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

March 10, 2016

Z.1

Financial Accounts 

of the United States

Flow of Funds, Balance Sheets,

and Integrated Macroeconomic Accounts

Fourth Quarter 2015

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

Fourth Quarter 2015

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 Businesses

State and 

local gov’ts

Federal

government

2006 66,073 8.4 10.5 9.8 3.9 3.9

2007 66,536 8.1 7.2 12.4 5.5 4.7

2008 56,159 5.8 -0.1 6.0 0.6 21.4

2009 58,066 3.5 0.3 -4.1 4.0 20.4

2010 62,275 4.4 -0.5 -0.7 2.3 18.5

2011 63,423 3.5 -0.5 2.8 -1.7 10.8

2012 69,579 5.0 1.9 4.7 -0.2 10.1

2013 79,390 4.0 1.7 4.9 -1.3 6.7

2014 84,189 4.5 3.1 6.3 -0.5 5.4

2015 86,797 4.5 2.8 6.6 1.8 5.0

2013: Q4 79,390 6.0 1.5 3.9 -2.8 14.4

2014: Q1 80,626 4.1 1.9 6.3 -1.7 5.7

Q2 82,242 4.3 5.2 5.2 0.1 3.5

Q3 82,520 4.5 3.0 5.9 -1.7 6.0

Q4 84,189 4.7 2.2 7.0 1.5 5.9

2015: Q1 85,996 2.6 1.8 7.5 4.3 -1.1

Q2 86,481 4.6 4.3 8.4 1.0 2.4

Q3 85,160 2.1 1.6 4.9 1.7 0.2

Q4 86,797 8.6 3.4 5.0 0.0 18.5

1. Shown on table B.101, 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 rose to 

$86.8 trillion during the fourth quarter of 2015. The 

value of directly and indirectly held corporate equities 

increased $758 billion and the value of real estate rose

$458 billion.

Domestic nonfinancial debt outstanding was 

$45.1 trillion at the end of the fourth quarter of 2015, of 

which household debt was $14.2 trillion, nonfinancial 

business debt was $12.8 trillion, and total government 

debt was $18.1 trillion.

Domestic nonfinancial debt growth was 8.6 percent at 

a seasonally adjusted annual rate in the fourth quarter of 

2015, up from an annual rate of 2.1 percent in the 

previous quarter.

Household debt increased at an annual rate of 

3.4 percent in the fourth quarter of 2015. Consumer 

credit grew 5.9 percent, while mortgage debt (excluding 

charge-offs) grew 1.5 percent at an annual rate.

Nonfinancial business debt rose at an annual rate of

5.0 percent in the third quarter, about the same increase 

as in the previous quarter.

State and local government debt was unchanged in the 

fourth quarter, down from an annual growth rate of 1.7

percent in the previous quarter.

Federal government debt increased 18.5 percent at a 

seasonally adjusted annual rate in the fourth quarter,

which was due primarily to the restoration of 

government trust funds that had been depleted as part of 

of the Treasury’s “extraordinary measures” during the 

2015 debt limit impasse.

Recent Developments in Household Net Worth and 

Domestic Nonfinancial Debt
ii
iii

Topic Description

Effective federal funds rate A memo item showing the effective federal funds rate in percent

is now included on the federal funds and security repurchase 

agreements instrument table (L.207). The effective federal 

funds rate is a weighted average of rates on brokered trades, 

annualized using a 360-day year. 

FHLB advances Federal home loan bank (FHLB) advances are now shown 

separately from other government-sponsored enterprise (GSE) 

loans on the other loans and advances instrument table (tables 

F.216 and L.216). FHLB advances to insurance companies are 

broken down further into loans to life insurance companies, 

property and casualty insurance companies, and captive 

insurance companies that are affiliated with finance companies 

and real estate investment trusts (REITs). Also, equity in the 

FHLB held by these sectors is now shown on the identified 

miscellaneous financial claims – part 1 instrument table (tables 

F.232 and L.232). 

New Enhanced Financial Accounts 

projects 

Two new Enhanced Financial Accounts (EFA) projects: (1) State 

and Local Government Defined Benefit Pension Plans: Statelevel Detail, and (2) Depository Institutions: Mortgage and 

Consumer Loan Portfolios by Probability of Default have been 

added to our EFA page at 

www.federalreserve.gov/apps/fof/efa/enhanced-financialaccounts.htm.

Expansion of international data 

submissions

The “International Data Submissions” page of the “Financial 

Accounts Guide” includes five new tables and SDMX files for 

IMF Financial Soundness Indicators (FSIs). These include 

Table 1. Data Report Form for FSIs and Underlying Series, 

Annex 5. Sectoral Financial Statement: Other Financial 

Corporations – Balance Sheet, Annex 6. Sectoral Financial 

Statement: Nonfinancial Corporations – Income and Expense 

Statement, Annex 7. Sectoral Financial Statement: Nonfinancial 

Corporations – Balance Sheet, and Annex 8. Sectoral Financial 

Statement: Households.

FEDS Notes A number of new FEDS notes are now available: “Introducing 

Section 529 Plans into the U.S. Financial Accounts and 

Enhanced Financial Accounts” (Madeline McCullers and Irina 

Stefanescu), “Saving for College and Section 529 Plans” 

(Simona Hannon, Kevin Moore, Max Schmeiser, and Irina 

Stefanescu), “State and Local Pension Funding in the Enhanced 

Financial Accounts” (Matthew Hoops, Paul Smith, and Irina 

Stefanescu), “Funding Agreement-backed Securities in the

Financial Accounts of the United States” (Elizabeth Holmquist 

and Maria Perozek), and “Corporate Equities by Issuer in the 

Financial Accounts of the United States” (Damian Thomas, 

Missaka Warusawitharana, and Rick Ogden).

Release Highlights

Fourth Quarter 2015
iv
v

Financial Accounts of the United States

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

United States,” is organized into the following sections:

■ Matrices summarizing flows and levels across 

sectors, tables on debt growth, net national 

wealth, gross domestic product (GDP), national 

income, saving, and so on

■ Flows of financial assets and liabilities, by 

sector and by financial instrument 

■ Levels of financial assets and liabilities, by 

sector and by 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 equity detail of 

the household and nonprofit organization sector

and data on nonprofit organizations

■ 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 (SNA2008).

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 businesses (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,” “flows” refer 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 occur only 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 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.

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. Data on some of our 

data submissions to international organizations are also 

available on the guide page. There is also a link to the 

Enhanced Financial Accounts, a new initiative that 

includes data that is not part of the core “Financial 

Accounts”. 

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 online:

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 four times per year, about 10 weeks following the 

end of each calendar quarter. The publication and the 

guide are available online:

www.federalreserve.gov/releases/Z1

This website provides coded tables and historical annual 

tables beginning in 1945 that correspond with the tables 

published in this release. It also includes 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 at:

www.federalreserve.gov/datadownload/default.htm

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 2015:Q4. Unadjusted 

flows through 2014:Q4 for the government sectors.

Households and nonprofit

organizations sector

(tables F.101 and L.101)

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 2015:Q4. The source 

for nonprofit organizations data (tables F.101.a and L.101.a) is 

the Internal Revenue Service Statistics of Income (IRS/SOI). 

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 

2015:Q3 (preliminary); IRS/SOI data through 2013; securities 

offerings, mortgages, bank loans, commercial paper, and other 

loans through 2015:Q4. Corporate farm data through 2014.

Nonfinancial noncorporate business

(tables F.103 and L.103)

IRS/SOI data through 2013; bank and finance company loans, 

and mortgage borrowing through 2015:Q4. Noncorporate farm 

data through 2014.

Federal government

(tables F.106 and L.106)

Data from the Monthly Treasury Statement of Receipts and 

Outlays, Monthly Statement of the Public Debt and Treasury 

data for loan programs and the Troubled Assets Relief Program 

(TARP) through 2015:Q4.

State and local governments

(tables F.107 and L.107)

Gross offerings and retirements of municipal securities, deposits 

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

through 2015:Q4; total financial assets through 2012:Q2 from 

the Census Bureau; breakdown of financial assets through 

2011:Q2 from the comprehensive annual financial reports of 

state and local governments.

Monetary authority

(tables F.109 and L.109)

All data through 2015:Q4.

U.S.-chartered depository 

institutions

(tables F.111 and L.111)

All data through 2015:Q4.

Foreign banking offices in U.S.

(tables F.112 and L.112)

All data through 2015:Q4.

Banks in U.S.-affiliated areas

(tables F.113 and L.113)

All data through 2015:Q4.

Credit unions

(tables F.113 and L.113)

All data through 2015:Q4.

Property-casualty insurance 

companies

(tables F.115 and L.115)

All data through 2015:Q3.

Description of Most Recent Data Available
viii

Sector Table Available at time of publication

Life insurance companies

(tables F.116 and L.116)

All data through 2015:Q3.

Private pension funds

(tables F.118 and L.118)

Internal Revenue Service/Department of Labor Form 5500 data 

through 2013. Investment Company Institute data through 

2015:Q3.

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 2015:Q4.

State and local government 

employee retirement funds

(tables F.120 and L.120)

Detailed annual survey data through 2014:Q2 and quarterly 

survey data through 2015:Q3 from the Census Bureau. 

Investment Company Institute data through 2015:Q3.

Money market mutual funds

(tables F.121 and L.121)

All data through 2015:Q4.

Mutual funds

(tables F.122 and L.122)

All data through 2015:Q4.

Closed-end funds

(tables F.123 and L.123)

All data through 2015:Q4.

Exchange-traded funds

(tables F.123 and L.123)

All data through 2015:Q4.

Government sponsored enterprises 

(GSEs)

(tables F.124 and L.124)

Data for Fannie Mae, Freddie Mac, FICO, and REFCORP

through 2015:Q4. Data for Farmer Mac, FCS, and FHLB through 

2015:Q3. FHLB Advances and Equity current through 2015:Q4.

Agency- and GSE-backed 

mortgage pools

(tables F.125 and L.125)

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

2015:Q4. 

Issuers of asset-backed securities 

(ABSs)

(tables F.126 and L.126)

All data for private mortgage pools, consumer credit, business 

loans, student loans, consumer leases, and trade credit 

securitization through 2015:Q4.

Finance companies

(tables F.127 and L.127)

All data through 2015:Q4.

Real estate investment trusts 

(REITs)

(tables F.128 and L.128)

Data from SNL Financial through 2015:Q3. 

Security brokers and dealers

(tables F.129 and L.129)

Data for firms filing FOCUS and FOGS reports through 

2015:Q4.

Holding companies

(table F.130 and L.130)

All data through 2015:Q4.

Funding corporations

(tables F.131 and L.131)

Estimates for this sector are largely residuals and are derived 

from data for other sectors.

Rest of the world

(tables F.132 and L.132)

NIPA estimates, bank Call Reports, and Treasury International 

Capital System data through 2015:Q4. Balance of payments and 

International Investment Position data through 2015:Q3.
ix

Title Table Page

Summaries

Flow of Funds Matrix—Flows 1

Flow of Funds Matrix—Assets and Liabilities 2

Debt Growth by Sector D.1 3

Borrowing by Sector D.2 4

Debt Outstanding by Sector D.3 5

Net National Wealth B.1 6

Distribution of Gross Domestic Product F.2 7

Distribution of National Income F.3 8

Saving and Investment F.4 9

Net Capital Transfers F.5 10

Derivation of Measures of Personal Saving F.6 11

Assets and Liabilities of the Personal Sector L.6 12

Title

Flows Levels

Table Page Table Page

Sectors

Domestic Nonfinancial F.100 13 L.100 74

Households and Nonprofit Organizations F.101 14 L.101 75

Nonfinancial Business F.102 15 L.102 76

Nonfinancial Corporate Business F.103 16 L.103 77

Nonfinancial Noncorporate Business F.104 17 L.104 78

General Government F.105 18 L.105 79

Federal Government F.106 19 L.106 80

State and Local Governments F.107 20 L.107 81

Domestic Financial F.108 21 L.108 82

Monetary Authority F.109 22 L.109 83

Private Depository Institutions F.110 23 L.110 84

U.S.-Chartered Depository Institutions F.111 24 L.111 85

Foreign Banking Offices in U.S. F.112 25 L.112 86

Banks in U.S.-Affiliated Areas F.113 26 L.113 87

Credit Unions F.114 26 L.114 87

List of Data Tables
x

Sectors

Property-Casualty Insurance Companies F.115 27 L.115 88

Life Insurance Companies F.116 28 L.116 89

Life Insurance Companies: General Accounts F.116.g 29 L.116.g 90

Life Insurance Companies: Separate Accounts F.116.s 29 L.116.s 90

Private and Public Pension Funds F.117 30 L.117 91

Private Pension Funds F.118 31 L.118 92

Private Pension Funds: Defined Benefit Plans F.118.b 32 L.118.b 93

Private Pension Funds: Defined Contribution 

Plans F.118.c 32 L.118.c 93

Federal Government Employee Retirement Funds F.119 33 L.119 94

Federal Government Employee Retirement Funds: 

Defined Benefit Plans F.119.b 34 L.119.b 95

Federal Government Employee Retirement Funds: 

Defined Contribution Plans F.119.c 35 L.119.c 95

State and Local Government Employee Retirement 

Funds F.120 35 L.120 96

State and Local Government Employee 

Retirement Funds: Defined Benefit Plans F.120.b 36 L.120.b 97

State and Local Government Employee 

Retirement Funds: Defined Contribution Plans F.120.c 36 L.120.c 97

Money Market Mutual Funds F.121 37 L.121 98

Mutual Funds F.122 37 L.122 98

Closed-End and Exchange-Traded Funds F.123 37 L.123 98

Government-Sponsored Enterprises F.124 38 L.124 99

Agency- and GSE-Backed Mortgage Pools F.125 38 L.125 99

Issuers of Asset-Backed Securities F.126 39 L.126 100

Finance Companies F.127 40 L.127 101

Real Estate Investment Trusts (REITs) F.128 41 L.128 102

Equity Real Estate Investment Trusts F.128.e 42 L.128.e 103

Mortgage Real Estate Investment Trusts F.128.m 42 L.128.m 103

Security Brokers and Dealers F.129 43 L.129 104

Holding Companies F.130 44 L.130 105

Funding Corporations F.131 45 L.131 106

Rest of the World F.132 46 L.132 107
xi

Instruments

U.S. Official Reserve Assets and SDR Allocations F.200 47 L.200 108

Special Drawing Rights (SDRs) Certificates and Treasury 

Currency F.201 47 L.201 108

U.S. Deposits in Foreign Countries F.202 47 L.202 108

Net Interbank Transactions F.203 48 L.203 109

Checkable Deposits and Currency F.204 49 L.204 110

Time and Savings Deposits F.205 50 L.205 111

Money Market Mutual Fund Shares F.206 50 L.206 111

Federal Funds and Security Repurchase Agreements F.207 51 L.207 112

Debt Securities F.208 52 L.208 113

Open Market Paper F.209 53 L.209 114

Treasury Securities F.210 54 L.210 115

Agency- and GSE-Backed Securities F.211 55 L.211 116

Municipal Securities F.212 56 L.212 117

Corporate and Foreign Bonds F.213 57 L.213 118

Loans F.214 58 L.214 119

Depository Institution Loans Not Elsewhere Classified F.215 59 L.215 120

Other Loans and Advances F.216 60 L.216 121

Total Mortgages F.217 61 L.217 122

Home Mortgages F.218 62 L.218 123

Multifamily Residential Mortgages F.219 62 L.219 123

Commercial Mortgages F.220 63 L.220 124

Farm Mortgages F.221 63 L.221 124

Consumer Credit F.222 64 L.222 125

Corporate Equities F.223 65 L.223 126

Mutual Fund Shares F.224 65 L.224 126

Trade Credit F.225 66 L.225 127

Life Insurance Reserves F.226 66 L.226 127

Pension Entitlements F.227 67 L.227 128

Taxes Payable by Businesses F.228 67 L.228 128

Proprietors' Equity in Noncorporate Business F.229 67 L.229 128

Direct Investment F.230 68 L.230 129
xii

Total Miscellaneous Financial Claims F.231 69 L.231 130

Identified Miscellaneous Financial Claims—Part I F.232 70 L.232 131

Identified Miscellaneous Financial Claims—Part II F.233 71 L.233 132

Unidentified Miscellaneous Financial Claims F.234 72 L.234 133

Sector Discrepancies F.7 73

Instrument Discrepancies F.8 73

Title

Balance Sheet Reconciliation

Table Page Table Page

Balance Sheet and Changes in Net Worth

Households and Nonprofit Organizations B.101 134 R.101 137

Nonfinancial Corporate Business B.103 135 R.103 138

Nonfarm Noncorporate Business B.104 136 R.104 139

Title

Flows Levels

Table Page Table Page

Supplementary Tables

Balance Sheet of Households and Nonprofit Organizations

with Equity Detail B.101.e 140

Nonprofit Organizations F.101.a 141 L.101.a 142

Title Table Page

Integrated Macroeconomic Accounts for the United States

Total Economy—Current Account S.1.a 143

Selected Aggregates for Total Economy and Sectors S.2.a 144

Households and Nonprofit Institutions Serving Households S.3.a 146

Nonfinancial Noncorporate Business S.4.a 149

Nonfinancial Corporate Business S.5.a 152

Financial Business S.6.a 155

Central Bank S.61.a 158

 Private Depository Institutions S.62.a 160

 Insurance Companies S.63.a 163

 Pension Funds S.64.a 166

 Other Financial Business S.65.a 169

Federal Government S.7.a 172

State and Local Governments S.8.a 175

Rest of the World S.9.a 178