For use at 12:00 p.m., eastern time
                                       September 25, 2013




      FEDERAL RESERVE STATISTICAL RELEASE




                      Z.1
         Financial Accounts
         of the United States

        Flow of Funds, Balance Sheets,
   and Integrated Macroeconomic Accounts




           Second 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



           Second 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 up at an annual rate of 0.2
values of households’ assets and liabilities – was $74.8           percent in the second quarter. Home mortgage debt
trillion at the end of the second quarter of this year,            contracted 1.7 percent, following a decline of 2.1
about $1.3 trillion more than at the end of the first              percent in the first quarter. Consumer credit rose at an
quarter. In the second quarter, the value of residential           annual rate of 5.6 percent, about 1⁄2 percentage point less
real estate owned by households increased about $525               than in the previous quarter.
billion, while the value of corporate equities and mutual
funds rose almost $300 billion .                                   Nonfinancial business debt rose at an annual rate of 6.9
                                                                   percent in the second quarter, after a 4.9 percent increase
Domestic nonfinancial debt outstanding was $41                     in the previous quarter. As in recent years, corporate
trillion at the end of the second quarter, of which                bonds accounted for most of the increase.
household debt was close to $13 trillion, nonfinancial
business debt was $13.1 trillion, and total government             State and local government debt rose at an annual rate
debt was almost $15 trillion.                                      of 1.1 percent in the second quarter, 11⁄4 percent less than
                                                                   in the first quarter.
Domestic nonfinancial debt growth was 3.1 percent at
a seasonally adjusted annual rate in the second quarter of         Federal government debt rose at an annual rate of 2.5
2013, about 11⁄2 percentage point less than the pace in              percent in the second quarter, well below the 10.1
the first quarter.                                                 percent increase in the first quarter.



 Household Net Worth and Growth of Domestic Nonfinancial Debt
                                                               Growth of domestic nonfinancial debt2
                     Household                                                                    State and
                     net worth1
        Year                               Total          Households           Business          local govts.         Federal
 2003                 49,503                   8.0               11.8                2.2                8.3              10.9
 2004                 56,574                   9.3               11.1                6.7              11.4                 9.0
 2005                 62,786                   9.3               11.2                9.0                5.8                7.0
 2006                 67,386                   8.7               10.0               11.0                3.9                3.9
 2007                 67,919                   8.5                6.7               13.6                5.5                4.9
 2008                 57,214                   5.9                0.0                6.3                0.6              24.2
 2009                 58,920                   3.1               -1.7               -2.2                4.0              22.7
 2010                 63,308                   4.1               -2.5                1.5                2.3              20.2
 2011                 64,697                   3.7               -1.4                4.8               -1.7              11.4
 2012                 70,641                   4.9                0.2                6.0               -0.2              10.9


 2011:     Q2         65,247                   2.7               -2.6                5.6               -2.7                8.0
           Q3         62,889                   4.7               -1.0                4.2               -0.3              14.4
           Q4         64,697                   4.6               -0.1                5.1               -1.6              12.1
 2012:     Q1         67,062                   4.7               -1.1                4.4                0.4              13.5
           Q2         67,131                   5.3                1.4                4.9                2.9              11.0
           Q3         69,336                   3.0               -1.6                5.1               -0.2                7.1
           Q4         70,641                   6.2                2.1                9.1               -3.8              10.4
 2013:     Q1         73,479                   4.5               -0.5                4.9                2.4              10.1
           Q2         74,821                   3.1                0.2                6.9                1.1                2.5
 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
                                   Second 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, was renamed Financial Accounts
                                     of the United States in June 2013. This change reflects the
                                     expansion of the publication to include flow of funds data,
                                     balance sheets, and Integrated Macroeconomic Accounts. The
                                     new title is also better aligned with international terminology.
                                     The title of the online Guide has been changed to Guide to the
                                     Financial Accounts of the United States.
Student loans                        The consumer credit tables (tables F.222 and L.222) have been
                                     expanded to include additional detail on student loans.
                                     Nonprofit organizations (which are in the households and
                                     nonprofit organizations sector) are now shown as a provider of
                                     student loans. In addition, a memo item has been added that
                                     breaks consumer credit down into four categories: credit cards,
                                     auto loans, student loans, and other loans. The series on
                                     student loans begins in 2006:Q1. Conforming changes will be
                                     reflected in the upcoming G.19 release on October 7, 2013.
State and local government assets    Asset holdings of state and local governments (tables F.104 and
                                     L.104) were revised from 2003:Q3 forward based on improved
                                     methodology.
Real estate investment trusts        Additional detail on real estate investment funds (REITs) (tables
(REITs)                              F.127 and L.127) is now available on supplementary tables.
                                     Equity REITs are shown on tables F.127.e and L.127.e and
                                     mortgage REITs are shown separately on tables F.127.m and
                                     L.127.m.
2013 comprehensive revision of the   The statistics in this publication reflect the 2013 comprehensive
National Income and Product          revision of the National Income and Product Accounts (NIPA),
Accounts                             released by the Bureau of Economic Analysis (BEA) on July 31,
                                     2013, as well as information for 2013:Q2 released by BEA on
                                     August 29, 2013. See the August 2013 issue of Survey of
                                     Current Business, pages 6-10, for details on the 2013
                                     comprehensive revision. Major related changes to the Financial
                                     Accounts of the United States are described in the items below.
Fixed assets                         Data for investment and depreciation flows and capital stocks of
                                     all sectors have been revised to reflect BEA’s new concept of
                                     fixed assets as part of the comprehensive revision. Under the
                                     new concept, fixed investment now includes expenditures for
                                     research and development and entertainment, literary, and
                                     artistic originals. Reflecting this change, a new category called
                                     “intellectual property products” is now shown on tables B.100,
                                     B.102, B.103, R.100, R.102, R.103 and in the Integratated
                                     Macroeconomic Accounts. The new category includes the two
                                     new items plus expenditures on software.
iv
                Topic                                           Description
 Wage accruals less disbursements   Flow tables F.7, F.12, F.104, and F.105 and Integrated
                                    Macroeconomic Accounts table S.7.a have been revised to
                                    remove the item “wage accruals less disbusements.” As
                                    described in the March 2013 Survey of Current Business, pages
                                    25-26, the BEA’s estimates of wages and salaries in personal
                                    income have been converted from a disbursement basis to an
                                    accrual basis to be consistent with the treatment in GDI and
                                    national income.
 Pension entitlements               The 2013 comprehensive revision moves the NIPA accounting
                                    for defined-benefit (DB) pensions from a cash basis (related to
                                    the sponsors’ funding of the plans) to an accrual basis (related
                                    to households’ earnings of pension benefits). In a conforming
                                    change that is also consistent with the international standards
                                    recommended in the System of National Accounts (SNA 2008),
                                    the Financial Accounts of the United States now account for the
                                    level and flow of “pension entitlements,” which are the present
                                    value of accrued DB benefits. Where previously only the assets
                                    of DB plans were tracked (and treated as an asset of the
                                    household sector), now pension entitlements are shown as an
                                    asset of the household sector and as a liability of the pension
                                    fund sectors (i.e., private pension funds, state and local
                                    government employee retirement funds, and federal government
                                    employee retirement funds). The difference between pension
                                    entitlements and pension fund assets (i.e., underfunding or
                                    overfunding) is now shown as “claims of pension fund on
                                    sponsor,” which is an asset of the pension funds and a liability of
                                    the sponsors of the funds (i.e., nonfinancial corporate business,
                                    state and local governments, and the federal government). A
                                    memo item has been added to the pension-fund levels tables
                                    (tables L.116 through L.119), showing the funded status of the
                                    DB plans. Because aggregate pension entitlements exceed
                                    pension fund assets, the new accounting has led to an upward
                                    revision to household net worth relative to the previous
                                    publication of the Financial Accounts of the United States.
                                    Finally, to summarize the three pension sectors, new tables
                                    titled “Private and Public Pension Funds” (tables F.116 and
                                    L.116) have been added, which aggregate the three pension
                                    sectors and include memo items reporting household retirement
                                    assets in tax-deferred accounts: DB and DC (defined-
                                    contribution) pension plans, individual retirement accounts
                                    (IRAs), and annuities at life insurance companies.
 Life insurance reserves and        The table on life insurance and pension reserves (tables F.225
 pension entitlements               and L.225) has been split into two separate tables. Life
                                    insurance reserves are now shown on tables F.225 and L.225
                                    and pension entitlements (rather than pension fund reserves)
                                    are now shown on tables F.226 and L.226. The instrument
                                    tables that follow have been renumbered. The supplementary
                                    tables on IRAs (tables F.225.i and L.225.i) have been
                                    renumbered to tables F.226.i and L.226.i.
                                                                                                              v

               Topic                                               Description
Balance sheet for households and       Supplementary table B.100.e has been restructured to conform
nonprofit organizations with equity    to the new concept of pension entitlements. Previously, assets
detail                                 of DB pension funds were treated as assets of the household
                                       sector. Now, pension entitlements (the actuarial liabilities of DB
                                       pension funds) are considered assets of the household sector.
                                       As a result, households’ indirectly held corporate equities no
                                       longer include equities held by private, state and local, or federal
                                       government DB pension plans. Corporate equities in DC
                                       pension plans are still included in household’s indirectly held
                                       corporate equities. The pension entitlements of DB pension
                                       plans are included in “other financial assets” on table B.100.e.
Private pension fund benchmark         Assets of the private pension fund sector (tables F.117, F.117.b,
                                       F.117.c, L.117, L.117.b, and L.117.c) have 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 year 2011.
Rest of world sector annual revision   Revisions to the rest of the world sector (tables F.106 and
                                       L.106) reflect new estimates of the U.S. international tranactions
                                       accounts (ITAs) and the U.S. international investment position
                                       (IIP) accounts from the BEA for 1999 through 2012. The new
                                       estimates are detailed in the July 2013 Survey of Current
                                       Business.
Seasonal adjustment                    Seasonal factors for quarterly flows have been recalculated for
                                       the period 2003:Q1 forward. The seasonal factors were
                                       generated using the X-12-ARIMA seasonal adjustment program
                                       by the U.S. Census Bureau. In addition, beginning in 2007
                                       seasonal factors have been set to zero for a select number of
                                       series where the unadjusted flow series are no longer being
                                       published by BEA.
Series mnemonics changes               Series mnenomonics for the change in unadjusted level,
                                       previously beginning with “FR”, now begin with “FC”. These
                                       series appear primarily on the reconciliation tables (R.100,
                                       R.102, and R.103) and the Integrated Macroeconomic Accounts
                                       tables.
vi
                                                                                                                         vii


                                           Explanatory Notes

                                                              liability in existence at a point in time. In the Financial
Financial Accounts of the United States
                                                              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
    ■    Levels of financial assets and liabilities, by       In the Financial Accounts, “flow of funds” refers to the
         sector and financial instrument                      exchange of assets, corresponding to the SNA definition
    ■    Balance sheets, including nonfinancial assets,       of transactions, that is, “flow tables” in the Financial
         and changes in net worth for households and          Accounts are equivalent to “transaction tables” in the
         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 FA on a sector-by-sector        for many series the change in the level is equal to the
basis. The IMA are published jointly by the Federal           flow. Revaluations are available separately from other
Reserve Board and the Bureau of Economic Analysis             changes in volume in the IMA.
and are based on international guidelines and
terminology as defined in the System of National              Growth Rates
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 from
         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-ARIMA
The level of an asset or liability (also referred to as the
                                                              seasonal adjustment program from the U.S. Census
stock or outstanding) measures the value of the asset or
                                                              Bureau, estimated using the most recent 10 years of
viii
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/

                                                               Each input and calculated series in the Z.1 is identified
Data Revisions
                                                               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
                                                               4 times per year, about 10 weeks following the end of
Discrepancies
                                                               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.
                                                               Inquiries regarding print versions should be directed to
The Flow of Funds Guide
                                                               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.
                                                                                                         ix


               Description of Most Recent Data Available

            Sector Table                               Available at time of publication
National income and product          Second estimate, seasonally adjusted, for 2013:Q2.
accounts (NIPA)
(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:Q2. 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:Q2; Internal Revenue Service Statistics of Income
                                     (IRS/SOI) data through 2011; securities offerings, mortgages,
                                     bank loans, commercial paper, and other loans through
                                     2013:Q2. 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:Q2. 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:Q2; 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                   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:Q2.
Rest of the world                    Balance of payments and International Investment Position data
(tables F.106 and L.106)             through 2013:Q2. NIPA estimates; bank Call Reports and
                                     Treasury International Capital System data through 2013:Q2.
Monetary authority                   All data through 2013:Q2.
(tables F.108 and L.108)
U.S.-chartered depository            All data through 2013:Q2.
institutions
(tables F.110 and L.110)
Foreign banking offices in U.S.      All data through 2013:Q2.
(tables F.111 and L.111)
Banks in U.S.-affiliated areas       All data through 2013:Q2.
(tables F.112 and L.112)
Credit unions                        All data through 2013:Q2.
(tables F.113 and L.113)
x
                Sector Table                                Available at time of publication

    Property-casualty insurance          All data through 2013:Q2.
    companies
    (tables F.114 and L.114)
    Life insurance companies             All data through 2013:Q2.
    (tables F.115 and L.115)
    Private pension funds                Internal Revenue Service/Department of Labor/Pension Benefit
    (tables F.117 and L.117)             Guaranty Corporation Form 5500 data through 2011.
    State and local government           Detailed data through 2011:Q2 from the Census Bureau; sample
    employee retirement funds            data through 2013:Q2 from the Census Bureau.
    (tables F.118 and L.118)
    Federal government retirement        Data from the Monthly Treasury Statement of Receipts and
    funds                                Outlays, the Thrift Savings Plan, and the National Railroad
    (tables F.119 and L.119)             Retirement Investment Trust through 2013:Q1.
    Money market mutual funds            All data through 2013:Q2.
    (tables F.120 and L.120)
    Mutual funds                         All data through 2013:Q2.
    (tables F.121 and L.121
    Closed-end funds                     All data through 2013:Q2.
    (tables F.122 and L.122)
    Exchange-traded funds                All data through 2013:Q2.
    (tables F.122 and L.122)
    Government Sponsored Enterprises     Data for Fannie Mae, Freddie Mac, Farmer Mac, FHLB, FICO,
    (GSEs)                               FCS, and REFCORP through 2013:Q2.
    (tables F.123 and L.123)
    Agency- and GSE-backed               Data for Fannie Mae, Freddie Mac, Farmer Mac, and Ginnie
    mortgage pools                       Mae through 2013:Q2.
    (tables F.124 and L.124)
    Issuers of asset-backed securities   All data for private mortgage pools, consumer credit, business
    (ABSs)                               loans, student loans, consumer leases, and trade credit
    (tables F.125 and L.125)             securitization through 2013:Q2.
    Finance companies                    All data through 2013:Q2.
    (tables F.126 and L.126)
    Real Estate Investment Trusts        Data from SNL Financial through 2013:Q2.
    (REITs)
    (tables F.127 and L.127)
    Security brokers and dealers         Data for firms filing FOCUS and FOGS reports through
    (tables F.128 and L.128)             2013:Q2.
    Holding companies                    All data through 2013:Q2.
    (table F.129 and L.129)
    Funding corporations                 Estimates for this sector are largely residuals and are derived
    (tables F.130 and L.130)             from data for other sectors.
                                                                                                             xi


                                     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            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
xii

 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
                                                                                           xiii

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

                                                         Balance Sheet    Reconciliation
                            Title                       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
xiv


                                                                      Flows                   Levels
                            Title                            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
 Private Pension Funds: Defined Benefit Plans               F.117.b           124    L.117.b           125
 Private Pension Funds: Defined Contribution Plans          F.117.c           124    L.117.c           125
 Individual Retirement Accounts (IRAs)                      F.226.i           124    L.226.i           125
 Equity Real Estate Investment Trusts                       F.127.e           126    L.127.e           127
 Mortgage Real Estate Investment Trusts                     F.127.m           126    L.127.m           127

                                         Title                                        Table        Page

 Integrated Macroeconomic Accounts for the United States

 Total Economy–Current Account                                                        S.1.a        128
 Selected Aggregates for Total Economy and Sectors                                    S.2.a        129
 Households and Nonprofit Institutions Serving Households                             S.3.a        131
 Nonfinancial Noncorporate Business                                                   S.4.a        134
 Nonfinancial Corporate Business                                                      S.5.a        137
 Financial Business                                                                   S.6.a        140
 Federal Government                                                                   S.7.a        143
 State and Local Governments                                                          S.8.a        146
 Rest of the World                                                                    S.9.a        149