For use at 12:00 p.m., eastern time
                                       R




                                       June 5, 2014




      FEDERAL RESERVE STATISTICAL RELEASE




                      Z.1
         Financial Accounts
         of the United States

        Flow of Funds, Balance Sheets,
   and Integrated Macroeconomic Accounts




             First Quarter 2014




BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
      FEDERAL RESERVE STATISTICAL RELEASE




                      Z.1
         Financial Accounts
         of the United States

        Flow of Funds, Balance Sheets,
   and Integrated Macroeconomic Accounts



             First Quarter 2014




BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
                                                                                                                                i


          Recent Developments in Household Net Worth and
                    Domestic Nonfinancial Debt
The net worth of households and nonprofits was                   Household debt edged up at an annual rate of 2 percent
$81.8 trillion at end of the first quarter this year, about      in the first quarter (excluding charge-offs of home
$1.5 trillion more than at end of 2013. In the first             mortgages). Net originations of home mortgages
quarter, the value of directly and indirectly held               continued to be weak, while consumer credit continued
corporate equities increased $361 billion and the value          to grow at the pace of the previous two years.
of real estate expanded $751 billion.
                                                                 Nonfinancial business debt rose at an annual rate of 7.3
Domestic nonfinancial debt outstanding was $42.6                 percent in the first quarter, after a 6.6 percent increase in
trillion at the end of the first quarter of 2014, of which       the fourth quarter. As in recent years, corporate bonds
household debt was $13.2 trillion, nonfinancial business         accounted for most of the increase.
debt was $13.9 trillion, and total government debt was
$15.5 trillion.                                                  State and local government debt declined at an annual
                                                                 rate of 0.7 percent in the first quarter, after declining at a
Domestic nonfinancial debt growth2 was 5 percent at a            4.9 percent rate in the fourth quarter.
seasonally adjusted annual rate in the first quarter of
2014, about 1⁄4 percentage point less than in the fourth           Federal government debt rose at an annual rate of 7.1
quarter of 2013.                                                 percent in the first quarter, a bit slower than the pace of
                                                                 growth in the fourth quarter.



 Household Net Worth and Growth of Domestic Nonfinancial Debt
                                                                                                       2
                                                              Growth of domestic nonfinancial debt
                     Household                                                                  State and
                               1
        Year         net worth             Total         Households          Business          local govts.         Federal
 2004                 56,581                  9.3               11.1               6.8               11.4               9.0
 2005                 62,604                  9.2               11.2               9.0                5.8               7.0
 2006                 67,392                  8.8               10.2              10.9                3.9               3.9
 2007                 67,832                  8.7                7.0              13.7                5.5               4.9
 2008                 57,198                  6.4                1.1               6.3                0.6              24.2
 2009                 58,981                  3.7               -0.1               -2.1               4.0              22.7
 2010                 63,364                  4.7               -1.1               1.5                2.3              20.2
 2011                 64,692                  4.2               -0.2               4.8               -1.7              11.4
 2012                 70,815                  5.4                1.5               6.3               -0.2              10.9
 2013                 80,274                  4.5                1.5               7.1               -1.3               6.5


 2012:     Q1         67,122                  5.5                1.0               4.7                0.4              13.5
           Q2         67,183                  5.8                2.7               5.3                2.9              11.0
           Q3         69,424                  3.8                0.8               5.2               -0.2               7.1
           Q4         70,815                  6.1                1.5               9.4               -3.8              10.4
 2013:     Q1         73,784                  4.8                0.6               4.9                2.4              10.1
           Q2         75,258                  3.7                1.6               7.6                1.1               2.5
           Q3         77,619                  3.9                3.5               8.5               -3.9               1.5
           Q4         80,274                  5.2                0.2               6.6               -4.9              11.6
 2014:     Q1         81,764                  5.0                2.0               7.3               -0.7               7.1
 1. Shown on table B.100, which includes nonprofit organizations. Billions of dollars; amounts outstanding end of period, not
    seasonally adjusted
 2. Percentage changes calculated as seasonally adjusted flow divided by previous quarter’s seasonally adjusted level, shown
    at an annual rate.
                                                                                                          iii


                                  Release Highlights
                                  First Quarter 2014
                  Topic                                          Description
Federal funds and security           Additional detail on federal funds and security repurchase
repurchase agreements                agreements is now available on the instrument tables F.207 and
                                     L.207 and the sector tables for U.S.-chartered depository
                                     institutions (F.110 and L.110), foreign banking offices in U.S.
                                     (F.111 and L.111), credit unions (F.113 and L.113), and security
                                     brokers and dealers (F.128 and L.128). On these tables, federal
                                     funds and security repurchase agreements, previously reported
                                     as net liabilities, are now reported separately as assets and
                                     liabilities. In addition to changes in presentation, the data have
                                     been revised to reflect methodological improvements as well. In
                                     particular, while transactions between depository institutions
                                     were previously netted out, this instrument category now
                                     includes all federal funds and security repurchase agreement
                                     transactions, regardless of counterparty.
Security credit                      Data for the security credit instrument category (tables F.224
                                     and L.224) have been revised to reflect methodological
                                     improvements. In particular, depository institutions’ security
                                     credit assets no longer include security repurchase agreement
                                     transactions with security brokers and dealers, as these are now
                                     included in the instrument category federal funds and security
                                     repurchase agreements. The methodology for the security
                                     credit of security brokers and dealers and households has also
                                     been improved. In addition, security credit of the rest of the
                                     world sector, which was discontinued in 1976:Q1, is no longer
                                     shown.
Home mortgage loan charge-offs       A memo item for total home mortgage loan charge-offs is now
                                     shown on the home mortgage instrument table (table F.218).
                                     Charge-offs are now excluded from home mortgage loan flows
                                     and are instead accounted for as other changes in volume. Data
                                     begin 2007:Q1.
U.S.-chartered depository            As of this publication, separate series for U.S.-chartered
institutions                         commercial banks and savings institutions are no longer
                                     available in the online Federal Reserve Data Download Program
                                     (DDP).
Nonfinancial corporate business      Assets of the nonfinancial corporate business sector (tables
benchmark                            F.102, L.102, B.102, and R.102) have been revised from
                                     2012:Q1 forward, to reflect new advance data from the Internal
                                     Revenue Service (IRS) Statistics of Income (SOI) for 2012.
Nonfinancial noncorporate business   Data for the noncorporate business sector (tables F.103, L.103,
benchmark                            B.103, and R.103) have been revised from 2011:Q1 forward to
                                     reflect new 2011 benchmark statistics from the Internal Revenue
                                     Service (IRS) Statistics of Income (SOI).
iv
                                                                                                                             v


                                           Explanatory Notes


Financial Accounts of the United States                       liability in existence at a point in time. In the Financial
                                                              Accounts, the levels are reported as of the end of each
The Financial Accounts of the United States (previously       calendar quarter. In the SNA2008, the change in the
referred to as the Flow of Funds Accounts) are                level from one period to the next is called the “economic
organized into the following sections:                        flow”, and can be decomposed into three broad
                                                              elements: transactions, which measure the exchange of
    ■    Matrices summarizing flows and levels across         assets; revaluations, which measure changes in market
         sectors, and tables summarizing credit market        value of untraded assets; and other changes in volume,
         borrowing, gross domestic product (GDP),             which measure discontinuities or breaks in time series
         national income, saving, and so on                   due to disaster losses or a change in source data or
    ■    Flow of funds, by sector and financial               definition.
         instrument
    ■    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. In practice, other volume changes
         businesses, and nonfinancial noncorporate            are relatively rare, and revaluations only occur for series
         businesses                                           carried at market value (such as corporate equities and
    ■    Supplementary tables providing additional            mutual fund shares), so for many series the change in the
         detail on selected sectors                           level is equal to the flow.
    ■    Integrated Macroeconomic Accounts
                                                              Growth Rates
The Integrated Macroeconomic Accounts (IMA) relate
                                                              Growth rates calculated from levels will include
production, income, saving, and capital formation from
                                                              revaluations and other changes in volume. To isolate
the national income and product accounts (NIPA) to
                                                              the effect of transactions on growth of a given asset or
changes in net worth from the FA on a sector-by-sector
                                                              liability, users should calculate the ratio of the flow in a
basis. The IMA are published jointly by the Federal
                                                              given period to the level in the preceding period.
Reserve Board and the Bureau of Economic Analysis
and are based on international guidelines and
                                                              Growth rates in table D.1 are calculated by dividing
terminology as defined in the System of National
                                                              seasonally adjusted flows from table D.2 by seasonally
Accounts (SNA1993, revised in 2008).
                                                              adjusted levels at the end of the previous period from
                                                              table D.3. Growth rates calculated from changes in
Federal Reserve Board staff have taken many steps over
                                                              unadjusted levels printed in table L.2 may differ from
the past several years to conform the Financial Accounts
                                                              those in table D.1.
with the SNA guidelines. Nonetheless, a few important
differences remain. In particular, in the Financial
                                                              Seasonal Adjustment
Accounts:

    ■                                                         Seasonal factors are recalculated and updated every
         The purchase of consumer durables is treated as
                                                              year, and these revised factors are first published in the
         investment rather than as consumption.
    ■                                                         September release of second-quarter data. All series that
         Nonfinancial noncorporate business (which are
                                                              exhibit significant seasonal patterns are adjusted. The
         often small businesses) are shown in a separate
                                                              seasonal factors are generated using the X-12-ARIMA
         sector rather than being included in the
                                                              seasonal adjustment program from the U.S. Census
         household sector.
    ■                                                         Bureau, estimated using the most recent 10 years of
         Most debt securities are recorded at book value
                                                              data. Because the effects of the recent financial crisis
         rather than market value.
                                                              resulted in large outliers in some series that would have
                                                              distorted the estimated seasonal factors, seasonal factors
Concepts of Level and Flow in the SNA                         for some series were extrapolated using pre-crisis data.
and the Financial Accounts                                    Seasonally adjusted levels shown in table D.3 are
                                                              derived by carrying forward year-end levels by
The level of an asset or liability (also referred to as the
                                                              seasonally adjusted flows.
stock or outstanding) measures the value of the asset or
vi

Data Revisions                                                 Each input and calculated series in the Z.1 is identified
                                                               according to a unique string of patterned numbers and
Data shown for the most recent quarters are based on           letters. The series structure page of the guide provides a
preliminary and potentially incomplete information. A          breakdown of what the letters and numbers represent in
summary list of the most recent data available for each        the series mnemonics. The relationships between
sector is provided in a table following these notes.           different components of a series (for example, levels,
Nonetheless, when source data are revised or estimation        seasonally adjusted annual rate flows, unadjusted flows,
methods are improved, all data are subject to revision.        revaluations, other changes in volume, seasonal factors,
There is no specific revision schedule; rather, data are       and so on) are also described on the series structure
revised on an ongoing basis. In each release of the            page.
Financial Accounts, major revisions are highlighted at
the beginning of the publication.
                                                               Production Schedule
Discrepancies                                                  The Financial Accounts are published online and in print
                                                               4 times per year, about 10 weeks following the end of
The data in the Financial Accounts come from a large           each calendar quarter. The publication and the guide are
variety of sources and are subject to limitations and          available online here:
uncertainty due to measurement errors, missing
information, and incompatibilities among data sources.         www.federalreserve.gov/releases/Z1
The size of this uncertainty cannot be quantified, but its
existence is acknowledged by the inclusion of                  This website also provides coded tables and historical
“statistical discrepancies” for various sectors and            annual tables beginning in 1945 that correspond with the
financial instruments.                                         tables published in this release. There are also
                                                               compressed ASCII files of quarterly data for seasonally
The discrepancy for a given sector is defined as the           adjusted flows, unadjusted flows, outstandings, balance
difference between the aggregate value of the sector’s         sheets, debt (tables D.1, D.2, and D.3), supplementary
sources of funds and the value of its uses of funds. For a     tables, and the IMA.
financial instrument category, the discrepancy is defined
as the difference between the measurement of funds             In addition, the data are available as customizable
raised through the financial instrument and funds              datasets through the Federal Reserve Board’s Data
disbursed through that instrument. The relative size of        Download Program (DDP) here:
the statistical discrepancy is one indication of the quality
of the underlying source data. Note that differences in        www.federalreserve.gov/datadownload/Choose.aspx?rel=Z.1
seasonal adjustment procedures sometimes result in
quarterly discrepancies that partially or completely
                                                               Print Subscription Information
offset each other in the annual data.
                                                               The Federal Reserve Board charges a fee for
The Financial Accounts Guide                                   subscriptions to print versions of statistical releases.
                                                               Inquiries regarding print versions should be directed to
Substantially more detail on the construction of the           the following office:
Financial Accounts is available in the Financial
Accounts Guide, which provides interactive, online             Publications Services, Stop 127
documentation for each data series. The tools and              Board of Governors
descriptions in the guide are designed to help users           of the Federal Reserve System
understand the structure and content of the Financial          20th Street and Constitution Avenue, N.W.
Accounts. The guide allows users to search for series,         Washington, DC 20551
browse tables of data, and identify links among series         (202) 452-3245
within these accounts. It also provides descriptions of
each of the published tables and information on the
source data underlying each series.

The guide is not part of the quarterly release, but it is
continually updated and kept consistent with the most
recently published data. The guide and the data from the
Financial Accounts are available free of charge at the
following link:

www.federalreserve.gov/apps/fof/
                                                                                                      vii


               Description of Most Recent Data Available

            Sector Table                               Available at time of publication
National income and product          Second estimate, seasonally adjusted, for 2014:Q1. Unadjusted
accounts (NIPA)                      flows since 2012 for the government sectors and since 2006 for
                                     all other sectors are unavailable.
(various tables)
Households and nonprofit             Estimates for this sector are largely residuals and are derived
organizations sector                 from data for other sectors. Availability of data depends on
(tables F.100 and L.100)             schedules for other sectors. Data for consumer credit, which are
                                     estimated directly, are available through 2014:Q1. The source
                                     for nonprofit organizations data (tables F.100.a and L.100.a) is
                                     the Internal Revenue Service Statistics of Income. Data for
                                     nonprofit organizations are available for 1987 through 2000.
Nonfinancial corporate business      Quarterly Financial Report (QFR) of the Census Bureau through
(tables F.102 and L.102)             2013:Q4; Internal Revenue Service Statistics of Income
                                     (IRS/SOI) data through 2012; securities offerings, mortgages,
                                     bank loans, commercial paper, and other loans through
                                     2014:Q1. Corporate farm data through 2012.
Nonfinancial noncorporate business   IRS/SOI data through 2011; bank and finance company loans,
(tables F.103 and L.103)             and mortgage borrowing through 2014:Q1. Noncorporate farm
                                     data through 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 2014:Q1; total financial assets through 2011:Q2 from
                                     the Census Bureau; breakdown of financial assets through
                                     2011:Q2 from the comprehensive annual financial reports of
                                     state and local governments.
Federal government                   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 2014:Q1.
Rest of the world                    Balance of payments and International Investment Position data
(tables F.106 and L.106)             through 2013:Q4. NIPA estimates; bank Call Reports and
                                     Treasury International Capital System data through 2014:Q1.
Monetary authority                   All data through 2014:Q1.
(tables F.108 and L.108)
U.S.-chartered depository            All data through 2014:Q1.
institutions
(tables F.110 and L.110)
Foreign banking offices in U.S.      All data through 2014:Q1.
(tables F.111 and L.111)
Banks in U.S.-affiliated areas       All data through 2014:Q1.
(tables F.112 and L.112)
Credit unions                        All data through 2014:Q1.
(tables F.113 and L.113)
viii
              Sector Table                                Available at time of publication

  Property-casualty insurance          All data through 2013:Q4.
  companies
  (tables F.114 and L.114)
  Life insurance companies             All data through 2013:Q4.
  (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 2012:Q2 from the Census Bureau; sample
  employee retirement funds            data through 2013:Q4 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 2014:Q1.
  Money market mutual funds            All data through 2014:Q1.
  (tables F.120 and L.120)
  Mutual funds                         All data through 2014:Q1.
  (tables F.121 and L.121)
  Closed-end funds                     All data through 2014:Q1.
  (tables F.122 and L.122)
  Exchange-traded funds                All data through 2014:Q1.
  (tables F.122 and L.122)
  Government Sponsored Enterprises     Data for Fannie Mae, Freddie Mac, FHLB, Farmer Mac, FICO,
  (GSEs)                               FCS, and REFCORP through 2014:Q1.
  (tables F.123 and L.123)
  Agency- and GSE-backed               Data for Fannie Mae, Freddie Mac, Farmer Mac, and Ginnie
  mortgage pools                       Mae through 2014:Q1.
  (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 2014:Q1.
  Finance companies                    All data through 2014:Q1.
  (tables F.126 and L.126)
  Real Estate Investment Trusts        Data from SNL Financial through 2014:Q1.
  (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:Q4.
  Holding companies                    All data through 2014:Q1.
  (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.
                                                                                                             ix


                                     List of Data Tables

                                         Title                                        Table           Page

Summaries

Flow of Funds Matrix – Flows                                                                          1
Flow of Funds Matrix – Assets and Liabilities                                                         2
Credit Market Debt Growth by Sector                                                   D.1             3
Credit Market Borrowing by Sector                                                     D.2             4
Credit Market Debt Outstanding by Sector                                              D.3             5
Total Credit Market Borrowing and Lending                                             F.1             6
Credit Market Borrowing by Nonfinancial Sectors                                       F.2             7
Credit Market Borrowing by Financial Sectors                                          F.3             7
Credit Market Borrowing, All Sectors, by Instrument                                   F.4             8
Total Liabilities and Its Relation to Total Financial Assets                          F.5             8
Credit Market Debt Outstanding                                                        L.1             9
Credit Market Debt Owed by Nonfinancial Sectors                                       L.2         10
Credit Market Debt Owed by Financial Sectors                                          L.3         10
Credit Market Debt, All Sectors, by Instrument                                        L.4         11
Total Liabilities and Its Relation to Total Financial Assets                          L.5         11
Distribution of Gross Domestic Product                                                F.6         12
Distribution of National Income                                                       F.7         13
Saving and Investment                                                                 F.8         14
Net Capital Transfers                                                                 F.9         15
Derivation of Measures of Personal Saving                                             F.10        16
Assets and Liabilities of the Personal Sector                                         L.10        17

                                                                       Flows                 Levels
                             Title                             Table           Page   Table           Page

Sectors

Households and Nonprofit Organizations                         F.100            18    L.100            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
x

    Sectors

    Rest of the W orld                                        F.106   24   L.106   72
    Financial Business                                        F.107   25   L.107   73
      Monetary Authority                                      F.108   26   L.108   74
      Private Depository Institutions                         F.109   27   L.109   75
         U.S.-Chartered Depository Institutions, ex. Credit
             Unions                                           F.110   28   L.110   76
         Foreign Banking Offices in U.S.                      F.111   29   L.111   77
         Banks in U.S.-Affiliated Areas                       F.112   30   L.112   78
         Credit Unions                                        F.113   30   L.113   78
      Property-Casualty Insurance Companies                   F.114   31   L.114   79
      Life Insurance Companies                                F.115   31   L.115   79
      Private and Public Pension Funds                        F.116   32   L.116   80
          Private Pension Funds                               F.117   33   L.117   81
          State and Local Government Employee Retirement
              Funds                                           F.118   34   L.118   82
          Federal Government Employee Retirement Funds        F.119   34   L.119   82
      Money Market Mutual Funds                               F.120   35   L.120   83
      Mutual Funds                                            F.121   35   L.121   83
      Closed-End and Exchange-Traded Funds                    F.122   35   L.122   83
      Government-Sponsored Enterprises                        F.123   36   L.123   84
      Agency- and GSE-Backed Mortgage Pools                   F.124   36   L.124   84
      Issuers of Asset-Backed Securities                      F.125   37   L.125   85
      Finance Companies                                       F.126   37   L.126   85
      Real Estate Investment Trusts                           F.127   38   L.127   86
      Security Brokers and Dealers                            F.128   39   L.128   87
      Holding Companies                                       F.129   40   L.129   88
      Funding Corporations                                    F.130   41   L.130   89


    Instruments

    U.S. Official Reserve Assets and SDR Allocations          F.200   42   L.200   90
    Special Drawing Rights (SDRs) Certificates and Treasury
    Currency                                                  F.201   42   L.201   90
    U.S. Deposits in Foreign Countries                        F.202   42   L.202   90
    Net Interbank Transactions                                F.203   43   L.203   91
    Checkable Deposits and Currency                           F.204   44   L.204   92
    Time and Savings Deposits                                 F.205   45   L.205   93
                                                                                           xi

Instruments

Money Market Mutual Fund Shares                         F.206      45    L.206       93
Federal Funds and Security Repurchase Agreements        F.207      46    L.207       94
Open Market Paper                                       F.208      47    L.208       95
Treasury Securities                                     F.209      48    L.209       96
Agency- and GSE-Backed Securities                       F.210      49    L.210       97
Municipal Securities and Loans                          F.211      50    L.211       98
Corporate and Foreign Bonds                             F.212      51    L.212       99
Corporate Equities                                      F.213      52    L.213      100
Mutual Fund Shares                                      F.214      52    L.214      100
Depository Institution Loans Not Elsewhere Classified   F.215      53    L.215      101
Other Loans and Advances                                F.216      54    L.216      102
Total Mortgages                                         F.217      55    L.217      103
  Home Mortgages                                        F.218      56    L.218      104
  Multifamily Residential Mortgages                     F.219      56    L.219      104
  Commercial Mortgages                                  F.220      57    L.220      105
  Farm Mortgages                                        F.221      57    L.221      105
Consumer Credit                                         F.222      58    L.222      106
Trade Credit                                            F.223      59    L.223      107
Security Credit                                         F.224      59    L.224      107
Life Insurance Reserves                                 F.225      60    L.225      108
Pension Entitlements                                    F.226      60    L.226      108
Taxes Payable by Businesses                             F.227      60    L.227      108
Proprietors' Equity in Noncorporate Business            F.228      60    L.228      108
Total Miscellaneous Financial Claims                    F.229      61    L.229      109
  Identified Miscellaneous Financial Claims - Part I    F.230      62    L.230      110
  Identified Miscellaneous Financial Claims - Part II   F.231      63    L.231      111
  Unidentified Miscellaneous Financial Claims           F.232      64    L.232      112
Sector Discrepancies                                    F.11       65
Instrument Discrepancies                                F.12       65

                                                         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
xii


                                                                      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
 Life Insurance Companies: General Accounts                 F.115.g           124    L.115.g           125
 Life Insurance Companies: Separate Accounts                F.115.s           124    L.115.s           125
 Private Pension Funds: Defined Benefit Plans               F.117.b           126    L.117.b           127
 Private Pension Funds: Defined Contribution Plans          F.117.c           126    L.117.c           127
 Individual Retirement Accounts (IRAs)                      F.226.i           126    L.226.i           127
 Equity Real Estate Investment Trusts                       F.127.e           128    L.127.e           129
 Mortgage Real Estate Investment Trusts                     F.127.m           128    L.127.m           129

                                         Title                                        Table        Page

 Integrated Macroeconomic Accounts for the United States

 Total Economy–Current Account                                                        S.1.a        130
 Selected Aggregates for Total Economy and Sectors                                    S.2.a        131
 Households and Nonprofit Institutions Serving Households                             S.3.a        133
 Nonfinancial Noncorporate Business                                                   S.4.a        136
 Nonfinancial Corporate Business                                                      S.5.a        139
 Financial Business                                                                   S.6.a        142
 Federal Government                                                                   S.7.a        145
 State and Local Governments                                                          S.8.a        148
 Rest of the World                                                                    S.9.a        151