39
40

SDR certificates
Treasury currency

41
42
43
44
45

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

46
47
48
49
50

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

51

Discrepancy
Memo:

52

Change in cash balance (5)

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

22

Z.1, March 8, 2007

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

2003

2004

2005

2006

2005

2006

Q3

Q4

Q1

Q2

Q3

Q4

1
2
3
4

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

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

2960.5
2229.4
649.3
81.9

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

3037.6
2290.1
665.7
81.9

3027.7
2226.9
718.7
82.1

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

2137.3
1466.1
671.2

1839.6
1312.4
527.2

1917.3
1352.4
564.9

2008.7
1405.4
603.3

2109.5
1448.1
661.4

2170.7
1488.3
682.3

2260.3
1522.7
737.7

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

3.8
827.1

2.1
717.0

2.0
870.2

6.9
823.0

3.4
846.0

2.0
869.0

3.0
770.4

8
9

Gross investment
Nonproduced nonfinancial assets

501.8
0.1

535.2
0.2

580.1
-0.0

781.0
-0.1

659.3
0.0

1022.5
-0.1

968.7
-0.0

663.2
-0.2

620.0
-0.1

723.7
0.3

630.2
0.0

10
11

10
11
12
13

Net financial investment
Net acquisition of financial assets

501.7

535.0

580.2

781.1

659.3

1022.6

968.7

663.3

620.1

723.4

630.2

12

771.2

824.0

1320.6

1040.9

1568.9

1505.4

851.2

1488.5

1313.9

1802.4

1670.6

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
-12.3
45.0
41.6
48.2

-0.2
-9.6
47.8
61.7
66.4

11.9
-22.4
74.1
102.5
200.8

-0.3
-82.7
29.7
-4.2
-74.1

-0.3
-27.3
75.2
98.3
219.4

-0.2
-138.2
68.7
223.0
3.8

-0.2
6.8
2.1
-66.3
144.4

-0.2
120.1
45.3
-8.2
-102.0

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

815.6
8.6
287.1
71.7
215.4
157.1
84.7
72.4
4.0
330.4
28.3

825.7
37.3
141.1
120.7
20.4
219.7
120.0
99.6
4.0
423.8
-0.2

826.2
-10.6
242.4
32.9
209.5
207.0
70.9
136.1
4.0
373.1
10.3

966.9
23.3
402.3
149.7
252.6
162.5
95.1
67.4
4.0
383.8
-9.0

768.0
-44.4
130.3
168.6
-38.3
263.7
96.3
167.4
4.0
390.1
24.4

824.7
153.8
11.1
-35.6
46.8
234.0
121.8
112.2
4.0
421.0
0.8

697.7
0.6
143.1
188.9
-45.8
234.3
131.6
102.7
4.0
381.3
-65.7

1012.4
39.3
279.9
161.0
118.9
146.7
130.4
16.3
4.0
502.9
39.6

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
4.0
109.8
-105.8

108.8
11.2
0.0
457.1
199.8
257.3

126.3
6.5
0.0
179.5
177.8
1.7

96.0
0.3
0.0
-80.4
106.0
-186.5

223.6
15.0
0.0
116.6
180.8
-64.2

17.4
16.1
0.0
298.6
187.2
111.4

94.1
-1.0
0.0
924.7
184.1
740.6

100.0
14.8
0.0
488.6
247.1
241.5

30
31
32
33
34
35

269.5

288.9

740.4

259.8

909.6

482.7

-117.6

825.2

693.8

1079.0

1040.4

36

3.2
21.0

-0.9
36.6

-3.2
89.9

-9.6
86.8

0.4
129.7

-7.2
91.2

-19.5
46.6

-2.3
229.1

2.0
230.2

-4.2
-36.5

6.3
96.1

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

254.2
93.1
152.0
15.2
-0.7
5.4
10.5
-6.0
-0.1

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

117.2
68.3
50.6
7.6
-1.8
-1.8
11.2
-9.4
0.1

114.8
-53.2
147.8
28.2
1.6
7.3
19.3
-7.7
-0.3

427.2
255.0
180.2
-5.3
-1.1
-4.9
0.6
-2.5
-0.1

357.6
102.2
229.4
30.3
-1.6
21.1
10.8
-4.4
0.1

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
-50.6
1.3
-2.2
9.1
-58.7

138.1
9.2
0.0
378.0
1.7
0.0
227.8
148.5

138.7
2.2
0.0
173.1
1.2
-0.2
-121.4
293.5

171.2
16.6
0.0
-445.8
1.0
0.0
-103.2
-343.7

164.2
10.6
0.0
306.5
5.2
-0.0
260.4
40.9

67.9
19.0
0.0
259.9
0.6
0.0
179.6
79.6

31.9
-4.8
0.0
665.4
1.3
0.0
240.0
424.0

288.3
12.0
0.0
280.1
-0.6
0.1
231.2
49.4

48
49
50
51
52
53
54
55

-42.0

-19.6

71.2

-5.3

167.8

-305.5

-98.5

159.8

226.0

145.3

140.2

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

-763.2
21.9
81.9
-823.2

-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

-801.7
16.7
81.9
-867.0

-704.3
18.9
82.1
-767.4

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, March 8, 2007

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

2003

2004

2005

2006

2005
Q3

2006
Q4

Q1

Q2

Q3

Q4

1

Gross saving

0.3

-0.8

3.1

6.2

7.2

6.3

6.8

6.8

7.4

7.0

7.7

1

2

Fixed nonresidential investment

2.1

2.1

2.6

2.8

3.0

2.8

2.8

2.9

3.0

3.0

3.0

2

3

Net acquisition of financial assets

70.7

43.2

44.4

37.4

29.6

23.9

61.5

30.2

40.4

-17.5

65.2

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

0.4
0.0
1.7

0.3
0.0
-0.7

0.4
0.0
0.4

0.3
0.0
5.4

0.3
0.0
0.4

0.4
0.0
0.4

0.4
0.0
0.6

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

-1.2
-0.0
-6.0

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

3.1
-1.0
43.3

7
8
9

77.7

37.2

51.2

26.4

34.7

56.9

14.9

63.0

35.3

20.3

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
34.7
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

0.0
20.3
0.0
0.0

11
12
13
14

1.4

1.3

1.5

-3.2

0.1

-3.2

1.1

-1.4

3.9

-0.9

-1.4

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

20.3

64.9

24.4

37.8

-18.7

65.3

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

-0.3
1.6

-5.6
-15.4

0.9
5.0

-1.5
-5.0

-4.5
2.5

-14.8
-8.5

19.5
17.5

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

24.8
0.2
0.0
24.6

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

38.7
0.4
0.0
38.2

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

1.1
1.8
-0.7

-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

-10.3
1.0
-11.3

23
24
25

-2.8

-3.4

-2.3

2.2

1.9

-0.1

7.4

-1.9

1.8

2.7

4.7

26

26

Net increase in liabilities

Discrepancy

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

24

Z.1, March 8, 2007

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

2003

2004

2005

2006

2005
Q3

2006
Q4

Q1

Q2

Q3

Q4

1

Gross saving

93.3

86.3

70.4

78.4

72.9

94.9

72.1

67.0

76.0

72.7

75.8

1

2

Fixed nonresidential investment

18.9

19.0

22.4

24.0

26.1

24.1

24.4

25.4

25.9

26.6

26.6

2

3

Net acquisition of financial assets

476.6

506.9

747.5

762.7

894.6

826.6

404.8

853.8

915.0

133.1

1676.4

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

1.6
0.4
-0.2

-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

17.5
20.5
1.7

4
5
6

7

Total bank credit

408.3

331.3

563.5

679.7

891.7

711.2

397.7

925.0

841.9

231.7

1568.1

7

43.2
140.5

3.0
83.6

-22.8
96.9

-13.0
-6.8

-2.4
45.3

11.8
-55.4

-54.8
-4.0

-30.5
154.4

39.6
162.2

0.8
-249.3

-19.4
113.8

8
9

1.5
-3.2

10.8
44.6

8.3
77.3

16.9
126.5

22.6
94.4

17.5
115.5

21.4
-51.4

12.2
95.2

3.7
138.2

22.0
24.3

52.3
119.7

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

727.3
0.0
175.3
446.1
34.2
71.7

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

424.5
0.0
100.6
176.6
45.7
101.6

1292.4
0.0
198.2
941.9
43.9
108.4

12
13
14
15
16
17

-0.6
1.7

2.3
-6.2

-0.2
-0.9

-0.0
-1.8

0.8
3.9

-2.3
3.1

-1.2
-1.0

1.9
-4.6

-2.9
5.2

0.6
8.9

3.5
5.9

18
19

-0.0
63.6

-0.2
175.7

-0.4
188.6

0.0
79.3

-0.3
1.4

0.8
137.3

-1.5
2.9

0.2
-64.4

-0.1
75.3

-0.3
-75.2

-1.1
69.7

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

709.9

939.4

737.3

464.9

729.2

852.8

457.8

1717.7

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

-2.7
-0.0
9.6
-12.3

-23.6
-1.2
-12.7
-9.6

-15.6
5.4
1.4
-22.4

-40.4
1.4
41.0
-82.7

-7.0
-5.0
25.3
-27.3

-129.9
-1.8
10.1
-138.2

-2.1
-0.1
-8.8
6.8

44.6
2.0
-77.5
120.1

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

-34.8
-5.9
35.2
-64.1

-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
63.9
-129.3

-60.3
37.9
-2.2
-96.0

-92.1
-63.4
11.7
-40.5

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

286.0
276.1
149.3

404.0
337.1
119.7

258.0
191.7
61.6

122.2
320.7
131.4

189.6
292.6
145.2

163.6
313.5
96.2

668.7
177.4
224.3

31
32
33

34

Credit market instruments

49.7

49.2

77.7

85.1

177.4

82.8

61.2

62.5

195.0

52.3

399.9

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

21.4
76.0
80.0

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
45.1
2.1

26.2
121.3
252.4

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

-10.4
3.7
115.6

-25.0
3.5
-64.3

-19.4
3.5
-40.7

-26.6
3.6
106.9

-13.5
3.7
172.0

-10.5
3.7
-98.5

8.9
3.8
282.1

38
39
40

98.1

26.4

236.4

1.6

91.5

-18.5

107.8

-83.1

-12.2

370.9

90.4

41

404.4

299.5

582.2

646.6

815.0

649.2

380.4

876.8

813.7

120.4

1449.1

42

35
36
37
38
39
40
41

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

42

Credit market funds advanced (4)

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

25

Z.1, March 8, 2007

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

2003

2004

2005

2006

2005
Q3

2006
Q4

Q1

Q2

Q3

Q4

1

Gross saving

19.8

13.9

7.3

-9.7

-14.8

-6.1

-28.8

-8.6

6.2

-12.2

-44.7

1

2

Fixed nonresidential investment

12.5

12.2

14.1

14.8

16.0

14.8

14.9

15.5

15.8

16.3

16.3

2

3

Net acquisition of financial assets

389.0

406.1

584.9

508.2

700.1

517.3

424.2

652.3

626.6

98.5

1422.9

3

4

Vault cash and reserves at Federal Reserve

5

Total bank credit

4.4

0.5

-5.2

3.9

2.3

-19.6

6.5

-5.8

-1.8

-21.6

38.3

4

391.9

331.9

557.9

490.2

734.3

535.6

305.5

814.4

620.9

92.7

1409.3

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

-2.2
47.6
68.8
-5.1
-16.1

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
-241.0
-248.5
4.3
3.3

-10.1
118.9
182.8
-33.4
-30.5

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

21.7
59.1
8.8
12.7
37.6

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

51.1
79.2
19.1
33.7
26.5

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

603.6
0.0
111.6
436.9
34.2
20.9

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

263.8
0.0
-29.9
179.5
45.7
68.5

1160.8
0.0
157.4
932.8
43.9
26.7

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

0.8
3.9

-2.3
3.1

-1.2
-1.0

1.9
-4.6

-2.9
5.2

0.6
8.9

3.5
5.9

22
23

0.3
-7.6

-0.2
73.9

-0.5
32.7

-0.0
14.1

0.0
-36.5

0.8
0.5

-1.2
113.4

0.0
-156.3

0.0
7.5

0.0
27.4

0.0
-24.7

24
25

476.6

427.6

824.8

530.7

818.6

515.0

571.8

589.0

619.6

495.5

1570.3

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

14.9
-0.0
0.0
-1.2
16.1

73.1
-1.2
-0.0
-36.3
110.7

68.0
2.7
2.7
-48.5
111.1

-53.2
4.8
-3.4
-2.0
-52.6

3.9
-7.0
2.0
7.3
1.6

-4.8
-0.7
-1.1
-18.2
15.2

140.9
-0.2
0.1
-22.9
164.0

152.5
3.1
-1.0
-111.5
262.0

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

-35.5
-5.9
35.3
-65.0

-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
63.1
-128.3

-54.9
37.9
-1.5
-91.3

-100.2
-63.4
11.3
-48.1

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

275.3
131.7
100.2

400.0
207.3
67.4

255.2
204.1
-50.6

115.4
115.3
199.6

187.7
244.7
126.2

139.4
61.6
-20.7

658.6
105.2
95.6

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

0.0
27.5
80.0
9.3
3.7

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
2.1
6.2
3.7

0.0
54.6
252.4
17.7
3.8

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

153.3
110.0
43.2

-170.1
7.0
-177.1

195.8
75.8
120.0

105.9
70.3
35.6

-26.6
60.8
-87.4

203.7
133.1
70.6

330.1
176.0
154.1

44
45
46

95.0

23.2

233.0

-2.0

87.7

-23.2

103.9

-87.5

-16.8

368.6

86.4

47

393.8

323.3

548.0

498.5

708.8

514.9

306.1

792.5

654.6

14.7

1373.3

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, March 8, 2007

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

2003

2004

2005

2006

2005
Q3

2006
Q4

Q1

Q2

Q3

Q4

1

Gross saving

5.5

5.7

6.5

7.2

7.6

7.5

7.4

7.4

7.5

7.6

7.7

1

2

Fixed nonresidential investment

6.0

6.3

7.9

8.8

9.7

8.8

9.0

9.4

9.6

9.9

9.9

2

3

Net acquisition of financial assets

9.2

-34.8

-129.2

149.9

3.1

219.4

-191.3

113.9

140.5

-138.5

-103.6

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

-0.3

-1.0

0.0

0.1

-0.1

-1.0

-0.3

4

12.0

-19.8

-8.3

183.5

157.7

216.1

74.1

99.7

237.3

135.7

158.3

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

-0.9
3.5
0.0
30.8

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

-9.9
13.2
0.0
30.4

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

124.3
0.0
68.0
5.6
50.8

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

158.0
0.0
124.3
0.6
33.0

124.5
0.0
36.4
6.4
81.8

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

-0.3
-154.1

0.0
4.3

-0.3
-265.1

0.2
13.8

-0.1
-96.6

-0.3
-273.0

-1.1
-260.5

16
17

18

Net increase in liabilities

13.6

-30.0

-124.0

155.6

9.2

225.1

-185.4

119.9

146.6

-132.3

-97.3

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

-82.8
-79.0
-3.8

-89.1
-151.6
62.5

14.0
-18.8
32.8

-3.1
1.7
-4.8

-103.4
-82.8
-20.5

-109.5
-112.3
2.8

-115.4
-122.7
7.3

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

0.4
10.1
143.7

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

4.0
11.8
73.9

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

49.0
-0.3

54.8
0.1

115.7
-0.3

-65.7
0.3

19.4
-0.2

118.1
-0.1

124.1
-1.1

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

-110.8
20.1
8.6
-139.5

134.2
5.8
20.1
108.3

-300.2
5.2
-4.0
-301.4

-15.4
20.9
96.5
-132.8

181.9
13.9
8.3
159.7

-415.2
23.1
-12.7
-425.6

-194.6
22.6
-57.9
-159.4

27
28
29
30

3.9

4.3

3.9

4.1

4.0

4.5

4.2

4.0

4.0

3.9

4.1

31

6.2

-43.0

20.3

142.2

106.6

174.8

56.2

73.4

175.3

102.4

75.4

32

31

Discrepancy
Memo:

32

Credit market funds advanced (3)

(1) Branches and agencies of foreign banks, Edge Act and Agreement corporations, New York investment companies (through 1996:Q2), and American Express Bank.
(2) Included in other loans and advances (table F.216).
(3) Total bank credit (line 5) less security credit (line 14) less corporate equities (line 15) plus customers’ liability on acceptances (line 16).

27

Z.1, March 8, 2007

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

2003

2004

2005

2006

2005
Q3

2006
Q4

Q1

Q2

Q3

Q4

1

Gross saving

67.9

66.6

56.4

80.7

80.0

93.3

93.3

68.1

62.1

77.2

112.7

1

2

Fixed nonresidential investment

0.4

0.3

0.2

0.3

0.3

0.3

0.3

0.3

0.3

0.3

0.3

2

3

Net acquisition of financial assets

83.4

127.3

275.8

94.8

195.1

85.6

164.2

81.6

147.0

186.4

365.5

3

3.1

8.6

-0.0

-4.2

3.4

-46.0

9.4

6.8

-8.0

6.6

8.0

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

1.4
-0.0
4.9
-2.9

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

-1.4
-2.1
9.7
0.4

0.9
-5.6
8.9
3.7

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

99.0
40.0
42.7
16.2

191.8
110.0
46.3
35.4

131.6
7.0
121.4
3.3

154.8
75.8
76.9
2.1

74.8
70.3
-33.3
37.8

155.0
60.8
44.0
50.2

179.8
133.1
36.2
10.5

357.4
176.0
138.2
43.3

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

14.3

115.3

-7.5

71.1

13.7

85.1

109.4

253.0

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

-26.5
-6.9
-19.6

-13.9
27.4
-41.3

5.5
-12.6
18.1

-1.1
10.2
-11.3

-7.9
22.7
-30.6

-21.7
48.8
-70.5

-33.5
11.4
-44.8

7.5
26.7
-19.2

14
15
16

17

Federal funds and security RPs (net)

2.4

0.9

-1.3

-0.2

0.1

-2.5

-3.5

-2.5

-0.4

-1.2

4.6

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

70.2
21.7
48.5

51.5
21.6
29.9

32.1
-24.7
56.7

36.6
6.3
30.3

113.4
47.8
65.5

36.9
5.3
31.6

94.0
27.3
66.7

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

-19.8
78.6
-13.8
92.4

-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
124.0
71.0
52.9

-8.8
155.7
-68.4
224.1

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

-3.7

4.3

7.6

6.0

0.9

-13.3

-8.4

3

4

Checkable deposits and currency

-0.3

-0.0

1.0

-0.5

-0.2

-2.1

-0.9

-1.4

-0.3

-0.7

1.7

4

5

Credit market instruments

6
7
8
9
10
11
12
13
14

1.3

10.6

13.9

10.2

-3.7

5.5

8.8

4.1

-8.2

-3.3

-7.5

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

-0.7
-5.8
0.8
-0.4

-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

-0.4
-12.8
1.3
1.1

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

-1.3
0.7
3.0

-1.4
0.8
7.0

16.2
-16.6
12.2

1.9
-2.2
4.7

-13.5
9.4
3.2

5.8
-4.3
0.8

0.6
-0.3
3.0

10
11
12

-6.0

-2.2

0.9

0.1

0.2

0.9

-0.2

3.3

9.4

-9.3

-2.5

13

-5.7

7.5

15.5

9.3

-3.8

4.7

7.4

6.6

1.5

-14.8

-8.4

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

0.3
0.7
0.7

-4.8
5.1
5.1

0.8
2.7
2.7

1.3
3.8
3.8

-0.7
0.7
0.7

-3.5
-0.1
-0.1

4.1
-1.7
-1.7

15
16
17

18

Miscellaneous liabilities

-0.7

3.4

10.8

-0.3

-5.4

-0.8

1.3

-2.4

0.7

-11.1

-9.1

18

-0.7

-0.9

-0.4

-0.5

-0.1

0.3

-0.2

0.5

0.6

-1.6

-0.0

19

19

Discrepancy

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

28

Z.1, March 8, 2007

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

2003

2004

2005

2006

2005
Q3

2006
Q4

Q1

Q2

Q3

Q4

1

Gross saving

12.2

9.7

7.1

7.5

7.2

7.5

7.7

7.0

7.3

6.8

7.7

1

2

Fixed nonresidential investment

2.3

2.2

2.6

2.6

2.7

2.6

2.6

2.7

2.7

2.8

2.8

2

3

Net acquisition of financial assets

58.8

113.5

184.8

141.4

-74.6

185.5

216.6

63.1

192.4

274.8

-828.6

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

-0.7
-3.2
3.9
9.3

-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
1.0
6.5
18.8

-1.1
-1.9
0.0
-8.7

4
5
6
7

8

Credit market instruments

33.4

126.0

172.8

131.2

-98.1

150.6

138.6

82.1

142.4

260.0

-876.8

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
0.1
-23.1
-19.7
-3.3
-0.1

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
-0.0
120.3
63.0
57.7
-0.4

0.0
18.1
-179.8
-110.1
-71.1
1.3

9
10
11
12
13
14

15
16
17
18
19

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

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

2.1
9.1
3.1
6.8
-0.8

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

0.8
1.2
6.7
-5.1
-0.4

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

6.0
-78.8
-13.5

-5.2
108.1
21.5

8.2
74.6
38.8

3.8
111.7
-44.1

13.8
134.4
15.4

7.6
111.8
17.2

-1.2
-673.1
-42.7

20
21
22

2.0
19.0

-1.0
-4.3

-1.1
19.3

-1.0
9.9

-1.0
15.3

-1.1
12.0

-0.1
103.4

-3.0
-26.6

-0.9
38.5

-0.8
-10.0

0.5
59.3

23
24

23
24

Corporate equities
Miscellaneous assets

25

Net increase in liabilities

53.7

105.8

168.8

118.8

-106.1

156.6

202.9

31.5

153.2

257.0

-866.1

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

24.5
1.0
28.8
-5.3

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

111.3
-2.2
47.7
65.7

-283.2
-8.5
-120.6
-154.1

26
27
28
29

30

Security RPs

-15.0

20.1

4.7

-3.6

-15.5

29.7

-2.7

-6.5

25.0

-5.5

-75.2

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

-61.8
2.0
3.0
-66.9

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

41.2
3.4
15.2
22.5

-273.3
0.8
0.8
-274.9

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

-0.5
-52.8
1.4
-54.2

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
109.8
1.4
108.3

-2.9
-231.5
1.5
-233.0

35
36
37
38

4.9

-0.2

-11.5

-17.8

-27.1

-24.0

-8.5

-27.2

-34.6

-13.8

-32.6

39

39

Discrepancy

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

29

Z.1, March 8, 2007

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

2003

2004

2005

2006

2005
Q3

2006
Q4

Q1

Q2

Q3

Q4

1

Gross saving

7.4

7.5

7.9

8.4

8.5

8.5

8.5

8.5

8.6

7.9

9.0

1

2

Fixed nonresidential investment

1.7

1.8

2.2

2.4

2.7

2.4

2.5

2.6

2.6

2.7

2.7

2

3

Net acquisition of financial assets

58.5

53.2

37.5

30.9

33.0

50.9

17.4

31.1

7.6

47.8

45.5

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

6.3
-4.2
-1.6

9.9
-4.5
8.6

7.2
-4.1
7.8

-0.2
-8.7
-0.0

-6.2
-4.7
-0.1

10.9
-4.2
-9.8

20.8
0.8
3.5

4
5
6

7

Credit market instruments

44.2

51.2

39.8

36.2

41.1

21.4

33.2

55.5

36.5

28.6

43.8

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

1.0
1.0
-2.3

-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
-20.8

-0.2
0.6
1.5

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

33.7
7.7

27.0
25.8

35.9
2.1

33.0
3.8

39.0
4.0

34.4
9.5

28.2
13.7

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

-0.1
-8.5

-1.4
16.8

-0.3
-26.5

0.4
-15.8

-0.9
-17.1

0.0
22.3

0.1
-23.6

13
14

15

Net increase in liabilities

53.4

49.2

33.7

27.5

28.3

48.0

15.0

26.8

4.6

41.9

39.8

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

26.9
-5.1
28.8
3.2

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

31.4
-30.6
51.2
10.8

42.2
3.8
31.5
7.0

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

4.2
-2.8

0.3
6.1

8.1
-6.1

-0.2
-3.9

6.8
-5.3

2.0
8.6

8.4
-10.8

20
21

0.6

1.8

1.9

2.5

1.2

3.2

3.6

1.7

3.0

-0.7

0.6

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

39.3

-83.9

3.8

34.9

41.0

40.8

40.4

1

2

Fixed nonresidential investment

4.5

4.4

5.9

7.3

8.1

7.5

7.7

8.0

8.0

8.1

8.1

2

3

Net acquisition of financial assets

85.0

88.3

79.6

72.6

89.9

121.6

-0.8

94.7

75.5

92.0

97.5

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

23.2
-9.6

-0.8
11.1

-8.3
5.3

30.7
-19.0

31.7
-27.3

19.0
11.5

11.5
-3.7

4
5

6

Credit market instruments

39.9

67.0

73.6

66.9

48.3

107.4

22.1

60.1

48.3

31.8

53.2

6

9.2
19.0

3.5
2.2

6.6
-3.3

-2.0
5.8

3.3
6.9

1.5
11.9

-6.9
-1.6

5.4
9.3

4.3
7.4

2.9
4.9

0.6
5.8

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

22.1
15.9
0.3

62.2
31.2
0.5

28.8
1.5
0.3

24.6
20.7
0.1

19.6
16.5
0.4

13.0
10.9
0.2

31.0
15.4
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

2.2
3.6
22.2

-6.0
-0.2
10.0

-11.5
-11.4
3.0

8.2
8.1
6.6

-2.5
7.7
17.7

5.0
-3.4
28.1

-1.9
2.0
36.5

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

35.1

104.3

36.8

22.4

33.6

33.2

51.4

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

-7.6
5.2
37.6

-4.4
4.7
104.0

1.6
4.9
30.3

-5.9
5.0
23.3

-6.9
5.1
35.4

-10.9
5.2
38.9

-6.9
5.4
52.8

16
17
18

-16.4

-7.1

-10.9

-29.5

-23.6

-108.7

33.7

-45.4

-8.9

-26.1

-13.9

19

19

Discrepancy

30

Z.1, March 8, 2007

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

2003

2004

2005

2006

2005
Q3

1

Gross saving

2

Fixed nonresidential investment

3

2006
Q4

Q1

Q2

Q3

Q4

-2.4

-7.5

-1.7

-0.9

-1.0

-0.5

-0.8

-1.3

-0.8

-1.3

-0.8

1

2.8

2.6

2.7

1.8

1.4

1.6

1.3

1.4

1.4

1.4

1.4

2

Net acquisition of financial assets

279.8

258.2

264.4

185.3

179.4

195.6

99.4

194.6

175.3

156.5

191.3

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

-1.5
48.7

4.7
1.7

-23.3
22.4

5.7
33.4

-0.4
49.8

-0.5
63.7

-10.5
48.0

4
5

6

Credit market instruments

233.0

180.6

173.0

110.3

84.6

94.3

66.9

134.1

81.1

33.2

90.1

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

9.3
2.3
8.6

-17.1
14.7
7.6

10.0
12.2
-5.3

-12.1
4.7
19.5

11.9
1.8
6.2

3.1
0.9
1.8

34.3
1.7
6.9

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

0.7
41.1
4.0
18.7

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

0.0
3.5
5.4
18.5

0.6
34.1
1.5
11.0

10
11
12
13

52.7
2.6

45.5
0.5

51.5
12.8

65.9
-9.9

73.4
2.0

82.4
-10.0

64.4
-9.6

66.4
2.0

68.9
2.0

80.2
2.0

78.0
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

-27.9

22.4

-21.4

-47.0

-26.0

-22.1

-16.3

16

17

Net increase in liabilities

259.7

230.0

228.0

173.9

158.1

173.3

81.2

194.4

145.7

144.7

147.9

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

-19.7
2.7
12.7
135.1

-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

-12.8
2.4
11.8
129.3

-13.6
4.3
18.8
156.3

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

4.0
23.4

3.6
26.9

3.7
-94.5

3.8
42.2

3.9
63.6

4.0
9.9

4.1
-22.0

22
23

-25.4

-38.4

-40.8

-14.1

-23.7

-24.5

-20.4

-2.9

-31.9

-14.6

-45.6

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

0.8

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

0.4

0.3

0.3

0.3

0.4

0.4

0.4

2

3

Net acquisition of financial assets

-14.4

-6.6

-14.4

-48.1

-38.6

-33.5

-19.3

-138.2

-8.6

-12.7

5.1

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

0.6
1.2
3.5
-2.2

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

0.5
2.8
4.0
1.7

4
5
6
7

8

Credit market instruments

-8.6

69.2

-0.3

12.5

35.3

17.4

34.7

7.5

48.0

38.9

46.8

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

3.0
3.7
20.4

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

2.8
5.6
27.1

9
10
11

11.4
0.6

20.9
-0.1

-7.7
-0.2

8.9
-0.2

8.7
-0.4

14.2
-0.1

9.5
-0.3

-7.1
-0.2

19.1
-0.3

10.6
-0.3

12.2
-0.8

12
13

-69.5
34.8

-101.0
39.9

-11.0
36.2

-53.0
-0.1

-41.4
-12.1

-36.2
-6.8

-48.3
-2.7

-89.4
-21.9

-42.0
-19.8

-16.0
-11.7

-18.3
5.0

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

-23.5
-10.1
-2.5
-10.9

-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

-37.5
-19.8
-4.2
-13.5

16
17
18
19

20

Pension fund reserves (liabilities) (3)

-14.8

-7.0

-14.8

-48.5

-39.0

-34.0

-19.8

-138.7

-9.0

-13.1

4.7

20

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

31

Z.1, March 8, 2007

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

2003

2004

2005

2006

2005
Q3

2006
Q4

Q1

Q2

Q3

Q4

1

Gross saving

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

1

2

Fixed nonresidential investment

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

2

3

Net acquisition of financial assets

8.5

14.9

-1.1

-3.5

7.4

-14.7

15.2

-11.0

53.5

-20.1

7.3

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

0.1
0.4
0.3
0.5

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

0.0
2.2
2.0
0.1

0.3
0.3
0.4
0.3

4
5
6
7

8

Credit market instruments

-50.7

11.2

27.2

-2.8

19.5

-54.5

6.7

-9.1

59.4

7.9

19.9

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

0.7
3.4
6.3

0.2
0.1
-42.7

1.1
-2.7
-1.0

4.5
-2.1
-3.6

-3.3
12.9
24.2

1.2
-0.2
-1.3

0.5
3.1
5.9

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

0.4
8.0
0.6

0.3
-7.7
-4.7

1.5
7.6
0.1

1.0
-8.2
-0.6

0.1
25.4
0.2

0.2
5.9
2.1

0.5
9.1
0.8

12
13
14

50.2
13.9

-0.6
7.3

-22.6
1.6

-3.0
-0.2

-11.0
-2.1

2.0
-2.0

-3.3
2.1

7.7
-1.2

-3.9
-0.5

-34.3
-4.7

-13.7
-2.0

15
16

0.4

0.9

0.5

1.9

-0.3

24.2

10.3

-11.9

2.0

6.6

1.9

17

8.5

14.9

-1.1

-3.5

7.4

-14.7

15.2

-11.0

53.5

-20.1

7.3

18

46.8

33.4

58.4

63.6

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

50.6

57.3

57.6

12.7

6.0

4.7

7.7

8.4

8.1

3.0

5.4

17.8

7.7

2.7

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

8.3
0.1
-0.0

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

2.3
0.3
0.1

3
4
5

8.2
24.5

17.5
24.7

9.1
40.9

7.0
40.0

6.4
35.8

8.3
40.9

11.5
43.1

8.9
32.5

-3.1
18.7

7.5
43.2

12.3
48.6

6
7

45.4

48.2

54.7

54.7

50.6

57.3

57.6

46.8

33.4

58.4

63.6

8

(1) Includes the Federal Employees Thrift Savings Plan, the National Railroad Retirement Investment Trust, and nonmarketable government securities held by federal government retirement funds.
(2) Includes nonmarketable government securities held by the civil service retirement and disability fund, Railroad Retirement Board, judicial retirement fund, military retirement fund,
and foreign service retirement and disability fund.
(3) Liabilities of the sector are assets of the household sector.

32

Z.1, March 8, 2007

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

2003

2004

2005

2006

2005

2006

Q3

Q4

Q1

Q2

Q3

Q4

1

Net acquisition of financial assets

-16.7

-207.5

-136.5

127.0

305.7

216.7

351.4

133.1

222.6

438.5

428.6

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
15.7
112.0

-10.6
7.5
23.7
48.9

46.8
22.6
68.1
118.2

-38.1
-4.7
13.3
133.0

10.3
3.1
-23.2
-37.3

-70.7
63.1
106.4
13.5

-36.3
-43.9
20.2
161.1

54.5
7.7
-8.5
58.3

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

-5.5
86.3
-9.6
-107.4
23.0
2.2

220.2
116.2
-5.9
-28.7
33.5
105.1

12.7
103.6
-8.3
-151.4
17.6
51.2

253.4
148.3
-25.4
31.0
30.5
69.1

76.9
-9.3
-31.0
44.1
36.1
36.9

148.9
63.1
22.8
3.0
-9.2
69.1

375.9
265.5
-26.9
-100.7
61.1
176.8

279.1
145.6
11.4
-61.3
45.8
137.6

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

-10.0

15.9

-51.7

-5.6

103.3

-38.6

-38.5

37.5

12

-16.7

-207.5

-136.5

127.0

305.7

216.7

351.4

133.1

222.6

438.5

428.6

13

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

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

Gross saving

-21.6

2.5

2.0

12.1

30.7

17.6

24.6

28.3

31.7

30.4

32.5

1

2

Net acquisition of financial assets

181.1

288.6

298.2

260.2

333.2

201.6

210.6

504.1

274.3

234.1

320.3

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

16.9

-18.5

0.9

46.7

26.6

21.0

-26.8

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

180.2
16.9
4.2
13.2
31.3
114.5

83.8
-23.1
-1.8
-5.5
28.0
86.1

92.2
-16.7
14.4
45.1
-4.0
53.5

238.3
50.7
6.5
20.3
39.2
121.7

156.7
46.0
1.0
3.0
26.8
80.0

135.2
16.8
-1.6
-5.0
21.1
103.9

190.4
-45.7
11.0
34.5
38.2
152.4

4
5
6
7
8
9

31.4
0.0

136.8
1.0

158.5
5.1

129.6
3.7

131.4
4.7

129.1
7.2

114.0
3.5

204.3
14.7

94.3
-3.4

70.3
7.6

156.7
-0.0

10
11

12

Net share issues (liabilities)

181.1

288.6

298.2

260.2

333.2

201.6

210.6

504.1

274.3

234.1

320.3

12

13

Discrepancy

-21.6

2.5

2.0

12.1

30.7

17.6

24.6

28.3

31.7

30.4

32.5

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.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

43.7

32.7

20.0

8.9

16.5

-3.2

3.6

21.9

-6.0

16.3

1

8.6
-2.8
11.3
0.1

35.5
0.6
3.2
31.6

11.0
2.3
-0.1
8.9

1.5
0.3
0.2
1.0

7.4
0.2
0.3
6.8

-0.8
-1.0
-1.7
1.9

-3.3
-0.0
-1.1
-2.2

9.7
-1.6
-0.0
11.4

19.1
1.7
2.1
15.3

-5.0
0.1
-2.5
-2.6

5.6
0.9
1.7
3.1

2
3
4
5

9.4

8.3

21.7

18.5

1.6

17.3

0.1

-6.1

2.8

-1.0

10.7

6

18.1

43.7

32.7

20.0

8.9

16.5

-3.2

3.6

21.9

-6.0

16.3

7

45.3

15.8

55.0

53.9

74.0

12.6

126.7

39.9

98.5

21.3

136.3

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

5.7
3.4
2.4

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

7.9
3.9
4.0

9
10
11

41.6

15.1

51.2

47.1

68.3

5.5

121.9

36.9

89.4

18.5

128.4

12

45.3

15.8

55.0

53.9

74.0

12.6

126.7

39.9

98.5

21.3

136.3

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, March 8, 2007

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

2003

2004

2005

2006

2005
Q3

2006
Q4

Q1

Q2

Q3

Q4

1

Gross saving

3.1

3.2

3.5

4.1

3.9

3.9

3.7

3.9

4.0

3.6

4.2

1

2

Fixed nonresidential investment

0.5

0.5

0.6

0.6

0.6

0.6

0.5

0.6

0.6

0.6

0.6

2

3

Net acquisition of financial assets

240.0

236.5

84.5

-65.0

35.5

-188.6

204.8

33.6

199.4

-105.9

15.0

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

0.7
-1.5
-0.9

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

1.4
-7.4
-8.1

4
5
6

7

Credit market instruments

224.1

236.5

46.2

-65.4

34.7

-263.5

145.3

64.7

144.8

-80.5

9.8

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

-0.2
1.2
-29.7

-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

-1.8
1.1
-43.6

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

5.1
21.4

-10.9
29.3

4.0
47.0

5.0
25.9

6.3
36.7

3.7
-13.3

5.4
36.3

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

34.6
0.0
14.5
20.1

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

12.4
0.0
22.3
-9.9

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

2.3
-5.5
2.9
4.9
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

0.1
-12.7
4.7
8.0
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

2.5

-20.6

20.4

-54.4

62.7

-17.7

19.4

22

247.6

217.2

63.9

-82.2

43.6

-226.2

199.2

51.1

266.7

-137.3

-6.2

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

59.2
59.2
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

-31.3
-31.3
0.0

24
25
26

27.7

-26.6

-1.1

2.0

-15.6

17.7

-1.7

-93.8

-47.6

53.9

25.2

27

10.2

-16.7

-17.7

-13.7

11.4

-34.2

-2.4

20.9

70.8

-28.3

-17.6

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

288.2

163.4

191.8

327.3

306.1

280.7

238.6

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

276.0
9.9
0.0
2.3

156.2
7.3
0.0
-0.2

184.4
7.4
0.0
0.0

315.2
10.3
0.0
1.8

295.2
8.8
0.0
2.1

265.4
10.1
0.0
5.2

228.3
10.3
0.0
0.0

2
3
4
5

326.8

330.5

53.0

134.8

288.2

163.4

191.8

327.3

306.1

280.7

238.6

6

6

Net increase in pool securities (liabilities)(2)

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

34

Z.1, March 8, 2007

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

2003

2004

2005

2006

2005
Q3

1

Gross saving

2

Fixed nonresidential investment

3

Net acquisition of financial assets

2006
Q4

Q1

Q2

Q3

Q4

0.7

0.7

0.6

0.5

0.4

0.5

0.5

0.5

0.4

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

183.0

211.2

332.3

664.6

532.6

722.2

806.8

573.3

622.3

411.3

523.3

3

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

0.4
70.5
-3.3

1.9
67.2
-1.1

5.2
-104.6
1.4

19.7
-76.1
-16.8

33.4
50.1
1.8

22.6
-106.3
-18.7

27.0
-64.5
-26.3

22.2
153.0
2.6

40.1
147.6
6.3

31.0
-64.5
-15.4

40.1
-35.6
13.6

4
5
6

7
8
9
10

Mortgages (2)
Home
Multifamily residential
Commercial

85.5
55.2
5.4
25.0

172.0
121.5
7.9
42.6

455.3
403.1
6.4
45.8

685.7
573.4
16.5
95.7

355.0
247.2
13.1
94.7

809.8
716.8
10.3
82.7

779.4
607.8
31.7
139.8

325.6
245.8
7.3
72.5

321.0
260.3
8.7
52.0

358.1
251.1
11.0
95.9

415.2
231.8
25.1
158.3

7
8
9
10

11
12

Consumer credit
Trade credit

35.3
-5.4

-22.5
-6.3

-24.7
-0.3

32.5
19.7

66.5
25.8

-7.4
22.2

53.3
37.8

56.7
13.2

88.3
19.1

69.0
33.3

52.2
37.7

11
12

181.9

211.0

331.5

664.0

532.0

721.5

806.2

572.7

621.8

410.8

522.8

13

-40.1
222.0

-43.0
254.0

-8.0
339.5

146.8
517.2

160.3
371.8

141.4
580.1

234.7
571.5

127.0
445.7

201.8
420.0

79.4
331.4

232.8
290.0

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

-0.5
15.7

-0.6
31.6

-0.6
42.6

-0.6
16.7

-0.5
22.0

-0.5
4.9

-0.5
19.3

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

65.7

50.2

46.5

65.3

66.6

63.3

67.4

1

2

Fixed nonresidential investment

40.1

32.1

37.7

40.2

42.6

40.5

40.5

42.1

42.3

43.1

43.0

2

3

Net acquisition of financial assets

141.6

233.7

178.4

99.0

31.7

15.2

239.8

146.6

-43.9

33.7

-9.7

3

4

Checkable deposits and currency

3.1

3.3

3.5

3.7

3.9

3.7

3.8

3.8

3.9

3.9

4.0

4

5

Credit market instruments

103.7

122.7

214.8

117.2

93.2

112.0

256.6

98.1

65.4

160.8

48.6

5

3.8
72.4
27.5

-2.3
39.5
85.5

9.8
105.7
99.3

27.6
65.4
24.2

19.1
57.1
17.0

32.2
74.0
5.8

72.3
140.4
43.8

11.0
119.3
-32.3

51.9
-10.9
24.4

23.7
102.4
34.7

-10.4
17.5
41.5

6
7
8

34.8

107.7

-39.9

-21.9

-65.5

-100.5

-20.6

44.7

-113.2

-131.1

-62.3

9

135.4

239.7

189.3

63.5

55.6

34.5

152.5

134.8

3.4

16.3

67.9

10

66.2

111.0

134.3

33.5

36.2

-150.2

202.2

25.5

63.4

-53.3

109.0

11

-14.6
64.0
16.8

-2.7
107.9
5.7

30.2
74.1
30.0

-15.3
43.6
5.2

4.1
47.4
-15.3

-21.8
-151.5
23.1

37.1
134.9
30.2

-0.9
27.4
-1.0

2.9
82.2
-21.7

29.9
-18.7
-64.5

-15.7
98.8
25.8

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

2.3

2.1

2.1

2.2

2.2

2.3

2.4

15

67.8
-3.5
23.1
48.3

127.1
21.7
23.2
82.2

53.2
12.2
54.9
-13.9

28.0
2.1
25.5
0.4

17.2
-1.3
25.8
-7.2

182.7
2.7
44.1
135.9

-51.8
-3.9
48.9
-96.8

107.1
-0.9
24.0
83.9

-62.3
-4.4
32.9
-90.8

67.3
1.1
25.4
40.8

-43.4
-1.1
20.6
-62.9

16
17
18
19

32.2

52.2

43.8

-20.4

47.0

29.1

-81.2

11.5

71.6

2.8

102.0

20

-17.6

-10.7

-4.9

11.2

20.6

8.7

12.0

25.6

24.2

17.4

15.3

21

35

Z.1, March 8, 2007

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

2003

2004

2005

2006

2005
Q3

2006
Q4

Q1

Q2

Q3

Q4

1

Gross saving

6.1

2.1

5.0

-5.9

-19.0

-7.6

-31.0

-14.7

-18.5

-21.5

-21.2

1

2
3

Fixed nonresidential investment
Multifamily residential investment

24.5
4.5

22.4
-0.4

38.0
7.7

42.3
-0.6

30.9
5.1

39.2
4.6

40.9
-4.1

42.5
4.0

31.6
-1.7

27.0
13.0

22.4
5.1

2
3

4

Net acquisition of financial assets

25.3

34.3

102.4

76.4

66.1

101.4

13.5

65.7

68.9

56.2

73.6

4

5

Checkable deposits and currency

-0.1

3.9

3.2

1.6

3.6

5.2

-8.2

4.0

-3.5

10.0

4.0

5

6

Credit market instruments

23.8

25.7

87.9

66.9

50.9

89.0

20.8

40.5

57.7

44.5

61.0

6

7.4
4.7

-0.7
6.6

15.8
17.6

-0.5
26.8

24.7
13.8

-0.1
29.1

-9.5
17.6

0.6
14.2

29.7
16.0

30.9
10.7

37.7
14.3

7
8

11.8
11.4
-0.2
0.5

19.8
17.7
0.1
2.0

54.5
51.1
-0.0
3.5

40.6
30.8
0.2
9.5

12.4
3.4
0.9
8.0

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

3.0
-13.3
1.5
14.8

8.9
-1.0
0.7
9.3

9
10
11
12

1.6

4.7

11.3

8.0

11.5

7.1

0.9

21.2

14.6

1.6

8.7

13

53.3

52.4

152.5

108.8

94.6

147.1

28.2

103.0

96.7

83.2

95.6

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

15.8

51.5

19.1

8.6

16.3

19.4

19.0

15

16

Credit market instruments

27.2

31.6

98.3

58.4

50.9

65.9

1.8

66.8

56.5

32.8

47.5

16

0.0
16.2
0.1
10.9

0.0
23.0
0.3
8.3

0.0
70.9
1.5
25.9

0.0
40.3
5.2
12.9

0.0
39.8
-0.3
11.4

0.0
44.8
1.1
20.0

0.0
10.6
4.2
-13.0

0.0
38.2
5.6
23.0

0.0
53.9
-4.5
7.1

0.0
25.2
-0.2
7.8

0.0
42.0
-2.3
7.8

17
18
19
20

8.4
2.6

13.3
1.6

21.5
7.7

16.1
1.4

17.0
11.0

23.7
6.1

9.9
-2.6

18.2
9.4

17.2
6.9

15.5
15.6

17.0
12.1

21
22

5.0

-1.8

9.5

-15.3

-26.4

-5.7

-53.1

-23.8

-20.5

-34.4

-26.7

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

15.7
0.0
4.0
0.1
11.6

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

19.3
0.0
1.8
-0.0
17.5

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, March 8, 2007

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

2003

2004

2005

2006

2005
Q3

2006
Q4

Q1

Q2

Q3

Q4

1

Gross saving

12.6

14.9

20.0

23.3

26.6

28.5

25.5

24.7

27.3

26.1

28.2

1

2

Fixed nonresidential investment

10.9

10.5

12.4

13.2

14.0

13.3

13.3

13.8

13.9

14.2

14.2

2

3

Net acquisition of financial assets

-130.2

277.6

231.9

282.2

614.7

237.4

-64.9

686.0

603.2

654.9

514.8

3

4

Checkable deposits and currency

-2.9

2.9

15.7

-6.4

24.0

-4.9

-5.1

24.2

48.5

-19.5

42.8

4

5

Credit market instruments

28.4

79.6

-29.2

82.3

106.2

-215.3

238.2

-16.5

53.9

156.4

230.8

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

12.2
-20.0
-6.3
10.9
85.4

4.1
-2.4
37.0
8.0
59.5

5.3
-174.2
-71.4
11.5
13.5

-14.3
135.8
-68.3
30.4
154.6

25.8
-157.5
113.5
-29.3
31.0

3.7
-112.3
102.7
9.3
50.4

25.5
39.7
23.4
2.0
65.8

-38.8
220.3
-91.5
49.9
90.8

6
7
8
9
10

3.2
-48.2
-110.8

4.1
34.3
156.6

15.2
81.5
148.6

20.1
-31.6
217.7

-0.2
59.7
425.1

-23.1
-22.0
502.8

93.4
-102.3
-289.2

-3.8
68.1
613.9

4.3
-22.5
519.0

-1.5
42.7
476.7

-0.0
150.3
90.9

11
12
13

-118.7

257.6

232.5

275.9

593.0

228.9

-76.4

657.2

600.4

626.4

487.9

14

-9.0
-1.7
10.2

133.7
6.4
-8.0

49.3
15.2
2.6

206.7
0.1
3.3

338.0
6.4
-7.6

97.4
28.0
7.9

85.7
-33.4
-4.6

387.6
35.1
8.6

52.6
6.5
1.2

505.0
5.0
-18.0

406.8
-20.9
-22.4

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
31.9
-3.0
34.9
-0.1

5.2
152.1
80.4
71.7
0.7

40.7
42.8
-19.2
62.0
2.2

-8.6
5.8
-12.2
18.0
1.1

-28.7
144.2
93.1
51.1
1.9

52.1
216.7
190.8
25.9
1.0

-22.4
135.5
33.9
101.6
1.8

19.8
112.0
3.5
108.4
-1.9

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
61.8
6.0

28.1
-0.7
175.1
-146.3

103.9
0.9
166.0
-63.1

14.9
-1.4
303.7
-287.3

-120.9
6.9
89.3
-217.1

111.8
-2.3
19.6
94.5

271.5
1.7
137.0
132.8

23.8
2.4
315.2
-293.9

8.4
1.9
192.2
-185.8

23
24
25
26

0.6

-4.5

-3.3

-1.1

-5.7

-5.0

-1.7

-3.3

-1.3

-4.3

-13.9

27

13.2

-15.6

8.3

3.9

-9.2

6.7

0.7

-17.9

10.6

-16.6

-12.9

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

293.3

289.0

400.7

119.0

444.9

-67.5

539.1

239.6

1

30.5

1.0

25.1

123.0

-29.8

-58.4

13.9

78.1

2

2

Money market fund shares

-1.2

-43.2

-86.6

3

Credit market instruments

-68.5

94.8

73.0

80.8

145.4

149.8

-96.2

312.0

-128.5

244.7

153.5

3

-54.2
-14.4

39.8
54.9

87.5
-14.5

110.2
-29.4

152.5
-7.1

202.9
-53.1

-33.8
-62.4

281.9
30.1

-89.0
-39.5

219.5
25.1

197.7
-44.2

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

142.7
8.6
134.1

225.8
20.1
205.7

92.3
-4.0
96.3

162.8
96.5
66.3

119.4
8.3
111.1

280.5
-12.7
293.2

8.0
-57.9
65.9

6
7
8

-1.0

77.8

70.4

293.3

289.0

400.7

119.0

444.9

-67.5

539.1

239.6

9

23.7

14.4

34.6

128.1

104.7

99.4

38.9

137.0

83.7

210.3

-12.3

10

-6.7
30.5

-1.0
15.4

22.4
12.2

100.6
27.6

83.2
21.5

101.3
-1.9

-26.5
65.4

128.6
8.3

56.1
27.6

201.7
8.6

-53.7
41.4

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

165.1
53.8
174.9
-63.6

184.4
38.0
302.6
-156.2

301.3
126.4
369.6
-194.7

80.1
53.3
-175.0
201.7

308.0
25.8
302.9
-20.7

-151.2
35.7
459.2
-646.1

328.8
70.2
361.0
-102.4

251.9
20.3
87.2
144.4

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, March 8, 2007

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

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

2003

2004

2005

2006

2005

2006

Q3

Q4

Q1

Q2

Q3

Q4

3.7

-1.5

-2.8

-14.1

0.7

-19.1

-19.2

-2.0

2.3

-4.0

6.4

1

0.5

-0.6

0.4

-4.5

0.2

-11.9

0.3

0.3

0.2

0.2

0.2

2

0.5
-0.0

-0.6
0.0

0.4
0.0

-4.5
-0.0

0.2
-0.0

-11.9
0.0

0.3
0.0

0.3
0.0

0.2
-0.0

0.2
0.0

0.2
0.0

3
4

3.2

-0.9

-3.2

-9.6

0.4

-7.2

-19.5

-2.3

2.0

-4.2

6.3

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

0.7
0.4
0.4

0.6
0.3
0.3

0.7
0.3
0.3

0.6
0.3
0.3

0.6
0.3
0.3

0.9
0.4
0.4

0.8
0.4
0.4

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

-0.3
-0.3
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

-5.1
-5.1
0.0

5.4
5.4
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

0.6
1.7

0.9
-0.7

0.3
0.4

0.6
5.4

0.8
0.4

1.0
0.4

-0.0
0.6

3
4

5

Discrepancy (seigniorage)

-0.6

-0.3

-0.3

0.7

-1.1

1.7

-0.1

-4.8

0.3

0.6

-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

129.7

91.2

46.6

229.1

230.2

-36.5

96.1

1

1.3
5.1
-6.8

2.2
17.6
-36.6

5.4
15.6
7.0

5.2
17.2
16.2

7.3
1.0
-10.6

5.5
16.9
46.8

2.8
52.7
-38.1

13.7
-16.2
10.3

13.8
38.9
-70.7

-2.2
-42.7
-36.3

4.0
24.0
54.5

2
3
4

21.5

53.5

62.0

48.2

132.0

22.1

29.2

221.3

248.2

44.8

13.7

5

38

Z.1, March 8, 2007

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

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

2003

2004

2005

2006

2005

2006

Q3

Q4

Q1

Q2

Q3

Q4

17.4

-14.2

19.2

0.9

-22.3

-36.7

-34.4

-13.5

-131.9

-25.4

81.6

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

1.3
-0.3
1.6

-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

37.0
19.5
17.5

2
3
4

11.9
0.4

-14.9
-0.7

24.6
1.2

-2.7
-0.0

-23.6
-1.2

-15.6
5.4

-40.4
1.4

-7.0
-5.0

-129.9
-1.8

-2.1
-0.1

44.6
2.0

5
6

4.2

-9.7

8.4

-12.3

-9.6

-22.4

-82.7

-27.3

-138.2

6.8

120.1

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

-24.7
3.5
20.2
16.8

-9.3
111.6
98.2
-13.4

-27.1
106.7
74.1
-32.6

-76.7
-47.6
-36.1
11.5

-16.8
13.8
75.1
61.4

-143.0
11.0
80.7
69.7

6.4
163.4
36.9
-126.5

116.1
258.2
200.0
-58.3

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

-79.6
190.6
270.2

-151.9
2.0
153.9

-17.8
189.1
206.9

-0.0
173.7
173.8

-83.4
49.6
133.1

-112.1
224.9
337.1

-122.9
314.1
437.0

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

-19.6
9.2
28.9

-41.3
-22.6
18.7

18.1
0.9
-17.2

-11.3
11.6
22.9

-30.6
0.4
31.0

-70.5
-53.7
16.9

-44.8
-12.5
32.3

-19.2
-24.5
-5.4

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

0.3
0.9
-0.6

-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
-0.6
0.2

-3.9
-3.7
-0.2

18
19
20

7.2

-4.4

15.0

9.6

-12.7

1.4

41.0

25.3

10.1

-8.8

-77.5

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

-36.3
2.0
14.8
-0.1
-12.7

-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

-22.9
16.7
28.0
-2.5
-8.8

-111.5
-60.0
16.8
0.6
-77.5

22
23
24
25
26

0.9
-2.6

7.5
55.7

25.4
-23.6

10.5
-7.4

11.0
27.3

52.8
-13.3

29.4
8.4

-5.4
22.7

-5.6
50.5

30.8
8.8

24.2
27.3

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

-3.8
11.0
14.8

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

7.3
24.2
16.8

29
30
31

-3.6
-2.6
1.0

55.8
55.7
-0.1

-23.8
-23.6
0.2

-6.9
-7.4
-0.4

27.4
27.3
-0.1

-12.6
-13.3
-0.7

10.2
8.4
-1.8

22.7
22.7
-0.0

48.8
50.5
1.7

11.4
8.8
-2.5

26.7
27.3
0.6

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

-8.7

-9.6

-38.1

-75.4

-38.8

-142.0

-16.6

159.1

35

36

Net change in assets
Rest of the world

4.2

-9.7

8.4

-12.3

-9.6

-22.4

-82.7

-27.3

-138.2

6.8

120.1

36

37

Domestic

6.0

-0.1

-4.2

3.5

0.1

-15.7

7.4

-11.5

-3.8

-23.4

39.0

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

-1.2
-1.2
-0.0

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

2.0
3.1
-1.0

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

2.0
0.4
1.6

-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

38.0
20.5
17.5

41
42
43

44
45

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

0.6

0.5

-0.1

-0.5

-0.7

-0.4

-0.6

-0.9

-0.2

-0.8

-1.1

44

7.2

-4.4

15.0

9.6

-12.7

1.4

41.0

25.3

10.1

-8.8

-77.5

45

39

Z.1, March 8, 2007

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

2003

2004

2005

2006

2005
Q3

1

Net change in liabilities

2
3
4
5

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

6
7
8
9

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

2006
Q4

Q1

Q2

Q3

Q4

-8.3

80.1

89.8

3.2

-14.0

-44.4

44.7

67.9

21.9

-87.6

-58.3

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

24.8
0.2
0.0
24.6

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

38.7
0.4
0.0
38.2

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

-34.8
-5.9
35.2
-64.1

-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
63.9
-129.3

-60.3
37.9
-2.2
-96.0

-92.1
-63.4
11.7
-40.5

6
7
8
9

5.3
6.0

0.5
7.6

3.9
7.0

1.0
-5.1

5.7
12.2

5.0
4.8

6.8
7.7

8.0
-1.1

-2.2
-30.6

-8.5
3.8

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

-14.0

-44.4

44.7

67.9

21.9

-87.6

-58.3

12

13

Household sector

-2.6

-60.5

-26.1

-34.4

-35.7

-165.8

-80.4

31.0

-100.8

-39.1

-34.0

13

14
15
16
17

Nonfinancial business
Corporate
Nonfarm noncorporate
Farm

-31.8
-34.9
2.6
0.5

58.1
51.7
5.8
0.7

52.4
-34.9
86.3
1.0

16.6
-22.9
38.8
0.7

-88.4
-119.6
30.0
1.2

8.8
-32.8
40.9
0.7

92.1
47.0
44.4
0.7

-32.7
-67.5
33.6
1.2

-150.5
-176.6
24.9
1.2

-79.5
-109.5
28.8
1.2

-90.8
-124.9
32.9
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

2.7
-2.7

-24.1
-9.7

8.7
49.5

-4.1
-64.0

3.0
77.7

10.3
2.7

1.8
-27.2

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

47.8
35.2
12.6

74.1
53.6
20.5

29.7
-6.9
36.6

75.2
67.4
7.7

68.7
64.2
4.5

2.1
-2.4
4.5

45.3
11.8
33.5

20
21
22

23

Financial sectors

19.5

49.7

29.1

-37.9

65.2

48.8

-36.2

58.3

139.3

-19.4

82.4

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

-0.2
-3.2
6.3

-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
1.0
10.9

1.7
-1.9
20.8

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

23.2
-1.5
0.6
0.1

-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

19.0
-0.5
0.5
0.0

11.5
-10.5
0.5
0.3

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
-6.4

7.5
0.7
3.9
3.6
24.0

22.6
0.2
3.7
5.2
-4.9

-4.7
2.4
3.8
-8.2
-5.1

3.1
0.3
3.8
4.0
24.2

63.1
1.2
3.9
-3.5
48.5

-43.9
-0.1
3.9
10.0
-19.5

7.7
1.4
4.0
4.0
42.8

31
32
33
34
35

-2.3

-8.9

27.7

-6.7

-3.0

23.5

-18.7

4.3

-15.6

35.2

-35.8

36

36

Mail float

40

Z.1, March 8, 2007

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

2003

2004

2005

2006

2005
Q3

1
2

Net change in liabilities
Small time and savings deposits

2006
Q4

Q1

Q2

Q3

Q4

375.3

367.6

529.5

586.0

617.6

858.9

477.6

603.1

604.6

652.5

609.9

1

325.4

305.8

282.9

314.9

343.6

482.8

283.9

227.6

304.7

262.5

579.6

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

286.0
275.3
10.1
0.7

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

163.6
139.4
24.3
-0.1

668.7
658.6
11.8
-1.7

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

28.8
28.8

42.0
36.8

22.7
3.2

86.8
18.7

101.2
13.8

47.7
51.2

-120.6
31.5

7
8

9

Large time deposits (1)

50.0

61.8

246.6

271.1

274.0

376.1

193.7

375.5

300.0

390.0

30.3

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

276.1
131.7
143.7
0.7

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

313.5
61.6
252.1
-0.1

177.4
105.2
73.9
-1.7

10
11
12
13

44.0
8.7

32.2
10.8

54.0
6.4

38.8
2.5

-5.3
3.2

46.3
-7.3

-3.0
4.9

50.2
4.6

17.1
-9.7

65.7
10.8

-154.1
7.0

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

617.6

858.9

477.6

603.1

604.6

652.5

609.9

16

17

Household sector

324.1

334.3

382.9

406.3

497.0

553.9

263.5

502.0

271.5

604.1

610.6

17

18
19
20

Nonfinancial business
Corporate
Nonfarm noncorporate

24.6
10.2
14.5

116.1
71.5
44.7

61.8
57.7
4.1

81.3
33.7
47.6

9.8
-27.1
36.9

89.6
39.4
50.2

151.9
97.4
54.5

24.2
-17.0
41.2

-35.2
-65.8
30.6

61.6
26.3
35.3

-11.5
-51.9
40.4

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

25.2
0.2
61.7

28.9
1.5
102.5

30.1
-2.5
-4.2

11.5
0.4
98.3

10.4
0.2
223.0

35.3
13.0
-66.3

43.7
-12.6
-8.2

21
22
23

24

Financial sectors

-30.9

-56.6

5.1

28.3

23.6

82.5

38.9

-33.1

134.8

4.9

-12.0

24

0.4
1.6

0.0
2.5

0.6
-0.7

-0.5
-4.5

3.9
-4.2

0.4
-4.5

-0.7
-4.1

2.7
-8.7

6.4
-4.7

6.5
-4.2

0.0
0.8

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
15.7
11.6

1.2
0.4
23.7
-1.5

14.4
1.4
68.1
2.7

0.8
-1.4
13.3
30.9

-2.7
2.4
-23.2
-3.6

2.0
-3.1
106.4
27.7

2.8
2.2
20.2
-22.6

2.8
0.3
-8.5
-7.4

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

305.7

216.7

351.4

133.1

222.6

438.5

428.6

1

2

Net purchases

3
4
5
6
7
8
9
10

-16.7

-207.5

-136.5

127.0

305.7

216.7

351.4

133.1

222.6

438.5

428.6

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
9.2
2.6

152.3
89.3
7.1
3.4

121.5
50.3
9.7
3.9

109.1
79.8
10.5
3.0

101.8
13.2
8.0
2.3

161.8
59.4
5.9
3.0

222.2
120.6
6.8
5.8

123.4
164.2
7.8
2.6

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
30.5

48.7
3.5
0.3
1.0

1.7
2.2
2.3
25.1

22.4
2.8
0.8
123.0

33.4
3.4
0.8
-29.8

49.8
3.1
-2.0
-58.4

63.7
3.5
2.0
13.9

48.0
4.0
0.4
78.1

7
8
9
10

41

Z.1, March 8, 2007

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

1

2004

2005

2006

2005

2006

Q3

Q4

Q1

Q2

Q3

Q4

106.6

227.2

83.2

352.6

487.6

298.3

163.7

521.2

239.1

615.2

574.9

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

149.3
100.2
49.0
0.1

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

96.2
-20.7
118.1
-1.2

224.3
95.6
124.1
4.6

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
206.7

-15.5
15.8
338.0

29.7
51.5
97.4

-2.7
19.1
85.7

-6.5
8.6
387.6

25.0
16.3
52.6

-5.5
19.4
505.0

-75.2
19.0
406.8

6
7
8

70.6

251.2

222.5

224.6

128.5

426.3

108.4

215.1

-5.3

325.7

-21.7

9

9

Net change in liabilities

2003

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
48.2

-0.2
7.0
66.4

13.0
7.7
200.8

12.9
5.9
-74.1

-17.5
4.5
219.4

13.7
5.9
3.8

-11.5
11.3
144.4

14.6
6.0
-102.0

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

55.3
-6.0
9.3
-1.6

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

181.4
-37.6
18.8
-9.8

59.7
43.3
-8.7
3.5

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

-9.6
-2.2
0.5
48.9
16.9
-0.9

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
-37.3
46.7
26.6

-27.3
-14.1
-0.2
13.5
26.6
-37.0

11.5
1.3
0.1
161.1
21.0
15.0

-3.7
1.7
0.3
58.3
-26.8
-8.1

17
18
19
20
21
22

36.0

-24.0

-139.3

128.0

359.1

-128.1

55.2

306.1

244.4

289.5

596.6

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

385.3

324.8

188.5

348.4

272.0

533.4

387.4

1

-63.3

-74.9

135.0

266.7

385.6

323.9

189.9

348.2

272.2

533.6

388.5

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

23.4
93.1
-1.9
95.0

2.8
78.5
14.9
63.6

-89.9
59.1
62.6
-3.5

18.8
68.3
-28.3
96.6

16.8
-53.2
15.7
-68.9

-37.7
255.0
1.5
253.5

95.6
102.2
3.3
98.8

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

269.2
21.7
160.3
4.1
0.0
83.2

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

190.7
27.3
232.8
-15.7
0.0
-53.7

7
8
9
10
11
12

13

Bankers acceptances (1)

-0.2

-0.2

-0.3

0.0

-0.3

0.9

-1.4

0.3

-0.2

-0.1

-1.1

13

14

Net purchases, by sector

-63.5

-75.1

134.7

266.7

385.3

324.8

188.5

348.4

272.0

533.4

387.4

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
15.6
6.7
8.6

23.4
12.0
9.1
37.3

27.4
29.7
10.1
-10.6

22.7
32.6
7.7
23.3

20.4
18.2
5.9
-44.4

25.9
44.9
7.8
153.8

21.8
-35.6
14.9
0.6

25.6
20.5
7.8
39.3

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
1.0

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

0.0
0.0
0.0
-0.2

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

9.3
3.0
0.7

-17.1
1.3
0.2

10.0
0.3
1.1

-12.1
2.1
4.5

11.9
4.5
-3.3

3.1
2.7
1.2

34.3
2.8
0.5

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
12.2
110.2

116.2
16.9
-0.2
4.1
152.5

103.6
-23.1
-3.0
5.3
202.9

148.3
-16.7
5.8
-14.3
-33.8

-9.3
50.7
0.7
25.8
281.9

63.1
46.0
5.0
3.7
-89.0

265.5
16.8
-4.6
25.5
219.5

145.6
-45.7
-1.8
-38.8
197.7

26
27
28
29
30

2
3
4
5
6

Total net issues, all types
Commercial paper

15
16
17
18

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

19
20
21
22

Monetary authority
Commercial banking (1)
Savings institutions
Credit unions

23
24
25

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

26
27
28
29
30

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

(1) Excludes banks’ holdings of own acceptances.

42

Z.1, March 8, 2007

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

1
2
3
4
5
6
7

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

2003

2004

2005

2006

2005

2006

Q3

Q4

Q1

Q2

Q3

Q4

257.1

398.4

362.5

307.3

183.7

264.2

368.1

532.5

-116.4

161.0

157.7

1

4.5
252.5

8.9
389.5

0.6
361.9

0.7
306.6

-2.7
186.4

-1.1
265.3

3.8
364.3

3.8
528.7

-2.7
-113.7

-4.8
165.9

-7.2
164.9

2
3

257.1

398.4

362.5

307.3

183.7

264.2

368.1

532.5

-116.4

161.0

157.7

4

-105.6
4.5
-110.1

29.4
8.9
20.5

67.2
0.6
66.6

-98.8
0.7
-99.5

-77.3
-2.7
-74.6

10.6
-1.1
11.6

-232.4
3.8
-236.2

522.9
3.8
519.1

-213.2
-2.7
-210.5

-64.4
-4.8
-59.6

-554.5
-7.2
-547.3

5
6
7

14.5
0.0
26.2

1.4
2.1
9.5

0.3
5.3
23.2

4.2
7.5
68.8

-2.4
5.8
28.0

-11.9
7.9
77.1

19.6
8.6
36.1

-8.4
6.5
-1.2

-10.2
4.8
24.9

-2.5
5.6
-4.3

11.8
6.4
92.6

8
9
10

138.9
77.7

276.0
37.3

346.8
51.2

287.1
26.4

141.1
34.7

242.4
56.9

402.3
14.9

130.3
63.0

11.1
35.3

143.1
20.3

279.9
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

-2.4
-2.2
-0.9
1.4
-0.7

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

0.8
-7.8
11.7
-1.4
-1.7

-19.4
-10.1
-9.9
0.9
-0.4

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

0.1
1.0

-1.3
-2.1

14.7
-0.8

-8.0
1.1

-9.7
-1.1

-0.0
3.4

18.1
0.6

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

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

3.3
2.3
3.7
3.4
8.3

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

2.9
0.9
4.5
-0.2
6.9

0.6
1.7
5.6
3.1
2.3

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
0.6
0.1
-12.3
1.9
41.7

-33.9
4.8
2.3
2.8
-0.6
5.2
-82.4

-9.6
6.6
0.3
4.8
0.2
19.7
-20.0

-5.9
4.2
0.2
3.4
1.2
33.4
-2.4

-8.3
-1.8
-1.0
4.5
1.0
22.6
-174.2

-25.4
14.4
-0.0
3.3
1.0
27.0
135.8

-31.0
6.5
-1.6
1.4
1.5
22.2
-157.5

22.8
1.0
1.7
7.1
1.3
40.1
-112.3

-26.9
-1.6
0.1
1.1
0.9
31.0
39.7

11.4
11.0
0.9
3.9
1.1
40.1
220.3

25
26
27
28
29
30
31

257.6

396.0

361.9

306.9

183.4

263.9

368.9

531.5

-116.1

160.0

158.2

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, March 8, 2007

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

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

2003

2004

2005

2006

2005

2006

Q3

Q4

Q1

Q2

Q3

Q4

547.2

571.9

117.5

50.2

347.0

-80.9

393.5

471.1

620.7

88.6

207.8

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

-0.3
59.2
288.2

-0.4
-243.9
163.4

0.8
200.9
191.8

-1.0
144.8
327.3

0.2
314.3
306.1

-1.0
-191.1
280.7

0.5
-31.3
238.6

2
3
4

547.2

571.9

117.5

50.2

347.0

-80.9

393.5

471.1

620.7

88.6

207.8

5

-156.7
-0.7
41.7

143.7
-4.8
22.5

87.9
0.1
19.1

223.1
1.5
14.6

-14.8
-0.9
14.2

456.0
-4.4
22.0

223.7
7.2
16.8

-296.9
-3.1
0.9

-146.6
-3.8
16.9

166.2
-0.9
22.3

218.2
4.3
16.9

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
219.7
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
234.3
0.0

0.0
146.7
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

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

45.3
47.6
3.5
-0.0
-5.8

-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

-249.3
-241.0
-1.3
-2.1
-4.9

113.8
118.9
13.2
-5.6
-12.8

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

-23.1
-2.3

-17.1
-27.3

-19.3
-5.6

-9.1
13.5

-23.6
-3.3

120.3
-20.8

-179.8
1.5

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

6.9
8.6
20.4
6.3
0.1

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

4.9
1.8
21.4
-1.3
0.5

5.8
6.9
27.1
5.9
0.3

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

-28.7
13.2
-29.7

-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
-5.0
-94.9

-61.3
34.5
-43.6

24
25
26

27
28
29

ABS issuers
REITs
Brokers and dealers

70.5
7.4
14.1

67.2
-0.7
-8.1

-104.6
15.8
23.5

-76.1
-0.5
-6.3

50.1
24.7
37.0

-106.3
-0.1
-71.4

-64.5
-9.5
-68.3

153.0
0.6
113.5

147.6
29.7
102.7

-64.5
30.9
23.4

-35.6
37.7
-91.5

27
28
29

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

44

Z.1, March 8, 2007

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

2003

2004

2005

2006

2005
Q3

1

Net change in liabilities

2
3
4

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

5

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

6
7

Net change in assets

2006
Q4

Q1

Q2

Q3

Q4

159.4

137.6

130.5

194.8

178.0

237.6

205.8

73.9

163.1

176.4

298.6

1

143.4
25.2
118.2

120.0
10.4
109.6

115.1
-5.9
121.0

170.9
5.7
165.2

150.9
-3.2
154.2

216.2
12.8
203.4

175.1
26.3
148.7

60.8
0.3
60.5

125.4
-8.0
133.4

156.0
-6.9
162.8

261.5
1.6
259.9

2
3
4

12.9

14.1

10.3

16.5

22.1

14.9

20.8

9.3

30.2

16.8

32.3

5

3.1

3.5

5.1

7.4

4.9

6.5

9.9

3.8

7.5

3.6

4.7

6

159.4

137.6

130.5

194.8

178.0

237.6

205.8

73.9

163.1

176.4

298.6

7

97.6
2.8
-0.1
0.1
3.5

29.0
3.3
-0.7
0.3
8.0

35.2
-3.6
1.7
0.2
6.5

74.0
-1.1
0.7
0.2
4.0

43.6
3.5
0.5
0.3
4.0

96.7
7.5
0.7
0.3
4.0

90.5
-3.0
0.7
0.2
4.0

-36.5
11.9
0.6
0.2
4.0

101.4
-3.4
0.4
0.2
4.0

30.5
17.0
0.5
0.4
4.0

78.9
-11.4
0.6
0.3
4.0

8
9
10
11
12

1.5
1.0

10.8
0.8

8.3
0.8

16.9
1.5

22.6
2.1

17.5
1.5

21.4
0.7

12.2
3.2

3.7
1.2

22.0
3.3

52.3
0.8

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

22.1
0.7
0.4

62.2
2.3
0.3

28.8
1.1
1.5

24.6
1.8
1.0

19.6
0.5
0.1

13.0
0.0
0.2

31.0
0.6
0.5

15
16
17

18
19
20
21
22

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

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

23.0
17.4
0.2
-0.8
10.9

33.5
31.3
0.3
5.1
8.0

17.6
28.0
-1.7
-10.9
11.5

30.5
-4.0
-1.1
4.0
30.4

36.1
39.2
-0.0
5.0
-29.3

-9.2
26.8
2.1
6.3
9.3

61.1
21.1
-2.5
3.7
2.0

45.8
38.2
1.7
5.4
49.9

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

516.7

642.3

712.4

784.4

937.4

645.1

925.1

862.7

1037.8

723.8

1125.2

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

220.4
152.0

99.6
8.5

75.5
17.9

211.0
50.6

204.5
147.8

143.6
180.2

322.3
229.4

2
3

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

352.8
22.0
-0.2
222.0
64.0
16.2
-1.7
30.5

455.3
46.9
1.7
254.0
107.9
23.0
6.4
15.4

572.8
58.3
2.5
339.5
74.1
70.9
15.2
12.2

686.5
56.7
1.0
517.2
43.6
40.3
0.1
27.6

565.0
76.0
2.0
371.8
47.4
39.8
6.4
21.5

537.1
38.2
-0.6
580.1
-151.5
44.8
28.0
-1.9

831.7
78.4
4.4
571.5
134.9
10.6
-33.4
65.4

601.1
47.2
-0.8
445.7
27.4
38.2
35.1
8.3

685.5
90.6
4.7
420.0
82.2
53.9
6.5
27.6

399.9
45.1
3.4
331.4
-18.7
25.2
5.0
8.6

573.5
121.3
0.8
290.0
98.8
42.0
-20.9
41.4

4
5
6
7
8
9
10
11

516.7

642.3

712.4

784.4

937.4

645.1

925.1

862.7

1037.8

723.8

1125.2

12

194.9
9.1
147.5

-84.3
7.1
220.8

-19.2
6.0
259.5

-15.6
4.6
330.4

14.7
5.3
423.8

-169.2
7.0
373.1

235.6
5.3
383.8

-24.8
0.1
390.1

144.3
5.3
421.0

-91.1
10.2
381.3

30.7
5.5
502.9

13
14
15

-3.2
-4.0

44.6
-8.8

77.3
-12.2

126.5
21.1

94.4
9.1

115.5
43.0

-51.4
21.0

95.2
24.6

138.2
10.9

24.3
-0.2

119.7
1.2

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

15.9
41.1
8.7
8.0
-0.0

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

10.9
3.5
10.6
5.9
0.2

15.4
34.1
12.2
9.1
0.1

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

2.2
76.4
1.0
1.9

105.1
114.5
6.8
2.4

51.2
86.1
1.9
2.6

69.1
53.5
-2.2
1.5

36.9
121.7
11.4
1.6

69.1
80.0
15.3
2.1

176.8
103.9
-2.6
1.7

137.6
152.4
3.1
4.0

23
24
25
26

33.5
4.7
30.7
-14.4

36.6
6.6
36.4
54.9

110.8
17.6
23.9
-14.5

48.0
26.8
85.4
-29.4

21.4
13.8
59.5
-7.1

29.3
29.1
13.5
-53.1

47.0
17.6
154.6
-62.4

25.9
14.2
31.0
30.1

36.7
16.0
50.4
-39.5

-13.3
10.7
65.8
25.1

36.3
14.3
90.8
-44.2

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, March 8, 2007

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

2003

2004

2005

2006

2005
Q3

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

2006
Q4

Q1

Q2

Q3

Q4

46.4

138.6

66.4

-152.6

-409.5

-305.6

-144.5

-390.6

-445.7

-524.7

-277.2

1

-41.6

-42.0

-126.6

-363.4

-602.1

-469.9

-419.2

-569.6

-602.4

-535.2

-701.2

2

17.0

118.0

84.8

142.1

138.1

138.7

171.2

164.2

67.9

31.9

288.3

3

71.0
-10.7
6.2
-6.5
18.1
45.3
8.4
10.2

62.5
-2.4
4.1
-3.9
43.7
15.8
13.3
-8.0

108.2
17.6
-4.0
-17.3
32.7
55.0
21.5
2.6

68.6
-13.8
-2.8
-8.0
20.0
53.9
16.1
3.3

54.5
-10.4
-7.6
-19.7
8.9
74.0
17.0
-7.6

25.6
-25.0
-4.4
-5.6
16.5
12.6
23.7
7.9

103.5
-19.4
1.6
-7.4
-3.2
126.7
9.9
-4.6

14.8
-26.6
-5.9
-23.1
3.6
39.9
18.2
8.6

88.9
-13.5
-6.9
-29.4
21.9
98.5
17.2
1.2

-21.4
-10.5
-10.9
-12.8
-6.0
21.3
15.5
-18.0

135.7
8.9
-6.9
-13.6
16.3
136.3
17.0
-22.4

4
5
6
7
8
9
10
11

46.4

138.6

66.4

-152.6

-409.5

-305.6

-144.5

-390.6

-445.7

-524.7

-277.2

12

-145.4
10.3
54.1

-2.8
-17.0
34.0

-259.2
-4.8
61.8

-463.9
-0.7
86.6

-740.4
-8.2
108.8

-600.5
-7.3
126.3

-578.5
-2.8
96.0

-830.4
-15.8
223.6

-680.0
12.7
17.4

-740.5
-6.9
94.1

-710.7
-22.6
100.0

13
14
15

-0.6
2.0

2.3
-1.0

-0.2
-1.1

-0.0
-1.0

0.8
-1.0

-2.3
-1.1

-1.2
-0.1

1.9
-3.0

-2.9
-0.9

0.6
-0.8

3.5
0.5

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

2.2
73.4
-41.4
-11.0
6.4

-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

5.0
80.2
-16.0
-34.3
7.5

-1.9
78.0
-18.3
-13.7
12.3

18
19
20
21
22

31.4
9.4
41.6
3.2

136.8
8.3
15.1
4.1

158.5
21.7
51.2
15.2

129.6
18.5
47.1
20.1

131.4
1.6
68.3
-0.2

129.1
17.3
5.5
-23.1

114.0
0.1
121.9
93.4

204.3
-6.1
36.9
-3.8

94.3
2.8
89.4
4.3

70.3
-1.0
18.5
-1.5

156.7
10.7
128.4
-0.0

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

333.2

201.6

210.6

504.1

274.3

234.1

320.3

1

2

Net purchases

181.1

288.6

298.2

260.2

333.2

201.6

210.6

504.1

274.3

234.1

320.3

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

336.8
7.4
-2.5

213.5
7.4
-2.2

215.6
7.4
-0.9

526.8
7.4
-4.8

277.1
7.4
3.9

234.2
7.4
-2.1

309.0
7.4
-7.1

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

3.9
-0.1

3.1
-1.4

-1.0
-0.3

-4.6
0.4

5.2
-0.9

8.9
0.0

5.9
0.1

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

2.0
-12.1
-2.1

-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
-4.7

2.0
5.0
-2.0

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, March 8, 2007

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

2003

2004

2005

2006

2005

2006

Q3

Q4

Q1

Q2

Q3

Q4

1

Total loans by commercial
banking, flow of funds basis

225.2

193.2

405.0

557.9

727.3

621.0

488.8

696.3

496.0

424.5

1292.4

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
446.1
34.2
71.7

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
176.6
45.7
101.6

0.0
941.9
43.9
108.4

2
3
4
5

6

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

-80.2

-92.6

48.5

159.0

175.3

74.0

262.2

281.0

121.5

100.6

198.2

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

111.6
68.0
-2.9
-1.3

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

-29.9
124.3
0.4
5.8

157.4
36.4
3.7
0.6

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

175.3

74.0

262.2

281.0

121.5

100.6

198.2

12

13

Net change in liabilities

-80.2

-92.6

48.5

159.0

175.3

74.0

262.2

281.0

121.5

100.6

198.2

13

-101.2

-85.5

15.0

149.7

188.0

44.7

227.1

271.3

156.7

150.1

173.8

14

-22.6
-108.2
25.1
-0.9

-2.6
-86.0
11.3
-0.4

-15.6
1.7
24.3
2.2

23.7
60.7
50.3
2.2

49.6
65.6
54.3
3.3

-30.6
41.6
22.4
6.1

53.7
56.3
74.7
2.9

74.8
108.1
78.1
2.6

51.7
42.0
29.9
4.9

31.3
73.1
47.8
3.3

40.5
39.3
61.4
2.3

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

15.2
-0.7
5.4
10.5

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

-5.3
-1.1
-4.9
0.6

30.3
-1.6
21.1
10.8

19
20
21
22

21.1

-7.2

33.4

9.3

-12.7

29.3

35.1

9.7

-35.2

-49.5

24.4

23

4.2
16.8
0.1

-13.2
5.7
0.3

1.9
30.0
1.5

-1.1
5.2
5.2

3.0
-15.3
-0.3

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
-64.5
-0.2

0.8
25.8
-2.3

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, March 8, 2007

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

2003

2004

2005

2006

2005
Q3

2006
Q4

Q1

Q2

Q3

Q4

1

Total other loans and advances

20.2

34.5

90.9

84.8

64.7

38.1

72.9

79.2

128.6

-8.0

59.1

1

2
3
4
5
6
7
8
9

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

-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

-0.1
0.4
0.8
4.2
-0.1
0.6
-6.0
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

-4.1
-0.4
2.0
3.2
-0.2
0.6
-9.4
0.0

-3.4
-0.0
-0.6
4.4
-0.1
0.7
-7.7
0.0

2.3
0.6
-0.6
4.4
-0.1
0.6
-2.5
0.0

4.7
1.3
2.4
4.8
-0.1
0.6
-4.4
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

28.3
28.3

-0.2
-0.2

10.3
10.3

-9.0
-9.0

24.4
24.4

0.8
0.8

-65.7
-65.7

39.6
39.6

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
-0.3
-0.1

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
-0.1
-0.1

-1.1
-1.2
0.1

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

6.0
3.0
3.0

-5.2
-2.6
-2.6

8.2
4.1
4.1

3.8
1.9
1.9

13.8
6.9
6.9

7.6
3.8
3.8

-1.2
-0.6
-0.6

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

3.9
-0.0
4.0

-1.2
-0.0
-1.2

3.0
-0.0
3.0

2.8
-0.0
2.8

6.2
-0.0
6.2

5.4
-0.0
5.4

1.4
-0.0
1.5

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

34.6
0.0
5.2
9.4
80.0
-66.9
4.2
2.7

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
2.1
22.5
2.0
2.4

12.4
0.0
7.7
14.6
252.4
-274.9
8.4
4.3

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

1.8
1.8

-18.7
-18.7

-26.3
-26.3

2.6
2.6

6.3
6.3

-15.4
-15.4

13.6
13.6

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

19.1
17.2
1.9

32.2
29.0
3.2

72.3
65.1
7.2

11.0
9.9
1.1

51.9
46.7
5.2

23.7
21.4
2.4

-10.4
-9.3
-1.0

31
32
33

48

Z.1, March 8, 2007

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

2003

2004

2005

2006

2005

2006

Q3

Q4

Q1

Q2

Q3

Q4

1

Net change in mortgages

878.6

1004.6

1288.6

1461.8

1172.0

1681.6

1571.6

1326.5

1218.3

1118.1

1025.2

1

2
3
4
5

Home
Multifamily residential
Commercial
Farm

731.6
38.5
100.9
7.5

797.9
70.9
127.7
8.1

1054.0
53.5
172.8
8.1

1128.4
71.0
256.1
6.2

824.0
50.9
281.9
15.3

1315.7
71.4
286.0
8.5

1173.3
85.6
313.3
-0.5

1021.5
55.9
238.7
10.4

908.6
39.9
254.3
15.5

734.4
47.8
317.7
18.3

631.5
60.1
316.8
16.8

2
3
4
5

6

878.6

1004.6

1288.6

1461.8

1172.0

1681.6

1571.6

1326.5

1218.3

1118.1

1025.2

6

Household sector

707.5

866.3

988.9

1104.3

824.9

1234.5

1201.5

1002.9

898.3

743.0

655.1

7

8
9
10
11

Nonfinancial business
Corporate
Nonfarm noncorporate
Farm

160.2
31.7
121.0
7.5

130.1
46.5
75.5
8.1

273.8
46.7
219.0
8.1

344.5
85.7
252.6
6.2

335.7
100.3
220.1
15.3

427.1
121.5
297.1
8.5

383.1
112.0
271.7
-0.5

300.5
79.9
210.1
10.4

312.9
73.7
223.7
15.5

367.3
149.7
199.4
18.3

362.3
98.0
247.4
16.8

8
9
10
11

12
13

Federal government
REITs

0.0
10.9

0.0
8.3

0.0
25.9

0.0
12.9

0.0
11.4

0.0
20.0

0.0
-13.0

0.0
23.0

0.0
7.1

0.0
7.8

0.0
7.8

12
13

14

Net change in assets

878.6

1004.6

1288.6

1461.8

1172.0

1681.6

1571.6

1326.5

1218.3

1118.1

1025.2

14

7

Net borrowing

15
16
17

Household sector
Nonfinancial corporate business
Nonfarm noncorporate business

7.4
2.9
-0.6

8.3
2.2
0.1

8.1
14.8
4.6

7.8
14.8
4.6

9.0
14.8
3.6

8.2
14.8
4.9

6.2
14.8
5.3

8.5
14.8
4.0

9.0
14.8
3.1

9.1
14.8
3.5

9.3
14.8
4.0

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

5.9
3.7

8.3
3.8

6.3
4.0

4.9
1.8

6.4
6.9

6.2
3.6

6.0
2.6

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

446.1
-78.8
33.7

403.3
108.1
27.0

290.6
74.6
35.9

319.6
111.7
33.0

346.2
134.4
39.0

176.6
111.8
34.4

941.9
-673.1
28.2

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

0.3
18.7
-0.4
0.6

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

0.2
18.5
-0.3
2.1

0.3
11.0
-0.8
0.8

23
24
25
26

27
28
29

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

59.8
326.8
85.5

106.0
330.5
172.0

15.1
53.0
455.3

-1.2
134.8
685.7

2.3
288.2
355.0

-10.2
163.4
809.8

-2.8
191.8
779.4

13.1
327.3
325.6

2.8
306.1
321.0

-6.7
280.7
358.1

0.1
238.6
415.2

27
28
29

30
31

Finance companies
REITs

72.4
11.8

39.5
19.8

105.7
54.5

65.4
40.6

57.1
12.4

74.0
60.0

140.4
12.7

119.3
25.7

-10.9
12.0

102.4
3.0

17.5
8.9

30
31

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

49

Z.1, March 8, 2007

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

1
2
3
4
5

Net borrowing
Household sector
Nonfinancial corporate business
Nonfarm noncorporate business

2004

2005

2006

2005

2006

Q3

Q4

Q1

Q2

Q3

Q4

731.6

797.9

1054.0

1128.4

824.0

1315.7

1173.3

1021.5

908.6

734.4

631.5

1

681.5
0.7
49.5

856.6
1.8
-60.5

969.0
4.1
80.9

1074.9
6.7
46.8

792.5
6.8
24.7

1220.4
6.6
88.7

1158.1
7.8
7.4

970.6
8.2
42.6

859.6
7.6
41.4

728.1
7.2
-0.9

611.7
4.2
15.5

2
3
4

731.6

797.9

1054.0

1128.4

824.0

1315.7

1173.3

1021.5

908.6

734.4

631.5

5

Household sector
Nonfinancial corporate business
Nonfarm noncorporate business

5.4
1.9
-0.2

6.1
1.2
0.0

6.1
13.8
1.6

6.1
13.8
1.7

6.1
13.8
1.3

6.1
13.8
1.8

6.1
13.8
1.9

6.1
13.8
1.5

6.1
13.8
1.1

6.1
13.8
1.3

6.1
13.8
1.4

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

3.0
0.2

4.2
-0.6

3.2
-0.4

2.5
-0.1

3.3
0.9

3.2
-0.1

3.1
-0.1

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

280.3
-85.4
33.7

202.7
96.9
27.0

132.1
59.7
35.9

171.1
93.9
33.0

187.1
113.3
39.0

0.3
87.4
34.4

762.8
-636.3
28.2

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

0.3
-0.1
0.2

0.2
-0.0
-1.7

-2.1
-0.0
0.0

0.2
-0.0
-0.2

0.5
-0.0
0.1

0.3
-0.0
0.8

0.3
-0.1
0.3

14
15
16

17
18
19

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

45.5
315.2
55.2

92.2
303.2
121.5

-0.4
49.6
403.1

-14.7
129.7
573.4

-5.5
276.0
247.2

-28.8
156.2
716.8

-12.4
184.4
607.8

7.0
315.2
245.8

-4.7
295.2
260.3

-11.7
265.4
251.1

-12.7
228.3
231.8

17
18
19

20
21

Finance companies
REITs

76.0
11.4

34.6
17.7

101.8
51.1

67.8
30.8

49.4
3.4

76.2
45.0

141.0
2.2

114.6
17.0

-18.1
10.9

95.6
-13.3

5.5
-1.0

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

185.2
117.6
25.6
12.2
10.1
19.7

135.3
65.5
30.4
12.0
13.1
14.3

105.4
88.0
-14.1
14.4
7.3
9.9

118.4
39.0
33.5
15.9
17.0
13.1

120.1
33.7
31.2
10.3
16.3
28.6

92.8
26.4
32.5
8.2
11.4
14.5

178.2
108.3
40.5
15.6
6.1
7.6

122.1
23.4
55.8
21.9
5.9
15.1

28.5
193.9
-185.1
11.8
5.6
2.3

22
23
24
25
26
27

6
7
8

22
23
24
25
26
27

Net change in assets

2003

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

53.5

71.0

50.9

71.4

85.6

55.9

39.9

47.8

60.1

1

1.5
35.4

1.6
68.7

1.8
47.0

2.0
70.9

2.0
47.3

2.1
63.3

2.1
89.8

2.1
51.8

2.1
41.6

2.0
39.1

1.9
56.6

2
3

Federal government
REITs

0.0
1.7

0.0
0.6

0.0
4.7

0.0
-1.9

0.0
1.6

0.0
6.0

0.0
-6.4

0.0
2.0

0.0
-3.8

0.0
6.7

0.0
1.7

4
5

Net change in assets

2
3

Nonfinancial corporate business
Nonfarm noncorporate business

4
5
6

38.5

70.9

53.5

71.0

50.9

71.4

85.6

55.9

39.9

47.8

60.1

6

Household sector
Nonfinancial corporate business
Nonfarm noncorporate business

0.0
0.0
-0.2

0.0
0.0
0.0

0.0
0.0
1.6

0.0
0.0
1.6

0.1
0.0
1.2

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
1.2

0.1
0.0
1.3

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

2.3
-0.2

3.3
-0.4

2.5
0.4

1.9
-1.0

2.6
-0.2

2.5
0.2

2.4
0.4

10
11

12
13

Commercial banking
Savings institutions

9.3
4.1

10.7
9.3

14.4
9.5

20.9
10.7

20.0
-2.7

26.2
6.7

18.6
5.7

21.1
7.8

6.6
8.4

11.9
5.2

40.3
-31.9

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

2.7
-0.1
0.2

1.5
-0.0
-1.4

3.4
-0.1
0.0

1.5
-0.1
-0.2

4.1
-0.1
0.1

2.7
-0.1
0.6

2.6
-0.2
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

2.9
9.9
13.1

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
11.0

4.7
10.3
25.1

17
18
19

20
21

Finance companies
REITs

-1.3
-0.2

0.1
0.1

-0.1
-0.0

0.0
0.2

0.5
0.9

-0.0
0.3

0.3
0.7

0.0
1.9

-1.9
-0.3

-0.1
1.5

4.0
0.7

20
21

7
8
9

50

Z.1, March 8, 2007

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

2006

2005

2006

Q3

Q4

Q1

Q2

Q3

Q4

100.9

127.7

172.8

256.1

281.9

286.0

313.3

238.7

254.3

317.7

316.8

1

26.0
29.6
36.1
9.2

9.7
43.1
67.3
7.7

19.9
40.8
91.0
21.2

29.4
77.0
134.9
14.8

32.4
91.5
148.2
9.8

14.1
112.8
145.2
13.9

43.4
102.1
174.4
-6.6

32.3
69.6
115.7
21.1

38.7
64.0
140.7
10.9

14.9
140.5
161.2
1.1

43.5
91.9
175.3
6.1

2
3
4
5

100.9

127.7

172.8

256.1

281.9

286.0

313.3

238.7

254.3

317.7

316.8

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

0.7
1.0
0.9

0.7
1.0
1.2

0.7
1.0
1.3

0.7
1.0
1.0

0.7
1.0
0.8

0.7
1.0
0.9

0.7
1.0
1.0

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

0.5
3.7

0.7
4.9

0.5
4.2

0.4
3.0

0.5
6.2

0.5
3.6

0.5
2.2

10
11

12
13

Commercial banking
Savings institutions

58.3
8.2

59.3
8.2

100.2
5.6

132.6
4.5

141.2
9.1

170.7
4.4

136.9
9.1

123.6
9.8

148.5
12.7

159.1
19.0

133.5
-4.9

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

0.3
14.7
-0.3
0.2

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

0.2
14.6
-0.2
0.7

0.3
7.2
-0.5
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
95.7

0.0
94.7

0.0
82.7

0.0
139.8

0.0
72.5

0.0
52.0

0.0
95.9

0.0
158.3

18
19

20
21

Finance companies
REITs

-2.3
0.5

4.8
2.0

4.0
3.5

-2.4
9.5

7.2
8.0

-2.2
14.8

-0.8
9.8

4.7
6.7

9.1
1.4

6.9
14.8

8.0
9.3

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)

7.5

8.1

8.1

6.2

15.3

8.5

-0.5

10.4

15.5

18.3

16.8

1

2

Net change in assets

7.5

8.1

8.1

6.2

15.3

8.5

-0.5

10.4

15.5

18.3

16.8

2

3
4

Household sector
Nonfarm noncorporate business

1.3
-0.0

1.5
0.0

1.3
0.2

1.0
0.2

2.2
0.2

1.4
0.2

-0.6
0.2

1.7
0.2

2.2
0.2

2.3
0.2

2.5
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
-0.0

0.1
0.0

0.1
-0.1

0.0
-0.1

0.1
0.0

0.1
-0.1

0.1
0.1

5
6

7
8

Commercial banking
Savings institutions

2.5
0.0

2.6
0.1

3.9
-0.0

3.0
0.0

4.6
0.1

3.8
0.0

3.0
0.0

3.8
0.2

4.0
0.1

5.3
0.3

5.2
-0.1

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

1.0
0.0

0.5
0.0

0.1
0.0

0.6
0.0

1.4
0.0

0.9
0.0

0.9
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

4.9
2.3

2.7
-0.2

-3.3
0.0

2.2
1.8

5.4
2.1

4.1
5.2

8.0
0.0

11
12

51

Z.1, March 8, 2007

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

2003

2004

2005

2006

2005
Q3

2006
Q4

Q1

Q2

Q3

Q4

1

Net change in liabilities (Households)

112.6

103.9

116.1

94.3

111.1

104.3

52.1

56.5

149.4

131.3

107.3

1

2

Net change in assets

112.6

103.9

116.1

94.3

111.1

104.3

52.1

56.5

149.4

131.3

107.3

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

-1.9
0.0
1.0

-23.5
0.0
0.3

-6.1
0.0
2.1

17.0
0.0
10.7

11.6
0.0
3.3

-34.5
0.0
-10.2

-1.6
0.0
0.3

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

34.2
-13.5
7.7

81.6
21.5
25.8

-82.0
38.8
2.1

44.7
-44.1
3.8

2.4
15.4
4.0

45.7
17.2
9.5

43.9
-42.7
13.7

6
7
8

Government-sponsored enterprises
ABS issuers
Finance companies

-2.5
35.3
27.5

-16.3
-22.5
85.5

-20.6
-24.7
99.3

0.0
32.5
24.2

0.0
66.5
17.0

0.0
-7.4
5.8

0.0
53.3
43.8

0.0
56.7
-32.3

0.0
88.3
24.4

0.0
69.0
34.7

0.0
52.2
41.5

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

23.7

179.5

234.0

140.8

298.2

167.2

129.4

254.6

46.0

133.2

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
-25.7
0.7

97.3
22.2
0.9

142.7
30.8
-0.7

56.3
23.8
-0.7

171.2
32.4
-0.7

84.8
35.2
-0.7

75.2
26.6
-0.8

103.1
19.8
-0.6

7.4
22.8
-0.7

39.6
26.1
-0.7

3
4
5

6
7

State and local governments
Federal government

28.4
0.8

29.2
72.6

30.8
15.1

33.3
12.6

36.3
8.7

33.6
16.7

34.6
3.2

35.2
9.3

36.3
22.9

36.7
5.0

37.0
-2.6

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

9.2
5.2

2.2
40.7

16.6
-8.6

10.6
-28.7

19.0
52.1

-4.8
-22.4

12.0
19.8

8
9

10

Net change in trade receivables

-78.0

-15.5

171.8

256.1

178.8

351.2

295.6

54.3

284.6

170.8

205.6

10

11
12

Nonfinancial corporate business
Nonfarm noncorporate business

-98.3
18.9

-17.3
-25.1

129.0
26.6

157.2
54.6

88.5
42.2

238.4
57.6

192.6
62.4

-18.3
47.2

194.3
35.1

83.1
40.4

95.1
46.3

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

7.0
0.4
11.2

7.9
18.8
6.5

6.0
7.8
0.3

4.6
-15.5
15.0

6.1
6.3
16.1

11.6
6.7
-1.0

5.8
4.1
14.8

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

3.6
25.8

-0.2
22.2

-11.4
37.8

8.1
13.2

7.7
19.1

-3.4
33.3

2.0
37.7

16
17

165.8

39.2

7.7

-22.1

-38.0

-53.0

-128.4

75.1

-30.0

-124.8

-72.4

18

18

Discrepancy

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

-87.0

132.5

166.6

0.3

211.7

20.8

-96.4

212.3

194.1

178.3

262.2

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

-31.6
0.0

59.7
0.0

-22.0
0.0

-102.3
0.0

68.1
0.0

-22.5
0.0

42.7
0.0

150.3
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.

-38.9
-41.6
-2.7
5.5

98.2
62.7
12.3
23.2

85.1
103.0
10.6
-28.5

31.9
-3.0
-6.5
41.4

152.1
80.4
20.9
50.8

42.8
-19.2
20.7
41.3

5.8
-12.2
0.5
17.5

144.2
93.1
24.5
26.5

216.7
190.8
-36.0
61.9

135.5
33.9
68.5
33.0

112.0
3.5
26.7
81.8

4
5
6
7

8

Net change in assets

-87.0

132.5

166.6

0.3

211.7

20.8

-96.4

212.3

194.1

178.3

262.2

8

9
10

Household sector
Rest of the world

-41.6
0.0

62.7
0.0

103.0
0.0

-3.0
0.0

80.4
0.0

-19.2
0.0

-12.2
0.0

93.1
0.0

190.8
0.0

33.9
0.0

3.5
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
-31.6

71.7
59.7

62.0
-22.0

18.0
-102.3

51.1
68.1

25.9
-22.5

101.6
42.7

108.4
150.3

11
12

52

Z.1, March 8, 2007

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

2003

2004

2005

2006

2005
Q3

2006
Q4

Q1

Q2

Q3

Q4

Life insurance reserves:
1
2
3
4

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

60.1

66.8

33.1

16.1

14.2

20.0

10.9

3.3

19.2

12.4

21.7

1

1.6
58.5

1.1
65.7

1.1
32.0

1.1
14.9

1.5
12.7

0.3
19.7

2.6
8.3

0.3
3.0

2.2
17.0

0.5
11.8

2.9
18.8

2
3

60.1

66.8

33.1

16.1

14.2

20.0

10.9

3.3

19.2

12.4

21.7

4

186.5

200.3

241.4

152.6

154.1

136.8

223.5

62.8

167.2

154.4

232.0

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

135.1
-39.0
7.4
50.6

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

129.3
-13.1
-20.1
58.4

156.3
4.7
7.3
63.6

6
7
8
9

186.5

200.3

241.4

152.6

154.1

136.8

223.5

62.8

167.2

154.4

232.0

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

-1.1

28.5

26.4

18.2

13.4

50.0

29.4

-5.9

20.8

28.6

1

2
3

Nonfinancial corporate business
Nonfarm noncorporate business

11.9
1.5

-11.7
-0.5

6.8
8.4

5.1
7.0

-2.5
5.4

-11.0
7.3

24.8
8.0

5.4
6.0

-25.5
4.5

-1.8
5.2

11.9
5.9

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

3.7
-0.5

3.5
1.1

3.5
1.9

3.6
1.5

3.7
-0.8

3.7
0.3

3.8
-2.9

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

5.2
4.0

4.7
3.6

4.9
3.7

5.0
3.8

5.1
3.9

5.2
4.0

5.4
4.1

6
7

8
9

Finance companies
Brokers and dealers

1.4
-0.5

1.6
0.4

1.8
0.4

2.0
-0.1

2.3
0.7

2.1
2.2

2.1
1.1

2.2
1.9

2.2
1.0

2.3
1.8

2.4
-1.9

8
9

19.9

41.6

43.0

54.6

55.9

4.1

61.7

119.3

12.1

17.5

74.9

10

4.8
15.2

7.7
33.9

26.1
16.9

41.4
13.2

53.8
2.1

38.7
-34.7

46.4
15.3

50.1
69.2

51.3
-39.3

54.6
-37.1

59.2
15.7

11
12

2.3

-42.6

-14.5

-28.2

-37.7

9.4

-11.7

-89.9

-18.0

3.3

-46.3

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

-82.6

27.2

-5.6

-60.8

-36.8

-77.9

-59.9

-48.8

-41.1

-0.5

-56.7

1

-85.1
1.8
0.6

27.3
4.3
-4.5

-12.8
10.5
-3.3

-63.3
3.7
-1.1

-24.0
-7.0
-5.7

-69.7
-3.3
-5.0

-73.1
14.8
-1.7

-37.9
-7.5
-3.3

-34.6
-5.1
-1.3

6.8
-3.0
-4.3

-30.4
-12.3
-13.9

2
3
4

53

Z.1, March 8, 2007

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

2003

2004

2005

2006

2005
Q3

1

Net change in liabilities

2006
Q4

Q1

Q2

Q3

Q4

546.2

554.2

1625.6

724.8

1176.5

1030.8

61.5

1037.0

1078.6

1654.7

935.8

1

0.9
82.0
18.9

0.9
33.2
23.2

1.6
466.4
68.9

1.0
290.9
38.5

0.3
294.7
18.5

-3.1
194.0
-7.0

3.1
402.7
51.3

0.9
175.0
26.6

0.5
422.7
6.9

-0.1
348.9
15.5

-0.1
232.3
25.0

2
3
4

Federal government
Rest of the world

28.7
140.4

40.3
97.4

59.2
442.0

62.8
-50.6

62.1
378.0

54.7
173.1

79.0
-445.8

41.1
306.5

55.3
259.9

68.0
665.4

84.0
280.1

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

1.1
115.6
-52.8
-2.8

-1.3
-64.3
25.0
6.1

13.5
-40.7
165.7
-6.1

-7.1
106.9
-116.9
-3.9

22.9
172.0
27.5
-5.3

-1.0
-98.5
109.8
8.6

-10.3
282.1
-231.5
-10.8

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

37.6
23.4

104.0
26.9

30.3
-94.5

23.3
42.2

35.4
63.6

38.9
9.9

52.8
-22.0

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

-15.6
17.2

17.7
182.7

-1.7
-51.8

-93.8
107.1

-47.6
-62.3

53.9
67.3

25.2
-43.4

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
28.1
165.1

11.0
103.9
184.4

6.1
14.9
301.3

-2.6
-120.9
80.1

9.4
111.8
308.0

6.9
271.5
-151.2

15.6
23.8
328.8

12.1
8.4
251.9

15
16
17

601.6

626.8

1403.7

812.1

1372.8

1323.7

-154.6

1427.5

1353.8

1722.1

987.8

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

33.3
191.7
40.7
4.1

51.6
-10.3
66.3
4.6

49.8
554.6
163.2
4.6

49.3
142.6
137.7
4.8

48.3
237.8
106.0
2.7

81.4
90.1
150.5
10.5

42.6
-157.1
155.8
3.2

51.7
411.1
116.4
1.2

48.3
275.0
88.6
2.8

41.8
169.0
101.7
2.8

51.2
96.1
117.2
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

3.8
1.4
-8.5

-8.9
0.6
158.9

-44.4
-1.4
4.0

-31.1
0.6
457.1

8.9
-1.5
179.5

-38.0
1.2
-80.4

-14.3
4.7
116.6

-47.3
0.9
298.6

-56.1
-1.2
924.7

-6.7
-1.8
488.6

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
79.3
9.9
-0.3

0.1
1.4
15.3
-8.5

-3.2
137.3
12.0
16.8

1.1
2.9
103.4
-26.5

-1.4
-64.4
-26.6
-15.8

3.9
75.3
38.5
-17.1

-0.9
-75.2
-10.0
22.3

-1.4
69.7
59.3
-23.6

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

22.2
-27.9
-23.5
-0.3
35.8

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

17.7
-26.0
13.3
2.0
18.7

28.1
-22.1
-32.0
6.6
43.2

36.5
-16.3
-37.5
1.9
48.6

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

-10.0
3.7
-9.6

15.9
4.7
2.5

-51.7
7.2
-20.6

-5.6
3.5
20.4

103.3
14.7
-54.4

-38.6
-3.4
62.7

-38.5
7.6
-17.7

37.5
-0.0
19.4

35
36
37

38
39
40
41

Finance companies
REITs
Brokers and dealers
Funding corporations

34.8
1.6
-110.8
68.7

107.7
4.7
156.6
26.2

-39.9
11.3
148.6
83.9

-21.9
8.0
217.7
182.0

-65.5
11.5
425.1
142.7

-100.5
7.1
502.8
225.8

-20.6
0.9
-289.2
92.3

44.7
21.2
613.9
162.8

-113.2
14.6
519.0
119.4

-131.1
1.6
476.7
280.5

-62.3
8.7
90.9
8.0

38
39
40
41

-55.5

-72.7

221.9

-87.3

-196.3

-292.9

216.1

-390.5

-275.3

-67.3

-52.1

42

42

Discrepancy

54

Z.1, March 8, 2007

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

2003

2004

2005

2006

2005

2006

Q3

Q4

Q1

Q2

Q3

Q4

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

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

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

227.8
21.4
208.2
-1.8

-121.4
13.1
-123.2
-11.3

-103.2
60.1
-122.6
-40.7

260.4
49.0
191.3
20.1

179.6
8.2
210.1
-38.7

240.0
19.6
200.4
20.0

231.2
8.7
231.2
-8.7

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

187.1
3.6
22.2
-1.6
12.8
3.6

-147.7
3.6
10.0
5.0
6.2
1.6

-99.4
-5.4
3.0
1.1
-18.9
16.4

225.2
10.1
6.6
2.3
12.7
3.7

156.6
4.4
17.7
-5.5
2.4
4.1

188.8
-1.2
28.1
1.6
17.0
5.8

178.1
1.0
36.5
-4.7
19.3
1.1

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

107.6
0.0
20.1
9.5
24.9
-1.3
0.9
38.0

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

110.0
0.1
20.9
11.6
15.6
-0.9
-2.3
25.8

95.0
0.1
13.9
5.0
40.3
-4.4
1.7
35.7

69.0
-0.0
23.1
10.5
7.9
1.1
2.4
70.2

156.6
-0.0
22.6
10.9
36.0
-1.1
1.9
20.3

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

199.8
83.7
111.8
4.3

177.8
65.6
28.6
83.6

106.0
60.7
76.7
-31.4

180.8
96.9
100.8
-16.9

187.2
74.1
105.8
7.2

184.1
73.5
109.3
1.3

247.1
90.1
131.4
25.6

19
20
21
22

1.5
1.5

1.4
1.4

2.0
2.0

1.3
1.3

1.7
1.7

1.2
1.2

1.0
1.0

5.2
5.2

0.6
0.6

1.3
1.3

-0.6
-0.6

23
24

1.0
1.0

0.5
0.5

3.1
3.1

1.6
1.6

1.8
1.8

1.5
1.5

0.9
0.9

0.9
0.9

4.8
4.8

0.4
0.4

1.0
1.0

25
26

2.0

3.2

2.9

1.5

0.2

3.2

-0.1

2.3

0.1

0.4

-2.1

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
0.1
0.2
0.0
2.6
-2.8
0.2
0.0

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
-2.6
2.3
0.2
0.0

0.0
0.1
0.2
0.0
11.1
-14.3
0.3
0.5

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
64.5
10.5

40.0
1.3
27.3
14.2

110.0
1.4
12.9
31.9

7.0
1.3
22.0
98.0

75.8
1.3
82.5
-6.9

70.3
1.4
12.0
-46.7

60.8
1.4
16.7
25.9

133.1
1.4
12.7
22.0

176.0
1.5
10.3
126.4

36
37
38
39

40

Asset: Bank holding companies

53.0

96.2

243.5

82.7

156.3

128.3

152.7

37.0

104.8

169.3

314.1

40

24.7
24.7

13.7
13.7

-9.7
-9.7

-1.7
-1.7

12.8
12.8

22.0
22.0

-33.5
-33.5

12.0
12.0

16.2
16.2

12.7
12.7

10.3
10.3

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

8.6
134.1

20.1
205.7

-4.0
96.3

96.5
66.3

8.3
111.1

-12.7
293.2

-57.9
65.9

43
44

45

Asset: Funding corporations

68.7

26.2

83.9

182.0

142.7

225.8

92.3

162.8

119.4

280.5

8.0

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, March 8, 2007

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

2003

2004

2005

2006

2005
Q3

2006
Q4

Q1

Q2

Q3

Q4

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

0.0
0.0

-0.2
-0.2

0.0
0.0

-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

-0.1
-0.1

5.3
5.3

-0.3
-0.3

9.8
9.8

-11.7
-11.7

-1.6
-1.6

3.1
3.1

5
6

0.9
0.9

0.9
0.9

1.6
1.6

1.0
1.0

0.3
0.3

-3.1
-3.1

3.1
3.1

0.9
0.9

0.5
0.5

-0.1
-0.1

-0.1
-0.1

7
8

Postal Savings System deposits:
3
4

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

5
6

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

7
8

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

9
10
11
12

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

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

15.6
10.1
1.9
3.7

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

9.9
7.1
2.2
0.6

10.0
7.2
2.2
0.6

9
10
11
12

13

Asset: Household sector

10.2

13.9

11.4

9.5

15.6

18.6

8.0

26.9

15.6

9.9

10.0

13

Policy payables:
14

Liab.: Property-casualty insurance companies

44.1

46.6

47.9

52.3

28.1

108.4

34.9

11.7

30.4

28.4

41.9

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
11.1
2.6
2.5

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

12.0
11.2
2.7
2.5

17.7
16.6
3.9
3.8

15
16
17
18

14.0
14.0

-18.1
-18.1

-37.3
-37.3

-9.2
-9.2

-10.1
-10.1

-25.6
-25.6

0.7
0.7

-24.3
-24.3

24.7
24.7

-21.0
-21.0

-19.8
-19.8

19
20

1.5
1.5

-0.2
-0.2

-3.1
-3.1

-1.9
-1.9

-2.5
-2.5

9.3
9.3

-5.9
-5.9

-2.0
-2.0

-2.0
-2.0

-1.9
-1.9

-4.2
-4.2

21
22

-2.9
-2.9

102.6
102.6

86.9
86.9

174.9
174.9

302.6
302.6

369.6
369.6

-175.0
-175.0

302.9
302.9

459.2
459.2

361.0
361.0

87.2
87.2

23
24

24.5
24.5

24.7
24.7

40.9
40.9

40.0
40.0

35.8
35.8

40.9
40.9

43.1
43.1

32.5
32.5

18.7
18.7

43.2
43.2

48.6
48.6

25
26

4.6
4.6

18.2
18.2

17.3
17.3

17.7
17.7

20.8
20.8

17.0
17.0

19.9
19.9

19.9
19.9

19.9
19.9

19.9
19.9

23.5
23.5

27
28

Unallocated insurance company contracts:
19
20

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

21
22

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

23
24

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

25
26

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

27
28

Liab.: Federal government
Asset: Household sector

56

Z.1, March 8, 2007

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

2003

2004

2005

2006

2005
Q3

1

Net change in liabilities

2
3

Nonfinancial corporate business
Nonfarm noncorporate business

4
5
6

Federal government
Rest of the world
Monetary authority

2006
Q4

Q1

Q2

Q3

Q4

57.3

17.4

759.2

55.8

43.0

52.0

-83.2

-2.7

-89.6

328.0

-63.6

1

52.9
18.7

9.5
23.4

440.9
68.8

250.0
38.4

189.6
18.5

140.5
-6.7

360.3
51.1

67.1
26.4

329.7
6.8

281.9
15.5

80.0
25.0

2
3

-0.4
-15.7
21.5

-2.6
-54.1
3.8

1.0
195.9
6.9

5.0
-58.7
1.7

5.6
148.5
-0.7

-3.2
293.5
-2.8

16.0
-343.7
12.6

-11.3
40.9
-8.0

16.7
79.6
18.1

4.8
424.0
-1.3

11.9
49.4
-11.3

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

-23.1
43.2
-139.5
78.6
-5.4

-97.2
-177.1
108.3
-27.7
-0.8

-117.7
120.0
-301.4
62.4
1.3

-80.7
35.6
-132.8
18.8
-2.4

89.1
-87.4
159.7
16.0
0.7

-242.1
70.6
-425.6
124.0
-11.1

141.4
154.1
-159.4
155.7
-9.1

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

-54.2
-2.8
-7.1
-15.7

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
-17.1
-36.1

108.3
8.6
13.1
55.0

-233.0
-10.8
-48.3
24.2

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

-13.9
7.7
6.0
-100.4

0.4
1.4
-146.3
-63.6

-7.2
11.0
-63.1
-156.2

135.9
6.1
-287.3
-194.7

-96.8
-2.6
-217.1
201.7

83.9
9.4
94.5
-20.7

-90.8
6.9
132.8
-646.1

40.8
15.6
-293.9
-102.4

-62.9
12.1
-185.8
144.4

16
17
18
19

112.8

90.0

537.4

143.1

239.3

344.9

-299.3

387.8

185.6

395.3

-11.6

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
61.6
3.8

325.5
159.3
-8.9

132.1
133.4
-44.4

26.7
103.3
-31.1

172.9
140.7
8.9

-37.9
152.6
-38.0

169.2
115.3
-14.3

90.2
85.7
-47.3

-43.7
98.9
-56.1

-108.9
113.2
-6.7

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
-105.8
-3.2

-1.0
257.3
0.1

-2.5
1.7
-3.2

0.2
-186.5
1.1

-0.5
-64.2
-1.4

0.2
111.4
3.9

-2.6
740.6
-0.9

-1.3
241.5
-1.4

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

-162.9
-44.5
-154.1
35.4
0.2

3.1
-5.3
4.3
3.3
0.9

-145.2
118.0
-265.1
2.1
-0.2

-113.5
-168.5
13.8
37.8
3.3

-39.4
-2.3
-96.6
50.2
9.4

-241.1
30.8
-273.0
10.5
-9.3

-257.6
-37.9
-260.5
43.3
-2.5

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

18.2
-8.7

5.0
16.5

103.5
-26.5

-37.2
-16.0

50.4
-17.0

-10.7
22.0

70.4
-23.9

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

-26.5
-10.9
-0.3

20.6
-9.9
24.2

-25.5
5.9
10.3

-50.2
-11.6
-11.9

-20.5
-9.5
2.0

-23.5
-9.1
6.6

-11.9
-13.5
1.9

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

-10.0
3.7
-9.6

15.9
4.7
2.5

-51.7
7.2
-20.6

-5.6
3.5
20.4

103.3
14.7
-54.4

-38.6
-3.4
62.7

-38.5
7.6
-17.7

37.5
-0.0
19.4

37
38
39

40
41
42

Finance companies
REITs
Brokers and dealers

29.1
1.6
-107.6

94.7
4.7
51.9

-44.0
11.3
56.8

-25.3
8.0
38.3

-78.3
11.5
118.9

-106.7
7.1
131.6

-1.7
0.9
-130.7

32.0
21.2
307.3

-115.5
14.6
55.7

-148.1
1.6
109.8

-81.6
8.7
2.7

40
41
42

-55.5

-72.7

221.9

-87.3

-196.3

-292.9

216.1

-390.5

-275.3

-67.3

-52.1

43

43

Discrepancy

57

Z.1, March 8, 2007

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

2003

2004

2005

2006

2005
Q3

1

All sectors

2006
Q4

Q1

Q2

Q3

Q4

195.5

-124.0

128.4

-28.8

201.5

-500.4

108.2

208.7

128.3

149.0

319.9

1

2
3

Household sector
Nonfinancial corporate business

145.3
28.9

-134.1
12.2

-15.7
-105.0

85.6
10.0

-11.9
-42.1

106.4
-51.6

176.1
-28.8

-68.0
-78.4

194.9
-38.0

-237.4
-25.6

63.0
-26.4

2
3

4
5
6

State and local governments
Federal government
Rest of the world

-30.5
-4.0
-42.0

-43.7
61.7
-19.6

-54.0
13.1
71.2

-37.8
7.2
-5.3

-35.0
48.9
167.8

-36.2
-54.4
-305.5

-35.7
82.9
-98.5

-36.7
372.0
159.8

-32.3
-303.8
226.0

-37.2
31.5
145.3

-33.8
95.8
140.2

4
5
6

7

Financial sectors

97.8

-0.4

218.7

-88.5

73.8

-159.1

12.3

-139.9

81.5

272.3

81.1

7

8
9

Monetary authority
Commercial banking

-2.8
98.1

-3.4
26.4

-2.3
236.4

2.2
1.6

1.9
91.5

-0.1
-18.5

7.4
107.8

-1.9
-83.1

1.8
-12.2

2.7
370.9

4.7
90.4

8
9

10
11

Savings institutions
Credit unions

4.9
0.6

-0.2
1.8

-11.5
1.9

-17.8
2.5

-27.1
1.2

-24.0
3.2

-8.5
3.6

-27.2
1.7

-34.6
3.0

-13.8
-0.7

-32.6
0.6

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

-23.6
-23.7

-108.7
-24.5

33.7
-20.4

-45.4
-2.9

-8.9
-31.9

-26.1
-14.6

-13.9
-45.6

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

30.7
11.4

17.6
-34.2

24.6
-2.4

28.3
20.9

31.7
70.8

30.4
-28.3

32.5
-17.6

14
15

16
17
18
19

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

0.0
32.2
5.0
13.2

0.0
52.2
-1.8
-15.6

0.0
43.8
9.5
8.3

0.0
-20.4
-15.3
3.9

0.0
47.0
-26.4
-9.2

0.0
29.1
-5.7
6.7

0.0
-81.2
-53.1
0.7

0.0
11.5
-23.8
-17.9

0.0
71.6
-20.5
10.6

0.0
2.8
-34.4
-16.6

0.0
102.0
-26.7
-12.9

16
17
18
19

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

All types

195.5

-124.0

128.4

-28.8

201.5

-500.4

108.2

208.7

128.3

149.0

319.9

1

2
3

Treasury currency
Foreign deposits

-0.6
21.5

-0.3
53.5

-0.3
62.0

0.7
48.2

-1.1
132.0

1.7
22.1

-0.1
29.2

-4.8
221.3

0.3
248.2

0.6
44.8

-0.6
13.7

2
3

4
5

Net interbank transactions
Security RPs

7.2
36.0

-4.4
-24.0

15.0
-139.3

9.6
128.0

-12.7
359.1

1.4
-128.1

41.0
55.2

25.3
306.1

10.1
244.4

-8.8
289.5

-77.5
596.6

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

-3.0
-0.0

23.0
0.5

-18.7
-0.0

4.3
-0.0

-15.6
0.1

35.3
-0.1

-35.8
-0.0

6
7

8
9

Trade credit
Taxes payable

165.8
2.3

39.2
-42.6

7.7
-14.5

-22.1
-28.2

-38.0
-37.7

-53.0
9.4

-128.4
-11.7

75.1
-89.9

-30.0
-18.0

-124.8
3.3

-72.4
-46.3

8
9

10

Miscellaneous

-55.5

-72.7

221.9

-87.3

-196.3

-292.9

216.1

-390.5

-275.3

-67.3

-52.1

10

11

Nonfinancial

21.0

-63.8

-51.7

-71.1

-0.8

-84.5

-74.3

61.9

-35.8

-23.5

-5.8

11

-21.0
0.0

48.8
15.0

66.7
-15.0

71.1
0.0

-11.7
12.5

84.5
0.0

74.3
0.0

-61.9
0.0

35.8
0.0

23.5
0.0

-44.2
50.0

12
13

12
13

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