102

Z.1, June 5, 2003

B.100 Balance Sheet of Households and Nonprofit Organizations (1)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1996

1
2
3
4
5
6
7
8

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

1997

1998

1999

2000

2001
Q1

Q2

2002
Q3

Q4

2003
Q1

35502.2

39621.8

43547.2

49074.7

49177.2

48937.2

49456.5

48260.7

46771.6

48100.5

48240.8

1

11492.1

12141.7

13102.7

14169.0

15466.2

16678.7

17002.0

17397.1

17745.0

18036.4

18255.1

2

9152.8
8318.3
834.5

9722.3
8782.0
940.3

10578.1
9521.4
1056.6

11514.0
10403.0
1111.0

12648.9
11432.5
1216.4

13728.9
12524.9
1204.0

14019.1
12814.0
1205.1

14375.9
13168.0
1207.9

14670.1
13458.7
1211.4

14916.6
13702.0
1214.6

15106.5
13889.0
1217.6

3
4
5

85.6
2253.7

90.6
2328.8

97.2
2427.4

104.5
2550.6

113.4
2703.9

120.1
2829.7

121.0
2861.9

121.4
2899.8

122.0
2952.9

123.2
2996.6

124.2
3024.4

6
7

24010.1

27480.1

30444.5

34905.7

33711.0

32258.5

32454.5

30863.5

29026.6

30064.1

29985.7

8

9
10
11
12
13

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

3440.8
35.5
470.6
2434.1
500.7

3622.3
37.2
436.8
2566.0
582.3

3904.6
38.3
421.7
2732.5
712.0

4022.8
43.5
345.9
2811.1
822.2

4355.6
58.5
229.7
3099.7
967.8

4774.7
53.5
268.5
3336.3
1116.4

4868.2
45.5
250.7
3471.6
1100.4

4791.4
41.0
195.8
3516.8
1037.7

4927.8
47.5
210.5
3617.5
1052.3

5082.1
55.7
322.2
3628.1
1076.1

5234.0
55.9
332.7
3782.7
1062.7

9
10
11
12
13

14
15
16
17
18
19
20
21
22
23

Credit market instruments
Open market paper
U.S. government securities
Treasury
Savings bonds
Other Treasury
Agency
Municipal securities
Corporate and foreign bonds
Mortgages

2142.4
54.7
1063.9
871.7
187.0
684.7
192.1
401.4
512.9
109.5

2144.9
56.1
986.6
772.9
186.5
586.4
213.7
422.6
570.0
109.6

2264.1
63.7
966.4
734.7
186.6
548.1
231.6
428.2
695.4
110.5

2542.1
67.7
1195.2
843.6
186.4
657.2
351.6
452.3
716.5
110.4

2379.3
78.7
1022.3
634.7
184.8
450.0
387.6
463.7
702.5
112.2

2311.1
41.8
865.4
570.2
190.3
379.9
295.2
511.7
779.1
113.0

2342.9
33.3
855.8
576.4
191.9
384.5
279.4
541.5
799.0
113.2

2394.4
26.4
835.0
561.0
192.7
368.3
274.0
587.1
832.4
113.5

2314.9
31.4
778.0
577.8
193.3
384.5
200.2
581.0
810.5
114.0

2402.0
35.1
743.2
569.2
194.9
374.3
174.0
619.5
890.0
114.3

2387.9
34.9
735.1
608.6
196.9
411.7
126.5
640.7
862.8
114.3

14
15
16
17
18
19
20
21
22
23

24
25
26
27
28
29
30
31

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

4856.2
1511.6
162.9
610.6
6325.1
871.7
3787.4
301.4

6219.9
1982.4
215.5
665.0
7323.4
942.5
4052.7
311.7

7023.3
2447.4
276.7
718.3
8208.4
1001.0
4279.4
321.4

9017.4
3175.7
323.9
783.9
9065.3
1130.4
4510.0
334.2

7402.9
3089.6
412.4
819.1
9069.0
1095.8
4748.4
338.9

6077.9
2918.1
454.3
880.0
8695.8
960.7
4831.0
354.9

5911.4
2994.7
427.5
904.2
8824.7
963.2
4857.4
360.4

5029.5
2809.5
400.5
915.2
8331.9
893.5
4925.5
372.1

4047.1
2501.9
401.3
927.9
7732.0
811.6
4981.5
380.6

4327.1
2625.3
412.7
951.4
8014.2
840.9
5024.3
384.1

4165.9
2610.0
420.3
968.7
7936.1
806.3
5068.7
387.8

24
25
26
27
28
29
30
31

5445.8

5824.8

6306.3

6886.0

7460.1

8040.6

8153.8

8320.0

8498.5

8767.3

8927.6

32

5223.9
3577.7
1214.1
104.9
58.0
172.7
96.6

5556.9
3818.1
1271.6
114.9
66.5
190.7
95.1

6009.6
4154.2
1346.6
126.9
74.2
204.0
103.7

6507.8
4527.9
1446.1
137.3
67.3
218.9
110.3

7072.7
4903.2
1593.1
143.0
74.1
246.3
112.9

7686.4
5383.4
1701.9
156.9
57.6
263.2
123.4

7802.0
5510.5
1677.2
159.0
55.6
268.5
131.2

7988.1
5669.5
1701.3
162.2
50.4
271.4
133.3

8185.0
5852.3
1722.0
163.9
32.4
275.8
138.7

8454.4
6050.5
1762.0
169.8
54.6
277.9
139.7

8603.3
6219.1
1734.8
173.6
50.9
280.5
144.5

33
34
35
36
37
38
39

94.4
109.1

131.2
118.0

152.8
126.8

227.9
130.9

235.1
132.6

196.4
138.7

192.0
140.4

170.6
142.1

149.6
143.8

148.2
145.7

157.6
147.5

40
41

18.3

18.6

17.2

19.4

19.6

19.1

19.4

19.3

20.0

19.0

19.1

42

30056.4

33797.1

37240.8

42188.6

41717.2

40896.6

41302.7

39940.7

38273.1

39333.2

39313.2

43

6352.4
6049.9
178.9
123.7
624.2

6712.9
6396.0
188.7
128.2
664.8

7158.6
6826.9
198.3
133.5
709.7

7727.1
7376.9
211.1
139.1
761.6

8267.8
7900.2
222.7
144.9
816.9

8753.0
8371.7
232.1
149.2
861.2

8804.4
8423.6
231.6
149.2
857.9

8932.8
8549.9
232.6
150.3
863.6

9007.3
8624.9
232.1
150.3
868.2

9186.1
8799.4
234.5
152.2
876.8

9401.1
9008.3
237.9
154.9
888.9

44
45
46
47
48

5677.7

5968.2

6355.6

6627.4

7120.1

7393.2

7666.6

7792.1

7859.9

7943.2

8042.3

49

529.4

566.3

586.0

636.6

585.9

553.2

538.7

512.6

486.9

495.2

488.8

50

4740.6

4963.9

5367.2

5875.1

6529.3

7141.5

7303.5

7498.5

7606.4

7651.6

7669.9

51

57.0

56.5

56.4

56.5

57.1

57.0

57.0

56.9

56.5

55.8

55.2

52

32

Liabilities

33
34
35
36
37
38
39

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

40
41

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

42
43

Net worth

44
45
46
47
48

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

49
50
51
52

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

(1) Sector includes farm households.
(2) At market value.
(3) All types of owner-occupied housing including farm houses and mobile homes, as well as second homes that are not rented, vacant homes for sale, and vacant land.
(4) At replacement (current) cost.
(5) Value based on the market values of equities held and the book value of other assets held by mutual funds.
(6) Net worth of noncorporate business (table B.103, line 31) and owners’ equity in farm business and unincorporated security brokers and dealers.
(7) Includes loans made under home equity lines of credit and home equity loans secured by junior liens, shown on table L.218, line 24.
(8) Liabilities of nonprofit organizations.
(9) Line 4 less line 34.
(10) Line 51 divided by line 4.

103

Z.1, June 5, 2003

B.102 Balance Sheet of Nonfarm Nonfinancial Corporate Business
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1996

1997

1998

1999

2000

2001
Q1

Q2

2002
Q3

Q4

2003
Q1

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

Assets

12724.6

13680.6

14967.1

16676.1

19052.9

19086.5

19098.1

19228.8

19237.1

19381.5

19500.4

1

7266.8

7871.9

8151.0

8582.3

9280.5

9175.4

9168.9

9262.0

9337.7

9392.5

9476.5

2

3660.9
2515.2
1090.7

4100.9
2641.4
1129.6

4209.2
2770.7
1171.0

4400.2
2923.7
1258.4

4804.8
3124.5
1351.2

4698.2
3214.3
1262.9

4695.4
3215.0
1258.5

4786.5
3208.1
1267.4

4854.9
3203.3
1279.5

4890.1
3213.8
1288.6

4942.0
3220.4
1314.0

3
4
5

5457.7

5808.7

6816.1

8093.8

9772.5

9911.1

9929.3

9966.8

9899.5

9988.9

10023.9

6

28.2
244.3
99.7
67.6
3.9
31.5
75.6
31.0
54.4
77.7
1273.1
59.9
3410.8

23.1
251.9
119.4
87.8
4.6
36.1
34.8
27.4
80.2
78.9
1366.6
69.1
3628.7

30.5
275.0
112.6
126.4
4.2
39.4
34.2
25.7
67.3
74.9
1452.9
95.5
4477.5

31.5
331.0
136.9
154.9
5.8
47.6
31.8
25.0
41.2
80.3
1653.4
133.7
5420.8

24.0
381.4
137.3
191.4
4.2
57.8
33.5
31.9
43.5
82.7
1938.1
122.8
6723.8

15.6
371.3
132.9
301.9
3.9
59.5
34.2
29.4
46.1
68.0
1820.7
105.9
6921.9

27.2
343.8
130.7
298.1
3.7
55.1
38.5
28.1
46.6
58.1
1887.1
108.3
6904.2

23.5
397.4
118.8
300.0
4.9
57.4
40.0
25.5
47.1
53.0
1921.7
95.6
6881.9

23.7
388.9
114.7
291.9
4.4
65.0
37.9
30.5
47.6
49.2
1963.9
81.3
6800.6

25.7
315.7
138.5
329.3
4.6
65.3
35.8
28.1
48.1
56.9
1920.8
90.5
6929.7

29.0
296.1
149.4
318.9
3.8
59.6
37.6
30.9
48.5
48.5
1961.2
89.7
6950.8

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

6378.6

6628.8

7457.6

8407.3

9611.4

9900.0

9949.3

10031.1

10047.6

10112.0

10192.4

20

Tangible assets
Real estate (1)
Equipment and software (2)
Inventories (2)
Financial assets
Foreign deposits
Checkable deposits and currency
Time and savings deposits
Money market fund shares
Security RPs
Commercial paper
U.S. government securities
Municipal securities
Mortgages
Consumer credit
Trade receivables
Mutual fund shares (1)
Miscellaneous assets
Liabilities

21
22
23
24
25
26
27

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

3092.2
156.4
137.9
1460.4
642.1
467.9
227.6

3382.0
168.6
142.0
1610.9
692.7
507.7
260.2

3791.2
193.0
147.8
1846.0
764.7
562.0
277.8

4204.0
230.3
152.8
2063.9
825.5
585.4
346.1

4583.9
278.4
154.2
2225.1
887.9
652.3
386.0

4841.1
190.1
157.7
2565.6
816.5
664.1
447.0

4867.2
167.5
157.5
2629.0
806.8
659.6
446.8

4887.7
148.4
158.3
2676.9
769.7
671.7
462.7

4876.2
142.2
159.3
2669.6
759.2
678.1
467.8

4908.5
126.0
160.8
2698.2
751.3
681.0
491.4

4951.8
127.1
160.9
2742.9
738.1
682.0
500.9

21
22
23
24
25
26
27

28
29
30

Trade payables
Taxes payable
Miscellaneous liabilities

927.0
49.9
2309.5

992.1
59.2
2195.5

1049.7
64.1
2552.6

1228.2
71.0
2904.1

1541.4
78.0
3408.0

1412.0
81.0
3565.8

1431.0
84.8
3566.3

1427.4
88.0
3628.0

1465.7
99.4
3606.3

1503.3
94.3
3605.9

1502.9
103.0
3634.8

28
29
30

31

Net worth (market value)

6346.0

7051.9

7509.5

8268.8

9441.6

9186.5

9148.8

9197.7

9189.6

9269.4

9308.0

31

81.6
3249.1

86.5
3456.2

91.8
3602.8

96.6
3794.4

102.2
4060.3

106.4
4242.8

106.7
4218.7

107.8
4238.0

108.2
4251.0

109.9
4282.9

112.2
4332.4

32
33

7639.2
48.7
40.5
120.4

9765.7
48.0
34.6
138.5

11577.8
50.5
32.7
154.2

15155.6
50.8
27.7
183.3

12678.8
48.6
36.2
134.3

10800.5
52.7
44.8
117.6

10717.2
53.2
45.4
117.1

9005.2
53.1
54.3
97.9

7329.6
53.1
66.5
79.8

7910.4
53.0
62.1
85.3

7643.2
53.2
64.8
82.1

34
35
36
37

10732.8

11397.4

12746.6

14400.4

16504.9

16863.4

16930.8

16992.7

16980.9

17116.1

17226.9

38

5275.0
2044.3
2163.1
1067.7

5588.7
2159.6
2330.1
1099.0

5930.5
2288.9
2504.3
1137.3

6306.6
2426.0
2681.7
1198.8

6732.4
2571.3
2891.0
1270.2

6952.3
2727.5
3011.7
1213.1

7001.5
2760.2
3031.8
1209.5

7026.0
2794.3
3049.6
1182.0

7081.5
2821.1
3067.4
1193.0

7127.2
2851.7
3086.8
1188.7

7203.0
2878.8
3103.4
1220.8

39
40
41
42

32
33
34
35
36
37

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

38
39
40
41
42

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

43

Net worth (historical cost) (9)

4354.2

4768.6

5289.1

5993.1

6893.5

6963.4

6981.5

6961.6

6933.4

7004.1

7034.5

43

44
45
46

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

34.0
1810.8
71.0

35.6
1923.6
70.9

37.3
2054.0
71.7

39.2
2187.2
70.1

42.6
2337.6
66.5

47.4
2489.0
69.5

48.9
2519.8
69.7

50.4
2547.9
70.2

52.0
2573.0
70.3

53.7
2597.0
70.1

55.5
2621.5
70.4

44
45
46

(1) At market value.
(2) At replacement (current) cost.
(3) Industrial revenue bonds. Issued by state and local governments to finance private investment and secured in interest and principal by the industrial user of the funds.
(4) Through 1992, corporate bonds include net issues by Netherlands Antillean financial subsidiaries, and U.S. direct investment abroad excludes net inflows from those bond issues.
(5) Line 21 divided by line 31.
(6) Line 21 divided by line 34.
(7) Line 34 divided by line 31.
(8) Sum of lines 6 and 39.
(9) Line 38 less line 20.
(10) Line 21 divided by line 43.

104

Z.1, June 5, 2003

B.103 Balance Sheet of Nonfarm Noncorporate Business
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1996

1
2

Assets
Tangible assets

3
4
5

Real estate (1)
Residential
Nonresidential

6
7
8

Equipment and software (2)
Residential (3)
Nonresidential

9

Inventories (2)

10

Financial assets

11
12
13

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

14
15
16
17

Treasury securities
Municipal securities
Mortgages
Consumer credit

18
19
20
21
22

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

23
24
25
26
27
28
29
30
31

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

1997

1998

1999

2000

2001

2002
Q1

Q2

Q3

Q4

2003
Q1

4491.9

4900.5

5399.4

5910.8

6492.5

6777.9

6839.3

6951.6

7056.4

7148.1

7232.2

1

3848.7

4126.6

4410.3

4732.9

5068.9

5211.2

5243.0

5326.4

5401.9

5462.3

5520.5

2

3370.4
2534.8
835.6

3626.4
2727.1
899.3

3872.3
2903.3
969.0

4132.5
3143.7
988.8

4506.5
3428.6
1077.9

4604.8
3558.2
1046.7

4625.4
3595.7
1029.6

4694.8
3650.0
1044.9

4755.3
3694.8
1060.5

4801.0
3730.1
1070.9

4842.3
3781.0
1061.3

3
4
5

421.0
64.1
356.9

440.8
65.5
375.3

476.3
67.6
408.7

534.2
69.3
464.9

491.3
72.9
418.5

539.9
75.9
464.1

551.4
75.8
475.6

564.8
76.0
488.9

579.3
76.3
503.0

593.6
76.5
517.0

608.9
76.5
532.5

6
7
8

57.4

59.5

61.6

66.2

71.1

66.5

66.2

66.7

67.3

67.7

69.3

9

643.2

773.8

989.1

1177.9

1423.7

1566.7

1596.2

1625.2

1654.5

1685.8

1711.7

10

124.0
75.0
19.2

146.2
85.7
22.9

178.3
94.8
32.6

217.6
117.5
40.7

274.1
137.6
49.4

289.7
157.8
59.0

293.6
159.2
58.2

297.6
160.1
59.2

300.5
158.4
57.6

302.3
155.6
60.1

304.6
152.1
58.7

11
12
13

28.6
2.6
20.4
0

32.2
3.2
18.7
0

38.0
2.8
26.7
0

37.2
2.7
24.7
0

40.2
2.4
23.3
0

38.6
2.6
26.6
0

38.9
2.7
27.2
0

39.3
2.7
27.5
0

38.5
2.8
27.7
0

38.2
2.8
27.8
0

36.9
2.9
27.7
0

14
15
16
17

169.8
203.5
44.8
1.7
157.1

204.9
259.9
45.2
1.7
213.0

233.8
382.1
45.6
1.6
334.9

272.5
465.0
45.9
1.6
417.5

342.1
554.6
45.8
1.6
507.2

357.0
635.2
48.3
1.5
585.4

363.3
653.2
49.0
1.5
602.6

368.0
670.7
50.3
1.5
618.9

375.6
693.3
51.8
1.5
640.1

384.6
714.4
52.3
1.5
660.6

392.5
736.5
52.8
1.6
682.1

18
19
20
21
22

1534.1

1722.9

2004.9

2318.4

2673.1

2892.9

2933.5

2976.4

3017.3

3066.6

3103.4

23

1129.3

1224.0

1383.7

1566.1

1750.2

1907.0

1934.7

1968.0

1999.0

2039.0

2067.5

24

193.6
92.5
843.2

237.3
95.8
890.9

266.3
108.9
1008.6

296.2
116.6
1153.3

326.0
127.8
1296.4

332.5
128.0
1446.5

333.5
127.7
1473.6

328.2
129.1
1510.7

323.8
129.2
1546.0

319.3
131.2
1588.5

314.2
130.9
1622.5

25
26
27

116.8
42.5
245.5

147.8
49.8
301.3

169.5
58.7
393.0

210.2
75.5
466.6

276.2
94.1
552.8

296.4
101.1
588.4

300.9
103.0
594.9

303.9
104.4
600.0

307.0
106.5
604.8

309.3
108.4
609.9

311.1
110.6
614.2

28
29
30

2957.8

3177.5

3394.5

3592.4

3819.4

3885.0

3905.8

3975.2

4039.1

4081.5

4128.8

31

1711.9
709.2

1751.5
666.1

1834.1
627.6

1901.4
662.2

1936.2
667.4

1977.3
665.5

2054.6
686.6

2054.7
697.7

2107.4
711.6

2055.2
722.0

1965.8
729.3

32
33

38.2

38.5

40.8

43.6

45.8

49.1

49.5

49.5

49.5

50.0

50.1

34

Memo:

32
33

Replacement-cost value of structures:
Residential
Nonresidential

34

Debt/net worth (percent) (6)

(1) At market value.
(2) At replacement (current) cost.
(3) Durable goods in rental properties.
(4) Equity in the Farm Credit System.
(5) Line 1 less line 23. Included in table B.100, line 30.
(6) Line 24 divided by line 31.

105

Z.1, June 5, 2003

R.100 Change in Net Worth of Households and Nonprofit Organizations
Billions of dollars; not seasonally adjusted
1996

1997

1998

1999

2000

2001

2002
Q1

1
2

Change in net worth (1)
Net investment

Q2

Q3

Q4

2003
Q1

2497.0

3740.7

3443.7

4947.8

-471.5

-820.6

406.0

-1362.0

-1667.5

1060.1

-20.0

1

495.2

433.2

601.6

316.6

244.7

567.5

177.9

-12.0

89.2

238.3

184.6

2

3
4
5

Net physical investment
Capital expenditures
- Consumption of fixed capital

313.7
906.1
592.4

365.4
980.8
615.4

441.3
1083.2
641.9

477.0
1152.9
675.9

513.6
1230.7
717.1

549.5
1310.8
761.3

119.4
314.9
195.5

134.7
334.4
199.7

147.6
349.6
202.0

132.0
335.4
203.4

119.9
324.3
204.3

3
4
5

6
7
8

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

181.4
545.9
364.5

67.8
446.5
378.7

160.3
641.9
481.6

-160.3
419.0
579.3

-268.9
294.1
562.9

18.0
598.6
580.5

58.5
171.7
113.2

-146.6
19.5
166.2

-58.4
120.1
178.5

106.3
375.1
268.8

64.7
225.0
160.3

6
7
8

2002.7

3422.5

2958.5

4674.7

-593.2

-1224.1

259.7

-1323.2

-1741.2

843.9

-174.2

9

193.7
904.3
141.9
183.6

373.1
1637.6
190.2
306.0

629.1
1083.5
183.9
284.5

693.8
2298.9
561.6
292.9

866.9
-1146.0
-252.5
249.9

813.4
-1094.5
-368.6
101.1

235.4
-114.8
-21.5
41.9

287.3
-853.2
-218.2
74.0

215.9
-948.5
-307.4
70.8

181.6
275.6
89.4
47.1

129.2
-157.1
-79.2
70.7

10
11
12
13

505.5

791.9

673.0

689.9

-220.3

-600.3

115.3

-544.0

-690.6

220.6

-119.5

14

73.8

123.8

104.5

137.6

-91.2

-75.2

3.4

-69.0

-81.4

29.6

-18.2

15

-50.5

-90.2

-109.7

-98.2

-87.9

-144.7

-30.7

-21.5

-14.5

-16.4

-28.5

16

-50.2
-0.4

-89.4
-0.8

-108.0
-1.7

-97.9
-0.3

-89.0
1.1

-144.4
-0.3

-30.2
-0.5

-20.8
-0.6

-13.9
-0.6

-16.3
-0.1

-28.4
-0.1

17
18

49.6

-24.9

-6.7

54.8

-35.1

-19.4

-0.9

-5.4

-1.0

-5.8

-1.9

19

30056.4
5677.7

33797.1
5968.2

37240.8
6355.6

42188.6
6627.4

41717.2
7120.1

40896.6
7393.2

41302.7
7666.6

39940.7
7792.1

38273.1
7859.9

39333.2
7943.2

39313.2
8042.3

20
21

9
10
11
12
13
14
15

16
17
18
19

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

20
21

Net worth outstanding (4)
Disposable personal income

(1) Sum of net investment (line 2), holding gains (lines 9 and 16), and other factors (line 19).
(2) Calculated as change in amount outstanding during period less net purchases during period.
(3) Consists of the difference between series for consumption of fixed capital published by BEA and statistical discontinuities.
(4) Table B.100, line 43.

106

Z.1, June 5, 2003

R.102 Change in Net Worth of Nonfarm Nonfinancial Corporate Business
Billions of dollars; not seasonally adjusted
1996

1997

1998

1999

2000

2001

2002
Q1

Q2

Q3

Q4

2003
Q1

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

620.0

705.9

457.6

759.3

1172.8

-255.1

-37.7

48.9

-8.1

79.9

38.6

1

203.5

164.9

22.7

206.9

229.7

96.9

2.7

47.8

-22.8

34.8

-20.0

2

Net physical investment
Capital expenditures
- Consumption of fixed capital
- Inventory valuation adjustment
- Access rights from fed. government

195.3
662.7
459.5
3.1
4.8

253.3
760.2
489.7
8.5
8.8

284.3
826.5
519.7
18.4
4.1

335.0
885.0
552.5
-4.2
1.7

376.0
957.2
595.6
-15.0
0.6

140.2
794.2
648.7
5.0
0.3

26.2
193.4
166.6
0.5
0.1

30.6
199.1
170.2
-1.8
0.1

37.7
204.1
172.4
-6.1
0.1

32.4
206.0
173.1
0.5
0.1

32.9
200.1
173.4
-6.3
0.1

3
4
5
6
7

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

55.5
454.0
398.5

-11.1
272.4
283.5

-46.1
569.9
616.0

-17.7
969.9
987.6

-28.2
1209.2
1237.4

4.1
189.8
185.7

-21.0
17.9
38.9

13.2
89.2
76.0

-25.5
-10.8
14.7

9.4
68.8
59.3

-37.4
45.1
82.5

8
9
10

11

Net corporate equity issues

-47.3

-77.4

-215.5

-110.4

-118.2

-47.4

-2.5

4.0

-35.1

-7.0

-15.5

11

12
13
14

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

291.0
280.1
10.9

396.5
379.0
17.5

61.4
45.3
16.1

117.3
96.2
21.1

299.2
315.0
-15.8

-206.8
-191.9
-14.9

-18.5
-18.5
0.1

60.7
75.7
-15.0

41.9
58.6
-16.7

29.3
22.4
6.9

39.4
42.6
-3.1

12
13
14

15
16
17
18
19

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

52.0
23.6
2.9
11.0
-14.5

24.6
3.9
-9.6
-17.6
-48.0

44.5
-8.8
-8.9
-21.1
-83.3

98.9
-5.2
25.1
-10.7
-89.6

30.8
22.3
15.4
-32.4
-25.5

-42.8
-1.7
-24.5
-19.4
-2.8

-7.7
-12.1
4.4
0
-0.0

-10.8
-17.3
6.4
0
0.0

-13.9
-15.2
1.3
0
-0.0

2.0
-1.5
3.5
0
-0.0

14.5
-2.6
17.1
-0.0
-0.0

15
16
17
18
19

20

Other factors (4)

73.5

119.9

329.0

336.2

613.1

-102.4

-14.3

-48.9

-13.3

13.7

4.6

20

6346.0

7051.9

7509.5

8268.8

9441.6

9186.5

9148.8

9197.7

9189.6

9269.4

9308.0

21

2
3
4
5
6
7
8
9
10

Change in net worth (1)
Net investment

Memo:
21

Net worth outstanding (market value)

With tangible assets valued at historical cost:
22
23

Change in net worth (5)
Net investment flow

425.6

414.4

520.4

704.1

900.4

69.9

18.1

-19.9

-28.3

70.7

30.4

22

203.5

164.9

22.7

206.9

229.7

96.9

2.7

47.8

-22.8

34.8

-20.0

23

24
25
26
27
28

Net physical investment
Capital expenditures
- Consumption of fixed capital
- Inventory valuation adjustment
- Access rights from fed. government

195.3
662.7
459.5
3.1
4.8

253.3
760.2
489.7
8.5
8.8

284.3
826.5
519.7
18.4
4.1

335.0
885.0
552.5
-4.2
1.7

376.0
957.2
595.6
-15.0
0.6

140.2
794.2
648.7
5.0
0.3

26.2
193.4
166.6
0.5
0.1

30.6
199.1
170.2
-1.8
0.1

37.7
204.1
172.4
-6.1
0.1

32.4
206.0
173.1
0.5
0.1

32.9
200.1
173.4
-6.3
0.1

24
25
26
27
28

29
30
31

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

55.5
454.0
398.5

-11.1
272.4
283.5

-46.1
569.9
616.0

-17.7
969.9
987.6

-28.2
1209.2
1237.4

4.1
189.8
185.7

-21.0
17.9
38.9

13.2
89.2
76.0

-25.5
-10.8
14.7

9.4
68.8
59.3

-37.4
45.1
82.5

29
30
31

32

Net corporate equity issues

-47.3

-77.4

-215.5

-110.4

-118.2

-47.4

-2.5

4.0

-35.1

-7.0

-15.5

32

33

Valuation adjustment on
reproducible assets (6)

30.2

-5.2

-0.5

-24.5

-14.5

-14.2

-0.2

-35.1

-6.8

-14.8

20.5

33

34

Holding gains on mutual fund shares (2)

10.9

17.5

16.1

21.1

-15.8

-14.9

0.1

-15.0

-16.7

6.9

-3.1

34

35
36
37

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

25.5
11.0
-14.5

30.3
-17.6
-48.0

62.3
-21.1
-83.3

78.9
-10.7
-89.6

-6.9
-32.4
-25.5

-16.6
-19.4
-2.8

0.0
0
-0.0

-0.0
0
0.0

0.0
0
-0.0

0.0
0
-0.0

0.0
-0.0
-0.0

35
36
37

Other factors (4)

155.5

206.9

419.9

421.6

708.0

18.6

15.4

-17.6

18.1

43.8

33.0

38

4354.2

4768.6

5289.1

5993.1

6893.5

6963.4

6981.5

6961.6

6933.4

7004.1

7034.5

39

38

Memo:
39

Net worth outstanding (historical cost)

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

107

Z.1, June 5, 2003

R.103 Change in Net Worth of Nonfarm Noncorporate Business
Billions of dollars; not seasonally adjusted
1996

1997

1998

1999

2000

2001

2002
Q1

1
2

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

3
4
5

Net physical investment
Capital expenditures
- Consumption of fixed capital

6

Net acquisition of financial assets

Q2

Q3

Q4

2003
Q1

156.6

219.7

217.0

197.9

226.9

65.6

20.8

69.4

63.9

42.4

47.3

1

-9.0

-55.6

-64.8

-67.2

-32.8

-31.8

-23.9

-2.4

-5.5

-6.0

-29.1

2

28.4
139.2
110.8

3.3
121.8
118.5

2.5
127.5
125.0

57.7
190.2
132.5

76.1
217.0
141.0

44.9
192.9
148.0

-12.9
24.8
37.7

11.5
49.9
38.4

6.1
44.7
38.6

12.0
51.2
39.3

-18.1
21.8
39.9

3
4
5

95.1

130.7

215.2

188.8

245.7

143.0

29.6

29.0

29.3

31.3

25.9

6

7
8
9
10

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

67.3
30.6
4.9
29.7

94.7
31.0
7.3
56.5

159.7
21.6
9.0
92.3

182.4
40.7
16.8
73.9

184.1
66.0
18.6
86.0

156.8
20.3
7.0
35.7

27.8
4.5
2.0
6.4

33.2
3.1
1.4
5.1

31.0
3.0
2.1
4.8

40.0
2.3
1.9
5.0

28.5
1.9
2.2
4.3

7
8
9
10

11
12
13

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

166.0
145.7
20.3

281.9
192.2
89.8

273.6
176.7
96.9

245.5
224.5
21.0

340.8
270.6
70.2

74.4
120.8
-46.4

31.2
36.2
-5.0

69.2
52.8
16.4

57.0
43.9
13.0

39.6
34.4
5.3

56.2
50.1
6.0

11
12
13

14
15
16
17

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

-3.3
0.8
-4.1
-0.0

-12.2
-0.9
-10.3
-0.9

1.6
-0.4
3.4
-1.5

12.5
-1.2
12.2
1.6

-82.9
0.4
-84.9
1.6

21.5
0.1
22.8
-1.5

14.2
-0.8
14.8
0.2

3.3
-0.6
3.4
0.4

13.5
-0.4
13.5
0.4

10.3
-0.4
10.7
0.1

22.5
-0.7
21.8
1.4

14
15
16
17

18

Other factors (4)

3.0

5.5

6.6

7.2

1.9

1.6

-0.7

-0.6

-1.0

-1.6

-2.3

18

2957.8

3177.5

3394.5

3592.4

3819.4

3885.0

3905.8

3975.2

4039.1

4081.5

4128.8

19

Memo:
19

Net worth outstanding (5)

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