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

RFor use at 12:00 noon, eastern time

December 11, 2014

Z.1

Financial Accounts 

of the United States

Flow of Funds, Balance Sheets,

and Integrated Macroeconomic Accounts

Third Quarter 2014

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

Z.1

Financial Accounts 

of the United States

Flow of Funds, Balance Sheets,

and Integrated Macroeconomic Accounts

Third Quarter 2014

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

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

i

Household Net Worth and Growth of Domestic Nonfinancial Debt

Year

Household 

net worth1

Growth of domestic nonfinancial debt2

Total Households Business

State and 

local gov’t. Federal

2004 55,951 9.0 11.1 5.6 11.4 9.0

2005 61,844 9.0 11.2 8.1 5.8 7.0

2006 66,339 8.4 10.2 9.8 3.9 3.9

2007 66,753 8.2 7.1 12.4 5.5 4.9

2008 56,500 6.2 1.1 5.8 0.6 24.2

2009 58,247 3.3 0.0 -4.3 4.0 22.7

2010 62,462 4.1 -1.1 -0.9 2.3 20.2

2011 63,676 3.6 -0.2 3.0 -1.7 11.4

2012 69,512 5.0 1.6 4.8 -0.2 10.9

2013 78,866 3.8 1.5 5.1 -1.3 6.5

2012: Q3 68,230 3.8 0.5 4.2 -0.2 8.4

Q4 69,512 5.2 1.9 6.9 -2.6 9.3

2013: Q1 72,295 4.1 0.7 3.5 1.9 9.1

Q2 73,846 3.0 1.6 4.9 -0.2 3.5

Q3 76,209 3.5 3.1 7.0 -3.7 2.6

Q4 78,866 4.4 0.6 4.4 -3.3 10.5

2014: Q1 80,084 4.2 2.3 6.0 -1.3 6.0

Q2 81,490 3.4 3.4 5.0 1.2 2.5

Q3 81,349 4.4 2.7 5.2 -2.8 7.2

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

 seasonally adjusted

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

 at an annual rate.

The net worth of households and nonprofits dipped 

slightly to $81.3 trillion during the third quarter of 2014. 

The value of directly and indirectly held corporate 

equities decreased $0.7 trillion and the value of real 

estate rose $245 billion.

Domestic nonfinancial debt outstanding was $40.9

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

household debt was $13.4 trillion, nonfinancial business 

debt was $11.8 trillion, and total government debt was 

$15.8 trillion.

Domestic nonfinancial debt growth2 was 4.4 percent at 

a seasonally adjusted annual rate in the third quarter of 

2014, slightly higher than the previous quarter.

Household debt increased at an annual rate of 2.7

percent in the third quarter (excluding charge-offs of 

home mortgages). Net originations of home mortgages

continued to be weak, while consumer credit continued 

to grow at a solid pace.

Nonfinancial business debt rose at an annual rate of 5.2

percent in the third quarter, about in line with the

increase in the previous quarter. As in recent years, 

corporate bonds accounted for most of the increase.

State and local government debt declined at an annual 

rate of 2.8 percent in the third quarter, after increasing at 

an annual rate of 1.2 percent in the previous quarter.

Federal government debt rose 7.2 percent at an annual 

rate in the third quarter, up from a 2.5 percent annual 

rate in the previous quarter.

Recent Developments in Household Net Worth and 

Domestic Nonfinancial Debt
ii
iii

Topic Description

Expansion of international data

submissions

The “International Data Submissions” page of the “Financial 

Accounts Guide” includes two new tables and SDMX files for: 

General Government Operations and Financial Soundness 

Indicators, required by the International Monetary Fund (IMF) for 

adherence to the SDDS Plus initiative. It also includes updated 

SNA2008 compatible templates and SDMX files for the four 

matrices (tables 610, 620, 710, and 720) produced for the 

OECD.

FEDS Notes The following FEDS Notes have recently become available: 

“Accounting for Mortgage Charge-offs in the Financial Accounts 

of the United States” (James Kennedy, Maria Perozek, and Paul 

Smith), “Measuring Direct Investment in the Financial Accounts 

of the United States” (Priya Punatar and Youngsuk Yook), and 

“Introducing Actuarial Liabilities and Funding Status of DefinedBenefit Pensions in the U.S. Financial Accounts” (Irina 

Stefanescu and Ivan Vidangos). FEDS Notes are available on 

the Federal Reserve Board’s website at 

www.federalreserve.gov/econresdata/notes/feds-notes/default.html. 

Release Highlights

Third Quarter 2014
iv
v

Financial Accounts of the United States

The Statistical Release Z.1, “Financial Accounts of the 

United States” are organized into the following sections:

■ Matrices summarizing flows and levels across 

sectors, and tables summarizing credit market 

borrowing, gross domestic product (GDP), 

national income, saving, and so on

■ Flow of funds, by sector and financial 

instrument 

■ Levels of financial assets and liabilities, by 

sector and financial instrument

■ Balance sheets, including nonfinancial assets,

and changes in net worth for households and 

nonprofit organizations, nonfinancial corporate 

businesses, and nonfinancial noncorporate 

businesses

Supplementary tables providing additional 

detail on selected sectors

■ Integrated Macroeconomic Accounts

The Integrated Macroeconomic Accounts (IMA) relate 

production, income, saving, and capital formation from 

the national income and product accounts (NIPA) to 

changes in net worth from the “Financial Accounts” on a 

sector-by-sector basis. The IMA are published jointly 

by the Federal Reserve Board and the Bureau of 

Economic Analysis and are based on international 

guidelines and terminology as defined in the System of 

National Accounts (SNA1993, revised in 2008). 

Federal Reserve Board staff have taken many steps over 

the past several years to conform the “Financial 

Accounts” with the SNA guidelines. Nonetheless, a few 

important differences remain. In particular, in the 

“Financial Accounts”:

■ The purchase of consumer durables is treated as 

investment rather than as consumption.

■ Nonfinancial noncorporate business (which are 

often small businesses) are shown in a separate 

sector rather than being included in the 

household sector.

■ Most debt securities are recorded at book value 

rather than market value.

Concepts of Level and Flow in the SNA 

and the Financial Accounts

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

stock or outstanding) measures the value of the asset or

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

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

calendar quarter. In the SNA2008, the change in the

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

flow”, and can be decomposed into three broad 

elements: transactions, which measure the exchange of 

assets; revaluations, which measure changes in market 

value of untraded assets; and other changes in volume, 

which measure discontinuities or breaks in time series 

due to disaster losses or a change in source data or 

definition.

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

the exchange of assets, corresponding to the SNA 

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

“Financial Accounts” are equivalent to “transaction 

tables” in the SNA terminology. In practice, other 

volume changes are relatively rare, and revaluations 

only occur for series carried at market value (such as 

corporate equities and mutual fund shares), so for many 

series the change in the level is equal to the flow. 

Growth Rates

Growth rates calculated from levels will include 

revaluations and other changes in volume. To isolate 

the effect of transactions on growth of a given asset or 

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

given period to the level in the preceding period. 

Growth rates in table D.1 are calculated by dividing 

seasonally adjusted flows from table D.2 by seasonally 

adjusted levels at the end of the previous period from 

table D.3. Growth rates calculated from changes in 

unadjusted levels printed in table L.2 may differ from 

those in table D.1.

Seasonal Adjustment

Seasonal factors are recalculated and updated every 

year, and these revised factors are first published in the 

September release of second-quarter data. All series that 

exhibit significant seasonal patterns are adjusted. The 

seasonal factors are generated using the X-12-ARIMA 

seasonal adjustment program from the U.S. Census 

Bureau, estimated using the most recent 10 years of 

data. Because the effects of the recent financial crisis

resulted in large outliers in some series that would have 

distorted the estimated seasonal factors, seasonal factors 

for some series were extrapolated using pre-crisis data. 

Seasonally adjusted levels shown in table D.3 are 

derived by carrying forward year-end levels by 

seasonally adjusted flows.

Explanatory Notes
vi

Data Revisions

Data shown for the most recent quarters are based on 

preliminary and potentially incomplete information. A 

summary list of the most recent data available for each 

sector is provided in a table following these notes. 

Nonetheless, when source data are revised or estimation 

methods are improved, all data are subject to revision. 

There is no specific revision schedule; rather, data are 

revised on an ongoing basis. In each release of the 

“Financial Accounts,” major revisions are highlighted at 

the beginning of the publication.

Discrepancies

The data in the “Financial Accounts” come from a large 

variety of sources and are subject to limitations and 

uncertainty due to measurement errors, missing 

information, and incompatibilities among data sources. 

The size of this uncertainty cannot be quantified, but its 

existence is acknowledged by the inclusion of 

“statistical discrepancies” for various sectors and 

financial instruments.

The discrepancy for a given sector is defined as the 

difference between the aggregate value of the sector’s 

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

financial instrument category, the discrepancy is defined 

as the difference between the measurement of funds 

raised through the financial instrument and funds 

disbursed through that instrument. The relative size of 

the statistical discrepancy is one indication of the quality 

of the underlying source data. Note that differences in 

seasonal adjustment procedures sometimes result in 

quarterly discrepancies that partially or completely 

offset each other in the annual data.

The Financial Accounts Guide

Substantially more detail on the construction of the 

“Financial Accounts” is available in the “Financial 

Accounts Guide,” which provides interactive, online 

documentation for each data series. The tools and 

descriptions in the guide are designed to help users 

understand the structure and content of the “Financial 

Accounts.” The guide allows users to search for series, 

browse tables of data, and identify links among series 

within these accounts. It also provides descriptions of 

each of the published tables and information on the 

source data underlying each series. 

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

continually updated and kept consistent with the most 

recently published data. The guide and the data from the 

“Financial Accounts” are available free of charge at the 

following link: 

www.federalreserve.gov/apps/fof/

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

according to a unique string of patterned numbers and 

letters. The series structure page of the guide provides a 

breakdown of what the letters and numbers represent in 

the series mnemonics. The relationships between 

different components of a series (for example, levels, 

seasonally adjusted annual rate flows, unadjusted flows, 

revaluations, other changes in volume, seasonal factors, 

and so on) are also described on the series structure 

page.

Production Schedule

The “Financial Accounts” are published online and in 

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

of each calendar quarter. The publication and the guide 

are available online here:

www.federalreserve.gov/releases/Z1

This website also provides coded tables and historical 

annual tables beginning in 1945 that correspond with the 

tables published in this release. There are also 

compressed ASCII files of quarterly data for seasonally 

adjusted flows, unadjusted flows, outstandings, balance 

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

tables, and the IMA. 

In addition, the data are available as customizable 

datasets through the Federal Reserve Board’s Data 

Download Program (DDP) here:

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

Print Subscription Information

The Federal Reserve Board charges a fee for 

subscriptions to print versions of statistical releases.

Inquiries regarding print versions should be directed to

the following office:

Publications Services, Stop 127

Board of Governors

of the Federal Reserve System

20th Street and Constitution Avenue, N.W.

Washington, DC 20551

(202) 452-3245
vii

Sector Table Available at time of publication

National income and product 

accounts (NIPA)

(various tables)

Second estimate, seasonally adjusted, for 2014:Q3. Unadjusted 

flows since 2013 for the government sectors and since 2006 for 

all other sectors are unavailable.

Households and nonprofit

organizations sector

(tables F.100 and L.100)

Estimates for this sector are largely residuals and are derived 

from data for other sectors. Availability of data depends on 

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

estimated directly, are available through 2014:Q3. The source 

for nonprofit organizations data (tables F.100.a and L.100.a) is 

the Internal Revenue Service Statistics of Income. Data for 

nonprofit organizations are available for 1987 through 2000.

Nonfinancial corporate business 

(tables F.102 and L.102)

Quarterly Financial Report (QFR) of the Census Bureau through 

2014:Q3 (preliminary); Internal Revenue Service Statistics of 

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

mortgages, bank loans, commercial paper, and other loans 

through 2014:Q3. Corporate farm data through 2013.

Nonfinancial noncorporate business

(tables F.103 and L.103)

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

and mortgage borrowing through 2014:Q3. Noncorporate farm 

data through 2013.

State and local governments

(tables F.104 and L.104)

Gross offerings and retirements of municipal securities, deposits 

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

through 2014:Q3; total financial assets through 2011:Q2 from 

the Census Bureau; breakdown of financial assets through 

2011:Q2 from the comprehensive annual financial reports of 

state and local governments.

Federal government

(tables F.105 and L.105)

Data from the Monthly Treasury Statement of Receipts and 

Outlays and Treasury data for loan programs and the Troubled 

Assets Relief Program (TARP) through 2014:Q3.

Rest of the world

(tables F.106 and L.106)

Balance of payments through 2014:Q2 and International 

Investment Position data through 2014:Q2. NIPA estimates,

bank Call Reports, and Treasury International Capital System

data through 2014:Q3.

Monetary authority

(tables F.108 and L.108)

All data through 2014:Q3.

U.S.-chartered depository 

institutions

(tables F.110 and L.110)

All data through 2014:Q3.

Foreign banking offices in U.S.

(tables F.111 and L.111)

All data through 2014:Q3.

Banks in U.S.-affiliated areas

(tables F.112 and L.112)

All data through 2014:Q3.

Credit unions

(tables F.113 and L.113)

All data through 2014:Q3.

Description of Most Recent Data Available
viii

Sector Table Available at time of publication

Property-casualty insurance 

companies

(tables F.114 and L.114)

Preliminary data through 2014:Q3.

Life insurance companies

(tables F.115 and L.115)

Preliminary data through 2014:Q3.

Private pension funds

(tables F.117 and L.117)

Internal Revenue Service/Department of Labor Form 5500 data 

through 2012. Investment Company Institute data through 

2014:Q2.

State and local government 

employee retirement funds

(tables F.118 and L.118)

Detailed annual survey data through 2012:Q2 and quarterly 

survey data through 2014:Q2 from the Census Bureau. 

Investment Company Institute data through 2014:Q2.

Federal government retirement 

funds

(tables F.119 and L.119)

Data from the Monthly Treasury Statement of Receipts and 

Outlays, the Thrift Savings Plan, and the National Railroad 

Retirement Investment Trust through 2014:Q3.

Money market mutual funds

(tables F.120 and L.120)

All data through 2014:Q3.

Mutual funds

(tables F.121 and L.121)

All data through 2014:Q3.

Closed-end funds

(tables F.122 and L.122)

All data through 2014:Q3.

Exchange-traded funds

(tables F.122 and L.122)

All data through 2014:Q3.

Government Sponsored Enterprises 

(GSEs)

(tables F.123 and L.123)

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

FCS, and REFCORP through 2014:Q3.

Agency- and GSE-backed 

mortgage pools

(tables F.124 and L.124)

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

Mae through 2014:Q3.

Issuers of asset-backed securities 

(ABSs)

(tables F.125 and L.125)

All data for private mortgage pools, consumer credit, business 

loans, student loans, consumer leases, and trade credit 

securitization through 2014:Q3.

Finance companies

(tables F.126 and L.126)

All data through 2014:Q3.

Real Estate Investment Trusts 

(REITs)

(tables F.127 and L.127)

Data from SNL Financial through 2014:Q3. 

Security brokers and dealers

(tables F.128 and L.128)

Data for firms filing FOCUS reports through 2014:Q3 and FOGS 

reports through 2014:Q3.

Holding companies

(table F.129 and L.129)

All data through 2014:Q3.

Funding corporations

(tables F.130 and L.130)

Estimates for this sector are largely residuals and are derived 

from data for other sectors.
ix

Title Table Page

Summaries

Flow of Funds Matrix – Flows 1

Flow of Funds Matrix – Assets and Liabilities 2

Credit Market Debt Growth by Sector D.1 3

Credit Market Borrowing by Sector D.2 4

Credit Market Debt Outstanding by Sector D.3 5

Total Credit Market Borrowing and Lending F.1 6

Credit Market Borrowing by Nonfinancial Sectors F.2 7

Credit Market Borrowing by Financial Sectors F.3 7

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

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

Credit Market Debt Outstanding L.1 9

Credit Market Debt Owed by Nonfinancial Sectors L.2 10

Credit Market Debt Owed by Financial Sectors L.3 10

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

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

Distribution of Gross Domestic Product F.6 12

Distribution of National Income F.7 13

Saving and Investment F.8 14

Net Capital Transfers F.9 15

Derivation of Measures of Personal Saving F.10 16

Assets and Liabilities of the Personal Sector L.10 17

Title

Flows Levels

Table Page Table Page

Sectors

Households and Nonprofit Organizations F.100 18 L.100 68

Nonfinancial Business F.101 19 L.101 69

Nonfinancial Corporate Business F.102 20 L.102 70

Nonfinancial Noncorporate Business F.103 21 L.103 71

State and Local Governments F.104 22 L.104 72

Federal Government F.105 23 L.105 73

List of Data Tables
x

Sectors

Rest of the World F.106 24 L.106 74

Financial Business F.107 25 L.107 75

Monetary Authority F.108 26 L.108 76

Private Depository Institutions F.109 27 L.109 77

U.S.-Chartered Depository Institutions F.110 28 L.110 78

Foreign Banking Offices in U.S. F.111 29 L.111 79

Banks in U.S.-Affiliated Areas F.112 30 L.112 80

Credit Unions F.113 30 L.113 80

Property-Casualty Insurance Companies F.114 31 L.114 81

Life Insurance Companies F.115 32 L.115 82

Private and Public Pension Funds F.116 33 L.116 83

Private Pension Funds F.117 34 L.117 84

State and Local Government Employee Retirement 

Funds F.118 35 L.118 85

Federal Government Employee Retirement Funds F.119 35 L.119 85

Money Market Mutual Funds F.120 36 L.120 86

Mutual Funds F.121 36 L.121 86

Closed-End and Exchange-Traded Funds F.122 36 L.122 86

Government-Sponsored Enterprises F.123 37 L.123 87

Agency- and GSE-Backed Mortgage Pools F.124 37 L.124 87

Issuers of Asset-Backed Securities F.125 38 L.125 88

Finance Companies F.126 38 L.126 88

Real Estate Investment Trusts F.127 39 L.127 89

Security Brokers and Dealers F.128 40 L.128 90

Holding Companies F.129 41 L.129 91

Funding Corporations F.130 42 L.130 92

Instruments

U.S. Official Reserve Assets and SDR Allocations F.200 43 L.200 93

Special Drawing Rights (SDRs) Certificates and Treasury 

Currency F.201 43 L.201 93

U.S. Deposits in Foreign Countries F.202 43 L.202 93

Net Interbank Transactions F.203 44 L.203 94

Checkable Deposits and Currency F.204 45 L.204 95

Time and Savings Deposits F.205 46 L.205 96

Money Market Mutual Fund Shares F.206 46 L.206 96
xi

Instruments

Federal Funds and Security Repurchase Agreements F.207 47 L.207 97

Open Market Paper F.208 48 L.208 98

Treasury Securities F.209 49 L.209 99

Agency- and GSE-Backed Securities F.210 50 L.210 100

Municipal Securities and Loans F.211 51 L.211 101

Corporate and Foreign Bonds F.212 52 L.212 102

Corporate Equities F.213 53 L.213 103

Mutual Fund Shares F.214 53 L.214 103

Depository Institution Loans Not Elsewhere Classified F.215 54 L.215 104

Other Loans and Advances F.216 55 L.216 105

Total Mortgages F.217 56 L.217 106

Home Mortgages F.218 57 L.218 107

Multifamily Residential Mortgages F.219 57 L.219 107

Commercial Mortgages F.220 58 L.220 108

Farm Mortgages F.221 58 L.221 108

Consumer Credit F.222 59 L.222 109

Trade Credit F.223 60 L.223 110

Security Credit F.224 60 L.224 110

Life Insurance Reserves F.225 61 L.225 111

Pension Entitlements F.226 61 L.226 111

Taxes Payable by Businesses F.227 61 L.227 111

Proprietors' Equity in Noncorporate Business F.228 61 L.228 111

Direct Investment F.229 62 L.229 112

Total Miscellaneous Financial Claims F.230 63 L.230 113

Identified Miscellaneous Financial Claims - Part I F.231 64 L.231 114

Identified Miscellaneous Financial Claims - Part II F.232 65 L.232 115

Unidentified Miscellaneous Financial Claims F.233 66 L.233 116

Sector Discrepancies F.11 67

Instrument Discrepancies F.12 67

Title

Balance Sheet Reconciliation

Table Page Table Page

Balance Sheet and Changes in Net Worth

Households and Nonprofit Organizations B.100 117 R.100 120

Nonfinancial Corporate Business B.102 118 R.102 121

Nonfarm Noncorporate Business B.103 119 R.103 122
xii

Title

Flows Levels

Table Page Table Page

Supplementary Tables

Balance Sheet of Households and Nonprofit Organizations

with Equity Detail B.100.e 123

Nonprofit Organizations F.100.a 124 L.100.a 125

Consolidated Statement for Federal, State, and Local 

Governments F.105.c 126 L.105.c 127

Life Insurance Companies: General Accounts F.115.g 128 L.115.g 129

Life Insurance Companies: Separate Accounts F.115.s 128 L.115.s 129

Private Pension Funds: Defined Benefit Plans F.117.b 130 L.117.b 131

Private Pension Funds: Defined Contribution Plans F.117.c 130 L.117.c 131

Individual Retirement Accounts (IRAs) F.226.i 130 L.226.i 131

State and Local Government Employee Retirement Funds: 

Defined Benefit Plans F.118.b 132 L.118.b 133

State and Local Government Employee Retirement Funds: 

Defined Contribution Plans F.118.c 132 L.118.c 133

Federal Government Employee Retirement Funds: 

Defined Benefit Plans F.119.b 134 L.119.b 135

Federal Government Employee Retirement Funds: 

Defined Contribution Plans F.119.c 134 L.119.c 135

Equity Real Estate Investment Trusts F.127.e 136 L.127.e 137

Mortgage Real Estate Investment Trusts F.127.m 136 L.127.m 137

Title Table Page

Integrated Macroeconomic Accounts for the United States

Total Economy–Current Account S.1.a 138

Selected Aggregates for Total Economy and Sectors S.2.a 139

Households and Nonprofit Institutions Serving Households S.3.a 141

Nonfinancial Noncorporate Business S.4.a 144

Nonfinancial Corporate Business S.5.a 147

Financial Business S.6.a 150

Federal Government S.7.a 153

State and Local Governments S.8.a 156

Rest of the World S.9.a 159