Summary

1

Z.1, September 18, 2015 Flow of Funds Matrix for 2014

(Billions of dollars; All Sectors -- Flows)

Households State Domestic Domestic Instrument

and Nonprofit Nonfinancial and Local Federal Nonfinancial Financial Rest of All DiscrepOrganizations Business Governments Government Sectors Sectors the World Sectors ancy

 U S U S U S U S U S U S U S U S 

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) (16) (17)

 1 Gross saving less net cap. transfers -- 2264.1 -- 2205.6 -- 149.4 -- -417.5 -- 4201.5 -- 265.3 -- 401.6 -- 4868.4 --  2 Capital consumption -- 1458.1 -- 1581.8 -- 246.1 -- 270.7 -- 3556.7 -- 193.4 -- -- -- 3750.1 --  3 Net saving (1 less 2) -- 805.9 -- 623.8 -- -96.7 -- -688.2 -- 644.8 -- 71.9 -- 401.6 -- 1118.3 --  4 Gross investment (5 plus 11) 2525.4 -- 1718.5 -- 165.9 -- -368.9 -- 4040.8 -- 261.7 -- 323.5 -- 4626.0 -- 242.4 5 Capital expenditures 1793.4 -- 2034.9 -- 341.2 -- 261.9 -- 4431.4 -- 230.0 -- -0.0 -- 4661.4 -- 206.9 6 Consumer durables 1205.6 -- -- -- -- -- -- -- 1205.6 -- -- -- -- -- 1205.6 -- --  7 Residential 456.6 -- 85.2 -- 4.3 -- 1.5 -- 547.5 -- 7.4 -- -- -- 555.0 -- --  8 Nonresidential 139.7 -- 1871.4 -- 327.0 -- 263.1 -- 2601.2 -- 222.6 -- -- -- 2823.8 -- --  9 Inventory change -- -- 77.1 -- -- -- -- -- 77.1 -- -- -- -- -- 77.1 -- -- 10 Nonproduced nonfinancial assets -8.4 -- 1.2 -- 9.9 -- -2.7 -- 0.0 -- -- -- -0.0 -- -- -- -- 11 Net lending (+) or net borrowing (-) 731.9 -- -316.5 -- -175.3 -- -630.8 -- -390.6 -- 31.6 -- 323.5 -- -35.5 -- 35.512 Total financial assets 1149.8 -- 903.9 -- 87.0 -- 160.2 -- 2300.9 -- 3087.6 -- 1127.9 -- 6516.4 -- -- 13 Total liabilities -- 417.8 -- 1220.4 -- 262.2 -- 791.0 -- 2691.5 -- 3055.9 -- 804.4 -- 6551.9 -- 14 U.S. official reserve assets -- -- -- -- -- -- -3.8 0.0 -3.8 0.0 0.2 -- 0.0 -3.6 -3.6 -3.6 -- 15 SDR certificates -- -- -- -- -- -- -- 0.0 -- 0.0 0.0 -- -- -- 0.0 0.0 -- 16 Treasury currency -- -- -- -- -- -- -- -0.3 -- -0.3 0.8 -- -- -- 0.8 -0.3 -1.117 Foreign deposits -6.4 -- -6.7 -- -- -- -- -- -13.1 -- -9.6 -- -- -114.3 -22.7 -114.3 -91.618 Interbank claims -- -- -- -- -- -- -- -- -- -- 131.5 115.0 30.6 -- 162.1 115.0 -47.119 Checkable dep. and currency 107.6 -- 106.0 -- 15.6 -- 60.8 -- 290.0 -- -19.5 351.1 79.7 -- 350.2 351.1 0.920 Time and savings deposits 408.0 -- 36.7 -- 7.6 -- 0.2 -- 452.5 -- 13.7 513.2 47.0 -- 513.2 513.2 -- 21 Money market fund shares -33.6 -- 10.1 -- 6.8 -- -- -- -16.8 -- 21.1 9.6 5.2 -- 9.6 9.6 -- 22 Fed. funds and security RPs -- -- 4.7 -- 5.9 -- -- -- 10.5 -- 45.9 6.3 105.4 26.4 161.8 32.7 -129.123 Debt securities -464.4 -4.8 -14.5 303.0 18.9 -14.0 -0.0 735.9 -460.0 1020.1 1233.3 178.6 534.3 108.8 1307.6 1307.6 -- 24 Open market paper -0.1 -- -6.6 37.9 -7.4 -- -- -- -14.1 37.9 -14.8 -36.6 7.6 -22.6 -21.2 -21.2 -- 25 Treasury securities -19.8 -- -2.1 -- 37.0 -- -- 736.0 15.1 736.0 403.5 -- 317.4 -- 736.0 736.0 -- 26 Agency- and GSE-backed sec. -200.1 -- 2.4 -- -15.7 -- 0.0 -0.1 -213.4 -0.1 369.0 150.6 -5.2 -- 150.5 150.5 -- 27 Municipal securities -67.2 -4.8 -8.3 -0.1 0.4 -14.0 -- -- -75.1 -18.8 51.9 -- 4.3 -- -18.8 -18.8 -- 28 Corporate and fgn. bonds -177.2 -- -- 265.1 4.6 -- -0.0 -- -172.6 265.1 423.7 64.6 210.1 131.4 461.2 461.2 -- 29 Loans 54.1 418.2 2.2 404.1 6.3 0.4 110.0 0.0 172.6 822.8 786.0 154.5 50.1 31.4 1008.7 1008.7 -- 30 Depository inst. loans n.e.c. -- 120.2 -- 157.0 -- -- -- -- -- 277.2 320.0 14.2 -- 28.6 320.0 320.0 -- 31 Other loans and advances 51.8 33.2 -- 91.4 -- 0.4 2.5 -- 54.4 125.0 150.0 126.6 50.1 2.8 254.4 254.4 -- 32 Mortgages 8.0 51.7 3.5 155.7 6.3 -- 1.7 0.0 19.6 207.5 201.7 13.8 -- -- 221.2 221.2 -- 33 Consumer credit -5.7 213.1 -1.3 -- -- -- 105.7 -- 98.7 213.1 114.4 -- -- -- 213.1 213.1 -- 34 Corporate equities 54.4 -- -- -387.5 2.4 -- -1.6 -- 55.1 -387.5 111.6 219.5 101.8 436.5 268.5 268.5 -- 35 Mutual fund shares 404.8 -- 15.4 -- 1.3 -- -- -- 421.5 -- 125.7 595.2 48.1 -- 595.2 595.2 -- 36 Trade credit -- 3.1 138.8 121.4 8.5 38.8 2.2 18.4 149.5 181.7 1.1 3.4 14.3 -6.8 164.9 178.3 13.437 Life insurance reserves 45.3 -- -- -- -- -- -- 0.8 45.3 0.8 10.9 55.5 -- -- 56.3 56.3 -- 38 Pension entitlements 532.3 -- -- -- -- -- -- -- 532.3 -- -- 532.3 -- -- 532.3 532.3 -- 39 Taxes payable -- -- -- 6.3 6.2 -- -19.9 -- -13.8 6.3 -- 15.9 -- -- -13.8 22.2 35.940 Equity in noncorp. business 39.1 -- -- 37.1 -- -- -- -- 39.1 37.1 -- 2.0 -- -- 39.1 39.1 -- 41 U.S. direct investment abroad -- -- 311.0 -- -- -- -- -- 311.0 -- 26.0 -- -- 336.9 336.9 336.9 -- 42 Foreign direct investment in U.S. -- -- -- 98.0 -- -- -- -- -- 98.0 -- 13.6 111.6 -- 111.6 111.6 -- 43 Miscellaneous 8.5 1.2 300.4 638.1 7.6 237.1 12.5 36.2 329.0 912.6 608.7 290.2 -- -11.0 937.8 1191.9 254.144 Sector discrepancies (1 less 4) -261.3 -- 487.2 -- -16.5 -- -48.6 -- 160.7 -- 3.6 -- 78.1 -- 242.4 -- 242.4General notes: U = use of funds; S = source of funds. Domestic nonfinancial sectors (columns 9 and 10) are households and nonprofit organizations, nonfinancial business, state and local governments, and federal government.
Summary

2

Z.1, September 18, 2015 Flow of Funds Matrix for 2014

(Billions of dollars; All Sectors -- Assets and Liabilities)

Households State Domestic Domestic Instrument

and Nonprofit Nonfinancial and Local Federal Nonfinancial Financial Rest of All DiscrepOrganizations Business Governments Government Sectors Sectors the World Sectors ancy

 A L A L A L A L A L A L A L A L 

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) (16) (17)

 1 Total financial assets 68470.7 -- 21639.2 -- 3020.1 -- 1900.9 -- 95030.9 -- 85026.1 -- 22992.3 -- 203049.3 -- -7272.9 2 Total liabilities and equity -- 14163.3 -- 54649.6 -- 5126.8 -- 16905.1 -- 90844.9 -- 87627.0 -- 17304.5 -- 195776.4 --  3 Total liabilities -- 14163.3 -- 22399.6 -- 5126.8 -- 16905.1 -- 58594.9 -- 80329.5 -- 10584.8 -- 149509.2 --  4 U.S. official reserve assets -- -- -- -- -- -- 98.0 51.2 98.0 51.2 32.0 -- 51.2 118.9 181.1 170.0 -11.0 5 SDR certificates -- -- -- -- -- -- -- 5.2 -- 5.2 5.2 -- -- -- 5.2 5.2 --  6 Treasury currency -- -- -- -- -- -- -- 25.3 -- 25.3 46.3 -- -- -- 46.3 25.3 -21.0 7 Foreign deposits 45.3 -- 71.4 -- -- -- -- -- 116.7 -- 24.1 -- -- 821.1 140.8 821.1 680.2 8 Interbank claims -- -- -- -- -- -- -- -- -- -- 2453.3 2865.3 444.9 -- 2898.1 2865.3 -32.8 9 Checkable dep. and currency 1115.7 -- 1030.3 -- 140.5 -- 226.8 -- 2513.3 -- 350.4 3537.5 671.0 -- 3534.7 3537.5 2.810 Time and savings deposits 7864.2 -- 1056.0 -- 319.5 -- 1.7 -- 9241.5 -- 715.4 10448.7 491.8 -- 10448.7 10448.7 -- 11 Money market fund shares 1102.1 -- 652.2 -- 170.0 -- -- -- 1924.4 -- 650.4 2688.1 113.4 -- 2688.1 2688.1 -- 12 Fed. funds and security RPs -- -- 13.5 -- 135.7 -- -- -- 149.2 -- 2779.2 2949.3 812.3 747.3 3740.7 3696.6 -44.113 Debt securities 3181.5 223.1 159.2 5106.4 1342.4 2910.9 0.5 14441.1 4683.6 22681.4 23678.1 13041.3 10146.9 2785.8 38508.5 38508.5 -- 14 Open market paper 14.9 -- 31.6 182.4 68.0 -- -- -- 114.5 182.4 707.9 363.6 107.9 384.3 930.4 930.4 -- 15 Treasury securities 895.5 -- 95.1 -- 636.6 -- -- 14416.7 1627.3 14416.7 6633.2 -- 6156.2 -- 14416.7 14416.7 -- 16 Agency- and GSE-backed sec. 52.6 -- 12.7 -- 450.0 -- 0.0 24.4 515.4 24.4 6526.7 7920.2 902.6 -- 7944.6 7944.6 -- 17 Municipal securities 1538.0 223.1 19.8 518.4 14.0 2910.9 -- -- 1571.8 3652.4 2000.1 -- 80.4 -- 3652.4 3652.4 -- 18 Corporate and fgn. bonds 680.4 -- -- 4405.5 173.7 -- 0.5 -- 854.7 4405.5 7810.1 4757.4 2899.7 2401.5 11564.4 11564.4 -- 19 Loans 1031.8 13653.0 108.7 6904.4 215.3 16.6 1148.6 0.0 2504.4 20574.0 20339.4 2119.8 189.8 339.8 23033.6 23033.6 -- 20 Depository inst. loans n.e.c. -- 212.9 -- 1933.0 -- -- -- -- -- 2145.9 2910.2 459.0 -- 305.3 2910.2 2910.2 -- 21 Other loans and advances 893.2 513.7 -- 1341.2 -- 16.6 195.9 -- 1089.1 1871.5 2064.0 1437.0 189.8 34.5 3342.9 3342.9 -- 22 Mortgages 85.0 9614.5 65.7 3630.2 215.3 -- 117.2 0.0 483.2 13244.7 12985.3 223.8 -- -- 13468.6 13468.6 -- 23 Consumer credit 53.6 3311.9 43.0 -- -- -- 835.6 -- 932.1 3311.9 2379.8 -- -- -- 3311.9 3311.9 -- 24 Corporate equities 13323.9 -- -- 22228.7 176.9 -- 33.4 -- 13534.3 22228.7 16764.9 7280.0 5929.2 6719.7 36228.4 36228.4 -- 25 Mutual fund shares 7800.4 -- 234.9 -- 86.0 -- -- -- 8121.3 -- 3859.7 12603.6 622.6 -- 12603.6 12603.6 -- 26 Trade credit -- 258.1 3325.1 2578.2 180.5 822.2 55.8 270.0 3561.4 3928.5 132.1 17.9 162.9 46.2 3856.3 3992.6 136.327 Life insurance reserves 1282.8 -- -- -- -- -- -- 51.3 1282.8 51.3 194.6 1426.1 -- -- 1477.4 1477.4 -- 28 Pension entitlements 20762.7 -- -- -- -- -- -- -- 20762.7 -- -- 20762.7 -- -- 20762.7 20762.7 -- 29 Taxes payable -- -- -- 162.1 137.2 -- 173.0 -- 310.2 162.1 -- -43.2 -- -- 310.2 118.9 -191.430 Equity in noncorp. business 10038.8 -- -- 10021.3 -- -- -- -- 10038.8 10021.3 -- 17.5 -- -- 10038.8 10038.8 -- 31 U.S. direct investment abroad -- -- 4691.8 -- -- -- -- -- 4691.8 -- 884.2 -- -- 5576.0 5576.0 5576.0 -- 32 Foreign direct investment in U.S. -- -- -- 2768.2 -- -- -- -- -- 2768.2 -- 588.3 3356.5 -- 3356.5 3356.5 -- 33 Miscellaneous 921.4 29.1 10296.3 4880.4 116.0 1377.1 163.0 2061.1 11496.6 8347.7 12116.9 7324.1 -- 149.8 23613.5 15821.7 -7791.8General notes: A = assets; L = liabilities. Domestic nonfinancial sectors (columns 9 and 10) are households and nonprofit organizations, nonfinancial business, state and local governments, and federal government. Equity included in line 2 is the sum of corporate equities (line 24) and equity in noncorporate business (line 30). The matrix shows a discrepancy in column 17 for monetary gold (line 4) because by international accounting convention, monetary gold is a financial asset without a corresponding liability.
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Z.1, September 18, 2015 3

D.1 Debt Growth by Sector 1

In percent; quarterly figures are seasonally adjusted annual rates 

Domestic nonfinancial sectors

 

 Households Business State and Domestic 

Home Consumer local Federal financial

 Total Total mortgage credit Total Corporate governments government sectors Foreign

1981 10.2 7.1 7.2 5.5 12.9 13.6 8.0 11.8 17.2 11.6

1982 10.5 5.7 4.8 5.0 9.9 10.3 11.2 19.1 13.4 7.1

1983 12.1 11.3 10.2 12.1 9.2 8.4 11.4 18.5 13.1 7.4

1984 14.8 12.6 11.4 18.4 16.1 16.6 11.4 16.8 17.7 3.5

1985 16.1 16.8 14.6 15.9 11.0 12.6 31.8 17.7 21.1 0.6

1986 12.0 11.5 13.7 9.1 11.5 13.9 10.9 13.9 24.9 3.0

1987 9.0 9.6 13.4 4.8 7.8 8.9 12.0 8.7 15.9 3.3

1988 9.2 9.8 11.8 6.7 9.9 10.9 6.0 8.6 12.9 -1.2

1989 7.4 8.9 10.9 6.3 6.3 7.3 5.3 7.6 10.7 -2.0

1990 6.6 6.9 8.8 1.9 3.6 5.3 5.0 11.0 8.6 2.8

1991 4.7 5.5 7.0 -1.1 -2.1 -2.1 9.2 11.2 7.0 3.4

1992 4.7 5.3 6.5 1.1 -0.3 0.6 1.5 10.9 8.0 4.0

1993 5.9 6.5 5.5 7.4 3.1 5.3 5.3 8.4 10.4 15.8

1994 5.2 7.6 5.6 15.2 5.4 7.1 -3.9 5.1 13.4 -4.5

1995 4.9 7.0 4.9 14.4 5.9 6.7 -5.5 4.2 11.8 15.3

1996 5.2 6.9 6.2 9.0 5.4 5.2 -2.0 4.8 13.0 14.1

1997 5.5 6.5 6.1 5.5 8.5 8.6 4.9 1.5 12.1 10.8

1998 6.6 7.7 8.0 7.2 11.5 10.8 6.2 -0.3 19.7 4.5

1999 6.6 9.1 9.4 7.8 10.5 9.6 3.3 -0.7 16.7 1.8

2000 4.8 8.8 8.7 11.4 9.1 8.3 1.4 -6.3 11.6 7.5

2001 5.9 8.7 10.6 8.6 5.2 3.8 8.8 1.3 10.4 -2.4

2002 6.7 9.8 13.3 5.6 2.2 0.1 11.1 6.8 8.4 6.3

2003 7.7 12.1 14.5 5.3 1.1 0.1 8.3 9.5 11.0 1.8

2004 9.1 11.7 13.5 5.6 5.6 3.0 11.4 8.3 9.2 8.6

2005 8.6 10.6 13.4 4.5 8.1 5.3 5.8 6.6 8.8 8.1

2006 8.4 10.5 11.2 5.2 9.8 7.4 3.9 3.9 10.5 21.2

2007 8.1 7.2 7.4 6.1 12.4 11.5 5.5 4.7 13.7 15.7

2008 5.7 -0.1 0.9 1.3 5.8 4.1 0.6 21.4 4.6 -9.9

2009 3.4 0.3 0.6 -3.9 -4.3 -5.4 4.0 20.4 -9.5 13.8

2010 4.3 -0.6 -1.7 -1.0 -0.9 -1.2 2.3 18.5 -5.3 7.4

2011 3.5 -0.5 -0.7 4.1 3.0 4.9 -1.7 10.8 -2.0 7.7

2012 5.0 2.0 -0.7 6.1 4.8 5.8 -0.2 10.1 -2.6 7.8

2013 4.0 1.8 0.1 6.0 5.1 6.4 -1.3 6.7 1.9 8.6

2014 4.4 3.1 0.5 6.9 6.3 6.9 -0.5 5.4 2.2 4.7

2009 -- Q1 3.6 -0.8 1.3 -3.0 -2.7 -3.7 2.5 21.7 -11.3 4.8

 Q2 5.1 0.7 0.7 -5.9 -3.6 -4.2 4.7 25.0 -11.9 12.5

 Q3 3.0 0.5 -0.1 -3.2 -5.6 -7.3 3.7 17.7 -8.6 10.8

 Q4 1.9 0.7 0.6 -3.8 -5.4 -6.9 4.6 11.7 -7.1 22.1

2010 -- Q1 3.5 -2.6 -3.9 -3.1 -1.6 -2.0 3.1 18.8 -6.1 8.0

 Q2 4.7 0.3 -0.6 -2.6 -3.4 -5.2 -0.1 21.5 -6.6 -3.1

 Q3 4.6 -0.7 -1.7 0.1 1.9 3.2 1.8 15.4 -4.2 5.6

 Q4 4.3 0.7 -0.9 1.6 -0.5 -0.5 4.5 13.8 -5.3 17.5

2011 -- Q1 2.7 1.0 -0.7 4.0 1.6 2.6 -2.9 7.6 -0.7 15.6

 Q2 1.8 -1.4 -0.6 3.3 3.3 5.5 -3.6 5.9 -2.3 15.3

 Q3 5.2 -2.1 -0.8 4.0 3.5 5.7 -0.2 17.2 -1.6 -3.2

 Q4 4.3 0.4 -0.8 4.8 3.4 5.3 -0.2 10.9 -3.5 2.4

2012 -- Q1 5.3 2.0 -0.8 5.3 4.0 4.7 -0.2 11.5 -3.6 -0.4

 Q2 5.5 1.9 -0.6 7.2 3.8 4.0 1.4 11.9 -3.9 2.4

 Q3 3.8 1.1 -0.8 5.3 4.2 4.9 0.2 7.2 -1.7 13.9

 Q4 5.3 2.9 -0.7 6.3 6.7 9.0 -2.2 8.3 -1.3 13.8

2013 -- Q1 4.4 1.0 -0.5 5.9 3.6 5.8 1.7 9.3 -0.7 13.5

 Q2 2.2 1.4 0.2 5.5 5.1 5.8 -1.1 1.6 1.8 3.2

 Q3 3.2 3.3 0.9 6.5 7.3 9.4 -3.0 0.9 0.5 7.4

 Q4 6.1 1.5 -0.3 5.7 4.2 4.2 -2.8 14.4 6.2 9.9

2014 -- Q1 4.0 1.8 -0.2 5.7 6.1 8.7 -1.7 5.7 -0.4 5.0

 Q2 4.2 5.1 0.5 8.2 5.0 4.7 0.1 3.5 2.4 13.2

 Q3 4.5 3.1 0.5 6.8 6.1 7.0 -1.7 6.0 3.8 1.4

 Q4 4.8 2.2 1.1 6.1 7.2 6.5 1.5 5.9 3.2 -1.0

2015 -- Q1 2.5 1.7 0.0 5.3 7.2 8.4 4.3 -1.1 -1.1 10.2

 Q2 4.4 3.9 2.2 8.1 8.3 8.7 1.0 2.4 2.5 3.4

1. Debt securities and loans. Data shown are on an end-of-period basis.
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4 Z.1, September 18, 2015

D.2 Borrowing by Sector 1

Billions of dollars; quarterly figures are seasonally adjusted annual rates 

Domestic nonfinancial sectors

 

 Households Business State and Domestic 

Home Consumer local Federal financial

 Total Total mortgage credit Total Corporate governments government sectors Foreign

1981 413.3 100.1 67.0 19.8 190.0 125.3 27.6 95.5 106.7 23.4

1982 466.4 86.9 47.4 18.8 164.4 106.6 41.7 173.4 97.1 16.3

1983 593.6 180.8 105.2 48.2 165.7 94.4 47.3 199.8 107.5 16.7

1984 810.6 221.6 127.6 81.7 320.8 207.1 52.5 215.7 164.7 8.0

1985 1014.1 330.3 181.7 84.0 254.7 184.3 163.6 265.6 232.8 1.4

1986 880.9 266.3 199.4 55.8 294.9 227.7 74.2 245.5 333.6 10.2

1987 735.6 247.3 221.6 32.3 223.7 165.6 90.4 174.2 267.8 11.4

1988 820.8 274.0 215.6 46.6 308.5 224.4 50.4 187.9 253.8 -4.4

1989 717.9 275.4 224.9 47.0 214.3 165.9 47.4 180.9 236.9 -7.9

1990 688.4 229.8 200.0 15.1 131.3 131.0 47.1 280.2 212.3 11.1

1991 527.2 199.9 174.5 -8.8 -80.5 -54.3 91.2 316.6 189.9 13.4

1992 552.5 202.7 173.0 9.2 -10.5 16.0 16.5 343.8 229.9 16.4

1993 727.1 262.2 156.3 61.4 113.7 134.3 57.9 293.2 326.7 67.5

1994 675.5 323.3 166.5 135.0 204.3 189.8 -45.5 193.5 462.7 -23.2

1995 665.0 323.1 153.6 147.0 237.5 192.2 -60.8 165.3 463.7 76.4

1996 752.4 340.6 205.1 105.7 232.3 161.9 -20.5 200.0 570.7 89.0

1997 839.0 343.6 215.9 70.3 381.2 279.3 50.8 63.4 603.3 77.7

1998 1047.5 433.8 301.5 97.1 558.2 379.2 66.8 -11.4 1096.3 36.0

1999 1123.5 549.0 379.2 112.4 567.3 373.5 37.3 -30.1 1112.2 15.4

2000 874.3 581.6 383.5 176.5 550.8 358.4 16.9 -275.0 901.6 60.5

2001 1128.6 627.4 508.2 150.6 340.6 177.1 105.5 55.2 898.8 -21.1

2002 1345.4 763.9 706.0 105.2 154.8 3.0 144.6 282.1 815.1 53.6

2003 1657.5 1039.0 872.1 105.9 77.3 3.4 120.5 420.7 1157.1 17.2

2004 2113.1 1133.4 934.7 117.2 398.1 143.3 178.8 402.8 1054.5 99.1

2005 2242.2 1145.2 1053.0 100.4 608.4 266.7 141.7 346.9 1109.2 103.9

2006 2384.6 1261.0 997.6 120.4 803.5 388.1 100.9 219.1 1424.7 286.7

2007 2479.4 946.6 733.5 151.3 1115.7 652.5 146.7 270.4 2054.7 260.9

2008 1892.4 -15.4 93.3 34.9 587.4 261.8 17.9 1302.5 786.0 -198.2

2009 1203.6 40.0 66.8 -103.6 -455.3 -358.2 113.0 1505.8 -1706.9 222.2

2010 1546.4 -78.9 -182.2 -25.3 -90.2 -70.7 69.5 1645.9 -872.0 149.0

2011 1312.8 -70.9 -73.1 108.6 297.8 294.6 -52.7 1138.7 -309.5 172.8

2012 1925.6 261.0 -68.7 169.4 489.3 364.1 -5.3 1180.6 -386.5 195.0

2013 1612.9 240.0 4.8 175.9 554.5 432.4 -38.9 857.3 284.0 243.3

2014 1842.9 413.5 44.5 213.1 707.1 489.2 -13.7 735.9 333.2 140.3

2009 -- Q1 1272.9 -116.1 138.7 -78.7 -287.3 -245.8 72.6 1603.7 -2028.8 77.7

 Q2 1797.6 103.4 73.4 -153.9 -386.0 -273.3 136.4 1943.7 -2118.7 201.6

 Q3 1057.7 74.0 -9.3 -82.6 -590.6 -474.1 108.9 1465.3 -1488.4 189.3

 Q4 686.1 98.6 64.5 -99.1 -557.2 -439.6 134.1 1010.6 -1191.6 420.2

2010 -- Q1 1245.1 -352.5 -407.6 -78.4 -161.0 -123.1 92.0 1666.6 -1000.4 160.9

 Q2 1691.7 40.3 -63.8 -65.6 -342.2 -322.0 -1.6 1995.2 -1033.4 -63.6

 Q3 1664.1 -93.4 -171.1 2.8 191.9 195.0 53.0 1512.6 -641.2 115.3

 Q4 1584.5 89.9 -86.2 39.7 -49.5 -32.9 134.8 1409.3 -812.9 383.3

2011 -- Q1 1013.0 133.1 -71.0 106.8 163.0 159.3 -87.4 804.3 -109.8 351.5

 Q2 678.2 -183.8 -58.7 89.5 332.3 334.6 -108.7 638.3 -354.6 360.0

 Q3 1925.6 -287.6 -81.7 106.7 348.6 352.1 -7.3 1871.8 -241.8 -80.5

 Q4 1634.6 54.5 -81.2 131.3 347.2 332.4 -7.4 1240.2 -531.8 60.2

2012 -- Q1 2015.3 266.3 -76.4 145.1 408.1 294.9 -4.5 1345.4 -529.7 -10.7

 Q2 2122.2 251.3 -56.7 200.5 395.1 256.9 42.4 1433.4 -581.1 60.6

 Q3 1485.3 143.6 -75.8 149.8 441.3 313.1 6.5 893.9 -248.3 354.4

 Q4 2079.6 382.7 -65.7 182.3 712.7 591.3 -65.4 1049.6 -186.8 375.8

2013 -- Q1 1771.9 134.9 -49.9 173.4 392.4 388.7 49.5 1195.1 -99.8 384.0

 Q2 906.5 180.8 20.4 161.8 549.9 395.3 -33.3 209.1 261.0 93.2

 Q3 1283.3 439.0 81.0 194.3 809.0 649.0 -88.3 123.7 71.7 208.6

 Q4 2489.9 205.3 -32.4 174.2 466.6 296.4 -83.3 1901.3 903.0 287.5

2014 -- Q1 1661.1 237.0 -18.3 177.0 689.0 616.8 -49.7 784.7 -61.1 146.9

 Q2 1759.5 696.3 43.7 256.6 579.6 343.8 1.6 482.1 355.1 400.8

 Q3 1916.6 419.3 46.9 219.3 709.5 513.2 -50.9 838.7 560.1 44.8

 Q4 2034.4 301.4 105.5 199.5 850.4 482.8 44.3 838.2 478.5 -31.5

2015 -- Q1 1074.3 240.5 0.2 174.4 863.2 636.3 126.9 -156.3 -159.5 318.8

 Q2 1935.9 547.8 206.1 270.7 1008.8 674.6 29.3 350.0 377.2 109.2

1. Debt securities and loans.
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D.3 Debt Outstanding by Sector 1

Billions of dollars; quarterly figures are seasonally adjusted 

Domestic nonfinancial sectors

 

 Households Business State and Domestic 

Home Consumer local Federal financial

 Total Total mortgage credit Total Corporate governments government sectors Foreign

1981 4459.4 1521.2 998.3 377.9 1658.5 1038.7 372.1 907.7 723.6 229.4

1982 4895.6 1593.2 1031.2 396.7 1807.6 1129.9 413.8 1081.0 823.4 224.1

1983 5492.1 1754.0 1116.4 444.9 1996.2 1247.2 461.1 1280.8 931.1 228.2

1984 6302.3 1971.6 1243.3 526.6 2320.6 1458.0 513.6 1496.5 1104.5 228.1

1985 7334.6 2322.7 1450.2 610.6 2572.0 1638.9 677.9 1762.0 1338.2 335.0

1986 8212.6 2586.9 1649.0 666.4 2866.0 1865.8 752.1 2007.5 1679.8 346.1

1987 8930.6 2788.9 1828.6 698.6 3117.4 2059.2 842.6 2181.7 1959.9 357.2

1988 9747.9 3079.8 2054.8 745.2 3405.5 2263.5 893.0 2369.6 2213.7 393.1

1989 10482.9 3347.6 2260.1 809.3 3644.3 2454.1 940.4 2550.5 2479.1 389.2

1990 11198.6 3606.6 2489.3 824.4 3773.8 2583.3 987.4 2830.8 2694.5 396.2

1991 11722.5 3810.1 2667.4 815.6 3686.4 2524.4 1078.6 3147.4 2884.4 406.2

1992 12278.2 4012.8 2840.4 824.8 3679.1 2543.6 1095.1 3491.1 3129.9 425.8

1993 13020.0 4277.4 2999.0 886.2 3805.2 2690.4 1153.0 3784.3 3462.0 520.6

1994 13701.9 4600.1 3165.5 1021.2 4016.5 2887.2 1107.5 3977.8 3932.7 500.4

1995 14382.8 4923.1 3319.2 1168.2 4269.8 3095.2 1046.7 4143.1 4399.4 630.7

1996 15135.2 5276.8 3537.3 1273.9 4489.1 3244.1 1026.2 4343.1 4970.2 720.9

1997 15972.1 5620.4 3753.2 1344.2 4868.3 3521.3 1076.9 4406.5 5553.4 801.7

1998 17019.5 6054.2 4054.7 1441.3 5426.5 3900.4 1143.8 4395.1 6649.6 842.4

1999 18177.4 6603.2 4431.6 1553.6 6028.2 4308.3 1181.0 4365.0 7759.6 803.9

2000 19061.5 7194.7 4813.9 1741.3 6579.0 4666.7 1197.9 4090.0 8662.2 867.6

2001 20173.2 7822.0 5322.0 1891.8 6902.6 4826.8 1303.4 4145.2 9687.3 849.4

2002 21518.6 8585.9 6028.0 1997.0 7057.4 4829.8 1447.9 4427.3 10502.4 955.7

2003 23220.3 9655.0 6909.9 2102.9 7148.8 4847.3 1568.4 4848.0 11494.8 1156.6

2004 26065.3 10808.4 7859.5 2220.1 7557.8 5001.6 2448.2 5250.9 12564.2 1285.2

2005 28294.5 11953.6 8912.5 2320.6 8166.3 5268.2 2589.8 5584.8 13618.8 1350.5

2006 30723.3 13238.1 9910.2 2461.3 8990.6 5677.1 2690.8 5803.9 15010.5 1657.9

2007 33179.6 14156.6 10613.0 2615.1 10111.2 6336.1 2837.5 6074.3 17176.0 1996.6

2008 34934.2 14015.0 10580.1 2650.0 10687.0 6593.0 2855.4 7376.8 17881.8 1604.4

2009 35749.6 13762.5 10419.3 2552.3 10136.0 6150.6 2968.4 8882.6 16449.3 2005.9

2010 37039.0 13508.6 9915.4 2646.9 9963.9 6013.0 3038.0 10528.6 15219.2 2257.9

2011 38203.3 13296.6 9695.8 2755.4 10254.2 6307.6 2985.3 11667.3 14831.6 2484.9

2012 39965.8 13355.4 9486.7 2922.9 10782.6 6715.2 2980.0 12847.8 14630.5 2834.0

2013 41459.6 13507.6 9403.7 3098.8 11305.7 7120.7 2941.1 13705.1 14847.3 2958.2

2014 43255.4 13876.1 9403.2 3311.9 12010.8 7610.3 2927.5 14441.1 15161.1 3125.6

2009 -- Q1 35143.3 13869.6 10569.0 2630.4 10622.4 6541.1 2873.5 7777.7 17798.5 1610.3

 Q2 35538.9 13844.5 10530.6 2597.7 10523.0 6472.7 2907.7 8263.7 17235.2 1751.0

 Q3 35737.2 13800.1 10465.4 2577.0 10372.2 6354.2 2934.9 8630.0 16830.9 1900.5

 Q4 35749.6 13762.5 10419.3 2552.3 10136.0 6150.6 2968.4 8882.6 16449.3 2005.9

2010 -- Q1 36071.2 13668.7 10269.4 2536.3 10111.8 6137.1 2991.4 9299.3 15664.6 2067.7

 Q2 36444.2 13631.3 10206.0 2519.9 10023.9 6056.6 2991.0 9798.1 15383.4 2056.4

 Q3 36816.4 13566.4 10121.7 2520.6 10069.5 6105.3 3004.3 10176.2 15202.4 2195.1

 Q4 37039.0 13508.6 9915.4 2646.9 9963.9 6013.0 3038.0 10528.6 15219.2 2257.9

2011 -- Q1 37251.4 13503.0 9858.8 2673.6 10002.7 6052.8 3016.1 10729.6 15173.0 2349.2

 Q2 37385.8 13423.8 9805.5 2695.9 10083.8 6136.4 2988.9 10889.2 15060.4 2478.3

 Q3 37830.7 13317.2 9750.4 2722.6 10169.2 6224.5 2987.1 11357.2 14981.5 2457.6

 Q4 38203.3 13296.6 9695.8 2755.4 10254.2 6307.6 2985.3 11667.3 14831.6 2484.9

2012 -- Q1 38666.3 13330.8 9642.1 2791.7 10347.7 6372.0 2984.1 12003.6 14745.0 2527.8

 Q2 39153.5 13352.1 9588.3 2839.8 10444.7 6436.2 2994.7 12362.0 14579.6 2557.7

 Q3 39479.5 13292.6 9533.7 2877.3 10605.1 6566.4 2996.4 12585.4 14685.2 2719.9

 Q4 39965.8 13355.4 9486.7 2922.9 10782.6 6715.2 2980.0 12847.8 14630.5 2834.0

2013 -- Q1 40381.2 13362.8 9448.0 2966.2 10879.4 6812.3 2992.4 13146.6 14590.0 2894.5

 Q2 40582.1 13383.5 9428.6 3006.7 11015.7 6911.1 2984.0 13198.9 14640.3 2829.9

 Q3 40869.5 13472.3 9427.9 3055.3 11205.4 7062.0 2962.0 13229.8 14642.5 2900.5

 Q4 41459.6 13507.6 9403.7 3098.8 11305.7 7120.7 2941.1 13705.1 14847.3 2958.2

2014 -- Q1 41860.0 13552.8 9385.1 3143.1 11477.2 7274.7 2928.7 13901.3 14823.5 3027.6

 Q2 42287.3 13715.0 9384.1 3207.2 11621.4 7360.6 2929.1 14021.8 14906.0 3186.5

 Q3 42749.4 13808.3 9384.4 3262.0 11793.2 7483.9 2916.4 14231.5 15044.9 3137.3

 Q4 43255.4 13876.1 9403.2 3311.9 12010.8 7610.3 2927.5 14441.1 15161.1 3125.6

2015 -- Q1 43506.1 13919.3 9386.2 3355.5 12225.7 7769.2 2959.2 14402.0 15114.5 3201.1

 Q2 43979.0 14045.7 9427.2 3423.2 12477.4 7937.9 2966.5 14489.5 15202.8 3114.6

1. Debt securities and loans. Data shown are on an end-of-period basis.
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B.1 Derivation of U.S. Net Wealth

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

2010 2011 2012 2013 2014 2014 2015

 Q1 Q2 Q3 Q4 Q1 Q2

 1 U.S. net wealth (1) 60079.6 59623.5 64805.3 74492.1 77891.5 75110.4 76782.7 76510.1 77891.5 79202.7 79690.3 1

 2 Households’ direct holdings of nonfinancial assets 23365.5 23395.2 25107.6 27688.0 29118.3 28098.7 28370.1 28693.1 29118.3 29644.4 30216.5 2

 3 Real estate 18397.0 18269.6 19841.0 22319.6 23634.6 22708.9 22939.9 23229.1 23634.6 24119.3 24618.0 3

 4 Equipment (nonprofits) 280.1 293.0 301.8 309.1 320.0 311.3 314.3 317.2 320.0 323.3 325.7 4

 5 Intellectual property products (nonprofits) 101.8 109.4 115.9 121.5 125.9 122.3 123.2 124.7 125.9 126.8 127.5 5

 6 Consumer durable goods 4586.7 4723.3 4848.9 4937.8 5037.8 4956.1 4992.8 5022.1 5037.8 5075.0 5145.2 6

 7 Nonfin. noncorporate businesses nonfinancial assets 8822.2 9221.9 9951.6 11031.9 11696.0 11148.9 11305.4 11485.0 11696.0 11925.0 12089.6 7

 8 Real estate 7666.3 7993.2 8684.9 9725.3 10331.2 9810.5 9951.2 10126.3 10331.2 10600.2 10798.5 8

 9 Equipment 709.2 740.7 772.6 804.9 838.2 817.8 829.0 831.9 838.2 829.4 820.3 9

 10 Intellectual property products 189.9 196.6 204.7 214.6 223.3 220.0 223.9 225.4 223.3 203.1 179.3 10

 11 Inventories 256.9 291.3 289.3 287.1 303.3 300.7 301.3 301.4 303.3 292.3 291.5 11

 12 Fin. noncorporate businesses nonfinancial assets (2) 15.9 11.9 17.3 15.9 17.5 16.8 16.8 17.4 17.5 17.2 16.6 12

 13 Market value of domestic corporations (3) 18652.2 18439.1 20893.2 27183.3 29508.7 27505.1 28686.2 28254.7 29508.7 29776.2 29598.7 13

 14 Nonfinancial corporate equity 14356.5 14369.4 15961.6 20717.0 22228.7 20914.0 21883.8 21445.2 22228.7 22384.0 22137.8 14

 15 Financial corporate equity 4295.7 4069.7 4931.6 6466.4 7280.0 6591.1 6802.4 6809.6 7280.0 7392.2 7460.9 15

 16 Federal government nonfinancial assets (4) 2957.5 3066.8 3137.2 3206.4 3258.6 3220.4 3229.9 3246.6 3258.6 3253.5 3240.9 16

 17 Structures 1352.5 1406.9 1439.8 1480.6 1507.9 1487.9 1491.6 1501.5 1507.9 1500.2 1495.2 17

 18 Equipment 680.9 711.0 726.6 732.7 742.0 735.6 738.2 739.9 742.0 743.8 738.6 18

 19 Intellectual property products 924.1 948.9 970.8 993.1 1008.7 997.0 1000.2 1005.2 1008.7 1009.5 1007.0 19

 20 State and local governments nonfinancial assets (4) 8557.5 9068.6 9384.7 9718.9 9980.2 9793.8 9861.5 9936.1 9980.2 9990.4 10003.0 20

 21 Structures 8207.7 8711.9 9022.9 9350.3 9603.7 9422.9 9488.5 9560.9 9603.7 9612.1 9623.8 21

 22 Equipment 245.4 246.5 246.7 248.4 252.1 249.5 250.4 251.4 252.1 253.3 253.7 22

 23 Intellectual property products 104.4 110.2 115.2 120.1 124.4 121.4 122.6 123.7 124.4 125.0 125.5 23

 24 Net U.S. financial claims on the rest of the world -2291.3 -3580.1 -3686.2 -4352.3 -5687.8 -4673.3 -4687.2 -5122.8 -5687.8 -5404.0 -5474.9 24

 25 U.S. financial claims on the rest of the world 13762.7 13932.9 15276.4 16784.2 17304.5 17078.6 17726.8 17546.6 17304.5 17864.1 17927.3 25

 26 U.S. holdings of foreign corporate equities 4900.2 4501.4 5321.9 6472.9 6719.7 6627.8 7061.2 6803.7 6719.7 7118.4 7224.6 26

 27 Other U.S. financial claims 8862.5 9431.5 9954.6 10311.3 10584.8 10450.8 10665.6 10742.8 10584.8 10745.7 10702.7 27

 28 Less: Foreign financial claims on U.S. 16054.1 17513.0 18962.6 21136.5 22992.3 21751.8 22414.0 22669.4 22992.3 23268.1 23402.2 28

 29 Foreign holdings of U.S. corporate equities 3216.0 3397.2 3953.0 5204.4 5929.2 5378.2 5634.1 5719.3 5929.2 5975.6 5895.0 29

 30 Other foreign financial claims 12838.1 14115.8 15009.6 15932.1 17063.2 16373.6 16779.8 16950.1 17063.2 17292.5 17507.2 30

 Memo:

 31 A. U.S. net wealth (line 1) 60079.6 59623.5 64805.3 74492.1 77891.5 75110.4 76782.7 76510.1 77891.5 79202.7 79690.3 31

 32 Change in U.S. net wealth 2981.1 -456.1 5181.9 9686.8 3399.4 618.3 1672.4 -272.7 1381.5 1311.2 487.6 32

 33 Percent change in U.S. net wealth 5.2 -0.8 8.7 14.9 4.6 0.8 2.2 -0.4 1.8 1.7 0.6 33

 34 B. Household net worth (5) 62574.8 63839.8 69922.1 79371.0 83425.7 80481.7 81882.5 81861.1 83425.7 85017.2 85712.0 34

 35 Change in household net worth 4184.1 1265.0 6082.3 9448.9 4054.7 1110.7 1400.8 -21.4 1564.6 1591.5 694.8 35

 36 Percent change in household net worth 7.2 2.0 9.5 13.5 5.1 1.4 1.7 -0.0 1.9 1.9 0.8 36

(1) U.S. net wealth measures the value of tangible assets controlled by the household and nonprofit organizations, noncorporate business, and government sectors of the U.S. economy and the

 market value of domestic nonfinancial and financial corporations, net of U.S. financial obligations to the rest of the world (sum of lines 2+7+12+13+16+20+24).

(2) Assumed to be equal to proprietors’ equity in noncorporate brokers and dealers.

(3) This measure does not equal the net worth of the nonfinancial corporate business and financial business sectors reported in the Integrated Macroeconomic Accounts (tables S.2.a and S.2.q)

 because of differences in the valuation of assets.

(4) Excludes land and nonproduced nonfinancial assets.

(5) Household net worth is calculated as the difference between total assets and liabilities of the household and nonprofit organizations sector. See table B.101.
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F.2 Distribution of Gross Domestic Product (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2010 2011 2012 2013 2014 2014 2015

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Gross Domestic Product (GDP) 14964.4 15517.9 16155.3 16663.2 17348.1 16984.3 17270.0 17522.1 17615.9 17649.3 17902.0 1

 2 Personal consumption expenditures (2) 10202.2 10689.3 11050.6 11392.3 11865.9 11640.3 11813.0 11949.1 12061.4 12055.5 12213.9 2

 3 Durable goods 1070.7 1125.3 1191.9 1237.8 1280.2 1243.1 1279.1 1295.1 1303.5 1301.8 1327.1 3

 4 Nondurable goods 2292.1 2471.1 2547.2 2598.9 2668.2 2631.6 2672.4 2692.2 2676.6 2599.7 2650.8 4

 5 Services 6839.4 7092.8 7311.5 7555.5 7917.5 7765.6 7861.5 7961.7 8081.3 8153.9 8236.0 5

 6 Gross private domestic investment 2100.8 2239.9 2511.7 2665.0 2860.0 2751.1 2841.6 2910.2 2937.2 2995.9 3026.3 6

 7 Fixed investment (3) 2039.3 2198.1 2449.9 2593.2 2782.9 2708.4 2752.7 2821.8 2848.7 2868.6 2890.2 7

 8 Nonresidential 1658.2 1812.1 2007.7 2084.3 2233.7 2181.9 2211.7 2267.0 2274.1 2280.7 2292.2 8

 9 Household sector (nonprofit organizations) 134.1 130.8 137.4 133.7 139.7 130.7 138.8 147.8 141.6 142.5 146.5 9

 10 Nonfinancial corporate business 1178.1 1299.2 1434.5 1491.7 1603.3 1565.9 1587.2 1626.2 1633.8 1638.4 1647.5 10

 11 Nonfinancial noncorporate business 183.3 214.6 243.7 252.8 268.1 273.6 265.8 264.9 268.1 266.5 263.6 11

 12 Financial institutions 162.8 167.5 192.1 206.1 222.6 211.8 220.0 228.1 230.6 233.2 234.7 12

 13 Residential 381.1 386.0 442.2 508.9 549.2 526.4 540.9 554.8 574.6 588.0 597.9 13

 14 Household sector 318.3 321.1 367.9 424.6 456.6 437.4 449.5 461.2 478.1 488.9 499.8 14

 15 Nonfinancial corporate business 0.5 -1.8 0.2 -8.4 -0.4 10.3 -12.8 1.7 -0.7 -3.7 4.3 15

 16 Nonfinancial noncorporate business 58.3 60.2 68.9 78.0 85.6 82.4 84.5 86.5 89.0 91.1 92.8 16

 17 REITs 4.0 6.5 5.3 14.7 7.4 -3.6 19.7 5.4 8.2 11.7 1.0 17

 18 Change in private inventories 61.5 41.8 61.8 71.8 77.1 42.7 88.9 88.3 88.5 127.3 136.2 18

 19 Nonfinancial corporate business 57.9 34.9 65.8 55.2 63.2 35.4 72.4 71.6 73.4 104.8 115.2 19

 20 Nonfinancial noncorporate business 3.6 6.8 -4.0 16.6 13.9 7.4 16.6 16.7 15.1 22.5 21.0 20

 21 Net U.S. exports of goods and services -512.7 -580.0 -565.7 -508.4 -530.0 -529.4 -530.9 -514.6 -545.2 -551.6 -517.5 21

 22 Exports 1852.3 2106.4 2198.2 2263.3 2341.9 2301.5 2356.2 2360.6 2349.5 2257.3 2280.3 22

 23 - Imports 2365.0 2686.4 2763.8 2771.7 2871.9 2830.8 2887.0 2875.2 2894.6 2808.9 2797.7 23

 Government consumption expenditures and

 24 gross investment 3174.0 3168.7 3158.6 3114.2 3152.1 3122.3 3146.3 3177.4 3162.5 3149.5 3179.2 24

 25 Consumption expenditures (4) 2522.2 2530.9 2544.1 2522.0 2556.3 2538.7 2549.0 2578.7 2558.6 2556.2 2565.4 25

 26 Federal 1003.9 1006.1 1007.8 961.3 955.3 952.9 950.9 968.2 949.1 956.7 957.3 26

 27 State and local 1518.3 1524.8 1536.3 1560.7 1601.0 1585.8 1598.2 1610.5 1609.5 1599.5 1608.1 27

 28 Gross investment (4) 651.8 637.9 614.4 592.3 595.8 583.5 597.2 598.7 603.9 593.3 613.9 28

 29 Federal 300.0 297.4 284.7 269.4 264.6 261.8 266.0 264.9 265.6 261.5 263.4 29

 30 State and local 351.9 340.5 329.7 322.9 331.3 321.7 331.3 333.8 338.3 331.8 350.5 30

 Memo:

 31 Net U.S. income receipts from rest of world 206.0 246.6 237.6 250.4 263.1 258.8 257.0 271.9 264.7 227.5 218.3 31

 32 U.S. income receipts 720.0 792.6 801.5 826.2 854.3 840.0 850.4 869.7 857.0 817.0 826.3 32

 33 - U.S. income payments 514.1 546.0 563.9 575.8 591.2 581.2 593.3 597.8 592.3 589.5 608.0 33

 Gross National Product (GNP) =

 34 GDP + net U.S. income receipts 15170.4 15764.6 16392.8 16913.5 17611.2 17243.1 17527.0 17794.0 17880.6 17876.8 18120.3 34

 Acquisition of nonproduced nonfinancial assets (net)

 35 Household sector -8.5 -7.8 -7.9 -8.2 -8.4 -8.4 -8.4 -8.4 -8.4 -8.3 -8.3 35

 36 Nonfinancial corporate business -1.1 -0.5 0.8 1.0 1.2 -0.2 0.3 4.9 -0.2 -0.8 120.0 36

 37 Federal government -1.0 -0.9 -2.0 -2.4 -2.7 -1.2 -1.8 -6.5 -1.3 -0.7 -121.6 37

 38 State and local governments 10.6 9.2 9.1 9.6 9.9 9.9 9.9 10.0 9.9 9.8 9.8 38

 39 Rest of the world -0.0 -0.0 -0.1 0.0 -0.0 -0.1 0.0 0.0 0.0 0.0 0.1 39

(1) This table is based on NIPA table 1.1.5 in the Survey of Current Business, Bureau of Economic Analysis (www.bea.gov).

(2) Component of personal outlays, found on table F.101, line 4.

(3) Structures, equipment, and intellectual property products.

(4) Government inventory investment is included in consumption expenditures.
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F.3 Distribution of National Income (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2010 2011 2012 2013 2014 2014 2015

 Q1 Q2 Q3 Q4 Q1 Q2

 1 National Income 12739.5 13352.3 14061.9 14458.3 15076.5 14710.1 14981.3 15256.5 15358.2 15336.4 15437.4 1

 2 Compensation of employees 7961.4 8269.0 8609.9 8839.7 9248.9 9103.7 9177.3 9289.9 9424.9 9487.9 9549.0 2

 3 Wages and salaries 6377.5 6633.2 6930.3 7114.4 7477.8 7350.0 7414.5 7513.9 7632.6 7682.4 7730.1 3

 4 Supplements to wages and salaries 1583.9 1635.9 1679.6 1725.3 1771.2 1753.7 1762.7 1776.0 1792.3 1805.5 1818.9 4

 5 Proprietors’ income with IVA and CCAdj 1032.7 1143.7 1241.4 1285.1 1346.7 1304.8 1346.3 1357.8 1377.9 1369.4 1376.8 5

 6 Rental income of persons with CCAdj 402.8 485.3 525.3 563.4 610.8 591.0 605.5 618.4 628.4 637.0 655.2 6

 7 Corporate profits with IVA and CCAdj 1746.4 1816.6 1998.2 2037.4 2072.9 1924.7 2070.5 2161.0 2135.5 2012.5 2060.0 7

 8 Corporate profits with IVA 1799.7 1738.5 2116.6 2164.9 2204.8 2054.4 2203.7 2295.0 2266.3 2351.5 2390.9 8

 9 Profits before tax 1840.7 1806.8 2130.8 2161.6 2207.8 2111.2 2227.6 2279.5 2212.8 2252.3 2369.9 9

 10 Domestic nonfinancial 1039.2 1008.9 1241.4 1323.2 1366.1 1317.0 1377.3 1405.1 1365.2 1436.8 1523.7 10

 11 Domestic financial 406.3 375.9 479.0 423.6 423.4 379.8 441.7 447.3 424.9 421.9 455.4 11

 12 Rest of the world 395.2 421.9 410.3 414.8 418.2 414.5 408.6 427.1 422.7 393.6 390.8 12

 Less:

 13 Taxes on corporate income 370.6 379.1 447.6 468.9 513.9 497.3 527.4 518.4 512.3 517.8 546.1 13

 14 Domestic nonfinancial 220.6 228.8 266.7 284.6 316.2 303.4 315.5 321.8 324.2 341.4 361.0 14

 15 Domestic financial 150.0 150.3 180.9 184.3 197.6 193.9 212.0 196.6 188.1 176.4 185.2 15

 Equals:

 16 Profits after tax 1470.1 1427.7 1683.2 1692.7 1693.9 1613.9 1700.2 1761.1 1700.5 1734.5 1823.7 16

 17 Net dividends 564.0 703.7 859.4 924.0 860.0 857.3 857.1 853.6 872.2 878.5 879.5 17

 18 Domestic nonfinancial 375.5 441.0 517.9 525.2 573.8 588.9 585.8 542.7 577.9 588.6 581.9 18

 19 Domestic financial 67.1 107.7 162.2 252.5 150.6 139.2 142.9 164.0 156.1 204.9 180.4 19

 20 Rest of the world 121.4 154.9 179.3 146.3 135.6 129.2 128.4 146.8 138.2 85.0 117.2 20

 21 Undistributed profits 906.2 724.0 823.8 768.7 833.9 756.7 843.1 907.5 828.3 856.0 944.3 21

 22 Domestic nonfinancial 443.1 339.1 456.8 513.3 476.1 424.7 476.0 540.6 463.0 506.8 580.8 22

 23 Domestic financial 189.3 117.9 136.0 -13.1 75.2 46.7 86.8 86.6 80.7 40.6 89.9 23

 24 Rest of the world 273.8 267.0 231.0 268.5 282.6 285.3 280.2 280.3 284.5 308.6 273.6 24

 25 Inventory valuation adjustment (IVA) -41.0 -68.3 -14.2 3.2 -2.9 -56.9 -24.0 15.5 53.5 99.2 21.1 25

 26 Capital consumption adjustment (CCAdj) -53.3 78.1 -118.5 -127.5 -131.9 -129.6 -133.2 -134.0 -130.8 -338.9 -330.9 26

 27 Domestic nonfinancial -15.2 98.3 -77.6 -89.6 -92.1 -91.9 -93.5 -93.2 -89.7 -277.5 -269.8 27

 28 Domestic financial -38.1 -20.2 -40.9 -37.9 -39.8 -37.8 -39.6 -40.8 -41.1 -61.4 -61.1 28

 29 Net interest and miscellaneous payments 489.4 488.1 527.7 513.5 532.3 555.6 535.9 515.8 521.9 561.3 507.2 29

 30 Taxes on production and imports 1057.1 1102.6 1132.1 1178.0 1213.7 1196.1 1210.2 1221.7 1227.0 1226.8 1239.5 30

 31 Less: Subsidies 55.9 60.1 58.0 59.4 57.9 58.1 57.9 58.2 57.5 57.6 58.4 31

 32 Business current transfer payments (net) 128.5 131.5 104.7 119.4 127.3 110.0 112.0 168.5 118.7 115.6 124.1 32

 33 To persons (net) 43.0 50.2 42.7 41.2 42.0 41.8 42.0 42.1 42.1 42.4 42.9 33

 34 To government (net) 87.2 89.2 72.5 91.9 94.8 82.2 79.5 133.1 84.3 80.1 86.3 34

 35 To rest of the world (net) -1.7 -7.9 -10.6 -13.7 -9.5 -14.0 -9.6 -6.7 -7.7 -6.8 -5.1 35

 36 Current surplus of government enterprises -22.9 -24.5 -19.3 -18.8 -18.3 -17.6 -18.4 -18.4 -18.6 -16.6 -16.1 36

 Memo:

 Calculation of Gross Domestic Product

 from National Income: (2)

 37 National Income, from line 1 above 12739.5 13352.3 14061.9 14458.3 15076.5 14710.1 14981.3 15256.5 15358.2 15336.4 15437.4 37

 Plus:

 38 Private consumption of fixed capital 1923.5 1971.1 2038.0 2126.6 2229.9 2195.2 2217.3 2243.1 2264.0 2271.9 2283.6 38

 39 Government consumption of fixed capital 458.1 479.6 496.2 506.2 516.8 513.1 515.5 518.4 520.2 520.8 520.3 39

 40 Statistical discrepancy 49.2 -38.3 -203.3 -177.6 -212.0 -175.3 -187.0 -224.0 -261.8 -252.3 -120.9 40

 Less:

 41 Net U.S. income receipts from rest of world 206.0 246.6 237.6 250.4 263.1 258.8 257.0 271.9 264.7 227.5 218.3 41

 Equals:

 42 Gross Domestic Product 14964.4 15517.9 16155.3 16663.2 17348.1 16984.3 17270.0 17522.1 17615.9 17649.3 17902.0 42

(1) This table corresponds to NIPA table 1.12 in the Survey of Current Business, Bureau of Economic Analysis (www.bea.gov).

(2) The relationship of National Income to Gross Domestic Product is shown on NIPA table 1.7.5 in the Survey of Current Business, Bureau of Economic Analysis.
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F.4 Saving and Investment by Sector (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2010 2011 2012 2013 2014 2014 2015

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Gross saving 2257.5 2434.6 2861.2 3039.2 3266.8 3107.2 3252.0 3340.2 3367.6 3366.8 3326.4 1

 2 Net saving -124.1 -16.1 327.0 406.3 520.1 398.9 519.3 578.7 583.4 574.1 522.6 2

 3 Net private saving 1441.9 1444.0 1637.9 1234.4 1319.2 1207.4 1309.5 1394.8 1365.3 1303.8 1268.3 3

 4 Domestic business 811.9 733.9 691.2 644.5 699.0 570.2 686.0 789.1 751.0 616.3 634.4 4

 5 Nonfinancial corporate business 603.5 584.2 556.3 650.7 618.5 580.3 615.2 640.9 637.8 587.5 567.0 5

 6 Financial business 208.4 149.7 134.8 -6.3 80.5 -10.1 70.7 148.2 113.2 28.8 67.4 6

 7 Households and institutions 630.0 710.1 946.7 589.9 620.2 637.2 623.5 605.7 614.3 687.6 633.9 7

 8 Net government saving -1566.0 -1460.1 -1310.8 -828.0 -799.2 -808.5 -790.2 -816.1 -781.9 -729.7 -745.8 8

 9 Federal -1328.7 -1244.1 -1090.1 -640.9 -631.5 -619.2 -630.0 -650.1 -626.7 -579.3 -593.6 9

 10 State and local -237.3 -215.9 -220.8 -187.1 -167.7 -189.3 -160.2 -166.0 -155.2 -150.4 -152.2 10

 11 Consumption of fixed capital 2381.6 2450.6 2534.2 2632.8 2746.7 2708.3 2732.8 2761.5 2784.2 2792.7 2803.8 11

 12 Private 1923.5 1971.1 2038.0 2126.6 2229.9 2195.2 2217.3 2243.1 2264.0 2271.9 2283.6 12

 13 Domestic business 1523.0 1572.8 1633.4 1699.4 1775.2 1747.2 1766.4 1785.7 1801.3 1807.4 1817.7 13

 14 Nonfinancial corporate business 1094.6 1139.2 1186.2 1232.2 1285.7 1266.5 1279.8 1292.8 1303.8 1311.4 1317.8 14

 15 Nonfinancial noncorporate business 251.8 265.0 273.0 284.5 297.5 293.0 295.4 299.2 302.2 303.9 305.4 15

 16 Financial business 176.7 168.6 174.2 182.7 192.0 187.8 191.2 193.7 195.2 192.1 194.4 16

 17 Households and institutions 400.5 398.2 404.6 427.2 454.8 448.0 450.9 457.4 462.8 464.5 465.9 17

 18 Government 458.1 479.6 496.2 506.2 516.8 513.1 515.5 518.4 520.2 520.8 520.3 18

 19 Federal 245.3 257.4 264.3 267.7 270.7 269.6 270.2 271.2 271.9 272.0 271.2 19

 20 State and local 212.7 222.2 231.9 238.5 246.1 243.5 245.3 247.2 248.3 248.8 249.1 20

 Gross domestic investment, capital account

 21 transactions, and net lending, NIPAs 2306.7 2396.2 2658.0 2861.5 3054.7 2931.9 3065.0 3116.2 3105.8 3114.5 3205.5 21

 22 Gross domestic investment 2752.6 2877.8 3126.1 3257.3 3455.9 3334.7 3438.8 3508.9 3541.1 3589.2 3640.2 22

 23 Gross private domestic investment 2100.8 2239.9 2511.7 2665.0 2860.0 2751.1 2841.6 2910.2 2937.2 2995.9 3026.3 23

 24 Domestic business 1648.4 1788.0 2006.4 2106.7 2263.8 2183.1 2253.3 2301.2 2317.5 2364.4 2380.1 24

 25 Nonfinancial corporate business 1239.0 1338.9 1505.7 1553.2 1673.5 1616.1 1666.6 1694.9 1716.5 1750.0 1760.8 25

 26 Nonfinancial noncorporate business 246.7 281.7 308.6 347.4 367.6 355.2 366.7 378.2 370.4 381.2 384.7 26

 27 Financial business 162.8 167.5 192.1 206.1 222.6 211.8 220.0 228.1 230.6 233.2 234.7 27

 28 Households and institutions 452.4 451.9 505.3 558.4 596.2 568.0 588.3 609.0 619.7 631.4 646.2 28

 29 Gross government investment 651.8 637.9 614.4 592.3 595.8 583.5 597.2 598.7 603.9 593.3 613.9 29

 30 Federal 300.0 297.4 284.7 269.4 264.6 261.8 266.0 264.9 265.6 261.5 263.4 30

 31 State and local 351.9 340.5 329.7 322.9 331.3 321.7 331.3 333.8 338.3 331.8 350.5 31

 32 Capital account transactions (net) (2) 0.7 1.6 -6.5 0.8 0.5 0.6 0.4 0.4 0.4 0.4 0.3 32

 33 Private -58.5 -46.7 -24.5 7.0 5.5 4.8 4.6 10.7 1.7 7.8 128.1 33

 34 Domestic business -29.4 -40.9 -11.5 -4.7 4.5 -7.6 -6.6 40.6 -8.4 -3.8 115.6 34

 35 Nonfinancial corporate business 19.8 -6.9 -16.2 -4.7 -5.5 -7.6 -6.6 0.6 -8.4 -3.8 115.6 35

 36 Nonfinancial noncorporate business -7.8 -1.6 -4.9 -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 36

 37 Financial business -41.5 -32.4 9.6 0.0 10.0 0.0 0.0 40.0 0.0 0.0 0.0 37

 38 Households and institutions -29.1 -5.8 -12.9 11.7 0.9 12.4 11.1 -29.8 10.1 11.6 12.4 38

 39 Government 59.2 48.4 18.0 -6.1 -5.0 -4.2 -4.1 -10.3 -1.3 -7.4 -127.8 39

 40 Federal 125.3 113.0 83.0 55.7 56.1 56.0 57.8 54.6 55.9 51.8 -68.9 40

 41 State and local -66.2 -64.6 -65.0 -61.8 -61.1 -60.2 -61.9 -64.9 -57.2 -59.2 -58.9 41

 42 Net lending (+) or net borrowing (-), NIPAs (3) -446.6 -483.2 -461.7 -396.6 -401.6 -403.3 -374.2 -393.1 -435.7 -475.1 -434.9 42

 43 Private 1372.3 1183.6 985.3 511.4 471.6 471.3 493.6 493.0 428.6 319.8 276.6 43

 44 Domestic business 765.2 521.3 126.5 64.3 -6.1 -33.5 18.7 9.0 -18.7 -189.2 -164.5 44

 45 Nonfinancial corporate business (3) 488.5 353.1 49.8 156.8 24.2 62.9 47.9 14.2 -28.4 -99.7 -112.4 45

 46 Nonfinancial noncorporate business 12.9 -15.1 -30.7 -62.8 -70.2 -62.2 -71.3 -78.9 -68.2 -77.3 -79.2 46

 47 Financial business 263.8 183.3 107.4 -29.7 39.9 -34.2 42.0 73.8 77.8 -12.3 27.2 47

 48 Households and institutions 607.2 662.3 858.9 447.1 477.8 504.8 475.0 484.0 447.3 509.0 441.1 48

 49 Government -1819.0 -1666.7 -1447.0 -908.0 -873.2 -874.6 -867.8 -886.1 -864.3 -794.9 -711.6 49

 50 Federal -1508.7 -1397.1 -1193.4 -698.3 -681.4 -667.3 -683.5 -698.5 -676.3 -620.6 -516.9 50

 51 State and local -310.3 -269.6 -253.6 -209.7 -191.8 -207.4 -184.3 -187.7 -188.0 -174.3 -194.7 51

 52 Statistical discrepancy (line 21 less line 1) 49.2 -38.3 -203.3 -177.6 -212.0 -175.3 -187.0 -224.0 -261.8 -252.3 -120.9 52

 Addenda:

 53 Disaster losses 0.0 0.0 45.9 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 53

 54 Private 0.0 0.0 38.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 54

 55 Domestic business 0.0 0.0 17.5 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 55

 56 Households and institutions 0.0 0.0 20.9 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 56

 57 Government 0.0 0.0 7.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 57

 58 Federal 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 58

 59 State and local 0.0 0.0 7.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 59

(1) This table is based on NIPA table 5.1 in the Survey of Current Business, Bureau of Economic Analysis (www.bea.gov). It is consistent with the Integrated Macroeconomic Accounts of the

 United States jointly compiled by the Federal Reserve Board and the Bureau of Economic Analysis.

(2) Consists of net capital transfers shown on table F.5 and the acquisition of nonproduced nonfinancial assets (net) shown on table F.2.

(3) Differs from net lending or net borrowing (capital account) in the Integrated Macroeconomic Accounts of the United States by the statistical discrepancy (line 52).
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F.5 Net Capital Transfers (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2010 2011 2012 2013 2014 2014 2015

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Capital transfers paid, by sector 186.7 137.9 140.0 105.0 111.4 102.7 102.8 142.2 97.8 95.9 97.7 1

 2 By private business 25.8 0.0 14.3 0.0 10.0 0.0 0.0 40.0 0.0 0.0 0.0 2

 3 Financial corporations 0.0 0.0 14.3 0.0 10.0 0.0 0.0 40.0 0.0 0.0 0.0 3

 4 Disaster-related insurance benefits 0.0 0.0 14.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 Other 0.0 0.0 0.0 0.0 10.0 0.0 0.0 40.0 0.0 0.0 0.0 5

 6 Nonfinancial corporations 25.8 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 6

 7 Noncorporate business 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 7

 8 By government 141.4 123.5 99.0 79.0 77.6 77.5 78.7 79.2 75.0 71.7 72.7 8

 9 Federal 141.4 123.5 99.0 79.0 77.6 77.5 78.7 79.2 75.0 71.7 72.7 9

 10 Investment grants to state and local govts. 72.1 69.1 66.6 66.3 66.0 65.0 66.9 69.9 62.2 64.0 63.7 10

 11 Disaster-related insurance benefits 0.0 0.0 7.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11

 12 Financial stabilization payments 41.5 32.4 4.7 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12

 13 Other capital transfers paid to business 12.7 8.0 8.5 5.7 6.7 7.4 6.9 4.3 8.1 3.0 4.3 13

 14 Other capital transfers paid to persons 14.5 12.4 10.5 6.1 4.5 4.5 4.5 4.5 4.3 4.3 4.3 14

 15 Capital transfers paid to rest of world (net) 0.7 1.6 1.1 0.8 0.4 0.5 0.4 0.4 0.4 0.4 0.4 15

 16 State and local 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16

 17 Disaster-related insurance benefits 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 17

 18 By persons 19.5 14.4 19.0 26.0 23.8 25.3 24.1 23.1 22.8 24.2 25.0 18

 19 Estate and gift taxes, federal 15.1 9.6 14.1 20.9 18.8 20.2 19.1 18.1 17.8 19.2 20.0 19

 20 Estate and gift taxes, state and local 4.4 4.7 4.9 5.1 5.0 5.0 5.0 5.0 5.0 5.0 5.0 20

 21 By the rest of the world 0.0 0.0 7.7 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 21

 22 Disaster-related insurance benefits 0.0 0.0 7.7 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 22

 23 Other 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 23

 24 Capital transfers received, by sector 186.7 137.9 140.0 105.0 111.4 102.7 102.8 142.2 97.8 95.9 97.7 24

 25 By private business 54.2 40.4 26.6 5.7 6.7 7.4 6.9 4.3 8.1 3.0 4.3 25

 26 Financial corporations 41.5 32.4 4.7 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 26

 27 Disaster-related insurance benefits 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 27

 28 Other 41.5 32.4 4.7 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 28

 29 Nonfinancial corporations 4.9 6.4 17.0 5.7 6.7 7.4 6.9 4.3 8.1 3.0 4.3 29

 30 Disaster-related insurance benefits 0.0 0.0 8.5 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 30

 31 Other 4.9 6.4 8.4 5.7 6.7 7.4 6.9 4.3 8.1 3.0 4.3 31

 32 Noncorporate business 7.8 1.6 4.9 0.0 -0.0 -0.0 0.0 0.0 0.0 0.0 0.0 32

 33 Disaster-related insurance benefits 0.0 0.0 4.9 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 33

 34 Other 7.8 1.6 0.0 0.0 -0.0 -0.0 0.0 0.0 0.0 0.0 0.0 34

 35 By government 91.8 83.5 88.2 92.3 89.8 90.3 91.0 93.0 85.0 88.2 88.6 35

 36 Federal 15.1 9.6 14.1 20.9 18.8 20.2 19.1 18.1 17.8 19.2 20.0 36

 37 Estate and gift taxes paid by persons 15.1 9.6 14.1 20.9 18.8 20.2 19.1 18.1 17.8 19.2 20.0 37

 38 State and local 76.7 73.8 74.2 71.4 71.0 70.1 71.9 74.9 67.2 69.0 68.7 38

 39 Disaster-related insurance benefits 0.0 0.0 2.7 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 39

 40 Estate and gift taxes paid by persons 4.4 4.7 4.9 5.1 5.0 5.0 5.0 5.0 5.0 5.0 5.0 40

 41 Investment grants paid by federal government 72.1 69.1 66.6 66.3 66.0 65.0 66.9 69.9 62.2 64.0 63.7 41

 42 Other 0.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 42

 43 By persons 40.1 12.4 24.0 6.1 14.5 4.5 4.5 44.5 4.3 4.3 4.3 43

 44 Disaster-related insurance benefits 0.0 0.0 13.5 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 44

 45 Other 40.1 12.4 10.5 6.1 14.5 4.5 4.5 44.5 4.3 4.3 4.3 45

 46 By the rest of the world 0.7 1.6 1.1 0.8 0.4 0.5 0.4 0.4 0.4 0.4 0.4 46

 47 Capital transfers paid by U.S. government 0.7 1.6 1.1 0.8 0.4 0.5 0.4 0.4 0.4 0.4 0.4 47

 48 Other 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 48

 Addenda: Net capital transfers paid by sector

 49 By private business (lines 2-25) -28.3 -40.4 -12.3 -5.7 3.3 -7.4 -6.9 35.6 -8.1 -3.0 -4.3 49

 50 Financial corporations (lines 3-26) -41.5 -32.4 9.6 0.0 10.0 0.0 0.0 40.0 0.0 0.0 0.0 50

 51 Property-casualty insurance companies (line 4) 0.0 0.0 14.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 51

 52 U.S.-chartered depository institutions 2.4 3.2 0.0 0.0 10.0 0.0 0.0 40.0 0.0 0.0 0.0 52

 53 Financial stabilization payments (2) 2.4 3.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 53

 54 Other (lines 5-27) 0.0 0.0 0.0 0.0 10.0 0.0 0.0 40.0 0.0 0.0 0.0 54

 55 Government-sponsored enterprises (2) -40.2 -31.9 -4.7 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 55

 56 Holding companies (GMAC) (2) -1.5 -0.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 56

 57 Funding corporations (AIG) (2) -2.2 -3.4 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 57

 58 Nonfinancial corporations (lines 6-29) 20.9 -6.4 -17.0 -5.7 -6.7 -7.4 -6.9 -4.3 -8.1 -3.0 -4.3 58

 59 Noncorporate business (lines 7-32) -7.8 -1.6 -4.9 -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 59

 60 By government (lines 8-35) 49.6 40.0 10.8 -13.3 -12.2 -12.9 -12.3 -13.8 -10.0 -16.5 -15.9 60

 61 Federal (lines 9-36) 126.3 113.9 85.0 58.1 58.8 57.2 59.6 61.1 57.2 52.5 52.7 61

 62 State and local (lines 16-38) -76.7 -73.8 -74.2 -71.4 -71.0 -70.1 -71.9 -74.9 -67.2 -69.0 -68.7 62

 63 By persons (lines 18-43) -20.6 2.0 -5.1 19.8 9.3 20.7 19.6 -21.4 18.5 19.9 20.7 63

 64 By the rest of the world (lines 21-46) -0.7 -1.6 6.5 -0.8 -0.4 -0.5 -0.4 -0.4 -0.4 -0.4 -0.4 64

(1) This table is based on NIPA table 5.11 in the Survey of Current Business, Bureau of Economic Analysis (www.bea.gov).

(2) Sum of lines 53, 55, 56, and 57 equals the negative of line 12. Series treated as capital losses rather than as capital transfers in the Financial Accounts of the United States.
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F.6 Derivation of Measures of Personal Saving (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2010 2011 2012 2013 2014 2014 2015

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Net acquisition of financial assets 742.1 1277.8 1501.0 1138.3 1343.9 949.1 1666.0 880.9 1879.5 1789.6 997.5 1

 2 Foreign deposits 4.5 -9.9 -7.9 2.3 -6.4 -4.8 -4.7 11.6 -27.7 -6.1 -18.7 2

 3 Checkable deposits and currency 36.2 325.0 236.2 124.3 142.5 388.3 201.6 -19.2 -0.8 210.8 281.7 3

 4 Time and savings deposits 165.8 375.3 422.0 216.3 434.2 464.4 242.3 265.9 764.2 725.2 -61.2 4

 5 Money market fund shares -180.1 -20.3 3.3 27.8 -29.5 103.9 24.1 -65.0 -181.1 -130.0 73.4 5

 6 Debt securities -73.0 -201.0 -214.1 -612.8 -461.4 -1026.5 -322.7 -342.4 -154.1 -289.9 -144.1 6

 7 Open market paper -1.5 -1.8 -0.6 -3.8 -0.1 3.5 0.9 -0.6 -4.2 1.4 1.7 7

 8 Treasury securities 318.3 -228.9 194.9 -149.5 -17.2 -470.7 -80.9 -118.0 600.9 -154.1 259.9 8

 9 Agency- and GSE-backed securities -10.0 40.4 -57.8 -53.7 -200.1 -372.6 -189.8 -38.7 -199.2 -61.5 99.4 9

 10 Municipal securities 44.1 -65.5 -144.5 -55.6 -66.9 -57.6 -56.4 -121.5 -32.0 19.4 -16.6 10

 11 Corporate and foreign bonds -423.8 54.7 -206.0 -350.1 -177.2 -129.1 3.6 -63.6 -519.7 -95.1 -488.6 11

 12 Loans 5.8 -10.8 10.3 52.1 55.8 224.6 -16.5 103.6 -88.5 3.4 -115.9 12

 13 Corporate equities (2) -190.3 -279.5 -202.7 160.8 54.4 -396.6 405.1 -204.0 413.0 -13.7 -272.7 13

 14 Mutual fund shares 164.7 257.3 471.3 513.8 404.8 570.3 369.5 390.3 289.3 531.7 443.6 14

 15 Life insurance reserves 6.2 73.5 -26.6 19.2 45.3 31.3 41.4 46.4 62.2 77.7 37.3 15

 16 Pension entitlements 651.1 539.5 581.3 529.9 532.3 507.0 521.0 532.8 568.3 478.7 515.6 16

 17 Miscellaneous and other assets 151.2 228.8 227.7 104.7 172.0 87.3 204.8 161.1 234.8 201.9 258.5 17

 18 Gross investment in nonfinancial assets 1694.0 1783.0 1935.6 2064.4 2161.0 2093.6 2151.2 2188.3 2211.1 2229.2 2265.2 18

 19 Residential fixed investment 376.5 381.3 436.8 502.6 542.1 519.8 534.0 547.7 567.1 580.0 592.6 19

 20 Nonresidential fixed investment 317.4 345.4 381.1 386.5 407.8 404.2 404.6 412.7 409.7 409.0 410.1 20

 21 Consumer durables 1005.0 1057.2 1129.5 1166.9 1205.6 1170.6 1204.5 1219.6 1227.5 1225.9 1249.7 21

 22 Nonproduced nonfinancial assets -8.5 -7.8 -7.9 -8.2 -8.4 -8.4 -8.4 -8.4 -8.4 -8.3 -8.3 22

 23 Inventories 3.6 6.8 -4.0 16.6 13.9 7.4 16.6 16.7 15.1 22.5 21.0 23

 24 Consumption of fixed capital 1580.9 1601.5 1640.0 1697.1 1755.6 1734.6 1745.0 1763.7 1779.1 1749.6 1759.8 24

 25 Residential fixed investment 372.0 369.9 372.6 394.7 421.8 415.2 419.4 424.3 428.2 429.7 431.9 25

 26 Nonresidential fixed investment 290.7 293.4 305.0 317.0 330.4 326.6 327.3 332.0 335.8 338.1 338.9 26

 27 Consumer durables 918.1 938.2 962.5 985.4 1003.4 992.8 998.3 1007.4 1015.0 981.8 989.0 27

 28 Net investment in nonfinancial assets (3) 113.2 181.5 295.5 367.4 405.4 359.0 406.2 424.6 432.0 479.6 505.4 28

 29 Residential fixed investment 4.5 11.5 64.2 107.9 120.3 104.5 114.6 123.4 138.8 150.3 160.7 29

 30 Nonresidential fixed investment 26.7 52.0 76.1 69.5 77.3 77.6 77.2 80.7 73.9 71.0 71.2 30

 31 Consumer durables 86.9 119.0 167.1 181.5 202.2 177.8 206.2 212.2 212.5 244.2 260.7 31

 32 Nonproduced nonfinancial assets -8.5 -7.8 -7.9 -8.2 -8.4 -8.4 -8.4 -8.4 -8.4 -8.3 -8.3 32

 33 Inventories 3.6 6.8 -4.0 16.6 13.9 7.4 16.6 16.7 15.1 22.5 21.0 33

 34 Net increase in liabilities -149.6 -32.6 463.6 304.9 682.1 322.2 996.3 653.1 756.8 596.7 954.3 34

 35 Home mortgages -155.0 -88.5 -80.6 2.0 50.7 -16.5 51.4 56.1 111.7 2.4 223.7 35

 36 Other mortgages -31.4 -21.9 67.5 77.8 138.5 59.6 110.6 160.4 223.2 127.0 192.5 36

 37 Consumer credit -25.3 108.6 169.4 175.9 213.1 177.0 256.6 219.3 199.5 174.4 270.7 37

 38 Other loans and advances 77.6 -37.4 66.1 37.4 33.2 -75.5 225.6 61.0 -78.3 -59.0 44.6 38

 39 Other liabilities -15.4 6.6 241.1 11.7 246.7 177.5 352.1 156.3 300.8 351.9 222.8 39

 40 Net capital transfers paid (4) -28.4 0.4 -10.0 19.8 9.3 20.7 19.6 -21.4 18.5 19.9 20.7 40

 41 Personal saving, FOF concept (FOF) 976.5 1492.3 1322.9 1220.6 1076.6 1006.7 1095.4 631.0 1573.1 1692.3 569.3 41

 42 - Net investment in consumer durables 86.9 119.0 167.1 181.5 202.2 177.8 206.2 212.2 212.5 244.2 260.7 42

 43 - Government insurance and pension fund reserves (5) -3.2 -2.4 -2.5 -2.2 -2.0 -2.9 -1.0 -2.7 -1.5 -2.5 -1.3 43

 44 + Contr. for govt. soc. insur., U.S.-affiliated areas 4.9 4.4 4.6 5.2 5.1 5.1 5.1 5.1 5.1 5.2 5.2 44

 45 = Personal saving, NIPA concept (FOF) (6) 897.8 1380.2 1162.9 1046.4 881.5 836.8 895.2 426.6 1367.3 1455.8 315.1 45

 46 Personal saving, NIPA concept (NIPA) 630.0 710.1 946.7 589.9 620.2 637.2 623.5 605.7 614.3 687.6 633.9 46

 47 Difference 267.7 670.0 216.2 456.5 261.3 199.6 271.7 -179.2 753.0 768.2 -318.8 47

 Memo:

 48 Disposable personal income 11237.9 11801.4 12403.7 12395.6 12913.9 12697.5 12858.7 12982.7 13116.8 13179.8 13294.1 48

 Personal saving as a percentage of disposable personal income:

 49 FOF concept (FOF data) (line 41) 8.7 12.6 10.7 9.8 8.3 7.9 8.5 4.9 12.0 12.8 4.3 49

 50 NIPA concept (FOF data) (line 44) 8.0 11.7 9.4 8.4 6.8 6.6 7.0 3.3 10.4 11.0 2.4 50

 51 NIPA concept (NIPA data) (line 45) 5.6 6.0 7.6 4.8 4.8 5.0 4.8 4.7 4.7 5.2 4.8 51

 52 Difference (line 46) 2.4 5.7 1.7 3.7 2.0 1.6 2.1 -1.4 5.7 5.8 -2.4 52

(1) Consolidated statement for households and nonprofit organizations and nonfinancial noncorporate business.

(2) Directly held, and those in closed-end and exchange-traded funds. Other equities are included in mutual fund shares (line 14), life insurance reserves (line 15), and pension entitlements (line 16).

(3) Line 18 less line 24.

(4) Table F.5, line 59 plus line 63.

(5) Railroad Retirement Board, the National Railroad Retirement Investment Trust, and federal government life insurance reserves.

(6) Line 45 and 46 are conceptually equivalent but measure saving using different data. Line 45 is net acquisition of financial assets net of government insurance and pension fund reserves (line 1 less line 43) and

 including contributions for government social insurance to U.S.-affiliated areas, plus net investment in nonfinancial assets net of consumer durables (line 28 less line 42) less net increase in liabilities (line 34)

 plus net capital transfers paid (line 40). Personal savings, NIPA concept (NIPA) (line 46) is disposable personal income (line 48) less personal outlays (table F.101, line 4).
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12 Z.1, September 18, 2015

L.6 Assets and Liabilities of the Personal Sector (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

2010 2011 2012 2013 2014 2014 2015

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total financial assets 49841.3 50496.6 54391.2 60392.2 62987.1 60980.8 62193.6 61853.4 62987.1 63890.6 64082.6 1

 2 Foreign deposits 67.3 57.4 49.5 51.7 45.3 50.5 49.4 52.2 45.3 43.8 39.1 2

 3 Checkable deposits and currency 955.4 1280.3 1502.9 1627.2 1769.7 1677.4 1709.9 1695.8 1769.7 1773.0 1823.9 3

 4 Time and savings deposits 6807.1 7182.3 7559.4 7776.3 8273.5 7931.5 7956.9 8085.0 8273.5 8496.7 8449.4 4

 5 Money market fund shares 1207.8 1187.5 1190.9 1218.7 1189.2 1182.6 1153.9 1173.1 1189.2 1093.1 1074.8 5

 6 Debt securities 4788.4 4275.6 4119.9 3732.3 3245.1 3539.0 3366.3 3331.0 3245.1 3232.9 3158.9 6

 7 Open market paper 21.1 19.4 18.8 15.0 14.9 15.9 16.1 15.9 14.9 15.2 15.7 7

 8 Treasury securities 1175.3 756.2 961.7 1014.7 952.6 968.8 873.1 886.2 952.6 962.7 1072.0 8

 9 Agency- and GSE-backed securities 340.3 356.7 288.2 276.7 52.6 185.5 108.3 97.3 52.6 44.5 69.0 9

 10 Municipal securities 1877.1 1811.6 1667.1 1611.5 1544.6 1607.8 1606.0 1557.7 1544.6 1560.8 1572.5 10

 11 Corporate and foreign bonds 1374.5 1331.7 1184.2 814.4 680.4 761.1 762.8 773.7 680.4 649.7 429.7 11

 12 Loans 972.0 961.1 960.4 1012.6 1068.4 1068.7 1064.6 1090.5 1068.4 1069.2 1040.2 12

 13 Other loans and advances 751.4 749.5 777.9 841.4 893.2 892.8 888.8 915.5 893.2 895.7 867.9 13

 14 Mortgages 142.1 137.2 116.9 111.9 121.6 117.8 118.8 119.8 121.6 121.6 122.2 14

 15 Consumer credit 78.4 74.5 65.6 59.3 53.6 58.1 57.0 55.2 53.6 51.9 50.1 15

 16 Corporate equities (2) 8760.8 8564.4 9761.6 12643.3 13323.9 12723.5 13432.3 12884.5 13323.9 13538.4 13529.6 16

 17 Mutual fund shares 4628.8 4628.1 5632.9 7110.5 7800.4 7370.3 7663.0 7643.4 7800.4 8089.9 8229.0 17

 18 Life insurance reserves 1137.5 1199.3 1186.4 1233.0 1282.8 1242.6 1256.7 1263.3 1282.8 1304.8 1311.5 18

 19 Pension entitlements 17024.5 17441.1 18481.7 19932.0 20762.7 20123.2 20419.3 20477.7 20762.7 20977.1 21091.6 19

 20 Life insurance companies 2344.7 2384.5 2574.0 2843.3 2956.9 2873.3 2912.7 2906.8 2956.9 2986.5 2985.2 20

 21 Private pension funds 6635.9 6749.9 7276.2 8097.6 8478.7 8179.8 8343.4 8337.2 8478.7 8580.6 8619.2 21

 22 Governments 8043.9 8306.7 8631.5 8991.2 9327.1 9070.1 9163.2 9233.7 9327.1 9409.9 9487.2 22

 23 Miscellaneous and other assets 3492.0 3719.4 3945.7 4054.6 4226.1 4071.5 4121.4 4157.1 4226.1 4271.8 4334.6 23

 24 Total liabilities 19454.3 19273.9 19528.3 19741.2 20375.8 19746.7 19986.6 20170.4 20375.8 20442.7 20676.7 24

 25 Home mortgages 10433.0 10190.6 9962.7 9872.5 9875.6 9844.5 9841.3 9859.4 9875.6 9846.4 9888.6 25

 26 Other mortgages 2542.8 2521.0 2588.5 2666.3 2804.8 2681.2 2708.9 2749.0 2804.8 2836.5 2884.7 26

 27 Consumer credit 2646.9 2755.4 2922.9 3098.8 3311.9 3100.8 3167.4 3243.6 3311.9 3313.2 3383.3 27

 28 Other loans and advances 414.3 376.9 443.1 480.5 513.7 461.6 518.0 533.3 513.7 499.0 510.1 28

 29 Other liabilities 3417.3 3430.0 3611.2 3623.1 3869.7 3658.6 3751.0 3785.1 3869.7 3947.6 4010.0 29

(1) Combined statement for households and nonprofit organizations and nonfinancial noncorporate business.

(2) Directly held and those in closed-end and exchange-traded funds. Other equities are included in mutual fund shares (line 17), life insurance reserves (line 18), and pension entitlements (line 19).