102

Z.1, March 10, 2005

B.100 Balance Sheet of Households and Nonprofit Organizations (1)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
2000

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

2001

2002

2003

2004

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

49481.3

49245.3

48294.6

48451.3

50562.7

51643.5

54165.2

55138.3

56071.5

56960.4

59231.9

1

15802.6

17034.6

18428.1

18722.4

19028.6

19412.0

20073.1

20483.3

21091.4

22000.9

22473.4

2

12642.7
11409.8
1232.9

13735.7
12502.5
1233.3

14996.2
13701.4
1294.8

15264.8
13945.6
1319.1

15539.6
14200.2
1339.4

15891.4
14531.6
1359.8

16522.1
15133.2
1388.9

16856.1
15447.6
1408.4

17390.9
15956.0
1434.9

18252.6
16793.9
1458.7

18645.5
17165.2
1480.3

3
4
5

145.0
3014.9

154.7
3144.2

163.3
3268.5

165.1
3292.6

167.1
3321.9

170.4
3350.1

174.6
3376.3

178.2
3449.1

182.5
3518.0

184.6
3563.7

189.4
3638.5

6
7

33678.7

32210.7

29866.6

29728.9

31534.1

32231.5

34092.1

34654.9

34980.2

34959.5

36758.5

8

9
10
11
12
13

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

4339.5
63.5
229.0
3076.3
970.7

4800.7
58.5
331.8
3281.2
1129.2

5071.8
74.2
361.3
3551.7
1084.7

5217.5
80.7
368.1
3694.9
1073.8

5212.6
74.8
356.8
3754.6
1026.3

5192.4
70.3
315.3
3824.8
982.0

5251.8
65.2
324.3
3877.4
985.0

5477.7
84.9
357.1
4060.0
975.8

5465.2
85.0
354.9
4106.6
918.7

5484.6
85.2
354.2
4177.0
868.1

5693.8
101.4
407.6
4291.1
893.7

9
10
11
12
13

14
15
16
17
18
19
20
21
22

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

2336.5
82.6
619.2
184.8
434.5
432.1
438.0
645.5
119.1

2176.4
85.7
486.5
190.3
296.2
350.0
489.3
637.9
127.0

2074.8
98.9
345.4
194.9
150.5
200.5
585.6
706.8
137.6

2002.6
105.0
386.8
196.9
190.0
147.4
587.2
635.8
140.4

1983.6
97.5
461.9
199.1
262.8
65.7
613.4
601.9
143.3

2100.3
99.0
427.2
201.5
225.7
263.1
603.7
561.1
146.1

2242.1
94.9
465.2
203.8
261.4
389.7
616.8
526.5
149.0

2111.8
105.3
420.9
204.4
216.5
281.8
629.5
522.5
152.0

2152.2
107.8
440.0
204.6
235.4
304.9
647.8
496.5
155.2

2212.6
111.8
412.2
204.1
208.0
400.8
649.6
480.1
158.3

2265.0
126.8
468.0
204.4
263.6
349.3
661.7
497.8
161.4

14
15
16
17
18
19
20
21
22

23
24
25
26
27
28
29
30

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

7806.2
2832.8
412.4
819.1
8831.3
1095.8
4834.2
370.9

6604.2
2665.6
454.3
880.0
8330.2
960.7
4949.2
389.4

5047.8
2326.3
412.7
920.9
7611.6
840.9
5139.7
420.0

4858.4
2292.4
429.6
936.3
7539.0
819.6
5202.2
431.3

5553.8
2616.0
515.1
959.7
8105.9
877.0
5269.8
440.6

5708.9
2745.8
503.4
973.0
8296.9
885.0
5368.3
457.5

6375.8
3008.8
475.4
1013.2
8834.8
932.4
5495.8
462.0

6309.9
3212.7
513.0
1034.3
9005.8
936.9
5581.2
471.5

6330.0
3248.5
535.0
1052.7
9099.1
935.4
5683.1
479.0

6056.6
3283.3
524.3
1069.6
9086.1
919.2
5828.2
495.0

6521.6
3570.4
571.6
1108.8
9637.8
958.6
5929.9
501.0

23
24
25
26
27
28
29
30

7407.4

7987.1

8676.9

8828.1

9162.6

9395.0

9582.7

9785.8

10053.4

10370.7

10706.5

31

7018.0
4821.2
1739.1
143.0
74.2
119.8
120.7

7638.7
5285.8
1878.6
156.9
57.7
120.4
139.4

8368.9
5909.5
1961.8
169.8
54.3
120.7
152.8

8506.2
6071.1
1934.3
173.6
50.4
120.0
156.8

8749.5
6271.6
1963.2
177.3
60.6
120.1
156.7

9000.8
6485.7
2001.9
180.6
51.5
119.4
161.7

9231.5
6643.1
2050.1
183.9
93.9
119.3
141.2

9413.8
6838.2
2030.5
186.7
92.1
119.1
147.2

9662.5
7048.3
2042.2
190.9
110.9
119.2
151.1

9984.4
7338.9
2086.8
191.4
91.1
119.6
156.6

10264.2
7542.8
2151.4
193.7
97.4
119.7
159.1

32
33
34
35
36
37
38

235.1
134.7

196.4
132.9

148.2
139.8

159.5
141.7

248.5
143.6

227.6
145.7

182.5
147.7

201.2
149.9

217.1
152.1

209.9
154.4

263.4
156.7

39
40

19.6

19.1

20.0

20.7

21.0

21.0

20.9

21.0

21.7

22.0

22.2

41

42073.9

41258.3

39617.7

39623.2

41400.1

42248.5

44582.6

45352.5

46018.1

46589.7

48525.4

42

8468.4
8105.6
223.1
139.7
813.2

9141.9
8760.7
235.3
145.9
866.6

9768.2
9371.8
245.1
151.3
909.2

10016.2
9612.7
249.7
153.8
925.2

10148.1
9742.4
251.2
154.5
932.7

10320.7
9911.5
253.6
155.7
943.3

10565.8
10150.3
257.5
157.9
954.5

10808.0
10386.5
261.4
160.1
973.6

11155.8
10724.4
267.6
163.8
999.7

11446.5
11007.7
272.4
166.5
1030.7

11624.7
11182.8
274.4
167.5
1066.3

43
44
45
46
47

7194.0

7486.8

7827.7

7976.5

8075.1

8267.6

8320.6

8438.4

8562.1

8651.5

8877.6

48

584.8

551.1

506.1

496.7

512.7

511.0

535.8

537.5

537.5

538.5

546.6

49

6588.6

7216.6

7791.9

7874.5

7928.6

8045.9

8490.1

8609.4

8907.7

9454.9

9622.3

50

57.7

57.7

56.9

56.5

55.8

55.4

56.1

55.7

55.8

56.3

56.1

51

31

Liabilities

32
33
34
35
36
37
38

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

39
40

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

41
42

Net worth

43
44
45
46
47

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

48
49
50
51

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 33.
(10) Line 50 divided by line 4.

103

Z.1, March 10, 2005

B.102 Balance Sheet of Nonfarm Nonfinancial Corporate Business
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
2000

2001

2002

2003

2004

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

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

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

18927.8

19018.7

19353.0

19524.0

19785.1

19965.8

20322.4

20599.5

20906.5

21127.0

21423.5

1

9155.3

9119.8

9390.7

9503.1

9559.3

9643.5

9788.0

9907.9

10068.9

10186.2

10326.6

2

4755.0
3066.7
1333.6

4687.0
3167.3
1265.6

4867.8
3220.0
1302.9

4949.0
3227.9
1326.2

5004.8
3240.4
1314.0

5054.4
3273.0
1316.1

5138.5
3319.1
1330.4

5197.2
3351.6
1359.1

5277.8
3397.3
1393.8

5337.9
3426.5
1421.9

5396.1
3476.6
1454.0

3
4
5

9772.5

9898.9

9962.3

10020.8

10225.8

10322.3

10534.4

10691.6

10837.5

10940.8

11096.9

6

24.0
381.4
137.3
191.4
4.2
57.8
18.1
15.4
31.9
43.5
90.0
1930.7
124.0
6722.6

15.5
331.9
131.1
301.9
4.0
60.2
16.5
17.2
29.3
46.6
88.8
1802.2
111.0
6942.7

20.0
313.0
127.5
328.8
6.2
64.7
31.4
16.9
32.1
48.7
86.4
1721.9
97.0
7067.8

27.5
287.5
135.7
324.1
8.3
65.2
35.5
18.4
32.4
49.2
75.5
1766.8
92.5
7102.2

32.0
323.2
149.6
313.6
8.9
74.4
39.3
21.1
34.0
49.7
75.1
1834.6
106.2
7164.2

35.5
371.3
160.8
292.6
7.6
81.4
45.8
23.3
37.3
50.2
74.6
1857.8
108.5
7175.6

41.2
401.4
172.0
291.0
5.9
79.6
51.5
25.1
39.3
50.7
70.3
1840.7
121.0
7344.6

44.7
386.7
177.3
291.0
6.7
78.6
55.1
28.0
40.8
51.2
62.5
1913.9
122.5
7432.7

51.8
395.1
186.6
294.3
6.4
78.0
61.1
31.5
44.3
51.7
62.9
1992.0
122.5
7459.3

41.8
425.4
214.7
288.4
6.0
79.7
66.7
33.7
46.5
52.2
59.9
2036.5
118.7
7470.6

44.3
404.7
203.5
279.6
6.0
81.2
68.0
34.3
44.0
52.7
73.9
2022.4
128.9
7653.6

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

9611.4

9809.5

9949.1

9989.6

10067.8

10098.6

10151.3

10242.7

10281.3

10330.0

10376.8

21

22
23
24
25
26
27
28

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

4536.2
278.4
154.2
2230.3
852.7
651.3
369.3

4758.1
190.1
157.7
2578.8
743.7
659.1
428.6

4785.7
126.0
160.8
2711.0
635.5
675.1
477.3

4818.8
127.1
160.9
2753.4
621.8
671.7
484.0

4892.0
107.5
162.0
2827.7
602.1
680.7
512.0

4907.2
108.4
162.8
2851.7
579.9
669.3
535.2

4953.6
85.9
164.2
2869.3
571.1
680.7
582.4

4993.9
95.5
164.8
2897.9
558.1
679.7
597.8

5021.9
102.5
166.0
2899.6
552.3
685.2
616.3

5080.8
109.3
167.3
2912.8
559.7
684.3
647.5

5193.7
101.7
169.5
2947.4
580.2
706.9
687.9

22
23
24
25
26
27
28

29
30
31

Trade payables
Taxes payable
Miscellaneous liabilities

1541.4
78.0
3455.7

1437.7
81.0
3532.7

1461.7
93.0
3608.7

1456.1
97.2
3617.5

1489.3
96.4
3590.1

1521.7
99.0
3570.7

1570.7
84.8
3542.1

1590.3
91.1
3567.4

1626.4
93.9
3539.0

1672.3
101.6
3475.3

1732.1
90.2
3360.8

29
30
31

32

Net worth (market value)

9316.4

9209.3

9404.0

9534.4

9717.4

9867.2

10171.1

10356.8

10625.2

10797.0

11046.7

32

100.0
3969.3

105.5
4216.9

109.9
4364.5

112.2
4420.7

113.2
4435.7

114.7
4464.8

116.9
4495.9

119.1
4564.1

122.4
4664.9

125.2
4790.8

126.6
4934.3

33
34

12678.8
48.7
35.8
136.1

10796.2
51.7
44.1
117.2

7907.1
50.9
60.5
84.1

7647.5
50.5
63.0
80.2

8824.6
50.3
55.4
90.8

9050.7
49.7
54.2
91.7

10154.9
48.7
48.8
99.8

10241.4
48.2
48.8
98.9

10443.7
47.3
48.1
98.3

10037.5
47.1
50.6
93.0

10843.5
47.0
47.9
98.2

35
36
37
38

16397.1

16727.7

16996.1

17090.3

17333.3

17459.1

17713.9

17981.2

18213.5

18401.0

18631.8

39

6624.6
2504.6
2849.8
1270.2

6828.8
2644.2
2975.0
1209.5

7033.8
2764.1
3037.0
1232.7

7069.5
2788.7
3049.9
1231.0

7107.5
2811.8
3065.2
1230.5

7136.8
2833.0
3087.1
1216.7

7179.5
2857.9
3112.9
1208.6

7289.6
2883.5
3143.9
1262.2

7376.0
2909.1
3178.5
1288.4

7460.1
2933.4
3210.4
1316.4

7534.9
2960.1
3256.1
1318.7

40
41
42
43

33
34
35
36
37
38

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

39
40
41
42
43

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

44

Net worth (historical cost) (9)

6785.7

6918.2

7047.0

7100.8

7265.6

7360.5

7562.6

7738.5

7932.2

8071.0

8255.0

44

45
46
47

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

41.9
2271.6
66.8

44.3
2408.8
68.8

46.7
2513.6
67.9

47.3
2536.3
67.9

48.0
2560.2
67.3

48.7
2583.8
66.7

49.4
2608.2
65.5

50.2
2632.5
64.5

51.0
2658.1
63.3

51.9
2683.4
63.0

52.7
2711.0
62.9

45
46
47

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

104

Z.1, March 10, 2005

B.103 Balance Sheet of Nonfarm Noncorporate Business
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
2000

1
2

Assets
Tangible assets

2001

2002

2003

2004

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

6511.5

6811.6

7142.9

7244.4

7362.4

7503.2

7685.2

7793.0

7953.5

8175.0

8324.6

1

5091.4

5236.2

5487.9

5562.2

5646.6

5751.3

5896.3

5968.5

6085.3

6262.4

6364.4

2

4653.7
3462.4
1191.3

4792.2
3622.9
1169.3

5035.0
3847.4
1187.7

5107.1
3903.8
1203.3

5190.7
3974.5
1216.2

5290.9
4064.9
1225.9

5429.3
4192.6
1236.7

5495.4
4253.1
1242.4

5604.3
4344.8
1259.5

5775.4
4501.4
1274.0

5868.8
4585.5
1283.3

3
4
5

367.5
38.8
328.6

377.4
39.8
337.6

384.3
40.3
344.0

385.3
40.2
345.1

386.7
39.9
346.8

391.2
40.3
350.9

397.0
40.4
356.5

401.6
40.8
360.8

407.6
41.1
366.5

412.2
41.1
371.1

419.1
41.6
377.4

6
7
8

3
4
5

Real estate (1)
Residential
Nonresidential

6
7
8

Equipment and software (2)
Residential (3)
Nonresidential

9

Inventories (2)

70.2

66.6

68.6

69.8

69.2

69.3

70.0

71.5

73.4

74.8

76.5

9

10

Financial assets

1420.1

1575.4

1655.0

1682.2

1715.8

1751.9

1788.9

1824.5

1868.2

1912.6

1960.2

10

274.1
137.6
49.4

274.5
144.7
59.0

280.1
156.2
61.3

281.6
158.3
60.0

283.8
160.6
58.7

285.7
162.0
55.6

287.7
163.6
53.1

289.4
165.2
49.2

290.3
167.8
49.0

291.4
170.2
48.3

291.3
172.5
49.9

11
12
13

40.2
2.4
20.6
0

42.8
3.5
23.3
0

42.8
3.4
23.1
0

42.9
3.4
23.6
0

43.1
3.5
24.1
0

43.6
3.5
24.5
0

44.3
3.6
24.7
0

44.9
3.6
24.8
0

45.4
3.7
25.0
0

45.9
3.7
25.1
0

46.3
3.8
25.0
0

14
15
16
17

342.1
553.7
45.8
1.6
506.2

343.9
683.6
48.3
1.8
633.5

362.8
725.2
52.5
1.8
671.0

375.9
736.6
53.9
1.9
680.8

388.1
754.1
55.0
1.8
697.3

404.5
772.6
56.7
1.8
714.1

418.4
793.6
56.9
2.1
734.6

433.3
814.1
57.9
2.2
753.9

449.1
837.9
59.1
2.1
776.7

465.1
862.9
60.5
2.0
800.4

482.2
889.2
61.1
2.0
826.2

18
19
20
21
22

11
12
13

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

14
15
16
17

Treasury securities
Municipal securities
Mortgages
Consumer credit

18
19
20
21
22

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

23
24
25
26
27
28
29
30
31

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

2673.9

2890.3

3085.0

3138.5

3197.4

3263.1

3331.2

3389.1

3455.1

3524.7

3594.8

23

1796.7

1959.3

2107.8

2139.8

2176.1

2217.2

2264.0

2298.7

2341.1

2386.9

2432.2

24

361.2
127.8
1307.6

405.3
125.3
1428.8

430.4
127.6
1549.8

425.8
128.6
1585.3

420.7
128.2
1627.2

419.2
131.2
1666.8

420.1
133.3
1710.6

422.2
133.7
1742.8

426.4
134.6
1780.1

429.9
138.0
1819.0

436.0
138.8
1857.4

25
26
27

259.9
64.6
552.6

255.0
68.7
607.3

281.0
70.2
626.1

288.9
74.7
635.2

299.6
77.1
644.6

314.1
78.3
653.5

325.2
79.5
662.5

338.4
80.9
671.0

352.7
81.9
679.3

367.2
83.1
687.5

383.3
84.0
695.4

28
29
30

3837.6

3921.3

4057.9

4105.9

4165.0

4240.1

4354.0

4403.8

4498.5

4650.3

4729.8

31

2107.8
919.7

2217.9
959.8

2317.6
983.6

2361.4
994.2

2377.4
995.5

2402.2
999.8

2443.4
1004.5

2483.7
1017.5

2547.4
1037.7

2603.1
1063.8

2627.4
1093.2

32
33

46.8

50.0

51.9

52.1

52.2

52.3

52.0

52.2

52.0

51.3

51.4

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 29.
(6) Line 24 divided by line 31.

105

Z.1, March 10, 2005

R.100 Change in Net Worth of Households and Nonprofit Organizations
Billions of dollars; not seasonally adjusted
2000

2001

2002

2003
Q1

1
2

Change in net worth (1)
Net investment

Q2

2004
Q3

Q4

Q1

Q2

Q3

Q4

-370.9

-815.6

-1640.6

5.5

1776.9

848.4

2334.1

769.9

665.7

571.6

1935.6

1

134.6

454.3

219.5

128.4

-18.1

120.5

231.0

152.2

-1.0

-3.0

192.8

2

3
4
5

Net physical investment
Capital expenditures
- Consumption of fixed capital

490.5
1245.4
754.9

493.9
1293.0
799.1

520.8
1353.9
833.1

118.3
331.9
213.6

146.6
362.5
215.9

165.0
383.5
218.5

153.7
374.7
221.0

151.7
366.0
214.3

175.3
394.0
218.7

174.0
407.9
233.9

175.3
400.6
225.3

3
4
5

6
7
8

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

-355.8
213.9
569.7

-39.6
540.0
579.6

-301.3
388.6
689.9

10.2
161.4
151.2

-164.7
169.8
334.5

-44.5
188.0
232.4

77.3
241.7
164.4

0.5
203.6
203.1

-176.3
91.4
267.6

-177.0
125.5
302.5

17.4
353.3
335.8

6
7
8

-417.0

-1173.3

-1708.7

-98.3

1817.9

753.7

2119.4

602.6

655.4

589.9

1728.7

9

836.6
-917.6
-237.9
423.2

814.0
-1067.2
-335.6
136.5

968.9
-1535.6
-410.5
293.3

200.6
-195.4
-71.2
85.0

182.6
722.9
225.1
85.6

244.2
163.8
73.1
125.8

535.5
697.5
188.1
158.3

248.9
8.3
95.3
102.1

421.5
61.1
1.4
112.2

750.9
-215.6
-34.7
166.7

283.0
566.7
219.4
113.9

10
11
12
13

-430.1

-645.8

-907.3

-102.7

537.8

132.2

486.2

137.7

55.0

-67.0

500.4

14

-91.2

-75.2

-117.5

-14.6

64.0

14.6

53.8

10.3

4.3

-10.3

45.3

15

-26.8

-65.8

-76.2

-21.9

-23.0

-27.5

-26.9

11.5

11.9

-15.9

13.8

16

9
10
11
12
13
14
15

16

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

17
18

Consumer durable goods
Equipment and software

-26.1
-0.7

-65.1
-0.7

-76.3
0.1

-21.4
-0.5

-22.6
-0.4

-27.8
0.3

-27.7
0.8

11.7
-0.1

11.5
0.3

-15.5
-0.4

13.8
-0.0

17
18

19

Other volume changes (3)

-61.8

-30.8

-75.2

-2.7

0.0

1.7

10.6

3.6

-0.7

0.6

0.3

19

42073.9
7194.0

41258.3
7486.8

39617.7
7827.7

39623.2
7976.5

41400.1
8075.1

42248.5
8267.6

44582.6
8320.6

45352.5
8438.4

46018.1
8562.1

46589.7
8651.5

48525.4
8877.6

20
21

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 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 42.

106

Z.1, March 10, 2005

R.102 Change in Net Worth of Nonfarm Nonfinancial Corporate Business
Billions of dollars; not seasonally adjusted
2000

1
2

Change in net worth (1)
Net investment

2001

2002

2003

2004

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

1096.3

-107.2

194.7

130.4

183.0

149.9

303.8

185.7

268.4

171.8

249.7

1

240.8

192.0

120.2

16.5

76.9

72.0

112.6

65.1

99.2

47.8

10.7

2

3
4
5
6
7

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

387.2
928.6
564.0
-14.1
-8.5

157.0
802.5
642.8
11.4
-8.6

122.4
762.6
651.5
-1.2
-10.1

29.0
187.2
166.1
-6.0
-1.8

20.1
185.4
167.3
0.2
-2.3

34.5
194.4
168.7
-5.4
-3.4

37.9
202.6
170.0
-2.9
-2.4

55.4
212.0
166.9
-7.8
-2.5

69.2
225.2
169.1
-10.7
-2.4

62.8
224.6
180.5
-15.7
-3.0

73.3
238.6
171.5
-3.9
-2.3

3
4
5
6
7

8
9
10

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

-28.2
1209.2
1237.4

82.4
177.6
95.2

39.4
150.6
111.1

4.2
68.6
64.5

69.3
160.4
91.1

48.8
87.3
38.5

92.0
171.3
79.3

30.2
150.2
120.0

69.9
141.6
71.7

35.8
112.6
76.8

36.2
119.5
83.2

8
9
10

11

Net corporate equity issues

-118.2

-47.4

-41.6

-16.8

-12.6

-11.2

-17.3

-20.6

-39.9

-50.8

-98.8

11

12
13
14

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

244.0
259.1
-15.0

-163.3
-148.4
-15.0

91.7
116.3
-24.5

66.9
70.3
-3.4

60.9
46.1
14.8

45.4
42.0
3.5

86.6
72.9
13.6

49.3
46.6
2.7

69.9
68.8
1.1

47.9
50.6
-2.7

57.1
45.7
11.4

12
13
14

15
16
17
18
19

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

-47.6
-7.3
12.5
-33.9
19.0

78.5
-21.9
-26.5
14.5
-112.5

96.2
-10.1
24.0
1.0
-81.2

10.0
-5.1
15.2
0
0.0

-10.9
-2.8
-8.1
0
-0.0

8.2
10.8
-2.6
0
0.0

68.2
20.3
10.3
40.9
3.2

14.2
1.8
12.5
0
0.0

20.7
11.2
9.5
0
0.0

2.3
-2.5
4.8
0
-0.0

20.0
4.5
15.5
0.0
-0.0

15
16
17
18
19

20

Other volume changes (4)

659.1

-214.4

-113.4

37.0

56.1

24.2

36.4

57.1

78.7

73.9

161.9

20

9316.4

9209.3

9404.0

9534.4

9717.4

9867.2

10171.1

10356.8

10625.2

10797.0

11046.7

21

Memo:
21

Net worth outstanding (5)

(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 less net purchases during period.
(3) Before inventory valuation adjustment.
(4) Consists of statistical discontinuities.
(5) Table B.102, line 32.

107

Z.1, March 10, 2005

R.103 Change in Net Worth of Nonfarm Noncorporate Business
Billions of dollars; not seasonally adjusted
2000

2001

2002

2003
Q1

1
2

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

Q2

2004
Q3

Q4

Q1

Q2

Q3

Q4

319.7

83.7

136.6

48.0

59.1

75.2

113.9

49.9

94.6

151.9

79.4

1

-47.2

-17.2

-102.3

-27.0

-13.8

-26.8

-28.6

-21.1

-4.5

-20.5

-9.8

2

3
4
5

Net physical investment
Capital expenditures
- Consumption of fixed capital

49.5
218.2
168.7

44.6
193.9
149.3

12.9
164.2
151.3

-0.7
38.8
39.5

11.5
50.9
39.4

2.7
43.1
40.4

2.4
42.7
40.3

1.2
39.5
38.3

17.7
58.3
40.7

4.7
51.3
46.6

12.8
54.1
41.3

3
4
5

6

Net acquisition of financial assets

244.7

155.3

79.6

27.2

33.6

36.2

37.0

35.6

43.8

44.4

47.5

6

7
8
9
10

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

197.1
46.6
11.7
86.0

162.7
-4.9
4.0
55.3

148.5
26.0
1.5
18.9

31.9
7.9
4.5
9.1

36.3
10.7
2.4
9.4

41.1
14.5
1.2
8.9

46.8
11.1
1.3
8.9

34.8
13.2
1.4
8.5

42.4
14.3
1.0
8.3

45.8
14.5
1.2
8.2

45.3
16.1
0.9
7.9

7
8
9
10

11
12
13

Holding gains on real estate (3)
Residential
Nonresidential

328.5
266.0
62.5

91.4
132.7
-41.3

220.9
188.4
32.5

64.3
45.3
19.0

71.6
58.5
13.1

88.6
76.5
12.1

131.5
112.4
19.1

58.2
45.0
13.2

93.1
74.9
18.2

143.1
130.2
12.9

77.9
65.0
12.9

11
12
13

14
15
16
17

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

12.7
0.2
11.1
1.4

3.9
-0.0
5.9
-2.0

15.1
-0.5
14.3
1.3

7.6
-0.4
6.9
1.1

-5.5
-0.6
-4.5
-0.4

4.6
-0.0
4.5
0.1

0.7
-0.3
0.3
0.7

8.0
-0.2
7.2
1.1

-2.0
-0.2
-2.9
1.1

-8.1
-0.4
-8.8
1.1

0.1
-0.0
-0.8
1.0

14
15
16
17

18

Other volume changes (4)

-21.5

-11.6

-99.4

-23.9

-7.0

-18.0

-18.3

-16.3

3.6

16.9

1.4

18

3837.6

3921.3

4057.9

4105.9

4165.0

4240.1

4354.0

4403.8

4498.5

4650.3

4729.8

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 less net investment during period.
(4) Consists of statistical discontinuities.
(5) Table B.103, line 31.