Summary

1

March 10, 2016 Flow of Funds Matrix for 2015

(Billions of dollars; All Sectors -- Flows)

Households State Domestic Domestic Instrument

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

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

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

 1 Gross saving less net cap. transfers -- 2375.2 -- 2172.5 -- 185.8 -- -356.9 -- 4376.6 -- 247.0 -- 466.3 -- 5089.9 --  2 Capital consumption -- 1465.5 -- 1633.8 -- 249.5 -- 272.7 -- 3621.4 -- 196.2 -- -- -- 3817.6 --  3 Net saving (1 less 2) -- 909.7 -- 538.7 -- -63.7 -- -629.6 -- 755.2 -- 50.8 -- 466.3 -- 1272.3 --  4 Gross investment (5 plus 11) 2742.2 -- 2209.8 -- 153.5 -- -285.8 -- 4819.7 -- 356.4 -- 24.4 -- 5200.5 -- -110.6 5 Capital expenditures 1897.2 -- 2159.3 -- 356.8 -- 233.1 -- 4646.5 -- 236.8 -- 0.0 -- 4883.4 -- 206.5 6 Consumer durables 1251.1 -- -- -- -- -- -- -- 1251.1 -- -- -- -- -- 1251.1 -- --  7 Residential 505.8 -- 104.2 -- 4.3 -- 1.4 -- 615.7 -- -1.5 -- -- -- 614.2 -- --  8 Nonresidential 148.5 -- 1915.5 -- 342.8 -- 262.7 -- 2669.5 -- 238.4 -- -- -- 2907.9 -- --  9 Inventory change -- -- 110.2 -- -- -- -- -- 110.2 -- -- -- -- -- 110.2 -- -- 10 Nonproduced nonfinancial assets -8.3 -- 29.4 -- 9.8 -- -30.9 -- 0.0 -- -- -- 0.0 -- -- -- -- 11 Net lending (+) or net borrowing (-) 845.0 -- 50.5 -- -203.4 -- -518.9 -- 173.2 -- 119.6 -- 24.4 -- 317.1 -- -317.112 Total financial assets 1238.8 -- 1276.8 -- 145.1 -- 252.5 -- 2913.2 -- 1640.5 -- 452.2 -- 5005.9 -- -- 13 Total liabilities -- 393.8 -- 1226.3 -- 348.4 -- 771.4 -- 2740.0 -- 1520.9 -- 427.8 -- 4688.7 -- 14 U.S. official reserve assets -- -- -- -- -- -- -3.9 0.0 -3.9 0.0 0.1 -- 0.0 -3.8 -3.8 -3.8 -- 15 SDR certificates -- -- -- -- -- -- -- 0.0 -- 0.0 0.0 -- -- -- 0.0 0.0 -- 16 Treasury currency -- -- -- -- -- -- -- -0.0 -- -0.0 1.3 -- -- -- 1.3 -0.0 -1.317 Foreign deposits -13.5 -- -25.1 -- -- -- -- -- -38.6 -- -13.3 -- -- -217.2 -51.9 -217.2 -165.318 Interbank claims -- -- -- -- -- -- -- -- -- -- -401.8 -503.5 -93.1 -- -494.8 -503.5 -8.719 Checkable dep. and currency 59.4 -- 102.5 -- -8.9 -- 109.9 -- 263.0 -- 0.9 292.4 28.9 -- 292.7 292.4 -0.320 Time and savings deposits 488.0 -- 25.2 -- 10.8 -- 0.0 -- 523.9 -- -78.2 407.4 -38.4 -- 407.4 407.4 -- 21 Money market fund shares -43.2 -- 11.2 -- 16.3 -- -- -- -15.8 -- 42.2 27.6 1.2 -- 27.6 27.6 -- 22 Fed. funds and security RPs -- -- -0.9 -- 13.5 -- -- -- 12.5 -- -10.4 -3.1 -95.6 55.5 -93.4 52.4 145.823 Debt securities 40.0 -5.4 -8.9 410.6 60.1 51.9 -0.0 724.6 91.2 1181.6 896.7 146.6 379.0 38.7 1366.9 1366.9 -- 24 Open market paper -1.2 -- -6.2 -5.4 -1.4 -- -- -- -8.8 -5.4 24.4 -42.7 -4.6 59.3 11.1 11.1 -- 25 Treasury securities 354.4 -- -1.8 -- 57.7 -- -- 724.4 410.3 724.4 309.1 -- 5.0 -- 724.4 724.4 -- 26 Agency- and GSE-backed sec. 18.7 -- -2.0 -- -11.3 -- 0.0 0.2 5.3 0.2 155.3 204.3 43.9 -- 204.5 204.5 -- 27 Municipal securities -25.6 -5.4 1.2 15.9 1.1 51.9 -- -- -23.3 62.4 81.5 -- 4.2 -- 62.4 62.4 -- 28 Corporate and fgn. bonds -306.3 -- -- 400.1 14.1 -- -0.0 -- -292.3 400.1 326.4 -15.0 330.4 -20.5 364.5 364.5 -- 29 Loans -60.2 395.8 3.5 383.3 18.1 0.3 104.9 0.0 66.2 779.4 741.5 20.3 13.3 21.3 821.0 821.0 -- 30 Depository inst. loans n.e.c. -- 91.7 -- 177.6 -- -- -- -- -- 269.2 282.1 -9.8 -- 22.7 282.1 282.1 -- 31 Other loans and advances -50.6 -74.3 -- -35.7 -- 0.3 0.8 -- -49.7 -109.7 -57.5 17.2 13.3 -1.4 -93.9 -93.9 -- 32 Mortgages -3.2 147.5 4.3 241.5 18.1 -- -0.7 0.0 18.4 389.0 383.5 12.9 -- -- 402.0 402.0 -- 33 Consumer credit -6.4 230.9 -0.7 -- -- -- 104.7 -- 97.6 230.9 133.3 -- -- -- 230.9 230.9 -- 34 Corporate equities -156.7 -- -- -564.3 7.5 -- -0.0 -- -149.2 -564.3 130.5 207.4 -103.5 234.7 -122.1 -122.1 -- 35 Mutual fund shares 370.1 -- 15.5 -- 3.9 -- -- -- 389.5 -- -16.2 352.9 -20.3 -- 352.9 352.9 -- 36 Trade credit -- 1.2 33.3 17.9 0.8 38.9 0.3 20.1 34.4 78.1 9.5 8.4 9.6 0.1 53.5 86.6 33.137 Life insurance reserves 55.3 -- -- -- -- -- -- -0.1 55.3 -0.1 10.6 66.0 -- -- 65.9 65.9 -- 38 Pension entitlements 437.2 -- -- -- -- -- -- -- 437.2 -- -- 437.2 -- -- 437.2 437.2 -- 39 Taxes payable -- -- -- 15.8 8.7 -- 27.0 -- 35.6 15.8 -- -11.5 -- -- 35.6 4.3 -31.340 Equity in noncorp. business 21.8 -- -- 17.6 -- -- -- -- 21.8 17.6 -- 4.2 -- -- 21.8 21.8 -- 41 U.S. direct investment abroad -- -- 258.8 -- -- -- -- -- 258.8 -- 32.0 -- -- 290.8 290.8 290.8 -- 42 Foreign direct investment in U.S. -- -- -- 337.8 -- -- -- -- -- 337.8 -- 33.3 371.1 -- 371.1 371.1 -- 43 Miscellaneous 40.7 2.2 861.7 607.6 14.4 257.4 14.4 26.9 931.2 894.1 295.0 35.3 -- 7.6 1226.2 937.0 -289.244 Sector discrepancies (1 less 4) -367.1 -- -37.3 -- 32.3 -- -71.1 -- -443.2 -- -109.4 -- 442.0 -- -110.6 -- -110.6General notes: U = use of funds; S = source of funds. Domestic nonfinancial sectors (columns 9 and 10) are households and nonprofit organizations, nonfinancial business, state and local governments, and federal government.
Summary

2

March 10, 2016 Flow of Funds Matrix for 2015

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

Households State Domestic Domestic Instrument

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

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

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

 1 Total financial assets 70326.7 -- 23199.2 -- 3115.7 -- 2101.5 -- 98743.1 -- 85911.3 -- 23032.5 -- 207686.9 -- -8488.7 2 Total liabilities and equity -- 14509.8 -- 55848.7 -- 5526.6 -- 17665.3 -- 93550.3 -- 88411.4 -- 17236.5 -- 199198.2 --  3 Total liabilities -- 14509.8 -- 23444.6 -- 5526.6 -- 17665.3 -- 61146.3 -- 81120.9 -- 10504.5 -- 152771.6 --  4 U.S. official reserve assets -- -- -- -- -- -- 86.9 48.9 86.9 48.9 30.5 -- 48.9 106.4 166.4 155.3 -11.0 5 SDR certificates -- -- -- -- -- -- -- 5.2 -- 5.2 5.2 -- -- -- 5.2 5.2 --  6 Treasury currency -- -- -- -- -- -- -- 25.3 -- 25.3 47.6 -- -- -- 47.6 25.3 -22.3 7 Foreign deposits 31.8 -- 37.7 -- -- -- -- -- 69.5 -- 10.9 -- -- 603.2 80.4 603.2 522.8 8 Interbank claims -- -- -- -- -- -- -- -- -- -- 2051.5 2361.8 351.8 -- 2403.3 2361.8 -41.5 9 Checkable dep. and currency 1222.2 -- 1085.7 -- 131.7 -- 338.1 -- 2777.7 -- 351.3 3830.0 699.9 -- 3828.8 3830.0 1.210 Time and savings deposits 8383.4 -- 1050.6 -- 330.3 -- 1.8 -- 9766.0 -- 637.2 10856.1 452.8 -- 10856.1 10856.1 -- 11 Money market fund shares 1055.7 -- 678.0 -- 182.0 -- -- -- 1915.8 -- 685.4 2715.7 114.5 -- 2715.7 2715.7 -- 12 Fed. funds and security RPs -- -- 20.3 -- 145.8 -- -- -- 166.1 -- 2768.6 2946.2 716.7 802.8 3651.4 3748.9 97.513 Debt securities 3230.6 217.7 166.8 5518.0 1371.7 2962.7 0.5 15165.6 4769.6 23864.1 24561.0 13101.9 10351.8 2716.3 39682.3 39682.3 -- 14 Open market paper 13.7 -- 47.4 176.5 64.9 -- -- -- 126.0 176.5 712.8 320.1 102.7 444.8 941.5 941.5 -- 15 Treasury securities 1271.7 -- 91.2 -- 681.2 -- -- 15141.1 2044.1 15141.1 6979.0 -- 6118.0 -- 15141.1 15141.1 -- 16 Agency- and GSE-backed sec. 134.6 -- 9.7 -- 427.4 -- 0.0 24.6 571.7 24.6 6651.0 8128.3 930.2 -- 8152.9 8152.9 -- 17 Municipal securities 1514.8 217.7 18.5 534.3 14.8 2962.7 -- -- 1548.0 3714.8 2082.1 -- 84.6 -- 3714.8 3714.8 -- 18 Corporate and fgn. bonds 295.8 -- -- 4807.1 183.4 -- 0.5 -- 479.7 4807.1 8136.1 4653.5 3116.3 2271.5 11732.1 11732.1 -- 19 Loans 969.0 14001.5 111.7 7266.2 227.3 16.9 1258.8 0.0 2566.9 21284.5 21015.3 2140.0 203.5 361.1 23785.7 23785.7 -- 20 Depository inst. loans n.e.c. -- 317.9 -- 2112.3 -- -- -- -- -- 2430.2 3207.3 449.2 -- 328.0 3207.3 3207.3 -- 21 Other loans and advances 842.6 439.4 -- 1305.9 -- 16.9 196.7 -- 1039.3 1762.2 2006.6 1454.1 203.5 33.1 3249.4 3249.4 -- 22 Mortgages 79.2 9711.1 69.5 3848.0 227.3 -- 116.5 0.0 492.5 13559.1 13303.3 236.7 -- -- 13795.8 13795.8 -- 23 Consumer credit 47.2 3533.1 42.2 -- -- -- 945.6 -- 1035.0 3533.1 2498.0 -- -- -- 3533.1 3533.1 -- 24 Corporate equities 13310.9 -- -- 21680.7 180.4 -- 33.4 -- 13524.7 21680.7 16455.6 7274.5 5706.9 6732.0 35687.2 35687.2 -- 25 Mutual fund shares 8119.0 -- 248.6 -- 87.8 -- -- -- 8455.4 -- 3805.9 12843.4 582.2 -- 12843.4 12843.4 -- 26 Trade credit -- 259.4 3376.5 2585.9 180.5 861.1 45.8 288.0 3602.9 3994.5 141.7 26.3 174.6 47.5 3919.2 4068.3 149.127 Life insurance reserves 1330.6 -- -- -- -- -- -- 51.1 1330.6 51.1 205.2 1484.6 -- -- 1535.7 1535.7 -- 28 Pension entitlements 20971.9 -- -- -- -- -- -- -- 20971.9 -- -- 20971.9 -- -- 20971.9 20971.9 -- 29 Taxes payable -- -- -- 174.8 150.6 -- 158.8 -- 309.5 174.8 -- -54.0 -- -- 309.5 120.8 -188.730 Equity in noncorp. business 10739.3 -- -- 10723.4 -- -- -- -- 10739.3 10723.4 -- 16.0 -- -- 10739.3 10739.3 -- 31 U.S. direct investment abroad -- -- 4793.6 -- -- -- -- -- 4793.6 -- 916.2 -- -- 5709.8 5709.8 5709.8 -- 32 Foreign direct investment in U.S. -- -- -- 3007.2 -- -- -- -- -- 3007.2 -- 621.6 3628.9 -- 3628.9 3628.9 -- 33 Miscellaneous 962.3 31.2 11629.6 4892.5 127.4 1685.8 177.4 2081.0 12896.7 8690.5 12222.4 7275.4 -- 157.5 25119.1 16123.4 -8995.8General notes: A = assets; L = liabilities. Domestic nonfinancial sectors (columns 9 and 10) are households and nonprofit organizations, nonfinancial business, state and local governments, and federal government. Equity included in line 2 is the sum of corporate equities (line 24) and equity in noncorporate business (line 30). The matrix shows a discrepancy in column 17 for monetary gold (line 4) because by international accounting convention, monetary gold is a financial asset without a corresponding liability.
S

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Z.1, March 10, 2016 3

D.1 Debt Growth by Sector 1

In percent; quarterly figures are seasonally adjusted annual rates 

Domestic nonfinancial sectors

 

 Households Business State and Domestic 

Home Consumer local Federal financial

 Total Total mortgage credit Total Corporate governments government sectors Foreign

1984 14.8 12.6 11.4 18.4 16.1 16.6 11.4 16.8 17.7 3.5

1985 16.1 16.8 14.6 15.9 11.0 12.6 31.8 17.7 21.1 0.6

1986 12.0 11.5 13.7 9.1 11.5 13.9 10.9 13.9 24.9 3.0

1987 9.0 9.6 13.4 4.8 7.8 8.9 12.0 8.7 15.9 3.3

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

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

1990 6.6 6.9 8.8 1.9 3.6 5.3 5.0 11.0 8.6 2.8

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

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

1993 5.9 6.5 5.5 7.4 3.1 5.3 5.3 8.4 10.4 15.8

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

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

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

1997 5.5 6.5 6.1 5.5 8.5 8.6 4.9 1.5 12.1 10.8

1998 6.6 7.7 8.0 7.2 11.5 10.8 6.2 -0.3 19.8 4.5

1999 6.6 9.1 9.4 7.8 10.5 9.6 3.3 -0.7 16.8 1.8

2000 4.8 8.8 8.7 11.4 9.1 8.3 1.4 -6.3 11.7 7.5

2001 5.8 8.7 10.6 8.6 4.8 3.2 8.8 1.3 10.2 -2.4

2002 6.7 9.8 13.3 5.6 2.4 0.2 11.1 6.8 8.7 6.3

2003 7.7 12.1 14.5 5.3 1.0 -0.1 8.3 9.5 11.1 1.8

2004 9.2 11.7 13.5 5.6 5.8 3.3 11.4 8.3 9.5 8.6

2005 8.6 10.6 13.4 4.5 8.0 5.2 5.8 6.6 8.8 8.1

2006 8.4 10.5 11.2 5.2 9.8 7.3 3.9 3.9 10.4 21.2

2007 8.1 7.2 7.4 6.1 12.4 11.5 5.5 4.7 13.7 15.7

2008 5.8 -0.1 0.9 1.3 6.0 4.4 0.6 21.4 4.6 -9.9

2009 3.5 0.3 0.6 -3.9 -4.1 -5.2 4.0 20.4 -9.6 13.8

2010 4.4 -0.5 -1.7 -1.0 -0.7 -0.8 2.3 18.5 -5.2 7.4

2011 3.5 -0.5 -0.7 4.1 2.8 5.6 -1.7 10.8 -2.2 7.7

2012 5.0 1.9 -0.7 6.1 4.7 4.8 -0.2 10.1 -2.7 7.8

2013 4.0 1.7 -0.0 6.0 4.9 6.3 -1.3 6.7 1.7 8.6

2014 4.5 3.1 0.5 7.0 6.3 7.0 -0.5 5.4 2.2 4.7

2015 4.5 2.8 1.5 7.0 6.6 6.2 1.8 5.0 1.1 1.9

2009 -- Q1 3.6 -0.8 1.3 -3.0 -2.7 -3.8 2.5 21.7 -11.5 4.8

 Q2 5.1 0.7 0.7 -5.9 -3.8 -4.4 4.7 25.0 -12.1 12.5

 Q3 3.0 0.5 -0.1 -3.2 -5.6 -7.3 3.7 17.7 -8.7 10.8

 Q4 2.1 0.7 0.6 -3.8 -4.7 -5.9 4.6 11.7 -6.8 22.1

2010 -- Q1 3.6 -2.4 -3.7 -3.1 -1.4 -1.7 3.1 18.8 -5.8 8.0

 Q2 4.7 0.3 -0.6 -2.6 -3.3 -5.1 -0.1 21.5 -6.7 -3.1

 Q3 4.6 -0.7 -1.7 0.1 2.0 3.4 1.8 15.4 -4.1 5.6

 Q4 4.4 0.7 -0.9 1.6 -0.1 0.1 4.5 13.8 -5.1 17.5

2011 -- Q1 2.6 1.0 -0.7 4.0 1.3 3.1 -2.9 7.6 -1.0 15.6

 Q2 1.8 -1.4 -0.6 3.3 3.1 6.1 -3.6 5.9 -2.6 15.3

 Q3 5.1 -2.1 -0.8 4.0 3.3 6.4 -0.2 17.2 -1.7 -3.2

 Q4 4.3 0.4 -0.8 4.8 3.4 6.2 -0.2 10.9 -3.5 2.4

2012 -- Q1 5.3 2.0 -0.8 5.3 4.0 3.8 -0.2 11.5 -3.6 -0.4

 Q2 5.4 1.9 -0.6 7.2 3.6 2.9 1.4 11.9 -4.0 2.4

 Q3 3.8 1.1 -0.8 5.3 4.2 4.0 0.2 7.2 -1.7 13.9

 Q4 5.2 2.8 -0.7 6.3 6.6 8.0 -2.2 8.3 -1.5 13.8

2013 -- Q1 4.5 1.0 -0.6 5.9 3.9 5.0 1.7 9.3 -0.4 13.5

 Q2 2.2 1.3 0.1 5.5 4.8 6.0 -1.1 1.6 1.4 3.2

 Q3 3.0 3.2 0.8 6.5 6.8 9.2 -3.0 0.9 -0.1 7.4

 Q4 6.0 1.5 -0.4 5.7 3.9 4.5 -2.8 14.4 5.8 9.9

2014 -- Q1 4.1 1.9 -0.2 6.3 6.3 8.8 -1.7 5.7 -0.7 5.0

 Q2 4.3 5.2 0.5 8.2 5.2 4.9 0.1 3.5 2.6 13.2

 Q3 4.5 3.0 0.4 6.9 5.9 7.0 -1.7 6.0 3.7 1.4

 Q4 4.7 2.2 1.1 6.1 7.0 6.4 1.5 5.9 3.3 -1.0

2015 -- Q1 2.6 1.8 0.0 5.6 7.5 8.5 4.3 -1.1 -1.2 10.2

 Q2 4.6 4.3 2.5 8.5 8.4 8.6 1.0 2.4 2.4 4.4

 Q3 2.1 1.6 1.7 7.2 4.9 4.6 1.7 0.2 1.9 -7.1

 Q4 8.6 3.4 1.5 5.9 5.0 2.7 0.0 18.5 1.3 0.2

1. Debt securities and loans. Data shown are on an end-of-period basis.
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4 Z.1, March 10, 2016

D.2 Borrowing by Sector 1

Billions of dollars; quarterly figures are seasonally adjusted annual rates 

Domestic nonfinancial sectors

 

 Households Business State and Domestic 

Home Consumer local Federal financial

 Total Total mortgage credit Total Corporate governments government sectors Foreign

1984 810.6 221.6 127.6 81.7 320.8 207.1 52.5 215.7 164.7 8.0

1985 1014.1 330.3 181.7 84.0 254.7 184.3 163.6 265.6 232.8 1.4

1986 880.9 266.3 199.4 55.8 294.9 227.7 74.2 245.5 333.6 10.2

1987 735.6 247.3 221.6 32.3 223.7 165.6 90.4 174.2 267.8 11.4

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

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

1990 688.4 229.8 200.0 15.1 131.3 131.0 47.1 280.2 212.3 11.1

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

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

1993 727.1 262.2 156.3 61.4 113.7 134.3 57.9 293.2 326.7 67.5

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

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

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

1997 839.0 343.6 215.9 70.3 381.2 279.3 50.8 63.4 603.4 77.7

1998 1047.5 433.8 301.5 97.1 558.2 379.2 66.8 -11.4 1097.0 36.0

1999 1123.5 549.0 379.2 112.4 567.3 373.5 37.3 -30.1 1114.7 15.4

2000 874.5 581.6 383.5 176.5 551.0 358.5 16.9 -275.0 908.0 60.5

2001 1102.9 627.4 508.2 150.6 314.8 151.4 105.5 55.2 887.8 -21.1

2002 1352.5 763.9 706.0 105.2 161.9 10.1 144.6 282.1 844.0 53.6

2003 1650.9 1039.0 872.1 105.9 70.7 -3.2 120.5 420.7 1171.1 17.2

2004 2130.8 1133.4 934.7 117.2 415.8 161.0 178.8 402.8 1092.1 99.1

2005 2235.3 1145.2 1053.0 100.4 601.6 259.8 141.7 346.9 1117.2 103.9

2006 2378.6 1261.0 997.6 120.4 797.6 382.2 100.9 219.1 1421.3 286.7

2007 2479.8 946.6 733.5 151.3 1116.1 652.8 146.7 270.4 2071.3 260.9

2008 1908.5 -15.4 93.3 34.9 603.4 277.9 17.9 1302.5 798.6 -198.2

2009 1217.2 39.8 66.8 -103.6 -441.4 -344.4 113.0 1505.8 -1723.5 222.2

2010 1571.8 -73.0 -176.0 -25.3 -70.6 -51.2 69.5 1645.9 -856.4 149.0

2011 1294.0 -70.6 -73.1 108.6 278.6 335.4 -52.7 1138.7 -336.6 172.8

2012 1914.7 259.0 -70.7 169.4 480.4 305.2 -5.3 1180.6 -396.4 195.0

2013 1583.1 231.7 -1.8 175.9 533.0 423.9 -38.9 857.3 245.9 243.3

2014 1848.4 418.9 44.3 218.4 707.3 495.2 -13.7 735.9 329.5 140.3

2015 1961.0 390.4 136.6 230.9 793.9 475.5 52.1 724.6 166.8 60.1

2009 -- Q1 1271.4 -116.1 138.7 -78.7 -288.8 -247.3 72.6 1603.7 -2075.2 77.7

 Q2 1783.9 103.5 73.4 -153.9 -399.8 -287.1 136.4 1943.7 -2159.1 201.6

 Q3 1061.3 73.9 -9.3 -82.6 -586.9 -470.4 108.9 1465.3 -1512.3 189.3

 Q4 752.2 97.8 64.5 -99.1 -490.2 -372.6 134.1 1010.6 -1147.4 420.2

2010 -- Q1 1288.1 -327.8 -382.8 -78.4 -142.7 -104.8 92.0 1666.6 -952.4 160.9

 Q2 1700.6 40.2 -63.8 -65.6 -333.1 -312.9 -1.6 1995.2 -1057.0 -63.6

 Q3 1674.9 -93.6 -171.0 2.8 202.9 206.0 53.0 1512.6 -633.3 115.3

 Q4 1623.6 89.2 -86.4 39.7 -9.6 7.0 134.8 1409.3 -782.9 383.3

2011 -- Q1 981.1 133.8 -70.7 106.8 130.4 186.7 -87.4 804.3 -150.2 351.5

 Q2 653.2 -183.5 -58.7 89.5 307.1 369.3 -108.7 638.3 -401.2 360.0

 Q3 1909.9 -287.3 -81.7 106.7 332.7 396.2 -7.3 1871.8 -264.6 -80.5

 Q4 1631.6 54.5 -81.2 131.3 344.3 389.5 -7.4 1240.2 -530.6 60.2

2012 -- Q1 2015.6 266.4 -76.3 145.1 408.4 245.2 -4.5 1345.4 -529.9 -10.7

 Q2 2104.3 250.8 -57.4 200.5 377.7 189.6 42.4 1433.4 -587.0 60.6

 Q3 1476.4 140.8 -78.6 149.8 435.2 257.1 6.5 893.9 -250.0 354.4

 Q4 2062.3 378.0 -70.5 182.3 700.1 528.8 -65.4 1049.6 -218.6 375.8

2013 -- Q1 1795.9 129.7 -57.1 173.4 421.6 334.0 49.5 1195.1 -63.0 384.0

 Q2 869.3 169.3 10.8 161.8 524.3 407.2 -33.3 209.1 199.3 93.2

 Q3 1216.5 430.9 77.4 194.3 750.3 637.1 -88.3 123.7 -10.3 208.6

 Q4 2450.6 196.9 -38.2 174.2 435.7 317.1 -83.3 1901.3 857.7 287.5

2014 -- Q1 1707.7 257.2 -17.2 194.0 715.4 624.8 -49.7 784.7 -110.9 146.9

 Q2 1782.7 700.8 45.8 257.8 598.1 358.5 1.6 482.1 388.0 400.8

 Q3 1894.0 415.9 41.4 222.8 690.4 514.4 -50.9 838.7 550.0 44.8

 Q4 2009.2 301.5 107.2 199.0 825.1 483.0 44.3 838.2 491.0 -31.5

2015 -- Q1 1121.3 255.5 2.1 184.8 895.2 649.6 126.9 -156.3 -180.7 317.4

 Q2 2003.7 596.2 235.5 285.8 1028.3 672.6 29.3 350.0 358.3 142.3

 Q3 918.1 228.9 162.1 246.3 615.4 365.3 51.6 22.2 283.7 -227.0

 Q4 3800.8 480.9 146.6 206.5 636.7 214.4 0.9 2682.3 206.0 7.5

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

Billions of dollars; quarterly figures are seasonally adjusted 

Domestic nonfinancial sectors

 

 Households Business State and Domestic 

Home Consumer local Federal financial

 Total Total mortgage credit Total Corporate governments government sectors Foreign

1984 6302.3 1971.6 1243.3 526.6 2320.6 1458.0 513.6 1496.5 1104.5 228.1

1985 7334.6 2322.7 1450.2 610.6 2572.0 1638.9 677.9 1762.0 1338.2 335.0

1986 8212.6 2586.9 1649.0 666.4 2866.0 1865.8 752.1 2007.5 1679.8 346.1

1987 8930.6 2788.9 1828.6 698.6 3117.4 2059.2 842.6 2181.7 1959.9 357.2

1988 9747.9 3079.8 2054.8 745.2 3405.5 2263.5 893.0 2369.6 2213.7 393.1

1989 10482.9 3347.6 2260.1 809.3 3644.3 2454.1 940.4 2550.5 2479.1 389.2

1990 11198.6 3606.6 2489.3 824.4 3773.8 2583.3 987.4 2830.8 2694.5 396.2

1991 11722.5 3810.1 2667.4 815.6 3686.4 2524.4 1078.6 3147.4 2884.4 406.2

1992 12278.2 4012.8 2840.4 824.8 3679.1 2543.6 1095.1 3491.1 3129.9 425.8

1993 13020.0 4277.4 2999.0 886.2 3805.2 2690.4 1153.0 3784.3 3462.0 520.6

1994 13701.9 4600.1 3165.5 1021.2 4016.5 2887.2 1107.5 3977.8 3932.7 500.4

1995 14382.8 4923.1 3319.2 1168.2 4269.8 3095.2 1046.7 4143.1 4399.4 630.7

1996 15135.2 5276.8 3537.3 1273.9 4489.1 3244.1 1026.2 4343.1 4970.2 720.9

1997 15972.1 5620.4 3753.2 1344.2 4868.3 3521.3 1076.9 4406.5 5553.4 801.7

1998 17019.5 6054.2 4054.7 1441.3 5426.5 3900.4 1143.8 4395.1 6650.4 842.4

1999 18177.4 6603.2 4431.6 1553.6 6028.2 4308.3 1181.0 4365.0 7762.8 803.9

2000 19061.7 7194.7 4813.9 1741.3 6579.1 4666.9 1197.9 4090.0 8671.9 867.6

2001 20147.6 7822.0 5322.0 1891.8 6877.0 4801.3 1303.4 4145.2 9685.8 849.4

2002 21500.1 8585.9 6028.0 1997.0 7038.9 4811.3 1447.9 4427.3 10529.8 955.7

2003 23195.2 9655.0 6909.9 2102.9 7123.7 4822.2 1568.4 4848.0 11536.2 1156.6

2004 26057.9 10808.4 7859.5 2220.1 7550.4 4994.2 2448.2 5250.9 12643.2 1285.2

2005 28280.2 11953.6 8912.5 2320.6 8152.0 5254.0 2589.8 5584.8 13705.8 1350.5

2006 30703.1 13238.1 9910.2 2461.3 8970.3 5656.9 2690.8 5803.9 15094.1 1657.9

2007 33159.8 14156.6 10613.0 2615.1 10091.4 6316.2 2837.5 6074.3 17276.2 1996.6

2008 34930.4 14015.0 10580.1 2650.0 10683.2 6589.2 2855.4 7376.8 17994.7 1604.4

2009 35759.4 13762.3 10419.3 2552.3 10146.1 6160.7 2968.4 8882.6 16545.6 2005.9

2010 37074.3 13514.3 9921.6 2646.9 9993.5 6042.7 3038.0 10528.6 15331.1 2257.9

2011 38219.7 13302.5 9702.0 2755.4 10264.7 6378.1 2985.3 11667.3 14916.4 2484.9

2012 39971.3 13359.3 9490.8 2922.9 10784.1 6726.8 2980.0 12847.8 14705.4 2834.0

2013 41435.2 13503.2 9401.2 3098.8 11285.8 7123.8 2941.1 13705.1 14884.1 2958.2

2014 43236.6 13877.1 9400.6 3317.2 11990.9 7619.4 2927.5 14441.1 15194.2 3125.6

2015 45148.6 14219.2 9490.6 3533.1 12784.2 8096.9 2979.6 15165.6 15242.0 3077.4

2009 -- Q1 35139.1 13869.6 10569.0 2630.4 10618.2 6536.9 2873.5 7777.7 17899.8 1610.3

 Q2 35531.3 13844.5 10530.6 2597.7 10515.4 6465.1 2907.7 8263.7 17326.4 1751.0

 Q3 35730.5 13800.1 10465.4 2577.0 10365.5 6347.5 2934.9 8630.0 16916.2 1900.5

 Q4 35759.4 13762.3 10419.3 2552.3 10146.1 6160.7 2968.4 8882.6 16545.6 2005.9

2010 -- Q1 36091.8 13674.6 10275.6 2536.3 10126.4 6151.7 2991.4 9299.3 15772.9 2067.7

 Q2 36467.1 13637.2 10212.2 2519.9 10040.8 6073.5 2991.0 9798.1 15485.8 2056.4

 Q3 36842.0 13572.3 10127.9 2520.6 10089.2 6125.0 3004.3 10176.2 15306.8 2195.1

 Q4 37074.3 13514.3 9921.6 2646.9 9993.5 6042.7 3038.0 10528.6 15331.1 2257.9

2011 -- Q1 37278.6 13508.7 9864.9 2673.6 10024.1 6089.3 3016.1 10729.6 15274.7 2349.2

 Q2 37406.8 13429.7 9811.7 2695.9 10098.9 6181.6 2988.9 10889.2 15150.6 2478.3

 Q3 37847.7 13323.1 9756.5 2722.6 10180.4 6280.6 2987.1 11357.2 15066.0 2457.6

 Q4 38219.7 13302.5 9702.0 2755.4 10264.7 6378.1 2985.3 11667.3 14916.4 2484.9

2012 -- Q1 38682.7 13336.7 9648.2 2791.7 10358.2 6430.1 2984.1 12003.6 14829.7 2527.8

 Q2 39165.5 13357.9 9594.3 2839.8 10450.9 6477.5 2994.7 12362.0 14662.9 2557.7

 Q3 39489.3 13297.7 9539.0 2877.3 10609.8 6593.6 2996.4 12585.4 14768.0 2719.9

 Q4 39971.3 13359.3 9490.8 2922.9 10784.1 6726.8 2980.0 12847.8 14705.4 2834.0

2013 -- Q1 40392.6 13365.4 9450.2 2966.2 10888.2 6810.2 2992.4 13146.6 14674.1 2894.5

 Q2 40584.2 13383.2 9428.4 3006.7 11018.1 6912.0 2984.0 13198.9 14708.9 2829.9

 Q3 40854.9 13470.0 9426.9 3055.3 11193.1 7059.9 2962.0 13229.8 14690.6 2900.5

 Q4 41435.2 13503.2 9401.2 3098.8 11285.8 7123.8 2941.1 13705.1 14884.1 2958.2

2014 -- Q1 41847.3 13553.5 9382.9 3147.3 11463.8 7279.8 2928.7 13901.3 14847.8 3027.6

 Q2 42280.4 13716.8 9382.5 3211.8 11612.7 7369.4 2929.1 14021.8 14938.5 3186.5

 Q3 42736.8 13809.3 9381.3 3267.5 11779.7 7493.0 2916.4 14231.5 15074.9 3137.3

 Q4 43236.6 13877.1 9400.6 3317.2 11990.9 7619.4 2927.5 14441.1 15194.2 3125.6

2015 -- Q1 43499.0 13924.0 9384.1 3363.4 12213.9 7781.7 2959.2 14402.0 15142.3 3203.7

 Q2 43988.4 14062.0 9432.0 3434.9 12470.4 7949.9 2966.5 14489.5 15225.4 3186.5

 Q3 44208.1 14109.9 9463.1 3496.4 12623.8 8041.2 2979.4 14495.0 15289.8 3103.7

 Q4 45148.6 14219.2 9490.6 3533.1 12784.2 8096.9 2979.6 15165.6 15242.0 3077.4

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

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

2011 2012 2013 2014 2015 2014 2015

 Q3 Q4 Q1 Q2 Q3 Q4

 1 U.S. net wealth (1) 59193.9 64488.6 74411.8 78550.5 79793.8 77100.4 78550.5 80006.6 80271.6 78188.0 79793.8 1

 2 Households’ direct holdings of nonfinancial assets 23451.7 25149.1 27714.9 29197.1 30979.1 28800.2 29197.1 29661.2 30070.0 30461.6 30979.1 2

 3 Real estate 18326.0 19882.5 22346.6 23713.4 25275.8 23336.2 23713.4 24136.1 24472.4 24817.5 25275.8 3

 4 Equipment (nonprofits) 293.0 301.8 309.1 320.0 331.5 317.2 320.0 323.3 325.9 328.9 331.5 4

 5 Intellectual property products (nonprofits) 109.4 115.9 121.5 125.9 131.4 124.7 125.9 126.8 127.5 129.5 131.4 5

 6 Consumer durable goods 4723.3 4848.9 4937.8 5037.8 5240.3 5022.1 5037.8 5075.0 5144.2 5185.6 5240.3 6

 7 Nonfin. noncorporate businesses nonfinancial assets 9230.2 9954.6 11034.3 11733.9 12351.3 11507.0 11733.9 11952.9 12071.2 12200.1 12351.3 7

 8 Real estate 8001.5 8687.9 9727.7 10369.1 11150.6 10148.2 10369.1 10628.2 10780.1 10951.7 11150.6 8

 9 Equipment 740.7 772.6 804.9 838.2 795.6 831.9 838.2 829.4 820.3 807.0 795.6 9

 10 Intellectual property products 196.6 204.7 214.6 223.3 132.6 225.4 223.3 203.1 179.5 156.4 132.6 10

 11 Inventories 291.3 289.3 287.1 303.3 272.4 301.4 303.3 292.3 291.3 285.0 272.4 11

 12 Fin. noncorporate businesses nonfinancial assets (2) 11.9 17.3 15.9 17.5 16.0 17.4 17.5 17.2 16.2 17.1 16.0 12

 13 Market value of domestic corporations (3) 17944.7 20532.0 27073.7 30051.3 28955.2 28716.2 30051.3 30567.9 30261.2 27766.3 28955.2 13

 14 Nonfinancial corporate equity 13892.0 15584.6 20612.3 22730.4 21680.7 21873.4 22730.4 23110.0 22748.3 20778.1 21680.7 14

 15 Financial corporate equity 4052.7 4947.4 6461.4 7320.9 7274.5 6842.8 7320.9 7457.9 7512.9 6988.2 7274.5 15

 16 Federal government nonfinancial assets (4) 3066.8 3137.2 3206.4 3258.6 3251.0 3246.6 3258.6 3253.5 3241.2 3244.8 3251.0 16

 17 Structures 1406.9 1439.8 1480.6 1507.9 1493.0 1501.5 1507.9 1500.2 1495.4 1493.9 1493.0 17

 18 Equipment 711.0 726.6 732.7 742.0 740.3 739.9 742.0 743.8 738.7 738.2 740.3 18

 19 Intellectual property products 948.9 970.8 993.1 1008.7 1017.6 1005.2 1008.7 1009.5 1007.1 1012.7 1017.6 19

 20 State and local governments nonfinancial assets (4) 9068.6 9384.7 9718.9 9980.2 10037.2 9936.1 9980.2 9990.4 10002.2 10031.2 10037.2 20

 21 Structures 8711.9 9022.9 9350.3 9603.7 9654.4 9560.9 9603.7 9612.1 9623.0 9649.7 9654.4 21

 22 Equipment 246.5 246.7 248.4 252.1 254.0 251.4 252.1 253.3 253.7 254.4 254.0 22

 23 Intellectual property products 110.2 115.2 120.1 124.4 128.8 123.7 124.4 125.0 125.5 127.1 128.8 23

 24 Net U.S. financial claims on the rest of the world -3580.1 -3686.2 -4352.3 -5688.1 -5796.0 -5123.1 -5688.1 -5436.5 -5390.4 -5533.1 -5796.0 24

 25 U.S. financial claims on the rest of the world 13932.9 15276.4 16784.2 17304.5 17236.5 17546.6 17304.5 17836.2 17934.6 17180.1 17236.5 25

 26 U.S. holdings of foreign corporate equities 4501.4 5321.9 6472.9 6719.7 6732.0 6803.7 6719.7 7118.0 7285.9 6534.4 6732.0 26

 27 Other U.S. financial claims 9431.5 9954.6 10311.3 10584.8 10504.5 10742.8 10584.8 10718.2 10648.7 10645.6 10504.5 27

 28 Less: Foreign financial claims on U.S. 17513.0 18962.6 21136.5 22992.6 23032.5 22669.7 22992.6 23272.7 23325.0 22713.2 23032.5 28

 29 Foreign holdings of U.S. corporate equities 3397.2 3953.0 5204.4 5944.1 5706.9 5721.9 5944.1 5971.0 5917.5 5414.2 5706.9 29

 30 Other foreign financial claims 14115.8 15009.6 15932.1 17048.5 17325.6 16947.8 17048.5 17301.7 17407.5 17299.0 17325.6 30

 Memo:

 31 A. U.S. net wealth (line 1) 59193.9 64488.6 74411.8 78550.5 79793.8 77100.4 78550.5 80006.6 80271.6 78188.0 79793.8 31

 32 Change in U.S. net wealth -616.3 5294.7 9923.2 4138.8 1243.2 42.4 1450.2 1456.1 265.0 -2083.6 1605.8 32

 33 Percent change in U.S. net wealth -1.0 8.9 15.4 5.6 1.6 0.1 1.9 1.9 0.3 -2.6 2.1 33

 34 B. Household net worth (5) 63422.8 69578.6 79389.9 84188.9 86796.0 82520.5 84188.9 85994.5 86479.7 85159.0 86796.0 34

 35 Change in household net worth 1147.5 6155.7 9811.4 4798.9 2607.2 278.5 1668.4 1805.7 485.2 -1320.7 1637.0 35

 36 Percent change in household net worth 1.8 9.7 14.1 6.0 3.1 0.3 2.0 2.1 0.6 -1.5 1.9 36

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

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

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

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

 because of differences in the valuation of assets.

(4) Excludes land and nonproduced nonfinancial assets.

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

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2011 2012 2013 2014 2015 2014 2015

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Gross Domestic Product (GDP) 15517.9 16155.3 16663.2 17348.1 17942.9 17522.1 17615.9 17649.3 17913.7 18060.2 18148.4 1

 2 Personal consumption expenditures (2) 10689.3 11050.6 11392.3 11865.9 12269.1 11949.1 12061.4 12055.5 12228.4 12359.0 12433.4 2

 3 Durable goods 1125.3 1191.9 1237.8 1280.2 1328.6 1295.1 1303.5 1301.8 1326.4 1339.6 1346.5 3

 4 Nondurable goods 2471.1 2547.2 2598.9 2668.2 2651.1 2692.2 2676.6 2599.7 2651.8 2684.4 2668.4 4

 5 Services 7092.8 7311.5 7555.5 7917.5 8289.4 7961.7 8081.3 8153.9 8250.2 8334.9 8418.4 5

 6 Gross private domestic investment 2239.9 2511.7 2665.0 2860.0 3021.1 2910.2 2937.2 2995.9 3025.5 3030.6 3032.5 6

 7 Fixed investment (3) 2198.1 2449.9 2593.2 2782.9 2910.9 2821.8 2848.7 2868.6 2897.9 2935.3 2941.9 7

 8 Nonresidential 1812.1 2007.7 2084.3 2233.7 2302.4 2267.0 2274.1 2280.7 2297.9 2319.4 2311.6 8

 9 Household sector (nonprofit organizations) 130.8 137.4 133.7 139.7 148.5 147.8 141.6 142.5 147.4 151.1 153.1 9

 10 Nonfinancial corporate business 1299.2 1434.5 1491.7 1603.3 1654.3 1626.2 1633.8 1638.4 1651.8 1666.2 1660.9 10

 11 Nonfinancial noncorporate business 214.6 243.7 252.8 268.1 261.2 264.9 268.1 266.5 263.6 259.9 254.6 11

 12 Financial institutions 167.5 192.1 206.1 222.6 238.4 228.1 230.6 233.2 235.1 242.2 243.0 12

 13 Residential 386.0 442.2 508.9 549.2 608.5 554.8 574.6 588.0 600.0 615.9 630.3 13

 14 Household sector 321.1 367.9 424.6 456.6 505.8 461.2 478.1 488.9 501.1 512.4 520.9 14

 15 Nonfinancial corporate business -1.8 0.2 -8.4 -0.4 10.4 1.7 -0.7 -3.7 26.3 3.2 15.8 15

 16 Nonfinancial noncorporate business 60.2 68.9 78.0 85.6 93.8 86.5 89.0 91.1 93.0 94.8 96.4 16

 17 REITs 6.5 5.3 14.7 7.4 -1.5 5.4 8.2 11.7 -20.4 5.5 -2.8 17

 18 Change in private inventories 41.8 61.8 71.8 77.1 110.2 88.3 88.5 127.3 127.5 95.3 90.6 18

 19 Nonfinancial corporate business 34.9 65.8 55.2 63.2 91.5 71.6 73.4 104.8 107.8 77.7 75.7 19

 20 Nonfinancial noncorporate business 6.8 -4.0 16.6 13.9 18.7 16.7 15.1 22.5 19.7 17.6 14.9 20

 21 Net U.S. exports of goods and services -580.0 -565.7 -508.4 -530.0 -530.3 -514.6 -545.2 -551.6 -519.3 -530.4 -519.9 21

 22 Exports 2106.4 2198.2 2263.3 2341.9 2252.6 2360.6 2349.5 2257.3 2280.0 2259.8 2213.2 22

 23 - Imports 2686.4 2763.8 2771.7 2871.9 2782.9 2875.2 2894.6 2808.9 2799.3 2790.2 2733.1 23

 Government consumption expenditures and

 24 gross investment 3168.7 3158.6 3114.2 3152.1 3183.0 3177.4 3162.5 3149.5 3179.2 3201.0 3202.3 24

 25 Consumption expenditures (4) 2530.9 2544.1 2522.0 2556.3 2571.9 2578.7 2558.6 2556.2 2565.6 2580.2 2585.4 25

 26 Federal 1006.1 1007.8 961.3 955.3 960.6 968.2 949.1 956.7 957.2 961.3 967.0 26

 27 State and local 1524.8 1536.3 1560.7 1601.0 1611.3 1610.5 1609.5 1599.5 1608.4 1618.9 1618.4 27

 28 Gross investment (4) 637.9 614.4 592.3 595.8 611.1 598.7 603.9 593.3 613.5 620.8 616.9 28

 29 Federal 297.4 284.7 269.4 264.6 264.1 264.9 265.6 261.5 263.5 263.1 268.2 29

 30 State and local 340.5 329.7 322.9 331.3 347.1 333.8 338.3 331.8 350.0 357.8 348.7 30

 Memo:

 31 Net U.S. income receipts from rest of world 246.6 237.6 250.4 263.1 214.3 271.9 264.7 227.5 230.6 203.6 195.4 31

 32 U.S. income receipts 792.6 801.5 826.2 854.3 837.9 869.7 857.0 817.0 845.3 841.2 847.9 32

 33 - U.S. income payments 546.0 563.9 575.8 591.2 623.6 597.8 592.3 589.5 614.7 637.6 652.5 33

 Gross National Product (GNP) =

 34 GDP + net U.S. income receipts 15764.6 16392.8 16913.5 17611.2 18157.1 17794.0 17880.6 17876.8 18144.3 18263.8 18343.8 34

 Acquisition of nonproduced nonfinancial assets (net)

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

 36 Nonfinancial corporate business -0.5 0.8 1.0 1.2 29.4 4.9 -0.2 -0.8 120.1 -0.7 -0.8 36

 37 Federal government -0.9 -2.0 -2.4 -2.7 -30.9 -6.5 -1.3 -0.7 -121.6 -0.8 -0.7 37

 38 State and local governments 9.2 9.1 9.6 9.9 9.8 10.0 9.9 9.8 9.8 9.7 9.8 38

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

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

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

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

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

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2011 2012 2013 2014 2015 2014 2015

 Q3 Q4 Q1 Q2 Q3 Q4

 1 National Income 13352.3 14061.9 14458.3 15076.5 15542.6 15256.5 15358.2 15336.4 15520.3 15615.6 15698.2 1

 2 Compensation of employees 8269.0 8609.9 8839.7 9248.9 9655.3 9289.9 9424.9 9487.9 9615.2 9709.5 9808.7 2

 3 Wages and salaries 6633.2 6930.3 7114.4 7477.8 7824.4 7513.9 7632.6 7682.4 7791.8 7870.0 7953.3 3

 4 Supplements to wages and salaries 1635.9 1679.6 1725.3 1771.2 1831.0 1776.0 1792.3 1805.5 1823.4 1839.5 1855.4 4

 5 Proprietors’ income with IVA and CCAdj 1143.7 1241.4 1285.1 1346.7 1388.5 1357.8 1377.9 1369.4 1377.0 1400.1 1407.3 5

 6 Rental income of persons with CCAdj 485.3 525.3 563.4 610.8 656.6 618.4 628.4 637.0 654.1 663.6 671.8 6

 7 Corporate profits with IVA and CCAdj 1816.6 1998.2 2037.4 2072.9 2014.4 2161.0 2135.5 2012.5 2083.0 2049.9 1912.1 7

 8 Corporate profits with IVA 1738.5 2116.6 2164.9 2204.8 2347.4 2295.0 2266.3 2351.5 2414.2 2382.5 2241.4 8

 9 Profits before tax 1806.8 2130.8 2161.6 2207.8 2293.1 2279.5 2212.8 2252.3 2393.7 2326.0 2200.4 9

 10 Domestic nonfinancial 1008.9 1241.4 1323.2 1366.1 1469.9 1405.1 1365.2 1436.8 1532.4 1485.4 1424.9 10

 11 Domestic financial 375.9 479.0 423.6 423.4 441.2 447.3 424.9 421.9 456.2 458.6 428.0 11

 12 Rest of the world 421.9 410.3 414.8 418.2 382.1 427.1 422.7 393.6 405.1 382.0 347.5 12

 Less:

 13 Taxes on corporate income 379.1 447.6 468.9 513.9 539.5 518.4 512.3 517.8 549.0 542.2 549.0 13

 14 Domestic nonfinancial 228.8 266.7 284.6 316.2 354.3 321.8 324.2 341.4 362.3 353.4 360.0 14

 15 Domestic financial 150.3 180.9 184.3 197.6 185.2 196.6 188.1 176.4 186.8 188.8 189.0 15

 Equals:

 16 Profits after tax 1427.7 1683.2 1692.7 1693.9 1753.6 1761.1 1700.5 1734.5 1844.6 1783.8 1651.4 16

 17 Net dividends 703.7 859.4 924.0 860.0 888.6 853.6 872.2 878.5 879.6 905.7 890.6 17

 18 Domestic nonfinancial 441.0 517.9 525.2 573.8 583.7 542.7 577.9 588.6 579.7 589.4 577.1 18

 19 Domestic financial 107.7 162.2 252.5 150.6 185.6 164.0 156.1 204.9 179.3 183.7 174.5 19

 20 Rest of the world 154.9 179.3 146.3 135.6 119.3 146.8 138.2 85.0 120.6 132.6 139.0 20

 21 Undistributed profits 724.0 823.8 768.7 833.9 865.0 907.5 828.3 856.0 965.0 878.2 760.8 21

 22 Domestic nonfinancial 339.1 456.8 513.3 476.1 531.9 540.6 463.0 506.8 590.5 542.6 487.8 22

 23 Domestic financial 117.9 136.0 -13.1 75.2 70.3 86.6 80.7 40.6 90.0 86.1 64.5 23

 24 Rest of the world 267.0 231.0 268.5 282.6 262.8 280.3 284.5 308.6 284.5 249.5 208.5 24

 25 Inventory valuation adjustment (IVA) -68.3 -14.2 3.2 -2.9 54.3 15.5 53.5 99.2 20.5 56.5 41.0 25

 26 Capital consumption adjustment (CCAdj) 78.1 -118.5 -127.5 -131.9 -333.0 -134.0 -130.8 -338.9 -331.3 -332.6 -329.4 26

 27 Domestic nonfinancial 98.3 -77.6 -89.6 -92.1 -271.5 -93.2 -89.7 -277.5 -270.2 -270.8 -267.6 27

 28 Domestic financial -20.2 -40.9 -37.9 -39.8 -61.5 -40.8 -41.1 -61.4 -61.1 -61.7 -61.8 28

 29 Net interest and miscellaneous payments 488.1 527.7 513.5 532.3 525.1 515.8 521.9 561.3 506.6 508.3 524.2 29

 30 Taxes on production and imports 1102.6 1132.1 1178.0 1213.7 1236.6 1221.7 1227.0 1226.8 1234.1 1238.2 1247.4 30

 31 Less: Subsidies 60.1 58.0 59.4 57.9 58.7 58.2 57.5 57.6 58.5 59.2 59.4 31

 32 Business current transfer payments (net) 131.5 104.7 119.4 127.3 141.3 168.5 118.7 115.6 124.9 121.2 203.5 32

 33 To persons (net) 50.2 42.7 41.2 42.0 43.2 42.1 42.1 42.4 42.9 43.4 44.0 33

 34 To government (net) 89.2 72.5 91.9 94.8 102.3 133.1 84.3 80.1 86.3 81.2 161.6 34

 35 To rest of the world (net) -7.9 -10.6 -13.7 -9.5 -4.2 -6.7 -7.7 -6.8 -4.3 -3.5 -2.1 35

 36 Current surplus of government enterprises -24.5 -19.3 -18.8 -18.3 -16.5 -18.4 -18.6 -16.6 -16.1 -16.0 -17.4 36

 Memo:

 Calculation of Gross Domestic Product

 from National Income: (2)

 37 National Income, from line 1 above 13352.3 14061.9 14458.3 15076.5 15542.6 15256.5 15358.2 15336.4 15520.3 15615.6 15698.2 37

 Plus:

 38 Private consumption of fixed capital 1971.1 2038.0 2126.6 2229.9 2299.4 2243.1 2264.0 2271.9 2284.1 2310.9 2330.9 38

 39 Government consumption of fixed capital 479.6 496.2 506.2 516.8 522.2 518.4 520.2 520.8 520.3 521.7 525.9 39

 40 Statistical discrepancy -38.3 -203.3 -177.6 -212.0 -211.8 -224.0 -261.8 -252.3 -180.4 -184.4 -230.1 40

 Less:

 41 Net U.S. income receipts from rest of world 246.6 237.6 250.4 263.1 214.3 271.9 264.7 227.5 230.6 203.6 195.4 41

 Equals:

 42 Gross Domestic Product 15517.9 16155.3 16663.2 17348.1 17942.9 17522.1 17615.9 17649.3 17913.7 18060.2 18148.4 42

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

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

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2011 2012 2013 2014 2015 2014 2015

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Gross saving 2434.6 2861.2 3039.2 3266.8 3378.1 3340.2 3367.6 3366.8 3393.8 3348.5 3403.3 1

 2 Net saving -16.1 327.0 406.3 520.1 556.5 578.7 583.4 574.1 589.4 516.0 546.5 2

 3 Net private saving 1444.0 1637.9 1234.4 1319.2 1269.0 1394.8 1365.3 1303.8 1318.1 1282.3 1171.9 3

 4 Domestic business 733.9 691.2 644.5 699.0 586.3 789.1 751.0 616.3 654.3 602.1 472.4 4

 5 Nonfinancial corporate business 584.2 556.3 650.7 618.5 549.8 640.9 637.8 587.5 570.9 573.7 467.0 5

 6 Financial business 149.7 134.8 -6.3 80.5 36.5 148.2 113.2 28.8 83.4 28.4 5.4 6

 7 Households and institutions 710.1 946.7 589.9 620.2 682.8 605.7 614.3 687.6 663.9 680.2 699.4 7

 8 Net government saving -1460.1 -1310.8 -828.0 -799.2 -712.5 -816.1 -781.9 -729.7 -728.7 -766.3 -625.4 8

 9 Federal -1244.1 -1090.1 -640.9 -631.5 -578.1 -650.1 -626.7 -579.3 -574.2 -611.7 -547.3 9

 10 State and local -215.9 -220.8 -187.1 -167.7 -134.4 -166.0 -155.2 -150.4 -154.5 -154.6 -78.1 10

 11 Consumption of fixed capital 2450.6 2534.2 2632.8 2746.7 2821.6 2761.5 2784.2 2792.7 2804.3 2832.6 2856.8 11

 12 Private 1971.1 2038.0 2126.6 2229.9 2299.4 2243.1 2264.0 2271.9 2284.1 2310.9 2330.9 12

 13 Domestic business 1572.8 1633.4 1699.4 1775.2 1829.9 1785.7 1801.3 1807.4 1818.0 1839.3 1855.0 13

 14 Nonfinancial corporate business 1139.2 1186.2 1232.2 1285.7 1326.2 1292.8 1303.8 1311.4 1318.0 1332.6 1342.9 14

 15 Nonfinancial noncorporate business 265.0 273.0 284.5 297.5 307.4 299.2 302.2 303.9 305.5 308.7 311.2 15

 16 Financial business 168.6 174.2 182.7 192.0 196.4 193.7 195.2 192.1 194.4 198.0 200.9 16

 17 Households and institutions 398.2 404.6 427.2 454.8 469.5 457.4 462.8 464.5 466.1 471.5 475.9 17

 18 Government 479.6 496.2 506.2 516.8 522.2 518.4 520.2 520.8 520.3 521.7 525.9 18

 19 Federal 257.4 264.3 267.7 270.7 272.7 271.2 271.9 272.0 271.2 271.8 275.7 19

 20 State and local 222.2 231.9 238.5 246.1 249.5 247.2 248.3 248.8 249.0 249.9 250.2 20

 Gross domestic investment, capital account

 21 transactions, and net lending, NIPAs 2396.2 2658.0 2861.5 3054.7 3166.3 3116.2 3105.8 3114.5 3213.4 3164.2 3173.2 21

 22 Gross domestic investment 2877.8 3126.1 3257.3 3455.9 3632.2 3508.9 3541.1 3589.2 3639.0 3651.4 3649.4 22

 23 Gross private domestic investment 2239.9 2511.7 2665.0 2860.0 3021.1 2910.2 2937.2 2995.9 3025.5 3030.6 3032.5 23

 24 Domestic business 1788.0 2006.4 2106.7 2263.8 2366.7 2301.2 2317.5 2364.4 2377.0 2367.0 2358.5 24

 25 Nonfinancial corporate business 1338.9 1505.7 1553.2 1673.5 1744.1 1694.9 1716.5 1750.0 1758.1 1737.8 1730.6 25

 26 Nonfinancial noncorporate business 281.7 308.6 347.4 367.6 384.3 378.2 370.4 381.2 383.8 387.1 385.0 26

 27 Financial business 167.5 192.1 206.1 222.6 238.4 228.1 230.6 233.2 235.1 242.2 243.0 27

 28 Households and institutions 451.9 505.3 558.4 596.2 654.4 609.0 619.7 631.4 648.5 663.5 674.0 28

 29 Gross government investment 637.9 614.4 592.3 595.8 611.1 598.7 603.9 593.3 613.5 620.8 616.9 29

 30 Federal 297.4 284.7 269.4 264.6 264.1 264.9 265.6 261.5 263.5 263.1 268.2 30

 31 State and local 340.5 329.7 322.9 331.3 347.1 333.8 338.3 331.8 350.0 357.8 348.7 31

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

 33 Private -46.7 -24.5 7.0 5.5 38.6 10.7 1.7 7.8 128.2 7.9 10.7 33

 34 Domestic business -40.9 -11.5 -4.7 4.5 26.2 40.6 -8.4 -3.8 115.8 -4.4 -2.7 34

 35 Nonfinancial corporate business -6.9 -16.2 -4.7 -5.5 26.2 0.6 -8.4 -3.8 115.8 -4.4 -2.7 35

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

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

 38 Households and institutions -5.8 -12.9 11.7 0.9 12.4 -29.8 10.1 11.6 12.4 12.3 13.5 38

 39 Government 48.4 18.0 -6.1 -5.0 -38.2 -10.3 -1.3 -7.4 -127.7 -7.5 -10.4 39

 40 Federal 113.0 83.0 55.7 56.1 22.7 54.6 55.9 51.8 -68.8 55.2 52.7 40

 41 State and local -64.6 -65.0 -61.8 -61.1 -61.0 -64.9 -57.2 -59.2 -58.9 -62.6 -63.2 41

 42 Net lending (+) or net borrowing (-), NIPAs (3) -483.2 -461.7 -396.6 -401.6 -466.3 -393.1 -435.7 -475.1 -426.1 -487.6 -476.6 42

 43 Private 1183.6 985.3 511.4 471.6 296.9 493.0 428.6 319.8 268.2 370.3 229.4 43

 44 Domestic business 521.3 126.5 64.3 -6.1 -188.5 9.0 -18.7 -189.2 -200.8 -105.6 -258.4 44

 45 Nonfinancial corporate business (3) 353.1 49.8 156.8 24.2 -106.1 14.2 -28.4 -99.7 -165.3 -11.4 -148.0 45

 46 Nonfinancial noncorporate business -15.1 -30.7 -62.8 -70.2 -76.9 -78.9 -68.2 -77.3 -78.3 -78.4 -73.7 46

 47 Financial business 183.3 107.4 -29.7 39.9 -5.5 73.8 77.8 -12.3 42.7 -15.8 -36.7 47

 48 Households and institutions 662.3 858.9 447.1 477.8 485.5 484.0 447.3 509.0 469.0 476.0 487.8 48

 49 Government -1666.7 -1447.0 -908.0 -873.2 -763.3 -886.1 -864.3 -794.9 -694.3 -858.0 -706.0 49

 50 Federal -1397.1 -1193.4 -698.3 -681.4 -592.2 -698.5 -676.3 -620.6 -497.7 -658.1 -592.5 50

 51 State and local -269.6 -253.6 -209.7 -191.8 -171.0 -187.7 -188.0 -174.3 -196.5 -199.9 -113.5 51

 52 Statistical discrepancy (line 21 less line 1) -38.3 -203.3 -177.6 -212.0 -211.8 -224.0 -261.8 -252.3 -180.4 -184.4 -230.1 52

 Addenda:

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

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

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

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

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

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

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

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

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

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

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

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2011 2012 2013 2014 2015 2014 2015

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Capital transfers paid, by sector 137.9 140.0 105.0 111.4 98.2 142.2 97.8 95.9 97.8 100.3 98.8 1

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

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

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

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

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

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

 8 By government 123.5 99.0 79.0 77.6 73.3 79.2 75.0 71.7 72.8 75.5 73.4 8

 9 Federal 123.5 99.0 79.0 77.6 73.3 79.2 75.0 71.7 72.8 75.5 73.4 9

 10 Investment grants to state and local govts. 69.1 66.6 66.3 66.0 65.6 69.9 62.2 64.0 63.7 67.1 67.6 10

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

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

 13 Other capital transfers paid to business 8.0 8.5 5.7 6.7 3.2 4.3 8.1 3.0 4.3 3.7 1.9 13

 14 Other capital transfers paid to persons 12.4 10.5 6.1 4.5 4.1 4.5 4.3 4.3 4.3 4.3 3.6 14

 15 Capital transfers paid to rest of world (net) 1.6 1.1 0.8 0.4 0.4 0.4 0.4 0.4 0.5 0.4 0.3 15

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

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

 18 By persons 14.4 19.0 26.0 23.8 24.8 23.1 22.8 24.2 25.0 24.8 25.3 18

 19 Estate and gift taxes, federal 9.6 14.1 20.9 18.8 19.7 18.1 17.8 19.2 20.0 19.5 20.0 19

 20 Estate and gift taxes, state and local 4.7 4.9 5.1 5.0 5.2 5.0 5.0 5.0 5.0 5.3 5.3 20

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

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

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

 24 Capital transfers received, by sector 137.9 140.0 105.0 111.4 98.2 142.2 97.8 95.9 97.8 100.3 98.8 24

 25 By private business 40.4 26.6 5.7 6.7 3.2 4.3 8.1 3.0 4.3 3.7 1.9 25

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

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

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

 29 Nonfinancial corporations 6.4 17.0 5.7 6.7 3.2 4.3 8.1 3.0 4.3 3.7 1.9 29

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

 31 Other 6.4 8.4 5.7 6.7 3.2 4.3 8.1 3.0 4.3 3.7 1.9 31

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

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

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

 35 By government 83.5 88.2 92.3 89.8 90.4 93.0 85.0 88.2 88.6 91.9 93.0 35

 36 Federal 9.6 14.1 20.9 18.8 19.7 18.1 17.8 19.2 20.0 19.5 20.0 36

 37 Estate and gift taxes paid by persons 9.6 14.1 20.9 18.8 19.7 18.1 17.8 19.2 20.0 19.5 20.0 37

 38 State and local 73.8 74.2 71.4 71.0 70.7 74.9 67.2 69.0 68.7 72.4 72.9 38

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

 40 Estate and gift taxes paid by persons 4.7 4.9 5.1 5.0 5.2 5.0 5.0 5.0 5.0 5.3 5.3 40

 41 Investment grants paid by federal government 69.1 66.6 66.3 66.0 65.6 69.9 62.2 64.0 63.7 67.1 67.6 41

 42 Other 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 42

 43 By persons 12.4 24.0 6.1 14.5 4.1 44.5 4.3 4.3 4.3 4.3 3.6 43

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

 45 Other 12.4 10.5 6.1 14.5 4.1 44.5 4.3 4.3 4.3 4.3 3.6 45

 46 By the rest of the world 1.6 1.1 0.8 0.4 0.4 0.4 0.4 0.4 0.5 0.4 0.3 46

 47 Capital transfers paid by U.S. government 1.6 1.1 0.8 0.4 0.4 0.4 0.4 0.4 0.5 0.4 0.3 47

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

 Addenda: Net capital transfers paid by sector

 49 By private business (lines 2-25) -40.4 -12.3 -5.7 3.3 -3.2 35.6 -8.1 -3.0 -4.3 -3.7 -1.9 49

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

 51 Property-casualty insurance companies (line 4-27) 0.0 14.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 51

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

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

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

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

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

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

 58 Nonfinancial corporations (lines 6-29) -6.4 -17.0 -5.7 -6.7 -3.2 -4.3 -8.1 -3.0 -4.3 -3.7 -1.9 58

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

 60 By government (lines 8-35) 40.0 10.8 -13.3 -12.2 -17.1 -13.8 -10.0 -16.5 -15.9 -16.4 -19.5 60

 61 Federal (lines 9-36) 113.9 85.0 58.1 58.8 53.7 61.1 57.2 52.5 52.8 56.0 53.4 61

 62 State and local (lines 16-38) -73.8 -74.2 -71.4 -71.0 -70.7 -74.9 -67.2 -69.0 -68.7 -72.4 -72.9 62

 63 By persons (lines 18-43) 2.0 -5.1 19.8 9.3 20.7 -21.4 18.5 19.9 20.7 20.5 21.7 63

 64 By the rest of the world (lines 21-46) -1.6 6.5 -0.8 -0.4 -0.4 -0.4 -0.4 -0.4 -0.5 -0.4 -0.3 64

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

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

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2011 2012 2013 2014 2015 2014 2015

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net acquisition of financial assets 1258.2 1496.9 1378.7 1374.0 1561.5 833.7 1979.4 2019.6 1230.5 1181.9 1813.9 1

 2 Foreign deposits -9.9 -7.9 2.3 -6.4 -13.5 11.6 -27.7 -6.1 -18.8 -13.6 -15.6 2

 3 Checkable deposits and currency 325.0 236.2 146.2 176.9 100.2 -25.9 86.3 261.3 206.3 -239.7 173.1 3

 4 Time and savings deposits 375.3 422.0 221.4 460.5 555.4 271.7 839.1 811.5 46.7 796.4 566.9 4

 5 Money market fund shares -20.3 5.6 30.2 -37.6 -38.3 -65.4 -192.8 -128.7 84.6 -121.6 12.4 5

 6 Debt securities -229.0 -207.9 -627.2 -476.2 44.6 -357.9 -169.0 -418.1 -110.3 598.8 108.2 6

 7 Open market paper -1.8 -0.6 -3.8 -0.1 -1.2 -0.6 -4.2 1.4 1.7 -5.5 -2.3 7

 8 Treasury securities -229.9 199.1 -138.2 -54.3 358.7 -134.0 487.8 -228.1 266.1 701.4 695.4 8

 9 Agency- and GSE-backed securities 40.3 -50.3 -46.2 -174.7 18.7 -28.7 -115.5 -41.4 38.3 123.8 -46.0 9

 10 Municipal securities -65.5 -144.5 -55.0 -67.1 -25.2 -122.2 -32.4 18.4 -16.5 13.5 -116.3 10

 11 Corporate and foreign bonds 27.9 -211.6 -384.0 -180.0 -306.3 -72.3 -504.7 -168.5 -399.9 -234.4 -422.6 11

 12 Loans -10.8 10.2 52.4 53.2 -57.5 99.8 -92.3 1.9 -117.4 -15.5 -99.1 12

 13 Corporate equities (2) -282.2 -214.3 158.2 30.4 -156.7 -219.9 338.5 227.9 -22.4 -870.4 38.0 13

 14 Mutual fund shares 258.6 471.8 514.3 418.1 370.1 402.6 345.4 486.7 363.5 342.9 287.3 14

 15 Life insurance reserves 73.5 -26.6 19.2 45.3 55.3 46.4 62.2 77.7 37.3 62.0 44.1 15

 16 Pension entitlements 549.2 580.1 539.5 527.0 437.2 513.0 551.1 472.6 463.6 415.2 397.4 16

 17 Miscellaneous and other assets 228.8 227.7 322.3 182.8 264.6 157.8 238.6 232.9 297.2 227.3 301.1 17

 18 Gross investment in nonfinancial assets 1783.0 1935.6 2064.4 2161.0 2270.9 2188.3 2211.1 2229.2 2265.5 2289.2 2299.6 18

 19 Residential fixed investment 381.3 436.8 502.6 542.1 599.6 547.7 567.1 580.0 594.1 607.2 617.3 19

 20 Nonresidential fixed investment 345.4 381.1 386.5 407.8 409.7 412.7 409.7 409.0 411.0 411.0 407.7 20

 21 Consumer durables 1057.2 1129.5 1166.9 1205.6 1251.1 1219.6 1227.5 1225.9 1249.0 1261.5 1268.0 21

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

 23 Inventories 6.8 -4.0 16.6 13.9 18.7 16.7 15.1 22.5 19.7 17.6 14.9 23

 24 Consumption of fixed capital 1601.5 1640.0 1697.1 1755.6 1772.3 1763.7 1779.1 1749.6 1760.1 1782.4 1797.4 24

 25 Residential fixed investment 369.9 372.6 394.7 421.8 434.9 424.3 428.2 429.7 432.0 437.1 440.9 25

 26 Nonresidential fixed investment 293.4 305.0 317.0 330.4 341.4 332.0 335.8 338.1 339.0 342.8 345.9 26

 27 Consumer durables 938.2 962.5 985.4 1003.4 996.0 1007.4 1015.0 981.8 989.0 1002.5 1010.6 27

 28 Net investment in nonfinancial assets (3) 181.5 295.5 367.4 405.4 498.5 424.6 432.0 479.6 505.5 506.8 502.2 28

 29 Residential fixed investment 11.5 64.2 107.9 120.3 164.7 123.4 138.8 150.3 162.1 170.1 176.4 29

 30 Nonresidential fixed investment 52.0 76.1 69.5 77.3 68.3 80.7 73.9 71.0 72.0 68.3 61.8 30

 31 Consumer durables 119.0 167.1 181.5 202.2 255.1 212.2 212.5 244.2 260.0 259.0 257.4 31

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

 33 Inventories 6.8 -4.0 16.6 13.9 18.7 16.7 15.1 22.5 19.7 17.6 14.9 33

 34 Net increase in liabilities -92.3 511.8 424.4 714.2 783.2 669.4 737.3 640.4 1014.7 509.9 968.1 34

 35 Home mortgages -88.5 -82.6 -4.7 50.5 148.7 50.3 113.4 4.9 252.2 178.7 159.1 35

 36 Other mortgages -21.6 111.0 76.8 139.8 209.9 142.1 208.0 156.8 233.8 196.6 252.2 36

 37 Consumer credit 108.6 169.4 175.9 218.4 230.9 222.8 199.0 184.8 285.8 246.3 206.5 37

 38 Other loans and advances -37.4 66.1 37.4 33.2 -74.3 61.0 -78.3 -59.0 44.6 -294.3 11.5 38

 39 Other liabilities -53.4 247.9 139.0 272.4 268.1 193.1 295.2 352.8 198.4 182.6 338.7 39

 40 Net capital transfers paid (4) 0.4 -10.0 19.8 9.3 20.7 -21.4 18.5 19.9 20.7 20.5 21.7 40

 41 Personal saving, FOF concept (FOF) 1532.4 1270.6 1341.5 1074.5 1297.5 567.6 1692.5 1878.7 742.0 1199.3 1369.8 41

 42 - Net investment in consumer durables 119.0 167.1 181.5 202.2 255.1 212.2 212.5 244.2 260.0 259.0 257.4 42

 43 - Government insurance and pension fund reserves (5) -2.4 -2.5 -2.2 -2.0 -2.2 -2.7 -1.5 -2.5 -1.3 -2.5 -2.6 43

 44 + Contr. for govt. soc. insur., U.S.-affiliated areas 4.4 4.6 5.2 5.1 5.3 5.1 5.1 5.2 5.2 5.3 5.3 44

 45 = Personal saving, NIPA concept (FOF) (6) 1420.3 1110.6 1167.3 879.5 1049.8 363.1 1486.7 1642.2 488.5 948.1 1120.3 45

 46 Personal saving, NIPA concept (NIPA) 710.1 946.7 589.9 620.2 682.8 605.7 614.3 687.6 663.9 680.2 699.4 46

 47 Difference 710.1 163.9 577.4 259.3 367.1 -242.6 872.4 954.7 -175.3 267.9 420.9 47

 Memo:

 48 Disposable personal income 11801.4 12403.7 12395.6 12913.9 13396.8 12982.7 13116.8 13179.8 13338.3 13486.4 13582.6 48

 Personal saving as a percentage of disposable personal income:

 49 FOF concept (FOF data) (line 41) 12.99 10.24 10.82 8.32 9.69 4.37 12.90 14.25 5.56 8.89 10.09 49

 50 NIPA concept (FOF data) (line 44) 12.03 8.95 9.42 6.81 7.84 2.80 11.33 12.46 3.66 7.03 8.25 50

 51 NIPA concept (NIPA data) (line 45) 6.02 7.63 4.76 4.80 5.10 4.67 4.68 5.22 4.98 5.04 5.15 51

 52 Difference (line 46) 6.02 1.32 4.66 2.01 2.74 -1.87 6.65 7.24 -1.31 1.99 3.10 52

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

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

(3) Line 18 less line 24.

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

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

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

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

 plus net capital transfers paid (line 40). Personal savings, NIPA concept (NIPA) (line 46) is disposable personal income (line 48) less personal outlays (table F.101, line 4).
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12 Z.1, March 10, 2016

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

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

2011 2012 2013 2014 2015 2014 2015

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total financial assets 49960.7 53997.3 60495.4 63779.3 64718.1 62534.3 63779.3 64979.7 65186.4 63497.6 64718.1 1

 2 Foreign deposits 57.4 49.5 51.7 45.3 31.8 52.2 45.3 43.8 39.1 35.7 31.8 2

 3 Checkable deposits and currency 1280.3 1502.9 1649.2 1826.1 1926.3 1730.4 1826.1 1842.0 1874.0 1804.8 1926.3 3

 4 Time and savings deposits 7182.3 7559.4 7781.5 8305.0 8860.8 8097.8 8305.0 8549.8 8528.4 8723.9 8860.8 4

 5 Money market fund shares 1187.5 1193.1 1223.2 1185.6 1147.3 1172.4 1185.6 1089.9 1074.4 1083.3 1147.3 5

 6 Debt securities 4360.5 4210.9 3808.8 3306.9 3297.6 3396.5 3306.9 3253.9 3321.5 3406.7 3297.6 6

 7 Open market paper 19.4 18.8 15.0 14.9 13.7 15.9 14.9 15.2 15.7 14.3 13.7 7

 8 Treasury securities 757.1 966.7 1031.1 931.8 1333.8 893.8 931.8 923.5 1036.6 1182.6 1333.8 8

 9 Agency- and GSE-backed securities 363.4 302.3 298.4 99.7 134.6 123.5 99.7 96.5 102.3 120.4 134.6 9

 10 Municipal securities 1811.5 1667.0 1612.0 1544.9 1519.7 1558.1 1544.9 1560.9 1572.6 1555.2 1519.7 10

 11 Corporate and foreign bonds 1409.1 1256.0 852.3 715.5 295.8 805.1 715.5 657.7 594.2 534.2 295.8 11

 12 Loans 961.1 960.2 1012.6 1065.8 1008.3 1088.9 1065.8 1066.3 1036.9 1033.1 1008.3 12

 13 Other loans and advances 749.5 777.9 841.4 893.2 842.6 915.5 893.2 895.7 867.9 866.3 842.6 13

 14 Mortgages 137.2 116.7 111.9 119.0 118.5 118.2 119.0 118.7 118.9 118.2 118.5 14

 15 Consumer credit 74.5 65.6 59.3 53.6 47.2 55.2 53.6 51.9 50.1 48.6 47.2 15

 16 Corporate equities (2) 8069.9 9401.4 12545.3 13883.1 13310.9 13359.0 13883.1 14403.0 14274.3 13051.8 13310.9 16

 17 Mutual fund shares 4629.3 5634.7 7105.3 7803.6 8119.0 7633.4 7803.6 8085.7 8210.1 7807.1 8119.0 17

 18 Life insurance reserves 1199.3 1186.4 1233.0 1282.8 1330.6 1263.3 1282.8 1304.8 1311.5 1308.5 1330.6 18

 19 Pension entitlements 17313.8 18353.1 19812.5 20620.6 20971.9 20355.9 20620.6 20832.6 20935.9 20614.0 20971.9 19

 20 Life insurance companies 2258.6 2446.8 2726.5 2847.4 2874.6 2800.3 2847.4 2874.8 2875.7 2794.9 2874.6 20

 21 Private pension funds 6749.9 7276.2 8097.6 8503.3 8553.5 8354.2 8503.3 8605.5 8638.6 8376.1 8553.5 21

 22 Governments 8305.3 8630.1 8988.5 9269.9 9543.8 9201.4 9269.9 9352.3 9421.6 9443.1 9543.8 22

 23 Miscellaneous and other assets 3719.4 3945.7 4272.2 4454.6 4713.5 4384.5 4454.6 4508.0 4580.4 4628.7 4713.5 23

 24 Total liabilities 19219.8 19522.4 19854.7 20521.4 21252.5 20321.0 20521.4 20599.3 20847.9 21000.2 21252.5 24

 25 Home mortgages 10196.7 9966.8 9869.9 9872.9 9972.6 9856.2 9872.9 9844.2 9893.0 9948.1 9972.6 25

 26 Other mortgages 2520.7 2631.7 2708.5 2848.2 3058.1 2796.2 2848.2 2887.4 2945.9 2995.0 3058.1 26

 27 Consumer credit 2755.4 2922.9 3098.8 3317.2 3533.1 3249.0 3317.2 3321.1 3395.0 3478.0 3533.1 27

 28 Other loans and advances 376.9 443.1 480.5 513.7 439.4 533.3 513.7 499.0 510.1 436.5 439.4 28

 29 Other liabilities 3370.0 3558.0 3697.1 3969.4 4249.3 3886.2 3969.4 4047.6 4103.9 4142.5 4249.3 29

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

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