F E D E R A L RE S E R V E S T A T I S T I C A L RE L E A S E

RFor use at 12:00 p.m., eastern time

June 5, 2014

Z.1

Financial Accounts 

of the United States

Flow of Funds, Balance Sheets,

and Integrated Macroeconomic Accounts

First Quarter 2014

B O A R D O F G O V E R N O R S O F T H E F E D E R A L R E S E R V E S Y S T E M

Z.1

Financial Accounts 

of the United States

Flow of Funds, Balance Sheets,

and Integrated Macroeconomic Accounts

First Quarter 2014

B O A R D O F G O V E R N O R S O F T H E F E D E R A L R E S E R V E S Y S T E M

F E D E R A L RE S E R V E S T A T I S T I C A L RE L E A S E

i

Household Net Worth and Growth of Domestic Nonfinancial Debt

Year

Household 

net worth1

Growth of domestic nonfinancial debt2

Total Households Business

State and 

local govts. Federal

2004 56,581 9.3 11.1 6.8 11.4 9.0

2005 62,604 9.2 11.2 9.0 5.8 7.0

2006 67,392 8.8 10.2 10.9 3.9 3.9

2007 67,832 8.7 7.0 13.7 5.5 4.9

2008 57,198 6.4 1.1 6.3 0.6 24.2

2009 58,981 3.7 -0.1 -2.1 4.0 22.7

2010 63,364 4.7 -1.1 1.5 2.3 20.2

2011 64,692 4.2 -0.2 4.8 -1.7 11.4

2012 70,815 5.4 1.5 6.3 -0.2 10.9

2013 80,274 4.5 1.5 7.1 -1.3 6.5

2012: Q1 67,122 5.5 1.0 4.7 0.4 13.5

Q2 67,183 5.8 2.7 5.3 2.9 11.0

Q3 69,424 3.8 0.8 5.2 -0.2 7.1

Q4 70,815 6.1 1.5 9.4 -3.8 10.4

2013: Q1 73,784 4.8 0.6 4.9 2.4 10.1

Q2 75,258 3.7 1.6 7.6 1.1 2.5

Q3 77,619 3.9 3.5 8.5 -3.9 1.5

Q4 80,274 5.2 0.2 6.6 -4.9 11.6

2014: Q1 81,764 5.0 2.0 7.3 -0.7 7.1

1. Shown on table B.100, which includes nonprofit organizations. Billions of dollars; amounts outstanding end of period, not 

 seasonally adjusted

2. Percentage changes calculated as seasonally adjusted flow divided by previous quarter’s seasonally adjusted level, shown 

 at an annual rate.

The net worth of households and nonprofits was 

$81.8 trillion at end of the first quarter this year, about 

$1.5 trillion more than at end of 2013. In the first 

quarter, the value of directly and indirectly held 

corporate equities increased $361 billion and the value 

of real estate expanded $751 billion.

Domestic nonfinancial debt outstanding was $42.6

trillion at the end of the first quarter of 2014, of which 

household debt was $13.2 trillion, nonfinancial business 

debt was $13.9 trillion, and total government debt was 

$15.5 trillion.

Domestic nonfinancial debt growth2 was 5 percent at a 

seasonally adjusted annual rate in the first quarter of 

2014, about 1⁄4 percentage point less than in the fourth 

quarter of 2013.

Household debt edged up at an annual rate of 2 percent 

in the first quarter (excluding charge-offs of home 

mortgages). Net originations of home mortgages 

continued to be weak, while consumer credit continued 

to grow at the pace of the previous two years.

Nonfinancial business debt rose at an annual rate of 7.3 

percent in the first quarter, after a 6.6 percent increase in 

the fourth quarter. As in recent years, corporate bonds 

accounted for most of the increase.

State and local government debt declined at an annual 

rate of 0.7 percent in the first quarter, after declining at a 

4.9 percent rate in the fourth quarter. 

Federal government debt rose at an annual rate of 7.1

percent in the first quarter, a bit slower than the pace of 

growth in the fourth quarter.

Recent Developments in Household Net Worth and 

Domestic Nonfinancial Debt

iii

Topic Description

Federal funds and security 

repurchase agreements 

Additional detail on federal funds and security repurchase 

agreements is now available on the instrument tables F.207 and 

L.207 and the sector tables for U.S.-chartered depository 

institutions (F.110 and L.110), foreign banking offices in U.S. 

(F.111 and L.111), credit unions (F.113 and L.113), and security 

brokers and dealers (F.128 and L.128). On these tables, federal 

funds and security repurchase agreements, previously reported 

as net liabilities, are now reported separately as assets and 

liabilities. In addition to changes in presentation, the data have 

been revised to reflect methodological improvements as well. In 

particular, while transactions between depository institutions 

were previously netted out, this instrument category now 

includes all federal funds and security repurchase agreement 

transactions, regardless of counterparty. 

Security credit Data for the security credit instrument category (tables F.224 

and L.224) have been revised to reflect methodological 

improvements. In particular, depository institutions’ security 

credit assets no longer include security repurchase agreement 

transactions with security brokers and dealers, as these are now 

included in the instrument category federal funds and security 

repurchase agreements. The methodology for the security 

credit of security brokers and dealers and households has also 

been improved. In addition, security credit of the rest of the 

world sector, which was discontinued in 1976:Q1, is no longer 

shown.

Home mortgage loan charge-offs A memo item for total home mortgage loan charge-offs is now 

shown on the home mortgage instrument table (table F.218). 

Charge-offs are now excluded from home mortgage loan flows 

and are instead accounted for as other changes in volume. Data 

begin 2007:Q1. 

U.S.-chartered depository 

institutions 

As of this publication, separate series for U.S.-chartered 

commercial banks and savings institutions are no longer 

available in the online Federal Reserve Data Download Program 

(DDP). 

Nonfinancial corporate business 

benchmark

Assets of the nonfinancial corporate business sector (tables 

F.102, L.102, B.102, and R.102) have been revised from 

2012:Q1 forward, to reflect new advance data from the Internal 

Revenue Service (IRS) Statistics of Income (SOI) for 2012.

Nonfinancial noncorporate business 

benchmark

Data for the noncorporate business sector (tables F.103, L.103, 

B.103, and R.103) have been revised from 2011:Q1 forward to 

reflect new 2011 benchmark statistics from the Internal Revenue 

Service (IRS) Statistics of Income (SOI).

Release Highlights

First Quarter 2014
iv
v

Financial Accounts of the United States

The Financial Accounts of the United States (previously 

referred to as the Flow of Funds Accounts) are

organized into the following sections:

■ Matrices summarizing flows and levels across 

sectors, and tables summarizing credit market 

borrowing, gross domestic product (GDP), 

national income, saving, and so on

■ Flow of funds, by sector and financial 

instrument 

■ Levels of financial assets and liabilities, by 

sector and financial instrument

■ Balance sheets, including nonfinancial assets,

and changes in net worth for households and 

nonprofit organizations, nonfinancial corporate 

businesses, and nonfinancial noncorporate 

businesses

■ Supplementary tables providing additional 

detail on selected sectors

■ Integrated Macroeconomic Accounts

The Integrated Macroeconomic Accounts (IMA) relate 

production, income, saving, and capital formation from 

the national income and product accounts (NIPA) to 

changes in net worth from the FA on a sector-by-sector 

basis. The IMA are published jointly by the Federal 

Reserve Board and the Bureau of Economic Analysis

and are based on international guidelines and 

terminology as defined in the System of National 

Accounts (SNA1993, revised in 2008). 

Federal Reserve Board staff have taken many steps over 

the past several years to conform the Financial Accounts

with the SNA guidelines. Nonetheless, a few important 

differences remain. In particular, in the Financial 

Accounts:

■ The purchase of consumer durables is treated as 

investment rather than as consumption.

■ Nonfinancial noncorporate business (which are 

often small businesses) are shown in a separate 

sector rather than being included in the 

household sector.

■ Most debt securities are recorded at book value 

rather than market value.

Concepts of Level and Flow in the SNA 

and the Financial Accounts

The level of an asset or liability (also referred to as the 

stock or outstanding) measures the value of the asset or

liability in existence at a point in time. In the Financial 

Accounts, the levels are reported as of the end of each

calendar quarter. In the SNA2008, the change in the

level from one period to the next is called the “economic 

flow”, and can be decomposed into three broad 

elements: transactions, which measure the exchange of 

assets; revaluations, which measure changes in market 

value of untraded assets; and other changes in volume, 

which measure discontinuities or breaks in time series 

due to disaster losses or a change in source data or 

definition.

In the Financial Accounts, “flow of funds” refers to the 

exchange of assets, corresponding to the SNA definition 

of transactions, that is, “flow tables” in the Financial 

Accounts are equivalent to “transaction tables” in the 

SNA terminology. In practice, other volume changes 

are relatively rare, and revaluations only occur for series 

carried at market value (such as corporate equities and 

mutual fund shares), so for many series the change in the 

level is equal to the flow. 

Growth Rates

Growth rates calculated from levels will include 

revaluations and other changes in volume. To isolate 

the effect of transactions on growth of a given asset or 

liability, users should calculate the ratio of the flow in a 

given period to the level in the preceding period. 

Growth rates in table D.1 are calculated by dividing 

seasonally adjusted flows from table D.2 by seasonally 

adjusted levels at the end of the previous period from 

table D.3. Growth rates calculated from changes in 

unadjusted levels printed in table L.2 may differ from 

those in table D.1.

Seasonal Adjustment

Seasonal factors are recalculated and updated every 

year, and these revised factors are first published in the 

September release of second-quarter data. All series that 

exhibit significant seasonal patterns are adjusted. The 

seasonal factors are generated using the X-12-ARIMA 

seasonal adjustment program from the U.S. Census 

Bureau, estimated using the most recent 10 years of 

data. Because the effects of the recent financial crisis

resulted in large outliers in some series that would have 

distorted the estimated seasonal factors, seasonal factors 

for some series were extrapolated using pre-crisis data. 

Seasonally adjusted levels shown in table D.3 are 

derived by carrying forward year-end levels by 

seasonally adjusted flows.

Explanatory Notes
vi

Data Revisions

Data shown for the most recent quarters are based on 

preliminary and potentially incomplete information. A 

summary list of the most recent data available for each 

sector is provided in a table following these notes. 

Nonetheless, when source data are revised or estimation 

methods are improved, all data are subject to revision. 

There is no specific revision schedule; rather, data are 

revised on an ongoing basis. In each release of the 

Financial Accounts, major revisions are highlighted at 

the beginning of the publication.

Discrepancies

The data in the Financial Accounts come from a large 

variety of sources and are subject to limitations and 

uncertainty due to measurement errors, missing 

information, and incompatibilities among data sources. 

The size of this uncertainty cannot be quantified, but its 

existence is acknowledged by the inclusion of 

“statistical discrepancies” for various sectors and 

financial instruments.

The discrepancy for a given sector is defined as the 

difference between the aggregate value of the sector’s 

sources of funds and the value of its uses of funds. For a 

financial instrument category, the discrepancy is defined 

as the difference between the measurement of funds 

raised through the financial instrument and funds 

disbursed through that instrument. The relative size of 

the statistical discrepancy is one indication of the quality 

of the underlying source data. Note that differences in 

seasonal adjustment procedures sometimes result in 

quarterly discrepancies that partially or completely 

offset each other in the annual data.

The Financial Accounts Guide

Substantially more detail on the construction of the 

Financial Accounts is available in the Financial 

Accounts Guide, which provides interactive, online 

documentation for each data series. The tools and 

descriptions in the guide are designed to help users 

understand the structure and content of the Financial 

Accounts. The guide allows users to search for series, 

browse tables of data, and identify links among series 

within these accounts. It also provides descriptions of 

each of the published tables and information on the 

source data underlying each series. 

The guide is not part of the quarterly release, but it is 

continually updated and kept consistent with the most 

recently published data. The guide and the data from the 

Financial Accounts are available free of charge at the 

following link: 

www.federalreserve.gov/apps/fof/

Each input and calculated series in the Z.1 is identified 

according to a unique string of patterned numbers and 

letters. The series structure page of the guide provides a 

breakdown of what the letters and numbers represent in 

the series mnemonics. The relationships between 

different components of a series (for example, levels, 

seasonally adjusted annual rate flows, unadjusted flows, 

revaluations, other changes in volume, seasonal factors, 

and so on) are also described on the series structure 

page.

Production Schedule

The Financial Accounts are published online and in print 

4 times per year, about 10 weeks following the end of 

each calendar quarter. The publication and the guide are

available online here:

www.federalreserve.gov/releases/Z1

This website also provides coded tables and historical 

annual tables beginning in 1945 that correspond with the 

tables published in this release. There are also 

compressed ASCII files of quarterly data for seasonally 

adjusted flows, unadjusted flows, outstandings, balance 

sheets, debt (tables D.1, D.2, and D.3), supplementary

tables, and the IMA. 

In addition, the data are available as customizable 

datasets through the Federal Reserve Board’s Data 

Download Program (DDP) here:

www.federalreserve.gov/datadownload/Choose.aspx?rel=Z.1

Print Subscription Information

The Federal Reserve Board charges a fee for 

subscriptions to print versions of statistical releases.

Inquiries regarding print versions should be directed to

the following office:

Publications Services, Stop 127

Board of Governors

of the Federal Reserve System

20th Street and Constitution Avenue, N.W.

Washington, DC 20551

(202) 452-3245
vii

Sector Table Available at time of publication

National income and product 

accounts (NIPA)

(various tables)

Second estimate, seasonally adjusted, for 2014:Q1. Unadjusted 

flows since 2012 for the government sectors and since 2006 for 

all other sectors are unavailable.

Households and nonprofit

organizations sector

(tables F.100 and L.100)

Estimates for this sector are largely residuals and are derived 

from data for other sectors. Availability of data depends on 

schedules for other sectors. Data for consumer credit, which are 

estimated directly, are available through 2014:Q1. 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.

Nonfinancial corporate business 

(tables F.102 and L.102)

Quarterly Financial Report (QFR) of the Census Bureau through 

2013:Q4; Internal Revenue Service Statistics of Income

(IRS/SOI) data through 2012; securities offerings, mortgages, 

bank loans, commercial paper, and other loans through 

2014:Q1. Corporate farm data through 2012.

Nonfinancial noncorporate business

(tables F.103 and L.103)

IRS/SOI data through 2011; bank and finance company loans, 

and mortgage borrowing through 2014:Q1. Noncorporate farm 

data through 2012.

State and local governments

(tables F.104 and L.104)

Gross offerings and retirements of municipal securities, deposits 

at banks, and nonmarketable U.S. government security issues 

through 2014:Q1; total financial assets through 2011:Q2 from 

the Census Bureau; breakdown of financial assets through 

2011:Q2 from the comprehensive annual financial reports of 

state and local governments.

Federal government

(tables F.105 and L.105)

Data from the Monthly Treasury Statement of Receipts and 

Outlays and Treasury data for loan programs and the Troubled 

Assets Relief Program (TARP) through 2014:Q1.

Rest of the world

(tables F.106 and L.106)

Balance of payments and International Investment Position data 

through 2013:Q4. NIPA estimates; bank Call Reports and 

Treasury International Capital System data through 2014:Q1.

Monetary authority

(tables F.108 and L.108)

All data through 2014:Q1.

U.S.-chartered depository 

institutions

(tables F.110 and L.110)

All data through 2014:Q1.

Foreign banking offices in U.S.

(tables F.111 and L.111)

All data through 2014:Q1.

Banks in U.S.-affiliated areas

(tables F.112 and L.112)

All data through 2014:Q1.

Credit unions

(tables F.113 and L.113)

All data through 2014:Q1.

Description of Most Recent Data Available
viii

Sector Table Available at time of publication

Property-casualty insurance 

companies

(tables F.114 and L.114)

All data through 2013:Q4.

Life insurance companies

(tables F.115 and L.115)

All data through 2013:Q4.

Private pension funds

(tables F.117 and L.117)

Internal Revenue Service/Department of Labor/Pension Benefit 

Guaranty Corporation Form 5500 data through 2011.

State and local government 

employee retirement funds

(tables F.118 and L.118)

Detailed data through 2012:Q2 from the Census Bureau; sample 

data through 2013:Q4 from the Census Bureau.

Federal government retirement

funds

(tables F.119 and L.119)

Data from the Monthly Treasury Statement of Receipts and 

Outlays, the Thrift Savings Plan, and the National Railroad 

Retirement Investment Trust through 2014:Q1.

Money market mutual funds

(tables F.120 and L.120)

All data through 2014:Q1.

Mutual funds

(tables F.121 and L.121)

All data through 2014:Q1.

Closed-end funds

(tables F.122 and L.122)

All data through 2014:Q1.

Exchange-traded funds

(tables F.122 and L.122)

All data through 2014:Q1.

Government Sponsored Enterprises 

(GSEs)

(tables F.123 and L.123)

Data for Fannie Mae, Freddie Mac, FHLB, Farmer Mac, FICO, 

FCS, and REFCORP through 2014:Q1.

Agency- and GSE-backed 

mortgage pools

(tables F.124 and L.124)

Data for Fannie Mae, Freddie Mac, Farmer Mac, and Ginnie 

Mae through 2014:Q1.

Issuers of asset-backed securities 

(ABSs)

(tables F.125 and L.125)

All data for private mortgage pools, consumer credit, business 

loans, student loans, consumer leases, and trade credit 

securitization through 2014:Q1.

Finance companies

(tables F.126 and L.126)

All data through 2014:Q1.

Real Estate Investment Trusts 

(REITs)

(tables F.127 and L.127)

Data from SNL Financial through 2014:Q1. 

Security brokers and dealers

(tables F.128 and L.128)

Data for firms filing FOCUS and FOGS reports through 

2013:Q4.

Holding companies

(table F.129 and L.129)

All data through 2014:Q1.

Funding corporations

(tables F.130 and L.130)

Estimates for this sector are largely residuals and are derived 

from data for other sectors.
ix

Title Table Page

Summaries

Flow of Funds Matrix – Flows 1

Flow of Funds Matrix – Assets and Liabilities 2

Credit Market Debt Growth by Sector D.1 3

Credit Market Borrowing by Sector D.2 4

Credit Market Debt Outstanding by Sector D.3 5

Total Credit Market Borrowing and Lending F.1 6

Credit Market Borrowing by Nonfinancial Sectors F.2 7

Credit Market Borrowing by Financial Sectors F.3 7

Credit Market Borrowing, All Sectors, by Instrument F.4 8

Total Liabilities and Its Relation to Total Financial Assets F.5 8

Credit Market Debt Outstanding L.1 9

Credit Market Debt Owed by Nonfinancial Sectors L.2 10

Credit Market Debt Owed by Financial Sectors L.3 10

Credit Market Debt, All Sectors, by Instrument L.4 11

Total Liabilities and Its Relation to Total Financial Assets L.5 11

Distribution of Gross Domestic Product F.6 12

Distribution of National Income F.7 13

Saving and Investment F.8 14

Net Capital Transfers F.9 15

Derivation of Measures of Personal Saving F.10 16

Assets and Liabilities of the Personal Sector L.10 17

Title

Flows Levels

Table Page Table Page

Sectors

Households and Nonprofit Organizations F.100 18 L.100 66

Nonfinancial Business F.101 19 L.101 67

Nonfinancial Corporate Business F.102 20 L.102 68

Nonfinancial Noncorporate Business F.103 21 L.103 69

State and Local Governments F.104 22 L.104 70

Federal Government F.105 23 L.105 71

List of Data Tables
x

Sectors

Rest of the World F.106 24 L.106 72

Financial Business F.107 25 L.107 73

Monetary Authority F.108 26 L.108 74

Private Depository Institutions F.109 27 L.109 75

U.S.-Chartered Depository Institutions, ex. Credit 

Unions F.110 28 L.110 76

Foreign Banking Offices in U.S. F.111 29 L.111 77

Banks in U.S.-Affiliated Areas F.112 30 L.112 78

Credit Unions F.113 30 L.113 78

Property-Casualty Insurance Companies F.114 31 L.114 79

Life Insurance Companies F.115 31 L.115 79

Private and Public Pension Funds F.116 32 L.116 80

Private Pension Funds F.117 33 L.117 81

State and Local Government Employee Retirement 

Funds F.118 34 L.118 82

Federal Government Employee Retirement Funds F.119 34 L.119 82

Money Market Mutual Funds F.120 35 L.120 83

Mutual Funds F.121 35 L.121 83

Closed-End and Exchange-Traded Funds F.122 35 L.122 83

Government-Sponsored Enterprises F.123 36 L.123 84

Agency- and GSE-Backed Mortgage Pools F.124 36 L.124 84

Issuers of Asset-Backed Securities F.125 37 L.125 85

Finance Companies F.126 37 L.126 85

Real Estate Investment Trusts F.127 38 L.127 86

Security Brokers and Dealers F.128 39 L.128 87

Holding Companies F.129 40 L.129 88

Funding Corporations F.130 41 L.130 89

Instruments

U.S. Official Reserve Assets and SDR Allocations F.200 42 L.200 90

Special Drawing Rights (SDRs) Certificates and Treasury 

Currency F.201 42 L.201 90

U.S. Deposits in Foreign Countries F.202 42 L.202 90

Net Interbank Transactions F.203 43 L.203 91

Checkable Deposits and Currency F.204 44 L.204 92

Time and Savings Deposits F.205 45 L.205 93
xi

Instruments

Money Market Mutual Fund Shares F.206 45 L.206 93

Federal Funds and Security Repurchase Agreements F.207 46 L.207 94

Open Market Paper F.208 47 L.208 95

Treasury Securities F.209 48 L.209 96

Agency- and GSE-Backed Securities F.210 49 L.210 97

Municipal Securities and Loans F.211 50 L.211 98

Corporate and Foreign Bonds F.212 51 L.212 99

Corporate Equities F.213 52 L.213 100

Mutual Fund Shares F.214 52 L.214 100

Depository Institution Loans Not Elsewhere Classified F.215 53 L.215 101

Other Loans and Advances F.216 54 L.216 102

Total Mortgages F.217 55 L.217 103

Home Mortgages F.218 56 L.218 104

Multifamily Residential Mortgages F.219 56 L.219 104

Commercial Mortgages F.220 57 L.220 105

Farm Mortgages F.221 57 L.221 105

Consumer Credit F.222 58 L.222 106

Trade Credit F.223 59 L.223 107

Security Credit F.224 59 L.224 107

Life Insurance Reserves F.225 60 L.225 108

Pension Entitlements F.226 60 L.226 108

Taxes Payable by Businesses F.227 60 L.227 108

Proprietors' Equity in Noncorporate Business F.228 60 L.228 108

Total Miscellaneous Financial Claims F.229 61 L.229 109

Identified Miscellaneous Financial Claims - Part I F.230 62 L.230 110

Identified Miscellaneous Financial Claims - Part II F.231 63 L.231 111

Unidentified Miscellaneous Financial Claims F.232 64 L.232 112

Sector Discrepancies F.11 65

Instrument Discrepancies F.12 65

Title

Balance Sheet Reconciliation

Table Page Table Page

Balance Sheet and Changes in Net Worth

Households and Nonprofit Organizations B.100 113 R.100 116

Nonfinancial Corporate Business B.102 114 R.102 117

Nonfarm Noncorporate Business B.103 115 R.103 118
xii

Title

Flows Levels

Table Page Table Page

Supplementary Tables

Balance Sheet of Households and Nonprofit Organizations

with Equity Detail B.100.e 119

Nonprofit Organizations F.100.a 120 L.100.a 121

Consolidated Statement for Federal, State, and Local 

Governments F.105.c 122 L.105.c 123

Life Insurance Companies: General Accounts F.115.g 124 L.115.g 125

Life Insurance Companies: Separate Accounts F.115.s 124 L.115.s 125

Private Pension Funds: Defined Benefit Plans F.117.b 126 L.117.b 127

Private Pension Funds: Defined Contribution Plans F.117.c 126 L.117.c 127

Individual Retirement Accounts (IRAs) F.226.i 126 L.226.i 127

Equity Real Estate Investment Trusts F.127.e 128 L.127.e 129

Mortgage Real Estate Investment Trusts F.127.m 128 L.127.m 129

Title Table Page

Integrated Macroeconomic Accounts for the United States

Total Economy–Current Account S.1.a 130

Selected Aggregates for Total Economy and Sectors S.2.a 131

Households and Nonprofit Institutions Serving Households S.3.a 133

Nonfinancial Noncorporate Business S.4.a 136

Nonfinancial Corporate Business S.5.a 139

Financial Business S.6.a 142

Federal Government S.7.a 145

State and Local Governments S.8.a 148

Rest of the World S.9.a 151