Flow Of Funds Accounts Of The United States
For use at 12:00 p.m., eastern time
Thursday
December 10, 2009
FEDERAL RESERVE statistical release
Z.1
Flow of Funds Accounts
of the United States
Flows and Outstandings
Third Quarter 2009
Board of Governors of the Federal Reserve System, Washington DC 20551
Flow of Funds Summary Statistics
CC
Third Quarter 2009
Debt of the domestic nonfinancial sectors is
Government debt continued to grow in the
estimated to have expanded at a seasonally adjusted
third quarter. State and local government debt
annual rate of 2¾ percent in the third quarter of 2009,
expanded at an annual rate of 5 percent, 1½ percentage
about 1¾ percentage points slower than in the previous
points faster than in the second quarter. Federal
quarter. Private debt contracted in the third quarter,
government debt increased at an annual rate of almost
while government debt expanded.
21 percent in the third quarter, somewhat slower than in
the second quarter, but nonetheless the fifth consecutive
Household debt contracted at an annual rate of
quarter of growth exceeding 20 percent.
2½ percent in the third quarter, its fifth consecutive
quarter of decline and the largest decrease on record.
At the end of the third quarter of 2009, the
Home mortgage debt fell at an annual rate of 3½
level of domestic nonfinancial debt outstanding was
percent, a significantly steeper decline than in the
$34.6 trillion; household debt was $13.6 trillion,
second quarter, while consumer credit contracted at an
nonfinancial business debt was $11.1 trillion, and total
annual rate of 3¼ percent. Other components of
government debt was $9.9 trillion.
household debt expanded in the third quarter, partially
offsetting the decline in mortgages and consumer credit.
Household net worth—the difference between
the value of assets and liabilities—was an estimated
Nonfinancial business debt contracted at an
$53.4 trillion at the end of the third quarter, up
annual rate of 2½ percent in the third quarter; the
$2.7 trillion (5 percent) from the second quarter and the
decline was widespread across credit market
second consecutive quarter of growth.
instruments.
Growth of Domestic Nonfinancial Debt1
P
P
Percentage changes; quarterly data are seasonally adjusted annual rates
State and
Total
Households
Business
Federal
local govts.
1999
6.4
8.4
10.7
3.3
-1.9
2000
5.0
9.1
9.3
1.4
-8.0
2001
6.3
9.6
5.8
8.8
-0.2
2002
7.3
10.8
2.6
11.1
7.6
2003
8.1
11.7
2.3
8.3
10.9
2004
8.9
11.1
6.3
7.4
9.0
2005
9.5
11.1
8.8
10.2
7.0
2006
9.0
10.0
10.5
8.2
3.9
2007
8.7
6.7
13.4
9.3
4.9
2008
5.9
0.3
5.2
2.0
24.2
2008:Q1
5.5
3.1
7.8
3.6
8.1
Q2
3.3
0.2
6.4
1.1
5.9
Q3
8.2
-0.4
5.2
3.3
39.2
Q4
6.1
-1.8
1.0
-0.2
37.0
2009:Q1
4.3
-1.2
0.5
4.4
22.6
Q2
4.5
-1.6
-2.2
3.6
28.2
Q3
2.8
-2.6
-2.6
5.1
20.6
1. Changes shown are on an end-of-period basis.
Table of Contents
Title
Table
Page
Flow of Funds Accounts, Third Quarter 2009
1
Availability of Data for Latest Quarter
4
Debt Growth by Sector
D.1
7
Borrowing by Sector
D.2
8
Debt Outstanding by Sector
D.3
9
Flows
Levels
Title
Table
Page
Table
Page
Summaries
Total Net Borrowing and Lending in Credit Markets
F.1
10
L.1
60
Credit Market Borrowing by Nonfinancial Sectors
F.2
11
L.2
61
Credit Market Borrowing by Financial Sectors
F.3
11
L.3
61
Credit Market Borrowing, All Sectors, by Instrument
F.4
12
L.4
62
Total Liabilities and Its Relation to Total Financial Assets
F.5
12
L.5
62
Distribution of Gross Domestic Product
F.6
13
Distribution of National Income
F.7
14
Saving and Investment
F.8
15
Net Capital Transfers
F.9
16
Derivation of Measures of Personal Saving
F.10
17
L.10
63
Flows
Levels
Title
Table
Page
Table
Page
Sectors
Households and Nonprofit Organizations
F.100
18
L.100
64
Nonfinancial Business
F.101
19
L.101
65
Nonfarm Nonfinancial Corporate Business
F.102
20
L.102
66
Nonfarm Noncorporate Business
F.103
21
L.103
67
Farm Business
F.104
21
L.104
67
State and Local Governments
F.105
22
L.105
68
Federal Government
F.106
23
L.106
68
Rest of the World
F.107
24
L.107
69
Monetary Authority
F.108
25
L.108
70
Commercial Banking
F.109
26
L.109
71
U.S.-Chartered Commercial Banks
F.110
27
L.110
72
Foreign Banking Offices in U.S.
F.111
28
L.111
73
Bank Holding Companies
F.112
29
L.112
74
Banks in U.S.-Affiliated Areas
F.113
29
L.113
74
Savings Institutions
F.114
30
L.114
75
Credit Unions
F.115
31
L.115
76
Property-Casualty Insurance Companies
F.116
31
L.116
76
Life Insurance Companies
F.117
32
L.117
77
Private Pension Funds
F.118
32
L.118
77
State and Local Government Employee Retirement Funds
F.119
33
L.119
78
Federal Government Retirement Funds
F.120
33
L.120
78
Money Market Mutual Funds
F.121
34
L.121
79
Mutual Funds
F.122
34
L.122
79
Flows
Levels
Title
Table
Page
Table
Page
Closed-End and Exchange-Traded Funds
F.123
34
L.123
79
Government-Sponsored Enterprises
F.124
35
L.124
80
Agency- and GSE-backed Mortgage Pools
F.125
35
L.125
80
Issuers of Asset-Backed Securities
F.126
36
L.126
81
Finance Companies
F.127
36
L.127
81
Real Estate Investment Trusts
F.128
37
L.128
82
Security Brokers and Dealers
F.129
38
L.129
83
Funding Corporations
F.130
38
L.130
83
Instruments
Gold and Official Foreign Exchange Holdings
F.200
39
L.200
84
SDR Certificates and Treasury Currency
F.201
39
L.201
84
U.S. Deposits in Foreign Countries
F.202
39
L.202
84
Net Interbank Transactions
F.203
40
L.203
85
Checkable Deposits and Currency
F.204
41
L.204
86
Time and Savings Deposits
F.205
42
L.205
87
Money Market Mutual Fund Shares
F.206
42
L.206
87
Federal Funds and Security Repurchase Agreements
F.207
43
L.207
88
Open Market Paper
F.208
43
L.208
88
Treasury Securities
F.209
44
L.209
89
Flows
Levels
Title
Table
Page
Table
Page
Agency- and GSE-backed Securities
F.210
45
L.210
90
Municipal Securities and Loans
F.211
46
L.211
91
Corporate and Foreign Bonds
F.212
46
L.212
91
Corporate Equities
F.213
47
L.213
92
Mutual Fund Shares
F.214
47
L.214
92
Bank Loans Not Elsewhere Classified
F.215
48
L.215
93
Other Loans and Advances
F.216
49
L.216
94
Total Mortgages
F.217
50
L.217
95
Home Mortgages
F.218
51
L.218
96
Multifamily Residential Mortgages
F.219
51
L.219
96
Commercial Mortgages
F.220
52
L.220
97
Farm Mortgages
F.221
52
L.221
97
Consumer Credit
F.222
53
L.222
98
Trade Credit
F.223
53
L.223
98
Security Credit
F.224
53
L.224
98
Life Insurance and Pension Fund Reserves
F.225
54
L.225
99
Taxes Payable by Businesses
F.226
54
L.226
99
Proprietors' Equity in Noncorporate Business
F.227
54
L.227
99
Total Miscellaneous Financial Claims
F.228
55
L.228
100
Identified Miscellaneous Financial Claims - Part I
F.229
56
L.229
101
Identified Miscellaneous Financial Claims - Part II
F.230
57
L.230
102
Unidentified Miscellaneous Financial Claims
F.231
58
L.231
103
Sector Discrepancies
F.11
59
Instrument Discrepancies
F.12
59
Balance
Reconciliation
Sheet
Title
Table
Page
Table
Page
Balance Sheet and Reconciliation Tables
Households and Nonprofit Organizations
B.100
104
R.100
107
Nonfinancial Corporate Business
B.102
105
R.102
108
Nonfarm Noncorporate Business B.103 106 R.103 109
Flows
Levels
Title
Table
Page
Table
Page
Supplementary Tables
Nonprofit Organizations
F.100.a
110
L.100.a
111
Consolidated Statement for Federal, State, and Local Governments
F.106.c
112
L.106.c
113
Private Pension Funds: Defined Benefit Plans
F.118.b
114
L.118.b
115
Private Pension Funds: Defined Contribution Plans
F.118.c
114
L.118.c
115
Individual Retirement Accounts (IRAs)
F.225.i
114
L.225.i
115
Flow of Funds Matrix for 2008
116
117
Balance Sheet of Households and Nonprofit Organizations
with Equity Detail
B.100.e
118
1
Flow of Funds Accounts, Third Quarter 2009
This publication presents the flow of funds
institutions. Credit market debt consists of debt
accounts for 2009:Q3.
securities, mortgages, bank loans, commercial paper,
consumer credit, U.S. government loans, and other
Data revisions and other changes. The statistics in
loans and advances; it excludes trade debt, loans for the
the attached tables reflect the use of new or revised
purpose of carrying securities, and funds raised from
source data. Most significant revisions appear in recent
equity sources.
quarters; however, new source information resulted in
changes to data for earlier periods.
Growth rates in table D.1 are calculated by
dividing seasonally adjusted flows from table D.2 by
1.
In the nonfarm noncorporate business sector
seasonally adjusted levels at the end of the previous
(tables F.103 and L.103), data have been revised from
period from table D.3. Seasonally adjusted levels in
2007:Q1 forward, owing to benchmark statistics
flow of funds statistics are derived by carrying forward
available from the IRS/SOI for 2007.
year-end levels by seasonally adjusted flows. Growth
rates calculated from changes in unadjusted levels
2.
Assets of the state and local government
printed in table L.2 can differ from those in table D.1.
sector, excluding employee retirement funds, (tables
F.105 and L.105) have been revised from 2006:Q3
Relation of Flows to Outstandings. Estimates of
forward to reflect new 2007:Q2 benchmark data on
financial assets and liabilities outstanding are linked to
total financial assets from the Census Bureau.
data on flows. However, figures on outstandings
contain discontinuities or breaks in series that could
3.
The exchange-traded funds sector (tables
affect analysis of particular relationships over time.
F.123 and L.123) was modified to include an additional
Specifically, outstanding in the flow of funds accounts
asset category, municipal securities.
are related to the flows in the following way:
4.
Households’ holdings of vacant land (table
Outstanding = Outstanding + Flow + Discontinuity
B
tB
B
t-1B
B
tB
B
tB
B.100) have been revised from 1983:Q4 forward to
where “t” is the time period.
reflect new methodology using the Federal Reserve’s
Survey of Consumer Finances and other sources.
Discontinuities result from changes in
valuation, breaks in source data, and changes in
5.
The market value of residential real estate
definitions. For most series, the value of the
(B.100, B.102, and B.103) has been revised from
discontinuity is zero for nearly all time periods.
2000:Q1 forward to reflect revised data for the
However, in a few instances, the discontinuity is
repeat-sales house-price index from LoanPerformance
nonzero for almost all time periods, or is quite large in a
(a division of First American CoreLogic).
particular quarter, such as a period when there is a
sharp increase or decrease in equity prices or a major
6.
Supplementary tables on defined benefit (DB)
break in source data.
and defined contribution (DC) private pension plans
(tables F.118.b, F.118.c, L.118.b, and L.118.c) and
The discontinuities in a series can distort
individual retirement accounts (IRAs) (tables F.225.i
estimated rates of growth in assets and liabilities
and L.225.i) are now reported quarterly, beginning in
between periods. In order to minimize these
1985:Q1 for DB/DC private pension plans and 2007:Q1
distortions, percentage changes in assets and liabilities
for IRAs. IRA data for the most recent quarter are
in flow of funds releases should be calculated as:
unavailable.
Percentage change = (Flow / Outstanding ) * 100
B
tB
B
tB
B
t-1B
Explanatory notes for tables D.1, D.2, and D.3.
Domestic debt comprises credit market funds borrowed
Preliminary Estimates. Figures shown for the most
by U.S. entities from both domestic and foreign
recent quarter in these tables are based on preliminary
sources, while foreign debt represents amounts
and incomplete information. A summary list of the
borrowed by foreign financial and nonfinancial entities
principal sources of information available when the
in U.S. markets only. Financial sectors consist of
latest quarter's data were compiled is provided in a table
government-sponsored enterprises, agency- and
following this introduction. The distinction between
GSE-backed mortgage pools, and private financial
“available” data and “missing” data is not between final
2
and preliminary versions of data, but rather between
The Internet site also provides quarterly data beginning
those source estimates that are fully ready when the
in 1952, organized in compressed files that correspond
latest quarterly publication is compiled and those that
to the tables published in this release. There are files
are not yet completed. However, the items that are
for quarterly data for seasonally adjusted flows,
shown as available are, in general, also preliminary in
unadjusted flows, outstandings, balance sheets, and debt
the sense that they are subject to revision by source
(tables D.1, D.2, and D.3). This data is also available
agencies.
as a customizable download dataset through the Data
Download Program (DDP) at the following location:
Margins of Uncertainty. Flow of funds statistics are
subject to uncertainties resulting from measurement
www.federalreserve.gov/datadownload/Choose.aspx?rel=Z.1
errors in source data, incompatibilities among data from
different sources, potential revisions in both financial
A Guide to the Flow of Funds Accounts
and nonfinancial series, and incomplete data in parts of
is available. The 1,200-page Guide, published in two
the accounts. The size of these uncertainties cannot be
volumes in January 2000, explains in detail how the
quantified in precise statistical terms, but allowance for
U.S. financial accounts are prepared and the principles
them is explicitly made throughout the accounts by the
underlying the accounts. The Guide can be purchased
inclusion of “discrepancies” for various sectors and
for $20.00 from the Board’s Publications Services.
instrument types. A discrepancy for a sector is the
Publications Services accepts orders accompanied by
difference between its measured sources of funds and
checks as well as credit card orders.
its measured uses of funds. For an instrument category,
a discrepancy is the difference between measured funds
The Internet site for this release at the location
borrowed through the financial instrument and
shown above contains a link to an order form for the
measured funds lent through that instrument. The size
Guide that can be mailed or faxed to Publications
of such discrepancies relative to the main asset or
Services. In addition, the Internet site includes a link to
liability components is one indication of the quality of
the Guide’s descriptions of the tables in the flow of
source data, especially on an annual basis. For
funds accounts.
quarterly data, differences in seasonal adjustment
procedures for financial and nonfinancial components
Subscription Information. The Federal Reserve
of the accounts sometimes result in discrepancies that
Board charges for subscriptions to all statistical
cancel in annual data.
releases. Inquiries for releases should be directed to:
Availability of Data. Flow of funds statistics are
Publications Services, Stop 127
updated about ten weeks following the end of a quarter.
Board of Governors
This publication — the Z.1 release — is available from
of the Federal Reserve System
the Board's Publications Services. Flow of funds data
20th Street and Constitution Avenue, N.W.
are also available electronically through the Internet at
Washington, DC 20551
the following location:
(202) 452-3244
www.federalreserve.gov/releases/Z1
3
[THIS PAGE INTENTIONALLY LEFT BLANK]
4
Availability of Data for Latest Quarter
Available at time of publication
Major items missing
U
U
U
U
1. National income and
Preliminary estimates, seasonally
Unadjusted flows since 2007 for
product accounts (NIPA)
adjusted, for 2009:Q3.
the government sectors.
Unadjusted flows since 2006 for
all other sectors.
2. Households and nonprofit
Estimates for this sector are largely residuals and are derived from data for
organizations sector
other sectors. Availability of data depends on schedules for other sectors.
(tables F.100 and L.100)
Data for consumer credit, which are estimated directly, are available
through 2009:Q3. The source for nonprofit organizations data (tables
F.100.a and L.100.a) is the Internal Revenue Service Statistics of Income.
Data for nonprofit organizations are available for 1987 through 2000.
3. Nonfarm nonfinancial
Quarterly Financial Report (QFR) of
Statistics of Income data since
corporate business
the Census Bureau through 2009:Q2;
2007. QFR data since 2009:Q2.
(tables F.102 and L.102)
Internal Revenue Service Statistics of
Income (IRS/SOI) advance data
through 2007; securities offerings,
mortgages, bank loans, commercial
paper, and other loans through
2009:Q3.
4. Nonfarm noncorporate
IRS/SOI data through 2007; bank and
Statistics of Income data since
business
finance company loans and mortgage
2007.
(tables F.103 and L.103)
borrowing through 2009:Q3.
5. Farm business
Mortgages, bank loans, loans from
Consumption of fixed capital
(tables F.104 and L.104)
government-sponsored enterprises,
and undistributed profits since
U.S. government loans to farms, and
2008.
equity in government-sponsored
enterprises through 2009:Q3;
preliminary data for checkable deposits
and currency and trade payables
through 2007.
6. State and local governments
Gross offerings and retirements of
Total financial assets since
(tables F.105 and L.105)
municipal securities, deposits at banks,
2007:Q2 and selected financial
and nonmarketable U.S. government
asset detail since 2004:Q2.
security issues through 2009:Q3; total
financial assets through 2007:Q2 from
the Census Bureau; breakdown of
financial assets through 2004:Q2 from
the comprehensive annual financial
reports of state and local governments.
7. Federal government
Data from the Monthly Treasury
None.
(tables F.106 and L.106)
Statement of Receipts and Outlays and
Treasury data for loan programs and
the Troubled Assets Relief Program
(TARP) through 2009:Q3.
5
8. Rest of the world
Balance of payments data through
Balance of payments data for
(U.S. international
2009:Q2. NIPA estimates; data from
2009:Q3.
transactions)
bank Reports of Condition and from
(tables F.107 and L.107)
Treasury International Capital System
through 2009:Q3.
9. Monetary authority
All data through 2009:Q3.
None.
(tables F.108 and L.108)
10. Commercial banking
All data through 2009:Q3 for
Data since 2008 for branches of
(tables F.109 through F.113
U.S.-chartered commercial banks,
domestic commercial banks
and tables L.109 through
foreign banking offices in the U.S.,
located in U.S.-affiliated areas.
L.113)
bank holding companies, and
commercial banks in U.S.-affiliated
areas.
11. Savings institutions
All data through 2009:Q3.
None.
(tables F.114 and L.114)
12. Credit unions
All data through 2009:Q3.
None.
(tables F.115 and L.115)
13. Property-casualty insurance
All data through 2009:Q2. Preliminary
Final data for 2009:Q3.
companies
data for 2009:Q3.
(tables F.116 and L.116)
14. Life insurance companies
All data through 2009:Q2. Preliminary
Final data for 2009:Q3.
(tables F.117 and L.117)
data for 2009:Q3.
15. Private pension funds
Quarterly data through 2009:Q2;
Form 5500 data since 2006.
(tables F.118 and L.118)
Internal Revenue Service/Department
Quarterly data since 2009:Q2.
of Labor/Pension Benefit Guaranty
Corporation Form 5500 data through
2006.
16. State and local government
Detailed data through 2007:Q2 from
Detailed data since 2007:Q2 and
employee retirement funds
the Census Bureau; sample data
sample data for 2009:Q3.
(tables F.119 and L.119)
through 2009:Q2 from the Census
Bureau.
17. Federal government retirement
Data from the Monthly Treasury
None.
funds
Statement of Receipts and Outlays, the
(tables F.120 and L.120)
Thrift Savings Plan, and the National
Railroad Retirement Investment Trust
through 2009:Q3.
18. Money market mutual
All data through 2009:Q3.
None.
funds
(tables F.121 and L.121)
19. Mutual funds
All data through 2009:Q3.
None.
(tables F.122 and L.122)
20. Closed-end funds
All data through 2009:Q3.
None.
(tables F.123 and L.123)
21. Exchange-traded funds
All data through 2009:Q3.
None.
(tables F.123 and L.123)
6
22. Government-sponsored
Data for Fannie Mae, Freddie Mac,
None.
enterprises
FHLBs, FICO, Farmer Mac, FCS, and
(tables F.124 and L.124)
REFCORP through 2009:Q3.
23. Agency- and GSE-backed
Data for Fannie Mae, Freddie Mac, and
None.
mortgage pools
Ginnie Mae through 2009:Q3.
(tables F.125 and L.125)
24. Issuers of asset-backed
All data for private mortgage pools,
None.
securities (ABSs)
consumer credit, business loans,
(tables F.126 and L.126)
student loans, consumer leases, and
trade credit securitization through
2009:Q3.
25. Finance companies
All data through 2009:Q3.
None.
(tables F.127 and L.127)
26. Real estate investment
Data from SNL Financial through
None.
trusts (REITs)
2009:Q3.
(tables F.128 and L.128)
None.
27. Security brokers and
Data for firms filing FOCUS and
dealers
FOGS reports through 2009:Q3.
(tables F.129 and L.129)
28. Funding corporations
Estimates for this sector are largely residuals and are derived from data for
(tables F.130 and L.130)
other sectors.
Z.1, December 10, 2009 7
D.1 Debt Growth by Sector 1
In percent; quarterly figures are seasonally adjusted annual rates
Domestic nonfinancial sectors
Households
Business
State and
Domestic
Home
Consumer
local
Federal
financial
Total
Total
mortgage
credit
Total
Corporate
governments
government
sectors
Foreign
1976
10.8
11.3
12.6
10.6
8.6
7.6
8.4
15.6
9.0
21.2
1977
12.8
15.6
16.6
15.5
12.5
12.0
8.4
11.0
18.9
11.7
1978
13.8
16.9
17.5
17.5
13.1
11.5
15.4
9.2
22.1
18.7
1979
12.2
15.4
16.4
13.9
13.4
10.9
9.0
5.8
22.1
9.6
1980
9.5
8.5
10.9
1.0
10.0
8.3
6.9
11.8
14.5
14.3
1981
10.4
7.6
7.2
5.5
12.9
13.6
8.0
11.6
18.2
12.2
1982
10.4
5.6
4.8
5.0
9.9
10.3
11.2
19.7
13.6
7.5
1983
12.0
11.1
10.2
12.1
9.1
8.1
11.4
18.9
13.4
8.3
1984
14.8
12.6
11.4
18.4
16.2
16.7
11.4
16.9
17.9
3.7
1985
15.6
16.1
14.6
15.9
11.0
12.7
31.8
16.5
19.4
0.5
1986
11.9
11.5
13.7
9.1
11.4
13.8
10.9
13.6
26.2
4.0
1987
9.0
10.4
13.4
4.8
7.7
8.8
12.0
8.0
18.2
2.5
1988
9.0
9.9
11.8
6.7
9.8
10.9
6.0
8.0
13.2
2.9
1989
7.2
9.3
10.9
6.3
6.1
7.2
5.3
7.0
10.5
3.8
1990
6.5
7.0
8.9
1.9
3.5
5.6
5.0
11.0
8.8
8.3
1991
4.3
5.2
7.0
-1.1
-2.3
-2.1
9.2
11.1
6.0
4.8
1992
4.5
5.3
6.5
1.1
-0.3
0.9
1.5
10.9
8.6
6.9
1993
4.7
6.0
5.5
7.4
0.2
1.2
5.3
8.3
9.6
18.7
1994
4.6
7.6
5.6
15.2
3.9
5.0
-3.9
4.7
13.9
-2.4
1995
5.2
6.8
4.9
14.4
7.4
8.8
-5.5
4.1
11.6
17.7
1996
5.4
6.9
6.2
9.0
6.6
6.8
-2.0
4.0
12.1
15.5
1997
5.6
5.8
6.1
5.5
9.9
10.6
4.9
0.6
12.1
10.6
1998
6.6
7.8
8.1
7.2
11.7
11.0
6.2
-1.4
19.4
5.1
1999
6.4
8.4
9.4
7.8
10.7
9.9
3.3
-1.9
16.2
2.4
2000
5.0
9.1
8.7
11.4
9.3
8.5
1.4
-8.0
11.0
8.4
2001
6.3
9.6
10.6
8.6
5.8
4.6
8.8
-0.2
10.7
-1.4
2002
7.3
10.8
13.3
5.6
2.6
0.5
11.1
7.6
9.6
10.8
2003
8.1
11.7
14.5
5.3
2.3
1.8
8.3
10.9
10.6
4.0
2004
8.9
11.1
13.5
5.6
6.3
4.1
7.4
9.0
9.0
12.4
2005
9.5
11.1
13.2
4.5
8.8
6.5
10.2
7.0
9.4
7.9
2006
9.0
10.0
11.0
4.1
10.5
8.4
8.2
3.9
9.9
22.0
2007
8.7
6.7
6.7
5.7
13.4
13.1
9.3
4.9
12.6
9.0
2008
5.9
0.3
-0.6
1.6
5.2
5.1
2.0
24.2
5.5
-6.1
2003 -- Q1
6.4
10.8
12.7
6.1
2.8
2.4
7.5
2.9
11.7
2.9
Q2
10.9
13.0
15.7
6.4
3.6
3.8
11.5
20.0
8.3
15.6
Q3
7.4
11.3
14.4
4.4
1.5
0.4
6.5
9.7
9.4
-11.2
Q4
6.8
9.9
12.2
3.8
1.4
0.5
6.8
9.5
11.5
8.9
2004 -- Q1
8.4
10.0
11.6
6.4
5.9
3.3
9.9
8.5
7.7
11.9
Q2
8.7
11.3
14.1
3.5
4.4
1.4
4.2
12.0
9.3
0.9
Q3
7.8
9.3
11.8
6.0
6.2
4.0
8.4
7.0
8.0
10.0
Q4
9.5
11.9
13.9
5.9
8.3
7.4
6.2
7.3
9.8
25.0
2005 -- Q1
8.7
9.1
10.8
5.0
7.1
4.5
11.7
9.2
7.9
4.6
Q2
8.8
11.1
13.1
5.1
8.4
5.9
7.5
4.4
9.7
7.8
Q3
9.4
11.3
13.6
4.3
8.2
5.8
12.2
6.0
5.9
9.7
Q4
10.0
11.0
12.9
3.5
10.3
9.0
7.9
7.8
12.9
8.5
2006 -- Q1
9.7
11.4
13.5
2.8
10.1
7.9
5.2
6.6
10.6
13.8
Q2
9.1
11.2
12.6
4.1
10.1
8.1
7.0
2.6
11.5
12.4
Q3
7.4
8.6
9.2
4.3
7.8
4.9
8.1
3.1
7.4
37.0
Q4
8.6
7.6
7.2
4.9
12.3
11.9
11.3
3.1
8.8
18.7
2007 -- Q1
8.3
7.0
8.0
5.2
10.9
9.1
11.0
5.5
10.5
12.9
Q2
8.3
7.2
7.6
5.4
13.5
13.6
10.0
0.3
10.1
18.2
Q3
9.2
5.9
4.8
7.0
14.5
15.6
7.2
8.0
16.8
1.4
Q4
8.0
6.0
5.8
4.7
12.1
11.7
7.7
5.3
10.3
3.0
2008 -- Q1
5.5
3.1
2.6
4.5
7.8
6.9
3.6
8.1
5.5
15.3
Q2
3.3
0.2
-0.5
4.1
6.4
6.7
1.1
5.9
5.8
4.7
Q3
8.2
-0.4
-2.4
0.6
5.2
5.8
3.3
39.2
7.0
-23.2
Q4
6.1
-1.8
-1.9
-2.9
1.0
0.8
-0.2
37.0
3.3
-20.4
2009 -- Q1
4.3
-1.2
-0.2
-3.4
0.5
3.4
4.4
22.6
-10.4
9.6
Q2
4.5
-1.6
-1.6
-4.7
-2.2
0.8
3.6
28.2
-12.5
10.1
Q3
2.8
-2.6
-3.6
-3.2
-2.6
1.3
5.1
20.6
-9.3
14.9
1. Data shown are on an end-of-period basis.
8 Z.1, December 10, 2009
D.2 Borrowing by Sector
Billions of dollars; quarterly figures are seasonally adjusted annual rates
Domestic nonfinancial sectors
Households
Business
State and
Domestic
Home
Consumer
local
Federal
financial
Total
Total
mortgage
credit
Total
Corporate
governments
government
sectors
Foreign
1976
244.7
83.1
57.6
22.0
73.9
43.4
18.5
69.2
23.5
20.5
1977
321.1
127.9
85.9
35.5
117.1
73.2
19.9
56.3
53.6
13.5
1978
390.5
160.0
105.7
46.4
138.5
78.7
39.4
52.5
74.7
24.0
1979
391.6
169.8
116.5
43.3
159.4
83.1
26.6
35.8
91.1
15.0
1980
342.9
108.3
90.2
3.4
135.0
70.2
22.2
77.4
73.2
24.2
1981
409.7
106.4
67.0
19.8
190.1
123.4
27.6
85.5
105.1
23.5
1982
451.8
83.9
47.4
18.8
164.8
105.4
41.7
161.3
93.0
16.0
1983
572.9
175.6
105.1
48.2
164.8
90.1
47.3
185.2
104.4
17.3
1984
791.7
219.0
127.3
81.7
323.0
204.9
52.5
197.2
157.8
8.4
1985
958.8
313.8
181.5
84.0
255.8
182.8
163.6
225.7
204.0
1.2
1986
845.7
261.1
198.8
55.8
294.4
223.2
74.2
216.0
328.8
9.7
1987
718.8
263.8
221.5
32.3
220.6
162.8
90.4
143.9
290.6
6.3
1988
784.1
271.5
215.7
46.6
307.1
222.1
50.4
155.1
250.2
7.4
1989
684.3
282.9
224.9
47.0
207.7
160.1
47.4
146.4
225.0
10.2
1990
655.5
232.7
200.1
15.1
128.8
134.9
47.1
246.9
211.2
23.9
1991
469.8
185.2
174.6
-8.8
-84.8
-53.1
91.2
278.2
156.0
15.1
1992
511.9
200.7
173.1
9.2
-9.3
23.0
16.5
304.0
238.9
24.1
1993
560.1
237.5
156.3
61.4
8.5
29.4
57.9
256.1
291.5
69.8
1994
575.9
321.8
166.5
135.0
143.7
128.2
-45.5
155.9
462.0
-11.2
1995
678.1
309.4
153.6
147.0
285.0
237.2
-60.8
144.4
439.5
78.3
1996
732.4
335.8
204.9
105.7
272.2
198.7
-20.5
144.9
514.0
88.0
1997
812.5
300.3
215.5
70.3
438.3
333.1
50.8
23.1
574.1
69.9
1998
1005.5
425.8
301.4
97.1
565.6
381.9
66.8
-52.6
1026.8
37.2
1999
1040.6
493.5
378.0
112.4
581.1
381.9
37.3
-71.2
1023.5
19.0
2000
864.6
581.4
383.3
176.5
562.2
362.7
16.9
-295.9
807.3
63.0
2001
1151.9
672.0
507.1
150.6
380.0
211.9
105.5
-5.6
874.7
-11.2
2002
1408.0
825.3
704.5
105.2
181.0
23.0
144.1
257.6
876.5
93.4
2003
1677.7
995.9
870.1
105.5
165.7
86.8
120.1
396.0
1066.7
43.0
2004
1991.7
1049.6
927.2
117.0
464.7
203.8
115.4
361.9
979.8
155.3
2005
2329.2
1168.1
1033.4
100.3
682.5
333.7
171.7
306.9
1118.5
113.0
2006
2398.5
1176.0
977.4
95.3
887.9
465.1
151.2
183.4
1291.0
332.6
2007
2536.7
861.3
658.9
136.9
1252.3
783.0
185.9
237.1
1791.9
170.3
2008
1870.4
37.0
-58.1
40.2
551.0
347.7
43.3
1239.2
888.5
-129.5
2003 -- Q1
1330.2
917.3
764.9
121.3
198.6
118.3
108.3
106.0
1173.8
31.5
Q2
2289.5
1133.4
975.1
130.5
255.4
185.9
169.6
731.2
855.3
169.0
Q3
1596.2
1015.6
927.6
90.4
108.9
20.6
98.1
373.5
994.7
-125.7
Q4
1495.1
917.3
812.7
79.6
100.1
22.2
104.3
373.5
1243.0
97.2
2004 -- Q1
1877.5
947.2
800.2
133.9
433.2
166.1
155.0
342.0
836.7
149.0
Q2
1992.3
1103.0
998.9
75.4
329.5
71.9
66.9
492.8
1039.8
11.3
Q3
1829.3
930.8
863.3
130.2
463.3
202.3
136.4
298.8
906.9
128.8
Q4
2267.6
1217.6
1046.5
128.5
632.8
374.7
103.3
314.1
1136.0
331.9
2005 -- Q1
2116.2
965.0
846.8
110.2
552.0
232.5
197.1
402.2
945.5
66.2
Q2
2193.9
1200.6
1049.3
114.3
667.9
311.2
129.7
195.6
1175.4
112.8
Q3
2395.6
1247.9
1130.9
96.8
661.2
307.7
216.0
270.5
737.7
144.4
Q4
2611.3
1258.9
1106.6
80.0
849.1
483.3
144.0
359.2
1615.4
128.7
2006 -- Q1
2595.7
1330.3
1191.3
66.0
858.1
435.9
96.6
310.7
1382.7
209.7
Q2
2484.0
1345.9
1154.8
95.4
881.5
452.8
132.4
124.2
1539.0
194.1
Q3
2067.8
1063.1
871.0
102.6
698.4
280.8
155.7
150.6
1009.4
597.0
Q4
2446.4
964.6
692.6
117.0
1113.7
690.8
220.1
148.0
1232.7
329.6
2007 -- Q1
2405.4
898.6
783.7
125.0
1019.1
542.3
219.9
267.8
1501.4
243.3
Q2
2466.5
947.6
759.9
132.4
1299.0
832.1
205.4
14.5
1493.7
349.9
Q3
2784.7
791.1
491.8
172.9
1443.4
986.7
152.3
397.8
2542.2
28.5
Q4
2490.0
808.0
600.2
117.3
1247.7
770.7
166.2
268.2
1630.2
59.6
2008 -- Q1
1748.3
431.4
277.6
115.0
825.6
467.8
78.6
412.7
884.5
325.3
Q2
1056.8
31.8
-56.9
105.4
689.9
461.2
24.8
310.4
947.9
103.8
Q3
2665.5
-62.1
-257.1
16.6
575.7
405.6
73.3
2078.5
1167.3
-517.5
Q4
2011.2
-253.3
-195.8
-76.4
112.8
56.3
-3.5
2155.2
554.3
-429.8
2009 -- Q1
1430.0
-160.7
-19.6
-88.7
52.9
240.6
98.2
1439.6
-1781.3
179.7
Q2
1514.1
-214.2
-171.2
-120.8
-248.9
56.8
82.0
1895.3
-2134.4
192.0
Q3
965.6
-351.3
-369.9
-81.6
-283.9
94.2
115.9
1484.9
-1532.6
291.4
Z.1, December 10, 2009 9
D.3 Debt Outstanding by Sector 1
Billions of dollars; quarterly figures are seasonally adjusted
Domestic nonfinancial sectors
Households
Business
State and
Domestic
Home
Consumer
local
Federal
financial
Total
Total
mortgage
credit
Total
Corporate
governments
government
sectors
Foreign
1976
2505.3
818.9
517.0
229.0
935.5
612.1
237.8
513.1
283.9
115.7
1977
2826.6
946.7
603.0
264.9
1054.3
687.1
256.2
569.4
337.8
128.6
1978
3211.2
1105.4
708.6
311.3
1188.4
761.4
295.6
621.9
412.5
155.7
1979
3603.0
1276.1
826.7
354.6
1347.0
843.8
322.2
657.7
504.9
168.5
1980
3953.5
1396.0
926.5
358.0
1478.1
910.2
344.4
735.0
578.1
193.4
1981
4361.7
1507.2
998.2
377.9
1662.0
1027.3
372.1
820.5
682.4
214.0
1982
4783.4
1576.4
1031.1
396.7
1811.4
1117.4
413.8
981.8
778.1
208.1
1983
5359.2
1732.0
1116.2
444.9
1999.1
1230.4
461.1
1167.0
882.7
224.1
1984
6146.2
1943.3
1242.8
526.6
2325.1
1438.3
513.6
1364.2
1052.4
232.8
1985
7123.1
2277.8
1449.6
610.6
2577.5
1617.8
677.9
1589.9
1257.3
242.5
1986
7966.3
2537.3
1648.3
666.4
2871.0
1840.0
752.1
1805.9
1593.6
251.9
1987
8670.1
2755.1
1827.9
698.6
3122.6
2033.8
842.6
1949.8
1895.5
259.0
1988
9450.7
3043.6
2054.2
745.2
3409.2
2233.4
893.0
2104.9
2145.8
269.8
1989
10152.1
3319.0
2259.5
809.3
3641.5
2409.4
940.4
2251.2
2399.3
287.9
1990
10834.9
3580.9
2488.8
824.4
3768.5
2542.5
987.4
2498.1
2613.6
318.2
1991
11301.4
3769.7
2667.0
815.6
3676.7
2487.2
1078.6
2776.4
2769.6
350.4
1992
11816.5
3970.4
2840.0
824.8
3670.6
2511.8
1095.1
3080.3
3024.1
372.4
1993
12391.4
4210.3
2998.7
886.2
3691.5
2553.6
1153.0
3336.5
3321.0
468.2
1994
12973.6
4531.8
3165.3
1021.2
3842.0
2688.5
1107.5
3492.3
3791.1
443.1
1995
13667.5
4841.2
3318.9
1168.2
4142.8
2941.5
1046.7
3636.7
4233.5
567.6
1996
14399.8
5177.0
3523.8
1273.9
4415.0
3140.3
1026.2
3781.7
4747.5
657.2
1997
15210.8
5477.6
3739.3
1344.2
4851.5
3471.6
1076.9
3804.8
5301.4
723.6
1998
16216.4
5903.4
4040.6
1441.3
5417.1
3853.4
1143.8
3752.2
6328.2
783.2
1999
17291.6
6396.0
4416.3
1553.6
6033.7
4270.9
1181.0
3681.0
7349.4
748.2
2000
18167.3
6988.5
4799.6
1741.3
6595.8
4633.6
1197.9
3385.1
8157.8
814.5
2001
19302.3
7660.5
5306.6
1891.8
6958.9
4828.5
1303.4
3379.5
9158.7
865.4
2002
20710.2
8485.8
6011.2
1997.0
7139.9
4851.6
1447.5
3637.0
10035.1
1072.8
2003
22420.4
9484.1
6873.4
2102.5
7335.6
4968.4
1567.6
4033.1
10925.3
1253.3
2004
24426.9
10548.6
7815.5
2219.5
7800.4
5172.2
1683.0
4395.0
11920.0
1438.8
2005
26756.1
11716.7
8848.9
2319.8
8482.9
5505.8
1854.7
4701.9
12984.0
1513.9
2006
29151.3
12892.7
9826.3
2415.0
9367.5
5967.7
2005.9
4885.3
14272.4
1882.6
2007
31694.5
13754.0
10485.2
2551.9
10626.3
6757.1
2191.8
5122.3
16191.5
2126.3
2008
33564.9
13795.9
10432.1
2592.1
11172.3
7099.9
2235.1
6361.5
17079.7
1864.4
2003 -- Q1
21042.8
8715.2
6202.4
2027.3
7189.5
4881.2
1474.6
3663.5
10328.6
1080.7
Q2
21615.2
8998.5
6446.2
2060.0
7253.3
4927.6
1517.0
3846.3
10542.4
1123.0
Q3
22014.2
9252.4
6678.1
2082.6
7280.6
4932.8
1541.5
3939.7
10791.1
1091.5
Q4
22420.4
9484.1
6873.4
2102.5
7335.6
4968.4
1567.6
4033.1
10925.3
1253.3
2004 -- Q1
22889.7
9720.9
7073.4
2135.9
7444.0
5009.9
1606.3
4118.6
11134.5
1290.5
Q2
23387.8
9996.6
7323.2
2154.8
7526.3
5027.9
1623.1
4241.8
11394.4
1293.4
Q3
23860.0
10244.2
7553.9
2187.4
7642.2
5078.5
1657.2
4316.5
11636.0
1325.6
Q4
24426.9
10548.6
7815.5
2219.5
7800.4
5172.2
1683.0
4395.0
11920.0
1438.8
2005 -- Q1
24955.9
10789.8
8027.2
2247.0
7938.3
5230.3
1732.2
4495.5
12156.4
1455.3
Q2
25504.4
11090.0
8289.5
2275.6
8105.3
5308.1
1764.7
4544.4
12450.2
1483.6
Q3
26103.3
11401.9
8572.2
2299.8
8270.6
5385.0
1818.7
4612.1
12561.1
1519.6
Q4
26756.1
11716.7
8848.9
2319.8
8482.9
5505.8
1854.7
4701.9
12984.0
1513.9
2006 -- Q1
27401.8
12049.2
9146.7
2336.3
8694.1
5611.6
1878.9
4779.5
13326.3
1566.3
Q2
28022.8
12385.7
9435.4
2360.1
8914.5
5724.8
1912.0
4810.6
13711.8
1614.8
Q3
28539.7
12651.5
9653.1
2385.8
9089.1
5795.0
1950.9
4848.3
13964.2
1764.1
Q4
29151.3
12892.7
9826.3
2415.0
9367.5
5967.7
2005.9
4885.3
14272.4
1882.6
2007 -- Q1
29759.2
13117.3
10022.2
2446.3
9628.8
6109.7
2060.8
4952.2
14774.9
1924.0
Q2
30375.8
13354.2
10212.2
2479.4
9953.6
6317.8
2112.2
4955.8
15148.4
2011.4
Q3
31072.0
13552.0
10335.1
2522.6
10314.4
6564.5
2150.3
5055.3
15783.9
2018.6
Q4
31694.5
13754.0
10485.2
2551.9
10626.3
6757.1
2191.8
5122.3
16191.5
2126.3
2008 -- Q1
32131.5
13861.8
10554.6
2580.7
10832.7
6874.1
2211.5
5225.5
16412.6
2207.6
Q2
32395.8
13869.8
10540.3
2607.1
11005.2
6989.4
2217.7
5303.1
16649.6
2233.6
Q3
33062.1
13859.2
10481.0
2611.2
11144.2
7085.8
2236.0
5822.7
16941.1
2103.9
Q4
33564.9
13795.9
10432.1
2592.1
11172.3
7099.9
2235.1
6361.5
17079.7
1864.4
2009 -- Q1
33932.0
13755.7
10427.2
2570.0
11195.2
7169.6
2259.7
6721.4
17016.3
1909.3
Q2
34310.5
13702.2
10384.4
2539.8
11132.9
7183.8
2280.2
7195.2
16482.7
1957.3
Q3
34551.9
13614.4
10291.9
2519.4
11062.0
7207.4
2309.1
7566.5
16065.3
2030.2
1. Data shown are on an end-of-period basis.
10 Z.1, December 10, 2009
F.1 Total Net Borrowing and Lending in Credit Markets (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2005
2006
2007
2008
2008
2009
Q1
Q2
Q3
Q4
Q1
Q2
Q3
1 Total net borrowing
3560.7
4022.0
4498.8
2629.4
2958.1
2108.6
3315.3
2135.7
-171.7
-428.3
-275.6
1
2 Domestic nonfinancial sectors
2329.2
2398.5
2536.7
1870.4
1748.3
1056.8
2665.5
2011.2
1430.0
1514.1
965.6
2
3 Household sector
1168.1
1176.0
861.3
37.0
431.4
31.8
-62.1
-253.3
-160.7
-214.2
-351.3
3
4 Nonfinancial corporate business
333.7
465.1
783.0
347.7
467.8
461.2
405.6
56.3
240.6
56.8
94.2
4
5 Nonfarm noncorporate business
331.6
408.6
454.8
202.2
380.6
195.8
190.4
42.0
-195.1
-299.9
-368.3
5
6 Farm business
17.3
14.2
14.6
1.1
-22.7
32.8
-20.3
14.5
7.5
-5.8
-9.8
6
7 State and local governments
171.7
151.2
185.9
43.3
78.6
24.8
73.3
-3.5
98.2
82.0
115.9
7
8 Federal government
306.9
183.4
237.1
1239.2
412.7
310.4
2078.5
2155.2
1439.6
1895.3
1484.9
8
9 Rest of the world
113.0
332.6
170.3
-129.5
325.3
103.8
-517.5
-429.8
179.7
192.0
291.4
9
10 Financial sectors
1118.5
1291.0
1791.9
888.5
884.5
947.9
1167.3
554.3
-1781.3
-2134.4
-1532.6
10
11 Commercial banking
85.1
177.4
263.2
161.1
228.8
299.2
259.2
-142.7
-298.7
-42.4
-152.4
11
12 U.S.-chartered commercial banks
36.9
107.5
131.8
79.1
92.0
9.2
512.3
-297.3
-307.7
-59.4
-231.2
12
13 Foreign banking offices in U.S.
0.0
-0.3
0.0
-0.2
-0.6
-0.1
0.0
0.0
0.0
0.0
0.0
13
14 Bank holding companies
48.2
70.2
131.3
82.3
137.4
290.1
-253.1
154.7
9.1
17.0
78.8
14
15 Savings institutions
22.5
-108.2
104.1
-67.1
101.3
-76.2
-203.7
-89.9
-82.9
-336.2
-95.6
15
16 Credit unions
3.3
4.2
13.4
8.3
-15.2
27.6
32.4
-11.6
-41.2
-7.2
-0.8
16
17 Life insurance companies
0.4
2.7
14.5
26.2
9.6
9.2
38.0
48.0
-9.6
-8.0
-12.0
17
18 Government-sponsored enterprises
-84.0
35.6
282.4
271.7
111.7
655.8
202.4
117.0
-254.5
-680.9
-590.3
18
19 Agency- and GSE-backed mortgage pools
167.3
295.4
626.3
497.3
533.8
666.4
503.4
285.5
304.4
555.9
481.1
19
20 ABS issuers
730.2
798.7
335.2
-425.2
-255.1
-454.2
-384.7
-606.6
-617.4
-556.9
-573.6
20
21 Finance companies
33.5
34.8
34.9
-79.4
129.7
0.8
-169.9
-278.0
-168.3
-168.9
-142.5
21
22 REITs
55.4
15.5
10.2
-48.6
-69.8
-24.9
-30.5
-69.2
-34.3
-46.2
-20.1
22
23 Brokers and dealers
0.1
6.4
-4.0
77.7
221.2
-136.7
762.9
-536.4
-159.9
-0.5
7.6
23
24 Funding corporations
104.7
28.3
111.6
466.4
-111.4
-19.0
157.8
1838.3
-419.1
-843.0
-433.9
24
25 Total net lending
3560.7
4022.0
4498.8
2629.4
2958.1
2108.6
3315.3
2135.7
-171.7
-428.3
-275.6
25
26 Domestic nonfinancial sectors
446.1
202.6
455.8
-116.4
-866.2
266.2
438.9
-304.4
330.7
-756.3
775.0
26
27 Household sector
239.3
89.8
479.2
8.6
-508.0
377.0
578.7
-413.2
63.0
-960.5
517.6
27
28 Nonfinancial corporate business
42.3
-11.8
-81.5
-116.9
-294.3
-50.1
-112.3
-10.7
100.5
15.5
-35.0
28
29 Nonfarm noncorporate business
11.4
-0.1
10.0
6.6
11.5
6.7
6.9
1.3
-7.5
-9.0
-13.8
29
30 State and local governments
154.0
118.5
41.5
-101.3
-86.5
-93.2
-65.7
-159.6
-152.5
-191.3
-29.3
30
31 Federal government
-0.9
6.1
6.6
86.5
11.2
25.8
31.2
277.8
327.1
389.1
335.4
31
32 Rest of the world
752.0
973.6
944.0
379.7
523.6
688.4
112.0
194.9
329.5
175.3
56.3
32
33 Financial sectors
2362.6
2845.8
3099.1
2366.1
3300.6
1154.0
2764.5
2245.2
-832.0
152.6
-1106.8
33
34 Monetary authority
26.4
34.7
-38.3
245.4
-416.7
-495.2
1084.4
809.2
751.6
1196.1
1224.2
34
35 Commercial banking
657.1
765.4
754.1
643.8
582.1
223.7
1722.7
46.6
-504.0
-114.9
-853.5
35
36 U.S.-chartered commercial banks
506.6
660.0
535.7
531.1
429.2
192.4
1756.8
-254.0
-131.5
256.1
-696.1
36
37 Foreign banking offices in U.S.
144.5
103.7
201.7
100.7
149.4
-73.4
3.8
322.9
-285.8
-388.0
-167.3
37
38 Bank holding companies
-4.2
3.3
23.1
13.9
4.1
97.7
-36.3
-9.7
-79.8
16.0
4.0
38
39 Banks in U.S.-affiliated areas
10.2
-1.7
-6.4
-1.9
-0.5
7.0
-1.6
-12.6
-6.8
1.0
5.9
39
40 Savings institutions
199.4
-97.9
65.7
-274.7
44.5
14.5
-1211.9
54.2
-3.1
-449.2
-195.2
40
41 Credit unions
36.2
30.1
35.3
40.0
41.7
50.8
45.9
21.4
19.9
47.9
30.0
41
42 Property-casualty insurance companies
66.9
47.7
26.4
-16.4
-13.0
-6.3
-34.6
-11.6
1.3
46.1
17.3
42
43 Life insurance companies
110.3
75.6
82.4
10.7
109.6
48.5
-69.4
-46.0
191.0
89.0
90.4
43
44 Private pension funds
45.3
58.4
102.4
90.7
59.4
82.6
72.6
148.3
86.0
30.8
11.0
44
45 State and local govt. retirement funds
18.1
132.0
30.2
-4.5
7.3
-5.7
-7.2
-12.6
-26.7
-15.3
-8.1
45
46 Federal government retirement funds
7.7
8.4
11.7
24.2
40.1
7.9
28.0
20.8
16.8
1.0
4.2
46
47 Money market mutual funds
-5.5
220.0
375.6
738.6
1273.0
123.0
-10.3
1568.6
-325.7
-480.0
-1025.7
47
48 Mutual funds
124.1
184.9
271.1
73.3
203.4
404.3
-66.7
-247.7
159.9
469.1
459.4
48
49 Closed-end funds
2.2
6.0
-1.2
-39.7
-21.6
-23.4
-42.4
-71.3
0.4
17.4
14.0
49
50 Exchange-traded funds
6.8
5.7
13.3
23.0
19.5
22.5
27.6
22.1
48.1
45.9
44.0
50
51 Government-sponsored enterprises
-69.1
46.6
239.0
239.1
409.9
459.8
132.2
-45.7
-164.6
-377.7
-393.0
51
52 Agency- and GSE-backed mortgage pools
167.3
295.4
626.3
497.3
533.8
666.4
503.4
285.5
304.4
555.9
481.1
52
53 ABS issuers
733.7
790.8
332.3
-408.6
-281.5
-401.3
-341.9
-609.8
-579.4
-522.6
-533.6
53
54 Finance companies
64.7
71.0
16.6
-72.3
153.5
-25.5
-93.1
-324.2
-130.1
-178.3
-187.3
54
55 REITs
41.0
26.1
-21.2
-63.9
-82.5
-2.8
-54.0
-116.1
-1.4
31.4
1.8
55
56 Brokers and dealers
82.3
106.2
219.7
-85.7
122.6
-400.2
373.6
-438.7
-607.3
314.6
-369.6
56
57 Funding corporations
47.8
38.7
-42.6
705.9
515.4
410.7
705.6
1192.1
-69.1
-554.7
81.6
57
(1) Excludes corporate equities and mutual fund shares.
Z.1, December 10, 2009 11
F.2 Credit Market Borrowing by Nonfinancial Sectors
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2005
2006
2007
2008
2008
2009
Q1
Q2
Q3
Q4
Q1
Q2
Q3
1 Domestic
2329.2
2398.5
2536.7
1870.4
1748.3
1056.8
2665.5
2011.2
1430.0
1514.1
965.6
1
2 By instrument
2329.2
2398.5
2536.7
1870.4
1748.3
1056.8
2665.5
2011.2
1430.0
1514.1
965.6
2
3 Commercial paper
-7.7
22.4
11.3
7.7
42.9
-77.3
62.8
2.2
-151.9
-145.9
-11.0
3
4 Treasury securities
307.3
183.7
237.5
1239.0
411.4
310.1
2080.2
2154.2
1442.8
1896.4
1481.2
4
5 Agency- and GSE-backed securities
-0.4
-0.3
-0.4
0.2
1.3
0.3
-1.7
1.0
-3.2
-1.1
3.7
5
6 Municipal securities
195.0
177.4
215.6
65.4
95.5
61.2
98.2
6.9
120.5
117.3
158.6
6
7 Corporate bonds
56.7
215.6
311.2
204.6
181.0
354.9
92.4
190.1
579.2
395.9
262.0
7
8 Bank loans n.e.c.
134.5
175.3
240.2
192.6
256.2
85.6
368.0
60.6
-353.1
-297.3
-282.0
8
9 Other loans and advances
120.1
142.4
318.4
40.6
114.4
95.1
83.0
-130.0
-50.9
-48.5
-20.2
9
10 Mortgages
1423.6
1386.7
1066.0
80.2
530.6
121.5
-134.2
-197.3
-64.8
-282.0
-545.2
10
11 Home
1108.6
1059.8
695.7
-115.7
272.9
-113.3
-328.4
-293.8
-61.6
-225.5
-452.9
11
12 Multifamily residential
70.9
55.1
103.0
58.8
70.4
69.8
59.6
35.3
2.0
1.6
-5.2
12
13 Commercial
235.0
268.5
262.7
119.1
169.4
147.2
116.5
43.1
-7.4
-60.3
-89.3
13
14 Farm
9.1
3.3
4.6
18.0
17.9
17.9
18.1
18.1
2.1
2.2
2.2
14
15 Consumer credit
100.3
95.3
136.9
40.2
115.0
105.4
16.6
-76.4
-88.7
-120.8
-81.6
15
16 By sector
2329.2
2398.5
2536.7
1870.4
1748.3
1056.8
2665.5
2011.2
1430.0
1514.1
965.6
16
17 Household sector
1168.1
1176.0
861.3
37.0
431.4
31.8
-62.1
-253.3
-160.7
-214.2
-351.3
17
18 Nonfinancial business
682.5
887.9
1252.3
551.0
825.6
689.9
575.7
112.8
52.9
-248.9
-283.9
18
19 Corporate
333.7
465.1
783.0
347.7
467.8
461.2
405.6
56.3
240.6
56.8
94.2
19
20 Nonfarm noncorporate
331.6
408.6
454.8
202.2
380.6
195.8
190.4
42.0
-195.1
-299.9
-368.3
20
21 Farm
17.3
14.2
14.6
1.1
-22.7
32.8
-20.3
14.5
7.5
-5.8
-9.8
21
22 State and local governments
171.7
151.2
185.9
43.3
78.6
24.8
73.3
-3.5
98.2
82.0
115.9
22
23 Federal government
306.9
183.4
237.1
1239.2
412.7
310.4
2078.5
2155.2
1439.6
1895.3
1484.9
23
24 Foreign borrowing in U.S.
113.0
332.6
170.3
-129.5
325.3
103.8
-517.5
-429.8
179.7
192.0
291.4
24
25 Commercial paper
38.6
98.4
-69.3
-71.0
212.0
41.7
-276.4
-261.5
63.1
-23.5
200.3
25
26 Bonds
64.5
227.8
218.7
-62.1
79.9
73.2
-261.8
-139.7
137.5
220.7
99.0
26
27 Bank loans n.e.c.
14.5
13.8
24.1
5.1
35.4
-9.0
21.5
-27.4
-19.4
-6.0
-8.2
27
28 Other loans and advances
-4.6
-7.4
-3.2
-1.5
-2.0
-2.1
-0.8
-1.3
-1.5
0.7
0.3
28
29 Domestic and foreign
2442.3
2731.1
2707.0
1740.9
2073.6
1160.7
2148.0
1581.4
1609.6
1706.1
1257.0
29
F.3 Credit Market Borrowing by Financial Sectors
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1 By instrument
1118.5
1291.0
1791.9
888.5
884.5
947.9
1167.3
554.3
-1781.3
-2134.4
-1532.6
1
2 Open market paper
214.2
196.3
-111.4
-125.6
-231.5
-232.6
-380.6
342.3
-573.7
-565.8
-430.5
2
3 GSE issues
-84.0
35.6
282.4
271.7
111.7
655.8
202.4
117.0
-254.5
-680.9
-590.3
3
4 Agency- and GSE-backed mortgage pool sec.
167.3
295.4
626.3
497.3
533.8
666.4
503.4
285.5
304.4
555.9
481.1
4
5 Corporate bonds
743.8
798.2
693.3
-291.1
83.6
-109.7
-540.4
-597.7
-431.0
-448.0
-227.7
5
6 Bank loans n.e.c.
18.8
-62.3
70.9
496.1
180.8
10.2
986.6
806.7
-484.1
-627.9
-511.6
6
7 Other loans and advances
44.4
21.2
225.8
33.3
185.7
-39.6
390.0
-402.9
-348.0
-377.2
-251.5
7
8 Mortgages
14.1
6.6
4.7
6.8
20.4
-2.6
5.9
3.4
5.6
9.5
-2.1
8
9 By sector
1118.5
1291.0
1791.9
888.5
884.5
947.9
1167.3
554.3
-1781.3
-2134.4
-1532.6
9
10 Commercial banking
85.1
177.4
263.2
161.1
228.8
299.2
259.2
-142.7
-298.7
-42.4
-152.4
10
11 U.S.-chartered commercial banks
36.9
107.5
131.8
79.1
92.0
9.2
512.3
-297.3
-307.7
-59.4
-231.2
11
12 Foreign banking offices in U.S.
0.0
-0.3
0.0
-0.2
-0.6
-0.1
0.0
0.0
0.0
0.0
0.0
12
13 Bank holding companies
48.2
70.2
131.3
82.3
137.4
290.1
-253.1
154.7
9.1
17.0
78.8
13
14 Savings institutions
22.5
-108.2
104.1
-67.1
101.3
-76.2
-203.7
-89.9
-82.9
-336.2
-95.6
14
15 Credit unions
3.3
4.2
13.4
8.3
-15.2
27.6
32.4
-11.6
-41.2
-7.2
-0.8
15
16 Life insurance companies
0.4
2.7
14.5
26.2
9.6
9.2
38.0
48.0
-9.6
-8.0
-12.0
16
17 Government-sponsored enterprises
-84.0
35.6
282.4
271.7
111.7
655.8
202.4
117.0
-254.5
-680.9
-590.3
17
18 Agency- and GSE-backed mortgage pools
167.3
295.4
626.3
497.3
533.8
666.4
503.4
285.5
304.4
555.9
481.1
18
19 ABS issuers
730.2
798.7
335.2
-425.2
-255.1
-454.2
-384.7
-606.6
-617.4
-556.9
-573.6
19
20 Finance companies
33.5
34.8
34.9
-79.4
129.7
0.8
-169.9
-278.0
-168.3
-168.9
-142.5
20
21 REITs
55.4
15.5
10.2
-48.6
-69.8
-24.9
-30.5
-69.2
-34.3
-46.2
-20.1
21
22 Brokers and dealers
0.1
6.4
-4.0
77.7
221.2
-136.7
762.9
-536.4
-159.9
-0.5
7.6
22
23 Funding corporations
104.7
28.3
111.6
466.4
-111.4
-19.0
157.8
1838.3
-419.1
-843.0
-433.9
23
12 Z.1, December 10, 2009
F.4 Credit Market Borrowing, All Sectors, by Instrument
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2005
2006
2007
2008
2008
2009
Q1
Q2
Q3
Q4
Q1
Q2
Q3
1 Total
3560.7
4022.0
4498.8
2629.4
2958.1
2108.6
3315.3
2135.7
-171.7
-428.3
-275.6
1
2 Open market paper
245.1
317.1
-169.4
-189.0
23.4
-268.2
-594.2
83.0
-662.5
-735.2
-241.2
2
3 Treasury securities
307.3
183.7
237.5
1239.0
411.4
310.1
2080.2
2154.2
1442.8
1896.4
1481.2
3
4 Agency- and GSE-backed securities
82.8
330.6
908.3
769.2
646.7
1322.5
704.1
403.5
46.7
-126.1
-105.5
4
5 Municipal securities
195.0
177.4
215.6
65.4
95.5
61.2
98.2
6.9
120.5
117.3
158.6
5
6 Corporate and foreign bonds
865.0
1241.6
1223.2
-148.6
344.5
318.3
-709.7
-547.3
285.7
168.6
133.3
6
7 Bank loans n.e.c.
167.8
126.8
335.1
693.8
472.4
86.8
1376.1
839.9
-856.6
-931.1
-801.7
7
8 Other loans and advances
159.8
156.2
541.0
72.4
298.1
53.5
472.2
-534.2
-400.5
-424.9
-271.3
8
9 Mortgages
1437.7
1393.3
1070.7
87.0
551.1
118.9
-128.3
-193.9
-59.2
-272.5
-547.3
9
10 Consumer credit
100.3
95.3
136.9
40.2
115.0
105.4
16.6
-76.4
-88.7
-120.8
-81.6
10
Memo:
Funds raised through corporate equities and mutual fund shares
11 Total net issues
182.3
-33.9
-99.0
340.7
194.0
872.3
-209.8
506.4
346.6
1267.2
1052.0
11
12 Corporate equities
-77.9
-370.7
-463.7
309.8
29.4
280.0
-8.4
938.1
445.0
495.6
342.8
12
13 Nonfinancial
-343.1
-567.7
-790.1
-335.1
-431.8
-218.7
-342.0
-347.8
-122.7
133.4
91.3
13
Foreign shares purchased by
14 U.S. residents
186.7
137.3
147.8
1.3
111.6
89.1
-55.0
-140.4
7.3
148.9
120.0
14
15 Financial
78.5
59.7
178.6
643.5
349.6
409.6
388.5
1426.2
560.3
213.3
131.6
15
16 Mutual fund shares
260.2
336.8
364.7
31.0
164.5
592.4
-201.4
-431.6
-98.4
771.6
709.2
16
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
Net flows through credit markets
1 (from table F.4, line 1)
3560.7
4022.0
4498.8
2629.4
2958.1
2108.6
3315.3
2135.7
-171.7
-428.3
-275.6
1
2 Official foreign exchange
-9.6
-2.6
-0.0
4.7
1.0
5.0
0.6
12.4
3.9
14.5
12.5
2
3 SDR certificates
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
12.0
3
4 Treasury currency
0.8
0.6
-0.7
-0.8
-0.9
-0.5
-1.2
-0.8
-0.0
-0.0
-1.0
4
5 Foreign deposits
40.8
87.2
264.1
-352.9
-435.1
-413.0
-294.7
-268.8
-273.4
-340.6
-125.9
5
6 Net interbank transactions
-12.4
-11.3
-97.5
1817.6
-107.3
391.0
1684.7
5302.0
-1013.1
-2025.7
689.4
6
7 Checkable deposits and currency
4.4
-19.9
36.7
568.4
26.5
-13.0
1757.1
502.9
-474.4
407.0
38.7
7
8 Small time and savings deposits
314.4
347.0
316.4
524.8
462.9
286.1
490.5
859.6
497.0
232.8
804.3
8
9 Large time deposits
284.4
261.2
283.4
-190.6
364.7
-194.8
-172.0
-760.3
-92.3
-41.3
-558.0
9
10 Money market fund shares
127.0
305.3
720.9
724.2
1565.9
-145.8
82.4
1394.3
100.3
-497.9
-961.7
10
11 Security RPs
307.6
403.0
9.8
-882.9
-72.1
-1052.7
-1014.9
-1392.0
-764.1
913.6
155.0
11
12 Corporate equities
-77.9
-370.7
-463.7
309.8
29.4
280.0
-8.4
938.1
445.0
495.6
342.8
12
13 Mutual fund shares
260.2
336.8
364.7
31.0
164.5
592.4
-201.4
-431.6
-98.4
771.6
709.2
13
14 Trade payables
340.8
189.1
202.2
-110.4
121.5
-60.8
-105.5
-396.8
-114.5
-124.5
-204.3
14
15 Security credit
0.2
211.5
276.5
-397.9
433.0
-309.0
485.5
-2201.3
-492.0
-51.8
46.6
15
16 Life insurance reserves
16.1
65.6
34.2
67.0
36.2
52.9
83.0
96.0
72.4
13.1
23.6
16
17 Pension fund reserves
253.3
234.1
172.1
79.6
-0.6
120.4
48.5
150.2
63.5
66.2
64.8
17
18 Taxes payable
2.2
15.6
-69.3
-128.2
-24.9
-149.3
-81.8
-256.9
-39.2
34.3
93.3
18
19 Noncorporate proprietors’ equity
-86.3
-12.6
-45.1
-11.5
-61.8
6.9
-24.8
33.8
51.5
-13.6
37.6
19
20 Miscellaneous
1246.2
1823.3
2455.2
2258.2
2894.4
1360.2
2062.1
2715.9
-17.9
-298.9
-392.9
20
21 Total financial sources
6573.1
7885.2
8958.8
6939.3
8355.5
2864.4
8104.9
8432.5
-2317.7
-873.8
510.5
21
- Liabilities not identified as assets:
22 Treasury currency
0.7
-1.1
-1.2
-0.8
-0.9
-0.5
-1.2
-0.8
-14.4
-0.7
-1.5
22
23 Foreign deposits
15.3
103.8
204.2
-314.0
-486.5
-247.2
-327.4
-194.9
-24.4
-437.8
-153.6
23
24 Net interbank liabilities
-3.6
-1.9
1.8
30.6
0.3
-25.1
-77.3
224.3
49.8
137.1
-94.9
24
25 Security RPs
89.8
199.5
-334.4
-300.6
-202.8
-501.2
-717.1
218.7
-648.1
1481.8
48.3
25
26 Taxes payable
-38.7
10.5
-40.9
-38.8
54.3
-18.9
-5.3
-185.1
-44.9
-77.6
35.4
26
27 Miscellaneous
-103.0
-623.4
-28.1
684.9
341.5
113.6
492.4
1792.2
744.4
-530.9
95.7
27
- Floats not included in assets:
28 Checkable deposits: Federal govt.
-6.6
-3.0
1.2
-3.3
19.6
-9.2
-1.0
-22.4
19.5
5.0
-10.2
28
29 Other
-0.9
-0.5
-1.0
2.3
12.6
-7.2
6.4
-2.5
1.4
-0.6
-0.8
29
30 Trade credit
-30.4
145.7
-51.8
-33.7
-0.7
18.4
-41.7
-110.8
254.9
111.3
110.7
30
Totals identified to sectors
31 as assets
6650.4
8055.6
9209.0
6912.7
8618.2
3541.7
8777.2
6713.8
-2656.0
-1561.4
481.4
31
Z.1, December 10, 2009 13
F.6 Distribution of Gross Domestic Product (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2005
2006
2007
2008
2008
2009
Q1
Q2
Q3
Q4
Q1
Q2
Q3
1 Gross Domestic Product (GDP)
12638.4
13398.9
14077.6
14441.4
14373.9
14497.8
14546.7
14347.3
14178.0
14151.2
14266.3
1
2 Personal consumption expenditures (2)
8819.0
9322.7
9826.4
10129.9
10095.1
10194.7
10220.1
10009.8
9987.7
9999.3
10140.1
2
3 Durable goods
1105.5
1133.0
1160.5
1095.2
1145.8
1126.5
1088.5
1019.9
1025.2
1011.5
1050.6
3
4 Nondurable goods
1968.4
2088.7
2204.5
2308.0
2301.4
2348.4
2374.5
2207.6
2172.4
2182.2
2242.1
4
5 Services
5745.1
6100.9
6461.4
6726.8
6647.9
6719.8
6757.1
6782.3
6790.0
6805.6
6847.4
5
6 Gross private domestic investment
2172.2
2327.2
2288.5
2136.1
2214.8
2164.6
2142.7
2022.1
1689.9
1561.5
1569.5
6
7 Fixed investment
2122.3
2267.2
2269.1
2170.8
2223.0
2214.0
2179.7
2066.6
1817.2
1737.7
1719.7
7
8 Nonresidential
1347.3
1505.3
1640.2
1693.6
1705.0
1719.7
1711.0
1638.7
1442.6
1391.8
1360.4
8
9 Household sector (nonprofit organizations)
93.0
99.3
106.7
111.5
111.1
112.8
112.8
109.2
95.6
91.4
88.4
9
10 Nonfinancial corporate business
943.4
1074.1
1158.2
1201.7
1206.1
1218.7
1214.9
1167.0
1029.7
993.7
971.3
10
11 Nonfarm noncorporate business
119.5
134.1
149.5
155.6
160.9
159.7
156.0
145.6
125.8
120.8
117.9
11
12 Farm business
36.2
35.1
36.8
39.1
39.0
39.6
39.7
38.0
33.8
33.0
32.8
12
13 Financial institutions
155.3
162.7
189.0
185.8
187.9
188.9
187.6
178.9
157.9
152.9
150.1
13
14 Residential
774.9
761.9
629.0
477.2
518.1
494.2
468.6
427.8
374.6
345.9
359.3
14
15 Household sector
681.9
670.1
541.9
401.1
436.0
415.5
393.7
359.1
313.6
289.2
300.7
15
16 Nonfinancial corporate business
4.1
3.2
15.7
5.6
5.5
4.6
5.1
7.2
3.5
4.8
5.3
16
17 Nonfarm noncorporate business
86.4
85.0
80.7
70.5
76.0
72.9
69.3
63.6
56.5
52.5
54.3
17
18 REITs
2.5
3.5
-9.3
0.1
0.7
1.2
0.4
-2.0
1.1
-0.6
-0.9
18
19 Change in private inventories
50.0
60.0
19.4
-34.8
-8.2
-49.3
-37.0
-44.5
-127.4
-176.2
-150.1
19
20 Nonfinancial corporate business
47.3
60.4
19.0
-26.3
5.4
-43.8
-27.9
-38.8
-119.8
-168.0
-143.7
20
21 Nonfarm noncorporate business
2.5
3.2
1.0
-1.4
0.3
-2.3
-1.5
-2.0
-6.3
-8.8
-7.6
21
22 Farm business
0.1
-3.6
-0.6
-7.1
-13.9
-3.2
-7.5
-3.7
-1.3
0.6
1.1
22
23 Net U.S. exports of goods and services
-722.7
-769.3
-713.8
-707.8
-744.4
-738.7
-757.5
-590.5
-378.5
-339.1
-402.1
23
24 Exports
1305.1
1471.0
1655.9
1831.1
1803.6
1901.5
1913.1
1706.2
1509.3
1493.7
1571.7
24
25 - Imports
2027.8
2240.3
2369.7
2538.9
2548.1
2640.2
2670.5
2296.7
1887.9
1832.8
1973.7
25
Government consumption expenditures and
26 gross investment
2369.9
2518.4
2676.5
2883.2
2808.4
2877.1
2941.4
2905.9
2879.0
2929.4
2958.7
26
27 Consumption expenditures (3)
1977.9
2093.3
2214.9
2386.9
2332.5
2381.5
2436.4
2397.1
2378.6
2409.0
2432.2
27
28 Federal
765.8
811.0
848.8
934.4
903.2
923.2
956.0
955.4
954.2
979.1
1001.6
28
29 State and local
1212.0
1282.3
1366.1
1452.4
1429.3
1458.3
1480.4
1441.7
1424.4
1429.9
1430.6
29
30 Gross investment (3)
392.0
425.1
461.6
496.3
475.9
495.5
505.0
508.9
500.4
520.4
526.5
30
31 Federal
110.5
120.7
127.9
148.2
135.1
146.3
152.4
158.9
152.4
159.2
163.5
31
32 State and local
281.6
304.4
333.7
348.2
340.8
349.2
352.7
350.0
347.9
361.3
363.0
32
Memo:
33 Net U.S. income receipts from rest of the world
97.1
72.4
115.7
141.9
171.0
128.9
160.8
107.0
99.9
92.6
127.6
33
34 U.S. income receipts
573.0
721.1
861.8
809.2
856.3
840.5
825.6
714.4
579.6
571.3
581.1
34
35 - U.S. income payments
475.9
648.6
746.0
667.3
685.3
711.6
664.8
607.4
479.7
478.6
453.5
35
Gross National Product (GNP) =
36 GDP + net U.S. income receipts
12735.5
13471.3
14193.3
14583.3
14544.9
14626.6
14707.5
14454.3
14277.9
14243.8
14393.9
36
Acquisition of nonproduced nonfinancial assets (net)
37 Nonfinancial corporate business
-8.1
4.4
-10.1
8.9
-2.9
13.6
-3.6
28.3
16.6
-7.9
-12.5
37
38 State and local governments
10.3
11.1
13.1
12.9
13.1
12.9
12.9
12.9
13.1
13.2
13.5
38
39 Federal governments
-0.5
-13.3
-1.3
-19.2
-7.7
-23.9
-6.6
-38.4
-26.9
-2.6
1.8
39
40 Rest of the world
-1.7
-2.2
-1.8
-2.7
-2.5
-2.7
-2.7
-2.8
-2.8
-2.7
-2.7
40
(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.
14 Z.1, December 10, 2009
F.7 Distribution of National Income (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2005
2006
2007
2008
2008
2009
Q1
Q2
Q3
Q4
Q1
Q2
Q3
1 National Income
11273.8
12031.2
12448.2
12635.2
12661.5
12664.4
12781.0
12433.9
12208.9
12218.1
12351.5
1
2 Compensation of employees
7065.0
7477.0
7856.5
8037.4
8017.5
8032.8
8069.1
8030.3
7825.8
7815.9
7837.7
2
3 Wages and other labor income
6632.6
7029.0
7401.9
7569.8
7547.0
7560.9
7594.4
7576.7
7345.6
7355.2
7375.8
3
4 Employer social insurance contributions
427.5
446.7
460.8
472.7
470.5
471.8
474.7
473.6
460.2
460.8
461.9
4
5 Wage accruals less disbursements
5.0
1.3
-6.3
-5.0
0.0
0.0
0.0
-20.0
20.0
0.0
0.0
5
Proprietors’ income with inventory
6 valuation and capital consumption adjustments
1069.8
1133.0
1096.3
1106.3
1115.2
1111.9
1114.4
1083.6
1037.8
1028.0
1038.8
6
7 Nonfarm
1025.9
1103.6
1056.9
1057.5
1057.9
1062.5
1065.1
1044.5
1010.5
999.1
1011.0
7
8 Farm
43.9
29.3
39.4
48.7
57.2
49.4
49.3
39.0
27.3
28.9
27.8
8
Rental income of persons (with capital
9 consumption adjustment)
178.2
146.5
144.9
210.4
179.9
202.8
222.2
236.7
245.9
262.0
279.0
9
Corporate profits with inventory
10 valuation and capital consumption adjustments
1456.1
1608.3
1541.7
1360.4
1459.7
1403.7
1454.6
1123.6
1182.7
1226.5
1356.5
10
Corporate profits with inventory
11 valuation adjustment
1609.5
1784.7
1730.4
1424.5
1512.9
1463.8
1522.2
1199.3
1327.6
1355.1
1475.9
11
12 Profits before tax
1640.2
1822.7
1774.4
1462.7
1620.8
1593.5
1576.6
1060.1
1246.5
1337.1
1493.3
12
13 Domestic nonfinancial
954.1
1115.1
1056.4
805.0
850.0
894.1
880.7
595.0
675.1
753.9
794.4
13
14 Farm
3.0
2.8
2.4
1.7
1.6
1.5
1.3
2.4
1.8
1.3
0.8
14
15 Rest of the world
239.4
256.8
347.8
377.2
412.3
367.0
397.2
332.4
315.8
301.2
321.3
15
16 Domestic financial
443.6
448.0
367.8
278.9
357.0
330.8
297.5
130.3
253.9
280.7
376.8
16
Less:
17 Taxes on corporate income
412.4
473.3
451.5
292.2
323.2
317.5
304.8
223.3
270.3
305.9
312.6
17
18 Domestic nonfinancial
271.0
306.9
298.6
237.2
255.2
262.4
253.9
177.3
197.4
216.4
217.9
18
19 Farm
0.9
0.7
0.7
0.6
0.7
0.7
0.6
0.5
0.6
0.6
0.6
19
20 Domestic financial
140.5
165.6
152.2
54.4
67.3
54.4
50.3
45.5
72.4
89.0
94.1
20
Equals:
21 Profits after tax
1227.8
1349.5
1322.8
1170.6
1297.6
1276.0
1271.9
836.8
976.1
1031.1
1180.7
21
22 Net dividends
557.3
704.8
767.8
689.9
719.4
693.7
676.6
669.9
618.1
556.0
543.3
22
23 Domestic nonfinancial
168.0
465.8
462.2
406.8
406.2
392.7
380.9
447.4
370.9
360.7
330.7
23
24 Farm
2.9
5.3
3.0
2.5
2.6
2.5
2.5
2.4
2.2
2.0
2.0
24
25 Rest of the world
260.9
77.9
126.2
146.6
170.9
163.8
161.8
90.0
102.8
100.5
146.3
25
26 Domestic financial
125.6
155.7
176.4
134.0
139.7
134.7
131.4
130.1
142.2
92.8
64.3
26
27 Undistributed profits
670.5
644.7
555.1
480.7
578.2
582.3
595.3
166.9
358.0
475.1
637.4
27
28 Domestic nonfinancial
515.1
342.3
295.6
160.9
188.5
239.0
245.9
-29.7
106.8
176.9
245.8
28
29 Farm
-0.7
-3.2
-1.3
-1.4
-1.7
-1.7
-1.7
-0.5
-1.0
-1.4
-1.9
29
30 Rest of the world
-21.4
178.9
221.6
230.6
241.4
203.2
235.3
242.4
212.9
200.7
175.0
30
31 Domestic financial
177.4
126.6
39.2
90.6
150.0
141.8
115.8
-45.3
39.3
98.9
218.5
31
32 Inventory valuation adjustment
-30.7
-38.0
-44.0
-38.2
-107.9
-129.6
-54.5
139.2
81.1
18.1
-17.4
32
33 Capital consumption adjustment
-153.4
-176.4
-188.7
-64.1
-53.2
-60.1
-67.6
-75.6
-144.9
-128.6
-119.4
33
34 Domestic nonfinancial
-128.8
-156.0
-167.9
-56.8
-47.0
-53.2
-60.0
-67.2
-128.7
-114.2
-105.8
34
35 Farm
-0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
35
36 Domestic financial
-24.6
-20.4
-20.8
-7.3
-6.3
-6.9
-7.6
-8.4
-16.1
-14.4
-13.5
36
37 Net interest and miscellaneous payments
543.1
652.2
739.2
815.1
790.7
809.0
806.1
854.7
826.2
784.4
763.8
37
38 Taxes on production and imports
930.2
986.8
1028.7
1047.3
1042.5
1050.8
1058.5
1037.3
1018.8
1019.6
1025.4
38
39 Less: Subsidies
60.9
51.4
54.8
53.5
53.1
52.9
52.9
55.2
55.5
54.9
67.9
39
40 Business current transfer payments (net)
95.9
83.0
102.2
118.8
114.8
112.6
116.0
131.8
137.9
145.4
124.5
40
41 Current surplus of government enterprises
-3.5
-4.2
-6.6
-6.9
-5.6
-6.3
-6.9
-8.9
-10.7
-8.8
-6.3
41
Memo:
Calculation of Gross Domestic Product
from National Income: (2)
42 National Income, from line 1 above
11273.8
12031.2
12448.2
12635.2
12661.5
12664.4
12781.0
12433.9
12208.9
12218.1
12351.5
42
Plus:
43 Private consumption of fixed capital
1290.8
1391.4
1469.6
1536.2
1510.6
1527.0
1544.4
1562.6
1561.3
1540.5
1526.4
43
44 Government consumption of fixed capital
250.6
269.3
290.4
310.9
303.0
308.5
313.8
318.4
322.3
323.5
325.3
44
45 Statistical discrepancy
-79.7
-220.6
-14.8
101.0
69.8
126.7
68.3
139.4
185.4
161.7
190.7
45
Less:
46 Net U.S. income receipts from rest of the world
97.1
72.4
115.7
141.9
171.0
128.9
160.8
107.0
99.9
92.6
127.6
46
Equals:
47 Gross Domestic Product
12638.4
13398.9
14077.6
14441.4
14373.9
14497.8
14546.7
14347.3
14178.0
14151.2
14266.3
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.
Z.1, December 10, 2009 15
F.8 Saving and Investment (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2005
2006
2007
2008
2008
2009
Q1
Q2
Q3
Q4
Q1
Q2
Q3
1 Gross saving
1903.4
2174.4
2040.2
1824.1
1903.5
1780.1
1842.4
1770.5
1595.3
1530.7
1482.5
1
2 Net saving
362.0
513.7
280.2
-23.0
89.9
-55.5
-15.8
-110.5
-288.3
-333.3
-369.2
2
3 Net private saving
619.1
666.5
495.0
659.8
543.4
767.0
709.0
619.7
717.4
960.2
990.6
3
4 Personal saving
127.7
235.0
178.9
286.4
126.3
374.4
235.7
409.2
403.1
595.7
489.9
4
5 Undistributed corporate profits w/IVA & CCA
486.4
430.3
322.4
378.3
417.1
392.6
473.2
230.5
294.2
364.5
500.6
5
6 Undistributed profits
670.5
644.7
555.1
480.7
578.2
582.3
595.3
166.9
358.0
475.1
637.4
6
7 Inventory valuation adjustment
-30.7
-38.0
-44.0
-38.2
-107.9
-129.6
-54.5
139.2
81.1
18.1
-17.4
7
8 Capital consumption adjustment
-153.4
-176.4
-188.7
-64.1
-53.2
-60.1
-67.6
-75.6
-144.9
-128.6
-119.4
8
9 Wage accruals less disbursements
5.0
1.3
-6.3
-5.0
0.0
0.0
0.0
-20.0
20.0
0.0
0.0
9
10 Net government saving
-257.1
-152.7
-214.8
-682.7
-453.5
-822.5
-724.8
-730.2
-1005.7
-1293.5
-1359.8
10
11 Federal
-283.0
-203.8
-236.5
-642.6
-433.5
-796.9
-665.7
-674.1
-969.1
-1268.9
-1342.8
11
12 State and local
25.9
51.0
21.7
-40.2
-20.1
-25.5
-59.0
-56.1
-36.6
-24.6
-16.9
12
13 Consumption of fixed captal
1541.4
1660.7
1760.0
1847.1
1813.6
1835.6
1858.2
1881.0
1883.6
1864.0
1851.7
13
14 Private
1290.8
1391.4
1469.6
1536.2
1510.6
1527.0
1544.4
1562.6
1561.3
1540.5
1526.4
14
15 Domestic business
1045.7
1123.3
1188.5
1252.3
1228.1
1244.1
1260.3
1276.8
1277.0
1259.4
1247.6
15
16 Households and institutions
245.1
268.1
281.1
283.9
282.6
282.9
284.0
285.8
284.4
281.1
278.8
16
17 Government
250.6
269.3
290.4
310.9
303.0
308.5
313.8
318.4
322.3
323.5
325.3
17
18 Federal
100.4
106.6
112.6
119.8
117.2
119.6
121.0
121.2
122.5
124.0
126.1
18
19 State and local
150.1
162.7
177.9
191.2
185.8
188.9
192.8
197.2
199.8
199.5
199.2
19
Gross domestic investment, capital account
20 transactions, and net lending, NIPAs
1823.7
1953.8
2025.4
1925.2
1973.2
1906.8
1910.6
1909.9
1780.8
1692.4
1673.2
20
21 Gross domestic investment
2564.2
2752.2
2750.0
2632.4
2690.7
2660.2
2647.8
2530.9
2190.3
2082.0
2096.1
21
22 Gross private domestic investment
2172.2
2327.2
2288.5
2136.1
2214.8
2164.6
2142.7
2022.1
1689.9
1561.5
1569.5
22
23 Fixed investment
2122.3
2267.2
2269.1
2170.8
2223.0
2214.0
2179.7
2066.6
1817.2
1737.7
1719.7
23
24 Nonresidential
1347.3
1505.3
1640.2
1693.6
1705.0
1719.7
1711.0
1638.7
1442.6
1391.8
1360.4
24
25 Residential
774.9
761.9
629.0
477.2
518.1
494.2
468.6
427.8
374.6
345.9
359.3
25
26 Change in private inventories
50.0
60.0
19.4
-34.8
-8.2
-49.3
-37.0
-44.5
-127.4
-176.2
-150.1
26
27 Gross government investment
392.0
425.1
461.6
496.3
475.9
495.5
505.0
508.9
500.4
520.4
526.5
27
28 Capital account transactions (net)
-11.1
4.2
2.2
-0.4
2.8
3.0
-11.6
4.0
3.1
3.0
3.1
28
29 Net lending or net borrowing (-), NIPAs
-729.5
-802.6
-726.8
-706.8
-720.3
-756.4
-725.5
-625.1
-412.6
-392.5
-426.0
29
30 Statistical discrepancy (line 20 less line 1)
-79.7
-220.6
-14.8
101.0
69.8
126.7
68.3
139.4
185.4
161.7
190.7
30
Addenda:
31 Disaster losses
110.4
0.0
0.0
17.4
0.0
0.0
69.6
0.0
0.0
0.0
0.0
31
32 Private
99.2
0.0
0.0
17.4
0.0
0.0
69.6
0.0
0.0
0.0
0.0
32
33 Domestic business
48.8
0.0
0.0
9.9
0.0
0.0
39.8
0.0
0.0
0.0
0.0
33
34 Households and institutions
50.4
0.0
0.0
7.5
0.0
0.0
29.8
0.0
0.0
0.0
0.0
34
35 Government
11.2
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
35
36 Federal
0.5
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
36
37 State and local
10.7
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
37
(1) This table corresponds to NIPA table 5.1 in the Survey of Current Business, Department of Commerce.
16 Z.1, December 10, 2009
F.9 Net Capital Transfers (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2005
2006
2007
2008
2008
2009
Q1
Q2
Q3
Q4
Q1
Q2
Q3
1 Capital transfers paid, by sector
165.7
103.6
114.7
207.2
121.8
125.4
185.2
396.5
342.0
265.8
194.1
1
2 By private business
28.9
0.0
0.0
8.0
0.0
0.0
31.8
0.0
0.0
0.0
0.0
2
3 Financial corporations
28.9
0.0
0.0
8.0
0.0
0.0
31.8
0.0
0.0
0.0
0.0
3
4 Disaster-related insurance benefits
28.9
0.0
0.0
8.0
0.0
0.0
31.8
0.0
0.0
0.0
0.0
4
5 Other
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
5
6 Nonfinancial corporations
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
6
7 Noncorporate business
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
7
8 By government
91.2
70.5
82.8
161.6
87.2
90.0
105.0
364.2
311.2
234.5
162.3
8
9 Federal
84.8
70.5
82.8
161.6
87.2
90.0
105.0
364.2
311.2
234.5
162.3
9
10 Investment grants to state and local govts.
48.9
52.1
53.7
56.1
52.3
55.0
58.5
58.4
50.6
55.8
68.4
10
11 Disaster-related insurance benefits
17.3
0.0
0.0
2.8
0.0
0.0
11.2
0.0
0.0
0.0
0.0
11
12 Financial stabilization payments
0.0
0.0
0.0
67.7
0.0
0.0
0.0
270.7
222.9
137.3
48.6
12
13 Other capital transfers paid to business
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.1
3.6
7.3
11.2
13
14 Other capital transfers paid to persons
15.9
16.4
28.7
34.3
34.5
34.5
34.5
33.8
33.8
33.8
33.8
14
15 Capital transfers paid to the rest of the world (net)
2.6
2.0
0.4
0.7
0.3
0.4
0.8
1.3
0.3
0.3
0.4
15
16 State and local
6.4
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
16
17 Disaster-related insurance benefits
6.4
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
17
18 By persons
30.3
33.1
31.8
33.9
34.7
35.4
33.2
32.2
30.8
31.3
31.7
18
19 Estate and gift taxes, federal
25.0
27.8
26.5
28.3
29.1
29.8
27.6
26.5
25.1
25.6
26.1
19
20 Estate and gift taxes, state and local
5.3
5.3
5.4
5.6
5.5
5.6
5.7
5.7
5.7
5.6
5.6
20
21 By the rest of the world
15.4
0.0
0.0
3.8
0.0
0.0
15.0
0.0
0.0
0.0
0.0
21
22 Disaster-related insurance benefits
15.4
0.0
0.0
3.8
0.0
0.0
15.0
0.0
0.0
0.0
0.0
22
23 Other
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
23
24 Capital transfers received, by sector
165.7
103.6
114.7
207.2
121.8
125.4
185.2
396.5
342.0
265.8
194.1
24
25 By private business
55.3
0.0
0.0
79.8
0.0
0.0
48.2
270.7
226.6
144.6
59.8
25
26 Financial corporations
1.1
0.0
0.0
68.0
0.0
0.0
1.4
270.7
222.9
137.3
48.6
26
27 Disaster-related insurance benefits
1.1
0.0
0.0
0.4
0.0
0.0
1.4
0.0
0.0
0.0
0.0
27
28 Other
0.0
0.0
0.0
67.7
0.0
0.0
0.0
270.7
222.9
137.3
48.6
28
29 Nonfinancial corporations
15.5
0.0
0.0
3.2
0.0
0.0
12.7
0.1
0.1
0.1
4.3
29
30 Disaster-related insurance benefits
15.5
0.0
0.0
3.2
0.0
0.0
12.7
0.0
0.0
0.0
0.0
30
31 Other
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.1
0.1
0.1
4.3
31
32 Noncorporate business
38.7
0.0
0.0
8.5
0.0
0.0
34.1
0.0
3.6
7.3
7.0
32
33 Disaster-related insurance benefits
38.7
0.0
0.0
8.5
0.0
0.0
34.1
0.0
0.0
0.0
0.0
33
34 Other
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
3.6
7.3
7.0
34
35 By government
81.2
85.2
85.5
90.0
87.0
90.4
91.7
90.7
81.4
87.1
100.1
35
36 Federal
25.0
27.8
26.5
28.3
29.1
29.8
27.6
26.5
25.1
25.6
26.1
36
37 Estate and gift taxes paid by persons
25.0
27.8
26.5
28.3
29.1
29.8
27.6
26.5
25.1
25.6
26.1
37
38 State and local
56.2
57.4
59.1
61.7
57.8
60.7
64.1
64.1
56.3
61.4
74.0
38
39 Disaster-related insurance benefits
2.1
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
39
40 Estate and gift taxes paid by persons
5.3
5.3
5.4
5.6
5.5
5.6
5.7
5.7
5.7
5.6
5.6
40
41 Investment grants paid by federal government
48.9
52.1
53.7
56.1
52.3
55.0
58.5
58.4
50.6
55.8
68.4
41
42 By persons
26.6
16.4
28.7
36.8
34.5
34.5
44.4
33.8
33.8
33.8
33.8
42
43 Disaster-related insurance benefits
10.7
0.0
0.0
2.5
0.0
0.0
9.9
0.0
0.0
0.0
0.0
43
44 Other
15.9
16.4
28.7
34.3
34.5
34.5
34.5
33.8
33.8
33.8
33.8
44
45 By the rest of the world
2.6
2.0
0.4
0.7
0.3
0.4
0.8
1.3
0.3
0.3
0.4
45
46 Capital transfers paid by U.S. government
2.6
2.0
0.4
0.7
0.3
0.4
0.8
1.3
0.3
0.3
0.4
46
47 Other
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
47
Addenda: Net capital transfers paid by sector
48 By private business (lines 2-25)
-26.5
-0.0
-0.0
-71.8
-0.0
-0.0
-16.4
-270.7
-226.6
-144.6
-59.8
48
49 Financial corporations (lines 3-26)
27.7
0.0
0.0
-60.1
0.0
0.0
30.4
-270.7
-222.9
-137.3
-48.6
49
50 Property-casualty insurance companies (line 4)
28.9
0.0
0.0
8.0
0.0
0.0
31.8
0.0
0.0
0.0
0.0
50
51 U.S.-chartered commercial banks
-1.1
0.0
0.0
-29.6
0.0
0.0
-1.4
-117.1
-57.3
-12.3
-1.9
51
52 Financial stabilization payments (2)
0.0
0.0
0.0
-29.3
0.0
0.0
0.0
-117.1
-57.3
-12.3
-1.9
52
53 Other (lines 5-27)
-1.1
0.0
0.0
-0.4
0.0
0.0
-1.4
0.0
0.0
0.0
0.0
53
54 Bank holding companies (GMAC) (2)
0.0
0.0
0.0
-3.2
0.0
0.0
0.0
-13.0
0.0
-30.0
0.0
54
55 Government-sponsored enterprises (2)
0.0
0.0
0.0
-6.9
0.0
0.0
0.0
-27.6
-165.6
-90.4
-38.5
55
56 Funding corporations (AIG) (2)
0.0
0.0
0.0
-28.3
0.0
0.0
0.0
-113.0
0.0
-4.6
-8.1
56
57 Nonfinancial corporations (lines 6-29)
-15.5
-0.0
-0.0
-3.2
-0.0
-0.0
-12.7
-0.1
-0.1
-0.1
-4.3
57
58 Noncorporate business (lines 7-32)
-38.7
0.0
0.0
-8.5
0.0
0.0
-34.1
0.0
-3.6
-7.3
-7.0
58
59 By government (lines 8-35)
10.0
-14.7
-2.7
4.0
0.2
-0.5
13.3
2.9
6.9
10.1
13.6
59
60 Federal (lines 9-36)
59.8
42.7
56.4
133.3
58.0
60.2
77.5
337.7
286.1
208.8
136.2
60
61 State and local (lines 16-38)
-49.8
-57.4
-59.1
-61.7
-57.8
-60.7
-64.1
-64.1
-56.3
-61.4
-74.0
61
62 By persons (lines 18-42)
3.7
16.8
3.1
-2.9
0.2
0.9
-11.2
-1.5
-3.0
-2.5
-2.0
62
63 By the rest of the world (lines 21-45)
12.8
-2.0
-0.4
3.1
-0.3
-0.4
14.2
-1.3
-0.3
-0.3
-0.4
63
(1) This table is based on NIPA table 5.10 in the Survey of Current Business, Department of Commerce.
(2) Sum of lines 52, 54, 55, and 56 equals the negative of line 12. Series treated as capital losses rather than as capital transfers in the Flow of Funds Accounts.
Z.1, December 10, 2009 17
F.10 Derivation of Measures of Personal Saving (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2005
2006
2007
2008
2008
2009
Q1
Q2
Q3
Q4
Q1
Q2
Q3
1 Net acquisition of financial assets
1228.7
1246.7
1551.5
805.5
1466.8
1103.8
1504.9
-853.6
4.4
-285.8
624.4
1
2 Foreign deposits
2.4
5.2
15.8
-21.2
-26.1
-24.8
-17.7
-16.1
-16.4
-20.4
-23.6
2
3 Checkable deposits and currency
-48.9
31.9
-0.7
132.8
-237.9
181.8
17.6
569.5
-2.2
234.6
31.9
3
4 Time and savings deposits
510.5
506.8
492.1
191.7
559.2
-247.0
679.6
-225.0
-6.7
-252.8
157.0
4
5 Money market fund shares
50.0
171.8
238.2
240.5
622.1
-140.1
149.7
330.2
62.5
-173.3
-588.5
5
6 Securities
52.7
-282.1
-68.4
2.5
-297.7
903.8
259.2
-855.2
306.3
109.7
1238.4
6
7 Open market paper
28.1
23.4
-38.0
-139.2
-128.9
-138.9
-174.6
-114.5
-12.5
6.4
-1.7
7
8 U.S. savings bonds
0.7
-2.7
-6.0
-2.4
-4.2
-1.1
-1.3
-3.0
-0.3
-1.0
-2.8
8
9 Other Treasury securities
-93.6
-79.9
-81.4
181.0
73.9
405.3
261.6
-16.9
1062.7
326.3
738.0
9
10 Agency- and GSE-backed securities
101.6
-51.5
350.1
105.1
-201.9
91.5
687.7
-156.9
-1094.6
-1274.2
-286.9
10
11 Municipal securities
78.7
52.2
24.6
40.5
-46.1
-27.6
131.6
103.9
63.8
1.5
111.4
11
12 Corporate and foreign bonds
120.4
169.0
237.7
-184.6
-197.1
13.6
-334.7
-220.2
43.9
-22.8
-46.2
12
13 Corporate equities (2)
-411.2
-598.3
-798.4
10.0
120.6
65.1
-85.1
-60.5
465.2
396.1
36.5
13
14 Mutual fund shares
228.1
205.9
243.0
-7.8
86.0
495.9
-226.0
-387.2
-221.9
677.4
690.0
14
15 Life insurance reserves
16.1
65.6
34.2
67.0
36.2
52.9
83.0
96.0
72.4
13.1
23.6
15
16 Pension fund reserves
253.3
234.1
172.1
79.6
-0.6
120.4
48.5
150.2
63.5
66.2
64.8
16
17 Miscellaneous and other assets
392.6
513.3
668.1
112.6
811.7
256.8
285.1
-903.2
-475.0
-262.9
-279.3
17
18 Gross investment in tangible assets
2047.8
2075.2
1995.5
1791.1
1878.4
1846.2
1778.3
1661.5
1574.2
1522.5
1567.9
18
19 Residential fixed investment
768.3
755.2
622.6
471.5
511.9
488.3
463.1
422.7
370.1
341.7
354.9
19
20 Other fixed assets (3)
248.7
268.6
292.9
306.1
311.0
312.1
308.6
292.8
255.1
245.2
239.0
20
21 Consumer durables
1028.2
1051.9
1079.6
1021.9
1069.1
1051.2
1015.7
951.7
956.7
943.9
980.4
21
22 Inventories (3)
2.6
-0.4
0.4
-8.5
-13.6
-5.5
-9.0
-5.7
-7.6
-8.2
-6.4
22
23 Consumption of fixed capital
1214.8
1287.0
1343.5
1382.9
1362.8
1377.8
1390.3
1400.8
1378.4
1375.1
1377.2
23
24 Residential fixed investment
236.8
258.9
269.7
268.3
263.8
266.7
269.7
272.9
272.7
269.1
266.6
24
25 Other fixed assets (3)
188.8
203.9
215.8
227.7
227.7
227.2
227.4
228.4
227.1
225.3
223.7
25
26 Consumer durables
789.2
824.2
858.0
886.9
871.2
883.9
893.2
899.5
878.5
880.8
886.9
26
27 Net investment in tangible assets (4)
833.0
788.2
651.9
408.2
515.6
468.4
388.0
260.7
195.9
147.4
190.7
27
28 Residential fixed investment
531.6
496.3
352.8
203.2
248.1
221.6
193.3
149.8
97.4
72.6
88.3
28
29 Other fixed assets (3)
59.8
64.7
77.1
78.4
83.3
84.9
81.1
64.4
27.9
19.9
15.4
29
30 Consumer durables
239.0
227.6
221.7
135.0
197.9
167.3
122.5
52.2
78.2
63.1
93.4
30
31 Inventories (3)
2.6
-0.4
0.4
-8.5
-13.6
-5.5
-9.0
-5.7
-7.6
-8.2
-6.4
31
32 Net increase in liabilities
1700.1
1839.4
1503.0
176.0
1122.0
25.0
674.0
-1117.0
-563.9
-485.1
-764.7
32
33 Mortgage debt on nonfarm homes
1101.0
1051.6
692.8
-105.4
275.9
-102.7
-315.7
-279.3
-50.8
-212.5
-439.1
33
34 Other mortgage debt (3)
123.1
245.6
309.8
144.7
181.5
173.5
142.0
82.0
-17.0
-47.8
-71.1
34
35 Consumer credit
100.3
95.3
136.9
40.2
115.0
105.4
16.6
-76.4
-88.7
-120.8
-81.6
35
36 Policy loans
0.8
3.3
3.6
5.9
4.8
4.4
4.4
10.1
1.5
2.0
-2.9
36
37 Security credit
-31.6
59.7
33.4
-160.7
159.2
-295.4
443.4
-949.9
-121.3
53.7
104.5
37
38 Other liabilities (3)
406.5
384.0
326.5
251.3
385.7
139.8
383.2
96.5
-287.7
-159.8
-274.4
38
39 Net capital transfers paid (5)
-35.0
16.8
3.1
-11.5
0.2
0.9
-45.3
-1.5
-6.5
-9.8
-9.0
39
40 Personal saving, with consumer durables (FOF)
326.6
212.3
703.6
1026.2
860.5
1548.1
1173.6
522.6
757.7
336.9
1570.8
40
41 Less net investment in consumer durables
239.0
227.6
221.7
135.0
197.9
167.3
122.5
52.2
78.2
63.1
93.4
41
42 = Personal saving, without consumer durables (FOF) (6)
87.6
-15.4
481.9
891.3
662.7
1380.8
1051.1
470.4
679.5
273.8
1477.4
42
43 Personal saving (NIPA, excludes consumer durables)
127.7
235.0
178.9
286.4
126.3
374.4
235.7
409.2
403.1
595.7
489.9
43
44 Difference
-40.1
-250.3
303.0
604.8
536.3
1006.4
815.4
61.2
276.4
-321.9
987.4
44
Memo:
45 Disposable personal income
9277.3
9915.7
10403.1
10806.4
10610.4
10966.7
10849.3
10799.1
10765.4
10966.2
10999.6
45
Personal saving as a percentage of disposable personal income:
46 With consumer durables (FOF) (line 40)
3.5
2.1
6.8
9.5
8.1
14.1
10.8
4.8
7.0
3.1
14.3
46
47 Without consumer durables (FOF) (line 42)
0.9
-0.2
4.6
8.2
6.2
12.6
9.7
4.4
6.3
2.5
13.4
47
48 Without consumer durables (NIPA) (line 43)
1.4
2.4
1.7
2.7
1.2
3.4
2.2
3.8
3.7
5.4
4.5
48
49 Difference (line 44)
-0.4
-2.5
2.9
5.6
5.1
9.2
7.5
0.6
2.6
-2.9
9.0
49
(1) Consolidated statement for households and nonprofit organizations, nonfarm noncorporate business, and farm business.
(2) Directly held and those in closed-end and exchange-traded funds. Other equities are included in mutual fund shares (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 58 plus line 62.
(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) plus net capital transfers paid (line 39). Line 43 is disposable personal income (line 45) less personal outlays (table F.100, line 4).
18 Z.1, December 10, 2009
F.100 Households and Nonprofit Organizations (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2005
2006
2007
2008
2008
2009
Q1
Q2
Q3
Q4
Q1
Q2
Q3
1 Personal income
10485.9
11268.1
11894.1
12238.8
12142.2
12292.9
12286.6
12233.5
11952.7
12048.8
12088.7
1
2 - Personal current taxes
1208.6
1352.4
1490.9
1432.4
1531.8
1326.2
1437.3
1434.3
1187.3
1082.6
1089.1
2
3 = Disposable personal income
9277.3
9915.7
10403.1
10806.4
10610.4
10966.7
10849.3
10799.1
10765.4
10966.2
10999.6
3
4 - Personal outlays
9149.6
9680.7
10224.3
10520.0
10484.1
10592.2
10613.6
10389.9
10362.3
10370.5
10509.7
4
5 = Personal saving, NIPA (2)
127.7
235.0
178.9
286.4
126.3
374.4
235.7
409.2
403.1
595.7
489.9
5
6 + Government insurance and pension reserves (3)
0.7
0.1
0.1
-0.6
-2.7
0.5
-1.6
1.4
0.8
-0.2
-1.5
6
7 + Net investment in consumer durables
239.0
227.6
221.7
135.0
197.9
167.3
122.5
52.2
78.2
63.1
93.4
7
8 + Consumption of fixed capital
1034.3
1092.3
1139.0
1170.8
1153.8
1166.8
1177.2
1185.3
1162.9
1161.8
1165.7
8
9 - Net capital transfers paid (4)
3.7
16.8
3.1
-2.9
0.2
0.9
-11.2
-1.5
-3.0
-2.5
-2.0
9
10 = Gross saving less net capital transfers paid
1398.0
1538.3
1536.6
1594.5
1475.2
1708.2
1545.0
1649.6
1647.9
1823.0
1749.7
10
11 Gross investment
1357.9
1291.0
1840.7
2201.3
2015.9
2715.8
2363.8
1710.0
1924.5
1502.7
2740.4
11
12 Capital expenditures
1803.1
1821.3
1728.2
1534.5
1616.1
1579.5
1522.2
1420.0
1365.8
1324.4
1369.4
12
13 Residential
681.9
670.1
541.9
401.1
436.0
415.5
393.7
359.1
313.6
289.2
300.7
13
14 Consumer durable goods
1028.2
1051.9
1079.6
1021.9
1069.1
1051.2
1015.7
951.7
956.7
943.9
980.4
14
15 Nonprofit nonresidential
93.0
99.3
106.7
111.5
111.1
112.8
112.8
109.2
95.6
91.4
88.4
15
16 Net financial investment
-445.2
-530.3
112.5
666.9
399.8
1136.3
841.5
290.0
558.7
178.2
1371.0
16
17 Net acquisition of financial assets
705.4
719.4
1022.9
562.0
1010.8
889.8
1237.9
-890.4
281.1
18.9
1139.2
17
18 Foreign deposits
2.4
5.2
15.8
-21.2
-26.1
-24.8
-17.7
-16.1
-16.4
-20.4
-23.6
18
19 Checkable deposits and currency
-113.5
-28.7
-52.2
112.7
-277.4
163.9
1.0
563.4
27.8
270.9
87.7
19
20 Time and savings deposits
477.0
475.4
465.1
158.9
506.9
-282.6
641.2
-229.8
22.0
-218.1
210.2
20
21 Money market fund shares
45.2
165.2
232.2
235.1
612.8
-145.5
144.1
329.1
68.6
-166.0
-577.3
21
22 Credit market instruments
239.3
89.8
479.2
8.6
-508.0
377.0
578.7
-413.2
63.0
-960.5
517.6
22
23 Open market paper
28.1
23.4
-38.0
-139.2
-128.9
-138.9
-174.6
-114.5
-12.5
6.4
-1.7
23
24 Treasury securities
-98.9
-82.8
-90.4
174.9
63.3
400.4
256.4
-20.6
1066.5
330.3
742.9
24
25 Savings bonds
0.7
-2.7
-6.0
-2.4
-4.2
-1.1
-1.3
-3.0
-0.3
-1.0
-2.8
25
26 Other
-99.6
-80.1
-84.5
177.3
67.5
401.6
257.8
-17.6
1066.9
331.4
745.7
26
27 Agency- and GSE-backed securities
101.6
-51.5
350.1
105.1
-201.9
91.5
687.7
-156.9
-1094.6
-1274.2
-286.9
27
28 Municipal securities
78.6
50.8
25.1
40.1
-46.7
-27.9
131.3
103.9
64.2
1.9
112.1
28
29 Corporate and foreign bonds
120.4
169.0
237.7
-184.6
-197.1
13.6
-334.7
-220.2
43.9
-22.8
-46.2
29
30 Other loans and advances (5)
2.7
-0.3
9.1
10.4
10.7
8.7
20.8
1.5
1.4
4.2
5.6
30
31 Mortgages
6.8
-18.7
-14.3
1.9
-7.4
29.5
-8.3
-6.3
-5.9
-6.4
-8.3
31
32 Corporate equities (6)
-411.2
-598.3
-798.4
10.0
120.6
65.1
-85.1
-60.5
465.2
396.1
36.5
32
33 Mutual fund shares
228.1
205.9
243.0
-7.8
86.0
495.9
-226.0
-387.2
-221.9
677.4
690.0
33
34 Security credit
-3.0
80.4
210.8
-123.8
472.4
30.2
25.9
-1023.6
-302.7
-34.9
57.2
34
35 Life insurance reserves
16.1
65.6
34.2
67.0
36.2
52.9
83.0
96.0
72.4
13.1
23.6
35
36 Pension fund reserves
253.3
234.1
172.1
79.6
-0.6
120.4
48.5
150.2
63.5
66.2
64.8
36
37 Equity in noncorporate business
-86.3
-12.6
-45.1
-11.5
-61.8
6.9
-24.8
33.8
51.5
-13.6
37.6
37
38 Miscellaneous assets
58.0
37.4
66.1
54.2
49.8
30.3
69.2
67.4
-11.8
8.8
14.8
38
39 Net increase in liabilities
1150.6
1249.7
910.4
-104.9
611.0
-246.5
396.3
-1180.4
-277.6
-159.3
-231.8
39
40 Credit market instruments
1168.1
1176.0
861.3
37.0
431.4
31.8
-62.1
-253.3
-160.7
-214.2
-351.3
40
41 Home mortgages (7)
1033.4
977.4
658.9
-58.1
277.6
-56.9
-257.1
-195.8
-19.6
-171.2
-369.9
41
42 Consumer credit
100.3
95.3
136.9
40.2
115.0
105.4
16.6
-76.4
-88.7
-120.8
-81.6
42
43 Municipal securities
16.5
21.8
22.6
19.9
13.7
32.8
23.5
9.4
19.0
31.7
33.7
43
44 Bank loans n.e.c. (8)
9.7
49.9
13.4
18.0
6.9
-72.4
140.4
-3.0
-68.4
48.3
83.2
44
45 Other loans and advances
0.0
4.8
3.2
6.2
4.0
6.9
3.9
9.9
1.4
1.7
-3.4
45
46 Commercial mortgages
8.1
26.9
26.4
10.8
14.1
16.0
10.6
2.6
-4.5
-3.9
-13.4
46
47 Security credit
-31.6
59.7
33.4
-160.7
159.2
-295.4
443.4
-949.9
-121.3
53.7
104.5
47
48 Trade payables
13.0
13.6
14.6
15.7
15.3
15.6
15.8
16.1
6.4
7.9
16.5
48
Deferred and unpaid
49 life insurance premiums
1.0
0.5
1.0
3.2
5.2
1.6
-0.8
6.7
-2.0
-6.7
-1.5
49
50 Discrepancy
40.1
247.3
-304.2
-606.9
-540.7
-1007.6
-818.8
-60.3
-276.7
320.3
-990.7
50
(1) Sector includes farm households and domestic hedge funds. 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 62.
(5) Syndicated loans to nonfinancial corporate business by nonprofits and domestic hedge funds.
(6) Directly held and those in closed-end and exchange-traded funds. Other equities are included in mutual fund shares (line 33) and life insurance and pension reserves (lines 35 and 36).
(7) Includes loans made under home equity lines of credit and home equity loans secured by junior liens, shown on table F.218, line 22.
(8) Includes loans extended by the Federal Reserve to financial institutions such as domestic hedge funds through the Term Asset-Backed Securities Loan Facility (TALF), shown on table F.108, line 17.
Z.1, December 10, 2009 19
F.101 Nonfinancial Business (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2005
2006
2007
2008
2008
2009
Q1
Q2
Q3
Q4
Q1
Q2
Q3
1 Income before taxes
2084.2
2311.2
2226.5
1997.7
2039.1
2089.4
2086.5
1775.9
1814.0
1889.7
1947.9
1
2 Gross saving less net capital transfers paid
1309.5
1283.3
1312.5
1367.2
1310.1
1316.5
1478.9
1363.5
1359.3
1359.2
1373.4
2
3 Gross investment
1186.7
1194.4
1178.1
1274.2
1214.2
1170.1
1337.7
1374.7
1215.0
1187.1
1352.9
3
4 Capital expenditures
1231.5
1395.9
1450.1
1446.5
1476.4
1459.8
1444.5
1405.2
1138.4
1020.7
1018.8
4
5 Fixed investment
1189.7
1331.5
1440.8
1472.3
1487.5
1495.5
1485.1
1421.4
1249.1
1204.9
1181.5
5
6 Residential
90.6
88.2
96.3
76.0
81.4
77.5
74.5
70.8
60.0
57.3
59.6
6
7 Nonresidential
1099.1
1243.3
1344.5
1396.3
1406.0
1418.0
1410.6
1350.6
1189.2
1147.6
1121.9
7
8 Change in inventories
50.0
60.0
19.4
-34.8
-8.2
-49.3
-37.0
-44.5
-127.4
-176.2
-150.1
8
9 Nonproduced nonfinancial assets
-8.1
4.4
-10.1
8.9
-2.9
13.6
-3.6
28.3
16.6
-7.9
-12.5
9
10 Net financial investment
-44.8
-201.5
-272.1
-172.3
-262.2
-289.6
-106.8
-30.5
76.6
166.3
334.1
10
11 Net acquisition of financial assets
1380.9
1218.8
1550.3
541.0
855.9
587.4
508.4
212.2
51.6
126.8
-102.8
11
12 Foreign deposits
6.9
-11.2
0.9
-19.7
11.4
-131.2
32.0
9.0
-34.4
64.3
9.3
12
13 Checkable deposits and currency
138.6
-57.0
38.9
9.2
118.8
-171.6
85.2
4.4
-27.3
28.5
101.0
13
14 Time and savings deposits
83.5
78.1
-28.7
-5.1
-123.3
228.7
-34.6
-91.0
-31.7
93.8
185.5
14
15 Money market fund shares
46.9
72.5
137.7
127.0
230.8
134.2
-11.9
154.7
41.0
-45.4
37.5
15
16 Security RPs
8.1
1.0
-7.5
-0.6
-3.5
4.3
-13.3
10.2
-3.0
5.1
4.7
16
17 Credit market instruments
53.7
-11.8
-71.5
-110.3
-282.8
-43.4
-105.4
-9.5
93.0
6.5
-48.8
17
18 Commercial paper
16.0
11.7
-53.2
-59.3
-142.7
-21.0
-48.1
-25.2
43.7
9.1
0.2
18
19 Treasury securities
23.6
-6.3
-2.9
-7.6
-43.8
9.6
-8.5
12.2
34.1
16.0
-4.1
19
20 Agency- and GSE-backed securities
6.5
-2.4
-3.6
-3.8
-16.7
2.0
-4.1
3.8
-13.9
20.3
1.2
20
21 Municipal securities
0.4
-2.7
0.6
-23.8
-84.9
-9.7
3.2
-3.9
36.6
-1.7
11.2
21
22 Mortgages
7.0
-10.0
-11.0
-15.8
-13.9
-15.8
-15.7
-17.9
-21.4
-22.0
-23.9
22
23 Consumer credit
0.2
-2.2
-1.4
0.0
19.2
-8.5
-32.2
21.6
14.0
-15.2
-33.4
23
24 Mutual fund shares
6.7
30.7
2.0
-6.8
-6.8
-6.8
-6.8
-6.8
-6.8
-6.8
-6.8
24
25 Trade receivables
344.3
21.8
220.2
-73.1
41.9
-82.2
-40.7
-211.4
-317.7
-222.4
-298.9
25
26 Miscellaneous assets
692.1
1094.8
1258.3
620.3
869.5
655.5
603.8
352.5
338.4
203.2
-86.2
26
27 Net increase in liabilities
1425.7
1420.3
1822.4
713.3
1118.1
877.1
615.2
242.7
-25.0
-39.5
-436.8
27
28 Credit market instruments
682.5
887.9
1252.3
551.0
825.6
689.9
575.7
112.8
52.9
-248.9
-283.9
28
29 Commercial paper
-7.7
22.4
11.3
7.7
42.9
-77.3
62.8
2.2
-151.9
-145.9
-11.0
29
30 Municipal securities
7.4
5.0
7.8
3.1
3.6
4.5
2.5
1.9
4.0
4.4
9.7
30
31 Corporate bonds
56.7
215.6
311.2
204.6
181.0
354.9
92.4
190.1
579.2
395.9
262.0
31
32 Bank loans n.e.c.
124.8
125.4
226.8
174.6
249.3
158.0
227.7
63.6
-284.8
-345.5
-365.2
32
33 Other loans and advances
119.4
137.1
314.6
33.6
109.9
87.4
78.0
-140.9
-52.9
-51.0
-17.5
33
34 Mortgages
382.0
382.4
380.7
127.4
239.0
162.4
112.4
-4.1
-40.7
-106.8
-162.0
34
35 Corporate equities
-343.1
-567.7
-790.1
-335.1
-431.8
-218.7
-342.0
-347.8
-122.7
133.4
91.3
35
36 Trade payables
248.7
123.4
111.1
-122.7
57.5
-137.9
-115.1
-295.5
-236.8
-215.0
-254.1
36
37 Taxes payable
13.8
1.3
-45.8
5.3
34.4
-48.5
12.4
23.0
-47.0
-11.2
-25.5
37
38 Miscellaneous liabilities
908.9
981.2
1342.3
637.8
704.6
583.0
521.4
742.1
298.3
295.6
-21.6
38
39 Proprietors’ net investment
-85.1
-5.8
-47.5
-23.0
-72.1
9.3
-37.3
8.2
30.4
6.6
56.9
39
40 Discrepancy
122.8
88.9
134.5
93.0
95.9
146.3
141.2
-11.2
144.2
172.2
20.5
40
(1) Combined statement for nonfarm nonfinancial corporate business, nonfarm noncorporate business, and farm business.
20 Z.1, December 10, 2009
F.102 Nonfarm Nonfinancial Corporate Business
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2005
2006
2007
2008
2008
2009
Q1
Q2
Q3
Q4
Q1
Q2
Q3
1 Profits before tax (book)
954.1
1115.1
1056.4
805.0
850.0
894.1
880.7
595.0
675.1
753.9
794.4
1
2 - Taxes on corporate income
271.0
306.9
298.6
237.2
255.2
262.4
253.9
177.3
197.4
216.4
217.9
2
3 - Net dividends
168.0
465.8
462.2
406.8
406.2
392.7
380.9
447.4
370.9
360.7
330.7
3
4 + Capital consumption allowance (1)
608.7
638.7
676.6
834.7
826.1
832.6
838.0
842.1
779.8
781.1
780.9
4
5 = U.S. internal funds, book
1123.8
981.0
972.2
995.6
1014.6
1071.7
1083.9
812.4
886.6
958.0
1026.7
5
6 + Foreign earnings retained abroad
-17.5
148.9
181.1
187.3
196.0
165.1
191.3
196.9
173.5
163.9
143.3
6
7 + Inventory valuation adjustment (IVA)
-30.7
-38.0
-44.0
-38.2
-107.9
-129.6
-54.5
139.2
81.1
18.1
-17.4
7
8 - Net capital transfers paid (2)
-15.5
-0.0
-0.0
-3.2
-0.0
-0.0
-12.7
-0.1
-0.1
-0.1
-4.3
8
9 = Total internal funds + IVA
1091.1
1091.8
1109.3
1148.0
1102.8
1107.2
1233.4
1148.5
1141.3
1140.0
1156.8
9
10 Gross investment
968.3
1002.9
974.8
1054.9
1006.9
960.9
1092.2
1159.7
997.0
967.9
1136.3
10
11 Capital expenditures
986.8
1142.0
1182.8
1189.8
1214.1
1193.1
1188.5
1163.7
930.0
822.7
820.4
11
12 Fixed investment (3)
947.6
1077.3
1173.9
1207.3
1211.6
1223.3
1220.0
1174.2
1033.1
998.5
976.6
12
13 Inventory change + IVA
47.3
60.4
19.0
-26.3
5.4
-43.8
-27.9
-38.8
-119.8
-168.0
-143.7
13
14 Nonproduced nonfinancial assets
-8.1
4.4
-10.1
8.9
-2.9
13.6
-3.6
28.3
16.6
-7.9
-12.5
14
15 Net financial investment
-18.6
-139.2
-208.0
-134.9
-207.2
-232.2
-96.3
-3.9
67.0
145.2
316.0
15
16 Net acquisition of financial assets
942.6
697.3
1069.2
320.5
472.0
364.1
278.6
167.2
298.0
424.9
355.2
16
17 Foreign deposits
6.9
-11.2
0.9
-19.7
11.4
-131.2
32.0
9.0
-34.4
64.3
9.3
17
18 Checkable deposits and currency
74.0
-117.6
-12.7
-10.8
79.4
-189.5
68.5
-1.7
2.7
64.7
156.7
18
19 Time and savings deposits
49.9
46.6
-55.7
-37.8
-175.6
193.1
-72.9
-95.9
-3.1
128.5
238.7
19
20 Money market fund shares
42.1
65.9
131.7
121.6
221.4
128.8
-17.4
153.7
47.0
-38.1
48.8
20
21 Security RPs
8.1
1.0
-7.5
-0.6
-3.5
4.3
-13.3
10.2
-3.0
5.1
4.7
21
22 Credit market instruments
42.3
-11.8
-81.5
-116.9
-294.3
-50.1
-112.3
-10.7
100.5
15.5
-35.0
22
23 Commercial paper
16.0
11.7
-53.2
-59.3
-142.7
-21.0
-48.1
-25.2
43.7
9.1
0.2
23
24 Treasury securities
17.6
-6.5
-5.9
-11.3
-50.2
5.9
-12.3
11.5
38.2
21.0
3.6
24
25 Agency- and GSE-backed securities
6.5
-2.4
-3.6
-3.8
-16.7
2.0
-4.1
3.8
-13.9
20.3
1.2
25
26 Municipal securities
0.3
-4.0
1.1
-24.2
-85.5
-10.0
2.9
-4.0
36.9
-1.3
11.9
26
27 Mortgages
1.7
-8.4
-18.4
-18.4
-18.4
-18.4
-18.4
-18.4
-18.4
-18.4
-18.4
27
28 Consumer credit
0.2
-2.2
-1.4
0.0
19.2
-8.5
-32.2
21.6
14.0
-15.2
-33.4
28
29 Mutual fund shares
6.7
30.7
2.0
-6.8
-6.8
-6.8
-6.8
-6.8
-6.8
-6.8
-6.8
29
30 Trade receivables
277.7
-18.1
165.4
-105.5
-14.9
-115.0
-74.4
-217.7
-280.9
-178.0
-230.7
30
31 Miscellaneous assets
434.9
711.8
926.5
496.9
654.8
530.5
475.2
327.1
475.9
369.6
169.4
31
32 U.S. direct investment abroad (4)
24.7
219.2
297.4
264.4
303.0
342.3
169.7
242.8
169.0
171.6
143.3
32
33 Insurance receivables
20.7
6.6
7.4
9.9
11.6
17.7
23.8
-13.6
-3.2
-0.8
-1.1
33
34 Equity in GSEs
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
34
35 Investment in finance co. subs.
64.4
22.9
-54.8
-2.1
7.3
-8.9
5.0
-12.0
-10.0
-18.4
-5.8
35
36 Other
325.1
463.2
676.5
224.7
332.9
179.4
276.8
109.8
320.0
217.2
33.0
36
37 Net increase in liabilities
961.2
836.5
1277.3
455.4
679.2
596.3
374.9
171.2
231.0
279.7
39.2
37
38 Net funds raised in markets
-9.4
-102.6
-7.1
12.6
35.9
242.5
63.6
-291.5
117.9
190.2
185.5
38
39 Net new equity issues
-343.1
-567.7
-790.1
-335.1
-431.8
-218.7
-342.0
-347.8
-122.7
133.4
91.3
39
40 Credit market instruments
333.7
465.1
783.0
347.7
467.8
461.2
405.6
56.3
240.6
56.8
94.2
40
41 Commercial paper
-7.7
22.4
11.3
7.7
42.9
-77.3
62.8
2.2
-151.9
-145.9
-11.0
41
42 Municipal securities (5)
7.4
5.0
7.8
3.1
3.6
4.5
2.5
1.9
4.0
4.4
9.7
42
43 Corporate bonds (4)
56.7
215.6
311.2
204.6
181.0
354.9
92.4
190.1
579.2
395.9
262.0
43
44 Bank loans n.e.c.
-31.4
17.4
93.4
70.9
99.7
73.5
105.2
5.2
-137.0
-137.1
-140.9
44
45 Other loans and advances (6)
109.3
115.1
295.9
20.6
67.3
54.9
103.1
-143.1
-56.7
-38.8
9.3
45
46 Mortgages
199.4
89.6
63.4
40.9
73.3
50.7
39.5
0.0
3.0
-21.7
-35.0
46
47 Trade payables
199.4
110.3
85.9
-166.6
-22.9
-151.1
-181.1
-311.3
-204.6
-195.4
-222.6
47
48 Taxes payable
5.1
-7.7
-49.6
2.7
29.7
-51.2
9.6
22.5
-44.0
-7.5
-19.8
48
49 Miscellaneous liabilities
766.1
836.4
1248.0
606.7
636.5
556.2
482.8
751.5
361.6
292.4
96.1
49
50 Foreign direct investment in U.S.
98.7
191.0
280.7
213.3
123.0
295.8
148.1
286.1
111.1
47.8
36.1
50
51 Pension fund contributions payable
-1.9
-2.0
4.4
0.7
1.8
1.9
-0.9
0.1
3.5
4.2
7.0
51
52 Other
669.3
647.4
962.9
392.8
511.7
258.4
335.6
465.4
247.0
240.5
53.0
52
53 Discrepancy
122.8
88.9
134.5
93.0
95.9
146.3
141.2
-11.2
144.2
172.2
20.5
53
Memo:
54 Financing gap (7)
-106.2
199.1
254.7
232.4
307.4
251.0
159.1
212.2
-37.7
-153.4
-188.9
54
(1) Consumption of fixed capital plus capital consumption adjustment.
(2) Table F.9, line 57.
(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) Loans from rest of the world, U.S. government, and nonbank financial institutions. Detail can be found on table F.216.
(7) Capital expenditures (line 11) less the sum of U.S. internal funds (line 5) and inventory valuation adjustment (line 7).
Z.1, December 10, 2009 21
F.103 Nonfarm Noncorporate Business
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2005
2006
2007
2008
2008
2009
Q1
Q2
Q3
Q4
Q1
Q2
Q3
1 Net income with IVA and CCAdj
1086.3
1166.8
1130.7
1144.0
1131.9
1145.9
1156.5
1141.9
1111.6
1106.8
1125.8
1
2 Gross saving = capital consumption
151.0
163.4
171.7
177.5
175.1
176.6
178.2
180.0
180.1
178.3
176.7
2
3 Gross saving less net capital transfers paid (1)
189.6
163.4
171.7
186.0
175.1
176.6
212.3
180.0
183.6
185.5
183.7
3
4 Gross investment
189.6
163.4
171.7
186.0
175.1
176.6
212.3
180.0
183.6
185.5
183.7
4
5 Capital expenditures
208.4
222.3
231.1
224.6
237.2
230.3
223.9
207.2
175.9
164.5
164.6
5
6 Fixed investment (2)
205.9
219.1
230.1
226.0
236.9
232.6
225.4
209.2
182.2
173.3
172.2
6
7 Change in inventories
2.5
3.2
1.0
-1.4
0.3
-2.3
-1.5
-2.0
-6.3
-8.8
-7.6
7
8 Net financial investment
-18.8
-58.9
-59.5
-38.6
-62.1
-53.7
-11.6
-27.1
7.7
21.0
19.1
8
9 Net acquisition of financial assets
436.2
515.3
475.9
217.7
381.2
220.6
227.0
42.2
-246.9
-298.7
-458.5
9
10 Checkable deposits and currency
63.9
58.6
49.8
19.1
38.5
16.9
15.7
5.2
-30.1
-36.5
-56.0
10
11 Time and savings deposits
33.6
31.4
27.0
32.8
52.2
35.6
38.3
4.9
-28.6
-34.7
-53.2
11
12 Money market mutual funds
4.8
6.6
6.0
5.3
9.3
5.4
5.6
1.0
-6.0
-7.3
-11.2
12
13 Treasury securities
6.0
0.2
3.0
3.7
6.4
3.7
3.8
0.7
-4.1
-5.0
-7.7
13
14 Municipal securities
0.1
1.3
-0.5
0.3
0.6
0.3
0.3
0.1
-0.4
-0.4
-0.7
14
15 Mortgages
5.3
-1.5
7.4
2.6
4.5
2.6
2.7
0.5
-2.9
-3.6
-5.5
15
16 Consumer credit
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
16
17 Trade receivables
66.6
40.0
54.7
32.4
56.7
32.8
33.8
6.3
-36.7
-44.4
-68.2
17
18 Miscellaneous assets
256.0
378.9
328.4
121.6
212.9
123.2
126.8
23.6
-137.9
-166.8
-256.0
18
19 Insurance receivables
4.9
1.6
1.7
2.1
2.7
2.8
5.6
-2.8
-0.7
-0.2
-0.2
19
20 Equity investment in GSEs (3)
-0.1
0.1
0.3
0.1
0.2
0.1
0.1
0.0
-0.2
-0.2
-0.3
20
21 Other
251.2
377.2
326.4
119.4
209.9
120.2
121.0
26.3
-137.0
-166.4
-255.5
21
22 Net increase in liabilities
455.0
574.2
535.4
256.4
443.3
274.3
238.6
69.3
-254.6
-319.7
-477.6
22
23 Credit market instruments
331.6
408.6
454.8
202.2
380.6
195.8
190.4
42.0
-195.1
-299.9
-368.3
23
24 Bank loans n.e.c.
153.9
104.7
131.0
100.5
148.2
77.5
121.5
54.9
-145.8
-206.8
-226.9
24
25 Other loans and advances
4.2
14.4
11.1
33.1
84.5
24.5
14.1
9.2
-3.4
-5.8
-12.2
25
26 Mortgages
173.4
289.6
312.7
68.6
147.9
93.8
54.8
-22.2
-45.9
-87.3
-129.2
26
27 Trade payables
52.0
20.0
29.3
19.0
33.3
19.3
19.8
3.7
-21.6
-26.1
-40.0
27
28 Taxes payable
8.7
9.0
3.8
2.7
4.7
2.7
2.8
0.5
-3.0
-3.7
-5.6
28
29 Miscellaneous liabilities
142.8
144.8
94.3
31.0
68.1
26.8
38.7
-9.4
-63.3
3.2
-117.7
29
30 Proprietors’ net investment
-80.1
-8.2
-46.7
1.5
-43.3
29.7
-13.1
32.6
28.5
6.7
54.1
30
(1) Net capital transfers paid from table F.9, line 58.
(2) Nonresidential fixed investment plus residential fixed investment, shown in table F.6, lines 11 and 17 respectively.
(3) Equity in the Farm Credit System.
F.104 Farm Business (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1 Proprietors’ net income with IVA and CCAdj
43.9
29.3
39.4
48.7
57.2
49.4
49.3
39.0
27.3
28.9
27.8
1
2 Net saving (corporate)
-0.7
-3.2
-1.3
-1.4
-1.7
-1.7
-1.7
-0.5
-1.0
-1.4
-1.9
2
3 Consumption of fixed capital
29.5
31.3
32.8
34.6
33.9
34.4
34.9
35.4
35.4
35.0
34.7
3
4 Corporate
5.0
5.1
5.5
5.8
5.6
5.7
5.9
6.1
6.1
6.1
6.1
4
5 Noncorporate
24.5
26.2
27.4
28.8
28.3
28.6
29.0
29.3
29.3
28.9
28.6
5
6 Gross saving
28.8
28.1
31.6
33.2
32.2
32.7
33.1
34.9
34.4
33.6
32.9
6
7 Gross investment
28.8
28.1
31.6
33.2
32.2
32.7
33.1
34.9
34.4
33.6
32.9
7
8 Capital expenditures
36.3
31.5
36.2
32.0
25.1
36.4
32.2
34.3
32.5
33.6
33.9
8
9 Fixed investment (2)
36.2
35.1
36.8
39.1
39.0
39.6
39.7
38.0
33.8
33.0
32.8
9
10 Change in inventories
0.1
-3.6
-0.6
-7.1
-13.9
-3.2
-7.5
-3.7
-1.3
0.6
1.1
10
11 Net financial investment
-7.5
-3.4
-4.6
1.2
7.1
-3.7
1.0
0.6
1.9
0.0
-1.0
11
12 Net acquisition of financial assets
2.0
6.2
5.2
2.8
2.7
2.8
2.8
2.8
0.6
0.6
0.6
12
13 Checkable deposits and currency
0.7
2.1
1.8
0.9
0.9
0.9
0.9
0.9
0.2
0.2
0.2
13
14 Miscellaneous assets
1.3
4.1
3.4
1.8
1.8
1.8
1.8
1.8
0.4
0.4
0.4
14
15 Insurance receivables
1.2
3.9
2.9
3.3
6.2
1.8
3.2
2.1
-0.1
0.8
1.1
15
16 Equity investment in GSEs (3)
0.1
0.2
0.5
-1.5
-4.4
0.0
-1.4
-0.3
0.5
-0.4
-0.8
16
17 Net increase in liabilities
9.5
9.6
9.7
1.5
-4.4
6.5
1.8
2.2
-1.3
0.5
1.6
17
18 Credit market instruments
17.3
14.2
14.6
1.1
-22.7
32.8
-20.3
14.5
7.5
-5.8
-9.8
18
19 Bank loans n.e.c.
2.2
3.3
2.3
3.2
1.3
7.1
0.9
3.4
-1.9
-1.6
2.6
19
20 Other loans and advances
5.9
7.6
7.6
-20.1
-41.9
7.9
-39.3
-7.0
7.2
-6.4
-14.6
20
21 Mortgages
9.1
3.3
4.6
18.0
17.9
17.9
18.1
18.1
2.1
2.2
2.2
21
22 Trade payables
-2.8
-7.0
-4.1
24.9
47.1
-6.0
46.3
12.1
-10.7
6.5
8.6
22
23 Proprietors’ net investment
-5.0
2.4
-0.8
-24.4
-28.7
-20.4
-24.2
-24.4
1.9
-0.1
2.8
23
(1) Corporate and noncorporate farms.
(2) Nonresidential fixed investment, shown in table F.6, line 12.
(3) Equity in the Farm Credit System.
22 Z.1, December 10, 2009
F.105 State and Local Governments, Excluding Employee Retirement Funds (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2005
2006
2007
2008
2008
2009
Q1
Q2
Q3
Q4
Q1
Q2
Q3
1 Current receipts, NIPA basis
1730.4
1829.7
1927.3
1974.2
1963.7
1994.2
1987.5
1951.4
1961.4
1989.3
2002.4
1
2 Personal current taxes
276.7
302.5
322.8
330.0
336.4
342.0
327.2
314.1
287.0
252.7
273.6
2
3 Taxes on production and imports
831.4
887.4
934.0
955.3
949.8
957.7
966.7
947.1
933.0
928.0
932.0
3
4 Taxes on corporate income
54.9
59.2
56.5
51.0
51.9
57.2
57.1
37.7
52.2
57.4
56.4
4
5 Contributions for govt. social insurance
24.8
21.8
19.8
21.1
20.3
20.8
21.4
22.0
21.8
21.7
21.9
5
6 Income receipts on assets
88.3
103.5
114.2
113.9
114.4
114.0
112.7
114.5
115.8
115.7
116.5
6
7 Current transfer receipts
454.3
456.7
483.9
506.1
493.9
505.4
505.5
519.5
555.7
617.4
604.9
7
8 Current surplus of government enterprises
0.1
-1.3
-3.9
-3.2
-3.1
-2.9
-3.1
-3.5
-4.0
-3.5
-2.9
8
9 Current expenditures, NIPA basis
1704.5
1778.6
1905.6
2014.4
1983.8
2019.8
2046.5
2007.5
1998.0
2013.9
2019.3
9
10 Consumption expenditures
1212.0
1282.3
1366.1
1452.4
1429.3
1458.3
1480.4
1441.7
1424.4
1429.9
1430.6
10
11 Govt. social benefit payments to persons
404.8
402.9
433.7
455.0
448.2
454.0
459.7
458.3
465.7
477.5
480.1
11
12 Interest payments
87.3
93.0
98.7
103.9
102.4
104.5
104.3
104.7
106.0
105.4
107.5
12
13 Subsidies
0.4
0.4
7.1
3.0
4.0
2.9
2.1
2.8
2.0
1.2
1.2
13
14 - Wage accruals less disbursements
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
14
15 Net state and local govt. saving, NIPA basis
25.9
51.0
21.7
-40.2
-20.1
-25.5
-59.0
-56.1
-36.6
-24.6
-16.9
15
16 + Consumption of fixed capital
150.1
162.7
177.9
191.2
185.8
188.9
192.8
197.2
199.8
199.5
199.2
16
17 - Net capital transfers paid (2)
-49.8
-57.4
-59.1
-61.7
-57.8
-60.7
-64.1
-64.1
-56.3
-61.4
-74.0
17
18 = Gross saving less net capital transfers paid
225.8
271.2
258.6
212.7
223.5
224.0
197.9
205.3
219.5
236.3
256.3
18
19 Gross investment
299.4
394.1
360.3
322.1
267.7
446.3
284.1
290.5
226.3
138.1
234.1
19
20 Fixed investment
281.6
304.4
333.7
348.2
340.8
349.2
352.7
350.0
347.9
361.3
363.0
20
21 Nonproduced nonfinancial assets
10.3
11.1
13.1
12.9
13.1
12.9
12.9
12.9
13.1
13.2
13.5
21
22 Net financial investment
7.6
78.6
13.5
-39.0
-86.2
84.1
-81.4
-72.4
-134.7
-236.5
-142.4
22
23 Net acq. of financial assets
211.4
264.2
236.7
44.3
31.6
149.3
33.0
-36.7
1.7
-115.7
12.6
23
24 Checkable deposits and currency
10.3
5.2
-1.7
9.3
-16.1
15.3
11.5
26.6
-15.4
115.5
-44.8
24
25 Time and savings deposits
12.8
26.2
36.2
19.1
13.3
1.2
4.8
57.1
63.1
-24.8
10.7
25
26 Money market fund shares
5.1
6.8
4.9
0.7
-1.1
11.6
-1.4
-6.1
-7.0
-3.4
-2.9
26
27 Security RPs
10.0
13.5
9.7
1.5
-2.2
22.8
-2.7
-12.0
-13.8
-6.6
14.1
27
28 Credit market instruments
154.0
118.5
41.5
-101.3
-86.5
-93.2
-65.7
-159.6
-152.5
-191.3
-29.3
28
29 Open market paper
13.1
17.6
-7.3
-28.1
-22.9
-22.1
-31.5
-35.8
-58.1
-50.7
-69.6
29
30 Treasury securities
92.3
35.5
14.5
-48.4
-44.8
-56.1
-27.1
-65.4
-27.2
17.6
88.5
30
31 Agency- and GSE-backed securities
28.4
38.3
14.6
-27.8
-14.3
-15.0
-47.6
-34.2
-39.3
-98.9
-78.0
31
32 Municipal securities
0.4
0.5
0.3
0.1
-0.1
0.8
-0.1
-0.4
-0.5
-0.2
0.5
32
33 Corporate and foreign bonds
9.0
12.1
8.8
1.3
-2.0
0.6
17.6
-10.8
-12.5
-26.0
32.7
33
34 Mortgages
10.8
14.5
10.5
1.6
-2.4
-1.4
23.1
-13.0
-14.9
-33.1
-3.3
34
35 Corporate equities
2.5
-4.4
7.1
37.3
43.7
24.4
40.8
40.5
50.5
-76.6
-59.9
35
36 Mutual fund shares
0.8
-1.3
2.2
11.0
13.4
7.5
12.5
10.8
15.5
16.6
-18.3
36
37 Trade receivables
10.2
13.8
10.0
1.5
-2.3
23.4
-2.7
-12.3
-14.2
-6.8
14.4
37
38 Taxes receivable
15.5
11.5
-0.4
-4.5
-6.3
-9.5
-1.0
-1.1
-2.3
-3.0
-7.2
38
39 Miscellaneous assets
-9.7
74.4
127.2
69.6
75.9
145.9
37.0
19.5
77.9
64.7
135.7
39
40 Net increase in liabilities
203.9
185.6
223.2
83.3
117.8
65.2
114.4
35.7
136.4
120.7
154.9
40
41 Credit market instruments
171.7
151.2
185.9
43.3
78.6
24.8
73.3
-3.5
98.2
82.0
115.9
41
42 Municipal securities
171.1
150.6
185.3
42.5
78.2
24.0
72.2
-4.5
97.6
81.2
115.1
42
43 Short-term
5.7
-3.1
17.3
12.0
-4.6
8.8
28.9
14.7
-6.3
-7.7
52.9
43
44 Other
165.3
153.7
168.0
30.5
82.8
15.2
43.3
-19.2
103.9
88.9
62.2
44
45 U.S. government loans
0.6
0.6
0.7
0.8
0.4
0.8
1.1
1.0
0.6
0.8
0.7
45
46 Trade payables
32.1
34.4
37.2
40.0
39.2
40.4
41.1
39.2
38.2
38.8
39.1
46
47 Discrepancy
-73.5
-122.9
-101.7
-109.5
-44.2
-222.3
-86.3
-85.2
-6.8
98.3
22.1
47
(1) Data for retirement funds are shown in table F.119.
(2) Table F.9, line 61.
Z.1, December 10, 2009 23
F.106 Federal Government
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2005
2006
2007
2008
2008
2009
Q1
Q2
Q3
Q4
Q1
Q2
Q3
1 Current receipts, NIPA basis
2290.1
2524.5
2660.8
2475.0
2590.7
2372.1
2489.5
2447.8
2251.3
2237.0
2211.7
1
2 Personal current taxes
931.9
1049.9
1168.1
1102.5
1195.3
984.2
1110.1
1120.2
900.3
829.9
815.5
2
3 Taxes on production and imports
98.8
99.4
94.7
92.0
92.7
93.1
91.8
90.2
85.7
91.6
93.3
3
4 Taxes on corporate income
341.0
395.0
370.2
212.3
243.1
231.2
218.5
156.5
192.0
223.8
230.8
4
5 Taxes from the rest of the world
12.1
14.0
14.2
15.0
14.9
14.3
14.7
15.9
13.5
12.1
10.7
5
6 Contributions for govt. social insurance
852.6
904.6
944.4
974.5
970.0
973.0
978.5
976.4
953.0
954.3
956.6
6
7 Income receipts on assets
23.7
26.1
29.1
30.3
29.3
31.2
30.6
30.0
40.7
50.8
49.5
7
8 Current transfer receipts
33.6
38.3
42.7
52.3
47.9
48.4
49.0
64.0
72.7
79.8
58.7
8
9 Current surplus of government enterprises
-3.5
-2.9
-2.7
-3.8
-2.5
-3.4
-3.9
-5.4
-6.7
-5.3
-3.4
9
10 Current expenditures, NIPA basis
2573.1
2728.3
2897.2
3117.6
3024.2
3169.0
3155.2
3121.9
3220.3
3505.9
3554.6
10
11 Consumption expenditures
765.8
811.0
848.8
934.4
903.2
923.2
956.0
955.4
954.2
979.1
1001.6
11
12 Government social benefits
1089.2
1193.1
1267.5
1404.1
1327.0
1472.5
1396.0
1421.1
1504.1
1646.1
1652.3
12
13 Other current transfer payments
402.1
394.0
421.1
436.5
432.5
432.0
433.0
448.4
477.2
549.6
538.8
13
14 Interest payments
255.4
279.2
312.2
292.0
312.3
291.4
319.5
244.6
231.3
277.4
295.1
14
15 Subsidies
60.5
51.0
47.6
50.6
49.2
49.9
50.7
52.4
53.6
53.7
66.7
15
16 - Wage accruals less disbursements
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
16
17 Net federal government saving, NIPA basis
-283.0
-203.8
-236.5
-642.6
-433.5
-796.9
-665.7
-674.1
-969.1
-1268.9
-1342.8
17
18 + Consumption of fixed capital
100.4
106.6
112.6
119.8
117.2
119.6
121.0
121.2
122.5
124.0
126.1
18
19 - Insurance and pension reserves (1)
0.7
0.1
0.1
-0.6
-2.7
0.5
-1.6
1.4
0.8
-0.2
-1.5
19
20 - Contr. for govt. soc. insur., U.S.-affiliated areas
4.7
4.6
4.8
5.0
5.0
5.0
5.1
5.1
5.1
5.1
5.0
20
21 - Net capital transfers paid (2)
59.8
42.7
56.4
65.7
58.0
60.2
77.5
67.0
63.2
71.6
87.6
21
22 = Gross saving less net capital transfers paid
-247.7
-144.6
-185.2
-592.9
-376.5
-743.0
-625.6
-626.4
-915.6
-1221.3
-1308.0
22
23 Gross investment
-271.6
-159.7
-210.3
-601.8
-363.8
-438.4
-689.5
-915.6
-904.5
-1307.4
-1050.6
23
24 Fixed investment
110.5
120.7
127.9
148.2
135.1
146.3
152.4
158.9
152.4
159.2
163.5
24
25 Nonproduced nonfinancial assets
-0.5
-13.3
-1.3
-19.2
-7.7
-23.9
-6.6
-38.4
-26.9
-2.6
1.8
25
26 Net financial investment
-381.6
-267.0
-336.9
-730.8
-491.2
-560.7
-835.3
-1036.0
-1030.0
-1463.9
-1215.9
26
27 Net acq. of financial assets
28.9
-15.9
6.5
589.3
-41.3
-140.2
1287.2
1251.5
351.2
495.5
285.9
27
28 Gold, SDRs, and official foreign exchange
-14.4
-2.7
-0.4
4.2
0.4
4.5
-0.3
12.3
3.5
14.3
12.0
28
29 Checkable deposits and currency
12.2
-2.7
25.1
313.1
9.3
-48.1
1256.8
34.4
-338.3
105.9
-183.3
29
30 Time and savings deposits
-1.0
0.2
1.2
-1.3
3.8
-8.0
4.3
-5.1
0.6
-0.5
1.3
30
31 Credit market instruments
-0.9
6.1
6.6
86.5
11.2
25.8
31.2
277.8
327.1
389.1
335.4
31
32 Agency- and GSE-backed securities
0.0
0.0
0.0
54.4
0.0
0.0
13.2
204.5
227.8
213.2
123.9
32
33 Corporate and foreign bonds
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
1.5
0.7
33
34 Other loans and advances
-7.0
0.6
-2.2
6.0
-1.4
3.8
1.7
20.1
59.0
95.8
95.2
34
35 Mortgages
2.4
3.7
2.1
13.5
2.1
11.9
12.0
27.8
3.6
21.8
31.1
35
36 Consumer credit (3)
3.7
1.9
6.7
12.6
10.6
10.1
4.2
25.5
36.7
56.8
84.5
36
37 Corporate equities (4)
0.0
0.0
0.0
256.3
0.0
0.0
0.0
1025.4
347.5
-127.9
53.7
37
38 Trade receivables
9.1
-11.5
1.2
3.7
9.0
5.5
14.3
-14.0
6.6
5.2
3.1
38
39 Taxes receivable
25.3
-6.3
-28.0
-85.0
-72.8
-120.8
-75.5
-70.7
8.0
114.9
65.1
39
40 Miscellaneous assets
-1.4
1.0
0.7
11.6
-2.1
0.9
56.3
-8.6
-3.9
-5.5
-1.4
40
41 Net increase in liabilities
410.5
251.1
343.4
1320.1
449.9
420.5
2122.5
2287.5
1381.1
1959.4
1501.8
41
42 SDR certificates
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
12.0
42
43 Treasury currency
0.8
0.6
-0.7
-0.8
-0.9
-0.5
-1.2
-0.8
-0.0
-0.0
-1.0
43
44 Credit market instruments
306.9
183.4
237.1
1239.2
412.7
310.4
2078.5
2155.2
1439.6
1895.3
1484.9
44
45 Savings bonds
0.7
-2.7
-6.0
-2.4
-4.2
-1.1
-1.3
-3.0
-0.3
-1.0
-2.8
45
46 Other Treasury securities
306.6
186.4
243.4
1241.4
415.6
311.3
2081.6
2157.2
1443.1
1897.4
1484.0
46
47 Budget agency securities
-0.4
-0.3
-0.4
0.2
1.3
0.3
-1.7
1.0
-3.2
-1.1
3.7
47
48 Multifamily residential mortgages
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
48
49 Trade payables
33.7
6.2
29.2
-8.8
29.3
43.2
-21.7
-86.1
-19.6
-0.5
-35.1
49
50 Insurance reserves
1.1
1.5
1.2
1.0
-0.3
2.0
-0.4
2.8
-0.2
2.1
0.2
50
51 Miscellaneous liabilities (5)
68.0
59.4
76.6
89.6
9.2
65.4
67.3
216.4
-38.7
62.6
40.8
51
52 Nonmarketable securities held by pension plans
40.0
35.8
33.3
63.3
29.0
45.3
55.3
123.7
0.9
39.0
42.6
52
53 Other
28.1
23.6
43.3
26.3
-19.8
20.2
12.0
92.7
-39.6
23.5
-1.9
53
54 Discrepancy
23.9
15.1
25.1
9.0
-12.7
-304.6
64.0
289.2
-11.1
86.1
-257.4
54
Memo:
55 Change in cash balance (6)
4.6
-5.5
27.5
308.6
32.7
-65.3
1260.1
6.9
-318.1
110.4
-192.3
55
(1) Railroad Retirement Board, the National Railroad Retirement Investment Trust, and federal government life insurance reserves.
(2) Table F.9, line 60 less line 12.
(3) Student loans.
(4) Corporate equities purchased from financial businesses under the Troubled Assets Relief Program (TARP) and from GSEs at issuance price.
(5) 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.
(6) Time and savings deposits (line 30) plus checkable deposit and currency liabilities of the monetary authority and commercial banking sectors (table F.204, lines 3 and 8).
24 Z.1, December 10, 2009
F.107 Rest of the World
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2005
2006
2007
2008
2008
2009
Q1
Q2
Q3
Q4
Q1
Q2
Q3
1 Foreign income from U.S.
2618.6
2990.5
3242.4
3347.5
3377.4
3495.3
3475.8
3041.7
2498.5
2454.5
2575.7
1
2 U.S. imports
2027.8
2240.3
2369.7
2538.9
2548.1
2640.2
2670.5
2296.7
1887.9
1832.8
1973.7
2
3 U.S. income payments to rest of world
475.9
648.6
746.0
667.3
685.3
711.6
664.8
607.4
479.7
478.6
453.5
3
4 Current taxes and trans. payments to rest of world
115.0
101.5
126.6
141.4
144.0
143.6
140.4
137.5
130.9
143.0
148.5
4
5 Foreign outlays to U.S.
1878.1
2192.1
2517.7
2640.3
2660.0
2742.0
2738.6
2420.7
2089.0
2065.0
2152.8
5
6 U.S. exports
1305.1
1471.0
1655.9
1831.1
1803.6
1901.5
1913.1
1706.2
1509.3
1493.7
1571.7
6
7 U.S. income receipts from rest of world
573.0
721.1
861.8
809.2
856.3
840.5
825.6
714.4
579.6
571.3
581.1
7
8 - Net capital transfers paid (1)
12.8
-2.0
-0.4
3.1
-0.3
-0.4
14.2
-1.3
-0.3
-0.3
-0.4
8
9 Gross saving less net capital transfers paid (2)
727.8
800.4
725.0
704.2
717.8
753.7
722.9
622.3
409.8
389.8
423.3
9
10 Gross investment
710.4
803.0
659.9
503.4
661.3
422.6
581.8
347.8
135.9
227.6
169.5
10
11 Nonproduced nonfinancial assets
-1.7
-2.2
-1.8
-2.7
-2.5
-2.7
-2.7
-2.8
-2.8
-2.7
-2.7
11
12 Net financial investment
712.1
805.2
661.7
506.0
663.8
425.2
584.4
350.6
138.7
230.3
172.2
12
13 Net acquisition of financial assets
1076.0
1835.1
1757.5
620.0
1064.9
376.6
968.9
69.5
-472.2
-136.3
215.4
13
14 Gold and SDRs (3)
4.5
-0.2
-0.2
-0.1
-0.1
-0.1
-0.1
-0.1
-0.1
-0.0
-0.0
14
15 Net interbank assets
-12.3
-9.4
-153.6
435.5
-363.1
135.2
480.5
1489.5
-764.6
-730.5
501.8
15
16 U.S. checkable deposits and currency
14.9
11.4
-5.4
68.8
39.4
-13.4
59.9
189.4
-25.0
-7.9
12.1
16
17 U.S. time deposits
6.7
11.5
40.3
45.2
86.1
11.9
-21.4
104.2
-97.0
-13.0
-25.1
17
18 Money market fund shares
0.1
4.1
19.0
14.7
28.7
28.7
0.7
0.6
0.7
0.7
0.6
18
19 Security RPs
48.2
109.4
80.2
-525.0
-5.8
-466.6
-376.0
-1251.5
-6.8
3.4
-110.3
19
20 Credit market instruments
752.0
973.6
944.0
379.7
523.6
688.4
112.0
194.9
329.5
175.3
56.3
20
21 Open market paper
9.9
48.0
-9.6
-45.1
11.0
-16.0
-94.1
-81.5
-50.1
-77.7
-22.9
21
22 Treasury securities
245.1
150.3
165.2
674.3
488.5
380.7
786.1
1041.8
688.1
403.0
401.9
22
23 Official
112.8
208.6
98.4
477.7
424.0
304.9
465.9
715.8
473.2
494.0
502.0
23
24 Private
132.3
-58.2
66.8
196.6
64.5
75.8
320.2
326.0
214.9
-91.0
-100.0
24
25 Agency- and GSE-backed securities
134.3
222.7
250.3
-218.1
94.7
100.0
-381.5
-685.7
-236.4
-34.2
-170.7
25
26 Official
88.5
202.6
237.0
-8.6
271.9
326.4
-86.5
-546.0
-27.8
-29.8
-186.0
26
27 Private
45.8
20.0
13.3
-209.6
-177.3
-226.4
-295.0
-139.7
-208.6
-4.4
15.3
27
28 Municipal securities
3.0
5.4
10.7
-4.1
12.7
12.7
-53.6
12.0
-4.0
22.3
31.7
28
29 U.S. corporate bonds (4)
328.5
541.0
424.6
40.0
-4.3
272.3
-94.2
-13.8
-46.7
-109.9
-136.0
29
30 Loans to U.S. corporate business
31.3
6.2
102.7
-67.2
-78.9
-61.3
-50.7
-77.9
-21.3
-28.3
-47.7
30
31 U.S. corporate equities
56.9
96.2
218.5
90.5
226.8
89.4
22.3
23.4
30.3
118.4
225.0
31
32 Mutual fund shares
32.2
45.2
38.2
5.3
21.5
34.7
-12.0
-22.9
0.8
36.3
31.9
32
33 Trade receivables
7.9
5.9
20.8
6.1
43.4
23.1
7.7
-49.9
-9.4
22.5
11.5
33
34 Security credit
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
34
35 Miscellaneous assets
164.8
587.5
555.9
99.3
464.5
-154.6
695.4
-608.1
69.5
258.4
-488.3
35
36 Foreign direct investment in U.S. (5)
112.6
243.2
275.8
319.7
237.9
402.8
251.0
387.2
95.4
104.5
95.6
36
37 Other
52.2
344.4
280.1
-220.5
226.6
-557.5
444.3
-995.3
-25.9
153.9
-583.9
37
38 Net increase in liabilities
363.9
1029.9
1095.8
113.9
401.1
-48.6
384.4
-281.1
-610.8
-366.6
43.1
38
U.S. official foreign exchange
39 and net IMF position
-9.6
-2.6
-0.0
4.7
1.0
5.0
0.6
12.4
3.9
14.5
12.5
39
40 U.S. private deposits
40.8
87.2
264.1
-352.9
-435.1
-413.0
-294.7
-268.8
-273.4
-340.6
-125.9
40
41 Credit market instruments
113.0
332.6
170.3
-129.5
325.3
103.8
-517.5
-429.8
179.7
192.0
291.4
41
42 Commercial paper
38.6
98.4
-69.3
-71.0
212.0
41.7
-276.4
-261.5
63.1
-23.5
200.3
42
43 Bonds
64.5
227.8
218.7
-62.1
79.9
73.2
-261.8
-139.7
137.5
220.7
99.0
43
44 Bank loans n.e.c.
14.5
13.8
24.1
5.1
35.4
-9.0
21.5
-27.4
-19.4
-6.0
-8.2
44
45 Official
-2.9
-0.7
-0.0
0.7
0.4
4.6
-3.2
1.1
-0.1
1.4
2.0
45
46 Banks
4.7
3.8
8.3
2.8
30.6
-4.0
16.1
-31.5
-14.9
-10.1
4.8
46
47 Other
12.7
10.7
15.8
1.6
4.4
-9.6
8.6
3.0
-4.4
2.8
-14.9
47
48 U.S. government loans
-4.6
-7.4
-3.3
-1.5
-1.7
-1.8
-1.4
-1.3
-1.5
0.7
0.3
48
49 Acceptance liabilities to banks
-0.0
-0.1
0.1
0.0
-0.3
-0.2
0.6
0.0
0.0
0.0
0.0
49
50 Foreign corporate equities (6)
186.7
137.3
147.8
1.3
111.6
89.1
-55.0
-140.4
7.3
148.9
120.0
50
51 Trade payables
6.3
6.2
12.4
-9.9
-10.4
-4.5
-6.8
-17.6
-9.5
17.5
-20.1
51
52 Security debt
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
52
53 Miscellaneous liabilities
26.7
469.2
501.3
600.1
408.6
171.1
1257.8
563.1
-518.8
-398.8
-234.7
53
54 U.S. equity in IBRD, etc.
1.3
2.0
1.7
1.4
0.4
4.3
0.5
0.3
0.6
5.2
4.7
54
55 Nonofficial foreign currencies
-2.2
-0.0
23.9
529.8
-11.8
163.9
904.9
1062.1
-975.4
-781.4
-231.1
55
56 U.S. direct investment abroad (4,5)
36.2
244.9
398.6
332.0
359.2
414.5
216.5
337.9
161.0
179.4
150.0
56
57 Other
-8.6
222.2
77.1
-263.0
60.9
-411.6
135.9
-837.3
295.0
197.9
-158.3
57
58 Discrepancy (FOF basis) (7)
17.4
-2.7
65.2
200.8
56.5
331.1
141.1
274.5
273.9
162.3
253.8
58
Memo:
59 Net U.S. exports, NIPA basis
-722.7
-769.3
-713.8
-707.8
-744.4
-738.7
-757.5
-590.5
-378.5
-339.1
-402.1
59
60 + Net U.S. income receipts (8)
97.1
72.4
115.7
141.9
171.0
128.9
160.8
107.0
99.9
92.6
127.6
60
61 - Current taxes and trans. payments to rest of world
115.0
101.5
126.6
141.4
144.0
143.6
140.4
137.5
130.9
143.0
148.5
61
62 = Balance on current account, NIPAs
-740.5
-798.4
-724.7
-707.2
-717.4
-753.3
-737.1
-621.0
-409.5
-389.5
-422.9
62
(1) Table F.9, line 63.
(2) Line 1 minus line 5 minus line 8; equals net lending or net borrowing (-), NIPAs, with the sign reversed. Also equal to line 62 with the sign reversed minus 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.
Z.1, December 10, 2009 25
F.108 Monetary Authority (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2005
2006
2007
2008
2008
2009
Q1
Q2
Q3
Q4
Q1
Q2
Q3
1 Gross saving
6.3
5.9
4.2
5.1
5.0
4.5
5.0
5.7
3.5
5.3
8.8
1
2 Fixed nonresidential investment
1.9
2.8
3.4
3.3
3.3
3.3
3.3
3.2
2.8
2.7
2.6
2
3 Net acquisition of financial assets
37.4
29.6
43.1
1319.3
-8.2
52.0
2381.6
2852.0
-589.8
-325.5
562.5
3
4 Gold and foreign exchange
0.3
0.3
0.5
0.6
0.7
0.6
1.0
0.2
0.4
0.3
0.6
4
5 SDR certificates
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
12.0
5
6 Treasury currency
0.1
1.7
0.5
-0.0
-0.0
-0.0
-0.0
-0.0
14.3
0.7
0.5
6
7 Federal Reserve float
-0.0
-1.2
0.3
-1.5
-2.1
-0.3
-1.3
-2.2
-6.3
1.0
1.2
7
8 Federal Reserve loans to domestic banks
0.0
-0.0
48.6
511.1
250.6
251.6
503.5
1038.6
-75.5
-849.2
-485.1
8
9 Discount window (2)
0.0
-0.0
48.6
495.4
250.6
251.6
103.3
1376.0
-30.6
-870.8
-446.0
9
10 AMLF (3)
0.0
0.0
0.0
15.7
0.0
0.0
400.1
-337.4
-44.9
21.6
-39.2
10
11 Security RPs
13.8
-6.0
5.8
33.5
163.6
135.4
-99.3
-65.8
-320.0
0.0
0.0
11
12 Credit market instruments
26.4
34.7
-38.3
245.4
-416.7
-495.2
1084.4
809.2
751.6
1196.1
1224.2
12
13 Open market paper
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
13
14 Treasury securities
26.4
34.7
-38.3
-264.7
-575.7
-457.4
-11.7
-14.0
88.9
647.4
446.3
14
15 Agency- and GSE-backed securities
0.0
0.0
0.0
19.7
0.0
0.0
58.0
20.8
1069.3
1088.1
1058.0
15
16 Bank loans n.e.c.
0.0
0.0
0.0
490.4
159.0
-37.8
1038.1
802.4
-406.6
-539.3
-280.1
16
17 Households (TALF) (4)
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
18.8
81.7
70.4
17
18 Rest of world
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
18
19 Brokers and dealers (5)
0.0
0.0
0.0
45.5
159.0
-153.2
793.1
-617.0
-100.3
-61.4
-20.2
19
20 Funding corporations (Maiden Lane) (6)
0.0
0.0
0.0
29.1
0.0
115.3
0.7
0.4
0.1
0.1
0.1
20
21 Funding corporations (AIG)
0.0
0.0
0.0
38.9
0.0
0.0
244.3
-88.7
28.2
-10.0
-18.9
21
22 Funding corporations (Maiden Lane II) (7)
0.0
0.0
0.0
19.5
0.0
0.0
0.0
78.1
-3.5
-3.7
-3.6
22
23 Funding corporations (Maiden Lane III) (8)
0.0
0.0
0.0
24.4
0.0
0.0
0.0
97.5
-0.9
-6.2
-11.0
23
24 Funding corporations (CPFF) (9)
0.0
0.0
0.0
333.0
0.0
0.0
0.0
1332.1
-349.0
-539.8
-296.9
24
25 Miscellaneous assets
-3.2
0.1
25.8
530.2
-4.4
160.0
893.3
1071.9
-954.4
-674.4
-190.9
25
26 Nonofficial foreign currencies (10)
0.0
0.0
24.0
529.7
-12.0
164.0
905.1
1061.9
-975.2
-781.3
-231.3
26
27 Other
-3.2
0.1
1.8
0.5
7.6
-4.0
-11.7
10.0
20.9
107.0
40.4
27
28 Net increase in liabilities
36.1
27.2
39.9
1316.7
-21.6
53.9
2379.3
2855.2
-601.2
-327.3
555.2
28
29 Depository institution reserves
-5.0
-0.3
2.1
839.2
8.0
39.2
755.6
2554.2
-224.4
-576.2
751.5
29
30 Vault cash of commercial banks
8.6
1.6
3.3
2.7
-0.9
-9.6
23.8
-2.4
7.8
-7.8
15.0
30
31 Checkable deposits and currency
30.1
23.5
17.8
428.2
-41.9
39.1
1467.5
248.1
-286.3
212.6
-154.1
31
32 Due to federal government
-1.4
0.2
11.4
349.3
-42.1
-0.9
1309.9
130.4
-393.0
197.4
-170.8
32
33 Treasury cash holdings
-0.1
0.1
0.0
0.0
0.3
-0.2
-0.0
-0.0
0.2
0.0
-0.1
33
34 Treasury general deposit account
-1.3
0.1
11.4
90.0
-42.4
-0.7
112.0
291.1
-155.6
197.3
-30.8
34
35 Treasury temporary supplementary financing account
0.0
0.0
0.0
259.3
0.0
0.0
1198.0
-160.7
-237.6
0.0
-140.0
35
36 Due to rest of the world
0.0
0.0
-0.0
1.3
0.0
0.5
-0.4
5.0
-0.9
2.4
0.6
36
37 Due to government-sponsored enterprises
0.9
-1.2
0.9
19.4
-6.4
0.2
104.2
-20.4
-0.8
-3.6
-16.5
37
38 Currency outside banks
30.6
24.5
5.5
58.2
6.5
39.4
53.8
133.2
108.3
16.4
32.6
38
39 Security RPs
-0.3
-0.9
14.4
44.4
0.5
-1.1
136.5
41.7
-71.0
8.3
-15.0
39
40 Miscellaneous liabilities
2.8
3.2
2.5
2.2
12.8
-13.7
-4.0
13.6
-27.3
35.8
-42.2
40
41 Federal Reserve Bank stock
1.6
1.8
3.1
2.6
4.4
1.3
1.8
3.1
5.9
6.8
2.7
41
42 Other
1.1
1.4
-0.7
-0.5
8.4
-15.0
-5.8
10.5
-33.2
29.1
-44.9
42
43 Discrepancy
3.1
0.7
-2.3
-0.8
-11.6
3.1
-0.7
5.8
-10.6
0.8
-1.2
43
(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.
(2) Loans extended to domestic banks through term auction credit, primary credit, secondary credit, and seasonal credit.
(3) Loans extended to domestic banks through the Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility (AMLF).
(4) Loans extended to financial institutions such as domestic hedge funds through the Term Asset-Backed Securities Loan Facility (TALF).
(5) Loans extended through the Federal Reserve’s Primary Dealer Credit Facility (PDCF) and AMLF.
(6) Loan extended by the Federal Reserve to Maiden Lane LLC to facilitate the arrangements associated with JPMorgan Chase & Co.’s acquisition of Bear Stearns Companies, Inc.
(7) Loan extended by the Federal Reserve to Maiden Lane II LLC to purchase residential mortgage-backed securities from the U.S. securities lending reinvestment portfolio of AIG subsidiaries.
(8) Loan extended by the Federal Reserve to Maiden Lane III LLC to purchase CDOs on which AIG has written credit default swap contracts.
(9) Loan extended by the Federal Reserve to Commercial Paper Funding Facility LLC.
(10) Reciprocal currency arrangements (swap lines) with foreign central banks.
26 Z.1, December 10, 2009
F.109 Commercial Banking (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2005
2006
2007
2008
2008
2009
Q1
Q2
Q3
Q4
Q1
Q2
Q3
1 Gross saving less net capital transfers paid
107.5
92.1
54.6
139.6
162.3
155.2
171.6
69.3
99.7
100.0
139.9
1
2 Fixed nonresidential investment
57.4
60.7
71.6
72.6
73.1
73.7
73.4
70.3
61.9
59.7
58.3
2
3 Net acquisition of financial assets
788.2
991.8
933.1
2033.7
1022.0
839.3
2947.7
3325.8
-1048.9
-598.4
-403.2
3
4 Vault cash
8.6
1.6
3.3
2.7
-0.9
-9.6
23.8
-2.4
7.8
-7.8
15.0
4
5 Reserves at Federal Reserve
-4.5
0.4
1.5
798.1
5.8
38.3
736.6
2411.9
-343.6
-587.0
823.9
5
6 Checkable deposits and currency
-0.5
-0.1
-0.3
0.6
0.2
0.3
-0.3
2.4
4.3
-4.1
-2.3
6
7 Total bank credit
690.3
841.7
791.6
534.2
385.5
178.5
1734.7
-162.1
-489.7
-214.9
-1016.3
7
8 Open market paper
0.0
0.0
0.0
15.7
0.0
0.0
400.1
-337.4
-44.9
21.6
-39.2
8
9 Treasury securities
-10.7
-2.1
17.4
-19.2
-39.2
-47.9
97.8
-87.3
66.0
26.0
241.8
9
10 Agency- and GSE-backed securities
-5.4
45.9
-113.3
147.1
-24.3
318.1
-62.8
357.2
2.1
183.7
-142.1
10
11 Municipal securities
16.9
22.6
12.7
23.7
41.4
7.8
78.3
-32.6
-9.7
29.0
-9.9
11
12 Corporate and foreign bonds
123.4
93.3
197.9
1.7
55.2
-109.5
-34.5
95.7
-104.8
-73.5
33.1
12
13 Bank loans n.e.c.
167.8
126.8
335.1
203.4
313.5
124.6
338.0
37.5
-450.0
-391.8
-521.7
13
14 Mortgages
362.4
445.0
241.4
197.0
156.1
-152.8
828.6
-44.0
34.6
125.9
-343.0
14
15 Consumer credit
2.8
34.2
62.9
74.5
80.2
83.4
77.1
57.5
2.7
-35.7
-72.5
15
16 Security credit
34.8
71.5
32.3
-113.5
-198.6
-43.8
16.2
-227.8
-68.0
-70.5
-115.1
16
17 Corporate equities
0.1
0.7
1.6
2.4
2.4
0.7
4.6
1.8
16.0
-14.5
-1.9
17
18 Mutual fund shares
-1.8
3.9
3.6
1.3
-1.0
-2.2
-8.8
17.3
66.3
-15.0
-45.8
18
19 Customers’ liab. on acceptances (2)
0.0
-0.3
0.0
-0.2
-0.6
-0.1
0.0
0.0
0.0
0.0
0.0
19
20 Miscellaneous assets
94.3
148.6
137.0
698.2
632.0
632.0
453.0
1075.9
-227.8
215.5
-223.6
20
21 Net increase in liabilities
645.4
764.7
806.5
1976.8
934.3
711.3
2189.4
4072.0
-1104.5
-609.9
317.1
21
22 Net interbank liabilities
-15.9
-12.5
-102.9
975.7
-114.3
361.3
905.4
2750.2
-796.6
-1441.7
-77.1
22
23 To monetary authority
-0.0
-1.2
48.9
509.6
248.5
251.3
502.2
1036.4
-81.9
-848.2
-483.9
23
24 To domestic banks (3)
-3.6
-1.9
1.8
30.6
0.3
-25.1
-77.3
224.3
49.8
137.1
-94.9
24
25 To foreign banks
-12.3
-9.4
-153.6
435.5
-363.1
135.2
480.5
1489.5
-764.6
-730.5
501.8
25
26 Checkable deposits
-36.4
-35.9
13.3
141.4
58.9
-73.8
319.4
261.2
-209.5
197.9
137.8
26
27 Federal government
7.0
-5.9
14.9
-39.5
71.0
-56.4
-54.1
-118.3
74.2
-86.5
-22.7
27
28 Rest of the world
6.4
9.2
5.2
24.9
12.4
-14.8
36.9
64.9
-71.4
-2.6
-5.3
28
29 Private domestic
-49.8
-39.2
-6.9
156.0
-24.5
-2.7
336.6
314.6
-212.3
286.9
165.8
29
30 Small time and savings deposits
268.3
287.6
263.0
541.4
365.8
84.6
899.8
815.4
436.3
205.6
379.2
30
31 Large time deposits
243.1
264.0
297.6
-97.6
308.0
-91.3
229.7
-836.7
-200.0
-2.0
3.6
31
32 Federal funds and security RPs (net)
90.3
70.5
-49.7
-355.7
-253.7
-138.7
-250.7
-779.8
-90.8
694.9
-58.7
32
33 Credit market instruments
85.1
177.4
263.2
161.1
228.8
299.2
259.2
-142.7
-298.7
-42.4
-152.4
33
34 Open market paper
4.0
21.4
37.9
-39.2
-4.4
58.1
-57.9
-152.6
-91.1
-17.0
14.9
34
35 Corporate bonds
56.7
76.0
118.6
129.3
140.7
228.9
-194.2
341.7
44.0
21.9
35.7
35
36 Other loans and advances
24.4
80.0
106.7
71.0
92.5
12.1
511.3
-331.7
-251.5
-47.3
-203.0
36
37 Corporate equity issues
-13.8
-10.5
-23.7
331.9
212.9
230.1
103.5
780.9
230.3
18.8
91.1
37
38 Taxes payable (net)
-7.9
-1.1
-13.6
-85.7
-43.8
-49.9
-69.5
-179.5
8.0
-33.1
59.8
38
39 Miscellaneous liabilities
32.5
25.2
159.3
364.3
171.8
89.8
-207.3
1403.0
-183.7
-207.9
-66.3
39
40 Discrepancy
-92.8
-195.7
-143.6
10.0
1.5
-46.5
-660.1
745.2
-17.8
28.9
802.0
40
Memo:
41 Credit market funds advanced (4)
657.1
765.4
754.1
643.8
582.1
223.7
1722.7
46.6
-504.0
-114.9
-853.5
41
42 Consumer leases not included above (5)
0.0
0.0
-1.8
-1.7
-0.0
-1.8
-3.5
-1.3
-1.5
-4.3
-3.1
42
(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 16) less corporate equities (line 17) less mutual fund shares (line 18) plus customers’ liability on acceptances (line 19).
(5) 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.
Z.1, December 10, 2009 27
F.110 U.S.-Chartered Commercial Banks
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2005
2006
2007
2008
2008
2009
Q1
Q2
Q3
Q4
Q1
Q2
Q3
1 Gross saving less net capital transfers paid (1)
-4.4
-20.4
-52.6
63.3
76.2
69.3
93.8
14.1
30.1
18.3
48.5
1
2 Fixed nonresidential investment
20.3
23.0
21.7
22.2
22.4
22.5
22.4
21.5
18.9
18.2
17.8
2
3 Net acquisition of financial assets
529.7
787.7
595.9
1245.3
348.2
451.8
2787.8
1393.4
-776.9
286.1
-456.0
3
4 Vault cash and reserves at Federal Reserve
3.9
2.3
4.4
562.9
4.4
30.4
626.7
1590.1
-234.4
-322.2
503.2
4
5 Total bank credit
498.4
685.4
570.3
547.6
480.9
189.6
1835.2
-315.3
-127.3
153.6
-831.4
5
6 Open market paper
0.0
0.0
0.0
15.7
0.0
0.0
400.1
-337.4
-44.9
21.6
-39.2
6
7 Treasury securities
-10.1
-2.2
11.1
-19.6
-64.5
-57.7
107.5
-63.8
40.7
46.7
165.0
7
8 Agency- and GSE-backed securities
-3.3
47.5
-111.4
139.7
-23.1
250.1
22.5
309.5
67.1
205.4
-121.2
8
9 Mortgage pass-through securities
-2.7
68.8
-54.9
152.0
95.9
239.6
84.6
187.9
-58.6
139.7
-258.7
9
10 CMOs and other structured MBS
-4.4
-5.1
-4.4
14.3
21.4
-8.7
1.7
42.6
39.3
26.5
73.9
10
11 Other
3.8
-16.1
-52.0
-26.6
-140.4
19.2
-63.9
78.9
86.4
39.2
63.5
11
12 Municipal securities
16.7
21.7
12.0
23.2
41.4
7.1
78.0
-33.6
-11.5
31.3
-14.4
12
13 Corporate and foreign bonds
47.0
59.1
101.7
-30.4
-1.6
-22.7
-24.7
-72.5
123.6
123.4
81.5
13
14 Private mortgage pass-through securities
5.1
8.8
15.5
-24.4
7.4
-26.2
-19.5
-59.3
-5.4
13.4
5.3
14
15 Private CMOs and other structured MBS
38.2
12.7
64.8
-1.5
68.5
-13.9
34.1
-94.6
-32.6
-16.8
-15.7
15
16 Other
3.8
37.6
21.4
-4.5
-77.5
17.5
-39.4
81.3
161.6
126.8
91.9
16
17 Bank loans n.e.c.
98.7
62.9
233.7
137.9
247.0
90.0
271.6
-57.0
-343.2
-266.8
-362.0
17
18 Mortgages
354.8
436.8
225.7
190.0
149.9
-157.9
824.7
-56.6
34.0
130.2
-333.4
18
19 Consumer credit
2.8
34.2
62.9
74.5
80.2
83.4
77.1
57.5
2.7
-35.7
-72.5
19
20 Security credit
-6.6
20.9
29.3
12.8
50.3
-1.3
82.5
-80.5
-78.1
-73.0
-87.6
20
21 Corporate equities
0.1
0.7
1.6
2.4
2.4
0.7
4.6
1.8
16.0
-14.5
-1.9
21
22 Mutual fund shares
-1.8
3.9
3.6
1.3
-1.0
-2.2
-8.8
17.3
66.3
-15.0
-45.8
22
23 Customers’ liab. on acceptances (2)
-0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
23
24 Miscellaneous assets
27.4
100.0
21.3
134.8
-137.1
231.9
325.9
118.6
-415.1
454.7
-127.8
24
25 Net increase in liabilities
467.2
640.9
545.8
1234.0
340.7
383.7
2050.1
2161.6
-797.5
314.6
292.6
25
26 Net interbank liabilities
16.6
72.6
141.4
788.8
69.6
702.9
371.0
2011.6
-606.7
-581.9
-137.1
26
27 Federal Reserve float
-0.0
-1.2
0.3
-1.5
-2.1
-0.3
-1.3
-2.2
-6.3
1.0
1.2
27
28 Borrowing from Federal Reserve banks
0.0
-0.0
48.6
511.1
250.6
251.6
503.5
1038.6
-75.5
-849.2
-485.1
28
29 To domestic banking
0.5
-36.6
34.5
110.5
-34.1
114.5
-74.5
436.2
-66.9
100.0
31.8
29
30 To foreign banks
16.1
110.5
58.0
168.6
-144.7
337.1
-56.8
539.0
-458.0
166.2
315.0
30
31 Checkable deposits
-36.8
-36.6
9.0
140.8
48.3
-72.8
327.6
260.1
-211.8
190.6
137.6
31
32 Federal government
7.0
-5.9
14.9
-39.5
71.0
-56.4
-54.1
-118.3
74.2
-86.5
-22.7
32
33 Rest of the world
6.2
9.4
5.0
22.5
-9.0
-7.4
46.4
59.9
-70.4
-3.2
-26.5
33
34 Private domestic
-49.9
-40.1
-10.9
157.8
-13.7
-9.1
335.3
318.5
-215.7
280.2
186.8
34
35 Small time and savings deposits
262.9
277.8
255.0
540.2
342.4
90.7
923.9
803.9
439.6
216.5
366.6
35
36 Large time deposits
166.8
129.9
23.1
24.6
123.8
-211.4
409.8
-224.0
-101.5
-270.1
-251.7
36
37 Federal funds and security RPs (net)
57.0
21.4
-36.1
-259.0
-225.8
-63.2
-175.5
-571.5
-131.2
565.5
-51.2
37
38 Acceptance liabilities
-0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
38
39 Corporate bonds
12.5
27.5
25.1
8.0
-0.5
-2.9
1.0
34.4
-56.2
-12.1
-28.2
39
40 Other loans and advances
24.4
80.0
106.7
71.0
92.5
12.1
511.3
-331.7
-251.5
-47.3
-203.0
40
41 Corporate equity issues
6.2
9.3
4.3
10.4
8.2
6.6
7.9
18.8
12.7
13.7
8.1
41
42 Taxes payable (net)
-7.9
-1.1
-13.6
-85.7
-43.8
-49.9
-69.5
-179.5
8.0
-33.1
59.8
42
43 Miscellaneous liabilities
-34.6
60.0
30.9
-5.1
-74.1
-28.3
-257.4
339.6
101.1
272.9
391.7
43
44 Investment by bank holding companies
40.0
110.0
126.1
48.2
101.5
-39.8
34.9
96.3
7.7
61.7
240.1
44
45 Other
-74.5
-50.0
-95.2
-53.3
-175.6
11.5
-292.3
243.3
93.3
211.1
151.6
45
46 Discrepancy
-87.3
-190.2
-124.5
29.9
46.4
-21.5
-666.3
760.9
-9.5
28.6
779.3
46
Memo:
47 Credit market funds advanced (3)
506.6
660.0
535.7
531.1
429.2
192.4
1756.8
-254.0
-131.5
256.1
-696.1
47
48 Consumer leases not included above (4)
0.0
0.0
-1.8
-1.7
-0.0
-1.8
-3.5
-1.3
-1.5
-4.3
-3.1
48
(1) Net capital transfers paid from table F.9, line 53.
(2) Included in other loans and advances (table F.216).
(3) Total bank credit (line 5) less security credit (line 20) less corporate equities (line 21) less mutual fund shares (line 22) plus customers’ liability on acceptances (line 23).
(4) 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.
28 Z.1, December 10, 2009
F.111 Foreign Banking Offices in U.S. (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2005
2006
2007
2008
2008
2009
Q1
Q2
Q3
Q4
Q1
Q2
Q3
1 Gross saving
3.3
3.2
3.5
2.4
2.4
2.4
2.5
2.5
2.5
2.5
2.5
1
2 Fixed nonresidential investment
4.0
4.1
4.1
2.7
2.7
2.8
2.7
2.6
2.3
2.2
2.2
2
3 Net acquisition of financial assets
153.9
10.1
219.8
576.5
457.4
-56.0
281.3
1623.4
-416.0
-888.3
26.4
3
4 Reserves at Federal Reserve
0.2
-0.3
0.4
238.0
0.5
-1.7
133.6
819.5
-101.3
-272.6
335.7
4
5 Total bank credit
185.9
154.6
204.6
-25.4
-98.9
-115.7
-62.5
175.6
-275.7
-385.5
-194.8
5
6 Open market paper
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
6
7 Treasury securities
0.1
-1.0
3.6
5.1
30.0
-11.5
-16.8
18.7
37.0
-46.2
88.3
7
8 Agency- and GSE-backed securities
-0.9
4.2
2.0
-6.6
-11.1
-1.7
-36.9
23.1
-19.7
-27.5
-14.1
8
9 Municipal securities
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
9
10 Corporate and foreign bonds
80.6
29.8
77.0
32.1
59.8
-96.2
-15.1
179.9
-197.1
-192.2
-66.4
10
11 Bank loans n.e.c.
60.7
67.1
105.0
65.1
67.9
31.4
69.9
91.4
-106.3
-117.6
-164.7
11
12 Mortgages
4.0
4.1
14.1
5.2
3.4
4.8
2.7
9.8
0.3
-4.5
-10.5
12
13 Security credit
41.4
50.6
3.0
-126.3
-248.9
-42.5
-66.3
-147.3
10.1
2.5
-27.5
13
14 Corporate equities
0.0
0.0
0.0
0.0
0.0
0.0
-0.0
0.0
0.0
0.0
0.0
14
15 Customers’ liab. on acceptances (2)
0.1
-0.3
0.0
-0.2
-0.6
-0.1
0.0
0.0
0.0
0.0
0.0
15
16 Miscellaneous assets
-32.2
-143.9
14.7
364.1
556.4
61.6
210.2
628.3
-39.0
-230.1
-114.6
16
17 Net increase in liabilities
154.6
9.8
222.9
571.8
431.2
-65.0
302.6
1618.5
-415.7
-883.5
29.7
17
18 Net interbank liabilities
-6.0
-71.3
-191.1
240.1
-136.4
-316.7
329.7
1083.8
-243.7
-777.6
236.7
18
19 To foreign banks
-8.8
-78.6
-169.4
244.4
-198.7
-276.1
440.9
1011.5
-193.8
-849.3
229.6
19
20 To domestic banks
2.8
7.2
-21.7
-4.3
62.4
-40.6
-111.1
72.3
-49.8
71.7
7.1
20
21 Checkable deposits
0.5
-0.0
2.6
1.7
12.2
-3.1
-7.1
4.8
1.0
4.8
-0.6
21
22 Small time and savings deposits
0.5
8.6
6.9
0.1
24.4
-8.7
-29.4
14.0
2.5
-8.3
13.8
22
23 Large time deposits
71.4
132.8
273.4
-123.2
185.2
117.6
-185.5
-610.1
-92.8
270.8
256.5
23
24 Federal funds and security RPs (net)
33.4
49.0
-13.6
-96.3
-27.1
-74.7
-73.0
-210.3
40.7
152.5
13.8
24
25 Acceptance liabilities
0.0
-0.3
0.0
-0.2
-0.6
-0.1
0.0
0.0
0.0
0.0
0.0
25
26 Miscellaneous liabilities
54.6
-109.0
144.8
549.6
373.5
220.7
267.8
1336.3
-123.5
-525.7
-490.6
26
27 Foreign direct investment in U.S.
9.4
13.8
-4.8
20.7
31.5
23.9
8.7
18.8
-9.9
5.6
5.9
27
28 Due to affiliates
21.0
8.6
43.7
35.6
-2.3
-12.6
-178.7
336.1
-29.2
-179.5
-101.3
28
29 Other
24.2
-131.3
105.9
493.2
344.2
209.4
437.8
981.4
-84.4
-351.7
-395.1
29
30 Discrepancy
-0.0
-1.3
2.5
-5.0
-26.5
-9.3
21.0
-5.0
0.5
5.0
3.6
30
Memo:
31 Credit market funds advanced (3)
144.5
103.7
201.7
100.7
149.4
-73.4
3.8
322.9
-285.8
-388.0
-167.3
31
(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 13) less corporate equities (line 14) plus customers’ liability on acceptances (line 15).
Z.1, December 10, 2009 29
F.112 Bank Holding Companies
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2005
2006
2007
2008
2008
2009
Q1
Q2
Q3
Q4
Q1
Q2
Q3
1 Gross saving
108.5
109.1
103.7
73.6
83.5
83.3
75.2
52.6
67.0
79.1
88.8
1
2 Fixed nonresidential investment
32.9
33.4
45.6
47.5
47.8
48.3
48.0
46.1
40.5
39.1
38.1
2
3 Net acquisition of financial assets
94.8
195.2
118.0
214.2
213.9
433.2
-116.7
326.3
150.8
10.6
27.7
3
4 Credit market instruments
-4.2
3.3
23.1
13.9
4.1
97.7
-36.3
-9.7
-79.8
16.0
4.0
4
5 Treasury securities
-0.9
1.4
4.6
-4.0
-3.0
22.1
7.2
-42.2
-10.3
25.9
-11.5
5
6 Agency- and GSE-backed securities
-2.3
-0.0
-1.3
15.9
12.3
61.4
-46.7
36.7
-39.0
3.0
-0.1
6
7 Corporate and foreign bonds
-3.7
4.9
19.1
-0.0
-3.7
9.6
6.0
-12.0
-30.0
-9.9
14.5
7
8 Bank loans n.e.c.
2.7
-2.9
0.7
2.0
-1.6
4.7
-2.8
7.8
-0.5
-3.0
1.0
8
9 Miscellaneous assets
99.0
191.8
94.9
200.3
209.9
335.5
-80.4
336.0
230.6
-5.3
23.7
9
10 Investment in bank subsidiaries
40.0
110.0
126.1
48.2
101.5
-39.8
34.9
96.3
7.7
61.7
240.1
10
11 Investment in nonbank subsidiaries
42.7
46.3
-63.0
57.5
36.0
103.0
79.5
11.6
-130.0
-14.6
-175.4
11
12 Other
16.2
35.6
31.7
94.5
72.4
272.3
-194.8
228.2
352.8
-52.5
-40.9
12
13 Net increase in liabilities
14.3
115.3
45.4
174.3
163.6
383.4
-157.9
308.1
118.3
-34.3
-27.3
13
14 Net interbank liabilities
-26.5
-13.9
-53.2
-53.2
-47.6
-24.8
204.7
-345.2
53.8
-82.1
-176.7
14
15 To domestic banks
-6.9
27.4
-11.0
-75.7
-28.0
-99.0
108.3
-284.2
166.5
-34.7
-133.8
15
16 To foreign banks
-19.6
-41.3
-42.2
22.5
-19.6
74.2
96.4
-61.0
-112.8
-47.4
-42.9
16
17 Federal funds and security RPs (net)
-0.2
0.1
0.1
-0.4
-0.8
-0.8
-2.2
2.0
-0.3
-23.1
-21.4
17
18 Credit market instruments
48.2
70.2
131.3
82.3
137.4
290.1
-253.1
154.7
9.1
17.0
78.8
18
19 Commercial paper
4.0
21.7
37.9
-39.0
-3.8
58.3
-57.9
-152.6
-91.1
-17.0
14.9
19
20 Corporate bonds
44.2
48.5
93.5
121.3
141.2
231.8
-195.3
307.3
100.2
34.0
63.8
20
21 Corporate equity issues
-20.0
-19.9
-28.0
321.5
204.7
223.5
95.5
762.1
217.6
5.1
83.1
21
22 Miscellaneous liabilities
12.8
78.7
-4.8
-175.7
-130.1
-104.6
-202.8
-265.5
-161.7
48.9
8.9
22
23 Equity, etc.
48.4
-13.8
-66.6
52.7
70.9
20.2
-112.3
231.9
118.6
33.4
19.0
23
24 Other
-35.6
92.5
61.9
-228.4
-201.0
-124.8
-90.5
-497.4
-280.3
15.5
-10.0
24
25 Discrepancy
-4.9
-4.2
-14.5
-13.8
-14.7
-14.7
-14.1
-11.7
-6.0
-4.9
-4.3
25
F.113 Banks in U.S.-Affiliated Areas (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1 Gross saving
0.2
0.2
0.1
0.2
0.2
0.2
0.2
0.2
0.2
0.2
0.2
1
2 Fixed nonresidential investment
0.2
0.3
0.1
0.2
0.2
0.2
0.2
0.2
0.2
0.1
0.1
2
3 Net acquisition of financial assets
9.8
-1.2
-0.6
-2.3
2.4
10.3
-4.7
-17.3
-6.8
-6.8
-1.3
3
4 Checkable deposits and currency
-0.5
-0.1
-0.3
0.6
0.2
0.3
-0.3
2.4
4.3
-4.1
-2.3
4
5 Credit market instruments
10.2
-1.7
-6.4
-1.9
-0.5
7.0
-1.6
-12.6
-6.8
1.0
5.9
5
6 Treasury securities
0.1
-0.2
-1.9
-0.6
-1.7
-0.8
-0.1
-0.0
-1.4
-0.3
-0.1
6
7 Agency- and GSE-backed securities
1.2
-5.8
-2.7
-2.0
-2.4
8.4
-1.7
-12.1
-6.3
2.7
-6.7
7
8 Municipal securities
0.2
0.8
0.7
0.5
-0.0
0.7
0.3
1.0
1.8
-2.4
4.4
8
9 Corporate and foreign bonds
-0.5
-0.4
0.1
0.0
0.8
-0.2
-0.7
0.3
-1.3
5.1
3.5
9
10 Bank loans n.e.c.
5.6
-0.3
-4.2
-1.7
0.1
-1.5
-0.7
-4.7
0.0
-4.4
3.9
10
11 Home mortgages
0.7
0.9
4.3
1.4
2.2
0.0
1.3
2.0
0.5
-0.3
0.2
11
12 Commercial mortgages
2.9
3.2
-2.7
0.4
0.6
0.3
-0.1
0.8
-0.2
0.6
0.7
12
13 Miscellaneous assets
0.1
0.6
6.1
-1.0
2.8
3.1
-2.7
-7.1
-4.3
-3.8
-4.9
13
14 Net increase in liabilities
9.3
-1.3
-7.7
-3.4
-1.2
9.3
-5.4
-16.2
-9.6
-6.7
22.1
14
15 Checkable deposits
-0.2
0.7
1.7
-1.1
-1.7
2.1
-1.1
-3.6
1.4
2.5
0.8
15
16 Small time and savings deposits
4.9
1.2
1.1
1.1
-1.1
2.6
5.4
-2.6
-5.8
-2.6
-1.2
16
17 Large time deposits
4.9
1.2
1.1
1.1
-1.1
2.6
5.4
-2.6
-5.8
-2.6
-1.2
17
18 Miscellaneous liabilities
-0.3
-4.4
-11.6
-4.5
2.6
2.0
-15.0
-7.4
0.5
-4.0
23.7
18
19 Discrepancy
-0.5
-0.1
-7.1
-1.1
-3.7
-1.1
-0.7
1.1
-2.8
0.1
23.4
19
(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.
30 Z.1, December 10, 2009
F.114 Savings Institutions (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2005
2006
2007
2008
2008
2009
Q1
Q2
Q3
Q4
Q1
Q2
Q3
1 Gross saving
10.1
6.5
10.6
11.2
14.4
11.7
9.1
9.7
5.6
9.8
12.2
1
2 Fixed nonresidential investment
3.7
4.2
3.9
3.1
3.1
3.2
3.1
3.0
2.7
2.6
2.5
2
3 Net acquisition of financial assets
140.9
-74.4
99.6
-290.4
62.3
-65.8
-1281.1
123.1
64.9
-585.7
-192.6
3
4 Reserves at Federal Reserve
-0.5
-0.7
0.6
36.4
-0.3
0.7
15.4
129.9
40.0
20.0
-46.0
4
5 Checkable deposits and currency
2.4
-3.3
-0.5
-11.2
16.0
-7.6
-13.7
-39.7
6.0
-15.6
6.4
5
6 Time and savings deposits
-0.5
3.9
3.3
-1.6
1.4
5.8
1.1
-14.6
7.7
-0.4
29.8
6
7 Federal funds and security RPs
-0.1
9.3
27.3
-10.9
-25.9
-28.7
-13.3
24.3
-20.8
-76.9
35.8
7
8 Credit market instruments
199.4
-97.9
65.7
-274.7
44.5
14.5
-1211.9
54.2
-3.1
-449.2
-195.2
8
9 Open market paper
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
9
10 Treasury securities
4.0
0.1
-5.4
-4.1
-3.9
-4.3
-7.9
-0.0
2.9
3.7
5.6
10
11 Agency- and GSE-backed securities
55.8
-23.0
-0.6
-0.8
-12.1
17.6
-26.2
17.5
32.2
14.0
37.0
11
12 Mortgage pass-through securities
25.6
-19.7
5.2
3.0
13.6
3.7
-22.0
16.4
-4.2
-15.0
-25.5
12
13 CMOs and other structured MBS
7.4
-3.3
-2.2
7.3
1.7
34.4
-14.2
7.0
20.7
12.5
11.4
13
14 Other
22.9
-0.1
-3.6
-11.0
-27.5
-20.6
10.0
-5.9
15.7
16.5
51.2
14
15 Municipal securities
1.5
2.2
-0.1
-2.7
-2.2
2.6
-10.6
-0.4
0.9
2.9
2.0
15
16 Corporate and foreign bonds
21.0
9.2
49.2
-34.0
5.1
-2.0
-101.0
-38.1
33.2
-36.2
-10.3
16
17 Private mortgage pass-through securities
-0.6
3.1
-4.5
-1.4
7.4
-7.5
-2.0
-3.4
-4.6
-1.4
-4.3
17
18 Private CMOs and other structured MBS
18.1
6.8
39.3
-41.8
-30.8
-36.6
-74.2
-25.5
-83.1
-38.8
-1.7
18
19 Other
3.5
-0.7
14.3
9.2
28.5
42.1
-24.7
-9.3
120.8
4.0
-4.4
19
20 Other loans and advances
3.9
6.0
6.2
6.4
17.2
-7.6
-8.4
24.2
2.6
-16.2
-34.5
20
21 Mortgages
95.3
-78.8
21.3
-235.1
53.6
-1.7
-1015.0
22.9
-49.7
-400.8
-203.9
21
22 Consumer credit
17.8
-13.5
-4.8
-4.5
-13.1
10.0
-42.9
28.2
-25.1
-16.6
8.9
22
23 Corporate equities
-1.0
-1.0
-0.1
-1.5
2.1
-2.6
-10.2
4.7
1.5
-2.0
-6.3
23
24 Miscellaneous assets
-58.8
15.4
3.4
-26.9
24.4
-47.8
-48.5
-35.7
33.6
-61.7
-17.0
24
25 Net increase in liabilities
126.4
-82.6
116.7
-251.8
74.3
-34.0
-1191.8
144.1
-0.2
-559.7
-198.4
25
26 Deposits
76.6
24.6
13.2
-156.0
84.1
65.6
-825.6
52.0
67.2
-80.2
-126.8
26
27 Checkable
3.8
0.9
4.5
-2.9
-10.8
28.8
-19.8
-9.6
-0.5
-2.3
58.8
27
28 Small time and savings
34.0
28.9
27.6
-59.6
56.7
144.8
-427.1
-12.8
-8.4
-28.5
393.2
28
29 Large time
38.8
-5.2
-19.0
-93.5
38.2
-108.1
-378.6
74.4
76.0
-49.4
-578.8
29
30 Security RPs
-2.3
-19.2
-24.1
-0.0
-58.6
0.3
-9.5
67.7
7.2
-33.9
100.5
30
31 Credit market instruments
22.5
-108.2
104.1
-67.1
101.3
-76.2
-203.7
-89.9
-82.9
-336.2
-95.6
31
32 Corporate bonds
1.0
2.0
-0.3
-8.0
1.2
0.9
-34.0
-0.0
-1.9
0.9
0.7
32
33 Bank loans n.e.c.
5.2
-44.5
13.3
13.0
1.2
11.3
22.0
17.7
-30.2
-21.6
-66.1
33
34 Other loans and advances
16.2
-65.7
91.1
-72.2
98.8
-88.4
-191.7
-107.6
-50.8
-315.5
-30.2
34
35 Corporate equities
2.2
0.8
3.3
1.7
0.5
1.4
2.5
2.5
0.9
2.3
1.3
35
36 Taxes payable
0.1
-0.4
-2.0
-0.3
1.1
-2.3
0.1
-0.2
1.4
-2.3
2.3
36
37 Miscellaneous liabilities
27.3
19.7
22.2
-30.1
-54.0
-22.7
-155.7
112.0
6.1
-109.5
-80.1
37
38 Investment by parent
3.7
2.1
0.6
6.3
3.7
10.2
-3.8
15.2
-30.4
1.1
-1.5
38
39 Other
23.6
17.6
21.6
-36.4
-57.7
-33.0
-151.9
96.8
36.5
-110.5
-78.6
39
40 Discrepancy
-8.0
-5.9
23.7
46.7
23.4
40.4
95.2
27.7
-62.2
33.3
4.0
40
(1) Savings and loan associations, mutual savings banks, and federal savings banks.
Z.1, December 10, 2009 31
F.115 Credit Unions
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2005
2006
2007
2008
2008
2009
Q1
Q2
Q3
Q4
Q1
Q2
Q3
1 Gross saving
9.1
9.8
8.9
6.9
7.7
7.2
6.6
6.0
6.2
8.4
12.8
1
2 Fixed nonresidential investment
3.5
4.1
3.8
3.7
3.7
3.7
3.7
3.6
3.1
3.0
3.0
2
3 Net acquisition of financial assets
30.9
30.5
42.5
53.8
93.0
56.4
3.0
62.7
128.0
68.6
34.4
3
4 Reserves at Federal Reserve
0.0
0.0
0.0
4.7
2.4
0.2
3.6
12.4
79.2
-9.2
-26.4
4
5 Checkable deposits and currency
-2.0
6.2
-1.1
-5.7
33.7
-18.5
-37.1
-0.9
-37.0
14.5
29.6
5
6 Time and savings deposits
-4.5
-4.9
-0.0
11.4
21.7
11.8
-0.2
12.1
22.5
7.8
-0.9
6
7 Federal funds and security RPs (net)
2.6
-1.6
-2.6
-4.8
-7.4
2.6
-22.3
7.8
-3.0
13.2
-3.6
7
8 Credit market instruments
36.2
30.1
35.3
40.0
41.7
50.8
45.9
21.4
19.9
47.9
30.0
8
9 Open market paper
-0.0
0.2
-0.5
-0.4
9.3
-8.0
-3.0
0.0
0.0
0.0
0.0
9
10 Treasury securities
-1.1
-0.3
3.0
-1.6
-3.4
2.7
-1.3
-4.2
-2.1
16.9
5.1
10
11 Agency- and GSE-backed securities
-6.8
-13.9
-4.1
14.4
8.1
20.1
18.7
10.9
26.3
29.1
18.8
11
12 Corporate and foreign bonds
-1.5
7.2
3.9
-8.9
-6.7
-2.3
-10.2
-16.3
-32.2
1.4
-0.4
12
13 Other loans and advances
1.0
0.9
0.0
2.6
-2.8
7.2
8.6
-2.8
7.8
3.4
1.2
13
14 Home mortgages
31.3
30.1
31.8
34.5
49.8
31.9
23.9
32.4
11.3
-4.5
-0.7
14
15 Consumer credit
13.2
5.9
1.2
-0.7
-12.6
-0.7
9.2
1.4
8.7
1.6
6.0
15
16 Mutual fund shares
-1.0
-0.1
-0.0
-0.0
1.5
-0.1
-1.5
0.0
-1.1
0.1
-1.0
16
17 Miscellaneous assets
-0.3
0.8
11.0
8.4
-0.6
9.6
14.5
9.9
47.4
-5.8
6.6
17
18 Net increase in liabilities
27.5
26.0
39.5
54.5
88.3
59.6
2.7
67.4
154.3
52.9
29.1
18
19 Shares/deposits
21.6
24.5
31.7
45.1
79.3
54.2
-15.2
62.1
122.6
64.6
45.2
19
20 Checkable
7.0
-8.5
1.1
1.6
20.3
-7.1
-10.0
3.2
21.9
-1.2
-3.9
20
21 Small time and savings
12.1
30.5
25.8
43.0
40.5
56.7
17.9
57.0
69.1
55.8
31.9
21
22 Large time
2.5
2.5
4.8
0.5
18.5
4.6
-23.1
2.0
31.6
10.1
17.3
22
23 Other loans and advances
3.3
4.2
13.4
8.3
-15.2
27.6
32.4
-11.6
-41.2
-7.2
-0.8
23
24 Miscellaneous liabilities
2.6
-2.7
-5.6
1.1
24.2
-22.1
-14.5
16.8
72.9
-4.6
-15.3
24
25 Discrepancy
2.2
1.2
2.1
3.9
-0.7
6.7
2.5
7.1
29.3
-10.3
4.6
25
F.116 Property-Casualty Insurance Companies
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1 Gross saving less net capital transfers paid (1)
24.3
63.8
49.2
64.3
77.1
73.5
29.9
76.9
32.4
38.4
43.8
1
2 Fixed nonresidential investment
10.2
10.3
11.5
11.3
11.5
11.5
11.4
10.7
9.5
9.3
9.2
2
3 Net acquisition of financial assets
75.4
64.5
38.2
30.0
46.4
8.2
23.6
41.8
-22.6
60.4
13.7
3
4 Checkable deposits and currency
-4.8
8.9
12.8
-14.8
-3.4
-5.0
11.4
-62.0
-7.8
31.8
6.1
4
5 Security RPs
5.9
-2.9
-12.2
13.4
38.7
-6.1
-19.8
40.7
0.7
-33.7
-0.3
5
6 Credit market instruments
66.9
47.7
26.4
-16.4
-13.0
-6.3
-34.6
-11.6
1.3
46.1
17.3
6
7 Treasury securities
-2.0
6.6
-20.7
-0.3
-0.1
0.4
-1.4
-0.0
0.1
2.9
1.2
7
8 Agency- and GSE-backed securities
5.8
4.1
3.8
-11.5
-11.1
-10.1
-13.9
-10.9
-9.8
-0.5
2.4
8
9 Municipal securities
45.4
22.1
36.1
10.6
12.3
15.0
3.0
12.2
10.5
29.4
8.6
9
10 Corporate and foreign bonds
17.5
14.2
5.9
-15.4
-14.4
-12.2
-20.9
-14.1
0.4
14.1
5.9
10
11 Commercial mortgages
0.3
0.7
1.3
0.2
0.4
0.6
-1.4
1.2
0.2
0.2
-0.8
11
12 Corporate equities
-6.1
2.3
0.5
35.1
13.1
4.3
52.8
70.3
-17.6
9.5
-0.1
12
13 Mutual fund shares
0.3
0.5
-0.5
-0.4
-0.0
-0.0
-0.4
-1.1
0.0
0.1
0.1
13
14 Trade receivables
2.4
4.9
-1.6
1.3
3.4
3.5
0.0
-1.9
2.8
-0.4
-5.5
14
15 Miscellaneous assets
10.8
3.1
12.8
11.8
7.5
17.9
14.2
7.4
-2.1
7.0
-3.9
15
16 Net increase in liabilities
46.3
42.2
5.4
15.9
21.7
57.9
66.3
-82.5
-53.5
16.0
36.1
16
17 Corporate equity issues
-2.8
-8.5
-13.2
0.4
-5.3
18.8
-10.9
-1.1
-1.4
-2.2
-6.6
17
18 Taxes payable (net)
-3.1
11.0
-2.4
-28.1
-4.2
-35.8
1.1
-73.6
-12.5
14.8
42.4
18
19 Miscellaneous liabilities
52.2
39.7
21.1
43.6
31.2
74.9
76.2
-7.9
-39.5
3.4
0.2
19
20 Discrepancy
-15.0
31.3
4.9
38.9
40.9
111.7
61.3
-58.2
-7.9
-15.3
57.0
20
(1) Net capital transfers paid from table F.9, line 50.
32 Z.1, December 10, 2009
F.117 Life Insurance Companies
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2005
2006
2007
2008
2008
2009
Q1
Q2
Q3
Q4
Q1
Q2
Q3
1 Gross saving
11.0
4.0
3.7
9.7
7.1
18.6
9.6
3.3
10.3
12.2
17.9
1
2 Fixed nonresidential investment
9.9
10.8
11.6
11.4
11.6
11.6
11.4
10.8
9.6
9.4
9.3
2
3 Net acquisition of financial assets
185.3
225.0
240.5
167.1
334.7
146.3
-85.1
272.5
101.1
40.0
196.6
3
4 Checkable deposits and currency
-5.5
8.3
2.3
24.4
19.0
35.0
8.1
35.6
-49.9
-18.4
-5.4
4
5 Money market fund shares
-7.1
48.7
64.3
33.3
69.6
11.9
11.6
40.0
14.5
-11.1
-16.3
5
6 Credit market instruments
110.3
75.6
82.4
10.7
109.6
48.5
-69.4
-46.0
191.0
89.0
90.4
6
7 Open market paper
-8.0
12.9
8.4
-6.7
23.1
-8.9
-38.6
-2.6
-37.7
-34.7
-6.5
7
8 Treasury securities
12.7
-8.0
-14.9
37.5
24.4
24.1
21.8
79.5
76.8
37.1
24.9
8
9 Agency- and GSE-backed securities
11.4
8.8
5.5
-16.7
-5.9
-9.2
-22.0
-29.7
-22.6
-3.1
-12.9
9
10 Municipal securities
2.4
4.1
4.8
5.7
7.1
6.7
5.1
3.8
7.9
1.6
2.3
10
11 Corporate and foreign bonds
74.7
32.9
40.0
-43.9
17.6
3.3
-85.0
-111.3
172.2
100.2
84.9
11
12 Other loans and advances
5.0
6.6
16.3
18.6
17.8
15.0
29.7
11.9
3.3
7.1
3.9
12
13 Mortgages
12.1
18.3
22.4
16.3
25.5
17.4
19.6
2.5
-8.9
-19.3
-6.1
13
14 Corporate equities
65.9
71.4
84.1
81.8
82.8
82.0
97.9
64.6
20.2
38.8
13.8
14
15 Mutual fund shares
-9.9
26.9
31.3
-10.7
0.4
4.0
-12.0
-35.4
-4.0
2.0
1.0
15
16 Miscellaneous assets
31.7
-6.0
-23.8
27.7
53.3
-35.2
-121.3
213.8
-70.7
-60.2
113.2
16
17 Net increase in liabilities
173.9
202.5
198.7
166.9
288.0
146.0
-82.0
315.6
110.4
81.7
148.5
17
18 Corporate equity issues
-8.0
-20.0
-30.6
-10.7
-32.0
-10.1
-8.2
7.6
-6.9
8.5
-0.9
18
19 Other loans and advances
0.4
2.7
14.5
26.2
9.6
9.2
38.0
48.0
-9.6
-8.0
-12.0
19
20 Life insurance reserves
14.9
64.1
33.0
66.0
36.5
51.0
83.4
93.2
72.5
11.1
23.4
20
21 Pension fund reserves (1)
159.3
107.9
119.1
74.9
85.7
65.4
92.9
55.8
103.2
43.9
52.4
21
22 Taxes payable (net)
-2.6
4.0
-3.4
-19.7
-12.4
-15.1
-25.4
-25.8
10.2
62.1
10.4
22
23 Miscellaneous liabilities
9.8
43.8
66.0
30.1
200.6
45.7
-262.7
136.8
-59.0
-35.8
75.2
23
24 Discrepancy
-10.4
-29.2
-49.7
-1.9
-51.2
6.8
1.2
35.6
10.0
44.5
-39.6
24
(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
0.5
0.5
0.5
0.6
0.6
0.6
0.6
0.6
0.6
0.6
0.6
1
2 Fixed nonresidential investment
1.0
0.9
1.0
1.1
1.1
1.1
1.1
1.1
1.0
0.9
0.9
2
3 Net acquisition of financial assets
32.8
14.1
4.6
-68.9
-87.4
-34.5
-87.8
-65.7
-33.9
-19.9
-32.4
3
4 Checkable deposits and currency
0.3
0.4
0.6
0.5
0.3
-0.4
10.4
-8.4
0.1
-1.4
10.0
4
5 Time and savings deposits
6.3
0.8
4.6
0.3
4.6
-0.2
3.9
-7.2
6.7
-1.0
8.0
5
6 Money market fund shares
1.9
3.4
3.4
2.3
2.6
2.6
2.0
1.8
1.4
0.5
0.3
6
7 Security RPs
1.0
0.8
3.4
7.3
3.1
-17.5
3.4
40.4
14.9
3.9
16.9
7
8 Credit market instruments
45.3
58.4
102.4
90.7
59.4
82.6
72.6
148.3
86.0
30.8
11.0
8
9 Open market paper
3.0
0.2
-4.8
10.2
6.5
1.7
-32.5
65.3
1.6
2.0
-26.5
9
10 Treasury securities
3.5
14.3
38.7
15.4
17.7
15.7
35.0
-6.7
17.3
25.2
46.1
10
11 Agency- and GSE-backed securities
16.8
16.6
28.2
21.3
14.6
6.3
33.1
31.5
29.8
-18.8
-31.3
11
12 Corporate and foreign bonds
22.2
27.7
39.7
42.8
19.7
57.8
36.2
57.5
35.3
20.6
19.7
12
13 Mortgages
-0.2
-0.3
0.7
0.9
1.0
1.1
0.8
0.7
2.0
1.9
2.9
13
14 Corporate equities
-4.6
-72.3
-217.0
-256.7
-251.7
-227.3
-216.0
-332.1
-203.1
-167.3
-177.4
14
15 Mutual fund shares
10.2
28.6
50.2
39.9
56.5
55.0
56.2
-8.1
51.7
61.2
59.5
15
16 Miscellaneous assets
-27.6
-6.0
57.0
46.9
37.8
70.7
-20.4
99.5
8.4
53.4
39.4
16
17 Unallocated insurance contracts (2)
-18.6
-8.8
25.8
28.8
36.5
44.8
-7.7
41.4
-2.7
18.3
11.6
17
18 Contributions receivable
-1.9
-2.0
4.4
0.7
1.8
1.9
-0.9
0.1
3.5
4.2
7.0
18
19 Other
-7.1
4.8
26.8
17.4
-0.5
24.0
-11.7
58.0
7.7
30.9
20.8
19
20 Pension fund reserves (liabilities) (3)
33.3
14.4
5.1
-68.3
-86.8
-34.0
-87.3
-65.3
-33.5
-19.6
-32.1
20
(1) Private defined benefit plans and defined contribution plans (including 401(k) type plans).
(2) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4.
(3) Equal to the net acquisition of tangible and financial assets less gross saving (line 2 + line 3 - line 1). These liabilities are assets of the household sector.
Z.1, December 10, 2009 33
F.119 State and Local Government Employee Retirement Funds
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2005
2006
2007
2008
2008
2009
Q1
Q2
Q3
Q4
Q1
Q2
Q3
1 Gross saving
0.5
0.6
0.8
0.9
0.9
0.9
0.9
1.0
1.0
1.0
0.9
1
2 Fixed nonresidential investment
1.0
1.1
1.9
2.3
2.3
2.3
2.3
2.3
2.0
1.9
1.8
2
3 Net acquisition of financial assets
5.4
60.9
-1.0
-7.2
-43.4
27.3
-29.0
16.2
-21.7
-15.7
-11.3
3
4 Checkable deposits and currency
-0.4
-1.7
2.5
-0.1
0.4
-0.3
-0.5
-0.1
-0.6
0.2
0.4
4
5 Time and savings deposits
-0.1
-0.4
0.2
-0.0
0.0
-0.0
-0.0
0.0
-0.0
0.0
0.0
5
6 Money market fund shares
0.1
2.1
2.5
2.5
0.3
-0.3
-0.5
10.6
-0.6
0.2
0.4
6
7 Security RPs
-0.6
4.4
4.3
2.4
0.6
-0.6
-0.9
10.5
-1.0
0.3
0.6
7
8 Credit market instruments
18.1
132.0
30.2
-4.5
7.3
-5.7
-7.2
-12.6
-26.7
-15.3
-8.1
8
9 Open market paper
0.1
7.4
7.6
-16.4
1.1
-1.0
-22.8
-42.7
-1.1
-9.6
-19.0
9
10 Treasury securities
2.8
3.3
11.8
5.7
2.0
-1.0
10.0
11.8
-5.6
-1.6
15.9
10
11 Agency- and GSE-backed securities
-0.4
52.4
23.3
6.4
4.0
-1.9
10.0
13.6
-11.0
-3.2
-9.2
11
12 Municipal securities
-0.2
1.9
-1.7
-0.8
-2.5
-0.0
0.1
-0.6
0.0
0.0
0.0
12
13 Corporate and foreign bonds
14.5
68.9
-9.1
0.8
2.8
-1.2
-3.6
5.2
-8.6
-1.1
4.2
13
14 Mortgages
1.3
-1.9
-1.7
-0.3
-0.1
-0.5
-0.8
-0.0
-0.4
0.2
0.1
14
15 Corporate equities
-5.6
-73.0
-35.3
-6.7
-45.8
29.8
-16.6
5.8
6.9
-1.3
-3.8
15
16 Mutual fund shares
-5.5
-3.4
-5.3
-0.8
-6.8
4.4
-2.5
1.7
1.0
-0.2
-1.3
16
17 Miscellaneous assets
-0.6
1.0
-0.1
-0.0
0.5
0.0
-0.9
0.3
-0.6
0.4
0.5
17
18 Pension fund reserves (liabilities) (1)
6.0
61.4
0.1
-5.9
-42.1
28.7
-27.7
17.6
-20.6
-14.8
-10.4
18
(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 Net acquisition of financial assets
54.7
50.4
47.8
78.9
42.6
60.3
70.5
142.1
14.5
56.6
55.0
1
2 Credit market instruments
7.7
8.4
11.7
24.2
40.1
7.9
28.0
20.8
16.8
1.0
4.2
2
3 Treasury securities
7.8
8.3
11.3
24.2
34.2
9.1
28.2
25.5
17.5
0.8
2.3
3
4 Agency- and GSE-backed securities
0.0
0.1
0.3
0.0
3.8
-0.6
-0.0
-3.0
-0.3
0.3
1.3
4
5 Corporate and foreign bonds
-0.0
-0.0
0.1
-0.1
2.1
-0.5
-0.2
-1.7
-0.4
-0.1
0.6
5
6 Corporate equities
7.0
6.3
2.7
-8.6
-26.5
7.1
-12.7
-2.4
-3.2
16.6
8.2
6
7 Miscellaneous assets(2)
40.0
35.8
33.3
63.3
29.0
45.3
55.3
123.7
0.9
39.0
42.6
7
8 Pension fund reserves (liabilities) (3)
54.7
50.4
47.8
78.9
42.6
60.3
70.5
142.1
14.5
56.6
55.0
8
(1) Includes the 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.
34 Z.1, December 10, 2009
F.121 Money Market Mutual Funds (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2005
2006
2007
2008
2008
2009
Q1
Q2
Q3
Q4
Q1
Q2
Q3
1 Net acquisition of financial assets
127.0
305.3
720.9
724.2
1565.9
-145.8
82.4
1394.3
100.3
-497.9
-961.7
1
2 Foreign deposits
16.2
-10.6
43.2
2.0
66.2
-9.8
18.3
-66.7
-198.2
53.4
41.9
2
3 Checkable deposits and currency
-1.4
7.5
-4.8
5.6
-20.5
38.2
14.4
-9.7
49.2
-80.6
21.3
3
4 Time and savings deposits
15.7
23.7
63.9
84.6
325.3
76.0
-179.2
116.3
423.9
329.6
-22.7
4
5 Security RPs
112.0
48.7
211.3
-63.5
0.7
-293.7
288.4
-249.4
141.7
-320.7
40.3
5
6 Credit market instruments
-5.5
220.0
375.6
738.6
1273.0
123.0
-10.3
1568.6
-325.7
-480.0
-1025.7
6
7 Open market paper
86.3
116.1
66.3
-56.1
9.7
-52.3
-582.4
400.8
-93.0
-196.4
-31.7
7
8 Treasury securities
-9.6
-5.9
95.5
399.5
452.7
5.2
696.5
443.8
-253.6
-64.4
-260.4
8
9 Agency- and GSE-backed securities
-107.4
-28.7
104.5
520.3
655.4
165.8
361.7
898.3
122.5
-150.7
-398.2
9
10 Municipal securities
23.0
33.5
100.7
23.6
69.7
70.0
-103.3
57.8
-60.9
-68.8
-136.0
10
11 Corporate and foreign bonds
2.2
105.1
8.5
-148.8
85.5
-65.7
-382.8
-232.1
-40.8
0.5
-199.4
11
12 Miscellaneous assets
-10.0
15.9
31.8
-43.1
-78.8
-79.4
-49.3
35.2
9.4
0.4
-16.7
12
13 Net share issues (liabilities)
127.0
305.3
720.9
724.2
1565.9
-145.8
82.4
1394.3
100.3
-497.9
-961.7
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
21.1
11.4
21.6
20.6
22.1
20.8
19.9
19.4
7.8
19.5
43.2
1
2 Net acquisition of financial assets
260.2
336.8
364.7
31.0
164.5
592.4
-201.4
-431.6
-98.4
771.6
709.2
2
3 Security RPs
2.8
17.4
-0.6
-7.4
15.1
54.6
-21.9
-77.6
-84.7
72.2
52.4
3
4 Credit market instruments
124.1
184.9
271.1
73.3
203.4
404.3
-66.7
-247.7
159.9
469.1
459.4
4
5 Open market paper
2.9
17.4
-0.4
-62.5
3.4
58.9
-172.5
-139.8
-93.1
74.9
48.9
5
6 Treasury securities
6.6
5.0
18.5
8.7
14.0
22.5
12.1
-13.7
20.6
36.8
41.9
6
7 Agency- and GSE-backed securities
20.8
15.7
66.2
27.3
43.8
70.6
37.9
-43.0
-18.3
115.2
131.1
7
8 Municipal securities
17.4
32.7
27.8
17.4
31.8
52.9
22.9
-38.0
68.7
95.8
116.9
8
9 Corporate and foreign bonds
65.9
106.2
121.6
74.6
102.5
192.9
17.4
-14.2
181.0
143.3
116.4
9
10 Other loans and advances
10.5
7.9
37.4
7.7
7.9
6.5
15.4
1.1
1.0
3.1
4.1
10
11 Corporate equities
129.6
131.3
91.3
-38.1
-67.3
144.6
-119.2
-110.5
-157.9
225.5
197.5
11
12 Miscellaneous assets
3.7
3.3
2.8
3.2
13.3
-11.2
6.5
4.2
-15.8
4.9
-0.0
12
13 Net share issues (liabilities)
260.2
336.8
364.7
31.0
164.5
592.4
-201.4
-431.6
-98.4
771.6
709.2
13
14 Discrepancy
21.1
11.4
21.6
20.6
22.1
20.8
19.9
19.4
7.8
19.5
43.2
14
(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
20.7
8.2
17.5
-57.5
-16.8
-42.3
-90.7
-80.4
6.5
11.3
1.2
1
2 Credit market instruments
2.2
6.0
-1.2
-39.7
-21.6
-23.4
-42.4
-71.3
0.4
17.4
14.0
2
3 Treasury securities
0.3
0.2
-1.7
-2.4
-0.9
-0.8
-1.8
-6.2
0.3
1.6
0.9
3
4 Municipal securities
0.2
0.0
1.6
-12.7
-8.1
-9.9
-17.1
-15.8
4.1
5.1
3.7
4
5 Corporate and foreign bonds
1.7
5.7
-1.0
-24.5
-12.6
-12.7
-23.5
-49.3
-4.0
10.8
9.4
5
6 Corporate equities
18.5
2.2
18.7
-17.9
4.9
-18.9
-48.3
-9.1
6.0
-6.1
-12.8
6
7 Net share issues (liabilities)
20.7
8.2
17.5
-57.5
-16.8
-42.3
-90.7
-80.4
6.5
11.3
1.2
7
Exchange-traded funds
8 Net acquisition of financial assets
56.7
74.0
150.5
177.2
35.2
54.6
326.0
292.8
-9.9
152.6
108.4
8
9 Credit market instruments
6.8
5.7
13.3
23.0
19.5
22.5
27.6
22.1
48.1
45.9
44.0
9
10 Treasury securities
4.8
3.4
6.6
7.4
5.5
6.3
15.9
1.9
18.4
15.7
12.2
10
11 Municipal securities
0.0
0.0
0.6
1.7
2.0
1.8
1.0
2.0
3.3
3.6
4.4
11
12 Corporate and foreign bonds
1.9
2.4
6.2
13.9
12.0
14.5
10.7
18.3
26.4
26.6
27.4
12
13 Corporate equities
50.0
68.3
137.2
154.2
15.7
32.1
298.4
270.7
-58.0
106.7
64.4
13
14 Net share issues (liabilities)
56.7
74.0
150.5
177.2
35.2
54.6
326.0
292.8
-9.9
152.6
108.4
14
Z.1, December 10, 2009 35
F.124 Government-Sponsored Enterprises (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2005
2006
2007
2008
2008
2009
Q1
Q2
Q3
Q4
Q1
Q2
Q3
1 Gross saving
4.2
4.0
4.7
6.3
5.6
6.1
5.6
8.0
3.5
6.0
11.1
1
2 Fixed nonresidential investment
0.7
0.7
1.3
2.0
2.0
2.0
2.0
2.0
1.7
1.7
1.6
2
3 Net acquisition of financial assets
-63.5
53.5
301.4
225.7
272.1
594.4
78.0
-41.6
6.5
-550.6
-566.6
3
4 Checkable deposits and currency
-24.5
1.8
-2.7
39.7
-9.1
48.6
143.6
-24.5
-17.0
-12.3
26.1
4
5 Time and savings deposits
12.1
-1.5
12.8
21.9
-21.4
47.5
-98.6
160.0
-20.5
12.9
-145.4
5
6 Federal funds and security RPs (net)
14.1
9.7
25.3
-28.2
-46.5
42.0
-20.1
-88.3
179.4
-228.5
56.2
6
7 Credit market instruments
-69.1
46.6
239.0
239.1
409.9
459.8
132.2
-45.7
-164.6
-377.7
-393.0
7
8 Open market paper
8.0
18.5
-4.7
14.1
48.5
18.2
-10.0
-0.2
17.8
3.2
-9.5
8
9 Treasury securities
0.2
1.2
1.3
1.2
0.7
1.3
1.5
1.4
3.2
6.8
9.0
9
10 Agency- and GSE-backed securities
-135.4
-37.1
-11.1
207.0
101.7
503.6
-70.1
293.0
175.9
-19.8
-118.3
10
11 Municipal securities
-4.9
-3.6
-2.8
-2.0
-0.7
-4.5
-2.6
-0.2
-1.4
-1.9
-2.9
11
12 Corporate and foreign bonds
50.9
16.1
-17.4
-77.7
-14.1
-92.8
-131.9
-72.1
-76.6
67.3
2.4
12
13 Other loans and advances
52.4
33.1
237.7
38.1
212.8
-16.6
359.1
-402.9
-350.1
-377.1
-256.3
13
14 Sallie Mae
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
14
15 Farm Credit System
8.1
11.9
11.9
4.8
27.1
23.0
-30.9
-0.0
3.0
0.9
-10.3
15
16 FHLB loans
44.4
21.2
225.8
33.3
185.7
-39.6
390.0
-402.9
-353.1
-378.0
-246.0
16
17 Mortgages
-40.2
18.4
35.9
58.3
61.0
50.6
-13.7
135.4
66.7
-56.1
-17.4
17
18 Home
-54.7
3.7
-9.7
9.1
9.0
1.9
-68.6
94.0
53.5
-70.1
-31.9
18
19 Multifamily residential
10.5
12.4
42.3
40.0
41.1
41.1
45.9
31.7
12.7
13.1
13.3
19
20 Farm
4.0
2.2
3.3
9.3
10.9
7.6
9.0
9.7
0.5
0.8
1.3
20
21 Consumer credit (2)
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
21
22 Miscellaneous assets
4.0
-3.2
27.0
-46.7
-60.9
-3.5
-79.2
-43.1
29.3
55.0
-110.4
22
23 Net increase in liabilities
-81.7
48.3
325.6
338.6
208.2
639.6
324.2
182.3
59.1
-571.1
-486.8
23
24 Credit market instruments
-84.0
35.6
282.4
271.7
111.7
655.8
202.4
117.0
-254.5
-680.9
-590.3
24
25 GSE issues (3)
-84.0
35.6
282.4
271.7
111.7
655.8
202.4
117.0
-254.5
-680.9
-590.3
25
26 U.S. government loans
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
26
27 Corporate equities
4.2
1.1
25.5
27.6
11.5
32.6
18.7
47.6
182.2
101.9
41.7
27
28 Miscellaneous liabilities
-1.9
11.6
17.7
39.2
84.9
-48.8
103.0
17.7
131.4
7.9
61.8
28
29 Discrepancy
-14.8
-1.8
27.7
117.2
-60.3
49.2
249.8
230.0
54.4
-16.1
89.3
29
(1) Federal Home Loan Banks, Fannie Mae, Freddie Mac, 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
167.3
295.4
626.3
497.3
533.8
666.4
503.4
285.5
304.4
555.9
481.1
1
2 Home mortgages
163.4
290.9
608.2
482.4
518.0
651.9
499.3
260.5
297.4
542.7
473.1
2
3 Multifamily residential mortgages
3.9
2.1
16.7
14.7
16.1
15.1
2.4
25.3
7.2
13.4
8.3
3
4 Commercial mortgages
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
4
5 Farm mortgages
-0.1
2.3
1.4
0.1
-0.4
-0.6
1.7
-0.2
-0.2
-0.2
-0.3
5
6 Net increase in pool securities (liabilities)(2)
167.3
295.4
626.3
497.3
533.8
666.4
503.4
285.5
304.4
555.9
481.1
6
(1) GNMA, Fannie Mae, Freddie Mac, 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.
36 Z.1, December 10, 2009
F.126 Issuers of Asset-Backed Securities (ABS)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2005
2006
2007
2008
2008
2009
Q1
Q2
Q3
Q4
Q1
Q2
Q3
1 Gross saving
0.9
0.8
0.7
0.6
0.6
0.6
0.5
0.5
0.5
0.5
0.5
1
2 Fixed nonresidential investment
0.3
0.2
0.2
0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.1
2
3 Net acquisition of financial assets
730.9
799.3
335.7
-424.7
-254.6
-453.8
-384.3
-606.2
-617.0
-556.6
-573.2
3
4 Treasury securities
19.7
28.7
21.0
-12.3
-2.8
-11.4
-15.7
-19.4
-14.8
-19.3
-16.8
4
5 Agency- and GSE-backed securities (1)
-32.9
20.8
18.5
-29.4
-38.0
-16.6
-18.8
-44.1
-129.4
-42.2
-126.9
5
6 Other loans and advances
21.0
55.8
89.1
20.4
19.4
9.1
51.7
1.5
-20.7
-18.4
-21.5
6
7 Mortgages (2)
687.5
634.3
181.2
-353.8
-254.9
-379.8
-348.7
-431.7
-353.3
-402.3
-362.2
7
8 Home
573.3
517.4
32.2
-312.7
-235.2
-348.5
-311.8
-355.1
-334.0
-375.2
-339.1
8
9 Multifamily residential
16.6
14.0
22.1
-11.0
-10.3
-11.5
-9.8
-12.2
-6.2
-3.0
-7.0
9
10 Commercial
97.6
102.9
126.9
-30.1
-9.4
-19.7
-27.1
-64.4
-13.0
-24.0
-16.1
10
11 Consumer credit
38.4
51.2
22.5
-33.6
-5.1
-2.7
-10.5
-116.0
-61.3
-40.5
-6.2
11
12 Trade credit
-2.8
8.5
3.4
-16.1
26.8
-52.5
-42.4
3.5
-37.6
-33.9
-39.6
12
13 Net increase in liabilities
730.2
798.7
335.2
-425.2
-255.1
-454.2
-384.7
-606.6
-617.4
-556.9
-573.6
13
14 Commercial paper
148.3
162.9
-194.2
-83.9
-135.8
-145.5
-121.9
67.8
-213.0
-282.2
-291.5
14
15 Corporate bonds (net) (5)
581.9
635.8
529.5
-341.3
-119.3
-308.7
-262.8
-674.4
-404.4
-274.7
-282.0
15
16 Discrepancy
0.0
0.0
0.0
0.0
0.0
-0.0
0.0
0.0
0.0
0.0
0.0
16
Memo:
Securitized assets not included above
17 Consumer leases (3)
-0.6
-0.5
-0.5
-0.4
-0.4
-0.4
-0.4
-0.4
-0.4
-0.4
-0.4
17
18 REIT assets (4)
17.3
2.8
-17.9
-41.7
-79.7
-22.1
-28.9
-36.1
-15.2
-10.6
-4.2
18
(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.
(5) Net issuance less net acquisition of corporate bonds held as assets.
F.127 Finance Companies (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1 Gross saving
60.7
60.4
67.3
57.2
66.1
75.4
53.2
34.0
52.1
70.0
91.6
1
2 Fixed nonresidential investment
45.9
44.6
47.7
42.6
43.5
43.5
43.0
40.6
36.0
35.2
34.8
2
3 Net acquisition of financial assets
99.0
34.3
19.9
-59.5
218.1
-4.4
-113.0
-338.7
-46.1
-107.1
-206.0
3
4 Checkable deposits and currency
-8.9
-1.6
0.4
0.3
3.1
-0.2
-0.9
-0.9
2.5
1.7
-1.7
4
5 Time and savings deposits
-9.1
-4.8
1.2
0.8
9.2
-0.6
-2.8
-2.8
7.5
5.2
-5.0
5
6 Credit market instruments
64.7
71.0
16.6
-72.3
153.5
-25.5
-93.1
-324.2
-130.1
-178.3
-187.3
6
7 Corporate and foreign bonds
-52.5
-18.7
4.5
3.0
36.0
-2.3
-10.8
-10.8
29.3
20.2
-19.4
7
8 Other loans and advances
27.6
18.9
24.9
16.9
83.0
78.2
18.9
-112.4
-85.1
-103.7
-28.2
8
9 Mortgages
65.4
53.0
-62.5
-84.0
-1.4
-115.2
-112.9
-106.4
-9.9
-23.6
-70.7
9
10 Consumer credit
24.2
17.8
49.7
-8.3
35.9
13.8
11.7
-94.6
-64.4
-71.2
-69.0
10
11 Miscellaneous assets
52.2
-30.2
1.7
11.8
52.3
21.9
-16.2
-10.8
74.0
64.3
-12.1
11
12 Net increase in liabilities
63.5
48.5
26.5
-69.1
232.1
6.3
-128.0
-386.8
-115.5
-258.5
-241.9
12
13 Credit market instruments
33.5
34.8
34.9
-79.4
129.7
0.8
-169.9
-278.0
-168.3
-168.9
-142.5
13
14 Open market paper
-15.3
5.3
-15.1
-22.6
-8.5
6.3
-49.8
-38.6
-82.0
-10.3
-44.3
14
15 Corporate bonds
43.6
42.4
-2.8
-49.6
121.6
-60.9
-35.0
-224.4
-70.5
-200.8
-9.4
15
16 Bank loans n.e.c.
5.2
-12.9
52.8
-7.1
16.5
55.4
-85.1
-15.1
-20.5
41.4
-83.4
16
17 Other loans and advances
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
4.7
0.8
-5.5
17
18 Taxes payable
1.9
0.0
-1.5
-0.1
0.6
-0.0
-0.3
-0.7
-0.3
-3.2
-3.1
18
19 Miscellaneous liabilities
28.2
13.7
-6.9
10.4
101.8
5.6
42.2
-108.1
53.1
-86.4
-96.2
19
20 Foreign direct investment in U.S.
6.3
5.2
-5.1
17.4
26.2
15.9
20.5
7.0
0.6
15.1
3.5
20
21 Investment by parent
25.5
26.2
-13.4
-8.4
28.9
-35.0
19.6
-47.1
-39.5
-72.6
-23.1
21
22 Other
-3.7
-17.8
11.5
1.4
46.7
24.6
2.0
-67.9
91.9
-29.0
-76.6
22
23 Discrepancy
-20.7
29.9
26.1
4.9
36.5
42.7
-4.8
-54.7
-53.2
-116.5
20.9
23
Memo:
24 Consumer leases not included above (2)
11.2
20.6
16.9
-11.8
8.1
-12.1
-13.6
-29.7
-37.2
-31.1
-15.1
24
(1) Includes retail captive finance companies and mortgage companies.
(2) See footnote (3), table F.126.
Z.1, December 10, 2009 37
F.128 Real Estate Investment Trusts (REITs)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2005
2006
2007
2008
2008
2009
Q1
Q2
Q3
Q4
Q1
Q2
Q3
1 Gross saving
-18.3
-10.6
-20.0
-32.3
-31.1
-31.2
-25.6
-41.3
-31.2
-31.8
-31.9
1
2 Fixed nonresidential investment
7.5
6.6
9.0
9.6
9.3
9.7
9.8
9.8
8.4
7.8
7.4
2
3 Multifamily residential investment
2.5
3.5
-9.3
0.1
0.7
1.2
0.4
-2.0
1.1
-0.6
-0.9
3
4 Net acquisition of financial assets
53.9
38.8
-27.3
-62.7
-64.0
1.4
-30.9
-157.5
-8.0
33.5
24.4
4
5 Checkable deposits and currency
1.4
4.9
-1.8
1.8
11.1
-5.8
16.7
-14.8
-3.7
18.2
23.4
5
6 Credit market instruments
41.0
26.1
-21.2
-63.9
-82.5
-2.8
-54.0
-116.1
-1.4
31.4
1.8
6
7 Agency- and GSE-backed securities
-4.0
24.8
23.5
1.6
13.7
28.0
-24.6
-10.5
19.2
34.7
17.8
7
8 Corporate and foreign bonds
17.0
11.6
-30.2
-20.0
-44.0
-7.4
-6.0
-22.7
-2.9
6.9
6.0
8
9 Mortgages
28.1
-10.3
-14.5
-45.5
-52.1
-23.4
-23.3
-82.9
-17.6
-10.2
-22.0
9
10 Home
24.6
-23.7
-24.5
-42.5
-53.0
-22.4
-20.8
-73.9
-12.1
-3.5
-5.2
10
11 Multifamily residential
0.3
3.1
0.2
-1.3
-0.1
-0.5
-2.7
-1.8
-1.0
-1.6
-5.4
11
12 Commercial
3.2
10.3
9.9
-1.7
1.0
-0.5
0.1
-7.3
-4.6
-5.1
-11.4
12
13 Miscellaneous assets
11.6
7.8
-4.4
-0.7
7.4
10.0
6.3
-26.5
-2.9
-16.1
-0.9
13
14 Net increase in liabilities
88.9
59.9
24.5
-50.7
-57.9
-9.6
-19.9
-115.3
-62.5
22.8
10.1
14
15 Security RPs
13.2
14.4
-6.2
-11.2
-7.4
7.1
-8.2
-36.3
10.8
9.2
30.8
15
16 Credit market instruments
55.4
15.5
10.2
-48.6
-69.8
-24.9
-30.5
-69.2
-34.3
-46.2
-20.1
16
17 Open market paper
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
17
18 Corporate bonds
32.8
13.9
0.7
-55.1
-94.4
-3.7
-48.0
-74.3
-31.8
-29.0
-6.4
18
19 Bank loans n.e.c.
8.4
-5.0
4.8
-0.3
4.1
-18.7
11.6
1.7
-8.0
-26.7
-11.7
19
20 Mortgages
14.1
6.6
4.7
6.8
20.4
-2.6
5.9
3.4
5.6
9.5
-2.1
20
21 Corporate equity issues
16.1
22.2
17.1
12.8
21.1
14.9
11.0
4.3
9.2
55.6
22.9
21
22 Miscellaneous liabilities
4.3
7.8
3.4
-3.7
-1.8
-6.6
7.8
-14.1
-48.2
4.2
-23.5
22
23 Discrepancy
6.7
0.4
32.0
-29.9
-35.0
-53.0
-24.8
-6.9
-95.2
-49.7
-52.7
23
Memo:
24 Securitized assets included above
17.3
2.8
-17.9
-41.7
-79.7
-22.1
-28.9
-36.1
-15.2
-10.6
-4.2
24
25 Agency- and GSE-backed securities
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
25
26 Home mortgages
15.7
-9.8
-20.2
-35.6
-63.5
-22.7
-25.5
-30.9
-12.9
-4.6
8.2
26
27 Multifamily residential mortgages
0.1
0.3
-0.0
-0.0
-0.0
0.0
-0.0
0.0
-0.0
-0.0
-0.0
27
28 Commercial mortgages
1.6
12.3
2.4
-6.1
-16.2
0.6
-3.5
-5.3
-2.2
-6.0
-12.4
28
38 Z.1, December 10, 2009
F.129 Security Brokers and Dealers
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2005
2006
2007
2008
2008
2009
Q1
Q2
Q3
Q4
Q1
Q2
Q3
1 Gross saving
11.1
21.0
-8.3
-23.0
-3.4
-23.8
-15.7
-49.4
23.5
32.1
34.7
1
2 Fixed nonresidential investment
12.3
15.8
22.2
22.6
23.1
23.1
22.8
21.5
19.1
18.7
18.5
2
3 Net acquisition of financial assets
282.2
614.7
350.3
-874.8
661.0
-912.0
88.2
-3336.5
-1088.6
579.0
97.4
3
4 Checkable deposits and currency
-6.4
24.0
24.5
15.1
69.6
-27.1
185.3
-167.4
-63.2
-44.2
-36.7
4
5 Credit market instruments
82.3
106.2
219.7
-85.7
122.6
-400.2
373.6
-438.7
-607.3
314.6
-369.6
5
6 Open market paper
12.2
4.1
22.8
-21.4
81.5
-18.3
204.1
-353.0
-63.0
45.5
-47.1
6
7 Treasury securities
-20.0
-2.4
7.1
250.6
23.1
11.0
194.3
773.9
-354.7
393.8
-323.9
7
8 Agency- and GSE-backed securities
-6.3
37.0
152.2
-47.5
31.5
52.5
155.4
-429.6
-82.7
-179.0
-122.6
8
9 Municipal securities
10.9
8.0
-0.7
-11.4
63.8
-57.1
40.6
-92.8
0.7
-1.5
14.0
9
10 Corporate and foreign bonds
77.7
44.8
22.6
-266.1
-87.7
-396.9
-241.2
-338.7
-109.0
51.9
104.6
10
11 Other loans and advances
7.7
14.7
15.8
10.2
10.5
8.5
20.4
1.4
1.4
4.1
5.5
11
12 Corporate equities
20.1
-0.2
25.4
-28.5
-91.5
49.2
-17.2
-54.4
-59.3
-20.3
6.0
12
13 Security credit
-31.6
59.7
33.4
-160.7
159.2
-295.4
443.4
-949.9
-121.3
53.7
104.5
13
14 Miscellaneous assets
217.7
425.1
47.3
-615.1
401.1
-238.5
-897.0
-1726.0
-237.5
275.1
393.2
14
15 Net increase in liabilities
273.9
585.9
385.3
-699.5
829.7
-798.9
200.5
-3029.3
-943.3
328.2
-61.2
15
16 Security RPs (net)
206.7
338.3
75.5
-560.3
247.1
-920.2
-883.0
-685.3
-620.3
235.0
97.5
16
17 Credit market instruments
0.1
6.4
-4.0
77.7
221.2
-136.7
762.9
-536.4
-159.9
-0.5
7.6
17
18 Corporate bonds
0.1
6.4
-4.0
32.3
62.3
16.4
-30.2
80.6
-59.6
60.8
27.8
18
19 Bank loans n.e.c. (1)
0.0
0.0
0.0
45.5
159.0
-153.2
793.1
-617.0
-100.3
-61.4
-20.2
19
20 Corporate equity issues
3.3
-7.6
32.3
120.2
122.5
109.6
36.7
212.0
149.5
-140.2
-135.8
20
21 Trade payables
7.0
5.2
-2.4
-24.7
-9.4
-17.6
-18.9
-52.8
106.8
26.9
49.4
21
22 Security credit
31.8
151.8
243.0
-237.3
273.8
-13.6
42.1
-1251.4
-370.7
-105.5
-57.9
22
23 Customer credit balances (HH)
-3.0
80.4
210.8
-123.8
472.4
30.2
25.9
-1023.6
-302.7
-34.9
57.2
23
24 From banks
34.8
71.5
32.3
-113.5
-198.6
-43.8
16.2
-227.8
-68.0
-70.5
-115.1
24
25 Taxes payable
-0.1
0.7
-0.6
0.3
-0.6
2.3
-0.3
-0.2
0.9
7.2
7.0
25
26 Miscellaneous liabilities
26.2
97.8
39.1
-87.0
-35.3
179.7
248.5
-740.9
-70.9
325.5
-9.6
26
27 Foreign direct investment in U.S.
-2.6
-5.1
1.9
39.5
35.6
30.7
49.2
42.4
5.4
1.8
11.9
27
28 Due to affiliates
126.9
70.0
-41.6
83.5
-2.9
151.1
166.0
20.1
41.2
7.0
-166.5
28
29 Other
-98.0
32.9
78.8
-210.0
-68.0
-2.0
33.4
-803.3
-117.4
316.8
145.0
29
30 Proprietors’ net investment
-1.2
-6.8
2.4
11.5
10.2
-2.4
12.5
25.6
21.1
-20.2
-19.3
30
31 Discrepancy
-9.5
-23.6
4.5
129.7
142.2
66.3
73.8
236.4
149.7
-237.3
-142.4
31
(1) Loans extended through the Federal Reserve’s Primary Dealer Credit Facility (PDCF) and the Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility (AMLF).
F.130 Funding Corporations (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1 Net acquisition of financial assets
162.5
81.5
326.8
1063.8
1119.0
238.5
540.8
2357.1
-10.7
-1022.6
-405.6
1
2 Money market fund shares
35.0
2.5
257.0
308.6
622.3
-189.0
-62.2
863.6
-18.2
-273.4
-404.0
2
3 Security RPs
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.4
0.0
0.0
3
4 Credit market instruments
47.8
38.7
-42.6
705.9
515.4
410.7
705.6
1192.1
-69.1
-554.7
81.6
4
5 Open market paper
73.5
39.7
-156.1
206.2
123.9
-60.5
11.8
749.6
-272.0
-528.6
-16.7
5
6 Corporate and foreign bonds
-29.4
-7.1
109.6
497.3
388.9
469.1
688.8
442.2
202.6
-27.1
97.0
6
7 Other loans and advances
3.6
6.1
3.9
2.5
2.6
2.1
5.0
0.3
0.3
1.0
1.3
7
8 Miscellaneous assets (2)
79.7
40.3
112.4
49.3
-18.7
16.8
-102.6
301.4
76.2
-194.5
-83.2
8
9 Investment in foreign banking offices
21.0
8.6
43.7
35.6
-2.3
-12.6
-178.7
336.1
-29.2
-179.5
-101.3
9
10 Investment in brokers and dealers
58.7
31.8
68.8
13.6
-16.4
29.4
76.1
-34.7
105.4
-15.0
18.1
10
11 Net increase in liabilities
162.5
81.5
326.8
1063.8
1119.0
238.5
540.8
2357.1
-10.7
-1022.6
-405.6
11
12 Credit market instruments
104.7
28.3
111.6
466.4
-111.4
-19.0
157.8
1838.3
-419.1
-843.0
-433.9
12
13 Open market paper
77.1
6.7
60.1
20.1
-82.8
-151.5
-151.1
465.7
-187.7
-256.2
-109.6
13
14 Corporate bonds
27.6
21.6
51.5
1.4
-28.6
17.2
63.9
-46.9
93.2
-27.2
5.9
14
15 Bank loans n.e.c. (3)
0.0
0.0
0.0
444.9
0.0
115.3
245.0
1419.4
-325.1
-559.6
-330.3
15
16 Other loans and advances (4)
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.4
0.0
0.0
16
17 Corporate equities (5)
0.0
0.0
0.0
40.0
0.0
0.0
0.0
160.0
0.0
4.6
8.2
17
18 Miscellaneous liabilities
57.7
53.2
215.2
557.4
1230.5
257.5
382.9
358.8
408.4
-184.2
20.1
18
19 Foreign direct investment in U.S.
0.6
0.6
1.2
1.5
1.3
0.7
0.0
4.0
2.8
5.7
5.9
19
20 Securities loaned (net)
174.9
302.6
-2.1
-353.2
515.4
-37.7
-891.2
-999.4
-332.5
166.6
166.3
20
21 Other (net)
-117.8
-250.0
216.1
909.1
713.8
294.5
1274.1
1354.2
738.1
-356.5
-152.1
21
(1) Funding subsidiaries, nonbank financial holding companies, custodial accounts for reinvested collateral of securities lending operations, and Federal Reserve lending facilities.
(2) Due from affiliated companies.
(3) Loans extended by the Federal Reserve to Maiden Lane LLC, Maiden Lane II LLC, Maiden Lane III LLC, Commercial Paper Funding Facility LLC, and American International Group (AIG).
(4) Loans extended by the federal government to the Term Asset-Backed Securities Loan Facility (TALF) LLC.
(5) Preferred shares issued by AIG to the federal goverment under the Troubled Assets Relief Program (TARP) program.
Z.1, December 10, 2009 39
F.200 Gold and Official Foreign Exchange Holdings (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2005
2006
2007
2008
2008
2009
Q1
Q2
Q3
Q4
Q1
Q2
Q3
1 Total U.S. reserves
-14.1
-2.4
0.1
4.8
1.1
5.1
0.7
12.5
3.9
14.5
12.5
1
2 U.S. gold stock and SDRs
-4.5
0.2
0.2
0.1
0.1
0.1
0.1
0.1
0.1
0.0
0.0
2
3 Federal govt.: Exchange Stab. Fund
-4.5
0.2
0.2
0.1
0.1
0.1
0.1
0.1
0.1
0.0
0.0
3
4 Monetary authority (2)
-0.0
-0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
4
5 U.S. foreign exchange position
-9.6
-2.6
-0.0
4.7
1.0
5.0
0.6
12.4
3.9
14.5
12.5
5
6 Official foreign currency holdings
0.6
0.7
1.0
1.3
1.4
1.2
1.6
0.9
0.9
0.6
0.4
6
7 Treasury
0.3
0.4
0.5
0.6
0.7
0.6
0.8
0.4
0.4
0.3
0.2
7
8 Monetary authority
0.3
0.4
0.5
0.6
0.7
0.6
0.8
0.4
0.4
0.3
0.2
8
9 Net IMF position
-10.2
-3.3
-1.0
3.5
-0.4
3.8
-1.0
11.5
3.0
13.9
12.1
9
10 Federal government
-10.2
-3.3
-1.0
3.5
-0.5
3.8
-1.2
11.7
3.0
14.0
11.7
10
11 Monetary authority
0.0
-0.0
0.0
-0.0
0.0
-0.0
0.2
-0.2
0.0
-0.0
0.4
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 Liab: Federal government
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
12.0
1
2 Asset: Monetary authority
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
12.0
2
Treasury currency:
3 Liab: Federal government
0.8
0.6
-0.7
-0.8
-0.9
-0.5
-1.2
-0.8
-0.0
-0.0
-1.0
3
4 Asset: Monetary authority
0.1
1.7
0.5
-0.0
-0.0
-0.0
-0.0
-0.0
14.3
0.7
0.5
4
5 Discrepancy (seigniorage)
0.7
-1.1
-1.2
-0.8
-0.9
-0.5
-1.2
-0.8
-14.4
-0.7
-1.5
5
F.202 U.S. Deposits in Foreign Countries
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1 Total rest of the world liability
40.8
87.2
264.1
-352.9
-435.1
-413.0
-294.7
-268.8
-273.4
-340.6
-125.9
1
Held by:
2 Household sector
2.4
5.2
15.8
-21.2
-26.1
-24.8
-17.7
-16.1
-16.4
-20.4
-23.6
2
3 Nonfinancial corporate business
6.9
-11.2
0.9
-19.7
11.4
-131.2
32.0
9.0
-34.4
64.3
9.3
3
4 Money market mutual funds
16.2
-10.6
43.2
2.0
66.2
-9.8
18.3
-66.7
-198.2
53.4
41.9
4
5 Discrepancy--unallocated assets
15.3
103.8
204.2
-314.0
-486.5
-247.2
-327.4
-194.9
-24.4
-437.8
-153.6
5
40 Z.1, December 10, 2009
F.203 Net Interbank Transactions
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2005
2006
2007
2008
2008
2009
Q1
Q2
Q3
Q4
Q1
Q2
Q3
1 Net change in liabilities
-12.4
-11.3
-97.5
1817.6
-107.3
391.0
1684.7
5302.0
-1013.1
-2025.7
689.4
1
2 Monetary authority
3.6
1.3
5.4
842.0
7.1
29.6
779.3
2551.8
-216.5
-584.0
766.5
2
3 Depository institution reserves
-5.0
-0.3
2.1
839.2
8.0
39.2
755.6
2554.2
-224.4
-576.2
751.5
3
4 Vault cash
8.6
1.6
3.3
2.7
-0.9
-9.6
23.8
-2.4
7.8
-7.8
15.0
4
5 Commercial banking
-15.9
-12.5
-102.9
975.7
-114.3
361.3
905.4
2750.2
-796.6
-1441.7
-77.1
5
6 To monetary authority
-0.0
-1.2
48.9
509.6
248.5
251.3
502.2
1036.4
-81.9
-848.2
-483.9
6
7 To banks in foreign countries
-12.3
-9.4
-153.6
435.5
-363.1
135.2
480.5
1489.5
-764.6
-730.5
501.8
7
8 Liabilities, net
-24.7
-9.1
-147.0
441.7
-348.0
122.7
476.8
1515.3
-788.8
-745.7
500.0
8
9 U.S.-chartered commercial banks
3.5
111.4
63.9
175.2
-136.1
330.1
-59.5
566.4
-482.3
151.1
292.2
9
10 Due to foreign affiliates
20.2
98.8
64.2
131.5
12.2
-89.1
251.4
351.6
-236.0
-11.7
276.7
10
11 - Due from foreign affiliates
16.8
-12.6
0.3
-43.7
148.4
-419.3
310.9
-214.8
246.3
-162.8
-15.6
11
12 Foreign banking offices in U.S.
-8.6
-79.2
-168.8
244.0
-192.3
-281.6
439.9
1009.8
-193.8
-849.3
250.7
12
13 Due to foreign affiliates
59.6
190.6
4.5
7.3
-20.5
-205.1
2.7
252.2
-83.8
-239.5
337.1
13
14 - Due from foreign affiliates
68.2
269.8
173.3
-236.6
171.8
76.5
-437.2
-757.6
110.0
609.8
86.4
14
15 Bank holding companies
-19.6
-41.3
-42.2
22.5
-19.6
74.2
96.4
-61.0
-112.8
-47.4
-42.9
15
16 Due to foreign affiliates
9.2
-22.6
31.9
91.8
14.5
175.3
-60.6
237.9
-163.6
21.1
57.6
16
17 - Due from foreign affiliates
28.9
18.7
74.1
69.3
34.1
101.1
-157.1
298.9
-50.8
68.6
100.5
17
18 Less: Deposits at foreign banks
-12.4
0.3
6.6
6.2
15.1
-12.5
-3.7
25.8
-24.3
-15.2
-1.7
18
19 U.S.-chartered commercial banks
-12.6
0.9
6.0
6.6
8.6
-7.0
-2.8
27.4
-24.3
-15.1
-22.8
19
20 Foreign banking offices in U.S.
0.2
-0.6
0.6
-0.4
6.5
-5.5
-1.0
-1.7
0.1
-0.0
21.0
20
21 To U.S. banking, net
-3.6
-1.9
1.8
30.6
0.3
-25.1
-77.3
224.3
49.8
137.1
-94.9
21
22 U.S.-chartered commercial banks
0.5
-36.6
34.5
110.5
-34.1
114.5
-74.5
436.2
-66.9
100.0
31.8
22
23 Liabilities
-11.2
12.8
16.5
-16.9
64.1
-136.7
-30.0
34.9
33.4
119.1
-51.7
23
24 To foreign offices in U.S.
-7.2
14.8
15.4
-47.3
65.1
-111.4
47.2
-190.2
-16.7
-13.6
-28.4
24
25 To bank holding companies
-0.4
-0.1
-0.7
-0.1
-1.3
-0.2
0.2
0.8
0.2
-4.4
71.5
25
26 Unallocated
-3.6
-1.9
1.8
30.6
0.3
-25.1
-77.3
224.3
49.8
137.1
-94.9
26
Less, due from:
27 Foreign offices in U.S.
-4.3
22.1
-6.3
-51.6
127.5
-152.1
-63.9
-117.9
-66.5
58.2
-21.3
27
28 Bank holding companies
-7.4
27.3
-11.7
-75.8
-29.2
-99.1
108.5
-283.4
166.7
-39.1
-62.3
28
29 Foreign banking offices in U.S.
2.8
7.2
-21.7
-4.3
62.4
-40.6
-111.1
72.3
-49.8
71.7
7.1
29
30 Due to U.S. banks
-4.3
22.1
-6.3
-51.6
127.5
-152.1
-63.9
-117.9
-66.5
58.2
-21.3
30
31 - Due from U.S. banks
-7.2
14.8
15.4
-47.3
65.1
-111.4
47.2
-190.2
-16.7
-13.6
-28.4
31
32 Bank holding companies
-6.9
27.4
-11.0
-75.7
-28.0
-99.0
108.3
-284.2
166.5
-34.7
-133.8
32
33 Due to U.S. banks
-7.4
27.3
-11.7
-75.8
-29.2
-99.1
108.5
-283.4
166.7
-39.1
-62.3
33
34 - Due from U.S. banks
-0.4
-0.1
-0.7
-0.1
-1.3
-0.2
0.2
0.8
0.2
-4.4
71.5
34
35 Net change in assets
-8.8
-9.3
-99.3
1787.1
-107.6
416.0
1762.1
5077.7
-1062.9
-2162.7
784.3
35
36 Rest of the world
-12.3
-9.4
-153.6
435.5
-363.1
135.2
480.5
1489.5
-764.6
-730.5
501.8
36
37 Domestic
3.5
0.1
54.2
1351.5
255.5
280.9
1281.5
3588.2
-298.4
-1432.2
282.5
37
38 Monetary authority
-0.0
-1.2
48.9
509.6
248.5
251.3
502.2
1036.4
-81.9
-848.2
-483.9
38
39 Federal Reserve float
-0.0
-1.2
0.3
-1.5
-2.1
-0.3
-1.3
-2.2
-6.3
1.0
1.2
39
40 Loans to member banks
0.0
-0.0
48.6
511.1
250.6
251.6
503.5
1038.6
-75.5
-849.2
-485.1
40
41 Commercial banking
4.1
2.0
4.8
800.9
4.9
28.7
760.3
2409.5
-335.7
-594.8
838.9
41
42 Reserves at Federal Reserve
-4.5
0.4
1.5
798.1
5.8
38.3
736.6
2411.9
-343.6
-587.0
823.9
42
43 Vault cash
8.6
1.6
3.3
2.7
-0.9
-9.6
23.8
-2.4
7.8
-7.8
15.0
43
44 Savings insts.: Reserves at Fed. Res.
-0.5
-0.7
0.6
36.4
-0.3
0.7
15.4
129.9
40.0
20.0
-46.0
44
45 Credit unions: Reserves at Fed. Res.
0.0
0.0
0.0
4.7
2.4
0.2
3.6
12.4
79.2
-9.2
-26.4
45
46 Discrepancy--floats, etc.
-3.6
-1.9
1.8
30.6
0.3
-25.1
-77.3
224.3
49.8
137.1
-94.9
46
Z.1, December 10, 2009 41
F.204 Checkable Deposits and Currency
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2005
2006
2007
2008
2008
2009
Q1
Q2
Q3
Q4
Q1
Q2
Q3
1 Net change in liabilities
4.4
-19.9
36.7
568.4
26.5
-13.0
1757.1
502.9
-474.4
407.0
38.7
1
2 Monetary authority
30.1
23.5
17.8
428.2
-41.9
39.1
1467.5
248.1
-286.3
212.6
-154.1
2
3 Federal government cash and deposits
-1.4
0.2
11.4
349.3
-42.1
-0.9
1309.9
130.4
-393.0
197.4
-170.8
3
4 Due to government-sponsored enterprises
0.9
-1.2
0.9
19.4
-6.4
0.2
104.2
-20.4
-0.8
-3.6
-16.5
4
5 Deposits due to foreign
0.0
0.0
-0.0
1.3
0.0
0.5
-0.4
5.0
-0.9
2.4
0.6
5
6 Currency outside banks
30.6
24.5
5.5
58.2
6.5
39.4
53.8
133.2
108.3
16.4
32.6
6
7 Commercial banking
-36.4
-35.9
13.3
141.4
58.9
-73.8
319.4
261.2
-209.5
197.9
137.8
7
8 Federal government deposits
7.0
-5.9
14.9
-39.5
71.0
-56.4
-54.1
-118.3
74.2
-86.5
-22.7
8
9 Deposits due to foreign
6.4
9.2
5.2
24.9
12.4
-14.8
36.9
64.9
-71.4
-2.6
-5.3
9
10 Private domestic deposits
-49.8
-39.2
-6.9
156.0
-24.5
-2.7
336.6
314.6
-212.3
286.9
165.8
10
11 Savings institutions
3.8
0.9
4.5
-2.9
-10.8
28.8
-19.8
-9.6
-0.5
-2.3
58.8
11
12 Credit unions
7.0
-8.5
1.1
1.6
20.3
-7.1
-10.0
3.2
21.9
-1.2
-3.9
12
13 Net change in assets
4.4
-19.9
36.7
568.4
26.5
-13.0
1757.1
502.9
-474.4
407.0
38.7
13
14 Household sector
-113.5
-28.7
-52.2
112.7
-277.4
163.9
1.0
563.4
27.8
270.9
87.7
14
15 Nonfinancial business
138.6
-57.0
38.9
9.2
118.8
-171.6
85.2
4.4
-27.3
28.5
101.0
15
16 Corporate
74.0
-117.6
-12.7
-10.8
79.4
-189.5
68.5
-1.7
2.7
64.7
156.7
16
17 Nonfarm noncorporate
63.9
58.6
49.8
19.1
38.5
16.9
15.7
5.2
-30.1
-36.5
-56.0
17
18 Farm
0.7
2.1
1.8
0.9
0.9
0.9
0.9
0.9
0.2
0.2
0.2
18
19 State and local governments
10.3
5.2
-1.7
9.3
-16.1
15.3
11.5
26.6
-15.4
115.5
-44.8
19
20 Federal government
12.2
-2.7
25.1
313.1
9.3
-48.1
1256.8
34.4
-338.3
105.9
-183.3
20
21 Rest of the world
14.9
11.4
-5.4
68.8
39.4
-13.4
59.9
189.4
-25.0
-7.9
12.1
21
22 Checkable deposits
6.4
9.2
5.2
26.1
12.4
-14.3
36.5
69.9
-72.3
-0.1
-4.7
22
23 Currency
8.4
2.2
-10.7
42.7
27.0
0.9
23.4
119.4
47.3
-7.7
16.7
23
24 Financial sectors
-50.5
55.3
31.9
56.1
120.3
57.3
337.4
-290.5
-117.2
-110.3
77.1
24
25 Commercial banking
-0.5
-0.1
-0.3
0.6
0.2
0.3
-0.3
2.4
4.3
-4.1
-2.3
25
26 Savings institutions
2.4
-3.3
-0.5
-11.2
16.0
-7.6
-13.7
-39.7
6.0
-15.6
6.4
26
27 Credit unions
-2.0
6.2
-1.1
-5.7
33.7
-18.5
-37.1
-0.9
-37.0
14.5
29.6
27
28 Property-casualty insurance companies
-4.8
8.9
12.8
-14.8
-3.4
-5.0
11.4
-62.0
-7.8
31.8
6.1
28
29 Life insurance companies
-5.5
8.3
2.3
24.4
19.0
35.0
8.1
35.6
-49.9
-18.4
-5.4
29
30 Private pension funds
0.3
0.4
0.6
0.5
0.3
-0.4
10.4
-8.4
0.1
-1.4
10.0
30
31 State and local govt. retirement funds
-0.4
-1.7
2.5
-0.1
0.4
-0.3
-0.5
-0.1
-0.6
0.2
0.4
31
32 Money market mutual funds
-1.4
7.5
-4.8
5.6
-20.5
38.2
14.4
-9.7
49.2
-80.6
21.3
32
33 Government-sponsored enterprises
-24.5
1.8
-2.7
39.7
-9.1
48.6
143.6
-24.5
-17.0
-12.3
26.1
33
34 Finance companies
-8.9
-1.6
0.4
0.3
3.1
-0.2
-0.9
-0.9
2.5
1.7
-1.7
34
35 REITs
1.4
4.9
-1.8
1.8
11.1
-5.8
16.7
-14.8
-3.7
18.2
23.4
35
36 Brokers and dealers
-6.4
24.0
24.5
15.1
69.6
-27.1
185.3
-167.4
-63.2
-44.2
-36.7
36
37 Mail float
-7.5
-3.5
0.1
-0.9
32.2
-16.4
5.3
-24.9
20.9
4.4
-11.0
37
42 Z.1, December 10, 2009
F.205 Time and Savings Deposits
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2005
2006
2007
2008
2008
2009
Q1
Q2
Q3
Q4
Q1
Q2
Q3
1 Net change in liabilities
598.9
608.2
599.9
334.2
827.6
91.3
318.5
99.3
404.7
191.5
246.3
1
2 Small time and savings deposits
314.4
347.0
316.4
524.8
462.9
286.1
490.5
859.6
497.0
232.8
804.3
2
3 Commercial banking
268.3
287.6
263.0
541.4
365.8
84.6
899.8
815.4
436.3
205.6
379.2
3
4 U.S.-chartered commercial banks
262.9
277.8
255.0
540.2
342.4
90.7
923.9
803.9
439.6
216.5
366.6
4
5 Foreign banking offices in U.S.
0.5
8.6
6.9
0.1
24.4
-8.7
-29.4
14.0
2.5
-8.3
13.8
5
6 Banks in U.S.-affiliated areas
4.9
1.2
1.1
1.1
-1.1
2.6
5.4
-2.6
-5.8
-2.6
-1.2
6
7 Savings institutions
34.0
28.9
27.6
-59.6
56.7
144.8
-427.1
-12.8
-8.4
-28.5
393.2
7
8 Credit unions
12.1
30.5
25.8
43.0
40.5
56.7
17.9
57.0
69.1
55.8
31.9
8
9 Large time deposits (1)
284.4
261.2
283.4
-190.6
364.7
-194.8
-172.0
-760.3
-92.3
-41.3
-558.0
9
10 Commercial banking
243.1
264.0
297.6
-97.6
308.0
-91.3
229.7
-836.7
-200.0
-2.0
3.6
10
11 U.S.-chartered commercial banks
166.8
129.9
23.1
24.6
123.8
-211.4
409.8
-224.0
-101.5
-270.1
-251.7
11
12 Foreign banking offices in U.S.
71.4
132.8
273.4
-123.2
185.2
117.6
-185.5
-610.1
-92.8
270.8
256.5
12
13 Banks in U.S.-affiliated areas
4.9
1.2
1.1
1.1
-1.1
2.6
5.4
-2.6
-5.8
-2.6
-1.2
13
14 Savings institutions
38.8
-5.2
-19.0
-93.5
38.2
-108.1
-378.6
74.4
76.0
-49.4
-578.8
14
15 Credit unions
2.5
2.5
4.8
0.5
18.5
4.6
-23.1
2.0
31.6
10.1
17.3
15
16 Net change in assets
598.9
608.2
599.9
334.2
827.6
91.3
318.5
99.3
404.7
191.5
246.3
16
17 Household sector
477.0
475.4
465.1
158.9
506.9
-282.6
641.2
-229.8
22.0
-218.1
210.2
17
18 Nonfinancial business
83.5
78.1
-28.7
-5.1
-123.3
228.7
-34.6
-91.0
-31.7
93.8
185.5
18
19 Corporate
49.9
46.6
-55.7
-37.8
-175.6
193.1
-72.9
-95.9
-3.1
128.5
238.7
19
20 Nonfarm noncorporate
33.6
31.4
27.0
32.8
52.2
35.6
38.3
4.9
-28.6
-34.7
-53.2
20
21 State and local governments
12.8
26.2
36.2
19.1
13.3
1.2
4.8
57.1
63.1
-24.8
10.7
21
22 Federal government
-1.0
0.2
1.2
-1.3
3.8
-8.0
4.3
-5.1
0.6
-0.5
1.3
22
23 Rest of the world
6.7
11.5
40.3
45.2
86.1
11.9
-21.4
104.2
-97.0
-13.0
-25.1
23
24 Financial sectors
19.9
16.9
85.9
117.3
340.8
140.2
-275.8
263.9
447.8
354.0
-136.3
24
25 Savings institutions
-0.5
3.9
3.3
-1.6
1.4
5.8
1.1
-14.6
7.7
-0.4
29.8
25
26 Credit unions
-4.5
-4.9
-0.0
11.4
21.7
11.8
-0.2
12.1
22.5
7.8
-0.9
26
27 Private pension funds
6.3
0.8
4.6
0.3
4.6
-0.2
3.9
-7.2
6.7
-1.0
8.0
27
28 State and local govt. retirement funds
-0.1
-0.4
0.2
-0.0
0.0
-0.0
-0.0
0.0
-0.0
0.0
0.0
28
29 Money market mutual funds
15.7
23.7
63.9
84.6
325.3
76.0
-179.2
116.3
423.9
329.6
-22.7
29
30 Government-sponsored enterprises
12.1
-1.5
12.8
21.9
-21.4
47.5
-98.6
160.0
-20.5
12.9
-145.4
30
31 Finance companies
-9.1
-4.8
1.2
0.8
9.2
-0.6
-2.8
-2.8
7.5
5.2
-5.0
31
(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
127.0
305.3
720.9
724.2
1565.9
-145.8
82.4
1394.3
100.3
-497.9
-961.7
1
2 Net purchases
127.0
305.3
720.9
724.2
1565.9
-145.8
82.4
1394.3
100.3
-497.9
-961.7
2
3 Household sector
45.2
165.2
232.2
235.1
612.8
-145.5
144.1
329.1
68.6
-166.0
-577.3
3
4 Nonfinancial corporate business
42.1
65.9
131.7
121.6
221.4
128.8
-17.4
153.7
47.0
-38.1
48.8
4
5 Nonfarm noncorporate business
4.8
6.6
6.0
5.3
9.3
5.4
5.6
1.0
-6.0
-7.3
-11.2
5
6 State and local governments
5.1
6.8
4.9
0.7
-1.1
11.6
-1.4
-6.1
-7.0
-3.4
-2.9
6
7 Rest of the world
0.1
4.1
19.0
14.7
28.7
28.7
0.7
0.6
0.7
0.7
0.6
7
8 Life insurance companies
-7.1
48.7
64.3
33.3
69.6
11.9
11.6
40.0
14.5
-11.1
-16.3
8
9 Private pension funds
1.9
3.4
3.4
2.3
2.6
2.6
2.0
1.8
1.4
0.5
0.3
9
10 State and local govt. retirement funds
0.1
2.1
2.5
2.5
0.3
-0.3
-0.5
10.6
-0.6
0.2
0.4
10
11 Funding corporations
35.0
2.5
257.0
308.6
622.3
-189.0
-62.2
863.6
-18.2
-273.4
-404.0
11
Z.1, December 10, 2009 43
F.207 Federal Funds and Security Repurchase Agreements
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2005
2006
2007
2008
2008
2009
Q1
Q2
Q3
Q4
Q1
Q2
Q3
1 Net change in liabilities
307.6
403.0
9.8
-882.9
-72.1
-1052.7
-1014.9
-1392.0
-764.1
913.6
155.0
1
2 Monetary authority
-0.3
-0.9
14.4
44.4
0.5
-1.1
136.5
41.7
-71.0
8.3
-15.0
2
3 Commercial banking (net)
90.3
70.5
-49.7
-355.7
-253.7
-138.7
-250.7
-779.8
-90.8
694.9
-58.7
3
4 U.S.-chartered commercial banks
57.0
21.4
-36.1
-259.0
-225.8
-63.2
-175.5
-571.5
-131.2
565.5
-51.2
4
5 Foreign banking offices in U.S.
33.4
49.0
-13.6
-96.3
-27.1
-74.7
-73.0
-210.3
40.7
152.5
13.8
5
6 Bank holding companies
-0.2
0.1
0.1
-0.4
-0.8
-0.8
-2.2
2.0
-0.3
-23.1
-21.4
6
7 Savings institutions
-2.3
-19.2
-24.1
-0.0
-58.6
0.3
-9.5
67.7
7.2
-33.9
100.5
7
8 REITs
13.2
14.4
-6.2
-11.2
-7.4
7.1
-8.2
-36.3
10.8
9.2
30.8
8
9 Brokers and dealers (net)
206.7
338.3
75.5
-560.3
247.1
-920.2
-883.0
-685.3
-620.3
235.0
97.5
9
10 Net change in assets
217.8
203.5
344.2
-582.4
130.7
-551.5
-297.9
-1610.7
-116.1
-568.2
106.8
10
11 Nonfinancial corporate business
8.1
1.0
-7.5
-0.6
-3.5
4.3
-13.3
10.2
-3.0
5.1
4.7
11
12 State and local governments
10.0
13.5
9.7
1.5
-2.2
22.8
-2.7
-12.0
-13.8
-6.6
14.1
12
13 Rest of the world
48.2
109.4
80.2
-525.0
-5.8
-466.6
-376.0
-1251.5
-6.8
3.4
-110.3
13
14 Financial sectors
151.5
79.7
261.9
-58.3
142.1
-112.0
94.2
-357.4
-92.4
-570.0
198.3
14
15 Monetary authority
13.8
-6.0
5.8
33.5
163.6
135.4
-99.3
-65.8
-320.0
0.0
0.0
15
16 Savings institutions
-0.1
9.3
27.3
-10.9
-25.9
-28.7
-13.3
24.3
-20.8
-76.9
35.8
16
17 Credit unions (net)
2.6
-1.6
-2.6
-4.8
-7.4
2.6
-22.3
7.8
-3.0
13.2
-3.6
17
18 Property-casualty insurance companies
5.9
-2.9
-12.2
13.4
38.7
-6.1
-19.8
40.7
0.7
-33.7
-0.3
18
19 Private pension funds
1.0
0.8
3.4
7.3
3.1
-17.5
3.4
40.4
14.9
3.9
16.9
19
20 State and local govt. retirement funds
-0.6
4.4
4.3
2.4
0.6
-0.6
-0.9
10.5
-1.0
0.3
0.6
20
21 Money market mutual funds
112.0
48.7
211.3
-63.5
0.7
-293.7
288.4
-249.4
141.7
-320.7
40.3
21
22 Mutual funds
2.8
17.4
-0.6
-7.4
15.1
54.6
-21.9
-77.6
-84.7
72.2
52.4
22
23 Government-sponsored enterprises (net)
14.1
9.7
25.3
-28.2
-46.5
42.0
-20.1
-88.3
179.4
-228.5
56.2
23
24 Funding corporations
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.4
0.0
0.0
24
25 Discrepancy--unallocated assets
89.8
199.5
-334.4
-300.6
-202.8
-501.2
-717.1
218.7
-648.1
1481.8
48.3
25
F.208 Open Market Paper
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1 Total net issues, all types
245.1
317.1
-169.4
-189.0
23.4
-268.2
-594.2
83.0
-662.5
-735.2
-241.2
1
2 Commercial paper
245.1
317.4
-169.4
-188.8
24.0
-268.0
-594.2
83.0
-662.5
-735.2
-241.2
2
3 Nonfinancial corporate business
-7.7
22.4
11.3
7.7
42.9
-77.3
62.8
2.2
-151.9
-145.9
-11.0
3
4 Foreign issues in U.S.
38.6
98.4
-69.3
-71.0
212.0
41.7
-276.4
-261.5
63.1
-23.5
200.3
4
5 Nonfinancial
15.7
-1.9
2.0
20.7
-10.6
32.0
12.8
48.5
24.3
-20.9
-36.9
5
6 Financial
22.9
100.3
-71.3
-91.7
222.6
9.7
-289.1
-310.0
38.8
-2.6
237.2
6
7 Financial sectors
214.2
196.6
-111.4
-125.4
-230.9
-232.4
-380.6
342.3
-573.7
-565.8
-430.5
7
8 Commercial banking
4.0
21.7
37.9
-39.0
-3.8
58.3
-57.9
-152.6
-91.1
-17.0
14.9
8
9 ABS issuers
148.3
162.9
-194.2
-83.9
-135.8
-145.5
-121.9
67.8
-213.0
-282.2
-291.5
9
10 Finance companies
-15.3
5.3
-15.1
-22.6
-8.5
6.3
-49.8
-38.6
-82.0
-10.3
-44.3
10
11 REITs
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
11
12 Funding corporations
77.1
6.7
60.1
20.1
-82.8
-151.5
-151.1
465.7
-187.7
-256.2
-109.6
12
13 Bankers acceptances (1)
0.0
-0.3
0.0
-0.2
-0.6
-0.1
0.0
0.0
0.0
0.0
0.0
13
14 Net purchases, by sector
245.1
317.1
-169.4
-189.0
23.4
-268.2
-594.2
83.0
-662.5
-735.2
-241.2
14
15 Household sector
28.1
23.4
-38.0
-139.2
-128.9
-138.9
-174.6
-114.5
-12.5
6.4
-1.7
15
16 Nonfinancial corporate business
16.0
11.7
-53.2
-59.3
-142.7
-21.0
-48.1
-25.2
43.7
9.1
0.2
16
17 State and local governments
13.1
17.6
-7.3
-28.1
-22.9
-22.1
-31.5
-35.8
-58.1
-50.7
-69.6
17
18 Rest of the world
9.9
48.0
-9.6
-45.1
11.0
-16.0
-94.1
-81.5
-50.1
-77.7
-22.9
18
19 Monetary authority
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
19
20 Commercial banking (1)
0.0
0.0
0.0
15.7
0.0
0.0
400.1
-337.4
-44.9
21.6
-39.2
20
21 Savings institutions
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
21
22 Credit unions
-0.0
0.2
-0.5
-0.4
9.3
-8.0
-3.0
0.0
0.0
0.0
0.0
22
23 Life insurance companies
-8.0
12.9
8.4
-6.7
23.1
-8.9
-38.6
-2.6
-37.7
-34.7
-6.5
23
24 Private pension funds
3.0
0.2
-4.8
10.2
6.5
1.7
-32.5
65.3
1.6
2.0
-26.5
24
25 State and local govt. retirement funds
0.1
7.4
7.6
-16.4
1.1
-1.0
-22.8
-42.7
-1.1
-9.6
-19.0
25
26 Money market mutual funds
86.3
116.1
66.3
-56.1
9.7
-52.3
-582.4
400.8
-93.0
-196.4
-31.7
26
27 Mutual funds
2.9
17.4
-0.4
-62.5
3.4
58.9
-172.5
-139.8
-93.1
74.9
48.9
27
28 Government-sponsored enterprises
8.0
18.5
-4.7
14.1
48.5
18.2
-10.0
-0.2
17.8
3.2
-9.5
28
29 Brokers and dealers
12.2
4.1
22.8
-21.4
81.5
-18.3
204.1
-353.0
-63.0
45.5
-47.1
29
30 Funding corporations
73.5
39.7
-156.1
206.2
123.9
-60.5
11.8
749.6
-272.0
-528.6
-16.7
30
(1) Excludes banks’ holdings of own acceptances.
44 Z.1, December 10, 2009
F.209 Treasury Securities
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2005
2006
2007
2008
2008
2009
Q1
Q2
Q3
Q4
Q1
Q2
Q3
1 Net issues
307.3
183.7
237.5
1239.0
411.4
310.1
2080.2
2154.2
1442.8
1896.4
1481.2
1
2 Savings bonds
0.7
-2.7
-6.0
-2.4
-4.2
-1.1
-1.3
-3.0
-0.3
-1.0
-2.8
2
3 Other Treasury issues
306.6
186.4
243.4
1241.4
415.6
311.3
2081.6
2157.2
1443.1
1897.4
1484.0
3
4 Net purchases
307.3
183.7
237.5
1239.0
411.4
310.1
2080.2
2154.2
1442.8
1896.4
1481.2
4
5 Household sector
-98.9
-82.8
-90.4
174.9
63.3
400.4
256.4
-20.6
1066.5
330.3
742.9
5
6 Savings bonds
0.7
-2.7
-6.0
-2.4
-4.2
-1.1
-1.3
-3.0
-0.3
-1.0
-2.8
6
7 Other Treasury issues
-99.6
-80.1
-84.5
177.3
67.5
401.6
257.8
-17.6
1066.9
331.4
745.7
7
8 Nonfinancial corporate business
17.6
-6.5
-5.9
-11.3
-50.2
5.9
-12.3
11.5
38.2
21.0
3.6
8
9 Nonfarm noncorporate business
6.0
0.2
3.0
3.7
6.4
3.7
3.8
0.7
-4.1
-5.0
-7.7
9
10 State and local governments
92.3
35.5
14.5
-48.4
-44.8
-56.1
-27.1
-65.4
-27.2
17.6
88.5
10
11 Rest of the world
245.1
150.3
165.2
674.3
488.5
380.7
786.1
1041.8
688.1
403.0
401.9
11
12 Monetary authority
26.4
34.7
-38.3
-264.7
-575.7
-457.4
-11.7
-14.0
88.9
647.4
446.3
12
13 Commercial banking
-10.7
-2.1
17.4
-19.2
-39.2
-47.9
97.8
-87.3
66.0
26.0
241.8
13
14 U.S.-chartered commercial banks
-10.1
-2.2
11.1
-19.6
-64.5
-57.7
107.5
-63.8
40.7
46.7
165.0
14
15 Foreign banking offices in U.S.
0.1
-1.0
3.6
5.1
30.0
-11.5
-16.8
18.7
37.0
-46.2
88.3
15
16 Bank holding companies
-0.9
1.4
4.6
-4.0
-3.0
22.1
7.2
-42.2
-10.3
25.9
-11.5
16
17 Banks in U.S.-affiliated areas
0.1
-0.2
-1.9
-0.6
-1.7
-0.8
-0.1
-0.0
-1.4
-0.3
-0.1
17
18 Savings institutions
4.0
0.1
-5.4
-4.1
-3.9
-4.3
-7.9
-0.0
2.9
3.7
5.6
18
19 Credit unions
-1.1
-0.3
3.0
-1.6
-3.4
2.7
-1.3
-4.2
-2.1
16.9
5.1
19
20 Property-casualty insurance companies
-2.0
6.6
-20.7
-0.3
-0.1
0.4
-1.4
-0.0
0.1
2.9
1.2
20
21 Life insurance companies
12.7
-8.0
-14.9
37.5
24.4
24.1
21.8
79.5
76.8
37.1
24.9
21
22 Private pension funds
3.5
14.3
38.7
15.4
17.7
15.7
35.0
-6.7
17.3
25.2
46.1
22
23 State and local govt. retirement funds
2.8
3.3
11.8
5.7
2.0
-1.0
10.0
11.8
-5.6
-1.6
15.9
23
24 Federal government retirement funds
7.8
8.3
11.3
24.2
34.2
9.1
28.2
25.5
17.5
0.8
2.3
24
25 Money market mutual funds
-9.6
-5.9
95.5
399.5
452.7
5.2
696.5
443.8
-253.6
-64.4
-260.4
25
26 Mutual funds
6.6
5.0
18.5
8.7
14.0
22.5
12.1
-13.7
20.6
36.8
41.9
26
27 Closed-end funds
0.3
0.2
-1.7
-2.4
-0.9
-0.8
-1.8
-6.2
0.3
1.6
0.9
27
28 Exchange-traded funds
4.8
3.4
6.6
7.4
5.5
6.3
15.9
1.9
18.4
15.7
12.2
28
29 Government-sponsored enterprises
0.2
1.2
1.3
1.2
0.7
1.3
1.5
1.4
3.2
6.8
9.0
29
30 ABS issuers
19.7
28.7
21.0
-12.3
-2.8
-11.4
-15.7
-19.4
-14.8
-19.3
-16.8
30
31 Brokers and dealers
-20.0
-2.4
7.1
250.6
23.1
11.0
194.3
773.9
-354.7
393.8
-323.9
31
Memo:
32 Federal government borrowing (1)
306.9
183.4
237.1
1239.2
412.7
310.4
2078.5
2155.2
1439.6
1895.3
1484.9
32
(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).
Z.1, December 10, 2009 45
F.210 Agency- and GSE-backed Securities (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2005
2006
2007
2008
2008
2009
Q1
Q2
Q3
Q4
Q1
Q2
Q3
1 Net issues
82.8
330.6
908.3
769.2
646.7
1322.5
704.1
403.5
46.7
-126.1
-105.5
1
2 Budget agencies
-0.4
-0.3
-0.4
0.2
1.3
0.3
-1.7
1.0
-3.2
-1.1
3.7
2
3 Government-sponsored enterprises
-84.0
35.6
282.4
271.7
111.7
655.8
202.4
117.0
-254.5
-680.9
-590.3
3
4 Agency- and GSE-backed mortgage pools
167.3
295.4
626.3
497.3
533.8
666.4
503.4
285.5
304.4
555.9
481.1
4
5 Net purchases
82.8
330.6
908.3
769.2
646.7
1322.5
704.1
403.5
46.7
-126.1
-105.5
5
6 Household sector
101.6
-51.5
350.1
105.1
-201.9
91.5
687.7
-156.9
-1094.6
-1274.2
-286.9
6
7 Nonfinancial corporate business
6.5
-2.4
-3.6
-3.8
-16.7
2.0
-4.1
3.8
-13.9
20.3
1.2
7
8 State and local governments
28.4
38.3
14.6
-27.8
-14.3
-15.0
-47.6
-34.2
-39.3
-98.9
-78.0
8
9 Federal government
0.0
0.0
0.0
54.4
0.0
0.0
13.2
204.5
227.8
213.2
123.9
9
10 Rest of the world
134.3
222.7
250.3
-218.1
94.7
100.0
-381.5
-685.7
-236.4
-34.2
-170.7
10
11 Monetary authority
0.0
0.0
0.0
19.7
0.0
0.0
58.0
20.8
1069.3
1088.1
1058.0
11
12 Commercial banking
-5.4
45.9
-113.3
147.1
-24.3
318.1
-62.8
357.2
2.1
183.7
-142.1
12
13 U.S.-chartered commercial banks
-3.3
47.5
-111.4
139.7
-23.1
250.1
22.5
309.5
67.1
205.4
-121.2
13
14 Foreign banking offices in U.S.
-0.9
4.2
2.0
-6.6
-11.1
-1.7
-36.9
23.1
-19.7
-27.5
-14.1
14
15 Bank holding companies
-2.3
-0.0
-1.3
15.9
12.3
61.4
-46.7
36.7
-39.0
3.0
-0.1
15
16 Banks in U.S.-affiliated areas
1.2
-5.8
-2.7
-2.0
-2.4
8.4
-1.7
-12.1
-6.3
2.7
-6.7
16
17 Savings institutions
55.8
-23.0
-0.6
-0.8
-12.1
17.6
-26.2
17.5
32.2
14.0
37.0
17
18 Credit unions
-6.8
-13.9
-4.1
14.4
8.1
20.1
18.7
10.9
26.3
29.1
18.8
18
19 Property-casualty insurance companies
5.8
4.1
3.8
-11.5
-11.1
-10.1
-13.9
-10.9
-9.8
-0.5
2.4
19
20 Life insurance companies
11.4
8.8
5.5
-16.7
-5.9
-9.2
-22.0
-29.7
-22.6
-3.1
-12.9
20
21 Private pension funds
16.8
16.6
28.2
21.3
14.6
6.3
33.1
31.5
29.8
-18.8
-31.3
21
22 State and local govt. retirement funds
-0.4
52.4
23.3
6.4
4.0
-1.9
10.0
13.6
-11.0
-3.2
-9.2
22
23 Federal government retirement funds
0.0
0.1
0.3
0.0
3.8
-0.6
-0.0
-3.0
-0.3
0.3
1.3
23
24 Money market mutual funds
-107.4
-28.7
104.5
520.3
655.4
165.8
361.7
898.3
122.5
-150.7
-398.2
24
25 Mutual funds
20.8
15.7
66.2
27.3
43.8
70.6
37.9
-43.0
-18.3
115.2
131.1
25
26 Government-sponsored enterprises
-135.4
-37.1
-11.1
207.0
101.7
503.6
-70.1
293.0
175.9
-19.8
-118.3
26
27 ABS issuers
-32.9
20.8
18.5
-29.4
-38.0
-16.6
-18.8
-44.1
-129.4
-42.2
-126.9
27
28 REITs
-4.0
24.8
23.5
1.6
13.7
28.0
-24.6
-10.5
19.2
34.7
17.8
28
29 Brokers and dealers
-6.3
37.0
152.2
-47.5
31.5
52.5
155.4
-429.6
-82.7
-179.0
-122.6
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 Fannie Mae and FHLB;
and agency- and GSE-backed mortgage pool securities issued by GNMA, Fannie Mae, Freddie Mac, 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.
46 Z.1, December 10, 2009
F.211 Municipal Securities and Loans
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2005
2006
2007
2008
2008
2009
Q1
Q2
Q3
Q4
Q1
Q2
Q3
1 Net change in liabilities
195.0
177.4
215.6
65.4
95.5
61.2
98.2
6.9
120.5
117.3
158.6
1
2 State and local governments
171.1
150.6
185.3
42.5
78.2
24.0
72.2
-4.5
97.6
81.2
115.1
2
3 Short-term (1)
5.7
-3.1
17.3
12.0
-4.6
8.8
28.9
14.7
-6.3
-7.7
52.9
3
4 Long-term
165.3
153.7
168.0
30.5
82.8
15.2
43.3
-19.2
103.9
88.9
62.2
4
5 Nonprofit organizations (2)
16.5
21.8
22.6
19.9
13.7
32.8
23.5
9.4
19.0
31.7
33.7
5
Nonfinancial corporate business
6 (industrial revenue bonds)
7.4
5.0
7.8
3.1
3.6
4.5
2.5
1.9
4.0
4.4
9.7
6
7 Net change in assets
195.0
177.4
215.6
65.4
95.5
61.2
98.2
6.9
120.5
117.3
158.6
7
8 Household sector
78.6
50.8
25.1
40.1
-46.7
-27.9
131.3
103.9
64.2
1.9
112.1
8
9 Nonfinancial corporate business
0.3
-4.0
1.1
-24.2
-85.5
-10.0
2.9
-4.0
36.9
-1.3
11.9
9
10 Nonfarm noncorporate business
0.1
1.3
-0.5
0.3
0.6
0.3
0.3
0.1
-0.4
-0.4
-0.7
10
11 State and local governments
0.4
0.5
0.3
0.1
-0.1
0.8
-0.1
-0.4
-0.5
-0.2
0.5
11
12 Rest of the world
3.0
5.4
10.7
-4.1
12.7
12.7
-53.6
12.0
-4.0
22.3
31.7
12
13 Commercial banking
16.9
22.6
12.7
23.7
41.4
7.8
78.3
-32.6
-9.7
29.0
-9.9
13
14 Savings institutions
1.5
2.2
-0.1
-2.7
-2.2
2.6
-10.6
-0.4
0.9
2.9
2.0
14
15 Property-casualty insurance companies
45.4
22.1
36.1
10.6
12.3
15.0
3.0
12.2
10.5
29.4
8.6
15
16 Life insurance companies
2.4
4.1
4.8
5.7
7.1
6.7
5.1
3.8
7.9
1.6
2.3
16
17 State and local govt. retirement funds
-0.2
1.9
-1.7
-0.8
-2.5
-0.0
0.1
-0.6
0.0
0.0
0.0
17
18 Money market mutual funds
23.0
33.5
100.7
23.6
69.7
70.0
-103.3
57.8
-60.9
-68.8
-136.0
18
19 Mutual funds
17.4
32.7
27.8
17.4
31.8
52.9
22.9
-38.0
68.7
95.8
116.9
19
20 Closed-end funds
0.2
0.0
1.6
-12.7
-8.1
-9.9
-17.1
-15.8
4.1
5.1
3.7
20
21 Exchange-traded funds
0.0
0.0
0.6
1.7
2.0
1.8
1.0
2.0
3.3
3.6
4.4
21
22 Government-sponsored enterprises
-4.9
-3.6
-2.8
-2.0
-0.7
-4.5
-2.6
-0.2
-1.4
-1.9
-2.9
22
23 Brokers and dealers
10.9
8.0
-0.7
-11.4
63.8
-57.1
40.6
-92.8
0.7
-1.5
14.0
23
(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 Net issues
865.0
1241.6
1223.2
-148.6
344.5
318.3
-709.7
-547.3
285.7
168.6
133.3
1
2 Nonfinancial corporate business
56.7
215.6
311.2
204.6
181.0
354.9
92.4
190.1
579.2
395.9
262.0
2
3 Rest of the world (1)
64.5
227.8
218.7
-62.1
79.9
73.2
-261.8
-139.7
137.5
220.7
99.0
3
4 Financial sectors
743.8
798.2
693.3
-291.1
83.6
-109.7
-540.4
-597.7
-431.0
-448.0
-227.7
4
5 Commercial banking
56.7
76.0
118.6
129.3
140.7
228.9
-194.2
341.7
44.0
21.9
35.7
5
6 Savings institutions
1.0
2.0
-0.3
-8.0
1.2
0.9
-34.0
-0.0
-1.9
0.9
0.7
6
7 ABS issuers (net) (3)
581.9
635.8
529.5
-341.3
-119.3
-308.7
-262.8
-674.4
-404.4
-274.7
-282.0
7
8 Finance companies
43.6
42.4
-2.8
-49.6
121.6
-60.9
-35.0
-224.4
-70.5
-200.8
-9.4
8
9 REITs
32.8
13.9
0.7
-55.1
-94.4
-3.7
-48.0
-74.3
-31.8
-29.0
-6.4
9
10 Brokers and dealers
0.1
6.4
-4.0
32.3
62.3
16.4
-30.2
80.6
-59.6
60.8
27.8
10
11 Funding corporations
27.6
21.6
51.5
1.4
-28.6
17.2
63.9
-46.9
93.2
-27.2
5.9
11
12 Net purchases
865.0
1241.6
1223.2
-148.6
344.5
318.3
-709.7
-547.3
285.7
168.6
133.3
12
13 Household sector
120.4
169.0
237.7
-184.6
-197.1
13.6
-334.7
-220.2
43.9
-22.8
-46.2
13
14 State and local governments
9.0
12.1
8.8
1.3
-2.0
0.6
17.6
-10.8
-12.5
-26.0
32.7
14
15 Federal government
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
1.5
0.7
15
16 Rest of the world (2)
328.5
541.0
424.6
40.0
-4.3
272.3
-94.2
-13.8
-46.7
-109.9
-136.0
16
17 Commercial banking
123.4
93.3
197.9
1.7
55.2
-109.5
-34.5
95.7
-104.8
-73.5
33.1
17
18 Savings institutions
21.0
9.2
49.2
-34.0
5.1
-2.0
-101.0
-38.1
33.2
-36.2
-10.3
18
19 Credit unions
-1.5
7.2
3.9
-8.9
-6.7
-2.3
-10.2
-16.3
-32.2
1.4
-0.4
19
20 Property-casualty insurance companies
17.5
14.2
5.9
-15.4
-14.4
-12.2
-20.9
-14.1
0.4
14.1
5.9
20
21 Life insurance companies
74.7
32.9
40.0
-43.9
17.6
3.3
-85.0
-111.3
172.2
100.2
84.9
21
22 Private pension funds
22.2
27.7
39.7
42.8
19.7
57.8
36.2
57.5
35.3
20.6
19.7
22
23 State and local govt. retirement funds
14.5
68.9
-9.1
0.8
2.8
-1.2
-3.6
5.2
-8.6
-1.1
4.2
23
24 Federal government retirement funds
-0.0
-0.0
0.1
-0.1
2.1
-0.5
-0.2
-1.7
-0.4
-0.1
0.6
24
25 Money market mutual funds
2.2
105.1
8.5
-148.8
85.5
-65.7
-382.8
-232.1
-40.8
0.5
-199.4
25
26 Mutual funds
65.9
106.2
121.6
74.6
102.5
192.9
17.4
-14.2
181.0
143.3
116.4
26
27 Closed-end funds
1.7
5.7
-1.0
-24.5
-12.6
-12.7
-23.5
-49.3
-4.0
10.8
9.4
27
28 Exchange-traded funds
1.9
2.4
6.2
13.9
12.0
14.5
10.7
18.3
26.4
26.6
27.4
28
29 Government-sponsored enterprises
50.9
16.1
-17.4
-77.7
-14.1
-92.8
-131.9
-72.1
-76.6
67.3
2.4
29
30 Finance companies
-52.5
-18.7
4.5
3.0
36.0
-2.3
-10.8
-10.8
29.3
20.2
-19.4
30
31 REITs
17.0
11.6
-30.2
-20.0
-44.0
-7.4
-6.0
-22.7
-2.9
6.9
6.0
31
32 Brokers and dealers
77.7
44.8
22.6
-266.1
-87.7
-396.9
-241.2
-338.7
-109.0
51.9
104.6
32
33 Funding corporations
-29.4
-7.1
109.6
497.3
388.9
469.1
688.8
442.2
202.6
-27.1
97.0
33
(1) Net purchases of foreign issues by U.S. residents.
(2) Net purchases of U.S. issues by foreign residents.
(3) Net issuance less net acquisition of corporate bonds held as assets.
Z.1, December 10, 2009 47
F.213 Corporate Equities (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2005
2006
2007
2008
2008
2009
Q1
Q2
Q3
Q4
Q1
Q2
Q3
1 Net issues
-77.9
-370.7
-463.7
309.8
29.4
280.0
-8.4
938.1
445.0
495.6
342.8
1
2 Nonfinancial corporate business
-343.1
-567.7
-790.1
-335.1
-431.8
-218.7
-342.0
-347.8
-122.7
133.4
91.3
2
3 Rest of the world (2)
186.7
137.3
147.8
1.3
111.6
89.1
-55.0
-140.4
7.3
148.9
120.0
3
4 Financial sectors
78.5
59.7
178.6
643.5
349.6
409.6
388.5
1426.2
560.3
213.3
131.6
4
5 Commercial banking
-13.8
-10.5
-23.7
331.9
212.9
230.1
103.5
780.9
230.3
18.8
91.1
5
6 Savings institutions
2.2
0.8
3.3
1.7
0.5
1.4
2.5
2.5
0.9
2.3
1.3
6
7 Property-casualty insurance companies
-2.8
-8.5
-13.2
0.4
-5.3
18.8
-10.9
-1.1
-1.4
-2.2
-6.6
7
8 Life insurance companies
-8.0
-20.0
-30.6
-10.7
-32.0
-10.1
-8.2
7.6
-6.9
8.5
-0.9
8
9 Closed-end funds
20.7
8.2
17.5
-57.5
-16.8
-42.3
-90.7
-80.4
6.5
11.3
1.2
9
10 Exchange-traded funds
56.7
74.0
150.5
177.2
35.2
54.6
326.0
292.8
-9.9
152.6
108.4
10
11 REITs
16.1
22.2
17.1
12.8
21.1
14.9
11.0
4.3
9.2
55.6
22.9
11
12 Government-sponsored enterprises
4.2
1.1
25.5
27.6
11.5
32.6
18.7
47.6
182.2
101.9
41.7
12
13 Brokers and dealers
3.3
-7.6
32.3
120.2
122.5
109.6
36.7
212.0
149.5
-140.2
-135.8
13
14 Funding corporations (3)
0.0
0.0
0.0
40.0
0.0
0.0
0.0
160.0
0.0
4.6
8.2
14
15 Net purchases
-77.9
-370.7
-463.7
309.8
29.4
280.0
-8.4
938.1
445.0
495.6
342.8
15
16 Household sector
-411.2
-598.3
-798.4
10.0
120.6
65.1
-85.1
-60.5
465.2
396.1
36.5
16
17 State and local governments
2.5
-4.4
7.1
37.3
43.7
24.4
40.8
40.5
50.5
-76.6
-59.9
17
18 Federal government
0.0
0.0
0.0
256.3
0.0
0.0
0.0
1025.4
347.5
-127.9
53.7
18
19 Rest of the world (4)
56.9
96.2
218.5
90.5
226.8
89.4
22.3
23.4
30.3
118.4
225.0
19
20 Commercial banking
0.1
0.7
1.6
2.4
2.4
0.7
4.6
1.8
16.0
-14.5
-1.9
20
21 Savings institutions
-1.0
-1.0
-0.1
-1.5
2.1
-2.6
-10.2
4.7
1.5
-2.0
-6.3
21
22 Property-casualty insurance companies
-6.1
2.3
0.5
35.1
13.1
4.3
52.8
70.3
-17.6
9.5
-0.1
22
23 Life insurance companies
65.9
71.4
84.1
81.8
82.8
82.0
97.9
64.6
20.2
38.8
13.8
23
24 Private pension funds
-4.6
-72.3
-217.0
-256.7
-251.7
-227.3
-216.0
-332.1
-203.1
-167.3
-177.4
24
25 State and local govt. retirement funds
-5.6
-73.0
-35.3
-6.7
-45.8
29.8
-16.6
5.8
6.9
-1.3
-3.8
25
26 Federal government retirement funds
7.0
6.3
2.7
-8.6
-26.5
7.1
-12.7
-2.4
-3.2
16.6
8.2
26
27 Mutual funds
129.6
131.3
91.3
-38.1
-67.3
144.6
-119.2
-110.5
-157.9
225.5
197.5
27
28 Closed-end funds
18.5
2.2
18.7
-17.9
4.9
-18.9
-48.3
-9.1
6.0
-6.1
-12.8
28
29 Exchange-traded funds
50.0
68.3
137.2
154.2
15.7
32.1
298.4
270.7
-58.0
106.7
64.4
29
30 Brokers and dealers
20.1
-0.2
25.4
-28.5
-91.5
49.2
-17.2
-54.4
-59.3
-20.3
6.0
30
(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) Preferred shares issued by AIG to the federal goverment under the TARP program.
(4) 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
260.2
336.8
364.7
31.0
164.5
592.4
-201.4
-431.6
-98.4
771.6
709.2
1
2 Net purchases
260.2
336.8
364.7
31.0
164.5
592.4
-201.4
-431.6
-98.4
771.6
709.2
2
3 Household sector
228.1
205.9
243.0
-7.8
86.0
495.9
-226.0
-387.2
-221.9
677.4
690.0
3
4 Nonfinancial corporate business
6.7
30.7
2.0
-6.8
-6.8
-6.8
-6.8
-6.8
-6.8
-6.8
-6.8
4
5 State and local governments
0.8
-1.3
2.2
11.0
13.4
7.5
12.5
10.8
15.5
16.6
-18.3
5
6 Rest of the world
32.2
45.2
38.2
5.3
21.5
34.7
-12.0
-22.9
0.8
36.3
31.9
6
7 Commercial banking
-1.8
3.9
3.6
1.3
-1.0
-2.2
-8.8
17.3
66.3
-15.0
-45.8
7
8 Credit unions
-1.0
-0.1
-0.0
-0.0
1.5
-0.1
-1.5
0.0
-1.1
0.1
-1.0
8
9 Property-casualty insurance companies
0.3
0.5
-0.5
-0.4
-0.0
-0.0
-0.4
-1.1
0.0
0.1
0.1
9
10 Life insurance companies
-9.9
26.9
31.3
-10.7
0.4
4.0
-12.0
-35.4
-4.0
2.0
1.0
10
11 Private pension funds
10.2
28.6
50.2
39.9
56.5
55.0
56.2
-8.1
51.7
61.2
59.5
11
12 State and local govt. retirement funds
-5.5
-3.4
-5.3
-0.8
-6.8
4.4
-2.5
1.7
1.0
-0.2
-1.3
12
(1) Shares of open-end investment companies; excludes shares of money market mutual funds, exchange-traded funds, and funding vehicles for variable annuities.
48 Z.1, December 10, 2009
F.215 Bank Loans Not Elsewhere Classified
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2005
2006
2007
2008
2008
2009
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Total loans by commercial
1 banking, flow of funds basis
567.8
677.5
671.6
377.1
351.1
11.5
1660.1
-514.3
-525.6
-350.6
-1091.4
1
- Loans elsewhere classified:
2 Open market paper
0.0
0.0
0.0
15.7
0.0
0.0
400.1
-337.4
-44.9
21.6
-39.2
2
3 Mortgages
362.4
445.0
241.4
197.0
156.1
-152.8
828.6
-44.0
34.6
125.9
-343.0
3
4 Consumer credit
2.8
34.2
62.9
74.5
80.2
83.4
77.1
57.5
2.7
-35.7
-72.5
4
5 Security credit
34.8
71.5
32.3
-113.5
-198.6
-43.8
16.2
-227.8
-68.0
-70.5
-115.1
5
6 = Banking sector total bank loans n.e.c.
167.8
126.8
335.1
203.4
313.5
124.6
338.0
37.5
-450.0
-391.8
-521.7
6
7 U.S.-chartered commercial banks
98.7
62.9
233.7
137.9
247.0
90.0
271.6
-57.0
-343.2
-266.8
-362.0
7
8 Foreign banking offices in U.S.
60.7
67.1
105.0
65.1
67.9
31.4
69.9
91.4
-106.3
-117.6
-164.7
8
9 Bank holding companies
2.7
-2.9
0.7
2.0
-1.6
4.7
-2.8
7.8
-0.5
-3.0
1.0
9
10 Banks in U.S.-affiliated areas
5.6
-0.3
-4.2
-1.7
0.1
-1.5
-0.7
-4.7
0.0
-4.4
3.9
10
11 + Loans from Federal Reserve banks
0.0
0.0
0.0
490.4
159.0
-37.8
1038.1
802.4
-406.6
-539.3
-280.1
11
12 = Total bank loans n.e.c.
167.8
126.8
335.1
693.8
472.4
86.8
1376.1
839.9
-856.6
-931.1
-801.7
12
13 Net change in liabilities
167.8
126.8
335.1
693.8
472.4
86.8
1376.1
839.9
-856.6
-931.1
-801.7
13
14 Nonfinancial sectors
149.0
189.2
264.2
197.7
291.6
76.6
389.5
33.2
-372.5
-303.2
-290.2
14
15 Household sector
9.7
49.9
13.4
18.0
6.9
-72.4
140.4
-3.0
-68.4
48.3
83.2
15
16 Corporate business
-31.4
17.4
93.4
70.9
99.7
73.5
105.2
5.2
-137.0
-137.1
-140.9
16
17 Nonfarm noncorporate business
153.9
104.7
131.0
100.5
148.2
77.5
121.5
54.9
-145.8
-206.8
-226.9
17
18 Farm business
2.2
3.3
2.3
3.2
1.3
7.1
0.9
3.4
-1.9
-1.6
2.6
18
19 Rest of the world
14.5
13.8
24.1
5.1
35.4
-9.0
21.5
-27.4
-19.4
-6.0
-8.2
19
20 Foreign official institutions
-2.9
-0.7
-0.0
0.7
0.4
4.6
-3.2
1.1
-0.1
1.4
2.0
20
21 Foreign banks
4.7
3.8
8.3
2.8
30.6
-4.0
16.1
-31.5
-14.9
-10.1
4.8
21
22 Other foreign
12.7
10.7
15.8
1.6
4.4
-9.6
8.6
3.0
-4.4
2.8
-14.9
22
23 Financial sectors
18.8
-62.3
70.9
496.1
180.8
10.2
986.6
806.7
-484.1
-627.9
-511.6
23
24 Savings institutions
5.2
-44.5
13.3
13.0
1.2
11.3
22.0
17.7
-30.2
-21.6
-66.1
24
25 Finance companies
5.2
-12.9
52.8
-7.1
16.5
55.4
-85.1
-15.1
-20.5
41.4
-83.4
25
26 REITs
8.4
-5.0
4.8
-0.3
4.1
-18.7
11.6
1.7
-8.0
-26.7
-11.7
26
27 Brokers and dealers
0.0
0.0
0.0
45.5
159.0
-153.2
793.1
-617.0
-100.3
-61.4
-20.2
27
28 Funding corporations
0.0
0.0
0.0
444.9
0.0
115.3
245.0
1419.4
-325.1
-559.6
-330.3
28
Z.1, December 10, 2009 49
F.216 Other Loans and Advances
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2005
2006
2007
2008
2008
2009
Q1
Q2
Q3
Q4
Q1
Q2
Q3
1 Total other loans and advances
159.8
156.2
541.0
72.4
298.1
53.5
472.2
-534.2
-400.5
-424.9
-271.3
1
2 U.S. government loans
-7.0
0.6
-2.2
6.1
-1.4
3.8
1.8
20.1
59.0
95.8
95.2
2
3 Liab.: Household sector
-0.7
1.4
-0.4
0.3
-0.7
2.6
-0.4
-0.2
-0.2
-0.3
-0.5
3
4 Nonfinancial corporate business
0.8
1.2
-0.3
4.4
0.6
0.4
-1.3
17.7
50.9
90.1
97.3
4
5 Nonfarm noncorporate business
-2.9
4.8
1.2
2.1
0.3
1.6
3.5
3.1
4.3
3.2
1.5
5
6 Farm business
-0.2
-0.1
-0.0
0.0
-0.3
0.2
0.3
-0.3
-0.2
0.5
1.4
6
7 State and local governments
0.6
0.6
0.7
0.8
0.4
0.8
1.1
1.0
0.6
0.8
0.7
7
8 Rest of the world
-4.6
-7.4
-3.3
-1.5
-1.7
-1.8
-1.4
-1.3
-1.5
0.7
0.3
8
9 Government-sponsored enterprises
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
9
10 Finance companies
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
4.7
0.8
-5.5
10
11 Funding corporations
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.4
0.0
0.0
11
12 Foreign loans to U.S. corporate business
31.3
6.2
102.7
-67.2
-78.9
-61.3
-50.7
-77.9
-21.3
-28.3
-47.7
12
13 Liab.: Nonfinancial corporate business
31.3
6.2
102.7
-67.2
-78.9
-61.3
-50.7
-77.9
-21.3
-28.3
-47.7
13
Customers liability on acceptances
14 outstanding (Commercial banking asset)
0.0
-0.3
0.0
-0.2
-0.6
-0.1
0.0
0.0
0.0
0.0
0.0
14
15 Liab.: Nonfinancial corporate business
0.0
-0.3
-0.1
-0.2
-0.3
0.1
-0.6
0.0
0.0
0.0
0.0
15
16 Rest of the world
-0.0
-0.1
0.1
0.0
-0.3
-0.2
0.6
0.0
0.0
0.0
0.0
16
17 Savings institution loans to business
3.9
6.0
6.2
6.4
17.2
-7.6
-8.4
24.2
2.6
-16.2
-34.5
17
18 Liab.: Nonfinancial corporate business
1.9
3.0
3.1
3.2
8.6
-3.8
-4.2
12.1
1.3
-8.1
-17.2
18
19 Nonfarm noncorporate business
1.9
3.0
3.1
3.2
8.6
-3.8
-4.2
12.1
1.3
-8.1
-17.2
19
20 Credit unions loans to business
1.0
0.9
0.0
2.6
-2.8
7.2
8.6
-2.8
7.8
3.4
1.2
20
21 Liab.: Nonfinancial corporate business
0.5
0.4
0.0
1.3
-1.4
3.6
4.3
-1.4
3.9
1.7
0.6
21
22 Nonfarm noncorporate business
0.5
0.4
0.0
1.3
-1.4
3.6
4.3
-1.4
3.9
1.7
0.6
22
23 Policy loans (Household liability)
0.8
3.3
3.6
5.9
4.8
4.4
4.4
10.1
1.5
2.0
-2.9
23
24 Asset: Federal government
-0.0
-0.0
-0.0
-0.0
-0.0
-0.0
-0.0
-0.0
-0.0
-0.0
-0.0
24
25 Life insurance companies
0.8
3.4
3.6
5.9
4.8
4.4
4.4
10.1
1.6
2.1
-2.9
25
26 Govt.-sponsored enterprises loans (1)
52.4
33.1
237.7
38.1
212.8
-16.6
359.1
-402.9
-350.1
-377.1
-256.3
26
27 Liab.: Household sector (SLMA)
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
27
28 Noncorporate business (FCS)
1.9
4.2
4.3
24.8
68.8
15.3
8.7
6.6
-4.4
7.8
5.7
28
29 Farm business (FCS)
6.1
7.7
7.7
-20.1
-41.7
7.7
-39.6
-6.7
7.4
-6.9
-15.9
29
30 Commercial banks (FHLB and SLMA)
24.4
80.0
106.7
71.0
92.5
12.1
511.3
-331.7
-251.5
-47.3
-203.0
30
31 Savings institutions (FHLB and SLMA)
16.2
-65.7
91.1
-72.2
98.8
-88.4
-191.7
-107.6
-50.8
-315.5
-30.2
31
32 Credit unions (FHLB)
3.3
4.2
13.4
8.3
-15.2
27.6
32.4
-11.6
-41.2
-7.2
-0.8
32
33 Life insurance companies (FHLB)
0.4
2.7
14.5
26.2
9.6
9.2
38.0
48.0
-9.6
-8.0
-12.0
33
34 Securitized loans held by ABS issuers
-16.8
1.0
-8.2
-10.8
-12.7
-17.1
-10.7
-2.9
-24.9
-31.0
-38.2
34
35 Liab.: Nonfinancial corporate business
-16.8
1.0
-8.2
-10.8
-12.7
-17.1
-10.7
-2.9
-24.9
-31.0
-38.2
35
36 Finance company loans to business
27.6
18.9
24.9
16.9
83.0
78.2
18.9
-112.4
-85.1
-103.7
-28.2
36
37 Liab.: Nonfinancial corporate business
24.9
17.0
22.4
15.2
74.7
70.4
17.0
-101.2
-76.6
-93.3
-25.4
37
38 Nonfarm noncorporate business
2.8
1.9
2.5
1.7
8.3
7.8
1.9
-11.2
-8.5
-10.4
-2.8
38
39 Loans to nonfinancial corporate business (2)
66.6
86.5
176.2
74.7
76.6
62.6
149.2
10.5
10.0
30.0
40.0
39
40 Asset: Household sector
2.7
-0.3
9.1
10.4
10.7
8.7
20.8
1.5
1.4
4.2
5.6
40
41 Life insurance companies
4.2
3.2
12.6
12.7
13.0
10.6
25.3
1.8
1.7
5.1
6.8
41
42 Mutual funds
10.5
7.9
37.4
7.7
7.9
6.5
15.4
1.1
1.0
3.1
4.1
42
43 ABS issuers
37.8
54.9
97.3
31.2
32.0
26.2
62.4
4.4
4.2
12.5
16.7
43
44 Brokers and dealers
7.7
14.7
15.8
10.2
10.5
8.5
20.4
1.4
1.4
4.1
5.5
44
45 Funding corporations
3.6
6.1
3.9
2.5
2.6
2.1
5.0
0.3
0.3
1.0
1.3
45
(1) The Student Loan Marketing Association (Sallie Mae) was included until it was fully privatized in 2004:Q4.
(2) Syndicated loans from domestic entities, excluding banks and finance companies which are included elsewhere.
50 Z.1, December 10, 2009
F.217 Total Mortgages
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2005
2006
2007
2008
2008
2009
Q1
Q2
Q3
Q4
Q1
Q2
Q3
1 Net change in mortgages
1437.7
1393.3
1070.7
87.0
551.1
118.9
-128.3
-193.9
-59.2
-272.5
-547.3
1
2 Home
1108.6
1059.8
695.7
-115.7
272.9
-113.3
-328.4
-293.8
-61.6
-225.5
-452.9
2
3 Multifamily residential
70.7
55.4
100.7
61.1
75.3
69.6
61.8
37.7
4.4
7.7
-4.9
3
4 Commercial
249.2
274.8
269.7
123.5
184.9
144.8
120.2
44.2
-4.1
-56.9
-91.6
4
5 Farm
9.1
3.3
4.6
18.0
17.9
17.9
18.1
18.1
2.1
2.2
2.2
5
6 Net borrowing
1437.7
1393.3
1070.7
87.0
551.1
118.9
-128.3
-193.9
-59.2
-272.5
-547.3
6
7 Household sector
1041.6
1004.3
685.3
-47.2
291.6
-40.8
-246.5
-193.2
-24.0
-175.1
-383.2
7
8 Nonfinancial business
382.0
382.4
380.7
127.4
239.0
162.4
112.4
-4.1
-40.7
-106.8
-162.0
8
9 Corporate
199.4
89.6
63.4
40.9
73.3
50.7
39.5
0.0
3.0
-21.7
-35.0
9
10 Nonfarm noncorporate
173.4
289.6
312.7
68.6
147.9
93.8
54.8
-22.2
-45.9
-87.3
-129.2
10
11 Farm
9.1
3.3
4.6
18.0
17.9
17.9
18.1
18.1
2.1
2.2
2.2
11
12 Federal government
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
12
13 REITs
14.1
6.6
4.7
6.8
20.4
-2.6
5.9
3.4
5.6
9.5
-2.1
13
14 Net change in assets
1437.7
1393.3
1070.7
87.0
551.1
118.9
-128.3
-193.9
-59.2
-272.5
-547.3
14
15 Household sector
6.8
-18.7
-14.3
1.9
-7.4
29.5
-8.3
-6.3
-5.9
-6.4
-8.3
15
16 Nonfinancial corporate business
1.7
-8.4
-18.4
-18.4
-18.4
-18.4
-18.4
-18.4
-18.4
-18.4
-18.4
16
17 Nonfarm noncorporate business
5.3
-1.5
7.4
2.6
4.5
2.6
2.7
0.5
-2.9
-3.6
-5.5
17
18 State and local governments
10.8
14.5
10.5
1.6
-2.4
-1.4
23.1
-13.0
-14.9
-33.1
-3.3
18
19 Federal government
2.4
3.7
2.1
13.5
2.1
11.9
12.0
27.8
3.6
21.8
31.1
19
20 Commercial banking
362.4
445.0
241.4
197.0
156.1
-152.8
828.6
-44.0
34.6
125.9
-343.0
20
21 Savings institutions (1)
95.3
-78.8
21.3
-235.1
53.6
-1.7
-1015.0
22.9
-49.7
-400.8
-203.9
21
22 Credit unions
31.3
30.1
31.8
34.5
49.8
31.9
23.9
32.4
11.3
-4.5
-0.7
22
23 Property-casualty insurance companies
0.3
0.7
1.3
0.2
0.4
0.6
-1.4
1.2
0.2
0.2
-0.8
23
24 Life insurance companies
12.1
18.3
22.4
16.3
25.5
17.4
19.6
2.5
-8.9
-19.3
-6.1
24
25 Private pension funds
-0.2
-0.3
0.7
0.9
1.0
1.1
0.8
0.7
2.0
1.9
2.9
25
26 State and local govt. retirement funds
1.3
-1.9
-1.7
-0.3
-0.1
-0.5
-0.8
-0.0
-0.4
0.2
0.1
26
27 Government-sponsored enterprises (1)
-40.2
18.4
35.9
58.3
61.0
50.6
-13.7
135.4
66.7
-56.1
-17.4
27
28 Agency- and GSE-backed mortgage pools
167.3
295.4
626.3
497.3
533.8
666.4
503.4
285.5
304.4
555.9
481.1
28
29 ABS issuers
687.5
634.3
181.2
-353.8
-254.9
-379.8
-348.7
-431.7
-353.3
-402.3
-362.2
29
30 Finance companies
65.4
53.0
-62.5
-84.0
-1.4
-115.2
-112.9
-106.4
-9.9
-23.6
-70.7
30
31 REITs
28.1
-10.3
-14.5
-45.5
-52.1
-23.4
-23.3
-82.9
-17.6
-10.2
-22.0
31
(1) FHLB loans to savings institutions are included in other loans and advances.
Z.1, December 10, 2009 51
F.218 Home Mortgages (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2005
2006
2007
2008
2008
2009
Q1
Q2
Q3
Q4
Q1
Q2
Q3
1 Net borrowing
1108.6
1059.8
695.7
-115.7
272.9
-113.3
-328.4
-293.8
-61.6
-225.5
-452.9
1
2 Household sector
1033.4
977.4
658.9
-58.1
277.6
-56.9
-257.1
-195.8
-19.6
-171.2
-369.9
2
3 Nonfinancial corporate business
7.6
8.2
2.9
-10.2
-3.0
-10.7
-12.7
-14.5
-10.8
-13.0
-13.9
3
4 Nonfarm noncorporate business
67.6
74.2
33.9
-47.4
-1.6
-45.8
-58.6
-83.6
-31.2
-41.3
-69.2
4
5 Net change in assets
1108.6
1059.8
695.7
-115.7
272.9
-113.3
-328.4
-293.8
-61.6
-225.5
-452.9
5
6 Household sector
5.0
-15.0
-12.1
0.4
-8.0
25.6
-8.0
-8.0
-8.0
-8.0
-8.0
6
7 Nonfinancial corporate business
1.0
-5.1
-10.9
-10.9
-10.9
-10.9
-10.9
-10.9
-10.9
-10.9
-10.9
7
8 Nonfarm noncorporate business
1.9
-0.6
2.7
0.9
1.7
1.0
1.0
0.2
-1.1
-1.3
-2.0
8
9 State and local governments
5.5
7.4
5.3
0.8
-1.2
-0.7
11.8
-6.6
-7.6
-16.9
-5.0
9
10 Federal government
-0.4
0.2
0.3
1.5
0.5
3.4
-1.4
3.4
5.0
10.2
15.6
10
11 Commercial banking
210.5
290.1
128.4
30.0
27.0
-300.6
537.8
-144.4
7.0
137.3
-282.7
11
12 Savings institutions
79.6
-86.0
11.1
-212.6
11.1
-18.1
-859.0
15.6
-53.6
-404.6
-186.1
12
13 Credit unions
31.3
30.1
31.8
34.5
49.8
31.9
23.9
32.4
11.3
-4.5
-0.7
13
14 Life insurance companies
-0.6
2.9
-0.9
0.8
0.4
0.6
0.3
1.9
-1.3
-1.2
-0.8
14
15 Private pension funds
-0.0
-0.1
-0.1
0.1
0.2
0.1
0.3
-0.2
0.2
0.1
0.2
15
16 State and local govt. retirement funds
0.5
-0.7
-0.6
-0.1
-0.0
-0.2
-0.3
-0.0
-0.1
0.1
0.0
16
17 Government-sponsored enterprises
-54.7
3.7
-9.7
9.1
9.0
1.9
-68.6
94.0
53.5
-70.1
-31.9
17
18 Agency- and GSE-backed mortgage pools
163.4
290.9
608.2
482.4
518.0
651.9
499.3
260.5
297.4
542.7
473.1
18
19 ABS issuers
573.3
517.4
32.2
-312.7
-235.2
-348.5
-311.8
-355.1
-334.0
-375.2
-339.1
19
20 Finance companies
67.8
48.3
-65.4
-97.3
-36.3
-128.3
-121.9
-102.7
-7.3
-19.6
-69.4
20
21 REITs
24.6
-23.7
-24.5
-42.5
-53.0
-22.4
-20.8
-73.9
-12.1
-3.5
-5.2
21
Memo:
22 Home equity loans included above (2)
139.2
151.4
63.6
-17.6
-12.7
-0.6
-47.3
-9.9
-70.1
-87.1
-84.1
22
23 Commercial banking
65.5
104.6
38.6
82.6
22.9
52.6
229.7
25.2
-25.5
46.2
-57.9
23
24 Savings institutions
30.4
-14.1
42.9
-61.0
0.3
-0.8
-242.4
-1.1
-14.0
-103.8
-8.4
24
25 Credit unions
12.0
11.0
7.2
4.6
1.5
3.2
7.4
6.0
-6.7
-3.7
3.7
25
26 ABS issuers
17.1
40.2
-12.1
-24.3
-25.6
-25.6
-21.8
-24.1
-18.2
-15.9
-12.8
26
27 Finance companies
14.3
9.7
-13.1
-19.5
-11.8
-30.0
-20.2
-15.8
-5.6
-9.9
-8.7
27
(1) Mortgages on 1-4 family properties including mortages on farm houses.
(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
70.7
55.4
100.7
61.1
75.3
69.6
61.8
37.7
4.4
7.7
-4.9
1
2 Nonfinancial corporate business
1.4
1.0
6.0
2.0
1.9
1.6
1.8
2.6
1.1
1.7
1.9
2
3 Nonfarm noncorporate business
69.5
54.1
97.0
56.8
68.5
68.2
57.8
32.7
0.9
-0.0
-7.0
3
4 Federal government
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
4
5 REITs
-0.1
0.3
-2.3
2.3
4.9
-0.2
2.2
2.4
2.3
6.1
0.2
5
6 Net change in assets
70.7
55.4
100.7
61.1
75.3
69.6
61.8
37.7
4.4
7.7
-4.9
6
7 Household sector
0.0
0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.1
7
8 Nonfinancial corporate business
0.0
-0.1
-0.3
-0.3
-0.3
-0.3
-0.3
-0.3
-0.3
-0.3
-0.3
8
9 Nonfarm noncorporate business
1.9
-0.5
2.6
0.9
1.5
0.9
0.9
0.2
-1.0
-1.2
-1.9
9
10 State and local governments
4.3
5.8
4.2
0.6
-1.0
-0.6
9.2
-5.2
-6.0
-13.3
-2.0
10
11 Federal government
-0.0
-0.2
-0.3
1.8
-0.5
1.1
2.7
3.7
-7.3
-0.1
0.0
11
12 Commercial banking
20.0
18.9
10.9
42.2
18.1
12.8
136.3
1.6
6.6
0.1
0.2
12
13 Savings institutions
10.8
-2.6
-3.1
-27.5
7.5
9.3
-126.9
-0.0
2.1
2.5
-9.2
13
14 Life insurance companies
2.0
3.6
5.8
-0.1
0.3
0.2
0.2
-1.0
-2.3
-2.1
-1.2
14
15 Private pension funds
-0.0
-0.1
0.1
0.3
0.9
0.4
1.0
-1.2
0.6
0.5
1.0
15
16 State and local govt. retirement funds
0.4
-0.6
-0.5
-0.1
-0.0
-0.1
-0.2
-0.0
-0.1
0.1
0.0
16
17 Government-sponsored enterprises
10.5
12.4
42.3
40.0
41.1
41.1
45.9
31.7
12.7
13.1
13.3
17
18 Agency- and GSE-backed mortgage pools
3.9
2.1
16.7
14.7
16.1
15.1
2.4
25.3
7.2
13.4
8.3
18
19 ABS issuers
16.6
14.0
22.1
-11.0
-10.3
-11.5
-9.8
-12.2
-6.2
-3.0
-7.0
19
20 Finance companies
0.0
-0.5
-0.1
0.8
1.8
1.7
2.8
-3.3
-0.8
-0.4
-0.8
20
21 REITs
0.3
3.1
0.2
-1.3
-0.1
-0.5
-2.7
-1.8
-1.0
-1.6
-5.4
21
52 Z.1, December 10, 2009
F.220 Commercial Mortgages
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2005
2006
2007
2008
2008
2009
Q1
Q2
Q3
Q4
Q1
Q2
Q3
1 Net borrowing
249.2
274.8
269.7
123.5
184.9
144.8
120.2
44.2
-4.1
-56.9
-91.6
1
2 Household sector
8.1
26.9
26.4
10.8
14.1
16.0
10.6
2.6
-4.5
-3.9
-13.4
2
3 Nonfinancial corporate business
190.4
80.4
54.6
49.1
74.4
59.8
50.4
11.9
12.7
-10.4
-23.0
3
4 Nonfarm noncorporate business
36.4
161.3
181.7
59.1
81.0
71.4
55.5
28.7
-15.6
-46.0
-52.9
4
5 REITs
14.2
6.3
7.0
4.5
15.5
-2.4
3.7
1.0
3.2
3.4
-2.3
5
6 Net change in assets
249.2
274.8
269.7
123.5
184.9
144.8
120.2
44.2
-4.1
-56.9
-91.6
6
7 Household sector
0.7
0.7
0.7
0.7
0.7
0.7
0.7
0.8
0.8
0.8
0.8
7
8 Nonfinancial corporate business
0.6
-3.2
-7.3
-7.3
-7.3
-7.3
-7.3
-7.3
-7.3
-7.3
-7.3
8
9 Nonfarm noncorporate business
1.4
-0.4
2.0
0.7
1.2
0.7
0.7
0.1
-0.8
-1.0
-1.5
9
10 State and local governments
0.9
1.2
0.8
0.1
-0.2
-0.1
1.8
-1.0
-1.2
-2.7
3.3
10
11 Federal government
2.8
3.7
2.0
10.0
2.2
7.2
10.0
20.6
6.0
11.6
14.4
11
12 Commercial banking
128.7
133.8
100.4
117.9
104.1
128.2
147.6
91.8
20.2
-12.3
-61.3
12
13 Savings institutions
4.9
9.7
13.1
5.0
34.9
7.0
-29.0
7.2
1.8
1.3
-8.6
13
14 Property-casualty insurance companies
0.3
0.7
1.3
0.2
0.4
0.6
-1.4
1.2
0.2
0.2
-0.8
14
15 Life insurance companies
10.2
11.1
16.8
14.9
24.2
16.0
18.5
0.9
-5.6
-16.2
-4.4
15
16 Private pension funds
-0.1
-0.2
0.7
0.5
-0.1
0.6
-0.5
2.0
1.3
1.4
1.8
16
17 State and local govt. retirement funds
0.5
-0.7
-0.6
-0.1
-0.0
-0.2
-0.3
-0.0
-0.1
0.1
0.0
17
18 Agency- and GSE-backed mortgage pools
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
18
19 ABS issuers
97.6
102.9
126.9
-30.1
-9.4
-19.7
-27.1
-64.4
-13.0
-24.0
-16.1
19
20 Finance companies
-2.4
5.2
2.9
12.6
33.1
11.4
6.3
-0.4
-1.8
-3.7
-0.4
20
21 REITs
3.2
10.3
9.9
-1.7
1.0
-0.5
0.1
-7.3
-4.6
-5.1
-11.4
21
F.221 Farm Mortgages (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1 Net borrowing (Farm business)
9.1
3.3
4.6
18.0
17.9
17.9
18.1
18.1
2.1
2.2
2.2
1
2 Net change in assets
9.1
3.3
4.6
18.0
17.9
17.9
18.1
18.1
2.1
2.2
2.2
2
3 Household sector
1.1
-4.5
-3.0
0.7
-0.2
3.1
-1.1
0.9
1.3
0.8
-1.1
3
4 Nonfarm noncorporate business
0.1
-0.0
0.1
0.1
0.1
0.1
0.1
0.0
-0.1
-0.1
-0.1
4
5 State and local governments
0.1
0.1
0.1
0.0
-0.0
-0.0
0.2
-0.1
-0.2
-0.3
0.4
5
6 Federal government
-0.0
-0.0
0.1
0.2
-0.2
0.2
0.8
0.1
-0.1
0.1
1.0
6
7 Commercial banking
3.3
2.2
1.7
6.9
6.9
6.9
6.9
6.9
0.8
0.8
0.8
7
8 Savings institutions
0.0
0.1
0.1
0.0
0.1
0.0
-0.1
0.1
-0.0
0.0
-0.0
8
9 Life insurance companies
0.6
0.7
0.7
0.6
0.6
0.6
0.6
0.6
0.2
0.2
0.2
9
10 State and local govt. retirement funds
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
10
11 Government-sponsored enterprises
4.0
2.2
3.3
9.3
10.9
7.6
9.0
9.7
0.5
0.8
1.3
11
12 Agency- and GSE-backed mortgage pools
-0.1
2.3
1.4
0.1
-0.4
-0.6
1.7
-0.2
-0.2
-0.2
-0.3
12
(1) Excludes mortgages on farm houses.
Z.1, December 10, 2009 53
F.222 Consumer Credit
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2005
2006
2007
2008
2008
2009
Q1
Q2
Q3
Q4
Q1
Q2
Q3
1 Net change in liabilities (Households)
100.3
95.3
136.9
40.2
115.0
105.4
16.6
-76.4
-88.7
-120.8
-81.6
1
2 Net change in assets
100.3
95.3
136.9
40.2
115.0
105.4
16.6
-76.4
-88.7
-120.8
-81.6
2
3 Nonfinancial corporate business
0.2
-2.2
-1.4
0.0
19.2
-8.5
-32.2
21.6
14.0
-15.2
-33.4
3
4 Nonfarm noncorporate business
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
4
5 Federal government
3.7
1.9
6.7
12.6
10.6
10.1
4.2
25.5
36.7
56.8
84.5
5
6 Commercial banking
2.8
34.2
62.9
74.5
80.2
83.4
77.1
57.5
2.7
-35.7
-72.5
6
7 Savings institutions
17.8
-13.5
-4.8
-4.5
-13.1
10.0
-42.9
28.2
-25.1
-16.6
8.9
7
8 Credit unions
13.2
5.9
1.2
-0.7
-12.6
-0.7
9.2
1.4
8.7
1.6
6.0
8
9 Government-sponsored enterprises
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
9
10 ABS issuers
38.4
51.2
22.5
-33.6
-5.1
-2.7
-10.5
-116.0
-61.3
-40.5
-6.2
10
11 Finance companies
24.2
17.8
49.7
-8.3
35.9
13.8
11.7
-94.6
-64.4
-71.2
-69.0
11
F.223 Trade Credit
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1 Net change in trade payables
340.8
189.1
202.2
-110.4
121.5
-60.8
-105.5
-396.8
-114.5
-124.5
-204.3
1
2 Household sector
13.0
13.6
14.6
15.7
15.3
15.6
15.8
16.1
6.4
7.9
16.5
2
3 Nonfinancial corporate business
199.4
110.3
85.9
-166.6
-22.9
-151.1
-181.1
-311.3
-204.6
-195.4
-222.6
3
4 Nonfarm noncorporate business
52.0
20.0
29.3
19.0
33.3
19.3
19.8
3.7
-21.6
-26.1
-40.0
4
5 Farm business
-2.8
-7.0
-4.1
24.9
47.1
-6.0
46.3
12.1
-10.7
6.5
8.6
5
6 State and local governments
32.1
34.4
37.2
40.0
39.2
40.4
41.1
39.2
38.2
38.8
39.1
6
7 Federal government
33.7
6.2
29.2
-8.8
29.3
43.2
-21.7
-86.1
-19.6
-0.5
-35.1
7
8 Rest of the world
6.3
6.2
12.4
-9.9
-10.4
-4.5
-6.8
-17.6
-9.5
17.5
-20.1
8
9 Brokers and dealers
7.0
5.2
-2.4
-24.7
-9.4
-17.6
-18.9
-52.8
106.8
26.9
49.4
9
10 Net change in trade receivables
371.2
43.4
253.9
-76.7
122.2
-79.2
-63.8
-286.0
-369.4
-235.9
-315.0
10
11 Nonfinancial corporate business
277.7
-18.1
165.4
-105.5
-14.9
-115.0
-74.4
-217.7
-280.9
-178.0
-230.7
11
12 Nonfarm noncorporate business
66.6
40.0
54.7
32.4
56.7
32.8
33.8
6.3
-36.7
-44.4
-68.2
12
13 State and local governments
10.2
13.8
10.0
1.5
-2.3
23.4
-2.7
-12.3
-14.2
-6.8
14.4
13
14 Federal government
9.1
-11.5
1.2
3.7
9.0
5.5
14.3
-14.0
6.6
5.2
3.1
14
15 Rest of the world
7.9
5.9
20.8
6.1
43.4
23.1
7.7
-49.9
-9.4
22.5
11.5
15
16 Property-casualty insurance companies
2.4
4.9
-1.6
1.3
3.4
3.5
0.0
-1.9
2.8
-0.4
-5.5
16
17 ABS issuers
-2.8
8.5
3.4
-16.1
26.8
-52.5
-42.4
3.5
-37.6
-33.9
-39.6
17
18 Discrepancy
-30.4
145.7
-51.8
-33.7
-0.7
18.4
-41.7
-110.8
254.9
111.3
110.7
18
F.224 Security Credit
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1 Net change in liabilities
0.2
211.5
276.5
-397.9
433.0
-309.0
485.5
-2201.3
-492.0
-51.8
46.6
1
2 Household sector
-31.6
59.7
33.4
-160.7
159.2
-295.4
443.4
-949.9
-121.3
53.7
104.5
2
3 Rest of the world
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
3
4 Brokers and dealers
31.8
151.8
243.0
-237.3
273.8
-13.6
42.1
-1251.4
-370.7
-105.5
-57.9
4
5 Customer credit balances (HH)
-3.0
80.4
210.8
-123.8
472.4
30.2
25.9
-1023.6
-302.7
-34.9
57.2
5
6 From U.S.-chartered commercial banks
-6.6
20.9
29.3
12.8
50.3
-1.3
82.5
-80.5
-78.1
-73.0
-87.6
6
7 From foreign banking offices in U.S.
41.4
50.6
3.0
-126.3
-248.9
-42.5
-66.3
-147.3
10.1
2.5
-27.5
7
8 Net change in assets
0.2
211.5
276.5
-397.9
433.0
-309.0
485.5
-2201.3
-492.0
-51.8
46.6
8
9 Household sector
-3.0
80.4
210.8
-123.8
472.4
30.2
25.9
-1023.6
-302.7
-34.9
57.2
9
10 Rest of the world
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
10
11 Commercial banking
34.8
71.5
32.3
-113.5
-198.6
-43.8
16.2
-227.8
-68.0
-70.5
-115.1
11
12 Brokers and dealers
-31.6
59.7
33.4
-160.7
159.2
-295.4
443.4
-949.9
-121.3
53.7
104.5
12
54 Z.1, December 10, 2009
F.225 Life Insurance and Pension Fund Reserves
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2005
2006
2007
2008
2008
2009
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Life insurance reserves:
1 Net change in liabilities
16.1
65.6
34.2
67.0
36.2
52.9
83.0
96.0
72.4
13.1
23.6
1
2 Federal government
1.1
1.5
1.2
1.0
-0.3
2.0
-0.4
2.8
-0.2
2.1
0.2
2
3 Life insurance companies
14.9
64.1
33.0
66.0
36.5
51.0
83.4
93.2
72.5
11.1
23.4
3
4 Net change in assets (Households)
16.1
65.6
34.2
67.0
36.2
52.9
83.0
96.0
72.4
13.1
23.6
4
Pension fund reserves:
5 Net change in liabilities
253.3
234.1
172.1
79.6
-0.6
120.4
48.5
150.2
63.5
66.2
64.8
5
6 Life insurance companies
159.3
107.9
119.1
74.9
85.7
65.4
92.9
55.8
103.2
43.9
52.4
6
7 Private pension funds (1)
33.3
14.4
5.1
-68.3
-86.8
-34.0
-87.3
-65.3
-33.5
-19.6
-32.1
7
8 State and local govt. retirement funds
6.0
61.4
0.1
-5.9
-42.1
28.7
-27.7
17.6
-20.6
-14.8
-10.4
8
9 Federal government retirement funds (2)
54.7
50.4
47.8
78.9
42.6
60.3
70.5
142.1
14.5
56.6
55.0
9
10 Net change in assets (Households) (3)
253.3
234.1
172.1
79.6
-0.6
120.4
48.5
150.2
63.5
66.2
64.8
10
(1) Includes unallocated insurance company contracts beginning 1985:Q4.
(2) Includes the Thrift Savings Plan, the National Railroad Retirement Investment Trust, and other 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
2.2
15.6
-69.3
-128.2
-24.9
-149.3
-81.8
-256.9
-39.2
34.3
93.3
1
businesses
2 Nonfinancial corporate business
5.1
-7.7
-49.6
2.7
29.7
-51.2
9.6
22.5
-44.0
-7.5
-19.8
2
3 Nonfarm noncorporate business
8.7
9.0
3.8
2.7
4.7
2.7
2.8
0.5
-3.0
-3.7
-5.6
3
4 U.S.-chartered commercial banks (net)
-7.9
-1.1
-13.6
-85.7
-43.8
-49.9
-69.5
-179.5
8.0
-33.1
59.8
4
5 Savings institutions
0.1
-0.4
-2.0
-0.3
1.1
-2.3
0.1
-0.2
1.4
-2.3
2.3
5
6 Property-casualty insurance companies (net)
-3.1
11.0
-2.4
-28.1
-4.2
-35.8
1.1
-73.6
-12.5
14.8
42.4
6
7 Life insurance companies (net)
-2.6
4.0
-3.4
-19.7
-12.4
-15.1
-25.4
-25.8
10.2
62.1
10.4
7
8 Finance companies
1.9
0.0
-1.5
-0.1
0.6
-0.0
-0.3
-0.7
-0.3
-3.2
-3.1
8
9 Brokers and dealers
-0.1
0.7
-0.6
0.3
-0.6
2.3
-0.3
-0.2
0.9
7.2
7.0
9
10 Net change in business taxes receivable
40.9
5.1
-28.4
-89.5
-79.2
-130.4
-76.5
-71.8
5.7
111.9
57.9
10
11 State and local governments
15.5
11.5
-0.4
-4.5
-6.3
-9.5
-1.0
-1.1
-2.3
-3.0
-7.2
11
12 Federal government
25.3
-6.3
-28.0
-85.0
-72.8
-120.8
-75.5
-70.7
8.0
114.9
65.1
12
13 Discrepancy
-38.7
10.5
-40.9
-38.8
54.3
-18.9
-5.3
-185.1
-44.9
-77.6
35.4
13
F.227 Proprietors’ Equity in Noncorporate Business
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1 Total household investment
-86.3
-12.6
-45.1
-11.5
-61.8
6.9
-24.8
33.8
51.5
-13.6
37.6
1
2 Nonfarm noncorporate business
-80.1
-8.2
-46.7
1.5
-43.3
29.7
-13.1
32.6
28.5
6.7
54.1
2
3 Farm business
-5.0
2.4
-0.8
-24.4
-28.7
-20.4
-24.2
-24.4
1.9
-0.1
2.8
3
4 Brokers and dealers
-1.2
-6.8
2.4
11.5
10.2
-2.4
12.5
25.6
21.1
-20.2
-19.3
4
Z.1, December 10, 2009 55
F.228 Total Miscellaneous Financial Claims
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2005
2006
2007
2008
2008
2009
Q1
Q2
Q3
Q4
Q1
Q2
Q3
1 Net change in liabilities
1246.2
1823.3
2455.2
2258.2
2894.4
1360.2
2062.1
2715.9
-17.9
-298.9
-392.9
1
2 Household sector
1.0
0.5
1.0
3.2
5.2
1.6
-0.8
6.7
-2.0
-6.7
-1.5
2
3 Nonfinancial corporate business
766.1
836.4
1248.0
606.7
636.5
556.2
482.8
751.5
361.6
292.4
96.1
3
4 Nonfarm noncorporate business
142.8
144.8
94.3
31.0
68.1
26.8
38.7
-9.4
-63.3
3.2
-117.7
4
5 Federal government
68.0
59.4
76.6
89.6
9.2
65.4
67.3
216.4
-38.7
62.6
40.8
5
6 Rest of the world
26.7
469.2
501.3
600.1
408.6
171.1
1257.8
563.1
-518.8
-398.8
-234.7
6
7 Monetary authority
2.8
3.2
2.5
2.2
12.8
-13.7
-4.0
13.6
-27.3
35.8
-42.2
7
8 Commercial banking
32.5
25.2
159.3
364.3
171.8
89.8
-207.3
1403.0
-183.7
-207.9
-66.3
8
9 Savings institutions
27.3
19.7
22.2
-30.1
-54.0
-22.7
-155.7
112.0
6.1
-109.5
-80.1
9
10 Credit unions
2.6
-2.7
-5.6
1.1
24.2
-22.1
-14.5
16.8
72.9
-4.6
-15.3
10
11 Property-casualty insurance companies
52.2
39.7
21.1
43.6
31.2
74.9
76.2
-7.9
-39.5
3.4
0.2
11
12 Life insurance companies
9.8
43.8
66.0
30.1
200.6
45.7
-262.7
136.8
-59.0
-35.8
75.2
12
13 Government-sponsored enterprises
-1.9
11.6
17.7
39.2
84.9
-48.8
103.0
17.7
131.4
7.9
61.8
13
14 Finance companies
28.2
13.7
-6.9
10.4
101.8
5.6
42.2
-108.1
53.1
-86.4
-96.2
14
15 REITs
4.3
7.8
3.4
-3.7
-1.8
-6.6
7.8
-14.1
-48.2
4.2
-23.5
15
16 Brokers and dealers
26.2
97.8
39.1
-87.0
-35.3
179.7
248.5
-740.9
-70.9
325.5
-9.6
16
17 Funding corporations
57.7
53.2
215.2
557.4
1230.5
257.5
382.9
358.8
408.4
-184.2
20.1
17
18 Net change in assets
1349.2
2446.7
2483.3
1573.2
2552.9
1246.6
1569.7
923.7
-762.4
232.0
-488.6
18
19 Household sector
58.0
37.4
66.1
54.2
49.8
30.3
69.2
67.4
-11.8
8.8
14.8
19
20 Nonfinancial corporate business
434.9
711.8
926.5
496.9
654.8
530.5
475.2
327.1
475.9
369.6
169.4
20
21 Nonfarm noncorporate business
256.0
378.9
328.4
121.6
212.9
123.2
126.8
23.6
-137.9
-166.8
-256.0
21
22 Farm business
1.3
4.1
3.4
1.8
1.8
1.8
1.8
1.8
0.4
0.4
0.4
22
23 State and local governments
-9.7
74.4
127.2
69.6
75.9
145.9
37.0
19.5
77.9
64.7
135.7
23
24 Federal government
-1.4
1.0
0.7
11.6
-2.1
0.9
56.3
-8.6
-3.9
-5.5
-1.4
24
25 Rest of the world
164.8
587.5
555.9
99.3
464.5
-154.6
695.4
-608.1
69.5
258.4
-488.3
25
26 Monetary authority
-3.2
0.1
25.8
530.2
-4.4
160.0
893.3
1071.9
-954.4
-674.4
-190.9
26
27 Commercial banking
94.3
148.6
137.0
698.2
632.0
632.0
453.0
1075.9
-227.8
215.5
-223.6
27
28 Savings institutions
-58.8
15.4
3.4
-26.9
24.4
-47.8
-48.5
-35.7
33.6
-61.7
-17.0
28
29 Credit unions
-0.3
0.8
11.0
8.4
-0.6
9.6
14.5
9.9
47.4
-5.8
6.6
29
30 Property-casualty insurance companies
10.8
3.1
12.8
11.8
7.5
17.9
14.2
7.4
-2.1
7.0
-3.9
30
31 Life insurance companies
31.7
-6.0
-23.8
27.7
53.3
-35.2
-121.3
213.8
-70.7
-60.2
113.2
31
32 Private pension funds
-27.6
-6.0
57.0
46.9
37.8
70.7
-20.4
99.5
8.4
53.4
39.4
32
33 State and local govt. retirement funds
-0.6
1.0
-0.1
-0.0
0.5
0.0
-0.9
0.3
-0.6
0.4
0.5
33
34 Federal government retirement funds
40.0
35.8
33.3
63.3
29.0
45.3
55.3
123.7
0.9
39.0
42.6
34
35 Money market mutual funds
-10.0
15.9
31.8
-43.1
-78.8
-79.4
-49.3
35.2
9.4
0.4
-16.7
35
36 Mutual funds
3.7
3.3
2.8
3.2
13.3
-11.2
6.5
4.2
-15.8
4.9
-0.0
36
37 Government-sponsored enterprises
4.0
-3.2
27.0
-46.7
-60.9
-3.5
-79.2
-43.1
29.3
55.0
-110.4
37
38 Finance companies
52.2
-30.2
1.7
11.8
52.3
21.9
-16.2
-10.8
74.0
64.3
-12.1
38
39 REITs
11.6
7.8
-4.4
-0.7
7.4
10.0
6.3
-26.5
-2.9
-16.1
-0.9
39
40 Brokers and dealers
217.7
425.1
47.3
-615.1
401.1
-238.5
-897.0
-1726.0
-237.5
275.1
393.2
40
41 Funding corporations
79.7
40.3
112.4
49.3
-18.7
16.8
-102.6
301.4
76.2
-194.5
-83.2
41
42 Discrepancy
-103.0
-623.4
-28.1
684.9
341.5
113.6
492.4
1792.2
744.4
-530.9
95.7
42
56 Z.1, December 10, 2009
F.229 Identified Miscellaneous Financial Claims - Part I
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2005
2006
2007
2008
2008
2009
Q1
Q2
Q3
Q4
Q1
Q2
Q3
U.S. direct investment abroad (1):
1 Liab.: Rest of the world
36.2
244.9
398.6
332.0
359.2
414.5
216.5
337.9
161.0
179.4
150.0
1
2 Equity
61.9
49.0
174.9
90.2
98.7
65.9
38.0
158.4
14.8
-7.0
-6.8
2
3 Reinvested earnings
-10.3
217.3
239.0
251.5
255.1
274.9
259.9
216.1
148.5
196.6
123.4
3
4 Intercompany accounts
-15.4
-21.4
-15.3
-9.7
5.4
73.6
-81.4
-36.6
-2.3
-10.1
33.4
4
5 Asset: Nonfinancial corporate business
24.7
219.2
297.4
264.4
303.0
342.3
169.7
242.8
169.0
171.6
143.3
5
6 Commercial banking
0.5
-1.7
29.6
18.7
-0.2
8.2
6.9
60.0
-7.8
-19.1
1.4
6
7 Property-casualty insurance companies
10.8
3.1
12.8
11.8
7.5
17.9
14.2
7.4
-2.1
7.0
-3.9
7
8 Life insurance companies
1.4
0.8
5.4
3.6
3.7
3.4
7.2
0.2
-4.0
6.0
-1.1
8
9 Finance companies
4.5
8.0
4.2
6.9
11.5
8.0
5.5
2.5
2.8
7.9
6.4
9
10 Brokers and dealers
-5.7
15.6
49.2
26.6
33.7
34.7
13.0
25.1
3.2
6.1
3.9
10
Foreign direct investment in U.S. (1):
11 Liab.: Nonfinancial corporate business
98.7
191.0
280.7
213.3
123.0
295.8
148.1
286.1
111.1
47.8
36.1
11
12 Nonfarm noncorporate business
0.1
0.2
0.4
0.1
0.1
0.1
0.3
-0.3
0.1
0.0
0.1
12
13 Commercial banking
9.4
13.8
-4.8
20.7
31.5
23.9
8.7
18.8
-9.9
5.6
5.9
13
14 Property-casualty insurance companies
-0.1
23.1
2.4
18.2
1.8
33.2
16.0
21.8
-31.5
5.3
2.9
14
15 Life insurance companies
0.4
14.4
-0.9
9.1
18.3
2.5
8.2
7.4
16.8
23.3
29.3
15
16 Finance companies
6.3
5.2
-5.1
17.4
26.2
15.9
20.5
7.0
0.6
15.1
3.5
16
17 Brokers and dealers
-2.6
-5.1
1.9
39.5
35.6
30.7
49.2
42.4
5.4
1.8
11.9
17
18 Funding corporations
0.6
0.6
1.2
1.5
1.3
0.7
0.0
4.0
2.8
5.7
5.9
18
19 Asset: Rest of the world
112.6
243.2
275.8
319.7
237.9
402.8
251.0
387.2
95.4
104.5
95.6
19
20 Equity
70.7
115.0
155.4
250.2
168.8
176.9
215.6
439.5
79.6
67.8
63.4
20
21 Reinvested earnings
41.7
69.1
49.4
54.6
46.9
105.3
58.4
7.7
-46.9
13.7
-33.9
21
22 Intercompany accounts
0.2
59.0
71.0
15.0
22.2
120.6
-23.0
-60.0
62.7
23.0
66.1
22
Federal government equity in IBRD, etc.:
23 Liab.: Rest of the world
1.3
2.0
1.7
1.4
0.4
4.3
0.5
0.3
0.6
5.2
4.7
23
24 Asset: Federal government
1.3
2.0
1.7
1.4
0.4
4.3
0.5
0.3
0.6
5.2
4.7
24
Federal Reserve Bank stock:
25 Liab.: Monetary authority
1.6
1.8
3.1
2.6
4.4
1.3
1.8
3.1
5.9
6.8
2.7
25
26 Asset: Commercial banking
1.6
1.8
3.1
2.6
4.4
1.3
1.8
3.1
5.9
6.8
2.7
26
Equity in govt.-sponsored enterprises:
27 Liab.: Government-sponsored enterprises
1.9
0.2
9.1
-2.1
5.1
2.9
0.5
-16.8
-8.9
6.3
-4.5
27
28 Asset: Nonfin. corporate business (Fannie Mae)
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
28
29 Nonfarm noncorporate (BC)
-0.1
0.1
0.3
0.1
0.2
0.1
0.1
0.0
-0.2
-0.2
-0.3
29
30 Farm business (FICB and FLB)
0.1
0.2
0.5
-1.5
-4.4
0.0
-1.4
-0.3
0.5
-0.4
-0.8
30
31 Federal government
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
31
32 Commercial banks (FHLB)
0.8
2.7
3.8
-1.0
5.1
0.8
1.4
-11.5
-3.8
10.0
-1.5
32
33 Savings institutions (FHLB)
1.1
-2.9
3.3
-0.9
4.4
-0.0
-1.7
-6.2
-4.0
-3.6
-1.5
33
34 Credit unions (FHLB)
0.1
0.2
0.6
0.3
-0.6
1.2
0.8
-0.3
-1.3
0.4
-0.0
34
35 Life insurance companies (FHLB)
-0.1
0.0
0.6
1.0
0.4
0.8
1.2
1.5
-0.0
0.1
-0.4
35
BHC investment in subsidiaries:
36 Liab.: Commercial banking
40.0
110.0
126.1
48.2
101.5
-39.8
34.9
96.3
7.7
61.7
240.1
36
37 Savings institutions
3.7
2.1
0.6
6.3
3.7
10.2
-3.8
15.2
-30.4
1.1
-1.5
37
38 Life insurance companies
9.7
2.7
5.3
-12.5
-2.7
-2.8
-21.2
-23.2
-5.8
16.6
27.9
38
39 Finance companies
-38.9
3.2
41.5
-6.3
21.6
-26.1
14.7
-35.2
-29.5
-54.2
-17.2
39
40 Brokers and dealers
68.2
38.3
-110.3
69.9
13.4
121.6
89.9
54.7
-64.3
21.9
-184.6
40
41 Asset: Bank holding companies
82.7
156.2
63.1
105.7
137.5
63.2
114.4
107.9
-122.2
47.2
64.6
41
NFC investment in finance company subs.:
42 Liab.: Finance companies
64.4
22.9
-54.8
-2.1
7.3
-8.9
5.0
-12.0
-10.0
-18.4
-5.8
42
43 Asset: Nonfinancial corporate business
64.4
22.9
-54.8
-2.1
7.3
-8.9
5.0
-12.0
-10.0
-18.4
-5.8
43
Funding corp. investment in subs.:
44 Liab.: Foreign banking offices in U.S.
21.0
8.6
43.7
35.6
-2.3
-12.6
-178.7
336.1
-29.2
-179.5
-101.3
44
45 Brokers and dealers
58.7
31.8
68.8
13.6
-16.4
29.4
76.1
-34.7
105.4
-15.0
18.1
45
46 Asset: Funding corporations
79.7
40.3
112.4
49.3
-18.7
16.8
-102.6
301.4
76.2
-194.5
-83.2
46
(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.
Z.1, December 10, 2009 57
F.230 Identified Miscellaneous Financial Claims - Part II
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2005
2006
2007
2008
2008
2009
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Nonofficial foreign currencies:
1 Liab.: Rest of the world
-2.2
-0.0
23.9
529.8
-11.8
163.9
904.9
1062.1
-975.4
-781.4
-231.1
1
2 Asset: Federal government
-2.2
-0.0
-0.1
0.0
0.2
-0.1
-0.2
0.2
-0.2
-0.0
0.2
2
3 Monetary authority (1)
0.0
0.0
24.0
529.7
-12.0
164.0
905.1
1061.9
-975.2
-781.3
-231.3
3
Postal Savings System deposits:
4 Liab.: Federal government
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
4
5 Asset: Household sector
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
5
Deposits at Federal Home Loan Banks:
6 Liab.: Government-sponsored enterprises
0.8
-0.2
1.9
-5.4
23.2
-26.2
27.9
-46.4
14.0
-3.3
-14.0
6
7 Asset: Savings institutions
0.8
-0.2
1.9
-5.4
23.2
-26.2
27.9
-46.4
14.0
-3.3
-14.0
7
Deferred and unpaid life insurance premiums:
8 Liab.: Household sector
1.0
0.5
1.0
3.2
5.2
1.6
-0.8
6.7
-2.0
-6.7
-1.5
8
9 Asset: Life insurance companies
1.0
0.5
1.0
3.2
5.2
1.6
-0.8
6.7
-2.0
-6.7
-1.5
9
Life insurance company reserves:
10 Liab.: Life insurance companies
9.5
14.8
15.5
17.6
42.7
4.5
15.6
7.6
9.0
5.9
12.8
10
11 Health
7.9
11.5
13.5
19.5
33.6
1.3
13.5
29.4
8.8
9.0
12.5
11
12 Policy dividend accumulation
1.0
0.8
0.2
-3.4
1.9
2.1
0.1
-17.6
6.7
-3.7
-2.0
12
13 Policy and contract claims
0.6
2.5
1.8
1.5
7.2
1.0
2.0
-4.2
-6.5
0.5
2.3
13
14 Asset: Household sector
9.5
14.8
15.5
17.6
42.7
4.5
15.6
7.6
9.0
5.9
12.8
14
Policy payables:
15 Liab.: Property-casualty insurance companies
52.3
16.6
18.7
25.4
29.4
41.7
60.2
-29.7
-8.0
-1.9
-2.7
15
16 Asset: Household sector
25.6
4.6
6.7
10.1
8.8
19.4
27.6
-15.5
-4.0
-1.8
-2.5
16
17 Nonfinancial corporate business
20.7
6.6
7.4
9.9
11.6
17.7
23.8
-13.6
-3.2
-0.8
-1.1
17
18 Nonfarm noncorporate business
4.9
1.6
1.7
2.1
2.7
2.8
5.6
-2.8
-0.7
-0.2
-0.2
18
19 Farm business
1.2
3.9
2.9
3.3
6.2
1.8
3.2
2.1
-0.1
0.8
1.1
19
Unallocated insurance company contracts:
20 Liab.: Life insurance companies
-18.6
-8.8
25.8
28.8
36.5
44.8
-7.7
41.4
-2.7
18.3
11.6
20
21 Asset: Private pension funds
-18.6
-8.8
25.8
28.8
36.5
44.8
-7.7
41.4
-2.7
18.3
11.6
21
Pension fund contributions payable:
22 Liab.: Nonfinancial corporate business
-1.9
-2.0
4.4
0.7
1.8
1.9
-0.9
0.1
3.5
4.2
7.0
22
23 Asset: Private pension funds
-1.9
-2.0
4.4
0.7
1.8
1.9
-0.9
0.1
3.5
4.2
7.0
23
Securities borrowed (net):
24 Liab.: Funding corporations
174.9
302.6
-2.1
-353.2
515.4
-37.7
-891.2
-999.4
-332.5
166.6
166.3
24
25 Asset: Brokers and dealers
174.9
302.6
-2.1
-353.2
515.4
-37.7
-891.2
-999.4
-332.5
166.6
166.3
25
Nonmarketable government securities:
26 Liab.: Federal government
40.0
35.8
33.3
63.3
29.0
45.3
55.3
123.7
0.9
39.0
42.6
26
27 Asset: Federal government retirement funds
40.0
35.8
33.3
63.3
29.0
45.3
55.3
123.7
0.9
39.0
42.6
27
Retiree Health Care Funds (2):
28 Liab.: Federal government
23.0
18.1
43.9
26.5
-1.7
6.4
26.0
75.3
-16.8
4.7
4.5
28
29 Asset: Household sector
23.0
18.1
43.9
26.5
-1.7
6.4
26.0
75.3
-16.8
4.7
4.5
29
(1) Reciprocal currency arrangements (swap lines) with foreign central banks.
(2) Includes Uniform Services Retiree Health Care Fund and Postal Service Retiree Health Benefits Fund.
58 Z.1, December 10, 2009
F.231 Unidentified Miscellaneous Financial Claims
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2005
2006
2007
2008
2008
2009
Q1
Q2
Q3
Q4
Q1
Q2
Q3
1 Net change in liabilities
587.0
734.4
1479.8
1115.1
1491.7
217.2
1385.9
1365.6
1094.1
119.3
-612.5
1
2 Nonfinancial corporate business
669.3
647.4
962.9
392.8
511.7
258.4
335.6
465.4
247.0
240.5
53.0
2
3 Nonfarm noncorporate business
142.7
144.6
93.9
31.0
68.0
26.7
38.4
-9.2
-63.5
3.2
-117.9
3
4 Federal government
5.0
5.6
-0.6
-0.2
-18.1
13.7
-13.9
17.3
-22.8
18.9
-6.4
4
5 Rest of the world
-8.6
222.2
77.1
-263.0
60.9
-411.6
135.9
-837.3
295.0
197.9
-158.3
5
6 Monetary authority
1.1
1.4
-0.7
-0.5
8.4
-15.0
-5.8
10.5
-33.2
29.1
-44.9
6
7 Commercial banking
-37.8
-107.1
-5.7
259.7
41.1
118.3
-72.3
951.8
-152.3
-95.7
-210.8
7
8 U.S.-chartered commercial banks
-74.5
-50.0
-95.2
-53.3
-175.6
11.5
-292.3
243.3
93.3
211.1
151.6
8
9 Foreign banking offices in U.S.
24.2
-131.3
105.9
493.2
344.2
209.4
437.8
981.4
-84.4
-351.7
-395.1
9
10 Bank holding companies
12.8
78.7
-4.8
-175.7
-130.1
-104.6
-202.8
-265.5
-161.7
48.9
8.9
10
11 Banks in U.S.-affiliated areas
-0.3
-4.4
-11.6
-4.5
2.6
2.0
-15.0
-7.4
0.5
-4.0
23.7
11
12 Savings institutions
23.6
17.6
21.6
-36.4
-57.7
-33.0
-151.9
96.8
36.5
-110.5
-78.6
12
13 Credit unions
2.6
-2.7
-5.6
1.1
24.2
-22.1
-14.5
16.8
72.9
-4.6
-15.3
13
14 Life insurance companies
8.8
20.8
20.2
-12.8
105.8
-3.3
-257.6
103.6
-76.3
-99.9
-6.4
14
15 Government-sponsored enterprises
-4.6
11.6
6.7
46.7
56.6
-25.4
74.7
80.9
126.3
4.9
80.3
15
16 Finance companies
-3.7
-17.8
11.5
1.4
46.7
24.6
2.0
-67.9
91.9
-29.0
-76.6
16
17 REITs
4.3
7.8
3.4
-3.7
-1.8
-6.6
7.8
-14.1
-48.2
4.2
-23.5
17
18 Brokers and dealers
-98.0
32.9
78.8
-210.0
-68.0
-2.0
33.4
-803.3
-117.4
316.8
145.0
18
19 Funding corporations
-117.8
-250.0
216.1
909.1
713.8
294.5
1274.1
1354.2
738.1
-356.5
-152.1
19
20 Net change in assets
689.9
1357.8
1507.9
430.2
1150.2
103.6
893.5
-426.7
349.7
650.2
-708.3
20
21 Nonfinancial corporate business
325.1
463.2
676.5
224.7
332.9
179.4
276.8
109.8
320.0
217.2
33.0
21
22 Nonfarm noncorporate business
251.2
377.2
326.4
119.4
209.9
120.2
121.0
26.3
-137.0
-166.4
-255.5
22
23 State and local governments
-9.7
74.4
127.2
69.6
75.9
145.9
37.0
19.5
77.9
64.7
135.7
23
24 Federal government
-0.5
-1.0
-0.8
10.2
-2.7
-3.3
56.0
-9.2
-4.3
-10.6
-6.3
24
25 Rest of the world
52.2
344.4
280.1
-220.5
226.6
-557.5
444.3
-995.3
-25.9
153.9
-583.9
25
26 Monetary authority
-3.2
0.1
1.8
0.5
7.6
-4.0
-11.7
10.0
20.9
107.0
40.4
26
27 Commercial banking
8.6
-10.5
37.4
572.2
485.2
558.5
328.6
916.5
-99.8
170.6
-290.7
27
28 U.S.-chartered commercial banks
24.4
97.2
-15.3
114.5
-146.4
221.6
315.9
67.1
-409.4
457.0
-130.3
28
29 Foreign banking offices in U.S.
-32.2
-143.9
14.7
364.1
556.4
61.6
210.2
628.3
-39.0
-230.1
-114.6
29
30 Bank holding companies
16.2
35.6
31.7
94.5
72.4
272.3
-194.8
228.2
352.8
-52.5
-40.9
30
31 Banks in U.S.-affiliated areas
0.1
0.6
6.1
-1.0
2.8
3.1
-2.7
-7.1
-4.3
-3.8
-4.9
31
32 Savings institutions
-60.6
18.5
-1.8
-20.6
-3.2
-21.6
-74.6
16.9
23.6
-54.7
-1.5
32
33 Credit unions
-0.5
0.6
10.4
8.1
0.1
8.4
13.7
10.2
48.8
-6.2
6.6
33
34 Life insurance companies
29.5
-7.3
-30.9
19.9
44.0
-40.9
-128.8
205.4
-64.7
-59.5
116.1
34
35 Private pension funds
-7.1
4.8
26.8
17.4
-0.5
24.0
-11.7
58.0
7.7
30.9
20.8
35
36 State and local govt. retirement funds
-0.6
1.0
-0.1
-0.0
0.5
0.0
-0.9
0.3
-0.6
0.4
0.5
36
37 Money market mutual funds
-10.0
15.9
31.8
-43.1
-78.8
-79.4
-49.3
35.2
9.4
0.4
-16.7
37
38 Mutual funds
3.7
3.3
2.8
3.2
13.3
-11.2
6.5
4.2
-15.8
4.9
-0.0
38
39 Government-sponsored enterprises
4.0
-3.2
27.0
-46.7
-60.9
-3.5
-79.2
-43.1
29.3
55.0
-110.4
39
40 Finance companies
47.7
-38.2
-2.5
5.0
40.8
13.9
-21.7
-13.2
71.2
56.4
-18.5
40
41 REITs
11.6
7.8
-4.4
-0.7
7.4
10.0
6.3
-26.5
-2.9
-16.1
-0.9
41
42 Brokers and dealers
48.5
106.9
0.1
-288.5
-148.0
-235.4
-18.8
-751.7
91.9
102.4
223.1
42
43 Discrepancy
-103.0
-623.4
-28.1
684.9
341.5
113.6
492.4
1792.2
744.4
-530.9
95.7
43
Z.1, December 10, 2009 59
F.11 Sector Discrepancies
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2005
2006
2007
2008
2008
2009
Q1
Q2
Q3
Q4
Q1
Q2
Q3
1 All sectors
-7.3
44.3
-234.0
-74.4
-337.4
-809.0
-745.6
1594.3
127.8
520.8
-166.6
1
2 Household sector
40.1
247.3
-304.2
-606.9
-540.7
-1007.6
-818.8
-60.3
-276.7
320.3
-990.7
2
3 Nonfinancial corporate business
122.8
88.9
134.5
93.0
95.9
146.3
141.2
-11.2
144.2
172.2
20.5
3
4 State and local governments
-73.5
-122.9
-101.7
-109.5
-44.2
-222.3
-86.3
-85.2
-6.8
98.3
22.1
4
5 Federal government
23.9
15.1
25.1
9.0
-12.7
-304.6
64.0
289.2
-11.1
86.1
-257.4
5
6 Rest of the world
17.4
-2.7
65.2
200.8
56.5
331.1
141.1
274.5
273.9
162.3
253.8
6
7 Financial sectors
-138.0
-181.4
-52.9
339.1
107.8
248.1
-186.8
1187.4
4.2
-318.2
785.1
7
8 Monetary authority
3.1
0.7
-2.3
-0.8
-11.6
3.1
-0.7
5.8
-10.6
0.8
-1.2
8
9 Commercial banking
-92.8
-195.7
-143.6
10.0
1.5
-46.5
-660.1
745.2
-17.8
28.9
802.0
9
10 Savings institutions
-8.0
-5.9
23.7
46.7
23.4
40.4
95.2
27.7
-62.2
33.3
4.0
10
11 Credit unions
2.2
1.2
2.1
3.9
-0.7
6.7
2.5
7.1
29.3
-10.3
4.6
11
12 Property-casualty insurance companies
-15.0
31.3
4.9
38.9
40.9
111.7
61.3
-58.2
-7.9
-15.3
57.0
12
13 Life insurance companies
-10.4
-29.2
-49.7
-1.9
-51.2
6.8
1.2
35.6
10.0
44.5
-39.6
13
14 Mutual funds
21.1
11.4
21.6
20.6
22.1
20.8
19.9
19.4
7.8
19.5
43.2
14
15 Government-sponsored enterprises
-14.8
-1.8
27.7
117.2
-60.3
49.2
249.8
230.0
54.4
-16.1
89.3
15
16 Issuers of asset-backed securities
0.0
0.0
0.0
0.0
0.0
-0.0
0.0
0.0
0.0
0.0
0.0
16
17 Finance companies
-20.7
29.9
26.1
4.9
36.5
42.7
-4.8
-54.7
-53.2
-116.5
20.9
17
18 REITs
6.7
0.4
32.0
-29.9
-35.0
-53.0
-24.8
-6.9
-95.2
-49.7
-52.7
18
19 Brokers and dealers
-9.5
-23.6
4.5
129.7
142.2
66.3
73.8
236.4
149.7
-237.3
-142.4
19
F.12 Instrument Discrepancies
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1 All types
-7.3
44.3
-234.0
-74.4
-337.4
-809.0
-745.6
1594.3
127.8
520.8
-166.6
1
2 Treasury currency
0.7
-1.1
-1.2
-0.8
-0.9
-0.5
-1.2
-0.8
-14.4
-0.7
-1.5
2
3 Foreign deposits
15.3
103.8
204.2
-314.0
-486.5
-247.2
-327.4
-194.9
-24.4
-437.8
-153.6
3
4 Net interbank transactions
-3.6
-1.9
1.8
30.6
0.3
-25.1
-77.3
224.3
49.8
137.1
-94.9
4
5 Security RPs
89.8
199.5
-334.4
-300.6
-202.8
-501.2
-717.1
218.7
-648.1
1481.8
48.3
5
Mail floats:
6 Federal government
-6.6
-3.0
1.2
-3.3
19.6
-9.2
-1.0
-22.4
19.5
5.0
-10.2
6
7 Other
-0.9
-0.5
-1.0
2.3
12.6
-7.2
6.4
-2.5
1.4
-0.6
-0.8
7
8 Trade credit
-30.4
145.7
-51.8
-33.7
-0.7
18.4
-41.7
-110.8
254.9
111.3
110.7
8
9 Taxes payable
-38.7
10.5
-40.9
-38.8
54.3
-18.9
-5.3
-185.1
-44.9
-77.6
35.4
9
10 Miscellaneous
-103.0
-623.4
-28.1
684.9
341.5
113.6
492.4
1792.2
744.4
-530.9
95.7
10
11 Nonfinancial
70.0
214.7
16.2
-101.1
-74.7
-131.7
-73.3
-124.5
-210.5
-166.8
-195.7
11
Nonfinancial components (sign reversed):
12 Statistical discrepancy (NIPA)
-79.7
-220.6
-14.8
101.0
69.8
126.7
68.3
139.4
185.4
161.7
190.7
12
13 Private wage accruals less disbursements
5.0
1.3
-6.3
-5.0
0.0
0.0
0.0
-20.0
20.0
0.0
0.0
13
14 Contr. for govt. soc. insur., U.S. affiliated areas
4.7
4.6
4.8
5.0
5.0
5.0
5.1
5.1
5.1
5.1
5.0
14
60 Z.1, December 10, 2009
L.1 Credit Market Debt Outstanding (1)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
2004
2005
2006
2007
2008
2009
Q1
Q2
Q3
Q4
Q1
Q2
Q3
1 Total credit market debt owed by:
37785.7
41254.0
45306.3
50012.3
50782.4
51250.6
52070.5
52509.0
52899.4
52730.3
52617.3
1
2 Domestic nonfinancial sectors
24426.9
26756.1
29151.3
31694.5
32174.7
32358.4
33031.4
33564.9
33994.3
34277.0
34524.8
2
3 Household sector
10548.6
11716.7
12892.7
13754.0
13813.6
13832.5
13867.3
13795.9
13709.5
13666.3
13624.5
3
4 Nonfinancial corporate business
5172.2
5505.8
5967.7
6757.1
6870.1
7010.9
7077.0
7099.9
7174.0
7209.6
7201.2
4
5 Nonfarm noncorporate business
2455.3
2786.9
3195.6
3650.3
3745.3
3794.5
3841.0
3852.5
3803.6
3728.8
3635.6
5
6 Farm business
172.9
190.1
204.3
218.9
209.0
219.9
216.3
219.9
217.6
218.8
217.8
6
7 State and local governments
1683.0
1854.7
2005.9
2191.8
2214.2
2226.4
2229.3
2235.1
2262.7
2288.1
2301.7
7
8 Federal government
4395.0
4701.9
4885.3
5122.3
5322.6
5274.1
5800.6
6361.5
6826.9
7165.3
7544.0
8
9 Rest of the world
1438.8
1513.9
1882.6
2126.3
2201.9
2227.7
2097.7
1864.4
1896.4
1951.1
2024.9
9
10 Financial sectors
11920.0
12984.0
14272.4
16191.5
16405.7
16664.5
16941.4
17079.7
17008.8
16502.2
16067.7
10
11 Commercial banking
738.7
823.9
998.0
1261.2
1312.9
1394.2
1460.5
1422.0
1724.9
1720.8
1685.1
11
12 U.S.-chartered commercial banks
356.7
393.6
497.8
629.6
647.2
655.9
785.9
708.6
626.1
617.8
562.4
12
13 Foreign banking offices in U.S.
0.7
0.8
0.5
0.5
0.4
0.3
0.0
0.0
0.0
0.0
0.0
13
14 Bank holding companies
381.3
429.5
499.7
631.1
665.4
737.9
674.6
713.3
1098.8
1103.0
1122.7
14
15 Savings institutions
404.8
427.3
319.1
423.3
436.3
431.3
378.0
356.1
321.8
253.2
192.4
15
16 Credit unions
11.4
14.7
18.9
32.3
28.5
35.4
43.5
40.6
30.3
28.5
28.3
16
17 Life insurance companies
11.1
11.5
14.2
28.7
31.1
33.4
42.9
54.9
52.5
50.5
47.5
17
18 Government-sponsored enterprises
2676.3
2592.2
2627.8
2910.2
2938.1
3102.1
3152.7
3181.9
3118.3
2948.1
2800.5
18
19 Agency- and GSE-backed mortgage pools
3374.6
3541.9
3837.3
4463.5
4601.4
4759.5
4891.9
4960.8
5041.8
5173.3
5299.7
19
20 ABS issuers
2656.1
3386.3
4185.0
4520.2
4454.5
4345.4
4241.4
4095.1
3939.0
3804.4
3652.8
20
21 Finance companies
1129.6
1108.6
1144.2
1279.6
1301.4
1299.3
1264.7
1200.3
1148.0
1102.2
1074.9
21
22 REITs
340.1
395.5
411.0
421.2
403.8
397.5
389.9
372.6
364.0
352.5
347.5
22
23 Brokers and dealers
62.2
62.4
68.8
64.8
120.1
85.9
276.7
142.6
102.6
102.5
104.4
23
24 Funding corporations
515.1
619.9
648.2
786.4
777.6
780.5
799.3
1252.9
1165.6
966.2
834.6
24
25 Total credit market assets held by:
37785.7
41254.0
45306.3
50012.3
50782.4
51250.6
52070.5
52509.0
52899.4
52730.3
52617.3
25
26 Domestic nonfinancial sectors
4928.7
5484.0
5723.4
6270.7
6122.5
6161.9
6249.8
6083.8
6618.7
6393.4
6566.8
26
27 Household sector
3072.0
3420.4
3547.0
4117.8
4074.6
4131.2
4252.3
4055.9
4538.6
4250.7
4360.2
27
28 Nonfinancial corporate business
297.4
339.6
327.9
246.4
153.6
147.1
127.0
129.6
135.9
146.6
144.1
28
29 Nonfarm noncorporate business
85.4
96.8
96.7
106.7
109.6
111.2
113.0
113.3
111.4
109.2
105.7
29
30 State and local governments
1198.1
1352.0
1470.6
1512.0
1491.7
1474.3
1450.5
1410.8
1374.2
1332.5
1317.2
30
31 Federal government
275.9
275.0
281.2
287.8
293.1
298.0
307.1
374.3
458.7
554.4
639.6
31
32 Rest of the world
4634.7
5191.3
6200.1
7272.5
7402.4
7579.6
7606.2
7590.7
7673.0
7721.2
7733.9
32
33 Financial sectors
28222.3
30578.7
33382.9
36469.0
37257.4
37509.2
38214.5
38834.5
38607.8
38615.7
38316.6
33
34 Monetary authority
717.8
744.2
778.9
740.6
631.0
509.1
780.9
986.0
1168.1
1469.5
1776.6
34
35 Commercial banking
6621.2
7278.4
8040.5
8781.6
8904.8
8972.2
9394.9
9425.1
9297.3
9278.3
9022.6
35
36 U.S.-chartered commercial banks
5980.7
6487.4
7144.1
7666.8
7750.6
7816.0
8245.6
8197.9
8143.4
8223.3
8004.0
36
37 Foreign banking offices in U.S.
513.3
657.8
761.6
963.3
1001.8
977.6
980.2
1063.7
993.2
890.2
851.2
37
38 Bank holding companies
36.4
32.2
35.6
58.7
59.7
84.1
75.0
72.6
71.5
75.5
76.5
38
39 Banks in U.S.-affiliated areas
90.8
101.0
99.3
92.8
92.7
94.5
94.1
90.9
89.2
89.5
90.9
39
40 Savings institutions
1417.7
1617.1
1519.2
1584.9
1599.2
1607.0
1325.9
1310.3
1311.5
1205.1
1180.6
40
41 Credit unions
556.4
592.6
622.7
657.9
665.0
684.7
697.0
697.9
699.4
718.9
727.1
41
42 Property-casualty insurance companies
698.8
765.8
813.5
839.8
836.6
835.0
826.4
823.5
823.8
835.3
839.7
42
43 Life insurance companies
2661.4
2765.4
2806.1
2888.6
2916.1
2928.4
2910.6
2899.2
2946.9
2969.4
2991.1
43
44 Private pension funds
654.6
699.9
758.3
860.7
875.6
896.2
914.4
951.4
973.0
980.7
983.4
44
45 State and local govt. retirement funds
675.3
693.4
825.4
855.6
857.4
856.0
854.2
851.1
844.4
840.6
838.6
45
46 Federal government retirement funds
68.2
76.0
84.3
96.1
106.1
108.1
115.1
120.3
124.5
124.7
125.8
46
47 Money market mutual funds
1346.3
1340.8
1560.8
1936.4
2237.5
2232.8
2232.0
2675.0
2575.2
2418.1
2163.8
47
48 Mutual funds
1623.0
1747.1
1932.0
2203.1
2256.7
2356.6
2340.9
2276.4
2319.9
2436.0
2551.7
48
49 Closed-end funds
163.6
165.8
171.8
170.6
165.2
159.4
148.8
131.0
131.1
135.4
138.9
49
50 Exchange-traded funds
8.2
15.0
20.7
34.0
38.9
44.5
51.5
57.0
69.0
80.5
91.5
50
51 Government-sponsored enterprises
2613.0
2543.9
2590.5
2829.5
2914.0
3014.5
3048.2
3033.6
2973.2
2900.7
2803.4
51
52 Agency- and GSE-backed mortgage pools
3374.6
3541.9
3837.3
4463.5
4601.4
4759.5
4891.9
4960.8
5041.8
5173.3
5299.7
52
53 ABS issuers
2548.6
3282.3
4073.1
4405.5
4333.1
4237.2
4144.0
3996.8
3850.2
3724.2
3582.6
53
54 Finance companies
1675.9
1740.6
1811.6
1828.2
1846.9
1835.1
1816.9
1755.9
1703.4
1651.1
1610.4
54
55 REITs
198.7
239.7
265.8
244.7
224.0
223.3
209.8
180.8
180.5
188.3
188.8
55
56 Brokers and dealers
394.9
477.2
583.4
803.1
864.3
691.8
820.8
717.4
594.8
600.3
542.5
56
57 Funding corporations
203.7
251.5
286.9
244.4
383.5
557.5
690.4
985.0
979.9
885.3
858.0
57
(1) Excludes corporate equities and mutual fund shares.
Z.1, December 10, 2009 61
L.2 Credit Market Debt Owed by Nonfinancial Sectors
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
2004
2005
2006
2007
2008
2009
Q1
Q2
Q3
Q4
Q1
Q2
Q3
1 Domestic
24426.9
26756.1
29151.3
31694.5
32174.7
32358.4
33031.4
33564.9
33994.3
34277.0
34524.8
1
2 By instrument
24426.9
26756.1
29151.3
31694.5
32174.7
32358.4
33031.4
33564.9
33994.3
34277.0
34524.8
2
3 Commercial paper
97.8
90.1
112.5
123.8
140.0
139.8
146.5
131.5
106.9
86.2
73.0
3
4 Treasury securities
4370.7
4678.0
4861.7
5099.2
5299.1
5250.6
5777.5
6338.2
6804.4
7143.1
7520.8
4
5 Agency- and GSE-backed securities
24.3
23.8
23.5
23.1
23.5
23.5
23.1
23.3
22.5
22.3
23.2
5
6 Municipal securities
2031.0
2225.9
2403.3
2618.9
2644.1
2666.6
2673.0
2684.3
2716.0
2751.6
2772.9
6
7 Corporate bonds
2975.5
3032.2
3247.8
3558.9
3604.2
3692.9
3716.0
3763.5
3908.3
4007.3
4072.8
7
8 Bank loans n.e.c.
1090.5
1225.0
1400.3
1646.9
1710.5
1735.1
1821.4
1839.5
1760.1
1689.2
1613.0
8
9 Other loans and advances
1121.6
1241.7
1380.8
1699.3
1724.2
1755.5
1763.6
1739.9
1724.1
1718.7
1701.0
9
10 Mortgages
10496.1
11919.6
13306.3
14372.3
14499.7
14538.6
14522.1
14452.5
14433.2
14370.1
14252.0
10
11 Home
8248.4
9357.0
10416.8
11112.5
11180.3
11160.3
11107.8
11005.3
10991.7
10942.8
10851.9
11
12 Multifamily residential
592.6
663.4
718.5
821.5
839.1
856.6
876.0
884.8
885.3
885.7
884.4
12
13 Commercial
1559.4
1794.4
2063.0
2325.6
2363.1
2400.2
2412.3
2431.7
2425.0
2409.9
2383.4
13
14 Farm
95.7
104.8
108.0
112.7
117.2
121.6
126.1
130.7
131.2
131.7
132.3
14
15 Consumer credit
2219.5
2319.8
2415.0
2551.9
2529.6
2555.6
2588.0
2592.1
2518.6
2488.6
2496.1
15
16 By sector
24426.9
26756.1
29151.3
31694.5
32174.7
32358.4
33031.4
33564.9
33994.3
34277.0
34524.8
16
17 Household sector
10548.6
11716.7
12892.7
13754.0
13813.6
13832.5
13867.3
13795.9
13709.5
13666.3
13624.5
17
18 Nonfinancial business
7800.4
8482.9
9367.5
10626.3
10824.4
11025.3
11134.2
11172.3
11195.2
11157.2
11054.6
18
19 Corporate
5172.2
5505.8
5967.7
6757.1
6870.1
7010.9
7077.0
7099.9
7174.0
7209.6
7201.2
19
20 Nonfarm noncorporate
2455.3
2786.9
3195.6
3650.3
3745.3
3794.5
3841.0
3852.5
3803.6
3728.8
3635.6
20
21 Farm
172.9
190.1
204.3
218.9
209.0
219.9
216.3
219.9
217.6
218.8
217.8
21
22 State and local governments
1683.0
1854.7
2005.9
2191.8
2214.2
2226.4
2229.3
2235.1
2262.7
2288.1
2301.7
22
23 Federal government
4395.0
4701.9
4885.3
5122.3
5322.6
5274.1
5800.6
6361.5
6826.9
7165.3
7544.0
23
Foreign credit market debt
24 held in U.S.
1438.8
1513.9
1882.6
2126.3
2201.9
2227.7
2097.7
1864.4
1896.4
1951.1
2024.9
24
25 Commercial paper
345.3
384.0
482.3
413.0
460.3
470.6
401.1
342.0
344.8
345.7
396.6
25
26 Bonds
985.0
1011.6
1275.5
1587.1
1607.1
1625.4
1559.9
1392.9
1427.3
1482.5
1507.2
26
27 Bank loans n.e.c.
69.9
84.4
98.3
102.8
111.7
109.4
114.8
107.9
103.1
101.6
99.6
27
28 Other loans and advances
38.6
34.0
26.6
23.4
22.9
22.4
21.9
21.6
21.2
21.4
21.4
28
29 Domestic and foreign
25865.7
28270.0
31034.0
33820.8
34376.7
34586.1
35129.1
35429.3
35890.7
36228.1
36549.6
29
L.3 Credit Market Debt Owed by Financial Sectors
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1 By instrument
11920.0
12984.0
14272.4
16191.5
16405.7
16664.5
16941.4
17079.7
17008.8
16502.2
16067.7
1
2 Open market paper
956.0
1170.2
1363.2
1251.8
1184.3
1138.0
1007.2
1125.8
972.2
846.9
699.6
2
3 GSE issues
2676.3
2592.2
2627.8
2910.2
2938.1
3102.1
3152.7
3181.9
3118.3
2948.1
2800.5
3
4 Agency- and GSE-backed mortgage pool sec.
3374.6
3541.9
3837.3
4463.5
4601.4
4759.5
4891.9
4960.8
5041.8
5173.3
5299.7
4
5 Corporate bonds
3956.2
4645.5
5444.5
6265.0
6304.7
6274.8
6149.8
5973.9
6267.7
6152.1
6106.9
5
6 Bank loans n.e.c.
249.7
268.6
206.2
277.1
319.6
322.5
573.7
773.2
649.6
492.5
335.4
6
7 Other loans and advances
575.8
620.2
641.4
867.1
895.8
906.5
1003.4
900.5
794.2
722.0
658.8
7
8 Mortgages
131.4
145.5
152.1
156.7
161.8
161.2
162.7
163.5
164.9
167.3
166.7
8
9 By sector
11920.0
12984.0
14272.4
16191.5
16405.7
16664.5
16941.4
17079.7
17008.8
16502.2
16067.7
9
10 Commercial banks
357.4
394.3
498.3
630.1
647.5
656.2
785.9
708.6
626.1
617.8
562.4
10
11 Bank holding companies
381.3
429.5
499.7
631.1
665.4
737.9
674.6
713.3
1098.8
1103.0
1122.7
11
12 Savings institutions
404.8
427.3
319.1
423.3
436.3
431.3
378.0
356.1
321.8
253.2
192.4
12
13 Credit unions
11.4
14.7
18.9
32.3
28.5
35.4
43.5
40.6
30.3
28.5
28.3
13
14 Life insurance companies
11.1
11.5
14.2
28.7
31.1
33.4
42.9
54.9
52.5
50.5
47.5
14
15 Government-sponsored enterprises
2676.3
2592.2
2627.8
2910.2
2938.1
3102.1
3152.7
3181.9
3118.3
2948.1
2800.5
15
16 Agency- and GSE-backed mortgage pools
3374.6
3541.9
3837.3
4463.5
4601.4
4759.5
4891.9
4960.8
5041.8
5173.3
5299.7
16
17 ABS issuers
2656.1
3386.3
4185.0
4520.2
4454.5
4345.4
4241.4
4095.1
3939.0
3804.4
3652.8
17
18 Finance companies
1129.6
1108.6
1144.2
1279.6
1301.4
1299.3
1264.7
1200.3
1148.0
1102.2
1074.9
18
19 REITs
340.1
395.5
411.0
421.2
403.8
397.5
389.9
372.6
364.0
352.5
347.5
19
20 Brokers and dealers
62.2
62.4
68.8
64.8
120.1
85.9
276.7
142.6
102.6
102.5
104.4
20
21 Funding corporations
515.1
619.9
648.2
786.4
777.6
780.5
799.3
1252.9
1165.6
966.2
834.6
21
62 Z.1, December 10, 2009
L.4 Credit Market Debt, All Sectors, by Instrument
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
2004
2005
2006
2007
2008
2009
Q1
Q2
Q3
Q4
Q1
Q2
Q3
1 Total
37785.7
41254.0
45306.3
50012.3
50782.4
51250.6
52070.5
52509.0
52899.4
52730.3
52617.3
1
2 Open market paper
1399.1
1644.2
1958.0
1788.6
1784.6
1748.4
1554.8
1599.3
1423.9
1278.8
1169.3
2
3 Treasury securities
4370.7
4678.0
4861.7
5099.2
5299.1
5250.6
5777.5
6338.2
6804.4
7143.1
7520.8
3
4 Agency- and GSE-backed securities
6075.2
6158.0
6488.6
7396.9
7563.0
7885.1
8067.7
8166.1
8182.7
8143.6
8123.4
4
5 Municipal securities
2031.0
2225.9
2403.3
2618.9
2644.1
2666.6
2673.0
2684.3
2716.0
2751.6
2772.9
5
6 Corporate and foreign bonds
7916.7
8689.2
9967.7
11411.0
11516.0
11593.1
11425.8
11130.3
11603.3
11641.8
11686.9
6
7 Bank loans n.e.c.
1410.1
1577.9
1704.8
2026.9
2141.8
2167.0
2509.9
2720.7
2512.8
2283.3
2048.0
7
8 Other loans and advances
1736.0
1895.8
2048.8
2589.8
2642.9
2684.4
2788.9
2661.9
2539.5
2462.1
2381.2
8
9 Mortgages
10627.4
12065.1
13458.4
14529.0
14661.5
14699.8
14684.8
14616.0
14598.1
14537.4
14418.7
9
10 Consumer credit
2219.5
2319.8
2415.0
2551.9
2529.6
2555.6
2588.0
2592.1
2518.6
2488.6
2496.1
10
Memo:
Selected claims not included above:
11 Corporate equities
18940.1
20636.1
24326.4
25559.8
23288.3
22779.0
20137.6
15773.5
13929.9
16631.2
19468.7
11
12 Mutual fund shares
5436.3
6048.9
7068.3
7829.0
7336.4
7412.3
6614.3
5435.3
5107.8
5856.9
6667.4
12
L.5 Total Liabilities and Its Relation to Total Financial Assets
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
Total credit market debt
1 (from table L.4)
37785.7
41254.0
45306.3
50012.3
50782.4
51250.6
52070.5
52509.0
52899.4
52730.3
52617.3
1
2 Official foreign exchange
62.2
45.9
46.0
50.0
54.8
54.9
51.4
57.3
54.8
61.0
65.3
2
3 SDR certificates
2.2
2.2
2.2
2.2
2.2
2.2
2.2
2.2
2.2
2.2
5.2
3
4 Treasury currency
26.7
27.5
28.1
27.4
27.2
27.0
26.7
26.6
26.6
26.5
26.3
4
5 Foreign deposits
957.0
997.8
1085.0
1349.1
1240.3
1137.0
1063.4
996.2
927.8
842.7
811.2
5
6 Net interbank liabilities
212.2
201.4
190.1
89.3
33.5
141.6
518.2
1561.3
1299.6
854.7
976.8
6
7 Checkable deposits and currency
1522.8
1527.2
1507.3
1532.9
1521.7
1534.0
1941.9
2101.3
1966.7
2082.3
2060.4
7
8 Small time and savings deposits
4283.7
4598.1
4945.1
5224.5
5383.7
5416.2
5534.7
5749.3
5918.7
5936.9
6133.4
8
9 Large time deposits
1505.1
1789.5
2050.8
2382.2
2461.2
2418.6
2387.6
2191.6
2154.5
2151.0
2024.6
9
10 Money market fund shares
1879.8
2006.9
2312.1
3033.1
3382.5
3318.2
3355.3
3757.3
3738.7
3584.2
3363.0
10
11 Security RPs
1418.6
1726.2
2129.2
2139.1
2141.7
1867.7
1635.3
1256.1
1061.2
1274.0
1338.0
11
12 Mutual fund shares
5436.3
6048.9
7068.3
7829.0
7336.4
7412.3
6614.3
5435.3
5107.8
5856.9
6667.4
12
13 Security credit
1038.2
1038.4
1249.9
1526.4
1647.1
1564.9
1685.2
1128.5
1018.1
1000.3
1069.1
13
14 Life insurance reserves
1060.4
1082.6
1163.7
1201.5
1187.2
1196.4
1197.7
1179.8
1181.1
1201.3
1229.6
14
15 Pension fund reserves
10635.5
11373.7
12696.2
13375.9
12566.9
12476.1
11831.8
10442.6
9914.8
10662.6
11527.2
15
16 Trade payables
2662.8
3003.6
3195.9
3398.1
3419.2
3413.4
3384.2
3287.7
3249.2
3229.0
3173.9
16
17 Taxes payable
219.2
221.4
237.0
167.7
173.3
131.7
114.7
39.5
42.0
45.7
72.2
17
18 Miscellaneous
13455.0
14580.1
15771.0
17159.3
18248.0
18475.8
19994.9
19372.8
19719.3
18737.9
18280.2
18
19 Total liabilities
84163.3
91525.2 100984.2 110499.9 111609.2 111838.6 113409.9 111094.2 110282.4 110279.6 111441.0
19
+ Financial assets not included in
liabilities:
20 Gold and SDRs
24.6
19.3
19.9
20.5
20.9
20.9
20.5
20.4
20.1
20.5
69.0
20
21 Corporate equities
18940.1
20636.1
24326.4
25559.8
23288.3
22779.0
20137.6
15773.5
13929.9
16631.2
19468.7
21
22 Household equity in noncorp. bus.
6755.0
8352.5
8838.6
8796.9
8507.2
8189.2
7946.1
7322.2
6827.1
6645.9
6521.2
22
- Liabilities not identified as assets:
23 Treasury currency
-9.7
-9.1
-10.1
-11.3
-11.5
-11.6
-11.9
-12.1
-15.7
-15.9
-16.3
23
24 Foreign deposits
767.2
782.5
886.3
1090.5
968.9
907.1
825.2
776.5
770.4
660.9
622.5
24
25 Net interbank transactions
27.4
25.2
23.3
21.8
14.6
8.5
-55.4
-293.3
-267.9
-183.5
-256.2
25
26 Security RPs
25.6
115.4
108.7
-225.8
-232.5
-370.5
-524.2
-526.3
-678.5
-321.2
-288.1
26
27 Taxes payable
28.4
-11.3
-48.1
-174.8
-183.2
-240.1
-269.8
-349.3
-354.9
-357.1
-343.3
27
28 Miscellaneous
-4309.2
-4437.8
-5662.3
-6805.3
-6619.3
-6647.6
-5746.4
-5870.9
-6129.9
-6734.0
-6810.6
28
- Floats not included in assets:
29 Checkable deposits: Federal govt.
11.2
1.8
0.1
2.8
5.9
1.7
2.1
1.2
-0.2
1.2
2.5
29
30 Other
20.0
19.2
11.4
10.3
11.2
9.9
8.0
12.6
11.0
10.8
7.9
30
31 Trade credit
39.7
9.4
158.3
106.5
55.0
2.7
2.2
72.8
89.1
54.3
90.2
31
32 Totals identified to sectors as assets
113282.4 124037.7 138701.7 150862.4 149416.6 149167.7 147284.4 140399.2 137636.2 140461.6 144491.2
32
Z.1, December 10, 2009 63
L.10 Assets and Liabilities of the Personal Sector (1)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
2004
2005
2006
2007
2008
2009
Q1
Q2
Q3
Q4
Q1
Q2
Q3
1 Total financial assets
34724.8
37666.4
42494.3
45614.5
44224.8
43887.3
42037.8
38225.2
37148.0
39116.8
41485.3
1
2 Foreign deposits
57.5
59.9
65.2
81.0
74.5
68.3
63.9
59.8
55.7
50.6
44.7
2
3 Checkable deposits and currency
651.8
602.8
642.0
630.4
571.9
587.1
559.7
741.6
744.3
807.0
780.6
3
4 Time and savings deposits
4727.4
5238.0
5744.8
6247.9
6423.1
6332.9
6500.7
6439.5
6474.4
6382.0
6418.2
4
5 Money market fund shares
973.2
1023.2
1195.0
1433.2
1546.8
1483.9
1537.8
1673.7
1645.7
1572.3
1444.4
5
6 Securities
13892.1
15168.1
17351.1
18340.8
17351.5
17175.3
15712.6
13285.3
12851.4
14220.9
15887.4
6
7 Open market paper
136.1
164.2
187.7
149.7
117.5
82.7
39.1
10.4
7.3
8.9
8.5
7
8 U.S. savings bonds
204.4
205.1
202.4
196.4
195.3
194.9
194.2
194.0
193.9
193.5
192.4
8
9 Other Treasury securities
378.0
358.7
287.3
120.9
197.8
252.0
298.4
141.9
475.4
500.8
668.0
9
10 Agency- and GSE-backed securities
390.0
488.2
409.9
690.2
648.6
665.3
840.2
730.3
460.2
135.6
68.0
10
11 Municipal securities
746.7
825.4
877.6
902.1
888.1
899.6
915.1
942.6
956.2
974.9
984.7
11
12 Corporate and foreign bonds
1135.6
1294.1
1518.1
2002.2
1971.8
1972.7
1899.2
1971.9
2380.8
2371.5
2371.7
12
13 Corporate equities (2)
7483.9
7993.0
9480.6
9447.4
8757.2
8444.2
7419.0
5851.7
5120.4
6325.2
7388.3
13
14 Mutual fund shares
3417.4
3839.3
4387.6
4832.0
4575.2
4663.9
4107.5
3442.5
3257.2
3710.5
4205.8
14
15 Private life insurance reserves
1018.8
1039.9
1119.5
1156.1
1141.9
1150.5
1152.0
1133.4
1134.7
1154.5
1182.7
15
16 Private insured pension reserves
2027.9
2197.4
2332.4
2437.8
2367.3
2364.0
2308.2
2150.6
2119.0
2170.7
2247.7
16
17 Private noninsured pension reserves
4963.0
5341.4
6047.7
6425.4
5948.7
5887.2
5479.2
4635.6
4320.6
4794.0
5319.1
17
18 Govt. insurance and pension reserves
3686.1
3877.6
4360.3
4558.1
4296.1
4270.7
4090.1
3702.8
3521.6
3744.8
4007.3
18
19 Miscellaneous and other assets
2726.9
3118.1
3636.3
4303.8
4503.0
4567.3
4633.6
4402.7
4280.5
4219.9
4153.3
19
20 Total liabilities
14719.2
16418.4
18257.9
19760.4
19992.5
20009.7
20227.3
19941.0
19754.1
19643.0
19496.7
20
21 Mortgage debt on nonfarm homes
8224.9
9325.9
10377.4
11070.3
11138.8
11121.5
11071.4
10972.6
10961.7
10916.0
10828.6
21
22 Other mortgage debt (3)
1707.5
1830.7
2076.2
2386.0
2431.9
2474.8
2508.7
2528.0
2524.2
2511.9
2494.8
22
23 Consumer credit
2219.5
2319.8
2415.0
2551.9
2529.6
2555.6
2588.0
2592.1
2518.6
2488.6
2496.1
23
24 Policy loans
106.8
107.6
110.9
114.5
115.7
116.8
117.9
120.4
120.8
121.3
120.5
24
25 Security credit
264.0
232.4
292.1
325.5
365.3
291.5
402.3
164.8
134.5
147.9
174.1
25
26 Other liabilities (3)
2196.5
2602.1
2986.2
3312.2
3411.2
3449.5
3539.0
3563.1
3494.3
3457.3
3382.6
26
(1) Combined statement for households and nonprofit organizations, nonfarm noncorporate business, and farm business.
(2) Directly held and those in closed-end and exchange-traded funds. Other equities are included in mutual funds (line 14) and life insurance and pension reserves (lines 15, 16, 17, and 18).
(3) Includes corporate farms.
64 Z.1, December 10, 2009
L.100 Households and Nonprofit Organizations (1)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
2004
2005
2006
2007
2008
2009
Q1
Q2
Q3
Q4
Q1
Q2
Q3
1 Total financial assets
39297.5
43397.8
48192.3
50787.8
49013.6
48302.8
46154.6
41705.5
40193.0
42055.0
44415.0
1
2 Deposits
5741.3
6152.4
6776.8
7437.7
7636.2
7477.5
7652.2
7901.9
7923.5
7834.9
7740.8
2
3 Foreign deposits
57.5
59.9
65.2
81.0
74.5
68.3
63.9
59.8
55.7
50.6
44.7
3
4 Checkable deposits and currency
370.3
256.8
235.4
172.1
103.8
114.5
83.0
263.4
273.6
345.3
332.8
4
5 Time and savings deposits
4409.4
4886.4
5361.8
5837.9
6000.0
5901.0
6059.2
5996.8
6038.9
5955.1
6004.6
5
6 Money market fund shares
904.1
949.2
1114.5
1346.7
1457.9
1393.7
1446.1
1581.8
1555.3
1483.8
1358.7
6
7 Credit market instruments
3072.0
3420.4
3547.0
4117.8
4074.6
4131.2
4252.3
4055.9
4538.6
4250.7
4360.2
7
8 Open market paper
136.1
164.2
187.7
149.7
117.5
82.7
39.1
10.4
7.3
8.9
8.5
8
9 Treasury securities
532.2
507.6
433.3
257.9
332.2
385.0
429.8
272.9
607.3
633.6
801.6
9
10 Savings bonds
204.4
205.1
202.4
196.4
195.3
194.9
194.2
194.0
193.9
193.5
192.4
10
11 Other Treasury
327.8
302.5
231.0
61.5
136.9
190.1
235.6
78.9
413.4
440.1
609.2
11
12 Agency- and GSE-backed securities
390.0
488.2
409.9
690.2
648.6
665.3
840.2
730.3
460.2
135.6
68.0
12
13 Municipal securities
742.4
821.0
871.8
896.9
882.7
894.1
909.6
937.0
950.7
969.5
979.5
13
14 Corporate and foreign bonds
1135.6
1294.1
1518.1
2002.2
1971.8
1972.7
1899.2
1971.9
2380.8
2371.5
2371.7
14
15 Other loans and advances (2)
5.9
8.7
8.3
17.4
20.1
22.3
27.5
27.9
28.2
29.3
30.7
15
16 Mortgages
129.8
136.6
117.9
103.5
101.7
109.1
107.0
105.4
104.0
102.4
100.3
16
17 Corporate equities (3)
7483.9
7993.0
9480.6
9447.4
8757.2
8444.2
7419.0
5851.7
5120.4
6325.2
7388.3
17
18 Mutual fund shares
3417.4
3839.3
4387.6
4832.0
4575.2
4663.9
4107.5
3442.5
3257.2
3710.5
4205.8
18
19 Security credit
578.3
575.3
655.7
866.4
984.5
992.1
998.6
742.7
667.0
658.3
672.6
19
20 Life insurance reserves
1060.4
1082.6
1163.7
1201.5
1187.2
1196.4
1197.7
1179.8
1181.1
1201.3
1229.6
20
21 Pension fund reserves
10635.5
11373.7
12696.2
13375.9
12566.9
12476.1
11831.8
10442.6
9914.8
10662.6
11527.2
21
22 Equity in noncorporate business
6755.0
8352.5
8838.6
8796.9
8507.2
8189.2
7946.1
7322.2
6827.1
6645.9
6521.2
22
23 Miscellaneous assets
553.8
608.7
646.1
712.2
724.7
732.2
749.5
766.4
763.4
765.6
769.3
23
24 Total liabilities
11008.3
12157.8
13407.5
14317.9
14422.4
14371.8
14521.1
14218.0
14102.4
14072.9
14061.0
24
25 Credit market instruments
10548.6
11716.7
12892.7
13754.0
13813.6
13832.5
13867.3
13795.9
13709.5
13666.3
13624.5
25
26 Home mortgages (4)
7815.5
8848.9
9826.3
10485.2
10554.2
10548.2
10510.1
10432.1
10429.0
10393.6
10323.5
26
27 Consumer credit
2219.5
2319.8
2415.0
2551.9
2529.6
2555.6
2588.0
2592.1
2518.6
2488.6
2496.1
27
28 Municipal securities
188.6
205.1
226.9
249.5
252.3
261.4
265.0
269.3
273.4
282.3
288.3
28
29 Bank loans n.e.c. (5)
26.7
36.4
86.4
99.7
104.9
89.2
121.4
117.7
104.0
118.3
136.5
29
30 Other loans and advances
119.0
119.0
123.8
127.0
128.0
129.7
130.7
133.2
133.5
134.0
133.1
30
31 Commercial mortgages
179.2
187.4
214.3
240.7
244.7
248.3
252.0
251.5
250.9
249.5
246.9
31
32 Security credit
264.0
232.4
292.1
325.5
365.3
291.5
402.3
164.8
134.5
147.9
174.1
32
33 Trade payables
173.3
186.3
199.9
214.5
218.4
222.2
226.2
230.2
231.8
233.8
237.9
33
Deferred and unpaid
34 life insurance premiums
22.5
22.4
22.8
23.9
25.2
25.5
25.3
27.0
26.5
24.8
24.5
34
(1) Sector includes farm households and domestic hedge funds. Supplementary tables (tables F.100.a and L.100.a) show estimates of annual flows and year-end outstandings of nonprofit organizations.
(2) Syndicated loans to nonfinancial corporate business by nonprofits and domestic hedge funds.
(3) Directly held and those in closed-end and exchange-traded funds. Other equities are included in mutual fund shares (line 18) and life insurance and pension reserves (lines 20 and 21).
(4) Includes loans made under home equity lines of credit and home equity loans secured by junior liens, shown on table L.218, line 22.
(5) Includes loans extended by the Federal Reserve to financial institutions such as domestic hedge funds through the Term Asset-Backed Securities Loan Facility (TALF), shown on table L.108, line 15.
Z.1, December 10, 2009 65
L.101 Nonfinancial Business (1)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
2004
2005
2006
2007
2008
2009
Q1
Q2
Q3
Q4
Q1
Q2
Q3
1 Total financial assets
13072.2
14471.0
15747.5
17316.6
17443.9
17583.4
17655.7
17637.0
17578.0
17664.5
17692.8
1
2 Foreign deposits
53.7
60.6
49.3
50.3
53.1
20.3
28.3
30.5
22.0
38.0
40.4
2
3 Checkable deposits and currency
459.9
598.5
541.5
580.4
610.1
567.2
588.5
589.6
582.8
589.9
615.1
3
4 Time and savings deposits
718.4
801.9
880.0
851.3
820.4
877.6
869.0
846.2
838.3
861.7
908.1
4
5 Money market fund shares
393.5
440.4
512.9
650.6
708.3
741.9
738.9
777.6
787.8
776.5
785.9
5
6 Security RPs
6.4
14.6
15.5
8.1
7.2
8.3
4.9
7.5
6.7
8.0
9.2
6
7 Credit market instruments
382.7
436.5
424.6
353.1
263.2
258.4
239.9
242.8
247.3
255.8
249.8
7
8 Commercial paper
95.0
111.0
122.7
69.5
23.7
22.3
9.5
10.2
10.7
17.2
16.0
8
9 Treasury securities
83.3
106.9
100.6
97.7
86.7
89.1
87.0
90.0
98.6
102.6
101.5
9
10 Agency- and GSE-backed securities
12.2
18.8
16.4
12.8
8.6
9.1
8.1
9.0
5.5
10.6
10.9
10
11 Municipal securities
36.2
36.6
33.9
34.5
13.2
10.8
11.6
10.6
19.8
19.3
22.1
11
12 Mortgages
97.4
104.4
94.5
83.5
80.0
76.0
72.1
67.6
62.3
56.8
50.8
12
13 Consumer credit
58.6
58.8
56.7
55.3
51.0
51.1
51.6
55.3
50.5
49.3
48.5
13
14 Mutual fund shares
140.5
156.3
204.1
217.5
200.2
196.7
175.4
143.3
132.9
145.8
160.2
14
15 Trade receivables
2195.6
2540.0
2561.8
2782.0
2835.4
2879.4
2857.7
2708.9
2668.3
2684.3
2598.4
15
16 Miscellaneous assets
8721.4
9422.4
10557.8
11823.5
11945.9
12033.7
12153.0
12290.5
12291.9
12304.4
12325.8
16
17 Total liabilities
14060.2
15406.0
16632.3
18315.1
18556.7
18739.8
18848.8
19024.1
19013.7
18994.0
18883.8
17
18 Credit market instruments
7800.4
8482.9
9367.5
10626.3
10824.4
11025.3
11134.2
11172.3
11195.2
11157.2
11054.6
18
19 Commercial paper
97.8
90.1
112.5
123.8
140.0
139.8
146.5
131.5
106.9
86.2
73.0
19
20 Municipal securities
169.4
176.7
181.7
189.5
189.6
191.0
191.2
192.6
192.8
194.2
196.1
20
21 Corporate bonds
2975.5
3032.2
3247.8
3558.9
3604.2
3692.9
3716.0
3763.5
3908.3
4007.3
4072.8
21
22 Bank loans n.e.c.
1063.8
1188.5
1313.9
1547.2
1605.6
1645.9
1700.0
1721.8
1656.1
1570.9
1476.4
22
23 Other loans and advances
992.6
1112.0
1245.8
1560.4
1584.2
1613.6
1620.5
1594.0
1577.7
1571.7
1554.6
23
24 Mortgages
2501.3
2883.4
3265.8
3646.5
3700.8
3742.1
3760.0
3768.9
3753.3
3727.0
3681.6
24
25 Trade payables
1786.4
2035.1
2161.7
2272.8
2275.9
2247.0
2215.2
2150.1
2079.0
2032.1
1964.3
25
26 Taxes payable
166.0
179.8
181.1
135.3
155.7
139.3
145.8
140.6
141.2
133.5
130.3
26
27 Miscellaneous liabilities
4307.5
4708.2
4921.9
5280.6
5300.8
5328.2
5353.5
5561.0
5598.3
5671.2
5734.6
27
(1) Combined statement for nonfarm nonfinancial corporate business, nonfarm noncorporate business, and farm business.
66 Z.1, December 10, 2009
L.102 Nonfarm Nonfinancial Corporate Business
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
2004
2005
2006
2007
2008
2009
Q1
Q2
Q3
Q4
Q1
Q2
Q3
1 Total financial assets
10901.1
11861.7
12616.7
13704.8
13736.0
13819.7
13834.5
13804.6
13807.2
13968.2
14111.1
1
2 Foreign deposits
53.7
60.6
49.3
50.3
53.1
20.3
28.3
30.5
22.0
38.0
40.4
2
3 Checkable deposits and currency
178.4
252.4
134.8
122.1
142.0
94.6
111.8
111.3
112.0
128.2
167.4
3
4 Time and savings deposits
400.5
450.4
497.0
441.3
397.4
445.7
427.5
403.5
402.7
434.8
494.5
4
5 Money market fund shares
324.3
366.5
432.4
564.1
619.4
651.6
647.3
685.7
697.5
687.9
700.1
5
6 Security RPs
6.4
14.6
15.5
8.1
7.2
8.3
4.9
7.5
6.7
8.0
9.2
6
7 Credit market instruments
297.4
339.6
327.9
246.4
153.6
147.1
127.0
129.6
135.9
146.6
144.1
7
8 Commercial paper
95.0
111.0
122.7
69.5
23.7
22.3
9.5
10.2
10.7
17.2
16.0
8
9 Treasury securities
33.1
50.7
44.3
38.3
25.8
27.2
24.2
27.0
36.6
41.9
42.8
9
10 Agency- and GSE-backed securities
12.2
18.8
16.4
12.8
8.6
9.1
8.1
9.0
5.5
10.6
10.9
10
11 Municipal securities
31.8
32.1
28.1
29.2
7.8
5.3
6.0
5.0
14.3
13.9
16.9
11
12 Mortgages
66.6
68.3
59.8
41.4
36.8
32.2
27.5
22.9
18.3
13.7
9.1
12
13 Consumer credit
58.6
58.8
56.7
55.3
51.0
51.1
51.6
55.3
50.5
49.3
48.5
13
14 Mutual fund shares
140.5
156.3
204.1
217.5
200.2
196.7
175.4
143.3
132.9
145.8
160.2
14
15 Trade receivables
1831.3
2109.0
2090.9
2256.3
2295.6
2331.4
2301.2
2150.8
2119.5
2146.6
2077.7
15
16 Miscellaneous assets
7668.6
8112.4
8864.8
9798.7
9867.4
9924.0
10011.1
10142.3
10178.0
10232.1
10317.5
16
17 U.S. direct investment abroad (1)
2094.7
2205.7
2440.7
2800.0
2881.9
2970.3
3020.5
3005.1
3052.2
3098.1
3142.7
17
18 Insurance receivables
255.5
276.2
282.7
290.1
293.0
297.4
303.4
300.0
299.2
299.0
298.8
18
19 Equity in GSEs
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
19
20 Investment in finance company subs.
23.6
117.0
140.1
81.5
83.3
81.1
82.4
79.4
76.9
72.3
70.8
20
21 Other
5294.8
5513.5
6001.2
6627.0
6609.1
6575.1
6604.9
6757.8
6749.7
6762.7
6805.2
21
22 Total liabilities
10349.3
11145.3
11781.9
12872.6
12986.7
13101.9
13142.6
13301.1
13361.9
13423.9
13448.1
22
23 Credit market instruments
5172.2
5505.8
5967.7
6757.1
6870.1
7010.9
7077.0
7099.9
7174.0
7209.6
7201.2
23
24 Commercial paper
97.8
90.1
112.5
123.8
140.0
139.8
146.5
131.5
106.9
86.2
73.0
24
25 Municipal securities (2)
169.4
176.7
181.7
189.5
189.6
191.0
191.2
192.6
192.8
194.2
196.1
25
26 Corporate bonds (1)
2975.5
3032.2
3247.8
3558.9
3604.2
3692.9
3716.0
3763.5
3908.3
4007.3
4072.8
26
27 Bank loans n.e.c.
548.1
516.7
534.1
634.0
658.3
674.8
697.2
705.0
679.3
643.6
604.2
27
28 Other loans and advances (3)
817.8
927.1
1038.9
1334.8
1349.1
1370.0
1384.0
1355.4
1339.3
1336.0
1326.5
28
29 Mortgages
563.6
763.1
852.6
916.1
929.0
942.3
942.0
952.0
947.3
942.3
928.6
29
30 Trade payables
1499.9
1699.4
1813.0
1898.9
1877.3
1848.1
1801.2
1732.3
1664.5
1625.6
1567.1
30
31 Taxes payable
88.0
93.1
85.4
35.8
55.0
37.9
43.8
38.5
39.8
33.0
31.2
31
32 Miscellaneous liabilities
3589.2
3847.0
3915.8
4180.7
4184.3
4205.0
4220.7
4430.5
4483.6
4555.7
4648.6
32
33 Foreign direct investment in U.S.
1409.8
1549.4
1722.7
2041.4
2071.8
2148.0
2187.4
2264.0
2290.6
2304.8
2315.5
33
34 Pension fund contributions payable
46.6
44.8
42.8
47.2
47.7
48.2
47.9
47.9
48.8
49.9
51.6
34
35 Other
2132.8
2252.8
2150.3
2092.1
2064.8
2008.8
1985.3
2118.6
2144.2
2201.0
2281.4
35
Memo:
36 Trade receivables net of payables
331.3
409.6
277.9
357.4
418.3
483.3
500.1
418.6
455.0
521.0
510.6
36
37 Market value of equities
12088.6
12686.6
14592.9
15542.8
14237.1
14242.9
12641.3
9975.0
8934.4
10374.1
12081.3
37
38 Securities and mortgages
3708.5
3972.0
4282.1
4664.5
4722.8
4826.3
4849.2
4908.1
5048.4
5143.8
5197.5
38
39 Loans and short-term paper
1463.7
1533.9
1685.5
2092.6
2147.3
2184.6
2227.7
2191.8
2125.6
2065.8
2003.7
39
40 Total short-term liabilities (4)
3051.6
3326.3
3583.9
4027.4
4079.6
4070.7
4072.7
3962.5
3829.9
3724.4
3602.0
40
41 Total liquid assets (5)
1276.0
1513.2
1544.5
1553.1
1485.3
1481.1
1443.0
1433.2
1440.9
1526.5
1658.3
41
Analytical measures (percent)
42 Long-term debt/credit market debt
71.7
72.1
71.8
69.0
68.7
68.8
68.5
69.1
70.4
71.3
72.2
42
43 Short-term debt/credit market debt
28.3
27.9
28.2
31.0
31.3
31.2
31.5
30.9
29.6
28.7
27.8
43
44 Liquid assets/short-term liabilities
41.8
45.5
43.1
38.6
36.4
36.4
35.4
36.2
37.6
41.0
46.0
44
(1) Through 1992:Q4, corporate bonds include net issues by Netherlands Antillean financial subsidiaries, and U.S. direct investment abroad excludes net inflows from those bond issues.
(2) Industrial revenue bonds. Issued by state and local governments to finance private investment and secured in interest and principal by the industrial user of the funds.
(3) Loans from rest of the world, U.S. government, and nonbank financial institutions. Detail can be found on table L.216.
(4) Loans (except mortgages), short-term paper, taxes payable, and trade payables. Includes loans due in more than one year and excludes current maturities of bonds and mortgages.
(5) Sum of lines 2 through 6, lines 8 through 11, and line 14.
Z.1, December 10, 2009 67
L.103 Nonfarm Noncorporate Business
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
2004
2005
2006
2007
2008
2009
Q1
Q2
Q3
Q4
Q1
Q2
Q3
1 Total financial assets
2105.6
2541.8
3057.2
3533.1
3628.4
3683.5
3740.3
3750.8
3689.1
3614.4
3499.8
1
2 Checkable deposits and currency
259.2
323.1
381.6
431.4
441.1
445.3
449.2
450.5
443.0
433.9
419.9
2
3 Time and savings deposits
318.0
351.6
383.0
409.9
423.0
431.9
441.5
442.7
435.6
426.9
413.6
3
4 Money market fund shares
69.2
73.9
80.5
86.6
88.9
90.2
91.6
91.9
90.4
88.5
85.7
4
5 Treasury securities
50.2
56.2
56.3
59.3
60.9
61.9
62.8
63.0
62.0
60.7
58.8
5
6 Municipal securities
4.3
4.4
5.8
5.3
5.4
5.5
5.6
5.6
5.5
5.4
5.2
6
7 Mortgages
30.8
36.2
34.6
42.1
43.2
43.9
44.6
44.7
43.9
43.1
41.7
7
8 Consumer credit
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
8
9 Trade receivables
364.3
430.9
470.9
525.6
539.8
548.0
556.5
558.0
548.8
537.7
520.7
9
10 Miscellaneous assets
1009.5
1265.5
1644.4
1972.8
2026.0
2056.8
2088.5
2094.4
2059.9
2018.2
1954.2
10
11 Insurance receivables
60.5
65.3
66.9
68.6
69.3
70.0
71.4
70.7
70.5
70.5
70.4
11
12 Equity investment in GSEs (1)
2.0
1.8
1.9
2.2
2.2
2.3
2.3
2.3
2.3
2.2
2.1
12
13 Other
947.1
1198.4
1575.6
1902.0
1954.5
1984.5
2014.8
2021.4
1987.1
1945.5
1881.7
13
14 Total liabilities
3529.0
4064.3
4646.8
5228.4
5349.5
5410.9
5472.7
5483.0
5412.0
5330.7
5196.6
14
15 Credit market instruments
2455.3
2786.9
3195.6
3650.3
3745.3
3794.5
3841.0
3852.5
3803.6
3728.8
3635.6
15
16 Bank loans n.e.c.
468.0
621.9
726.6
857.7
894.7
914.1
944.5
958.2
921.7
870.0
813.3
16
17 Other loans and advances
145.3
149.5
163.9
174.9
195.9
202.3
204.6
208.0
207.0
205.8
201.5
17
18 Mortgages
1842.1
2015.5
2305.1
2617.7
2654.7
2678.2
2691.9
2686.3
2674.8
2653.0
2620.7
18
19 Trade payables
277.4
329.4
349.4
378.7
387.1
391.9
396.8
397.8
392.4
385.9
375.8
19
20 Taxes payable
78.0
86.7
95.7
99.5
100.6
101.3
102.0
102.2
101.4
100.5
99.1
20
21 Miscellaneous liabilities
718.2
861.2
1006.1
1099.9
1116.5
1123.2
1132.9
1130.5
1114.7
1115.5
1086.1
21
(1) Equity in the Farm Credit System.
L.104 Farm Business (1)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1 Total financial assets
65.5
67.5
73.7
78.8
79.5
80.2
80.9
81.6
81.7
81.9
82.0
1
2 Checkable deposits and currency
22.3
22.9
25.0
26.8
27.0
27.3
27.5
27.7
27.8
27.8
27.9
2
3 Miscellaneous assets
43.2
44.5
48.6
52.0
52.5
52.9
53.4
53.8
53.9
54.0
54.1
3
4 Insurance receivables
40.5
41.7
45.6
48.5
50.0
50.5
51.3
51.8
51.8
52.0
52.3
4
5 Equity investment in GSEs (2)
2.7
2.8
3.0
3.6
2.5
2.5
2.1
2.0
2.2
2.1
1.9
5
6 Total liabilities
181.9
196.4
203.6
214.1
220.5
227.0
233.5
240.0
239.7
239.5
239.2
6
7 Credit market instruments
172.9
190.1
204.3
218.9
209.0
219.9
216.3
219.9
217.6
218.8
217.8
7
8 Bank loans n.e.c.
47.7
49.9
53.2
55.5
52.7
57.0
58.3
58.7
55.0
57.2
58.9
8
9 Other loans and advances
29.5
35.4
43.0
50.7
39.2
41.3
31.9
30.6
31.4
29.9
26.6
9
10 Mortgages (3)
95.7
104.8
108.0
112.7
117.2
121.6
126.1
130.7
131.2
131.7
132.3
10
11 Trade payables
9.1
6.3
-0.7
-4.8
11.5
7.1
17.2
20.1
22.1
20.6
21.3
11
(1) Corporate and noncorporate farms.
(2) Equity in the Farm Credit System.
(3) Excludes mortgages on farm houses.
68 Z.1, December 10, 2009
L.105 State and Local Governments (1)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
2004
2005
2006
2007
2008
2009
Q1
Q2
Q3
Q4
Q1
Q2
Q3
1 Total financial assets
2029.5
2246.9
2460.7
2634.8
2619.9
2690.2
2665.7
2611.9
2553.4
2522.6
2556.2
1
2 Checkable deposits and currency
42.2
52.5
57.7
56.1
51.1
51.2
51.1
65.4
60.6
85.4
71.6
2
3 Time and savings deposits
170.6
183.3
209.5
245.7
246.8
242.6
246.3
264.8
277.9
267.1
272.7
3
4 Money market fund shares
66.6
71.7
78.5
83.5
83.2
86.1
85.7
84.2
82.5
81.6
80.9
4
5 Security RPs
131.2
141.2
154.6
164.3
163.8
169.5
168.8
165.8
162.4
160.7
164.2
5
6 Credit market instruments
1198.1
1352.0
1470.6
1512.0
1491.7
1474.3
1450.5
1410.8
1374.2
1332.5
1317.2
6
7 Open market paper
171.7
184.8
202.4
195.2
189.4
183.9
176.0
167.1
152.6
139.9
122.5
7
8 Treasury securities
389.1
481.4
516.9
531.5
521.6
513.4
499.3
483.1
477.9
488.4
502.5
8
9 Agency- and GSE-backed securities
373.2
401.6
439.9
454.6
451.0
447.2
435.3
426.7
416.9
392.2
372.7
9
10 Municipal securities
4.7
5.0
5.5
5.8
5.8
6.0
6.0
5.9
5.8
5.7
5.8
10
11 Corporate and foreign bonds
118.2
127.2
139.4
148.1
147.6
147.8
152.2
149.5
146.4
139.9
148.0
11
12 Mortgages
141.2
151.9
166.4
176.9
176.3
175.9
181.7
178.5
174.7
166.5
165.6
12
13 Corporate equities
90.0
96.8
106.0
112.7
112.3
116.2
115.8
98.7
96.4
95.2
97.6
13
14 Mutual fund shares
27.5
29.6
32.5
34.5
34.4
35.6
35.4
29.8
29.1
38.7
39.5
14
15 Trade receivables
134.4
144.7
158.5
168.4
167.9
173.7
173.0
169.9
166.4
164.7
168.3
15
16 Taxes receivable
99.6
141.0
189.0
237.5
248.0
259.8
269.0
269.8
274.5
276.8
286.0
16
17 Miscellaneous assets
69.3
34.0
3.7
20.1
20.8
81.3
70.0
52.6
29.6
19.9
58.3
17
18 Total liabilities
2132.8
2336.7
2522.3
2745.5
2777.6
2800.0
2813.2
2828.8
2865.9
2901.0
2924.3
18
19 Credit market instruments
1683.0
1854.7
2005.9
2191.8
2214.2
2226.4
2229.3
2235.1
2262.7
2288.1
2301.7
19
20 Municipal securities
1673.0
1844.1
1994.7
2179.9
2202.2
2214.2
2216.8
2222.4
2249.8
2275.0
2288.4
20
21 Short-term
100.2
105.9
102.8
120.1
120.9
114.5
121.9
132.1
132.6
121.6
135.0
21
22 Other
1572.8
1738.2
1891.9
2059.8
2081.3
2099.7
2094.9
2090.3
2117.2
2153.5
2153.5
22
23 U.S. government loans
10.0
10.6
11.2
11.9
12.0
12.2
12.5
12.7
12.9
13.1
13.2
23
24 Trade payables
449.9
482.0
516.4
553.7
563.5
573.6
583.9
593.7
603.2
612.9
622.7
24
(1) Data for employee retirement funds are shown in table L.119.
L.106 Federal Government
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1 Total financial assets
610.1
611.9
607.6
651.7
651.4
671.9
1019.0
1272.0
1292.9
1378.4
1479.0
1
2 Gold, SDRs, and official foreign exchange
54.5
35.3
34.5
36.4
39.3
39.0
37.6
41.9
40.4
46.0
97.3
2
3 Checkable deposits and currency
21.9
36.8
32.9
56.5
42.9
53.8
372.2
368.0
271.9
319.1
274.8
3
4 Time and savings deposits
2.4
1.4
1.7
2.8
3.8
1.8
2.9
1.6
1.7
1.6
1.9
4
5 Credit market instruments
275.9
275.0
281.2
287.8
293.1
298.0
307.1
374.3
458.7
554.4
639.6
5
6 Agency- and GSE-backed securities
0.0
0.0
0.0
0.0
0.0
0.0
3.3
54.4
111.4
164.7
195.6
6
7 Corporate and foreign bonds
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.4
0.5
7
8 Other loans and advances
114.4
107.4
108.0
105.8
105.4
106.4
106.8
111.8
126.6
150.5
174.3
8
9 Mortgages
75.4
77.8
81.5
83.6
84.1
87.1
90.1
97.1
98.0
103.4
111.2
9
10 Consumer credit (1)
86.1
89.8
91.7
98.4
103.5
104.6
106.9
111.0
122.7
135.4
157.8
10
11 Corporate equities (2)
0.0
0.0
0.0
0.0
0.0
0.0
0.0
188.7
219.8
151.5
156.7
11
12 Trade receivables
61.8
70.9
59.4
60.6
61.9
65.0
67.4
64.3
64.6
67.9
67.7
12
13 Taxes receivable
91.2
91.6
96.1
105.0
108.5
112.0
115.5
119.0
122.5
126.0
129.5
13
14 Miscellaneous assets
102.3
100.9
101.8
102.6
102.0
102.3
116.3
114.2
113.2
111.8
111.5
14
15 Total liabilities
5548.4
5940.6
6185.9
6529.6
6723.4
6698.0
7244.2
7849.5
8285.6
8633.9
9023.8
15
16 SDR certificates
2.2
2.2
2.2
2.2
2.2
2.2
2.2
2.2
2.2
2.2
5.2
16
17 Treasury currency
26.7
27.5
28.1
27.4
27.2
27.0
26.7
26.6
26.6
26.5
26.3
17
18 Credit market instruments
4395.0
4701.9
4885.3
5122.3
5322.6
5274.1
5800.6
6361.5
6826.9
7165.3
7544.0
18
19 Savings bonds
204.4
205.1
202.4
196.4
195.3
194.9
194.2
194.0
193.9
193.5
192.4
19
20 Other Treasury securities
4166.3
4472.9
4659.4
4902.8
5103.8
5055.7
5583.4
6144.2
6610.5
6949.6
7328.4
20
21 Budget agency securities
24.3
23.8
23.5
23.1
23.5
23.5
23.1
23.3
22.5
22.3
23.2
21
22 Multifamily residential mortgages
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
22
23 Trade payables
169.0
202.7
208.9
238.1
247.5
262.1
256.9
229.3
226.4
230.4
221.9
23
24 Insurance reserves
41.6
42.7
44.2
45.4
45.3
45.8
45.7
46.4
46.3
46.9
46.9
24
25 Miscellaneous liabilities (3)
913.9
963.7
1017.2
1094.2
1078.7
1086.7
1112.0
1183.5
1157.1
1162.5
1179.5
25
26 Nonmarketable securities held by pension plans
855.9
882.9
918.7
952.0
936.9
943.5
962.3
1015.3
993.2
997.6
1013.5
26
27 Other
58.0
80.7
98.6
142.2
141.8
143.2
149.7
168.3
163.9
165.0
166.0
27
(1) Student loans.
(2) Corporate equities purchased from financial businesses under the Troubled Assets Relief Program (TARP) and from GSEs at market price.
(3) 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.
Z.1, December 10, 2009 69
L.107 Rest of the World
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
2004
2005
2006
2007
2008
2009
Q1
Q2
Q3
Q4
Q1
Q2
Q3
1 Total financial assets
10523.4
11516.0
13964.9
16090.7
16395.9
16496.3
16703.6
15138.3
15058.1
15030.4
15051.7
1
2 Net interbank assets
118.3
106.0
96.7
-56.9
-161.4
-119.6
4.5
378.6
174.2
0.8
129.4
2
3 U.S. checkable deposits and currency
285.3
300.1
311.6
306.1
316.0
312.6
327.6
361.4
355.2
353.2
356.2
3
4 U.S. time deposits
149.2
155.9
167.4
207.6
229.1
232.1
226.8
252.8
228.6
225.3
219.0
4
5 Money market fund shares
22.9
23.0
27.0
46.0
53.1
60.3
60.5
60.6
60.8
61.0
61.1
5
6 Security RPs
665.1
713.3
1029.0
1109.1
1107.7
991.0
897.0
584.2
582.5
583.3
555.7
6
7 Credit market instruments
4634.7
5191.3
6200.1
7272.5
7402.4
7579.6
7606.2
7590.7
7673.0
7721.2
7733.9
7
8 Open market paper
229.8
239.6
287.6
278.1
280.8
276.8
253.3
232.9
220.4
201.0
195.2
8
9 Treasury securities
1813.6
1984.4
2126.2
2376.4
2498.5
2593.7
2790.2
3210.6
3382.7
3483.4
3583.9
9
10 Official
1251.9
1340.6
1558.3
1736.7
1842.7
1918.9
2035.4
2325.7
2444.0
2567.5
2693.0
10
11 Private
561.6
643.8
567.9
639.7
655.8
674.8
754.8
885.0
938.7
915.9
890.9
11
12 Agency- and GSE-backed securities
875.2
1012.9
1262.3
1582.4
1606.1
1631.1
1535.7
1429.2
1370.1
1361.5
1318.9
12
13 Official
372.6
487.2
694.2
954.3
1022.3
1103.9
1082.3
979.3
972.4
964.9
918.4
13
14 Private
502.6
525.7
568.1
628.1
583.7
527.1
453.4
449.9
397.7
396.6
400.4
14
15 Municipal securities
26.0
29.0
34.4
45.1
48.2
51.4
38.0
41.0
40.0
45.6
53.5
15
16 U.S. corporate bonds (1)
1558.9
1762.9
2320.8
2719.1
2718.0
2786.1
2762.6
2472.7
2461.1
2433.6
2399.6
16
17 Loans to U.S. corporate business
131.2
162.5
168.8
271.5
250.7
240.5
226.5
204.3
198.8
196.1
182.8
17
18 U.S. corporate equities
1904.6
2039.1
2448.1
2812.2
2595.3
2551.7
2329.7
1775.0
1566.1
1855.7
2207.0
18
19 Mutual fund shares
195.8
242.0
316.8
373.5
352.0
357.3
318.8
262.0
246.2
282.3
321.4
19
20 Trade receivables
49.0
56.9
62.8
83.5
94.3
100.1
102.0
89.6
87.2
92.8
95.7
20
21 Security credit
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
21
22 Miscellaneous assets
2498.5
2688.4
3305.7
3937.1
4407.3
4431.2
4830.5
3783.3
4084.4
3854.7
3372.2
22
23 Foreign direct investment in U.S. (2)
1742.7
1906.0
2154.1
2450.1
2508.9
2611.8
2677.0
2646.8
2669.6
2698.0
2723.5
23
24 Other
755.8
782.4
1151.6
1486.9
1898.4
1819.4
2153.6
1136.5
1414.8
1156.7
648.6
24
25 Total liabilities
5856.0
6488.4
7467.2
8357.6
8912.2
8909.4
10056.0
8321.0
8439.1
7511.6
6955.0
25
U.S. official foreign exchange
26 and net IMF position
62.2
45.9
46.0
50.0
54.8
54.9
51.4
57.3
54.8
61.0
65.3
26
27 U.S. private deposits
957.0
997.8
1085.0
1349.1
1240.3
1137.0
1063.4
996.2
927.8
842.7
811.2
27
28 Credit market instruments
1438.8
1513.9
1882.6
2126.3
2201.9
2227.7
2097.7
1864.4
1896.4
1951.1
2024.9
28
29 Commercial paper
345.3
384.0
482.3
413.0
460.3
470.6
401.1
342.0
344.8
345.7
396.6
29
30 Bonds
985.0
1011.6
1275.5
1587.1
1607.1
1625.4
1559.9
1392.9
1427.3
1482.5
1507.2
30
31 Bank loans n.e.c.
69.9
84.4
98.3
102.8
111.7
109.4
114.8
107.9
103.1
101.6
99.6
31
32 Official
5.5
2.6
1.9
1.9
2.0
3.1
2.3
2.6
2.6
2.9
3.4
32
33 Banks
13.4
18.1
21.9
30.2
37.8
36.8
40.8
33.0
29.3
26.7
27.9
33
34 Other
51.0
63.7
74.4
70.8
71.9
69.5
71.6
72.4
71.3
72.0
68.3
34
35 U.S. government loans
38.3
33.7
26.4
23.1
22.7
22.2
21.9
21.6
21.2
21.4
21.4
35
36 Acceptance liabilities to banks
0.3
0.2
0.2
0.3
0.2
0.2
0.0
0.0
0.0
0.0
0.0
36
37 Trade payables
48.2
54.5
60.7
73.1
70.5
69.3
67.6
63.2
60.8
65.2
60.2
37
38 Security debt
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
38
39 Miscellaneous liabilities
3349.9
3876.4
4392.9
4759.1
5344.7
5420.5
6776.0
5340.0
5499.2
4591.6
3993.5
39
40 U.S. equity in IBRD, etc.
42.0
43.2
45.3
46.9
47.0
48.1
48.2
48.3
48.4
49.7
50.9
40
41 Nonofficial foreign currencies
2.8
0.6
0.6
24.5
21.5
62.5
288.7
554.2
310.4
115.0
57.2
41
42 U.S. direct investment abroad (1,2)
2498.5
2651.7
2948.2
3451.5
3548.7
3655.6
3716.5
3698.8
3745.3
3793.7
3838.9
42
43 Other
806.7
1180.9
1398.9
1236.2
1727.5
1654.3
2722.6
1038.7
1395.1
633.1
46.4
43
Memo:
44 Market value of foreign equities
2560.4
3317.7
4329.0
5248.0
4799.8
4760.3
3703.6
2851.4
2552.0
3265.6
3940.9
44
held by U.S. residents (3)
(1) Through 1992:Q4, corporate bonds include net issues by Netherlands Antillean financial subsidiaries; U.S. direct investment abroad excludes net inflows from those bond issues.
(2) Direct investment is valued on a current-cost basis.
(3) Includes American Depositary Receipts (ADRs).
70 Z.1, December 10, 2009
L.108 Monetary Authority (1)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
2004
2005
2006
2007
2008
2009
Q1
Q2
Q3
Q4
Q1
Q2
Q3
1 Total financial assets
841.3
878.7
908.2
951.3
932.4
952.0
1541.4
2270.6
2117.3
2038.3
2180.0
1
2 Gold and foreign exchange
32.3
29.9
31.4
34.2
36.5
36.7
34.3
35.7
34.5
35.5
37.0
2
3 SDR certificates
2.2
2.2
2.2
2.2
2.2
2.2
2.2
2.2
2.2
2.2
5.2
3
4 Treasury currency
36.4
36.5
38.2
38.7
38.7
38.7
38.7
38.7
42.3
42.4
42.6
4
5 Federal Reserve float
0.9
0.9
-0.3
-0.0
-0.6
-0.6
-1.0
-1.5
-3.1
-2.8
-2.5
5
6 Federal Reserve loans to domestic banks
0.0
0.1
0.1
48.6
111.3
174.2
300.1
559.7
540.8
328.5
207.2
6
7 Discount window (2)
0.0
0.1
0.1
48.6
111.3
174.2
200.0
544.0
536.4
318.7
207.2
7
8 AMLF (3)
0.0
0.0
0.0
0.0
0.0
0.0
100.0
15.7
4.5
9.8
0.1
8
9 Security RPs
33.0
46.8
40.8
46.5
76.0
114.5
83.0
80.0
0.0
0.0
0.0
9
10 Credit market instruments
717.8
744.2
778.9
740.6
631.0
509.1
780.9
986.0
1168.1
1469.5
1776.6
10
11 Open market paper
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
11
12 Treasury securities
717.8
744.2
778.9
740.6
591.2
478.8
476.6
475.9
492.3
656.5
769.2
12
13 Agency- and GSE-backed securities
0.0
0.0
0.0
0.0
0.0
0.0
14.5
19.7
287.0
559.1
823.5
13
14 Bank loans n.e.c.
0.0
0.0
0.0
0.0
39.7
30.3
289.8
490.4
388.8
253.9
183.9
14
15 Households (TALF) (4)
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
4.7
25.1
42.7
15
16 Rest of world
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
16
17 Brokers and dealers (5)
0.0
0.0
0.0
0.0
39.7
1.5
199.7
45.5
20.4
5.1
0.0
17
18 Funding corporations (Maiden Lane) (6)
0.0
0.0
0.0
0.0
0.0
28.8
29.0
29.1
29.1
29.2
29.2
18
19 Funding corporations (AIG)
0.0
0.0
0.0
0.0
0.0
0.0
61.1
38.9
46.0
43.5
38.7
19
20 Funding corporations (Maiden Lane II) (7)
0.0
0.0
0.0
0.0
0.0
0.0
0.0
19.5
18.6
17.7
16.8
20
21 Funding corporations (Maiden Lane III)(8)
0.0
0.0
0.0
0.0
0.0
0.0
0.0
24.4
24.2
22.6
19.9
21
22 Funding corporations (CPFF) (9)
0.0
0.0
0.0
0.0
0.0
0.0
0.0
333.0
245.8
110.8
36.6
22
23 Miscellaneous assets
18.6
18.1
17.0
40.5
37.3
77.2
303.2
569.8
332.5
163.0
114.0
23
24 Nonofficial foreign currencies (10)
0.0
0.0
0.0
24.0
21.0
62.0
288.3
553.7
309.9
114.6
56.8
24
25 Other
18.6
18.1
17.0
16.5
16.3
15.2
15.0
16.1
22.6
48.4
57.2
25
26 Total liabilities
829.6
865.7
892.9
932.8
910.6
930.7
1519.5
2249.6
2093.4
2013.9
2153.8
26
27 Depository institution reserves
24.0
19.0
18.7
20.8
24.2
33.5
222.1
860.0
805.2
660.5
848.1
27
28 Vault cash of commercial banks
41.5
50.1
51.7
55.0
45.4
45.7
48.0
57.7
50.3
51.1
50.8
28
29 Checkable deposits and currency
720.8
750.8
774.3
792.1
775.9
786.3
1149.3
1220.3
1142.8
1196.6
1154.3
29
30 Due to federal government
6.2
4.8
5.0
16.4
5.9
5.3
332.7
365.7
267.4
316.2
273.6
30
31 Treasury cash holdings
0.3
0.2
0.3
0.3
0.3
0.3
0.3
0.3
0.3
0.3
0.3
31
32 Treasury general deposit account
5.9
4.6
4.7
16.1
5.6
5.0
33.0
106.1
67.2
116.0
108.3
32
33 Treasury temporary supplementary financing account
0.0
0.0
0.0
0.0
0.0
0.0
299.5
259.3
199.9
199.9
164.9
33
34 Due to rest of the world
0.1
0.1
0.1
0.1
0.1
0.2
0.1
1.4
1.2
1.8
1.9
34
35 Due to government-sponsored enterprises
1.1
2.0
0.8
1.7
0.1
0.1
26.2
21.1
20.9
20.0
15.9
35
36 Currency outside banks
713.3
743.9
768.5
773.9
769.8
780.7
790.3
832.2
853.4
858.6
863.0
36
37 Security RPs
30.8
30.5
29.6
44.0
44.1
43.8
77.9
88.4
70.6
72.7
68.9
37
38 Miscellaneous liabilities
12.5
15.3
18.5
21.0
21.0
21.4
22.2
23.1
24.5
33.0
31.7
38
39 Federal Reserve Bank stock
11.9
13.5
15.3
18.5
19.5
19.9
20.3
21.1
22.6
24.2
24.9
39
40 Other
0.6
1.8
3.2
2.5
1.5
1.5
1.9
2.1
1.9
8.8
6.8
40
(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.
(2) Loans extended to domestic banks through term auction credit, primary credit, secondary credit, and seasonal credit.
(3) Loans extended to domestic banks through the Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility (AMLF).
(4) Loans extended to financial institutions such as domestic hedge funds through the Term Asset-Backed Securities Loan Facility (TALF).
(5) Loans extended through the Federal Reserve’s Primary Dealer Credit Facility (PDCF) and the AMLF.
(6) Loan extended by the Federal Reserve to Maiden Lane LLC to facilitate the arrangements associated with JPMorgan Chase & Co.’s acquisition of Bear Stearns Companies, Inc.
(7) Loan extended by the Federal Reserve to Maiden Lane II LLC to purchase residential mortgage-backed securities from the U.S. securities lending reinvestment portfolio of AIG subsidiaries.
(8) Loan extended by the Federal Reserve to Maiden Lane III LLC to purchase CDOs on which AIG has written credit default swap contracts.
(9) Loan extended by the Federal Reserve to Commercial Paper Funding Facility LLC.
(10) Reciprocal currency arrangements (swap lines) with foreign central banks.
Z.1, December 10, 2009 71
L.109 Commercial Banking (1)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
2004
2005
2006
2007
2008
2009
Q1
Q2
Q3
Q4
Q1
Q2
Q3
1 Total financial assets
9057.8
9843.7
10821.0
11809.5
12152.1
12289.5
13061.7
14004.8
14466.9
14214.7
14166.6
1
2 Vault cash
41.5
50.1
51.7
55.0
45.4
45.7
48.0
57.7
50.3
51.1
50.8
2
3 Reserves at Federal Reserve
20.8
16.3
16.7
18.2
21.1
30.2
214.0
816.3
731.7
584.4
790.0
3
4 Checkable deposits and currency
3.5
3.0
2.9
2.6
2.6
2.7
2.6
3.2
4.3
3.3
2.7
4
5 Total bank credit
6851.5
7546.6
8402.1
9186.6
9261.8
9311.4
9722.4
9672.4
9551.9
9519.0
9296.3
5
6 Open market paper
0.0
0.0
0.0
0.0
0.0
0.0
100.0
15.7
4.5
9.8
0.1
6
7 Treasury securities
107.8
97.0
94.9
112.3
109.7
97.5
117.2
93.2
117.1
123.7
179.2
7
8 Agency- and GSE-backed securities
1095.1
1089.6
1135.6
1022.3
1016.2
1095.7
1080.0
1169.4
1175.4
1221.3
1185.8
8
9 Municipal securities
140.8
157.7
180.2
192.9
203.7
203.6
224.1
216.7
214.8
219.7
218.0
9
10 Corporate and foreign bonds
563.6
687.0
780.3
978.2
992.0
964.6
956.0
979.9
957.4
939.0
947.3
10
11 Bank loans n.e.c.
1410.1
1577.9
1704.8
2026.9
2102.0
2136.7
2220.1
2230.3
2124.0
2029.4
1864.0
11
12 Mortgages
2595.6
2958.0
3403.1
3644.4
3684.5
3660.7
3853.4
3841.4
3853.3
3897.6
3795.5
12
13 Consumer credit
704.3
707.0
741.2
804.1
796.3
813.0
844.1
878.6
850.7
837.8
832.7
13
14 Security credit
195.8
230.7
302.2
334.5
297.2
281.4
284.3
221.0
216.6
194.1
222.5
14
15 Corporate equities
20.3
24.1
35.3
41.5
33.7
32.6
23.2
6.7
4.5
10.5
20.5
15
16 Mutual fund shares
18.1
17.4
24.5
29.6
26.4
25.5
20.0
19.6
33.5
36.0
30.7
16
17 Customers’ liab. on acceptances (2)
4.0
4.0
0.4
0.5
0.3
0.3
0.0
0.0
0.0
0.0
0.0
17
18 Miscellaneous assets
2136.4
2223.7
2347.2
2546.6
2820.8
2899.3
3074.7
3455.1
4128.7
4056.9
4026.7
18
19 Total liabilities
8099.3
8689.2
9467.5
10401.5
10718.5
10814.1
11364.2
12131.2
12362.3
12142.0
12201.7
19
20 Net interbank liabilities
146.7
132.2
119.7
13.5
-36.1
62.4
248.2
643.5
444.0
143.0
77.9
20
21 To monetary authority
1.0
1.0
-0.3
48.6
110.7
173.6
299.1
558.2
537.7
325.7
204.7
21
22 To domestic banks (3)
27.4
25.2
23.3
21.8
14.6
8.5
-55.4
-293.3
-267.9
-183.5
-256.2
22
23 To foreign banks
118.3
106.0
96.7
-56.9
-161.4
-119.6
4.5
378.6
174.2
0.8
129.4
23
24 Checkable deposits
646.7
610.3
574.4
587.7
590.3
586.8
639.1
729.1
666.6
729.4
736.0
24
25 Federal government
26.9
33.9
28.0
42.9
42.9
50.2
41.5
3.5
4.3
4.0
3.7
25
26 Rest of the world
13.2
19.7
28.8
34.1
37.2
33.5
42.7
58.9
41.1
40.5
39.1
26
27 Private domestic
606.6
556.8
517.6
510.7
510.2
503.1
554.9
666.7
621.2
684.9
693.1
27
28 Small time and savings deposits
3258.7
3527.1
3814.7
4077.7
4194.0
4188.8
4405.7
4619.1
4753.6
4777.9
4863.2
28
29 Large time deposits
1120.6
1363.7
1627.7
1925.3
1990.1
1973.3
2042.8
1827.7
1763.7
1770.0
1784.0
29
30 Federal funds and security RPs (net)
727.4
817.7
888.2
838.5
808.1
757.7
715.3
482.8
468.7
622.1
655.5
30
31 Credit market instruments
738.7
823.9
998.0
1261.2
1312.9
1394.2
1460.5
1422.0
1724.9
1720.8
1685.1
31
32 Open market paper
57.2
61.2
79.3
117.2
116.1
130.6
115.8
77.7
56.1
51.9
55.6
32
33 Corporate bonds
437.4
494.1
570.1
688.7
723.9
781.2
732.6
818.0
1211.0
1216.4
1225.4
33
34 Other loans and advances
244.1
268.5
348.5
455.2
472.9
482.4
612.1
526.3
457.8
452.5
404.1
34
35 Taxes payable (net)
33.6
25.8
24.7
11.1
0.2
-12.3
-29.7
-74.6
-72.6
-80.9
-65.9
35
36 Miscellaneous liabilities
1426.8
1388.5
1420.3
1686.6
1859.0
1863.1
1882.3
2481.6
2613.3
2459.7
2466.0
36
Memo:
37 Credit market funds advanced (4)
6621.2
7278.4
8040.5
8781.6
8904.8
8972.2
9394.9
9425.1
9297.3
9278.3
9022.6
37
38 Consumer leases not included above (5)
0.0
0.0
0.0
11.2
11.2
10.7
9.8
9.5
9.1
8.1
7.3
38
(1) U.S.-chartered commercial banks, foreign banking offices in U.S., bank holding companies, and banks in U.S.-affiliated areas. IBFs are excluded from domestic banking and treated the
same as branches in foreign countries.
(2) Included in other loans and advances (table L.216).
(3) Floats and discrepancies in interbank transactions.
(4) Total bank credit (line 5) less security credit (line 14) less corporate equities (line 15) less mutual fund shares (line 16) plus customers’ liability on acceptances (line 17).
(5) 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.
72 Z.1, December 10, 2009
L.110 U.S.-Chartered Commercial Banks
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
2004
2005
2006
2007
2008
2009
Q1
Q2
Q3
Q4
Q1
Q2
Q3
1 Total financial assets
6865.1
7392.5
8189.5
8840.8
9030.9
9054.9
9786.1
10247.7
10036.5
9987.5
9924.6
1
2 Vault cash and reserves at Federal Reserve
61.6
65.5
67.8
72.2
65.4
75.2
227.9
635.1
568.4
490.0
611.5
2
3 Total bank credit
6118.0
6621.3
7320.5
7883.7
7969.1
8032.2
8467.5
8382.9
8320.6
8390.6
8212.7
3
4 Open market paper
0.0
0.0
0.0
0.0
0.0
0.0
100.0
15.7
4.5
9.8
0.1
4
5 Treasury securities
74.2
64.2
61.9
73.0
64.1
49.5
71.5
53.4
71.0
82.7
119.0
5
6 Agency- and GSE-backed securities
996.1
992.7
1040.3
928.9
923.2
985.7
991.3
1068.7
1085.4
1136.8
1106.5
6
7 Mortgage pass-through securities
581.7
579.0
647.8
592.8
616.8
676.7
697.9
744.9
730.2
765.1
700.5
7
8 CMOs and other structured MBS
156.7
152.3
147.2
142.8
148.2
146.0
146.4
157.1
166.9
173.5
192.0
8
9 Other
257.7
261.5
245.3
193.3
158.2
163.0
147.0
166.7
188.4
198.2
214.0
9
10 Municipal securities
140.4
157.2
178.9
190.9
201.7
201.4
221.8
214.1
211.8
217.3
214.6
10
11 Corporate and foreign bonds
364.6
411.6
470.7
572.4
572.0
566.3
560.1
542.0
572.9
603.7
624.1
11
12 Private mortgage pass-through securities
18.9
23.9
32.7
48.2
50.1
43.5
38.7
23.8
22.5
25.8
27.2
12
13 Private CMOs and other structured MBS
108.0
146.2
158.8
223.7
240.8
237.3
245.8
222.2
214.0
209.8
205.9
13
14 Other
237.7
241.5
279.1
300.5
281.1
285.5
275.6
296.0
336.4
368.1
391.0
14
15 Bank loans n.e.c.
1150.5
1249.3
1312.2
1532.9
1590.2
1622.1
1687.0
1670.8
1580.7
1523.3
1395.0
15
16 Mortgages
2547.3
290
