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 12, 2015

Z.1

Financial Accounts 

of the United States

Flow of Funds, Balance Sheets,

and Integrated Macroeconomic Accounts

Fourth Quarter 2014

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

Z.1

Financial Accounts 

of the United States

Flow of Funds, Balance Sheets,

and Integrated Macroeconomic Accounts

Fourth Quarter 2014

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

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

i

Household Net Worth and Growth of Domestic Nonfinancial Debt

Year

Household 

net worth1

Growth of domestic nonfinancial debt2

Total Households Businesses

State and 

local gov’ts

Federal

government

2005 61,839 9.0 11.2 8.1 5.8 7.0

2006 66,334 8.4 10.3 9.8 3.9 3.9

2007 66,750 8.2 7.1 12.4 5.5 4.9

2008 56,509 6.2 1.1 5.8 0.6 24.2

2009 58,251 3.3 0.0 -4.3 4.0 22.7

2010 62,448 4.1 -1.1 -0.9 2.3 20.2

2011 63,668 3.6 -0.2 3.0 -1.7 11.4

2012 69,509 5.0 1.5 4.8 -0.2 10.9

2013 78,844 3.8 1.5 5.1 -1.3 6.5

2014 82,912 4.3 2.9 5.9 -0.5 5.4

2012: Q4 69,509 5.2 1.9 6.9 -2.6 9.3

2013: Q1 72,272 4.1 0.7 3.5 1.9 9.1

Q2 73,850 3.0 1.6 4.9 -0.2 3.5

Q3 76,215 3.5 3.1 7.0 -3.7 2.6

Q4 78,844 4.4 0.6 4.4 -3.3 10.5

2014: Q1 80,015 4.3 2.3 6.1 -1.3 6.0

Q2 81,409 3.4 3.5 5.0 1.2 2.5

Q3 81,395 4.4 2.8 5.0 -2.8 7.2

Q4 82,912 4.7 2.7 7.2 1.1 5.4

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 

$82.9 trillion during the fourth quarter of 2014. The 

value of directly and indirectly held corporate equities 

increased $742 billion and the value of real estate rose

$356 billion.

Domestic nonfinancial debt outstanding was 

$41.4 trillion at the end of the fourth quarter of 2014, of 

which household debt was $13.5 trillion, nonfinancial 

business debt was $12 trillion, and total government 

debt was $15.9 trillion.

Domestic nonfinancial debt growth was 4.7 percent at 

a seasonally adjusted annual rate in the fourth quarter of 

2014.

Household debt increased at an annual rate of 

2.7 percent in the fourth quarter. Consumer credit grew 

6 percent, while mortgage debt (excluding charge-offs) 

grew 0.7 percent at an annual rate.

Nonfinancial business debt rose at an annual rate of

7.2 percent in the fourth quarter, a somewhat larger 

increase than in the previous quarter. As in recent years, 

corporate bonds accounted for most of the increase.

State and local government debt increased at an 

annual rate of 1.1 percent in the fourth quarter, after 

decreasing at an annual rate of 2.8 percent in the 

previous quarter.

Federal government debt rose 5.4 percent at an annual 

rate in the fourth quarter, down from a 7.2 percent 

annual rate in the previous quarter.

Recent Developments in Household Net Worth and 

Domestic Nonfinancial Debt
ii
iii

Topic Description

Domestic nonfinancial sector tables New tables for the “domestic nonfinancial sector” (tables F.100 

and L.100) have been added. The domestic nonfinancial sector 

aggregates the household and nonprofit organizations sector, 

the nonfinancial business sector, and the general government 

sector. Subsequent sector tables have been renumbered.

General government sector tables New tables for the “general government sector” (tables F.105 

and L.105) have been added. The general government sector 

aggregates the federal government and state and local 

governments sectors, on an unconsolidated basis (i.e., without 

netting transactions between federal and state and local 

governments). The tables for the consolidated statement for 

federal, state, and local governments, previously shown as 

supplemental tables F.105.c and L.105.c, have been 

discontinued. However, new memo items on F.105 and L.105 

show financial assets and liabilities of the general government 

sector on a consolidated basis. Subsequent sector tables have 

been renumbered.

Reorganization of sector tables To make tables easier to find and to follow international norms, 

a number of sector tables have been relocated and renumbered. 

Federal government tables now precede state and local 

government tables. Similarly, federal government employee 

retirement fund tables now precede state and local government 

employee retirement fund tables. Tables showing the split 

between defined-benefit and defined-contribution pension plans

have been moved from the “Supplements” section to 

immediately follow their respective pension sector tables. 

Similarly, tables showing the split between life insurance 

companies’ general accounts and separate accounts have been 

moved to immediately follow the life insurance companies sector 

tables, and tables showing the split between equity and 

mortgage real estate investment trusts have been moved to 

immediately follow the real estate investment trusts sector 

tables. The rest of the world sector tables have been moved to 

the end.

Individual retirement accounts 

(IRAs)

Assets held in Individual Retirement Accounts (IRAs), previously 

shown in supplemental tables F.226.i and L.226.i, are now 

shown as memo items on the pension entitlements instrument 

tables (tables F.226 and L.226). Supplemental tables F.226.i 

and L.226.i have been discontinued.

Release Highlights

Fourth Quarter 2014
iv

Topic Description

Detail on federal funds and security 

repurchase agreements 

New detail is available on the federal funds and security 

repurchase agreements instrument tables (tables F.207 and 

L.207). Federal funds are now reported separately from security 

repurchase agreements for the following sectors: U.S.-chartered 

depository institutions from 2012:Q1, foreign banking offices in 

U.S from 2003:Q1, credit unions from 2010:Q4, and the Federal 

Home Loan Banks (FHLB), a government-sponsored enterprise, 

from 2000:Q4.

Detail on the Federal Reserve’s 

reverse repurchase agreement 

operations

A new memo section on the federal funds and security 

repurchase agreements instrument tables (tables F.207 and 

L.207) shows the borrowing of the monetary authority sector 

through the Federal Reserve’s reverse repurchase agreement 

operations, which includes both overnight and term security 

repurchase agreements, with money market mutual funds and 

other financial institutions. Similar detail is also shown on the 

monetary authority tables (tables F.108 and L.108). A 

forthcoming FEDS note with more detail on this topic will soon 

be available on the Federal Reserve Board’s website at 

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

Dow Jones total U.S. stock market 

index

A memo item showing the percent change in the Dow Jones 

total U.S. stock market index is now included on the corporate 

equities levels instrument table (table L.213).

Adjustments for differences 

between the Bureau of Economic 

Analysis’ national income and 

product accounts’ (NIPA) and the 

financial accounts’ treatment of the 

federal government sector

The adjustment for the Office of Personnel Management’s 

Employees’ Life Insurance Fund, part of life insurance and 

pension reserves, has been removed from the federal 

government table (table F.106) to align its treatment in the NIPA 

and the financial accounts. Similarly, the adjustment for 

contributions for government social insurance for U.S.-affiliated 

areas has also been removed from the federal government table 

(table F.106). However, the adjustment for contributions for 

government social insurance for U.S.-affiliated areas is now 

included on the households and nonprofit organizations table 

(table F.101) because such contributions are reflected in the 

financial assets and liabilities of households, but are not 

included in the NIPA measure of domestic personal income.

State and local government defined 

contribution employee retirement 

funds FEDS Note

The following FEDS Note, “Introducing Defined-Contribution 

Pensions for State and Local Government Employees in the 

Financial Accounts of the United States” (Matthew Hoops, Irina 

Stefanescu, and Ivan Vidangos), will soon be available on the 

Federal Reserve Board’s website at 

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

New series mnemonic two-letter 

prefix

The two-letter prefix on level series mnemonics for corporate 

equities and mutual funds shares have been changed from “FL” 

to “LM” to signify that these series are recorded at market value. 

At this time, the mnemonics of calculated series that include 

components with mixed valuation have not been changed. 

Work to update the mnemonics of other market value series is 

ongoing.
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, and tables summarizing credit market 

borrowing, gross domestic product (GDP), 

national income, saving, and so on

■ Flow of funds, 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 additional 

detail on selected sectors

■ Integrated Macroeconomic Accounts

The Integrated Macroeconomic Accounts (IMA) relate 

production, income, saving, and capital formation from 

the national income and product accounts (NIPA) to 

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

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

by the Federal Reserve Board and the Bureau of 

Economic Analysis and are based on international 

guidelines and terminology as defined in the System of 

National Accounts (SNA1993, revised in 2008). 

Federal Reserve Board staff have taken many steps over 

the past several years to conform the “Financial 

Accounts” with the SNA guidelines. Nonetheless, a few 

important differences remain. In particular, in the 

“Financial Accounts”:

■ The purchase of consumer durables is treated as 

investment rather than as consumption.

■ Nonfinancial noncorporate 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,” “flow of funds” refers to 

the exchange of assets, corresponding to the SNA 

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

“Financial Accounts” are equivalent to “transaction 

tables” in the SNA terminology. In practice, other 

volume changes are relatively rare, and revaluations 

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 printed in table L.2 may differ from 

those in table D.1.

Seasonal Adjustment

Seasonal factors are recalculated and updated every 

year, and these revised factors are first published in the 

September release of second-quarter data. All series that 

exhibit significant seasonal patterns are adjusted. The 

seasonal factors are generated using the X-12-ARIMA 

seasonal adjustment program from the U.S. Census 

Bureau, estimated using the most recent 10 years of 

data. Because the effects of the recent financial crisis

resulted in large outliers in some series that would have 

distorted the estimated seasonal factors, seasonal factors 

for some series were extrapolated using pre-crisis data. 

Seasonally adjusted levels shown in table D.3 are 

derived by carrying forward year-end levels by 

seasonally adjusted flows.

Explanatory Notes
vi

Data Revisions

Data shown for the most recent quarters are based on 

preliminary and potentially incomplete information. A 

summary list of the most recent data available for each 

sector is provided in a table following these notes. 

Nonetheless, when source data are revised or estimation 

methods are improved, all data are subject to revision. 

There is no specific revision schedule; rather, data are 

revised on an ongoing basis. In each release of the 

“Financial Accounts,” major revisions are highlighted at 

the beginning of the publication.

Discrepancies

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

variety of sources and are subject to limitations and 

uncertainty due to measurement errors, missing 

information, and incompatibilities among data sources. 

The size of this uncertainty cannot be quantified, but its 

existence is acknowledged by the inclusion of 

“statistical discrepancies” for various sectors and 

financial instruments.

The discrepancy for a given sector is defined as the 

difference between the aggregate value of the sector’s 

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

financial instrument category, the discrepancy is defined 

as the difference between the measurement of funds 

raised through the financial instrument and funds 

disbursed through that instrument. The relative size of 

the statistical discrepancy is one indication of the quality 

of the underlying source data. Note that differences in 

seasonal adjustment procedures sometimes result in 

quarterly discrepancies that partially or completely 

offset each other in the annual data.

Financial Accounts Guide 

Substantially more detail on the construction of the 

“Financial Accounts” is available in the Financial 

Accounts Guide, which provides interactive, online 

documentation for each data series. The tools and 

descriptions in the guide are designed to help users 

understand the structure and content of the “Financial 

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

browse tables of data, and identify links among series 

within these accounts. It also provides descriptions of 

each of the published tables and information on the 

source data underlying each series. 

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

continually updated and kept consistent with the most 

recently published data. The guide and the data from the 

“Financial Accounts” are available free of charge 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 2014:Q4. Unadjusted 

flows since 2013 for the government sectors and since 2006 for 

all other sectors are unavailable.

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 2014: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 

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

Income data through 2012; securities offerings, mortgages, bank 

loans, commercial paper, and other loans through 2014:Q4.

Corporate farm data through 2013.

Nonfinancial noncorporate business

(tables F.103 and L.103)

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

and mortgage borrowing through 2014:Q4. Noncorporate farm 

data through 2013.

Federal government

(tables F.106 and L.106)

Data from the Monthly Treasury Statement of Receipts and 

Outlays and Treasury data for loan programs and the Troubled 

Assets Relief Program (TARP) through 2014: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 2014: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 2014:Q4.

U.S.-chartered depository 

institutions

(tables F.111 and L.111)

All data through 2014:Q4

Foreign banking offices in U.S.

(tables F.112 and L.112)

All data through 2014:Q4.

Banks in U.S.-affiliated areas

(tables F.113 and L.113)

All data through 2014:Q4.

Credit unions

(tables F.113 and L.113)

All data through 2014:Q4.

Property-casualty insurance 

companies

(tables F.115 and L.115)

Preliminary data through 2014:Q4.

Description of Most Recent Data Available
viii

Sector Table Available at time of publication

Life insurance companies

(tables F.116 and L.116)

Preliminary data through 2014:Q4.

Private pension funds

(tables F.118 and L.118)

Internal Revenue Service/Department of Labor Form 5500 data 

through 2012. Investment Company Institute data through 

2014: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 2014:Q4.

State and local government 

employee retirement funds

(tables F.120 and L.120)

Detailed annual survey data through 2012:Q2 and quarterly 

survey data through 2014:Q3 from the Census Bureau. 

Investment Company Institute data through 2014:Q3.

Money market mutual funds

(tables F.121 and L.121)

All data through 2014:Q4.

Mutual funds

(tables F.122 and L.122)

All data through 2014:Q4.

Closed-end funds

(tables F.123 and L.123)

All data through 2014:Q4.

Exchange-traded funds

(tables F.123 and L.123)

All data through 2014:Q4.

Government sponsored enterprises 

(GSEs)

(tables F.124 and L.124)

Data for Farmer Mac, FCS, and FHLB through 2014:Q3. Data 

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

2014:Q4. 

Agency- and GSE-backed 

mortgage pools

(tables F.125 and L.125)

Data for Farmer Mac and Ginnie Mae through 2014:Q3. Data for 

Fannie Mae and Freddie Mac through 2014: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 2014:Q4.

Finance companies

(tables F.127 and L.127)

All data through 2014:Q4.

Real estate investment trusts 

(REITs)

(tables F.128 and L.128)

Data from SNL Financial through 2014:Q4. 

Security brokers and dealers

(tables F.129 and L.129)

Data for firms filing FOCUS and FOGS reports through 2014:Q4

Holding companies

(table F.130 and L.130)

All data through 2014: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)

Balance of payments and International Investment Position data 

through 2014:Q3. NIPA estimates, bank Call Reports, and 

Treasury International Capital System data through 2014:Q4.
ix

Title Table Page

Summaries

Flow of Funds Matrix—Flows 1

Flow of Funds Matrix—Assets and Liabilities 2

Credit Market Debt Growth by Sector D.1 3

Credit Market Borrowing by Sector D.2 4

Credit Market Debt Outstanding by Sector D.3 5

Total Credit Market Borrowing and Lending F.1 6

Credit Market Borrowing by Nonfinancial Sectors F.2 7

Credit Market Borrowing by Financial Sectors F.3 7

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

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

Credit Market Debt Outstanding L.1 9

Credit Market Debt Owed by Nonfinancial Sectors L.2 10

Credit Market Debt Owed by Financial Sectors L.3 10

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

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

Distribution of Gross Domestic Product F.6 12

Distribution of National Income F.7 13

Saving and Investment F.8 14

Net Capital Transfers F.9 15

Derivation of Measures of Personal Saving F.10 16

Assets and Liabilities of the Personal Sector L.10 17

Title

Flows Levels

Table Page Table Page

Sectors

Domestic Nonfinancial F.100 18 L.100 76

Households and Nonprofit Organizations F.101 19 L.101 77

Nonfinancial Business F.102 20 L.102 78

Nonfinancial Corporate Business F.103 21 L.103 79

Nonfinancial Noncorporate Business F.104 22 L.104 80

List of Data Tables
x

Sectors

General Government F.105 23 L.105 81

Federal Government F.106 24 L.106 82

State and Local Governments F.107 25 L.107 83

Domestic Financial F.108 26 L.108 84

Monetary Authority F.109 27 L.109 85

Private Depository Institutions F.110 28 L.110 86

U.S.-Chartered Depository Institutions F.111 29 L.111 87

Foreign Banking Offices in U.S. F.112 30 L.112 88

Banks in U.S.-Affiliated Areas F.113 31 L.113 89

Credit Unions F.114 31 L.114 89

Property-Casualty Insurance Companies F.115 32 L.115 90

Life Insurance Companies F.116 33 L.116 91

Life Insurance Companies: General Accounts F.116.g 34 L.116.g 92

Life Insurance Companies: Separate Accounts F.116.s 34 L.116.s 92

Private and Public Pension Funds F.117 35 L.117 93

Private Pension Funds F.118 36 L.118 94

Private Pension Funds: Defined Benefit Plans F.118.b 37 L.118.b 95

Private Pension Funds: Defined Contribution 

Plans F.118.c 37 L.118.c 95

Federal Government Employee Retirement Funds F.119 38 L.119 96

Federal Government Employee Retirement Funds: 

Defined Benefit Plans F.119.b 39 L.119.b 97

Federal Government Employee Retirement Funds: 

Defined Contribution Plans F.119.c 39 L.119.c 97

State and Local Government Employee Retirement 

Funds F.120 40 L.120 98

State and Local Government Employee 

Retirement Funds: Defined Benefit Plans F.120.b 41 L.120.b 99

State and Local Government Employee 

Retirement Funds: Defined Contribution Plans F.120.c 41 L.120.c 99

Money Market Mutual Funds F.121 42 L.121 100

Mutual Funds F.122 42 L.122 100

Closed-End and Exchange-Traded Funds F.123 42 L.123 100

Government-Sponsored Enterprises F.124 43 L.124 101

Agency- and GSE-Backed Mortgage Pools F.125 43 L.125 101

Issuers of Asset-Backed Securities F.126 44 L.126 102

Finance Companies F.127 44 L.127 102
xi

Sectors

Real Estate Investment Trusts (REITs) F.128 45 L.128 103

Equity Real Estate Investment Trusts F.128.e 46 L.128.e 104

Mortgage Real Estate Investment Trusts F.128.m 46 L.128.m 104

Security Brokers and Dealers F.129 47 L.129 105

Holding Companies F.130 48 L.130 106

Funding Corporations F.131 49 L.131 107

Rest of the World F.132 50 L.132 108

Instruments

U.S. Official Reserve Assets and SDR Allocations F.200 51 L.200 109

Special Drawing Rights (SDRs) Certificates and Treasury 

Currency F.201 51 L.201 109

U.S. Deposits in Foreign Countries F.202 51 L.202 109

Net Interbank Transactions F.203 52 L.203 110

Checkable Deposits and Currency F.204 53 L.204 111

Time and Savings Deposits F.205 54 L.205 112

Money Market Mutual Fund Shares F.206 54 L.206 112

Federal Funds and Security Repurchase Agreements F.207 55 L.207 113

Open Market Paper F.208 56 L.208 114

Treasury Securities F.209 57 L.209 115

Agency- and GSE-Backed Securities F.210 58 L.210 116

Municipal Securities and Loans F.211 59 L.211 117

Corporate and Foreign Bonds F.212 60 L.212 118

Corporate Equities F.213 61 L.213 119

Mutual Fund Shares F.214 61 L.214 119

Depository Institution Loans Not Elsewhere Classified F.215 62 L.215 120

Other Loans and Advances F.216 63 L.216 121

Total Mortgages F.217 64 L.217 122

Home Mortgages F.218 65 L.218 123

Multifamily Residential Mortgages F.219 65 L.219 123

Commercial Mortgages F.220 66 L.220 124

Farm Mortgages F.221 66 L.221 124

Consumer Credit F.222 67 L.222 125

Trade Credit F.223 68 L.223 126

Security Credit F.224 68 L.224 126

Life Insurance Reserves F.225 68 L.225 126
xii

Instruments

Pension Entitlements F.226 69 L.226 127

Taxes Payable by Businesses F.227 69 L.227 127

Proprietors' Equity in Noncorporate Business F.228 69 L.228 127

Direct Investment F.229 70 L.229 128

Total Miscellaneous Financial Claims F.230 71 L.230 129

Identified Miscellaneous Financial Claims—Part I F.231 72 L.231 130

Identified Miscellaneous Financial Claims—Part II F.232 73 L.232 131

Unidentified Miscellaneous Financial Claims F.233 74 L.233 132

Sector Discrepancies F.11 75

Instrument Discrepancies F.12 75

Title

Balance Sheet Reconciliation

Table Page Table Page

Balance Sheet and Changes in Net Worth

Households and Nonprofit Organizations B.101 133 R.101 136

Nonfinancial Corporate Business B.103 134 R.103 137

Nonfarm Noncorporate Business B.104 135 R.104 138

Title

Flows Levels

Table Page Table Page

Supplementary Tables

Balance Sheet of Households and Nonprofit Organizations

with Equity Detail B.101.e 139

Nonprofit Organizations F.101.a 140 L.101.a 141

Title Table Page

Integrated Macroeconomic Accounts for the United States

Total Economy—Current Account S.1.a 142

Selected Aggregates for Total Economy and Sectors S.2.a 143

Households and Nonprofit Institutions Serving Households S.3.a 145

Nonfinancial Noncorporate Business S.4.a 148

Nonfinancial Corporate Business S.5.a 151

Financial Business S.6.a 154

Federal Government S.7.a 157

State and Local Governments S.8.a 160

Rest of the World S.9.a 163