For use at 12:00 p.m., eastern time
                                       June 6, 2013




      FEDERAL RESERVE STATISTICAL RELEASE




                      Z.1
         Financial Accounts
         of the United States

        Flow of Funds, Balance Sheets,
   and Integrated Macroeconomic Accounts




             First Quarter 2013




BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
      FEDERAL RESERVE STATISTICAL RELEASE




                      Z.1
         Financial Accounts
         of the United States

        Flow of Funds, Balance Sheets,
   and Integrated Macroeconomic Accounts



             First Quarter 2013




BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
                                                                                                                                   i


          Recent Developments in Household Net Worth and
                    Domestic Nonfinancial Debt
Household net worth – the difference between the                   Household debt edged down at an annual rate of 0.6
values of households’ assets and liabilities – was $70.3           percent in the first quarter. Home mortgage debt
trillion at the end of the first quarter of this year, about       contracted 2.3 percent, about the same as the decline in
$3 trillion more than at the end of 2012. In the first             2012. Consumer credit rose at an annual rate of 5.7
quarter, the value of corporate equities and mutual funds          percent, slightly less than the increase in 2012.
owned by households expanded $1.5 trillion and the
value of residential real estate owned by households               Nonfinancial business debt rose at an annual rate of
increased about $784 billion.                                      5.3 percent in the first quarter, after a 6 percent increase
                                                                   in 2012. As in recent years, corporate bonds accounted
Domestic nonfinancial debt outstanding was $40.6                   for the largest increase.
trillion at the end of the first quarter of 2013, of which
household debt was $12.8 trillion, nonfinancial business           State and local government debt rose at an annual rate
debt was $12.9 trillion, and total government debt was             of 1.9 percent in the first quarter, after declining slightly
$14.9 trillion.                                                    in 2012.

Domestic nonfinancial debt growth was 4.6 percent at               Federal government debt rose at an annual rate of 10.3
a seasonally adjusted annual rate in the first quarter of          percent in the first quarter of 2013 after a 10.9 percent
2013, about 1⁄4 percentage point less than the pace for              increase last year.
2012 as a whole.


 Household Net Worth and Growth of Domestic Nonfinancial Debt
                                                                                                         2
                                                               Growth of domestic nonfinancial debt
                     Household                                                                    State and
                               1
        Year         net worth             Total          Households           Business          local govts.         Federal
 2003                 48,027                   8.0               11.8                2.2                8.3              10.9
 2004                 54,894                   9.3               11.1                6.7               11.4                9.0
 2005                 61,200                   9.2               11.2                9.0                5.8                7.0
 2006                 66,069                   8.6                9.7               10.9                3.9                3.9
 2007                 66,862                   8.5                6.7               13.6                5.5                4.9
 2008                 54,164                   5.9               -0.2                6.3                0.6              24.2
 2009                 56,198                   3.1               -1.7               -2.3                4.0              22.7
 2010                 60,222                   4.2               -2.6                1.5                2.3              20.2
 2011                 61,328                   3.7               -1.5                4.7               -1.7              11.4
 2012                 67,346                   4.9                0.2                6.0               -0.2              10.9


 2011:     Q2         61,853                   2.7               -2.6                5.4               -2.8                8.2
           Q3         59,207                   4.3               -1.5                4.0               -0.2              13.7
           Q4         61,328                   4.9                0.0                5.2               -1.2              12.7
 2012:     Q1         64,185                   4.8               -1.0                4.4                0.0              13.7
           Q2         63,930                   5.2                1.3                4.9                3.1              10.9
           Q3         65,949                   2.7               -1.8                4.9               -0.1                6.2
           Q4         67,346                   6.5                2.2                9.3               -3.7              11.2
 2013:     Q1         70,349                   4.6               -0.6                5.3                1.9              10.3
 1. Shown on table B.100, which includes nonprofit organizations. Billions of dollars; amounts outstanding end of period, not
 seasonally adjusted
 2. Percentage changes shown on an end-of-period basis; quarterly data are seasonally adjusted annual rates
ii
                                                                                                           iii


                                      Release Highlights
                                      First Quarter 2013
               Topic                                              Description
Financial Accounts of the United       The Z.1 statistical release, previously named Flow of Funds
States                                 Accounts of the United States, has been renamed Financial
                                       Accounts of the United States. This change reflects the growing
                                       variety of financial data included in this publication, including
                                       flow of funds, balance sheets, and Integrated Macroeconomic
                                       Accounts, and is more aligned with international terminology.
                                       The term “Flow of Funds Accounts” will be gradually transitioned
                                       to “Financial Accounts” on the Federal Reserve Board’s website.
Publication redesign                   The cover and introductory material for the Z.1 has been
                                       redesigned to enhance usablity and to modernize the style of
                                       the publication. “Release Highlights” are now shown separately
                                       from “Explanatory Notes” to make new developments and data
                                       revisions more accessible to our users. The explanatory notes
                                       section has been rewritten to address common questions and
                                       methodological information about the accounts.
Organization of data tables            Data tables have been organized into the following six sections
                                       identified by colored tabs: Summary (red), Flows (yellow),
                                       Levels (orange), Balance Sheets (blue), Supplements (green),
                                       and Integrated Accounts (purple). The flow of funds matrixes
                                       have been moved to the front of the summary section. Flow and
                                       level credit market debt summary tables, tables corresponding
                                       to Bureau of Economic Analysis (BEA) national income and
                                       product account tables, and the personal savings t ables are also
                                       included in the summary section.
Integrated Macroeconomic               Annual tables for the Integrated Macroeconomic Accounts,
Accounts (IMAs)                        which are jointly produced with BEA, are now included in this
                                       statistical release. These tables have previously been published
                                       on BEA’s website and in the Flow of Funds online Guide.
                                       Quarterly and annual data beginning in 1960 are available for
                                       download through the Federal Reserve’s Data Download
                                       Program (DDP).
Nonfinancial corporate business        Assets of the nonfinancial corporate business sector (tables
sector benchmark                       F.102, L.102, B.102, and R.102) have been revised from
                                       2011:Q1 forward, to reflect new advance data from the Internal
                                       Revenue Service (IRS) Statistics of Income (SOI) for 2011.
Rest of the world quarterly data on    Data for the rest of the world sector (tables F.106 and L.106)
International Investment Position      have been revised beginning in 2005:Q4 to incorporate newly
                                       available quarterly data on the International Investment Position
                                       (IIP) from BEA. Previously, IIP data were only available on an
                                       annual basis.
Credit union revisions                 The credit union sector (tables F.113 and L.113) has been
                                       revised back to 2010:Q4 to reflect improved methodology
                                       regarding investments held by natural person credit unions and
                                       corporate credit unions. A new asset category, municipal
                                       securities, is now shown.
iv
                Topic                                     Description

 Private pension fund sector   The private pension fund sector (tables F.116, F.116.b, F.116.c,
 benchmark                     L.116, L.116.b, and L.116.c) has been revised beginning in
                               2006:Q4 to reflect improved methodology and new data from the
                               U.S. Internal Revenue Service/Department of Labor/Pension
                               Benefit Guaranty Corporation Form 5500 filed for plan years
                               2006, 2008, 2009, and 2010.
 MBS and other asset-backed    The corporate and foreign bonds instrument tables (tables F.212
 corporate and foreign bonds   and L.212) have been modified to show mortgage-backed
                               securities and other asset-backed corporate and foreign bonds
                               separate from other corporate and foreign bonds for a number of
                               sectors. This additional detail is available for the following
                               sectors: rest of the world, beginning 2002:Q2; U.S.-chartered
                               depository institutions, beginning 1984:Q1; credit unions,
                               beginning 2008:Q1; property-casualty insurance companies,
                               beginning 2011:Q4; life insurance companies, beginning
                               2011:Q4; and government-sponsored enterprises, beginning
                               1993:Q1.
                                                                                                                             v


                                           Explanatory Notes


Financial Accounts of the United States                       liability in existence at a point in time. In the Financial
                                                              Accounts, the levels are reported as of the end of each
The Financial Accounts of the United States (previously       calendar quarter. In the SNA2008, the change in the
referred to as the Flow of Funds Accounts) are                level from one period to the next is called the “economic
organized into the following sections:                        flow”, and can be decomposed into three broad
                                                              elements: transactions, which measure the exchange of
    ■    Matrices summarizing flows and levels across         assets; revaluations, which measure changes in market
         sectors, and tables summarizing credit market        value of untraded assets; and other changes in volume,
         borrowing, gross domestic product (GDP),             which measure discontinuities or breaks in time series
         national income, saving, and so on                   due to disaster losses or a change in source data or
    ■    Flow of funds, by sector and financial               definition.
         instrument
    ■                                                         In the Financial Accounts, “flow of funds” refers to the
         Levels of financial assets and liabilities, by
         sector and financial instrument                      exchange of assets, corresponding to the SNA definition
    ■                                                         of transactions, that is, “flow tables” in the Financial
         Balance sheets, including nonfinancial assets,
                                                              Accounts are equivalent to “transaction tables” in the
         and changes in net worth for households and
         nonprofit organizations, nonfinancial corporate      SNA terminology.
         businesses, and nonfinancial noncorporate
         businesses                                           Currently, revaluations are not separately identifiable
    ■    Supplementary tables providing additional            from other changes in volume in most of the Financial
         detail on selected sectors                           Accounts. The sum of revaluations and other volume
    ■    Integrated Macroeconomic Accounts                    changes can be measured as the change in levels from
                                                              one quarter to the next, less the flow. Note that in
The Integrated Macroeconomic Accounts (IMA) relate            practice, other volume changes are relatively rare, and
production, income, saving, and capital formation from        revaluations only occur for series carried at market value
the national income and product accounts (NIPA) to            (such as corporate equities and mutual fund shares), so
changes in net worth from the Financial Accounts on a         for many series the change in the level is equal to the
sector-by-sector basis. The IMA are published jointly         flow. Revaluations are available separately from other
by the Federal Reserve Board and the Bureau of                changes in volume in the IMA.
Economic Analysis and are based on international
guidelines and terminology as defined in the System of        Growth Rates
National Accounts (SNA1993, revised in 2008).
                                                              Growth rates calculated from levels will include
                                                              revaluations and other changes in volume. To isolate
Federal Reserve Board staff have taken many steps over
                                                              the effect of transactions on growth of a given asset or
the past several years to conform the Financial Accounts
                                                              liability, users should calculate the ratio of the flow in a
with the SNA guidelines. Nonetheless, a few important
                                                              given period to the level in the preceding period.
differences remain. In particular, in the Financial
Accounts:
                                                              Growth rates in table D.1 are calculated by dividing
    ■                                                         seasonally adjusted flows from table D.2 by seasonally
         The purchase of consumer durables is treated as
                                                              adjusted levels at the end of the previous period fro m
         investment rather than as consumption.
    ■                                                         table D.3. Growth rates calculated from changes in
         Nonfinancial noncorporate business (which are
                                                              unadjusted levels printed in table L.2 may differ from
         often small businesses) are shown in a separate
                                                              those in table D.1.
         sector rather than being included in the
         household sector.
    ■                                                         Seasonal Adjustment
         Most debt securities are recorded at book value
         rather than market value.
                                                              Seasonal factors are recalculated and updated every
                                                              year, and these revised factors are first published in the
Concepts of Level and Flow in the SNA                         September release of second-quarter data. All series that
and the Financial Accounts                                    exhibit significant seasonal patterns are adjusted. The
                                                              seasonal factors are generated using the X-12-
The level of an asset or liability (also referred to as the
                                                              ARIMA/88 seasonal adjustment program from Statistics
stock or outstanding) measures the value of the asset or
                                                              Canada, estimated using the most recent 10 years of
vi
data. Because the effects of the recent financial crisis       The guide is not part of the quarterly release, but it is
resulted in large outliers in some series that would have      continually updated and kept consistent with the most
distorted the estimated seasonal factors, seasonal factors     recently published data. The guide and the data from the
for some series were extrapolated using pre-crisis data.       Financial Accounts are available free of charge at the
Seasonally adjusted levels shown in table D.3 are              following link:
derived by carrying forward year-end levels by
seasonally adjusted flows.                                     www.federalreserve.gov/apps/fof/

Data Revisions                                                 Each input and calculated series in the Z.1 is identified
                                                               according to a unique string of patterned numbers and
Data shown for the most recent quarters are based on           letters. The series structure page of the guide provides a
preliminary and potentially incomplete information. A          breakdown of what the letters and numbers represent in
summary list of the most recent data available for each        the series mnemonics. The relationships between
sector is provided in a table following these notes.           different components of a series (for example, levels,
Nonetheless, when source data are revised or estimation        seasonally adjusted annual rate flows, unadjusted flows,
methods are improved, all data are subject to revision.        seasonal factors, and so on) are also described on the
There is no specific revision schedule; rather, data are       series structure page.
revised on an ongoing basis. In each release of the
Financial Accounts, major revisions are highlighted at
                                                               Production Schedule
the beginning of the publication.
                                                               The Financial Accounts are published online and in print
Discrepancies                                                  4 times per year, about 10 weeks following the end of
                                                               each calendar quarter. The publication and the guide are
The data in the Financial Accounts come from a large           available online here:
variety of sources and are subject to limitations and
uncertainty due to measurement errors, missing                 www.federalreserve.gov/releases/Z1
information, and incompatibilities among data sources.
The size of this uncertainty cannot be quantified, but its     This website also provides coded tables and historical
existence is acknowledged by the inclusion of                  annual tables beginning in 1945 that correspond with the
“statistical discrepancies” for various sectors and            tables published in this release. There are also
financial instruments.                                         compressed ASCII files of quarterly data for seasonally
                                                               adjusted flows, unadjusted flows, outstandings, balance
The discrepancy for a given sector is defined as the           sheets, debt (tables D.1, D.2, and D.3), supplementary
difference between the aggregate value of the sector’s         tables, and the IMA.
sources of funds and the value of its uses of funds. For a
financial instrument category, the discrepancy is defined      In addition, the data are available as customizable
as the difference between the measurement of funds             datasets through the Federal Reserve Board’s Data
raised through the financial instrument and funds              Download Program (DDP) here:
disbursed through that instrument. The relative size of
the statistical discrepancy is one indication of the quality   www.federalreserve.gov/datadownload/Choose.aspx?rel=Z.1
of the underlying source data. Note that differences in
seasonal adjustment procedures sometimes result in
                                                               Print Subscription Information
quarterly discrepancies that partially or completely
offset each other in the annual data.                          The Federal Reserve Board charges a fee for
                                                               subscriptions to print versions of statistical releases.
The Flow of Funds Guide                                        Inquiries regarding print versions should be directed to
                                                               the following office:
Substantially more detail on the construction of the
Financial Accounts is available in the Flow of Funds           Publications Services, Stop 127
Guide, which provides interactive, online documentation        Board of Governors
for each data series. The tools and descriptions in the        of the Federal Reserve System
guide are designed to help users understand the structure      20th Street and Constitution Avenue, N.W.
and content of the Financial Accounts. The guide               Washington, DC 20551
allows users to search for series, browse tables of data,      (202) 452-3245
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.
                                                                                                        vii


               Description of Most Recent Data Available

            Sector Table                               Available at time of publication
National income and product          Second estimate, seasonally adjusted, for 2013:Q1. Unadjusted
accounts (NIPA)                      flows since 2011 for the government sectors and since 2006 for
                                     all other sectors were unavailable.
(various tables)
Households and nonprofit             Estimates for this sector are largely residuals and are derived
organizations sector                 from data for other sectors. Availability of data depends on
(tables F.100 and L.100)             schedules for other sectors. Data for consumer credit, which are
                                     estimated directly, are available through 2013: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      Quarterly Financial Report (QFR) of the Census Bureau through
(tables F.102 and L.102)             2013:Q1; Internal Revenue Service Statistics of Income
                                     (IRS/SOI) data through 2011; securities offerings, mortgages,
                                     bank loans, commercial paper, and other loans through
                                     2013:Q1. Corporate farm data for 2012.
Nonfinancial noncorporate business   IRS/SOI data through 2010; bank and finance company loans,
(tables F.103 and L.103)             and mortgage borrowing through 2013:Q1. Noncorporate farm
                                     data for 2012.
State and local governments          Gross offerings and retirements of municipal securities, deposits
(tables F.104 and L.104)             at banks, and nonmarketable U.S. government security issues
                                     through 2013:Q1; total financial assets through 2010: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                   Data from the Monthly Treasury Statement of Receipts and
(tables F.105 and L.105)             Outlays and Treasury data for loan programs and the Troubled
                                     Assets Relief Program (TARP) through 2013:Q1.
Rest of the world                    Balance of payments and International Investment Position data
(tables F.106 and L.106)             through 2012:Q4. NIPA estimates; bank Call Reports and
                                     Treasury International Capital System data through 2013:Q1.
Monetary authority                   All data through 2013:Q1.
(tables F.108 and L.108)
U.S.-chartered depository            All data through 2013:Q1.
institutions
(tables F.110 and L.110)
Foreign banking offices in U.S.      All data through 2013:Q1.
(tables F.111 and L.111)
Banks in U.S.-affiliated areas       All data through 2013:Q1.
(tables F.112 and L.112)
Credit unions                        All data through 2013:Q1.
(tables F.113 and L.113)
viii
              Sector Table                                Available at time of publication

  Property-casualty insurance          All data through 2013:Q1.
  companies
  (tables F.114 and L.114)
  Life insurance companies             All data through 2013:Q1.
  (tables F.115 and L.115)
  Private pension funds                Internal Revenue Service/Department of Labor/Pension Benefit
  (tables F.116 and L.116)             Guaranty Corporation Form 5500 data through 2010.
  State and local government           Detailed data through 2011:Q2 from the Census Bureau; sample
  employee retirement funds            data through 2013:Q1 from the Census Bureau.
  (tables F.117 and L.117)
  Federal government retirement        Data from the Monthly Treasury Statement of Receipts and
  funds                                Outlays, the Thrift Savings Plan, and the National Railroad
  (tables F.118 and L.118)             Retirement Investment Trust through 2013:Q1.
  Money market mutual funds            All data through 2013:Q1.
  (tables F.119 and L.119)
  Mutual funds                         All data through 2013:Q1.
  (tables F.120 and L.120
  Closed-end funds                     All data through 2013:Q1.
  (tables F.121 and L.121)
  Exchange-traded funds                All data through 2013:Q1.
  (tables F.121 and L.121)
  Government Sponsored Enterprises     Data for Fannie Mae, Freddie Mac, Farmer Mac, FHLB, FICO,
  (GSEs)                               FCS, and REFCORP through 2013:Q1.
  (tables F.122 and L.122)
  Agency- and GSE-backed               Data for Fannie Mae, Freddie Mac, Farmer Mac, and Ginnie
  mortgage pools                       Mae through 2013:Q1.
  (tables F.123 and L.123)
  Issuers of asset-backed securities   All data for private mortgage pools, consumer credit, business
  (ABSs)                               loans, student loans, consumer leases, and tra de credit
  (tables F.124 and L.124)             securitization through 2013:Q1.
  Finance companies                    All data through 2013:Q1.
  (tables F.125 and L.125)
  Real Estate Investment Trusts        Data from SNL Financial through 2013:Q1.
  (REITs)
  (tables F.126 and L.126)
  Security brokers and dealers         Data for firms filing FOCUS and FOGS reports through
  (tables F.127 and L.127)             2013:Q1.
  Holding companies                    All data through 2013:Q1.
  (table F.128 and L.128)
  Funding corporations                 Estimates for this sector are largely residuals and are derived
  (tables F.129 and L.129)             from data for other sectors.
                                                                                                             ix


                                     List of Data Tables

                                         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

                                                                       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
  Nonfinancial Corporate Business                              F.102            20    L.102            66
  Nonfinancial Noncorporate Business                           F.103            21    L.103            67
State and Local Governments                                    F.104            22    L.104            68
Federal Government                                             F.105            23    L.105            69
x

    Sectors

    Rest of the World                                         F.106   24   L.106   70
    Financial Business                                        F.107   25   L.107   71
      Monetary Authority                                      F.108   26   L.108   72
      Private Depository Institutions                         F.109   27   L.109   73
         U.S.-Chartered Depository Institutions, ex. Credit
             Unions                                           F.110   28   L.110   74
         Foreign Banking Offices in U.S.                      F.111   29   L.111   75
         Banks in U.S.-Affiliated Areas                       F.112   30   L.112   76
         Credit Unions                                        F.113   30   L.113   76
      Property-Casualty Insurance Companies                   F.114   31   L.114   77
      Life Insurance Companies                                F.115   31   L.115   77
      Private Pension Funds                                   F.116   32   L.116   78
      State and Local Government Employee Retirement
           Funds                                              F.117   33   L.117   79
      Federal Government Retirement Funds                     F.118   33   L.118   79
      Money Market Mutual Funds                               F.119   34   L.119   80
      Mutual Funds                                            F.120   34   L.120   80
      Closed-End and Exchange-Traded Funds                    F.121   34   L.121   80
      Government-Sponsored Enterprises                        F.122   35   L.122   81
      Agency- and GSE-Backed Mortgage Pools                   F.123   35   L.123   81
      Issuers of Asset-Backed Securities                      F.124   36   L.124   82
      Finance Companies                                       F.125   36   L.125   82
      Real Estate Investment Trusts                           F.126   37   L.126   83
      Security Brokers and Dealers                            F.127   38   L.127   84
      Holding Companies                                       F.128   39   L.128   85
      Funding Corporations                                    F.129   40   L.129   86


    Instruments

    U.S. Official Reserve Assets and SDR Allocations          F.200   41   L.200   87
    Special Drawing Rights (SDRs) Certificates and Treasury
    Currency                                                  F.201   41   L.201   87
    U.S. Deposits in Foreign Countries                        F.202   41   L.202   87
    Net Interbank Transactions                                F.203   42   L.203   88
    Checkable Deposits and Currency                           F.204   43   L.204   89
    Time and Savings Deposits                                 F.205   44   L.205   90
    Money Market Mutual Fund Shares                           F.206   44   L.206   90
                                                                                           xi

Instruments

Federal Funds and Security Repurchase Agreements        F.207      45    L.207       91
Open Market Paper                                       F.208      46    L.208       92
Treasury Securities                                     F.209      47    L.209       93
Agency- and GSE-Backed Securities                       F.210      48    L.210       94
Municipal Securities and Loans                          F.211      49    L.211       95
Corporate and Foreign Bonds                             F.212      50    L.212       96
Corporate Equities                                      F.213      51    L.213       97
Mutual Fund Shares                                      F.214      51    L.214       97
Depository Institution Loans Not Elsewhere Classified   F.215      52    L.215       98
Other Loans and Advances                                F.216      53    L.216       99
Total Mortgages                                         F.217      54    L.217      100
  Home Mortgages                                        F.218      55    L.218      101
  Multifamily Residential Mortgages                     F.219      55    L.219      101
  Commercial Mortgages                                  F.220      56    L.220      102
  Farm Mortgages                                        F.221      56    L.221      102
Consumer Credit                                         F.222      57    L.222      103
Trade Credit                                            F.223      57    L.223      103
Security Credit                                         F.224      57    L.224      103
Life Insurance and Pension Fund Reserves                F.225      58    L.225      104
Taxes Payable by Businesses                             F.226      58    L.226      104
Proprietors' Equity in Noncorporate Business            F.227      58    L.227      104
Total Miscellaneous Financial Claims                    F.228      59    L.228      105
  Identified Miscellaneous Financial Claims - Part I    F.229      60    L.229      106
  Identified Miscellaneous Financial Claims - Part II   F.230      61    L.230      107
  Unidentified Miscellaneous Financial Claims           F.231      62    L.231      108
Sector Discrepancies                                    F.11       63
Instrument Discrepancies                                F.12       63

                                                         Balance Sheet    Reconciliation
                            Title                       Table     Page   Table      Page

Balance Sheet and Changes in Net Worth

Households and Nonprofit Organizations                  B.100     109    R.100      112
Nonfinancial Corporate Business                         B.102     110    R.102      113
Nonfarm Noncorporate Business                           B.103     111    R.103      114
xii
                                                                     Flows                Levels
                           Title                             Table           Page    Table         Page

 Supplementary Tables
 Balance Sheet of Households and Nonprofit
 Organizations with Equity Detail                                                   B.100.e        115
 Nonprofit Organizations                                    F.100.a          116    L.100.a        117
 Consolidated Statement for Federal, State, and Local
 Governments                                                F.105.c          118    L.105.c        119
 Private Pension Funds: Defined Benefit Plans               F.116.b          120    L.116.b        121
 Private Pension Funds: Defined Contribution Plans          F.116.c          120    L.116.c        121
 Individual Retirement Accounts (IRAs)                      F.225.i          120    L.225.i        121

                                         Title                                       Table         Page

 Integrated Macroeconomic Accounts for the United States

 Total Economy–Current Account                                                       S.1.a         122
 Selected Aggregates for Total Economy and Sectors                                   S.2.a         123
 Households and Nonprofit Institutions Serving Households                            S.3.a         125
 Nonfinancial Noncorporate Business                                                  S.4.a         128
 Nonfinancial Corporate Business                                                     S.5.a         131
 Financial Business                                                                  S.6.a         134
 Federal Government                                                                  S.7.a         137
 State and Local Governments                                                         S.8.a         140
 Rest of the World                                                                   S.9.a         143