For use at 12:00 p.m., eastern time
                                       R




                                       March 6, 2014




      FEDERAL RESERVE STATISTICAL RELEASE




                      Z.1
         Financial Accounts
         of the United States

        Flow of Funds, Balance Sheets,
   and Integrated Macroeconomic Accounts




           Fourth Quarter 2013




BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
      FEDERAL RESERVE STATISTICAL RELEASE




                      Z.1
         Financial Accounts
         of the United States

        Flow of Funds, Balance Sheets,
   and Integrated Macroeconomic Accounts



           Fourth Quarter 2013




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 0.4
$80.7 trillion at the end of 2013, about $3 trillion more          percent in the fourth quarter. Home mortgage debt
than at the end of the third quarter. For 2013 as a whole,         contracted 1 percent in the fourth quarter, following an
net worth increased $9.8 trillion, or 14 p ercent, driven          increase of 1 percent in the third quarter. Consumer
largely by a $5.6 trillion increase in the value of directly       credit rose at an annual rate of 5.4 percent, about 1⁄2
and indirectly held corprorate equities and a $2.3 trillion        percentage point less than in the previous quarter.
increase in the value of real estate.
                                                                   Nonfinancial business debt rose at an annual rate of 7.1
Domestic nonfinancial debt outstanding was $42                     percent in the fourth quarter, after a 8.4 percent increase
trillion at the end of the fourth quarter of 2013, of which        in the third quarter. As in recent years, corporate bonds
household debt was $13.1 trillion, nonfinancial business           accounted for most of the increase.
debt was $13.6 trillion, and total government debt was
$15.3 trillion.                                                    State and local government debt declined at an annual
                                                                   rate of 4.9 percent in the fourth quarter, after declining
Domestic nonfinancial debt growth was 5.4 percent at               3.9 percent in the third quarter.
a seasonally adjusted annual rate in the fourth quarter of
2013, about 11⁄2 percentage points more than in the third            Federal government debt rose at an annual rate of 11.6
quarter.                                                           percent in the fourth quarter of 2013, well above the 1.5
                                                                   percent increase in the third 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
 2003                 49,426                   8.0               11.8                2.2                8.3              10.9
 2004                 56,515                   9.3               11.1                2.2              11.4                 9.0
 2005                 62,538                   9.3               11.2                9.0                5.8                7.0
 2006                 67,331                   8.7               10.0               10.9                3.9                3.9
 2007                 67,753                   8.6                6.8               13.6                5.5                4.9
 2008                 57,180                   6.0                0.1                6.3                0.6              24.2
 2009                 58,920                   3.1               -1.7                2.2                4.0              22.7
 2010                 63,354                   4.1               -2.6                1.5                2.3              20.2
 2011                 64,763                   3.7               -1.4                6.0               -1.7              11.4
 2012                 70,863                   4.9                0.2                7.2               -0.2              10.9
 2013                 80,664                   4.3                0.9                7.2               -1.3                6.5


 2012:     Q1         67,220                   4.7               -1.1                4.4                0.4              13.5
           Q2         67,266                   5.3                1.4                5.0                2.9              11.0
           Q3         69,525                   3.0               -1.5                5.0               -0.2                7.1
           Q4         70,863                   6.2                2.1                9.2               -3.8              10.4
 2013:     Q1         74,088                   4.4               -0.6                4.9                2.4              10.1
           Q2         75,434                   3.5                0.8                7.7                1.1                2.5
           Q3         77,710                   3.8                3.0                8.4               -3.9                1.5
           Q4         80,664                   5.4                0.4                7.1               -4.9              11.6
 1. Shown on table B.100, which includes nonprofit organizations. Billions of dollars; amounts outstanding end of period, not
    seasonally adjusted
 2. Percentage changes shown on an end-of-period basis; quarterly data are seasonally adjusted annual rates
                                                                                                            iii


                                  Release Highlights
                                 Fourth Quarter 2013
               Topic                                              Description
Revaluations and other changes in     Revaluations, which measure changes in the market value of
volume                                untraded assets (i.e. unrealized capital gains and losses) , can
                                      now be separately identified from other changes in volume,
                                      which measure discontinuities or breaks in time series due to
                                      disaster losses or change in source data or definition. This
                                      change aligns the Financial Accounts more closely with the
                                      System of National Accounts (SNA 2008). Data for revaluation
                                      series will soon be available through the Federal Reserve’s Data
                                      Download Program (DDP). Other changes in volume can be
                                      calculated as the change in the level from one quarter to the
                                      next, less the unadjusted flow, less the revaluation. In practice,
                                      other changes in volume are relatively rare, and revaluations
                                      only occur for series carried at market value. The mnemonic for
                                      revaluation series begins with “FR” and the mnemonic for other
                                      changes in volume series begins with “FV”. These series
                                      replace the previous “FD” series (which showed the sum of
                                      revaluations and other volume changes). Revaluations and
                                      other changes in volume appear on the balance-sheet change
                                      tables (R.100, R.102, and R.103) and all Integrated
                                      Macroeconomic Tables.
                                      Additional detail on life insurance companies is now available on
Life insurance companies general
                                      supplementary tables. Financial assets and liabilities held in life
and separate accounts
                                      insurers’ general accounts are shown on tables F.115.g and
                                      L.115.g, and those held in separate accounts are shown on
                                      tables F.115.s and L.115.s. Data begin in 1997:Q4. General
                                      accounts are used to fund contractual obligations that provide a
                                      fixed benefit or guaranteed rate of return, such as term life
                                      insurance and fixed annuities. Separate accounts are
                                      independent from general accounts and are typically used to
                                      fund variable life and retirement products.
Treasury bills held by mutual funds   Additional detail on the composition of Treasury securities held
                                      by mutual funds has been added to the Treasury securities
                                      instrument tables (F.209 and L.209). Treasury bills, considered
                                      short-term, are now shown separately from other Treasury
                                      securities, such as Treasury notes and bonds. Data begin in
                                      2010:Q4.
U.S. savings securities               U.S. savings securities replace savings bonds on the Treasury
                                      securities instrument tables (F.209 and L.209) and the federal
                                      government sector tables (F.105 and L.105). U.S. savings
                                      securities now include U.S. Individual Retirement Bonds, U.S.
                                      Retirement Plan Bonds, and U.S. Savings Stamps in addition to
                                      U.S. Savings Bonds and Matured U.S. Savings Securities. All
                                      U.S. savings securities are owned by households. Household
                                      holdings of U.S. savings securities are not shown separately
                                      from other holdings of Treasury securities on the household
                                      sector tables (F.100, L.100, and B.100).
iv
                Topic                                        Description
                                   The federal government employee retirement funds’ holdings of
 Treasury securities held by the
 Thrift Savings Plan (TSP)         Treasury securities (tables F.119 and L.119) have been revised
                                   down in 1995:Q4, 2011:Q2 and 2013:Q3 to reflect suspended
                                   investments in the Thrift Savings Plan G Fund. The G Fund
                                   invests exclusively in nonmarketable short-term Treasury
                                   securities. Suspending investments in the G Fund is one way
                                   that the Treasury manages its cash and borrowing once it has
                                   reached the statutory debt limit. The amount of the suspended
                                   investments is included in the claim of the pension fund on
                                   sponsor (federal government).
                                   On table L.213, the memo item “market value of domestic
 Market value of domestic
                                   corporations” has been deleted.
 corporations
                                                                                                                             v


                                           Explanatory Notes


Financial Accounts of the United States                       liability in existence at a point in time. In the Financial
                                                              Accounts, the levels are reported as of the end of each
The Financial Accounts of the United States (previously       calendar quarter. In the SNA2008, the change in the
referred to as the Flow of Funds Accounts) are                level from one period to the next is called the “economic
organized into the following sections:                        flow”, and can be decomposed into three broad
                                                              elements: transactions, which measure the exchange of
    ■    Matrices summarizing flows and levels across         assets; revaluations, which measure changes in market
         sectors, and tables summarizing credit market        value of untraded assets; and other changes in volume,
         borrowing, gross domestic product (GDP),             which measure discontinuities or breaks in time series
         national income, saving, and so on                   due to disaster losses or a change in source data or
    ■    Flow of funds, by sector and financial               definition.
         instrument
    ■                                                         In the Financial Accounts, “flow of funds” refers to the
         Levels of financial assets and liabilities, by
         sector and financial instrument                      exchange of assets, corresponding to the SNA definition
    ■                                                         of transactions, that is, “flow tables” in the Financial
         Balance sheets, including nonfinancial assets,
                                                              Accounts are equivalent to “transaction tables” in the
         and changes in net worth for households and
         nonprofit organizations, nonfinancial corporate      SNA terminology. 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 2013:Q4. Some
accounts (NIPA)                      profit-related data are unavailable for 2013:Q4. Unadjusted
                                     flows since 2012 for the government sectors and since 2006 for
(various tables)
                                     all other sectors are unavailable.
Households and nonprofit             Estimates for this sector are largely residuals and are derived
organizations sector                 from data for other sectors. Availability of data depends on
(tables F.100 and L.100)             schedules for other sectors. Data for consumer credit, which are
                                     estimated directly, are available through 2013:Q4. 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:Q3; Internal Revenue Service Statistics of Income
                                     (IRS/SOI) data through 2011; securities offerings, mortgages,
                                     bank loans, commercial paper, and other loans through
                                     2013:Q4. Corporate farm data through 2012.
Nonfinancial noncorporate business   IRS/SOI data through 2010; bank and finance company loans,
(tables F.103 and L.103)             and mortgage borrowing through 2013:Q4. 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 2013:Q4; total financial assets through 2011:Q2 from
                                     the Census Bureau; breakdown of financial assets through
                                     2011:Q2 from the comprehensive annual financial reports of
                                     state and local governments.
Federal government                   Data from the Monthly Treasury Statement of Receipts and
(tables F.105 and L.105)             Outlays and Treasury data for loan programs and the Troubled
                                     Assets Relief Program (TARP) through 2013:Q4.
Rest of the world                    Balance of payments and International Investment Position data
(tables F.106 and L.106)             through 2013:Q3. NIPA estimates; bank Call Reports and
                                     Treasury International Capital System data through 2013:Q4.
Monetary authority                   All data through 2013:Q4.
(tables F.108 and L.108)
U.S.-chartered depository            All data through 2013:Q4.
institutions
(tables F.110 and L.110)
Foreign banking offices in U.S.      All data through 2013:Q4.
(tables F.111 and L.111)
Banks in U.S.-affiliated areas       All data through 2013:Q4.
(tables F.112 and L.112)
Credit unions                        All data through 2013:Q4.
(tables F.113 and L.113)
viii
              Sector Table                                Available at time of publication

  Property-casualty insurance          All data through 2013:Q3.
  companies
  (tables F.114 and L.114)
  Life insurance companies             All data through 2013:Q3.
  (tables F.115 and L.115)
  Private pension funds                Internal Revenue Service/Department of Labor/Pension Benefit
  (tables F.116 and L.116)             Guaranty Corporation Form 5500 data through 2011.
  State and local government           Detailed data through 2011:Q2 from the Census Bureau; sample
  employee retirement funds            data through 2013:Q4 from the Census Bureau.
  (tables F.117 and L.117)
  Federal government retirement        Data from the Monthly Treasury Statement of Receipts and
  funds                                Outlays, the Thrift Savings Plan, and the National Railroad
  (tables F.118 and L.118)             Retirement Investment Trust through 2013:Q4.
  Money market mutual funds            All data through 2013:Q4.
  (tables F.119 and L.119)
  Mutual funds                         All data through 2013:Q4.
  (tables F.120 and L.120
  Closed-end funds                     All data through 2013:Q4.
  (tables F.121 and L.121)
  Exchange-traded funds                All data through 2013:Q4.
  (tables F.121 and L.121)
  Government Sponsored Enterprises     Data for Fannie Mae, Freddie Mac, FHLB, Farmer Mac, FICO,
  (GSEs)                               FCS, and REFCORP through 2013:Q4.
  (tables F.122 and L.122)
  Agency- and GSE-backed               Data for Fannie Mae, Freddie Mac, Farmer Mac, and Ginnie
  mortgage pools                       Mae through 2013:Q4.
  (tables F.123 and L.123)
  Issuers of asset-backed securities   All data for private mortgage pools, consumer credit, business
  (ABSs)                               loans, student loans, consumer leases, and trade credit
  (tables F.124 and L.124)             securitization through 2013:Q4.
  Finance companies                    All data through 2013:Q4.
  (tables F.125 and L.125)
  Real Estate Investment Trusts        Data from SNL Financial through 2013:Q4.
  (REITs)
  (tables F.126 and L.126)
  Security brokers and dealers         Data for firms filing FOCUS and FOGS reports through
  (tables F.127 and L.127)             2013:Q4.
  Holding companies                    All data through 2013:Q4.
  (table F.128 and L.128)
  Funding corporations                 Estimates for this sector are largely residuals and are derived
  (tables F.129 and L.129)             from data for other sectors.
                                                                                                             ix


                                     List of Data Tables

                                         Title                                        Table           Page

Summaries

Flow of Funds Matrix – Flows                                                                          1
Flow of Funds Matrix – Assets and Liabilities                                                         2
Credit Market Debt Growth by Sector                                                   D.1             3
Credit Market Borrowing by Sector                                                     D.2             4
Credit Market Debt Outstanding by Sector                                              D.3             5
Total Credit Market Borrowing and Lending                                             F.1             6
Credit Market Borrowing by Nonfinancial Sectors                                       F.2             7
Credit Market Borrowing by Financial Sectors                                          F.3             7
Credit Market Borrowing, All Sectors, by Instrument                                   F.4             8
Total Liabilities and Its Relation to Total Financial Assets                          F.5             8
Credit Market Debt Outstanding                                                        L.1             9
Credit Market Debt Owed by Nonfinancial Sectors                                       L.2         10
Credit Market Debt Owed by Financial Sectors                                          L.3         10
Credit Market Debt, All Sectors, by Instrument                                        L.4         11
Total Liabilities and Its Relation to Total Financial Assets                          L.5         11
Distribution of Gross Domestic Product                                                F.6         12
Distribution of National Income                                                       F.7         13
Saving and Investment                                                                 F.8         14
Net Capital Transfers                                                                 F.9         15
Derivation of Measures of Personal Saving                                             F.10        16
Assets and Liabilities of the Personal Sector                                         L.10        17

                                                                       Flows                 Levels
                             Title                             Table           Page   Table           Page

Sectors

Households and Nonprofit Organizations                         F.100            18    L.100            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 World                                         F.106   24   L.106   72
    Financial Business                                        F.107   25   L.107   73
      Monetary Authority                                      F.108   26   L.108   74
      Private Depository Institutions                         F.109   27   L.109   75
         U.S.-Chartered Depository Institutions, ex. Credit
             Unions                                           F.110   28   L.110   76
         Foreign Banking Offices in U.S.                      F.111   29   L.111   77
         Banks in U.S.-Affiliated Areas                       F.112   30   L.112   78
         Credit Unions                                        F.113   30   L.113   78
      Property-Casualty Insurance Companies                   F.114   31   L.114   79
      Life Insurance Companies                                F.115   31   L.115   79
      Private and Public Pension Funds                        F.116   32   L.116   80
         Private Pension Funds                                F.117   33   L.117   81
         State and Local Government Employee Retirement
             Funds                                            F.118   34   L.118   82
         Federal Government Employee Retirement Funds         F.119   34   L.119   82
      Money Market Mutual Funds                               F.120   35   L.120   83
      Mutual Funds                                            F.121   35   L.121   83
      Closed-End and Exchange-Traded Funds                    F.122   35   L.122   83
      Government-Sponsored Enterprises                        F.123   36   L.123   84
      Agency- and GSE-Backed Mortgage Pools                   F.124   36   L.124   84
      Issuers of Asset-Backed Securities                      F.125   37   L.125   85
      Finance Companies                                       F.126   37   L.126   85
      Real Estate Investment Trusts                           F.127   38   L.127   86
      Security Brokers and Dealers                            F.128   39   L.128   87
      Holding Companies                                       F.129   40   L.129   88
      Funding Corporations                                    F.130   41   L.130   89


    Instruments

    U.S. Official Reserve Assets and SDR Allocations          F.200   42   L.200   90
    Special Drawing Rights (SDRs) Certificates and Treasury
    Currency                                                  F.201   42   L.201   90
    U.S. Deposits in Foreign Countries                        F.202   42   L.202   90
    Net Interbank Transactions                                F.203   43   L.203   91
    Checkable Deposits and Currency                           F.204   44   L.204   92
    Time and Savings Deposits                                 F.205   45   L.205   93
                                                                                           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