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

September 20, 2018

Z.1

Financial Accounts 

of the United States

Flow of Funds, Balance Sheets,

and Integrated Macroeconomic Accounts

Second Quarter 2018

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 RE 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

Federal 

government

State and 

local gov’ts

2008 58,908 5.8 0.1 5.7 21.4 1.4

2009 60,490 3.7 0.4 -3.9 20.4 4.7

2010 64,261 4.4 -0.6 -0.6 18.5 2.6

2011 65,263 3.6 -0.0 2.7 10.8 -1.2

2012 70,859 4.8 1.1 5.0 10.1 -0.0

2013 81,396 3.8 1.6 4.6 6.7 -1.7

2014 86,252 4.1 2.2 6.3 5.4 -1.2

2015 89,621 4.4 2.3 7.0 5.0 0.3

2016 95,243 4.6 3.3 5.8 5.6 1.0

2017 103,435 3.7 3.9 5.3 2.8 -0.1

2016: Q2 90,894 4.5 3.7 4.2 6.0 2.4

Q3 93,243 5.2 4.4 6.1 6.1 0.7

Q4 95,243 2.5 2.6 3.3 2.1 -0.3

2017: Q1 97,406 2.1 3.5 5.2 -1.0 -2.2

Q2 98,823 4.3 4.2 5.8 4.1 -0.9

Q3 100,791 5.7 2.8 5.2 10.1 -0.7

Q4 103,435 2.4 5.1 4.4 -2.1 3.4

2018: Q1 104,738 7.5 3.2 3.2 17.2 -2.9

Q2 106,929 4.6 2.9 4.6 6.9 -0.4

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 transactions at a seasonally adjusted annual rate divided by previous quarter’s seasonally 

 adjusted level, shown at an annual rate.

The net worth of households and nonprofits rose to 

$106.9 trillion during the second quarter of 2018. The 

value of directly and indirectly held corporate equities 

increased $0.8 trillion and the value of real estate 

increased $0.6 trillion.

Domestic nonfinancial debt outstanding was 

$50.7 trillion at the end of the second quarter of 2018, of 

which household debt was $15.4 trillion, nonfinancial 

business debt was $14.8 trillion, and total government 

debt was $20.5 trillion.

Domestic nonfinancial debt expanded 4.6 percent at an 

annual rate in the second quarter of 2018, down from an 

annual rate of 7.5 percent in the previous quarter.

Household debt increased 2.9 percent at an annual rate 

in the second quarter of 2018. Consumer credit grew at 

an annual rate of 4 percent, while mortgage debt 

(excluding charge-offs) grew at an annual rate of 2.5

percent.

Nonfinancial business debt rose at an annual rate of 4.6 

percent in the second quarter of 2018, up from the 

previous quarter.

Federal government debt increased 6.9 percent at an

annual rate in the second quarter of 2018, after 

expanding at an annual rate of 17.2 percent in the 

previous quarter.

State and local government debt contracted at an 

annual rate of 0.4 percent in the second quarter of 2018, 

after contracting at an annual rate of 2.9 percent in the 

previous quarter.

Recent Developments in Household Net Worth and 

Domestic Nonfinancial Debt
ii
iii

Topic Description

New supplementary household 

balance sheet table

A new balance sheet for households, excluding nonprofit 

organizations, has been added as a supplementary table to the 

Financial Accounts (table B.101.h). The memo section of the 

table shows the reconciliation of the households’ balance sheet

(B.101.h) and the nonprofit organizations’ balance sheet (table 

B.101.n), described below, with the combined households and 

nonprofit organization sector balance sheet shown in the core 

Financial Accounts (table B.101). Transactions and quarterly 

data can be obtained from the Federal Reserve Board’s data 

download program.

Nonprofit organizations balance 

sheet

A full balance sheet, including nonfinancial assets, for nonprofit 

organizations has been added as a supplementary table to the 

Financial Accounts (table B.101.n). Data for nonprofit 

organizations have been estimated through the latest publication 

period. This table replaces the previously published tables 

F.101.a and L.101.a. Transactions and quarterly data can be 

obtained from the Federal Reserve Board’s data download 

program. 

National income and product 

accounts comprehensive update

The statistics in this publication reflect the 2018 comprehensive

update of the National Income and Product Accounts (NIPAs) 

released by the Bureau of Economic Analysis (BEA) on July 27, 

2018, as well as information for 2018:Q2 released by BEA on 

August 29, 2018. See the September 2018 issue of the Survey 

of Current Business for details on the 2018 comprehensive

update. Major changes related to the Financial Accounts of the 

United States are described in some of the items below.

Fixed assets annual benchmark Investment, depreciation, and capital stock data for all private 

sectors have been revised beginning in 1988:Q1 to reflect 

updated annual estimates of fixed assets from BEA.

Reclassification of payments made 

by Federal Reserve Banks to the 

federal government

Transfers of excess operating surpluses from the Federal 

Reserve Banks (monetary authority sector) to the federal 

government have been reclassified as dividend payments in the 

NIPAs and the Financial Accounts (tables F.3 and 

F.106). Previously, these transactions were recorded as taxes 

on corporate income. 

State and local government 

employee defined benefit retirement 

funds’ pension entitlements valued 

using PBO approach

Pension entitlements of state and local government employee

defined benefit retirement funds (tables F.120.b, L.120.b, F.227, 

and L.227) are now presented on a projected benefit obligation 

(PBO) basis; previously, they were presented on an 

accumulated benefit obligation (ABO) basis. The PBO method is 

also used to estimate the pension entitlements of federal 

government employee defined benefit pension plans. Private 

sector defined benefit plans will continue to be presented on an 

ABO basis. 

Release Highlights

Second Quarter 2018
iv

Topic Description

NIPA not seasonally adjusted 

estimates for GDP, GDI, and their 

major components

BEA’s newly published not seasonally adjusted (NSA) estimates 

for GDP, GDI, and their major components have been

incorporated from 2002:Q1 forward. Previously, NSA data were 

only available for the government sectors. 

Nonfinancial corporate business 

holdings of corporate equities

Corporate equities are now shown as an asset of the 

nonfinancial corporate business sector (tables F.103, F.223, 

L.103, L.223, B.103, and R.103). Previously, the sector’s 

holdings were netted against its outstanding amount of 

corporate equities. 

Nonfinancial noncorporate business 

benchmark

Data for the nonfinancial noncorporate business sector (tables 

F.104, L.104, B.104, and R.104) have been revised to reflect 

new 2015 benchmark statistics from the Internal Revenue 

Service (IRS) Statistics of Income (SOI).

Private pension benchmark Assets of the private pension fund sector (tables F.118, F.118.b, 

F.118.c, L.118, L.118.b, and L.118.c) have been revised

beginning in 2016:Q1 to reflect new data from the U.S. Internal 

Revenue Service/Department of Labor/Pension Benefit 

Guaranty Corporation Form 5500 files for plan year 2016.

New source data for money market 

funds from SEC

New source data for money market funds from the U.S. 

Securities and Exchange Commission’s (SEC) form N-MFP 

have been incorporated into the sector’s asset holdings (tables 

F.121 and L.121). Money market funds not available to the 

public, which are included in the SEC data, are excluded from 

Financial Accounts’ estimates. Data revisions begin 2013:Q1.

Holders of money market fund 

shares 

Holdings of money market fund shares by households and 

nonprofit organizations, state and local governments, and 

funding corporations (tables F.206 and L.206) have been 

revised due to a change in methodology based on detail from 

the Investment Company Institute. Data revisions begin 

1976:Q1.

Holding companies The holding company sector (tables F.131 and L.131) has been 

revised due to a methodology change to properly account for 

transactions between holding companies and their subsidiaries

and to reflect additional foreign companies’ investment in their 

U.S. holding company subsidiaries. Additionally, holding 

companies that file form FR Y-9SP have been incorporated from

1986:Q2 through 2006:Q1. 

Rest of the world sector The rest of the world sector (tables F.133 and L.133) has been 

revised to reflect new data for the U.S. international transactions

accounts and the U.S. international investment position

accounts released by BEA from 2010:Q1 forward. BEA’s 

changes are detailed in the July 2018 issue of the Survey of 

Current Business.
v

Topic Description

Tax on foreign earnings retained 

abroad required in the December 

2017 Tax Cuts and Jobs Act

The 2017 Tax Cuts and Jobs Act (TCJA) required corporations 

to pay taxes on all foreign earnings retained abroad between 

1986 and the 2017 fiscal year. Payments may be spread over 

an eight-year period, with the first payments expected in 

2018:Q2. The 2018:Q2 tax payments have been estimated as 8 

percent of the corporations’ TCJA tax liability. The payments are 

shown as a reduction in the taxes payable of the corporations 

and a reduction in taxes receivable for the federal government 

(tables F.228 and L.228). The affected corporations are included 

in the following sectors: nonfinancial corporate business, U.S.-

chartered depository institutions, property-casualty insurance 

companies, life insurance companies, finance companies, and 

security brokers and dealers.

Accounting for reinsurance 

transactions in the Financial 

Accounts

In accordance with System of National Accounts (SNA 2018) 

standards, the property-casualty insurance company sector 

(tables F.115 and L.115) and the life insurance company sector 

(tables F.116, F.116.g, F.116.s, L.116, L.116.g, and L.116.s) are 

now reported gross of reinsurance transactions between 

unaffiliated U.S. insurers, and between U.S. insurers and 

foreign insurers. The life insurance sector also now includes the 

assets and liabilities of U.S. captive reinsurers. Memo items on 

the insurance company sector tables show the reinsurance 

transactions that have been incorporated into these sectors.

Accounting for these changes also affected the rest of the world 

sector (tables F.133 and L.133) and a number of instrument 

categories, including insurance reserves and trade payables.

The forthcoming FEDS Note, “Accounting for Reinsurance 

Transactions in the Financial Accounts of the United States,” by 

Mike Batty, summarizes the effects of these changes and 

describes the treatment of reinsurance in more detail.

Seasonal adjustment Seasonal factors for quarterly transactions have been 

recalculated from 2008:Q1 forward. The seasonal factors are 

generated using the X-13-ARIMA seasonal adjustment program 

from the U.S. Census Bureau.

SDDS Plus: From-Whom-to-Whom 

Holdings of Debt Securities

The “International Data Submissions” webpage of the Financial 

Accounts Guide includes a new table and an SDMX file for 

quarterly estimates of From-Whom-to-Whom Holdings of Debt 

Securities, as required by the International Monetary Fund (IMF) 

for adherence to the SDDS Plus initiative.
vi
vii

Financial Accounts of the United States

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

United States,” or Financial Accounts, is organized into 

the following sections:

■ Matrices summarizing transactions and levels 

across sectors and tables on debt growth, net 

national wealth, gross domestic product (GDP), 

national income, saving, and so on

■ Transactions 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 balance sheet tables for the 

household sector, nonprofit organization sector, 

and the household and nonprofit organization

sector with additional equity detail

■ Integrated Macroeconomic Accounts (IMA)

The IMA relate production, income, saving, and capital 

formation from the Bureau of Economic Analysis’s 

(BEA) 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 BEA 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 SNA2008 guidelines. Nonetheless, a few 

important differences remain, in particular, the 

following 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.

■ Some debt securities are recorded at book value 

rather than market value.

Concepts of Levels and Transactions 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 holding gains and 

losses; 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 

practice, other volume changes are relatively rare, and 

revaluations occur mainly for series carried at market 

value (such as corporate equities, real estate, and some 

debt securities), so for many series the change in the 

level is equal to the transactions element.

Growth Rates

Growth rates calculated from levels include revaluations 

and other changes in volume. In order to isolate the 

effect of transactions on the growth of a given asset or 

liability, users should calculate the ratio of transactions

in a given period to the level in the preceding period. 

Growth rates in table D.1 are calculated by dividing 

transactions at a seasonally adjusted annual rate 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 

September with the release of second-quarter data. 

Series that exhibit significant seasonal patterns are 

adjusted. The seasonal factors are generated using the X13-ARIMA seasonal adjustment program from the U.S. 

Census Bureau, estimated using the most recent 10 years 

of transaction data. Because the effects of the recent 

financial crisis resulted in distortions in the estimated 

seasonal factors for some series, seasonal factors for 

these series have been extrapolated using pre-crisis data.

Seasonally adjusted levels shown in table D.3 are 

derived by carrying forward year-end levels by 

seasonally adjusted transactions.

Explanatory Notes
viii

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. 

Sources of funds are gross savings less net capital 

transfers paid and net increase in liabilities; uses of 

funds are capital expenditures and the net acquisition of 

financial assets. If a sector’s sources of funds are greater 

than its uses of funds, the sector is a net lender of funds 

in the accounts. In the reverse case, the sector would be 

a net borrower of funds. Most of the data for deriving 

gross savings come from the BEA’s NIPA. 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.

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. Some data submissions to 

international organizations are also available in the 

guide. The guide is updated with the quarterly release 

and is available online:

www.federalreserve.gov/apps/fof

Enhanced Financial Accounts and Data 

Visualization 

Additional supplementary information is available 

online in the Enhanced Financial Accounts, which 

augment the Financial Accounts with finer detail, 

additional types of activities, higher-frequency data, and 

more-disaggregated data. Links to the Enhanced 

Financial Accounts are available from both the 

Financial Accounts Guide page and the main release 

page. In addition, interactive online data visualizations

are available for selected components of the Financial 

Accounts and Enhanced Financial Accounts. Links are 

available also on the same pages.

Production Schedule 

The Financial Accounts are published four times per 

year, about 10 weeks following the end of each calendar 

quarter. The publication is available online:

www.federalreserve.gov/releases/Z1

This website also provides CSV files of quarterly data 

for transactions at a seasonally adjusted annual rate, 

unadjusted transactions, levels outstanding, balance 

sheets, debt tables, supplementary tables, and the IMA. 

In addition, the data are available as customizable

datasets through the Federal Reserve Board’s Data 

Download Program online:

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
ix

Sector Table Available at time of publication

National income and product 

accounts (NIPA) 

(various tables) 

Second estimate, seasonally adjusted, for 2018:Q2. Unadjusted 

transactions from 2002:Q1 forward. Many BEA series are 

downloaded via Haver Analytics. 

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 2018:Q2. Internal 

Revenue Service Statistics of Income (IRS/SOI) data for 

nonprofit organizations available through 2014 (table B.101.n).

Nonfinancial corporate business 

(tables F.103 and L.103)

Quarterly Financial Report (QFR) of the Census Bureau through 

2018:Q2 IRS/SOI data through 2016; securities offerings, 

mortgages, bank loans, commercial paper, and other loans 

through 2018:Q2. Corporate farm data through 2017.

Nonfinancial noncorporate business

(tables F.104 and L.104)

IRS/SOI data through 2015; bank and finance company loans, 

and mortgage borrowing through 2018:Q2. Noncorporate farm 

data through 2017.

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 loan 

programs through 2018:Q2.

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 

and MMF shares through 2018:Q2; total financial assets from

Census Bureau through 2016:Q2; additional financial asset 

detail from comprehensive annual financial reports of state and 

local governments through 2011:Q2.

Monetary authority

(tables F.109 and L.109)

All data through 2018:Q2.

U.S.-chartered depository 

institutions

(tables F.111 and L.111)

All data through 2018:Q2.

Foreign banking offices in U.S.

(tables F.112 and L.112)

All data through 2018:Q2.

Banks in U.S.-affiliated areas

(tables F.113 and L.113)

All data through 2018:Q2.

Credit unions

(tables F.114 and L.114)

Credit Union National Association, corporate credit union Call 

Report and credit union Call Report data through 2018:Q2.

Property-casualty insurance 

companies

(tables F.115 and L.115)

All data through 2018:Q2.

Life insurance companies

(tables F.116 and L.116)

All data through 2018:Q2.

Description of Most Recent Data Available
x

Sector Table Available at time of publication

Private pension funds

(tables F.118 and L.118)

Internal Revenue Service/Department of Labor Form 5500 data 

through 2016. Investment Company Institute data through 

2018:Q1. Annual actuarial liability data from the BEA through 

2017:Q4.

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 2018:Q2. Annual actuarial 

liability data from the BEA through 2017:Q4.

State and local government 

employee retirement funds

(tables F.120 and L.120)

Detailed annual survey data through 2017:Q2 and quarterly 

survey data through 2018:Q1 from the Census Bureau. 

Investment Company Institute data through 2018:Q1. Annual 

actuarial liability data from the BEA through 2017:Q4.

Money market funds

(tables F.121 and L.121)

All data through 2018:Q2.

Mutual funds

(tables F.122 and L.122)

All data through 2018:Q2.

Closed-end funds

(tables F.123 and L.123)

All data through 2018:Q2.

Exchange-traded funds

(tables F.124 and L.124)

All data through 2018:Q2.

Government-sponsored enterprises 

(GSEs)

(tables F.125 and L.125)

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

Mac, FCS, and FHLB through 2018:Q2.

Agency- and GSE-backed 

mortgage pools

(tables F.126 and L.126)

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

through 2018:Q2.

Issuers of asset-backed securities 

(ABS)

(tables F.127 and L.127)

All data for private mortgage pools, consumer credit, business 

loans, student loans, consumer leases, and trade credit 

securitization through 2018:Q2.

Finance companies

(tables F.128 and L.128)

All data through 2018:Q2.

Real estate investment trusts 

(REITs)

(tables F.129 and L.129)

All data through 2018:Q2.

Security brokers and dealers

(tables F.130 and L.130)

Data for firms filing FOCUS and FOGS reports through 

2018:Q2. 

Holding companies

(table F.131 and L.131)

All data through 2018:Q2.

Funding corporations

(tables F.132 and L.132)

Estimates for this sector are largely residuals and are derived 

from data for other sectors.

Rest of the world

(tables F.133 and L.133)

NIPA estimates, bank Call Reports, and Treasury International 

Capital System through 2018:Q2. International transaction 

accounts through 2018:Q2 and the international investment 

position accounts through 2018:Q1.
xi

Title Table Page

Summaries

Financial Accounts Matrix—Transactions 1

Financial Accounts Matrix—Levels 3

Debt Growth by Sector D.1 5

Borrowing by Sector D.2 6

Debt Outstanding by Sector D.3 7

Derivation of U.S. Net Wealth B.1 8

Distribution of Gross Domestic Product F.2 9

Distribution of National Income F.3 10

Saving and Investment F.4 11

Net Capital Transfers F.5 12

Derivation of Measures of Personal Saving F.6 13

Assets and Liabilities of the Personal Sector L.6 14

Title

Transactions Levels

Table Page Table Page

Sectors

Domestic Nonfinancial F.100 15 L.100 77

Households and Nonprofit Organizations F.101 16 L.101 78

Nonfinancial Business F.102 17 L.102 79

Nonfinancial Corporate Business F.103 18 L.103 80

Nonfinancial Noncorporate Business F.104 19 L.104 81

General Government F.105 20 L.105 82

Federal Government F.106 21 L.106 83

State and Local Governments F.107 22 L.107 84

Domestic Financial F.108 23 L.108 85

Monetary Authority F.109 24 L.109 86

Private Depository Institutions F.110 25 L.110 87

U.S.-Chartered Depository Institutions F.111 26 L.111 88

Foreign Banking Offices in U.S. F.112 27 L.112 89

Banks in U.S.-Affiliated Areas F.113 28 L.113 90

Credit Unions F.114 29 L.114 90

Property-Casualty Insurance Companies F.115 29 L.115 91

List of Data Tables
xii

Sectors

Life Insurance Companies F.116 30 L.116 92

Life Insurance Companies: General Accounts F.116.g 31 L.116.g 93

Life Insurance Companies: Separate Accounts F.116.s 31 L.116.s 93

Private and Public Pension Funds F.117 32 L.117 94

Private Pension Funds F.118 33 L.118 95

Private Pension Funds: Defined Benefit Plans F.118.b 34 L.118.b 96

Private Pension Funds: Defined Contribution 

Plans F.118.c 34 L.118.c 96

Federal Government Employee Retirement Funds F.119 35 L.119 97

Federal Government Employee Retirement 

Funds: Defined Benefit Plans F.119.b 36 L.119.b 98

Federal Government Employee Retirement 

Funds: Defined Contribution Plans F.119.c 37 L.119.c 98

State and Local Government Employee Retirement 

Funds F.120 37 L.120 99

State and Local Government Employee 

Retirement Funds: Defined Benefit Plans F.120.b 38 L.120.b 100

State and Local Government Employee 

Retirement Funds: Defined Contribution 

Plans F.120.c 38 L.120.c 100

Money Market Funds F.121 39 L.121 101

Mutual Funds F.122 39 L.122 101

Closed-End Funds F.123 40 L.123 102

Exchange-Traded Funds F.124 40 L.124 102

Government-Sponsored Enterprises F.125 41 L.125 103

Agency- and GSE-Backed Mortgage Pools F.126 41 L.126 103

Issuers of Asset-Backed Securities F.127 42 L.127 104

Finance Companies F.128 43 L.128 105

Real Estate Investment Trusts (REITs) F.129 44 L.129 106

Equity Real Estate Investment Trusts F.129.e 45 L.129.e 107

Mortgage Real Estate Investment Trusts F.129.m 45 L.129.m 107

Security Brokers and Dealers F.130 46 L.130 108

Holding Companies F.131 47 L.131 109

Funding Corporations F.132 48 L.132 110

Rest of the World F.133 49 L.133 111
xiii

Instruments

U.S. Official Reserve Assets and SDR Allocations F.200 50 L.200 112

Special Drawing Rights (SDRs) Certificates and Treasury 

Currency F.201 50 L.201 112

U.S. Deposits in Foreign Countries F.202 50 L.202 112

Net Interbank Transactions F.203 51 L.203 113

Checkable Deposits and Currency F.204 52 L.204 114

Time and Savings Deposits F.205 53 L.205 115

Money Market Fund Shares F.206 53 L.206 115

Federal Funds and Security Repurchase Agreements F.207 54 L.207 116

Debt Securities F.208 55 L.208 117

Open Market Paper F.209 56 L.209 118

Treasury Securities F.210 57 L.210 119

Agency- and GSE-Backed Securities F.211 58 L.211 120

Municipal Securities F.212 59 L.212 121

Corporate and Foreign Bonds F.213 60 L.213 122

Loans F.214 61 L.214 123

Depository Institution Loans Not Elsewhere Classified F.215 62 L.215 124

Other Loans and Advances F.216 63 L.216 125

Total Mortgages F.217 64 L.217 126

Home Mortgages F.218 65 L.218 127

Multifamily Residential Mortgages F.219 65 L.219 127

Commercial Mortgages F.220 66 L.220 128

Farm Mortgages F.221 66 L.221 128

Consumer Credit F.222 67 L.222 129

Corporate Equities F.223 68 L.223 130

Mutual Fund Shares F.224 68 L.224 130

Trade Credit F.225 69 L.225 131

Life Insurance Reserves F.226 69 L.226 131

Pension Entitlements F.227 70 L.227 132

Taxes Payable by Businesses F.228 70 L.228 132

Proprietors' Equity in Noncorporate Business F.229 70 L.229 132

Direct Investment F.230 71 L.230 133
xiv

Total Miscellaneous Financial Claims F.231 72 L.231 134

Identified Miscellaneous Financial Claims—Part I F.232 73 L.232 135

Identified Miscellaneous Financial Claims—Part II F.233 74 L.233 136

Unidentified Miscellaneous Financial Claims F.234 75 L.234 137

Sector Discrepancies F.7 76

Instrument Discrepancies F.8 76

Title

Balance Sheet Change in Net Worth

Table Page Table Page

Balance Sheet and Change in Net Worth

Households and Nonprofit Organizations B.101 138 R.101 141

Nonfinancial Corporate Business B.103 139 R.103 142

Nonfarm Noncorporate Business B.104 140 R.104 143

Title Table Page

Supplementary Tables

Balance Sheet of Households B.101.h 144

Balance Sheet of Nonprofit Organizations B.101.n 145

Balance Sheet of Households and Nonprofit Organizations with Equity Detail B.101.e 146

Title Table Page

Integrated Macroeconomic Accounts for the United States

Total Economy—Current Account S.1.a 147

Selected Aggregates for Total Economy and Sectors S.2.a 148

Households and Nonprofit Institutions Serving Households S.3.a 150

Nonfinancial Noncorporate Business S.4.a 153

Nonfinancial Corporate Business S.5.a 156

Financial Business S.6.a 159

Central Bank S.61.a 162

 Private Depository Institutions S.62.a 164

 Insurance Companies S.63.a 167

 Pension Funds S.64.a 170

 Other Financial Business S.65.a 173

Federal Government S.7.a 176

State and Local Governments S.8.a 179

Rest of the World S.9.a 182
Summary

1

Z.1, September 20, 2018 Financial Accounts Matrix--Transactions for 2017

(Billions of dollars; seasonally adjusted)

Households State Domestic Domestic Instrument

and Nonprofit Nonfinancial Federal and Local Nonfinancial Financial Rest of All DiscrepOrganziations Business Government Governments 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 -- 2849.6 -- 2109.3 -- -237.5 -- 79.2 -- 4800.7 -- 180.4 -- 476.1 -- 5457.3 -- 2 Capital consumption -- 1606.4 -- 1810.6 -- 276.0 -- 265.6 -- 3958.5 -- 224.9 -- -- -- 4183.5 -- 3 Net saving (1 less 2) -- 1243.2 -- 298.7 -- -513.5 -- -186.3 -- 842.2 -- -44.6 -- 476.1 -- 1273.8 -- 4 Gross investment (5 plus 11) 2997.5 -- 2139.4 -- -172.7 -- 97.3 -- 5061.5 -- 589.7 -- 298.3 -- 5949.5 -- -492.25 Capital expenditures 2122.1 -- 2279.7 -- 276.2 -- 378.3 -- 5056.2 -- 263.8 -- -0.0 -- 5319.9 -- 137.36 Consumer durables 1308.8 -- -- -- -- -- -- -- 1308.8 -- -- -- -- -- 1308.8 -- -- 7 Residential 626.5 -- 129.8 -- -1.5 -- 5.7 -- 760.5 -- -1.7 -- -- -- 758.8 -- -- 8 Nonresidential 198.6 -- 2123.8 -- 279.9 -- 359.0 -- 2961.4 -- 265.5 -- -- -- 3226.8 -- -- 9 Inventory change -- -- 25.5 -- -- -- -- -- 25.5 -- -- -- -- -- 25.5 -- -- 10 Nonproduced nonfinancial assets -11.8 -- 0.5 -- -2.2 -- 13.5 -- 0.0 -- -- -- -0.0 -- -- -- -- 11 Net lending (+) or net borrowing (-) 875.4 -- -140.3 -- -448.9 -- -281.0 -- 5.3 -- 325.9 -- 298.3 -- 629.6 -- -629.612 Net acquisition of financial assets 1469.3 -- 1550.4 -- 198.2 -- 26.0 -- 3243.9 -- 2841.3 -- 1454.7 -- 7539.9 -- -- 13 Net increase in liabilities -- 593.9 -- 1690.6 -- 647.1 -- 307.0 -- 3238.6 -- 2515.4 -- 1156.3 -- 6910.3 -- 14 U.S. official reserve assets -- -- -- -- -1.7 0.0 -- -- -1.7 0.0 0.0 -- 0.0 -1.7 -1.7 -1.7 -- 15 SDR certificates -- -- -- -- -- 0.0 -- -- -- 0.0 0.0 -- -- -- 0.0 0.0 -- 16 Treasury currency -- -- -- -- -- 0.0 -- -- -- 0.0 0.8 -- -- -- 0.8 0.0 -0.817 Foreign deposits 12.8 -- 108.3 -- -- -- -- -- 121.1 -- 1.9 -- -- 258.6 123.0 258.6 135.718 Interbank claims -- -- -- -- -- -- -- -- -- -- 196.0 294.8 99.7 -- 295.7 294.8 -0.919 Checkable dep. and currency 36.1 -- 143.2 -- -170.2 -- 10.6 -- 19.8 -- 4.1 104.5 79.9 -- 103.8 104.5 0.720 Time and savings deposits 234.5 -- 67.3 -- 0.4 -- 14.5 -- 316.8 -- 26.1 359.9 17.1 -- 359.9 359.9 -- 21 Money market fund shares 56.2 -- 19.3 -- -- -- 1.8 -- 77.3 -- 41.4 117.2 -1.6 -- 117.2 117.2 -- 22 Fed. funds and security repos -- -- -47.9 -- -- -- -1.9 -- -49.8 -- 260.0 65.3 43.0 -32.7 253.1 32.5 -220.623 Debt securities 31.7 2.2 48.6 302.3 0.0 447.0 -19.5 -3.7 60.9 747.8 770.4 359.1 650.1 374.6 1481.5 1481.5 -- 24 Open market paper -- -- 32.7 25.9 -- -- -0.9 -- 31.8 25.9 55.0 -36.8 -5.8 91.9 81.1 81.1 -- 25 Treasury securities 13.8 -- 5.9 -- -- 447.0 -24.9 -- -5.2 447.0 145.4 -- 306.8 -- 447.0 447.0 -- 26 Agency- and GSE-backed sec. 122.6 -- 0.1 -- 0.0 -0.1 9.0 -- 131.7 -0.1 193.9 346.7 21.0 -- 346.6 346.6 -- 27 Municipal securities -53.7 2.2 9.9 13.4 -- -- -0.2 -3.7 -44.0 11.9 48.8 -- 7.1 -- 11.9 11.9 -- 28 Corporate and fgn. bonds -51.0 -- -- 263.0 0.0 -- -2.4 -- -53.4 263.0 327.3 49.2 320.9 282.7 594.8 594.8 -- 29 Loans -64.7 574.1 0.9 410.0 99.8 0.0 -2.6 0.4 33.4 984.6 895.3 -14.5 57.0 15.6 985.7 985.7 -- 30 Depository inst. loans n.e.c. -- 1.9 -- 86.0 -- -- -- -- -- 87.9 109.4 9.7 -- 11.8 109.4 109.4 -- 31 Other loans and advances -55.7 60.9 -- 77.2 2.0 -- -- 0.4 -53.8 138.6 110.1 -29.1 57.0 3.9 113.3 113.3 -- 32 Mortgages -2.4 324.0 1.8 246.7 1.6 0.0 -2.6 -- -1.7 570.7 577.3 4.9 -- -- 575.6 575.6 -- 33 Consumer credit -6.5 187.3 -0.9 -- 96.3 -- -- -- 88.8 187.3 98.5 -- -- -- 187.3 187.3 -- 34 Corporate equities 225.2 -- -115.9 -315.3 -0.1 -- -1.3 -- 107.9 -315.3 7.5 396.3 132.4 166.8 247.9 247.9 -- 35 Mutual fund shares 345.8 -- 5.4 -- -- -- -0.7 -- 350.5 -- -62.4 313.0 24.8 -- 313.0 313.0 -- 36 Trade credit 19.6 15.8 329.9 291.7 0.1 24.1 20.4 43.8 370.0 375.4 19.0 46.5 46.6 7.7 435.7 429.6 -6.137 Life insurance reserves 19.0 -- -- -- -- -0.2 -- -- 19.0 -0.2 44.6 43.4 2.7 23.1 66.3 66.3 -- 38 Pension entitlements 384.0 -- -- -- -- -- -- -- 384.0 -- 7.8 388.7 0.4 3.6 392.2 392.2 -- 39 Taxes payable -- -- -- 218.4 259.8 -- 6.4 -- 266.2 218.4 -- 59.9 -- -- 266.2 278.3 12.140 Equity in noncorp. business 114.0 -- -- 118.3 -- -- -- -- 114.0 118.3 -- -4.3 -- -- 114.0 114.0 -- 41 U.S. direct investment abroad -- -- 276.9 -- -- -- -- -- 276.9 -- 39.6 -- -- 316.5 316.5 316.5 -- 42 Foreign direct investment in U.S. -- -- -- 251.1 -- -- -- -- -- 251.1 -- 41.0 292.1 -- 292.1 292.1 -- 43 Miscellaneous 55.0 1.8 714.2 414.0 10.2 176.2 -1.8 266.4 777.6 858.5 589.1 -55.1 10.4 24.2 1377.1 827.6 -549.544 Sector discrepancies (1 less 4) -147.9 -- -30.1 -- -64.7 -- -18.1 -- -260.8 -- -409.3 -- 177.8 -- -492.2 -- -492.2General 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

Z.1, September 20, 2018 Financial Accounts Matrix--Transactions

Households State Domestic Domestic Instrument

and Nonprofit Nonfinancial Federal and Local Nonfinancial Financial Rest of All DiscrepOrganziations Business Government Governments 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 -- 156000105 -- 146000105 -- 316000105 -- 206000105 -- 386000105 -- 796000105 -- 266000105 -- 896000105 -- 2 Capital consumption -- 156300005 -- 146300005 -- 316300003 -- 206300003 -- 386300005 -- 796300005 -- -- -- 886300005 -- 3 Net saving (1 less 2) -- 156006305 -- 146006305 -- 316006305 -- 206006305 -- 386006305 -- 796006305 -- 266000105 -- 896006305 -- 4 Gross investment (5 plus 11) 155090005 -- 145090005 -- 315090005 -- 205090005 -- 385090005 -- 795090005 -- 265090005 -- 895090005 -- 9070050055 Capital expenditures 155050005 -- 145050005 -- 315050005 -- 205050005 -- 385050005 -- 795019005 -- 265420005 -- 895050005 -- 9060001056 Consumer durables 155111003 -- -- -- -- -- -- -- 155111003 -- -- -- -- -- 155111003 -- -- 7 Residential 155012005 -- 145012005 -- 315012065 -- 215012063 -- 385012005 -- 645012063 -- -- -- 885012005 -- -- 8 Nonresidential 165013005 -- 145013005 -- 315013005 -- 215013005 -- 385013005 -- 795013005 -- -- -- 885013005 -- -- 9 Inventory change -- -- 145020005 -- -- -- -- -- 145020005 -- -- -- -- -- 145020005 -- -- 10 Nonproduced nonfinancial assets 155420003 -- 105420005 -- 315420003 -- 205420003 -- 385420005 -- -- -- 265420005 -- -- -- -- 11 Net lending (+) or net borrowing (-) 155000005 -- 145000005 -- 315000005 -- 215000005 -- 385000005 -- 795000005 -- 265000005 -- 895000005 -- 90500000512 Net acquisition of financial assets 154090005 -- 144090005 -- 314090005 -- 214090005 -- 384090005 -- 794090005 -- 264090005 -- 894090005 -- -- 13 Net increase in liabilities -- 154190005 -- 144190005 -- 314190005 -- 214190005 -- 384190005 -- 794190005 -- 264190005 -- 894190005 -- 14 U.S. official reserve assets -- -- -- -- 313011005 313111303 -- -- 313011005 313111303 713011005 -- 263011005 263111005 893011005 893111005 -- 15 SDR certificates -- -- -- -- -- 713014003 -- -- -- 713014003 713014003 -- -- -- 713014003 713014003 -- 16 Treasury currency -- -- -- -- -- 313112003 -- -- -- 313112003 713012003 -- -- -- 713012003 313112003 90301200517 Foreign deposits 153091003 -- 103091003 -- -- -- -- -- 383091005 -- 633091003 -- -- 263191005 893091005 263191005 90309100518 Interbank claims -- -- -- -- -- -- -- -- -- -- 794010005 794110005 264016005 -- 894010005 794110005 90401000519 Checkable dep. and currency 153020005 -- 143020005 -- 313020005 -- 213020005 -- 383020005 -- 793020005 793120005 263020005 -- 893020005 793120005 90302000520 Time and savings deposits 153030005 -- 143030005 -- 313030003 -- 213030005 -- 383030005 -- 793030005 703130005 263030005 -- 703130005 703130005 -- 21 Money market fund shares 153034005 -- 143034005 -- -- -- 213034003 -- 383034005 -- 793034005 634090005 263034003 -- 634090005 634090005 -- 22 Fed. funds and security repos -- -- 102051003 -- -- -- 212051003 -- 382051005 -- 792050005 792150005 262051003 262151003 892050005 892150005 90205000523 Debt securities 154022005 163162003 144022005 104122005 314022005 314122005 214022005 213162005 384022005 384122005 794022005 794122005 264022005 264122005 894122005 894122005 -- 24 Open market paper -- -- 103069100 103169100 -- -- 213069103 -- 383069105 103169100 793069175 793169175 263069103 263169105 893169175 893169175 -- 25 Treasury securities 153061105 -- 143061105 -- -- 313161105 213061105 -- 383061105 313161105 793061105 -- 263061105 -- 313161105 313161105 -- 26 Agency- and GSE-backed sec. 153061705 -- 103061703 -- 313061703 313161705 213061703 -- 383061705 313161705 793061705 423161705 263061705 -- 893161705 893161705 -- 27 Municipal securities 153062005 163162003 143062005 103162000 -- -- 213062003 213162005 383062005 383162005 793062005 -- 263062003 -- 383162005 383162005 -- 28 Corporate and fgn. bonds 153063005 -- -- 103163003 313063763 -- 213063003 -- 383063005 103163003 793063005 793163005 263063005 263163005 893163005 893163005 -- 29 Loans 154023005 154123005 144023005 144123005 314023005 313165403 213065005 213169203 384023005 384123005 794023005 794123005 263069500 264123005 894123005 894123005 -- 30 Depository inst. loans n.e.c. -- 153168005 -- 143168005 -- -- -- -- -- 383168005 793068005 793168005 -- 263168005 793068005 793068005 -- 31 Other loans and advances 153069005 153169005 -- 143169005 313069005 -- -- 213169203 383069005 383169005 793069005 793169005 263069500 263169005 893169005 893169005 -- 32 Mortgages 153065005 153165005 143065005 143165005 313065005 313165403 213065005 -- 383065005 383165005 793065005 643165005 -- -- 893065005 893065005 -- 33 Consumer credit 163066223 153166000 143066005 -- 313066220 -- -- -- 383066005 153166000 793066005 -- -- -- 153166000 153166000 -- 34 Corporate equities 153064105 -- 103064103 103164103 313064105 -- 213064103 -- 383064105 103164103 793064105 793164105 263064105 263164100 893064105 893064105 -- 35 Mutual fund shares 153064205 -- 103064203 -- -- -- 213064203 -- 383064205 -- 793064205 653164205 263064203 -- 653164205 653164205 -- 36 Trade credit 163070005 163170005 143070005 143170005 313070000 313170005 213070003 213170003 383070005 383170005 793070005 793170005 263070005 263170005 893070005 893170005 90307000537 Life insurance reserves 153040005 -- -- -- -- 313140003 -- -- 153040005 313140003 793040005 543140005 543141905 263140005 893140005 893140005 -- 38 Pension entitlements 153050005 -- -- -- -- -- -- -- 153050005 -- 543050005 583150005 543151905 263150005 893150005 893150005 -- 39 Taxes payable -- -- -- 143178005 313078005 -- 213078005 -- 383078005 143178005 -- 793178005 -- -- 893078005 893178005 90307800540 Equity in noncorp. business 152090205 -- -- 112090205 -- -- -- -- 152090205 112090205 -- 662090205 -- -- 152090205 152090205 -- 41 U.S. direct investment abroad -- -- 103092005 -- -- -- -- -- 103092005 -- 793092005 -- -- 263192005 263192005 263192005 -- 42 Foreign direct investment in U.S. -- -- -- 143192005 -- -- -- -- -- 143192005 -- 793192005 263092001 -- 263092001 263092001 -- 43 Miscellaneous 153090005 543077073 143090005 143190005 313090005 313190005 213093003 223073045 383090005 383190005 793090005 793190005 263076005 263190005 893090005 893190005 90309000544 Sector discrepancies (1 less 4) 157005005 -- 107005005 -- 317005005 -- 217005005 -- 387005005 -- 797005005 -- 267005005 -- 897005005 -- 907005005General 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

3

Z.1, September 20, 2018 Financial Accounts Matrix--Levels for 2017

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

Households State Domestic Domestic Instrument

and Nonprofit Nonfinancial Federal and Local Nonfinancial Financial Rest of All DiscrepOrganizations Business Government Governments 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 85271.9 -- 28021.5 -- 2545.0 -- 3182.7 -- 119021.1 -- 98934.4 -- 27047.1 -- 245002.6 -- -9616.12 Total liabilities and equity -- 15555.6 -- 68558.5 -- 19060.1 -- 8111.0 -- 111285.2 -- 102151.3 -- 21950.0 -- 235386.5 -- 3 Total liabilities -- 15555.6 -- 27682.7 -- 19060.1 -- 8111.0 -- 70409.4 -- 92018.5 -- 12820.6 -- 175248.5 -- 4 U.S. official reserve assets -- -- -- -- 91.0 50.3 -- -- 91.0 50.3 32.2 -- 50.3 112.1 173.4 162.4 -11.05 SDR certificates -- -- -- -- -- 5.2 -- -- -- 5.2 5.2 -- -- -- 5.2 5.2 -- 6 Treasury currency -- -- -- -- -- 25.3 -- -- -- 25.3 49.4 -- -- -- 49.4 25.3 -24.17 Foreign deposits 39.1 -- 199.0 -- -- -- -- -- 238.1 -- 3.7 -- -- 759.5 241.8 759.5 517.78 Interbank claims -- -- -- -- -- -- -- -- -- -- 2025.4 2168.1 157.2 -- 2182.6 2168.1 -14.59 Checkable dep. and currency 1174.0 -- 1420.8 -- 232.0 -- 113.1 -- 2939.9 -- 423.6 4214.4 847.7 -- 4211.2 4214.4 3.210 Time and savings deposits 9301.4 -- 1139.8 -- 1.9 -- 392.0 -- 10835.1 -- 286.6 11692.4 570.7 -- 11692.4 11692.4 -- 11 Money market fund shares 1607.5 -- 580.3 -- -- -- 23.3 -- 2211.2 -- 540.8 2848.4 96.5 -- 2848.4 2848.4 -- 12 Fed. Funds and security repos -- -- 61.5 -- -- -- 149.4 -- 210.9 -- 2866.9 2971.0 756.2 872.6 3834.0 3843.7 9.613 Debt securities 4361.6 217.9 357.1 6137.4 0.5 16455.3 1438.1 3087.0 6157.2 25897.6 25506.9 13869.2 11407.8 3305.0 43071.9 43071.9 -- 14 Open market paper -- -- 193.4 206.7 -- -- 70.8 -- 264.3 206.7 565.4 234.2 136.3 525.0 965.9 965.9 -- 15 Treasury securities 1369.1 -- 115.3 -- -- 16430.9 703.5 -- 2188.0 16430.9 7958.0 -- 6284.9 -- 16430.9 16430.9 -- 16 Agency- and GSE-backed sec. 508.7 -- 13.9 -- 0.0 24.4 459.5 -- 982.1 24.4 6873.9 8842.8 1011.2 -- 8867.2 8867.2 -- 17 Municipal securities 1628.9 217.9 34.4 566.4 -- -- 15.2 3087.0 1678.5 3871.4 2091.5 -- 101.3 -- 3871.4 3871.4 -- 18 Corporate and fgn. bonds 854.9 -- -- 5364.3 0.5 -- 189.0 -- 1044.3 5364.3 8018.1 4792.2 3874.1 2780.0 12936.5 12936.5 -- 19 Loans 931.2 14939.8 119.7 8145.1 1466.5 0.0 234.2 18.2 2751.6 23103.1 22665.4 2037.1 260.3 537.1 25677.2 25677.2 -- 20 Depository inst. loans n.e.c. -- 293.1 -- 2316.3 -- -- -- -- -- 2609.4 3396.1 302.9 -- 483.8 3396.1 3396.1 -- 21 Other loans and advances 784.1 488.2 -- 1488.9 199.7 -- -- 18.2 983.8 1995.3 2297.3 1492.8 260.3 53.3 3541.4 3541.4 -- 22 Mortgages 112.3 10327.6 77.9 4339.9 121.2 0.0 234.2 -- 545.6 14667.5 14363.3 241.4 -- -- 14908.9 14908.9 -- 23 Consumer credit 34.8 3831.0 41.8 -- 1145.6 -- -- -- 1222.2 3831.0 2608.7 -- -- -- 3831.0 3831.0 -- 24 Corporate equities 17769.4 -- 1913.6 28366.9 33.2 -- 217.4 -- 19933.6 28366.9 20596.7 10070.9 7037.0 9129.5 47567.3 47567.3 -- 25 Mutual fund shares 8579.6 -- 276.5 -- -- -- 106.5 -- 8962.6 -- 6118.0 15899.0 818.3 -- 15899.0 15899.0 -- 26 Trade credit 296.2 364.8 4033.6 3200.9 65.0 316.1 224.1 951.8 4618.8 4833.6 302.9 284.2 300.7 77.4 5222.4 5195.2 -27.227 Life insurance reserves 1626.6 -- -- -- -- 51.1 -- -- 1626.6 51.1 511.8 2008.8 19.7 98.1 2158.0 2158.0 -- 28 Pension entitlements 25821.0 -- -- -- -- -- -- -- 25821.0 -- 91.4 25897.8 4.3 18.9 25916.7 25916.7 -- 29 Taxes payable -- -- -- 381.7 458.6 -- 148.6 -- 607.2 381.7 -- 160.5 -- -- 607.2 542.2 -65.030 Equity in noncorp. business 12570.7 -- -- 12508.9 -- -- -- -- 12570.7 12508.9 -- 61.8 -- -- 12570.7 12570.7 -- 31 U.S. direct investment abroad -- -- 5725.4 -- -- -- -- -- 5725.4 -- 980.9 -- -- 6706.3 6706.3 6706.3 -- 32 Foreign direct investment in U.S. -- -- -- 3909.9 -- -- -- -- -- 3909.9 -- 760.3 4670.2 -- 4670.2 4670.2 -- 33 Miscellaneous 1193.7 33.1 12194.1 5907.6 196.4 2156.9 136.0 4053.9 13720.2 12151.5 15926.8 7207.2 50.1 333.6 29697.1 19692.3 -10004.8General 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.
Summary

4 Z.1, September 20, 2018 Financial Accounts Matrix--Levels

Households State Domestic Domestic Instrument

and Nonprofit Nonfinancial Federal and Local Nonfinancial Financial Rest of All DiscrepOrganizations Business Government Governments 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 154090005 -- 144090005 -- 314090005 -- 214090005 -- 384090005 -- 794090005 -- 264090005 -- 894090005 -- 9070050152 Total liabilities and equity -- 154190005 -- 144194005 -- 314190005 -- 214190005 -- 384194005 -- 794194005 -- 264194005 -- 894194005 -- 3 Total liabilities -- 154190005 -- 144190005 -- 314190005 -- 214190005 -- 384190005 -- 794190005 -- 264190005 -- 894190005 -- 4 U.S. official reserve assets -- -- -- -- 313011005 313111303 -- -- 313011005 313111303 713011005 -- 263011005 263111005 893011005 893111005 9030110055 SDR certificates -- -- -- -- -- 713014003 -- -- -- 713014003 713014003 -- -- -- 713014003 713014003 -- 6 Treasury currency -- -- -- -- -- 313112003 -- -- -- 313112003 713012003 -- -- -- 713012003 313112003 9030120057 Foreign deposits 153091003 -- 103091003 -- -- -- -- -- 383091005 -- 633091003 -- -- 263191005 893091005 263191005 9030910058 Interbank claims -- -- -- -- -- -- -- -- -- -- 794010005 794110005 264016005 -- 894010005 794110005 9040100059 Checkable dep. and currency 153020005 -- 143020005 -- 313020005 -- 213020005 -- 383020005 -- 793020005 793120005 263020005 -- 893020005 793120005 90302000510 Time and savings deposits 153030005 -- 143030005 -- 313030003 -- 213030005 -- 383030005 -- 793030005 703130005 263030005 -- 703130005 703130005 -- 11 Money market fund shares 153034005 -- 143034005 -- -- -- 213034003 -- 383034005 -- 793034005 634090005 263034003 -- 634090005 634090005 -- 12 Fed. Funds and security repos -- -- 102051003 -- -- -- 212051003 -- 382051005 -- 792050005 792150005 262051003 262151003 892050005 892150005 90205000513 Debt securities 154022005 163162003 144022005 104122005 314022005 314122005 214022005 213162005 384022005 384122005 794022005 794122005 264022005 264122005 894122005 894122005 -- 14 Open market paper -- -- 103069100 103169100 -- -- 213069103 -- 383069105 103169100 793069175 793169175 263069103 263169105 893169175 893169175 -- 15 Treasury securities 153061105 -- 143061105 -- -- 313161105 213061105 -- 383061105 313161105 793061105 -- 263061105 -- 313161105 313161105 -- 16 Agency- and GSE-backed sec. 153061705 -- 103061703 -- 313061703 313161705 213061703 -- 383061705 313161705 793061705 423161705 263061705 -- 893161705 893161705 -- 17 Municipal securities 153062005 163162003 143062005 103162000 -- -- 213062003 213162005 383062005 383162005 793062005 -- 263062003 -- 383162005 383162005 -- 18 Corporate and fgn. bonds 153063005 -- -- 103163003 313063763 -- 213063003 -- 383063005 103163003 793063005 793163005 263063005 263163005 893163005 893163005 -- 19 Loans 154023005 154123005 144023005 144123005 314023005 313165403 213065005 213169203 384023005 384123005 794023005 794123005 263069500 264123005 894123005 894123005 -- 20 Depository inst. loans n.e.c. -- 153168005 -- 143168005 -- -- -- -- -- 383168005 793068005 793168005 -- 263168005 793068005 793068005 -- 21 Other loans and advances 153069005 153169005 -- 143169005 313069005 -- -- 213169203 383069005 383169005 793069005 793169005 263069500 263169005 893169005 893169005 -- 22 Mortgages 153065005 153165005 143065005 143165005 313065005 313165403 213065005 -- 383065005 383165005 793065005 643165005 -- -- 893065005 893065005 -- 23 Consumer credit 163066223 153166000 143066005 -- 313066220 -- -- -- 383066005 153166000 793066005 -- -- -- 153166000 153166000 -- 24 Corporate equities 153064105 -- 103064103 103164103 313064105 -- 213064103 -- 383064105 103164103 793064105 793164105 263064105 263164100 893064105 893064105 -- 25 Mutual fund shares 153064205 -- 103064203 -- -- -- 213064203 -- 383064205 -- 793064205 653164205 263064203 -- 653164205 653164205 -- 26 Trade credit 163070005 163170005 143070005 143170005 313070000 313170005 213070003 213170003 383070005 383170005 793070005 793170005 263070005 263170005 893070005 893170005 90307000527 Life insurance reserves 153040005 -- -- -- -- 313140003 -- -- 153040005 313140003 793040005 543140005 543141905 263140005 893140005 893140005 -- 28 Pension entitlements 153050005 -- -- -- -- -- -- -- 153050005 -- 543050005 583150005 543151905 263150005 893150005 893150005 -- 29 Taxes payable -- -- -- 143178005 313078005 -- 213078005 -- 383078005 143178005 -- 793178005 -- -- 893078005 893178005 90307800530 Equity in noncorp. business 152090205 -- -- 112090205 -- -- -- -- 152090205 112090205 -- 662090205 -- -- 152090205 152090205 -- 31 U.S. direct investment abroad -- -- 103092005 -- -- -- -- -- 103092005 -- 793092005 -- -- 263192005 263192005 263192005 -- 32 Foreign direct investment in U.S. -- -- -- 143192005 -- -- -- -- -- 143192005 -- 793192005 263092001 -- 263092001 263092001 -- 33 Miscellaneous 153090005 543077073 143090005 143190005 313090005 313190005 213093003 223073045 383090005 383190005 793090005 793190005 263076005 263190005 893090005 893190005 903090005General 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

u

m

m

a

r

Z.1, September 20, 2018 5 y

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 Federal local financial

Total Total mortgage credit Total Corporate government governments sectors Foreign

 FG384104005 FG154104005 FG153165105 FG153166000 FG144104005 FG104104005 FG314104005 FG214104005 FG794104005 FG264104005

1980 9.6 8.8 10.9 1.0 9.9 8.2 11.9 6.9 15.3 12.5

1981 10.2 7.2 7.2 5.5 12.9 13.6 11.8 8.0 17.2 24.3

1982 10.2 5.6 4.8 5.0 9.2 9.2 19.1 11.2 13.4 18.2

1983 12.1 11.4 10.2 12.1 9.2 8.4 18.5 11.4 13.1 3.8

1984 14.8 12.6 11.4 18.4 16.1 16.6 16.8 11.4 17.7 11.5

1985 16.1 16.8 14.6 15.9 11.0 12.6 17.7 31.8 21.1 1.7

1986 12.0 11.4 13.7 9.1 11.4 13.8 13.9 10.9 24.9 3.2

1987 9.0 9.7 13.4 4.8 7.8 8.8 8.7 12.0 15.6 3.5

1988 9.2 9.8 11.8 6.7 10.0 11.0 8.6 6.0 12.9 0.4

1989 7.5 9.4 10.9 6.3 6.3 7.3 7.6 5.3 10.1 -0.3

1990 6.6 6.8 8.8 1.9 3.6 5.4 11.0 5.0 8.6 5.1

1991 4.7 5.6 7.0 -1.1 -2.1 -2.1 11.2 9.2 6.8 2.7

1992 4.7 5.2 6.5 1.1 -0.3 0.6 10.9 1.5 8.1 4.5

1993 5.8 6.1 5.5 7.4 3.1 5.2 8.4 5.3 11.3 15.7

1994 5.2 7.5 5.6 15.2 5.4 7.1 5.1 -3.9 13.5 -3.0

1995 4.8 6.9 4.9 14.4 5.9 6.6 4.2 -5.5 11.9 15.9

1996 5.3 7.1 6.2 9.0 5.4 5.2 4.8 -2.0 13.0 14.2

1997 5.6 6.5 6.1 5.5 8.5 8.6 1.5 4.9 12.1 10.4

1998 6.7 8.1 8.1 7.2 11.5 10.8 -0.3 6.2 19.5 4.9

1999 6.7 9.4 9.3 7.8 10.4 9.5 -0.7 3.3 16.7 2.8

2000 4.8 8.8 8.6 11.4 9.1 8.3 -6.3 1.4 11.7 7.4

2001 5.7 8.6 10.5 8.6 4.7 3.2 1.3 8.8 10.2 -1.3

2002 6.7 9.7 13.3 5.6 2.3 0.1 6.8 11.1 8.6 7.5

2003 7.8 12.3 14.5 5.3 1.0 -0.1 9.5 8.3 11.2 1.7

2004 9.2 11.6 13.4 5.6 5.9 3.4 8.3 11.6 9.5 8.0

2005 8.8 10.8 13.8 4.5 8.0 5.3 6.6 6.7 9.0 7.8

2006 8.5 10.5 11.2 5.2 10.0 7.7 3.9 4.4 10.3 21.4

2007 8.2 7.3 7.4 6.1 12.5 11.6 4.7 6.2 13.7 15.4

2008 5.8 0.1 0.9 1.3 5.7 4.0 21.4 1.4 4.6 -10.4

2009 3.7 0.4 0.8 -3.6 -3.9 -4.9 20.4 4.7 -9.6 14.5

2010 4.4 -0.6 -1.5 -1.1 -0.6 -0.7 18.5 2.6 -5.2 9.5

2011 3.6 -0.0 -0.7 4.2 2.7 5.3 10.8 -1.2 -2.2 7.2

2012 4.8 1.1 -0.7 5.9 5.0 5.3 10.1 -0.0 -0.9 8.5

2013 3.8 1.6 0.1 6.0 4.6 5.8 6.7 -1.7 1.6 9.5

2014 4.1 2.2 0.3 7.2 6.3 6.0 5.4 -1.2 2.1 8.5

2015 4.4 2.3 1.4 7.1 7.0 7.8 5.0 0.3 1.2 0.8

2016 4.6 3.3 2.4 6.7 5.8 5.5 5.6 1.0 3.0 1.2

2017 3.7 3.9 3.2 5.1 5.3 5.4 2.8 -0.1 2.2 11.8

2013 -- Q1 4.7 1.4 -0.2 6.5 3.6 4.4 10.3 0.4 0.3 12.6

 Q2 2.1 0.8 -0.3 4.9 4.6 5.6 2.4 -2.1 1.2 6.4

 Q3 2.7 1.8 0.6 6.3 6.5 8.7 1.7 -2.4 -0.2 9.2

 Q4 5.4 2.4 0.1 5.8 3.6 4.0 11.8 -2.8 5.3 9.5

2014 -- Q1 4.3 1.1 -0.0 7.1 6.1 5.8 7.6 -2.2 0.4 5.0

 Q2 4.0 3.7 0.2 7.4 5.3 4.5 4.3 -0.6 1.7 17.3

 Q3 4.4 2.1 0.1 7.0 6.6 6.5 6.3 -2.5 3.8 2.9

 Q4 3.4 1.8 0.9 6.4 6.7 6.6 2.9 0.3 2.6 7.6

2015 -- Q1 3.3 1.7 0.4 6.6 7.9 9.4 1.2 2.0 -0.0 5.2

 Q2 4.7 3.7 2.0 7.5 8.3 9.8 3.6 0.4 1.2 3.4

 Q3 1.9 0.8 1.5 7.1 5.2 4.9 0.4 0.4 1.8 -3.7

 Q4 7.3 2.9 1.7 6.3 5.9 6.1 14.7 -1.5 1.7 -1.6

2016 -- Q1 5.9 2.3 1.6 6.7 9.0 10.4 7.5 1.4 5.1 -3.6

 Q2 4.5 3.7 2.7 6.3 4.2 3.4 6.0 2.4 3.0 1.5

 Q3 5.2 4.4 2.9 7.1 6.1 5.9 6.1 0.7 4.1 -1.0

 Q4 2.5 2.6 2.5 6.1 3.3 2.1 2.1 -0.3 -0.1 7.6

2017 -- Q1 2.1 3.5 3.3 5.1 5.2 6.4 -1.0 -2.2 3.1 9.8

 Q2 4.3 4.2 3.4 4.5 5.8 6.1 4.1 -0.9 2.7 7.3

 Q3 5.7 2.8 3.0 3.9 5.2 6.1 10.1 -0.7 2.8 12.9

 Q4 2.4 5.1 3.1 6.7 4.4 2.7 -2.1 3.4 0.2 14.3

2018 -- Q1 7.5 3.2 2.9 3.3 3.2 2.8 17.2 -2.9 2.5 11.1

 Q2 4.6 2.9 2.5 4.0 4.6 3.9 6.9 -0.4 1.5 2.0

1. Debt securities and loans. Data shown are on an end-of-period basis.
S

u

m

m

a

r

y

6 Z.1, September 20, 2018

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 Federal local financial

Total Total mortgage credit Total Corporate government governments sectors Foreign

 FA384104005 FA154104005 FA153165105 FA153166000 FA144104005 FA104104005 FA314104005 FA214104005 FA794104005 FA264104005

1980 354.9 113.7 90.2 3.4 132.7 69.5 86.3 22.2 82.1 19.4

1981 414.4 101.6 67.0 19.8 189.7 125.0 95.5 27.6 106.7 42.8

1982 454.0 85.8 47.4 18.8 153.1 95.3 173.4 41.7 97.1 40.6

1983 594.6 181.7 105.2 48.2 165.8 94.5 199.8 47.3 107.5 10.3

1984 811.0 222.0 127.6 81.7 320.8 207.1 215.7 52.5 164.7 30.4

1985 1015.2 331.4 181.7 84.0 254.7 184.3 265.6 163.6 232.8 5.0

1986 877.9 264.6 199.4 55.8 293.6 226.4 245.5 74.2 333.6 9.2

1987 737.8 250.8 221.6 32.3 222.3 164.3 174.2 90.4 263.1 10.6

1988 821.8 273.9 215.6 46.6 309.6 225.5 187.9 50.4 252.3 1.1

1989 730.9 288.9 224.9 47.0 213.7 165.3 180.9 47.4 224.1 -1.0

1990 688.9 229.3 200.0 15.1 132.3 132.0 280.2 47.1 211.3 17.9

1991 531.9 204.5 174.5 -8.8 -80.4 -54.2 316.6 91.2 181.5 10.1

1992 548.1 199.1 173.0 9.2 -11.3 15.2 343.8 16.5 231.8 16.9

1993 708.5 244.8 156.5 61.4 112.6 133.2 293.2 57.9 351.8 62.0

1994 674.0 320.6 166.8 135.0 205.5 191.0 193.5 -45.5 468.5 -14.5

1995 659.9 318.7 154.0 147.0 236.7 191.4 165.3 -60.8 467.4 75.3

1996 758.7 346.7 205.2 105.7 232.5 162.1 200.0 -20.5 574.6 85.5

1997 841.0 345.5 216.1 70.3 381.3 279.4 63.4 50.8 601.8 71.4

1998 1069.0 454.9 303.2 97.1 558.7 379.7 -11.4 66.8 1088.0 37.6

1999 1141.8 568.8 379.4 112.4 565.9 372.1 -30.1 37.3 1112.3 22.3

2000 877.9 585.8 383.5 176.5 550.3 357.9 -275.0 16.9 909.4 57.2

2001 1094.0 622.5 508.2 150.6 310.8 147.3 55.2 105.5 888.8 -10.5

2002 1349.7 765.2 706.2 105.2 157.9 6.1 282.1 144.6 836.5 62.3

2003 1673.1 1064.5 874.9 105.9 67.3 -6.6 420.7 120.5 1174.7 16.2

2004 2126.5 1123.8 929.5 117.2 418.2 163.5 402.8 181.6 1091.0 91.3

2005 2295.3 1174.8 1081.4 100.4 606.3 264.6 346.9 167.4 1138.7 98.8

2006 2424.0 1269.1 999.7 120.1 818.9 403.5 219.1 116.8 1420.4 283.8

2007 2531.9 969.4 733.8 150.2 1121.2 658.0 270.4 170.9 2064.4 251.6

2008 1935.2 14.1 97.3 34.3 577.7 252.1 1302.5 40.9 793.7 -203.7

2009 1284.1 60.3 89.3 -94.6 -420.8 -323.9 1505.8 138.8 -1734.0 226.9

2010 1579.5 -83.8 -158.7 -28.2 -62.7 -43.5 1645.9 80.0 -854.4 187.3

2011 1365.0 -0.3 -67.2 110.3 265.8 322.3 1138.7 -39.2 -340.7 161.6

2012 1843.6 147.2 -70.1 163.2 516.1 340.2 1180.6 -0.3 -134.4 209.2

2013 1524.6 222.4 5.2 175.1 499.4 389.7 857.3 -54.6 241.4 269.1

2014 1707.9 300.8 26.7 221.2 709.5 425.1 735.9 -38.3 318.3 253.8

2015 1893.8 322.7 133.4 234.4 837.0 586.2 724.6 9.6 178.1 27.4

2016 2083.5 467.3 232.7 230.0 741.4 446.1 842.7 32.1 460.8 39.8

2017 1732.3 576.3 316.5 187.3 712.3 464.0 447.0 -3.3 344.6 390.3

2013 -- Q1 1912.7 192.4 -16.7 190.0 391.3 297.7 1317.1 11.9 44.3 354.8

 Q2 858.6 114.0 -28.6 144.2 499.4 382.6 313.0 -67.8 171.5 183.3

 Q3 1115.6 249.2 58.9 190.3 709.3 598.0 231.7 -74.7 -29.9 261.6

 Q4 2211.3 334.0 7.0 176.0 397.7 280.6 1567.3 -87.7 779.8 276.9

2014 -- Q1 1801.2 152.0 -4.1 218.8 681.6 408.5 1035.2 -67.7 57.9 149.1

 Q2 1695.1 511.3 16.7 232.1 608.1 326.9 595.4 -19.6 256.7 528.9

 Q3 1867.0 292.4 10.8 223.3 759.9 474.4 891.2 -76.4 561.3 93.7

 Q4 1468.2 247.4 83.5 210.4 788.4 490.6 421.9 10.4 397.5 243.6

2015 -- Q1 1416.9 240.4 40.9 218.8 941.1 709.5 174.0 61.3 -7.4 170.8

 Q2 2067.2 520.1 187.6 253.6 1013.2 755.3 520.7 13.2 189.4 112.2

 Q3 833.4 117.1 141.6 244.6 649.4 390.0 55.3 11.6 268.0 -122.2

 Q4 3257.8 413.0 163.5 220.5 744.3 490.2 2148.3 -47.7 262.4 -51.3

2016 -- Q1 2670.7 328.1 150.4 230.4 1155.1 839.6 1144.6 43.1 766.0 -115.2

 Q2 2082.6 532.2 255.0 218.0 552.0 278.5 925.2 73.3 458.1 50.8

 Q3 2429.1 636.8 284.0 251.4 810.0 489.0 961.7 20.7 634.3 -33.2

 Q4 1151.6 372.4 241.2 220.3 448.8 177.3 339.3 -8.8 -15.1 256.9

2017 -- Q1 986.7 510.6 321.7 185.8 708.8 541.8 -164.9 -67.7 484.7 323.2

 Q2 2034.7 615.5 336.7 164.6 791.2 530.0 656.5 -28.6 418.8 250.8

 Q3 2757.2 413.3 301.3 145.5 729.8 538.9 1636.0 -21.9 437.0 459.1

 Q4 1150.7 765.6 306.3 253.3 619.6 245.2 -339.7 105.2 37.7 528.0

2018 -- Q1 3680.7 479.4 296.6 126.1 462.5 251.4 2828.3 -89.5 404.4 426.8

 Q2 2283.0 449.0 257.2 155.5 659.2 352.7 1186.0 -11.1 235.3 78.1

(1) Debt securities and loans.
S

u

m

m

a

r

Z.1, September 20, 2018 7 y

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 Federal local financial

Total Total mortgage credit Total Corporate government governments sectors Foreign

 LA384104005 LA154104005 LA153165105 LA153166000 LA144104005 LA104104005 LA314104005 LA214104005 LA794104005 LA264104005

1980 4051.5 1420.2 926.5 358.0 1474.7 919.6 812.2 344.4 620.2 175.8

1981 4464.7 1526.6 998.3 377.9 1658.5 1038.7 907.7 372.1 723.6 222.5

1982 4900.3 1597.9 1031.2 396.7 1807.6 1129.9 1081.0 413.8 823.4 267.2

1983 5497.7 1759.6 1116.4 444.9 1996.2 1247.2 1280.8 461.1 931.1 265.0

1984 6308.4 1977.7 1243.3 526.6 2320.6 1458.0 1496.5 513.6 1104.5 287.3

1985 7341.7 2329.8 1450.2 610.6 2572.0 1638.9 1762.0 677.9 1338.2 290.1

1986 8216.7 2592.3 1649.0 666.4 2864.7 1864.5 2007.5 752.1 1683.4 300.2

1987 8936.1 2802.0 1828.6 698.6 3109.8 2051.5 2181.7 842.6 1958.8 310.4

1988 9753.9 3084.2 2054.8 745.2 3407.1 2265.2 2369.6 893.0 2211.2 351.9

1989 10501.9 3365.6 2260.1 809.3 3645.4 2455.2 2550.5 940.4 2463.8 354.8

1990 11218.1 3624.0 2489.3 824.4 3775.9 2585.4 2830.8 987.4 2678.3 368.7

1991 11746.7 3832.1 2667.4 815.6 3688.6 2526.6 3147.4 1078.6 2859.8 375.5

1992 12298.0 4031.2 2840.4 824.8 3680.5 2545.0 3491.1 1095.1 3107.2 395.5

1993 13021.3 4278.4 2999.2 886.2 3805.5 2690.7 3784.3 1153.0 3464.3 484.8

1994 13701.7 4599.0 3165.9 1021.2 4017.3 2888.0 3977.8 1107.5 3940.8 473.4

1995 14377.4 4917.7 3319.9 1168.2 4269.9 3095.2 4143.1 1046.7 4411.1 602.5

1996 15136.4 5277.2 3538.1 1273.9 4490.0 3244.9 4343.1 1026.2 4985.7 689.1

1997 15975.4 5622.7 3754.2 1344.2 4869.2 3522.2 4406.5 1076.9 5567.4 763.6

1998 17044.3 6077.6 4057.4 1441.3 5427.9 3901.9 4395.1 1143.8 6655.4 806.0

1999 18218.2 6644.0 4434.5 1553.6 6028.2 4308.3 4365.0 1181.0 7765.4 776.7

2000 19106.0 7239.7 4816.8 1741.3 6578.5 4666.2 4090.0 1197.9 8675.8 837.1

2001 20183.0 7862.2 5324.9 1891.8 6872.2 4796.5 4145.2 1303.4 9690.8 829.5

2002 21532.8 8627.4 6031.1 1997.0 7030.2 4802.6 4427.3 1447.9 10527.3 944.5

2003 23238.1 9710.1 6915.7 2102.9 7111.6 4810.0 4848.0 1568.4 11537.3 1144.2

2004 26148.4 10859.2 7860.1 2220.1 7553.8 4997.6 5250.9 2484.5 12643.1 1265.1

2005 28430.8 12034.0 8941.5 2320.6 8160.2 5262.1 5584.8 2651.9 13727.3 1325.2

2006 30868.7 13319.1 9941.2 2456.7 8977.0 5663.5 5803.9 2768.7 15115.4 1629.6

2007 33377.4 14260.3 10644.2 2609.5 10103.2 6328.0 6074.3 2939.6 17290.5 1959.1

2008 35174.0 14147.4 10614.5 2643.8 10669.3 6575.2 7376.8 2980.5 18003.4 1561.4

2009 36139.0 13984.5 10474.8 2555.0 10152.5 6166.9 8882.6 3119.3 16551.6 1968.1

2010 37472.4 13736.6 9993.3 2646.8 10007.9 6056.6 10528.6 3199.3 15338.5 2246.4

2011 38682.0 13588.3 9778.2 2757.1 10266.3 6379.0 11667.3 3160.0 14919.0 2467.6

2012 40372.3 13594.9 9566.5 2918.3 10769.8 6711.0 12847.8 3159.7 14707.2 2826.7

2013 41792.4 13728.8 9483.1 3093.4 11253.3 7089.2 13705.1 3105.2 14892.8 2973.1

2014 43452.9 13984.3 9464.5 3314.6 11960.7 7514.8 14441.1 3066.8 15191.5 3281.5

2015 45183.9 14170.5 9583.6 3413.6 12771.4 8079.1 15165.6 3076.4 15160.2 3223.2

2016 47231.0 14607.5 9785.9 3643.7 13506.7 8520.7 16008.3 3108.5 15598.1 3305.0

2017 49000.7 15157.7 10076.4 3831.0 14282.5 9049.5 16455.3 3105.2 15906.3 3842.1

2013 -- Q1 40822.7 13616.5 9535.8 2965.7 10866.3 6785.4 13177.1 3162.7 14702.6 2882.2

 Q2 41011.3 13620.2 9503.9 3001.8 10989.9 6881.0 13255.4 3145.8 14730.3 2838.9

 Q3 41268.0 13661.5 9497.5 3049.4 11166.2 7030.5 13313.3 3127.1 14709.6 2920.9

 Q4 41792.4 13728.8 9483.1 3093.4 11253.3 7089.2 13705.1 3105.2 14892.8 2973.1

2014 -- Q1 42227.7 13752.7 9467.9 3148.1 11422.9 7191.3 13963.9 3088.3 14898.6 3051.4

 Q2 42638.9 13868.5 9460.1 3206.1 11574.2 7273.0 14112.8 3083.4 14956.4 3249.0

 Q3 43088.5 13930.0 9451.3 3262.0 11758.6 7386.6 14335.6 3064.2 15095.6 3220.9

 Q4 43452.9 13984.3 9464.5 3314.6 11960.7 7514.8 14441.1 3066.8 15191.5 3281.5

2015 -- Q1 43789.1 14027.2 9457.6 3369.3 12195.1 7692.2 14484.6 3082.2 15182.9 3305.5

 Q2 44293.7 14145.6 9492.9 3432.7 12447.8 7881.0 14614.7 3085.5 15223.2 3285.9

 Q3 44492.0 14165.4 9518.8 3493.8 12609.7 7978.5 14628.6 3088.4 15283.5 3228.8

 Q4 45183.9 14170.5 9583.6 3413.6 12771.4 8079.1 15165.6 3076.4 15160.2 3223.2

2016 -- Q1 45842.1 14243.4 9612.1 3471.2 13059.7 8289.0 15451.8 3087.2 15345.9 3287.5

 Q2 46354.6 14368.7 9668.1 3525.7 13197.3 8358.7 15683.1 3105.5 15453.0 3351.7

 Q3 46953.9 14520.3 9731.5 3588.6 13399.4 8480.9 15923.5 3110.7 15606.1 3361.1

 Q4 47231.0 14607.5 9785.9 3643.7 13506.7 8520.7 16008.3 3108.5 15598.1 3305.0

2017 -- Q1 47535.4 14728.4 9859.6 3690.1 13748.3 8720.9 15967.1 3091.6 15693.8 3440.8

 Q2 48036.0 14874.7 9936.1 3731.3 13945.8 8853.4 16131.2 3084.4 15794.5 3550.8

 Q3 48718.8 14971.8 10005.3 3767.6 14127.9 8988.2 16540.2 3078.9 15900.0 3695.6

 Q4 49000.7 15157.7 10076.4 3831.0 14282.5 9049.5 16455.3 3105.2 15906.3 3842.1

2018 -- Q1 49917.1 15274.0 10146.9 3862.5 14397.9 9112.3 17162.3 3082.8 16005.3 3924.1

 Q2 50709.7 15381.3 10206.3 3901.4 14789.6 9427.6 17458.9 3080.1 16061.2 3880.4

(1) Debt securities and loans. Data are shown on an end-of-period basis.
S

u

m

m

a

r

y

8 Z.1, September 20, 2018

B.1 Derivation of U.S. Net Wealth

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

2015 2016 2017 2017 2018

 Q1 Q2 Q3 Q4 Q1 Q2

 1 FL892090005 U.S. net wealth (1) 80295.8 85570.7 95082.6 87975.8 89760.7 92045.8 95082.6 95426.8 97236.0 1

 2 LM152010005 Households’ direct holdings of nonfinancial assets 30008.0 31779.2 33719.0 32188.2 32694.5 33136.1 33719.0 34229.1 34854.6 2

 3 LM155035005 Real estate 24451.3 26052.2 27815.7 26394.4 26875.9 27278.7 27815.7 28257.3 28816.2 3

 4 LM165015205 Equipment (nonprofits) 383.6 402.2 424.1 407.4 412.8 418.3 424.1 430.3 437.7 4

 5 LM165013765 Intellectual property products (nonprofits) 167.3 175.6 185.0 177.4 179.3 182.6 185.0 187.1 189.9 5

 6 LM155111005 Consumer durable goods 5005.8 5149.3 5294.1 5209.0 5226.4 5256.5 5294.1 5354.4 5410.8 6

 7 LM112010005 Nonfin. noncorporate businesses nonfinancial assets 12184.7 12902.6 13716.4 12952.5 13238.1 13440.3 13716.4 13800.4 14151.3 7

 8 LM115035005 Real estate 10884.5 11590.7 12362.8 11621.3 11898.0 12105.4 12362.8 12426.3 12758.8 8

 9 LM115015205 Equipment 796.2 805.4 826.6 811.8 817.4 822.2 826.6 841.6 861.0 9

 10 LM115013765 Intellectual property products 243.6 256.1 267.5 258.0 260.4 264.4 267.5 269.5 272.1 10

 11 LM115020005 Inventories 260.4 250.4 259.4 261.4 262.3 248.3 259.4 263.0 259.4 11

 12 LM662090205 Fin. noncorporate businesses nonfinancial assets (2) 45.4 61.0 61.8 62.6 61.8 63.0 61.8 66.8 68.9 12

 13 LM883164105 Market value of domestic corporations (3) 29936.3 32649.0 38437.8 34274.7 35066.4 36408.6 38437.8 37993.6 39548.1 13

 14 LM103164103 Nonfinancial corporate equity 22617.5 24271.1 28366.9 25542.7 25999.9 26923.9 28366.9 28046.2 29458.3 14

 15 LM793164105 Financial corporate equity 7318.8 8377.8 10070.9 8732.0 9066.5 9484.7 10070.9 9947.5 10089.8 15

 16 LM315015005 Federal government nonfinancial assets (4) 3268.2 3313.7 3384.9 3330.9 3342.8 3364.3 3384.9 3414.8 3419.1 16

 17 LM315014665 Structures 1509.0 1543.4 1571.2 1548.4 1548.7 1562.6 1571.2 1585.9 1584.3 17

 18 LM315013265 Equipment 744.5 748.1 757.0 749.1 752.1 751.6 757.0 761.8 766.1 18

 19 LM315013765 Intellectual property products 1014.7 1022.2 1056.6 1033.4 1042.0 1050.2 1056.6 1067.1 1068.7 19

 20 LM212010095 State and local governments nonfinancial assets (4) 10098.5 10446.0 10859.9 10572.5 10653.3 10781.5 10859.9 11005.6 11027.6 20

 21 LM215015605 Structures 9718.4 10060.1 10465.6 10184.6 10262.7 10389.1 10465.6 10609.1 10630.0 21

 22 LM215013265 Equipment 249.7 251.1 253.6 251.8 252.9 253.1 253.6 254.2 254.3 22

 23 LM215013765 Intellectual property products 130.4 134.8 140.6 136.1 137.7 139.3 140.6 142.3 143.3 23

 24 FL882090265 Net U.S. financial claims on the rest of the world -5245.2 -5580.8 -5097.1 -5405.6 -5296.2 -5148.0 -5097.1 -5083.5 -5833.5 24

 25 FL264194005 U.S. financial claims on the rest of the world 17837.5 18684.5 21950.0 19644.8 20439.1 21341.7 21950.0 21990.3 21646.0 25

 26 LM263164100 U.S. holdings of foreign corporate equities 6756.2 7146.3 9129.5 7712.3 8206.8 8724.8 9129.5 9149.0 8865.7 26

 27 FL264190005 Other U.S. financial claims 11081.3 11538.1 12820.6 11932.5 12232.3 12616.9 12820.6 12841.2 12780.4 27

 28 FL264090005 Less: Foreign financial claims on U.S. 23082.7 24265.2 27047.1 25050.4 25735.2 26489.7 27047.1 27073.8 27479.6 28

 29 LM263064105 Foreign holdings of U.S. corporate equities 5500.9 5780.3 7037.0 6189.9 6311.1 6666.7 7037.0 7080.8 7278.0 29

 30 FL264090035 Other foreign financial claims 17581.7 18485.0 20010.1 18860.4 19424.1 19823.0 20010.1 19993.0 20201.6 30

 Memo:

 31 FL892090005 A. U.S. net wealth (line 1) 80295.8 85570.7 95082.6 87975.8 89760.7 92045.8 95082.6 95426.8 97236.0 31

 32 FC892090005 Change in U.S. net wealth 1286.6 5274.8 9512.0 2405.2 1784.9 2285.1 3036.8 344.2 1809.2 32

 33 PC892090005 Percent change in U.S. net wealth 1.6 6.6 11.1 2.8 2.0 2.5 3.3 0.4 1.9 33

 34 FL152090005 B. Household net worth (5) 89620.6 95242.9 103435.3 97405.6 98823.4 100790.8 103435.3 104738.3 106929.2 34

 35 FC152090005 Change in household net worth 3368.3 5622.3 8192.4 2162.7 1417.8 1967.3 2644.6 1303.0 2190.9 35

 36 PC152090005 Percent change in household net worth 3.9 6.3 8.6 2.3 1.5 2.0 2.6 1.3 2.1 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.
S

u

m

m

a

r

y

Z.1, September 20, 2018 9

F.2 Distribution of Gross Domestic Product (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2015 2016 2017 2017 2018

 Q1 Q2 Q3 Q4 Q1 Q2

 1 FA086902005 Gross domestic product (GDP) 18219.3 18707.2 19485.4 19162.6 19359.1 19588.1 19831.8 20041.0 20411.9 1

 2 FA156901001 Personal consumption expenditures (2) 12294.5 12766.9 13321.4 13114.1 13233.2 13359.1 13579.2 13679.6 13871.6 2

 3 FA155011001 Durable goods 1306.6 1346.6 1406.5 1375.6 1393.4 1411.2 1445.7 1434.5 1458.7 3

 4 FA156901035 Nondurable goods 2613.1 2649.7 2749.6 2714.8 2723.7 2754.8 2805.2 2833.2 2869.1 4

 5 FA156901041 Services 8374.8 8770.6 9165.3 9023.7 9116.1 9193.1 9328.3 9411.9 9543.8 5

 6 FA835019905 Gross private domestic investment 3212.0 3169.9 3368.0 3278.6 3337.9 3413.9 3441.4 3543.8 3586.7 6

 7 FA835019005 Fixed investment (3) 3083.2 3140.9 3342.5 3270.6 3320.8 3358.5 3420.0 3507.4 3587.9 7

 8 FA835013001 Nonresidential 2449.7 2442.1 2587.9 2525.2 2576.7 2607.0 2642.6 2720.3 2789.9 8

 9 FA165013005 Nonprofit organizations (4) 182.5 190.3 198.6 195.1 196.8 199.5 202.8 206.3 208.9 9

 10 FA105013005 Nonfinancial corporate business 1768.2 1731.8 1853.2 1801.6 1842.1 1868.5 1900.7 1954.6 2003.3 10

 11 FA115013005 Nonfinancial noncorporate business 257.9 259.7 270.6 265.4 274.7 272.5 270.0 284.5 298.3 11

 12 FA795013005 Financial institutions 241.1 260.4 265.5 263.0 263.2 266.6 269.1 274.8 279.4 12

 13 FA835012001 Residential 633.6 698.8 754.6 745.5 744.1 751.5 777.4 787.2 797.9 13

 14 FA155012005 Household sector 523.7 577.1 626.5 617.4 617.6 624.5 646.3 649.0 656.5 14

 15 FA105012005 Nonfinancial corporate business 8.3 3.7 11.3 16.2 6.6 15.4 7.0 13.5 13.3 15

 16 FA115012005 Nonfinancial noncorporate business 101.6 112.6 118.5 118.3 117.0 117.5 121.4 121.3 123.0 16

 17 FA645012063 REITs -0.0 5.5 -1.7 -6.5 2.9 -5.9 2.7 3.4 5.2 17

 18 FA145020005 Change in private inventories 128.7 28.9 25.5 8.0 17.1 55.4 21.5 36.3 -1.2 18

 19 FA105020005 Nonfinancial corporate business 109.9 27.7 24.8 10.9 17.8 49.5 20.9 32.2 -1.0 19

 20 FA115020005 Nonfinancial noncorporate business 18.8 1.2 0.7 -2.9 -0.8 5.9 0.6 4.2 -0.3 20

 21 FA266903005 Net U.S. exports of goods and services -521.4 -520.6 -578.4 -576.6 -571.9 -557.3 -607.9 -639.2 -551.9 21

 22 FA266903011 Exports 2265.0 2217.6 2350.2 2294.1 2316.3 2358.3 2432.0 2477.4 2567.5 22

 23 FA266903001 - Imports 2786.5 2738.1 2928.6 2870.7 2888.2 2915.5 3039.9 3116.6 3119.3 23

 Government consumption expenditures and

 24 FA366902005 gross investment 3234.2 3291.0 3374.4 3346.4 3360.0 3372.3 3419.1 3456.8 3505.5 24

 25 FA366901005 Consumption expenditures (5) 2612.7 2659.5 2731.3 2709.3 2717.7 2732.1 2765.9 2797.0 2831.2 25

 26 FA316901001 Federal 955.8 967.6 986.8 980.5 984.1 984.7 997.9 1012.7 1027.7 26

 27 FA206901001 State and local 1656.9 1691.9 1744.5 1728.8 1733.6 1747.5 1768.0 1784.4 1803.5 27

 28 FA365019005 Gross investment (5) 621.5 631.5 643.2 637.1 642.3 640.2 653.2 659.8 674.3 28

 29 FA315019001 Federal 265.0 264.7 278.4 271.9 279.9 279.1 282.7 282.2 285.2 29

 30 FA205019001 State and local 356.5 366.8 364.8 365.2 362.4 361.1 370.5 377.6 389.0 30

 Memo:

 31 FA266904005 Net U.S. income receipts from rest of world 226.2 215.3 243.7 232.7 216.3 254.9 270.8 268.7 265.1 31

 32 FA266904001 U.S. income receipts 839.3 859.1 957.1 899.3 924.9 979.6 1024.5 1063.2 1071.7 32

 33 FA266904101 - U.S. income payments 613.1 643.8 713.4 666.6 708.7 724.6 753.7 794.4 806.5 33

 Gross national product (GNP) =

 34 FA086902105 GDP + net U.S. income receipts 18445.5 18922.5 19729.1 19395.3 19575.4 19843.0 20102.6 20309.8 20677.0 34

 Acquisition of nonproduced nonfinancial assets (net)

 35 FA155420003 Household sector -10.5 -11.3 -11.8 -11.6 -11.7 -11.8 -12.0 -12.2 -12.4 35

 36 FA105420005 Nonfinancial corporate business 29.3 6.9 0.5 -1.2 -1.2 5.6 -1.1 -1.3 -1.1 36

 37 FA315420003 Federal government -30.8 -8.6 -2.2 -0.5 -0.5 -7.3 -0.6 -0.5 -0.7 37

 38 FA205420003 State and local governments 11.9 13.0 13.5 13.3 13.4 13.6 13.8 14.0 14.3 38

 39 FA265420005 Rest of the world 0.0 0.0 -0.0 0.0 0.0 -0.0 -0.1 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) Included in the households and nonprofit organizations sector (table F.101).

(5) Government inventory investment is included in consumption expenditures.
S

u

m

m

a

r

y

10 Z.1, September 20, 2018

F.3 Distribution of National Income (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2015 2016 2017 2017 2018

 Q1 Q2 Q3 Q4 Q1 Q2

 1 FA086010005 National income 15783.0 16058.9 16756.1 16525.2 16661.1 16822.6 17015.3 17266.2 17464.4 1

 2 FA156025105 Compensation of employees 9696.8 9956.2 10407.2 10249.2 10339.9 10471.2 10568.6 10710.1 10820.3 2

 3 FA156020101 Wages and salaries 7854.4 8080.7 8453.8 8325.0 8395.7 8506.6 8588.1 8710.6 8805.8 3

 4 FA156401101 Supplements to wages and salaries 1842.4 1875.6 1953.4 1924.2 1944.2 1964.6 1980.5 1999.4 2014.5 4

 5 FA146111105 Proprietors’ income with IVA and CCAdj 1421.9 1419.3 1500.9 1475.1 1495.0 1507.5 1526.1 1549.9 1573.5 5

 6 FA116112103 Rental income of persons with CCAdj 651.8 694.8 730.2 719.0 724.4 732.0 745.3 749.3 753.9 6

 7 FA096060035 Corporate profits with IVA and CCAdj 2057.3 2035.0 2099.3 2055.9 2089.5 2101.1 2150.7 2177.3 2249.7 7

 8 FA096060025 Corporate profits with IVA 2187.0 2128.7 2136.4 2148.0 2187.3 2199.9 2010.3 2036.9 2115.4 8

 9 FA096060005 Profits before tax 2134.2 2129.7 2181.9 2211.8 2200.4 2230.7 2084.6 2111.0 2205.6 9

 10 FA106060005 Domestic nonfinancial 1294.1 1254.3 1264.4 1315.4 1312.4 1281.8 1147.9 1179.9 1264.8 10

 11 FA796060005 Domestic financial 437.6 468.9 468.7 463.3 468.7 489.0 453.7 444.5 462.2 11

 12 FA266060005 Rest of the world 402.5 406.5 448.8 433.2 419.3 459.9 483.0 486.7 478.6 12

 Less:

 13 FA096231001 Taxes on corporate income 397.2 392.9 350.7 348.0 355.8 365.2 333.8 212.0 237.1 13

 14 FA106231005 Domestic nonfinancial 284.0 271.3 247.0 254.4 254.4 255.4 223.8 149.7 170.1 14

 15 FA796231003 Domestic financial 113.2 121.6 103.7 93.6 101.4 109.8 110.0 62.4 67.0 15

 Equals:

 16 FA096060015 Profits after tax 1737.0 1736.9 1831.2 1863.8 1844.6 1865.5 1750.8 1899.0 1968.5 16

 17 FA096121073 Net dividends 1164.9 1187.4 1215.3 1217.7 1233.3 1215.5 1194.8 1213.2 1222.1 17

 18 FA106121075 Domestic nonfinancial 641.1 698.7 703.6 714.6 755.7 627.8 716.4 -326.1 242.1 18

 19 FA796121073 Domestic financial 361.0 316.5 310.6 303.7 312.5 301.2 325.1 240.7 256.8 19

 20 FA266121073 Rest of the world 162.8 172.2 201.1 199.4 165.1 286.5 153.3 1298.6 723.2 20

 21 FA096006401 Undistributed profits 572.1 549.4 615.9 646.1 611.3 650.0 556.0 685.7 746.4 21

 22 FA106006405 Domestic nonfinancial 369.0 284.3 313.8 346.4 302.2 398.6 207.8 1356.3 852.7 22

 23 FA796006403 Domestic financial -36.7 30.8 54.3 66.0 54.8 78.0 18.6 141.4 138.3 23

 24 FA266006403 Rest of the world 239.8 234.3 247.8 233.8 254.2 173.4 329.7 -812.0 -244.6 24

 25 FA105020601 Inventory valuation adjustment (IVA) 52.8 -1.0 -45.5 -63.8 -13.0 -30.8 -74.4 -74.1 -90.2 25

 26 FA096310003 Capital consumption adjustment (CCAdj) -129.8 -93.7 -37.1 -92.1 -97.9 -98.8 140.4 140.4 134.3 26

 27 FA106310005 Domestic nonfinancial -89.3 -63.3 -14.0 -63.2 -67.8 -68.6 143.6 143.8 138.5 27

 28 FA796310003 Domestic financial -40.4 -30.4 -23.1 -28.9 -30.1 -30.1 -3.2 -3.3 -4.2 28

 29 FA086130003 Net interest and miscellaneous payments 591.8 546.0 576.4 589.3 574.6 561.5 580.1 591.9 576.6 29

 30 FA366240005 Taxes on production and imports 1269.9 1303.7 1347.2 1326.1 1338.9 1353.7 1370.0 1397.9 1413.1 30

 31 FA366402005 Less: Subsidies 57.3 61.8 61.3 59.6 58.4 63.0 64.2 60.5 60.0 31

 32 FA146403005 Business current transfer payments (net) 156.7 168.1 161.2 173.0 160.7 164.0 147.0 161.2 150.3 32

 33 FA156403101 To persons (net) 50.6 60.7 55.7 56.9 55.0 54.8 56.1 58.2 60.4 33

 34 FA366403145 To government (net) 109.1 103.0 96.9 113.7 90.9 91.2 91.8 100.8 94.0 34

 35 FA266403101 To rest of the world (net) -3.0 4.4 8.6 2.4 14.8 18.0 -0.8 2.2 -4.1 35

 36 FA366402105 Current surplus of government enterprises -5.8 -2.3 -4.9 -2.8 -3.5 -5.4 -8.2 -10.8 -12.9 36

 Memo:

 Calculation of gross domestic product

 from National income:

 37 FA086010005 National Income, from line 1 above 15783.0 16058.9 16756.1 16525.2 16661.1 16822.6 17015.3 17266.2 17464.4 37

 Plus:

 38 FA836300005 Private consumption of fixed capital 2395.3 2463.5 2574.6 2529.3 2561.9 2590.9 2616.4 2651.1 2695.9 38

 39 FA366300005 Government consumption of fixed capital 522.2 527.0 541.5 535.7 539.2 543.8 547.5 552.3 559.3 39

 40 FA087005005 Statistical discrepancy -254.9 -126.9 -143.2 -194.9 -186.8 -114.4 -76.6 -159.9 -42.6 40

 Less:

 41 FA266904005 Net U.S. income receipts from rest of world 226.2 215.3 243.7 232.7 216.3 254.9 270.8 268.7 265.1 41

 Equals:

 42 FA086902005 Gross domestic product (2) 18219.3 18707.2 19485.4 19162.6 19359.1 19588.1 19831.8 20041.0 20411.9 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 (line 37) to Gross domestic product (line 42) is shown on NIPA table 1.7.5 in the Survey of Current Business, Bureau of Economic Analysis.
S

u

m

m

a

r

y

Z.1, September 20, 2018 11

F.4 Saving and Investment by Sector (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2015 2016 2017 2017 2018

 Q1 Q2 Q3 Q4 Q1 Q2

 1 FA886000115 Gross saving 3664.4 3482.5 3681.8 3648.2 3659.3 3733.3 3686.3 3849.6 3875.6 1

 2 FA896006005 Net saving 746.9 492.0 565.6 583.3 558.3 598.6 522.4 646.2 620.4 2

 3 FA836006005 Net private saving 1539.4 1402.9 1520.1 1505.0 1490.6 1513.8 1570.9 1846.4 1844.7 3

 4 FA826006005 Domestic business 495.2 454.7 533.3 490.2 500.4 520.5 622.0 752.1 790.5 4

 5 FA106012005 Nonfinancial corporate business 534.3 422.6 468.3 441.0 471.7 455.5 504.9 601.4 610.5 5

 6 FA796012005 Financial business -39.1 32.1 65.0 49.1 28.7 64.9 117.2 150.7 180.0 6

 7 FA156006005 Households and institutions 1044.2 948.2 986.8 1014.9 990.2 993.4 948.9 1094.3 1054.3 7

 8 FA366006005 Net government saving -792.5 -910.9 -954.5 -921.7 -932.4 -915.3 -1048.5 -1200.2 -1224.3 8

 9 FA316006005 Federal -568.9 -665.1 -695.4 -655.9 -661.5 -660.5 -803.6 -969.9 -984.5 9

 10 FA206006005 State and local -223.6 -245.8 -259.1 -265.8 -270.9 -254.7 -244.9 -230.4 -239.8 10

 11 FA886300095 Consumption of fixed capital 2917.5 2990.5 3116.2 3064.9 3101.1 3134.8 3163.9 3203.4 3255.2 11

 12 FA836300005 Private 2395.3 2463.5 2574.6 2529.3 2561.9 2590.9 2616.4 2651.1 2695.9 12

 13 FA826300003 Domestic business 1908.6 1953.7 2035.5 2002.4 2026.3 2046.9 2066.6 2091.2 2125.3 13

 14 FA106300003 Nonfinancial corporate business 1406.1 1432.6 1491.0 1468.0 1484.5 1498.8 1512.6 1529.4 1553.0 14

 15 FA116300001 Nonfinancial noncorporate business 302.4 309.9 321.6 316.3 319.8 323.6 326.9 331.1 336.7 15

 16 FA796300081 Financial business 200.1 211.2 223.0 218.1 222.0 224.5 227.1 230.7 235.6 16

 17 FA156300003 Households and institutions 486.6 509.8 539.1 526.9 535.6 544.1 549.8 559.9 570.5 17

 18 FA366300005 Government 522.2 527.0 541.5 535.7 539.2 543.8 547.5 552.3 559.3 18

 19 FA316300003 Federal 270.9 270.6 276.0 273.9 275.0 276.8 278.3 279.9 281.9 19

 20 FA206300003 State and local 251.3 256.4 265.6 261.7 264.2 267.1 269.2 272.5 277.4 20

 Gross domestic investment, capital account

 21 FA885090015 transactions, and net lending, NIPAs 3409.4 3355.5 3538.6 3453.4 3472.6 3618.9 3609.7 3689.7 3833.0 21

 22 FA885019905 Gross domestic investment 3833.5 3801.4 4011.2 3915.7 3980.2 4054.1 4094.6 4203.6 4260.9 22

 23 FA835019905 Gross private domestic investment 3212.0 3169.9 3368.0 3278.6 3337.9 3413.9 3441.4 3543.8 3586.7 23

 24 FA825019905 Domestic business 2505.8 2402.5 2542.9 2466.0 2523.5 2589.9 2592.3 2688.5 2721.3 24

 25 FA105019985 Nonfinancial corporate business 1886.4 1768.7 1887.6 1822.4 1874.9 1927.9 1925.0 2005.1 2028.6 25

 26 FA115050085 Nonfinancial noncorporate business 378.3 373.4 389.9 380.6 385.4 395.4 398.2 408.5 413.2 26

 27 FA795013005 Financial business 241.1 260.4 265.5 263.0 263.2 266.6 269.1 274.8 279.4 27

 28 FA155019005 Households and institutions 706.1 767.3 825.0 812.6 814.4 824.0 849.2 855.3 865.4 28

 29 FA365019005 Gross government investment 621.5 631.5 643.2 637.1 642.3 640.2 653.2 659.8 674.3 29

 30 FA315019001 Federal 265.0 264.7 278.4 271.9 279.9 279.1 282.7 282.2 285.2 30

 31 FA205019001 State and local 356.5 366.8 364.8 365.2 362.4 361.1 370.5 377.6 389.0 31

 32 FA265430003 Capital account transactions (net) (2) 0.4 0.5 3.7 0.4 0.4 13.2 0.6 0.4 0.4 32

 33 FA835430005 Private 36.9 14.6 245.0 6.0 7.4 -42.0 1008.4 8.4 6.7 33

 34 FA825430005 Domestic business 26.1 11.3 278.9 24.1 -2.8 96.6 997.8 -2.4 -2.0 34

 35 FA105430005 Nonfinancial corporate business 26.1 9.5 180.8 -3.5 -2.8 -98.5 827.8 -2.4 -2.0 35

 36 FA115440005 Nonfinancial noncorporate business 0.0 0.0 -13.1 0.0 0.0 -52.3 0.0 0.0 0.0 36

 37 FA795440005 Financial business 0.0 1.8 111.2 27.6 0.0 247.4 170.0 0.0 0.0 37

 38 FA155430005 Households and institutions 10.8 3.3 -34.0 -18.0 10.1 -138.6 10.6 10.8 8.8 38

 39 FA365430005 Government -36.5 -14.2 -241.3 -5.6 -6.9 55.2 -1007.8 -8.0 -6.3 39

 40 FA315430005 Federal 20.6 45.1 -182.0 52.5 52.8 118.7 -952.1 47.6 48.7 40

 41 FA205430005 State and local -57.1 -59.3 -59.3 -58.2 -59.7 -63.5 -55.7 -55.6 -55.0 41

 42 FA885000905 Net lending (+) or net borrowing (-), NIPAs (3) -424.5 -446.3 -476.2 -462.8 -508.0 -448.4 -485.5 -514.3 -428.3 42

 43 FA835000905 Private 430.9 555.0 338.7 554.8 520.5 618.5 -339.2 785.4 904.7 43

 44 FA825000905 Domestic business -383.0 -132.4 -396.2 -192.4 -180.8 -233.5 -978.1 -2.7 154.0 44

 45 FA105000995 Nonfinancial corporate business (3) -227.0 -50.0 -252.3 -104.8 -102.7 10.4 -811.9 -31.9 94.3 45

 46 FA115000905 Nonfinancial noncorporate business -75.9 -63.5 -55.2 -64.3 -65.6 -19.5 -71.3 -77.4 -76.5 46

 47 FA795000905 Financial business -80.2 -18.9 -88.8 -23.3 -12.4 -224.5 -94.8 106.6 136.2 47

 48 FA155000905 Households and institutions 813.9 687.4 734.9 747.2 701.3 852.0 638.9 788.1 750.7 48

 49 FA365000905 Government -855.3 -1001.2 -814.8 -1017.6 -1028.5 -1066.9 -146.3 -1299.7 -1333.0 49

 50 FA315000905 Federal -583.7 -704.2 -515.8 -706.5 -719.2 -781.6 144.2 -1019.8 -1036.5 50

 51 FA205000905 State and local -271.7 -297.0 -299.0 -311.1 -309.4 -285.3 -290.5 -279.9 -296.5 51

 52 FA087005005 Statistical discrepancy (line 21 less line 1) -254.9 -126.9 -143.2 -194.9 -186.8 -114.4 -76.6 -159.9 -42.6 52

 Addenda:

 53 FA895404005 Disaster losses 0.0 0.0 128.5 0.0 0.0 514.0 0.0 0.0 0.0 53

 54 FA835404005 Private 0.0 0.0 121.0 0.0 0.0 484.0 0.0 0.0 0.0 54

 55 FA825404003 Domestic business 0.0 0.0 36.0 0.0 0.0 144.0 0.0 0.0 0.0 55

 56 FA155404003 Households and institutions 0.0 0.0 85.0 0.0 0.0 340.0 0.0 0.0 0.0 56

 57 FA365404005 Government 0.0 0.0 7.5 0.0 0.0 30.0 0.0 0.0 0.0 57

 58 FA315404003 Federal 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 58

 59 FA215404003 State and local 0.0 0.0 7.5 0.0 0.0 30.0 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).
S

u

m

m

a

r

y

12 Z.1, September 20, 2018

F.5 Net Capital Transfers (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2015 2016 2017 2017 2018

 Q1 Q2 Q3 Q4 Q1 Q2

 1 FA895410005 Capital transfers paid, by sector 97.0 105.5 461.7 129.9 103.9 510.4 1102.4 102.8 100.4 1

 2 FA825410005 By private business 0.0 6.5 321.6 27.6 0.0 258.7 1000.0 0.0 0.0 2

 3 FA795410005 Financial corporations 0.0 1.8 114.1 27.6 0.0 258.7 170.0 0.0 0.0 3

 4 FA515410073 Disaster-related insurance benefits 0.0 0.0 64.7 0.0 0.0 258.7 0.0 0.0 0.0 4

 5 FA795410003 Other 0.0 1.8 49.4 27.6 0.0 0.0 170.0 0.0 0.0 5

 6 FA105410003 Nonfinancial corporations 0.0 4.7 207.5 0.0 0.0 0.0 830.0 0.0 0.0 6

 7 FA115410003 Noncorporate business 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 7

 8 FA365410005 By government 71.6 73.8 94.6 75.2 76.1 154.1 73.0 72.9 72.4 8

 9 FA315410005 Federal 71.6 73.8 93.4 75.2 76.1 149.2 73.0 72.9 72.4 9

 10 FA205400033 Investment grants to state and local govts. 63.8 67.0 66.0 66.4 68.2 64.9 64.5 64.5 64.2 10

 11 FA315410073 Disaster-related insurance benefits 0.0 0.0 19.0 0.0 0.0 76.0 0.0 0.0 0.0 11

 12 FA315410093 Financial stabilization payments (2) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12

 13 FA315410043 Other capital transfers paid to business 3.2 2.1 1.7 2.3 1.5 2.0 1.1 1.1 0.9 13

 14 FA315410053 Other capital transfers paid to persons 4.1 4.2 6.2 6.0 6.0 6.0 6.9 6.9 6.9 14

 15 FA315410063 Capital transfers paid to rest of world (net) 0.4 0.5 0.4 0.4 0.4 0.4 0.5 0.4 0.4 15

 16 FA205410073 State and local 0.0 0.0 1.2 0.0 0.0 4.9 0.0 0.0 0.0 16

 17 FA205410073 Disaster-related insurance benefits 0.0 0.0 1.2 0.0 0.0 4.9 0.0 0.0 0.0 17

 18 FA155410035 By persons 25.4 25.3 28.1 27.1 27.8 28.2 29.4 29.9 28.1 18

 19 FA315400053 Estate and gift taxes, federal 20.2 20.1 23.2 22.1 22.8 23.2 24.5 24.8 23.0 19

 20 FA205400053 Estate and gift taxes, state and local 5.2 5.2 5.0 5.0 5.0 4.9 5.0 5.1 5.1 20

 21 FA265410005 By the rest of the world 0.0 0.0 17.4 0.0 0.0 69.4 0.0 0.0 0.0 21

 22 FA265410073 Disaster-related insurance benefits 0.0 0.0 17.4 0.0 0.0 69.4 0.0 0.0 0.0 22

 23 FA265410003 Other 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 23

 24 FA895400005 Capital transfers received, by sector 97.0 105.5 461.7 129.9 103.9 510.4 1102.4 102.8 100.4 24

 25 FA825400005 By private business 3.2 2.1 43.2 2.3 1.5 167.7 1.1 1.1 0.9 25

 26 FA795400005 Financial corporations 0.0 0.0 2.8 0.0 0.0 11.3 0.0 0.0 0.0 26

 27 FA515400073 Disaster-related insurance benefits 0.0 0.0 2.8 0.0 0.0 11.3 0.0 0.0 0.0 27

 28 FA795400003 Other 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 28

 29 FA105400005 Nonfinancial corporations 3.2 2.1 27.2 2.3 1.5 104.0 1.1 1.1 0.9 29

 30 FA105400073 Disaster-related insurance benefits 0.0 0.0 25.5 0.0 0.0 102.0 0.0 0.0 0.0 30

 31 FA105400003 Other 3.2 2.1 1.7 2.3 1.5 2.0 1.1 1.1 0.9 31

 32 FA115400005 Noncorporate business 0.0 0.0 13.1 0.0 0.0 52.3 0.0 0.0 0.0 32

 33 FA115400075 Disaster-related insurance benefits 0.0 0.0 13.1 0.0 0.0 52.3 0.0 0.0 0.0 33

 34 FA115400003 Other 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 34

 35 FA365400005 By government 89.2 92.3 347.2 93.6 95.9 105.2 1094.0 94.4 92.2 35

 36 FA315400005 Federal 20.2 20.1 273.2 22.1 22.8 23.2 1024.5 24.8 23.0 36

 37 FA315400053 Estate and gift taxes paid by persons 20.2 20.1 23.2 22.1 22.8 23.2 24.5 24.8 23.0 37

 38 FA315400003 Other 0.0 0.0 250.0 0.0 0.0 0.0 1000.0 0.0 0.0 38

 39 FA205400005 State and local 69.0 72.3 74.0 71.5 73.1 82.0 69.5 69.6 69.3 39

 40 FA205400073 Disaster-related insurance benefits 0.0 0.0 3.0 0.0 0.0 12.2 0.0 0.0 0.0 40

 41 FA205400053 Estate and gift taxes paid by persons 5.2 5.2 5.0 5.0 5.0 4.9 5.0 5.1 5.1 41

 42 FA205400033 Investment grants paid by federal government 63.8 67.0 66.0 66.4 68.2 64.9 64.5 64.5 64.2 42

 43 FA205400003 Other 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 43

 44 FA155400005 By persons 4.1 10.7 50.3 33.6 6.0 154.9 6.9 6.9 6.9 44

 45 FA155400073 Disaster-related insurance benefits 0.0 0.0 37.2 0.0 0.0 148.9 0.0 0.0 0.0 45

 46 FA155400003 Other 4.1 10.7 13.1 33.6 6.0 6.0 6.9 6.9 6.9 46

 47 FA265400005 By the rest of the world 0.4 0.5 21.0 0.4 0.4 82.7 0.5 0.4 0.4 47

 48 FA265400033 Capital transfers paid by U.S. government 0.4 0.5 0.4 0.4 0.4 0.4 0.5 0.4 0.4 48

 49 FA265400073 Disaster-related insurance benefits 0.0 0.0 20.6 0.0 0.0 82.3 0.0 0.0 0.0 49

 50 FA265400003 Other 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 50

 Addenda: Net capital transfers paid by sector

 51 FA825440005 By private business (lines 2-25) -3.2 4.4 278.4 25.3 -1.5 91.0 998.9 -1.1 -0.9 51

 52 FA795440005 Financial corporations (lines 3-26) 0.0 1.8 111.2 27.6 0.0 247.4 170.0 0.0 0.0 52

 53 FA515440005 Property-casualty insurance companies 0.0 0.0 67.3 0.0 0.0 247.4 21.7 0.0 0.0 53

 54 FA545410003 Life insurance companies 0.0 0.0 3.0 0.0 0.0 0.0 12.2 0.0 0.0 54

 55 FA765440005 U.S.-chartered depository institutions 0.0 1.8 17.8 27.6 0.0 0.0 43.6 0.0 0.0 55

 56 FA405400033 Government-sponsored enterprises 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 56

 57 FA615410003 Finance companies 0.0 0.0 11.9 0.0 0.0 0.0 47.6 0.0 0.0 57

 58 FA665410003 Brokers and dealers 0.0 0.0 11.2 0.0 0.0 0.0 44.9 0.0 0.0 58

 59 FA735400033 Holding companies (GMAC) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 59

 60 FA505400033 Funding corporations (AIG) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 60

 61 FA105440005 Nonfinancial corporations (lines 6-29) -3.2 2.6 180.3 -2.3 -1.5 -104.0 828.9 -1.1 -0.9 61

 62 FA115440005 Noncorporate business (lines 7-32) 0.0 0.0 -13.1 0.0 0.0 -52.3 0.0 0.0 0.0 62

 63 FA365440005 By government (lines 8-35) -17.6 -18.6 -252.6 -18.4 -19.8 49.0 -1021.0 -21.5 -19.9 63

 64 FA315440005 Federal (lines 9-36) 51.4 53.7 -179.8 53.1 53.3 126.0 -951.5 48.1 49.4 64

 65 FA205440005 State and local (lines 16-39) -69.0 -72.3 -72.8 -71.5 -73.1 -77.0 -69.5 -69.6 -69.3 65

 66 FA155440005 By persons (lines 18-44) 21.3 14.6 -22.2 -6.4 21.8 -126.8 22.6 23.0 21.2 66

 67 FA265440005 By the rest of the world (lines 21-47) -0.4 -0.5 -3.6 -0.4 -0.4 -13.2 -0.5 -0.4 -0.4 67

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

(2) Series treated as capital losses in the financial corporations sectors rather than as capital transfers in the Financial Accounts of the United States.
S

u

m

m

a

r

y

Z.1, September 20, 2018 13

F.6 Derivation of Measures of Personal Saving (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2015 2016 2017 2017 2018

 Q1 Q2 Q3 Q4 Q1 Q2

 1 FA174090005 Net acquisition of financial assets 1658.8 1590.9 1783.4 2250.8 1819.8 1272.8 1790.1 3205.0 1945.2 1

 2 FA153091003 Foreign deposits -13.8 -5.6 12.8 18.1 12.4 23.7 -3.0 12.6 0.2 2

 3 FA173020005 Checkable deposits and currency 67.3 -35.9 36.3 432.4 -142.3 -225.6 80.5 613.4 -163.1 3

 4 FA173030005 Time and savings deposits 552.5 703.3 298.3 592.3 245.0 427.1 -71.4 819.0 823.7 4

 5 FA173034005 Money market fund shares -14.3 8.7 64.0 0.9 18.8 213.2 23.1 29.6 180.1 5

 6 FA174022005 Debt securities 270.4 -16.1 37.6 17.2 313.8 -267.4 86.8 827.1 771.5 6

 7 FA173061105 Treasury securities 310.6 139.3 19.3 -99.0 743.7 -481.1 -86.5 1052.0 805.0 7

 8 FA153061705 Agency- and GSE-backed securities 199.9 -69.6 122.6 244.7 -284.8 321.8 208.9 49.7 226.9 8

 9 FA173062005 Municipal securities -42.6 5.6 -53.3 -121.0 -53.6 -76.5 37.9 -87.9 -59.9 9

 10 FA153063005 Corporate and foreign bonds -197.4 -91.3 -51.0 -7.4 -91.5 -31.5 -73.5 -186.7 -200.5 10

 11 FA174023005 Loans -55.5 -0.5 -61.0 61.1 -5.4 -96.7 -203.1 -3.0 -32.6 11

 12 FA153064105 Corporate equities (2) -134.2 -125.9 225.2 168.2 445.4 -121.7 409.0 -79.4 -671.6 12

 13 FA153064205 Mutual fund shares 98.0 186.7 345.8 209.2 154.5 568.0 451.5 268.7 203.5 13

 14 FA163070005 Trade receivables 17.1 18.7 19.6 19.6 19.6 19.6 19.6 18.9 18.9 14

 15 FA153040005 Life insurance reserves 47.3 41.8 19.0 24.5 1.6 25.0 24.7 35.4 34.5 15

 16 FA153050005 Pension entitlements 413.2 340.8 384.0 439.7 351.4 278.7 466.2 301.4 336.2 16

 17 FA173099005 Miscellaneous and other assets 410.8 475.0 401.8 267.5 404.9 428.8 506.1 361.4 443.7 17

 18 FA175050005 Gross investment in nonfinancial assets 2287.1 2381.5 2512.0 2461.9 2490.2 2521.3 2574.4 2587.9 2631.4 18

 19 FA175012005 Residential fixed investment 625.3 689.6 745.0 735.8 734.6 742.0 767.7 770.3 779.5 19

 20 FA175013005 Nonresidential fixed investment 440.4 449.9 469.2 460.6 471.5 472.0 472.8 490.8 507.2 20

 21 FA155111003 Consumer durables 1213.2 1251.9 1308.8 1280.0 1296.6 1313.2 1345.3 1334.8 1357.4 21

 22 FA155420003 Nonproduced nonfinancial assets -10.5 -11.3 -11.8 -11.6 -11.7 -11.8 -12.0 -12.2 -12.4 22

 23 FA115020005 Inventories 18.8 1.2 0.7 -2.9 -0.8 5.9 0.6 4.2 -0.3 23

 24 FA176300005 Consumption of fixed capital 1793.5 1854.8 1928.2 1896.0 1921.7 1939.2 1955.9 1939.9 1968.2 24

 25 FA176320005 Residential fixed investment 436.0 456.8 484.2 475.7 481.8 487.3 492.0 498.6 507.0 25

 26 FA176330005 Nonresidential fixed investment 353.2 363.1 376.7 368.1 373.9 380.4 384.4 392.3 400.3 26

 27 FA156300103 Consumer durables 1004.3 1034.9 1067.3 1052.2 1066.0 1071.5 1079.5 1049.0 1061.0 27

 28 FA172010005 Net investment in nonfinancial assets (3) 493.6 526.7 583.8 565.9 568.5 582.1 618.5 648.0 663.1 28

 29 FA175012865 Residential fixed investment 189.3 232.9 260.8 260.1 252.8 254.7 275.7 271.7 272.5 29

 30 FA175013865 Nonresidential fixed investment 87.1 86.8 92.5 92.5 97.6 91.6 88.4 98.5 106.9 30

 31 FA155111005 Consumer durables 208.9 217.1 241.5 227.8 230.6 241.7 265.8 285.8 296.4 31

 32 FA155420003 Nonproduced nonfinancial assets -10.5 -11.3 -11.8 -11.6 -11.7 -11.8 -12.0 -12.2 -12.4 32

 33 FA115020005 Inventories 18.8 1.2 0.7 -2.9 -0.8 5.9 0.6 4.2 -0.3 33

 34 FA174190005 Net increase in liabilities 599.8 916.1 962.9 769.7 1023.0 717.2 1341.8 803.6 922.8 34

 35 FA173165105 Home mortgages 147.3 249.0 333.5 333.4 354.1 322.6 323.8 308.0 273.3 35

 36 FA173165205 Other mortgages 174.6 216.6 192.4 134.1 206.3 155.4 273.8 156.9 198.3 36

 37 FA153166000 Consumer credit 234.4 230.0 187.3 185.8 164.6 145.5 253.3 126.1 155.5 37

 38 FA153169005 Other loans and advances -76.5 -10.2 60.9 14.5 64.2 -11.3 176.3 25.9 -7.6 38

 39 FA173199005 Other liabilities 120.0 230.6 188.8 101.8 233.9 104.9 314.6 186.8 303.2 39

 40 FA175440005 Net capital transfers paid (4) 21.3 14.6 -35.3 -6.4 21.8 -179.1 22.6 23.0 21.2 40

 41 FA176007025 Personal saving, FOF concept (FOF) 1573.9 1216.1 1368.9 2040.6 1387.0 958.6 1089.4 3072.4 1706.7 41

 42 FA155111005 - Net investment in consumer durables 208.9 217.1 241.5 227.8 230.6 241.7 265.8 285.8 296.4 42

 43 FA313154015 - Government insurance and pension fund reserves (5) -2.4 -2.0 -2.1 -2.5 -2.5 -2.4 -1.1 -2.4 -1.5 43

 44 FA156600075 + Contr. for govt. soc. insur., U.S.-affiliated areas 5.3 5.1 5.2 5.2 5.1 5.2 5.2 5.3 5.4 44

 45 FA176007005 = Personal saving, NIPA concept (FOF) (6) 1372.7 1006.1 1134.7 1820.4 1164.0 724.5 829.9 2794.3 1417.1 45

 46 FA156007015 Personal saving, NIPA concept (NIPA) 1044.2 948.2 986.8 1014.9 990.2 993.4 948.9 1094.3 1054.3 46

 47 FA176007085 Difference 328.5 57.9 147.9 805.5 173.8 -268.8 -119.0 1699.9 362.8 47

 Memo:

 48 FA156012005 Disposable personal income 13784.3 14170.9 14796.3 14599.6 14707.0 14846.6 15032.2 15289.2 15455.1 48

 Personal saving as a percentage of disposable personal income:

 49 FA176007026 FOF concept (FOF data) (line 41) 11.42 8.58 9.25 13.98 9.43 6.46 7.25 20.10 11.04 49

 50 FA176007006 NIPA concept (FOF data) (line 45) 9.96 7.10 7.67 12.47 7.91 4.88 5.52 18.28 9.17 50

 51 FA156007016 NIPA concept (NIPA data) (line 46) 7.58 6.69 6.67 6.95 6.73 6.69 6.31 7.16 6.82 51

 52 FA176007086 Difference (line 47) 2.38 0.41 1.00 5.52 1.18 -1.81 -0.79 11.12 2.35 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 13), life insurance reserves (line 15), and pension entitlements (line 16).

(3) Line 18 less line 24.

(4) Table F.5, line 62 plus line 66.

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

(6) Lines 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).
S

u

m

m

a

r

y

14 Z.1, September 20, 2018

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

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

2015 2016 2017 2017 2018

 Q1 Q2 Q3 Q4 Q1 Q2

 1 FL174090005 Total financial assets 68672.6 72688.9 79064.4 74497.1 75391.1 76926.4 79064.4 79886.4 81347.7 1

 2 LM153091003 Foreign deposits 31.9 26.3 39.1 30.8 33.9 39.8 39.1 42.2 42.3 2

 3 FL173020005 Checkable deposits and currency 1464.1 1417.2 1453.5 1507.6 1463.8 1375.9 1453.5 1591.9 1544.2 3

 4 FL173030005 Time and savings deposits 9311.2 10014.8 10274.1 10140.8 10086.8 10240.3 10274.1 10486.8 10566.2 4

 5 FL173034005 Money market fund shares 1639.7 1648.4 1712.4 1602.8 1581.0 1652.7 1712.4 1676.4 1694.1 5

 6 FL174022005 Debt securities 4610.0 4585.7 4440.4 4521.3 4363.5 4299.4 4440.4 5035.4 5371.6 6

 7 FL173061105 Treasury securities 1200.8 1407.5 1442.7 1359.7 1402.6 1324.2 1442.7 1781.5 1885.4 7

 8 FL153061705 Agency- and GSE-backed securities 445.6 396.9 508.7 428.5 387.3 457.1 508.7 523.7 637.4 8

 9 FL173062005 Municipal securities 1678.8 1710.6 1634.1 1685.6 1670.2 1633.9 1634.1 1636.5 1630.4 9

 10 FL153063005 Corporate and foreign bonds 1284.8 1070.6 854.9 1047.6 903.4 884.2 854.9 1093.8 1218.4 10

 11 FL174023005 Loans 1042.2 1041.6 980.6 1056.9 1055.6 1031.4 980.6 979.9 971.7 11

 12 FL153069005 Other loans and advances 840.8 839.8 784.1 857.1 855.2 834.5 784.1 784.9 777.7 12

 13 FL173065005 Mortgages 156.5 160.5 161.7 160.4 162.3 161.1 161.7 161.7 161.8 13

 14 FL173066005 Consumer credit 44.9 41.3 34.8 39.4 38.1 35.8 34.8 33.2 32.2 14

 15 LM153064105 Corporate equities (2) 13382.2 14868.1 17769.4 15613.2 16136.8 16783.2 17769.4 17510.1 18105.6 15

 16 LM153064205 Mutual fund shares 6729.8 7201.7 8579.6 7623.5 7870.4 8247.3 8579.6 8629.3 8764.3 16

 17 FL163070005 Trade receivables 257.9 276.5 296.2 281.4 286.3 291.2 296.2 300.9 305.6 17

 18 FL153040005 Life insurance reserves 1510.9 1568.1 1626.6 1586.3 1594.3 1610.2 1626.6 1632.7 1646.5 18

 19 FL583150005 Pension entitlements 23572.9 24448.0 25897.8 24876.0 25162.5 25494.0 25897.8 25921.4 26148.0 19

 20 FL543150005 Life insurance companies 3002.3 3103.6 3316.9 3172.4 3212.9 3258.5 3316.9 3293.9 3322.2 20

 21 FL574190005 Private pension funds 8603.2 9040.4 9801.6 9280.2 9415.3 9583.9 9801.6 9761.2 9844.8 21

 22 FL363150005 Governments 11967.4 12304.0 12779.3 12423.4 12534.4 12651.6 12779.3 12866.3 12981.1 22

 23 FL173099005 Miscellaneous and other assets 5188.1 5664.7 6071.7 5729.7 5830.5 5936.6 6071.7 6157.0 6266.4 23

 24 FL174190005 Total liabilities 21244.8 22127.8 23064.4 22232.2 22500.3 22712.0 23064.4 23177.5 23424.3 24

 25 FL173165105 Home mortgages 10067.1 10284.2 10590.3 10332.0 10418.2 10510.4 10590.3 10632.0 10701.9 25

 26 FL173165205 Other mortgages 3102.9 3319.5 3512.0 3353.1 3404.6 3443.5 3512.0 3551.2 3600.8 26

 27 FL153166000 Consumer credit 3413.6 3643.7 3831.0 3639.2 3694.5 3752.2 3831.0 3811.6 3864.7 27

 28 FL153169005 Other loans and advances 437.4 427.2 488.2 430.9 446.9 444.1 488.2 494.6 492.7 28

 29 FL173199005 Other liabilities 4223.8 4453.2 4643.1 4477.1 4536.0 4561.9 4643.1 4688.1 4764.2 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 16), life insurance reserves (line 18), and pension entitlements (line 19).
Transactions

Z.1, September 20, 2018 15

F.100 Domestic Nonfinancial Sectors (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2015 2016 2017 2017 2018

 Q1 Q2 Q3 Q4 Q1 Q2

 1 FA386000105 Gross saving less net capital transfers paid 4710.8 4484.0 4800.7 4659.5 4664.1 4976.9 4902.5 4928.3 4892.1 1

 2 FA385090005 Gross investment 5315.3 4604.2 5061.5 5032.0 4884.1 4943.0 5386.9 5749.5 5001.0 2

 3 FA385050005 Capital expenditures 4805.5 4787.4 5056.2 4939.3 5010.7 5106.6 5168.2 5260.2 5333.7 3

 4 FA155111003 Consumer durables 1213.2 1251.9 1308.8 1280.0 1296.6 1313.2 1345.3 1334.8 1357.4 4

 5 FA385012005 Fixed residential investment 641.0 698.7 760.5 755.4 744.7 762.7 779.4 785.2 793.8 5

 6 FA385013005 Fixed nonresidential investment 2822.7 2807.9 2961.4 2895.9 2952.4 2975.3 3022.0 3103.9 3183.7 6

 7 FA145020005 Inventory change 128.7 28.9 25.5 8.0 17.1 55.4 21.5 36.3 -1.2 7

 8 FA385420005 Nonproduced nonfinancial assets -0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.0 0.0 8

 9 FA385000005 Net lending (+) or net borrowing (-) 509.8 -183.2 5.3 92.7 -126.6 -163.6 218.7 489.3 -332.7 9

 10 FA384090005 Net acqisition of financial assets 3591.2 3518.3 3243.9 2491.3 3518.3 2681.4 4284.6 3875.4 2302.8 10

 11 FA313011005 U.S. official reserve assets -6.4 2.2 -1.7 -1.1 0.5 -0.3 -6.1 -0.1 12.5 11

 12 FA383091005 Foreign deposits -33.9 -2.0 121.1 -6.4 87.0 390.1 13.6 50.2 -160.1 12

 13 FA383020005 Checkable deposits and currency 232.7 194.2 19.8 -412.9 556.2 -235.9 171.8 883.7 -89.0 13

 14 FA383030005 Time and savings deposits 559.3 728.9 316.8 573.7 265.5 451.5 -23.5 802.9 801.1 14

 15 FA383034005 Money market fund shares 4.5 -98.5 77.3 -0.6 22.2 260.0 27.7 40.6 232.0 15

 16 FA382051005 Security repurchase agreements 19.3 32.9 -49.8 -39.2 -133.0 -61.7 34.5 -118.6 -75.0 16

 17 FA384022005 Debt securities 254.8 27.6 60.9 55.6 282.5 -311.9 217.5 715.3 806.7 17

 18 FA383069105 Open market paper -4.1 -13.2 31.8 41.9 45.1 -14.9 55.2 34.8 67.7 18

 19 FA383061105 Treasury securities 331.3 189.1 -5.2 -124.7 656.8 -522.1 -30.9 985.2 816.2 19

 20 FA383061705 Agency- and GSE-backed securities 162.6 -64.6 131.7 242.6 -268.4 328.1 224.6 7.8 194.8 20

 21 FA383062005 Municipal securities -41.3 3.3 -44.0 -96.7 -49.4 -66.2 36.5 -103.5 -57.7 21

 22 FA383063005 Corporate and foreign bonds -193.6 -87.0 -53.4 -7.5 -101.6 -36.8 -67.8 -209.0 -214.2 22

 23 FA384023005 Loans 57.3 108.7 33.4 155.9 54.0 -0.1 -76.2 54.1 32.3 23

 24 FA383069005 Other loans and advances -50.4 -0.8 -53.8 69.8 -6.6 -76.7 -201.4 -1.0 -14.1 24

 25 FA383065005 Mortgages 6.8 11.7 -1.7 -6.1 -5.6 -5.1 10.1 -23.6 -16.2 25

 26 FA383066005 Consumer credit 100.8 97.8 88.8 92.2 66.2 81.8 115.2 78.6 62.7 26

 27 FA383064105 Corporate equities -174.5 -69.1 107.9 58.5 326.9 -241.6 287.9 -191.2 -794.7 27

 28 FA383064205 Mutual fund shares 106.7 176.9 350.5 214.5 157.1 571.9 458.5 267.9 205.1 28

 29 FA383070005 Trade receivables 56.7 332.7 370.0 234.8 321.8 507.9 415.6 354.5 436.4 29

 30 FA153040005 Life insurance reserves 47.3 41.8 19.0 24.5 1.6 25.0 24.7 35.4 34.5 30

 31 FA153050005 Pension entitlements 413.2 340.8 384.0 439.7 351.4 278.7 466.2 301.4 336.2 31

 32 FA383078005 Taxes payable 6.1 47.5 266.2 38.3 -68.8 31.9 1063.3 -76.2 -107.3 32

 33 FA152090205 Equity in noncorporate business 217.7 139.8 114.0 128.6 125.5 77.3 124.6 162.2 150.6 33

 34 FA103092005 U.S. direct investment abroad 264.1 254.5 276.9 414.2 112.4 212.3 368.8 -558.4 -245.1 34

 35 FA383090005 Miscellaneous assets 1566.1 1259.2 777.6 613.3 1055.4 726.0 715.7 1151.8 726.8 35

 36 FA384190005 Net increase in liabilities 3081.4 3701.5 3238.6 2398.6 3644.9 2845.0 4065.9 3386.0 2635.5 36

 37 FA313111303 U.S. official reserve assets 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 37

 38 FA713014003 SDR certificates 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 38

 39 FA313112003 Treasury currency -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 39

 40 FA384122005 Debt securities 1151.9 1158.0 747.8 215.2 915.9 1986.9 -126.9 3011.3 1164.1 40

 41 FA103169100 Open market paper -3.0 1.8 25.9 11.4 32.5 68.8 -9.2 3.5 15.5 41

 42 FA313161105 Treasury securities 724.4 842.8 447.0 -164.0 655.9 1636.1 -339.8 2827.3 1190.6 42

 43 FA313161705 Agency- and GSE-backed securities 0.2 -0.1 -0.1 -0.9 0.7 -0.1 0.1 1.1 -4.6 43

 44 FA383162005 Municipal securities 14.8 43.1 11.9 -67.4 4.8 -51.6 162.0 -93.9 -14.2 44

 45 FA103163003 Corporate and foreign bonds 415.4 270.4 263.0 436.1 222.1 333.7 60.0 273.3 -23.3 45

 46 FA384123005 Loans 741.9 925.5 984.6 771.6 1118.8 770.3 1277.6 669.4 1119.0 46

 47 FA383168005 Depository institution loans n.e.c. 200.4 129.5 87.9 45.5 106.3 86.2 113.7 95.8 219.9 47

 48 FA383169005 Other loans and advances -76.5 47.6 138.6 50.0 243.8 26.6 233.9 -80.1 160.8 48

 49 FA383165005 Mortgages 383.6 518.4 570.7 490.2 604.1 512.0 676.7 527.6 582.7 49

 50 FA153166000 Consumer credit 234.4 230.0 187.3 185.8 164.6 145.5 253.3 126.1 155.5 50

 51 FA103164103 Corporate equities -549.6 -576.8 -315.3 -359.3 -208.9 -470.5 -222.3 -404.5 -841.2 51

 52 FA383170005 Trade payables 76.2 364.2 375.4 202.5 326.3 456.4 516.3 335.0 440.1 52

 53 FA313140003 Life insurance reserves -0.1 0.1 -0.2 -1.1 -0.5 0.6 0.3 0.4 -0.6 53

 54 FA143178005 Taxes payable 3.9 -1.4 218.4 15.9 12.3 -5.3 850.7 -6.3 -84.1 54

 55 FA112090205 Equity in noncorporate business 210.5 125.8 118.3 130.1 132.9 80.3 130.1 136.5 143.1 55

 56 FA143192005 Foreign direct investment in U.S. 414.6 410.7 251.1 320.1 269.4 243.5 171.4 198.5 -35.6 56

 57 FA383190005 Miscellaneous liabilities 1032.2 1295.3 858.5 1103.7 1078.7 -217.2 1468.8 -554.3 730.7 57

 58 FA387005005 Discrepancy -604.5 -120.3 -260.8 -372.5 -220.0 33.9 -484.4 -821.3 -108.9 58

(1) Sum of domestic nonfinancial sectors shown on tables F.101 through F.107.
Transactions

16 Z.1, September 20, 2018

F.101 Households and Nonprofit Organizations (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2015 2016 2017 2017 2018

 Q1 Q2 Q3 Q4 Q1 Q2

 1 FA156010001 Personal income 15719.5 16125.1 16830.9 16604.4 16721.2 16895.1 17103.1 17319.2 17497.6 1

 2 FA156210005 - Personal current taxes 1935.2 1954.3 2034.6 2004.9 2014.2 2048.5 2070.9 2030.0 2042.6 2

 3 FA156012005 = Disposable personal income 13784.3 14170.9 14796.3 14599.6 14707.0 14846.6 15032.2 15289.2 15455.1 3

 4 FA156900005 - Personal outlays 12740.1 13222.7 13809.5 13584.7 13716.7 13853.3 14083.3 14194.8 14400.8 4

 5 FA156007015 = Personal saving, NIPA (2) 1044.2 948.2 986.8 1014.9 990.2 993.4 948.9 1094.3 1054.3 5

 6 FA313154015 + Government insurance and pension reserves (3) -2.4 -2.0 -2.1 -2.5 -2.5 -2.4 -1.1 -2.4 -1.5 6

 7 FA156600075 - Contr. for govt. soc. insur., U.S.-affiliated areas 5.3 5.1 5.2 5.2 5.1 5.2 5.2 5.3 5.4 7

 8 FA155111005 + Net investment in consumer durables 208.9 217.1 241.5 227.8 230.6 241.7 265.8 285.8 296.4 8

 9 FA156300005 + Consumption of fixed capital 1490.9 1544.7 1606.4 1579.1 1601.6 1615.6 1629.2 1608.9 1631.5 9

 10 FA155440005 - Net capital transfers paid (4) 21.3 14.6 -22.2 -6.4 21.8 -126.8 22.6 23.0 21.2 10

 11 FA156000105 = Gross saving less net capital transfers paid 2715.1 2688.3 2849.6 2820.6 2793.1 2969.8 2815.0 2958.4 2954.2 11

 12 FA155090005 Gross investment 3043.5 2746.2 2997.5 3626.1 2966.8 2701.0 2696.1 4658.3 3317.0 12

 13 FA155050005 Capital expenditures 1908.8 2008.0 2122.1 2081.0 2099.3 2125.4 2182.5 2178.0 2210.4 13

 14 FA155111003 Consumer durable goods 1213.2 1251.9 1308.8 1280.0 1296.6 1313.2 1345.3 1334.8 1357.4 14

 15 FA155012005 Residential 523.7 577.1 626.5 617.4 617.6 624.5 646.3 649.0 656.5 15

 16 FA165013005 Nonprofit nonresidential 182.5 190.3 198.6 195.1 196.8 199.5 202.8 206.3 208.9 16

 17 FA155420003 Nonproduced nonfinancial assets -10.5 -11.3 -11.8 -11.6 -11.7 -11.8 -12.0 -12.2 -12.4 17

 18 FA155000005 Net lending (+) or net borrowing (-) 1134.7 738.2 875.4 1545.1 867.5 575.6 513.6 2480.4 1106.7 18

 19 FA154090005 Net acquisition of financial assets 1471.7 1219.5 1469.3 2077.0 1500.5 1004.9 1294.7 2984.2 1569.9 19

 20 FA153091003 Foreign deposits -13.8 -5.6 12.8 18.1 12.4 23.7 -3.0 12.6 0.2 20

 21 FA153020005 Checkable deposits and currency 59.9 -60.7 36.1 441.5 -144.3 -217.8 64.9 596.3 -193.9 21

 22 FA153030005 Time and savings deposits 541.3 655.1 234.5 534.2 180.2 368.1 -144.3 759.7 754.4 22

 23 FA153034005 Money market fund shares -16.7 -0.3 56.2 -4.4 10.8 207.0 11.6 22.9 170.6 23

 24 FA154022005 Debt securities 265.4 -22.8 31.7 13.2 307.8 -272.0 78.1 822.0 764.3 24

 25 FA153061105 Treasury securities 305.9 133.0 13.8 -102.8 738.1 -485.5 -94.7 1047.3 798.3 25

 26 FA153061705 Agency- and GSE-backed securities 199.9 -69.6 122.6 244.7 -284.8 321.8 208.9 49.7 226.9 26

 27 FA153062005 Municipal securities -43.0 5.1 -53.7 -121.3 -54.0 -76.8 37.3 -88.2 -60.3 27

 28 FA153063005 Corporate and foreign bonds -197.4 -91.3 -51.0 -7.4 -91.5 -31.5 -73.5 -186.7 -200.5 28

 29 FA154023005 Loans -62.6 -4.8 -64.7 58.6 -9.2 -99.6 -208.6 -6.2 -37.1 29

 30 FA153069005 Other loans and advances (5) -52.4 -0.9 -55.7 69.1 -7.8 -82.6 -201.5 3.2 -28.9 30

 31 FA153065005 Mortgages -7.5 -0.2 -2.4 -2.9 4.1 -7.8 -3.2 -3.0 -4.2 31

 32 FA163066223 Consumer credit (student loans) -2.7 -3.6 -6.5 -7.6 -5.4 -9.1 -3.9 -6.4 -4.0 32

 33 FA153064105 Corporate equities (6) -134.2 -125.9 225.2 168.2 445.4 -121.7 409.0 -79.4 -671.6 33

 34 FA153064205 Mutual fund shares 98.0 186.7 345.8 209.2 154.5 568.0 451.5 268.7 203.5 34

 35 FA163070005 Trade receivables 17.1 18.7 19.6 19.6 19.6 19.6 19.6 18.9 18.9 35

 36 FA153040005 Life insurance reserves 47.3 41.8 19.0 24.5 1.6 25.0 24.7 35.4 34.5 36

 37 FA153050005 Pension entitlements (7) 413.2 340.8 384.0 439.7 351.4 278.7 466.2 301.4 336.2 37

 38 FA152090205 Equity in noncorporate business 217.7 139.8 114.0 128.6 125.5 77.3 124.6 162.2 150.6 38

 39 FA153090005 Miscellaneous assets 39.3 56.7 55.0 26.0 44.9 148.6 0.4 69.8 39.2 39

 40 FA154190005 Net increase in liabilities 337.0 481.3 593.9 531.9 633.0 429.3 781.1 503.9 463.2 40

 41 FA163162003 Debt securities (municipal securities) -7.9 -3.4 2.2 -0.7 14.8 -12.9 7.5 7.3 -1.4 41

 42 FA154123005 Loans 330.6 470.7 574.1 511.3 600.7 426.2 758.2 472.1 450.4 42

 43 FA153165105 Home mortgages (8) 133.4 232.7 316.5 321.7 336.7 301.3 306.3 296.6 257.2 43

 44 FA153166000 Consumer credit 234.4 230.0 187.3 185.8 164.6 145.5 253.3 126.1 155.5 44

 45 FA153168005 Depository institution loans n.e.c. (9) 31.6 10.6 1.9 -18.2 27.8 -16.9 14.8 15.9 37.6 45

 46 FA153169005 Other loans and advances -76.5 -10.2 60.9 14.5 64.2 -11.3 176.3 25.9 -7.6 46

 47 FA163165505 Commercial mortgages 7.8 7.6 7.5 7.5 7.5 7.5 7.5 7.6 7.6 47

 48 FA163170005 Trade payables 12.6 14.3 15.8 15.8 15.8 15.8 15.8 14.8 14.8 48

 49 FA543077073 Deferred and unpaid life insurance premiums 1.7 -0.3 1.8 5.5 1.7 0.2 -0.3 9.8 -0.6 49

 50 FA157005005 Discrepancy -328.5 -57.9 -147.9 -805.5 -173.8 268.8 119.0 -1699.9 -362.8 50

(1) Sector includes domestic hedge funds, private equity funds, and personal trusts. Supplementary tables (tables F.101.a and L.101.a) show estimates of annual transactions and year-end

 outstandings of nonprofit organizations.

(2) See table F.6 for derivation of alternative measures of personal saving.

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

(4) Table F.5, line 66.

(5) Includes cash accounts at brokers and dealers and syndicated loans to nonfinancial corporate business by nonprofits and domestic hedge funds.

(6) Directly held corporate equities, including closed-end fund, exchange-traded fund, and real estate investment trust shares.

(7) Includes public and private defined benefit and defined contribution pension plans and annuities, including those in IRAs, at life insurance companies. Excludes social security.

(8) Includes loans made under home equity lines of credit and home equity loans secured by junior liens (table F.218, line 24).

(9) Includes loans extended by the Federal Reserve to financial institutions such as domestic hedge funds through the Term Asset-Backed Securities Loan Facility (TALF).
Transactions

Z.1, September 20, 2018 17

F.102 Nonfinancial Business (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2015 2016 2017 2017 2018

 Q1 Q2 Q3 Q4 Q1 Q2

 1 FA146110005 Income before taxes 2920.1 2886.9 2977.0 2999.0 3017.5 3001.6 2890.2 2947.1 3056.9 1

 2 FA146000105 Gross saving less net capital transfers paid 2246.0 2159.1 2109.3 2204.1 2242.0 2425.1 1566.2 2593.9 2581.6 2

 3 FA145090005 Gross investment 2423.7 2127.1 2139.4 2283.5 2336.9 2464.9 1472.4 2286.7 2283.2 3

 4 FA145050005 Capital expenditures 2294.0 2143.5 2279.7 2208.4 2256.2 2334.7 2319.4 2408.9 2435.5 4

 5 FA145019005 Fixed investment 2136.0 2107.7 2253.7 2201.6 2240.4 2273.8 2299.0 2373.9 2437.9 5

 6 FA145012005 Residential 109.9 116.2 129.8 134.5 123.6 132.8 128.4 134.8 136.2 6

 7 FA145013005 Nonresidential 2026.1 1991.5 2123.8 2067.0 2116.8 2140.9 2170.7 2239.1 2301.6 7

 8 FA145020005 Change in inventories 128.7 28.9 25.5 8.0 17.1 55.4 21.5 36.3 -1.2 8

 9 FA105420005 Nonproduced nonfinancial assets 29.3 6.9 0.5 -1.2 -1.2 5.6 -1.1 -1.3 -1.1 9

 10 FA145000005 Net lending (+) or net borrowing (-) 129.6 -16.4 -140.3 75.1 80.7 130.2 -847.0 -122.2 -152.4 10

 11 FA144090005 Net acquisition of financial assets 1862.5 1959.4 1550.4 1313.4 1718.9 1522.1 1647.0 578.4 589.8 11

 12 FA103091003 Foreign deposits -20.1 3.6 108.3 -24.5 74.6 366.4 16.6 37.6 -160.3 12

 13 FA143020005 Checkable deposits and currency 74.4 185.0 143.2 147.3 343.7 -8.4 90.3 -167.6 -70.9 13

 14 FA143030005 Time and savings deposits 3.5 67.4 67.3 53.4 76.9 60.1 79.0 45.7 46.0 14

 15 FA143034005 Money market fund shares 21.4 -103.7 19.3 5.1 11.6 48.5 12.1 19.5 60.5 15

 16 FA102051003 Security repurchase agreements 14.0 29.5 -47.9 -39.1 -125.0 -57.5 30.0 -101.0 -64.2 16

 17 FA144022005 Debt securities 0.9 -2.5 48.6 63.1 66.0 0.0 65.4 8.4 90.8 17

 18 FA103069100 Commercial paper 0.6 -11.8 32.7 41.9 48.9 -12.9 53.0 43.2 72.8 18

 19 FA143061105 Treasury securities 0.4 10.2 5.9 -1.6 10.2 2.6 12.3 -14.7 12.3 19

 20 FA103061703 Agency- and GSE-backed securities -1.4 1.3 0.1 -1.8 1.5 -0.6 1.4 -6.5 1.9 20

 21 FA143062005 Municipal securities 1.4 -2.1 9.9 24.6 5.4 11.0 -1.3 -13.5 3.7 21

 22 FA144023005 Loans 9.5 4.8 0.9 1.3 -27.7 -6.3 36.3 -5.7 -27.7 22

 23 FA143065005 Mortgages 9.4 3.1 1.8 0.7 2.0 1.1 3.6 1.3 2.7 23

 24 FA143066005 Consumer credit 0.1 1.7 -0.9 0.6 -29.6 -7.4 32.7 -7.1 -30.4 24

 25 FA103064103 Corporate equities -42.3 54.6 -115.9 -109.7 -112.6 -117.0 -124.2 -115.9 -115.9 25

 26 FA103064203 Mutual fund shares 7.7 -11.0 5.4 5.4 5.4 5.4 5.4 5.4 5.4 26

 27 FA143070005 Trade receivables 26.4 290.8 329.9 225.5 269.8 449.0 375.3 321.9 382.6 27

 28 FA103092005 U.S. direct investment abroad 264.1 254.5 276.9 414.2 112.4 212.3 368.8 -558.4 -245.1 28

 29 FA143090005 Miscellaneous assets 1502.9 1186.2 714.2 571.6 1023.8 569.6 692.0 1088.4 688.8 29

 30 FA144190005 Net increase in liabilities 1732.9 1975.8 1690.6 1238.3 1638.3 1391.9 2494.0 700.6 742.1 30

 31 FA104122005 Debt securities 425.9 287.6 302.3 448.7 273.7 386.1 100.8 266.1 -8.5 31

 32 FA103169100 Commercial paper -3.0 1.8 25.9 11.4 32.5 68.8 -9.2 3.5 15.5 32

 33 FA103162000 Municipal securities 13.4 15.4 13.4 1.2 19.1 -16.5 50.0 -10.8 -0.8 33

 34 FA103163003 Corporate bonds 415.4 270.4 263.0 436.1 222.1 333.7 60.0 273.3 -23.3 34

 35 FA144123005 Loans 411.1 453.8 410.0 260.1 517.5 343.7 518.8 196.5 667.7 35

 36 FA143168005 Depository institution loans n.e.c. 168.8 118.8 86.0 63.7 78.5 103.1 98.9 79.9 182.3 36

 37 FA143169005 Other loans and advances -0.2 56.9 77.2 35.4 179.1 37.5 56.9 -106.8 167.5 37

 38 FA143165005 Mortgages 242.5 278.1 246.7 161.0 259.9 203.2 362.9 223.4 317.9 38

 39 FA103164103 Corporate equities -549.6 -576.8 -315.3 -359.3 -208.9 -470.5 -222.3 -404.5 -841.2 39

 40 FA143170005 Trade payables 6.7 277.5 291.7 139.6 246.0 364.0 417.0 254.6 359.8 40

 41 FA143178005 Taxes payable 3.9 -1.4 218.4 15.9 12.3 -5.3 850.7 -6.3 -84.1 41

 42 FA143192005 Foreign direct investment in U.S. 414.6 410.7 251.1 320.1 269.4 243.5 171.4 198.5 -35.6 42

 43 FA143190005 Miscellaneous liabilities 809.9 998.6 414.0 283.1 395.4 450.2 527.6 59.3 540.9 43

 44 FA112090205 Proprietors’ net investment 210.5 125.8 118.3 130.1 132.9 80.3 130.1 136.5 143.1 44

 45 FA107005005 Discrepancy -177.7 32.0 -30.1 -79.4 -94.9 -39.8 93.8 307.2 298.4 45

(1) Combined statement for nonfinancial corporate business and nonfinancial noncorporate business.
Transactions

18 Z.1, September 20, 2018

F.103 Nonfinancial Corporate Business

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2015 2016 2017 2017 2018

 Q1 Q2 Q3 Q4 Q1 Q2

 1 FA106060005 Profits before tax 1294.1 1254.3 1264.4 1315.4 1312.4 1281.8 1147.9 1179.9 1264.8 1

 2 FA106231005 - Taxes on corporate income 284.0 271.3 247.0 254.4 254.4 255.4 223.8 149.7 170.1 2

 3 FA106121075 - Net dividends 641.1 698.7 703.6 714.6 755.7 627.8 716.4 -326.1 242.1 3

 4 FA105020601 + Inventory valuation adjustment (IVA) 52.8 -1.0 -45.5 -63.8 -13.0 -30.8 -74.4 -74.1 -90.2 4

 5 FA106300015 + Capital consumption allowance (1) 1317.0 1368.2 1474.8 1402.7 1413.9 1428.9 1653.6 1669.9 1688.9 5

 6 FA106006065 + Foreign earnings retained abroad 201.3 200.2 211.7 199.6 217.2 148.4 281.5 -690.2 -207.4 6

 7 FA105440005 - Net capital transfers paid (2) -3.2 2.6 180.3 -2.3 -1.5 -104.0 828.9 -1.1 -0.9 7

 8 FA106000105 = Gross savings less net capital transfers paid 1943.4 1849.0 1774.4 1887.2 1921.8 2049.1 1239.5 2262.9 2244.8 8

 9 FA105090005 Gross investment 2121.1 1817.0 1804.5 1966.6 2016.8 2088.9 1145.7 1955.7 1946.4 9

 10 FA105050005 Capital expenditures 1915.7 1770.1 1889.8 1827.5 1865.3 1938.8 1927.4 1999.0 2014.5 10

 11 FA105019005 Fixed investment (3) 1776.5 1735.5 1864.5 1817.8 1848.7 1883.8 1907.7 1968.1 2016.6 11

 12 FA105020005 Inventory change + IVA 109.9 27.7 24.8 10.9 17.8 49.5 20.9 32.2 -1.0 12

 13 FA105420005 Nonproduced nonfinancial assets 29.3 6.9 0.5 -1.2 -1.2 5.6 -1.1 -1.3 -1.1 13

 14 FA105000005 Net lending (+) or net borrowing (-) 205.4 46.9 -85.3 139.1 151.5 150.1 -781.7 -43.3 -68.1 14

 15 FA104090005 Net acquisition of financial assets 1465.0 1462.2 1118.0 1009.6 1266.8 1173.9 1021.5 221.1 71.3 15

 16 FA103091003 Foreign deposits -20.1 3.6 108.3 -24.5 74.6 366.4 16.6 37.6 -160.3 16

 17 FA103020005 Checkable deposits and currency 67.0 160.2 143.0 156.4 341.7 -0.7 74.7 -184.7 -101.7 17

 18 FA103030003 Time and savings deposits -7.7 19.2 3.6 -4.8 12.1 1.1 6.1 -13.6 -23.3 18

 19 FA103034000 Money market fund shares 19.0 -112.6 11.5 -0.2 3.5 42.3 0.5 12.8 51.0 19

 20 FA102051003 Security repurchase agreements 14.0 29.5 -47.9 -39.1 -125.0 -57.5 30.0 -101.0 -64.2 20

 21 FA104022005 Debt securities -4.1 -9.2 42.8 59.2 60.0 -4.6 56.7 3.4 83.6 21

 22 FA103069100 Commercial paper 0.6 -11.8 32.7 41.9 48.9 -12.9 53.0 43.2 72.8 22

 23 FA103061103 Treasury securities -4.3 3.9 0.4 -5.3 4.5 -1.8 4.2 -19.4 5.6 23

 24 FA103061703 Agency- and GSE-backed securities -1.4 1.3 0.1 -1.8 1.5 -0.6 1.4 -6.5 1.9 24

 25 FA103062003 Municipal securities 1.0 -2.6 9.5 24.3 5.0 10.7 -1.9 -13.9 3.2 25

 26 FA104023005 Loans 2.4 0.6 -2.8 -1.2 -31.4 -9.2 30.8 -8.9 -32.2 26

 27 FA103065003 Mortgages 2.3 -1.1 -1.8 -1.8 -1.8 -1.8 -1.8 -1.8 -1.8 27

 28 FA103066005 Consumer credit 0.1 1.7 -0.9 0.6 -29.6 -7.4 32.7 -7.1 -30.4 28

 29 FA103064103 Corporate equities -42.3 54.6 -115.9 -109.7 -112.6 -117.0 -124.2 -115.9 -115.9 29

 30 FA103064203 Mutual fund shares 7.7 -11.0 5.4 5.4 5.4 5.4 5.4 5.4 5.4 30

 31 FA103070005 Trade receivables 32.7 223.3 271.4 185.6 209.4 402.5 288.2 271.5 310.8 31

 32 FA103092005 U.S. direct investment abroad (4) 264.1 254.5 276.9 414.2 112.4 212.3 368.8 -558.4 -245.1 32

 33 FA103090005 Miscellaneous assets 1132.2 849.4 421.6 368.5 716.8 333.0 268.0 872.9 363.5 33

 34 FA104190005 Net increase in liabilities 1259.6 1415.3 1203.2 870.5 1115.3 1023.8 1803.3 264.3 139.4 34

 35 FA104122005 Debt securities 425.9 287.6 302.3 448.7 273.7 386.1 100.8 266.1 -8.5 35

 36 FA103169100 Commercial paper -3.0 1.8 25.9 11.4 32.5 68.8 -9.2 3.5 15.5 36

 37 FA103162000 Municipal securities (5) 13.4 15.4 13.4 1.2 19.1 -16.5 50.0 -10.8 -0.8 37

 38 FA103163003 Corporate bonds (4) 415.4 270.4 263.0 436.1 222.1 333.7 60.0 273.3 -23.3 38

 39 FA104123005 Loans 160.3 158.5 161.7 93.1 256.3 152.8 144.4 -14.7 361.3 39

 40 FA103168005 Depository institution loans n.e.c. 104.8 55.8 40.1 24.2 39.3 75.8 21.0 28.1 92.6 40

 41 FA103169005 Other loans and advances (6) -6.1 50.0 76.8 46.3 173.3 43.1 44.4 -105.4 157.6 41

 42 FA103165005 Mortgages 61.7 52.7 44.8 22.6 43.7 34.0 79.1 62.7 111.1 42

 43 FA103164103 Corporate equities -549.6 -576.8 -315.3 -359.3 -208.9 -470.5 -222.3 -404.5 -841.2 43

 44 FA103170005 Trade payables 22.4 194.6 220.8 100.8 169.0 305.7 307.6 208.4 265.0 44

 45 FA103178005 Taxes payable -1.3 -8.8 212.0 11.6 5.7 -10.4 841.2 -11.8 -91.9 45

 46 FA103192005 Foreign direct investment in U.S. 412.7 408.5 248.4 320.4 266.3 242.3 164.7 196.8 -36.1 46

 47 FA103190005 Miscellaneous liabilities 789.2 951.6 373.2 255.2 353.2 417.7 466.8 24.1 490.9 47

 48 FA573074005 Pension fund contributions payable 15.2 3.9 8.9 12.5 3.5 6.4 13.2 13.0 13.6 48

 49 FA573073005 Claims of pension fund on sponsor 59.5 63.2 37.5 100.4 12.2 18.4 19.0 -30.6 -33.9 49

 50 FA103193005 Other 714.6 884.5 326.8 142.3 337.5 392.9 434.6 41.7 511.2 50

 51 FA107005005 Discrepancy -177.7 32.0 -30.1 -79.4 -94.9 -39.8 93.8 307.2 298.4 51

 Memo:

 52 FA105005305 Financing gap (7) 173.7 121.2 327.0 139.9 160.6 38.1 969.4 -954.1 -437.7 52

(1) Consumption of fixed capital plus the capital consumption adjustment.

(2) Table F.5, line 61.

(3) Nonresidential fixed investment plus residential fixed investment, shown in table F.2, lines 10 and 15 respectively.

(4) Through 1992:Q4, corporate bonds include net issues by Netherlands Antillean financial subsidiaries, and U.S. direct investment abroad excludes net inflows from those bond issues.

(5) Industrial revenue bonds issued by state and local governments to finance private investment and secured in interest and principal by the industrial user of the funds.

(6) Loans from rest of the world, U.S. government, and nonbank financial institutions. Detail can be found on table F.216.

(7) The financing gap is the difference between capital expenditures (line 10) and gross savings less net capital transfers paid less foreign earnings retained abroad (line 8 minus line 6).
Transactions

Z.1, September 20, 2018 19

F.104 Nonfinancial Noncorporate Business

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2015 2016 2017 2017 2018

 Q1 Q2 Q3 Q4 Q1 Q2

 1 FA116300005 Gross saving = consumption of fixed capital 302.6 310.1 321.8 316.9 320.1 323.6 326.7 331.0 336.7 1

 2 FA116000105 Gross saving less net capital transfers paid (1) 302.6 310.1 334.9 316.9 320.1 375.9 326.7 331.0 336.7 2

 3 FA116000105 Gross investment 302.6 310.1 334.9 316.9 320.1 375.9 326.7 331.0 336.7 3

 4 FA115050005 Capital expenditures 378.3 373.4 389.9 380.9 390.9 395.9 392.0 410.0 421.0 4

 5 FA115019005 Fixed investment (2) 359.5 372.2 389.2 383.8 391.7 389.9 391.4 405.8 421.3 5

 6 FA115020005 Change in inventories 18.8 1.2 0.7 -2.9 -0.8 5.9 0.6 4.2 -0.3 6

 7 FA115000005 Net lending (+) or net borrowing (-) -75.7 -63.4 -55.0 -64.0 -70.8 -19.9 -65.3 -79.0 -84.3 7

 8 FA114090005 Net acquisition of financial assets 397.5 497.2 432.4 303.8 452.2 348.2 625.5 357.3 518.4 8

 9 FA113020005 Checkable deposits and currency 7.4 24.8 0.2 -9.1 2.0 -7.7 15.6 17.1 30.8 9

 10 FA113030003 Time and savings deposits 11.3 48.2 63.7 58.2 64.8 59.0 73.0 59.3 69.3 10

 11 FA113034003 Money market funds 2.5 9.0 7.8 5.3 8.0 6.2 11.6 6.7 9.5 11

 12 FA114022005 Debt securities 5.0 6.7 5.8 4.0 6.0 4.6 8.7 5.0 7.2 12

 13 FA113061003 Treasury securities 4.7 6.3 5.5 3.7 5.6 4.3 8.1 4.7 6.7 13

 14 FA113062003 Municipal securities 0.3 0.4 0.4 0.3 0.4 0.3 0.6 0.3 0.5 14

 15 FA114023005 Loans 7.1 4.2 3.7 2.5 3.8 2.9 5.5 3.2 4.5 15

 16 FA113065005 Mortgages 7.1 4.2 3.7 2.5 3.8 2.9 5.5 3.2 4.5 16

 17 FA113066003 Consumer credit 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 17

 18 FA113070003 Trade receivables -6.3 67.4 58.5 39.9 60.5 46.6 87.1 50.5 71.8 18

 19 FA113090005 Miscellaneous assets 370.7 336.8 292.7 203.1 307.0 236.6 424.0 215.5 325.4 19

 20 FA113076005 Insurance receivables -10.2 -3.0 3.5 -3.1 6.9 16.3 -5.9 0.4 4.7 20

 21 FA113092405 Equity investment in GSEs (3) 0.5 0.7 2.6 0.8 0.8 8.3 0.3 -0.9 1.1 21

 22 FA113093005 Other 380.3 339.1 286.6 205.4 299.3 212.0 429.6 216.0 319.6 22

 23 FA114190005 Net increase in liabilities 473.2 560.6 487.4 367.8 523.0 368.1 690.7 436.3 602.7 23

 24 FA114123005 Loans 250.8 295.3 248.3 166.9 261.2 190.9 374.3 211.1 306.4 24

 25 FA113168005 Depository institution loans n.e.c. 64.1 63.1 46.0 39.5 39.2 27.3 78.0 51.8 89.7 25

 26 FA113169005 Other loans and advances 5.9 6.9 0.5 -10.9 5.8 -5.6 12.5 -1.4 9.9 26

 27 FA113165005 Mortgages 180.7 225.4 201.9 138.4 216.2 169.2 283.8 160.8 206.8 27

 28 FA113170005 Trade payables -15.7 82.9 70.9 38.9 77.0 58.2 109.4 46.2 94.8 28

 29 FA113178003 Taxes payable 5.2 7.3 6.4 4.3 6.6 5.1 9.5 5.5 7.8 29

 30 FA115114005 Foreign direct investment in U.S. 1.9 2.2 2.7 -0.3 3.1 1.2 6.7 1.7 0.5 30

 31 FA113193003 Miscellaneous liabilities 20.7 47.0 40.8 27.8 42.2 32.5 60.8 35.2 50.0 31

 32 FA112090205 Proprietors’ net investment 210.5 125.8 118.3 130.1 132.9 80.3 130.1 136.5 143.1 32

(1) Net capital transfers paid from table F.5, line 62.

(2) Nonresidential fixed investment plus residential fixed investment, shown in table F.2, lines 11 and 16 respectively.

(3) Equity in the Farm Credit System.
Transactions

20 Z.1, September 20, 2018

F.105 General Government (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2015 2016 2017 2017 2018

 Q1 Q2 Q3 Q4 Q1 Q2

 1 FA366010115 Current receipts, NIPA basis 5814.9 5897.4 6043.0 6027.4 5990.8 6091.3 6062.6 5992.3 6050.9 1

 2 FA366210005 Personal current taxes 1935.2 1954.3 2034.6 2004.9 2014.2 2048.5 2070.9 2030.0 2042.6 2

 3 FA366240005 Taxes on production and imports 1269.9 1303.7 1347.2 1326.1 1338.9 1353.7 1370.0 1397.9 1413.1 3

 4 FA366231005 Taxes on corporate income 385.9 381.0 337.6 336.2 343.7 349.9 320.4 198.7 223.6 4

 5 FA316231061 Taxes from the rest of the world 23.0 24.0 25.4 24.5 25.1 25.6 26.4 26.3 27.2 5

 6 FA366601005 Contributions for govt. social insurance 1210.6 1245.0 1303.8 1285.7 1295.8 1311.1 1322.5 1348.9 1362.5 6

 7 FA366150105 Income receipts on assets 244.8 223.0 221.4 247.0 227.4 215.3 195.9 209.0 200.4 7

 8 FA366403105 Current transfer receipts 751.4 768.7 778.0 805.8 749.2 792.5 764.6 792.3 794.5 8

 9 FA366402105 Current surplus of government enterprises -5.8 -2.3 -4.9 -2.8 -3.5 -5.4 -8.2 -10.8 -12.9 9

 10 FA366900015 Current expenditures, NIPA basis 6607.4 6808.3 6997.5 6949.2 6923.2 7006.6 7111.1 7192.6 7275.3 10

 11 FA366901005 Consumption expenditures 2612.7 2659.5 2731.3 2709.3 2717.7 2732.1 2765.9 2797.0 2831.2 11

 12 FA366404005 Government social benefits 2652.9 2738.3 2825.8 2798.8 2808.2 2842.2 2854.1 2898.6 2926.0 12

 13 FA366403005 Other current transfer payments 586.1 611.7 611.7 614.6 597.1 615.8 619.1 627.9 640.2 13

 14 FA366130005 Interest payments 698.5 736.9 767.5 766.9 741.8 753.3 807.8 808.5 817.9 14

 15 FA366402005 Subsidies 57.3 61.8 61.3 59.6 58.4 63.0 64.2 60.5 60.0 15

 16 FA366006005 Net saving, NIPA basis -792.5 -910.9 -954.5 -921.7 -932.4 -915.3 -1048.5 -1200.2 -1224.3 16

 17 FA366300005 + Consumption of fixed capital 522.2 527.0 541.5 535.7 539.2 543.8 547.5 552.3 559.3 17

 18 FA313154015 - Insurance and pension fund reserves (2) -2.4 -2.0 -2.1 -2.5 -2.5 -2.4 -1.1 -2.4 -1.5 18

 19 FA365440095 - Net capital transfers (3) -17.6 -18.6 -252.6 -18.4 -19.8 49.0 -1021.0 -21.5 -19.9 19

 20 FA366000105 = Gross saving less net capital transfers -250.3 -363.4 -158.2 -365.2 -370.9 -418.0 521.2 -624.0 -643.7 20

 21 FA365090005 Gross investment -151.9 -269.1 -75.4 -877.7 -419.6 -222.9 1218.4 -1195.5 -599.2 21

 22 FA365019005 Fixed investment 621.5 631.5 643.2 637.1 642.3 640.2 653.2 659.8 674.3 22

 23 FA365420005 Nonproduced nonfinancial assets -18.8 4.4 11.3 12.8 12.9 6.3 13.2 13.5 13.6 23

 24 FA365000005 Net lending (+) or net borrowing (-) -754.6 -904.9 -729.9 -1527.5 -1074.8 -869.3 552.1 -1868.8 -1287.0 24

 25 FA364090005 Net acquisition of financial assets 257.0 339.4 224.2 -899.1 298.8 154.4 1342.8 312.7 143.1 25

 26 FA313011005 U.S. official reserve assets -6.4 2.2 -1.7 -1.1 0.5 -0.3 -6.1 -0.1 12.5 26

 27 FA363020005 Checkable deposits and currency 98.5 69.9 -159.5 -1001.7 356.8 -9.7 16.5 455.0 175.8 27

 28 FA363030005 Time and savings deposits 14.5 6.4 14.9 -13.9 8.4 23.3 41.8 -2.5 0.7 28

 29 FA213034003 Money market fund shares -0.2 5.4 1.8 -1.3 -0.2 4.5 4.0 -1.8 0.9 29

 30 FA212051003 Security repurchase agreements 5.3 3.4 -1.9 -0.1 -8.0 -4.2 4.5 -17.6 -10.8 30

 31 FA364022005 Debt securities -11.5 52.9 -19.5 -20.7 -91.3 -39.9 74.1 -115.1 -48.4 31

 32 FA213069103 Open market paper -4.7 -1.4 -0.9 -0.0 -3.8 -2.0 2.2 -8.4 -5.1 32

 33 FA213061105 Treasury securities 25.0 46.0 -24.9 -20.3 -91.5 -39.2 51.4 -47.3 5.5 33

 34 FA363061705 Agency- and GSE-backed securities -35.9 3.7 9.0 -0.3 14.9 6.9 14.3 -35.4 -34.0 34

 35 FA213062003 Municipal securities 0.3 0.3 -0.2 -0.0 -0.8 -0.4 0.5 -1.8 -1.1 35

 36 FA363063005 Corporate and foreign bonds 3.8 4.3 -2.4 -0.1 -10.1 -5.3 5.7 -22.3 -13.7 36

 37 FA364023005 Loans 110.4 108.7 97.2 96.0 90.9 105.8 96.1 66.0 97.1 37

 38 FA363065005 Mortgages 4.9 8.9 -1.1 -3.9 -11.6 1.6 9.6 -21.8 -14.7 38

 39 FA313066220 Consumer credit 103.4 99.6 96.3 99.2 101.2 98.3 86.4 92.0 97.1 39

 40 FA313069005 Other loans and advances 2.1 0.2 2.0 0.7 1.3 5.9 0.0 -4.2 14.7 40

 41 FA363064105 Corporate equities 2.0 2.2 -1.4 -0.1 -5.9 -2.8 3.1 4.1 -7.3 41

 42 FA213064203 Mutual fund shares 1.1 1.2 -0.7 -0.0 -2.8 -1.4 1.6 -6.1 -3.8 42

 43 FA363070005 Trade receivables 13.2 23.2 20.5 -10.3 32.4 39.3 20.6 13.7 35.0 43

 44 FA363078005 Taxes receivable 6.1 47.5 266.2 38.3 -68.8 31.9 1063.3 -76.2 -107.3 44

 45 FA363090005 Miscellaneous assets 24.0 16.3 8.4 15.7 -13.2 7.8 23.3 -6.5 -1.2 45

 46 FA364190005 Net increase in liabilities 1011.5 1244.3 954.1 628.4 1373.6 1023.7 790.7 2181.5 1430.2 46

 47 FA313111303 SDR allocations 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 47

 48 FA713014003 SDR certificates 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 48

 49 FA313112003 Treasury currency -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 49

 50 FA364122005 Debt securities 733.9 873.8 443.3 -232.8 627.4 1613.7 -235.2 2737.9 1174.0 50

 51 FA313161105 Treasury securities 724.4 842.8 447.0 -164.0 655.9 1636.1 -339.8 2827.3 1190.6 51

 52 FA313161705 Budget agency securities 0.2 -0.1 -0.1 -0.9 0.7 -0.1 0.1 1.1 -4.6 52

 53 FA213162005 Municipal securities 9.3 31.1 -3.7 -67.9 -29.1 -22.3 104.5 -90.4 -12.0 53

 54 FA364123005 Loans 0.3 0.9 0.4 0.2 0.5 0.4 0.7 0.9 0.9 54

 55 FA313165403 Multifamily residential mortgages 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 55

 56 FA213169203 Other loans and advances 0.3 0.9 0.4 0.2 0.5 0.4 0.7 0.9 0.9 56

 57 FA363170005 Trade payables 56.9 72.5 67.9 47.1 64.6 76.6 83.5 65.6 65.6 57

 58 FA313140003 Insurance reserves -0.1 0.1 -0.2 -1.1 -0.5 0.6 0.3 0.4 -0.6 58

 59 FA363190005 Miscellaneous liabilities 220.6 297.0 442.7 815.1 681.6 -667.6 941.5 -623.3 190.3 59

 60 FA367005005 Discrepancy -98.3 -94.3 -82.8 512.5 48.7 -195.1 -697.2 571.5 -44.5 60

 Memo:

 61 FA374090005 Net acquisition of financial assets (consolidated) (4) 231.4 292.2 248.9 -879.0 390.6 193.6 1290.3 361.0 137.9 61

 62 FA374190005 Net increase in liabilities (consolidated) (4) 986.0 1197.1 978.8 648.5 1465.4 1062.9 738.2 2229.8 1424.9 62

(1) Sum of the federal government and state and local governments sectors.

(2) Railroad Retirement Board, the National Railroad Retirement Investment Trust, and federal government life insurance reserves. Saving transferred to the households and nonprofit organizations sector.

 Includes value of Treasury and agency- and GSE-backed securities held by state and local government employee retirement funds.

(3) Table F.5, line 63 less line 12.

(4) Excludes Treasury securities and municipal securities held by state and local governments (lines 33 and 35) and federal government loans to state and local governments (line 56).
Transactions

Z.1, September 20, 2018 21

F.106 Federal Government

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2015 2016 2017 2017 2018

 Q1 Q2 Q3 Q4 Q1 Q2

 1 FA316010105 Current receipts, NIPA basis 3446.3 3475.5 3558.8 3572.4 3538.8 3590.3 3533.6 3428.3 3469.3 1

 2 FA316210001 Personal current taxes 1528.3 1545.7 1613.4 1588.1 1606.3 1625.9 1633.3 1583.9 1605.8 2

 3 FA316240001 Taxes on production and imports 140.4 137.7 131.5 128.8 131.0 132.2 133.9 149.5 151.4 3

 4 FA316231001 Taxes on corporate income 329.6 327.1 284.6 289.7 288.5 296.0 264.4 149.0 160.5 4

 5 FA316231061 Taxes from the rest of the world 23.0 24.0 25.4 24.5 25.1 25.6 26.4 26.3 27.2 5

 6 FA316601001 Contributions for govt. social insurance 1191.4 1225.0 1283.2 1265.4 1275.4 1290.5 1301.5 1327.5 1340.8 6

 7 FA316150105 Income receipts on assets 159.6 138.0 135.4 161.7 141.7 129.1 109.1 122.4 112.9 7

 8 FA316403105 Current transfer receipts 77.7 79.8 87.3 114.9 71.6 93.2 69.6 77.1 80.0 8

 9 FA316402101 Current surplus of government enterprises -3.6 -1.7 -2.0 -0.7 -0.8 -2.1 -4.5 -7.5 -9.3 9

 10 FA316900005 Current expenditures, NIPA basis 4015.2 4140.6 4254.2 4228.3 4200.3 4250.9 4337.2 4398.2 4453.9 10

 11 FA316901001 Consumption expenditures 955.8 967.6 986.8 980.5 984.1 984.7 997.9 1012.7 1027.7 11

 12 FA316404001 Government social benefits 1987.2 2045.0 2113.6 2092.7 2105.3 2120.9 2135.4 2172.2 2188.7 12

 13 FA316403001 Other current transfer payments 586.1 611.7 611.7 614.6 597.1 615.8 619.1 627.9 640.2 13

 14 FA316130001 Interest payments 429.3 455.0 481.4 481.5 456.0 467.0 521.1 525.5 537.8 14

 15 FA316402001 Subsidies 56.7 61.3 60.7 59.0 57.8 62.5 63.6 60.0 59.4 15

 16 FA316006005 Net saving, NIPA basis -568.9 -665.1 -695.4 -655.9 -661.5 -660.5 -803.6 -969.9 -984.5 16

 17 FA316300003 + Consumption of fixed capital 270.9 270.6 276.0 273.9 275.0 276.8 278.3 279.9 281.9 17

 18 FA313154015 - Insurance and pension reserves (1) -2.4 -2.0 -2.1 -2.5 -2.5 -2.4 -1.1 -2.4 -1.5 18

 19 FA315440095 - Net capital transfers paid (2) 51.4 53.7 -179.8 53.1 53.3 126.0 -951.5 48.1 49.4 19

 20 FA316000105 = Gross saving less net capital transfers paid -347.0 -446.2 -237.5 -432.6 -437.3 -507.4 427.4 -735.8 -750.5 20

 21 FA315090005 Gross investment -288.8 -402.8 -172.7 -945.5 -486.4 -329.7 1070.6 -1369.3 -764.3 21

 22 FA315019001 Fixed investment 265.0 264.7 278.4 271.9 279.9 279.1 282.7 282.2 285.2 22

 23 FA315420003 Nonproduced nonfinancial assets -30.8 -8.6 -2.2 -0.5 -0.5 -7.3 -0.6 -0.5 -0.7 23

 24 FA315000005 Net lending (+) or net borrowing (-) -523.1 -658.8 -448.9 -1216.9 -765.9 -601.6 788.6 -1650.9 -1048.8 24

 25 FA314090005 Net acquisition of financial assets 236.3 227.8 198.2 -888.4 378.4 157.9 1145.1 502.0 220.7 25

 26 FA313011005 U.S. official reserve assets -6.4 2.2 -1.7 -1.1 0.5 -0.3 -6.1 -0.1 12.5 26

 27 FA313020005 Checkable deposits and currency 109.9 65.7 -170.2 -1028.2 343.1 4.3 0.1 449.4 182.8 27

 28 FA313030003 Time and savings deposits 0.0 -0.2 0.4 -1.2 0.4 0.6 1.7 -0.3 0.3 28

 29 FA314022005 Debt securities -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 29

 30 FA313061703 Agency- and GSE-backed securities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 30

 31 FA313063763 Corporate and foreign bonds -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 31

 32 FA314023005 Loans 104.8 103.0 99.8 95.7 102.9 112.0 88.7 93.4 113.8 32

 33 FA313069005 Other loans and advances 2.1 0.2 2.0 0.7 1.3 5.9 0.0 -4.2 14.7 33

 34 FA313065005 Mortgages -0.7 3.2 1.6 -4.1 0.4 7.8 2.2 5.6 2.0 34

 35 FA313066220 Consumer credit (3) 103.4 99.6 96.3 99.2 101.2 98.3 86.4 92.0 97.1 35

 36 FA313064105 Corporate equities (4) -0.0 -0.1 -0.1 0.0 -0.5 -0.0 0.0 16.0 0.0 36

 37 FA313070000 Trade receivables 12.7 3.8 0.1 -6.3 12.1 5.2 -10.6 12.2 6.5 37

 38 FA313078005 Taxes receivable 0.9 40.2 259.8 36.8 -74.1 24.4 1052.2 -78.0 -113.7 38

 39 FA313090005 Miscellaneous assets 14.4 13.2 10.2 15.8 -6.0 11.6 19.1 9.6 18.6 39

 40 FA314190005 Net increase in liabilities 759.3 886.6 647.1 328.4 1144.2 759.4 356.5 2152.9 1269.5 40

 41 FA313111303 SDR allocations 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 41

 42 FA713014003 SDR certificates 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 42

 43 FA313112003 Treasury currency -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 43

 44 FA314122005 Debt securities 724.6 842.7 447.0 -164.9 656.5 1636.0 -339.7 2828.3 1186.0 44

 45 FA313161105 Treasury securities (5) 724.4 842.8 447.0 -164.0 655.9 1636.1 -339.8 2827.3 1190.6 45

 46 FA313161205 Marketable 688.1 711.2 554.4 299.5 1074.0 648.3 195.7 2055.9 1112.5 46

 47 FA313161305 Nonmarketable 36.3 131.5 -107.3 -463.5 -418.1 987.8 -535.5 771.4 78.1 47

 48 FA313161705 Budget agency securities 0.2 -0.1 -0.1 -0.9 0.7 -0.1 0.1 1.1 -4.6 48

 49 FA313165403 Loans (multifamily residential mortgages) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 49

 50 FA313170005 Trade payables 15.6 29.7 24.1 3.5 21.2 33.0 38.8 20.2 19.1 50

 51 FA313140003 Insurance reserves -0.1 0.1 -0.2 -1.1 -0.5 0.6 0.3 0.4 -0.6 51

 52 FA313190005 Miscellaneous liabilities 19.3 14.1 176.2 491.0 467.0 -910.2 657.1 -696.0 65.0 52

 53 FA343073005 Claims of pension fund on sponsor 8.4 -4.5 163.4 529.3 444.9 -942.8 622.4 -700.8 26.1 53

 54 FA313190015 Other 10.9 18.6 12.8 -38.2 22.1 32.6 34.7 4.9 39.0 54

 55 FA317005005 Discrepancy -58.2 -43.4 -64.7 512.9 49.1 -177.6 -643.3 633.5 13.7 55

 Memo:

 56 FA314000105 Change in cash balance (6) 109.9 65.3 -170.2 -1047.1 294.1 26.1 46.3 434.1 126.0 56

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

(2) Table F.5, line 64 less line 12.

(3) Includes loans originated by the Department of Education under the Federal Direct Loan Program, as well as Federal Family Education Loan Program loans that

 the government purchased from depository institutions and finance companies.

(4) Corporate equities purchased from financial businesses under the Troubled Asset Relief Program (TARP) and from GSEs at issuance price.

(5) Includes marketable and nonmarketable Treasury securities held by the public and Treasury securities held by federal government employee retirement funds.

(6) Time and savings deposits (line 28) plus checkable deposits and currency at the monetary authority and U.S.-chartered depository institutions sectors (table F.204, lines 3 and 8).
Transactions

22 Z.1, September 20, 2018

F.107 State and Local Governments (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2015 2016 2017 2017 2018

 Q1 Q2 Q3 Q4 Q1 Q2

 1 FA206010105 Current receipts, NIPA basis 2368.6 2421.9 2484.2 2455.0 2452.0 2501.0 2529.0 2564.0 2581.6 1

 2 FA206210001 Personal current taxes 406.9 408.6 421.2 416.8 407.9 422.6 437.6 446.1 436.8 2

 3 FA206240001 Taxes on production and imports 1129.5 1166.1 1215.7 1197.2 1207.9 1221.5 1236.1 1248.4 1261.7 3

 4 FA206231001 Taxes on corporate income 56.3 53.9 52.9 46.6 55.2 53.9 56.0 49.7 63.1 4

 5 FA206601001 Contributions for govt. social insurance 19.2 20.0 20.6 20.3 20.4 20.6 21.0 21.3 21.6 5

 6 FA206150105 Income receipts on assets 85.2 85.0 86.0 85.3 85.7 86.2 86.8 86.6 87.5 6

 7 FA206403105 Current transfer receipts 673.7 689.0 690.7 690.9 677.6 699.4 695.1 715.2 714.5 7

 8 FA206402101 Current surplus of government enterprises -2.2 -0.6 -2.9 -2.1 -2.7 -3.2 -3.6 -3.3 -3.6 8

 9 FA206900005 Current expenditures, NIPA basis 2592.2 2667.8 2743.3 2720.8 2722.9 2755.7 2773.9 2794.4 2821.4 9

 10 FA206901001 Consumption expenditures 1656.9 1691.9 1744.5 1728.8 1733.6 1747.5 1768.0 1784.4 1803.5 10

 11 FA206404001 Govt. social benefit payments to persons 665.6 693.3 712.3 706.1 702.9 721.3 718.7 726.5 737.3 11

 12 FA206403001 Other current transfer payments 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12

 13 FA206130001 Interest payments 269.2 281.9 286.0 285.4 285.8 286.3 286.7 283.0 280.1 13

 14 FA206402001 Subsidies 0.5 0.5 0.6 0.5 0.6 0.6 0.6 0.6 0.6 14

 15 FA206006005 Net saving, NIPA basis -223.6 -245.8 -259.1 -265.8 -270.9 -254.7 -244.9 -230.4 -239.8 15

 16 FA206300003 + Consumption of fixed capital 251.3 256.4 265.6 261.7 264.2 267.1 269.2 272.5 277.4 16

 17 FA205440005 - Net capital transfers paid (2) -69.0 -72.3 -72.8 -71.5 -73.1 -77.0 -69.5 -69.6 -69.3 17

 18 FA206000105 = Gross saving less net capital transfers paid 96.7 82.8 79.2 67.4 66.4 89.4 93.8 111.7 106.8 18

 19 FA205090005 Gross investment 136.9 133.7 97.3 67.8 66.8 106.9 147.8 173.8 165.1 19

 20 FA205019001 Fixed investment 356.5 366.8 364.8 365.2 362.4 361.1 370.5 377.6 389.0 20

 21 FA205420003 Nonproduced nonfinancial assets 11.9 13.0 13.5 13.3 13.4 13.6 13.8 14.0 14.3 21

 22 FA215000005 Net lending (+) or net borrowing (-) -231.5 -246.1 -281.0 -310.7 -308.9 -267.8 -236.5 -217.9 -238.3 22

 23 FA214090005 Net acquisition of financial assets 20.7 111.6 26.0 -10.7 -79.5 -3.5 197.8 -189.3 -77.6 23

 24 FA213020005 Checkable deposits and currency -11.5 4.2 10.6 26.4 13.7 -14.0 16.5 5.6 -6.9 24

 25 FA213030005 Time and savings deposits 14.5 6.7 14.5 -12.7 8.0 22.7 40.1 -2.2 0.4 25

 26 FA213034003 Money market fund shares -0.2 5.4 1.8 -1.3 -0.2 4.5 4.0 -1.8 0.9 26

 27 FA212051003 Security repurchase agreements 5.3 3.4 -1.9 -0.1 -8.0 -4.2 4.5 -17.6 -10.8 27

 28 FA214022005 Debt securities -11.5 52.9 -19.5 -20.7 -91.3 -39.9 74.1 -115.1 -48.4 28

 29 FA213069103 Open market paper -4.7 -1.4 -0.9 -0.0 -3.8 -2.0 2.2 -8.4 -5.1 29

 30 FA213061105 Treasury securities 25.0 46.0 -24.9 -20.3 -91.5 -39.2 51.4 -47.3 5.5 30

 31 FA213061703 Agency- and GSE-backed securities -35.9 3.7 9.0 -0.3 14.9 6.9 14.3 -35.4 -34.0 31

 32 FA213062003 Municipal securities 0.3 0.3 -0.2 -0.0 -0.8 -0.4 0.5 -1.8 -1.1 32

 33 FA213063003 Corporate and foreign bonds 3.8 4.3 -2.4 -0.1 -10.1 -5.3 5.7 -22.3 -13.7 33

 34 FA213065005 Loans (mortgages) 5.6 5.7 -2.6 0.3 -12.0 -6.2 7.5 -27.4 -16.7 34

 35 FA213064103 Corporate equities 2.0 2.3 -1.3 -0.1 -5.4 -2.8 3.1 -11.9 -7.3 35

 36 FA213064203 Mutual fund shares 1.1 1.2 -0.7 -0.0 -2.8 -1.4 1.6 -6.1 -3.8 36

 37 FA213070003 Trade receivables 0.5 19.4 20.4 -4.0 20.3 34.1 31.3 1.5 28.5 37

 38 FA213078005 Taxes receivable 5.2 7.3 6.4 1.5 5.4 7.5 11.0 1.8 6.4 38

 39 FA213093003 Miscellaneous assets 9.6 3.1 -1.8 -0.1 -7.3 -3.8 4.1 -16.0 -19.9 39

 40 FA214190005 Net increase in liabilities 252.2 357.8 307.0 300.0 229.4 264.3 434.3 28.6 160.7 40

 41 FA213162005 Debt securities (municipal securities) 9.3 31.1 -3.7 -67.9 -29.1 -22.3 104.5 -90.4 -12.0 41

 42 FA213162400 Short-term (3) -5.9 -2.8 4.8 2.0 0.2 12.9 4.1 8.0 -0.0 42

 43 FA213162200 Long-term 15.2 33.9 -8.5 -69.9 -29.3 -35.2 100.4 -98.4 -12.0 43

 44 FA213169203 Loans (U.S. government loans) 0.3 0.9 0.4 0.2 0.5 0.4 0.7 0.9 0.9 44

 45 FA213170003 Trade payables 41.3 42.8 43.8 43.6 43.4 43.6 44.6 45.5 46.5 45

 46 FA223073045 Claims of pension fund on sponsor (4) 201.3 282.9 266.4 324.1 214.6 242.6 284.4 72.7 125.3 46

 47 FA217005005 Discrepancy -40.2 -50.9 -18.1 -0.4 -0.4 -17.5 -54.0 -62.0 -58.2 47

(1) Data for state and local government employee retirement funds are shown on table F.120.

(2) Table F.5, line 65.

(3) Debt with original maturity of 13 months or less.

(4) Included in miscellaneous liabilities.
Transactions

Z.1, September 20, 2018 23

F.108 Domestic Financial Sectors (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2015 2016 2017 2017 2018

 Q1 Q2 Q3 Q4 Q1 Q2

 1 FA796000105 Gross saving less net capital transfers paid 161.0 244.9 180.4 263.2 286.3 51.2 120.8 250.4 335.1 1

 2 FA795090005 Gross investment 460.3 525.7 589.7 901.8 402.6 414.7 639.5 639.0 160.4 2

 3 FA795019005 Capital expenditures 241.1 265.9 263.8 256.5 266.1 260.7 271.8 278.2 284.6 3

 4 FA645012063 Fixed residential investment -0.0 5.5 -1.7 -6.5 2.9 -5.9 2.7 3.4 5.2 4

 5 FA795013005 Fixed nonresidential investment 241.1 260.4 265.5 263.0 263.2 266.6 269.1 274.8 279.4 5

 6 FA795000005 Net lending (+) or net borrowing (-) 219.2 259.8 325.9 645.4 136.5 154.0 367.7 360.7 -124.2 6

 7 FA794090005 Net acqisition of financial assets 1419.6 2347.1 2841.3 4382.6 2280.5 3103.5 1598.7 2489.9 1007.2 7

 8 FA713011005 U.S. official reserve assets 0.1 -0.1 0.0 0.1 0.1 0.0 -0.1 0.1 -0.2 8

 9 FA713014003 SDR certificates 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

 10 FA713012003 Treasury currency 1.3 1.0 0.8 1.0 0.8 0.8 0.8 0.5 0.4 10

 11 FA633091003 Foreign deposits -13.4 -9.2 1.9 6.9 -1.3 9.1 -7.3 -10.0 6.6 11

 12 FA794010005 Net interbank assets -388.5 -210.1 196.0 1582.0 -679.1 360.2 -479.3 617.3 -872.8 12

 13 FA793020005 Checkable deposits and currency -9.8 23.3 4.1 -41.0 -75.9 149.4 -16.0 -149.6 8.4 13

 14 FA793030005 Time and savings deposits -134.5 -285.0 26.1 -38.1 -28.3 112.7 58.1 -228.0 -10.2 14

 15 FA793034005 Money market fund shares -13.5 97.0 41.4 25.2 51.2 65.2 24.1 1.5 58.0 15

 16 FA792050005 Federal funds and security repos 71.2 48.5 260.0 213.0 727.6 -223.5 322.7 -350.0 461.1 16

 17 FA794022005 Debt securities 596.0 1182.1 770.4 538.4 59.2 2114.7 369.4 2460.3 433.5 17

 18 FA793069175 Open market paper 17.6 -80.4 55.0 10.5 -119.0 386.5 -57.9 47.1 -11.9 18

 19 FA793061105 Treasury securities 350.4 761.5 145.4 -324.4 -353.9 1455.3 -195.4 1498.4 183.1 19

 20 FA793061705 Agency- and GSE-backed securities 33.2 337.2 193.9 297.7 381.7 -50.4 146.5 146.3 -97.6 20

 21 FA793062005 Municipal securities 49.7 32.6 48.8 24.8 41.5 8.3 120.8 9.2 42.9 21

 22 FA793063005 Corporate and foreign bonds 145.1 131.2 327.3 529.8 108.8 315.0 355.5 759.3 317.0 22

 23 FA794023005 Loans 747.7 928.3 895.3 619.9 1072.6 784.4 1104.3 692.4 921.4 23

 24 FA793068005 Depository institution loans n.e.c. 280.6 168.2 109.4 24.4 176.3 150.8 86.0 139.8 211.6 24

 25 FA793069005 Other loans and advances -47.2 120.2 110.1 0.3 185.1 58.4 196.6 -34.9 43.8 25

 26 FA793065005 Mortgages 380.8 507.7 577.3 501.6 612.7 511.4 683.5 540.0 573.1 26

 27 FA793066005 Consumer credit 133.5 132.3 98.5 93.6 98.4 63.8 138.1 47.5 92.9 27

 28 FA793064105 Corporate equities 246.1 -53.1 7.5 -78.8 288.6 -19.2 -160.5 201.1 -146.1 28

 29 FA793064205 Mutual fund shares -11.7 -209.7 -62.4 -11.7 -23.1 -140.9 -73.7 -85.1 -173.6 29

 30 FA793070005 Trade receivables 25.0 28.3 19.0 40.0 23.5 13.3 -0.8 42.8 21.1 30

 31 FA793040005 Life insurance reserves 27.5 53.4 44.6 44.7 39.6 48.9 45.3 21.1 19.1 31

 32 FA543050005 Pension entitlements 5.2 -3.1 7.8 8.0 7.0 8.3 8.0 4.3 4.8 32

 33 FA793092005 U.S. direct investment abroad 15.4 50.0 39.6 56.5 44.8 33.9 23.1 23.9 -1.6 33

 34 FA793090005 Miscellaneous assets 255.8 705.6 589.1 1416.6 773.1 -213.7 380.5 -753.0 277.4 34

 35 FA794190005 Net increase in liabilities 1200.4 2087.3 2515.4 3737.3 2143.9 2949.4 1230.9 2129.2 1131.4 35

 36 FA794110005 Net interbank liabilities -444.3 -349.2 294.8 2276.0 -1216.9 577.0 -457.0 1005.8 -1175.9 36

 37 FA793120005 Checkable deposits and currency 255.4 279.1 104.5 -365.7 506.5 21.4 255.6 806.9 -52.4 37

 38 FA703130005 Time and savings deposits 406.2 517.1 359.9 609.9 312.5 557.3 -40.0 633.0 852.0 38

 39 FA634090005 Money market fund shares -6.7 -11.1 117.2 7.0 55.7 340.9 65.0 34.7 293.8 39

 40 FA792150005 Federal funds and security repos -26.5 -21.3 65.3 -243.4 691.4 -495.2 308.1 -1332.0 365.6 40

 41 FA794122005 Debt securities 136.8 387.6 359.1 392.9 374.7 437.3 231.5 326.1 315.1 41

 42 FA793169175 Open market paper -40.5 0.8 -36.8 -65.3 -75.7 13.7 -19.6 68.7 73.3 42

 43 FA423161705 Agency- and GSE-backed securities 220.4 351.7 346.7 428.9 273.9 341.3 342.7 265.5 240.1 43

 44 FA793163005 Corporate and foreign bonds -43.1 35.1 49.2 29.3 176.6 82.3 -91.5 -8.2 1.7 44

 45 FA794123005 Loans 41.3 73.2 -14.5 91.8 44.1 -0.3 -193.8 78.3 -79.8 45

 46 FA793168005 Depository institution loans n.e.c. 21.9 2.7 9.7 10.4 21.9 17.4 -11.1 15.9 -7.3 46

 47 FA793169005 Other loans and advances 15.4 69.6 -29.1 76.1 19.1 -11.9 -199.6 73.5 -46.7 47

 48 FA643165005 Mortgages 4.0 1.0 4.9 5.3 3.1 -5.7 16.9 -11.1 -25.8 48

 49 FA793164105 Corporate equities 232.9 245.2 396.3 554.4 460.3 300.5 270.0 348.6 204.4 49

 50 FA653164205 Mutual fund shares 96.7 24.6 313.0 209.8 314.6 329.7 397.8 176.4 78.6 50

 51 FA663170003 Trade payables 8.4 10.4 7.9 -5.6 -12.4 9.6 40.0 -6.7 -19.4 51

 52 FA543140005 Life insurance reserves 67.4 81.8 43.4 49.4 23.8 51.6 48.8 52.7 51.1 52

 53 FA583150005 Pension entitlements 415.9 344.9 388.7 444.5 355.5 283.7 471.0 305.0 340.2 53

 54 FA793178005 Taxes payable -6.6 3.1 59.9 -30.7 8.4 47.4 214.5 -54.9 -8.6 54

 55 FA662090205 Equity in noncorporate business 7.2 14.0 -4.3 -1.5 -7.5 -2.9 -5.4 25.6 7.4 55

 56 FA793192005 Foreign direct investment in U.S. 66.9 75.3 41.0 59.7 76.3 19.3 8.4 56.2 3.0 56

 57 FA793190005 Miscellaneous liabilities -66.2 386.0 -55.1 -350.6 122.6 430.1 -422.5 -335.6 -53.3 57

 58 FA797005005 Discrepancy -299.3 -280.9 -409.3 -638.6 -116.3 -363.5 -518.8 -388.5 174.7 58

(1) Sum of financial sectors shown on tables F.109 through F.132.
Transactions

24 Z.1, September 20, 2018

F.109 Monetary Authority (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2015 2016 2017 2017 2018

 Q1 Q2 Q3 Q4 Q1 Q2

 1 FA716000105 Gross saving -10.7 0.5 -2.3 1.2 -7.1 -2.0 -1.2 -1.2 -1.2 1

 2 FA715013005 Fixed nonresidential investment 0.6 0.6 0.7 0.7 0.7 0.7 0.7 0.7 0.8 2

 3 FA714090005 Net acquisition of financial assets -13.3 -32.6 -3.6 80.4 -28.7 -23.3 -42.7 -206.4 -361.3 3

 4 FA713011005 U.S. official reserve assets 0.1 -0.1 0.0 0.1 0.1 0.0 -0.1 0.1 -0.2 4

 5 FA713014003 SDR certificates 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5

 6 FA713012003 Treasury currency 1.3 1.0 0.8 1.0 0.8 0.8 0.8 0.5 0.4 6

 7 FA713022003 Federal Reserve float (2) 0.5 -0.8 -0.1 0.9 -0.3 -0.4 -0.7 0.9 0.6 7

 8 FA713068705 Interbank loans (2) -0.0 -0.1 0.1 -0.2 0.5 0.2 -0.2 -0.5 0.9 8

 9 FA713068703 Discount window (3) -0.0 -0.1 0.1 -0.2 0.5 0.2 -0.2 -0.5 0.9 9

 10 FA763069143 AMLF (4) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10

 11 FA712051000 Security repurchase agreements 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11

 12 FA714022005 Debt securities 5.1 -20.8 2.3 102.6 -13.5 -12.5 -67.2 -159.3 -326.9 12

 13 FA713069603 Open market paper 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13

 14 FA713061103 Treasury securities 0.2 2.1 -9.4 3.1 2.8 1.4 -44.8 -117.0 -186.6 14

 15 FA713061113 Treasury bills 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15

 16 FA713061125 Other Treasury securities 0.2 2.1 -9.4 3.1 2.8 1.4 -44.8 -117.0 -186.6 16

 17 FA713061705 Agency- and GSE-backed securities 4.9 -22.8 11.7 99.5 -16.3 -13.8 -22.4 -42.2 -140.3 17

 18 FA713061903 Mortgage-backed securities 10.6 -6.1 23.5 110.9 4.6 -8.5 -12.9 -42.2 -132.4 18

 19 FA713061703 Other agency- and GSE-baked securities -5.7 -16.8 -11.8 -11.4 -20.9 -5.4 -9.5 0.0 -7.9 19

 20 FA713068005 Loans (depository institution loans n.e.c.) (5) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 20

 21 FA713064103 Corporate equities (6) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 21

 22 FA713090005 Miscellaneous assets -20.2 -11.8 -6.8 -24.1 -16.3 -11.3 24.7 -48.1 -36.1 22

 23 FA713091103 Nonofficial foreign currencies (7) -0.5 4.6 6.5 -2.0 -8.0 2.2 33.8 -28.2 -15.7 23

 24 FA713093005 Other -19.7 -16.4 -13.3 -22.1 -8.3 -13.5 -9.1 -19.9 -20.4 24

 25 FA714190005 Net increase in liabilities 5.3 -32.6 -3.6 80.4 -28.7 -23.3 -42.7 -196.4 -358.6 25

 26 FA713113003 Depository institution reserves -387.6 -211.0 194.8 1580.6 -679.7 363.9 -485.6 632.2 -880.6 26

 27 FA703025005 Vault cash of depository institutions -1.4 1.7 1.2 0.7 0.4 -3.5 7.2 -15.3 6.3 27

 28 FA713120005 Checkable deposits and currency 167.6 159.2 -61.4 -944.8 384.8 146.4 167.8 446.2 291.8 28

 29 FA713123005 Due to federal government 110.1 65.6 -170.2 -1046.1 294.2 25.4 45.7 432.9 125.3 29

 30 FA713123023 Treasury cash holdings 0.1 -0.1 0.0 0.4 -0.3 0.0 0.1 0.4 -0.5 30

 31 FA713123030 Treasury general deposit account 110.0 65.7 -170.3 -1046.5 294.5 25.3 45.6 432.5 125.8 31

 32 FA713123043 Treasury temporary supplementary financing account 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 32

 33 FA713124005 Due to government-sponsored enterprises -25.9 10.9 1.3 -19.0 -33.1 18.0 39.3 -93.0 31.1 33

 34 FA713122605 Due to rest of the world -0.0 -0.0 0.1 -0.0 0.0 -0.0 0.4 -0.0 0.2 34

 35 FA713125005 Currency outside banks 83.4 82.7 107.4 120.3 123.7 103.1 82.4 106.3 135.2 35

 36 FA712151003 Security repurchase agreements 202.6 12.8 -161.3 -499.7 198.8 -372.8 28.7 -1162.3 273.0 36

 37 FA712151103 Reverse repurchase agreement operations (8) 77.9 -6.2 -148.8 -486.0 208.1 -331.1 14.0 -1148.9 258.4 37

 38 FA712151115 Other 124.7 19.0 -12.5 -13.7 -9.3 -41.7 14.6 -13.4 14.6 38

 39 FA713190005 Miscellaneous liabilities 24.2 4.7 23.1 -56.4 67.0 -157.3 239.1 -97.1 -49.1 39

 40 FA713164003 Federal Reserve Bank stock 0.9 1.0 0.9 0.6 1.0 1.4 0.8 1.1 1.6 40

 41 FA713193005 Other 23.3 3.7 22.2 -57.0 66.0 -158.7 238.3 -98.2 -50.7 41

 42 FA717005005 Discrepancy 7.3 -0.1 -3.0 0.6 -7.8 -2.7 -1.9 8.1 0.8 42

(1) Assets and liabilities of Federal Reserve Banks and Treasury monetary accounts that supply or absorb bank reserves. Excludes the accounts of the Federal Reserve Board.

(2) Shown on table F.203 as part of line 24.

(3) Federal Reserve loans extended to U.S.-chartered depository institutions through term auction credit, primary credit, secondary credit, and seasonal credit.

(4) Federal Reserve loans extended to U.S.-chartered depository institutions through the Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility (AMLF).

(5) Loans extended to the financial institutions such as domestic hedge funds through the Term Asset-Backed Securities Loan Facility (TALF), recorded as part of the household sector;

 to broker and dealers through the Federal Reserve’s Primary Dealer Credit Facility (PDCF) and AMLF; and to the funding corporations Maiden Lane LLC, Maiden Lane II LLC,

 AIG, Maiden Lane III LLC, and the Commercial Paper Funding Facility LLC.

(6) Preferred interests in AIA Aurora LLC and ALICO Holdings LLC, two limited liability companies created to hold all the outstanding common stock of American International Assurance

 Company Ltd (AIA) and American Life Insurance Company (ALICO), two life insurance subsidiaries of AIG.

(7) Reciprocal currency arrangements (swap lines) with foreign central banks.

(8) Reverse repurchase agreements (RRPs) conducted as part of the Federal Reserve’s Overnight RRP Operational Exercise (beginning 2013:Q3) and term RRP operations (beginning 2014:Q4).
Transactions

Z.1, September 20, 2018 25

F.110 Private Depository Institutions (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2015 2016 2017 2017 2018

 Q1 Q2 Q3 Q4 Q1 Q2

 1 FA706000105 Gross saving less net capital transfers paid -76.5 -33.1 -64.6 -82.8 -31.3 -73.6 -70.6 -69.3 -45.9 1

 2 FA705013005 Fixed nonresidential investment 38.5 44.2 47.2 51.0 45.9 45.6 46.1 45.2 44.4 2

 3 FA705000005 Net lending (+) or net borrowing (-) 9.2 20.6 90.6 213.4 -63.1 -153.8 365.8 71.6 -457.9 3

 4 FA704090005 Net acquisition of financial assets 533.6 732.3 885.2 2074.6 19.7 908.3 538.0 1093.7 -378.7 4

 5 FA703025005 Vault cash -1.4 1.7 1.2 0.7 0.4 -3.5 7.2 -15.3 6.3 5

 6 FA713113003 Reserves at Federal Reserve -387.6 -211.0 194.8 1580.6 -679.7 363.9 -485.6 632.2 -880.6 6

 7 FA702050005 Federal funds and security repos 25.2 -16.8 80.7 -97.8 197.4 -31.9 254.9 53.2 59.3 7

 8 FA704022005 Debt securities 203.3 286.0 134.9 220.9 -23.3 102.8 239.2 -76.1 58.9 8

 9 FA703069175 Open market paper 0.0 0.0 -0.0 -0.0 0.0 0.0 0.0 0.6 1.1 9

 10 FA703061105 Treasury securities 36.8 120.5 -35.2 -8.8 -113.4 -48.6 29.9 36.4 139.9 10

 11 FA703061705 Agency- and GSE-backed securities 155.2 131.2 166.7 154.4 143.0 160.3 209.2 -13.3 -3.2 11

 12 FA703062005 Municipal securities 47.4 50.6 20.6 28.0 16.2 8.7 29.4 -56.8 -40.0 12

 13 FA703063005 Corporate and foreign bonds -36.0 -16.4 -17.2 47.2 -69.1 -17.7 -29.3 -43.0 -38.9 13

 14 FA704023005 Loans 676.0 606.1 448.3 276.3 554.6 460.5 501.7 427.1 504.3 14

 15 FA703068005 Depository institution loans n.e.c. 280.6 168.2 109.4 24.4 176.3 150.8 86.0 139.8 211.6 15

 16 FA703069005 Other loans and advances 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16

 17 FA703065005 Mortgages 255.7 296.2 216.4 176.8 265.0 200.3 223.5 203.9 172.4 17

 18 FA703066005 Consumer credit 139.8 141.7 122.5 75.2 113.2 109.3 192.2 83.4 120.3 18

 19 FA703064105 Corporate equities 2.0 -6.9 -0.7 -3.8 0.1 0.2 0.7 11.6 -2.3 19

 20 FA703064205 Mutual fund shares -1.0 -1.9 0.2 1.2 -5.1 2.3 2.3 -20.6 -1.5 20

 21 FA763040005 Life insurance reserves 6.5 5.6 6.4 5.6 5.4 8.5 6.2 4.9 3.9 21

 22 FA763092000 U.S. direct investment abroad -9.3 -2.5 12.2 12.1 13.3 11.2 12.4 7.3 5.7 22

 23 FA703090005 Miscellaneous assets 19.9 72.0 7.2 78.9 -43.3 -5.7 -1.1 69.5 -132.5 23

 24 FA704190005 Net increase in liabilities 524.4 711.7 794.6 1861.3 82.8 1062.1 172.2 1022.2 79.2 24

 25 FA704110005 Net interbank liabilities -55.3 -139.9 98.8 694.8 -537.6 216.6 21.3 388.9 -301.6 25

 26 FA703127005 Checkable deposits 87.8 119.9 165.9 579.2 121.7 -125.0 87.8 360.7 -344.2 26

 27 FA703130005 Time and savings deposits 406.2 517.1 359.9 609.9 312.5 557.3 -40.0 633.0 852.0 27

 28 FA702150005 Federal funds and security repos -4.0 32.5 96.2 44.9 147.2 137.5 55.2 -149.8 -108.3 28

 29 FA704122005 Debt securities -9.3 -21.4 -13.0 -12.1 -18.2 11.2 -32.9 -5.4 13.6 29

 30 FA703169175 Open market paper -0.9 -4.5 0.7 1.5 -2.9 6.7 -2.7 -3.0 8.0 30

 31 FA763163005 Corporate bonds -8.4 -16.9 -13.6 -13.6 -15.3 4.5 -30.2 -2.4 5.6 31

 32 FA703169005 Loans (other loans and advances) 39.7 69.8 28.2 11.5 25.4 85.5 -9.5 42.5 -13.4 32

 33 FA763164103 Corporate equity issues 9.5 4.6 7.4 10.3 2.5 3.9 12.9 1.9 3.8 33

 34 FA763178003 Taxes payable (net) -8.1 0.7 31.8 -29.1 18.1 43.9 94.3 -56.4 10.7 34

 35 FA753192003 Foreign direct investment in U.S. 0.4 9.2 7.7 15.0 15.7 -0.5 0.8 3.9 4.6 35

 36 FA703190005 Miscellaneous liabilities 57.5 119.4 11.7 -63.1 -4.4 131.7 -17.4 -197.2 -38.1 36

 37 FA763194735 Investment by holding companies 41.5 110.6 16.2 -123.6 120.0 178.8 -110.5 -112.0 22.0 37

 38 FA753194503 Investment by funding corporations 2.2 -5.6 -20.1 41.4 -84.0 -30.6 -7.1 43.8 37.5 38

 39 FA703193005 Other 13.8 14.5 15.6 19.1 -40.4 -16.6 100.2 -129.0 -97.6 39

 40 FA707005005 Discrepancy -124.2 -97.9 -202.3 -347.2 -14.2 34.6 -482.5 -186.0 367.6 40

 Memo:

 41 FA763066303 Consumer leases not included above (2) -0.6 1.3 1.9 1.7 3.9 1.2 0.9 0.9 1.5 41

 42 FA703139105 Uninsured deposits (3) 144.2 167.7 271.7 628.3 -96.9 299.0 256.4 91.2 -41.3 42

(1) U.S.-chartered depository institutions (F.111), foreign banking offices (F.112), banks in U.S.-affiliated areas (F.113), and credit unions (F.114).

(2) Receivables from operating leases, such as consumer automobile leases, are booked as current income when payments are received and are not included in financial assets (or household liabilities).

 The leased automobile is a nonfinancial asset; depreciation is included in line 1, and fixed investment is included in line 2.

(3) Includes checkable deposits (line 26) and time and savings deposits (line 27) not insured by the Federal Deposit Insurance Corporation or the National Credit Union Share Insurance Fund.
Transactions

26 Z.1, September 20, 2018

F.111 U.S.-Chartered Depository Institutions

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2015 2016 2017 2017 2018

 Q1 Q2 Q3 Q4 Q1 Q2

 1 FA766000105 Gross saving less net capital transfers paid -93.4 -51.9 -86.0 -103.4 -52.9 -95.0 -92.9 -92.1 -69.2 1

 2 FA765013005 Fixed nonresidential investment 29.2 33.9 35.2 39.4 34.0 33.5 33.9 32.6 31.5 2

 3 FA764090005 Net acquisition of financial assets 587.6 742.4 507.5 1255.8 -31.2 440.3 365.2 733.3 -475.8 3

 4 FA763025000 Vault cash -1.4 1.7 1.2 0.7 0.4 -3.5 7.2 -15.3 6.3 4

 5 FA763013005 Reserves at Federal Reserve -197.8 -90.3 47.3 834.3 -518.5 57.3 -183.7 264.5 -624.6 5

 6 FA762050005 Federal funds and security repos 24.8 8.7 4.0 -114.0 138.0 -145.4 137.3 73.8 -45.5 6

 7 FA764022005 Debt securities 214.4 276.4 110.4 253.0 -33.3 160.2 61.6 -20.3 30.7 7

 8 FA763069175 Open market paper 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8

 9 FA763061100 Treasury securities 14.8 96.0 -43.2 12.3 -126.3 -18.2 -40.7 31.5 102.9 9

 10 FA763061705 Agency- and GSE-backed securities 164.4 136.7 148.6 147.0 145.0 175.9 126.6 15.1 -5.4 10

 11 FA763061803 Residential mortgage pass-through securities 149.9 141.6 123.4 110.3 139.5 149.5 94.2 -16.1 -43.0 11

 12 FA763061303 Commercial mortgage pass-through securities 19.1 21.6 17.8 14.8 12.2 19.3 24.9 8.2 32.4 12

 13 FA763061603 Residential CMOs and other structured MBS -0.1 -22.4 -2.6 -4.0 -11.0 6.3 -1.7 14.8 10.9 13

 14 FA763061403 Commercial CMOs and other structured MBS 15.3 28.6 13.5 16.4 10.8 11.0 15.6 13.6 17.7 14

 15 FA763061795 Other -19.7 -32.6 -3.4 9.6 -6.6 -10.3 -6.3 -5.3 -23.5 15

 16 FA763062000 Municipal securities 47.4 50.3 21.1 28.2 15.5 11.4 29.1 -55.7 -40.3 16

 17 FA763063005 Corporate and foreign bonds -12.2 -6.6 -16.1 65.6 -67.5 -8.9 -53.4 -11.2 -26.5 17

 18 FA763063673 Private residential mortgage pass-through securities -8.0 -5.2 -4.5 -2.1 -4.3 -5.5 -5.9 -4.4 2.9 18

 19 FA763063653 Private commercial mortgage pass-through securities -2.5 0.4 -0.4 6.0 -2.5 -4.4 -0.9 -2.1 -0.7 19

 20 FA763063663 Private residential CMOs and other structured MBS -12.0 -11.3 -7.2 -1.3 -7.2 -9.6 -10.5 -7.9 -6.6 20

 21 FA763063693 Private commercial CMOs and other structured MBS 10.6 -10.6 -6.7 -13.6 -6.4 -2.1 -4.8 1.7 0.9 21

 22 FA763063095 Other -0.3 20.0 2.7 76.5 -47.1 12.7 -31.4 1.5 -23.0 22

 23 FA764023005 Loans 524.1 496.2 353.4 173.1 445.9 357.4 437.3 345.4 322.8 23

 24 FA763068005 Depository institution loans n.e.c. 210.8 146.1 104.4 16.5 178.6 104.4 118.0 150.9 138.6 24

 25 FA763069703 Other loans and advances 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 25

 26 FA763065005 Mortgages 213.0 246.4 164.7 126.7 206.0 157.0 168.9 145.2 125.2 26

 27 FA763066000 Consumer credit 100.2 103.8 84.4 29.9 61.3 95.9 150.4 49.3 59.0 27

 28 FA763064105 Corporate equities 2.0 -6.9 -0.7 -3.8 0.1 0.2 0.7 11.6 -2.3 28

 29 FA763064203 Mutual fund shares -0.9 -1.8 0.0 1.0 -5.0 1.8 2.4 -21.0 -1.1 29

 30 FA763040005 Life insurance reserves 6.5 5.6 6.4 5.6 5.4 8.5 6.2 4.9 3.9 30

 31 FA763092000 U.S. direct investment abroad -9.3 -2.5 12.2 12.1 13.3 11.2 12.4 7.3 5.7 31

 32 FA763090005 Miscellaneous assets 25.3 55.3 -26.8 93.9 -77.5 -7.3 -116.2 82.5 -171.6 32

 33 FA764190005 Net increase in liabilities 543.5 758.2 454.7 1011.1 -18.2 746.9 79.1 589.8 33.9 33

 34 FA764110005 Net interbank liabilities -42.2 -89.6 -16.9 437.7 -404.5 31.1 -132.1 104.8 -214.2 34

 35 FA713022003 Federal Reserve float 0.5 -0.8 -0.1 0.9 -0.3 -0.4 -0.7 0.9 0.6 35

 36 FA713068705 Borrowing from Federal Reserve banks -0.0 -0.1 0.1 -0.2 0.5 0.2 -0.2 -0.5 0.9 36

 37 FA764112005 To domestic banking -6.8 -4.3 3.7 409.8 -423.4 111.4 -83.2 447.5 -460.4 37

 38 FA764116005 To foreign banks -35.9 -84.5 -20.5 27.2 18.7 -80.1 -47.9 -343.1 244.7 38

 39 FA763127005 Checkable deposits 50.3 113.3 116.2 458.1 82.3 -95.9 20.1 329.9 -351.6 39

 40 FA763123005 Federal government -0.2 -0.1 -0.3 0.1 -0.5 0.1 -1.1 1.5 0.4 40

 41 FA763129205 Private domestic 63.4 98.4 116.4 450.8 92.9 -144.5 66.5 306.9 -374.3 41

 42 FA763122605 Rest of the world -12.9 15.0 0.0 7.1 -10.1 48.5 -45.3 21.4 22.3 42

 43 FA763130005 Time and savings deposits 484.0 580.8 287.6 239.1 202.9 516.7 191.7 431.5 679.1 43

 44 FA762150005 Federal funds and security repos -39.4 -34.2 7.9 -16.2 17.6 16.0 14.2 -54.5 4.5 44

 45 FA764122005 Debt securities -9.3 -21.4 -13.0 -12.1 -18.2 11.2 -32.9 -5.4 13.6 45

 46 FA763169175 Open market paper -0.9 -4.5 0.7 1.5 -2.9 6.7 -2.7 -3.0 8.0 46

 47 FA763163005 Corporate bonds -8.4 -16.9 -13.6 -13.6 -15.3 4.5 -30.2 -2.4 5.6 47

 48 FA763169305 Loans (other loans and advances) 30.4 67.7 20.1 17.5 19.5 70.0 -26.8 75.8 -36.8 48

 49 FA763164103 Corporate equity issues 9.5 4.6 7.4 10.3 2.5 3.9 12.9 1.9 3.8 49

 50 FA763178003 Taxes payable (net) -8.1 0.7 31.8 -29.1 18.1 43.9 94.3 -56.4 10.7 50

 51 FA763190005 Miscellaneous liabilities 68.1 136.4 13.8 -94.2 61.5 150.1 -62.3 -237.8 -75.1 51

 52 FA763194735 Investment by holding companies 41.5 110.6 16.2 -123.6 120.0 178.8 -110.5 -112.0 22.0 52

 53 FA763193005 Other 26.7 25.8 -2.4 29.4 -58.6 -28.7 48.2 -125.8 -97.2 53

 54 FA767005005 Discrepancy -166.8 -70.0 -174.1 -387.5 -74.0 178.0 -413.0 -268.2 409.0 54

 Memo:

 55 FA763066303 Consumer leases not included above (1) -0.6 1.3 1.9 1.7 3.9 1.2 0.9 0.9 1.5 55

 56 FA763139105 Uninsured deposits (2) 242.1 298.2 201.3 241.1 -192.3 300.1 456.3 -17.8 -159.5 56

(1) Receivables from operating leases, such as consumer automobile leases, are booked as current income when payments are received and are not included in financial assets (or household liabilities).

 The leased automobile is a nonfinancial asset; depreciation is included in line 1, and fixed investment is included in line 2.

(2) Includes checkable deposits (line 39) and time and savings deposits (line 43) not insured by the Federal Deposit Insurance Corporation.
Transactions

Z.1, September 20, 2018 27

F.112 Foreign Banking Offices in U.S. (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2015 2016 2017 2017 2018

 Q1 Q2 Q3 Q4 Q1 Q2

 1 FA756330005 Gross saving 3.8 3.7 4.8 4.6 4.7 4.8 4.8 4.9 5.0 1

 2 FA755013005 Fixed nonresidential investment 4.4 4.3 5.6 5.4 5.6 5.7 5.7 5.9 6.0 2

 3 FA754090005 Net acquisition of financial assets -138.6 -105.3 292.5 613.0 23.6 434.7 98.9 171.0 18.7 3

 4 FA753025003 Vault cash -0.0 -0.0 0.0 0.0 -0.0 0.0 0.0 -0.0 0.0 4

 5 FA753013003 Reserves at Federal Reserve -198.4 -122.5 142.3 644.4 -97.0 311.3 -289.6 267.8 -180.7 5

 6 FA752050005 Federal funds and security repos 0.4 -25.4 76.6 16.2 59.2 113.3 117.6 -21.0 104.3 6

 7 FA754022005 Debt securities -9.0 10.7 27.3 -39.2 15.4 -40.8 173.8 -41.2 30.3 7

 8 FA753069603 Open market paper 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8

 9 FA753061103 Treasury securities 13.3 24.2 5.5 -22.5 11.7 -28.3 61.0 -1.1 34.0 9

 10 FA753061703 Agency- and GSE-backed securities 2.6 -2.0 22.5 3.0 4.3 -6.4 89.0 -8.4 6.9 10

 11 FA753062003 Municipal securities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11

 12 FA753063005 Corporate and foreign bonds -24.9 -11.5 -0.6 -19.8 -0.6 -6.0 23.8 -31.7 -10.6 12

 13 FA754023005 Loans 81.4 27.0 6.4 2.7 5.3 25.1 -7.3 -13.5 45.0 13

 14 FA753068005 Depository institution loans n.e.c. 67.7 11.2 -3.1 -2.4 -11.5 22.7 -21.0 -18.8 45.9 14

 15 FA753069703 Other loans and advances 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15

 16 FA753065005 Mortgages 13.8 15.8 9.5 5.1 16.8 2.4 13.7 5.3 -1.0 16

 17 FA753064103 Corporate equities 0.0 -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 17

 18 FA753093005 Miscellaneous assets -13.0 4.9 39.9 -11.0 40.7 25.6 104.4 -21.0 19.8 18

 19 FA754190005 Net increase in liabilities -97.1 -134.0 263.9 655.0 84.5 289.5 26.7 249.8 -23.4 19

 20 FA754110005 Net interbank liabilities -18.7 -49.5 111.5 175.1 -75.4 189.6 156.7 202.2 -27.6 20

 21 FA754116005 To foreign banks -23.7 -55.9 120.2 164.7 -73.6 220.1 169.8 225.7 -45.3 21

 22 FA754112005 To domestic banks 5.0 6.5 -8.7 10.5 -1.8 -30.5 -13.1 -23.6 17.7 22

 23 FA753127005 Checkable deposits 16.4 -2.9 34.1 76.4 26.1 -11.6 45.5 -25.7 -3.7 23

 24 FA753130005 Time and savings deposits -121.4 -140.6 25.6 285.1 63.3 9.3 -255.0 116.9 114.4 24

 25 FA752150005 Federal funds and security repos 35.3 66.7 88.3 61.1 129.6 121.5 41.0 -95.3 -112.8 25

 26 FA753169603 Debt securities (open market paper) (2) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 26

 27 FA753192003 Foreign direct investment in U.S. 0.4 9.2 7.7 15.0 15.7 -0.5 0.8 3.9 4.6 27

 28 FA753190005 Miscellaneous liabilities -9.2 -17.1 -3.4 42.2 -74.8 -18.8 37.7 47.8 1.8 28

 29 FA753194503 Investment by funding corporations 2.2 -5.6 -20.1 41.4 -84.0 -30.6 -7.1 43.8 37.5 29

 30 FA753193005 Other -11.3 -11.4 16.7 0.8 9.2 11.8 44.8 4.0 -35.7 30

 31 FA757005005 Discrepancy 41.0 -29.4 -29.4 41.2 60.1 -146.0 -73.1 77.9 -43.1 31

 Memo:

 32 FA753139105 Uninsured deposits (3) -105.0 -143.4 59.8 361.6 89.4 -2.4 -209.5 91.3 110.7 32

(1) Branches and agencies of foreign banks, Edge Act and Agreement corporations, New York investment companies (through 1996:Q2), and American Express Bank (through 2008:Q4).

(2) Bankers’ acceptances.

(3) All checkable deposits (line 23) and time and savings deposits (line 24) are considered uninsured according to the Federal Deposit Insurance Act.
Transactions

28 Z.1, September 20, 2018

F.113 Banks in U.S.-Affiliated Areas (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2015 2016 2017 2017 2018

 Q1 Q2 Q3 Q4 Q1 Q2

 1 FA746330005 Gross saving 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 1

 2 FA745013005 Fixed nonresidential investment 0.1 0.2 0.2 0.1 0.2 0.2 0.2 0.2 0.2 2

 3 FA744090005 Net acquisition of financial assets -3.6 6.9 -3.4 1.9 3.1 -31.7 13.0 9.8 10.8 3

 4 FA743013003 Reserves at Federal Reserve -0.2 0.8 3.1 3.2 4.2 4.7 0.3 6.5 5.4 4

 5 FA744022003 Debt securities 0.8 1.2 1.7 3.6 0.9 -3.1 5.6 4.5 2.1 5

 6 FA743061103 Treasury securities 1.1 0.8 1.9 3.0 1.4 -1.6 4.7 4.7 1.8 6

 7 FA743061703 Agency- and GSE-backed securities 0.1 -0.3 -0.0 0.0 -0.6 0.2 0.3 0.9 1.0 7

 8 FA743062003 Municipal securities -0.6 -0.4 -0.4 -0.2 -0.2 -1.4 -0.0 -0.0 -0.0 8

 9 FA743063005 Corporate and foreign bonds 0.2 1.1 0.3 0.7 0.3 -0.3 0.5 -1.0 -0.8 9

 10 FA744023003 Loans -5.8 -1.9 -0.6 -3.6 -0.4 -1.8 3.3 -2.4 -0.8 10

 11 FA743068005 Depository institution loans n.e.c. -2.0 -1.2 -0.8 -2.1 0.7 -2.2 0.4 -0.3 0.8 11

 12 FA743065103 Home mortgages -1.5 -0.7 0.3 -0.9 -0.7 -0.5 3.1 -1.5 -1.1 12

 13 FA743065505 Commercial mortgages -2.2 -0.0 -0.1 -0.5 -0.4 0.8 -0.1 -0.7 -0.5 13

 14 FA743093005 Miscellaneous assets 1.5 6.6 -7.7 -1.3 -1.6 -31.5 3.8 1.2 4.1 14

 15 FA744190005 Net increase in liabilities -3.3 7.0 -3.9 1.9 2.7 -32.2 12.0 9.1 10.9 15

 16 FA744110005 Net interbank liabilities 0.0 -0.1 0.1 0.2 0.2 -1.6 1.6 0.0 -1.4 16

 17 FA743127003 Checkable deposits 1.6 5.7 0.3 4.6 4.4 -15.3 7.5 5.9 11.4 17

 18 FA743130003 Time and savings deposits -2.9 2.5 -4.6 -1.6 -3.4 -14.4 1.1 4.4 1.0 18

 19 FA743193005 Miscellaneous liabilities -2.1 -1.2 0.3 -1.3 1.5 -0.9 1.8 -1.3 -0.0 19

 20 FA747005005 Discrepancy 0.3 0.1 -0.5 -0.1 -0.4 -0.6 -1.0 -0.8 0.1 20

 Memo:

 21 FA743139105 Uninsured deposits (2) 0.7 4.2 2.9 12.5 2.7 -4.5 0.9 7.3 6.4 21

(1) Commercial banks and branches of U.S.-chartered depository institutions located in Puerto Rico, the U.S. Virgin Islands, American Samoa, Guam, and other U.S.-affiliated insular areas.

(2) Includes checkable deposits (line 17) and time and savings deposits (line 18) not insured by the Federal Deposit Insurance Corporation.

F.114 Credit Unions

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 FA476000105 Gross saving 13.0 15.0 16.6 15.8 16.7 16.5 17.3 17.8 18.2 1

 2 FA475013005 Fixed nonresidential investment 4.8 5.8 6.2 6.0 6.2 6.3 6.3 6.5 6.7 2

 3 FA474090005 Net acquisition of financial assets 88.2 88.4 88.5 203.9 24.3 64.9 60.9 179.7 67.6 3

 4 FA473013005 Reserves at Federal Reserve 8.8 1.0 2.1 98.7 -68.3 -9.4 -12.6 93.4 -80.7 4

 5 FA472050053 Federal funds and security repos 0.0 0.0 0.1 0.0 0.2 0.2 -0.0 0.4 0.6 5

 6 FA474022005 Debt securities -2.8 -2.4 -4.6 3.5 -6.3 -13.6 -1.8 -19.0 -4.3 6

 7 FA473069153 Open market paper 0.0 0.0 -0.0 -0.0 0.0 0.0 0.0 0.6 1.1 7

 8 FA473061105 Treasury securities 7.6 -0.6 0.6 -1.6 -0.2 -0.5 4.9 1.4 1.0 8

 9 FA473061705 Agency- and GSE-backed securities -11.9 -3.3 -4.4 4.3 -5.7 -9.4 -6.7 -20.9 -5.7 9

 10 FA473062005 Municipal securities 0.6 0.8 -0.0 0.1 0.8 -1.3 0.3 -1.0 0.3 10

 11 FA473063005 Corporate and foreign bonds 0.9 0.7 -0.8 0.7 -1.2 -2.4 -0.3 0.9 -1.1 11

 12 FA474023000 Loans 76.3 84.8 89.0 104.1 103.8 79.8 68.4 97.7 137.3 12

 13 FA473068005 Depository institution loans n.e.c. 4.1 12.1 8.8 12.4 8.5 25.8 -11.4 8.0 26.2 13

 14 FA473065100 Home mortgages 32.7 34.7 42.1 46.4 43.4 40.6 38.0 55.6 49.8 14

 15 FA473066000 Consumer credit 39.5 38.0 38.1 45.3 51.9 13.4 41.8 34.1 61.3 15

 16 FA473064205 Mutual fund shares -0.1 -0.1 0.1 0.2 -0.1 0.5 -0.1 0.3 -0.4 16

 17 FA473090005 Miscellaneous assets 6.1 5.1 1.7 -2.6 -4.9 7.5 7.0 6.9 15.1 17

 18 FA474190005 Net increase in liabilities 81.3 80.6 79.9 193.3 13.8 57.9 54.5 173.5 57.7 18

 19 FA474110005 Net interbank liabilities 5.6 -0.8 4.1 81.7 -58.0 -2.5 -5.0 81.9 -58.3 19

 20 FA473127003 Checkable deposits 19.5 3.8 15.3 40.0 8.8 -2.2 14.6 50.6 -0.2 20

 21 FA473130005 Time and savings deposits 46.4 74.3 51.3 87.4 49.8 45.8 22.3 80.2 57.5 21

 22 FA472150053 Federal funds and security repos 0.0 -0.0 -0.0 0.0 0.0 -0.0 -0.0 0.0 0.0 22

 23 FA473169333 Loans (other loans and advances) 9.3 2.0 8.2 -6.0 5.8 15.5 17.3 -33.3 23.4 23

 24 FA473193005 Miscellaneous liabilities 0.5 1.3 1.0 -9.8 7.4 1.2 5.3 -6.0 35.3 24

 25 FA477005005 Discrepancy 1.2 1.4 1.7 -0.8 0.1 3.2 4.6 5.1 1.6 25

 Memo:

 26 FA473139103 Uninsured deposits (1) 6.4 8.7 7.7 13.1 3.3 5.8 8.6 10.5 1.1 26

(1) Includes checkable deposits (line 20) and time and savings deposits (line 21) not insured by the National Credit Union Share Insurance Fund.
Transactions

Z.1, September 20, 2018 29

F.115 Property-Casualty Insurance Companies

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2015 2016 2017 2017 2018

 Q1 Q2 Q3 Q4 Q1 Q2

 1 FA516000105 Gross saving less net capital transfers paid (1) 63.2 70.3 11.1 74.5 79.9 -171.1 61.1 76.1 89.5 1

 2 FA515013005 Fixed nonresidential investment 25.1 25.4 27.3 26.5 27.3 27.7 27.7 28.7 29.5 2

 3 FA514090005 Net acquisition of financial assets 62.2 73.8 113.1 172.0 140.8 185.8 -46.1 109.9 96.9 3

 4 FA513020005 Checkable deposits and currency -2.8 -7.3 4.3 3.8 0.4 40.5 -27.5 8.1 19.6 4

 5 FA513034005 Money market fund shares 3.3 -6.8 4.0 2.2 2.2 4.7 6.9 4.7 30.7 5

 6 FA512051005 Security repurchase agreements -0.4 -0.1 0.0 -0.1 -0.1 0.1 0.2 -0.9 -0.6 6

 7 FA514022005 Debt securities 22.4 45.4 33.0 -16.3 26.7 33.5 88.2 0.1 20.3 7

 8 FA513069105 Open market paper 0.9 11.1 -8.9 -12.5 -10.7 -7.2 -5.3 -6.9 -5.1 8

 9 FA513061105 Treasury securities -1.4 11.3 34.0 20.0 26.8 37.3 52.1 -32.2 -21.2 9

 10 FA513061705 Agency- and GSE-backed securities -6.6 4.4 5.6 -0.4 5.7 5.4 11.7 4.8 5.7 10

 11 FA513062005 Municipal securities 10.2 1.8 -9.9 -16.4 -8.4 -12.5 -2.2 14.1 16.7 11

 12 FA513063005 Corporate and foreign bonds 19.2 16.8 12.2 -7.0 13.3 10.6 32.0 20.2 24.1 12

 13 FA513065505 Loans (commercial mortgages) 2.5 2.7 2.4 -2.8 6.0 3.6 2.7 3.5 0.9 13

 14 FA513064105 Corporate equities -1.5 2.8 9.8 21.4 16.1 -2.0 3.7 25.8 1.4 14

 15 FA513064205 Mutual fund shares 0.7 -3.7 1.2 1.2 1.2 1.2 1.2 2.6 1.6 15

 16 FA513070005 Trade receivables 7.5 3.7 9.4 28.5 17.1 1.3 -9.4 37.6 17.8 16

 17 FA513092003 U.S. direct investment abroad 0.1 9.3 1.5 5.4 25.1 0.4 -25.0 24.2 8.2 17

 18 FA513090005 Miscellaneous assets 30.4 27.7 47.5 128.6 46.2 102.5 -87.1 4.3 -3.0 18

 19 FA513092403 Equity in FHLB 0.0 0.0 -0.0 0.0 0.2 -0.2 -0.0 0.2 -0.1 19

 20 FA513076005 Policy payables (2) 3.2 20.2 37.2 24.0 41.6 68.8 14.4 7.9 12.7 20

 21 FA513093005 Other 27.2 7.5 10.3 104.5 4.4 33.9 -101.5 -3.9 -15.6 21

 22 FA514190005 Net increase in liabilities -23.8 42.3 96.7 80.3 130.5 280.1 -104.2 61.0 50.8 22

 23 FA512151003 Security repurchase agreements 0.4 -1.0 -0.0 -0.0 -0.1 0.1 -0.1 -0.2 -0.2 23

 24 FA513164103 Corporate equity issues -22.0 -19.5 -12.8 -21.4 -16.7 -6.7 -6.3 -4.8 -9.4 24

 25 FA513169333 Loans (other loans and advances) 0.2 0.5 -0.2 0.1 3.9 -3.8 -0.8 3.9 -2.1 25

 26 FA513170005 Trade payables -0.3 6.8 1.0 0.7 1.2 1.9 0.4 1.8 2.9 26

 27 FA513178005 Taxes payable 0.8 1.0 4.9 -1.7 -5.3 2.3 24.3 3.7 -9.3 27

 28 FA513192003 Foreign direct investment in U.S. 31.9 30.0 -2.2 -0.7 5.4 -4.2 -9.2 31.4 -16.2 28

 29 FA513190005 Miscellaneous liabilities -34.8 24.4 105.9 103.5 142.1 290.5 -112.4 25.1 85.1 29

 30 FA513194733 Investment by parent companies -0.8 -0.2 0.6 -1.4 1.9 0.7 1.1 1.8 1.8 30

 31 FA513176005 Policy payables 20.0 43.9 75.8 0.1 100.9 257.3 -55.1 33.2 53.0 31

 32 FA513193005 Other -53.9 -19.4 29.6 104.8 39.4 32.5 -58.4 -9.9 30.3 32

 33 FA517005005 Discrepancy -48.0 13.4 -32.6 -43.7 42.4 -104.5 -24.7 -1.5 13.9 33

 Memo:

 34 FA513200003 Securities lending (3) 0.0 0.3 1.9 6.7 1.5 1.7 -2.3 1.3 3.5 34

 35 FA513176015 Direct reserve 18.4 34.6 49.6 -16.8 71.6 208.9 -65.2 28.1 44.9 35

 36 FA513176025 Reinsured to U.S. reinsurers -1.3 8.1 15.8 10.2 17.7 29.2 6.1 3.7 5.9 36

 37 FA263176005 Reinsured to non-U.S. reinsurers 4.5 12.1 21.4 13.8 23.9 39.6 8.3 4.2 6.8 37

 38 FA263076005 Reinsured from non-U.S. reinsurers 2.9 1.2 10.4 6.7 11.6 19.2 4.0 1.3 2.1 38

(1) Net capital transfers paid from table F.5, line 53.

(2) Policy payables due from reinsurers.

(3) Liability for securities lending collateral, included in line 32.
Transactions

30 Z.1, September 20, 2018

F.116 Life Insurance Companies (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2015 2016 2017 2017 2018

 Q1 Q2 Q3 Q4 Q1 Q2

 1 FA546000105 Gross saving less net capital transfers paid (2) 7.1 16.7 16.8 20.6 20.4 18.6 7.7 15.0 21.8 1

 2 FA545013005 Fixed nonresidential investment 18.3 19.1 20.7 20.1 20.6 20.9 21.0 21.7 22.4 2

 3 FA544090005 Net acquisition of financial assets 163.8 153.2 105.5 169.6 122.1 152.1 -21.6 61.2 89.4 3

 4 FA543020005 Checkable deposits and currency 9.9 -7.7 17.5 4.3 32.5 1.5 31.5 -15.2 17.5 4

 5 FA543034005 Money market fund shares 2.8 -13.4 3.6 6.5 3.2 7.0 -2.2 -14.3 24.1 5

 6 FA542051075 Security repurchase agreements -0.5 -0.4 -0.4 0.0 -0.5 -0.3 -1.0 -0.9 -0.5 6

 7 FA544022005 Debt securities 98.3 135.7 70.0 100.1 33.0 82.7 64.1 110.7 66.5 7

 8 FA543069105 Open market paper -7.6 2.2 -8.6 -4.0 -8.4 -12.2 -9.7 -13.0 -5.3 8

 9 FA543061105 Treasury securities 7.2 20.5 -0.1 -0.5 -2.6 -1.9 4.5 4.3 2.2 9

 10 FA543061705 Agency- and GSE-backed securities -2.0 11.3 8.5 10.5 5.4 11.1 6.8 16.9 9.0 10

 11 FA543062005 Municipal securities 8.2 8.8 7.3 8.5 5.0 9.2 6.3 7.7 4.6 11

 12 FA543063005 Corporate and foreign bonds 92.4 92.8 63.0 85.7 33.6 76.6 56.2 94.8 56.0 12

 13 FA544023005 Loans 42.1 37.6 45.7 52.5 59.1 47.5 23.6 48.6 45.6 13

 14 FA543069005 Other loans and advances -0.4 2.8 4.6 -2.0 7.1 14.5 -1.1 -1.1 2.1 14

 15 FA543065005 Mortgages 42.5 34.8 41.1 54.5 52.0 33.1 24.7 49.7 43.4 15

 16 FA543064105 Corporate equities 31.0 98.5 -16.5 -18.8 -10.0 -17.3 -20.0 41.5 -8.9 16

 17 FA543064205 Mutual fund shares -34.6 -167.0 -77.5 -73.5 -69.4 -69.1 -97.9 -77.0 -81.6 17

 18 FA543070005 Trade receivables 14.8 24.7 11.1 11.4 9.8 11.8 11.4 4.4 4.0 18

 19 FA543040005 Life insurance reserves 16.9 43.8 34.2 35.1 30.2 36.3 35.2 12.2 11.2 19

 20 FA543050005 Pension entitlements 5.2 -3.1 7.8 8.0 7.0 8.3 8.0 4.3 4.8 20

 21 FA543092073 U.S. direct investment abroad 1.1 -11.9 2.7 4.3 4.3 -4.1 6.2 2.1 -8.6 21

 22 FA543090005 Miscellaneous assets -23.1 16.5 7.4 39.7 22.8 47.7 -80.5 -55.3 15.5 22

 23 FA543092473 Equity in FHLB 0.5 0.4 0.4 1.1 -0.3 0.0 0.7 1.4 0.0 23

 24 FA543077073 Deferred and unpaid life ins. premiums 1.7 -0.3 1.8 5.5 1.7 0.2 -0.3 9.8 -0.6 24

 25 FA543095105 Other reserves 3.8 -5.3 3.9 4.3 3.4 3.0 4.9 7.9 1.0 25

 26 FA543093005 Other -29.2 21.8 1.4 28.7 18.0 44.4 -85.7 -74.4 15.1 26

 27 FA544190005 Net increase in liabilities 154.0 160.7 107.1 123.6 136.9 68.8 99.0 57.4 58.4 27

 28 FA542151073 Security repurchase agreements -0.5 0.2 -0.3 0.2 2.4 -2.3 -1.3 -8.9 -4.8 28

 29 FA543164173 Corporate equity issues -10.0 -5.9 -19.9 -30.2 -13.3 -17.2 -19.0 -17.8 0.9 29

 30 FA543169373 Loans (other loans and advances) 6.2 10.1 6.7 11.8 0.5 3.5 10.9 16.2 4.0 30

 31 FA543170005 Trade payables 15.9 19.6 37.5 38.5 33.2 39.9 38.6 7.3 6.7 31

 32 FA543140005 Life insurance reserves 67.4 81.8 43.4 49.4 23.8 51.6 48.8 52.7 51.1 32

 33 FA543150005 Pension entitlements (3) 95.9 -2.8 -12.2 6.4 -6.8 -36.2 -12.1 -26.7 -7.7 33

 34 FA543178075 Taxes payable 0.8 1.0 2.0 -1.7 -5.3 2.3 12.6 -0.8 -3.5 34

 35 FA543192073 Foreign direct investment in U.S. 7.4 4.8 7.0 0.1 13.5 4.3 10.2 8.6 5.0 35

 36 FA543190005 Miscellaneous liabilities -29.0 51.7 42.9 49.2 89.0 23.0 10.5 26.9 6.8 36

 37 FA543194733 Investment by parent companies 0.5 1.3 2.5 1.4 2.6 1.5 4.6 -2.7 -0.6 37

 38 FA673090543 Funding agreements backing securities (4) 1.6 6.9 12.1 11.2 15.3 25.1 -3.0 2.8 8.4 38

 39 FA543195005 Other reserves (5) 7.3 16.0 17.6 28.0 8.1 10.5 23.9 43.7 2.5 39

 40 FA593095005 Unallocated insurance contracts -16.2 22.0 21.9 10.8 15.7 22.8 38.4 -17.4 5.7 40

 41 FA543193005 Other -22.3 5.6 -11.3 -2.2 47.3 -37.0 -53.3 0.4 -9.2 41

 42 FA547005005 Discrepancy -21.0 5.1 -2.3 -45.5 14.7 -85.6 107.4 -10.5 -31.5 42

 Memo:

 43 FA543200073 Securities lending (6) -4.0 -2.2 1.1 12.8 -1.3 2.7 -9.8 16.2 -26.2 43

 44 FA543176015 Direct reserve 151.5 99.9 60.2 80.8 33.0 43.6 83.4 40.7 50.8 44

 45 FA543176025 Reinsured to U.S. reinsurers 10.4 38.5 18.0 18.9 15.9 17.5 19.5 28.9 21.3 45

 46 FA543076035 Reinsured to non-U.S. reinsurers -61.4 17.4 36.2 36.9 32.0 38.8 36.9 17.3 15.1 46

 47 FA543176035 Reinsured from non-U.S. reinsurers -7.5 12.2 3.4 3.5 3.0 3.6 3.5 1.1 1.1 47

(1) Additional detail on the financial assets and liabilities held in life insurer’s general and separate accounts is available on tables F.116.g and F.116.s.

(2) Net capital transfers paid from table F.5, line 54.

(3) Annuity reserves held by life insurance companies, excluding unallocated contracts held by pension funds, which are shown on line 35.

(4) Equal to funding agreement-backed securities (FABS) issued by domestic issuers of asset-backed securities.

(5) Includes reserves for accident and health policies, policy dividend accumulation, and contract claims.

(6) Liability for securities lending collateral, included in line 41.
Transactions

Z.1, September 20, 2018 31

F.116.g Life Insurance Companies: General Accounts

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2015 2016 2017 2017 2018

 Q1 Q2 Q3 Q4 Q1 Q2

 1 FA544090075 Net acquisition of financial assets 130.9 188.9 173.0 265.7 204.6 222.1 -0.3 203.8 160.3 1

 2 FA543020075 Checkable deposits and currency 11.9 -11.8 7.0 -4.4 22.7 -9.4 19.2 -16.8 18.3 2

 3 FA543034075 Money market fund shares 0.9 -10.9 5.8 9.6 5.5 8.3 -0.2 -15.7 27.5 3

 4 FA542051075 Security repurchase agreements -0.5 -0.4 -0.4 0.0 -0.5 -0.3 -1.0 -0.9 -0.5 4

 5 FA544022075 Debt securities 48.1 120.4 72.6 110.7 41.8 93.4 44.5 87.6 55.3 5

 6 FA543069175 Open market paper -4.8 4.6 -3.9 1.3 -3.5 -7.7 -5.5 -13.7 -4.9 6

 7 FA543061175 Treasury securities 4.2 12.7 -0.6 6.8 2.3 6.3 -17.9 1.2 0.1 7

 8 FA543061775 Agency- and GSE-backed securities -7.3 7.9 7.3 9.0 4.6 9.6 5.9 11.5 6.0 8

 9 FA543062075 Municipal securities 7.8 6.5 7.3 8.5 5.1 9.2 6.3 7.2 3.8 9

 10 FA543063075 Corporate and foreign bonds 48.2 88.8 62.5 85.0 33.3 75.9 55.7 81.5 50.3 10

 11 FA544023075 Loans 26.8 36.7 44.2 51.1 57.7 46.1 22.1 46.9 46.5 11

 12 FA543069075 Other loans and advances -5.1 3.0 4.7 -1.9 7.2 14.6 -1.0 -1.4 2.3 12

 13 FA543065075 Mortgages 31.9 33.8 39.5 53.0 50.5 31.5 23.1 48.3 44.2 13

 14 FA543064175 Corporate equities 2.1 1.3 5.1 2.8 11.6 4.3 1.7 10.8 8.5 14

 15 FA543064275 Mutual fund shares -0.2 0.9 -0.3 -0.3 -0.3 -0.3 -0.3 1.2 0.8 15

 16 FA543070075 Trade receivables 14.8 24.8 11.1 11.4 9.8 11.8 11.4 4.4 4.0 16

 17 FA543040075 Life insurance reserves 16.9 43.8 34.2 35.1 30.2 36.3 35.2 12.2 11.2 17

 18 FA543050075 Pension entitlements 5.2 -3.0 7.8 8.0 7.0 8.3 8.0 4.3 4.8 18

 19 FA543092073 U.S. direct investment abroad 1.1 -11.9 2.7 4.3 4.3 -4.1 6.2 2.1 -8.6 19

 20 FA543090075 Miscellaneous assets 3.9 -1.2 -16.8 37.4 14.8 27.8 -147.0 67.6 -7.5 20

 21 FA544190075 Net increase in liabilities 104.2 194.6 177.6 188.2 173.8 176.0 172.5 198.5 131.0 21

 22 FA542151073 Security repurchase agreements -0.5 0.2 -0.3 0.2 2.4 -2.3 -1.3 -8.9 -4.8 22

 23 FA543164173 Corporate equity issues -10.0 -5.9 -19.9 -30.2 -13.3 -17.2 -19.0 -17.8 0.9 23

 24 FA543169373 Loans (other loans and advances) 6.2 10.1 6.7 11.8 0.5 3.5 10.9 16.2 4.0 24

 25 FA543170075 Trade payables 15.9 19.7 37.5 38.5 33.2 39.8 38.6 7.3 6.7 25

 26 FA543140075 Life insurance reserves 25.7 80.3 64.4 69.9 40.1 77.4 70.2 70.8 64.7 26

 27 FA543150075 Pension entitlements (1) 72.8 44.2 18.6 32.9 0.3 24.6 16.4 80.8 70.8 27

 28 FA543178075 Taxes payable 0.8 1.0 2.0 -1.7 -5.3 2.3 12.6 -0.8 -3.5 28

 29 FA543192073 Foreign direct investment in U.S. 7.4 4.8 7.0 0.1 13.5 4.3 10.2 8.6 5.0 29

 30 FA543190075 Miscellaneous liabilities -14.0 40.1 61.7 66.8 102.5 43.5 34.0 42.5 -12.7 30

(1) Annuity reserves held by life insurance companies, excluding unallocated contracts held by pension funds, which are included in miscellaneous liabilities (line 30).

F.116.s Life Insurance Companies: Separate Accounts

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 FA544090085 Net acquisition of financial assets 32.9 -35.6 -67.5 -96.2 -82.5 -70.1 -21.3 -142.6 -70.9 1

 2 FA543020083 Checkable deposits and currency -2.1 4.1 10.4 8.7 9.8 11.0 12.3 1.6 -0.9 2

 3 FA543034385 Money market fund shares 1.9 -2.6 -2.2 -3.1 -2.3 -1.4 -2.0 1.5 -3.4 3

 4 FA544022085 Debt securities 50.2 15.3 -2.6 -10.7 -8.8 -10.6 19.6 23.1 11.1 4

 5 FA543069183 Open market paper -2.8 -2.4 -4.8 -5.3 -4.9 -4.5 -4.2 0.7 -0.4 5

 6 FA543061183 Treasury securities 3.0 7.9 0.5 -7.4 -4.9 -8.3 22.4 3.0 2.1 6

 7 FA543061783 Agency- and GSE-backed securities 5.4 3.5 1.2 1.4 0.7 1.5 1.0 5.4 3.0 7

 8 FA543062083 Municipal securities 0.5 2.4 -0.0 -0.0 -0.0 -0.0 -0.0 0.6 0.9 8

 9 FA543063085 Corporate and foreign bonds 44.2 4.0 0.5 0.7 0.3 0.7 0.4 13.4 5.6 9

 10 FA544023085 Loans 15.2 0.9 1.5 1.4 1.5 1.5 1.5 1.7 -0.9 10

 11 FA543069483 Other loans and advances 4.7 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 0.3 -0.2 11

 12 FA543065083 Mortgages 10.6 1.0 1.6 1.5 1.6 1.6 1.6 1.4 -0.8 12

 13 FA543064183 Corporate equities 28.9 97.1 -21.6 -21.6 -21.6 -21.6 -21.6 30.6 -17.4 13

 14 FA543064285 Mutual fund shares -34.4 -167.9 -77.2 -73.2 -69.1 -68.8 -97.7 -78.2 -82.4 14

 15 FA543070085 Trade receivables 0.1 -0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15

 16 FA543040085 Life insurance reserves -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16

 17 FA543050085 Pension entitlements 0.0 -0.1 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 17

 18 FA543090085 Miscellaneous assets -27.0 17.7 24.2 2.3 8.0 19.9 66.6 -122.9 23.0 18

 19 FA544190085 Net increase in liabilities 49.7 -33.9 -70.5 -64.6 -36.9 -107.2 -73.4 -141.1 -72.6 19

 20 FA543170085 Trade payables 0.1 -0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 20

 21 FA543140085 Life insurance reserves 41.7 1.6 -21.0 -20.5 -16.3 -25.8 -21.4 -18.1 -13.6 21

 22 FA543150085 Pension entitlements (1) 23.0 -47.0 -30.8 -26.5 -7.1 -60.9 -28.5 -107.5 -78.6 22

 23 FA543190085 Miscellaneous liabilities -15.0 11.6 -18.8 -17.6 -13.5 -20.5 -23.5 -15.6 19.6 23

(1) Annuity reserves held by life insurance companies, excluding unallocated contracts held by pension funds which are included in miscellaneous liabilities (line 23).
Transactions

32 Z.1, September 20, 2018

F.117 Private and Public Pension Funds (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2015 2016 2017 2017 2018

 Q1 Q2 Q3 Q4 Q1 Q2

 1 FA596330005 Gross saving 0.5 0.5 0.6 0.5 0.6 0.6 0.6 0.6 0.6 1

 2 FA595013005 Fixed nonresidential investment 0.3 0.5 0.6 0.6 0.6 0.6 0.6 0.6 0.6 2

 3 FA594090005 Net acquisition of financial assets (2) 348.9 385.5 420.2 465.6 418.1 316.9 480.0 324.9 358.7 3

 4 FA593020005 Checkable deposits and currency 3.6 3.0 -11.4 -20.8 -17.6 -2.3 -4.9 -6.6 -6.8 4

 5 FA593030005 Time and savings deposits -4.1 -0.3 -2.8 -4.0 -1.3 -1.9 -4.0 -5.0 -4.1 5

 6 FA593034005 Money market fund shares -2.8 16.9 -12.3 -15.5 -7.3 -8.6 -18.0 -18.8 -13.3 6

 7 FA592051005 Security repurchase agreements -0.3 0.9 -0.9 -1.1 -0.4 -0.8 -1.5 -1.6 -1.2 7

 8 FA594022005 Debt securities 85.4 146.6 52.2 -332.2 -298.6 1190.3 -350.6 1099.9 428.1 8

 9 FA593069105 Open market paper -3.6 11.2 -6.1 -7.7 0.2 -3.8 -13.0 -10.9 -5.5 9

 10 FA593061105 Treasury securities (3) 56.3 167.4 -3.7 -338.7 -260.4 1056.1 -471.8 898.7 220.0 10

 11 FA593061705 Agency- and GSE-backed securities -11.7 9.6 11.7 0.0 3.7 6.9 36.3 16.3 19.6 11

 12 FA593062045 Municipal securities 0.1 0.2 1.0 0.0 -0.1 -1.5 5.7 -3.3 0.2 12

 13 FA593063005 Corporate and foreign bonds 44.3 -41.7 49.2 14.2 -42.1 132.6 92.2 199.2 193.8 13

 14 FA593065005 Loans (mortgages) -2.2 7.3 -10.8 -16.7 -8.5 -22.8 4.7 -4.4 -7.8 14

 15 FA593064105 Corporate equities -6.6 -216.8 -174.4 -276.3 -49.6 -161.0 -210.8 -114.7 -147.7 15

 16 FA593064205 Mutual fund shares 23.2 -37.1 13.7 59.4 50.1 -75.4 20.7 10.0 -92.0 16

 17 FA593090005 Miscellaneous assets 252.7 464.9 567.0 1072.6 751.4 -600.7 1044.6 -634.0 203.5 17

 18 FA593095005 Unallocated insurance contracts (4) -16.2 22.0 21.9 10.8 15.7 22.8 38.4 -17.4 5.7 18

 19 FA573074005 Contributions receivable 15.2 3.9 8.9 12.5 3.5 6.4 13.2 13.0 13.6 19

 20 FA593073005 Claims of pension fund on sponsor (5) 269.2 341.6 467.4 953.7 671.7 -681.8 925.8 -658.8 117.5 20

 21 FA593093005 Other -15.5 97.4 68.8 95.6 60.5 51.8 67.2 29.2 66.7 21

 22 FA594190005 Net increase in pension entitlements (liabilities) 320.1 347.7 400.8 438.1 362.3 319.9 483.1 331.7 348.0 22

 Memo:

 23 FA153050015 Household retirement assets (6) 742.4 580.6 512.2 445.0 381.2 291.1 931.5 406.2 ND 23

 24 FA594190045 Defined benefit plans 285.4 291.4 293.3 295.0 297.0 295.6 285.5 284.8 285.3 24

 25 FA594090055 Defined contribution plans 34.7 56.3 107.6 143.1 65.3 24.3 197.6 46.9 62.6 25

 26 FA893131573 Individual retirement plans (IRAs) (7) 339.2 255.3 140.2 24.6 39.9 16.4 480.0 87.6 ND 26

 27 FA543150015 Annuities at life insurance companies (8) 83.1 -22.5 -28.9 -17.7 -21.1 -45.2 -31.6 -13.1 ND 27

(1) Private pension funds, state and local government employee retirement funds, and federal government employee retirement funds defined benefit plans and defined contribution plans.

(2) Includes claims on sponsor (i.e., unfunded pension entitlements).

(3) Includes both marketable and nonmarketable government securities.

(4) Assets of pension plans held at life insurance companies; series begins 1985:Q4.

(5) Unfunded defined benefit pension entitlements.

(6) Households’ retirement assets in tax-deferred accounts, including employer sponsored pension plans, IRAs, Roth IRAs, and annuities.

(7) IRA assets are not included above. See memo item on table F.227 for a sectoral distribution of IRA accounts.

(8) Annuities held in IRAs are excluded. They are included in line 26.
Transactions

Z.1, September 20, 2018 33

F.118 Private Pension Funds (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2015 2016 2017 2017 2018

 Q1 Q2 Q3 Q4 Q1 Q2

 1 FA576330005 Gross saving 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.3 0.3 1

 2 FA575013005 Fixed nonresidential investment 0.2 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 2

 3 FA574090005 Net acquisition of financial assets (2) -13.2 77.1 58.1 107.6 25.8 -18.5 117.7 7.6 -19.9 3

 4 FA573020005 Checkable deposits and currency 1.0 1.2 1.4 1.6 0.1 1.4 2.6 0.9 2.3 4

 5 FA573030005 Time and savings deposits -3.4 -0.7 -2.4 -3.6 -1.2 -1.5 -3.3 -4.2 -3.7 5

 6 FA573034005 Money market fund shares -2.9 6.4 -3.0 -5.2 -3.1 -1.0 -2.9 -4.0 -3.0 6

 7 FA572051005 Security repurchase agreements -0.3 -0.1 -0.2 -0.4 -0.1 -0.2 -0.3 -0.4 -0.4 7

 8 FA574022005 Debt securities -12.0 42.4 57.9 64.9 23.7 56.3 86.6 102.2 135.0 8

 9 FA573069105 Open market paper -3.7 -0.5 2.0 1.0 3.4 3.1 0.6 2.7 3.8 9

 10 FA573061105 Treasury securities -13.1 20.4 21.0 23.9 7.1 19.6 33.2 64.4 75.0 10

 11 FA573061705 Agency- and GSE-backed securities -1.0 10.0 8.7 10.9 6.1 8.5 9.5 10.3 12.8 11

 12 FA573063005 Corporate and foreign bonds 5.8 12.5 26.2 29.2 7.1 25.0 43.3 24.8 43.4 12

 13 FA573065005 Loans (mortgages) -2.0 0.8 -0.0 -0.1 -0.1 0.0 -0.0 -0.2 -0.1 13

 14 FA573064105 Corporate equities -29.3 -116.6 -91.2 -136.5 -68.9 -79.5 -80.0 -80.0 -80.0 14

 15 FA573064205 Mutual fund shares -8.6 13.5 17.1 34.9 48.8 -45.7 30.5 -1.9 -86.3 15

 16 FA573090005 Miscellaneous assets 44.4 130.3 78.6 151.9 26.5 51.7 84.5 -4.8 16.2 16

 17 FA573095005 Unallocated insurance contracts (3) -16.0 28.1 7.2 8.4 6.1 4.4 10.1 -10.4 -2.9 17

 18 FA573074005 Contributions receivable 15.2 3.9 8.9 12.5 3.5 6.4 13.2 13.0 13.6 18

 19 FA573073005 Claims of pension fund on sponsor (4) 59.5 63.2 37.5 100.4 12.2 18.4 19.0 -30.6 -33.9 19

 20 FA573093005 Other -14.3 35.1 25.0 30.7 4.7 22.5 42.2 23.2 39.4 20

 21 FA574190005 Net increase in pension entitlements (liabilities) -13.2 77.1 58.2 107.6 25.8 -18.4 117.7 7.7 -19.9 21

 Memo:

 Net acquisition of financial assets

 22 FA574090045 Defined benefit plans (5) -29.1 -19.6 -17.9 -8.8 -10.8 -18.6 -33.6 -33.6 -33.6 22

 23 FA574090055 Defined contribution plans (6) 15.9 96.7 76.1 116.4 36.6 0.1 151.3 41.2 13.7 23

(1) Private defined benefit plans and defined contribution plans (including 401(k) type plans).

(2) Includes claims on sponsor (i.e., unfunded pension entitlements).

(3) Assets of private pension plans held at life insurance companies; series begins 1985:Q4.

(4) Unfunded defined benefit pension entitlements.

(5) Additional detail on defined benefit plans is available on table F.118.b.

(6) Additional detail on defined contribution plans is available on table F.118.c.
Transactions

34 Z.1, September 20, 2018

F.118.b Private Pension Funds: Defined Benefit Plans

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2015 2016 2017 2017 2018

 Q1 Q2 Q3 Q4 Q1 Q2

 1 FA574090045 Net acquisition of financial assets (1) -29.1 -19.6 -17.9 -8.8 -10.8 -18.6 -33.6 -33.6 -33.6 1

 2 FA573020043 Checkable deposits and currency -0.8 0.4 -0.2 -0.3 -0.1 -0.1 -0.3 -0.3 -0.3 2

 3 FA573030043 Time and savings deposits -3.4 -1.0 -2.5 -3.8 -1.2 -1.6 -3.5 -4.3 -3.8 3

 4 FA573034043 Money market fund shares -4.1 -1.2 -3.0 -4.5 -1.5 -2.0 -4.2 -5.2 -4.6 4

 5 FA572051043 Security repurchase agreements -0.3 -0.1 -0.2 -0.4 -0.1 -0.2 -0.3 -0.4 -0.4 5

 6 FA574022045 Debt securities -19.8 18.4 18.2 18.6 18.9 18.4 17.0 72.3 72.0 6

 7 FA573069143 Open market paper -3.8 -1.0 1.8 0.6 3.4 2.9 0.1 2.5 3.4 7

 8 FA573061143 Treasury securities -8.5 9.8 6.0 6.4 5.3 5.4 7.0 53.1 51.3 8

 9 FA573061743 Agency- and GSE-backed securities -0.9 4.8 6.1 7.9 5.8 6.0 4.9 8.3 8.6 9

 10 FA573063043 Corporate and foreign bonds -6.7 4.9 4.3 3.7 4.4 4.2 4.9 8.3 8.6 10

 11 FA573065043 Loans (mortgages) -0.7 0.4 -0.1 -0.2 -0.1 -0.1 -0.2 -0.2 -0.2 11

 12 FA573064143 Corporate equities -33.7 -94.1 -55.2 -100.5 -32.9 -43.5 -44.0 -44.0 -44.0 12

 13 FA573064243 Mutual fund shares -32.3 -16.2 -21.6 -31.9 -10.5 -13.8 -30.0 -36.6 -32.4 13

 14 FA573090045 Miscellaneous assets 66.1 73.7 46.8 114.1 16.7 24.4 32.0 -14.8 -19.9 14

 15 FA573095405 Unallocated insurance contracts (2) -2.3 -1.3 -2.0 -3.0 -1.0 -1.3 -2.8 -3.4 -3.0 15

 16 FA573074043 Contributions receivable 13.3 1.4 6.7 9.9 3.3 4.3 9.3 11.4 10.1 16

 17 FA573073005 Claims of pension fund on sponsor (3) 59.5 63.2 37.5 100.4 12.2 18.4 19.0 -30.6 -33.9 17

 18 FA573093043 Other -4.3 10.4 4.6 6.8 2.2 3.0 6.4 7.8 6.9 18

 19 FA574190043 Net increase in pension entitlements (liabilities) -29.1 -19.5 -17.9 -8.8 -10.8 -18.5 -33.6 -33.6 -33.6 19

(1) Includes claims on sponsor (i.e., unfunded pension entitlements).

(2) Assets of private pension plans held at life insurance companies; series begins 1985:Q4.

(3) Unfunded defined benefit pension entitlements.

F.118.c Private Pension Funds: Defined Contribution Plans (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 FA574090055 Net acquisition of financial assets 15.9 96.7 76.1 116.4 36.6 0.1 151.3 41.2 13.7 1

 2 FA573020033 Checkable deposits and currency 1.7 0.7 1.6 1.9 0.2 1.6 2.9 1.2 2.6 2

 3 FA573030033 Time and savings deposits 0.0 0.2 0.1 0.1 0.0 0.1 0.2 0.1 0.2 3

 4 FA573034055 Money market fund shares 1.2 7.5 0.0 -0.7 -1.6 1.0 1.3 1.2 1.6 4

 5 FA572051033 Security repurchase agreements 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5

 6 FA574022035 Debt securities 7.9 24.1 39.7 46.3 4.8 37.9 69.6 29.9 63.0 6

 7 FA573069133 Open market paper 0.1 0.5 0.3 0.3 0.0 0.3 0.5 0.2 0.4 7

 8 FA573061133 Treasury securities -4.6 10.7 14.9 17.4 1.8 14.3 26.2 11.2 23.7 8

 9 FA573061733 Agency- and GSE-backed securities -0.1 5.2 2.6 3.0 0.3 2.5 4.6 2.0 4.1 9

 10 FA573063033 Corporate and foreign bonds 12.5 7.7 21.9 25.5 2.7 20.9 38.4 16.5 34.7 10

 11 FA573065033 Loans (mortgages) -1.3 0.4 0.1 0.1 0.0 0.1 0.2 0.1 0.1 11

 12 FA573064133 Corporate equities 4.5 -22.6 -36.0 -36.0 -36.0 -36.0 -36.0 -36.0 -36.0 12

 13 FA573064255 Mutual fund shares 23.7 29.6 38.7 66.8 59.3 -31.8 60.4 34.7 -53.9 13

 14 FA573090055 Miscellaneous assets -21.8 56.6 31.9 37.7 9.8 27.3 52.6 10.0 36.1 14

 15 FA573095505 Unallocated insurance contracts (2) -13.8 29.4 9.2 11.3 7.0 5.7 12.9 -7.0 0.1 15

 16 FA573074033 Contributions receivable 1.9 2.5 2.2 2.6 0.3 2.1 3.9 1.7 3.5 16

 17 FA573093033 Other -9.9 24.7 20.4 23.8 2.5 19.5 35.8 15.4 32.4 17

 18 FA574090055 Net increase in pension entitlements (liabilities) 15.9 96.7 76.1 116.4 36.6 0.1 151.3 41.2 13.7 18

(1) Includes 401(k) and 403(b) type plans.

(2) Assets of private pension plans held at life insurance companies; series begins 1985:Q4.
Transactions

Z.1, September 20, 2018 35

F.119 Federal Government Employee Retirement Funds

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2015 2016 2017 2017 2018

 Q1 Q2 Q3 Q4 Q1 Q2

 1 FA344090005 Net acquisition of financial assets (1) 101.5 90.7 86.8 89.8 90.3 93.7 73.5 105.5 120.1 1

 2 FA343020033 Checkable deposits and currency -0.0 -0.0 0.2 0.2 0.2 0.2 0.2 0.2 0.2 2

 3 FA344022005 Debt securities 93.1 100.9 -83.2 -442.7 -359.7 1042.3 -572.9 807.5 99.3 3

 4 FA343061105 Treasury securities (2) 91.6 99.8 -84.3 -443.4 -360.4 1041.1 -574.5 808.3 99.0 4

 5 FA343061705 Agency- and GSE-backed securities 0.2 0.4 0.6 0.2 0.3 1.0 0.9 -0.5 0.0 5

 6 FA343062033 Municipal securities -0.0 0.0 -0.0 0.0 0.0 -0.0 0.0 0.0 -0.0 6

 7 FA343063005 Corporate and foreign bonds 1.3 0.7 0.4 0.4 0.4 0.3 0.7 -0.3 0.3 7

 8 FA343064105 Corporate equities 0.0 -5.6 6.4 3.0 4.8 -6.0 23.8 -1.4 -5.5 8

 9 FA343073005 Claims of pension fund on sponsor (misc. assets) (3) 8.4 -4.5 163.4 529.3 444.9 -942.8 622.4 -700.8 26.1 9

 10 FA344090005 Net increase in pension entitlements (liabilities) 101.5 90.7 86.8 89.8 90.3 93.7 73.5 105.5 120.1 10

 Memo:

 Net acquisition of financial assets

 11 FA344090045 Defined benefit plans (4) 82.6 78.3 78.5 75.5 76.6 79.4 82.6 81.9 82.4 11

 12 FA344090055 Defined contibution plans (5) 19.0 12.4 8.3 14.3 13.7 14.3 -9.1 23.6 37.7 12

(1) Includes claims on sponsor (i.e., unfunded pension entitlements).

(2) Comprised primarily of nonmarketable Treasury securities.

(3) Unfunded defined benefit pension entitlements and suspended investments in the Thrift Savings Plan G Fund by the Treasury.

(4) Additional detail on defined benefit plans is available on table F.119.b

(5) Additional detail on defined contribution plans is available on table F.119.c.
Transactions

36 Z.1, September 20, 2018

F.119.b Federal Government Employee Retirement Funds: Defined Benefit Plans (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2015 2016 2017 2017 2018

 Q1 Q2 Q3 Q4 Q1 Q2

 1 FA344090045 Net acquisition of financial assets (2) 82.6 78.3 78.5 75.5 76.6 79.4 82.6 81.9 82.4 1

 2 FA343020033 Checkable deposits and currency -0.0 -0.0 0.2 0.2 0.2 0.2 0.2 0.2 0.2 2

 3 FA344022045 Debt securities 76.0 84.0 68.4 -20.5 -231.5 504.2 21.4 177.9 57.6 3

 4 FA343061165 Treasury securities (3) 75.4 83.8 68.5 -20.8 -231.6 505.3 21.0 177.7 57.3 4

 5 FA343061733 Agency- and GSE-backed securities 0.1 0.2 0.0 0.0 0.0 -0.1 0.1 -0.0 0.0 5

 6 FA343062033 Municipal securities -0.0 0.0 -0.0 0.0 0.0 -0.0 0.0 0.0 -0.0 6

 7 FA343063033 Corporate and foreign bonds 0.6 0.0 -0.1 0.2 0.0 -1.0 0.3 0.2 0.3 7

 8 FA343064135 Corporate equities -1.8 -1.2 -1.9 -2.9 -2.0 0.2 -2.8 -2.1 -1.4 8

 9 FA343073045 Claims of pension fund on sponsor (misc. assets) (4) 8.4 -4.5 11.8 98.7 309.8 -425.2 63.8 -94.1 26.1 9

 10 FA344190045 Net increase in pension entitlements (liabilities) 82.6 78.3 78.5 75.5 76.6 79.4 82.6 81.9 82.4 10

(1) Includes Civil Service Retirement and Disability Fund, Railroad Retirement Board, judicial retirement fund, Military Retirement Fund, Foreign Service Retirement and

 Disability Fund, and the National Railroad Investment Trust.

(2) Includes claims on sponsor (i.e., unfunded pension entitlements).

(3) Comprised primarily of nonmarketable Treasury securities.

(4) Unfunded defined benefit pension entitlements.

F.119.c Federal Government Employee Retirement Funds: Defined Contribution Plans (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 FA344090025 Net acquisition of financial assets 19.0 12.4 8.3 14.3 13.7 14.3 -9.1 23.6 37.7 1

 2 FA344022025 Debt securities 17.1 16.8 -151.6 -422.2 -128.2 538.1 -594.2 629.6 41.8 2

 3 FA343061155 Treasury securities (2) 16.2 16.0 -152.8 -422.5 -128.8 535.7 -595.5 630.5 41.7 3

 4 FA343061723 Agency- and GSE-backed securities 0.1 0.1 0.6 0.2 0.3 1.1 0.9 -0.4 0.0 4

 5 FA343063023 Corporate and foreign bonds 0.8 0.7 0.6 0.2 0.3 1.2 0.5 -0.5 0.1 5

 6 FA343064125 Corporate equities 1.9 -4.5 8.3 6.0 6.8 -6.2 26.6 0.7 -4.1 6

 7 FA343073053 Claims of pension fund on sponsor (misc. assets) (3) 0.0 0.0 151.7 430.6 135.2 -517.5 558.5 -606.7 0.0 7

 8 FA344090025 Net increase in pension entitlements (liabilities) 19.0 12.4 8.3 14.3 13.7 14.3 -9.1 23.6 37.7 8

(1) Thrift Savings Plan.

(2) Includes nonmarketable Treasury securities held in the G fund and marketable Treasury securities held in the F fund.

(3) Suspended investments in the Thrift Savings Plan G Fund by the Treasury.
Transactions

Z.1, September 20, 2018 37

F.120 State and Local Government Employee Retirement Funds

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2015 2016 2017 2017 2018

 Q1 Q2 Q3 Q4 Q1 Q2

 1 FA226330005 Gross saving 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 1

 2 FA225013005 Fixed nonresidential investment 0.2 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 2

 3 FA224090005 Net acquisition of financial assets (1) 260.6 217.7 275.2 268.3 302.1 241.6 288.8 211.8 258.4 3

 4 FA223020043 Checkable deposits and currency 2.7 1.8 -13.1 -22.6 -18.0 -3.9 -7.8 -7.8 -9.4 4

 5 FA223030043 Time and savings deposits -0.7 0.5 -0.4 -0.3 -0.1 -0.4 -0.7 -0.7 -0.5 5

 6 FA223034005 Money market fund shares 0.1 10.5 -9.3 -10.3 -4.2 -7.6 -15.1 -14.8 -10.3 6

 7 FA222051043 Security repurchase agreements 0.0 1.0 -0.7 -0.8 -0.3 -0.6 -1.2 -1.2 -0.8 7

 8 FA224022045 Debt securities 4.3 3.3 77.6 45.7 37.3 91.7 135.6 190.2 193.7 8

 9 FA223069143 Open market paper 0.0 11.7 -8.1 -8.7 -3.2 -6.9 -13.6 -13.6 -9.3 9

 10 FA223061143 Treasury securities -22.2 47.1 59.6 80.8 92.8 -4.6 69.5 26.1 46.0 10

 11 FA223061743 Agency- and GSE-backed securities -10.9 -0.8 2.4 -11.1 -2.7 -2.6 25.8 6.4 6.7 11

 12 FA223062043 Municipal securities 0.1 0.2 1.1 0.0 -0.1 -1.5 5.7 -3.3 0.2 12

 13 FA223063045 Corporate and foreign bonds 37.2 -55.0 22.6 -15.4 -49.5 107.3 48.2 174.6 150.1 13

 14 FA223065043 Loans (mortgages) -0.1 6.5 -10.8 -16.6 -8.5 -22.8 4.7 -4.2 -7.7 14

 15 FA223064145 Corporate equities 22.6 -94.5 -89.6 -142.8 14.6 -75.5 -154.6 -33.2 -62.2 15

 16 FA223064205 Mutual fund shares 31.8 -50.6 -3.4 24.5 1.3 -29.7 -9.8 11.9 -5.7 16

 17 FA223090005 Miscellaneous assets 200.0 339.2 324.9 391.5 279.9 290.4 337.7 71.6 161.2 17

 18 FA223095505 Unallocated insurance contracts (2) -0.1 -6.1 14.7 2.5 9.6 18.4 28.3 -7.1 8.6 18

 19 FA223073045 Claims of pension fund on sponsor (3) 201.3 282.9 266.4 324.1 214.6 242.6 284.4 72.7 125.3 19

 20 FA223093005 Other -1.2 62.3 43.7 64.9 55.7 29.4 24.9 6.0 27.4 20

 21 FA224190005 Net increase in pension entitlements (liabilities) 231.8 179.8 255.8 240.7 246.2 244.6 291.8 218.5 247.7 21

 Memo:

 Net acquisition of financial assets

 22 FA224090045 Defined benefit plans (4) 260.8 270.5 252.0 255.9 287.1 231.8 233.4 229.7 247.2 22

 23 FA224090055 Defined contibution plans (5) -0.2 -52.8 23.2 12.4 15.0 9.9 55.4 -17.9 11.2 23

(1) Includes claims on sponsor (i.e., unfunded pension entitlements).

(2) Assets of defined contribution funds held at life insurance companies.

(3) Unfunded defined benefit pension entitlements.

(4) Additional detail on defined benefit plans is available on table F.120.b.

(5) Additional detail on defined contribution plans is available on table F.120.c.
Transactions

38 Z.1, September 20, 2018

F.120.b State and Local Government Employee Retirement Funds: Defined Benefit Plans

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2015 2016 2017 2017 2018

 Q1 Q2 Q3 Q4 Q1 Q2

 1 FA224090045 Net acquisition of financial assets (1) 260.8 270.5 252.0 255.9 287.1 231.8 233.4 229.7 247.2 1

 2 FA223020043 Checkable deposits and currency 2.7 1.8 -13.1 -22.6 -18.0 -3.9 -7.8 -7.8 -9.4 2

 3 FA223030043 Time and savings deposits -0.7 0.5 -0.4 -0.3 -0.1 -0.4 -0.7 -0.7 -0.5 3

 4 FA223034043 Money market fund shares 0.0 12.8 -8.9 -9.5 -3.6 -7.6 -14.9 -14.9 -10.2 4

 5 FA222051043 Security repurchase agreements 0.0 1.0 -0.7 -0.8 -0.3 -0.6 -1.2 -1.2 -0.8 5

 6 FA224022045 Debt securities 4.3 3.3 77.6 45.7 37.3 91.7 135.6 190.2 193.7 6

 7 FA223069143 Open market paper 0.0 11.7 -8.1 -8.7 -3.2 -6.9 -13.6 -13.6 -9.3 7

 8 FA223061143 Treasury securities -22.2 47.1 59.6 80.8 92.8 -4.6 69.5 26.1 46.0 8

 9 FA223061743 Agency- and GSE-backed securities -10.9 -0.8 2.4 -11.1 -2.7 -2.6 25.8 6.4 6.7 9

 10 FA223062043 Municipal securities 0.1 0.2 1.1 0.0 -0.1 -1.5 5.7 -3.3 0.2 10

 11 FA223063045 Corporate and foreign bonds 37.2 -55.0 22.6 -15.4 -49.5 107.3 48.2 174.6 150.1 11

 12 FA223065043 Loans (mortgages) -0.1 6.5 -10.8 -16.6 -8.5 -22.8 4.7 -4.2 -7.7 12

 13 FA223064145 Corporate equities 22.6 -94.5 -89.6 -142.8 14.6 -75.5 -154.6 -33.2 -62.2 13

 14 FA223064243 Mutual fund shares 30.2 20.4 -4.1 12.1 0.4 -9.1 -19.9 19.5 -2.3 14

 15 FA223090045 Miscellaneous assets 201.8 318.6 302.0 390.7 265.2 259.9 292.2 82.1 146.6 15

 16 FA223073045 Claims of pension fund on sponsor (2) 201.3 282.9 266.4 324.1 214.6 242.6 284.4 72.7 125.3 16

 17 FA223093043 Other 0.5 35.7 35.6 66.6 50.6 17.3 7.7 9.4 21.3 17

 18 FA224190043 Net increase in pension entitlements (liabilities) 231.9 232.6 232.7 228.3 231.2 234.7 236.4 236.4 236.4 18

(1) Includes claims on sponsor (i.e., unfunded pension entitlements).

(2) Unfunded defined benefit pension entitlements.

F.120.c State and Local Government Employee Retirement Funds: Defined Contribution Plans (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 FA224090055 Net acquisition of financial assets -0.2 -52.8 23.2 12.4 15.0 9.9 55.4 -17.9 11.2 1

 2 FA223034055 Money market fund shares 0.1 -2.3 -0.4 -0.8 -0.7 -0.0 -0.2 0.2 -0.1 2

 3 FA223064255 Mutual fund shares 1.6 -71.0 0.7 12.4 0.9 -20.6 10.1 -7.6 -3.4 3

 4 FA223090055 Miscellaneous assets -1.8 20.6 22.9 0.7 14.8 30.5 45.5 -10.5 14.7 4

 5 FA223095505 Unallocated insurance contracts (misc. assets) (2) -0.1 -6.1 14.7 2.5 9.6 18.4 28.3 -7.1 8.6 5

 6 FA223093053 Other -1.7 26.6 8.2 -1.7 5.2 12.0 17.2 -3.4 6.1 6

 7 FA224090055 Net increase in pension entitlements (liabilities) -0.2 -52.8 23.2 12.4 15.0 9.9 55.4 -17.9 11.2 7

(1) Includes 403(b) and 457 type plans.

(2) Assets held at life insurance companies.
Transactions

Z.1, September 20, 2018 39

F.121 Money Market Funds (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2015 2016 2017 2017 2018

 Q1 Q2 Q3 Q4 Q1 Q2

 1 FA634090005 Net acquisition of financial assets -6.7 -11.1 117.2 7.0 55.7 340.9 65.0 34.7 293.8 1

 2 FA633091003 Foreign deposits -13.4 -9.2 1.9 6.9 -1.3 9.1 -7.3 -10.0 6.6 2

 3 FA633020000 Checkable deposits and currency 11.9 22.0 -7.5 -44.4 -16.3 67.4 -36.8 -32.0 7.6 3

 4 FA633030000 Time and savings deposits -129.3 -257.1 36.7 -0.2 -16.6 124.8 38.8 -203.1 4.8 4

 5 FA632051000 Security repurchase agreements 59.0 80.9 154.8 230.2 269.7 25.1 94.4 -493.2 429.5 5

 6 FA634022005 Debt securities 51.9 166.3 -68.1 -233.5 -166.8 117.9 10.2 741.0 -175.4 6

 7 FA633069175 Open market paper -26.1 -217.6 42.9 -49.9 59.1 86.8 75.5 -41.6 47.0 7

 8 FA633061105 Treasury securities 53.4 311.7 -94.7 -175.1 -177.5 30.4 -56.8 781.5 -311.2 8

 9 FA633061700 Agency- and GSE-backed securities 68.4 211.8 1.8 22.7 -24.4 14.2 -5.4 19.5 51.9 9

 10 FA633062000 Municipal securities -28.8 -81.8 -19.9 -37.7 -25.6 -23.8 7.6 -15.7 38.1 10

 11 FA633063005 Corporate and foreign bonds -15.1 -57.7 1.9 6.5 1.6 10.1 -10.7 -2.8 -1.2 11

 12 FA633093005 Miscellaneous assets 13.2 -14.0 -0.7 48.0 -13.0 -3.3 -34.3 31.9 20.6 12

 13 FA634090005 Net share issues (liabilities) -6.7 -11.1 117.2 7.0 55.7 340.9 65.0 34.7 293.8 13

 Memo:

 14 FA634090503 Variable annuity money market funds included above 1.9 -3.2 -3.7 -5.8 -4.7 -1.4 -2.8 2.0 -3.6 14

(1) Open-end investment companies including variable annuity money market funds.

F.122 Mutual Funds (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 FA656006403 Gross saving -84.2 -65.4 -53.5 -52.8 -52.5 -54.0 -54.6 -55.1 -55.8 1

 2 FA654090000 Net acquisition of financial assets 96.7 24.6 313.0 209.8 314.6 329.7 397.8 176.4 78.6 2

 3 FA652051003 Security repurchase agreements -12.4 2.3 14.0 37.6 -7.6 26.0 -0.1 -13.8 -5.3 3

 4 FA654022005 Debt securities 116.7 246.6 383.6 399.9 430.9 364.8 338.7 658.4 200.6 4

 5 FA653069100 Open market paper -12.4 2.3 14.0 22.7 -1.4 27.9 6.8 -26.4 2.2 5

 6 FA653061105 Treasury securities 155.3 77.5 211.0 106.0 84.7 397.7 255.7 52.9 30.3 6

 7 FA653061703 Agency- and GSE-backed securities -98.2 28.5 -20.8 -56.0 252.4 -214.2 -65.4 124.0 17.1 7

 8 FA653062003 Municipal securities 16.2 41.4 40.0 45.7 44.1 40.7 29.5 64.9 20.5 8

 9 FA653063005 Corporate and foreign bonds 55.8 96.8 139.4 281.5 51.1 112.7 112.1 443.0 130.4 9

 10 FA653069803 Loans (other loans and advances) -15.6 18.6 16.2 34.5 22.9 22.3 -14.8 -35.6 33.7 10

 11 FA653064100 Corporate equities 56.8 -115.5 -136.2 -229.8 -94.2 -100.6 -120.2 -94.0 -174.1 11

 12 FA653093005 Miscellaneous assets -48.7 -127.4 35.4 -32.3 -37.5 17.2 194.2 -338.5 23.7 12

 13 FA653164205 Net share issues (liabilities) 96.7 24.6 313.0 209.8 314.6 329.7 397.8 176.4 78.6 13

 14 FA657005005 Discrepancy -84.2 -65.4 -53.5 -52.8 -52.5 -54.0 -54.6 -55.1 -55.8 14

 Memo:

 15 FA654090500 Variable annuity mutual funds included above -44.4 -60.1 -92.6 -89.7 -82.7 -84.2 -113.7 -105.0 -91.1 15

 Net acquisition of financial assets by investment objective:

 16 FA654091603 Domestic equity funds -101.9 -162.5 -158.4 -65.2 -133.5 -230.5 -204.3 -178.1 -149.3 16

 17 FA654092603 World equity funds 127.1 12.1 118.2 44.8 143.0 101.9 182.9 172.8 91.6 17

 18 FA654091403 Hybrid funds 8.3 -17.5 -3.1 -2.8 -0.9 -11.8 3.2 -6.7 -33.2 18

 19 FA654091303 Taxable bond funds 35.0 155.5 315.6 338.2 291.8 306.6 325.8 270.3 191.2 19

 20 FA654091203 Municipal bond funds 28.2 37.0 40.7 42.4 47.2 49.6 23.4 56.9 16.0 20

(1) Open-end investment companies including variable annuity mutual funds. Quarterly figures for net acquisition of financial assets by investment objective (lines 16 through 20)

 are not seasonally adjusted and therefore may not sum to total net acquisition of financial assets (line 2).
Transactions

40 Z.1, September 20, 2018

F.123 Closed-End Funds 

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2015 2016 2017 2017 2018

 Q1 Q2 Q3 Q4 Q1 Q2

 1 FA554090005 Net acquisition of financial assets 1.8 1.6 0.5 2.8 -2.4 1.5 0.3 -0.1 5.3 1

 2 FA554022005 Debt securities 0.5 1.5 1.1 2.4 0.9 -0.2 1.3 -0.0 5.5 2

 3 FA553061103 Treasury securities -0.5 -2.2 0.0 0.2 -0.0 0.1 -0.1 0.2 -0.1 3

 4 FA553062003 Municipal securities -0.1 0.6 0.1 0.0 0.6 -0.2 0.1 -0.0 5.3 4

 5 FA553063003 Corporate and foreign bonds 1.0 3.2 0.9 2.2 0.3 -0.1 1.3 -0.2 0.3 5

 6 FA553064103 Corporate equities 1.3 0.1 -0.5 0.4 -3.3 1.7 -1.0 -0.1 -0.2 6

 7 FA554090005 Net share issues (liabilities) 1.8 1.6 0.5 2.8 -2.4 1.5 0.3 -0.1 5.3 7

 Memo:

 Net acquisition of financial assets by investment objective:

 8 FA554091603 Domestic equity funds 0.2 0.2 -0.1 0.1 -3.1 1.9 0.6 -0.0 0.1 8

 9 FA554092603 World equity funds 1.0 -0.2 -0.4 0.3 -0.2 -0.2 -1.5 -0.0 -0.3 9

 10 FA554091303 Domestic taxable bond funds 0.7 1.4 0.7 1.5 0.5 0.2 0.7 0.0 0.2 10

 11 FA554091203 Municipal bond funds -0.1 0.6 0.1 0.0 0.6 -0.2 0.1 -0.0 5.3 11

 12 FA554092303 World bond funds -0.1 -0.5 0.2 0.8 -0.2 -0.2 0.6 -0.0 -0.0 12

F.124 Exchange-Traded Funds

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 FA564090005 Net acquisition of financial assets 231.0 283.9 470.8 627.3 511.0 376.2 368.7 350.8 289.2 1

 2 FA564022005 Debt securities 55.3 83.9 121.9 140.0 132.8 128.3 86.4 63.8 123.1 2

 3 FA563061103 Treasury securities 14.3 14.3 27.4 36.9 22.7 36.4 13.6 40.6 63.4 3

 4 FA563062003 Municipal securities 3.9 6.2 5.2 2.5 5.8 4.8 7.6 2.8 7.9 4

 5 FA563063003 Corporate and foreign bonds 37.2 63.4 89.3 100.6 104.3 87.1 65.2 20.4 51.8 5

 6 FA563064100 Corporate equities 173.5 188.4 347.3 484.5 370.1 245.5 289.3 273.8 167.2 6

 7 FA563093003 Miscellaneous assets (1) 2.1 11.7 1.6 2.8 8.1 2.4 -6.9 13.2 -1.1 7

 8 FA564090005 Net share issues (liabilities) 231.0 283.9 470.8 627.3 511.0 376.2 368.7 350.8 289.2 8

 Memo:

 Net acquisition of financial assets by investment objective:

 9 FA564091600 Domestic equity funds 63.1 167.5 186.0 308.9 169.9 112.2 153.1 91.1 234.8 9

 10 FA564092603 World equity funds 109.7 20.2 159.8 155.0 224.4 106.1 153.6 159.4 -36.9 10

 11 FA563093003 Commodity funds (1) 2.1 11.7 1.6 2.8 8.1 2.4 -6.9 13.2 -1.1 11

 12 FA564091403 Hybrid funds 1.1 1.1 2.5 2.2 2.3 2.5 2.9 2.8 1.4 12

 13 FA564091303 Taxable bond funds 51.0 77.3 115.8 136.7 126.1 122.6 77.8 59.9 114.8 13

 14 FA564091203 Municipal bond funds 3.9 6.2 5.2 2.5 5.8 4.8 7.5 2.7 7.8 14

(1) Investments primarily in commodities, currencies, and futures.
Transactions

Z.1, September 20, 2018 41

F.125 Government-Sponsored Enterprises (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2015 2016 2017 2017 2018

 Q1 Q2 Q3 Q4 Q1 Q2

 1 FA406000105 Gross saving 6.9 7.2 6.8 6.8 6.9 6.9 6.6 6.4 6.2 1

 2 FA405013005 Fixed nonresidential investment 2.3 1.6 1.2 1.1 1.2 1.2 1.2 1.2 1.3 2

 3 FA404090005 Net acquisition of financial assets 102.8 203.0 141.3 176.9 88.8 197.3 102.0 164.9 123.4 3

 4 FA403020005 Checkable deposits and currency -24.0 7.8 0.7 -27.7 -35.2 18.9 46.8 -103.3 29.3 4

 5 FA403030005 Time and savings deposits -0.7 3.4 1.7 -1.6 1.4 2.4 4.4 4.8 25.4 5

 6 FA402050005 Federal funds and security repos 20.2 2.1 10.6 90.8 -21.6 2.8 -29.7 92.6 -104.0 6

 7 FA404022005 Debt securities -25.3 -4.2 -38.9 -23.5 -37.0 -66.5 -28.5 15.0 18.0 7

 8 FA403069105 Open market paper -0.5 0.5 0.5 -2.0 2.1 0.2 1.5 3.0 1.0 8

 9 FA403061105 Treasury securities 23.2 14.9 -1.1 22.1 -13.8 -22.1 9.3 20.0 41.7 9

 10 FA403061705 Agency- and GSE-backed securities -14.3 5.9 -20.0 -19.7 -8.9 -22.7 -28.5 -5.9 -16.3 10

 11 FA403062005 Municipal securities -2.6 -2.4 -1.2 -0.7 -1.8 -1.7 -0.6 -0.7 -0.1 11

 12 FA403063005 Corporate and foreign bonds -31.1 -23.2 -17.0 -23.2 -14.6 -20.2 -10.1 -1.4 -8.3 12

 13 FA404023005 Loans 139.1 191.3 207.0 244.0 150.0 230.1 203.7 181.2 145.1 13

 14 FA403069305 Other loans and advances 74.4 78.9 32.5 0.7 31.8 86.0 11.7 64.3 -14.2 14

 15 FA403069385 Sallie Mae 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15

 16 FA403069345 Farm Credit System 8.8 5.9 4.7 -4.6 4.4 4.9 14.2 3.6 -2.1 16

 17 FA403069330 FHLB loans 65.6 73.1 27.8 5.3 27.4 81.1 -2.6 60.8 -12.0 17

 18 FA403065005 Mortgages 64.7 112.4 174.4 243.3 118.2 144.1 192.0 116.9 159.3 18

 19 FA403065105 Home 48.0 79.0 137.6 195.0 105.7 111.0 138.6 120.7 136.6 19

 20 FA403065195 Consolidated trusts (2) 82.6 117.7 185.6 270.3 134.1 108.5 229.5 187.6 122.9 20

 21 FA403065185 Other -34.6 -38.6 -48.0 -75.3 -28.4 2.5 -90.8 -66.9 13.8 21

 22 FA403065405 Multifamily residential 8.4 26.2 31.7 43.6 6.9 27.9 48.4 -5.1 21.1 22

 23 FA403065495 Consolidated trusts (2) 22.4 36.6 40.7 41.9 38.7 38.7 43.5 18.9 28.2 23

 24 FA403065485 Other -14.0 -10.4 -9.0 1.7 -31.8 -10.8 4.9 -24.0 -7.1 24

 25 FA403065605 Farm 8.3 7.1 5.1 4.8 5.6 5.2 4.9 1.3 1.5 25

 26 FA403066005 Consumer credit 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 26

 27 FA403093005 Miscellaneous assets -6.5 2.6 -39.8 -105.2 31.3 9.6 -94.7 -25.5 9.5 27

 28 FA404190005 Net increase in liabilities 87.4 201.0 154.3 155.8 72.7 203.9 184.9 60.1 66.7 28

 29 FA402150005 Federal funds and security repos -0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 29

 30 FA403161705 Debt securities (GSE issues) (3) 93.5 194.2 153.1 218.7 85.8 153.6 154.4 80.1 79.6 30

 31 FA403161795 Consolidated trusts (2) 104.9 154.3 226.3 312.1 172.8 147.2 272.9 206.5 151.1 31

 32 FA403161785 Other -11.4 39.9 -73.2 -93.5 -87.0 6.4 -118.6 -126.4 -71.5 32

 33 FA403169283 Loans (U.S. government loans) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 33

 34 FA403164105 Corporate equities -1.4 3.2 0.9 -4.8 8.5 1.5 -1.6 13.1 7.3 34

 35 FA403190005 Miscellaneous liabilities -4.6 3.7 0.3 -58.0 -21.5 48.8 32.1 -33.1 -20.2 35

 36 FA407005005 Discrepancy -10.8 3.6 18.7 -15.4 -10.4 12.4 88.3 -99.5 -51.7 36

(1) Federal Home Loan Banks, Fannie Mae, Freddie Mac, Farmer Mac, Farm Credit System, the Financing Corporation, and the Resolution Funding Corporation. The Student Loan Marketing

 Association (Sallie Mae) was included until it was fully privatized in 2004:Q4. Beginning 2010:Q1, almost all Fannie Mae and Freddie Mac mortgage pools (F.126) are consolidated on

 Fannie Mae’s and Freddie Mac’s balance sheets (F.125).

(2) Consolidated trusts refers to the unpaid balance of securitized mortgages Fannie Mae and Freddie Mac moved on to their balance sheets at the beginning of 2010 in response to new accounting rules.

(3) Such issues are classified as agency- and GSE-backed securities.

F.126 Agency- and GSE-Backed Mortgage Pools (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 FA413065005 Net acquisition of financial assets 126.9 157.5 193.6 210.2 188.1 187.7 188.3 185.4 160.5 1

 2 FA413065105 Home mortgages 94.1 115.8 141.1 178.4 145.2 136.4 104.6 137.6 123.5 2

 3 FA413065405 Multifamily residential mortgages 32.2 41.3 53.4 31.9 46.7 51.4 83.8 48.3 36.9 3

 4 FA413065505 Commercial mortgages 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 FA413065605 Farm mortgages 0.7 0.3 -1.0 -0.0 -3.8 -0.0 -0.0 -0.4 0.1 5

 6 FA413065005 Net increase in pool securities (liabilities)(2) 126.9 157.5 193.6 210.2 188.1 187.7 188.3 185.4 160.5 6

(1) GNMA, Fannie Mae, Freddie Mac, Farmer Mac, and Farmers Home Administration pools. Beginning 2010:Q1, almost all Fannie Mae and Freddie Mac mortgage pools (F.126) are consolidated on

 Fannie Mae’s and Freddie Mac’s balance sheets (table F.125). Also includes agency- and GSE-backed mortgage pool securities that are used as collateral for agency- and GSE-backed CMOs

 and privately issued CMOs. Excludes Federal Financing Bank holdings of pool securities, which are included with federal government mortgages and other loans.

(2) Such issues are classified as agency- and GSE-backed securities.
Transactions

42 Z.1, September 20, 2018

F.127 Issuers of Asset-Backed Securities (ABS)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2015 2016 2017 2017 2018

 Q1 Q2 Q3 Q4 Q1 Q2

 1 FA676330023 Gross saving 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1

 2 FA675013025 Fixed nonresidential investment 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2

 3 FA674090005 Net acquisition of financial assets -51.1 -98.3 -46.4 -120.9 20.5 -51.5 -33.8 -52.9 34.2 3

 4 FA674022005 Debt securities 0.9 -8.3 -8.3 -18.2 -15.1 -3.3 3.3 5.4 4.2 4

 5 FA673061103 Treasury securities 1.0 -8.3 -8.3 -18.2 -15.1 -3.3 3.3 5.4 4.2 5

 6 FA673061703 Agency- and GSE-backed securities (1) -0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 6

 7 FA674023005 Loans -56.3 -96.8 -48.8 -114.0 23.7 -73.6 -31.2 -62.0 22.3 7

 8 FA673069005 Other loans and advances -1.0 1.0 -1.5 -9.1 22.6 -23.7 4.0 -34.7 -24.6 8

 9 FA673065005 Mortgages (2) -51.5 -101.8 -31.2 -125.7 11.5 -31.4 21.0 -13.9 65.6 9

 10 FA673065105 Home -70.6 -64.5 -26.6 -56.4 -2.6 -29.2 -18.1 -36.5 -17.7 10

 11 FA673065405 Multifamily residential -6.4 -14.2 -4.8 -16.6 -10.3 2.8 5.0 -6.8 -1.7 11

 12 FA673065505 Commercial 25.5 -23.2 0.2 -52.7 24.4 -5.0 34.1 29.4 85.0 12

 13 FA673066000 Consumer credit -3.8 4.0 -16.1 20.8 -10.4 -18.5 -56.2 -13.4 -18.8 13

 14 FA673070003 Trade credit 2.7 -0.1 -1.5 0.1 -3.4 0.3 -2.8 0.9 -0.6 14

 15 FA673090543 Miscellaneous assets (funding agreements) (3) 1.6 6.9 12.1 11.2 15.3 25.1 -3.0 2.8 8.4 15

 16 FA674122005 Net increase in liabilities -51.1 -98.3 -46.4 -120.9 20.5 -51.5 -33.8 -52.9 34.2 16

 17 FA673169105 Commercial paper 9.1 2.2 -12.6 -62.5 3.0 21.0 -11.7 -15.4 43.9 17

 18 FA673163005 Corporate bonds (net) (4) -60.2 -100.5 -33.8 -58.4 17.6 -72.6 -22.0 -37.5 -9.7 18

 19 FA677005005 Discrepancy 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19

 Memo:

 Securitized assets not included above

 20 FA675013263 Consumer leases (5) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 20

 21 FA643065045 REIT assets (6) -29.6 -8.7 -23.6 -38.7 -27.9 -18.7 -9.2 7.5 -16.2 21

(1) Agency- and GSE-backed mortgage pool securities backing privately issued CMOs.

(2) Mortgages backing privately issued pool securities and privately issued CMOs.

(3) Funding agreements with life insurance companies.

(4) Net issuance less net acquisition of corporate bonds held as assets.

(5) Receivables from operating leases, such as consumer automobile leases, are booked as current income when payments are received and are not included in financial assets (or household liabilities).

 The leased automobile is a nonfinancial asset; depreciation is included in line 1, and fixed investment is included in line 2.

(6) Included in table F.129.
Transactions

Z.1, September 20, 2018 43

F.128 Finance Companies (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2015 2016 2017 2017 2018

 Q1 Q2 Q3 Q4 Q1 Q2

 1 FA616000105 Gross saving less net capital transfers paid (2) 99.4 111.7 97.0 107.5 101.3 107.4 71.9 105.6 132.8 1

 2 FA615013005 Fixed nonresidential investment 91.1 94.2 88.2 85.4 87.3 89.2 91.0 93.0 94.3 2

 3 FA614090005 Net acquisition of financial assets -11.9 -58.6 -41.4 -65.3 -37.4 -72.1 9.3 -56.9 -7.8 3

 4 FA613020003 Checkable deposits and currency 0.1 -9.6 -2.1 -7.0 -2.6 -2.5 3.5 -5.2 -14.8 4

 5 FA613030003 Time and savings deposits 0.4 -28.9 -6.4 -21.1 -7.8 -7.5 10.6 -15.5 -44.4 5

 6 FA613063003 Debt securities (corporate and foreign bonds) 2.2 9.9 -10.6 -13.0 -12.3 -15.0 -2.3 3.9 -4.1 6

 7 FA614023005 Loans -17.2 -4.4 -55.9 -69.4 -20.2 -147.8 13.7 -38.7 41.3 7

 8 FA613069500 Other loans and advances 13.6 25.2 -32.2 -44.0 1.4 -110.1 23.7 -23.5 62.9 8

 9 FA613065000 Mortgages -28.3 -16.2 -15.7 -23.1 -17.1 -10.6 -12.2 7.3 -12.9 9

 10 FA613066005 Consumer credit -2.4 -13.4 -7.9 -2.4 -4.5 -27.1 2.2 -22.5 -8.6 10

 11 FA613092003 U.S. direct investment abroad 8.2 33.3 15.1 23.1 -3.4 26.1 14.8 9.0 -2.5 11

 12 FA613090005 Miscellaneous assets -5.6 -58.9 18.6 22.1 8.8 74.5 -31.0 -10.5 16.7 12

 13 FA614190005 Net increase in liabilities -15.9 -99.0 -56.8 -103.7 -13.0 -104.4 -6.2 -68.5 12.5 13

 14 FA614122005 Debt securities -16.0 -67.1 -49.9 -101.7 -47.2 25.3 -75.9 -1.2 54.0 14

 15 FA613169100 Open market paper -3.1 4.6 0.7 -6.1 -1.6 1.2 9.4 -13.5 0.9 15

 16 FA613163005 Corporate bonds -12.9 -71.7 -50.6 -95.6 -45.6 24.0 -85.3 12.3 53.1 16

 17 FA614123005 Loans 15.3 0.0 -11.3 -5.9 -5.1 2.1 -36.5 6.8 -11.4 17

 18 FA613168003 Depository institution loans n.e.c. 13.7 0.2 -11.3 -5.2 -4.5 1.5 -36.9 7.1 -11.2 18

 19 FA613169005 Other loans and advances 1.6 -0.2 -0.1 -0.7 -0.7 0.6 0.4 -0.3 -0.2 19

 20 FA613178005 Taxes payable 0.8 0.3 11.0 -0.6 0.2 -3.8 48.2 -2.6 -5.1 20

 21 FA613192003 Foreign direct investment in U.S. 1.7 -1.5 1.8 4.7 0.4 1.5 0.7 2.1 4.2 21

 22 FA613190005 Miscellaneous liabilities -17.7 -30.6 -8.4 -0.2 38.8 -129.5 57.3 -73.5 -29.2 22

 23 FA613194003 Investment by parent -6.7 -24.0 6.5 -8.4 13.5 -22.4 43.6 -12.2 -6.7 23

 24 FA613193005 Other -11.0 -6.5 -14.9 8.2 25.3 -107.1 13.8 -61.3 -22.5 24

 25 FA617005005 Discrepancy 4.2 -22.9 -6.7 -16.3 38.4 -14.1 -34.6 1.1 58.8 25

 Memo:

 26 FA613066303 Consumer leases not included above (3) 23.5 13.4 3.7 -1.0 7.1 5.9 2.8 -1.8 4.6 26

(1) Includes retail captive finance companies and mortgage companies.

(2) Net capital transfers paid from table F.5, line 57.

(3) See footnote (5), table F.127.
Transactions

44 Z.1, September 20, 2018

F.129 Real Estate Investment Trusts (REITs) (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2015 2016 2017 2017 2018

 Q1 Q2 Q3 Q4 Q1 Q2

 1 FA646000105 Gross saving -59.5 -42.8 -40.3 -35.5 -38.8 -35.6 -51.4 -24.1 -23.6 1

 2 FA645013005 Fixed nonresidential investment 9.7 11.6 12.4 12.2 12.5 12.5 12.6 13.1 13.5 2

 3 FA645012063 Multifamily residential investment -0.0 5.5 -1.7 -6.5 2.9 -5.9 2.7 3.4 5.2 3

 4 FA644090005 Net acquisition of financial assets -65.8 21.2 74.1 29.1 23.2 177.1 66.9 -8.6 -66.6 4

 5 FA643020005 Checkable deposits and currency -2.9 2.0 3.0 19.7 -10.4 28.9 -26.3 -18.0 -7.0 5

 6 FA644022005 Debt securities -44.7 -26.4 52.5 36.8 21.5 109.5 42.4 -27.1 -53.8 6

 7 FA643061773 Agency- and GSE-backed securities -49.6 -27.4 50.5 31.7 21.6 107.7 40.8 -30.3 -61.1 7

 8 FA643063005 Corporate and foreign bonds 4.9 1.0 2.1 5.1 -0.1 1.7 1.6 3.2 7.2 8

 9 FA643065005 Loans (mortgages) -29.4 14.7 7.2 -15.0 -2.4 7.4 38.8 -8.4 -8.4 9

 10 FA643065105 Home 2.2 14.3 5.9 6.8 8.0 11.9 -2.9 -14.2 4.4 10

 11 FA643065405 Multifamily residential -0.3 -0.2 1.4 1.2 1.8 0.3 2.5 0.1 -0.3 11

 12 FA643065505 Commercial -31.4 0.6 -0.2 -23.0 -12.3 -4.8 39.2 5.7 -12.5 12

 13 FA643090005 Miscellaneous assets 11.2 31.0 11.4 -12.4 14.5 31.3 12.0 44.9 2.6 13

 14 FA644190005 Net increase in liabilities 1.1 44.6 122.3 74.0 91.0 209.2 114.8 31.8 -63.9 14

 15 FA642151073 Security repurchase agreements -45.5 -10.6 51.2 24.2 13.9 105.3 61.5 -4.9 -50.4 15

 16 FA644122005 Debt securities -7.8 21.8 21.4 19.6 -3.9 13.3 56.7 32.0 -7.7 16

 17 FA643169173 Open market paper 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 17

 18 FA643163005 Corporate bonds -7.8 21.8 21.4 19.6 -3.9 13.3 56.7 32.0 -7.7 18

 19 FA644123005 Loans 29.2 -15.3 2.8 -7.0 7.3 -14.5 25.5 -7.8 -40.8 19

 20 FA643168005 Depository institution loans n.e.c. 7.3 -9.2 4.7 5.1 5.9 -4.1 12.1 4.8 -14.7 20

 21 FA643169373 Other loans and advances 17.9 -7.1 -6.8 -17.4 -1.6 -4.7 -3.5 -1.5 -0.3 21

 22 FA643165005 Mortgages 4.0 1.0 4.9 5.3 3.1 -5.7 16.9 -11.1 -25.8 22

 23 FA643164103 Corporate equity issues 27.1 32.4 41.8 46.7 43.3 57.1 20.2 28.4 9.3 23

 24 FA643193005 Miscellaneous liabilities -1.9 16.3 5.0 -9.6 30.5 48.1 -49.0 -16.0 25.7 24

 25 FA647005005 Discrepancy -2.3 -36.6 -2.9 3.7 13.7 -10.1 -18.8 -0.1 -39.6 25

 Memo:

 26 FA643065045 Securitized assets included above -29.6 -8.7 -23.6 -38.7 -27.9 -18.7 -9.2 7.5 -16.2 26

 27 FA643061743 Agency- and GSE-backed securities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 27

 28 FA643065143 Home mortgages 10.0 2.8 -5.5 -10.1 3.7 -4.4 -11.2 0.7 1.1 28

 29 FA643065443 Multifamily residential mortgages -0.2 -0.8 1.2 1.6 1.0 0.2 2.3 -0.3 0.1 29

 30 FA643065543 Commercial mortgages -39.4 -10.7 -19.3 -30.1 -32.6 -14.4 -0.2 7.1 -17.4 30

(1) Additional detail on financial assets and liabilities for equity and mortgage REITs is available on tables F.129.e and F.129.m.
Transactions

Z.1, September 20, 2018 45

F.129.e Equity Real Estate Investment Trusts

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2015 2016 2017 2017 2018

 Q1 Q2 Q3 Q4 Q1 Q2

 1 FA644090085 Net acquisition of financial assets 6.4 15.8 41.6 75.6 6.0 59.8 25.1 -12.2 -9.8 1

 2 FA643020083 Checkable deposits and currency -2.3 2.9 4.8 23.1 -8.3 30.1 -25.7 -15.6 -6.1 2

 3 FA643063083 Debt securities (corporate and foreign bonds) -0.4 0.4 2.1 3.3 0.9 1.8 2.3 2.0 4.8 3

 4 FA643065085 Loans (mortgages) 0.1 -0.1 12.1 15.1 -0.4 1.1 32.7 -9.6 -5.7 4

 5 FA643065183 Home 0.0 0.0 0.1 0.0 0.1 0.1 0.1 -0.0 -0.0 5

 6 FA643065483 Multifamily residential 0.1 0.2 0.2 0.2 0.2 0.2 0.2 0.2 1.0 6

 7 FA643065583 Commercial 0.0 -0.3 11.9 14.9 -0.7 0.8 32.5 -9.7 -6.6 7

 8 FA643093085 Miscellaneous assets 9.0 12.6 22.6 34.0 13.7 26.7 15.8 11.0 -2.9 8

 9 FA644190085 Net increase in liabilities 45.3 26.6 51.6 59.4 48.2 50.5 48.2 4.2 -18.6 9

 10 FA643163083 Debt securities (corporate bonds) 30.5 25.1 37.4 53.5 14.6 34.3 47.3 24.2 14.7 10

 11 FA644123085 Loans 11.1 -8.2 8.1 12.4 2.3 -1.1 18.9 -3.2 -38.5 11

 12 FA643168083 Depository institution loans n.e.c. 7.1 -9.3 3.2 7.1 -0.8 4.6 2.0 7.9 -12.6 12

 13 FA643165005 Mortgages 4.0 1.0 4.9 5.3 3.1 -5.7 16.9 -11.1 -25.8 13

 14 FA643165483 Multifamily residential -0.3 2.3 -4.7 -7.8 -4.6 -4.8 -1.7 -3.2 2.5 14

 15 FA643165583 Commercial 4.3 -1.3 9.6 13.1 7.7 -0.9 18.6 -7.9 -28.4 15

 16 FA643193085 Miscellaneous liabilities 3.6 9.8 6.0 -6.5 31.3 17.3 -18.0 -16.8 5.2 16

F.129.m Mortgage Real Estate Investment Trusts

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 FA644090075 Net acquisition of financial assets -72.2 5.4 32.4 -46.5 17.2 117.3 41.8 3.5 -56.8 1

 2 FA643020073 Checkable deposits and currency -0.6 -0.9 -1.8 -3.4 -2.1 -1.2 -0.6 -2.3 -0.9 2

 3 FA644022075 Debt securities -44.3 -26.8 50.5 33.5 20.6 107.6 40.1 -29.1 -58.6 3

 4 FA643061773 Agency- and GSE-backed securities -49.6 -27.4 50.5 31.7 21.6 107.7 40.8 -30.3 -61.1 4

 5 FA643063073 Corporate and foreign bonds 5.4 0.6 -0.0 1.8 -1.0 -0.1 -0.7 1.2 2.4 5

 6 FA643065075 Loans (mortgages) -29.5 14.8 -5.0 -30.2 -2.1 6.2 6.1 1.1 -2.7 6

 7 FA643065173 Home 2.2 14.2 5.9 6.8 7.9 11.8 -3.0 -14.2 4.5 7

 8 FA643065473 Multifamily residential -0.4 -0.3 1.2 1.0 1.6 0.0 2.4 -0.1 -1.3 8

 9 FA643065573 Commercial -31.4 0.9 -12.1 -37.9 -11.6 -5.6 6.7 15.4 -5.9 9

 10 FA643090075 Miscellaneous assets 2.2 18.4 -11.2 -46.4 0.8 4.6 -3.8 33.8 5.4 10

 11 FA644190075 Net increase in liabilities -71.2 -14.4 28.9 -32.1 -0.4 101.6 46.5 -0.8 -54.6 11

 12 FA642151073 Security repurchase agreements -45.5 -10.6 51.2 24.2 13.9 105.3 61.5 -4.9 -50.4 12

 13 FA644122075 Debt securities -38.3 -3.3 -16.0 -33.9 -18.5 -21.0 9.4 7.8 -22.4 13

 14 FA643169173 Open market paper 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14

 15 FA643163075 Corporate bonds -38.3 -3.3 -16.0 -33.9 -18.5 -21.0 9.4 7.8 -22.4 15

 16 FA644123075 Loans 18.1 -7.1 -5.3 -19.4 5.1 -13.4 6.6 -4.6 -2.3 16

 17 FA643168073 Depository institution loans n.e.c. 0.2 0.1 1.5 -2.0 6.7 -8.7 10.1 -3.1 -2.0 17

 18 FA643169373 Other loans and advances 17.9 -7.1 -6.8 -17.4 -1.6 -4.7 -3.5 -1.5 -0.3 18

 19 FA643193075 Miscellaneous liabilities -5.5 6.5 -1.0 -3.1 -0.8 30.8 -31.0 0.9 20.5 19

 Memo:

 20 FA643065045 Securitized assets included above -29.6 -8.7 -23.6 -38.7 -27.9 -18.7 -9.2 7.5 -16.2 20

 21 FA643061743 Agency- and GSE-backed securities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 21

 22 FA643065143 Home mortgages 10.0 2.8 -5.5 -10.1 3.7 -4.4 -11.2 0.7 1.1 22

 23 FA643065443 Multifamily residential mortgages -0.2 -0.8 1.2 1.6 1.0 0.2 2.3 -0.3 0.1 23

 24 FA643065543 Commercial mortgages -39.4 -10.7 -19.3 -30.1 -32.6 -14.4 -0.2 7.1 -17.4 24
Transactions

46 Z.1, September 20, 2018

F.130 Security Brokers and Dealers

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2015 2016 2017 2017 2018

 Q1 Q2 Q3 Q4 Q1 Q2

 1 FA666000105 Gross saving less net capital transfers paid (1) 24.5 24.6 23.1 33.1 33.5 36.1 -10.1 -3.2 20.2 1

 2 FA665013005 Fixed nonresidential investment 23.1 26.9 28.9 28.1 28.8 29.2 29.3 30.4 31.2 2

 3 FA664090005 Net acquisition of financial assets -210.7 -21.6 74.7 320.3 554.4 -381.4 -194.6 54.2 198.7 3

 4 FA663020003 Checkable deposits and currency -5.7 13.1 -0.2 31.0 -26.7 -3.0 -2.3 22.6 -37.1 4

 5 FA662051003 Security repurchase agreements -19.5 -20.6 -3.7 -55.1 263.0 -244.4 21.8 18.9 88.2 5

 6 FA664022005 Debt securities -36.7 5.0 0.5 68.0 70.1 -155.6 19.6 -141.5 92.4 6

 7 FA663069103 Open market paper -1.4 -5.7 -4.5 -8.2 0.9 -0.8 -9.7 24.4 -8.5 7

 8 FA663061105 Treasury securities 5.1 32.3 22.0 12.9 64.3 24.7 -13.7 -207.6 133.1 8

 9 FA663061703 Agency- and GSE-backed securities -12.2 -16.6 -14.1 54.9 26.3 -103.7 -33.8 25.2 -16.4 9

 10 FA663062003 Municipal securities -4.9 7.1 5.6 -5.2 5.9 -15.6 37.5 -3.7 -10.4 10

 11 FA663063005 Corporate and foreign bonds -23.3 -12.1 -8.6 13.6 -27.3 -60.2 39.3 20.0 -5.4 11

 12 FA663069005 Loans (other loans and advances) -90.1 -8.4 69.7 21.3 77.6 33.5 146.2 8.2 7.3 12

 13 FA663064103 Corporate equities -10.3 -3.6 -21.3 -56.5 59.2 14.4 -102.2 57.3 18.4 13

 14 FA663092003 U.S. direct investment abroad 15.2 21.7 8.0 11.5 5.4 0.4 14.7 -18.7 -4.4 14

 15 FA663090005 Miscellaneous assets -63.6 -28.8 21.7 300.0 105.7 -26.7 -292.3 107.4 33.8 15

 16 FA664190005 Net increase in liabilities -201.1 -27.8 55.6 288.4 525.6 -419.0 -172.5 57.9 237.4 16

 17 FA662151003 Security repurchase agreements -179.4 -55.2 79.4 187.2 329.3 -363.2 164.3 -6.4 256.3 17

 18 FA663163003 Debt securities (corporate bonds) 7.4 -2.2 56.5 2.3 144.4 38.8 40.6 -40.3 -33.0 18

 19 FA664123005 Loans -49.3 8.1 -40.7 81.3 12.2 -73.1 -183.3 16.7 -16.1 19

 20 FA663168005 Depository institution loans n.e.c. (2) 0.9 11.7 16.2 10.4 20.6 19.9 13.8 4.0 18.6 20

 21 FA153067005 Other loans and advances -50.2 -3.5 -56.9 70.9 -8.3 -93.0 -197.1 12.7 -34.6 21

 22 FA663164103 Corporate equity issues 3.5 -21.5 -13.8 -11.1 -14.7 -5.8 -23.4 -3.5 0.2 22

 23 FA663170003 Trade payables 8.4 10.4 7.9 -5.6 -12.4 9.6 40.0 -6.7 -19.4 23

 24 FA663178005 Taxes payable -0.8 0.1 10.3 2.5 0.6 2.8 35.2 1.2 -1.5 24

 25 FA663192005 Foreign direct investment in U.S. 7.9 -118.7 13.4 6.2 35.0 -9.2 21.8 34.4 0.8 25

 26 FA663190005 Miscellaneous liabilities -6.0 137.1 -53.1 27.0 38.6 -16.0 -262.2 36.9 42.6 26

 27 FA663194005 Investment by parent companies 98.5 218.6 -61.0 -26.9 -211.4 19.9 -25.7 137.8 -33.7 27

 28 FA663193005 Other -104.5 -81.5 7.9 54.0 250.0 -35.9 -236.6 -100.9 76.3 28

 29 FA662090205 Proprietors’ net investment 7.2 14.0 -4.3 -1.5 -7.5 -2.9 -5.4 25.6 7.4 29

 30 FA667005005 Discrepancy 11.0 -8.6 -24.8 -27.0 -24.2 -30.8 -17.4 -29.8 27.7 30

(1) Net capital transfers paid from table F.5, line 58.

(2) Includes loans extended through the Federal Reserve’s Primary Dealer Credit Facility (PDCF) and the Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility (AMLF).
Transactions

Z.1, September 20, 2018 47

F.131 Holding Companies (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2015 2016 2017 2017 2018

 Q1 Q2 Q3 Q4 Q1 Q2

 1 FA736000105 Gross saving 190.4 154.7 185.6 190.1 173.5 218.0 160.9 199.5 190.4 1

 2 FA735013005 Fixed nonresidential investment 32.0 36.2 38.4 37.3 38.3 38.9 38.9 40.3 41.5 2

 3 FA734090005 Net acquisition of financial assets 13.8 286.7 -5.1 -195.1 187.0 161.8 -174.0 -52.8 6.9 3

 4 FA733030003 Time and savings deposits -0.7 -2.1 -3.0 -11.3 -4.0 -5.1 8.3 -9.3 8.1 4

 5 FA732051003 Security repurchase agreements -0.2 -0.0 4.9 8.4 27.7 -0.2 -16.3 -4.3 -4.5 5

 6 FA734022605 Debt securities -6.1 3.4 14.9 12.8 67.9 -52.6 31.5 48.6 18.0 6

 7 FA733061103 Treasury securities -0.5 -0.4 3.5 15.7 27.7 -52.8 23.4 15.1 67.3 7

 8 FA733061703 Agency- and GSE-backed securities -0.6 1.3 -7.8 0.2 -26.8 -1.6 -3.0 31.2 36.5 8

 9 FA733063003 Corporate and foreign bonds -4.9 2.4 19.2 -3.1 67.0 1.8 11.1 2.3 -85.8 9

 10 FA733069005 Loans (other loans and advances) -28.8 -1.1 17.9 -4.8 -1.2 42.2 35.2 -7.9 -24.2 10

 11 FA733040005 Life insurance reserves 4.1 4.0 4.0 4.0 4.0 4.0 4.0 4.0 4.0 11

 12 FA733090005 Miscellaneous assets 45.6 282.5 -43.7 -204.2 92.6 173.6 -236.7 -83.8 5.4 12

 13 FA763194735 Net trans. with depository institution subs. 41.5 110.6 16.2 -123.6 120.0 178.8 -110.5 -112.0 22.0 13

 14 FA513194733 Net trans. with property-casualty ins. co. subs. -0.8 -0.2 0.6 -1.4 1.9 0.7 1.1 1.8 1.8 14

 15 FA543194733 Net trans. with life insurance company subs. 0.5 1.3 2.5 1.4 2.6 1.5 4.6 -2.7 -0.6 15

 16 FA613194733 Net trans. with finance company subs. -8.9 -10.9 -6.1 -8.4 -3.0 -12.8 -0.0 -31.3 -2.3 16

 17 FA663194735 Net trans. with broker and dealer subs. 53.9 182.3 -31.2 -76.5 -82.0 39.2 -5.6 12.8 -106.6 17

 18 FA263194735 Net trans. with foreign subs. -6.9 0.4 -3.9 5.0 37.7 -34.2 -24.0 93.7 70.0 18

 19 FA733093005 Other -33.6 -0.9 -21.8 -0.8 15.4 0.3 -102.2 -46.3 21.0 19

 20 FA734190005 Net increase in liabilities -147.3 134.6 -233.0 -415.3 -8.6 -129.0 -379.0 -233.8 -246.7 20

 21 FA732151003 Security repurchase agreements 0.1 -0.0 -0.0 -0.1 -0.1 0.1 -0.0 0.5 -0.0 21

 22 FA734122005 Debt securities -49.1 165.2 94.4 147.9 190.1 83.3 -43.8 -52.1 -69.6 22

 23 FA733169103 Commercial paper -61.5 -3.5 2.2 4.3 0.1 3.9 0.6 -5.8 3.6 23

 24 FA733163003 Corporate bonds 12.4 168.7 92.2 143.6 190.1 79.4 -44.4 -46.3 -73.2 24

 25 FA733164103 Corporate equity issues -6.5 -33.5 -78.6 -65.1 -57.8 -109.8 -81.8 -19.4 -102.3 25

 26 FA733192003 Foreign direct investment in U.S. (2) 16.9 151.0 12.5 33.8 5.7 26.8 -16.4 -24.8 4.0 26

 27 FA733193005 Miscellaneous liabilities -108.7 -148.1 -261.2 -531.8 -146.7 -129.5 -236.9 -138.0 -78.8 27

 28 FA733164005 Equity, etc. -88.1 3.2 -250.5 -474.6 -157.2 -105.1 -265.0 -126.3 -87.2 28

 29 FA733193015 Other -20.6 -151.3 -10.8 -57.2 10.5 -24.4 28.1 -11.7 8.4 29

 30 FA737005005 Discrepancy -2.7 -33.6 -80.6 -67.4 -60.4 -111.7 -83.0 -21.8 -104.7 30

(1) Parent-only bank holding companies, savings and loan holding companies and security holding companies that file Federal Reserve Board form FR Y-9LP, FR Y-9SP, or FR 2320.

(2) Foreign direct investment is equity investment in U.S. Intermediate Holding Companies established in accordance with Section 165 of the Dodd-Frank Wall Street Reform and Consumer

 Protection Act.
Transactions

48 Z.1, September 20, 2018

F.132 Funding Corporations (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2015 2016 2017 2017 2018

 Q1 Q2 Q3 Q4 Q1 Q2

 1 FA504090005 Net acquisition of financial assets 97.6 245.8 28.7 218.3 -295.2 296.6 -104.9 311.5 85.9 1

 2 FA503034005 Money market fund shares -16.9 100.4 46.2 32.0 53.2 62.1 37.4 29.9 16.6 2

 3 FA502051003 Security repurchase agreements 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3

 4 FA504022005 Debt securities 66.8 111.6 29.4 91.6 -157.8 290.7 -106.8 117.5 -41.8 4

 5 FA503069105 Open market paper 68.2 115.7 25.8 72.1 -160.8 295.6 -103.9 117.8 -38.9 5

 6 FA503063005 Corporate and foreign bonds -1.4 -4.1 3.6 19.4 3.0 -5.0 -2.9 -0.3 -2.8 6

 7 FA503069805 Loans (other loans and advances) 0.8 3.0 3.0 3.7 22.8 -6.3 -8.3 -4.6 0.7 7

 8 FA503064105 Corporate equities (2) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8

 9 FA503094505 Miscellaneous assets 46.8 30.7 -49.9 91.0 -213.4 -49.9 -27.2 168.7 110.4 9

 10 FA753194503 Investment in foreign banking offices 2.2 -5.6 -20.1 41.4 -84.0 -30.6 -7.1 43.8 37.5 10

 11 FA663194505 Investment in brokers and dealers 44.6 36.3 -29.8 49.6 -129.4 -19.3 -20.1 125.0 72.9 11

 12 FA504190005 Net increase in liabilities 97.6 245.8 28.7 218.3 -295.2 296.6 -104.9 311.5 85.9 12

 13 FA504122005 Debt securities 42.2 37.9 -50.7 28.9 -185.0 -24.4 -22.1 180.5 83.6 13

 14 FA503169105 Open market paper 15.9 2.1 -27.8 -2.5 -74.2 -19.3 -15.2 106.5 16.9 14

 15 FA503163005 Corporate bonds 26.3 35.8 -22.9 31.4 -110.7 -5.1 -6.9 74.0 66.6 15

 16 FA504123005 Loans 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16

 17 FA713068505 Depository institution loans n.e.c. (3) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 17

 18 FA503169205 Other loans and advances (4) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 18

 19 FA503164105 Corporate equities (5) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19

 20 FA503192003 Foreign direct investment in U.S. 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 20

 21 FA503190005 Miscellaneous liabilities 54.8 207.3 78.7 188.8 -110.8 320.4 -83.4 130.5 1.7 21

 22 FA663097005 Securities loaned (net) -13.8 -40.5 36.4 194.2 30.1 -49.7 -29.1 -2.7 -28.4 22

 23 FA503194305 Equity interest under PPIP 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 23

 24 FA503193005 Other (net) 68.6 247.9 42.4 -5.4 -140.9 370.0 -54.3 133.2 30.2 24

(1) Funding subsidiaries, custodial accounts for reinvested collateral of securities lending operations, Federal Reserve lending facilities, and funds associated with

 the Public-Private Investment Program (PPIP).

(2) Common stock of American International Assurance Company Ltd. (AIA) and American Life Insurance Company (ALICO), two life insurance subsidiaries of AIG.

(3) Loans extended by the Federal Reserve to Maiden Lane LLC, Maiden Lane II LLC, Maiden Lane III LLC, Commercial Paper Funding Facility LLC, and American International Group (AIG).

(4) Loans extended by the federal government to the Term Asset-Backed Securities Loan Facility (TALF) LLC and to funds associated with PPIP.

(5) Preferred shares issued by AIG to the federal goverment under the Troubled Asset Relief Program (TARP) program and the monetary authority sector’s preferred interest in

 AIA Aurora LLC and ALICO Holdings LLC.
Transactions

Z.1, September 20, 2018 49

F.133 Rest of the World

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2015 2016 2017 2017 2018

 Q1 Q2 Q3 Q4 Q1 Q2

 1 FA266905005 Foreign income from U.S. 3664.2 3665.4 3939.0 3823.7 3896.2 3947.2 4088.7 4201.1 4226.1 1

 2 FA266903001 U.S. imports 2786.5 2738.1 2928.6 2870.7 2888.2 2915.5 3039.9 3116.6 3119.3 2

 3 FA266904101 U.S. income payments to rest of world 613.1 643.8 713.4 666.6 708.7 724.6 753.7 794.4 806.5 3

 4 FA266400101 Curr. taxes and trans. payments to rest of world 264.7 283.5 297.0 286.4 299.3 307.0 295.1 290.1 300.2 4

 5 FA266900005 Foreign outlays to U.S. 3240.1 3219.6 3466.5 3361.4 3388.6 3512.0 3603.8 3687.2 3798.2 5

 6 FA266903011 U.S. exports 2265.0 2217.6 2350.2 2294.1 2316.3 2358.3 2432.0 2477.4 2567.5 6

 7 FA266904001 U.S. income receipts from rest of world 839.3 859.1 957.1 899.3 924.9 979.6 1024.5 1063.2 1071.7 7

 8 FA266400201 Curr. taxes and trans. payments from rest of world 135.8 142.9 159.2 167.9 147.4 174.2 147.3 146.6 159.0 8

 9 FA265440005 - Net capital transfers paid (1) -0.4 -0.5 -3.6 -0.4 -0.4 -13.2 -0.5 -0.4 -0.4 9

 10 FA266000105 Gross saving less net capital transfers paid (2) 424.5 446.3 476.1 462.8 508.0 448.4 485.4 514.3 428.3 10

 11 FA265090005 Gross investment 204.5 314.6 298.3 280.5 851.5 474.3 -413.0 651.6 947.7 11

 12 FA265420005 Nonproduced nonfinancial assets 0.0 0.0 -0.0 0.0 0.0 -0.0 -0.1 0.0 0.0 12

 13 FA265000005 Net lending (+) or net borrowing (-) 204.5 314.6 298.3 280.5 851.5 474.3 -412.9 651.6 947.7 13

 14 FA264090005 Net acquisition of financial assets 553.1 745.6 1454.7 1570.5 1861.3 1889.0 497.9 1456.4 467.2 14

 15 FA263011205 Monetary gold (3) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15

 16 FA313111303 SDR allocations 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16

 17 FA264016005 Net interbank assets -59.6 -140.4 99.7 191.8 -54.9 140.0 121.9 -117.4 199.4 17

 18 FA263020005 U.S. checkable deposits and currency 32.6 61.1 79.9 107.4 72.5 85.7 53.8 91.3 83.4 18

 19 FA263030005 U.S. time deposits -18.6 73.1 17.1 74.4 75.3 -6.8 -74.6 58.1 61.1 19

 20 FA263034003 Money market fund shares 2.3 -9.5 -1.6 -17.6 -17.7 15.7 13.2 -7.5 3.8 20

 21 FA262051003 Security repurchase agreements -145.9 48.2 43.0 87.9 61.0 -63.9 87.1 -80.4 -170.5 21

 22 FA264022005 Debt securities 406.5 341.7 650.1 368.4 1154.9 1027.0 50.2 560.9 338.6 22

 23 FA263069103 Open market paper -2.3 37.0 -5.8 -26.7 18.7 -59.3 44.2 59.3 -33.8 23

 24 FA263061105 Treasury securities 42.7 -107.9 306.8 285.1 353.0 702.8 -113.5 343.6 191.4 24

 25 FA263061705 Agency- and GSE-backed securities 24.8 79.1 21.0 -112.4 161.3 63.6 -28.3 112.5 138.3 25

 26 FA263062003 Municipal securities 6.5 7.2 7.1 4.5 12.6 6.3 4.7 0.4 0.6 26

 27 FA263063005 U.S. corporate bonds (4) 334.9 326.3 320.9 217.8 609.3 313.6 143.0 45.0 42.1 27

 28 FA263069500 Loans to U.S. corporate business 36.9 -4.3 57.0 56.4 81.2 39.2 51.2 28.8 64.0 28

 29 FA263064105 U.S. corporate equities -191.3 -187.7 132.4 240.5 -78.8 407.9 -39.8 631.1 -155.5 29

 30 FA263064203 Mutual fund shares 1.7 57.5 24.8 7.0 180.6 -101.3 13.1 -6.4 47.1 30

 31 FA263070005 Trade receivables 10.8 6.5 46.6 64.5 27.2 60.2 34.7 40.7 25.3 31

 32 FA543141905 Life insurance reserves -4.6 11.0 2.7 2.8 2.4 2.9 2.8 0.8 0.8 32

 33 FA543151905 Pension entitlements -2.0 1.2 0.4 0.4 0.4 0.4 0.4 0.2 0.2 33

 34 FA263092001 Foreign direct investment in U.S. (5) 481.5 486.0 292.1 379.9 345.7 262.9 179.8 254.6 -32.6 34

 35 FA263076005 Miscellaneous assets (insurance receivables) 2.9 1.2 10.4 6.7 11.6 19.2 4.0 1.3 2.1 35

 36 FA264190005 Net increase in liabilities 348.6 431.0 1156.3 1290.0 1009.8 1414.7 910.9 804.7 -480.4 36

 37 FA263111005 U.S. official reserve assets -6.3 2.1 -1.7 -1.0 0.6 -0.2 -6.2 -0.0 12.3 37

 38 FA263191005 U.S. private deposits -235.8 -84.7 258.6 352.2 272.0 444.6 -34.2 187.3 95.8 38

 39 FA262151003 Security repurchase agreements 80.8 115.9 -32.7 55.0 -33.4 -98.1 -54.5 -46.5 -39.5 39

 40 FA264122005 Debt securities -31.3 5.8 374.6 354.4 205.9 405.7 532.6 399.2 99.6 40

 41 FA263169105 Commercial paper 54.6 -59.2 91.9 79.7 -12.0 229.8 70.3 69.0 -66.9 41

 42 FA263163005 Bonds -85.9 65.0 282.7 274.7 218.0 175.8 462.3 330.2 166.5 42

 43 FA264123005 Loans 58.7 34.1 15.6 -31.2 44.9 53.5 -4.5 27.6 -21.5 43

 44 FA263168005 Depository institution loans n.e.c. 58.3 36.1 11.8 -31.6 48.1 47.3 -16.7 28.1 -1.0 44

 45 FA263169005 Other loans and advances 0.4 -2.0 3.9 0.3 -3.3 6.2 12.1 -0.5 -20.5 45

 46 FA263164100 Foreign corporate equities (6) 196.9 21.7 166.8 25.0 285.3 317.1 39.9 697.0 -459.6 46

 47 FA263170005 Trade payables 1.4 2.7 7.7 20.8 0.7 8.1 1.3 -2.4 13.1 47

 48 FA263140005 Life insurance reserves 2.9 24.3 23.1 23.7 20.4 24.5 23.7 4.2 3.8 48

 49 FA263150005 Pension entitlements 0.4 -5.9 3.6 3.6 3.2 3.8 3.6 0.9 1.0 49

 50 FA263192005 U.S. direct investment abroad (4,5) 279.5 304.6 316.5 470.7 157.2 246.2 391.8 -534.5 -246.8 50

 51 FA263190005 Miscellaneous liabilities 1.4 10.5 24.2 16.8 53.0 9.6 17.2 72.0 61.4 51

 52 FA313092803 U.S. equity in IBRD, etc. 2.2 2.0 0.8 0.6 0.0 2.5 -0.0 0.0 0.0 52

 53 FA263191103 Nonofficial foreign currencies -0.5 4.6 6.5 -2.0 -8.0 2.2 33.8 -28.2 -15.7 53

 54 FA263194735 Investment by holding companies -6.9 0.4 -3.9 5.0 37.7 -34.2 -24.0 93.7 70.0 54

 55 FA263195105 Accident and health insurance reserves 2.1 -8.5 -0.7 -0.7 -0.6 -0.5 -0.8 2.2 0.3 55

 56 FA263176005 Policy payables 4.5 12.1 21.4 13.8 23.9 39.6 8.3 4.2 6.8 56

 57 FA267005005 Discrepancy (FOF basis) 220.0 131.7 177.8 182.2 -343.5 -25.9 898.4 -137.3 -519.3 57

 Memo:

 58 FA266903005 Net U.S. exports, NIPA basis -521.4 -520.6 -578.4 -576.6 -571.9 -557.3 -607.9 -639.2 -551.9 58

 59 FA266904005 + Net U.S. income receipts (7) 226.2 215.3 243.7 232.7 216.3 254.9 270.8 268.7 265.1 59

 60 FA266400101 - Curr. taxes and trans. payments to rest of world 264.7 283.5 297.0 286.4 299.3 307.0 295.1 290.1 300.2 60

 61 FA266400201 + Curr. taxes and trans. payments from rest of world 135.8 142.9 159.2 167.9 147.4 174.2 147.3 146.6 159.0 61

 62 FA266000005 = Balance on current account, NIPAs -424.1 -445.8 -472.5 -462.3 -507.6 -435.2 -484.9 -513.9 -427.9 62

(1) Table F.5, line 67.

(2) Line 1 minus line 5 minus line 9. Also equal to line 62 with the sign reversed minus line 9.

(3) U.S. net sales, sign reversed.

(4) Through 1992:Q4, corporate bonds include net issues by Netherlands Antillean financial subsidiaries; U.S. direct investment abroad excludes net inflows from those bond issues.

(5) Direct investment is valued on a current-cost basis. Excludes capital gains and losses.

(6) Includes American Depositary Receipts (ADRs).

(7) Consists of net receipts from foreigners of interest, corporate profits, and employee compensation. Equals difference between GNP and GDP.
Transactions

50 Z.1, September 20, 2018

F.200 U.S. Official Reserve Assets and SDR Allocations (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2015 2016 2017 2017 2018

 Q1 Q2 Q3 Q4 Q1 Q2

 1 FA893111005 Net change in liabilities -6.3 2.1 -1.7 -1.0 0.6 -0.2 -6.2 -0.0 12.3 1

 2 FA313111303 Federal government: SDR allocations 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2

 3 FA263111005 Rest of the world -6.3 2.1 -1.7 -1.0 0.6 -0.2 -6.2 -0.0 12.3 3

 4 FA313011303 SDR holdings 0.0 0.7 0.1 0.0 0.1 0.1 0.1 0.1 0.1 4

 5 FA263111403 Reserve position in IMF -6.5 1.3 -1.8 -1.0 0.3 -0.4 -6.1 -0.3 12.5 5

 6 FA263111503 Other reserves 0.2 0.1 0.0 0.0 0.2 0.0 -0.1 0.1 -0.4 6

 7 FA893011005 Net change in assets -6.3 2.1 -1.7 -1.0 0.6 -0.2 -6.2 -0.0 12.3 7

 8 FA313011005 Federal government -6.4 2.2 -1.7 -1.1 0.5 -0.3 -6.1 -0.1 12.5 8

 9 FA313011205 Monetary gold (2) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

 10 FA313011303 SDR holdings 0.0 0.7 0.1 0.0 0.1 0.1 0.1 0.1 0.1 10

 11 FA313011405 Reserve position in IMF -6.5 1.5 -1.8 -1.1 0.3 -0.4 -6.1 -0.3 12.5 11

 12 FA313011505 Other reserves 0.1 0.0 0.0 0.0 0.1 0.0 -0.1 0.1 -0.2 12

 13 FA263011005 Rest of the world 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13

 14 FA263011205 Monetary gold (2) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14

 15 FA313111303 SDR allocations 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15

 16 FA713011005 Monetary authority 0.1 -0.1 0.0 0.1 0.1 0.0 -0.1 0.1 -0.2 16

 17 FA713011203 Monetary gold (2) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 17

 18 FA713011405 Reserve position in IMF 0.0 -0.2 0.0 0.1 -0.0 0.0 0.0 0.0 0.0 18

 19 FA713011505 Other reserves 0.1 0.0 0.0 0.0 0.1 0.0 -0.1 0.1 -0.2 19

(1) Includes federal government liability to IMF for special drawing rights (SDRs) allocations and accrued interest.

(2) By international accounting standards, transactions in monetary gold are recorded in the financial account of the domestic sectors as increases (decreases) in assets,

 and the counterparts are recorded as decreases (increases) in assets of the rest of the world.

F.201 Special Drawing Rights (SDRs) Certificates and Treasury Currency

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 SDR certificates:

 1 FA713014003 Liab: Federal government 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1

 2 FA713014003 Asset: Monetary authority 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2

 Treasury currency:

 3 FA313112003 Liab: Federal government -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3

 4 FA713012003 Asset: Monetary authority 1.3 1.0 0.8 1.0 0.8 0.8 0.8 0.5 0.4 4

 5 FA903012005 Discrepancy (seigniorage) -1.3 -1.0 -0.8 -1.0 -0.8 -0.8 -0.8 -0.5 -0.4 5

F.202 U.S. Deposits in Foreign Countries

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 FA263191005 Total rest of the world liability -235.8 -84.7 258.6 352.2 272.0 444.6 -34.2 187.3 95.8 1

 Held by:

 2 FA153091003 Household sector -13.8 -5.6 12.8 18.1 12.4 23.7 -3.0 12.6 0.2 2

 3 FA103091003 Nonfinancial corporate business -20.1 3.6 108.3 -24.5 74.6 366.4 16.6 37.6 -160.3 3

 4 FA633091003 Money market funds -13.4 -9.2 1.9 6.9 -1.3 9.1 -7.3 -10.0 6.6 4

 5 FA903091005 Discrepancy--unallocated assets -188.4 -73.5 135.7 351.7 186.3 45.4 -40.6 147.0 249.3 5
Transactions

Z.1, September 20, 2018 51

F.203 Net Interbank Transactions

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2015 2016 2017 2017 2018

 Q1 Q2 Q3 Q4 Q1 Q2

 1 FA794110005 Net change in liabilities -444.3 -349.2 294.8 2276.0 -1216.9 577.0 -457.0 1005.8 -1175.9 1

 2 FA714110005 Monetary authority -389.0 -209.3 196.0 1581.2 -679.3 360.4 -478.3 616.9 -874.3 2

 3 FA764110005 U.S.-chartered depository institutions -42.2 -89.6 -16.9 437.7 -404.5 31.1 -132.1 104.8 -214.2 3

 4 FA754110005 Foreign banking offices in U.S. -18.7 -49.5 111.5 175.1 -75.4 189.6 156.7 202.2 -27.6 4

 5 FA744110005 Banks in U.S.-affiliated areas 0.0 -0.1 0.1 0.2 0.2 -1.6 1.6 0.0 -1.4 5

 6 FA474110005 Credit unions 5.6 -0.8 4.1 81.7 -58.0 -2.5 -5.0 81.9 -58.3 6

 7 FA894010005 Net change in assets -448.1 -350.5 295.7 1773.8 -734.0 500.2 -357.4 500.0 -673.4 7

 8 FA714010005 Monetary authority 0.5 -0.8 -0.0 0.7 0.3 -0.2 -1.0 0.4 1.5 8

 9 FA763020005 U.S.-chartered depository institutions -199.2 -88.6 48.5 835.0 -518.2 53.8 -176.5 249.2 -618.3 9

 10 FA753020005 Foreign banking offices in U.S. -198.5 -122.6 142.3 644.4 -97.0 311.3 -289.6 267.8 -180.7 10

 11 FA743013003 Banks in U.S.-affiliated areas -0.2 0.8 3.1 3.2 4.2 4.7 0.3 6.5 5.4 11

 12 FA473013005 Credit unions 8.8 1.0 2.1 98.7 -68.3 -9.4 -12.6 93.4 -80.7 12

 13 FA264016005 Rest of the world -59.6 -140.4 99.7 191.8 -54.9 140.0 121.9 -117.4 199.4 13

 14 FA904010005 Discrepancy 3.8 1.3 -0.9 502.2 -483.0 76.8 -99.7 505.9 -502.4 14

 Memo:

 Vault cash:

 15 FA703025005 Liab.: Monetary authority -1.4 1.7 1.2 0.7 0.4 -3.5 7.2 -15.3 6.3 15

 16 FA763025000 Asset: U.S.-chartered depository institutions -1.4 1.7 1.2 0.7 0.4 -3.5 7.2 -15.3 6.3 16

 17 FA753025003 Foreign banking offices in U.S. -0.0 -0.0 0.0 0.0 -0.0 0.0 0.0 -0.0 0.0 17

 Depository institution reserves:

 18 FA713113003 Liab.: Monetary authority -387.6 -211.0 194.8 1580.6 -679.7 363.9 -485.6 632.2 -880.6 18

 19 FA763013005 Asset: U.S.-chartered depository institutions -197.8 -90.3 47.3 834.3 -518.5 57.3 -183.7 264.5 -624.6 19

 20 FA753013003 Foreign banking offices in U.S. -198.4 -122.5 142.3 644.4 -97.0 311.3 -289.6 267.8 -180.7 20

 21 FA743013003 Banks in U.S.-affiliated areas -0.2 0.8 3.1 3.2 4.2 4.7 0.3 6.5 5.4 21

 22 FA473013005 Credit unions 8.8 1.0 2.1 98.7 -68.3 -9.4 -12.6 93.4 -80.7 22

 Other transactions with the monetary authority

 23 FA714010005 Liab: U.S.-chartered depository institutions 0.5 -0.8 -0.0 0.7 0.3 -0.2 -1.0 0.4 1.5 23

 24 FA714010005 Asset: Monetary authority 0.5 -0.8 -0.0 0.7 0.3 -0.2 -1.0 0.4 1.5 24

 25 FA713022003 Federal Reserve float 0.5 -0.8 -0.1 0.9 -0.3 -0.4 -0.7 0.9 0.6 25

 26 FA713068705 Loans -0.0 -0.1 0.1 -0.2 0.5 0.2 -0.2 -0.5 0.9 26

 Transactions with banks in foreign countries (net):

 27 FA764116205 Liab.: U.S.-chartered depository institutions (net) -37.5 -94.8 -21.8 14.3 15.5 -78.2 -38.8 -338.5 232.5 27

 28 FA763192605 Due to foreign affiliates -26.8 -105.7 31.7 -38.3 192.2 -65.9 38.9 -255.0 36.5 28

 29 FA763092605 - Due from foreign affiliates 10.7 -10.9 53.6 -52.6 176.7 12.4 77.7 83.6 -196.0 29

 30 FA754116205 Foreign banking offices in U.S. (net) -23.7 -58.9 123.8 160.4 -72.2 226.5 180.4 216.0 -54.8 30

 31 FA753192605 Due to foreign affiliates -130.8 -35.4 116.0 198.3 -43.0 192.5 116.4 40.8 -328.5 31

 32 FA753092605 - Due from foreign affiliates -107.1 23.6 -7.7 37.9 29.2 -34.0 -64.1 -175.2 -273.7 32

 33 FA264116205 Less: Deposits at foreign banks -2.7 9.8 -0.6 -5.4 1.4 2.1 -0.3 4.2 -13.5 33

 34 FA764016205 U.S.-chartered depository institutions -2.6 2.8 2.0 4.8 -1.3 0.9 3.5 8.8 -7.2 34

 35 FA754016205 Foreign banking offices in U.S. -0.1 7.0 -2.5 -10.1 2.6 1.1 -3.8 -4.7 -6.3 35

 36 FA264135125 Loans to foreign banks 1.2 -16.7 0.9 -0.7 -14.6 6.3 12.6 -4.7 -15.0 36

 37 FA764035125 U.S.-chartered depository institutions 1.7 -9.4 -2.9 -10.4 -7.4 -0.1 6.2 -4.6 -8.2 37

 38 FA754035125 Foreign banking offices in U.S. -0.5 -7.3 3.8 9.7 -7.1 6.5 6.4 -0.1 -6.7 38

 39 FA264035125 Plus: Loans from foreign banks 0.0 6.4 -1.9 11.1 -11.4 0.1 -7.4 4.6 -6.8 39

 40 FA274135123 U.S.-chartered depository institutions 0.8 3.7 0.3 7.2 -5.5 -1.1 0.6 -0.4 -3.3 40

 41 FA284135125 Foreign banking offices in U.S. -0.7 2.7 -2.2 3.8 -5.9 1.2 -8.0 5.0 -3.5 41

 42 FA264016005 Asset: Rest of the world (1) -59.6 -140.4 99.7 191.8 -54.9 140.0 121.9 -117.4 199.4 42

 Transactions between U.S. depository institutions (net):

 43 FA764112005 U.S.-chartered depository institutions (net) -6.8 -4.3 3.7 409.8 -423.4 111.4 -83.2 447.5 -460.4 43

 44 FA764112205 Due to (3): -6.4 5.2 -6.5 426.7 -422.4 71.5 -101.9 442.7 -459.2 44

 45 FA754012205 Foreign banking offices in U.S. -4.6 3.0 -1.5 6.4 2.7 -9.5 -5.6 18.8 -16.5 45

 46 FA743020005 Banks in U.S.-affiliated areas -0.0 0.1 -0.1 -0.2 -0.2 1.6 -1.6 -0.0 1.4 46

 47 FA474012205 Credit unions -5.6 0.8 -4.1 -81.7 58.0 2.5 5.0 -81.9 58.3 47

 48 FA754112205 - Due from: Foreign banking offices in U.S. 0.4 9.5 -10.2 16.9 1.0 -39.9 -18.7 -4.8 1.2 48

 49 FA904010005 Unallocated (2) 3.8 1.3 -0.9 502.2 -483.0 76.8 -99.7 505.9 -502.4 49

(1) Sum of lines 27 and 30 less line 33 and line 36 plus line 39.

(2) Interbank transactions between U.S. banks should net to zero and thus are not shown in lines 1 through 13 above. However, the unallocated amount (line 49), which is due to inconsistencies

 in source data, appears on line 14 as the discrepancy between liabilities and assets.

(3) Sum of lines 45, 46, 47, and 49.
Transactions

52 Z.1, September 20, 2018

F.204 Checkable Deposits and Currency

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2015 2016 2017 2017 2018

 Q1 Q2 Q3 Q4 Q1 Q2

 1 FA793120005 Net change in liabilities 255.4 279.1 104.5 -365.7 506.5 21.4 255.6 806.9 -52.4 1

 2 FA713120005 Monetary authority 167.6 159.2 -61.4 -944.8 384.8 146.4 167.8 446.2 291.8 2

 3 FA713123005 Federal government cash and deposits 110.1 65.6 -170.2 -1046.1 294.2 25.4 45.7 432.9 125.3 3

 4 FA713124005 Due to government-sponsored enterprises -25.9 10.9 1.3 -19.0 -33.1 18.0 39.3 -93.0 31.1 4

 5 FA713122605 Deposits due to foreign -0.0 -0.0 0.1 -0.0 0.0 -0.0 0.4 -0.0 0.2 5

 6 FA713125005 Currency outside banks 83.4 82.7 107.4 120.3 123.7 103.1 82.4 106.3 135.2 6

 7 FA763127005 U.S.-chartered depository institutions 50.3 113.3 116.2 458.1 82.3 -95.9 20.1 329.9 -351.6 7

 8 FA763123005 Federal government deposits -0.2 -0.1 -0.3 0.1 -0.5 0.1 -1.1 1.5 0.4 8

 9 FA763122605 Deposits due to foreign -12.9 15.0 0.0 7.1 -10.1 48.5 -45.3 21.4 22.3 9

 10 FA763129205 Private domestic deposits 63.4 98.4 116.4 450.8 92.9 -144.5 66.5 306.9 -374.3 10

 11 FA753127005 Foreign banking offices in U.S. 16.4 -2.9 34.1 76.4 26.1 -11.6 45.5 -25.7 -3.7 11

 12 FA753122603 Deposits due to foreign 7.2 3.8 10.0 17.2 19.3 -26.2 29.7 2.0 -16.7 12

 13 FA753129205 Private domestic deposits 9.2 -6.6 24.1 59.3 6.8 14.5 15.9 -27.6 12.9 13

 14 FA743127003 Banks in U.S.-affiliated areas 1.6 5.7 0.3 4.6 4.4 -15.3 7.5 5.9 11.4 14

 15 FA473127003 Credit unions 19.5 3.8 15.3 40.0 8.8 -2.2 14.6 50.6 -0.2 15

 16 FA793120005 Net change in assets 255.4 279.1 104.5 -365.7 506.5 21.4 255.6 806.9 -52.4 16

 17 FA153020005 Household sector 59.9 -60.7 36.1 441.5 -144.3 -217.8 64.9 596.3 -193.9 17

 18 FA143020005 Nonfinancial business 74.4 185.0 143.2 147.3 343.7 -8.4 90.3 -167.6 -70.9 18

 19 FA103020005 Corporate 67.0 160.2 143.0 156.4 341.7 -0.7 74.7 -184.7 -101.7 19

 20 FA113020005 Noncorporate 7.4 24.8 0.2 -9.1 2.0 -7.7 15.6 17.1 30.8 20

 21 FA313020005 Federal government 109.9 65.7 -170.2 -1028.2 343.1 4.3 0.1 449.4 182.8 21

 22 FA213020005 State and local governments -11.5 4.2 10.6 26.4 13.7 -14.0 16.5 5.6 -6.9 22

 23 FA793020005 Domestic financial sectors -9.8 23.3 4.1 -41.0 -75.9 149.4 -16.0 -149.6 8.4 23

 24 FA513020005 Property-casualty insurance companies -2.8 -7.3 4.3 3.8 0.4 40.5 -27.5 8.1 19.6 24

 25 FA543020005 Life insurance companies 9.9 -7.7 17.5 4.3 32.5 1.5 31.5 -15.2 17.5 25

 26 FA573020005 Private pension funds 1.0 1.2 1.4 1.6 0.1 1.4 2.6 0.9 2.3 26

 27 FA343020033 Federal government retirement funds -0.0 -0.0 0.2 0.2 0.2 0.2 0.2 0.2 0.2 27

 28 FA223020043 State and local govt. retirement funds 2.7 1.8 -13.1 -22.6 -18.0 -3.9 -7.8 -7.8 -9.4 28

 29 FA633020000 Money market funds 11.9 22.0 -7.5 -44.4 -16.3 67.4 -36.8 -32.0 7.6 29

 30 FA403020005 Government-sponsored enterprises -24.0 7.8 0.7 -27.7 -35.2 18.9 46.8 -103.3 29.3 30

 31 FA613020003 Finance companies 0.1 -9.6 -2.1 -7.0 -2.6 -2.5 3.5 -5.2 -14.8 31

 32 FA643020005 REITs -2.9 2.0 3.0 19.7 -10.4 28.9 -26.3 -18.0 -7.0 32

 33 FA663020003 Brokers and dealers -5.7 13.1 -0.2 31.0 -26.7 -3.0 -2.3 22.6 -37.1 33

 34 FA263020005 Rest of the world 32.6 61.1 79.9 107.4 72.5 85.7 53.8 91.3 83.4 34

 35 FA263027003 Checkable deposits -5.7 18.7 10.2 24.3 9.2 22.3 -15.2 23.4 5.8 35

 36 FA263025003 Currency 38.4 42.3 69.7 83.1 63.3 63.4 69.0 67.9 77.6 36

 37 FA903020005 Mail float -0.2 0.5 0.7 -19.1 -46.4 22.2 45.9 -18.5 -55.2 37
Transactions

Z.1, September 20, 2018 53

F.205 Time and Savings Deposits

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2015 2016 2017 2017 2018

 Q1 Q2 Q3 Q4 Q1 Q2

 1 FA703130005 Net change in liabilities 406.2 517.1 359.9 609.9 312.5 557.3 -40.0 633.0 852.0 1

 2 FA763130005 U.S.-chartered depository institutions 484.0 580.8 287.6 239.1 202.9 516.7 191.7 431.5 679.1 2

 3 FA753130005 Foreign banking offices in U.S. -121.4 -140.6 25.6 285.1 63.3 9.3 -255.0 116.9 114.4 3

 4 FA743130003 Banks in U.S.-affiliated areas -2.9 2.5 -4.6 -1.6 -3.4 -14.4 1.1 4.4 1.0 4

 5 FA473130005 Credit unions 46.4 74.3 51.3 87.4 49.8 45.8 22.3 80.2 57.5 5

 6 FA703130005 Net change in assets 406.2 517.1 359.9 609.9 312.5 557.3 -40.0 633.0 852.0 6

 7 FA153030005 Household sector 541.3 655.1 234.5 534.2 180.2 368.1 -144.3 759.7 754.4 7

 8 FA143030005 Nonfinancial business 3.5 67.4 67.3 53.4 76.9 60.1 79.0 45.7 46.0 8

 9 FA103030003 Corporate -7.7 19.2 3.6 -4.8 12.1 1.1 6.1 -13.6 -23.3 9

 10 FA113030003 Noncorporate 11.3 48.2 63.7 58.2 64.8 59.0 73.0 59.3 69.3 10

 11 FA313030003 Federal government 0.0 -0.2 0.4 -1.2 0.4 0.6 1.7 -0.3 0.3 11

 12 FA213030005 State and local governments 14.5 6.7 14.5 -12.7 8.0 22.7 40.1 -2.2 0.4 12

 13 FA793030005 Domestic financial sectors -134.5 -285.0 26.1 -38.1 -28.3 112.7 58.1 -228.0 -10.2 13

 14 FA573030005 Private pension funds -3.4 -0.7 -2.4 -3.6 -1.2 -1.5 -3.3 -4.2 -3.7 14

 15 FA223030043 State and local govt. retirement funds -0.7 0.5 -0.4 -0.3 -0.1 -0.4 -0.7 -0.7 -0.5 15

 16 FA633030000 Money market funds -129.3 -257.1 36.7 -0.2 -16.6 124.8 38.8 -203.1 4.8 16

 17 FA403030005 Government-sponsored enterprises -0.7 3.4 1.7 -1.6 1.4 2.4 4.4 4.8 25.4 17

 18 FA613030003 Finance companies 0.4 -28.9 -6.4 -21.1 -7.8 -7.5 10.6 -15.5 -44.4 18

 19 FA733030003 Holding companies -0.7 -2.1 -3.0 -11.3 -4.0 -5.1 8.3 -9.3 8.1 19

 20 FA263030005 Rest of the world -18.6 73.1 17.1 74.4 75.3 -6.8 -74.6 58.1 61.1 20

F.206 Money Market Fund Shares

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 FA634090005 Net issues -6.7 -11.1 117.2 7.0 55.7 340.9 65.0 34.7 293.8 1

 2 FA634090005 Net purchases -6.7 -11.1 117.2 7.0 55.7 340.9 65.0 34.7 293.8 2

 3 FA153034005 Household sector -16.7 -0.3 56.2 -4.4 10.8 207.0 11.6 22.9 170.6 3

 4 FA103034000 Nonfinancial corporate business 19.0 -112.6 11.5 -0.2 3.5 42.3 0.5 12.8 51.0 4

 5 FA113034003 Nonfinancial noncorporate business 2.5 9.0 7.8 5.3 8.0 6.2 11.6 6.7 9.5 5

 6 FA213034003 State and local governments -0.2 5.4 1.8 -1.3 -0.2 4.5 4.0 -1.8 0.9 6

 7 FA513034005 Property-casualty insurance companies 3.3 -6.8 4.0 2.2 2.2 4.7 6.9 4.7 30.7 7

 8 FA543034005 Life insurance companies 2.8 -13.4 3.6 6.5 3.2 7.0 -2.2 -14.3 24.1 8

 9 FA573034005 Private pension funds -2.9 6.4 -3.0 -5.2 -3.1 -1.0 -2.9 -4.0 -3.0 9

 10 FA223034005 State and local govt. retirement funds 0.1 10.5 -9.3 -10.3 -4.2 -7.6 -15.1 -14.8 -10.3 10

 11 FA503034005 Funding corporations -16.9 100.4 46.2 32.0 53.2 62.1 37.4 29.9 16.6 11

 12 FA263034003 Rest of the world 2.3 -9.5 -1.6 -17.6 -17.7 15.7 13.2 -7.5 3.8 12
Transactions

54 Z.1, September 20, 2018

F.207 Federal Funds and Security Repurchase Agreements (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2015 2016 2017 2017 2018

 Q1 Q2 Q3 Q4 Q1 Q2

 1 FA892150005 Net change in liabilities 54.3 94.7 32.5 -188.4 658.1 -593.2 253.6 -1378.6 326.1 1

 2 FA712151003 Monetary authority 202.6 12.8 -161.3 -499.7 198.8 -372.8 28.7 -1162.3 273.0 2

 3 FA762150005 U.S.-chartered depository institutions -39.4 -34.2 7.9 -16.2 17.6 16.0 14.2 -54.5 4.5 3

 4 FA762152005 Federal funds (2) 0.8 -6.5 13.2 -8.3 11.8 30.0 19.2 -8.2 0.4 4

 5 FA762151005 Security repurchase agreements -40.1 -27.8 -5.3 -7.9 5.9 -14.0 -5.0 -46.3 4.2 5

 6 FA752150005 Foreign banking offices in U.S. 35.3 66.7 88.3 61.1 129.6 121.5 41.0 -95.3 -112.8 6

 7 FA752152005 Federal funds (2) -0.3 6.9 3.3 54.2 0.1 58.9 -100.0 37.2 -57.6 7

 8 FA752151005 Security repurchase agreements 35.6 59.8 85.0 6.9 129.4 62.6 141.0 -132.4 -55.2 8

 9 FA472150053 Credit unions 0.0 -0.0 -0.0 0.0 0.0 -0.0 -0.0 0.0 0.0 9

 10 FA512151003 Property-casualty insurance companies 0.4 -1.0 -0.0 -0.0 -0.1 0.1 -0.1 -0.2 -0.2 10

 11 FA542151073 Life insurance companies -0.5 0.2 -0.3 0.2 2.4 -2.3 -1.3 -8.9 -4.8 11

 12 FA402150005 Government-sponsored enterprises -0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12

 13 FA642151073 REITs -45.5 -10.6 51.2 24.2 13.9 105.3 61.5 -4.9 -50.4 13

 14 FA662151003 Brokers and dealers -179.4 -55.2 79.4 187.2 329.3 -363.2 164.3 -6.4 256.3 14

 15 FA732151003 Holding companies 0.1 -0.0 -0.0 -0.1 -0.1 0.1 -0.0 0.5 -0.0 15

 16 FA262151003 Rest of the world 80.8 115.9 -32.7 55.0 -33.4 -98.1 -54.5 -46.5 -39.5 16

 17 FA892050005 Net change in assets -55.3 129.6 253.1 261.7 655.5 -349.1 444.4 -549.0 215.6 17

 18 FA102051003 Nonfinancial corporate business 14.0 29.5 -47.9 -39.1 -125.0 -57.5 30.0 -101.0 -64.2 18

 19 FA212051003 State and local governments 5.3 3.4 -1.9 -0.1 -8.0 -4.2 4.5 -17.6 -10.8 19

 20 FA712051000 Monetary authority 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 20

 21 FA762050005 U.S.-chartered depository institutions 24.8 8.7 4.0 -114.0 138.0 -145.4 137.3 73.8 -45.5 21

 22 FA762052005 Federal funds (2) -11.2 1.9 3.2 14.6 -33.3 33.7 -2.2 1.1 -13.2 22

 23 FA762051005 Security repurchase agreements 36.0 6.8 0.8 -128.5 171.3 -179.1 139.5 72.7 -32.2 23

 24 FA752050005 Foreign banking offices in U.S. 0.4 -25.4 76.6 16.2 59.2 113.3 117.6 -21.0 104.3 24

 25 FA752052005 Federal funds (2) -0.4 -0.2 0.3 -0.7 1.6 -1.4 1.5 0.3 0.5 25

 26 FA752051005 Security repurchase agreements 0.8 -25.2 76.3 16.9 57.6 114.7 116.1 -21.3 103.8 26

 27 FA472050053 Credit unions 0.0 0.0 0.1 0.0 0.2 0.2 -0.0 0.4 0.6 27

 28 FA472052053 Federal funds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.6 28

 29 FA472051053 Security repurchase agreements 0.0 0.0 0.1 0.0 0.2 0.2 -0.0 0.4 0.0 29

 30 FA512051005 Property-casualty insurance companies -0.4 -0.1 0.0 -0.1 -0.1 0.1 0.2 -0.9 -0.6 30

 31 FA542051075 Life insurance companies -0.5 -0.4 -0.4 0.0 -0.5 -0.3 -1.0 -0.9 -0.5 31

 32 FA572051005 Private pension funds -0.3 -0.1 -0.2 -0.4 -0.1 -0.2 -0.3 -0.4 -0.4 32

 33 FA222051043 State and local govt. retirement funds 0.0 1.0 -0.7 -0.8 -0.3 -0.6 -1.2 -1.2 -0.8 33

 34 FA632051000 Money market funds 59.0 80.9 154.8 230.2 269.7 25.1 94.4 -493.2 429.5 34

 35 FA652051003 Mutual funds -12.4 2.3 14.0 37.6 -7.6 26.0 -0.1 -13.8 -5.3 35

 36 FA402050005 Government-sponsored enterprises 20.2 2.1 10.6 90.8 -21.6 2.8 -29.7 92.6 -104.0 36

 37 FA402052033 Of which: FHLB federal funds (3) -10.4 6.3 16.9 119.1 -15.2 60.1 -96.5 111.2 -18.6 37

 38 FA662051003 Brokers and dealers -19.5 -20.6 -3.7 -55.1 263.0 -244.4 21.8 18.9 88.2 38

 39 FA732051003 Holding companies -0.2 -0.0 4.9 8.4 27.7 -0.2 -16.3 -4.3 -4.5 39

 40 FA502051003 Funding corporations 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 40

 41 FA262051003 Rest of the world -145.9 48.2 43.0 87.9 61.0 -63.9 87.1 -80.4 -170.5 41

 42 FA902050005 Discrepancy 109.7 -34.9 -220.6 -450.1 2.5 -244.1 -190.8 -829.6 110.5 42

 Memo:

 Federal Reserve’s reverse repurchase agreement operations:

 43 FA712151103 Liability: Monetary authority (4) 77.9 -6.2 -148.8 -486.0 208.1 -331.1 14.0 -1148.9 258.4 43

 44 FA632051103 Asset: Money market funds (5) 52.8 -20.6 -115.3 -298.5 136.1 -257.3 -41.4 -1062.1 264.8 44

 45 FA792051115 Other financial institutions (6) 25.1 14.3 -33.5 -187.5 72.0 -73.8 55.4 -86.9 -6.3 45

(1) Detailed data on federal funds and security repurchase agreements are available beginning 2012:Q1 for U.S.-chartered despository institutions, 2003:Q1 for foreign banking offices in U.S.,

 1997:Q1 for credit unions, and 2000:Q1 for FHLB.

(2) Excludes term federal funds.

(3) Includes term federal funds.

(4) Included in line 2.

(5) Included in line 34.

(6) Includes banks (consolidated), government-sponsored enterprises, and primary dealers.
Transactions

Z.1, September 20, 2018 55

F.208 Debt Securities (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2015 2016 2017 2017 2018

 Q1 Q2 Q3 Q4 Q1 Q2

 By instrument

 1 FA894122005 Net issues 1257.4 1551.4 1481.5 962.4 1496.6 2829.8 637.2 3736.6 1578.8 1

 2 FA893169175 Open market paper 11.1 -56.6 81.1 25.8 -55.2 312.3 41.4 141.2 22.0 2

 3 FA313161105 Treasury securities 724.4 842.8 447.0 -164.0 655.9 1636.1 -339.8 2827.3 1190.6 3

 4 FA893161705 Agency- and GSE-backed securities 220.6 351.6 346.6 428.0 274.5 341.2 342.8 266.6 235.5 4

 5 FA383162005 Municipal securities 14.8 43.1 11.9 -67.4 4.8 -51.6 162.0 -93.9 -14.2 5

 6 FA893163005 Corporate and foreign bonds 286.4 370.5 594.8 740.1 616.6 591.8 430.8 595.3 144.9 6

 By sector

 7 FA894122005 Net issues 1257.4 1551.4 1481.5 962.4 1496.6 2829.8 637.2 3736.6 1578.8 7

 8 FA384122005 Domestic nonfinancial sectors 1151.9 1158.0 747.8 215.2 915.9 1986.9 -126.9 3011.3 1164.1 8

 9 FA163162003 Nonprofit organizations (2) -7.9 -3.4 2.2 -0.7 14.8 -12.9 7.5 7.3 -1.4 9

 10 FA104122005 Nonfinancial corporate business 425.9 287.6 302.3 448.7 273.7 386.1 100.8 266.1 -8.5 10

 11 FA314122005 Federal government 724.6 842.7 447.0 -164.9 656.5 1636.0 -339.7 2828.3 1186.0 11

 12 FA213162005 State and local governments 9.3 31.1 -3.7 -67.9 -29.1 -22.3 104.5 -90.4 -12.0 12

 13 FA794122005 Domestic financial sectors 136.8 387.6 359.1 392.9 374.7 437.3 231.5 326.1 315.1 13

 14 FA764122005 U.S.-chartered depository institutions -9.3 -21.4 -13.0 -12.1 -18.2 11.2 -32.9 -5.4 13.6 14

 15 FA753169603 Foreign banking offices in U.S. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15

 16 FA403161705 Government-sponsored enterprises 93.5 194.2 153.1 218.7 85.8 153.6 154.4 80.1 79.6 16

 17 FA413065005 Agency- and GSE-backed mortgage pools 126.9 157.5 193.6 210.2 188.1 187.7 188.3 185.4 160.5 17

 18 FA674122005 ABS issuers -51.1 -98.3 -46.4 -120.9 20.5 -51.5 -33.8 -52.9 34.2 18

 19 FA614122005 Finance companies -16.0 -67.1 -49.9 -101.7 -47.2 25.3 -75.9 -1.2 54.0 19

 20 FA644122005 REITs -7.8 21.8 21.4 19.6 -3.9 13.3 56.7 32.0 -7.7 20

 21 FA663163003 Brokers and dealers 7.4 -2.2 56.5 2.3 144.4 38.8 40.6 -40.3 -33.0 21

 22 FA734122005 Holding companies -49.1 165.2 94.4 147.9 190.1 83.3 -43.8 -52.1 -69.6 22

 23 FA504122005 Funding corporations 42.2 37.9 -50.7 28.9 -185.0 -24.4 -22.1 180.5 83.6 23

 24 FA264122005 Rest of the world -31.3 5.8 374.6 354.4 205.9 405.7 532.6 399.2 99.6 24

 25 FA894122005 Net purchases 1257.4 1551.4 1481.5 962.4 1496.6 2829.8 637.2 3736.6 1578.8 25

 26 FA384022005 Domestic nonfinancial sectors 254.8 27.6 60.9 55.6 282.5 -311.9 217.5 715.3 806.7 26

 27 FA154022005 Household sector 265.4 -22.8 31.7 13.2 307.8 -272.0 78.1 822.0 764.3 27

 28 FA104022005 Nonfinancial corporate business -4.1 -9.2 42.8 59.2 60.0 -4.6 56.7 3.4 83.6 28

 29 FA114022005 Nonfinancial noncorporate business 5.0 6.7 5.8 4.0 6.0 4.6 8.7 5.0 7.2 29

 30 FA314022005 Federal government -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 30

 31 FA214022005 State and local governments -11.5 52.9 -19.5 -20.7 -91.3 -39.9 74.1 -115.1 -48.4 31

 32 FA794022005 Domestic financial sectors 596.0 1182.1 770.4 538.4 59.2 2114.7 369.4 2460.3 433.5 32

 33 FA714022005 Monetary authority 5.1 -20.8 2.3 102.6 -13.5 -12.5 -67.2 -159.3 -326.9 33

 34 FA764022005 U.S.-chartered depository institutions 214.4 276.4 110.4 253.0 -33.3 160.2 61.6 -20.3 30.7 34

 35 FA754022005 Foreign banking offices in U.S. -9.0 10.7 27.3 -39.2 15.4 -40.8 173.8 -41.2 30.3 35

 36 FA744022003 Banks in U.S.-affiliated areas 0.8 1.2 1.7 3.6 0.9 -3.1 5.6 4.5 2.1 36

 37 FA474022005 Credit unions -2.8 -2.4 -4.6 3.5 -6.3 -13.6 -1.8 -19.0 -4.3 37

 38 FA514022005 Property-casualty insurance companies 22.4 45.4 33.0 -16.3 26.7 33.5 88.2 0.1 20.3 38

 39 FA544022005 Life insurance companies 98.3 135.7 70.0 100.1 33.0 82.7 64.1 110.7 66.5 39

 40 FA574022005 Private pension funds -12.0 42.4 57.9 64.9 23.7 56.3 86.6 102.2 135.0 40

 41 FA344022005 Federal government retirement funds 93.1 100.9 -83.2 -442.7 -359.7 1042.3 -572.9 807.5 99.3 41

 42 FA224022045 State and local govt. retirement funds 4.3 3.3 77.6 45.7 37.3 91.7 135.6 190.2 193.7 42

 43 FA634022005 Money market funds 51.9 166.3 -68.1 -233.5 -166.8 117.9 10.2 741.0 -175.4 43

 44 FA654022005 Mutual funds 116.7 246.6 383.6 399.9 430.9 364.8 338.7 658.4 200.6 44

 45 FA554022005 Closed-end funds 0.5 1.5 1.1 2.4 0.9 -0.2 1.3 -0.0 5.5 45

 46 FA564022005 Exchange-traded funds 55.3 83.9 121.9 140.0 132.8 128.3 86.4 63.8 123.1 46

 47 FA404022005 Government-sponsored enterprises -25.3 -4.2 -38.9 -23.5 -37.0 -66.5 -28.5 15.0 18.0 47

 48 FA674022005 ABS issuers 0.9 -8.3 -8.3 -18.2 -15.1 -3.3 3.3 5.4 4.2 48

 49 FA613063003 Finance companies 2.2 9.9 -10.6 -13.0 -12.3 -15.0 -2.3 3.9 -4.1 49

 50 FA644022005 REITs -44.7 -26.4 52.5 36.8 21.5 109.5 42.4 -27.1 -53.8 50

 51 FA664022005 Brokers and dealers -36.7 5.0 0.5 68.0 70.1 -155.6 19.6 -141.5 92.4 51

 52 FA734022605 Holding companies -6.1 3.4 14.9 12.8 67.9 -52.6 31.5 48.6 18.0 52

 53 FA504022005 Funding corporations 66.8 111.6 29.4 91.6 -157.8 290.7 -106.8 117.5 -41.8 53

 54 FA264022005 Rest of the world 406.5 341.7 650.1 368.4 1154.9 1027.0 50.2 560.9 338.6 54

(1) Sum of open market paper, Treasury securities, agency- and GSE-backed securities, municipal securities, and corporate and foreign bonds.

(2) Liability of the households and nonprofit organizations sector (table F.101).
Transactions

56 Z.1, September 20, 2018

F.209 Open Market Paper

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2015 2016 2017 2017 2018

 Q1 Q2 Q3 Q4 Q1 Q2

 1 FA893169175 Net issues 11.1 -56.6 81.1 25.8 -55.2 312.3 41.4 141.2 22.0 1

 2 FA893169105 Commercial paper 11.1 -56.6 81.1 25.8 -55.2 312.3 41.4 141.2 22.0 2

 3 FA103169100 Nonfinancial corporate business -3.0 1.8 25.9 11.4 32.5 68.8 -9.2 3.5 15.5 3

 4 FA263169105 Foreign issues in U.S. 54.6 -59.2 91.9 79.7 -12.0 229.8 70.3 69.0 -66.9 4

 5 FA263169110 Nonfinancial -1.1 0.5 0.5 -46.2 -42.7 58.0 33.0 -20.1 27.3 5

 6 FA263169123 Financial 55.7 -59.7 91.4 125.9 30.7 171.8 37.3 89.1 -94.1 6

 7 FA793169100 Domestic financial sectors -40.5 0.8 -36.8 -65.3 -75.7 13.7 -19.6 68.7 73.3 7

 8 FA763169103 U.S.-chartered depository institutions -0.9 -4.5 0.7 1.5 -2.9 6.7 -2.7 -3.0 8.0 8

 9 FA673169105 ABS issuers 9.1 2.2 -12.6 -62.5 3.0 21.0 -11.7 -15.4 43.9 9

 10 FA613169100 Finance companies -3.1 4.6 0.7 -6.1 -1.6 1.2 9.4 -13.5 0.9 10

 11 FA643169173 REITs 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11

 12 FA733169103 Holding companies -61.5 -3.5 2.2 4.3 0.1 3.9 0.6 -5.8 3.6 12

 13 FA503169105 Funding corporations 15.9 2.1 -27.8 -2.5 -74.2 -19.3 -15.2 106.5 16.9 13

 14 FA703169605 Bankers’ acceptances (1) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14

 15 FA763169603 U.S.-chartered depository institutions 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15

 16 FA753169603 Foreign banking offices in U.S. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16

 17 FA893169175 Net purchases 11.1 -56.6 81.1 25.8 -55.2 312.3 41.4 141.2 22.0 17

 18 FA103069100 Nonfinancial corporate business 0.6 -11.8 32.7 41.9 48.9 -12.9 53.0 43.2 72.8 18

 19 FA213069103 State and local governments -4.7 -1.4 -0.9 -0.0 -3.8 -2.0 2.2 -8.4 -5.1 19

 20 FA713069603 Monetary authority 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 20

 21 FA763069175 U.S.-chartered depository institutions (1) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 21

 22 FA753069603 Foreign banking offices in U.S. (1) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 22

 23 FA473069153 Credit unions 0.0 0.0 -0.0 -0.0 0.0 0.0 0.0 0.6 1.1 23

 24 FA513069105 Property-casualty insurance companies 0.9 11.1 -8.9 -12.5 -10.7 -7.2 -5.3 -6.9 -5.1 24

 25 FA543069105 Life insurance companies -7.6 2.2 -8.6 -4.0 -8.4 -12.2 -9.7 -13.0 -5.3 25

 26 FA573069105 Private pension funds -3.7 -0.5 2.0 1.0 3.4 3.1 0.6 2.7 3.8 26

 27 FA223069143 State and local govt. retirement funds 0.0 11.7 -8.1 -8.7 -3.2 -6.9 -13.6 -13.6 -9.3 27

 28 FA633069175 Money market funds -26.1 -217.6 42.9 -49.9 59.1 86.8 75.5 -41.6 47.0 28

 29 FA653069100 Mutual funds -12.4 2.3 14.0 22.7 -1.4 27.9 6.8 -26.4 2.2 29

 30 FA403069105 Government-sponsored enterprises -0.5 0.5 0.5 -2.0 2.1 0.2 1.5 3.0 1.0 30

 31 FA663069103 Brokers and dealers -1.4 -5.7 -4.5 -8.2 0.9 -0.8 -9.7 24.4 -8.5 31

 32 FA503069105 Funding corporations 68.2 115.7 25.8 72.1 -160.8 295.6 -103.9 117.8 -38.9 32

 33 FA263069103 Rest of the world -2.3 37.0 -5.8 -26.7 18.7 -59.3 44.2 59.3 -33.8 33

(1) Excludes banks’ holdings of own acceptances.
Transactions

Z.1, September 20, 2018 57

F.210 Treasury Securities (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2015 2016 2017 2017 2018

 Q1 Q2 Q3 Q4 Q1 Q2

 1 FA313161105 Net issues 724.4 842.8 447.0 -164.0 655.9 1636.1 -339.8 2827.3 1190.6 1

 2 FA313161205 Marketable Treasury securities 688.1 711.2 554.4 299.5 1074.0 648.3 195.7 2055.9 1112.5 2

 3 FA313161110 Treasury bills 54.3 304.6 136.9 -170.8 290.9 250.8 176.5 1514.8 -133.3 3

 4 FA313161275 Other Treasury notes, bonds, and TIPS 632.4 408.6 419.1 470.3 789.3 397.5 19.2 541.0 1250.3 4

 5 FA313161283 Held in the Civil Service Retirement Fund (2) 1.4 -2.0 -1.6 0.0 -6.3 0.0 0.0 0.0 -4.5 5

 6 FA313161305 Nonmarketable Treasury securities 36.3 131.5 -107.3 -463.5 -418.1 987.8 -535.5 771.4 78.1 6

 7 FA313161400 U.S. savings securities -4.3 -5.8 -5.4 -6.3 -5.9 -4.6 -4.7 -5.9 -5.0 7

 8 FA213061120 State and local government series (SLGS) -41.3 34.6 -17.3 -20.0 -60.1 -22.9 33.6 -38.2 -22.0 8

 9 FA343061123 Thrift Savings Plan G Fund 15.7 15.4 -153.6 -422.7 -129.2 534.4 -596.7 631.0 41.6 9

 10 FA343061145 Federal govt. defined benefit pension plans 74.3 85.8 70.0 -21.0 -225.4 505.6 20.9 177.8 61.8 10

 11 FA313161375 Other nonmarketable securities -8.0 1.6 -1.1 6.5 2.5 -24.8 11.4 6.6 1.8 11

 12 FA893061105 Net purchases 724.4 842.8 447.0 -164.0 655.9 1636.1 -339.8 2827.3 1190.6 12

 13 FA153061105 Household sector 305.9 133.0 13.8 -102.8 738.1 -485.5 -94.7 1047.3 798.3 13

 14 FA313161400 U.S. savings securities (line 7) -4.3 -5.8 -5.4 -6.3 -5.9 -4.6 -4.7 -5.9 -5.0 14

 15 FA153061185 Other Treasury securities 310.3 138.7 19.2 -96.4 744.0 -480.9 -90.0 1053.2 803.4 15

 16 FA103061103 Nonfinancial corporate business -4.3 3.9 0.4 -5.3 4.5 -1.8 4.2 -19.4 5.6 16

 17 FA113061003 Nonfinancial noncorporate business 4.7 6.3 5.5 3.7 5.6 4.3 8.1 4.7 6.7 17

 18 FA213061105 State and local governments 25.0 46.0 -24.9 -20.3 -91.5 -39.2 51.4 -47.3 5.5 18

 19 FA213061120 SLGS (line 8) -41.3 34.6 -17.3 -20.0 -60.1 -22.9 33.6 -38.2 -22.0 19

 20 FA213061103 Other Treasury securities 66.3 11.3 -7.5 -0.3 -31.4 -16.3 17.8 -9.1 27.5 20

 21 FA713061103 Monetary authority 0.2 2.1 -9.4 3.1 2.8 1.4 -44.8 -117.0 -186.6 21

 22 FA713061113 Treasury bills 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 22

 23 FA713061125 Other Treasury securities 0.2 2.1 -9.4 3.1 2.8 1.4 -44.8 -117.0 -186.6 23

 24 FA763061100 U.S.-chartered depository institutions 14.8 96.0 -43.2 12.3 -126.3 -18.2 -40.7 31.5 102.9 24

 25 FA753061103 Foreign banking offices in U.S. 13.3 24.2 5.5 -22.5 11.7 -28.3 61.0 -1.1 34.0 25

 26 FA743061103 Banks in U.S.-affiliated areas 1.1 0.8 1.9 3.0 1.4 -1.6 4.7 4.7 1.8 26

 27 FA473061105 Credit unions 7.6 -0.6 0.6 -1.6 -0.2 -0.5 4.9 1.4 1.0 27

 28 FA513061105 Property-casualty insurance companies -1.4 11.3 34.0 20.0 26.8 37.3 52.1 -32.2 -21.2 28

 29 FA513061115 Treasury bills -4.1 8.5 26.5 17.4 19.3 28.5 40.8 -35.7 -25.3 29

 30 FA513061125 Other Treasury securities 2.7 2.8 7.6 2.7 7.5 8.8 11.3 3.6 4.2 30

 31 FA543061105 Life insurance companies 7.2 20.5 -0.1 -0.5 -2.6 -1.9 4.5 4.3 2.2 31

 32 FA543061115 Treasury bills -2.5 6.1 -0.4 2.5 -0.6 0.8 -4.2 -5.0 -2.9 32

 33 FA543061125 Other Treasury securities 9.8 14.4 0.2 -3.0 -2.0 -2.7 8.7 9.3 5.0 33

 34 FA573061105 Private pension funds -13.1 20.4 21.0 23.9 7.1 19.6 33.2 64.4 75.0 34

 35 FA573061143 Defined benefit plans -8.5 9.8 6.0 6.4 5.3 5.4 7.0 53.1 51.3 35

 36 FA573061133 Defined contribution plans -4.6 10.7 14.9 17.4 1.8 14.3 26.2 11.2 23.7 36

 37 FA343061105 Federal government retirement funds (3) 91.6 99.8 -84.3 -443.4 -360.4 1041.1 -574.5 808.3 99.0 37

 38 FA343061165 Defined benefit plans 75.4 83.8 68.5 -20.8 -231.6 505.3 21.0 177.7 57.3 38

 39 FA343061155 Defined contribution plans 16.2 16.0 -152.8 -422.5 -128.8 535.7 -595.5 630.5 41.7 39

 40 FA223061143 State and local govt. retirement funds -22.2 47.1 59.6 80.8 92.8 -4.6 69.5 26.1 46.0 40

 41 FA633061105 Money market funds 53.4 311.7 -94.7 -175.1 -177.5 30.4 -56.8 781.5 -311.2 41

 42 FA633061110 Treasury bills -8.6 178.9 46.6 -126.5 39.4 203.8 69.6 875.7 -482.8 42

 43 FA633061120 Other Treasury securities 61.9 132.9 -141.3 -48.6 -216.9 -173.3 -126.4 -94.2 171.6 43

 44 FA653061105 Mutual funds 155.3 77.5 211.0 106.0 84.7 397.7 255.7 52.9 30.3 44

 45 FA653061113 Treasury bills 11.7 14.0 20.0 -5.2 4.4 32.2 48.5 67.4 -13.8 45

 46 FA653061125 Other Treasury securities 143.6 63.4 191.0 111.2 80.3 365.5 207.2 -14.5 44.1 46

 47 FA553061103 Closed-end funds -0.5 -2.2 0.0 0.2 -0.0 0.1 -0.1 0.2 -0.1 47

 48 FA563061103 Exchange-traded funds 14.3 14.3 27.4 36.9 22.7 36.4 13.6 40.6 63.4 48

 49 FA403061105 Government-sponsored enterprises 23.2 14.9 -1.1 22.1 -13.8 -22.1 9.3 20.0 41.7 49

 50 FA673061103 ABS issuers 1.0 -8.3 -8.3 -18.2 -15.1 -3.3 3.3 5.4 4.2 50

 51 FA663061105 Brokers and dealers 5.1 32.3 22.0 12.9 64.3 24.7 -13.7 -207.6 133.1 51

 52 FA733061103 Holding companies -0.5 -0.4 3.5 15.7 27.7 -52.8 23.4 15.1 67.3 52

 53 FA263061105 Rest of the world 42.7 -107.9 306.8 285.1 353.0 702.8 -113.5 343.6 191.4 53

 54 FA263061110 Treasury bills 53.1 -55.9 33.5 -1.3 93.3 61.5 -19.4 55.9 198.4 54

 55 FA263061120 Other Treasury securities -10.4 -52.0 273.3 286.4 259.6 641.3 -94.1 287.7 -7.0 55

(1) Includes marketable and nonmarketable Treasury securities held by the public (net of premiums and discounts) and Treasury securities held by federal government employee retirement funds.

 In the Financial Accounts, nonmarketable government securities held by federal government employee defined benefit retirement funds are considered part of the financial business sector as

 opposed to intragovernmental holdings as reported on the Monthly Statement of the Public Debt.

(2) Long-term marketable securities issued to the Civil Service Retirement Fund by the Federal Financing Bank. These securities are not currently traded in the market.

(3) Comprised primarily of nonmarketable Treasury securities.
Transactions

58 Z.1, September 20, 2018

F.211 Agency- and GSE-Backed Securities (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2015 2016 2017 2017 2018

 Q1 Q2 Q3 Q4 Q1 Q2

 1 FA893161705 Net issues 220.6 351.6 346.6 428.0 274.5 341.2 342.8 266.6 235.5 1

 2 FA313161705 Budget agencies 0.2 -0.1 -0.1 -0.9 0.7 -0.1 0.1 1.1 -4.6 2

 3 FA403161705 Government-sponsored enterprises 93.5 194.2 153.1 218.7 85.8 153.6 154.4 80.1 79.6 3

 4 FA413065005 Agency- and GSE-backed mortgage pools 126.9 157.5 193.6 210.2 188.1 187.7 188.3 185.4 160.5 4

 5 FA893061705 Net purchases 220.6 351.6 346.6 428.0 274.5 341.2 342.8 266.6 235.5 5

 6 FA153061705 Household sector 199.9 -69.6 122.6 244.7 -284.8 321.8 208.9 49.7 226.9 6

 7 FA103061703 Nonfinancial corporate business -1.4 1.3 0.1 -1.8 1.5 -0.6 1.4 -6.5 1.9 7

 8 FA313061703 Federal government 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8

 9 FA213061703 State and local governments -35.9 3.7 9.0 -0.3 14.9 6.9 14.3 -35.4 -34.0 9

 10 FA713061705 Monetary authority 4.9 -22.8 11.7 99.5 -16.3 -13.8 -22.4 -42.2 -140.3 10

 11 FA763061705 U.S.-chartered depository institutions 164.4 136.7 148.6 147.0 145.0 175.9 126.6 15.1 -5.4 11

 12 FA753061703 Foreign banking offices in U.S. 2.6 -2.0 22.5 3.0 4.3 -6.4 89.0 -8.4 6.9 12

 13 FA743061703 Banks in U.S.-affiliated areas 0.1 -0.3 -0.0 0.0 -0.6 0.2 0.3 0.9 1.0 13

 14 FA473061705 Credit unions -11.9 -3.3 -4.4 4.3 -5.7 -9.4 -6.7 -20.9 -5.7 14

 15 FA513061705 Property-casualty insurance companies -6.6 4.4 5.6 -0.4 5.7 5.4 11.7 4.8 5.7 15

 16 FA543061705 Life insurance companies -2.0 11.3 8.5 10.5 5.4 11.1 6.8 16.9 9.0 16

 17 FA573061705 Private pension funds -1.0 10.0 8.7 10.9 6.1 8.5 9.5 10.3 12.8 17

 18 FA343061705 Federal government retirement funds 0.2 0.4 0.6 0.2 0.3 1.0 0.9 -0.5 0.0 18

 19 FA223061743 State and local govt. retirement funds -10.9 -0.8 2.4 -11.1 -2.7 -2.6 25.8 6.4 6.7 19

 20 FA633061700 Money market funds 68.4 211.8 1.8 22.7 -24.4 14.2 -5.4 19.5 51.9 20

 21 FA653061703 Mutual funds -98.2 28.5 -20.8 -56.0 252.4 -214.2 -65.4 124.0 17.1 21

 22 FA403061705 Government-sponsored enterprises -14.3 5.9 -20.0 -19.7 -8.9 -22.7 -28.5 -5.9 -16.3 22

 23 FA673061703 ABS issuers -0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 23

 24 FA643061773 REITs -49.6 -27.4 50.5 31.7 21.6 107.7 40.8 -30.3 -61.1 24

 25 FA663061703 Brokers and dealers -12.2 -16.6 -14.1 54.9 26.3 -103.7 -33.8 25.2 -16.4 25

 26 FA733061703 Holding companies -0.6 1.3 -7.8 0.2 -26.8 -1.6 -3.0 31.2 36.5 26

 27 FA263061705 Rest of the world 24.8 79.1 21.0 -112.4 161.3 63.6 -28.3 112.5 138.3 27

(1) Agency- and GSE-backed securities include: issues of federal budget agencies (line 2) such as those for the TVA; issues of government-sponsored enterprises (line 3) such as Fannie Mae and FHLB;

 and agency- and GSE-backed mortgage pool securities issued by GNMA, Fannie Mae, Freddie Mac, and the Farmers Home Administration (line 4). Only the budget agency issues are considered

 officially to be part of the total borrowing of the federal government, which is shown in table F.106, line 48.
Transactions

Z.1, September 20, 2018 59

F.212 Municipal Securities

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2015 2016 2017 2017 2018

 Q1 Q2 Q3 Q4 Q1 Q2

 1 FA383162005 Net issues 14.8 43.1 11.9 -67.4 4.8 -51.6 162.0 -93.9 -14.2 1

 2 FA213162005 State and local governments 9.3 31.1 -3.7 -67.9 -29.1 -22.3 104.5 -90.4 -12.0 2

 3 FA213162400 Short-term (1) -5.9 -2.8 4.8 2.0 0.2 12.9 4.1 8.0 -0.0 3

 4 FA213162200 Long-term 15.2 33.9 -8.5 -69.9 -29.3 -35.2 100.4 -98.4 -12.0 4

 5 FA163162003 Nonprofit organizations (2) -7.9 -3.4 2.2 -0.7 14.8 -12.9 7.5 7.3 -1.4 5

 6 FA103162000 Nonfinancial corporate business 13.4 15.4 13.4 1.2 19.1 -16.5 50.0 -10.8 -0.8 6

 (industrial revenue bonds)

 7 FA383162005 Net purchases 14.8 43.1 11.9 -67.4 4.8 -51.6 162.0 -93.9 -14.2 7

 8 FA153062005 Household sector -43.0 5.1 -53.7 -121.3 -54.0 -76.8 37.3 -88.2 -60.3 8

 9 FA103062003 Nonfinancial corporate business 1.0 -2.6 9.5 24.3 5.0 10.7 -1.9 -13.9 3.2 9

 10 FA113062003 Nonfinancial noncorporate business 0.3 0.4 0.4 0.3 0.4 0.3 0.6 0.3 0.5 10

 11 FA213062003 State and local governments 0.3 0.3 -0.2 -0.0 -0.8 -0.4 0.5 -1.8 -1.1 11

 12 FA763062000 U.S.-chartered depository institutions 47.4 50.3 21.1 28.2 15.5 11.4 29.1 -55.7 -40.3 12

 13 FA753062003 Foreign banking offices in U.S. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13

 14 FA743062003 Banks in U.S.-affiliated areas -0.6 -0.4 -0.4 -0.2 -0.2 -1.4 -0.0 -0.0 -0.0 14

 15 FA473062005 Credit unions 0.6 0.8 -0.0 0.1 0.8 -1.3 0.3 -1.0 0.3 15

 16 FA513062005 Property-casualty insurance companies 10.2 1.8 -9.9 -16.4 -8.4 -12.5 -2.2 14.1 16.7 16

 17 FA543062005 Life insurance companies 8.2 8.8 7.3 8.5 5.0 9.2 6.3 7.7 4.6 17

 18 FA343062033 Federal government retirement funds -0.0 0.0 -0.0 0.0 0.0 -0.0 0.0 0.0 -0.0 18

 19 FA223062043 State and local govt. retirement funds 0.1 0.2 1.1 0.0 -0.1 -1.5 5.7 -3.3 0.2 19

 20 FA633062000 Money market funds -28.8 -81.8 -19.9 -37.7 -25.6 -23.8 7.6 -15.7 38.1 20

 21 FA653062003 Mutual funds 16.2 41.4 40.0 45.7 44.1 40.7 29.5 64.9 20.5 21

 22 FA553062003 Closed-end funds -0.1 0.6 0.1 0.0 0.6 -0.2 0.1 -0.0 5.3 22

 23 FA563062003 Exchange-traded funds 3.9 6.2 5.2 2.5 5.8 4.8 7.6 2.8 7.9 23

 24 FA403062005 Government-sponsored enterprises -2.6 -2.4 -1.2 -0.7 -1.8 -1.7 -0.6 -0.7 -0.1 24

 25 FA663062003 Brokers and dealers -4.9 7.1 5.6 -5.2 5.9 -15.6 37.5 -3.7 -10.4 25

 26 FA263062003 Rest of the world 6.5 7.2 7.1 4.5 12.6 6.3 4.7 0.4 0.6 26

(1) Debt with original maturity of 13 months or less.

(2) Liability of the households and nonprofit organizations sector (table F.101).
Transactions

60 Z.1, September 20, 2018

F.213 Corporate and Foreign Bonds

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2015 2016 2017 2017 2018

 Q1 Q2 Q3 Q4 Q1 Q2

 1 FA893163005 Net issues 286.4 370.5 594.8 740.1 616.6 591.8 430.8 595.3 144.9 1

 2 FA103163003 Nonfinancial corporate business 415.4 270.4 263.0 436.1 222.1 333.7 60.0 273.3 -23.3 2

 3 FA793163005 Domestic financial sectors -43.1 35.1 49.2 29.3 176.6 82.3 -91.5 -8.2 1.7 3

 4 FA763163005 U.S.-chartered depository institutions -8.4 -16.9 -13.6 -13.6 -15.3 4.5 -30.2 -2.4 5.6 4

 5 FA673163005 ABS issuers (net) (1) -60.2 -100.5 -33.8 -58.4 17.6 -72.6 -22.0 -37.5 -9.7 5

 6 FA613163005 Finance companies -12.9 -71.7 -50.6 -95.6 -45.6 24.0 -85.3 12.3 53.1 6

 7 FA643163005 REITs -7.8 21.8 21.4 19.6 -3.9 13.3 56.7 32.0 -7.7 7

 8 FA663163003 Brokers and dealers 7.4 -2.2 56.5 2.3 144.4 38.8 40.6 -40.3 -33.0 8

 9 FA733163003 Holding companies 12.4 168.7 92.2 143.6 190.1 79.4 -44.4 -46.3 -73.2 9

 10 FA503163005 Funding corporations 26.3 35.8 -22.9 31.4 -110.7 -5.1 -6.9 74.0 66.6 10

 11 FA263163005 Rest of the world (2) -85.9 65.0 282.7 274.7 218.0 175.8 462.3 330.2 166.5 11

 12 FA893163005 Net purchases (3) 286.4 370.5 594.8 740.1 616.6 591.8 430.8 595.3 144.9 12

 13 FA153063005 Household sector -197.4 -91.3 -51.0 -7.4 -91.5 -31.5 -73.5 -186.7 -200.5 13

 14 FA313063763 Federal government -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14

 15 FA213063003 State and local governments 3.8 4.3 -2.4 -0.1 -10.1 -5.3 5.7 -22.3 -13.7 15

 16 FA763063005 U.S.-chartered depository institutions -12.2 -6.6 -16.1 65.6 -67.5 -8.9 -53.4 -11.2 -26.5 16

 17 FA763063605 MBS and other ABS -11.9 -26.7 -18.7 -11.0 -20.4 -21.6 -22.0 -12.7 -3.5 17

 18 FA763063095 Other -0.3 20.0 2.7 76.5 -47.1 12.7 -31.4 1.5 -23.0 18

 19 FA753063005 Foreign banking offices in U.S. -24.9 -11.5 -0.6 -19.8 -0.6 -6.0 23.8 -31.7 -10.6 19

 20 FA743063005 Banks in U.S.-affiliated areas 0.2 1.1 0.3 0.7 0.3 -0.3 0.5 -1.0 -0.8 20

 21 FA473063005 Credit unions 0.9 0.7 -0.8 0.7 -1.2 -2.4 -0.3 0.9 -1.1 21

 22 FA473063605 MBS and other ABS 0.9 0.7 -0.9 0.4 -1.0 -2.5 -0.5 0.7 -1.3 22

 23 FA473063095 Other -0.0 0.0 0.1 0.3 -0.2 0.1 0.2 0.1 0.2 23

 24 FA513063005 Property-casualty insurance companies 19.2 16.8 12.2 -7.0 13.3 10.6 32.0 20.2 24.1 24

 25 FA513063605 MBS and other ABS 5.8 2.2 2.5 1.4 2.4 2.7 3.5 4.4 5.3 25

 26 FA513063095 Other 13.5 14.6 9.7 -8.4 10.9 7.9 28.5 15.9 18.8 26

 27 FA543063005 Life insurance companies 92.4 92.8 63.0 85.7 33.6 76.6 56.2 94.8 56.0 27

 28 FA543063675 MBS and other ABS 1.1 8.5 2.2 2.4 1.9 2.6 2.1 18.9 9.7 28

 29 FA543063095 Other 91.3 84.3 60.8 83.3 31.7 74.0 54.1 75.9 46.3 29

 30 FA573063005 Private pension funds 5.8 12.5 26.2 29.2 7.1 25.0 43.3 24.8 43.4 30

 31 FA343063005 Federal government retirement funds 1.3 0.7 0.4 0.4 0.4 0.3 0.7 -0.3 0.3 31

 32 FA223063045 State and local govt. retirement funds 37.2 -55.0 22.6 -15.4 -49.5 107.3 48.2 174.6 150.1 32

 33 FA633063005 Money market funds -15.1 -57.7 1.9 6.5 1.6 10.1 -10.7 -2.8 -1.2 33

 34 FA653063005 Mutual funds 55.8 96.8 139.4 281.5 51.1 112.7 112.1 443.0 130.4 34

 35 FA553063003 Closed-end funds 1.0 3.2 0.9 2.2 0.3 -0.1 1.3 -0.2 0.3 35

 36 FA563063003 Exchange-traded funds 37.2 63.4 89.3 100.6 104.3 87.1 65.2 20.4 51.8 36

 37 FA403063005 Government-sponsored enterprises -31.1 -23.2 -17.0 -23.2 -14.6 -20.2 -10.1 -1.4 -8.3 37

 38 FA403063605 MBS and other ABS -30.4 -22.5 -16.6 -22.8 -14.1 -19.7 -9.7 -0.9 -7.9 38

 39 FA403063095 Other -0.8 -0.7 -0.5 -0.4 -0.5 -0.5 -0.4 -0.4 -0.4 39

 40 FA613063003 Finance companies 2.2 9.9 -10.6 -13.0 -12.3 -15.0 -2.3 3.9 -4.1 40

 41 FA643063005 REITs 4.9 1.0 2.1 5.1 -0.1 1.7 1.6 3.2 7.2 41

 42 FA663063005 Brokers and dealers -23.3 -12.1 -8.6 13.6 -27.3 -60.2 39.3 20.0 -5.4 42

 43 FA733063003 Holding companies -4.9 2.4 19.2 -3.1 67.0 1.8 11.1 2.3 -85.8 43

 44 FA503063005 Funding corporations -1.4 -4.1 3.6 19.4 3.0 -5.0 -2.9 -0.3 -2.8 44

 45 FA263063005 Rest of the world (4) 334.9 326.3 320.9 217.8 609.3 313.6 143.0 45.0 42.1 45

 46 FA263063603 MBS and other ABS 8.1 -19.0 -8.3 -24.5 -9.9 2.4 -1.2 -12.7 -1.1 46

 47 FA263063095 Other 326.8 345.3 329.3 242.3 619.2 311.2 144.2 57.7 43.2 47

(1) Net issuance less net acquisition of corporate bonds held as assets.

(2) Net purchases of foreign issues by U.S. residents.

(3) For some sectors, purchases of MBS and other ABS are shown separately. MBS and other ABS include privately issued mortgage-backed securities and other privately

 issued asset-backed bonds.

(4) Net purchases of U.S. issues by foreign residents.
Transactions

Z.1, September 20, 2018 61

F.214 Loans (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2015 2016 2017 2017 2018

 Q1 Q2 Q3 Q4 Q1 Q2

 By instrument

 1 FA894123005 Net change in total loans 841.9 1032.8 985.7 832.1 1207.8 823.5 1079.3 775.3 1017.7 1

 2 FA793068005 Depository institution loans n.e.c. 280.6 168.2 109.4 24.4 176.3 150.8 86.0 139.8 211.6 2

 3 FA893169005 Other loans and advances -60.7 115.2 113.3 126.5 259.7 20.8 46.4 -7.1 93.7 3

 4 FA893065005 Mortgages 387.7 519.4 575.6 495.5 607.2 506.3 693.6 516.4 556.9 4

 5 FA893065105 Home 149.3 250.7 334.5 334.3 354.8 324.0 324.8 309.1 274.3 5

 6 FA893065405 Multifamily residential 94.9 113.7 106.1 80.4 84.3 86.3 173.2 70.2 78.4 6

 7 FA893065505 Commercial 131.5 137.8 125.0 70.8 158.0 85.8 185.5 134.3 201.4 7

 8 FA893065603 Farm 12.0 17.2 10.1 10.0 10.1 10.2 10.2 2.9 2.9 8

 9 FA153166000 Consumer credit 234.4 230.0 187.3 185.8 164.6 145.5 253.3 126.1 155.5 9

 By sector

 10 FA894123005 Net change in liabilities 841.9 1032.8 985.7 832.1 1207.8 823.5 1079.3 775.3 1017.7 10

 11 FA384123005 Domestic nonfinancial sectors 741.9 925.5 984.6 771.6 1118.8 770.3 1277.6 669.4 1119.0 11

 12 FA154123005 Household sector 330.6 470.7 574.1 511.3 600.7 426.2 758.2 472.1 450.4 12

 13 FA104123005 Nonfinancial corporate business 160.3 158.5 161.7 93.1 256.3 152.8 144.4 -14.7 361.3 13

 14 FA114123005 Nonfinancial noncorporate business 250.8 295.3 248.3 166.9 261.2 190.9 374.3 211.1 306.4 14

 15 FA313165403 Federal government 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15

 16 FA213169203 State and local governments 0.3 0.9 0.4 0.2 0.5 0.4 0.7 0.9 0.9 16

 17 FA794123005 Domestic financial sectors 41.3 73.2 -14.5 91.8 44.1 -0.3 -193.8 78.3 -79.8 17

 18 FA763169305 U.S.-chartered depository institutions 30.4 67.7 20.1 17.5 19.5 70.0 -26.8 75.8 -36.8 18

 19 FA473169333 Credit unions 9.3 2.0 8.2 -6.0 5.8 15.5 17.3 -33.3 23.4 19

 20 FA513169333 Property-casualty insurance companies 0.2 0.5 -0.2 0.1 3.9 -3.8 -0.8 3.9 -2.1 20

 21 FA543169373 Life insurance companies 6.2 10.1 6.7 11.8 0.5 3.5 10.9 16.2 4.0 21

 22 FA403169283 Government-sponsored enterprises 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 22

 23 FA614123005 Finance companies 15.3 0.0 -11.3 -5.9 -5.1 2.1 -36.5 6.8 -11.4 23

 24 FA644123005 REITs 29.2 -15.3 2.8 -7.0 7.3 -14.5 25.5 -7.8 -40.8 24

 25 FA664123005 Brokers and dealers -49.3 8.1 -40.7 81.3 12.2 -73.1 -183.3 16.7 -16.1 25

 26 FA504123005 Funding corporations 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 26

 27 FA264123005 Rest of the world 58.7 34.1 15.6 -31.2 44.9 53.5 -4.5 27.6 -21.5 27

 28 FA894123005 Net change in assets 841.9 1032.8 985.7 832.1 1207.8 823.5 1079.3 775.3 1017.7 28

 29 FA384023005 Domestic nonfinancial sectors 57.3 108.7 33.4 155.9 54.0 -0.1 -76.2 54.1 32.3 29

 30 FA154023005 Household sector -62.6 -4.8 -64.7 58.6 -9.2 -99.6 -208.6 -6.2 -37.1 30

 31 FA104023005 Nonfinancial corporate business 2.4 0.6 -2.8 -1.2 -31.4 -9.2 30.8 -8.9 -32.2 31

 32 FA114023005 Nonfinancial noncorporate business 7.1 4.2 3.7 2.5 3.8 2.9 5.5 3.2 4.5 32

 33 FA314023005 Federal government 104.8 103.0 99.8 95.7 102.9 112.0 88.7 93.4 113.8 33

 34 FA213065005 State and local governments 5.6 5.7 -2.6 0.3 -12.0 -6.2 7.5 -27.4 -16.7 34

 35 FA794023005 Domestic financial sectors 747.7 928.3 895.3 619.9 1072.6 784.4 1104.3 692.4 921.4 35

 36 FA713068005 Monetary authority 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 36

 37 FA764023005 U.S.-chartered depository institutions 524.1 496.2 353.4 173.1 445.9 357.4 437.3 345.4 322.8 37

 38 FA754023005 Foreign banking offices in U.S. 81.4 27.0 6.4 2.7 5.3 25.1 -7.3 -13.5 45.0 38

 39 FA744023003 Banks in U.S.-affiliated areas -5.8 -1.9 -0.6 -3.6 -0.4 -1.8 3.3 -2.4 -0.8 39

 40 FA474023000 Credit unions 76.3 84.8 89.0 104.1 103.8 79.8 68.4 97.7 137.3 40

 41 FA513065505 Property-casualty insurance companies 2.5 2.7 2.4 -2.8 6.0 3.6 2.7 3.5 0.9 41

 42 FA544023005 Life insurance companies 42.1 37.6 45.7 52.5 59.1 47.5 23.6 48.6 45.6 42

 43 FA573065005 Private pension funds -2.0 0.8 -0.0 -0.1 -0.1 0.0 -0.0 -0.2 -0.1 43

 44 FA223065043 State and local govt. retirement funds -0.1 6.5 -10.8 -16.6 -8.5 -22.8 4.7 -4.2 -7.7 44

 45 FA653069803 Mutual funds -15.6 18.6 16.2 34.5 22.9 22.3 -14.8 -35.6 33.7 45

 46 FA404023005 Government-sponsored enterprises 139.1 191.3 207.0 244.0 150.0 230.1 203.7 181.2 145.1 46

 47 FA413065005 Agency- and GSE-backed mortgage pools 126.9 157.5 193.6 210.2 188.1 187.7 188.3 185.4 160.5 47

 48 FA674023005 ABS issuers -56.3 -96.8 -48.8 -114.0 23.7 -73.6 -31.2 -62.0 22.3 48

 49 FA614023005 Finance companies -17.2 -4.4 -55.9 -69.4 -20.2 -147.8 13.7 -38.7 41.3 49

 50 FA643065005 REITs -29.4 14.7 7.2 -15.0 -2.4 7.4 38.8 -8.4 -8.4 50

 51 FA663069005 Brokers and dealers -90.1 -8.4 69.7 21.3 77.6 33.5 146.2 8.2 7.3 51

 52 FA733069005 Holding companies -28.8 -1.1 17.9 -4.8 -1.2 42.2 35.2 -7.9 -24.2 52

 53 FA503069805 Funding corporations 0.8 3.0 3.0 3.7 22.8 -6.3 -8.3 -4.6 0.7 53

 54 FA263069500 Rest of the world 36.9 -4.3 57.0 56.4 81.2 39.2 51.2 28.8 64.0 54

(1) Sum of depository institution loans not elsewhere classified, other loans and advances, total mortgages, and consumer credit.
Transactions

62 Z.1, September 20, 2018

F.215 Depository Institution Loans Not Elsewhere Classified (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2015 2016 2017 2017 2018

 Q1 Q2 Q3 Q4 Q1 Q2

 1 FA793068005 Net change in liabilities 280.6 168.2 109.4 24.4 176.3 150.8 86.0 139.8 211.6 1

 2 FA153168005 Household sector 31.6 10.6 1.9 -18.2 27.8 -16.9 14.8 15.9 37.6 2

 3 FA103168005 Nonfinancial corporate business 104.8 55.8 40.1 24.2 39.3 75.8 21.0 28.1 92.6 3

 4 FA113168005 Nonfinancial noncorporate business 64.1 63.1 46.0 39.5 39.2 27.3 78.0 51.8 89.7 4

 5 FA793168005 Domestic financial sectors 21.9 2.7 9.7 10.4 21.9 17.4 -11.1 15.9 -7.3 5

 6 FA613168003 Finance companies 13.7 0.2 -11.3 -5.2 -4.5 1.5 -36.9 7.1 -11.2 6

 7 FA643168005 REITs 7.3 -9.2 4.7 5.1 5.9 -4.1 12.1 4.8 -14.7 7

 8 FA663168005 Brokers and dealers 0.9 11.7 16.2 10.4 20.6 19.9 13.8 4.0 18.6 8

 9 FA713068505 Funding corporations 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

 10 FA263168005 Rest of the world 58.3 36.1 11.8 -31.6 48.1 47.3 -16.7 28.1 -1.0 10

 11 FA263168465 Foreign official institutions 1.3 -2.2 -3.1 -5.5 -5.9 -1.1 -0.0 1.3 -0.9 11

 12 FA263168485 Foreign nonfinancial corporations 19.9 2.2 -29.7 -37.6 -28.8 -0.0 -52.4 28.6 -34.2 12

 13 FA263168495 Foreign nondepository financial institutions 37.0 36.1 44.6 11.6 82.8 48.4 35.8 -1.8 34.1 13

 14 FA793068005 Net change in assets 280.6 168.2 109.4 24.4 176.3 150.8 86.0 139.8 211.6 14

 15 FA713068005 Monetary authority (2) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15

 16 FA763068005 U.S.-chartered depository institutions 210.8 146.1 104.4 16.5 178.6 104.4 118.0 150.9 138.6 16

 17 FA753068005 Foreign banking offices in U.S. 67.7 11.2 -3.1 -2.4 -11.5 22.7 -21.0 -18.8 45.9 17

 18 FA743068005 Banks in U.S.-affiliated areas -2.0 -1.2 -0.8 -2.1 0.7 -2.2 0.4 -0.3 0.8 18

 19 FA473068005 Credit unions 4.1 12.1 8.8 12.4 8.5 25.8 -11.4 8.0 26.2 19

(1) Excludes depository institution lending in the form of open market paper, mortgages, and consumer credit which are shown on other instrument tables.

(2) Loans from Federal Reserve banks to the household, broker and dealer, and funding corporation sectors.
Transactions

Z.1, September 20, 2018 63

F.216 Other Loans and Advances

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2015 2016 2017 2017 2018

 Q1 Q2 Q3 Q4 Q1 Q2

 1 FA893169005 Net change in total other loans and advances -60.7 115.2 113.3 126.5 259.7 20.8 46.4 -7.1 93.7 1

 2 FA313069205 U.S. government loans 2.1 0.2 2.0 0.7 1.3 5.9 0.1 -4.2 14.8 2

 3 FA153169203 Liab.: Household sector 2.3 2.3 2.7 2.5 2.1 2.4 3.8 5.2 5.1 3

 4 FA103169205 Nonfinancial corporate business 0.5 -0.9 -1.1 -1.4 -0.3 -2.2 -0.4 0.2 0.7 4

 5 FA113169205 Nonfinancial noncorporate business -3.2 -0.7 -0.3 -0.6 0.5 0.4 -1.7 1.3 4.0 5

 6 FA213169203 State and local governments 0.3 0.9 0.4 0.2 0.5 0.4 0.7 0.9 0.9 6

 7 FA403169283 Government-sponsored enterprises 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 7

 8 FA313069223 Finance companies 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8

 9 FA503169205 Funding corporations 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

 10 FA263169205 Rest of the world 2.2 -1.5 0.2 -0.0 -1.6 4.9 -2.4 -11.7 4.1 10

 11 FA263069500 Foreign loans to U.S. corporate business 36.9 -4.3 57.0 56.4 81.2 39.2 51.2 28.8 64.0 11

 12 FA263069500 Liab.: Nonfinancial corporate business 36.9 -4.3 57.0 56.4 81.2 39.2 51.2 28.8 64.0 12

 Customers’ liability on acceptances outstanding

 13 FA763069703 Asset: U.S.-chartered depository institutions 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13

 14 FA753069703 Foreign banking offices in U.S. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14

 15 FA103169705 Liab.: Nonfinancial corporate business 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15

 16 FA263169705 Rest of the world 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16

 17 FA733069005 Holding company loans -28.8 -1.1 17.9 -4.8 -1.2 42.2 35.2 -7.9 -24.2 17

 18 FA733069013 Liab.: Nonfinancial corporate business -27.0 -0.5 14.2 -5.1 0.5 40.9 20.7 -19.1 0.4 18

 19 FA733069023 Rest of the world -1.8 -0.6 3.6 0.3 -1.7 1.3 14.5 11.2 -24.6 19

 20 FA153169405 Policy loans (Household liability) 1.3 -0.1 1.9 0.5 0.6 3.5 3.0 1.3 0.7 20

 21 FA313069403 Asset: Federal government -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 21

 22 FA543069405 Life insurance companies 1.4 -0.1 1.9 0.5 0.6 3.5 3.0 1.3 0.7 22

 23 FA403069330 Federal Home Loan Banks advances (1) 65.6 73.1 27.8 5.3 27.4 81.1 -2.6 60.8 -12.0 23

 24 FA763169335 Liab.: U.S.-chartered depository institutions 30.4 67.7 20.1 17.5 19.5 70.0 -26.8 75.8 -36.8 24

 25 FA473169333 Credit unions 9.3 2.0 8.2 -6.0 5.8 15.5 17.3 -33.3 23.4 25

 26 FA513169333 Property-casualty insurance companies 0.2 0.5 -0.2 0.1 3.9 -3.8 -0.8 3.9 -2.1 26

 27 FA543169373 Life insurance companies 6.2 10.1 6.7 11.8 0.5 3.5 10.9 16.2 4.0 27

 28 FA613169333 Finance companies 1.6 -0.2 -0.1 -0.7 -0.7 0.6 0.4 -0.3 -0.2 28

 29 FA643169373 Real estate investment trusts 17.9 -7.1 -6.8 -17.4 -1.6 -4.7 -3.5 -1.5 -0.3 29

 30 FA403069395 Govt.-sponsored enterprises loans (2) 8.8 5.9 4.7 -4.6 4.4 4.9 14.2 3.6 -2.1 30

 31 FA153169305 Liab.: Household sector (SLMA) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 31

 32 FA183169305 Nonfinancial corporate business (FCS) 1.1 0.8 0.7 1.3 -0.8 -0.1 2.4 3.9 -1.8 32

 33 FA113169305 Nonfinancial noncorporate business (FCS) 7.8 5.1 4.0 -5.9 5.2 5.0 11.8 -0.4 -0.3 33

 34 FA763169383 U.S.-chartered depository inst. (SLMA) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 34

 35 FA673069505 Securitized loans held by ABS issuers 0.0 0.3 0.1 0.1 -0.0 0.0 0.2 0.0 -0.4 35

 36 FA673069505 Liab.: Nonfinancial corporate business 0.0 0.3 0.1 0.1 -0.0 0.0 0.2 0.0 -0.4 36

 37 FA613069500 Finance company loans to business 13.6 25.2 -32.2 -44.0 1.4 -110.1 23.7 -23.5 62.9 37

 38 FA103169535 Liab.: Nonfinancial corporate business 12.2 22.7 -29.0 -39.6 1.3 -99.0 21.3 -21.1 56.6 38

 39 FA113169535 Nonfinancial noncorporate business 1.4 2.5 -3.2 -4.4 0.1 -11.0 2.4 -2.3 6.3 39

 40 FA663067003 Margin accounts at brokers and dealers -80.1 -12.4 56.3 11.4 61.4 -17.2 169.5 19.4 -13.3 40

 41 FA663067003 Liab.: Household sector -80.1 -12.4 56.3 11.4 61.4 -17.2 169.5 19.4 -13.3 41

 42 FA153067005 Cash accounts at brokers and dealers -50.2 -3.5 -56.9 70.9 -8.3 -93.0 -197.1 12.7 -34.6 42

 43 FA153067005 Asset: Household sector -50.2 -3.5 -56.9 70.9 -8.3 -93.0 -197.1 12.7 -34.6 43

 44 FA103169803 Loans to nonfinancial corporate business (3) -29.8 31.9 34.8 34.5 91.5 64.3 -51.0 -98.1 38.1 44

 45 FA153069803 Asset: Household sector -2.3 2.6 1.2 -1.8 0.5 10.4 -4.4 -9.5 5.7 45

 46 FA543069873 Life insurance companies -1.8 3.0 2.7 -2.6 6.4 11.0 -4.1 -2.5 1.4 46

 47 FA653069803 Mutual funds -15.6 18.6 16.2 34.5 22.9 22.3 -14.8 -35.6 33.7 47

 48 FA673069803 ABS issuers -1.0 0.8 -1.6 -9.2 22.6 -23.8 3.8 -34.7 -24.1 48

 49 FA663069803 Brokers and dealers -10.0 4.0 13.4 9.9 16.2 50.7 -23.2 -11.2 20.6 49

 50 FA503069805 Funding corporations 0.8 3.0 3.0 3.7 22.8 -6.3 -8.3 -4.6 0.7 50

(1) The Federal Home Loan Banks are included in the government-sponsored enterprises sector. Finance companies and real estate investment trusts receive advances through

 affiliated captive insurance companies.

(2) The Student Loan Marketing Association (Sallie Mae) was included until it was fully privatized in 2004:Q4. Federal Home Loan Bank advances are shown separately on line 23.

(3) Syndicated loans from domestic entities, excluding depository institutions and finance companies which are included elsewhere.
Transactions

64 Z.1, September 20, 2018

F.217 Total Mortgages (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2015 2016 2017 2017 2018

 Q1 Q2 Q3 Q4 Q1 Q2

 1 FA893065005 Net change in mortgages 387.7 519.4 575.6 495.5 607.2 506.3 693.6 516.4 556.9 1

 2 FA893065105 Home 149.3 250.7 334.5 334.3 354.8 324.0 324.8 309.1 274.3 2

 3 FA893065405 Multifamily residential 94.9 113.7 106.1 80.4 84.3 86.3 173.2 70.2 78.4 3

 4 FA893065505 Commercial 131.5 137.8 125.0 70.8 158.0 85.8 185.5 134.3 201.4 4

 5 FA893065603 Farm 12.0 17.2 10.1 10.0 10.1 10.2 10.2 2.9 2.9 5

 6 FA893065005 Net borrowing 387.7 519.4 575.6 495.5 607.2 506.3 693.6 516.4 556.9 6

 7 FA153165005 Household sector 141.2 240.3 324.0 329.2 344.2 308.8 313.8 304.1 264.8 7

 8 FA143165005 Nonfinancial business 242.5 278.1 246.7 161.0 259.9 203.2 362.9 223.4 317.9 8

 9 FA103165005 Corporate 61.7 52.7 44.8 22.6 43.7 34.0 79.1 62.7 111.1 9

 10 FA113165005 Noncorporate 180.7 225.4 201.9 138.4 216.2 169.2 283.8 160.8 206.8 10

 11 FA313165403 Federal government 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11

 12 FA643165005 REITs 4.0 1.0 4.9 5.3 3.1 -5.7 16.9 -11.1 -25.8 12

 13 FA893065005 Net change in assets 387.7 519.4 575.6 495.5 607.2 506.3 693.6 516.4 556.9 13

 14 FA153065005 Household sector -7.5 -0.2 -2.4 -2.9 4.1 -7.8 -3.2 -3.0 -4.2 14

 15 FA103065003 Nonfinancial corporate business 2.3 -1.1 -1.8 -1.8 -1.8 -1.8 -1.8 -1.8 -1.8 15

 16 FA113065005 Nonfinancial noncorporate business 7.1 4.2 3.7 2.5 3.8 2.9 5.5 3.2 4.5 16

 17 FA313065005 Federal government -0.7 3.2 1.6 -4.1 0.4 7.8 2.2 5.6 2.0 17

 18 FA213065005 State and local governments 5.6 5.7 -2.6 0.3 -12.0 -6.2 7.5 -27.4 -16.7 18

 19 FA763065005 U.S.-chartered depository institutions 213.0 246.4 164.7 126.7 206.0 157.0 168.9 145.2 125.2 19

 20 FA753065005 Foreign banking offices in U.S. 13.8 15.8 9.5 5.1 16.8 2.4 13.7 5.3 -1.0 20

 21 FA743065003 Banks in U.S.-affiliated areas -3.8 -0.7 0.2 -1.4 -1.1 0.3 2.9 -2.2 -1.6 21

 22 FA473065100 Credit unions 32.7 34.7 42.1 46.4 43.4 40.6 38.0 55.6 49.8 22

 23 FA513065505 Property-casualty insurance companies 2.5 2.7 2.4 -2.8 6.0 3.6 2.7 3.5 0.9 23

 24 FA543065005 Life insurance companies 42.5 34.8 41.1 54.5 52.0 33.1 24.7 49.7 43.4 24

 25 FA573065005 Private pension funds -2.0 0.8 -0.0 -0.1 -0.1 0.0 -0.0 -0.2 -0.1 25

 26 FA223065043 State and local govt. retirement funds -0.1 6.5 -10.8 -16.6 -8.5 -22.8 4.7 -4.2 -7.7 26

 27 FA403065005 Government-sponsored enterprises (1) 64.7 112.4 174.4 243.3 118.2 144.1 192.0 116.9 159.3 27

 28 FA413065005 Agency- and GSE-backed mortgage pools 126.9 157.5 193.6 210.2 188.1 187.7 188.3 185.4 160.5 28

 29 FA673065005 ABS issuers -51.5 -101.8 -31.2 -125.7 11.5 -31.4 21.0 -13.9 65.6 29

 30 FA613065000 Finance companies -28.3 -16.2 -15.7 -23.1 -17.1 -10.6 -12.2 7.3 -12.9 30

 31 FA643065005 REITs -29.4 14.7 7.2 -15.0 -2.4 7.4 38.8 -8.4 -8.4 31

(1) Sum of home mortgages, multifamily residential mortgages, commercial mortgages, and farm mortgages.
Transactions

Z.1, September 20, 2018 65

F.218 Home Mortgages (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2015 2016 2017 2017 2018

 Q1 Q2 Q3 Q4 Q1 Q2

 1 FA893065105 Net borrowing 149.3 250.7 334.5 334.3 354.8 324.0 324.8 309.1 274.3 1

 2 FA153165105 Household sector 133.4 232.7 316.5 321.7 336.7 301.3 306.3 296.6 257.2 2

 3 FA103165105 Nonfinancial corporate business 1.9 1.8 1.0 0.9 0.7 1.4 1.0 1.1 1.0 3

 4 FA113165105 Nonfinancial noncorporate business 13.9 16.3 17.0 11.7 17.4 21.3 17.5 11.4 16.0 4

 5 FA893065105 Net change in assets 149.3 250.7 334.5 334.3 354.8 324.0 324.8 309.1 274.3 5

 6 FA153065103 Household sector -3.4 -3.4 -3.4 -3.4 -3.4 -3.4 -3.4 -3.4 -3.4 6

 7 FA103065105 Nonfinancial corporate business 1.4 -0.7 -1.1 -1.1 -1.1 -1.1 -1.1 -1.1 -1.1 7

 8 FA113065103 Nonfinancial noncorporate business 2.5 1.5 1.3 0.9 1.4 1.1 2.0 1.2 1.6 8

 9 FA313065105 Federal government 1.6 1.5 -0.8 -3.8 2.0 -1.3 0.1 -0.3 -0.1 9

 10 FA213065103 State and local governments 3.3 3.1 -1.1 0.3 -5.9 -3.0 4.0 -14.0 -8.5 10

 11 FA763065105 U.S.-chartered depository institutions 50.9 81.1 51.2 -16.5 77.5 76.7 66.9 57.7 -3.9 11

 12 FA753065103 Foreign banking offices in U.S. -1.4 -0.3 -0.1 -0.1 -0.1 -0.1 -0.2 -0.0 0.3 12

 13 FA743065103 Banks in U.S.-affiliated areas -1.5 -0.7 0.3 -0.9 -0.7 -0.5 3.1 -1.5 -1.1 13

 14 FA473065100 Credit unions 32.7 34.7 42.1 46.4 43.4 40.6 38.0 55.6 49.8 14

 15 FA543065105 Life insurance companies 4.3 3.5 3.6 3.7 4.6 2.7 3.3 3.1 3.8 15

 16 FA573065103 Private pension funds -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 16

 17 FA223065143 State and local govt. retirement funds -0.0 2.3 -3.9 -6.0 -3.1 -8.2 1.7 -1.5 -2.8 17

 18 FA403065105 Government-sponsored enterprises 48.0 79.0 137.6 195.0 105.7 111.0 138.6 120.7 136.6 18

 19 FA413065105 Agency- and GSE-backed mortgage pools 94.1 115.8 141.1 178.4 145.2 136.4 104.6 137.6 123.5 19

 20 FA673065105 ABS issuers -70.6 -64.5 -26.6 -56.4 -2.6 -29.2 -18.1 -36.5 -17.7 20

 21 FA613065105 Finance companies -14.6 -16.5 -11.4 -8.8 -16.0 -9.5 -11.4 6.1 -7.2 21

 22 FA643065105 REITs 2.2 14.3 5.9 6.8 8.0 11.9 -2.9 -14.2 4.4 22

 Memo:

 23 FV893065153 Charge-offs (2) 50.4 31.9 27.4 7.1 8.0 6.5 5.8 3.8 5.2 23

 24 FA893065125 Home equity loans included above (3) -34.2 -38.2 -28.8 -44.2 -16.3 -28.9 -25.7 -57.8 -39.3 24

 25 FA763065125 U.S.-chartered depository institutions -31.7 -35.5 -32.7 -43.8 -27.7 -30.8 -28.4 -54.7 -41.3 25

 26 FA753065203 Foreign banking offices in U.S. -0.0 -0.1 -0.1 -0.0 -0.0 -0.0 -0.1 -0.1 -0.0 26

 27 FA473065125 Credit unions 2.0 2.6 5.9 2.0 10.1 4.5 6.8 -3.1 4.2 27

 28 FA673065123 ABS issuers -1.6 -1.9 0.4 -0.9 4.9 -1.5 -1.0 -1.2 -0.5 28

 29 FA613065123 Finance companies -3.0 -3.3 -2.3 -1.5 -3.5 -1.2 -3.1 1.3 -1.6 29

(1) Mortgages on 1-4 family properties including mortgages on farm houses.

(2) Charge-offs are excluded from transactions (line 1) and are accounted for as other changes in volume. Quarterly figures are shown at an unadjusted quarterly rate. Data begin 2007:Q1.

(3) Loans made under home equity lines of credit and home equity loans secured by junior liens. Excludes home equity loans held by individuals. Home equity loans

 held by U.S.-chartered depository institutions exclude charge-offs.

F.219 Multifamily Residential Mortgages

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 FA893065405 Net borrowing 94.9 113.7 106.1 80.4 84.3 86.3 173.2 70.2 78.4 1

 2 FA103165405 Nonfinancial corporate business 4.8 5.6 5.5 4.4 4.4 4.6 8.7 3.7 3.8 2

 3 FA113165405 Nonfinancial noncorporate business 90.4 105.7 105.2 83.8 84.5 86.6 166.1 69.7 72.0 3

 4 FA313165403 Federal government 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 FA643165483 REITs -0.3 2.3 -4.7 -7.8 -4.6 -4.8 -1.7 -3.2 2.5 5

 6 FA893065405 Net change in assets 94.9 113.7 106.1 80.4 84.3 86.3 173.2 70.2 78.4 6

 7 FA153065403 Household sector 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 7

 8 FA103065403 Nonfinancial corporate business 0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 8

 9 FA113065403 Nonfinancial noncorporate business 2.5 1.4 1.2 0.9 1.3 1.0 1.9 1.1 1.5 9

 10 FA313065405 Federal government -0.3 -0.3 0.1 -0.3 0.9 -1.5 1.4 2.3 -0.0 10

 11 FA213065403 State and local governments 1.9 2.1 -1.2 -0.1 -5.0 -2.6 2.9 -11.1 -6.8 11

 12 FA763065403 U.S.-chartered depository institutions 51.0 43.3 24.3 33.2 34.8 10.1 18.9 31.3 32.2 12

 13 FA753065403 Foreign banking offices in U.S. 1.2 2.1 1.4 -0.6 3.2 0.3 2.5 3.7 -2.4 13

 14 FA543065405 Life insurance companies 5.9 4.8 5.8 6.3 7.7 4.2 5.0 5.8 6.7 14

 15 FA573065403 Private pension funds -0.3 -0.3 -0.3 -0.3 -0.3 -0.3 -0.3 -0.3 -0.3 15

 16 FA223065443 State and local govt. retirement funds -0.0 2.0 -3.2 -5.0 -2.5 -6.9 1.4 -1.3 -2.3 16

 17 FA403065405 Government-sponsored enterprises 8.4 26.2 31.7 43.6 6.9 27.9 48.4 -5.1 21.1 17

 18 FA413065405 Agency- and GSE-backed mortgage pools 32.2 41.3 53.4 31.9 46.7 51.4 83.8 48.3 36.9 18

 19 FA673065405 ABS issuers -6.4 -14.2 -4.8 -16.6 -10.3 2.8 5.0 -6.8 -1.7 19

 20 FA613065403 Finance companies -0.8 5.2 -3.8 -13.7 -0.9 -0.2 -0.3 2.1 -6.2 20

 21 FA643065405 REITs -0.3 -0.2 1.4 1.2 1.8 0.3 2.5 0.1 -0.3 21
Transactions

66 Z.1, September 20, 2018

F.220 Commercial Mortgages

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2015 2016 2017 2017 2018

 Q1 Q2 Q3 Q4 Q1 Q2

 1 FA893065505 Net borrowing 131.5 137.8 125.0 70.8 158.0 85.8 185.5 134.3 201.4 1

 2 FA163165505 Nonprofit organizations (1) 7.8 7.6 7.5 7.5 7.5 7.5 7.5 7.6 7.6 2

 3 FA103165505 Nonfinancial corporate business 51.5 41.0 35.5 14.7 35.8 25.2 66.2 56.8 105.2 3

 4 FA113165505 Nonfinancial noncorporate business 67.9 90.5 72.4 35.5 107.0 54.0 93.1 77.8 116.9 4

 5 FA643165583 REITs 4.3 -1.3 9.6 13.1 7.7 -0.9 18.6 -7.9 -28.4 5

 6 FA893065505 Net change in assets 131.5 137.8 125.0 70.8 158.0 85.8 185.5 134.3 201.4 6

 7 FA153065505 Household sector -0.1 0.1 0.1 0.0 0.1 0.0 0.1 0.0 0.1 7

 8 FA103065503 Nonfinancial corporate business 0.9 -0.4 -0.7 -0.7 -0.7 -0.7 -0.7 -0.7 -0.7 8

 9 FA113065503 Nonfinancial noncorporate business 1.9 1.2 1.0 0.7 1.0 0.8 1.5 0.9 1.2 9

 10 FA313065505 Federal government -2.7 1.4 1.6 -0.5 0.9 5.7 0.1 3.0 1.2 10

 11 FA213065503 State and local governments 0.4 0.4 -0.2 -0.0 -1.0 -0.5 0.6 -2.2 -1.4 11

 12 FA763065503 U.S.-chartered depository institutions 105.2 116.7 85.5 106.3 90.0 66.4 79.3 55.1 95.8 12

 13 FA753065503 Foreign banking offices in U.S. 13.9 14.1 8.3 6.0 13.6 2.1 11.5 1.7 1.2 13

 14 FA743065505 Banks in U.S.-affiliated areas -2.2 -0.0 -0.1 -0.5 -0.4 0.8 -0.1 -0.7 -0.5 14

 15 FA513065505 Property-casualty insurance companies 2.5 2.7 2.4 -2.8 6.0 3.6 2.7 3.5 0.9 15

 16 FA543065505 Life insurance companies 32.2 25.7 31.1 44.1 39.1 25.5 15.8 40.7 32.8 16

 17 FA573065505 Private pension funds -1.6 1.2 0.4 0.3 0.3 0.4 0.4 0.2 0.3 17

 18 FA223065545 State and local govt. retirement funds -0.0 2.2 -3.7 -5.6 -2.9 -7.8 1.6 -1.4 -2.6 18

 19 FA413065505 Agency- and GSE-backed mortgage pools 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19

 20 FA673065505 ABS issuers 25.5 -23.2 0.2 -52.7 24.4 -5.0 34.1 29.4 85.0 20

 21 FA613065503 Finance companies -12.9 -4.8 -0.5 -0.6 -0.2 -0.8 -0.5 -0.9 0.5 21

 22 FA643065505 REITs -31.4 0.6 -0.2 -23.0 -12.3 -4.8 39.2 5.7 -12.5 22

(1) Liability of the households and nonprofit organizations sector (table F.101).

F.221 Farm Mortgages (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 FA893065603 Net borrowing 12.0 17.2 10.1 10.0 10.1 10.2 10.2 2.9 2.9 1

 2 FA183165605 Nonfinancial corporate business 3.5 4.4 2.8 2.6 2.7 2.8 3.1 1.1 1.1 2

 3 FA233165605 Nonfinancial noncorporate business 8.5 12.8 7.3 7.3 7.3 7.3 7.1 1.8 1.8 3

 4 FA893065603 Net change in assets 12.0 17.2 10.1 10.0 10.1 10.2 10.2 2.9 2.9 4

 5 FA153065605 Household sector -3.9 3.1 1.0 0.5 7.5 -4.4 0.2 0.4 -0.8 5

 6 FA113065603 Nonfinancial noncorporate business 0.1 0.1 0.1 0.0 0.1 0.1 0.1 0.1 0.1 6

 7 FA313065605 Federal government 0.7 0.6 0.6 0.5 -3.5 5.0 0.6 0.6 0.9 7

 8 FA213065603 State and local governments 0.0 0.0 -0.0 0.0 -0.1 -0.0 0.0 -0.1 -0.1 8

 9 FA763065633 U.S.-chartered depository institutions 5.9 5.2 3.8 3.7 3.8 3.8 3.8 1.1 1.1 9

 10 FA753065603 Foreign banking offices in U.S. 0.0 -0.0 -0.1 -0.2 -0.0 -0.0 -0.1 -0.1 -0.0 10

 11 FA543065633 Life insurance companies 0.1 0.7 0.6 0.6 0.6 0.6 0.6 0.2 0.2 11

 12 FA223065643 State and local govt. retirement funds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12

 13 FA403065605 Government-sponsored enterprises 8.3 7.1 5.1 4.8 5.6 5.2 4.9 1.3 1.5 13

 14 FA413065605 Agency- and GSE-backed mortgage pools 0.7 0.3 -1.0 -0.0 -3.8 -0.0 -0.0 -0.4 0.1 14

(1) Excludes mortgages on farm houses.
Transactions

Z.1, September 20, 2018 67

F.222 Consumer Credit

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2015 2016 2017 2017 2018

 Q1 Q2 Q3 Q4 Q1 Q2

 1 FA153166000 Net change in liabilities (Households) 234.4 230.0 187.3 185.8 164.6 145.5 253.3 126.1 155.5 1

 2 FA153166000 Net change in assets 234.4 230.0 187.3 185.8 164.6 145.5 253.3 126.1 155.5 2

 3 FA163066223 Nonprofit organizations (1) -2.7 -3.6 -6.5 -7.6 -5.4 -9.1 -3.9 -6.4 -4.0 3

 4 FA103066005 Nonfinancial corporate business 0.1 1.7 -0.9 0.6 -29.6 -7.4 32.7 -7.1 -30.4 4

 5 FA113066003 Nonfinancial noncorporate business 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5

 6 FA313066220 Federal government (2) 103.4 99.6 96.3 99.2 101.2 98.3 86.4 92.0 97.1 6

 7 FA763066000 U.S.-chartered depository institutions 100.2 103.8 84.4 29.9 61.3 95.9 150.4 49.3 59.0 7

 8 FA473066000 Credit unions 39.5 38.0 38.1 45.3 51.9 13.4 41.8 34.1 61.3 8

 9 FA403066005 Government-sponsored enterprises 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

 10 FA673066000 ABS issuers -3.8 4.0 -16.1 20.8 -10.4 -18.5 -56.2 -13.4 -18.8 10

 11 FA613066005 Finance companies -2.4 -13.4 -7.9 -2.4 -4.5 -27.1 2.2 -22.5 -8.6 11

 Memo:

 12 FA153166100 Credit card loans (3) 48.0 61.5 59.1 43.8 44.4 48.0 100.4 -1.3 28.6 12

 13 FA153166400 Auto loans 80.7 72.2 36.2 48.0 29.0 15.5 52.4 43.9 40.7 13

 14 FA153166220 Student loans (4) 83.9 87.8 81.9 82.8 77.8 80.9 86.0 78.6 86.9 14

 15 FA153166205 Other consumer credit (5) 21.8 8.6 10.1 11.2 13.4 1.1 14.6 5.0 -0.7 15

(1) Student loans originated under the Federal Family Education Loan Program. Assets of the households and nonprofit organizations sector (table F.101).

(2) Includes loans originated by the Department of Education under the Federal Direct Loan Program and Perkins Loans, as well as Federal Family Education Loan Program

 loans that the government purchased from depository institutions, finance companies, and nonprofit and educational institutions, and loans in default.

(3) Revolving credit that also includes overdraft plans on checking accounts and other loans without a fixed repayment schedule.

(4) Includes student loans held by nonprofit organizations (line 3), the federal government (line 6), depository institutions (part of lines 7 and 8), and

 finance companies (part of line 11). Data begin in 2006:Q1.

(5) Includes student loans before 2006:Q1.
Transactions

68 Z.1, September 20, 2018

F.223 Corporate Equities (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2015 2016 2017 2017 2018

 Q1 Q2 Q3 Q4 Q1 Q2

 1 FA893064105 Net issues -119.8 -309.8 247.9 220.1 536.7 147.1 87.6 641.1 -1096.4 1

 2 FA103164103 Nonfinancial corporate business -549.6 -576.8 -315.3 -359.3 -208.9 -470.5 -222.3 -404.5 -841.2 2

 3 FA793164105 Domestic financial sectors 232.9 245.2 396.3 554.4 460.3 300.5 270.0 348.6 204.4 3

 4 FA763164103 U.S.-chartered depository institutions 9.5 4.6 7.4 10.3 2.5 3.9 12.9 1.9 3.8 4

 5 FA513164103 Property-casualty insurance companies -22.0 -19.5 -12.8 -21.4 -16.7 -6.7 -6.3 -4.8 -9.4 5

 6 FA543164173 Life insurance companies -10.0 -5.9 -19.9 -30.2 -13.3 -17.2 -19.0 -17.8 0.9 6

 7 FA554090005 Closed-end funds 1.8 1.6 0.5 2.8 -2.4 1.5 0.3 -0.1 5.3 7

 8 FA564090005 Exchange-traded funds 231.0 283.9 470.8 627.3 511.0 376.2 368.7 350.8 289.2 8

 9 FA643164103 REITs 27.1 32.4 41.8 46.7 43.3 57.1 20.2 28.4 9.3 9

 10 FA403164105 Government-sponsored enterprises -1.4 3.2 0.9 -4.8 8.5 1.5 -1.6 13.1 7.3 10

 11 FA663164103 Brokers and dealers 3.5 -21.5 -13.8 -11.1 -14.7 -5.8 -23.4 -3.5 0.2 11

 12 FA733164103 Holding companies -6.5 -33.5 -78.6 -65.1 -57.8 -109.8 -81.8 -19.4 -102.3 12

 13 FA503164105 Funding corporations (2) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13

 14 FA263164100 Rest of the world (3) 196.9 21.7 166.8 25.0 285.3 317.1 39.9 697.0 -459.6 14

 15 FA893064105 Net purchases -119.8 -309.8 247.9 220.1 536.7 147.1 87.6 641.1 -1096.4 15

 16 FA153064105 Household sector -134.2 -125.9 225.2 168.2 445.4 -121.7 409.0 -79.4 -671.6 16

 17 FA103064103 Nonfinancial corporate business -42.3 54.6 -115.9 -109.7 -112.6 -117.0 -124.2 -115.9 -115.9 17

 18 FA313064105 Federal government -0.0 -0.1 -0.1 0.0 -0.5 -0.0 0.0 16.0 0.0 18

 19 FA213064103 State and local governments 2.0 2.3 -1.3 -0.1 -5.4 -2.8 3.1 -11.9 -7.3 19

 20 FA713064103 Monetary authority 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 20

 21 FA763064105 U.S.-chartered depository institutions 2.0 -6.9 -0.7 -3.8 0.1 0.2 0.7 11.6 -2.3 21

 22 FA753064103 Foreign banking offices in U.S. 0.0 -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 22

 23 FA513064105 Property-casualty insurance companies -1.5 2.8 9.8 21.4 16.1 -2.0 3.7 25.8 1.4 23

 24 FA543064105 Life insurance companies 31.0 98.5 -16.5 -18.8 -10.0 -17.3 -20.0 41.5 -8.9 24

 25 FA573064105 Private pension funds -29.3 -116.6 -91.2 -136.5 -68.9 -79.5 -80.0 -80.0 -80.0 25

 26 FA343064105 Federal government retirement funds 0.0 -5.6 6.4 3.0 4.8 -6.0 23.8 -1.4 -5.5 26

 27 FA223064145 State and local govt. retirement funds 22.6 -94.5 -89.6 -142.8 14.6 -75.5 -154.6 -33.2 -62.2 27

 28 FA653064100 Mutual funds 56.8 -115.5 -136.2 -229.8 -94.2 -100.6 -120.2 -94.0 -174.1 28

 29 FA553064103 Closed-end funds 1.3 0.1 -0.5 0.4 -3.3 1.7 -1.0 -0.1 -0.2 29

 30 FA563064100 Exchange-traded funds 173.5 188.4 347.3 484.5 370.1 245.5 289.3 273.8 167.2 30

 31 FA663064103 Brokers and dealers -10.3 -3.6 -21.3 -56.5 59.2 14.4 -102.2 57.3 18.4 31

 32 FA503064105 Funding corporations 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 32

 33 FA263064105 Rest of the world (4) -191.3 -187.7 132.4 240.5 -78.8 407.9 -39.8 631.1 -155.5 33

(1) Includes shares of exchange-traded funds, closed-end funds, and real estate investment trusts. Excludes mutual fund shares shown on table L.224.

(2) Preferred shares issued by AIG to the federal goverment under the TARP program and the monetary authority sector’s preferred interest in AIA Aurora LLC and ALICO Holdings LLC.

(3) Net purchases of foreign corporate equities and investment fund shares by U.S. residents; includes American Depositary Receipts (ADRs).

(4) Net purchases of U.S. issues by foreign residents.

F.224 Mutual Fund Shares (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 FA653164205 Net issues 96.7 24.6 313.0 209.8 314.6 329.7 397.8 176.4 78.6 1

 2 FA653164205 Net purchases 96.7 24.6 313.0 209.8 314.6 329.7 397.8 176.4 78.6 2

 3 FA153064205 Household sector 98.0 186.7 345.8 209.2 154.5 568.0 451.5 268.7 203.5 3

 4 FA103064203 Nonfinancial corporate business 7.7 -11.0 5.4 5.4 5.4 5.4 5.4 5.4 5.4 4

 5 FA213064203 State and local governments 1.1 1.2 -0.7 -0.0 -2.8 -1.4 1.6 -6.1 -3.8 5

 6 FA763064203 U.S.-chartered depository institutions -0.9 -1.8 0.0 1.0 -5.0 1.8 2.4 -21.0 -1.1 6

 7 FA473064205 Credit unions -0.1 -0.1 0.1 0.2 -0.1 0.5 -0.1 0.3 -0.4 7

 8 FA513064205 Property-casualty insurance companies 0.7 -3.7 1.2 1.2 1.2 1.2 1.2 2.6 1.6 8

 9 FA543064205 Life insurance companies -34.6 -167.0 -77.5 -73.5 -69.4 -69.1 -97.9 -77.0 -81.6 9

 10 FA573064205 Private pension funds -8.6 13.5 17.1 34.9 48.8 -45.7 30.5 -1.9 -86.3 10

 11 FA223064205 State and local govt. retirement funds 31.8 -50.6 -3.4 24.5 1.3 -29.7 -9.8 11.9 -5.7 11

 12 FA263064203 Rest of the world 1.7 57.5 24.8 7.0 180.6 -101.3 13.1 -6.4 47.1 12

(1) Shares of open-end investment companies; excludes shares of money market funds and exchange-traded funds.
Transactions

Z.1, September 20, 2018 69

F.225 Trade Credit

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2015 2016 2017 2017 2018

 Q1 Q2 Q3 Q4 Q1 Q2

 1 FA893170005 Net change in trade payables 101.7 403.8 429.6 256.9 348.9 515.8 596.6 335.1 443.4 1

 2 FA163170005 Nonprofit organizations (1) 12.6 14.3 15.8 15.8 15.8 15.8 15.8 14.8 14.8 2

 3 FA103170005 Nonfinancial corporate business 22.4 194.6 220.8 100.8 169.0 305.7 307.6 208.4 265.0 3

 4 FA113170005 Nonfinancial noncorporate business -15.7 82.9 70.9 38.9 77.0 58.2 109.4 46.2 94.8 4

 5 FA313170005 Federal government 15.6 29.7 24.1 3.5 21.2 33.0 38.8 20.2 19.1 5

 6 FA213170003 State and local governments 41.3 42.8 43.8 43.6 43.4 43.6 44.6 45.5 46.5 6

 7 FA513170005 Property-casualty insurance companies -0.3 6.8 1.0 0.7 1.2 1.9 0.4 1.8 2.9 7

 8 FA543170005 Life insurance companies 15.9 19.6 37.5 38.5 33.2 39.9 38.6 7.3 6.7 8

 9 FA663170003 Brokers and dealers 8.4 10.4 7.9 -5.6 -12.4 9.6 40.0 -6.7 -19.4 9

 10 FA263170005 Rest of the world 1.4 2.7 7.7 20.8 0.7 8.1 1.3 -2.4 13.1 10

 11 FA893070005 Net change in trade receivables 92.5 367.5 435.7 339.3 372.5 581.5 449.4 438.1 482.9 11

 12 FA163070005 Nonprofit organizations (1) 17.1 18.7 19.6 19.6 19.6 19.6 19.6 18.9 18.9 12

 13 FA103070005 Nonfinancial corporate business 32.7 223.3 271.4 185.6 209.4 402.5 288.2 271.5 310.8 13

 14 FA113070003 Nonfinancial noncorporate business -6.3 67.4 58.5 39.9 60.5 46.6 87.1 50.5 71.8 14

 15 FA313070000 Federal government 12.7 3.8 0.1 -6.3 12.1 5.2 -10.6 12.2 6.5 15

 16 FA213070003 State and local governments 0.5 19.4 20.4 -4.0 20.3 34.1 31.3 1.5 28.5 16

 17 FA513070005 Property-casualty insurance companies 7.5 3.7 9.4 28.5 17.1 1.3 -9.4 37.6 17.8 17

 18 FA543070005 Life insurance companies 14.8 24.7 11.1 11.4 9.8 11.8 11.4 4.4 4.0 18

 19 FA673070003 ABS issuers 2.7 -0.1 -1.5 0.1 -3.4 0.3 -2.8 0.9 -0.6 19

 20 FA263070005 Rest of the world 10.8 6.5 46.6 64.5 27.2 60.2 34.7 40.7 25.3 20

 21 FA903070005 Discrepancy 9.2 36.3 -6.1 -82.4 -23.6 -65.7 147.2 -103.0 -39.6 21

(1) Included in the households and nonprofit organizations sector (table F.101).

F.226 Life Insurance Reserves

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 FA893140005 Net change in liabilities 70.2 106.2 66.3 71.9 43.7 76.8 72.8 57.3 54.3 1

 2 FA313140003 Federal government -0.1 0.1 -0.2 -1.1 -0.5 0.6 0.3 0.4 -0.6 2

 3 FA543140005 Life insurance companies 67.4 81.8 43.4 49.4 23.8 51.6 48.8 52.7 51.1 3

 4 FA263140005 Rest of the world 2.9 24.3 23.1 23.7 20.4 24.5 23.7 4.2 3.8 4

 5 FA893140005 Net change in assets 70.2 106.2 66.3 71.9 43.7 76.8 72.8 57.3 54.3 5

 6 FA153040005 Household sector 47.3 41.8 19.0 24.5 1.6 25.0 24.7 35.4 34.5 6

 7 FA763040005 U.S.-chartered depository institutions 6.5 5.6 6.4 5.6 5.4 8.5 6.2 4.9 3.9 7

 8 FA543040005 Life insurance companies 16.9 43.8 34.2 35.1 30.2 36.3 35.2 12.2 11.2 8

 9 FA733040005 Holding companies 4.1 4.0 4.0 4.0 4.0 4.0 4.0 4.0 4.0 9

 10 FA543141905 Rest of the world -4.6 11.0 2.7 2.8 2.4 2.9 2.8 0.8 0.8 10
Transactions

70 Z.1, September 20, 2018

F.227 Pension Entitlements

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2015 2016 2017 2017 2018

 Q1 Q2 Q3 Q4 Q1 Q2

 1 FA893150005 Net change in liabilities 416.3 338.9 392.2 448.1 358.7 287.4 474.6 305.9 341.2 1

 2 FA543150005 Life insurance companies (1) 95.9 -2.8 -12.2 6.4 -6.8 -36.2 -12.1 -26.7 -7.7 2

 3 FA574190005 Private pension funds (2) -13.2 77.1 58.2 107.6 25.8 -18.4 117.7 7.7 -19.9 3

 4 FA344090005 Federal government retirement funds (3) 101.5 90.7 86.8 89.8 90.3 93.7 73.5 105.5 120.1 4

 5 FA224190005 State and local govt. retirement funds 231.8 179.8 255.8 240.7 246.2 244.6 291.8 218.5 247.7 5

 6 FA263150005 Rest of the world 0.4 -5.9 3.6 3.6 3.2 3.8 3.6 0.9 1.0 6

 7 FA893150005 Net change in assets 416.3 338.9 392.2 448.1 358.7 287.4 474.6 305.9 341.2 7

 8 FA153050005 Households (4) 413.2 340.8 384.0 439.7 351.4 278.7 466.2 301.4 336.2 8

 9 FA543050005 Life insurance companies 5.2 -3.1 7.8 8.0 7.0 8.3 8.0 4.3 4.8 9

 10 FA543151905 Rest of the world -2.0 1.2 0.4 0.4 0.4 0.4 0.4 0.2 0.2 10

 Memo:

 11 FA893131573 Individual Retirement Accounts (IRAs): (5) 339.2 255.3 140.2 24.6 39.9 16.4 480.0 87.6 ND 11

 12 FA763131573 U.S.-chartered depository institutions 18.0 36.6 -13.1 -20.8 -32.3 -3.1 3.9 -2.9 ND 12

 13 FA473131573 Credit unions -0.2 1.5 -0.4 0.3 0.6 -0.2 -2.5 -1.1 ND 13

 14 FA543131503 Life insurance companies 12.7 19.6 16.7 24.1 14.3 9.0 19.5 -13.6 ND 14

 15 FA633131573 Money market funds -4.0 29.0 -3.0 0.0 -28.0 16.0 0.0 -32.0 ND 15

 16 FA653131573 Mutual funds 59.9 14.3 84.7 75.9 68.5 4.8 189.7 92.1 ND 16

 17 FA153131575 Other self-directed accounts 252.8 154.4 55.3 -54.9 16.8 -10.2 269.5 45.1 ND 17

(1) Annuities, including those in IRAs.

(2) Includes unallocated insurance company contracts beginning 1985:Q4.

(3) Includes the Thrift Savings Plan, the National Railroad Retirement Investment Trust, and other federal government retirement funds.

(4) Excludes all individual retirement accounts (IRAs), except those at life insurance companies.

(5) Asset of the household and nonprofit organizations sector (table F.101). Figures for depositories (lines 8 and 9) include Keogh accounts. Variable annuities in IRAs are included

 in the life insurance sector (line 10) and excluded from the money market fund and mutual fund sectors (lines 11 and 12).

F.228 Taxes Payable by Businesses

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 FA893178005 Net change in taxes payable by all -2.7 1.7 278.3 -14.8 20.6 42.1 1065.2 -61.2 -92.7 1

 businesses

 2 FA103178005 Nonfinancial corporate business -1.3 -8.8 212.0 11.6 5.7 -10.4 841.2 -11.8 -91.9 2

 3 FA113178003 Nonfinancial noncorporate business 5.2 7.3 6.4 4.3 6.6 5.1 9.5 5.5 7.8 3

 4 FA763178003 U.S.-chartered depository institutions -8.1 0.7 31.8 -29.1 18.1 43.9 94.3 -56.4 10.7 4

 5 FA513178005 Property-casualty insurance companies 0.8 1.0 4.9 -1.7 -5.3 2.3 24.3 3.7 -9.3 5

 6 FA543178075 Life insurance companies 0.8 1.0 2.0 -1.7 -5.3 2.3 12.6 -0.8 -3.5 6

 7 FA613178005 Finance companies 0.8 0.3 11.0 -0.6 0.2 -3.8 48.2 -2.6 -5.1 7

 8 FA663178005 Brokers and dealers -0.8 0.1 10.3 2.5 0.6 2.8 35.2 1.2 -1.5 8

 9 FA893078005 Net change in business taxes receivable 6.1 47.5 266.2 38.3 -68.8 31.9 1063.3 -76.2 -107.3 9

 10 FA313078005 Federal government 0.9 40.2 259.8 36.8 -74.1 24.4 1052.2 -78.0 -113.7 10

 11 FA213078005 State and local governments 5.2 7.3 6.4 1.5 5.4 7.5 11.0 1.8 6.4 11

 12 FA903078005 Discrepancy -8.9 -45.9 12.1 -53.1 89.4 10.2 1.9 15.0 14.6 12

F.229 Proprietors’ Equity in Noncorporate Business

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 FA152090205 Total household investment 217.7 139.8 114.0 128.6 125.5 77.3 124.6 162.2 150.6 1

 2 FA112090205 Nonfinancial noncorporate business 210.5 125.8 118.3 130.1 132.9 80.3 130.1 136.5 143.1 2

 3 FA662090205 Brokers and dealers 7.2 14.0 -4.3 -1.5 -7.5 -2.9 -5.4 25.6 7.4 3
Transactions

Z.1, September 20, 2018 71

F.230 Direct Investment

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2015 2016 2017 2017 2018

 Q1 Q2 Q3 Q4 Q1 Q2

 U.S. direct investment abroad:

 1 FA263192005 Liab.: Rest of the world (1) 279.5 304.6 316.5 470.7 157.2 246.2 391.8 -534.5 -246.8 1

 2 FA263192101 Equity 297.4 336.7 352.5 357.3 370.3 276.3 406.1 -670.9 -145.9 2

 3 FA263192113 Equity (other than reinvested earnings) 7.6 43.7 29.9 53.8 52.2 15.4 -1.9 -3.9 25.1 3

 4 FA263192125 Reinvested earnings 289.8 292.9 322.6 303.5 318.1 260.9 408.0 -667.0 -171.0 4

 5 FA263192193 Of which: Current-cost adjustment 15.1 15.3 16.1 15.8 16.1 16.2 16.3 15.8 15.7 5

 6 FA263192305 Intercompany debt (2) -18.0 -32.1 -36.0 113.4 -213.1 -30.1 -14.3 136.5 -100.9 6

 7 FA263192313 U.S. parents’ claims -0.9 -3.8 3.8 204.0 -181.0 50.3 -58.3 97.8 -9.7 7

 8 FA263092313 Less: U.S. parents’ liabilities 17.0 28.3 39.8 90.6 32.1 80.4 -44.0 -38.7 91.2 8

 9 FA103092005 Asset: Nonfinancial corporate business 264.1 254.5 276.9 414.2 112.4 212.3 368.8 -558.4 -245.1 9

 10 FA263192193 Of which: Current-cost adjustment 15.1 15.3 16.1 15.8 16.1 16.2 16.3 15.8 15.7 10

 11 FA763092000 U.S.-chartered depository institutions -9.3 -2.5 12.2 12.1 13.3 11.2 12.4 7.3 5.7 11

 12 FA513092003 Property-casualty insurance companies 0.1 9.3 1.5 5.4 25.1 0.4 -25.0 24.2 8.2 12

 13 FA543092073 Life insurance companies 1.1 -11.9 2.7 4.3 4.3 -4.1 6.2 2.1 -8.6 13

 14 FA613092003 Finance companies 8.2 33.3 15.1 23.1 -3.4 26.1 14.8 9.0 -2.5 14

 15 FA663092003 Brokers and dealers 15.2 21.7 8.0 11.5 5.4 0.4 14.7 -18.7 -4.4 15

 Foreign direct investment in U.S.:

 16 FA103192005 Liab.: Nonfinancial corporate business 412.7 408.5 248.4 320.4 266.3 242.3 164.7 196.8 -36.1 16

 17 FA263092193 Of which: Current-cost adjustment 13.9 14.2 14.8 14.6 14.8 14.9 15.0 18.1 18.1 17

 18 FA115114005 Nonfinancial noncorporate business 1.9 2.2 2.7 -0.3 3.1 1.2 6.7 1.7 0.5 18

 19 FA753192003 Foreign banking offices in U.S. 0.4 9.2 7.7 15.0 15.7 -0.5 0.8 3.9 4.6 19

 20 FA513192003 Property-casualty insurance companies 31.9 30.0 -2.2 -0.7 5.4 -4.2 -9.2 31.4 -16.2 20

 21 FA543192073 Life insurance companies 7.4 4.8 7.0 0.1 13.5 4.3 10.2 8.6 5.0 21

 22 FA613192003 Finance companies 1.7 -1.5 1.8 4.7 0.4 1.5 0.7 2.1 4.2 22

 23 FA663192005 Brokers and dealers 7.9 -118.7 13.4 6.2 35.0 -9.2 21.8 34.4 0.8 23

 24 FA733192003 Holding companies 16.9 151.0 12.5 33.8 5.7 26.8 -16.4 -24.8 4.0 24

 25 FA503192003 Funding corporations 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 25

 26 FA263092001 Asset: Rest of the world (1) 481.5 486.0 292.1 379.9 345.7 262.9 179.8 254.6 -32.6 26

 27 FA263092101 Equity 424.0 387.6 308.4 376.5 308.1 291.7 257.3 290.6 133.8 27

 28 FA263092113 Equity (other than reinvested earnings) 340.9 296.0 200.5 273.8 211.2 171.2 146.0 150.0 18.9 28

 29 FA263092125 Reinvested earnings 83.1 91.6 107.9 102.7 96.9 120.5 111.3 140.6 114.9 29

 30 FA263092193 Of which: Current-cost adjustment 13.9 14.2 14.8 14.6 14.8 14.9 15.0 18.1 18.1 30

 31 FA263092303 Intercompany debt 57.5 98.4 -16.3 3.3 37.6 -28.8 -77.5 -36.0 -166.4 31

 32 FA263092323 U.S. affiliates’ liabilities 68.1 78.5 6.6 -17.8 48.3 56.3 -60.3 -20.1 -126.7 32

 33 FA263192323 Less: U.S. affiliates’ claims 10.5 -19.9 23.0 -21.1 10.6 85.1 17.2 15.9 39.7 33

 Memo:

 Direct investment, asset/liability presentation:

 34 FA263192035 Net U.S. acquisition of direct investment assets 307.1 313.0 379.2 540.2 199.9 411.7 365.0 -557.3 -115.9 34

 35 FA263192101 Equity (line 2) 297.4 336.7 352.5 357.3 370.3 276.3 406.1 -670.9 -145.9 35

 36 FA263192345 Intercompany debt 9.6 -23.7 26.7 182.9 -170.4 135.4 -41.1 113.6 30.0 36

 37 FA263192313 U.S. parents’ claims (line 7) -0.9 -3.8 3.8 204.0 -181.0 50.3 -58.3 97.8 -9.7 37

 38 FA263192323 U.S. affiliates’ claims (line 33) 10.5 -19.9 23.0 -21.1 10.6 85.1 17.2 15.9 39.7 38

 39 FA263092035 Net U.S. incurrence of direct investment liabilities 509.1 494.5 354.8 449.4 388.5 428.4 153.0 231.8 98.3 39

 40 FA263092101 Equity (line 27) 424.0 387.6 308.4 376.5 308.1 291.7 257.3 290.6 133.8 40

 41 FA263092345 Intercompany debt 85.1 106.9 46.4 72.9 80.4 136.7 -104.3 -58.8 -35.5 41

 42 FA263092313 U.S. parents’ liabilities (line 8) 17.0 28.3 39.8 90.6 32.1 80.4 -44.0 -38.7 91.2 42

 43 FA263092323 U.S. affiliates’ liabilities (line 32) 68.1 78.5 6.6 -17.8 48.3 56.3 -60.3 -20.1 -126.7 43

(1) Direct investment is valued on a current-cost basis and presented on a directional basis.

(2) Through 1992:Q4, U.S. direct investment abroad excludes net inflows from corporate bonds issued by Netherlands Antillean financial subsidiaries.
Transactions

72 Z.1, September 20, 2018

F.231 Total Miscellaneous Financial Claims

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2015 2016 2017 2017 2018

 Q1 Q2 Q3 Q4 Q1 Q2

 1 FA893190005 Net change in liabilities 967.4 1691.9 827.6 769.9 1254.3 222.6 1063.5 -817.9 738.7 1

 2 FA543077073 Household sector 1.7 -0.3 1.8 5.5 1.7 0.2 -0.3 9.8 -0.6 2

 3 FA103190005 Nonfinancial corporate business 789.2 951.6 373.2 255.2 353.2 417.7 466.8 24.1 490.9 3

 4 FA113193003 Nonfinancial noncorporate business 20.7 47.0 40.8 27.8 42.2 32.5 60.8 35.2 50.0 4

 5 FA313190005 Federal government 19.3 14.1 176.2 491.0 467.0 -910.2 657.1 -696.0 65.0 5

 6 FA223073045 State and local governments 201.3 282.9 266.4 324.1 214.6 242.6 284.4 72.7 125.3 6

 7 FA713190005 Monetary authority 24.2 4.7 23.1 -56.4 67.0 -157.3 239.1 -97.1 -49.1 7

 8 FA763190005 U.S.-chartered depository institutions 68.1 136.4 13.8 -94.2 61.5 150.1 -62.3 -237.8 -75.1 8

 9 FA753190005 Foreign banking offices in U.S. -9.2 -17.1 -3.4 42.2 -74.8 -18.8 37.7 47.8 1.8 9

 10 FA743193005 Banks in U.S.-affiliated areas -2.1 -1.2 0.3 -1.3 1.5 -0.9 1.8 -1.3 -0.0 10

 11 FA473193005 Credit unions 0.5 1.3 1.0 -9.8 7.4 1.2 5.3 -6.0 35.3 11

 12 FA513190005 Property-casualty insurance companies -34.8 24.4 105.9 103.5 142.1 290.5 -112.4 25.1 85.1 12

 13 FA543190005 Life insurance companies -29.0 51.7 42.9 49.2 89.0 23.0 10.5 26.9 6.8 13

 14 FA403190005 Government-sponsored enterprises -4.6 3.7 0.3 -58.0 -21.5 48.8 32.1 -33.1 -20.2 14

 15 FA613190005 Finance companies -17.7 -30.6 -8.4 -0.2 38.8 -129.5 57.3 -73.5 -29.2 15

 16 FA643193005 REITs -1.9 16.3 5.0 -9.6 30.5 48.1 -49.0 -16.0 25.7 16

 17 FA663190005 Brokers and dealers -6.0 137.1 -53.1 27.0 38.6 -16.0 -262.2 36.9 42.6 17

 18 FA733193005 Holding companies -108.7 -148.1 -261.2 -531.8 -146.7 -129.5 -236.9 -138.0 -78.8 18

 19 FA503190005 Funding corporations 54.8 207.3 78.7 188.8 -110.8 320.4 -83.4 130.5 1.7 19

 20 FA263190005 Rest of the world 1.4 10.5 24.2 16.8 53.0 9.6 17.2 72.0 61.4 20

 21 FA893090005 Net change in assets 1824.8 1966.0 1377.1 2036.6 1840.1 531.4 1100.2 400.1 1006.3 21

 22 FA153090005 Household sector 39.3 56.7 55.0 26.0 44.9 148.6 0.4 69.8 39.2 22

 23 FA103090005 Nonfinancial corporate business 1132.2 849.4 421.6 368.5 716.8 333.0 268.0 872.9 363.5 23

 24 FA113090005 Nonfinancial noncorporate business 370.7 336.8 292.7 203.1 307.0 236.6 424.0 215.5 325.4 24

 25 FA213093003 State and local governments 9.6 3.1 -1.8 -0.1 -7.3 -3.8 4.1 -16.0 -19.9 25

 26 FA313090005 Federal government 14.4 13.2 10.2 15.8 -6.0 11.6 19.1 9.6 18.6 26

 27 FA713090005 Monetary authority -20.2 -11.8 -6.8 -24.1 -16.3 -11.3 24.7 -48.1 -36.1 27

 28 FA763090005 U.S.-chartered depository institutions 25.3 55.3 -26.8 93.9 -77.5 -7.3 -116.2 82.5 -171.6 28

 29 FA753093005 Foreign banking offices in U.S. -13.0 4.9 39.9 -11.0 40.7 25.6 104.4 -21.0 19.8 29

 30 FA743093005 Banks in U.S.-affiliated areas 1.5 6.6 -7.7 -1.3 -1.6 -31.5 3.8 1.2 4.1 30

 31 FA473090005 Credit unions 6.1 5.1 1.7 -2.6 -4.9 7.5 7.0 6.9 15.1 31

 32 FA513090005 Property-casualty insurance companies 30.4 27.7 47.5 128.6 46.2 102.5 -87.1 4.3 -3.0 32

 33 FA543090005 Life insurance companies -23.1 16.5 7.4 39.7 22.8 47.7 -80.5 -55.3 15.5 33

 34 FA573090005 Private pension funds 44.4 130.3 78.6 151.9 26.5 51.7 84.5 -4.8 16.2 34

 35 FA343073005 Federal government retirement funds 8.4 -4.5 163.4 529.3 444.9 -942.8 622.4 -700.8 26.1 35

 36 FA223090005 State and local govt. retirement funds 200.0 339.2 324.9 391.5 279.9 290.4 337.7 71.6 161.2 36

 37 FA633093005 Money market funds 13.2 -14.0 -0.7 48.0 -13.0 -3.3 -34.3 31.9 20.6 37

 38 FA653093005 Mutual funds -48.7 -127.4 35.4 -32.3 -37.5 17.2 194.2 -338.5 23.7 38

 39 FA563093003 Exchange-traded funds 2.1 11.7 1.6 2.8 8.1 2.4 -6.9 13.2 -1.1 39

 40 FA403093005 Government-sponsored enterprises -6.5 2.6 -39.8 -105.2 31.3 9.6 -94.7 -25.5 9.5 40

 41 FA673090543 ABS issuers 1.6 6.9 12.1 11.2 15.3 25.1 -3.0 2.8 8.4 41

 42 FA613090005 Finance companies -5.6 -58.9 18.6 22.1 8.8 74.5 -31.0 -10.5 16.7 42

 43 FA643090005 REITs 11.2 31.0 11.4 -12.4 14.5 31.3 12.0 44.9 2.6 43

 44 FA663090005 Brokers and dealers -63.6 -28.8 21.7 300.0 105.7 -26.7 -292.3 107.4 33.8 44

 45 FA733090005 Holding companies 45.6 282.5 -43.7 -204.2 92.6 173.6 -236.7 -83.8 5.4 45

 46 FA503094505 Funding corporations 46.8 30.7 -49.9 91.0 -213.4 -49.9 -27.2 168.7 110.4 46

 47 FA263076005 Rest of the world 2.9 1.2 10.4 6.7 11.6 19.2 4.0 1.3 2.1 47

 48 FA903090005 Discrepancy -857.4 -274.1 -549.5 -1266.7 -585.9 -308.9 -36.7 -1218.0 -267.6 48
Transactions

Z.1, September 20, 2018 73

F.232 Identified Miscellaneous Financial Claims - Part I

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2015 2016 2017 2017 2018

 Q1 Q2 Q3 Q4 Q1 Q2

 Federal government equity in IBRD, etc.:

 1 FA313092803 Liab.: Rest of the world 2.2 2.0 0.8 0.6 0.0 2.5 -0.0 0.0 0.0 1

 2 FA313092803 Asset: Federal government 2.2 2.0 0.8 0.6 0.0 2.5 -0.0 0.0 0.0 2

 Federal Reserve Bank stock:

 3 FA713164003 Liab.: Monetary authority 0.9 1.0 0.9 0.6 1.0 1.4 0.8 1.1 1.6 3

 4 FA713164003 Asset: U.S.-chartered depository institutions 0.9 1.0 0.9 0.6 1.0 1.4 0.8 1.1 1.6 4

 Equity in govt.-sponsored enterprises:

 5 FA403192405 Liab.: Government-sponsored enterprises 1.3 2.7 4.2 -3.8 8.0 9.4 3.2 -1.8 6.3 5

 6 FA103092405 Asset: Nonfin. corporate business (Fannie Mae and FCS) 0.1 0.1 0.3 0.5 -0.3 0.6 0.3 0.6 -0.4 6

 7 FA113092405 Nonfinancial noncorporate (FCS) 0.5 0.7 2.6 0.8 0.8 8.3 0.3 -0.9 1.1 7

 8 FA313092403 Federal government 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8

 9 FA763092405 U.S.-chartered depository institutions (FHLB) -1.4 1.9 0.7 -5.4 7.3 0.4 0.6 -1.4 4.9 9

 10 FA473092403 Credit unions (FHLB) 0.4 0.1 0.6 0.1 0.5 0.5 1.5 -1.7 0.8 10

 11 FA513092403 Property-casualty insurance companies (FHLB) 0.0 0.0 -0.0 0.0 0.2 -0.2 -0.0 0.2 -0.1 11

 12 FA543092473 Life insurance companies (FHLB) 0.5 0.4 0.4 1.1 -0.3 0.0 0.7 1.4 0.0 12

 13 FA613092403 Finance companies 0.1 -0.0 -0.0 -0.0 -0.1 0.0 0.0 0.0 -0.0 13

 14 FA643092473 Real estate investment trusts (FHLB) 1.1 -0.5 -0.4 -0.9 -0.1 -0.3 -0.2 -0.0 -0.0 14

 Holding company net transactions with subsidiaries:

 15 FA763194735 Liab.: U.S.-chartered depository institutions 41.5 110.6 16.2 -123.6 120.0 178.8 -110.5 -112.0 22.0 15

 16 FA513194733 Property-casualty insurance companies -0.8 -0.2 0.6 -1.4 1.9 0.7 1.1 1.8 1.8 16

 17 FA543194733 Life insurance companies 0.5 1.3 2.5 1.4 2.6 1.5 4.6 -2.7 -0.6 17

 18 FA613194733 Finance companies -8.9 -10.9 -6.1 -8.4 -3.0 -12.8 -0.0 -31.3 -2.3 18

 19 FA663194735 Brokers and dealers 53.9 182.3 -31.2 -76.5 -82.0 39.2 -5.6 12.8 -106.6 19

 20 FA263194735 Rest of the world -6.9 0.4 -3.9 5.0 37.7 -34.2 -24.0 93.7 70.0 20

 21 FA733094705 Asset: Holding companies 79.3 283.4 -21.9 -203.4 77.2 173.2 -134.5 -37.5 -15.6 21

 NFC investment in finance company subsidiaries:

 22 FA103094105 Liab.: Finance companies 2.2 -13.1 12.6 -0.0 16.4 -9.6 43.6 19.0 -4.4 22

 23 FA103094105 Asset: Nonfinancial corporate business 2.2 -13.1 12.6 -0.0 16.4 -9.6 43.6 19.0 -4.4 23

 Funding corporations’ investment in subsidiaries:

 24 FA753194503 Liab.: Foreign banking offices in U.S. 2.2 -5.6 -20.1 41.4 -84.0 -30.6 -7.1 43.8 37.5 24

 25 FA663194505 Brokers and dealers 44.6 36.3 -29.8 49.6 -129.4 -19.3 -20.1 125.0 72.9 25

 26 FA503094505 Asset: Funding corporations 46.8 30.7 -49.9 91.0 -213.4 -49.9 -27.2 168.7 110.4 26

 Equity investment under Public-Private Inv. Program:

 27 FA503194305 Liab.: Funding corporations 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 27

 28 FA153094305 Asset: Households (1) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 28

 29 FA313094303 Federal government 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 29

(1) Funds invested by financial institutions such as domestic hedge funds through the Public-Private Investment Program (PPIP).
Transactions

74 Z.1, September 20, 2018

F.233 Identified Miscellaneous Financial Claims - Part II

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2015 2016 2017 2017 2018

 Q1 Q2 Q3 Q4 Q1 Q2

 Nonofficial foreign currencies:

 1 FA263191103 Liab.: Rest of the world -0.5 4.6 6.5 -2.0 -8.0 2.2 33.8 -28.2 -15.7 1

 2 FA313091105 Asset: Federal government 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2

 3 FA713091103 Monetary authority (1) -0.5 4.6 6.5 -2.0 -8.0 2.2 33.8 -28.2 -15.7 3

 Postal Savings System deposits:

 4 FA313131003 Liab.: Federal government 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 FA313131003 Asset: Household sector 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5

 Deposits at Federal Home Loan Banks:

 6 FA403197033 Liab.: Government-sponsored enterprises -0.5 -0.4 -0.3 1.8 3.2 -5.5 -0.7 1.8 -0.7 6

 7 FA403197033 Asset: U.S.-chartered depository institutions -0.5 -0.4 -0.3 1.8 3.2 -5.5 -0.7 1.8 -0.7 7

 Funding agreements backing securities:

 8 FA673090543 Liab.: Life insurance companies (2) 1.6 6.9 12.1 11.2 15.3 25.1 -3.0 2.8 8.4 8

 9 FA673090543 Asset: ABS issuers 1.6 6.9 12.1 11.2 15.3 25.1 -3.0 2.8 8.4 9

 Deferred and unpaid life insurance premiums:

 10 FA543077073 Liab.: Household sector 1.7 -0.3 1.8 5.5 1.7 0.2 -0.3 9.8 -0.6 10

 11 FA543077073 Asset: Life insurance companies 1.7 -0.3 1.8 5.5 1.7 0.2 -0.3 9.8 -0.6 11

 Life insurance company reserves:

 12 FA543195005 Liab.: Life insurance companies 7.3 16.0 17.6 28.0 8.1 10.5 23.9 43.7 2.5 12

 13 FA263195105 Rest of the world 2.1 -8.5 -0.7 -0.7 -0.6 -0.5 -0.8 2.2 0.3 13

 14 FA153095105 Asset: Household sector 5.6 12.8 13.1 22.9 4.2 6.9 18.2 38.0 1.8 14

 15 FA543095105 Life insurance companies 3.8 -5.3 3.9 4.3 3.4 3.0 4.9 7.9 1.0 15

 Policy payables:

 16 FA513176005 Liab.: Property-casualty insurance companies 20.0 43.9 75.8 0.1 100.9 257.3 -55.1 33.2 53.0 16

 17 FA263176005 Rest of the world 4.5 12.1 21.4 13.8 23.9 39.6 8.3 4.2 6.8 17

 18 FA153076005 Asset: Household sector 26.3 31.1 32.3 -3.1 42.5 121.3 -31.3 18.9 24.8 18

 19 FA103076005 Nonfinancial corporate business 2.3 6.6 13.7 -10.7 22.3 71.3 -27.9 8.8 15.4 19

 20 FA113076005 Nonfinancial noncorporate business -10.2 -3.0 3.5 -3.1 6.9 16.3 -5.9 0.4 4.7 20

 21 FA513076005 Property-casualty insurance companies 3.2 20.2 37.2 24.0 41.6 68.8 14.4 7.9 12.7 21

 22 FA263076005 Rest of the world 2.9 1.2 10.4 6.7 11.6 19.2 4.0 1.3 2.1 22

 Unallocated insurance company contracts:

 23 FA593095005 Liab.: Life insurance companies -16.2 22.0 21.9 10.8 15.7 22.8 38.4 -17.4 5.7 23

 24 FA573095005 Asset: Private pension funds -16.0 28.1 7.2 8.4 6.1 4.4 10.1 -10.4 -2.9 24

 25 FA223095505 State and local government retirement funds -0.1 -6.1 14.7 2.5 9.6 18.4 28.3 -7.1 8.6 25

 Pension fund contributions payable:

 26 FA573074005 Liab.: Nonfinancial corporate business 15.2 3.9 8.9 12.5 3.5 6.4 13.2 13.0 13.6 26

 27 FA573074005 Asset: Private pension funds 15.2 3.9 8.9 12.5 3.5 6.4 13.2 13.0 13.6 27

 Securities borrowed (net):

 28 FA663097005 Liab.: Funding corporations -13.8 -40.5 36.4 194.2 30.1 -49.7 -29.1 -2.7 -28.4 28

 29 FA663097005 Asset: Brokers and dealers -13.8 -40.5 36.4 194.2 30.1 -49.7 -29.1 -2.7 -28.4 29

 Retiree health care funds:

 30 FA313195105 Liab.: Federal government (3) 7.4 12.9 9.6 6.2 -1.8 20.3 13.6 13.0 12.5 30

 31 FA313195105 Asset: Household sector 7.4 12.9 9.6 6.2 -1.8 20.3 13.6 13.0 12.5 31

 Claims of pension fund on sponsor:

 32 FA573073005 Liab.: Nonfinancial corporate business 59.5 63.2 37.5 100.4 12.2 18.4 19.0 -30.6 -33.9 32

 33 FA343073005 Federal government 8.4 -4.5 163.4 529.3 444.9 -942.8 622.4 -700.8 26.1 33

 34 FA223073045 State and local governments 201.3 282.9 266.4 324.1 214.6 242.6 284.4 72.7 125.3 34

 35 FA573073005 Asset: Private pension funds 59.5 63.2 37.5 100.4 12.2 18.4 19.0 -30.6 -33.9 35

 36 FA343073005 Federal government retirement funds 8.4 -4.5 163.4 529.3 444.9 -942.8 622.4 -700.8 26.1 36

 37 FA223073045 State and local govt. retirement funds 201.3 282.9 266.4 324.1 214.6 242.6 284.4 72.7 125.3 37

(1) Reciprocal currency arrangements (swap lines) with foreign central banks.

(2) Equal to funding agreement-backed securities (FABS) issued by domestic issuers of asset-backed securities. Funding agreement-backed securities issued by foreign entities

 are included in foreign direct investment in the U.S. See tables F.133 and F.230.

(3) Includes Uniform Services Retiree Health Care Fund and Postal Service Retiree Health Benefits Fund.
Transactions

Z.1, September 20, 2018 75

F.234 Unidentified Miscellaneous Financial Claims

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2015 2016 2017 2017 2018

 Q1 Q2 Q3 Q4 Q1 Q2

 1 FA893193005 Net change in liabilities 536.8 971.1 202.4 -350.1 501.3 448.6 209.7 -384.0 465.5 1

 2 FA103193005 Nonfinancial corporate business 714.6 884.5 326.8 142.3 337.5 392.9 434.6 41.7 511.2 2

 3 FA113193003 Nonfinancial noncorporate business 20.7 47.0 40.8 27.8 42.2 32.5 60.8 35.2 50.0 3

 4 FA313193005 Federal government 3.5 5.8 3.2 -44.4 23.9 12.3 21.1 -8.1 26.5 4

 5 FA713193005 Monetary authority 23.3 3.7 22.2 -57.0 66.0 -158.7 238.3 -98.2 -50.7 5

 6 FA763193005 U.S.-chartered depository institutions 26.7 25.8 -2.4 29.4 -58.6 -28.7 48.2 -125.8 -97.2 6

 7 FA753193005 Foreign banking offices in U.S. -11.3 -11.4 16.7 0.8 9.2 11.8 44.8 4.0 -35.7 7

 8 FA743193005 Banks in U.S.-affiliated areas -2.1 -1.2 0.3 -1.3 1.5 -0.9 1.8 -1.3 -0.0 8

 9 FA473193005 Credit unions 0.5 1.3 1.0 -9.8 7.4 1.2 5.3 -6.0 35.3 9

 10 FA513193005 Property-casualty insurance companies -53.9 -19.4 29.6 104.8 39.4 32.5 -58.4 -9.9 30.3 10

 11 FA543193005 Life insurance companies -22.3 5.6 -11.3 -2.2 47.3 -37.0 -53.3 0.4 -9.2 11

 12 FA403193005 Government-sponsored enterprises -5.3 1.4 -3.6 -56.0 -32.8 45.0 29.6 -33.1 -25.8 12

 13 FA613193005 Finance companies -11.0 -6.5 -14.9 8.2 25.3 -107.1 13.8 -61.3 -22.5 13

 14 FA643193005 REITs -1.9 16.3 5.0 -9.6 30.5 48.1 -49.0 -16.0 25.7 14

 15 FA663193005 Brokers and dealers -104.5 -81.5 7.9 54.0 250.0 -35.9 -236.6 -100.9 76.3 15

 16 FA733193005 Holding companies -108.7 -148.1 -261.2 -531.8 -146.7 -129.5 -236.9 -138.0 -78.8 16

 17 FA503193005 Funding corporations 68.6 247.9 42.4 -5.4 -140.9 370.0 -54.3 133.2 30.2 17

 18 FA893093005 Net change in assets 1394.2 1245.2 751.9 916.6 1087.2 757.4 246.4 834.0 733.1 18

 19 FA103093005 Nonfinancial corporate business 1127.6 855.9 394.9 378.7 678.4 270.7 252.0 844.4 352.8 19

 20 FA113093005 Nonfinancial noncorporate business 380.3 339.1 286.6 205.4 299.3 212.0 429.6 216.0 319.6 20

 21 FA313093003 Federal government 12.2 11.2 9.4 15.2 -6.0 9.1 19.2 9.5 18.6 21

 22 FA213093003 State and local governments 9.6 3.1 -1.8 -0.1 -7.3 -3.8 4.1 -16.0 -19.9 22

 23 FA713093005 Monetary authority -19.7 -16.4 -13.3 -22.1 -8.3 -13.5 -9.1 -19.9 -20.4 23

 24 FA763093005 U.S.-chartered depository institutions 26.3 52.8 -28.2 96.9 -89.0 -3.6 -117.0 81.0 -177.4 24

 25 FA753093005 Foreign banking offices in U.S. -13.0 4.9 39.9 -11.0 40.7 25.6 104.4 -21.0 19.8 25

 26 FA743093005 Banks in U.S.-affiliated areas 1.5 6.6 -7.7 -1.3 -1.6 -31.5 3.8 1.2 4.1 26

 27 FA473093005 Credit unions 5.7 5.0 1.1 -2.7 -5.4 7.0 5.4 8.6 14.3 27

 28 FA513093005 Property-casualty insurance companies 27.2 7.5 10.3 104.5 4.4 33.9 -101.5 -3.9 -15.6 28

 29 FA543093005 Life insurance companies -29.2 21.8 1.4 28.7 18.0 44.4 -85.7 -74.4 15.1 29

 30 FA573093005 Private pension funds -14.3 35.1 25.0 30.7 4.7 22.5 42.2 23.2 39.4 30

 31 FA223093005 State and local govt. retirement funds -1.2 62.3 43.7 64.9 55.7 29.4 24.9 6.0 27.4 31

 32 FA633093005 Money market funds 13.2 -14.0 -0.7 48.0 -13.0 -3.3 -34.3 31.9 20.6 32

 33 FA653093005 Mutual funds -48.7 -127.4 35.4 -32.3 -37.5 17.2 194.2 -338.5 23.7 33

 34 FA563093003 Exchange-traded funds 2.1 11.7 1.6 2.8 8.1 2.4 -6.9 13.2 -1.1 34

 35 FA403093005 Government-sponsored enterprises -6.5 2.6 -39.8 -105.2 31.3 9.6 -94.7 -25.5 9.5 35

 36 FA613093005 Finance companies -5.7 -58.9 18.6 22.1 8.9 74.5 -31.0 -10.5 16.7 36

 37 FA643093005 REITs 10.1 31.4 11.7 -11.5 14.6 31.6 12.2 44.9 2.6 37

 38 FA663093005 Brokers and dealers -49.8 11.7 -14.7 105.8 75.6 22.9 -263.2 110.1 62.2 38

 39 FA733093005 Holding companies -33.6 -0.9 -21.8 -0.8 15.4 0.3 -102.2 -46.3 21.0 39

 40 FA903090005 Discrepancy -857.4 -274.1 -549.5 -1266.7 -585.9 -308.9 -36.7 -1218.0 -267.6 40
Transactions

76 Z.1, September 20, 2018

F.7 Sector Discrepancies

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2015 2016 2017 2017 2018

 Q1 Q2 Q3 Q4 Q1 Q2

 1 FA897005005 All sectors -683.8 -269.5 -492.2 -828.9 -679.8 -355.5 -104.8 -1347.1 -453.5 1

 2 FA157005005 Household sector -328.5 -57.9 -147.9 -805.5 -173.8 268.8 119.0 -1699.9 -362.8 2

 3 FA107005005 Nonfinancial corporate business -177.7 32.0 -30.1 -79.4 -94.9 -39.8 93.8 307.2 298.4 3

 4 FA317005005 Federal government -58.2 -43.4 -64.7 512.9 49.1 -177.6 -643.3 633.5 13.7 4

 5 FA217005005 State and local governments -40.2 -50.9 -18.1 -0.4 -0.4 -17.5 -54.0 -62.0 -58.2 5

 6 FA797005005 Domestic financial sectors -299.3 -280.9 -409.3 -638.6 -116.3 -363.5 -518.8 -388.5 174.7 6

 7 FA717005005 Monetary authority 7.3 -0.1 -3.0 0.6 -7.8 -2.7 -1.9 8.1 0.8 7

 8 FA767005005 U.S.-chartered depository institutions -166.8 -70.0 -174.1 -387.5 -74.0 178.0 -413.0 -268.2 409.0 8

 9 FA757005005 Foreign banking officed in U.S. 41.0 -29.4 -29.4 41.2 60.1 -146.0 -73.1 77.9 -43.1 9

 10 FA747005005 Banks in U.S.-affiliated areas 0.3 0.1 -0.5 -0.1 -0.4 -0.6 -1.0 -0.8 0.1 10

 11 FA477005005 Credit unions 1.2 1.4 1.7 -0.8 0.1 3.2 4.6 5.1 1.6 11

 12 FA517005005 Property-casualty insurance companies -48.0 13.4 -32.6 -43.7 42.4 -104.5 -24.7 -1.5 13.9 12

 13 FA547005005 Life insurance companies -21.0 5.1 -2.3 -45.5 14.7 -85.6 107.4 -10.5 -31.5 13

 14 FA657005005 Mutual funds -84.2 -65.4 -53.5 -52.8 -52.5 -54.0 -54.6 -55.1 -55.8 14

 15 FA407005005 Government-sponsored enterprises -10.8 3.6 18.7 -15.4 -10.4 12.4 88.3 -99.5 -51.7 15

 16 FA677005005 Issuers of asset-backed securities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16

 17 FA617005005 Finance companies 4.2 -22.9 -6.7 -16.3 38.4 -14.1 -34.6 1.1 58.8 17

 18 FA647005005 REITs -2.3 -36.6 -2.9 3.7 13.7 -10.1 -18.8 -0.1 -39.6 18

 19 FA667005005 Brokers and dealers 11.0 -8.6 -24.8 -27.0 -24.2 -30.8 -17.4 -29.8 27.7 19

 20 FA737005005 Holding companies -2.7 -33.6 -80.6 -67.4 -60.4 -111.7 -83.0 -21.8 -104.7 20

 21 FA267005005 Rest of the world 220.0 131.7 177.8 182.2 -343.5 -25.9 898.4 -137.3 -519.3 21

F.8 Instrument Discrepancies

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 FA907005005 All types -683.8 -269.5 -492.2 -828.9 -679.8 -355.5 -104.8 -1347.1 -453.5 1

 2 FA903012005 Treasury currency -1.3 -1.0 -0.8 -1.0 -0.8 -0.8 -0.8 -0.5 -0.4 2

 3 FA903091005 Foreign deposits -188.4 -73.5 135.7 351.7 186.3 45.4 -40.6 147.0 249.3 3

 4 FA904010005 Net interbank transactions 3.8 1.3 -0.9 502.2 -483.0 76.8 -99.7 505.9 -502.4 4

 5 FA902050005 Security repurchase agreements 109.7 -34.9 -220.6 -450.1 2.5 -244.1 -190.8 -829.6 110.5 5

 6 FA903020005 Mail floats -0.2 0.5 0.7 -19.1 -46.4 22.2 45.9 -18.5 -55.2 6

 7 FA903023005 Federal government -0.0 -0.2 -0.4 -17.8 -49.4 21.1 44.5 -15.0 -57.0 7

 8 FA903028003 State and local governments 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8

 9 FA903029200 Private domestic -0.2 0.7 1.1 -1.4 3.1 1.1 1.4 -3.6 1.8 9

 10 FA903070005 Trade credit 9.2 36.3 -6.1 -82.4 -23.6 -65.7 147.2 -103.0 -39.6 10

 11 FA903078005 Taxes payable -8.9 -45.9 12.1 -53.1 89.4 10.2 1.9 15.0 14.6 11

 12 FA903090005 Miscellaneous -857.4 -274.1 -549.5 -1266.7 -585.9 -308.9 -36.7 -1218.0 -267.6 12

 13 FA906000105 Nonfinancial 249.7 121.8 137.3 189.7 181.6 109.2 68.7 154.6 37.2 13

 Nonfinancial components (sign reversed):

 14 FA087005005 Statistical discrepancy (NIPA) -254.9 -126.9 -143.2 -194.9 -186.8 -114.4 -76.6 -159.9 -42.6 14

 15 FA156600075 Contr. for govt. soc. insur., U.S. affiliated areas 5.3 5.1 5.2 5.2 5.1 5.2 5.2 5.3 5.4 15
L

e

v

els

Z.1, September 20, 2018 77

L.100 Domestic Nonfinancial Sectors (1)

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

2015 2016 2017 2017 2018

 Q1 Q2 Q3 Q4 Q1 Q2

 1 FL384090005 Total financial assets 103484.9 110190.2 119021.1 112084.2 113708.4 115832.8 119021.1 119984.2 121926.1 1

 2 FL313011005 U.S. official reserve assets 86.9 86.8 91.0 87.7 90.2 91.8 91.0 93.1 93.0 2

 3 FL383091005 Foreign deposits 119.0 117.0 238.1 115.4 137.1 234.7 238.1 250.6 210.6 3

 4 FL383020005 Checkable deposits and currency 2738.5 2922.0 2939.9 2750.2 2881.7 2766.4 2939.9 3093.4 3062.0 4

 5 FL383030005 Time and savings deposits 9828.1 10557.3 10835.1 10676.3 10620.7 10780.0 10835.1 11040.2 11108.0 5

 6 FL383034005 Money market fund shares 2232.4 2133.9 2211.2 2074.8 2046.0 2136.2 2211.2 2165.6 2188.1 6

 7 FL382051005 Security repurchase agreements 227.8 260.7 210.9 250.9 217.7 202.3 210.9 181.2 162.5 7

 8 FL384022005 Debt securities 6259.8 6279.2 6157.2 6221.1 6058.9 5979.9 6157.2 6720.0 7070.2 8

 9 FL383069105 Open market paper 245.6 232.4 264.3 238.2 252.5 250.5 264.3 266.9 289.1 9

 10 FL383061105 Treasury securities 1920.6 2177.2 2188.0 2124.4 2145.9 2051.8 2188.0 2511.7 2618.5 10

 11 FL383061705 Agency- and GSE-backed securities 905.0 861.3 982.1 892.3 855.2 926.6 982.1 986.7 1092.3 11

 12 FL383062005 Municipal securities 1716.1 1745.7 1678.5 1726.7 1712.4 1678.7 1678.5 1677.0 1671.4 12

 13 FL383063005 Corporate and foreign bonds 1472.4 1262.5 1044.3 1239.5 1092.8 1072.3 1044.3 1277.7 1398.9 13

 14 FL384023005 Loans 2610.3 2718.6 2751.6 2769.1 2776.1 2788.8 2751.6 2778.8 2779.9 14

 15 FL383069005 Other loans and advances 1038.4 1037.6 983.8 1055.0 1053.4 1034.2 983.8 983.6 980.1 15

 16 FL383065005 Mortgages 536.3 547.6 545.6 546.0 544.5 543.1 545.6 539.6 535.5 16

 17 FL383066005 Consumer credit 1035.6 1133.4 1222.2 1168.1 1178.2 1211.5 1222.2 1255.6 1264.3 17

 18 LM383064105 Corporate equities 15109.8 16808.7 19933.6 17626.1 18168.2 18859.7 19933.6 19621.9 20244.5 18

 19 LM383064205 Mutual fund shares 7056.6 7536.5 8962.6 7973.2 8228.8 8617.4 8962.6 9009.8 9149.9 19

 20 FL383070005 Trade receivables 3916.1 4248.8 4618.8 4278.5 4401.9 4525.2 4618.8 4667.4 4814.1 20

 21 FL153040005 Life insurance reserves 1510.9 1568.1 1626.6 1586.3 1594.3 1610.2 1626.6 1632.7 1646.5 21

 22 FL153050005 Pension entitlements 23504.8 24375.8 25821.0 24802.6 25088.2 25418.4 25821.0 25843.7 26069.3 22

 23 FL383078005 Taxes payable 314.3 331.9 607.2 337.7 344.2 350.1 607.2 578.3 599.9 23

 24 LM152090205 Equity in noncorporate business 10894.0 11692.5 12570.7 11762.5 12062.8 12281.9 12570.7 12676.0 13043.5 24

 25 LM103092005 U.S. direct investment abroad 5067.8 5334.1 5725.4 5450.0 5542.4 5674.5 5725.4 5592.8 5541.8 25

 26 FL383090005 Miscellaneous assets 12007.8 13218.3 13720.2 13321.6 13449.3 13515.5 13720.2 14038.7 14142.3 26

 27 FL384190005 Total liabilities 64732.2 67923.8 70409.4 68208.2 68750.1 69330.8 70409.4 71108.8 71406.0 27

 28 LM313111303 U.S. official reserve assets 48.9 47.5 50.3 47.9 49.1 49.9 50.3 51.3 49.7 28

 29 FL713014003 SDR certificates 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 29

 30 FL313112003 Treasury currency 25.3 25.3 25.3 25.3 25.3 25.3 25.3 25.3 25.3 30

 31 FL384122005 Debt securities 23991.8 25149.9 25897.6 25150.9 25137.0 25639.1 25897.6 26576.9 26614.2 31

 32 FL103169100 Open market paper 179.0 180.8 206.7 195.5 194.7 206.1 206.7 222.3 220.2 32

 33 FL313161105 Treasury securities 15141.1 15983.8 16430.9 15873.8 15798.3 16230.7 16430.9 17046.0 17090.7 33

 34 FL313161705 Agency- and GSE-backed securities 24.6 24.5 24.4 24.2 24.4 24.4 24.4 24.7 23.5 34

 35 FL383162005 Municipal securities 3816.3 3859.5 3871.4 3847.0 3853.7 3828.6 3871.4 3851.3 3853.0 35

 36 FL103163003 Corporate and foreign bonds 4830.9 5101.3 5364.3 5210.4 5265.9 5349.3 5364.3 5432.6 5426.8 36

 37 FL384123005 Loans 21192.1 22081.1 23103.1 22240.5 22527.7 22732.0 23103.1 23173.8 23688.5 37

 38 FL383168005 Depository institution loans n.e.c. 2392.0 2521.5 2609.4 2527.4 2557.1 2568.0 2609.4 2630.6 2686.3 38

 39 FL383169005 Other loans and advances 1744.3 1791.9 1995.3 1867.3 1921.1 1919.0 1995.3 1972.4 2238.4 39

 40 FL383165005 Mortgages 13642.2 14124.1 14667.5 14206.5 14355.0 14492.8 14667.5 14759.2 14899.2 40

 41 FL153166000 Consumer credit 3413.6 3643.7 3831.0 3639.2 3694.5 3752.2 3831.0 3811.6 3864.7 41

 42 FL383170005 Trade payables 4094.0 4458.2 4833.6 4461.7 4557.5 4701.4 4833.6 4860.0 4984.8 42

 43 FL313140003 Life insurance reserves 51.1 51.3 51.1 51.0 50.9 51.0 51.1 51.2 51.0 43

 44 FL143178005 Taxes payable 164.8 163.3 381.7 174.2 174.1 173.6 381.7 386.5 363.0 44

 45 LM143192005 Foreign direct investment in U.S. 3283.0 3655.6 3909.9 3731.4 3803.5 3875.1 3909.9 3926.4 3920.7 45

 46 FL383190005 Miscellaneous liabilities 11875.9 12286.3 12151.5 12320.2 12419.8 12078.1 12151.5 12052.2 11703.6 46

(1) Sum of domestic nonfinancial sectors shown on tables L.101 through L.107.
L

e

v

els

78 Z.1, September 20, 2018

L.101 Households and Nonprofit Organizations (1)

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

2015 2016 2017 2017 2018

 Q1 Q2 Q3 Q4 Q1 Q2

 1 FL154090005 Total financial assets 74149.4 78451.5 85271.9 80252.1 81334.1 83000.3 85271.9 86104.8 87802.1 1

 2 LM153091003 Foreign deposits 31.9 26.3 39.1 30.8 33.9 39.8 39.1 42.2 42.3 2

 3 FL153020005 Checkable deposits and currency 1209.6 1137.9 1174.0 1230.6 1186.3 1100.3 1174.0 1308.2 1252.7 3

 4 FL153030005 Time and savings deposits 8450.4 9105.8 9301.4 9217.3 9147.1 9285.9 9301.4 9499.2 9561.4 4

 5 FL153034005 Money market fund shares 1551.6 1551.3 1607.5 1504.4 1480.5 1550.7 1607.5 1569.9 1585.2 5

 6 FL154022005 Debt securities 4543.8 4512.7 4361.6 4447.3 4288.1 4222.8 4361.6 4955.4 5289.7 6

 7 FL153061105 Treasury securities 1138.9 1339.3 1369.1 1290.6 1332.1 1252.6 1369.1 1706.7 1808.9 7

 8 FL153061705 Agency- and GSE-backed securities 445.6 396.9 508.7 428.5 387.3 457.1 508.7 523.7 637.4 8

 9 FL153062005 Municipal securities 1674.4 1705.8 1628.9 1680.7 1665.2 1628.9 1628.9 1631.3 1625.0 9

 10 FL153063005 Corporate and foreign bonds 1284.8 1070.6 854.9 1047.6 903.4 884.2 854.9 1093.8 1218.4 10

 11 FL154023005 Loans 1000.6 995.9 931.2 1010.5 1008.2 983.3 931.2 929.6 920.4 11

 12 FL153069005 Other loans and advances (2) 840.8 839.8 784.1 857.1 855.2 834.5 784.1 784.9 777.7 12

 13 FL153065005 Mortgages 114.9 114.7 112.3 114.0 115.0 113.0 112.3 111.5 110.5 13

 14 FL163066223 Consumer credit (student loans) 44.9 41.3 34.8 39.4 38.1 35.8 34.8 33.2 32.2 14

 15 LM153064105 Corporate equities (3) 13382.2 14868.1 17769.4 15613.2 16136.8 16783.2 17769.4 17510.1 18105.6 15

 16 LM153064205 Mutual fund shares 6729.8 7201.7 8579.6 7623.5 7870.4 8247.3 8579.6 8629.3 8764.3 16

 17 FL163070005 Trade receivables 257.9 276.5 296.2 281.4 286.3 291.2 296.2 300.9 305.6 17

 18 FL153040005 Life insurance reserves 1510.9 1568.1 1626.6 1586.3 1594.3 1610.2 1626.6 1632.7 1646.5 18

 19 FL153050005 Pension entitlements (4) 23504.8 24375.8 25821.0 24802.6 25088.2 25418.4 25821.0 25843.7 26069.3 19

 20 FL593073005 Claims of pension fund on sponsor 6444.5 6516.6 6279.9 6590.6 6646.0 6313.9 6279.9 6276.4 6246.7 20

 21 FL153050025 Funded pension entitlements 17060.3 17859.2 19541.1 18212.1 18442.2 19104.4 19541.1 19567.3 19822.6 21

 22 LM152090205 Equity in noncorporate business 10894.0 11692.5 12570.7 11762.5 12062.8 12281.9 12570.7 12676.0 13043.5 22

 23 FL153090005 Miscellaneous assets 1082.1 1138.8 1193.7 1141.5 1151.1 1185.2 1193.7 1207.6 1215.6 23

 24 FL154190005 Total liabilities 14536.9 14987.8 15555.6 15034.7 15205.2 15345.6 15555.6 15595.6 15727.4 24

 25 FL163162003 Debt securities (municipal securities) 219.2 215.8 217.9 215.6 219.3 216.1 217.9 219.8 219.4 25

 26 FL154123005 Loans 13951.4 14391.8 14939.8 14433.5 14595.9 14735.5 14939.8 14971.8 15100.4 26

 27 FL153165105 Home mortgages (5) 9583.6 9785.9 10076.4 9831.1 9913.3 10000.5 10076.4 10115.4 10181.5 27

 28 FL153166000 Consumer credit 3413.6 3643.7 3831.0 3639.2 3694.5 3752.2 3831.0 3811.6 3864.7 28

 29 FL153168005 Depository institution loans n.e.c. (6) 280.6 291.2 293.1 286.7 293.6 289.4 293.1 297.1 306.5 29

 30 FL153169005 Other loans and advances 437.4 427.2 488.2 430.9 446.9 444.1 488.2 494.6 492.7 30

 31 FL163165505 Commercial mortgages 236.1 243.7 251.2 245.6 247.5 249.3 251.2 253.1 255.0 31

 32 FL163170005 Trade payables 334.7 349.0 364.8 352.9 356.9 360.8 364.8 368.5 372.2 32

 33 FL543077073 Deferred and unpaid life insurance premiums 31.6 31.3 33.1 32.7 33.1 33.2 33.1 35.5 35.4 33

(1) Sector includes domestic hedge funds, private equity funds, and personal trusts. Supplementary tables (tables F.101.a and L.101.a) show estimates of annual transactions and year-end

 outstandings of nonprofit organizations.

(2) Includes cash accounts at brokers and dealers and syndicated loans to nonfinancial corporate business by nonprofits and domestic hedge funds.

(3) Directly held corporate equities, including closed-end fund, exchange-traded fund, and real estate investment trust shares.

(4) Includes public and private defined benefit and defined contribution pension plans and annuities, including those in IRAs and at life insurance companies. Excludes social security.

(5) Includes loans made under home equity lines of credit and home equity loans secured by junior liens (table L.218, line 23).

(6) Includes loans extended by the Federal Reserve to financial institutions such as domestic hedge funds through the Term Asset-Backed Securities Loan Facility (TALF).
L

e

v

els

Z.1, September 20, 2018 79

L.102 Nonfinancial Business (1)

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

2015 2016 2017 2017 2018

 Q1 Q2 Q3 Q4 Q1 Q2

 1 FL144090005 Total financial assets 24193.9 26275.0 28021.5 26626.8 27084.5 27518.9 28021.5 28124.3 28306.5 1

 2 FL103091003 Foreign deposits 87.1 90.7 199.0 84.6 103.2 194.8 199.0 208.4 168.3 2

 3 FL143020005 Checkable deposits and currency 1092.6 1277.6 1420.8 1314.4 1400.4 1398.3 1420.8 1378.9 1361.2 3

 4 FL143030005 Time and savings deposits 1005.1 1072.4 1139.8 1085.8 1105.0 1120.0 1139.8 1151.2 1162.7 4

 5 FL143034005 Money market fund shares 664.7 561.0 580.3 549.2 544.2 563.2 580.3 572.8 579.8 5

 6 FL102051003 Security repurchase agreements 79.9 109.5 61.5 99.7 68.4 54.0 61.5 36.3 20.2 6

 7 FL144022005 Debt securities 310.9 308.4 357.1 319.4 339.0 340.7 357.1 353.1 381.1 7

 8 FL103069100 Commercial paper 172.5 160.7 193.4 166.4 181.7 180.2 193.4 198.2 221.7 8

 9 FL143061105 Treasury securities 99.3 109.5 115.3 109.1 111.6 112.3 115.3 111.7 114.7 9

 10 FL103061703 Agency- and GSE-backed securities 12.5 13.8 13.9 13.3 13.7 13.6 13.9 12.3 12.8 10

 11 FL143062005 Municipal securities 26.6 24.5 34.4 30.6 32.0 34.7 34.4 31.0 31.9 11

 12 FL144023005 Loans 114.0 118.8 119.7 117.8 118.5 119.0 119.7 118.9 119.8 12

 13 FL143065005 Mortgages 72.9 76.0 77.9 76.2 76.7 76.9 77.9 78.2 78.9 13

 14 FL143066005 Consumer credit 41.1 42.8 41.8 41.6 41.9 42.1 41.8 40.7 41.0 14

 15 LM103064103 Corporate equities 1505.7 1706.4 1913.6 1773.4 1790.8 1832.5 1913.6 1861.2 1886.9 15

 16 LM103064203 Mutual fund shares 235.2 236.9 276.5 249.1 257.0 267.0 276.5 276.1 280.5 16

 17 FL143070005 Trade receivables 3412.9 3703.7 4033.6 3731.2 3841.9 3951.1 4033.6 4074.2 4207.9 17

 18 LM103092005 U.S. direct investment abroad 5067.8 5334.1 5725.4 5450.0 5542.4 5674.5 5725.4 5592.8 5541.8 18

 19 FL143090005 Miscellaneous assets 10618.1 11755.5 12194.1 11852.3 11973.6 12003.7 12194.1 12500.3 12596.2 19

 20 FL144190005 Total liabilities 24593.8 26263.8 27682.7 26489.7 26828.7 27110.7 27682.7 27767.0 27862.1 20

 21 FL104122005 Debt securities 5547.5 5835.1 6137.4 5959.3 6021.9 6110.9 6137.4 6218.7 6213.6 21

 22 FL103169100 Commercial paper 179.0 180.8 206.7 195.5 194.7 206.1 206.7 222.3 220.2 22

 23 FL103162000 Municipal securities 537.6 553.0 566.4 553.4 561.3 555.5 566.4 563.7 566.6 23

 24 FL103163003 Corporate bonds 4830.9 5101.3 5364.3 5210.4 5265.9 5349.3 5364.3 5432.6 5426.8 24

 25 FL144123005 Loans 7223.9 7671.6 8145.1 7789.1 7913.9 7978.4 8145.1 8183.5 8569.4 25

 26 FL143168005 Depository institution loans n.e.c. 2111.4 2230.2 2316.3 2240.7 2263.5 2278.6 2316.3 2333.5 2379.8 26

 27 FL143169005 Other loans and advances 1290.0 1346.9 1488.9 1418.6 1456.2 1456.8 1488.9 1459.3 1727.0 27

 28 FL143165005 Mortgages 3822.5 4094.5 4339.9 4129.8 4194.2 4243.0 4339.9 4390.7 4462.6 28

 29 FL143170005 Trade payables 2631.8 2909.3 3200.9 2895.1 2967.6 3089.3 3200.9 3206.1 3307.9 29

 30 FL143178005 Taxes payable 164.8 163.3 381.7 174.2 174.1 173.6 381.7 386.5 363.0 30

 31 LM143192005 Foreign direct investment in U.S. 3283.0 3655.6 3909.9 3731.4 3803.5 3875.1 3909.9 3926.4 3920.7 31

 32 FL143190005 Miscellaneous liabilities 5742.9 6028.9 5907.6 5940.6 5947.6 5883.3 5907.6 5845.9 5487.6 32

(1) Combined statement for nonfinancial corporate business and nonfinancial noncorporate business.
L

e

v

els

80 Z.1, September 20, 2018

L.103 Nonfinancial Corporate Business

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

2015 2016 2017 2017 2018

 Q1 Q2 Q3 Q4 Q1 Q2

 1 FL104090005 Total financial assets 18822.1 20406.0 21720.1 20681.9 21026.5 21373.8 21720.1 21733.6 21786.2 1

 2 FL103091003 Foreign deposits 87.1 90.7 199.0 84.6 103.2 194.8 199.0 208.4 168.3 2

 3 FL103020005 Checkable deposits and currency 838.1 998.3 1141.3 1037.4 1122.8 1122.7 1141.3 1095.2 1069.7 3

 4 FL103030003 Time and savings deposits 144.3 163.5 167.1 162.3 165.3 165.6 167.1 163.7 157.8 4

 5 FL103034000 Money market fund shares 576.6 463.9 475.5 450.8 443.8 461.3 475.5 466.3 470.9 5

 6 FL102051003 Security repurchase agreements 79.9 109.5 61.5 99.7 68.4 54.0 61.5 36.3 20.2 6

 7 FL104022005 Debt securities 244.7 235.5 278.3 245.5 263.6 264.1 278.3 273.1 299.3 7

 8 FL103069100 Commercial paper 172.5 160.7 193.4 166.4 181.7 180.2 193.4 198.2 221.7 8

 9 FL103061103 Treasury securities 37.4 41.3 41.7 40.0 41.1 40.7 41.7 36.9 38.3 9

 10 FL103061703 Agency- and GSE-backed securities 12.5 13.8 13.9 13.3 13.7 13.6 13.9 12.3 12.8 10

 11 FL103062003 Municipal securities 22.3 19.7 29.2 25.8 27.0 29.7 29.2 25.8 26.6 11

 12 FL104023005 Loans 72.4 73.0 70.3 71.4 71.2 71.0 70.3 68.7 68.5 12

 13 FL103065003 Mortgages 31.4 30.3 28.4 29.8 29.3 28.9 28.4 28.0 27.5 13

 14 FL103066005 Consumer credit 41.1 42.8 41.8 41.6 41.9 42.1 41.8 40.7 41.0 14

 15 LM103064103 Corporate equities 1505.7 1706.4 1913.6 1773.4 1790.8 1832.5 1913.6 1861.2 1886.9 15

 16 LM103064203 Mutual fund shares 235.2 236.9 276.5 249.1 257.0 267.0 276.5 276.1 280.5 16

 17 FL103070005 Trade receivables 2750.2 2973.6 3245.0 2991.1 3086.7 3184.2 3245.0 3273.0 3388.7 17

 18 LM103092005 U.S. direct investment abroad (1) 5067.8 5334.1 5725.4 5450.0 5542.4 5674.5 5725.4 5592.8 5541.8 18

 19 FL103090005 Miscellaneous assets 7220.0 8020.7 8166.6 8066.7 8111.3 8082.2 8166.6 8418.9 8433.5 19

 20 FL103076005 Insurance receivables 345.1 351.6 365.4 349.0 354.5 372.3 365.4 367.6 371.4 20

 21 FL103092405 Equity in GSEs 0.8 0.9 1.2 1.0 1.0 1.1 1.2 1.3 1.2 21

 22 FL103094105 Investment in finance company subs. 111.3 98.2 110.8 98.2 102.3 99.9 110.8 115.5 114.4 22

 23 FL103093005 Other 6762.8 7570.0 7689.3 7618.5 7653.5 7608.9 7689.3 7934.5 7946.4 23

 24 FL104190005 Total liabilities 17885.9 19123.8 20173.8 19292.2 19533.6 19744.2 20173.8 20185.1 20165.2 24

 25 FL104122005 Debt securities 5547.5 5835.1 6137.4 5959.3 6021.9 6110.9 6137.4 6218.7 6213.6 25

 26 FL103169100 Commercial paper 179.0 180.8 206.7 195.5 194.7 206.1 206.7 222.3 220.2 26

 27 FL103162000 Municipal securities (2) 537.6 553.0 566.4 553.4 561.3 555.5 566.4 563.7 566.6 27

 28 FL103163003 Corporate bonds (1) 4830.9 5101.3 5364.3 5210.4 5265.9 5349.3 5364.3 5432.6 5426.8 28

 29 FL104123005 Loans 2531.7 2685.6 2912.0 2766.3 2825.1 2842.9 2912.0 2902.5 3211.0 29

 30 FL103168005 Depository institution loans n.e.c. 969.6 1025.4 1065.4 1031.3 1041.0 1047.8 1065.4 1074.6 1095.4 30

 31 FL103169005 Other loans and advances (3) 1089.8 1139.8 1281.4 1213.6 1251.9 1256.1 1281.4 1251.9 1519.1 31

 32 FL103165005 Mortgages 472.2 520.4 565.2 521.4 532.1 538.9 565.2 576.0 596.5 32

 33 FL103170005 Trade payables 2110.5 2305.2 2525.9 2278.2 2332.1 2438.9 2525.9 2516.6 2595.4 33

 34 FL103178005 Taxes payable 42.2 33.5 245.5 43.2 41.5 39.8 245.5 248.9 223.5 34

 35 LM103192005 Foreign direct investment in U.S. 3271.2 3642.8 3893.3 3718.6 3790.0 3861.2 3893.3 3909.3 3903.5 35

 36 FL103190005 Miscellaneous liabilities 4382.8 4621.7 4459.6 4526.5 4523.0 4450.5 4459.6 4389.1 4018.3 36

 37 FL573074005 Pension fund contributions payable 91.3 95.2 104.1 98.3 99.2 100.8 104.1 107.3 110.7 37

 38 FL573073005 Claims of pension fund on sponsor 609.0 568.6 356.2 519.4 480.5 427.8 356.2 392.3 354.2 38

 39 FL103193005 Other 3682.6 3958.0 3999.3 3908.8 3943.3 3922.0 3999.3 3889.4 3553.4 39

 Memo:

 40 LM103164103 Market value of equities 22617.5 24271.1 28366.9 25542.7 25999.9 26923.9 28366.9 28046.2 29458.3 40

 41 FL104001005 Total liquid assets (4) 3711.6 4004.6 4512.8 4102.7 4215.0 4361.9 4512.8 4380.2 4353.7 41

 42 FL104150005 Total short-term liabilities (5) 4391.2 4684.6 5324.9 4761.9 4861.3 4988.7 5324.9 5314.3 5653.5 42

 43 FL104001006 Liquid assets/short-term liabilities (percent) 84.52 85.49 84.75 86.16 86.71 87.44 84.75 82.42 77.01 43

 44 FL104140006 Short-term debt/total debt (percent) (6) 27.71 27.53 28.22 27.97 28.12 28.03 28.22 27.94 30.08 44

(1) Through 1992:Q4, corporate bonds include net issues by Netherlands Antillean financial subsidiaries, and U.S. direct investment abroad excludes net inflows from those bond issues.

(2) Industrial revenue bonds. Issued by state and local governments to finance private investment and secured in interest and principal by the industrial user of the funds.

(3) Loans from rest of the world, U.S. government, and nonbank financial institutions. Detail can be found on table L.216.

(4) Sum of lines 2 through 7 and lines 15 and 16.

(5) Sum of lines 25, 29, 30, 32, and 33. Includes loans due in more than one year and excludes current maturities of bonds and mortgages.

(6) Short-term debt is the sum of lines 26, 30, and 31. Total debt is the sum of lines 25 and 29.
L

e

v

els

Z.1, September 20, 2018 81

L.104 Nonfinancial Noncorporate Business

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

2015 2016 2017 2017 2018

 Q1 Q2 Q3 Q4 Q1 Q2

 1 FL114090005 Total financial assets 5371.8 5869.0 6301.4 5944.9 6058.0 6145.0 6301.4 6390.7 6520.3 1

 2 FL113020005 Checkable deposits and currency 254.5 279.3 279.5 277.0 277.5 275.6 279.5 283.8 291.5 2

 3 FL113030003 Time and savings deposits 860.8 909.0 972.7 923.5 939.7 954.5 972.7 987.6 1004.9 3

 4 FL113034003 Money market fund shares 88.1 97.1 104.8 98.4 100.4 102.0 104.8 106.5 108.9 4

 5 FL114022005 Debt securities 66.2 72.9 78.8 73.9 75.5 76.6 78.8 80.1 81.8 5

 6 FL113061003 Treasury securities 61.9 68.2 73.6 69.1 70.5 71.6 73.6 74.8 76.5 6

 7 FL113062003 Municipal securities 4.3 4.8 5.2 4.9 5.0 5.0 5.2 5.3 5.4 7

 8 FL114023005 Loans 41.5 45.8 49.4 46.4 47.3 48.1 49.4 50.2 51.3 8

 9 FL113065005 Mortgages 41.5 45.8 49.4 46.4 47.3 48.1 49.4 50.2 51.3 9

 10 FL113066003 Consumer credit 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10

 11 FL113070003 Trade receivables 662.6 730.1 788.6 740.1 755.2 766.8 788.6 801.2 819.2 11

 12 FL113090005 Miscellaneous assets 3398.1 3734.8 4027.5 3785.6 3862.4 3921.5 4027.5 4081.4 4162.7 12

 13 FL113076005 Insurance receivables 119.3 116.3 119.8 115.5 117.3 121.3 119.8 119.9 121.1 13

 14 FL113092405 Equity investment in GSEs (1) 9.0 9.8 12.3 10.0 10.2 12.2 12.3 12.1 12.4 14

 15 FL113093005 Other 3269.7 3608.8 3895.3 3660.1 3734.9 3787.9 3895.3 3949.3 4029.2 15

 16 FL114190005 Total liabilities 6707.9 7140.0 7508.8 7197.5 7295.1 7366.4 7508.8 7581.9 7696.9 16

 17 FL114123005 Loans 4692.2 4986.0 5233.0 5022.8 5088.8 5135.6 5233.0 5281.0 5358.4 17

 18 FL113168005 Depository institution loans n.e.c. 1141.8 1204.8 1250.8 1209.4 1222.5 1230.8 1250.8 1258.9 1284.4 18

 19 FL113169005 Other loans and advances 200.2 207.0 207.5 205.0 204.3 200.7 207.5 207.4 207.8 19

 20 FL113165005 Mortgages 3350.3 3574.1 3774.7 3608.4 3662.1 3704.0 3774.7 3814.7 3866.2 20

 21 FL113170005 Trade payables 521.3 604.1 675.0 616.8 635.5 650.3 675.0 689.6 712.5 21

 22 FL113178003 Taxes payable 122.5 129.9 136.2 131.0 132.6 133.9 136.2 137.6 139.6 22

 23 LM115114005 Foreign direct investment in U.S. 11.8 12.9 16.6 12.8 13.6 13.9 16.6 17.0 17.2 23

 24 FL113193003 Miscellaneous liabilities 1360.1 1407.2 1448.0 1414.1 1424.7 1432.8 1448.0 1456.8 1469.3 24

(1) Equity in the Farm Credit System.
L

e

v

els

82 Z.1, September 20, 2018

L.105 General Government (1)

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

2015 2016 2017 2017 2018

 Q1 Q2 Q3 Q4 Q1 Q2

 1 FL364090005 Total financial assets 5141.5 5463.7 5727.7 5205.4 5289.8 5313.7 5727.7 5755.0 5817.5 1

 2 FL313011005 U.S. official reserve assets 86.9 86.8 91.0 87.7 90.2 91.8 91.0 93.1 93.0 2

 3 FL363020005 Checkable deposits and currency 436.3 506.5 345.1 205.1 295.0 267.9 345.1 406.3 448.0 3

 4 FL363030005 Time and savings deposits 372.6 379.0 393.9 373.2 368.6 374.1 393.9 389.8 383.9 4

 5 FL213034003 Money market fund shares 16.2 21.6 23.3 21.2 21.2 22.3 23.3 22.9 23.1 5

 6 FL212051003 Security repurchase agreements 147.9 151.3 149.4 151.3 149.3 148.2 149.4 145.0 142.2 6

 7 FL364022005 Debt securities 1405.2 1458.1 1438.6 1454.3 1431.8 1416.4 1438.6 1411.5 1399.4 7

 8 FL213069103 Open market paper 73.1 71.8 70.8 71.7 70.8 70.3 70.8 68.8 67.5 8

 9 FL213061105 Treasury securities 682.4 728.4 703.5 724.8 702.2 687.0 703.5 693.4 694.8 9

 10 FL363061705 Agency- and GSE-backed securities 446.9 450.6 459.5 450.5 454.2 456.0 459.5 450.7 442.2 10

 11 FL213062003 Municipal securities 15.1 15.4 15.2 15.4 15.2 15.1 15.2 14.8 14.5 11

 12 FL363063005 Corporate and foreign bonds 187.6 191.9 189.5 191.9 189.4 188.0 189.5 183.9 180.5 12

 13 FL364023005 Loans 1495.7 1604.0 1700.8 1640.8 1649.3 1686.4 1700.8 1730.2 1739.7 13

 14 FL363065005 Mortgages 348.4 356.9 355.5 355.9 352.8 353.1 355.5 349.9 346.2 14

 15 FL313066220 Consumer credit 949.7 1049.3 1145.6 1087.0 1098.3 1133.6 1145.6 1181.6 1191.1 15

 16 FL313069005 Other loans and advances 197.6 197.8 199.7 197.9 198.2 199.7 199.7 198.7 202.3 16

 17 LM363064105 Corporate equities 221.8 234.1 250.6 239.5 240.6 244.0 250.6 250.5 252.0 17

 18 LM213064203 Mutual fund shares 91.6 97.9 106.5 100.7 101.3 103.1 106.5 104.4 105.2 18

 19 FL363070005 Trade receivables 245.4 268.6 289.1 265.9 273.7 282.9 289.1 292.3 300.5 19

 20 FL363078005 Taxes receivable 314.3 331.9 607.2 337.7 344.2 350.1 607.2 578.3 599.9 20

 21 FL363090005 Miscellaneous assets 307.7 324.0 332.4 327.9 324.6 326.5 332.4 330.7 330.4 21

 22 FL364190005 Total liabilities 25601.5 26672.1 27171.1 26683.8 26716.3 26874.6 27171.1 27746.2 27816.4 22

 23 LM313111303 SDR allocations 48.9 47.5 50.3 47.9 49.1 49.9 50.3 51.3 49.7 23

 24 FL713014003 SDR certificates 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 24

 25 FL313112003 Treasury currency 25.3 25.3 25.3 25.3 25.3 25.3 25.3 25.3 25.3 25

 26 FL364122005 Debt securities 18225.2 19099.0 19542.2 18976.0 18895.8 19312.1 19542.2 20138.4 20181.2 26

 27 FL313161105 Treasury securities 15141.1 15983.8 16430.9 15873.8 15798.3 16230.7 16430.9 17046.0 17090.7 27

 28 FL313161705 Budget agency securities 24.6 24.5 24.4 24.2 24.4 24.4 24.4 24.7 23.5 28

 29 FL213162005 Municipal securities 3059.6 3090.7 3087.0 3078.0 3073.1 3057.0 3087.0 3067.8 3067.0 29

 30 FL364123005 Loans 16.9 17.8 18.2 17.9 18.0 18.1 18.2 18.5 18.7 30

 31 FL313165403 Multifamily residential mortgages 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 31

 32 FL213169203 Other loans and advances 16.9 17.8 18.2 17.9 18.0 18.1 18.2 18.5 18.7 32

 33 FL363170005 Trade payables 1127.5 1200.0 1267.9 1213.6 1233.0 1251.3 1267.9 1285.4 1304.7 33

 34 FL313140003 Insurance reserves 51.1 51.3 51.1 51.0 50.9 51.0 51.1 51.2 51.0 34

 35 FL363190005 Miscellaneous liabilities 6101.3 6226.1 6210.9 6346.9 6439.0 6161.7 6210.9 6170.8 6180.6 35

 Memo:

 36 FL374090005 Total financial assets (consolidated) (2) 4427.1 4702.1 4990.7 4447.3 4554.4 4593.5 4990.7 5028.4 5089.5 36

 37 FL374190005 Total liabilities (consolidated) (2) 24887.1 25910.5 26434.2 25925.7 25980.9 26154.4 26434.2 27019.6 27088.5 37

(1) Sum of the federal government and state and local governments sectors.

(2) Excludes Treasury securities and municipal securities held by state and local governments (lines 9 and 11) and federal government loans to state and local governments (line 32).
L

e

v

els

Z.1, September 20, 2018 83

L.106 Federal Government

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

2015 2016 2017 2017 2018

 Q1 Q2 Q3 Q4 Q1 Q2

 1 FL314090005 Total financial assets 2137.8 2333.6 2545.0 2070.8 2178.9 2205.8 2545.0 2622.3 2706.4 1

 2 FL313011005 U.S. official reserve assets 86.9 86.8 91.0 87.7 90.2 91.8 91.0 93.1 93.0 2

 3 FL313020005 Checkable deposits and currency 338.1 404.0 232.0 96.8 184.8 162.9 232.0 291.8 336.7 3

 4 FL313030003 Time and savings deposits 1.8 1.5 1.9 1.2 1.3 1.5 1.9 1.8 1.9 4

 5 FL314022005 Debt securities 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 5

 6 FL313061703 Agency- and GSE-backed securities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 6

 7 FL313063763 Corporate and foreign bonds 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 7

 8 FL314023005 Loans 1263.7 1366.7 1466.5 1403.6 1415.2 1454.0 1466.5 1502.9 1516.6 8

 9 FL313069005 Other loans and advances 197.6 197.8 199.7 197.9 198.2 199.7 199.7 198.7 202.3 9

 10 FL313065005 Mortgages 116.5 119.7 121.2 118.6 118.7 120.7 121.2 122.6 123.1 10

 11 FL313066220 Consumer credit (1) 949.7 1049.3 1145.6 1087.0 1098.3 1133.6 1145.6 1181.6 1191.1 11

 12 LM313064105 Corporate equities (2) 33.4 33.3 33.2 33.3 33.2 33.2 33.2 37.2 37.2 12

 13 FL313070000 Trade receivables 61.2 64.9 65.0 63.2 66.0 66.6 65.0 67.9 69.0 13

 14 FL313078005 Taxes receivable 179.2 189.5 458.6 194.3 199.0 203.8 458.6 428.4 448.1 14

 15 FL313090005 Miscellaneous assets 173.0 186.2 196.4 190.2 188.7 191.6 196.4 198.8 203.4 15

 16 FL314190005 Total liabilities 17588.1 18439.1 19060.1 18492.5 18543.4 18748.8 19060.1 19539.0 19603.8 16

 17 LM313111303 SDR allocations 48.9 47.5 50.3 47.9 49.1 49.9 50.3 51.3 49.7 17

 18 FL713014003 SDR certificates 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 18

 19 FL313112003 Treasury currency 25.3 25.3 25.3 25.3 25.3 25.3 25.3 25.3 25.3 19

 20 FL314122005 Debt securities 15165.6 16008.3 16455.3 15898.0 15822.7 16255.1 16455.3 17070.6 17114.2 20

 21 FL313161105 Treasury securities (3) 15141.1 15983.8 16430.9 15873.8 15798.3 16230.7 16430.9 17046.0 17090.7 21

 22 FL313161205 Marketable 13169.0 13880.2 14434.6 13923.0 13965.8 14156.1 14434.6 14894.7 14933.7 22

 23 FL313161305 Nonmarketable 1972.1 2103.6 1996.3 1950.8 1832.5 2074.7 1996.3 2151.3 2157.0 23

 24 FL313161705 Budget agency securities 24.6 24.5 24.4 24.2 24.4 24.4 24.4 24.7 23.5 24

 25 FL313165403 Loans (multifamily residential mortgages) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 25

 26 FL313170005 Trade payables 262.3 292.0 316.1 294.7 303.2 310.6 316.1 322.2 329.9 26

 27 FL313140003 Insurance reserves 51.1 51.3 51.1 51.0 50.9 51.0 51.1 51.2 51.0 27

 28 FL313190005 Miscellaneous liabilities 2029.6 2009.5 2156.9 2170.4 2287.0 2051.7 2156.9 2013.1 2028.5 28

 29 FL343073005 Claims of pension fund on sponsor 1763.7 1731.4 1869.7 1894.7 2013.4 1776.2 1869.7 1726.3 1740.4 29

 30 FL313190015 Other 265.9 278.1 287.2 275.7 273.6 275.5 287.2 286.8 288.1 30

(1) Includes loans originated by the Department of Education under the Federal Direct Loan Program, as well as Federal Family Education Loan Program loans that

 the government purchased from depository institutions and finance companies.

(2) Corporate equities purchased from financial businesses under the Troubled Asset Relief Program (TARP) and from GSEs at market price.

(3) Includes marketable and nonmarketable Treasury securities held by the public and Treasury securities held by federal government employee retirement funds.
L

e

v

els

84 Z.1, September 20, 2018

L.107 State and Local Governments (1)

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

2015 2016 2017 2017 2018

 Q1 Q2 Q3 Q4 Q1 Q2

 1 FL214090005 Total financial assets 3003.7 3130.1 3182.7 3134.6 3110.9 3107.8 3182.7 3132.7 3111.1 1

 2 FL213020005 Checkable deposits and currency 98.2 102.5 113.1 108.3 110.3 104.9 113.1 114.5 111.4 2

 3 FL213030005 Time and savings deposits 370.8 377.5 392.0 372.0 367.3 372.6 392.0 387.9 382.0 3

 4 FL213034003 Money market fund shares 16.2 21.6 23.3 21.2 21.2 22.3 23.3 22.9 23.1 4

 5 FL212051003 Security repurchase agreements 147.9 151.3 149.4 151.3 149.3 148.2 149.4 145.0 142.2 5

 6 FL214022005 Debt securities 1404.7 1457.6 1438.1 1453.8 1431.3 1415.9 1438.1 1411.0 1398.9 6

 7 FL213069103 Open market paper 73.1 71.8 70.8 71.7 70.8 70.3 70.8 68.8 67.5 7

 8 FL213061105 Treasury securities 682.4 728.4 703.5 724.8 702.2 687.0 703.5 693.4 694.8 8

 9 FL213061703 Agency- and GSE-backed securities 446.9 450.6 459.5 450.5 454.2 456.0 459.5 450.7 442.2 9

 10 FL213062003 Municipal securities 15.1 15.4 15.2 15.4 15.2 15.1 15.2 14.8 14.5 10

 11 FL213063003 Corporate and foreign bonds 187.1 191.4 189.0 191.4 188.9 187.6 189.0 183.4 180.0 11

 12 FL213065005 Loans (mortgages) 231.9 237.3 234.2 237.2 234.1 232.5 234.2 227.3 223.1 12

 13 LM213064103 Corporate equities 188.4 200.8 217.4 206.1 207.4 210.8 217.4 213.3 214.8 13

 14 LM213064203 Mutual fund shares 91.6 97.9 106.5 100.7 101.3 103.1 106.5 104.4 105.2 14

 15 FL213070003 Trade receivables 184.2 203.7 224.1 202.7 207.7 216.3 224.1 224.4 231.6 15

 16 FL213078005 Taxes receivable 135.1 142.4 148.6 143.5 145.1 146.3 148.6 150.0 151.8 16

 17 FL213093003 Miscellaneous assets 134.7 137.8 136.0 137.7 135.9 135.0 136.0 132.0 127.0 17

 18 FL214190005 Total liabilities 8013.4 8233.1 8111.0 8191.2 8172.9 8125.7 8111.0 8207.2 8212.7 18

 19 FL213162005 Debt securities (municipal securities) 3059.6 3090.7 3087.0 3078.0 3073.1 3057.0 3087.0 3067.8 3067.0 19

 20 FL213162400 Short-term (2) 33.0 30.2 35.0 30.0 24.5 32.8 35.0 36.2 31.5 20

 21 FL213162200 Long-term 3026.6 3060.4 3051.9 3048.0 3048.6 3024.2 3051.9 3031.6 3035.5 21

 22 FL213169203 Loans (U.S. government loans) 16.9 17.8 18.2 17.9 18.0 18.1 18.2 18.5 18.7 22

 23 FL213170003 Trade payables 865.2 908.0 951.8 918.9 929.8 940.7 951.8 963.2 974.8 23

 24 FL223073045 Claims of pension fund on sponsor (3) 4071.7 4216.6 4053.9 4176.4 4152.1 4110.0 4053.9 4157.7 4152.1 24

(1) Data for state and local government employee retirement funds are shown on table L.120.

(2) Debt with original maturity of 13 months or less.

(3) Included in miscellaneous liabilities.
L

e

v

els

Z.1, September 20, 2018 85

L.108 Domestic Financial Sectors (1)

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

2015 2016 2017 2017 2018

 Q1 Q2 Q3 Q4 Q1 Q2

 1 FL794090005 Total financial assets 88746.1 92457.8 98934.4 94409.7 95672.9 97334.8 98934.4 98986.8 99532.7 1

 2 FL713011005 U.S. official reserve assets 30.5 30.4 32.2 30.9 31.6 32.0 32.2 33.1 31.9 2

 3 FL713014003 SDR certificates 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 3

 4 FL713012003 Treasury currency 47.6 48.5 49.4 48.8 49.0 49.2 49.4 49.5 49.6 4

 5 FL633091003 Foreign deposits 11.1 1.9 3.7 3.6 3.3 5.5 3.7 1.2 2.9 5

 6 FL794010005 Net interbank assets 2039.5 1829.4 2025.4 2219.0 2049.7 2138.4 2025.4 2174.6 1957.0 6

 7 FL793020005 Checkable deposits and currency 385.2 419.4 423.6 404.9 390.6 432.2 423.6 382.4 388.1 7

 8 FL793030005 Time and savings deposits 546.6 261.6 286.6 287.1 283.2 301.0 286.6 272.7 274.3 8

 9 FL793034005 Money market fund shares 402.3 499.3 540.8 496.7 500.0 521.5 540.8 533.1 537.5 9

 10 FL792050005 Federal funds and security repos 2560.1 2608.6 2866.9 2609.8 2809.1 2763.0 2866.9 2728.3 2863.3 10

 11 FL794022005 Debt securities 23329.9 24557.2 25506.9 24678.2 24706.5 25272.1 25506.9 25791.5 25659.7 11

 12 FL793069175 Open market paper 591.6 511.7 565.4 564.5 533.5 606.7 565.4 630.0 619.2 12

 13 FL793061105 Treasury securities 7074.2 7803.8 7958.0 7674.0 7500.5 7877.0 7958.0 8243.7 8181.6 13

 14 FL793061705 Agency- and GSE-backed securities 6347.5 6667.7 6873.9 6706.7 6820.0 6826.1 6873.9 6855.7 6839.2 14

 15 FL793062005 Municipal securities 2013.2 2019.5 2091.5 2024.9 2042.7 2049.8 2091.5 2072.9 2080.0 15

 16 FL793063005 Corporate and foreign bonds 7303.4 7554.6 8018.1 7708.1 7809.9 7912.5 8018.1 7989.4 7939.7 16

 17 FL794023005 Loans 20822.5 21714.7 22665.4 21794.2 22115.7 22302.7 22665.4 22676.7 22956.6 17

 18 FL793068005 Depository institution loans n.e.c. 3118.5 3286.7 3396.1 3287.4 3334.6 3361.7 3396.1 3428.3 3481.9 18

 19 FL793069005 Other loans and advances 1984.6 2104.7 2297.3 2137.4 2215.7 2213.5 2297.3 2234.2 2278.5 19

 20 FL793065005 Mortgages 13341.4 13812.9 14363.3 13898.3 14049.1 14186.8 14363.3 14458.1 14595.8 20

 21 FL793066005 Consumer credit 2378.0 2510.3 2608.7 2471.2 2516.3 2540.7 2608.7 2556.0 2600.4 21

 22 LM793064105 Corporate equities 16081.8 17206.3 20596.7 18170.9 18793.8 19607.1 20596.7 20440.0 20891.3 22

 23 LM793064205 Mutual fund shares 5240.0 5387.2 6118.0 5628.8 5775.9 5938.7 6118.0 6053.0 6096.0 23

 24 FL793070005 Trade receivables 255.6 283.9 302.9 293.9 299.8 303.1 302.9 313.6 318.9 24

 25 FL793040005 Life insurance reserves 413.8 467.2 511.8 478.3 488.2 500.5 511.8 517.1 521.8 25

 26 FL543050005 Pension entitlements 86.7 83.5 91.4 85.6 87.3 89.4 91.4 92.4 93.6 26

 27 LM793092005 U.S. direct investment abroad 866.1 918.2 980.9 932.6 945.1 953.8 980.9 986.7 987.5 27

 28 FL793090005 Miscellaneous assets 15621.6 16135.2 15926.8 16241.2 16338.8 16119.6 15926.8 15935.5 15897.5 28

 29 FL794190005 Total liabilities 83463.6 86522.0 92018.5 88204.5 89297.3 90739.0 92018.5 92118.8 92725.3 29

 30 FL794110005 Net interbank liabilities 2183.1 1833.8 2168.1 2321.4 2125.7 2246.8 2168.1 2293.0 2120.3 30

 31 FL793120005 Checkable deposits and currency 3830.8 4109.9 4214.4 3950.3 4087.3 4035.0 4214.4 4349.8 4343.8 31

 32 FL703130005 Time and savings deposits 10854.9 11372.0 11692.4 11535.2 11494.8 11670.3 11692.4 11898.3 11983.0 32

 33 FL634090005 Money market fund shares 2742.4 2731.3 2848.4 2665.2 2635.2 2750.9 2848.4 2793.4 2821.2 33

 34 FL792150005 Federal funds and security repos 2927.0 2905.8 2971.0 2836.4 3012.5 2887.4 2971.0 2626.5 2722.7 34

 35 FL794122005 Debt securities 13181.8 13546.5 13869.2 13578.2 13697.9 13799.6 13869.2 13904.1 14015.4 35

 36 FL793169175 Open market paper 270.2 271.0 234.2 274.6 255.4 244.4 234.2 271.7 292.4 36

 37 FL423161705 Agency- and GSE-backed securities 8144.4 8496.1 8842.8 8547.3 8642.6 8734.5 8842.8 8849.7 8938.7 37

 38 FL793163005 Corporate and foreign bonds 4767.2 4779.4 4792.2 4756.2 4800.0 4820.7 4792.2 4782.6 4784.4 38

 39 FL794123005 Loans 1978.4 2051.6 2037.1 2029.4 2079.5 2071.9 2037.1 2008.3 2029.1 39

 40 FL793168005 Depository institution loans n.e.c. 290.6 293.2 302.9 295.8 301.3 305.7 302.9 306.9 305.0 40

 41 FL793169005 Other loans and advances 1452.3 1521.9 1492.8 1495.8 1539.6 1529.1 1492.8 1462.9 1491.9 41

 42 FL643165005 Mortgages 235.4 236.5 241.4 237.8 238.6 237.1 241.4 238.6 232.1 42

 43 LM653164205 Mutual fund shares 12897.2 13615.6 15899.0 14327.1 14795.3 15347.0 15899.0 15874.3 16078.2 43

 44 FL663170003 Trade payables 26.3 36.7 44.6 35.3 32.2 34.6 44.6 42.9 38.0 44

 45 FL543140005 Life insurance reserves 1828.7 1925.9 2008.8 1950.4 1963.9 1986.5 2008.8 2019.3 2037.2 45

 46 FL583150005 Pension entitlements 23572.9 24448.0 25897.8 24876.0 25162.5 25494.0 25897.8 25921.4 26148.0 46

 47 FL793178005 Taxes payable 97.5 100.6 160.5 92.9 95.0 106.9 160.5 146.8 144.6 47

 48 LM793192005 Foreign direct investment in U.S. 652.3 721.6 760.3 736.6 755.6 760.5 760.3 774.3 775.1 48

 49 FL793190005 Miscellaneous liabilities 6515.7 6921.7 7207.2 7059.4 7140.5 7317.9 7207.2 7224.5 7224.2 49

 Memo:

 50 LM793164105 Market value of corporate equities 7318.8 8377.8 10070.9 8732.0 9066.5 9484.7 10070.9 9947.5 10089.8 50

 51 LM662090205 Equity in noncorporate business 45.4 61.0 61.8 62.6 61.8 63.0 61.8 66.8 68.9 51

(1) Sum of financial sectors shown on tables L.109 through L.132.
L

e

v

els

86 Z.1, September 20, 2018

L.109 Monetary Authority (1)

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

2015 2016 2017 2017 2018

 Q1 Q2 Q3 Q4 Q1 Q2

 1 FL714090005 Total financial assets 4542.1 4509.6 4506.0 4529.6 4522.5 4516.7 4506.0 4454.4 4364.1 1

 2 FL713011005 U.S. official reserve assets 30.5 30.4 32.2 30.9 31.6 32.0 32.2 33.1 31.9 2

 3 FL713014003 SDR certificates 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 3

 4 FL713012003 Treasury currency 47.6 48.5 49.4 48.8 49.0 49.2 49.4 49.5 49.6 4

 5 FL713022003 Federal Reserve float (2) -0.0 -0.8 -0.9 -0.6 -0.6 -0.7 -0.9 -0.7 -0.5 5

 6 FL713068705 Interbank loans (2) 0.1 0.1 0.1 0.0 0.1 0.2 0.1 0.0 0.2 6

 7 FL713068703 Discount window (3) 0.1 0.1 0.1 0.0 0.1 0.2 0.1 0.0 0.2 7

 8 FL763069143 AMLF (4) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8

 9 FL712051000 Security repurchase agreements 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

 10 FL714022005 Debt securities 4242.0 4221.2 4223.5 4246.8 4243.5 4240.3 4223.5 4183.7 4102.0 10

 11 FL713069603 Open market paper 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11

 12 FL713061103 Treasury securities 2461.6 2463.6 2454.2 2464.4 2465.1 2465.4 2454.2 2425.0 2378.3 12

 13 FL713061113 Treasury bills 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13

 14 FL713061125 Other Treasury securities 2461.6 2463.6 2454.2 2464.4 2465.1 2465.4 2454.2 2425.0 2378.3 14

 15 FL713061705 Agency- and GSE-backed securities 1780.4 1757.6 1769.3 1782.5 1778.4 1774.9 1769.3 1758.8 1723.7 15

 16 FL713061903 Mortgage-backed securities 1747.5 1741.4 1764.9 1769.1 1770.3 1768.2 1764.9 1754.4 1721.3 16

 17 FL713061703 Other agency- and GSE-backed securities 32.9 16.2 4.4 13.3 8.1 6.8 4.4 4.4 2.4 17

 18 FL713068005 Loans (depository institution loans n.e.c.) (5) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 18

 19 FL713064103 Corporate equities (6) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19

 20 FL713090005 Miscellaneous assets 216.8 205.0 196.5 198.5 193.7 190.5 196.5 183.6 175.6 20

 21 FL713091103 Nonofficial foreign currencies (7) 1.0 5.6 12.1 5.1 3.1 3.6 12.1 5.0 1.1 21

 22 FL713093005 Other 215.8 199.5 184.4 193.4 190.6 186.9 184.4 178.5 174.6 22

 23 FL714190005 Total liabilities 4532.1 4499.6 4496.0 4519.6 4512.5 4506.7 4496.0 4446.9 4357.3 23

 24 FL713113003 Depository institution reserves 1965.2 1754.2 1949.0 2149.3 1979.4 2070.4 1949.0 2107.1 1886.9 24

 25 FL703025005 Vault cash of depository institutions 74.2 76.0 77.2 70.2 70.8 68.5 77.2 68.2 70.4 25

 26 FL713120005 Checkable deposits and currency 1721.9 1881.1 1819.7 1601.8 1707.7 1710.0 1819.7 1884.9 1963.8 26

 27 FL713123005 Due to federal government 333.7 399.4 229.1 92.5 181.3 159.5 229.1 290.0 333.0 27

 28 FL713123023 Treasury cash holdings 0.3 0.2 0.2 0.3 0.2 0.2 0.2 0.3 0.2 28

 29 FL713123030 Treasury general deposit account 333.4 399.2 228.9 92.2 181.1 159.3 228.9 289.6 332.8 29

 30 FL713123043 Treasury temporary supplementary financing account 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 30

 31 FL713122605 Due to rest of the world 5.2 5.2 5.3 5.2 5.2 5.2 5.3 5.3 5.3 31

 32 FL713124005 Due to government-sponsored enterprises 32.2 43.1 44.4 38.3 30.0 34.5 44.4 21.1 28.9 32

 33 FL713125005 Currency outside banks 1350.7 1433.5 1540.8 1465.8 1491.1 1510.7 1540.8 1568.5 1596.5 33

 34 FL712151003 Security repurchase agreements 712.4 725.2 564.0 600.3 650.0 556.8 564.0 273.4 341.6 34

 35 FL712151103 Reverse repurchase agreement operations (8) 474.6 468.4 319.6 346.9 398.9 316.1 319.6 32.4 97.0 35

 36 FL712151115 Other 237.8 256.9 244.4 253.4 251.1 240.7 244.4 241.0 244.7 36

 37 FL713190005 Miscellaneous liabilities 58.4 63.1 86.2 98.0 104.7 101.0 86.2 113.4 94.6 37

 38 FL713164003 Federal Reserve Bank stock 29.5 30.4 31.4 30.6 30.8 31.2 31.4 31.7 32.1 38

 39 FL713193005 Other 28.9 32.6 54.8 67.4 73.8 69.8 54.8 81.7 62.5 39

(1) Assets and liabilities of Federal Reserve Banks and Treasury monetary accounts that supply or absorb bank reserves. Excludes the accounts of the Federal Reserve Board.

(2) Shown on table L.203 as part of line 24.

(3) Federal Reserve loans extended to domestic banks through term auction credit, primary credit, secondary credit, and seasonal credit.

(4) Federal Reserve loans extended to domestic banks through the Asset-Backed Commercial Paper Money Market Fund Liquidity Facility (AMLF).

(5) Loans extended to the financial institutions such as domestic hedge funds through the Term Asset-Backed Securities Loan Facility (TALF), recorded as part of the household sector;

 to broker and dealers through the Federal Reserve’s Primary Dealer Credit Facility (PDCF) and AMLF; and to the funding corporations Maiden Lane LLC, Maiden Lane II LLC,

 AIG, Maiden Lane III LLC, and the Commercial Paper Funding Facility LLC.

(6) Preferred interests in AIA Aurora LLC and ALICO Holdings LLC, two limited liability companies created to hold all the outstanding common stock of American International Assurance

 Company Ltd (AIA) and American Life Insurance Company (ALICO), two life insurance subsidiaries of AIG.

(7) Reciprocal currency arrangements (swap lines) with foreign central banks.

(8) Reverse repurchase agreements (RRPs) conducted as part of the Federal Reserve’s Overnight RRP Operational Exercise (beginning 2013:Q3) and term RRP operations (beginning 2014:Q4).
L

e

v

els

Z.1, September 20, 2018 87

L.110 Private Depository Institutions (1)

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

2015 2016 2017 2017 2018

 Q1 Q2 Q3 Q4 Q1 Q2

 1 FL704090005 Total financial assets 17273.7 17992.8 18863.6 18389.1 18444.5 18656.1 18863.6 19034.5 18976.0 1

 2 FL703025005 Vault cash 74.2 76.0 77.2 70.2 70.8 68.5 77.2 68.2 70.4 2

 3 FL713113003 Reserves at Federal Reserve 1965.2 1754.2 1949.0 2149.3 1979.4 2070.4 1949.0 2107.1 1886.9 3

 4 FL702050005 Federal funds and security repos 428.4 411.6 492.3 387.2 436.5 428.5 492.3 505.6 520.4 4

 5 FL704022005 Debt securities 3865.4 4151.4 4286.2 4202.5 4180.8 4210.5 4286.2 4262.0 4260.0 5

 6 FL703069175 Open market paper 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.4 6

 7 FL703061105 Treasury securities 536.6 657.1 621.9 647.4 602.9 597.8 621.9 622.5 640.5 7

 8 FL703061705 Agency- and GSE-backed securities 2125.2 2256.4 2423.1 2300.4 2337.2 2373.8 2423.1 2424.9 2431.7 8

 9 FL703062005 Municipal securities 505.4 556.0 576.6 561.0 564.2 566.9 576.6 560.5 549.7 9

 10 FL703063005 Corporate and foreign bonds 698.2 681.9 664.7 693.7 676.4 672.0 664.7 653.9 637.7 10

 11 FL704023005 Loans 9668.2 10269.1 10713.5 10257.9 10431.1 10543.1 10713.5 10740.4 10891.0 11

 12 FL703068005 Depository institution loans n.e.c. 3118.5 3286.7 3396.1 3287.4 3334.6 3361.7 3396.1 3428.3 3481.9 12

 13 FL703069005 Other loans and advances 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13

 14 FL703065005 Mortgages 4779.1 5070.0 5282.5 5096.6 5177.9 5231.1 5282.5 5316.3 5367.2 14

 15 FL703066005 Consumer credit 1770.6 1912.4 2034.9 1874.0 1918.6 1950.3 2034.9 1995.9 2041.8 15

 16 LM703064105 Corporate equities 100.0 106.5 131.9 112.0 116.0 122.7 131.9 129.4 129.6 16

 17 LM703064205 Mutual fund shares 56.8 60.0 69.6 62.6 62.8 65.8 69.6 62.5 62.4 17

 18 FL763040005 Life insurance reserves 156.2 161.8 168.2 163.2 164.5 166.7 168.2 169.4 170.4 18

 19 LM763092000 U.S. direct investment abroad 239.0 232.9 251.6 236.2 240.8 243.9 251.6 253.2 255.9 19

 20 FL703090005 Miscellaneous assets 720.3 769.4 724.3 748.0 761.7 736.0 724.3 736.6 729.0 20

 21 FL704190005 Total liabilities 17795.5 18489.5 19338.0 18881.2 18961.1 19215.0 19338.0 19469.3 19543.2 21

 22 FL704110005 Net interbank liabilities 143.6 3.7 141.9 101.9 75.5 107.9 141.9 117.7 163.0 22

 23 FL703127005 Checkable deposits 2108.9 2228.8 2394.7 2348.5 2379.6 2325.0 2394.7 2464.9 2380.0 23

 24 FL703130005 Time and savings deposits 10854.9 11372.0 11692.4 11535.2 11494.8 11670.3 11692.4 11898.3 11983.0 24

 25 FL702150005 Federal funds and security repos 603.4 635.9 732.1 638.6 678.6 711.7 732.1 683.2 660.9 25

 26 FL704122005 Debt securities 254.2 232.8 219.8 229.8 225.2 228.0 219.8 218.4 221.8 26

 27 FL703169175 Open market paper 53.6 49.0 49.7 49.4 48.7 50.4 49.7 48.9 50.9 27

 28 FL763163005 Corporate bonds 200.6 183.7 170.1 180.4 176.5 177.6 170.1 169.5 170.9 28

 29 FL703169005 Loans (other loans and advances) 543.3 613.1 641.3 570.8 616.2 630.1 641.3 603.6 641.0 29

 30 FL763178003 Taxes payable (net) 71.9 72.6 104.4 65.3 69.9 80.8 104.4 90.3 93.0 30

 31 LM753192003 Foreign direct investment in U.S. 193.9 197.8 205.7 201.6 205.5 205.4 205.7 206.7 207.8 31

 32 FL703190005 Miscellaneous liabilities 3021.3 3132.8 3205.6 3189.6 3215.9 3255.9 3205.6 3186.1 3192.6 32

 33 FL763194735 Investment by holding companies 2175.2 2285.8 2373.6 2326.5 2356.5 2401.2 2373.6 2345.6 2351.1 33

 34 FL753194503 Investment by funding corporations 105.4 99.8 79.7 110.1 89.1 81.5 79.7 90.7 100.0 34

 35 FL703193005 Other 740.6 747.2 752.3 752.9 770.2 773.1 752.3 749.9 741.5 35

 Memo:

 36 FL763066303 Consumer leases not included above (2) 8.0 9.3 11.2 9.7 10.7 11.0 11.2 11.4 11.8 36

 37 FL703139105 Uninsured deposits (3) 5592.4 5760.1 5992.3 5878.0 5856.3 5930.4 5992.3 6015.9 6007.8 37

(1) U.S.-chartered depository institutions (L.111), foreign banking offices (L.112), banks in U.S.-affiliated areas (L.113), and credit unions (L.114).

(2) Receivables from operating leases, such as consumer automobile leases, are booked as current income when payments are received and are not included in financial assets (or household liabilities).

 The leased automobile is a nonfinancial asset.

(3) Includes checkable deposits (line 23) and time and savings deposits (line 24) not insured by the Federal Deposit Insurance Corporation or the National Credit Union Share Insurance Fund.
L

e

v

els

88 Z.1, September 20, 2018

L.111 U.S.-Chartered Depository Institutions

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

2015 2016 2017 2017 2018

 Q1 Q2 Q3 Q4 Q1 Q2

 1 FL764090005 Total financial assets 14110.3 14839.7 15333.0 15030.9 15072.1 15171.6 15333.0 15415.3 15338.2 1

 2 FL763025000 Vault cash 74.2 76.0 77.2 70.2 70.8 68.5 77.2 68.2 70.4 2

 3 FL763013005 Reserves at Federal Reserve 1204.9 1114.6 1161.9 1323.1 1193.5 1207.8 1161.9 1228.0 1071.9 3

 4 FL762050005 Federal funds and security repos 209.8 218.5 222.5 190.0 224.5 188.1 222.5 240.9 229.5 4

 5 FL764022005 Debt securities 3368.3 3644.7 3755.1 3698.5 3673.2 3720.8 3755.1 3739.7 3729.6 5

 6 FL763069175 Open market paper 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 6

 7 FL763061100 Treasury securities 435.2 531.2 488.0 526.8 479.0 481.5 488.0 487.4 496.2 7

 8 FL763061705 Agency- and GSE-backed securities 1924.7 2061.5 2210.1 2098.2 2134.5 2178.5 2210.1 2213.9 2212.5 8

 9 FL763061803 Residential mortgage pass-through securities 1129.7 1271.3 1394.7 1298.9 1333.8 1371.1 1394.7 1390.7 1379.9 9

 10 FL763061303 Commercial mortgage pass-through securities 61.5 83.1 100.9 86.8 89.8 94.7 100.9 102.9 111.0 10

 11 FL763061603 Residential CMOs and other structured MBS 443.9 421.5 418.8 420.4 417.7 419.3 418.8 422.5 425.2 11

 12 FL763061403 Commercial CMOs and other structured MBS 96.7 125.2 138.7 129.3 132.0 134.8 138.7 142.1 146.5 12

 13 FL763061795 Other 193.0 160.4 157.0 162.8 161.2 158.6 157.0 155.7 149.8 13

 14 FL763062000 Municipal securities 498.9 549.2 570.2 554.2 557.3 560.6 570.2 554.4 543.5 14

 15 FL763063005 Corporate and foreign bonds 509.5 502.9 486.8 519.3 502.4 500.2 486.8 484.0 477.4 15

 16 FL763063673 Priv. residential mortgage pass-through securities 14.7 9.5 5.0 9.0 7.9 6.5 5.0 3.9 4.6 16

 17 FL763063653 Priv. commercial mortgage pass-through securities 3.0 3.5 3.0 5.0 4.3 3.2 3.0 2.5 2.3 17

 18 FL763063663 Priv. residential CMOs and other structured MBS 56.2 44.8 37.7 44.5 42.7 40.3 37.7 35.7 34.0 18

 19 FL763063693 Priv. commercial CMOs and other structured MBS 53.3 42.8 36.1 39.4 37.8 37.3 36.1 36.5 36.7 19

 20 FL763063095 Other 382.3 402.3 405.0 421.5 409.7 412.9 405.0 405.4 399.6 20

 21 FL764023005 Loans 8148.6 8639.7 8989.4 8615.0 8758.4 8841.6 8989.4 9009.0 9119.3 21

 22 FL763068005 Depository institution loans n.e.c. 2424.0 2570.1 2674.4 2572.6 2622.9 2639.2 2674.4 2713.8 2752.0 22

 23 FL763069703 Other loans and advances 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 23

 24 FL763065005 Mortgages 4296.3 4537.6 4698.5 4555.3 4621.2 4661.0 4698.5 4721.5 4767.5 24

 25 FL763066000 Consumer credit 1428.3 1532.1 1616.5 1487.1 1514.3 1541.4 1616.5 1573.7 1599.9 25

 26 LM763064105 Corporate equities 100.0 106.5 131.9 112.0 116.0 122.7 131.9 129.4 129.6 26

 27 LM763064203 Mutual fund shares 54.9 58.0 67.2 60.6 60.7 63.5 67.2 60.1 60.1 27

 28 FL763040005 Life insurance reserves 156.2 161.8 168.2 163.2 164.5 166.7 168.2 169.4 170.4 28

 29 LM763092000 U.S. direct investment abroad 239.0 232.9 251.6 236.2 240.8 243.9 251.6 253.2 255.9 29

 30 FL763090005 Miscellaneous assets 554.4 587.0 508.1 562.1 569.6 547.9 508.1 517.3 501.5 30

 31 FL764190005 Total liabilities 14686.6 15432.3 15940.8 15617.4 15666.9 15847.1 15940.8 15974.4 16029.9 31

 32 FL764110005 Net interbank liabilities 119.1 29.5 52.1 76.1 72.7 56.6 52.1 -30.6 26.2 32

 33 FL713022003 Federal Reserve float -0.0 -0.8 -0.9 -0.6 -0.6 -0.7 -0.9 -0.7 -0.5 33

 34 FL713068705 Borrowing from Federal Reserve banks 0.1 0.1 0.1 0.0 0.1 0.2 0.1 0.0 0.2 34

 35 FL764112005 To domestic banks -35.7 -40.0 3.1 -0.4 -8.6 -4.5 3.1 6.2 1.4 35

 36 FL764116005 To foreign banks 154.8 70.3 49.7 77.1 81.7 61.7 49.7 -36.0 25.1 36

 37 FL763127005 Checkable deposits 1766.4 1879.6 1995.8 1969.0 1990.3 1943.0 1995.8 2058.3 1971.5 37

 38 FL763123005 Federal government 2.3 2.2 1.9 2.2 2.0 2.0 1.9 2.2 2.2 38

 39 FL763129205 Private domestic 1720.4 1818.8 1935.2 1906.3 1930.4 1870.9 1935.2 1992.0 1899.7 39

 40 FL763122605 Rest of the world 43.6 58.7 58.7 60.5 57.9 70.0 58.7 64.1 69.7 40

 41 FL763130005 Time and savings deposits 8993.2 9574.0 9822.1 9630.1 9569.8 9741.7 9822.1 9965.6 10013.6 41

 42 FL762150005 Federal funds and security repos 196.8 162.6 170.5 158.5 162.9 166.9 170.5 156.9 158.0 42

 43 FL764122005 Debt securities 254.2 232.8 219.8 229.8 225.2 228.0 219.8 218.4 221.8 43

 44 FL763169175 Open market paper 53.6 49.0 49.7 49.4 48.7 50.4 49.7 48.9 50.9 44

 45 FL763163005 Corporate bonds 200.6 183.7 170.1 180.4 176.5 177.6 170.1 169.5 170.9 45

 46 FL763169305 Loans (other loans and advances) 498.7 566.4 586.5 525.7 569.6 579.5 586.5 557.1 588.6 46

 47 FL763178003 Taxes payable (net) 71.9 72.6 104.4 65.3 69.9 80.8 104.4 90.3 93.0 47

 48 FL763190005 Miscellaneous liabilities 2786.3 2914.8 2989.7 2962.9 3006.6 3050.4 2989.7 2958.4 2957.2 48

 49 FL763194735 Investment by holding companies 2175.2 2285.8 2373.6 2326.5 2356.5 2401.2 2373.6 2345.6 2351.1 49

 50 FL763193005 Other 611.1 629.0 616.1 636.4 650.1 649.2 616.1 612.8 606.1 50

 Memo:

 51 FL763066303 Consumer leases not included above (1) 8.0 9.3 11.2 9.7 10.7 11.0 11.2 11.4 11.8 51

 52 FL763139105 Uninsured deposits (2) 4428.4 4726.6 4888.4 4747.7 4702.1 4776.5 4888.4 4884.8 4847.2 52

(1) Receivables from operating leases, such as consumer automobile leases, are booked as current income when payments are received and are not included in financial assets (or household liabilities).

 The leased automobile is a nonfinancial asset.

(2) Includes checkable deposits (line 37) and time and savings deposits (line 41) not insured by the Federal Deposit Insurance Corporation.
L

e

v

els

Z.1, September 20, 2018 89

L.112 Foreign Banking Offices in U.S. (1)

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

2015 2016 2017 2017 2018

 Q1 Q2 Q3 Q4 Q1 Q2

 1 FL754090005 Total financial assets 1905.6 1800.2 2092.7 1951.2 1956.6 2064.3 2092.7 2132.8 2129.6 1

 2 FL753025003 Vault cash 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2

 3 FL753013003 Reserves at Federal Reserve 690.3 567.8 710.1 728.9 704.6 782.5 710.1 777.0 731.8 3

 4 FL752050005 Federal funds and security repos 218.5 193.1 269.7 197.1 211.9 240.2 269.7 264.4 290.5 4

 5 FL754022005 Debt securities 265.3 276.0 303.3 266.2 270.0 259.8 303.3 293.0 300.6 5

 6 FL753069603 Open market paper 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 6

 7 FL753061103 Treasury securities 69.8 94.0 99.5 88.4 91.4 84.3 99.5 99.3 107.8 7

 8 FL753061703 Agency- and GSE-backed securities 23.1 21.1 43.6 21.9 22.9 21.3 43.6 41.5 43.2 8

 9 FL753062003 Municipal securities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

 10 FL753063005 Corporate and foreign bonds 172.4 160.8 160.2 155.9 155.7 154.2 160.2 152.3 149.6 10

 11 FL754023005 Loans 673.1 700.1 706.5 698.5 699.4 704.7 706.5 700.4 703.9 11

 12 FL753068005 Depository institution loans n.e.c. 621.7 632.9 629.9 630.1 626.7 631.4 629.9 622.5 633.6 12

 13 FL753069703 Other loans and advances 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13

 14 FL753065005 Mortgages 51.3 67.2 76.7 68.4 72.6 73.2 76.7 78.0 70.3 14

 15 FL753064103 Corporate equities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15

 16 FL753093005 Miscellaneous assets 58.4 63.3 103.2 60.5 70.7 77.1 103.2 98.0 102.9 16

 17 FL754190005 Total liabilities 1974.7 1835.4 2099.5 1990.6 2014.9 2086.0 2099.5 2150.4 2149.4 17

 18 FL754110005 Net interbank liabilities 71.5 22.0 133.5 65.8 46.9 94.3 133.5 184.1 177.2 18

 19 FL754116005 To foreign banks 43.2 -12.8 107.5 28.4 10.0 65.0 107.5 163.9 152.6 19

 20 FL754112005 To domestic banks 28.3 34.8 26.1 37.4 36.9 29.3 26.1 20.2 24.6 20

 21 FL753127005 Checkable deposits 154.1 151.3 185.4 170.4 176.9 174.0 185.4 179.0 178.1 21

 22 FL753130005 Time and savings deposits 934.9 794.3 820.0 865.6 881.4 883.7 820.0 849.2 877.8 22

 23 FL752150005 Federal funds and security repos 406.6 473.3 561.6 480.0 515.6 544.8 561.6 526.3 502.9 23

 24 FL753169603 Debt securities (open market paper) (2) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 24

 25 LM753192003 Foreign direct investment in U.S. 193.9 197.8 205.7 201.6 205.5 205.4 205.7 206.7 207.8 25

 26 FL753190005 Miscellaneous liabilities 213.7 196.6 193.2 207.2 188.5 183.8 193.2 205.2 205.6 26

 27 FL753194503 Investment by funding corporations 105.4 99.8 79.7 110.1 89.1 81.5 79.7 90.7 100.0 27

 28 FL753193005 Other 108.3 96.9 113.5 97.1 99.4 102.3 113.5 114.5 105.6 28

 Memo:

 29 FL753139105 Uninsured deposits (3) 1089.1 945.6 1005.4 1036.0 1058.4 1057.8 1005.4 1028.2 1055.9 29

(1) Branches and agencies of foreign banks, Edge Act and Agreement corporations, New York investment companies (through 1996:Q2), and American Express Bank (through 2008:Q4).

(2) Bankers’ acceptances.

(3) All checkable deposits (line 21) and time and savings deposits (line 22) are considered uninsured according to the Federal Deposit Insurance Act.
L

e

v

els

90 Z.1, September 20, 2018

L.113 Banks in U.S.-Affiliated Areas (1)

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

2015 2016 2017 2017 2018

 Q1 Q2 Q3 Q4 Q1 Q2

 1 FL744090005 Total financial assets 92.3 99.2 95.7 99.6 100.4 92.5 95.7 98.2 100.9 1

 2 FL743013003 Reserves at Federal Reserve 3.8 4.7 7.8 5.5 6.5 7.7 7.8 9.4 10.8 2

 3 FL744022003 Debt securities 11.9 13.2 14.9 14.1 14.3 13.5 14.9 16.0 16.6 3

 4 FL743061103 Treasury securities 2.4 3.2 5.1 4.0 4.3 3.9 5.1 6.3 6.7 4

 5 FL743061703 Agency- and GSE-backed securities 1.8 1.5 1.5 1.5 1.4 1.4 1.5 1.7 8.5 5

 6 FL743062003 Municipal securities 2.1 1.7 1.3 1.7 1.6 1.3 1.3 1.3 1.3 6

 7 FL743063005 Corporate and foreign bonds 5.6 6.7 7.0 6.9 6.9 6.9 7.0 6.7 0.1 7

 8 FL744023003 Loans 41.7 39.8 39.2 38.9 38.8 38.3 39.2 38.6 38.4 8

 9 FL743068005 Depository institution loans n.e.c. 15.1 13.9 13.1 13.4 13.6 13.0 13.1 13.1 13.3 9

 10 FL743065103 Home mortgages 15.8 15.1 15.4 14.9 14.7 14.6 15.4 15.0 14.8 10

 11 FL743065505 Commercial mortgages 10.8 10.7 10.6 10.6 10.5 10.7 10.6 10.5 10.3 11

 12 FL743093005 Miscellaneous assets 34.9 41.6 33.9 41.2 40.8 33.0 33.9 34.2 35.2 12

 13 FL744190005 Total liabilities 83.0 89.9 86.0 90.4 91.1 83.0 86.0 88.3 91.0 13

 14 FL744110005 Net interbank liabilities -1.3 -1.3 -1.3 -1.3 -1.2 -1.7 -1.3 -1.2 -1.6 14

 15 FL743127003 Checkable deposits 35.0 40.8 41.1 41.9 43.0 39.2 41.1 42.6 45.4 15

 16 FL743130003 Time and savings deposits 43.9 46.4 41.8 46.0 45.1 41.5 41.8 42.9 43.2 16

 17 FL743193005 Miscellaneous liabilities 5.3 4.1 4.4 3.8 4.2 3.9 4.4 4.1 4.1 17

 Memo:

 18 FL743139105 Uninsured deposits (2) 20.1 24.3 27.2 27.4 28.1 27.0 27.2 29.0 30.6 18

(1) Commercial banks and branches of U.S.-chartered depository institutions located in Puerto Rico, the U.S. Virgin Islands, American Samoa, Guam, and other U.S.-affiliated insular areas.

(2) Includes checkable deposits (line 15) and time and savings deposits (line 16) not insured by the Federal Deposit Insurance Corporation.

L.114 Credit Unions

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

 1 FL474090005 Total financial assets 1165.6 1253.8 1342.1 1307.4 1315.3 1327.7 1342.1 1388.1 1407.2 1

 2 FL473013005 Reserves at Federal Reserve 66.2 67.2 69.3 91.9 74.8 72.4 69.3 92.6 72.4 2

 3 FL472050053 Federal funds and security repos 0.0 0.0 0.2 0.1 0.1 0.2 0.2 0.3 0.4 3

 4 FL474022005 Debt securities 219.9 217.5 213.0 223.8 223.3 216.4 213.0 213.3 213.3 4

 5 FL473069153 Open market paper 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.4 5

 6 FL473061105 Treasury securities 29.2 28.6 29.3 28.2 28.2 28.0 29.3 29.6 29.9 6

 7 FL473061705 Agency- and GSE-backed securities 175.6 172.3 168.0 178.8 178.5 172.6 168.0 167.9 167.5 7

 8 FL473062005 Municipal securities 4.3 5.1 5.1 5.1 5.3 5.0 5.1 4.8 4.9 8

 9 FL473063005 Corporate and foreign bonds 10.8 11.5 10.7 11.7 11.4 10.8 10.7 10.9 10.6 9

 10 FL474023000 Loans 804.9 889.5 978.4 905.5 934.5 958.5 978.4 992.4 1029.4 10

 11 FL473068005 Depository institution loans n.e.c. 57.7 69.8 78.6 71.3 71.4 78.0 78.6 79.0 83.1 11

 12 FL473065100 Home mortgages 404.9 439.4 481.4 447.3 458.8 471.6 481.4 491.2 504.4 12

 13 FL473066000 Consumer credit 342.3 380.3 418.4 386.9 404.3 408.9 418.4 422.2 441.9 13

 14 LM473064205 Mutual fund shares 1.9 1.9 2.3 2.1 2.1 2.3 2.3 2.4 2.3 14

 15 FL473090005 Miscellaneous assets 72.6 77.6 79.0 84.1 80.5 78.0 79.0 87.1 89.4 15

 16 FL474190005 Total liabilities 1051.2 1131.8 1211.7 1182.8 1188.2 1198.9 1211.7 1256.2 1272.8 16

 17 FL474110005 Net interbank liabilities -45.7 -46.5 -42.4 -38.7 -42.9 -41.5 -42.4 -34.5 -38.8 17

 18 FL473127003 Checkable deposits 153.4 157.1 172.4 167.1 169.3 168.8 172.4 185.1 185.0 18

 19 FL473130005 Time and savings deposits 882.9 957.3 1008.6 993.5 998.5 1003.3 1008.6 1040.6 1048.5 19

 20 FL472150053 Federal funds and security repos 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 20

 21 FL473169333 Loans (other loans and advances) 44.7 46.7 54.8 45.2 46.6 50.5 54.8 46.5 52.4 21

 22 FL473193005 Miscellaneous liabilities 16.0 17.2 18.3 15.7 16.6 17.7 18.3 18.5 25.7 22

 Memo:

 23 FL473139103 Uninsured deposits (1) 54.8 63.6 71.3 66.8 67.7 69.1 71.3 73.9 74.2 23

(1) Includes checkable deposits (line 18) and time and savings deposits (line 19) not insured by the National Credit Union Share Insurance Fund.
L

e

v

els

Z.1, September 20, 2018 91

L.115 Property-Casualty Insurance Companies

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

2015 2016 2017 2017 2018

 Q1 Q2 Q3 Q4 Q1 Q2

 1 FL514090005 Total financial assets 2142.7 2224.7 2390.0 2265.4 2307.6 2370.7 2390.0 2383.7 2401.0 1

 2 FL513020005 Checkable deposits and currency 34.9 27.6 31.9 28.6 28.7 38.8 31.9 33.9 38.8 2

 3 FL513034005 Money market fund shares 22.4 15.6 19.6 16.1 16.7 17.9 19.6 20.8 28.4 3

 4 FL512051005 Security repurchase agreements 1.4 1.4 1.4 1.3 1.3 1.3 1.4 1.2 1.0 4

 5 LM514022005 Debt securities 1028.9 1064.2 1097.2 1052.6 1063.9 1074.1 1097.2 1073.2 1069.8 5

 6 LM513069105 Open market paper 9.2 20.3 11.4 17.2 14.5 12.7 11.4 9.6 8.4 6

 7 LM513061105 Treasury securities 104.1 114.9 149.6 119.8 127.0 136.3 149.6 139.8 133.1 7

 8 LM513061705 Agency- and GSE-backed securities 106.2 108.0 115.1 108.0 110.5 112.3 115.1 114.0 115.3 8

 9 LM513062005 Municipal securities 357.5 350.7 338.9 342.2 341.4 338.6 338.9 338.9 344.1 9

 10 LM513063005 Corporate and foreign bonds 451.8 470.3 482.2 465.4 470.6 474.2 482.2 470.9 468.9 10

 11 FL513065505 Loans (commercial mortgages) 12.8 15.5 17.8 14.7 16.2 17.2 17.8 18.7 18.9 11

 12 LM513064105 Corporate equities 334.0 354.3 410.6 364.0 369.8 383.5 410.6 407.3 409.0 12

 13 LM513064205 Mutual fund shares 19.1 20.0 24.4 21.2 22.1 23.2 24.4 24.8 25.5 13

 14 FL513070005 Trade receivables 155.1 158.9 168.2 166.0 170.3 170.6 168.2 177.6 182.1 14

 15 LM513092003 U.S. direct investment abroad 115.5 120.9 125.1 122.3 128.6 128.6 125.1 131.2 133.2 15

 16 FL513090005 Miscellaneous assets 418.6 446.3 493.9 478.5 490.0 515.7 493.9 495.0 494.2 16

 17 FL513092403 Equity in FHLB 0.1 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 17

 18 FL513076005 Policy payables (1) 241.9 262.1 299.4 268.1 278.5 295.8 299.4 301.3 304.5 18

 19 FL513093005 Other 176.5 184.1 194.4 210.2 211.3 219.8 194.4 193.4 189.5 19

 20 FL514190005 Total liabilities 1404.4 1469.4 1584.5 1494.9 1531.7 1603.4 1584.5 1601.0 1616.0 20

 21 FL512151003 Security repurchase agreements 1.4 0.4 0.4 0.4 0.4 0.4 0.4 0.3 0.3 21

 22 FL513169333 Loans (other loans and advances) 2.4 2.9 2.7 2.9 3.9 2.9 2.7 3.7 3.2 22

 23 FL513170005 Trade payables 60.6 67.4 68.4 67.6 67.9 68.3 68.4 68.9 69.6 23

 24 FL513178005 Taxes payable 7.4 8.4 13.3 8.0 6.7 7.2 13.3 14.2 11.9 24

 25 LM513192003 Foreign direct investment in U.S. 120.1 153.4 156.8 153.2 154.6 153.5 156.8 164.7 160.6 25

 26 FL513190005 Miscellaneous liabilities 1212.6 1236.9 1342.9 1262.8 1298.3 1371.0 1342.9 1349.1 1370.4 26

 27 FL513194733 Investment by parent companies 4.5 4.3 4.8 3.9 4.4 4.6 4.8 5.3 5.8 27

 28 FL513176005 Policy payables 1130.5 1174.4 1250.2 1174.4 1199.6 1264.0 1250.2 1258.5 1271.7 28

 29 FL513193005 Other 77.6 58.3 87.8 84.5 94.3 102.4 87.8 85.4 92.9 29

 Memo:

 30 FL513200003 Securities lending (2) 2.8 3.1 5.1 4.8 5.2 5.6 5.1 5.6 6.1 30

 31 FL514090023 Financial guaranty insurers’ total assets (3) 27.5 26.7 26.5 26.6 26.3 26.4 26.5 25.4 25.0 31

 32 FL514090033 Mortgage guaranty insurers’ total assets (3) 20.6 20.9 22.1 21.4 21.5 21.9 22.1 25.3 25.5 32

 33 FL513176015 Direct reserve 975.8 1010.4 1060.0 1006.1 1024.1 1076.3 1060.0 1067.0 1078.2 33

 34 FL513176025 Reinsured to U.S. reinsurers 116.2 124.3 140.1 126.8 131.3 138.6 140.1 141.0 142.5 34

 35 FL263176005 Reinsured to non-U.S. reinsurers 125.8 137.8 159.3 141.3 147.3 157.2 159.3 160.3 162.0 35

 36 FL263076005 Reinsured from non-U.S. reinsurers 38.6 39.8 50.1 41.4 44.3 49.1 50.1 50.5 51.0 36

(1) Policy payables due from reinsurers.

(2) Liability for securities lending collateral, included in line 29.

(3) Total nonfinancial and financial assets of financial guaranty insurers and mortgage guaranty insurers as reported in statutory financial statements, with securities reported at book/adjusted

 carrying value.
L

e

v

els

92 Z.1, September 20, 2018

L.116 Life Insurance Companies (1)

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

2015 2016 2017 2017 2018

 Q1 Q2 Q3 Q4 Q1 Q2

 1 FL544090005 Total financial assets 6895.5 7247.7 7742.1 7388.6 7508.0 7638.1 7742.1 7643.0 7663.6 1

 2 FL543020005 Checkable deposits and currency 70.3 73.5 91.0 74.6 82.7 83.1 91.0 87.2 91.5 2

 3 FL543034005 Money market fund shares 58.1 44.6 48.2 46.3 47.1 48.8 48.2 44.7 50.7 3

 4 FL542051075 Security repurchase agreements 2.8 2.5 2.0 2.5 2.4 2.3 2.0 1.8 1.7 4

 5 LM544022005 Debt securities 3228.0 3407.3 3581.0 3452.2 3497.9 3538.7 3581.0 3520.3 3495.4 5

 6 LM543069105 Open market paper 44.4 46.6 38.0 45.7 43.3 41.8 38.0 35.8 34.2 6

 7 LM543061105 Treasury securities 206.0 219.3 228.9 220.7 222.5 222.5 228.9 226.8 226.3 7

 8 LM543061705 Agency- and GSE-backed securities 371.2 372.8 389.0 377.3 381.8 385.7 389.0 387.9 388.2 8

 9 LM543062005 Municipal securities 177.3 185.2 199.0 189.0 192.5 196.0 199.0 200.2 201.8 9

 10 LM543063005 Corporate and foreign bonds 2429.1 2583.3 2726.1 2619.5 2657.8 2692.6 2726.1 2669.7 2644.9 10

 11 FL544023005 Loans 592.2 629.9 675.6 640.4 655.7 666.9 675.6 685.3 697.4 11

 12 FL543069005 Other loans and advances 161.5 164.4 169.0 163.9 165.6 169.3 169.0 168.7 169.3 12

 13 FL543065005 Mortgages 430.7 465.5 506.5 476.5 490.1 497.6 506.5 516.6 528.2 13

 14 LM543064105 Corporate equities 335.4 457.1 497.9 469.1 478.0 490.6 497.9 501.1 504.4 14

 15 LM543064205 Mutual fund shares 1609.4 1539.1 1684.9 1586.4 1611.3 1647.9 1684.9 1651.5 1668.1 15

 16 FL543070005 Trade receivables 66.4 91.1 102.2 94.0 96.4 99.4 102.2 103.3 104.3 16

 17 FL543040005 Life insurance reserves 208.6 252.4 286.6 261.1 268.7 277.8 286.6 289.6 292.4 17

 18 FL543050005 Pension entitlements 86.7 83.5 91.4 85.6 87.3 89.4 91.4 92.4 93.6 18

 19 LM543092073 U.S. direct investment abroad 66.6 63.0 70.2 64.1 65.2 64.1 70.2 70.7 68.5 19

 20 FL543090005 Miscellaneous assets 571.0 603.8 611.2 612.5 615.4 629.3 611.2 595.0 595.5 20

 21 FL543092473 Equity in FHLB 3.4 3.8 4.2 4.1 4.0 4.0 4.2 4.5 4.5 21

 22 FL543077073 Deferred and unpaid life ins. premiums 31.6 31.3 33.1 32.7 33.1 33.2 33.1 35.5 35.4 22

 23 FL543095105 Other reserves 71.2 65.9 69.8 67.0 67.9 68.6 69.8 71.8 72.1 23

 24 FL543093005 Other 464.7 502.8 504.1 508.8 510.4 523.5 504.1 483.1 483.5 24

 25 FL544190005 Total liabilities 6402.4 6715.3 7132.7 6841.4 6934.1 7027.1 7132.7 7130.9 7184.1 25

 26 FL542151073 Security repurchase agreements 21.4 21.6 21.4 21.7 22.3 21.7 21.4 19.1 17.9 26

 27 FL543169373 Loans (other loans and advances) 58.1 68.3 74.9 71.2 71.3 72.2 74.9 79.0 79.9 27

 28 FL543170005 Trade payables 114.1 133.7 171.2 143.3 151.6 161.5 171.2 173.0 174.7 28

 29 FL543140005 Life insurance reserves 1828.7 1925.9 2008.8 1950.4 1963.9 1986.5 2008.8 2019.3 2037.2 29

 30 FL543150005 Pension entitlements (2) 3002.3 3103.6 3316.9 3172.4 3212.9 3258.5 3316.9 3293.9 3322.2 30

 31 FL543178075 Taxes payable 7.4 8.4 10.4 8.0 6.7 7.2 10.4 10.2 9.3 31

 32 LM543192073 Foreign direct investment in U.S. 77.6 83.2 90.6 83.3 86.6 87.7 90.6 92.7 94.0 32

 33 FL543190005 Miscellaneous liabilities 1292.9 1370.6 1438.5 1391.3 1418.9 1431.8 1438.5 1443.7 1448.9 33

 34 FL543194733 Investment by parent companies 12.0 13.3 15.8 13.6 14.3 14.7 15.8 15.1 15.0 34

 35 FL673090543 Funding agreements backing securities (3) 63.8 70.7 82.9 73.5 77.4 83.6 82.9 83.6 85.7 35

 36 FL543195005 Other reserves (4) 348.8 364.8 382.4 371.8 373.8 376.4 382.4 393.3 393.9 36

 37 FL593095005 Unallocated insurance contracts 650.9 683.6 728.6 694.1 703.1 715.4 728.6 722.9 727.5 37

 38 FL543193005 Other 217.4 238.2 228.9 238.2 250.4 241.7 228.9 228.8 226.8 38

 Memo:

 39 FL543200073 Securities lending (5) 49.4 47.8 49.0 51.1 50.9 51.5 49.0 52.9 46.3 39

 40 FL543176015 Direct reserve 5586.6 5816.7 6165.0 5924.0 5987.0 6068.9 6165.0 6154.7 6206.0 40

 41 FL543176025 Reinsured to U.S. reinsurers 575.6 616.4 639.0 622.5 627.4 632.9 639.0 645.9 651.9 41

 42 FL543076035 Reinsured to non-U.S. reinsurers 309.4 326.9 363.5 336.3 344.3 354.1 363.5 367.8 371.6 42

 43 FL543176035 Reinsured from non-U.S. reinsurers 10.1 22.4 25.7 23.2 24.0 24.9 25.7 26.0 26.3 43

(1) Additional detail on the financial assets and liabilities held in life insurer’s general and separate accounts is available on tables L.116.g and L.116.s.

(2) Annuity reserves held by life insurance companies, excluding unallocated contracts held by pension funds, which are shown on line 37.

(3) Equal to funding agreement-backed securities (FABS) issued by domestic issuers of asset-backed securities.

(4) Includes reserves for accident and health policies, policy dividend accumulation, and contract claims.

(5) Liability for securities lending collateral, included in line 38.
L

e

v

els

Z.1, September 20, 2018 93

L.116.g Life Insurance Companies: General Accounts

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

2015 2016 2017 2017 2018

 Q1 Q2 Q3 Q4 Q1 Q2

 1 FL544090075 Total financial assets 4502.7 4777.0 5048.9 4854.2 4939.1 5015.2 5048.9 5005.9 5005.5 1

 2 FL543020075 Checkable deposits and currency 56.9 56.1 63.1 55.0 60.7 58.3 63.1 58.9 63.5 2

 3 FL543034075 Money market fund shares 30.5 19.6 25.4 22.0 23.4 25.5 25.4 21.5 28.4 3

 4 FL542051075 Security repurchase agreements 2.8 2.5 2.0 2.5 2.4 2.3 2.0 1.8 1.7 4

 5 LM544022075 Debt securities 2841.6 3006.4 3170.0 3052.0 3096.0 3137.8 3170.0 3112.3 3088.7 5

 6 LM543069175 Open market paper 24.9 29.5 25.6 29.9 28.8 28.4 25.6 23.2 21.8 6

 7 LM543061175 Treasury securities 158.0 167.1 174.6 170.2 172.7 174.9 174.6 172.6 171.8 7

 8 LM543061775 Agency- and GSE-backed securities 279.6 280.2 292.9 283.9 287.4 290.6 292.9 291.7 291.7 8

 9 LM543062075 Municipal securities 169.9 175.6 189.0 179.2 182.7 186.1 189.0 190.1 191.5 9

 10 LM543063075 Corporate and foreign bonds 2209.2 2354.0 2487.9 2388.8 2424.5 2457.8 2487.9 2434.8 2412.0 10

 11 FL544023075 Loans 564.9 601.6 645.9 611.8 626.8 637.6 645.9 655.2 667.6 11

 12 FL543069075 Other loans and advances 156.5 159.5 164.2 159.0 160.8 164.5 164.2 163.9 164.5 12

 13 FL543065075 Mortgages 408.4 442.1 481.6 452.8 465.9 473.1 481.6 491.3 503.1 13

 14 LM543064175 Corporate equities 82.1 88.7 96.0 89.5 93.8 96.2 96.0 93.4 94.0 14

 15 LM543064275 Mutual fund shares 5.3 6.5 7.3 6.7 6.8 7.0 7.3 7.5 7.8 15

 16 FL543070075 Trade receivables 66.3 91.1 102.2 94.0 96.4 99.3 102.2 103.3 104.3 16

 17 FL543040075 Life insurance reserves 208.6 252.4 286.6 261.1 268.7 277.8 286.6 289.6 292.4 17

 18 FL543050075 Pension entitlements 86.5 83.5 91.3 85.5 87.2 89.3 91.3 92.4 93.6 18

 19 LM543092073 U.S. direct investment abroad 66.6 63.0 70.2 64.1 65.2 64.1 70.2 70.7 68.5 19

 20 FL543090075 Miscellaneous assets 490.6 505.7 488.9 510.1 511.7 520.0 488.9 499.3 495.0 20

 21 FL544190075 Total liabilities 3991.5 4224.6 4422.5 4279.2 4326.0 4374.3 4422.5 4476.6 4509.1 21

 22 FL542151073 Security repurchase agreements 21.4 21.6 21.4 21.7 22.3 21.7 21.4 19.1 17.9 22

 23 FL543169373 Loans (other loans and advances) 58.1 68.3 74.9 71.2 71.3 72.2 74.9 79.0 79.9 23

 24 FL543170075 Trade payables 114.0 133.7 171.2 143.3 151.6 161.5 171.2 173.0 174.7 24

 25 FL543140075 Life insurance reserves 1512.1 1592.4 1656.7 1609.8 1619.8 1639.2 1656.7 1674.4 1690.6 25

 26 FL543150075 Pension entitlements (1) 1179.0 1240.6 1259.2 1248.9 1249.0 1255.1 1259.2 1279.4 1297.1 26

 27 FL543178075 Taxes payable 7.4 8.4 10.4 8.0 6.7 7.2 10.4 10.2 9.3 27

 28 LM543192073 Foreign direct investment in U.S. 77.6 83.2 90.6 83.3 86.6 87.7 90.6 92.7 94.0 28

 29 FL543190075 Miscellaneous liabilities 1022.0 1076.5 1138.2 1093.2 1118.8 1129.7 1138.2 1148.8 1145.6 29

(1) Annuity reserves held by life insurance companies, excluding unallocated contracts held by private pension funds which are included in miscellaneous liabilities (line 29).

L.116.s Life Insurance Companies: Separate Accounts

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

 1 FL544090085 Total financial assets 2392.8 2470.7 2693.3 2534.4 2568.9 2622.9 2693.3 2637.0 2658.2 1

 2 FL543020083 Checkable deposits and currency 13.3 17.4 27.8 19.6 22.0 24.7 27.8 28.2 28.0 2

 3 FL543034385 Money market fund shares 27.6 25.0 22.8 24.3 23.7 23.3 22.8 23.2 22.4 3

 4 LM544022085 Debt securities 386.4 400.9 411.0 400.2 401.9 400.8 411.0 408.0 406.7 4

 5 LM543069183 Open market paper 19.5 17.1 12.4 15.8 14.5 13.4 12.4 12.5 12.4 5

 6 LM543061183 Treasury securities 48.0 52.2 54.2 50.5 49.8 47.7 54.2 54.2 54.5 6

 7 LM543061783 Agency- and GSE-backed securities 91.6 92.6 96.2 93.4 94.4 95.1 96.2 96.2 96.5 7

 8 LM543062083 Municipal securities 7.4 9.7 10.0 9.7 9.8 9.9 10.0 10.1 10.4 8

 9 LM543063085 Corporate and foreign bonds 219.9 229.3 238.2 230.7 233.3 234.8 238.2 234.8 232.9 9

 10 FL544023085 Loans 27.3 28.2 29.7 28.6 29.0 29.3 29.7 30.1 29.9 10

 11 FL543069483 Other loans and advances 5.0 4.9 4.8 4.9 4.8 4.8 4.8 4.8 4.8 11

 12 FL543065083 Mortgages 22.3 23.3 24.9 23.7 24.1 24.5 24.9 25.3 25.1 12

 13 LM543064183 Corporate equities 253.3 368.4 401.9 379.6 384.2 394.3 401.9 407.7 410.4 13

 14 LM543064285 Mutual fund shares 1604.1 1532.6 1677.7 1579.6 1604.5 1640.9 1677.7 1644.0 1660.3 14

 15 FL543070085 Trade receivables 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15

 16 FL543040085 Life insurance reserves 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16

 17 FL543050085 Pension entitlements 0.2 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 17

 18 FL543090085 Miscellaneous assets 80.4 98.1 122.3 102.5 103.7 109.3 122.3 95.6 100.5 18

 19 FL544190085 Total liabilities 2410.9 2490.6 2710.2 2562.2 2608.1 2652.8 2710.2 2654.3 2675.0 19

 20 FL543170085 Trade payables 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 20

 21 LM543140085 Life insurance reserves 316.6 333.6 352.1 340.6 344.0 347.3 352.1 344.8 346.6 21

 22 LM543150085 Pension entitlements (1) 1823.4 1862.9 2057.7 1923.5 1963.9 2003.3 2057.7 2014.5 2025.1 22

 23 FL543190085 Miscellaneous liabilities 270.9 294.1 300.4 298.1 300.1 302.1 300.4 294.9 303.3 23

(1) Annuity reserves held by life insurance companies, excluding unallocated contracts held by private pension funds which are included in miscellaneous liabilities (line 23).
L

e

v

els

94 Z.1, September 20, 2018

L.117 Private and Public Pension Funds (1)

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

2015 2016 2017 2017 2018

 Q1 Q2 Q3 Q4 Q1 Q2

 1 FL594090005 Total financial assets (2) 20393.1 21197.1 22447.9 21565.7 21822.0 22105.6 22447.9 22495.2 22696.3 1

 2 FL593020005 Checkable deposits and currency 59.4 62.4 51.0 57.2 52.8 52.2 51.0 49.3 47.6 2

 3 FL593030005 Time and savings deposits 34.5 34.2 31.4 33.2 32.9 32.4 31.4 30.2 29.1 3

 4 FL593034005 Money market fund shares 207.9 224.7 212.4 220.9 219.0 216.9 212.4 207.7 204.4 4

 5 FL592051005 Security repurchase agreements 6.5 7.4 6.5 7.2 7.1 6.9 6.5 6.1 5.8 5

 6 LM594022005 Debt securities 3792.3 3951.8 4022.7 3835.7 3766.0 4059.3 4022.7 4202.7 4265.3 6

 7 FL593069105 Open market paper 84.0 95.2 89.1 93.3 93.3 92.4 89.1 86.4 85.0 7

 8 LM593061105 Treasury securities (3) 2176.1 2334.8 2330.8 2213.4 2138.1 2396.2 2330.8 2506.4 2544.8 8

 9 LM593061705 Agency- and GSE-backed securities 268.0 275.8 290.1 276.5 280.4 282.5 290.1 291.2 294.5 9

 10 LM593062045 Municipal securities 2.5 2.7 3.8 2.7 2.8 2.4 3.8 2.9 3.0 10

 11 LM593063005 Corporate and foreign bonds 1261.7 1243.3 1308.9 1249.8 1251.4 1285.8 1308.9 1315.8 1338.1 11

 12 FL593065005 Loans (mortgages) 30.0 37.3 26.5 33.2 31.0 25.3 26.5 25.4 23.5 12

 13 LM593064105 Corporate equities 4710.8 4907.9 5669.1 5105.2 5238.5 5420.8 5669.1 5569.3 5695.0 13

 14 LM593064205 Mutual fund shares 3554.7 3768.1 4339.2 3958.5 4079.7 4201.8 4339.2 4314.1 4340.0 14

 15 FL593090005 Miscellaneous assets 7997.0 8203.2 8089.1 8314.7 8395.0 8089.9 8089.1 8090.4 8085.5 15

 16 FL593095005 Unallocated insurance contracts (4) 650.9 683.6 728.6 694.1 703.1 715.4 728.6 722.9 727.5 16

 17 FL573074005 Contributions receivable 91.3 95.2 104.1 98.3 99.2 100.8 104.1 107.3 110.7 17

 18 FL593073005 Claims of pension fund on sponsor (5) 6444.5 6516.6 6279.9 6590.6 6646.0 6313.9 6279.9 6276.4 6246.7 18

 19 FL593093005 Other 810.5 907.8 976.6 931.7 946.8 959.8 976.6 983.9 1000.6 19

 20 FL594190005 Pension entitlements (liabilities) (6) 20570.5 21344.4 22580.9 21703.6 21949.7 22235.5 22580.9 22627.5 22825.9 20

 Memo:

 Funded status of defined benefit plans:

 21 FL594190045 Pension entitlements 14469.5 14825.9 15181.3 14915.5 15005.2 15094.7 15181.3 15267.5 15353.6 21

 22 FL592000075 Funded by assets (7) 8025.1 8309.3 9053.1 8432.6 8500.7 8792.8 9053.1 8991.1 9106.9 22

 23 FL593073045 Unfunded (line 18) 6444.5 6516.6 6128.2 6482.9 6504.5 6301.9 6128.2 6276.4 6246.7 23

 24 FL153050015 Household retirement assets (8) 30471.9 31919.0 34448.8 32654.0 33132.5 33706.0 34448.8 34448.4 ND 24

 25 FL594190045 Defined benefit plans 14469.5 14825.9 15181.3 14915.5 15005.2 15094.7 15181.3 15267.5 15353.6 25

 26 FL594090055 Defined contribution plans 6101.0 6518.5 7399.6 6788.1 6944.4 7140.9 7399.6 7360.1 7472.3 26

 27 LM893131573 Individual retirement plans (IRAs) (9) 7477.0 8080.0 9200.0 8400.0 8600.0 8850.0 9200.0 9171.0 ND 27

 28 FL543150015 Annuities at life insurance companies (10) 2424.3 2494.6 2667.9 2550.4 2582.9 2620.5 2667.9 2649.9 ND 28

(1) Private pension funds, state and local government employee retirement funds, and federal government retirement funds defined benefit plans and defined contribution plans.

(2) Includes claims on sponsor (i.e., unfunded pension entitlements).

(3) Includes both marketable and nonmarketable government securities.

(4) Assets of pension plans held at life insurance companies; series begins 1985:Q4.

(5) Unfunded defined benefit pension entitlements. Negative values indicate overfunding.

(6) Actuarial value of accrued pension entitlements in defined benefit plans and assets of defined contribution plans. These liabilities are assets of the household sector.

(7) Total defined benefit financial assets plus nonfinancial assets less claims of pension fund on sponsor.

(8) Households’ retirement assets in tax-deferred accounts, including employer sponsored pension plans, IRAs, Roth IRAs, and annuities.

(9) IRA assets are not included above. See memo items on table L.227 for a sectoral distribution of IRA accounts.

(10) Annuities held in IRAs are excluded. They are included in line 27.
L

e

v

els

Z.1, September 20, 2018 95

L.118 Private Pension Funds (1)

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

2015 2016 2017 2017 2018

 Q1 Q2 Q3 Q4 Q1 Q2

 1 FL574090005 Total financial assets (2) 8566.6 9003.8 9765.0 9243.6 9378.7 9547.3 9765.0 9724.6 9808.2 1

 2 FL573020005 Checkable deposits and currency 19.8 21.0 22.4 21.4 21.4 21.7 22.4 22.6 23.2 2

 3 FL573030005 Time and savings deposits 32.1 31.3 28.9 30.4 30.1 29.7 28.9 27.8 26.9 3

 4 FL573034005 Money market fund shares 152.7 159.1 156.1 157.8 157.0 156.8 156.1 155.1 154.3 4

 5 FL572051005 Security repurchase agreements 2.7 2.6 2.3 2.5 2.5 2.4 2.3 2.2 2.2 5

 6 LM574022005 Debt securities 1175.8 1224.2 1291.0 1242.4 1257.8 1271.8 1291.0 1284.2 1301.0 6

 7 FL573069105 Open market paper 39.6 39.1 41.1 39.3 40.2 40.9 41.1 41.8 42.7 7

 8 LM573061105 Treasury securities 286.7 302.5 323.4 308.6 312.4 316.7 323.4 333.6 350.8 8

 9 LM573061705 Agency- and GSE-backed securities 158.3 167.3 178.2 170.5 174.3 176.7 178.2 178.9 181.1 9

 10 LM573063005 Corporate and foreign bonds 691.2 715.4 748.3 724.0 731.0 737.5 748.3 730.0 726.3 10

 11 FL573065005 Loans (mortgages) 22.0 22.8 22.8 22.8 22.8 22.8 22.8 22.7 22.7 11

 12 LM573064105 Corporate equities 2220.4 2326.6 2667.5 2415.6 2459.1 2539.4 2667.5 2619.5 2688.6 12

 13 LM573064205 Mutual fund shares 3088.1 3326.3 3833.1 3489.6 3597.3 3709.8 3833.1 3808.1 3829.6 13

 14 FL573090005 Miscellaneous assets 1853.0 1889.9 1740.9 1861.2 1830.8 1792.8 1740.9 1782.2 1759.7 14

 15 FL573095005 Unallocated insurance contracts (3) 506.3 544.7 574.2 554.4 560.8 568.3 574.2 570.3 572.7 15

 16 FL573074005 Contributions receivable 91.3 95.2 104.1 98.3 99.2 100.8 104.1 107.3 110.7 16

 17 FL573073005 Claims of pension fund on sponsor (4) 609.0 568.6 356.2 519.4 480.5 427.8 356.2 392.3 354.2 17

 18 FL573093005 Other 646.4 681.4 706.4 689.1 690.3 695.9 706.4 712.2 722.1 18

 19 FL574190005 Pension entitlements (liabilities) (5) 8603.2 9040.4 9801.6 9280.2 9415.3 9583.9 9801.6 9761.2 9844.8 19

 Memo:

 Funded status of defined benefit plans:

 20 FL574190043 Pension entitlements 3436.3 3455.7 3457.2 3458.4 3460.5 3460.8 3457.2 3453.7 3450.2 20

 21 FL572000075 Funded by assets (6) 2827.3 2887.1 3101.0 2938.9 2980.0 3033.0 3101.0 3061.4 3096.0 21

 22 FL573073005 Unfunded (line 17) 609.0 568.6 356.2 519.4 480.5 427.8 356.2 392.3 354.2 22

 Total financial assets

 23 FL574090045 Defined benefit plans (7) 3399.7 3419.1 3420.6 3421.8 3423.9 3424.2 3420.6 3417.1 3413.6 23

 24 FL574090055 Defined contribution plans (8) 5166.9 5584.7 6344.4 5821.9 5954.8 6123.1 6344.4 6307.5 6394.6 24

(1) Private defined benefit plans and defined contribution plans (including 401(k) type plans).

(2) Includes claims on sponsor (i.e., unfunded pension entitlements).

(3) Assets of private pension plans held at life insurance companies; series begins 1985:Q4.

(4) Unfunded defined benefit pension entitlements. Negative values indicate overfunding.

(5) Actuarial value of accrued pension entitlements in defined benefit plans and assets of defined contribution plans. These liabilities are assets of the household sector.

(6) Total defined benefit financial assets plus nonfinancial assets less claims of pension fund on sponsor.

(7) Additional detail on defined benefit plans is available on tables L.118.b.

(8) Additional detail on defined contribution plans is available on table L.118.c.
L

e

v

els

96 Z.1, September 20, 2018

L.118.b Private Pension Funds: Defined Benefit Plans

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

2015 2016 2017 2017 2018

 Q1 Q2 Q3 Q4 Q1 Q2

 1 FL574090045 Total financial assets (1) 3399.7 3419.1 3420.6 3421.8 3423.9 3424.2 3420.6 3417.1 3413.6 1

 2 FL573020043 Checkable deposits and currency 10.1 10.5 10.3 10.4 10.4 10.4 10.3 10.2 10.2 2

 3 FL573030043 Time and savings deposits 28.4 27.4 24.8 26.4 26.1 25.7 24.8 23.8 22.8 3

 4 FL573034043 Money market fund shares 33.9 32.8 29.7 31.6 31.3 30.8 29.7 28.4 27.3 4

 5 FL572051043 Security repurchase agreements 2.7 2.6 2.3 2.5 2.5 2.4 2.3 2.2 2.2 5

 6 LM574022045 Debt securities 835.4 859.5 884.2 865.6 876.8 881.4 884.2 879.5 885.3 6

 7 FL573069143 Open market paper 30.9 29.8 31.6 30.0 30.9 31.6 31.6 32.2 33.1 7

 8 LM573061143 Treasury securities 174.7 181.8 187.8 183.5 186.0 186.9 187.8 197.6 209.5 8

 9 LM573061743 Agency- and GSE-backed securities 98.3 102.5 110.0 104.8 107.6 109.3 110.0 110.9 112.5 9

 10 LM573063043 Corporate and foreign bonds 531.5 545.4 554.8 547.3 552.4 553.6 554.8 538.8 530.2 10

 11 FL573065043 Loans (mortgages) 13.9 14.4 14.2 14.3 14.3 14.3 14.2 14.2 14.1 11

 12 LM573064143 Corporate equities 1086.9 1100.0 1247.8 1133.0 1153.3 1189.4 1247.8 1223.7 1254.3 12

 13 LM573064243 Mutual fund shares 382.9 394.4 428.6 404.5 412.8 423.3 428.6 416.6 413.1 13

 14 FL573090045 Miscellaneous assets 1005.5 977.6 778.7 933.3 896.5 846.4 778.7 818.5 784.4 14

 15 FL573095405 Unallocated insurance contracts (2) 56.5 57.2 59.4 57.9 58.6 59.5 59.4 58.3 58.1 15

 16 FL573074043 Contributions receivable 57.7 59.1 65.8 61.6 62.4 63.4 65.8 68.6 71.1 16

 17 FL573073005 Claims of pension fund on sponsor (3) 609.0 568.6 356.2 519.4 480.5 427.8 356.2 392.3 354.2 17

 18 FL573093043 Other 282.3 292.7 297.3 294.4 294.9 295.7 297.3 299.2 301.0 18

 19 FL574190043 Pension entitlements (liabilities) (4) 3436.3 3455.7 3457.2 3458.4 3460.5 3460.8 3457.2 3453.7 3450.2 19

(1) Includes claims on sponsor (i.e., unfunded pension entitlements).

(2) Assets of private pension plans held at life insurance companies; series begins 1985:Q4.

(3) Unfunded defined benefit pension entitlements. Negative values indicate overfunding.

(4) Actuarial value of accrued defined benefit pension entitlements.

L.118.c Private Pension Funds: Defined Contribution Plans (1)

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

 1 FL574090055 Total financial assets 5166.9 5584.7 6344.4 5821.9 5954.8 6123.1 6344.4 6307.5 6394.6 1

 2 FL573020033 Checkable deposits and currency 9.7 10.4 12.1 10.9 11.0 11.4 12.1 12.4 13.0 2

 3 FL573030033 Time and savings deposits 3.7 4.0 4.1 4.0 4.0 4.0 4.1 4.1 4.1 3

 4 FL573034055 Money market fund shares 118.8 126.3 126.3 126.2 125.8 126.0 126.3 126.6 127.0 4

 5 FL572051033 Security repurchase agreements 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5

 6 LM574022035 Debt securities 340.4 364.7 406.8 376.9 381.0 390.4 406.8 404.8 415.7 6

 7 FL573069133 Open market paper 8.7 9.2 9.5 9.3 9.3 9.4 9.5 9.5 9.6 7

 8 LM573061133 Treasury securities 112.0 120.8 135.7 125.2 126.4 129.8 135.7 136.0 141.3 8

 9 LM573061733 Agency- and GSE-backed securities 59.9 64.8 68.2 65.7 66.7 67.4 68.2 68.0 68.7 9

 10 LM573063033 Corporate and foreign bonds 159.7 170.0 193.5 176.7 178.6 183.9 193.5 191.3 196.1 10

 11 FL573065033 Loans (mortgages) 8.0 8.4 8.5 8.4 8.5 8.5 8.5 8.5 8.6 11

 12 LM573064133 Corporate equities 1133.5 1226.7 1419.7 1282.6 1305.8 1350.0 1419.7 1395.9 1434.3 12

 13 LM573064255 Mutual fund shares 2705.3 2931.9 3404.5 3085.1 3184.5 3286.5 3404.5 3391.5 3416.5 13

 14 FL573090055 Miscellaneous assets 847.5 912.3 962.3 927.9 934.3 946.4 962.3 963.7 975.3 14

 15 FL573095505 Unallocated insurance contracts (2) 449.8 487.5 514.8 496.4 502.2 508.8 514.8 512.0 514.6 15

 16 FL573074033 Contributions receivable 33.6 36.1 38.3 36.7 36.8 37.3 38.3 38.7 39.6 16

 17 FL573093033 Other 364.1 388.8 409.2 394.7 395.3 400.2 409.2 413.0 421.1 17

 18 FL574090055 Pension entitlements (liabilities) 5166.9 5584.7 6344.4 5821.9 5954.8 6123.1 6344.4 6307.5 6394.6 18

(1) Includes 401(k) and 403(b) type plans.

(2) Assets of private pension plans held at life insurance companies; series begins 1985:Q4.
L

e

v

els

Z.1, September 20, 2018 97

L.119 Federal Government Employee Retirement Funds

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

2015 2016 2017 2017 2018

 Q1 Q2 Q3 Q4 Q1 Q2

 1 FL344090005 Total financial assets (1) 3740.8 3829.7 3948.6 3861.7 3888.1 3919.1 3948.6 3966.4 3999.9 1

 2 FL343020033 Checkable deposits and currency 0.9 0.8 1.1 0.9 1.0 1.0 1.1 1.1 1.2 2

 3 LM344022005 Debt securities 1735.8 1836.6 1753.7 1689.0 1585.7 1841.5 1753.7 1916.9 1927.6 3

 4 LM343061105 Treasury securities (2) 1714.8 1814.4 1730.1 1666.6 1562.9 1818.3 1730.1 1894.1 1905.0 4

 5 LM343061705 Agency- and GSE-backed securities 8.4 8.7 9.3 8.7 8.9 9.1 9.3 9.1 9.1 5

 6 LM343062033 Municipal securities 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 6

 7 LM343063005 Corporate and foreign bonds 12.6 13.5 14.1 13.6 13.9 14.0 14.1 13.6 13.4 7

 8 LM343064105 Corporate equities 240.3 260.8 324.2 277.1 288.1 300.4 324.2 322.0 330.7 8

 9 FL343073005 Claims of pension fund on sponsor (misc. assets) (3) 1763.7 1731.4 1869.7 1894.7 2013.4 1776.2 1869.7 1726.3 1740.4 9

 10 FL344090005 Pension entitlements (liabilities) (4) 3740.8 3829.7 3948.6 3861.7 3888.1 3919.1 3948.6 3966.4 3999.9 10

 Memo:

 Funded status of defined benefit plans:

 11 FL344090045 Pension entitlements 3282.5 3334.3 3391.2 3348.1 3361.8 3376.2 3391.2 3405.7 3420.2 11

 12 FL342000075 Funded by assets (5) 1518.7 1602.9 1673.2 1561.1 1489.9 1612.1 1673.2 1679.4 1679.8 12

 13 FL343073045 Unfunded (line 7) 1763.7 1731.4 1718.0 1787.1 1871.9 1764.1 1718.0 1726.3 1740.4 13

 Total financial assets

 14 FL344090045 Defined benefit plans (6) 3282.5 3334.3 3391.2 3348.1 3361.8 3376.2 3391.2 3405.7 3420.2 14

 15 FL344090055 Defined contribution plans (7) 458.3 495.4 557.4 513.6 526.3 542.8 557.4 560.7 579.7 15

(1) Includes claims on sponsor (i.e., unfunded pension entitlements).

(2) Comprised primarily of nonmarketable Treasury securities.

(3) Unfunded defined benefit pension entitlements and suspended investments in the Thrift Savings Plan G Fund by the Treasury. Negative values indicate overfunding.

(4) Actuarial value of accrued pension entitlements in defined benefit plans and assets of defined contribution plans, including suspended investments in the Thrift Savings Plan G Fund.

 These liabilities are assets of the household sector.

(5) Total defined benefit financial assets less defined benefit claims of pension fund on sponsor.

(6) Additional detail on defined benefit plans is available on table L.119.b.

(7) Additional detail on defined contribution plans is available on table L.119.c.
L

e

v

els

98 Z.1, September 20, 2018

L.119.b Federal Government Employee Retirement Funds: Defined Benefit Plans (1)

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

2015 2016 2017 2017 2018

 Q1 Q2 Q3 Q4 Q1 Q2

 1 FL344090045 Total financial assets (2) 3282.5 3334.3 3391.2 3348.1 3361.8 3376.2 3391.2 3405.7 3420.2 1

 2 FL343020033 Checkable deposits and currency 0.9 0.8 1.1 0.9 1.0 1.0 1.1 1.1 1.2 2

 3 LM344022045 Debt securities 1504.1 1588.2 1656.6 1546.1 1474.6 1595.8 1656.6 1663.1 1663.5 3

 4 LM343061165 Treasury securities (3) 1498.8 1582.6 1651.1 1540.4 1468.8 1590.4 1651.1 1657.6 1658.1 4

 5 LM343061733 Agency- and GSE-backed securities 0.6 0.8 0.9 0.9 0.9 0.8 0.9 0.8 0.8 5

 6 LM343062033 Municipal securities 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 6

 7 LM343063033 Corporate and foreign bonds 4.5 4.6 4.6 4.7 4.8 4.6 4.6 4.5 4.5 7

 8 LM343064135 Corporate equities 13.8 13.9 15.5 14.1 14.3 15.3 15.5 15.2 15.1 8

 9 FL343073045 Claims of pension fund on sponsor (misc. assets) (4) 1763.7 1731.4 1718.0 1787.1 1871.9 1764.1 1718.0 1726.3 1740.4 9

 10 FL344190045 Pension entitlements (liabilities) (5) 3282.5 3334.3 3391.2 3348.1 3361.8 3376.2 3391.2 3405.7 3420.2 10

(1) Includes Civil Service Retirement and Disability Fund, Railroad Retirement Board, judicial retirement fund, Military Retirement Fund, Foreign Service Retirement and

 Disability Fund, and the National Railroad Investment Trust.

(2) Includes claims on sponsor (i.e., unfunded pension entitlements).

(3) Comprised primarily of nonmarketable Treasury securities.

(4) Unfunded defined benefit pension entitlements. Negative values indicate overfunding.

(5) Actuarial value of accrued pension entitlements in defined benefit plans. These liabilities are assets of the household sector.

L.119.c Federal Government Employee Retirement Funds: Defined Contribution Plans (1)

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

 1 FL344090025 Total financial assets 458.3 495.4 557.4 513.6 526.3 542.8 557.4 560.7 579.7 1

 2 LM344022025 Debt securities 231.7 248.5 97.0 143.0 111.1 245.7 97.0 253.8 264.0 2

 3 LM343061155 Treasury securities (2) 216.0 231.8 79.0 126.2 94.1 228.0 79.0 236.5 246.9 3

 4 LM343061723 Agency- and GSE-backed securities 7.7 7.8 8.5 7.9 8.0 8.3 8.5 8.3 8.2 4

 5 LM343063023 Corporate and foreign bonds 8.0 8.8 9.5 8.9 9.1 9.4 9.5 9.1 8.9 5

 6 LM343064125 Corporate equities 226.6 246.9 308.7 263.0 273.8 285.1 308.7 306.8 315.6 6

 7 FL343073053 Claims of pension fund on sponsor (misc. assets) (3) 0.0 0.0 151.7 107.6 141.4 12.0 151.7 0.0 0.0 7

 8 FL344090025 Pension entitlements (liabilities) 458.3 495.4 557.4 513.6 526.3 542.8 557.4 560.7 579.7 8

(1) Thrift Savings Plan.

(2) Includes nonmarketable Treasury securities held in the G fund and marketable Treasury securities held in the F fund.

(3) Suspended investments in the Thrift Savings Plan G Fund by the Treasury.
L

e

v

els

Z.1, September 20, 2018 99

L.120 State and Local Government Employee Retirement Funds

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

2015 2016 2017 2017 2018

 Q1 Q2 Q3 Q4 Q1 Q2

 1 FL224090005 Total financial assets (1) 8085.7 8363.6 8734.3 8460.4 8555.2 8639.2 8734.3 8804.2 8888.2 1

 2 FL223020043 Checkable deposits and currency 38.7 40.6 27.5 34.9 30.4 29.4 27.5 25.5 23.2 2

 3 FL223030043 Time and savings deposits 2.4 2.9 2.5 2.8 2.8 2.7 2.5 2.3 2.2 3

 4 FL223034005 Money market fund shares 55.2 65.6 56.3 63.1 62.0 60.1 56.3 52.6 50.1 4

 5 FL222051043 Security repurchase agreements 3.8 4.9 4.2 4.7 4.6 4.5 4.2 3.9 3.7 5

 6 LM224022045 Debt securities 880.7 890.9 978.1 904.3 922.5 946.0 978.1 1001.5 1036.8 6

 7 FL223069143 Open market paper 44.5 56.1 48.0 54.0 53.2 51.4 48.0 44.6 42.3 7

 8 LM223061143 Treasury securities 174.5 217.8 277.3 238.1 262.8 261.2 277.3 278.7 288.9 8

 9 LM223061743 Agency- and GSE-backed securities 101.3 99.9 102.6 97.3 97.3 96.7 102.6 103.2 104.3 9

 10 LM223062043 Municipal securities 2.5 2.6 3.8 2.7 2.7 2.3 3.8 2.8 2.9 10

 11 LM223063045 Corporate and foreign bonds 558.0 514.5 546.4 512.3 506.5 534.3 546.4 572.1 598.3 11

 12 FL223065043 Loans (mortgages) 8.0 14.5 3.7 10.4 8.3 2.6 3.7 2.7 0.7 12

 13 LM223064145 Corporate equities 2250.0 2320.6 2677.4 2412.5 2491.3 2581.0 2677.4 2627.8 2675.7 13

 14 LM223064205 Mutual fund shares 466.6 441.8 506.1 469.0 482.4 492.0 506.1 506.0 510.4 14

 15 FL223090005 Miscellaneous assets 4380.3 4581.8 4478.5 4558.8 4550.9 4521.0 4478.5 4581.9 4585.5 15

 16 FL223095505 Unallocated insurance contracts (2) 144.5 138.9 154.4 139.7 142.3 147.1 154.4 152.6 154.8 16

 17 FL223073045 Claims of pension fund on sponsor (3) 4071.7 4216.6 4053.9 4176.4 4152.1 4110.0 4053.9 4157.7 4152.1 17

 18 FL223093005 Other 164.1 226.4 270.1 242.6 256.6 263.9 270.1 271.6 278.5 18

 19 FL224190005 Pension entitlements (liabilities) (4) 8226.6 8474.3 8830.7 8561.7 8646.2 8732.6 8830.7 8899.9 8981.3 19

 Memo:

 Funded status of defined benefit plans:

 20 FL224190043 Pension entitlements 7750.7 8035.9 8332.9 8109.0 8182.9 8257.7 8332.9 8408.1 8483.2 20

 21 FL222000075 Funded by assets (5) 3679.0 3819.3 4278.9 3932.6 4030.8 4147.7 4278.9 4250.4 4331.1 21

 22 FL223073045 Unfunded (line 17) 4071.7 4216.6 4053.9 4176.4 4152.1 4110.0 4053.9 4157.7 4152.1 22

 Total financial assets

 23 FL224090045 Defined benefit plans (6) 7609.9 7925.1 8236.4 8007.7 8091.9 8164.3 8236.4 8312.3 8390.2 23

 24 FL224090055 Defined contribution plans (7) 475.9 438.5 497.8 452.7 463.3 474.9 497.8 491.9 498.0 24

(1) Includes claims on sponsor (i.e., unfunded pension entitlements).

(2) Assets of defined contribution funds held at life insurance companies.

(3) Unfunded defined benefit pension entitlements. Negative values indicate overfunding.

(4) Actuarial value of accrued pension entitlements. These liabilities are assets of the household sector.

(5) Total defined benefit financial assets plus nonfinancial assets less claims of pension fund on sponsor.

(6) Additional detail on defined benefit plans is available on table L.120.b.

(7) Additional detail on defined contribution plans is available on table L.120.c.
L

e

v

els

100 Z.1, September 20, 2018

L.120.b State and Local Government Employee Retirement Funds: Defined Benefit Plans

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

2015 2016 2017 2017 2018

 Q1 Q2 Q3 Q4 Q1 Q2

 1 FL224090045 Total financial assets (1) 7609.9 7925.1 8236.4 8007.7 8091.9 8164.3 8236.4 8312.3 8390.2 1

 2 FL223020043 Checkable deposits and currency 38.7 40.6 27.5 34.9 30.4 29.4 27.5 25.5 23.2 2

 3 FL223030043 Time and savings deposits 2.4 2.9 2.5 2.8 2.8 2.7 2.5 2.3 2.2 3

 4 FL223034043 Money market fund shares 48.8 61.6 52.7 59.2 58.3 56.4 52.7 49.0 46.4 4

 5 FL222051043 Security repurchase agreements 3.8 4.9 4.2 4.7 4.6 4.5 4.2 3.9 3.7 5

 6 LM224022045 Debt securities 880.7 890.9 978.1 904.3 922.5 946.0 978.1 1001.5 1036.8 6

 7 FL223069143 Open market paper 44.5 56.1 48.0 54.0 53.2 51.4 48.0 44.6 42.3 7

 8 LM223061143 Treasury securities 174.5 217.8 277.3 238.1 262.8 261.2 277.3 278.7 288.9 8

 9 LM223061743 Agency- and GSE-backed securities 101.3 99.9 102.6 97.3 97.3 96.7 102.6 103.2 104.3 9

 10 LM223062043 Municipal securities 2.5 2.6 3.8 2.7 2.7 2.3 3.8 2.8 2.9 10

 11 LM223063045 Corporate and foreign bonds 558.0 514.5 546.4 512.3 506.5 534.3 546.4 572.1 598.3 11

 12 FL223065043 Loans (mortgages) 8.0 14.5 3.7 10.4 8.3 2.6 3.7 2.7 0.7 12

 13 LM223064145 Corporate equities 2250.0 2320.6 2677.4 2412.5 2491.3 2581.0 2677.4 2627.8 2675.7 13

 14 LM223064243 Mutual fund shares 192.4 223.6 251.8 236.9 243.3 249.2 251.8 255.0 257.1 14

 15 FL223090045 Miscellaneous assets 4185.0 4365.6 4238.5 4342.1 4330.4 4292.6 4238.5 4344.6 4344.4 15

 16 FL223073045 Claims of pension fund on sponsor (2) 4071.7 4216.6 4053.9 4176.4 4152.1 4110.0 4053.9 4157.7 4152.1 16

 17 FL223093043 Other 113.3 149.0 184.6 165.7 178.3 182.6 184.6 186.9 192.3 17

 18 FL224190043 Pension entitlements (liabilities) (3) 7750.7 8035.9 8332.9 8109.0 8182.9 8257.7 8332.9 8408.1 8483.2 18

(1) Includes claims on sponsor (i.e., unfunded pension entitlements).

(2) Unfunded defined benefit pension entitlements. Negative values indicate overfunding.

(3) Actuarial value of accrued defined benefit pension entitlements. These liabilities are assets of the household sector.

L.120.c State and Local Government Employee Retirement Funds: Defined Contribution Plans (1)

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

 1 FL224090055 Total financial assets 475.9 438.5 497.8 452.7 463.3 474.9 497.8 491.9 498.0 1

 2 FL223034055 Money market fund shares 6.4 4.0 3.6 3.8 3.7 3.7 3.6 3.7 3.6 2

 3 LM223064255 Mutual fund shares 274.2 218.2 254.3 232.1 239.1 242.9 254.3 250.9 253.3 3

 4 FL223090055 Miscellaneous assets 195.3 216.3 240.0 216.7 220.5 228.4 240.0 237.3 241.1 4

 5 FL223095505 Unallocated insurance contracts (misc. assets) (2) 144.5 138.9 154.4 139.7 142.3 147.1 154.4 152.6 154.8 5

 6 FL223093053 Other 50.8 77.4 85.6 77.0 78.3 81.3 85.6 84.7 86.2 6

 7 FL224090055 Pension entitlements (liabilities) 475.9 438.5 497.8 452.7 463.3 474.9 497.8 491.9 498.0 7

(1) Includes 403(b) and 457 type plans.

(2) Assets held at life insurance companies.
L

e

v

els

Z.1, September 20, 2018 101

L.121 Money Market Funds (1)

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

2015 2016 2017 2017 2018

 Q1 Q2 Q3 Q4 Q1 Q2

 1 FL634090005 Total financial assets 2742.4 2731.3 2848.4 2665.2 2635.2 2750.9 2848.4 2793.4 2821.2 1

 2 FL633091003 Foreign deposits 11.1 1.9 3.7 3.6 3.3 5.5 3.7 1.2 2.9 2

 3 FL633020000 Checkable deposits and currency 7.6 29.6 22.1 14.3 14.8 35.9 22.1 10.3 15.8 3

 4 FL633030000 Time and savings deposits 399.3 142.2 178.9 178.2 177.3 198.1 178.9 171.2 176.6 4

 5 FL632051000 Security repurchase agreements 720.8 801.6 956.5 808.7 893.5 909.6 956.5 782.0 909.1 5

 6 FL634022005 Debt securities 1582.4 1748.7 1680.7 1651.8 1539.3 1595.6 1680.7 1822.4 1709.5 6

 7 FL633069175 Open market paper 327.4 109.7 152.6 114.4 129.8 138.7 152.6 159.2 174.4 7

 8 FL633061105 Treasury securities 485.9 797.6 702.9 740.7 625.0 653.2 702.9 880.1 728.6 8

 9 FL633061700 Agency- and GSE-backed securities 468.7 680.4 682.2 643.3 642.9 666.4 682.2 643.5 663.3 9

 10 FL633062000 Municipal securities 236.0 154.3 134.4 145.1 133.0 126.0 134.4 131.8 135.7 10

 11 FL633063005 Corporate and foreign bonds 64.4 6.6 8.5 8.3 8.7 11.2 8.5 7.8 7.5 11

 12 FL633093005 Miscellaneous assets 21.3 7.3 6.6 8.6 7.0 6.2 6.6 6.2 7.3 12

 13 FL634090005 Total shares outstanding (liabilities) 2742.4 2731.3 2848.4 2665.2 2635.2 2750.9 2848.4 2793.4 2821.2 13

 Memo:

 14 FL634090503 Variable annuity money market funds included above 39.0 35.9 32.2 34.4 33.3 32.9 32.2 32.7 31.8 14

(1) Open-end investment companies including variable annuity money market funds.

L.122 Mutual Funds (1)

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

 1 LM654090000 Total financial assets 12897.2 13615.6 15899.0 14327.1 14795.3 15347.0 15899.0 15874.3 16078.2 1

 2 FL652051003 Security repurchase agreements 81.7 84.1 98.0 93.5 91.5 98.0 98.0 94.6 93.3 2

 3 LM654022005 Debt securities 3834.2 4077.1 4514.5 4191.4 4341.7 4438.8 4514.5 4575.6 4575.0 3

 4 LM653069100 Open market paper 81.7 84.1 98.0 93.5 91.5 98.0 98.0 94.6 93.3 4

 5 LM653061105 Treasury securities 826.6 888.6 1099.0 915.5 941.9 1039.7 1099.0 1094.2 1097.3 5

 6 LM653061703 Agency- and GSE-backed securities 584.9 610.4 591.8 597.4 664.4 611.1 591.8 617.3 618.7 6

 7 LM653062003 Municipal securities 603.7 632.2 688.1 646.6 666.5 680.4 688.1 690.4 696.7 7

 8 LM653063005 Corporate and foreign bonds 1737.3 1861.9 2037.6 1938.4 1977.3 2009.5 2037.6 2079.1 2069.0 8

 9 FL653069803 Loans (other loans and advances) 138.9 157.5 173.7 166.1 171.9 177.4 173.7 164.8 173.2 9

 10 LM653064100 Corporate equities 8625.3 9069.9 10819.6 9604.9 9923.3 10351.3 10819.6 10761.9 11012.7 10

 11 FL653093005 Miscellaneous assets 217.1 227.0 293.1 271.3 266.9 281.4 293.1 277.3 224.0 11

 12 LM654090000 Total shares outstanding (liabilities) 12897.2 13615.6 15899.0 14327.1 14795.3 15347.0 15899.0 15874.3 16078.2 12

 Memo:

 13 LM654090500 Variable annuity mutual funds included above 1597.1 1638.2 1795.4 1689.1 1715.6 1754.3 1795.4 1754.9 1771.1 13

 Total financial assets by investment objective:

 14 LM654091603 Domestic equity funds 6045.5 6414.7 7481.8 6762.6 6934.9 7176.5 7481.8 7417.9 7652.0 14

 15 LM654092603 World equity funds 2104.1 2162.5 2824.2 2359.7 2524.0 2688.7 2824.2 2862.5 2812.9 15

 16 LM654091403 Hybrid funds 1334.3 1388.6 1526.7 1433.9 1454.3 1489.9 1526.7 1500.8 1497.8 16

 17 LM654091303 Taxable bond funds 2820.0 3036.0 3402.0 3148.2 3239.7 3331.4 3402.0 3424.3 3438.8 17

 18 LM654091203 Municipal bond funds 593.4 613.7 665.3 628.6 646.5 660.6 665.3 670.7 676.6 18

(1) Open-end investment companies including variable annuity mutual funds.
L

e

v

els

102 Z.1, September 20, 2018

L.123 Closed-End Funds

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

2015 2016 2017 2017 2018

 Q1 Q2 Q3 Q4 Q1 Q2

 1 LM554090005 Total financial assets 261.0 262.6 275.2 268.9 271.8 274.7 275.2 266.3 268.0 1

 2 LM554022005 Debt securities 161.2 160.8 165.9 163.4 165.7 166.1 165.9 162.9 163.6 2

 3 LM553061103 Treasury securities 5.8 3.6 3.7 3.7 3.7 3.7 3.7 3.7 3.6 3

 4 LM553062003 Municipal securities 89.5 86.9 89.0 87.4 88.6 88.7 89.0 87.3 88.7 4

 5 LM553063003 Corporate and foreign bonds 65.8 70.2 73.2 72.3 73.4 73.7 73.2 72.0 71.3 5

 6 LM553064103 Corporate equities 99.8 101.8 109.3 105.5 106.0 108.6 109.3 103.4 104.4 6

 7 LM554090005 Total shares outstanding (liabilities) 261.0 262.6 275.2 268.9 271.8 274.7 275.2 266.3 268.0 7

 Memo:

 Total financial assets by investment objective:

 8 LM554091603 Domestic equity funds 72.2 75.6 79.7 77.9 77.4 78.8 79.7 74.9 77.3 8

 9 LM554092603 World equity funds 27.6 26.2 29.6 27.6 28.6 29.8 29.6 28.5 27.0 9

 10 LM554091303 Domestic taxable bond funds 51.7 53.6 56.0 55.0 55.9 56.5 56.0 55.0 54.3 10

 11 LM554091203 Municipal bond funds 89.5 86.9 89.0 87.4 88.6 88.7 89.0 87.3 88.7 11

 12 LM554092303 World bond funds 19.9 20.3 20.9 21.0 21.2 20.9 20.9 20.6 20.7 12

L.124 Exchange-Traded Funds

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

 1 LM564090005 Total financial assets 2100.7 2524.4 3400.7 2774.5 2944.1 3137.3 3400.7 3411.2 3497.5 1

 2 LM564022005 Debt securities 341.6 429.0 556.2 467.3 503.4 537.1 556.2 563.9 589.7 2

 3 LM563061103 Treasury securities 80.3 94.7 122.1 104.4 110.0 119.1 122.1 131.2 146.7 3

 4 LM563062003 Municipal securities 19.1 24.7 30.4 25.5 27.3 28.6 30.4 30.7 32.8 4

 5 LM563063003 Corporate and foreign bonds 242.2 309.6 403.6 337.4 366.1 389.4 403.6 402.1 410.2 5

 6 LM563064100 Corporate equities 1709.7 2032.7 2775.6 2241.1 2374.4 2531.2 2775.6 2775.6 2838.9 6

 7 LM563093003 Miscellaneous assets (1) 49.3 62.8 68.9 66.1 66.3 69.0 68.9 71.7 68.9 7

 8 LM564090005 Total shares outstanding (liabilities) 2100.7 2524.4 3400.7 2774.5 2944.1 3137.3 3400.7 3411.2 3497.5 8

 Memo:

 Total financial assets by investment objective:

 9 LM564091600 Domestic equity funds 1232.7 1526.8 1978.4 1655.4 1711.0 1802.2 1978.4 1946.9 2055.8 9

 10 LM564092603 World equity funds 474.6 502.7 792.2 582.2 659.5 724.6 792.2 823.6 777.8 10

 11 LM563093003 Commodity funds (1) 49.3 62.8 68.9 66.1 66.3 69.0 68.9 71.7 68.9 11

 12 LM564091403 Hybrid funds 3.7 5.0 7.8 5.6 6.3 7.0 7.8 8.3 8.6 12

 13 LM564091303 Taxable bond funds 321.2 402.5 522.9 439.7 473.7 505.9 522.9 530.1 553.6 13

 14 LM564091203 Municipal bond funds 19.1 24.6 30.4 25.5 27.2 28.6 30.4 30.6 32.7 14

(1) Investments primarily in commodities, currencies, and futures.
L

e

v

els

Z.1, September 20, 2018 103

L.125 Government-Sponsored Enterprises (GSEs) (1)

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

2015 2016 2017 2017 2018

 Q1 Q2 Q3 Q4 Q1 Q2

 1 FL404090005 Total financial assets 6487.7 6685.4 6818.7 6681.1 6728.2 6772.8 6818.7 6806.4 6866.6 1

 2 FL403020005 Checkable deposits and currency 41.0 48.8 49.4 41.8 33.0 37.7 49.4 23.6 31.0 2

 3 FL403030005 Time and savings deposits 2.5 5.9 7.6 5.5 5.9 6.5 7.6 8.8 15.1 3

 4 FL402050005 Federal funds and security repos 182.9 185.0 195.6 207.7 202.3 203.0 195.6 218.7 192.7 4

 5 FL404022005 Debt securities 446.9 442.6 403.8 436.8 427.5 410.9 403.8 407.5 412.0 5

 6 FL403069105 Open market paper 5.5 5.9 6.4 5.5 6.0 6.0 6.4 7.2 7.4 6

 7 FL403061105 Treasury securities 87.5 102.4 101.3 107.9 104.5 99.0 101.3 106.3 116.7 7

 8 FL403061705 Agency- and GSE-backed securities 281.4 287.4 267.4 282.4 280.2 274.5 267.4 265.9 261.8 8

 9 FL403062005 Municipal securities 8.2 5.8 4.6 5.6 5.2 4.7 4.6 4.4 4.4 9

 10 FL403063005 Corporate and foreign bonds 64.3 41.1 24.1 35.3 31.7 26.6 24.1 23.8 21.7 10

 11 FL404023005 Loans 5666.3 5852.4 6051.4 5864.9 5927.3 5980.1 6051.4 6043.1 6108.8 11

 12 FL403069305 Other loans and advances 746.2 825.1 857.7 782.5 826.8 838.9 857.7 827.3 862.1 12

 13 FL403069385 Sallie Mae 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13

 14 FL403069345 Farm Credit System 115.0 120.8 125.6 122.0 120.4 119.8 125.6 128.4 125.4 14

 15 FL403069330 FHLB 631.2 704.3 732.1 660.5 706.4 719.1 732.1 699.0 736.7 15

 16 FL403065005 Mortgages 4920.1 5027.2 5193.7 5082.4 5100.5 5141.1 5193.7 5215.8 5246.7 16

 17 FL403065105 Home 4571.0 4644.8 4774.4 4687.8 4702.8 4735.2 4774.4 4797.5 4822.7 17

 18 FL403065195 Consolidated trusts (2) 4171.8 4284.2 4461.8 4338.4 4364.5 4403.9 4461.8 4493.8 4520.0 18

 19 FL403065185 Other 399.2 360.6 312.6 349.5 338.4 331.3 312.6 303.7 302.7 19

 20 FL403065405 Multifamily residential 249.1 275.4 307.1 286.3 288.0 294.9 307.1 305.8 311.1 20

 21 FL403065495 Consolidated trusts (2) 187.0 223.6 264.2 234.0 243.7 253.4 264.2 269.0 276.0 21

 22 FL403065485 Other 62.2 51.8 42.8 52.2 44.3 41.6 42.8 36.8 35.0 22

 23 FL403065605 Farm 100.0 107.1 112.2 108.3 109.7 111.0 112.2 112.5 112.9 23

 24 FL403066005 Consumer credit 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 24

 25 FL403093005 Miscellaneous assets 148.2 150.7 111.0 124.4 132.2 134.6 111.0 104.6 107.0 25

 26 FL404190005 Total liabilities 6475.4 6673.3 6826.7 6671.2 6722.6 6767.5 6826.7 6794.7 6847.6 26

 27 FL402150005 Federal funds and security repos 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 27

 28 FL403161705 Debt securities (GSE issues) (3) 6369.0 6563.2 6716.3 6570.2 6619.8 6658.1 6716.3 6685.7 6736.1 28

 29 FL403161795 Consolidated trusts (2) 4358.7 4507.7 4726.1 4572.4 4608.2 4657.3 4726.1 4762.7 4796.0 29

 30 FL403161785 Other 2010.3 2055.4 1990.2 1997.8 2011.7 2000.8 1990.2 1922.9 1940.1 30

 31 FL403169283 Loans (U.S. government loans) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 31

 32 FL403190005 Miscellaneous liabilities 106.5 110.1 110.5 101.0 102.8 109.4 110.5 109.1 111.5 32

(1) Federal Home Loan Banks, Fannie Mae, Freddie Mac, Farmer Mac, Farm Credit System, the Financing Corporation, and the Resolution Funding Corporation. The Student Loan Marketing Association

 (Sallie Mae) was included until it was fully privatized in 2004:Q4. Beginning 2010:Q1, almost all Fannie Mae and Freddie Mac mortgage pools (L.126) are consolidated on Fannie Mae’s and

 Freddie Mac’s balance sheets (L.125).

(2) Consolidated trusts refers to the unpaid balance of securitized mortgages Fannie Mae and Freddie Mac moved on to their balance sheets at the beginning of 2010 in response to new accounting rules.

(3) Such issues are classified as agency- and GSE-backed securities.

L.126 Agency- and GSE-Backed Mortgage Pools (1)

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

 1 FL413065005 Total financial assets 1775.5 1933.0 2126.6 1977.1 2022.8 2076.4 2126.6 2164.0 2202.5 1

 2 FL413065105 Home mortgages 1568.8 1684.6 1825.8 1720.8 1755.8 1796.6 1825.8 1851.3 1880.6 2

 3 FL413065405 Multifamily residential mortgages 204.3 245.6 299.1 253.6 265.3 278.1 299.1 311.1 320.4 3

 4 FL413065505 Commercial mortgages 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 FL413065605 Farm mortgages 2.3 2.7 1.7 2.7 1.7 1.7 1.7 1.6 1.6 5

 6 FL413065005 Total pool securities (liabilities) (2) 1775.5 1933.0 2126.6 1977.1 2022.8 2076.4 2126.6 2164.0 2202.5 6

(1) GNMA, Fannie Mae, Freddie Mac, Farmer Mac, and Farmers Home Administration pools. Beginning 2010:Q1, almost all Fannie Mae and Freddie Mac mortgage pools (L.126) are consolidated on Fannie

 Mae’s and Freddie Mac’s balance sheets (L.125). Also includes agency- and GSE-backed mortgage pool securities which are used as collateral for agency- and GSE-backed CMOs and privately

 issued CMOs. Excludes Federal Financing Bank holdings of pool securities, which are included with federal government mortgages and other loans and advances.

(2) Such issues are classified as agency- and GSE-backed securities.
L

e

v

els

104 Z.1, September 20, 2018

L.127 Issuers of Asset-Backed Securities (ABS)

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

2015 2016 2017 2017 2018

 Q1 Q2 Q3 Q4 Q1 Q2

 1 FL674090005 Total financial assets 1346.6 1227.5 1166.1 1191.5 1194.3 1176.6 1166.1 1149.0 1157.1 1

 2 FL674022005 Debt securites 28.2 19.9 11.5 15.3 11.6 10.7 11.5 12.9 13.9 2

 3 FL673061103 Treasury securities 28.2 19.9 11.5 15.3 11.6 10.7 11.5 12.9 13.9 3

 4 FL673061703 Agency- and GSE-backed securities (1) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 FL674023005 Loans 1220.5 1102.9 1039.2 1068.6 1072.2 1049.1 1039.2 1019.8 1025.0 5

 6 FL673069005 Other loans and advances 158.3 159.4 157.8 157.1 162.7 156.8 157.8 149.1 143.0 6

 7 FL673065005 Mortgages (2) 1016.2 893.6 847.5 856.1 854.2 841.6 847.5 839.4 852.4 7

 8 FL673065105 Home 602.6 517.4 475.8 499.2 494.5 483.5 475.8 464.6 457.3 8

 9 FL673065405 Multifamily residential 62.0 47.9 43.1 43.7 41.1 41.8 43.1 41.4 40.9 9

 10 FL673065505 Commercial 351.5 328.4 328.6 313.2 318.5 316.3 328.6 333.4 354.1 10

 11 FL673066000 Consumer credit 46.0 50.0 33.9 55.5 55.4 50.6 33.9 31.3 29.6 11

 12 FL673070003 Trade credit 34.1 33.9 32.5 34.0 33.1 33.2 32.5 32.7 32.5 12

 13 FL673090543 Miscellaneous assets (funding agreements) (3) 63.8 70.7 82.9 73.5 77.4 83.6 82.9 83.6 85.7 13

 14 FL674122005 Total liabilities 1346.6 1227.5 1166.1 1191.5 1194.3 1176.6 1166.1 1149.0 1157.1 14

 15 FL674122005 Debt securities 1346.6 1227.5 1166.1 1191.5 1194.3 1176.6 1166.1 1149.0 1157.1 15

 16 FL673169105 Commercial paper 21.7 23.9 11.4 11.6 10.4 10.7 11.4 11.1 20.3 16

 17 FL673163005 Corporate bonds (net) (4) 1324.8 1203.6 1154.8 1179.9 1183.9 1165.9 1154.8 1137.9 1136.8 17

 Memo:

 Securitized assets not included above

 18 FL675013263 Consumer leases (5) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 18

 19 FL643065045 REIT assets (6) 143.0 134.2 110.6 124.6 117.6 112.9 110.6 112.5 108.4 19

 Securitized liabilities not included above

 20 FL763169103 Commercial paper (7) 53.6 49.0 49.7 49.4 48.7 50.4 49.7 48.9 50.9 20

(1) Agency- and GSE-backed mortgage pool securities backing privately issued CMOs.

(2) Mortgages backing privately issued pool securities and privately issued CMOs.

(3) Funding agreements with life insurance companies.

(4) Liabilities net of assets.

(5) Receivables from operating leases, such as consumer automobile leases, are booked as current income when payments are received and are not included in financial assets (or household liabilities).

 The leased automobile is a nonfinancial asset.

(6) Included on table L.129.

(7) Included on table L.111 line 44.
L

e

v

els

Z.1, September 20, 2018 105

L.128 Finance Companies (1)

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

2015 2016 2017 2017 2018

 Q1 Q2 Q3 Q4 Q1 Q2

 1 FL614090005 Total financial assets 1600.3 1532.2 1494.1 1511.3 1496.9 1482.0 1494.1 1475.4 1469.5 1

 2 FL613020003 Checkable deposits and currency 30.4 20.8 18.6 19.0 18.4 17.7 18.6 17.3 13.6 2

 3 FL613030003 Time and savings deposits 91.2 62.3 55.8 57.0 55.1 53.2 55.8 52.0 40.9 3

 4 LM613063003 Debt securities (corporate and foreign bonds) 62.7 73.1 63.8 70.1 68.0 64.4 63.8 62.7 60.4 4

 5 FL614023005 Loans 1125.5 1121.0 1064.9 1091.4 1083.5 1044.1 1064.9 1042.0 1049.3 5

 6 FL613069500 Other loans and advances 404.7 429.9 397.7 411.9 408.0 373.0 397.7 383.9 394.6 6

 7 FL613065000 Mortgages 159.5 143.2 127.3 137.7 133.1 131.3 127.3 129.2 125.8 7

 8 FL613066005 Consumer credit 561.3 547.9 539.9 541.7 542.4 539.8 539.9 528.9 529.0 8

 9 LM613092003 U.S. direct investment abroad 232.4 256.3 274.9 262.1 261.2 267.7 274.9 277.1 276.5 9

 10 FL613090005 Miscellaneous assets 58.2 -1.3 16.1 11.8 10.9 34.9 16.1 24.3 28.7 10

 11 FL614190005 Total liabilities 1390.9 1293.0 1237.0 1262.6 1254.4 1231.4 1237.0 1215.4 1214.6 11

 12 FL614122005 Debt securities 953.4 886.3 836.4 858.8 848.6 854.9 836.4 834.3 850.0 12

 13 FL613169100 Open market paper 66.9 71.4 72.2 67.8 69.1 69.3 72.2 66.9 69.3 13

 14 FL613163005 Corporate bonds 886.6 814.9 764.3 791.0 779.6 785.6 764.3 767.3 780.6 14

 15 FL614123005 Loans 159.5 159.5 148.1 158.0 156.7 157.2 148.1 149.8 147.0 15

 16 FL613168003 Depository institution loans n.e.c. 155.8 156.0 144.7 154.7 153.6 154.0 144.7 146.5 143.7 16

 17 FL613169005 Other loans and advances 3.7 3.5 3.4 3.3 3.1 3.3 3.4 3.3 3.2 17

 18 FL613178005 Taxes payable 7.6 7.9 18.8 7.7 7.8 6.8 18.8 18.2 16.9 18

 19 LM613192003 Foreign direct investment in U.S. 71.3 70.8 73.5 72.0 72.1 72.5 73.5 74.0 75.1 19

 20 FL613190005 Miscellaneous liabilities 199.1 168.5 160.2 166.1 169.1 139.9 160.2 139.1 125.7 20

 21 FL613194003 Investment by parent 156.6 132.6 139.2 130.5 133.9 128.3 139.2 136.1 134.4 21

 22 FL613193005 Other 42.5 35.9 21.0 35.6 35.3 11.7 21.0 3.1 -8.7 22

 Memo:

 23 FL613066303 Consumer leases not included above (2) 176.1 189.5 193.2 189.3 191.1 192.5 193.2 192.8 193.9 23

(1) Includes retail captive finance companies and mortgage companies.

(2) See footnote (5), table L.127.
L

e

v

els

106 Z.1, September 20, 2018

L.129 Real Estate Investment Trusts (REITs) (1)

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

2015 2016 2017 2017 2018

 Q1 Q2 Q3 Q4 Q1 Q2

 1 FL644090005 Total financial assets 658.8 675.4 749.3 682.6 688.4 732.6 749.3 747.2 730.5 1

 2 FL643020005 Checkable deposits and currency 35.7 37.7 40.7 42.6 40.0 47.2 40.7 36.2 34.4 2

 3 FL644022005 Debt securities 267.3 240.9 293.4 250.1 255.5 282.8 293.4 286.7 273.2 3

 4 FL643061773 Agency- and GSE-backed securities 228.1 200.7 251.2 208.6 214.0 241.0 251.2 243.6 228.3 4

 5 FL643063005 Corporate and foreign bonds 39.2 40.2 42.3 41.5 41.4 41.9 42.3 43.1 44.9 5

 6 FL643065005 Loans (mortgages) 217.7 227.8 234.9 224.0 223.3 225.2 234.9 232.7 230.6 6

 7 FL643065105 Home 46.1 60.3 66.2 62.0 64.0 66.9 66.2 62.6 63.7 7

 8 FL643065405 Multifamily residential 4.8 4.6 6.1 4.9 5.4 5.4 6.1 6.1 6.0 8

 9 FL643065505 Commercial 166.8 162.8 162.6 157.0 154.0 152.8 162.6 164.0 160.9 9

 10 FL643090005 Miscellaneous assets 138.1 169.0 180.4 165.9 169.6 177.4 180.4 191.6 192.2 10

 11 FL644190005 Total liabilities 995.5 1007.7 1088.2 1014.5 1026.4 1064.5 1088.2 1089.0 1070.7 11

 12 FL642151073 Security repurchase agreements 220.0 209.4 260.6 215.5 218.9 245.3 260.6 259.4 246.8 12

 13 FL644122005 Debt securities 395.5 417.3 438.8 422.2 421.3 424.6 438.8 446.8 444.8 13

 14 FL643169173 Open market paper 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14

 15 FL643163005 Corporate bonds 395.5 417.3 438.8 422.2 421.3 424.6 438.8 446.8 444.8 15

 16 FL644123005 Loans 299.6 284.3 287.1 282.5 284.3 280.7 287.1 285.2 275.0 16

 17 FL643168005 Depository institution loans n.e.c. 40.4 31.2 35.9 32.4 33.9 32.9 35.9 37.1 33.5 17

 18 FL643169373 Other loans and advances 23.8 16.6 9.8 12.3 11.9 10.7 9.8 9.5 9.4 18

 19 FL643165005 Mortgages 235.4 236.5 241.4 237.8 238.6 237.1 241.4 238.6 232.1 19

 20 FL643193005 Miscellaneous liabilities 80.4 96.7 101.7 94.3 101.9 113.9 101.7 97.7 104.1 20

 Memo:

 21 FL643065045 Securitized assets included above 143.0 134.2 110.6 124.6 117.6 112.9 110.6 112.5 108.4 21

 22 FL643061743 Agency- and GSE-backed securities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 22

 23 FL643065143 Home mortgages 33.1 35.8 30.3 33.3 34.2 33.1 30.3 30.5 30.8 23

 24 FL643065443 Multifamily residential mortgages 3.1 2.3 3.6 2.7 3.0 3.0 3.6 3.5 3.5 24

 25 FL643065543 Commercial mortgages 106.8 96.1 76.7 88.5 80.4 76.8 76.7 78.5 74.1 25

(1) Additional detail on financial assets and liabilities for equity and mortgage REITs is available on tables L.129.e and L.129.m.
L

e

v

els

Z.1, September 20, 2018 107

L.129.e Equity Real Estate Investment Trusts

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

2015 2016 2017 2017 2018

 Q1 Q2 Q3 Q4 Q1 Q2

 1 FL644090085 Total financial assets 163.6 174.8 216.4 193.7 195.2 210.1 216.4 213.4 210.9 1

 2 FL643020083 Checkable deposits and currency 24.1 27.0 31.8 32.7 30.7 38.2 31.8 27.9 26.4 2

 3 FL643063083 Debt securities (corporate and foreign bonds) 4.8 5.2 7.3 6.1 6.3 6.8 7.3 7.8 9.0 3

 4 FL643065085 Loans (mortgages) 25.5 20.8 33.0 24.6 24.5 24.8 33.0 30.6 29.2 4

 5 FL643065183 Home 0.2 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 5

 6 FL643065483 Multifamily residential 0.3 0.5 0.7 0.5 0.6 0.7 0.7 0.7 1.0 6

 7 FL643065583 Commercial 24.9 20.1 32.0 23.8 23.6 23.8 32.0 29.5 27.9 7

 8 FL643093085 Miscellaneous assets 109.2 121.8 144.3 130.3 133.7 140.4 144.3 147.1 146.4 8

 9 FL644190085 Total liabilities 583.9 610.6 662.1 625.4 637.5 650.1 662.1 663.2 658.5 9

 10 FL643163083 Debt securities (corporate bonds) 243.0 268.1 305.5 281.4 285.1 293.7 305.5 311.5 315.2 10

 11 FL644123085 Loans 272.5 264.3 272.4 267.4 268.0 267.7 272.4 271.6 262.0 11

 12 FL643168083 Depository institution loans n.e.c. 37.1 27.8 31.1 29.6 29.4 30.6 31.1 33.0 29.9 12

 13 FL643165005 Mortgages 235.4 236.5 241.4 237.8 238.6 237.1 241.4 238.6 232.1 13

 14 FL643165483 Multifamily residential 30.8 33.1 28.4 31.2 30.0 28.8 28.4 27.6 28.2 14

 15 FL643165583 Commercial 204.7 203.4 213.0 206.6 208.5 208.3 213.0 211.0 203.9 15

 16 FL643193085 Miscellaneous liabilities 68.4 78.2 84.2 76.6 84.4 88.7 84.2 80.0 81.3 16

L.129.m Mortgage Real Estate Investment Trusts

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

 1 FL644090075 Total financial assets 495.2 500.5 532.9 488.9 493.2 522.5 532.9 533.8 519.6 1

 2 FL643020073 Checkable deposits and currency 11.6 10.7 8.9 9.9 9.3 9.0 8.9 8.3 8.1 2

 3 FL644022075 Debt securities 262.5 235.7 286.1 244.0 249.2 276.1 286.1 278.8 264.2 3

 4 FL643061773 Agency- and GSE-backed securities 228.1 200.7 251.2 208.6 214.0 241.0 251.2 243.6 228.3 4

 5 FL643063073 Corporate and foreign bonds 34.4 35.0 34.9 35.4 35.2 35.1 34.9 35.2 35.9 5

 6 FL643065075 Loans (mortgages) 192.2 206.9 201.9 199.4 198.8 200.4 201.9 202.1 201.5 6

 7 FL643065173 Home 45.9 60.1 65.9 61.7 63.7 66.6 65.9 62.3 63.4 7

 8 FL643065473 Multifamily residential 4.5 4.1 5.4 4.4 4.8 4.8 5.4 5.4 5.0 8

 9 FL643065573 Commercial 141.8 142.7 130.6 133.2 130.3 128.9 130.6 134.5 133.0 9

 10 FL643090075 Miscellaneous assets 28.8 47.3 36.0 35.6 35.8 37.0 36.0 44.5 45.9 10

 11 FL644190075 Total liabilities 411.6 397.1 426.0 389.1 389.0 414.4 426.0 425.8 412.2 11

 12 FL642151073 Security repurchase agreements 220.0 209.4 260.6 215.5 218.9 245.3 260.6 259.4 246.8 12

 13 FL644122075 Debt securities 152.5 149.3 133.3 140.8 136.2 130.9 133.3 135.2 129.6 13

 14 FL643169173 Open market paper 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14

 15 FL643163075 Corporate bonds 152.5 149.3 133.3 140.8 136.2 130.9 133.3 135.2 129.6 15

 16 FL644123075 Loans 27.1 20.0 14.7 15.1 16.4 13.0 14.7 13.5 13.0 16

 17 FL643168073 Depository institution loans n.e.c. 3.3 3.3 4.9 2.8 4.5 2.3 4.9 4.1 3.6 17

 18 FL643169373 Other loans and advances 23.8 16.6 9.8 12.3 11.9 10.7 9.8 9.5 9.4 18

 19 FL643193075 Miscellaneous liabilities 12.0 18.5 17.4 17.7 17.5 25.2 17.4 17.7 22.8 19

 Memo:

 20 FL643065045 Securitized assets included above 143.0 134.2 110.6 124.6 117.6 112.9 110.6 112.5 108.4 20

 21 FL643061743 Agency- and GSE-backed securities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 21

 22 FL643065143 Home mortgages 33.1 35.8 30.3 33.3 34.2 33.1 30.3 30.5 30.8 22

 23 FL643065443 Multifamily residential mortgages 3.1 2.3 3.6 2.7 3.0 3.0 3.6 3.5 3.5 23

 24 FL643065543 Commercial mortgages 106.8 96.1 76.7 88.5 80.4 76.8 76.7 78.5 74.1 24
L

e

v

els

108 Z.1, September 20, 2018

L.130 Security Brokers and Dealers

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

2015 2016 2017 2017 2018

 Q1 Q2 Q3 Q4 Q1 Q2

 1 FL664090005 Total financial assets 3044.0 3022.5 3097.2 3078.7 3214.8 3112.7 3097.2 3091.2 3138.9 1

 2 FL663020003 Checkable deposits and currency 106.1 119.2 119.0 126.9 120.3 119.5 119.0 124.6 115.3 2

 3 FL662051003 Security repurchase agreements 1133.3 1112.7 1109.0 1098.9 1164.7 1103.6 1109.0 1113.7 1135.8 3

 4 FL664022005 Debt securities 300.6 305.6 306.1 329.6 351.7 304.8 306.1 281.5 311.3 4

 5 FL663069103 Open market paper 19.5 13.8 9.3 11.7 11.9 11.7 9.3 15.4 13.3 5

 6 FL663061105 Treasury securities 65.3 97.6 119.6 107.8 128.5 126.6 119.6 78.5 118.5 6

 7 FL663061703 Agency- and GSE-backed securities 109.7 93.2 79.1 106.9 113.5 87.6 79.1 85.4 81.3 7

 8 FL663062003 Municipal securities 14.0 21.0 26.7 19.7 21.2 17.3 26.7 25.8 23.2 8

 9 FL663063005 Corporate and foreign bonds 92.1 80.0 71.4 83.4 76.6 61.5 71.4 76.4 75.0 9

 10 FL663069005 Loans (other loans and advances) 338.1 329.7 399.3 335.0 354.4 362.8 399.3 401.4 403.2 10

 11 LM663064103 Corporate equities 166.8 176.1 182.7 169.0 187.7 198.5 182.7 191.9 197.3 11

 12 LM663092003 U.S. direct investment abroad 212.7 245.1 259.2 248.0 249.3 249.4 259.2 254.5 253.4 12

 13 FL663090005 Miscellaneous assets 786.6 734.1 721.9 771.3 786.7 774.1 721.9 723.5 722.6 13

 14 FL664190005 Total liabilities 2833.1 2812.8 2886.5 2864.1 2998.6 2889.2 2886.5 2875.9 2931.4 14

 15 FL662151003 Security repurchase agreements 1368.3 1313.1 1392.5 1359.9 1442.3 1351.5 1392.5 1390.9 1455.0 15

 16 FL663163003 Debt securities (corporate bonds) 131.3 129.1 185.7 129.7 165.8 175.5 185.7 175.6 167.4 16

 17 FL664123005 Loans 913.2 921.3 880.6 941.6 944.7 926.4 880.6 884.8 880.7 17

 18 FL663168005 Depository institution loans n.e.c. (1) 94.4 106.1 122.2 108.7 113.8 118.8 122.2 123.2 127.9 18

 19 FL153067005 Other loans and advances 818.8 815.2 758.3 833.0 830.9 807.6 758.3 761.5 752.9 19

 20 FL663170003 Trade payables 26.3 36.7 44.6 35.3 32.2 34.6 44.6 42.9 38.0 20

 21 FL663178005 Taxes payable 3.2 3.3 13.6 3.9 4.1 4.8 13.6 13.9 13.5 21

 22 LM663192005 Foreign direct investment in U.S. 148.6 24.0 28.3 25.5 34.3 32.0 28.3 36.9 37.1 22

 23 FL663190005 Miscellaneous liabilities 242.1 385.3 341.3 368.2 375.3 364.6 341.3 331.0 339.7 23

 24 FL663194005 Investment by parent companies 1690.3 1868.3 1688.6 1742.9 1690.0 1695.0 1688.6 1723.0 1714.6 24

 25 FL663193005 Other -1448.2 -1483.0 -1347.3 -1374.7 -1314.7 -1330.5 -1347.3 -1392.1 -1374.9 25

(1) Includes loans extended through the Federal Reserve’s Primary Dealer Credit Facility (PDCF) and the Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility (AMLF).
L

e

v

els

Z.1, September 20, 2018 109

L.131 Holding Companies (1)

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

2015 2016 2017 2017 2018

 Q1 Q2 Q3 Q4 Q1 Q2

 1 FL734090005 Total financial assets 3607.8 3852.7 3858.5 3814.8 3861.6 3902.0 3858.5 3845.3 3847.0 1

 2 FL733030003 Time and savings deposits 19.1 17.0 12.9 13.1 12.1 10.8 12.9 10.6 12.6 2

 3 FL732051003 Security repurchase agreements 2.4 2.3 5.7 2.9 9.8 9.7 5.7 4.6 3.5 3

 4 FL734022605 Debt securities 55.3 58.7 67.2 55.5 72.5 59.3 67.2 79.3 83.9 4

 5 FL733061103 Treasury securities 10.2 9.8 12.5 12.9 19.9 6.7 12.5 16.3 33.1 5

 6 FL733061703 Agency- and GSE-backed securities 23.7 25.0 15.5 23.4 16.7 16.3 15.5 23.3 32.5 6

 7 FL733063003 Corporate and foreign bonds 21.5 23.9 39.1 19.2 35.9 36.4 39.1 39.7 18.2 7

 8 FL733069005 Loans (other loans and advances) 23.9 22.8 123.1 104.0 103.7 114.3 123.1 121.1 115.1 8

 9 FL733040005 Life insurance reserves 49.0 53.0 57.0 54.0 55.0 56.0 57.0 58.0 59.0 9

 10 FL733090005 Miscellaneous assets 3458.1 3698.9 3592.7 3585.3 3608.5 3651.9 3592.7 3571.7 3573.1 10

 11 FL763194735 Net trans. with depository subs. 2175.2 2285.8 2373.6 2326.5 2356.5 2401.2 2373.6 2345.6 2351.1 11

 12 FL513194733 Net trans. with property-casualty ins. co. subs. 4.5 4.3 4.8 3.9 4.4 4.6 4.8 5.3 5.8 12

 13 FL543194733 Net trans. with life insurance company subs. 12.0 13.3 15.8 13.6 14.3 14.7 15.8 15.1 15.0 13

 14 FL613194733 Net trans. with finance company subs. 45.3 34.4 28.4 32.3 31.6 28.4 28.4 20.6 20.0 14

 15 FL663194735 Net trans. with broker and dealer subs. 1038.3 1179.9 1030.1 1042.1 1021.7 1031.5 1030.1 1033.3 1006.6 15

 16 FL263194735 Net trans. with foreign subs. 76.4 76.8 72.9 78.1 87.5 78.9 72.9 96.4 113.9 16

 17 FL733093005 Other 106.3 104.3 67.1 88.7 92.5 92.6 67.1 55.5 60.7 17

 18 FL734190005 Total liabilities 1324.9 1486.3 1557.1 1492.1 1543.6 1565.1 1557.1 1535.0 1520.7 18

 19 FL732151003 Security repurchase agreements 0.1 0.1 0.1 0.0 0.0 0.1 0.1 0.2 0.2 19

 20 FL734122005 Debt securities 1212.6 1375.7 1448.7 1391.2 1438.8 1459.6 1448.7 1435.6 1418.2 20

 21 FL733169103 Commercial paper 5.7 2.2 4.4 3.3 3.3 4.3 4.4 3.0 3.9 21

 22 FL733163003 Corporate bonds 1206.9 1373.5 1444.2 1387.9 1435.5 1455.3 1444.2 1432.7 1414.3 22

 23 FL733192003 Foreign direct investment in U.S. (2) 26.4 177.4 189.8 185.8 187.3 194.0 189.8 183.6 184.6 23

 24 FL733193005 Miscellaneous liabilities 85.8 -66.9 -81.5 -85.0 -82.4 -88.5 -81.5 -84.4 -82.3 24

(1) Parent-only bank holding companies, savings and loan holding companies and security holding companies that file Federal Reserve Board form FR Y-9LP, FR Y-9SP, or FR 2320.

(2) Foreign direct investment is equity investment in U.S. Intermediate Holding Companies established in accordance with Section 165 of the Dodd-Frank Wall Street Reform and Consumer

 Protection Act.
L

e

v

els

110 Z.1, September 20, 2018

L.132 Funding Corporations (1)

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

2015 2016 2017 2017 2018

 Q1 Q2 Q3 Q4 Q1 Q2

 1 FL504090005 Total financial assets 977.2 1223.5 1250.9 1298.3 1215.1 1282.7 1250.9 1352.5 1354.7 1

 2 FL503034005 Money market fund shares 113.9 214.4 260.5 213.4 217.2 237.9 260.5 260.0 254.0 2

 3 FL502051003 Security repurchase agreements 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3

 4 FL504022005 Debt securities 93.0 205.1 233.2 257.1 217.7 278.7 233.2 294.3 274.7 4

 5 FL503069105 Open market paper 19.9 136.1 160.6 183.3 143.1 205.4 160.6 221.7 202.8 5

 6 FL503063005 Corporate and foreign bonds 73.0 69.0 72.6 73.8 74.6 73.3 72.6 72.6 71.8 6

 7 FL503069805 Loans (other loans and advances) 12.9 16.0 19.0 16.9 22.6 21.0 19.0 17.8 18.0 7

 8 FL503064105 Corporate equities (2) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8

 9 FL503094505 Miscellaneous assets 757.4 788.1 738.2 810.9 757.5 745.1 738.2 780.4 808.0 9

 10 FL753194503 Investment in foreign banking offices 105.4 99.8 79.7 110.1 89.1 81.5 79.7 90.7 100.0 10

 11 FL663194505 Investment in brokers and dealers 652.0 688.3 658.5 700.7 668.4 663.6 658.5 689.8 708.0 11

 12 FL504190005 Total liabilities 977.2 1223.5 1250.9 1298.3 1215.1 1282.7 1250.9 1352.5 1354.7 12

 13 FL504122005 Debt securities 743.7 781.6 731.0 807.7 761.3 745.9 731.0 794.6 817.4 13

 14 FL503169105 Open market paper 122.4 124.4 96.6 142.6 124.0 109.8 96.6 141.8 147.9 14

 15 FL503163005 Corporate bonds 621.4 657.2 634.4 665.1 637.4 636.1 634.4 652.9 669.5 15

 16 FL504123005 Loans 2.4 2.4 2.4 2.4 2.4 2.4 2.4 2.4 2.4 16

 17 FL713068505 Depository institution loans n.e.c. (3) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 17

 18 FL503169205 Other loans and advances (4) 2.4 2.4 2.4 2.4 2.4 2.4 2.4 2.4 2.4 18

 19 FL503192003 Foreign direct investment in U.S. 14.4 15.0 15.6 15.2 15.3 15.5 15.6 15.8 15.9 19

 20 FL503190005 Miscellaneous liabilities 216.7 424.5 501.9 473.1 436.0 519.0 501.9 539.7 519.0 20

 21 FL663097005 Securities loaned (net) 706.8 666.3 702.7 714.8 722.4 709.9 702.7 702.0 694.9 21

 22 LM503194305 Equity interest under PPIP 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 22

 23 FL503193005 Other (net) -490.2 -241.8 -200.7 -241.8 -286.3 -191.0 -200.7 -162.3 -175.9 23

(1) Funding subsidiaries, custodial accounts for reinvested collateral of securities lending operations, Federal Reserve lending facilities,

 and funds associated with the Public-Private Investment Program (PPIP).

(2) Common stock of American International Assurance Company Ltd. (AIA) and American Life Insurance Company (ALICO), two life insurance subsidiaries of AIG.

(3) Loans extended by the Federal Reserve to Maiden Lane LLC, Maiden Lane II LLC, Maiden Lane III LLC, Commercial Paper Funding Facility LLC, and American International Group (AIG).

(4) Loans extended by the federal government to the Term Asset-Backed Securities Loan Facility (TALF) and to funds associated with PPIP.
L

e

v

els

Z.1, September 20, 2018 111

L.133 Rest of the World

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

2015 2016 2017 2017 2018

 Q1 Q2 Q3 Q4 Q1 Q2

 1 FL264090005 Total financial assets 23082.7 24265.2 27047.1 25050.4 25735.2 26489.7 27047.1 27073.8 27479.6 1

 2 LM313111303 SDR allocations 48.9 47.5 50.3 47.9 49.1 49.9 50.3 51.3 49.7 2

 3 FL264016005 Net interbank assets 197.9 57.5 157.2 105.5 91.7 126.7 157.2 127.9 177.7 3

 4 FL263020005 U.S. checkable deposits and currency 706.8 767.9 847.7 794.7 812.8 834.3 847.7 870.5 891.4 4

 5 FL263030005 U.S. time deposits 480.2 553.1 570.7 571.8 590.9 589.3 570.7 585.4 600.7 5

 6 FL263034003 Money market fund shares 107.6 98.1 96.5 93.7 89.3 93.2 96.5 94.6 95.6 6

 7 FL262051003 Security repurchase agreements 665.0 713.2 756.2 735.2 750.4 734.4 756.2 736.1 693.5 7

 8 FL264022005 Debt securities 10337.3 10661.2 11407.8 10765.4 11106.3 11353.8 11407.8 11358.6 11252.4 8

 9 LM263069103 Open market paper 104.3 140.8 136.3 134.5 139.7 125.2 136.3 151.6 143.2 9

 10 LM263061105 Treasury securities 6146.2 6002.8 6284.9 6075.3 6151.9 6301.9 6284.9 6290.6 6290.7 10

 11 LM263061705 Agency- and GSE-backed securities 916.5 991.6 1011.2 972.5 991.8 1006.1 1011.2 1032.0 1030.7 11

 12 FL263062003 Municipal securities 87.0 94.2 101.3 95.4 98.5 100.1 101.3 101.4 101.6 12

 13 LM263063005 U.S. corporate bonds (1) 3083.3 3431.7 3874.1 3487.7 3724.5 3820.4 3874.1 3783.0 3686.3 13

 14 FL263069500 Loans to U.S. corporate business 207.5 203.3 260.3 220.2 240.2 250.6 260.3 270.6 519.8 14

 15 LM263064105 U.S. corporate equities 5500.9 5780.3 7037.0 6189.9 6311.1 6666.7 7037.0 7080.8 7278.0 15

 16 LM263064203 Mutual fund shares 600.6 691.8 818.3 725.1 790.6 790.9 818.3 811.5 832.3 16

 17 LM263070005 Trade receivables 247.4 253.6 300.7 269.8 276.8 291.9 300.7 311.0 317.3 17

 18 FL543141905 Life insurance reserves 5.9 17.0 19.7 17.7 18.3 19.0 19.7 19.9 20.1 18

 19 FL543151905 Pension entitlements 2.7 3.9 4.3 4.0 4.1 4.2 4.3 4.4 4.5 19

 20 LM263092001 Foreign direct investment in U.S. (2) 3935.3 4377.2 4670.2 4468.0 4559.2 4635.6 4670.2 4700.7 4695.8 20

 21 FL263076005 Miscellaneous assets (insurance receivables) 38.6 39.8 50.1 41.4 44.3 49.1 50.1 50.5 51.0 21

 22 FL264190005 Total liabilities 11081.3 11538.1 12820.6 11932.5 12232.3 12616.9 12820.6 12841.2 12780.4 22

 23 LM263111005 U.S. official reserve assets (3) 106.4 106.1 112.1 107.6 110.8 112.7 112.1 115.2 113.9 23

 24 LM263191005 U.S. private deposits 590.9 500.6 759.5 588.8 656.8 768.0 759.5 806.5 830.5 24

 25 FL262151003 Security repurchase agreements 789.5 905.4 872.6 919.1 910.8 886.3 872.6 861.0 851.1 25

 26 FL264122005 Debt securities 2753.4 2801.2 3305.0 2935.7 3036.9 3167.1 3305.0 3389.2 3352.7 26

 27 FL263169105 Commercial paper 492.3 433.1 525.0 467.0 475.6 531.9 525.0 554.4 539.0 27

 28 LM263163005 Bonds 2261.1 2368.1 2780.0 2468.7 2561.3 2635.2 2780.0 2834.8 2813.7 28

 29 FL264123005 Loans 469.8 503.9 537.1 513.6 524.8 538.2 537.1 544.0 538.6 29

 30 FL263168005 Depository institution loans n.e.c. 436.0 472.0 483.8 464.1 476.2 488.0 483.8 490.9 490.6 30

 31 FL263169005 Other loans and advances 33.8 31.8 53.3 49.5 48.7 50.2 53.3 53.1 48.0 31

 32 LM263170005 Trade payables 66.5 69.0 77.4 74.3 74.7 76.9 77.4 76.0 77.9 32

 33 FL263140005 Life insurance reserves 50.8 75.0 98.1 80.9 86.0 92.2 98.1 99.2 100.1 33

 34 FL263150005 Pension entitlements 21.3 15.3 18.9 16.2 17.0 18.0 18.9 19.1 19.4 34

 35 LM263192005 U.S. direct investment abroad (1,2) 5933.9 6252.3 6706.3 6382.6 6487.5 6628.3 6706.3 6579.5 6529.3 35

 36 FL263190005 Miscellaneous liabilities 298.9 309.4 333.6 313.6 326.8 329.3 333.6 351.6 366.9 36

 37 FL313092803 U.S. equity in IBRD, etc. 64.6 66.6 67.4 66.7 66.7 67.4 67.4 67.4 67.4 37

 38 FL263191103 Nonofficial foreign currencies 3.6 8.2 14.7 7.7 5.7 6.2 14.7 7.6 3.7 38

 39 FL263194735 Investment by holding companies 76.4 76.8 72.9 78.1 87.5 78.9 72.9 96.4 113.9 39

 40 FL263195105 Accident and health insurance reserves 28.5 20.0 19.3 19.8 19.6 19.5 19.3 19.8 19.9 40

 41 FL263176005 Policy payables 125.8 137.8 159.3 141.3 147.3 157.2 159.3 160.3 162.0 41

 Memo:

 Market value of foreign equities

 42 LM263164100 held by U.S. residents (4) 6756.2 7146.3 9129.5 7712.3 8206.8 8724.8 9129.5 9149.0 8865.7 42

(1) Through 1992:Q4, corporate bonds include net issues by Netherlands Antillean financial subsidiaries; U.S. direct investment abroad excludes net inflows from those bond issues.

(2) Direct investment is valued on a current-cost basis.

(3) Does not include monetary gold.

(4) Includes American Depositary Receipts (ADRs).
L

e

v

els

112 Z.1, September 20, 2018

L.200 U.S. Official Reserve Assets and SDR Allocations (1)

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

2015 2016 2017 2017 2018

 Q1 Q2 Q3 Q4 Q1 Q2

 1 LM893111005 Total liabilities 155.4 153.6 162.4 155.5 160.0 162.6 162.4 166.5 163.6 1

 2 LM313111303 Federal government: SDR allocations 48.9 47.5 50.3 47.9 49.1 49.9 50.3 51.3 49.7 2

 3 LM263111005 Rest of the world 106.4 106.1 112.1 107.6 110.8 112.7 112.1 115.2 113.9 3

 4 LM313011303 SDR holdings 49.7 48.9 51.9 49.3 50.6 51.4 51.9 53.0 51.3 4

 5 LM263111403 Reserve position in IMF 17.6 18.4 17.6 18.3 18.8 19.0 17.6 17.9 20.5 5

 6 LM263111503 Other reserves 39.1 38.9 42.6 39.9 41.4 42.2 42.6 44.3 42.1 6

 7 FL893011005 Total assets 166.4 164.7 173.4 166.5 171.0 173.6 173.4 177.6 174.6 7

 8 FL313011005 Federal government 86.9 86.8 91.0 87.7 90.2 91.8 91.0 93.1 93.0 8

 9 FL313011205 Monetary gold (2) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

 10 LM313011303 SDR holdings 49.7 48.9 51.9 49.3 50.6 51.4 51.9 53.0 51.3 10

 11 LM313011405 Reserve position in IMF 17.7 18.7 17.9 18.6 19.1 19.3 17.9 18.2 20.7 11

 12 LM313011505 Other reserves 19.5 19.3 21.2 19.8 20.5 21.0 21.2 21.9 21.0 12

 13 LM313111303 Rest of the world: SDR allocations 48.9 47.5 50.3 47.9 49.1 49.9 50.3 51.3 49.7 13

 14 FL713011005 Monetary authority 30.5 30.4 32.2 30.9 31.6 32.0 32.2 33.1 31.9 14

 15 FL713011203 Monetary gold (2) 11.0 11.0 11.0 11.0 11.0 11.0 11.0 11.0 11.0 15

 16 FL713011405 Reserve position in IMF -0.1 -0.3 -0.3 -0.3 -0.3 -0.3 -0.3 -0.3 -0.3 16

 17 LM713011505 Other reserves 19.6 19.6 21.4 20.2 20.9 21.2 21.4 22.3 21.2 17

 18 FL903011005 Discrepancy: monetary gold -11.0 -11.0 -11.0 -11.0 -11.0 -11.0 -11.0 -11.0 -11.0 18

(1) Includes federal government liability to IMF for special drawing rights (SDRs) allocations and accrued interest.

(2) By international accounting standards, monetary gold is a financial asset for which there is no corresponding liability.

L.201 Special Drawing Rights (SDRs) Certificates and Treasury Currency

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

 SDR certificates:

 1 FL713014003 Liab: Federal government 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 1

 2 FL713014003 Asset: Monetary authority 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 2

 Treasury currency:

 3 FL313112003 Liab: Federal government 25.3 25.3 25.3 25.3 25.3 25.3 25.3 25.3 25.3 3

 4 FL713012003 Asset: Monetary authority 47.6 48.5 49.4 48.8 49.0 49.2 49.4 49.5 49.6 4

 5 FL903012005 Discrepancy (seigniorage) -22.2 -23.2 -24.1 -23.5 -23.7 -23.9 -24.1 -24.2 -24.3 5

L.202 U.S. Deposits in Foreign Countries

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

 1 LM263191005 Total rest of the world liability 590.9 500.6 759.5 588.8 656.8 768.0 759.5 806.5 830.5 1

 Held by:

 2 LM153091003 Household sector 31.9 26.3 39.1 30.8 33.9 39.8 39.1 42.2 42.3 2

 3 FL103091003 Nonfinancial corporate business 87.1 90.7 199.0 84.6 103.2 194.8 199.0 208.4 168.3 3

 4 FL633091003 Money market funds 11.1 1.9 3.7 3.6 3.3 5.5 3.7 1.2 2.9 4

 5 FL903091005 Discrepancy--unallocated assets 460.9 381.8 517.7 469.8 516.4 527.8 517.7 554.6 617.0 5
L

e

v

els

Z.1, September 20, 2018 113

L.203 Net Interbank Transactions

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

2015 2016 2017 2017 2018

 Q1 Q2 Q3 Q4 Q1 Q2

 1 FL794110005 Total liabilities 2183.1 1833.8 2168.1 2321.4 2125.7 2246.8 2168.1 2293.0 2120.3 1

 2 FL714110005 Monetary authority 2039.5 1830.2 2026.2 2219.5 2050.2 2138.9 2026.2 2175.3 1957.3 2

 3 FL764110005 U.S.-chartered depository institutions 119.1 29.5 52.1 76.1 72.7 56.6 52.1 -30.6 26.2 3

 4 FL754110005 Foreign banking offices in U.S. 71.5 22.0 133.5 65.8 46.9 94.3 133.5 184.1 177.2 4

 5 FL744110005 Banks in U.S.-affiliated areas -1.3 -1.3 -1.3 -1.3 -1.2 -1.7 -1.3 -1.2 -1.6 5

 6 FL474110005 Credit unions -45.7 -46.5 -42.4 -38.7 -42.9 -41.5 -42.4 -34.5 -38.8 6

 7 FL894010005 Total assets 2237.5 1886.9 2182.6 2324.4 2141.4 2265.1 2182.6 2302.5 2134.7 7

 8 FL714010005 Monetary authority 0.1 -0.7 -0.8 -0.6 -0.5 -0.5 -0.8 -0.7 -0.3 8

 9 FL763020005 U.S.-chartered depository institutions 1279.1 1190.5 1239.1 1393.3 1264.2 1276.3 1239.1 1296.2 1142.2 9

 10 FL753020005 Foreign banking offices in U.S. 690.4 567.8 710.1 728.9 704.6 782.5 710.1 777.0 731.9 10

 11 FL743013003 Banks in U.S.-affiliated areas 3.8 4.7 7.8 5.5 6.5 7.7 7.8 9.4 10.8 11

 12 FL473013005 Credit unions 66.2 67.2 69.3 91.9 74.8 72.4 69.3 92.6 72.4 12

 13 FL264016005 Rest of the world 197.9 57.5 157.2 105.5 91.7 126.7 157.2 127.9 177.7 13

 14 FL904010005 Discrepancy -54.4 -53.1 -14.5 -3.0 -15.7 -18.3 -14.5 -9.5 -14.4 14

 Memo:

 Vault cash:

 15 FL703025005 Liab.: Monetary authority 74.2 76.0 77.2 70.2 70.8 68.5 77.2 68.2 70.4 15

 16 FL763025000 Asset: U.S.-chartered depository institutions 74.2 76.0 77.2 70.2 70.8 68.5 77.2 68.2 70.4 16

 17 FL753025003 Foreign banking offices in U.S. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 17

 Depository institution reserves:

 18 FL713113003 Liab.: Monetary authority 1965.2 1754.2 1949.0 2149.3 1979.4 2070.4 1949.0 2107.1 1886.9 18

 19 FL763013005 Asset: U.S.-chartered depository institutions 1204.9 1114.6 1161.9 1323.1 1193.5 1207.8 1161.9 1228.0 1071.9 19

 20 FL753013003 Foreign banking offices in U.S. 690.3 567.8 710.1 728.9 704.6 782.5 710.1 777.0 731.8 20

 21 FL743013003 Banks in U.S.-affiliated areas 3.8 4.7 7.8 5.5 6.5 7.7 7.8 9.4 10.8 21

 22 FL473013005 Credit unions 66.2 67.2 69.3 91.9 74.8 72.4 69.3 92.6 72.4 22

 Other transactions with the monetary authority

 23 FL714010005 Liab: U.S.-chartered depository institutions 0.1 -0.7 -0.8 -0.6 -0.5 -0.5 -0.8 -0.7 -0.3 23

 24 FL714010005 Asset: Monetary authority 0.1 -0.7 -0.8 -0.6 -0.5 -0.5 -0.8 -0.7 -0.3 24

 25 FL713022003 Federal Reserve float -0.0 -0.8 -0.9 -0.6 -0.6 -0.7 -0.9 -0.7 -0.5 25

 26 FL713068705 Loans to member banks 0.1 0.1 0.1 0.0 0.1 0.2 0.1 0.0 0.2 26

 Transactions with banks in foreign countries (net):

 27 FL764116205 Liab.: U.S.-chartered depository institutions (net) 200.7 105.9 84.1 109.5 113.4 93.8 84.1 -0.5 57.6 27

 28 FL763192605 Due to foreign affiliates 458.9 353.1 384.9 343.6 391.6 375.2 384.9 321.2 330.3 28

 29 FL763092605 - Due from foreign affiliates 258.1 247.2 300.8 234.1 278.3 281.4 300.8 321.7 272.7 29

 30 FL754116205 Foreign banking offices in U.S. (net) 94.1 35.2 159.0 75.3 57.2 113.8 159.0 213.0 199.3 30

 31 FL753192605 Due to foreign affiliates 936.7 901.4 1017.4 950.9 940.2 988.3 1017.4 1027.6 945.5 31

 32 FL753092605 - Due from foreign affiliates 842.6 866.2 858.4 875.7 883.0 874.5 858.4 814.6 746.2 32

 33 FL264116205 Less: Deposits at foreign banks 18.7 28.6 28.0 27.2 27.6 28.1 28.0 29.1 25.7 33

 34 FL764016205 U.S.-chartered depository institutions 9.7 12.5 14.4 13.6 13.3 13.6 14.4 16.6 14.8 34

 35 FL754016205 Foreign banking offices in U.S. 9.1 16.1 13.6 13.6 14.2 14.5 13.6 12.4 10.9 35

 36 FL264135125 Loans to foreign banks 91.0 74.2 75.1 74.0 70.4 72.0 75.1 74.0 70.2 36

 37 FL764035125 U.S.-chartered depository institutions 41.2 31.8 28.9 29.2 27.3 27.3 28.9 27.7 25.6 37

 38 FL754035125 Foreign banking offices in U.S. 49.8 42.4 46.3 44.9 43.1 44.7 46.3 46.3 44.6 38

 39 FL264035125 Plus: Loans from foreign banks 12.8 19.2 17.3 21.9 19.1 19.1 17.3 18.4 16.7 39

 40 FL274135123 U.S.-chartered depository institutions 4.9 8.6 8.9 10.4 9.0 8.8 8.9 8.8 8.0 40

 41 FL284135125 Foreign banking offices in U.S. 7.9 10.6 8.4 11.5 10.1 10.4 8.4 9.6 8.7 41

 42 FL264016005 Asset: Rest of the world (1) 197.9 57.5 157.2 105.5 91.7 126.7 157.2 127.9 177.7 42

 Transactions between U.S. depository institutions (net):

 43 FL764112005 U.S.-chartered depository institutions (net) -35.7 -40.0 3.1 -0.4 -8.6 -4.5 3.1 6.2 1.4 43

 44 FL764112205 Due to (3): 15.6 20.8 53.7 64.6 56.7 50.8 53.7 55.6 51.1 44

 45 FL754012205 Foreign banking offices in U.S. 23.0 26.0 24.6 27.6 28.3 26.0 24.6 29.3 25.1 45

 46 FL743020005 Banks in U.S.-affiliated areas 1.3 1.3 1.3 1.3 1.2 1.7 1.3 1.2 1.6 46

 47 FL474012205 Credit unions 45.7 46.5 42.4 38.7 42.9 41.5 42.4 34.5 38.8 47

 48 FL754112205 - Due from: Foreign banking offices in U.S. 51.3 60.8 50.6 65.0 65.3 55.3 50.6 49.4 49.7 48

 49 FL904010005 Unallocated (2) -54.4 -53.1 -14.5 -3.0 -15.7 -18.3 -14.5 -9.5 -14.4 49

(1) Sum of lines 27 and 30 less line 33 and line 36 plus line 39.

(2) Interbank transactions between U.S. banks should net to zero and thus are not shown in lines 1 through 13 above. However, the unallocated amount (line 49), which is due to inconsistencies

 in source data, appears on line 14 as the discrepancy between liabilities and assets.

(3) Sum of lines 45, 46, 47, and 49.
L

e

v

els

114 Z.1, September 20, 2018

L.204 Checkable Deposits and Currency

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

2015 2016 2017 2017 2018

 Q1 Q2 Q3 Q4 Q1 Q2

 1 FL793120005 Total liabilities 3830.8 4109.9 4214.4 3950.3 4087.3 4035.0 4214.4 4349.8 4343.8 1

 2 FL713120005 Monetary authority 1721.9 1881.1 1819.7 1601.8 1707.7 1710.0 1819.7 1884.9 1963.8 2

 3 FL713123005 Federal government cash and deposits 333.7 399.4 229.1 92.5 181.3 159.5 229.1 290.0 333.0 3

 4 FL713124005 Due to government-sponsored enterprises 32.2 43.1 44.4 38.3 30.0 34.5 44.4 21.1 28.9 4

 5 FL713122605 Deposits due to foreign 5.2 5.2 5.3 5.2 5.2 5.2 5.3 5.3 5.3 5

 6 FL713125005 Currency outside banks 1350.7 1433.5 1540.8 1465.8 1491.1 1510.7 1540.8 1568.5 1596.5 6

 7 FL763127005 U.S.-chartered depository institutions 1766.4 1879.6 1995.8 1969.0 1990.3 1943.0 1995.8 2058.3 1971.5 7

 8 FL763123005 Federal government deposits 2.3 2.2 1.9 2.2 2.0 2.0 1.9 2.2 2.2 8

 9 FL763122605 Deposits due to foreign 43.6 58.7 58.7 60.5 57.9 70.0 58.7 64.1 69.7 9

 10 FL763129205 Private domestic deposits 1720.4 1818.8 1935.2 1906.3 1930.4 1870.9 1935.2 1992.0 1899.7 10

 11 FL753127005 Foreign banking offices in U.S. 154.1 151.3 185.4 170.4 176.9 174.0 185.4 179.0 178.1 11

 12 FL753122603 Deposits due to foreign 61.4 65.1 75.1 69.4 74.2 67.7 75.1 75.6 71.5 12

 13 FL753129205 Private domestic deposits 92.8 86.2 110.3 101.0 102.7 106.3 110.3 103.4 106.6 13

 14 FL743127003 Banks in U.S.-affiliated areas 35.0 40.8 41.1 41.9 43.0 39.2 41.1 42.6 45.4 14

 15 FL473127003 Credit unions 153.4 157.1 172.4 167.1 169.3 168.8 172.4 185.1 185.0 15

 16 FL793120005 Total assets 3830.8 4109.9 4214.4 3950.3 4087.3 4035.0 4214.4 4349.8 4343.8 16

 17 FL153020005 Household sector 1209.6 1137.9 1174.0 1230.6 1186.3 1100.3 1174.0 1308.2 1252.7 17

 18 FL143020005 Nonfinancial business 1092.6 1277.6 1420.8 1314.4 1400.4 1398.3 1420.8 1378.9 1361.2 18

 19 FL103020005 Corporate 838.1 998.3 1141.3 1037.4 1122.8 1122.7 1141.3 1095.2 1069.7 19

 20 FL113020005 Noncorporate 254.5 279.3 279.5 277.0 277.5 275.6 279.5 283.8 291.5 20

 21 FL313020005 Federal government 338.1 404.0 232.0 96.8 184.8 162.9 232.0 291.8 336.7 21

 22 FL213020005 State and local governments 98.2 102.5 113.1 108.3 110.3 104.9 113.1 114.5 111.4 22

 23 FL793020005 Domestic financial sectors 385.2 419.4 423.6 404.9 390.6 432.2 423.6 382.4 388.1 23

 24 FL513020005 Property-casualty insurance companies 34.9 27.6 31.9 28.6 28.7 38.8 31.9 33.9 38.8 24

 25 FL543020005 Life insurance companies 70.3 73.5 91.0 74.6 82.7 83.1 91.0 87.2 91.5 25

 26 FL573020005 Private pension funds 19.8 21.0 22.4 21.4 21.4 21.7 22.4 22.6 23.2 26

 27 FL343020033 Federal government retirement funds 0.9 0.8 1.1 0.9 1.0 1.0 1.1 1.1 1.2 27

 28 FL223020043 State and local govt. retirement funds 38.7 40.6 27.5 34.9 30.4 29.4 27.5 25.5 23.2 28

 29 FL633020000 Money market funds 7.6 29.6 22.1 14.3 14.8 35.9 22.1 10.3 15.8 29

 30 FL403020005 Government-sponsored enterprises 41.0 48.8 49.4 41.8 33.0 37.7 49.4 23.6 31.0 30

 31 FL613020003 Finance companies 30.4 20.8 18.6 19.0 18.4 17.7 18.6 17.3 13.6 31

 32 FL643020005 REITs 35.7 37.7 40.7 42.6 40.0 47.2 40.7 36.2 34.4 32

 33 FL663020003 Brokers and dealers 106.1 119.2 119.0 126.9 120.3 119.5 119.0 124.6 115.3 33

 34 FL263020005 Rest of the world 706.8 767.9 847.7 794.7 812.8 834.3 847.7 870.5 891.4 34

 35 FL263027003 Checkable deposits 110.2 129.0 139.1 135.1 137.4 142.9 139.1 145.0 146.4 35

 36 FL263025003 Currency 596.6 638.9 708.6 659.7 675.5 691.3 708.6 725.6 745.0 36

 37 FL903020005 Mail float 0.3 0.6 3.2 0.4 2.1 2.2 3.2 3.5 2.3 37
L

e

v

els

Z.1, September 20, 2018 115

L.205 Time and Savings Deposits 

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

2015 2016 2017 2017 2018

 Q1 Q2 Q3 Q4 Q1 Q2

 1 FL703130005 Total liabilities 10854.9 11372.0 11692.4 11535.2 11494.8 11670.3 11692.4 11898.3 11983.0 1

 2 FL763130005 U.S.-chartered depository institutions 8993.2 9574.0 9822.1 9630.1 9569.8 9741.7 9822.1 9965.6 10013.6 2

 3 FL753130005 Foreign banking offices in U.S. 934.9 794.3 820.0 865.6 881.4 883.7 820.0 849.2 877.8 3

 4 FL743130003 Banks in U.S.-affiliated areas 43.9 46.4 41.8 46.0 45.1 41.5 41.8 42.9 43.2 4

 5 FL473130005 Credit unions 882.9 957.3 1008.6 993.5 998.5 1003.3 1008.6 1040.6 1048.5 5

 6 FL703130005 Total assets 10854.9 11372.0 11692.4 11535.2 11494.8 11670.3 11692.4 11898.3 11983.0 6

 7 FL153030005 Household sector 8450.4 9105.8 9301.4 9217.3 9147.1 9285.9 9301.4 9499.2 9561.4 7

 8 FL143030005 Nonfinancial business 1005.1 1072.4 1139.8 1085.8 1105.0 1120.0 1139.8 1151.2 1162.7 8

 9 FL103030003 Corporate 144.3 163.5 167.1 162.3 165.3 165.6 167.1 163.7 157.8 9

 10 FL113030003 Noncorporate 860.8 909.0 972.7 923.5 939.7 954.5 972.7 987.6 1004.9 10

 11 FL313030003 Federal government 1.8 1.5 1.9 1.2 1.3 1.5 1.9 1.8 1.9 11

 12 FL213030005 State and local governments 370.8 377.5 392.0 372.0 367.3 372.6 392.0 387.9 382.0 12

 13 FL793030005 Domestic financial sectors 546.6 261.6 286.6 287.1 283.2 301.0 286.6 272.7 274.3 13

 14 FL573030005 Private pension funds 32.1 31.3 28.9 30.4 30.1 29.7 28.9 27.8 26.9 14

 15 FL223030043 State and local govt. retirement funds 2.4 2.9 2.5 2.8 2.8 2.7 2.5 2.3 2.2 15

 16 FL633030000 Money market funds 399.3 142.2 178.9 178.2 177.3 198.1 178.9 171.2 176.6 16

 17 FL403030005 Government-sponsored enterprises 2.5 5.9 7.6 5.5 5.9 6.5 7.6 8.8 15.1 17

 18 FL613030003 Finance companies 91.2 62.3 55.8 57.0 55.1 53.2 55.8 52.0 40.9 18

 19 FL733030003 Holding companies 19.1 17.0 12.9 13.1 12.1 10.8 12.9 10.6 12.6 19

 20 FL263030005 Rest of the world 480.2 553.1 570.7 571.8 590.9 589.3 570.7 585.4 600.7 20

L.206 Money Market Fund Shares

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

 1 FL634090005 Total assets 2742.4 2731.3 2848.4 2665.2 2635.2 2750.9 2848.4 2793.4 2821.2 1

 2 FL153034005 Household sector 1551.6 1551.3 1607.5 1504.4 1480.5 1550.7 1607.5 1569.9 1585.2 2

 3 FL103034000 Nonfinancial corporate business 576.6 463.9 475.5 450.8 443.8 461.3 475.5 466.3 470.9 3

 4 FL113034003 Nonfinancial noncorporate business 88.1 97.1 104.8 98.4 100.4 102.0 104.8 106.5 108.9 4

 5 FL213034003 State and local governments 16.2 21.6 23.3 21.2 21.2 22.3 23.3 22.9 23.1 5

 6 FL513034005 Property-casualty insurance companies 22.4 15.6 19.6 16.1 16.7 17.9 19.6 20.8 28.4 6

 7 FL543034005 Life insurance companies 58.1 44.6 48.2 46.3 47.1 48.8 48.2 44.7 50.7 7

 8 FL573034005 Private pension funds 152.7 159.1 156.1 157.8 157.0 156.8 156.1 155.1 154.3 8

 9 FL223034005 State and local govt. retirement funds 55.2 65.6 56.3 63.1 62.0 60.1 56.3 52.6 50.1 9

 10 FL503034005 Funding corporations 113.9 214.4 260.5 213.4 217.2 237.9 260.5 260.0 254.0 10

 11 FL263034003 Rest of the world 107.6 98.1 96.5 93.7 89.3 93.2 96.5 94.6 95.6 11
L

e

v

els

116 Z.1, September 20, 2018

L.207 Federal Funds and Security Repurchase Agreements (1)

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

2015 2016 2017 2017 2018

 Q1 Q2 Q3 Q4 Q1 Q2

 1 FL892150005 Total liabilities 3716.5 3811.2 3843.7 3755.5 3923.2 3773.6 3843.7 3487.5 3573.9 1

 2 FL712151003 Monetary authority 712.4 725.2 564.0 600.3 650.0 556.8 564.0 273.4 341.6 2

 3 FL762150005 U.S.-chartered depository institutions 196.8 162.6 170.5 158.5 162.9 166.9 170.5 156.9 158.0 3

 4 FL762152005 Federal funds (2) 39.4 33.0 46.2 30.9 33.9 41.4 46.2 44.1 44.2 4

 5 FL762151005 Security repurchase agreements 157.4 129.6 124.3 127.6 129.1 125.6 124.3 112.7 113.8 5

 6 FL752150005 Foreign banking offices in U.S. 406.6 473.3 561.6 480.0 515.6 544.8 561.6 526.3 502.9 6

 7 FL752152005 Federal funds (2) 26.9 33.8 37.1 47.3 47.4 62.1 37.1 46.4 32.0 7

 8 FL752151005 Security repurchase agreements 379.7 439.6 524.5 432.7 468.3 482.7 524.5 479.9 471.0 8

 9 FL472150053 Credit unions 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

 10 FL512151003 Property-casualty insurance companies 1.4 0.4 0.4 0.4 0.4 0.4 0.4 0.3 0.3 10

 11 FL542151073 Life insurance companies 21.4 21.6 21.4 21.7 22.3 21.7 21.4 19.1 17.9 11

 12 FL402150005 Government-sponsored enterprises 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12

 13 FL642151073 REITs 220.0 209.4 260.6 215.5 218.9 245.3 260.6 259.4 246.8 13

 14 FL662151003 Brokers and dealers 1368.3 1313.1 1392.5 1359.9 1442.3 1351.5 1392.5 1390.9 1455.0 14

 15 FL732151003 Holding companies 0.1 0.1 0.1 0.0 0.0 0.1 0.1 0.2 0.2 15

 16 FL262151003 Rest of the world 789.5 905.4 872.6 919.1 910.8 886.3 872.6 861.0 851.1 16

 17 FL892050005 Total assets 3452.9 3582.5 3834.0 3595.9 3777.2 3699.7 3834.0 3645.6 3719.2 17

 18 FL102051003 Nonfinancial corporate business 79.9 109.5 61.5 99.7 68.4 54.0 61.5 36.3 20.2 18

 19 FL212051003 State and local governments 147.9 151.3 149.4 151.3 149.3 148.2 149.4 145.0 142.2 19

 20 FL712051000 Monetary authority 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 20

 21 FL762050005 U.S.-chartered depository institutions 209.8 218.5 222.5 190.0 224.5 188.1 222.5 240.9 229.5 21

 22 FL762052005 Federal funds (2) 19.4 21.2 24.4 24.9 16.6 25.0 24.4 24.7 21.4 22

 23 FL762051005 Security repurchase agreements 190.4 197.3 198.0 165.1 207.9 163.2 198.0 216.2 208.2 23

 24 FL752050005 Foreign banking offices in U.S. 218.5 193.1 269.7 197.1 211.9 240.2 269.7 264.4 290.5 24

 25 FL752052005 Federal funds (2) 0.9 0.6 0.9 0.5 0.9 0.5 0.9 1.0 1.1 25

 26 FL752051005 Security repurchase agreements 217.6 192.4 268.8 196.6 211.0 239.7 268.8 263.4 289.4 26

 27 FL472050053 Credit unions 0.0 0.0 0.2 0.1 0.1 0.2 0.2 0.3 0.4 27

 28 FL472052053 Federal funds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 28

 29 FL472051053 Security repurchase agreements 0.0 0.0 0.2 0.1 0.1 0.2 0.2 0.3 0.3 29

 30 FL512051005 Property-casualty insurance companies 1.4 1.4 1.4 1.3 1.3 1.3 1.4 1.2 1.0 30

 31 FL542051075 Life insurance companies 2.8 2.5 2.0 2.5 2.4 2.3 2.0 1.8 1.7 31

 32 FL572051005 Private pension funds 2.7 2.6 2.3 2.5 2.5 2.4 2.3 2.2 2.2 32

 33 FL222051043 State and local govt. retirement funds 3.8 4.9 4.2 4.7 4.6 4.5 4.2 3.9 3.7 33

 34 FL632051000 Money market funds 720.8 801.6 956.5 808.7 893.5 909.6 956.5 782.0 909.1 34

 35 FL652051003 Mutual funds 81.7 84.1 98.0 93.5 91.5 98.0 98.0 94.6 93.3 35

 36 FL402050005 Government-sponsored enterprises 182.9 185.0 195.6 207.7 202.3 203.0 195.6 218.7 192.7 36

 37 FL402052033 Of which: FHLB federal funds (3) 42.4 48.6 65.5 78.4 74.6 89.6 65.5 93.3 88.7 37

 38 FL662051003 Brokers and dealers 1133.3 1112.7 1109.0 1098.9 1164.7 1103.6 1109.0 1113.7 1135.8 38

 39 FL732051003 Holding companies 2.4 2.3 5.7 2.9 9.8 9.7 5.7 4.6 3.5 39

 40 FL502051003 Funding corporations 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 40

 41 FL262051003 Rest of the world 665.0 713.2 756.2 735.2 750.4 734.4 756.2 736.1 693.5 41

 42 FL902050005 Discrepancy 263.6 228.7 9.6 159.6 146.1 74.0 9.6 -158.1 -145.3 42

 Memo:

 43 FL072052006 Effective federal funds rate (percent) (4) 0.24 0.54 1.30 0.79 1.04 1.15 1.30 1.51 1.82 43

 Federal Reserve’s reverse repurchase agreement operations:

 44 FL712151103 Liability: Monetary authority (5) 474.6 468.4 319.6 346.9 398.9 316.1 319.6 32.4 97.0 44

 45 FL632051103 Asset: Money market funds (6) 424.0 403.4 288.1 328.8 362.8 298.5 288.1 22.6 88.8 45

 46 FL792051115 Other financial institutions (7) 50.6 64.9 31.5 18.1 36.1 17.6 31.5 9.7 8.2 46

(1) Detailed data on federal funds and security repurchase agreements are available beginning 2012:Q1 for U.S.-chartered despository institutions, 2003:Q1 for foreign banking offices in U.S.,

 1997:Q1 for credit unions, and 2000:Q1 for FHLB.

(2) Excludes term federal funds.

(3) Includes term federal funds.

(4) The effective federal funds rate is a weighted average of rates on brokered trades. Annualized using a 360-day year.

(5) Included in line 2.

(6) Included in line 34.

(7) Includes banks (consolidated), government-sponsored enterprises, and primary dealers.
L

e

v

els

Z.1, September 20, 2018 117

L.208 Debt Securities (1)

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

2015 2016 2017 2017 2018

 Q1 Q2 Q3 Q4 Q1 Q2

 By instrument

 1 FL894122005 Total debt securities 39927.0 41497.6 43071.9 41664.8 41871.8 42605.8 43071.9 43870.2 43982.3 1

 2 FL893169175 Open market paper 941.5 884.9 965.9 937.2 925.7 982.4 965.9 1048.5 1051.5 2

 3 FL313161105 Treasury securities 15141.1 15983.8 16430.9 15873.8 15798.3 16230.7 16430.9 17046.0 17090.7 3

 4 FL893161705 Agency- and GSE-backed securities 8169.0 8520.6 8867.2 8571.6 8667.0 8758.9 8867.2 8874.4 8962.2 4

 5 FL383162005 Municipal securities 3816.3 3859.5 3871.4 3847.0 3853.7 3828.6 3871.4 3851.3 3853.0 5

 6 FL893163005 Corporate and foreign bonds 11859.1 12248.8 12936.5 12435.3 12627.1 12805.2 12936.5 13050.0 13024.9 6

 By sector

 7 FL894122005 Total liabilities 39927.0 41497.6 43071.9 41664.8 41871.8 42605.8 43071.9 43870.2 43982.3 7

 8 FL384122005 Domestic nonfinancial sectors 23991.8 25149.9 25897.6 25150.9 25137.0 25639.1 25897.6 26576.9 26614.2 8

 9 FL163162003 Nonprofit organizations (2) 219.2 215.8 217.9 215.6 219.3 216.1 217.9 219.8 219.4 9

 10 FL104122005 Nonfinancial corporate business 5547.5 5835.1 6137.4 5959.3 6021.9 6110.9 6137.4 6218.7 6213.6 10

 11 FL314122005 Federal government 15165.6 16008.3 16455.3 15898.0 15822.7 16255.1 16455.3 17070.6 17114.2 11

 12 FL213162005 State and local governments 3059.6 3090.7 3087.0 3078.0 3073.1 3057.0 3087.0 3067.8 3067.0 12

 13 FL794122005 Domestic financial sectors 13181.8 13546.5 13869.2 13578.2 13697.9 13799.6 13869.2 13904.1 14015.4 13

 14 FL764122005 U.S.-chartered depository institutions 254.2 232.8 219.8 229.8 225.2 228.0 219.8 218.4 221.8 14

 15 FL753169603 Foreign banking offices in U.S. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15

 16 FL403161705 Government-sponsored enterprises 6369.0 6563.2 6716.3 6570.2 6619.8 6658.1 6716.3 6685.7 6736.1 16

 17 FL413065005 Agency- and GSE-backed mortgage pools 1775.5 1933.0 2126.6 1977.1 2022.8 2076.4 2126.6 2164.0 2202.5 17

 18 FL674122005 ABS issuers 1346.6 1227.5 1166.1 1191.5 1194.3 1176.6 1166.1 1149.0 1157.1 18

 19 FL614122005 Finance companies 953.4 886.3 836.4 858.8 848.6 854.9 836.4 834.3 850.0 19

 20 FL644122005 REITs 395.5 417.3 438.8 422.2 421.3 424.6 438.8 446.8 444.8 20

 21 FL663163003 Brokers and dealers 131.3 129.1 185.7 129.7 165.8 175.5 185.7 175.6 167.4 21

 22 FL734122005 Holding companies 1212.6 1375.7 1448.7 1391.2 1438.8 1459.6 1448.7 1435.6 1418.2 22

 23 FL504122005 Funding corporations 743.7 781.6 731.0 807.7 761.3 745.9 731.0 794.6 817.4 23

 24 FL264122005 Rest of the world 2753.4 2801.2 3305.0 2935.7 3036.9 3167.1 3305.0 3389.2 3352.7 24

 25 FL894122005 Total assets 39927.0 41497.6 43071.9 41664.8 41871.8 42605.8 43071.9 43870.2 43982.3 25

 26 FL384022005 Domestic nonfinancial sectors 6259.8 6279.2 6157.2 6221.1 6058.9 5979.9 6157.2 6720.0 7070.2 26

 27 FL154022005 Household sector 4543.8 4512.7 4361.6 4447.3 4288.1 4222.8 4361.6 4955.4 5289.7 27

 28 FL104022005 Nonfinancial corporate business 244.7 235.5 278.3 245.5 263.6 264.1 278.3 273.1 299.3 28

 29 FL114022005 Nonfinancial noncorporate business 66.2 72.9 78.8 73.9 75.5 76.6 78.8 80.1 81.8 29

 30 FL314022005 Federal government 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 30

 31 FL214022005 State and local governments 1404.7 1457.6 1438.1 1453.8 1431.3 1415.9 1438.1 1411.0 1398.9 31

 32 FL794022005 Domestic financial sectors 23329.9 24557.2 25506.9 24678.2 24706.5 25272.1 25506.9 25791.5 25659.7 32

 33 FL714022005 Monetary authority 4242.0 4221.2 4223.5 4246.8 4243.5 4240.3 4223.5 4183.7 4102.0 33

 34 FL764022005 U.S.-chartered depository institutions 3368.3 3644.7 3755.1 3698.5 3673.2 3720.8 3755.1 3739.7 3729.6 34

 35 FL754022005 Foreign banking offices in U.S. 265.3 276.0 303.3 266.2 270.0 259.8 303.3 293.0 300.6 35

 36 FL744022003 Banks in U.S.-affiliated areas 11.9 13.2 14.9 14.1 14.3 13.5 14.9 16.0 16.6 36

 37 FL474022005 Credit unions 219.9 217.5 213.0 223.8 223.3 216.4 213.0 213.3 213.3 37

 38 LM514022005 Property-casualty insurance companies 1028.9 1064.2 1097.2 1052.6 1063.9 1074.1 1097.2 1073.2 1069.8 38

 39 LM544022005 Life insurance companies 3228.0 3407.3 3581.0 3452.2 3497.9 3538.7 3581.0 3520.3 3495.4 39

 40 LM574022005 Private pension funds 1175.8 1224.2 1291.0 1242.4 1257.8 1271.8 1291.0 1284.2 1301.0 40

 41 LM344022005 Federal government retirement funds 1735.8 1836.6 1753.7 1689.0 1585.7 1841.5 1753.7 1916.9 1927.6 41

 42 LM224022045 State and local govt. retirement funds 880.7 890.9 978.1 904.3 922.5 946.0 978.1 1001.5 1036.8 42

 43 FL634022005 Money market funds 1582.4 1748.7 1680.7 1651.8 1539.3 1595.6 1680.7 1822.4 1709.5 43

 44 LM654022005 Mutual funds 3834.2 4077.1 4514.5 4191.4 4341.7 4438.8 4514.5 4575.6 4575.0 44

 45 LM554022005 Closed-end funds 161.2 160.8 165.9 163.4 165.7 166.1 165.9 162.9 163.6 45

 46 LM564022005 Exchange-traded funds 341.6 429.0 556.2 467.3 503.4 537.1 556.2 563.9 589.7 46

 47 FL404022005 Government-sponsored enterprises 446.9 442.6 403.8 436.8 427.5 410.9 403.8 407.5 412.0 47

 48 FL674022005 ABS issuers 28.2 19.9 11.5 15.3 11.6 10.7 11.5 12.9 13.9 48

 49 LM613063003 Finance companies 62.7 73.1 63.8 70.1 68.0 64.4 63.8 62.7 60.4 49

 50 FL644022005 REITs 267.3 240.9 293.4 250.1 255.5 282.8 293.4 286.7 273.2 50

 51 FL664022005 Brokers and dealers 300.6 305.6 306.1 329.6 351.7 304.8 306.1 281.5 311.3 51

 52 FL734022605 Holding companies 55.3 58.7 67.2 55.5 72.5 59.3 67.2 79.3 83.9 52

 53 FL504022005 Funding corporations 93.0 205.1 233.2 257.1 217.7 278.7 233.2 294.3 274.7 53

 54 FL264022005 Rest of the world 10337.3 10661.2 11407.8 10765.4 11106.3 11353.8 11407.8 11358.6 11252.4 54

(1) Sum of open market paper, Treasury securities, agency- and GSE-backed securities, municipal securities, and corporate and foreign bonds.

(2) Liability of the households and nonprofit organizations sector (tables L.101 and B.101).
L

e

v

els

118 Z.1, September 20, 2018

L.209 Open Market Paper

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

2015 2016 2017 2017 2018

 Q1 Q2 Q3 Q4 Q1 Q2

 1 FL893169175 Total liabilities 941.5 884.9 965.9 937.2 925.7 982.4 965.9 1048.5 1051.5 1

 2 FL893169105 Commercial paper 941.5 884.9 965.9 937.2 925.7 982.4 965.9 1048.5 1051.5 2

 3 FL103169100 Nonfinancial corporate business 179.0 180.8 206.7 195.5 194.7 206.1 206.7 222.3 220.2 3

 4 FL263169105 Foreign issues in U.S. 492.3 433.1 525.0 467.0 475.6 531.9 525.0 554.4 539.0 4

 5 FL263169110 Nonfinancial 44.1 44.6 45.1 47.0 48.0 61.3 45.1 52.2 60.3 5

 6 FL263169123 Financial 448.2 388.5 479.9 420.0 427.7 470.6 479.9 502.2 478.7 6

 7 FL793169100 Financial business 270.2 271.0 234.2 274.6 255.4 244.4 234.2 271.7 292.4 7

 8 FL763169103 U.S.-chartered depository institutions 53.6 49.0 49.7 49.4 48.7 50.4 49.7 48.9 50.9 8

 9 FL673169105 ABS issuers 21.7 23.9 11.4 11.6 10.4 10.7 11.4 11.1 20.3 9

 10 FL613169100 Finance companies 66.9 71.4 72.2 67.8 69.1 69.3 72.2 66.9 69.3 10

 11 FL643169173 REITs 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11

 12 FL733169103 Holding companies 5.7 2.2 4.4 3.3 3.3 4.3 4.4 3.0 3.9 12

 13 FL503169105 Funding corporations 122.4 124.4 96.6 142.6 124.0 109.8 96.6 141.8 147.9 13

 14 FL703169605 Bankers’ acceptances (1) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14

 15 FL763169603 U.S.-chartered depository institutions 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15

 16 FL753169603 Foreign banking offices in U.S. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16

 17 FL893169175 Total assets 941.5 884.9 965.9 937.2 925.7 982.4 965.9 1048.5 1051.5 17

 18 FL103069100 Nonfinancial corporate business 172.5 160.7 193.4 166.4 181.7 180.2 193.4 198.2 221.7 18

 19 FL213069103 State and local governments 73.1 71.8 70.8 71.7 70.8 70.3 70.8 68.8 67.5 19

 20 FL713069603 Monetary authority 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 20

 21 FL763069175 U.S.-chartered depository institutions (1) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 21

 22 FL753069603 Foreign banking offices in U.S. (1) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 22

 23 FL473069153 Credit unions 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.4 23

 24 LM513069105 Property-casualty insurance companies 9.2 20.3 11.4 17.2 14.5 12.7 11.4 9.6 8.4 24

 25 LM543069105 Life insurance companies 44.4 46.6 38.0 45.7 43.3 41.8 38.0 35.8 34.2 25

 26 FL573069105 Private pension funds 39.6 39.1 41.1 39.3 40.2 40.9 41.1 41.8 42.7 26

 27 FL223069143 State and local govt. retirement funds 44.5 56.1 48.0 54.0 53.2 51.4 48.0 44.6 42.3 27

 28 FL633069175 Money market funds 327.4 109.7 152.6 114.4 129.8 138.7 152.6 159.2 174.4 28

 29 LM653069100 Mutual funds 81.7 84.1 98.0 93.5 91.5 98.0 98.0 94.6 93.3 29

 30 FL403069105 Government-sponsored enterprises 5.5 5.9 6.4 5.5 6.0 6.0 6.4 7.2 7.4 30

 31 FL663069103 Brokers and dealers 19.5 13.8 9.3 11.7 11.9 11.7 9.3 15.4 13.3 31

 32 FL503069105 Funding corporations 19.9 136.1 160.6 183.3 143.1 205.4 160.6 221.7 202.8 32

 33 LM263069103 Rest of the world 104.3 140.8 136.3 134.5 139.7 125.2 136.3 151.6 143.2 33

(1) Excludes banks’ holdings of own acceptances.
L

e

v

els

Z.1, September 20, 2018 119

L.210 Treasury Securities (1)

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

2015 2016 2017 2017 2018

 Q1 Q2 Q3 Q4 Q1 Q2

 1 FL313161105 Total liabilities 15141.1 15983.8 16430.9 15873.8 15798.3 16230.7 16430.9 17046.0 17090.7 1

 2 FL313161205 Marketable Treasury securities 13169.0 13880.2 14434.6 13923.0 13965.8 14156.1 14434.6 14894.7 14933.7 2

 3 FL313161110 Treasury bills 1511.0 1815.7 1952.5 1754.8 1715.8 1799.6 1952.5 2284.4 2157.4 3

 4 FL313161275 Other Treasury notes, bonds, and TIPS 11643.0 12051.5 12470.6 12155.2 12238.5 12345.0 12470.6 12598.8 12766.0 4

 5 FL313161283 Held in the Civil Service Retirement Fund (2) 15.0 13.0 11.5 13.0 11.5 11.5 11.5 11.5 10.3 5

 6 FL313161305 Nonmarketable Treasury securities 1972.1 2103.6 1996.3 1950.8 1832.5 2074.7 1996.3 2151.3 2157.0 6

 7 FL313161400 U.S. savings securities 171.6 165.9 160.5 164.3 162.9 161.7 160.5 159.0 157.9 7

 8 FL213061120 State and local government series (SLGS) 75.2 109.8 92.4 106.2 91.5 80.4 92.4 84.6 79.1 8

 9 FL343061123 Thrift Savings Plan G Fund 206.9 222.3 68.7 116.6 84.3 217.9 68.7 226.5 236.9 9

 10 FL343061145 Federal govt. defined benefit pension plans 1481.8 1567.6 1637.6 1525.4 1455.3 1576.9 1637.6 1644.2 1645.8 10

 11 FL313161375 Other nonmarketable securities 36.5 38.1 37.0 38.3 38.5 37.8 37.0 36.9 37.3 11

 12 FL893061105 Total assets 15141.1 15983.8 16430.9 15873.8 15798.3 16230.7 16430.9 17046.0 17090.7 12

 13 FL153061105 Household sector 1138.9 1339.3 1369.1 1290.6 1332.1 1252.6 1369.1 1706.7 1808.9 13

 14 FL313161400 U.S. savings securities (line 7) 171.6 165.9 160.5 164.3 162.9 161.7 160.5 159.0 157.9 14

 15 FL153061185 Other Treasury securities 967.3 1173.5 1208.6 1126.3 1169.2 1090.9 1208.6 1547.6 1651.1 15

 16 FL103061103 Nonfinancial corporate business 37.4 41.3 41.7 40.0 41.1 40.7 41.7 36.9 38.3 16

 17 FL113061003 Nonfinancial noncorporate business 61.9 68.2 73.6 69.1 70.5 71.6 73.6 74.8 76.5 17

 18 FL213061105 State and local governments 682.4 728.4 703.5 724.8 702.2 687.0 703.5 693.4 694.8 18

 19 FL213061120 SLGS (line 8) 75.2 109.8 92.4 106.2 91.5 80.4 92.4 84.6 79.1 19

 20 FL213061103 Other Treasury securities 607.3 618.6 611.1 618.5 610.7 606.6 611.1 608.8 615.7 20

 21 FL713061103 Monetary authority 2461.6 2463.6 2454.2 2464.4 2465.1 2465.4 2454.2 2425.0 2378.3 21

 22 FL713061113 Treasury bills 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 22

 23 FL713061125 Other Treasury securities 2461.6 2463.6 2454.2 2464.4 2465.1 2465.4 2454.2 2425.0 2378.3 23

 24 FL763061100 U.S.-chartered depository institutions 435.2 531.2 488.0 526.8 479.0 481.5 488.0 487.4 496.2 24

 25 FL753061103 Foreign banking offices in U.S. 69.8 94.0 99.5 88.4 91.4 84.3 99.5 99.3 107.8 25

 26 FL743061103 Banks in U.S.-affiliated areas 2.4 3.2 5.1 4.0 4.3 3.9 5.1 6.3 6.7 26

 27 FL473061105 Credit unions 29.2 28.6 29.3 28.2 28.2 28.0 29.3 29.6 29.9 27

 28 LM513061105 Property-casualty insurance companies 104.1 114.9 149.6 119.8 127.0 136.3 149.6 139.8 133.1 28

 29 LM513061115 Treasury bills 23.8 32.3 58.8 36.6 41.5 48.6 58.8 49.9 43.5 29

 30 LM513061125 Other Treasury securities 80.3 82.6 90.8 83.2 85.5 87.7 90.8 90.0 89.6 30

 31 LM543061105 Life insurance companies 206.0 219.3 228.9 220.7 222.5 222.5 228.9 226.8 226.3 31

 32 LM543061115 Treasury bills 7.3 13.4 13.0 14.0 13.9 14.1 13.0 11.8 11.1 32

 33 LM543061125 Other Treasury securities 198.7 205.9 215.8 206.7 208.6 208.5 215.8 215.0 215.2 33

 34 LM573061105 Private pension funds 286.7 302.5 323.4 308.6 312.4 316.7 323.4 333.6 350.8 34

 35 LM573061143 Defined benefit plans 174.7 181.8 187.8 183.5 186.0 186.9 187.8 197.6 209.5 35

 36 LM573061133 Defined contribution plans 112.0 120.8 135.7 125.2 126.4 129.8 135.7 136.0 141.3 36

 37 LM343061105 Federal government retirement funds (3) 1714.8 1814.4 1730.1 1666.6 1562.9 1818.3 1730.1 1894.1 1905.0 37

 38 LM343061165 Defined benefit plans 1498.8 1582.6 1651.1 1540.4 1468.8 1590.4 1651.1 1657.6 1658.1 38

 39 LM343061155 Defined contribution plans 216.0 231.8 79.0 126.2 94.1 228.0 79.0 236.5 246.9 39

 40 LM223061143 State and local govt. retirement funds 174.5 217.8 277.3 238.1 262.8 261.2 277.3 278.7 288.9 40

 41 FL633061105 Money market funds 485.9 797.6 702.9 740.7 625.0 653.2 702.9 880.1 728.6 41

 42 FL633061110 Treasury bills 236.0 414.9 461.4 360.0 320.9 392.3 461.4 651.2 484.5 42

 43 FL633061120 Other Treasury securities 249.9 382.8 241.4 380.7 304.1 260.9 241.4 228.9 244.1 43

 44 LM653061105 Mutual funds 826.6 888.6 1099.0 915.5 941.9 1039.7 1099.0 1094.2 1097.3 44

 45 LM653061113 Treasury bills 44.5 58.5 78.5 57.2 58.3 66.4 78.5 95.3 91.9 45

 46 LM653061125 Other Treasury securities 782.1 830.0 1020.5 858.3 883.5 973.4 1020.5 998.9 1005.4 46

 47 LM553061103 Closed-end funds 5.8 3.6 3.7 3.7 3.7 3.7 3.7 3.7 3.6 47

 48 LM563061103 Exchange-traded funds 80.3 94.7 122.1 104.4 110.0 119.1 122.1 131.2 146.7 48

 49 FL403061105 Government-sponsored enterprises 87.5 102.4 101.3 107.9 104.5 99.0 101.3 106.3 116.7 49

 50 FL673061103 ABS issuers 28.2 19.9 11.5 15.3 11.6 10.7 11.5 12.9 13.9 50

 51 FL663061105 Brokers and dealers 65.3 97.6 119.6 107.8 128.5 126.6 119.6 78.5 118.5 51

 52 FL733061103 Holding companies 10.2 9.8 12.5 12.9 19.9 6.7 12.5 16.3 33.1 52

 53 LM263061105 Rest of the world 6146.2 6002.8 6284.9 6075.3 6151.9 6301.9 6284.9 6290.6 6290.7 53

 54 LM263061110 Treasury bills 724.7 668.9 702.4 669.2 673.0 682.1 702.4 716.0 749.7 54

 55 LM263061120 Other Treasury securities 5421.5 5333.9 5582.5 5406.2 5478.9 5619.8 5582.5 5574.6 5541.0 55

(1) Includes marketable and nonmarketable Treasury securities held by the public (net of premiums and discounts) and Treasury securities held by federal government employee retirement funds.

 In the Financial Accounts, nonmarketable government securities held by federal government employee defined benefit retirement funds are considered part of the financial business sector as

 opposed to intragovernmental holdings as reported on the Monthly Statement of the Public Debt.

(2) Long-term marketable securities issued to the Civil Service Retirement Fund by the Federal Financing Bank. These securities are not currently traded in the market.

(3) Comprised primarily of nonmarketable Treasury securities.
L

e

v

els

120 Z.1, September 20, 2018

L.211 Agency- and GSE-Backed Securities (1)

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

2015 2016 2017 2017 2018

 Q1 Q2 Q3 Q4 Q1 Q2

 1 FL893161705 Total liabilities 8169.0 8520.6 8867.2 8571.6 8667.0 8758.9 8867.2 8874.4 8962.2 1

 2 FL313161705 Budget agencies 24.6 24.5 24.4 24.2 24.4 24.4 24.4 24.7 23.5 2

 3 FL403161705 Government-sponsored enterprises 6369.0 6563.2 6716.3 6570.2 6619.8 6658.1 6716.3 6685.7 6736.1 3

 4 FL413065005 Agency- and GSE-backed mortgage pools 1775.5 1933.0 2126.6 1977.1 2022.8 2076.4 2126.6 2164.0 2202.5 4

 5 FL893061705 Total assets 8169.0 8520.6 8867.2 8571.6 8667.0 8758.9 8867.2 8874.4 8962.2 5

 6 FL153061705 Household sector 445.6 396.9 508.7 428.5 387.3 457.1 508.7 523.7 637.4 6

 7 FL103061703 Nonfinancial corporate business 12.5 13.8 13.9 13.3 13.7 13.6 13.9 12.3 12.8 7

 8 FL313061703 Federal government 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8

 9 FL213061703 State and local governments 446.9 450.6 459.5 450.5 454.2 456.0 459.5 450.7 442.2 9

 10 FL713061705 Monetary authority 1780.4 1757.6 1769.3 1782.5 1778.4 1774.9 1769.3 1758.8 1723.7 10

 11 FL763061705 U.S.-chartered depository institutions 1924.7 2061.5 2210.1 2098.2 2134.5 2178.5 2210.1 2213.9 2212.5 11

 12 FL753061703 Foreign banking offices in U.S. 23.1 21.1 43.6 21.9 22.9 21.3 43.6 41.5 43.2 12

 13 FL743061703 Banks in U.S.-affiliated areas 1.8 1.5 1.5 1.5 1.4 1.4 1.5 1.7 8.5 13

 14 FL473061705 Credit unions 175.6 172.3 168.0 178.8 178.5 172.6 168.0 167.9 167.5 14

 15 LM513061705 Property-casualty insurance companies 106.2 108.0 115.1 108.0 110.5 112.3 115.1 114.0 115.3 15

 16 LM543061705 Life insurance companies 371.2 372.8 389.0 377.3 381.8 385.7 389.0 387.9 388.2 16

 17 LM573061705 Private pension funds 158.3 167.3 178.2 170.5 174.3 176.7 178.2 178.9 181.1 17

 18 LM343061705 Federal government retirement funds 8.4 8.7 9.3 8.7 8.9 9.1 9.3 9.1 9.1 18

 19 LM223061743 State and local govt. retirement funds 101.3 99.9 102.6 97.3 97.3 96.7 102.6 103.2 104.3 19

 20 FL633061700 Money market funds 468.7 680.4 682.2 643.3 642.9 666.4 682.2 643.5 663.3 20

 21 LM653061703 Mutual funds 584.9 610.4 591.8 597.4 664.4 611.1 591.8 617.3 618.7 21

 22 FL403061705 Government-sponsored enterprises 281.4 287.4 267.4 282.4 280.2 274.5 267.4 265.9 261.8 22

 23 FL673061703 ABS issuers 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 23

 24 FL643061773 REITs 228.1 200.7 251.2 208.6 214.0 241.0 251.2 243.6 228.3 24

 25 FL663061703 Brokers and dealers 109.7 93.2 79.1 106.9 113.5 87.6 79.1 85.4 81.3 25

 26 FL733061703 Holding companies 23.7 25.0 15.5 23.4 16.7 16.3 15.5 23.3 32.5 26

 27 LM263061705 Rest of the world 916.5 991.6 1011.2 972.5 991.8 1006.1 1011.2 1032.0 1030.7 27

(1) Agency- and GSE-backed securities include: issues of federal budget agencies (line 2) such as those for the TVA; issues of government sponsored enterprises (line 3) such as Fannie Mae and FHLB;

 and agency- and GSE-backed mortgage pool securities issued by GNMA, Fannie Mae, Freddie Mac, and the Farmers Home Administration (line 4). Only the budget agency issues are considered

 officially to be part of the total debt of the federal government, which is shown on table L.106, line 20.
L

e

v

els

Z.1, September 20, 2018 121

L.212 Municipal Securities

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

2015 2016 2017 2017 2018

 Q1 Q2 Q3 Q4 Q1 Q2

 1 FL383162005 Total liabilities 3816.3 3859.5 3871.4 3847.0 3853.7 3828.6 3871.4 3851.3 3853.0 1

 2 FL213162005 State and local governments 3059.6 3090.7 3087.0 3078.0 3073.1 3057.0 3087.0 3067.8 3067.0 2

 3 FL213162400 Short-term (1) 33.0 30.2 35.0 30.0 24.5 32.8 35.0 36.2 31.5 3

 4 FL213162200 Long-term 3026.6 3060.4 3051.9 3048.0 3048.6 3024.2 3051.9 3031.6 3035.5 4

 5 FL163162003 Nonprofit organizations (2) 219.2 215.8 217.9 215.6 219.3 216.1 217.9 219.8 219.4 5

 6 FL103162000 Nonfinancial corporate business 537.6 553.0 566.4 553.4 561.3 555.5 566.4 563.7 566.6 6

 (industrial revenue bonds)

 7 FL383162005 Total assets 3816.3 3859.5 3871.4 3847.0 3853.7 3828.6 3871.4 3851.3 3853.0 7

 8 FL153062005 Household sector 1674.4 1705.8 1628.9 1680.7 1665.2 1628.9 1628.9 1631.3 1625.0 8

 9 FL103062003 Nonfinancial corporate business 22.3 19.7 29.2 25.8 27.0 29.7 29.2 25.8 26.6 9

 10 FL113062003 Nonfinancial noncorporate business 4.3 4.8 5.2 4.9 5.0 5.0 5.2 5.3 5.4 10

 11 FL213062003 State and local governments 15.1 15.4 15.2 15.4 15.2 15.1 15.2 14.8 14.5 11

 12 FL763062000 U.S.-chartered depository institutions 498.9 549.2 570.2 554.2 557.3 560.6 570.2 554.4 543.5 12

 13 FL753062003 Foreign banking offices in U.S. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13

 14 FL743062003 Banks in U.S.-affiliated areas 2.1 1.7 1.3 1.7 1.6 1.3 1.3 1.3 1.3 14

 15 FL473062005 Credit unions 4.3 5.1 5.1 5.1 5.3 5.0 5.1 4.8 4.9 15

 16 LM513062005 Property-casualty insurance companies 357.5 350.7 338.9 342.2 341.4 338.6 338.9 338.9 344.1 16

 17 LM543062005 Life insurance companies 177.3 185.2 199.0 189.0 192.5 196.0 199.0 200.2 201.8 17

 18 LM343062033 Federal government retirement funds 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 18

 19 LM223062043 State and local govt. retirement funds 2.5 2.6 3.8 2.7 2.7 2.3 3.8 2.8 2.9 19

 20 FL633062000 Money market funds 236.0 154.3 134.4 145.1 133.0 126.0 134.4 131.8 135.7 20

 21 LM653062003 Mutual funds 603.7 632.2 688.1 646.6 666.5 680.4 688.1 690.4 696.7 21

 22 LM553062003 Closed-end funds 89.5 86.9 89.0 87.4 88.6 88.7 89.0 87.3 88.7 22

 23 LM563062003 Exchange-traded funds 19.1 24.7 30.4 25.5 27.3 28.6 30.4 30.7 32.8 23

 24 FL403062005 Government-sponsored enterprises 8.2 5.8 4.6 5.6 5.2 4.7 4.6 4.4 4.4 24

 25 FL663062003 Brokers and dealers 14.0 21.0 26.7 19.7 21.2 17.3 26.7 25.8 23.2 25

 26 FL263062003 Rest of the world 87.0 94.2 101.3 95.4 98.5 100.1 101.3 101.4 101.6 26

(1) Debt with original maturity of 13 months or less.

(2) Liability of the households and nonprofit organizations sector (tables L.101 and B.101).
L

e

v

els

122 Z.1, September 20, 2018

L.213 Corporate and Foreign Bonds

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

2015 2016 2017 2017 2018

 Q1 Q2 Q3 Q4 Q1 Q2

 1 FL893163005 Total liabilities 11859.1 12248.8 12936.5 12435.3 12627.1 12805.2 12936.5 13050.0 13024.9 1

 2 FL103163003 Nonfinancial corporate business 4830.9 5101.3 5364.3 5210.4 5265.9 5349.3 5364.3 5432.6 5426.8 2

 3 FL793163005 Domestic financial sectors 4767.2 4779.4 4792.2 4756.2 4800.0 4820.7 4792.2 4782.6 4784.4 3

 4 FL763163005 U.S.-chartered depository institutions 200.6 183.7 170.1 180.4 176.5 177.6 170.1 169.5 170.9 4

 5 FL673163005 ABS issuers (net) (1) 1324.8 1203.6 1154.8 1179.9 1183.9 1165.9 1154.8 1137.9 1136.8 5

 6 FL613163005 Finance companies 886.6 814.9 764.3 791.0 779.6 785.6 764.3 767.3 780.6 6

 7 FL643163005 REITs 395.5 417.3 438.8 422.2 421.3 424.6 438.8 446.8 444.8 7

 8 FL663163003 Brokers and dealers 131.3 129.1 185.7 129.7 165.8 175.5 185.7 175.6 167.4 8

 9 FL733163003 Holding companies 1206.9 1373.5 1444.2 1387.9 1435.5 1455.3 1444.2 1432.7 1414.3 9

 10 FL503163005 Funding corporations 621.4 657.2 634.4 665.1 637.4 636.1 634.4 652.9 669.5 10

 11 LM263163005 Rest of the world (2) 2261.1 2368.1 2780.0 2468.7 2561.3 2635.2 2780.0 2834.8 2813.7 11

 12 FL893163005 Total assets (3) 11859.1 12248.8 12936.5 12435.3 12627.1 12805.2 12936.5 13050.0 13024.9 12

 13 FL153063005 Household sector 1284.8 1070.6 854.9 1047.6 903.4 884.2 854.9 1093.8 1218.4 13

 14 FL313063763 Federal government 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 14

 15 FL213063003 State and local governments 187.1 191.4 189.0 191.4 188.9 187.6 189.0 183.4 180.0 15

 16 FL763063005 U.S.-chartered depository institutions 509.5 502.9 486.8 519.3 502.4 500.2 486.8 484.0 477.4 16

 17 FL763063605 MBS and other ABS 127.2 100.5 81.8 97.8 92.7 87.3 81.8 78.6 77.7 17

 18 FL763063095 Other 382.3 402.3 405.0 421.5 409.7 412.9 405.0 405.4 399.6 18

 19 FL753063005 Foreign banking offices in U.S. 172.4 160.8 160.2 155.9 155.7 154.2 160.2 152.3 149.6 19

 20 FL743063005 Banks in U.S.-affiliated areas 5.6 6.7 7.0 6.9 6.9 6.9 7.0 6.7 0.1 20

 21 FL473063005 Credit unions 10.8 11.5 10.7 11.7 11.4 10.8 10.7 10.9 10.6 21

 22 FL473063605 MBS and other ABS 10.6 11.3 10.4 11.4 11.2 10.5 10.4 10.6 10.3 22

 23 FL473063095 Other 0.2 0.2 0.3 0.2 0.2 0.2 0.3 0.3 0.4 23

 24 LM513063005 Property-casualty insurance companies 451.8 470.3 482.2 465.4 470.6 474.2 482.2 470.9 468.9 24

 25 LM513063605 MBS and other ABS 98.3 100.6 104.3 101.5 102.5 103.4 104.3 103.0 103.0 25

 26 LM513063095 Other 353.5 369.7 377.9 363.9 368.1 370.8 377.9 367.9 365.9 26

 27 LM543063005 Life insurance companies 2429.1 2583.3 2726.1 2619.5 2657.8 2692.6 2726.1 2669.7 2644.9 27

 28 LM543063675 MBS and other ABS 453.2 472.3 482.0 474.3 477.4 480.8 482.0 481.3 474.7 28

 29 LM543063095 Other 1975.9 2111.0 2244.1 2145.2 2180.4 2211.8 2244.1 2188.4 2170.2 29

 30 LM573063005 Private pension funds 691.2 715.4 748.3 724.0 731.0 737.5 748.3 730.0 726.3 30

 31 LM343063005 Federal government retirement funds 12.6 13.5 14.1 13.6 13.9 14.0 14.1 13.6 13.4 31

 32 LM223063045 State and local govt. retirement funds 558.0 514.5 546.4 512.3 506.5 534.3 546.4 572.1 598.3 32

 33 FL633063005 Money market funds 64.4 6.6 8.5 8.3 8.7 11.2 8.5 7.8 7.5 33

 34 LM653063005 Mutual funds 1737.3 1861.9 2037.6 1938.4 1977.3 2009.5 2037.6 2079.1 2069.0 34

 35 LM553063003 Closed-end funds 65.8 70.2 73.2 72.3 73.4 73.7 73.2 72.0 71.3 35

 36 LM563063003 Exchange-traded funds 242.2 309.6 403.6 337.4 366.1 389.4 403.6 402.1 410.2 36

 37 FL403063005 Government-sponsored enterprises 64.3 41.1 24.1 35.3 31.7 26.6 24.1 23.8 21.7 37

 38 FL403063605 MBS and other ABS 58.9 36.4 19.8 30.7 27.2 22.3 19.8 19.6 17.6 38

 39 FL403063095 Other 5.4 4.7 4.3 4.6 4.5 4.4 4.3 4.2 4.1 39

 40 LM613063003 Finance companies 62.7 73.1 63.8 70.1 68.0 64.4 63.8 62.7 60.4 40

 41 FL643063005 REITs 39.2 40.2 42.3 41.5 41.4 41.9 42.3 43.1 44.9 41

 42 FL663063005 Brokers and dealers 92.1 80.0 71.4 83.4 76.6 61.5 71.4 76.4 75.0 42

 43 FL733063003 Holding companies 21.5 23.9 39.1 19.2 35.9 36.4 39.1 39.7 18.2 43

 44 FL503063005 Funding corporations 73.0 69.0 72.6 73.8 74.6 73.3 72.6 72.6 71.8 44

 45 LM263063005 Rest of the world (4) 3083.3 3431.7 3874.1 3487.7 3724.5 3820.4 3874.1 3783.0 3686.3 45

 46 LM263063603 MBS and other ABS 387.6 363.7 371.9 365.9 371.1 372.3 371.9 367.4 367.1 46

 47 LM263063095 Other 2695.7 3068.0 3502.1 3121.8 3353.4 3448.1 3502.1 3415.6 3319.2 47

(1) Liabilities net of assets.

(2) Holdings of foreign issues by U.S. residents.

(3) For some sectors, holdings of MBS and other ABS are shown separately. MBS and other ABS include privately issued mortgage-backed securities and other privately issued asset-backed bonds.

(4) Holdings of U.S. issues by foreign residents.
L

e

v

els

Z.1, September 20, 2018 123

L.214 Loans (1)

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

2015 2016 2017 2017 2018

 Q1 Q2 Q3 Q4 Q1 Q2

 By instrument

 1 FL894123005 Total loans 23640.3 24636.6 25677.2 24783.5 25132.1 25342.1 25677.2 25726.1 26256.2 1

 2 FL793068005 Depository institution loans n.e.c. 3118.5 3286.7 3396.1 3287.4 3334.6 3361.7 3396.1 3428.3 3481.9 2

 3 FL893169005 Other loans and advances 3230.5 3345.6 3541.4 3412.7 3509.4 3498.3 3541.4 3488.4 3778.3 3

 4 FL893065005 Mortgages 13877.7 14360.6 14908.9 14444.3 14593.6 14730.0 14908.9 14997.8 15131.3 4

 5 FL893065105 Home 10080.5 10299.4 10606.5 10347.4 10433.8 10526.3 10606.5 10648.4 10718.6 5

 6 FL893065405 Multifamily residential 1095.3 1209.0 1315.1 1229.1 1250.2 1271.8 1315.1 1332.6 1352.2 6

 7 FL893065505 Commercial 2493.0 2626.2 2751.2 2639.3 2678.6 2698.3 2751.2 2779.9 2823.0 7

 8 FL893065603 Farm 208.8 226.0 236.1 228.5 231.0 233.6 236.1 236.8 237.5 8

 9 FL153166000 Consumer credit 3413.6 3643.7 3831.0 3639.2 3694.5 3752.2 3831.0 3811.6 3864.7 9

 By sector

 10 FL894123005 Total liabilities 23640.3 24636.6 25677.2 24783.5 25132.1 25342.1 25677.2 25726.1 26256.2 10

 11 FL384123005 Domestic nonfinancial sectors 21192.1 22081.1 23103.1 22240.5 22527.7 22732.0 23103.1 23173.8 23688.5 11

 12 FL154123005 Household sector 13951.4 14391.8 14939.8 14433.5 14595.9 14735.5 14939.8 14971.8 15100.4 12

 13 FL104123005 Nonfinancial corporate business 2531.7 2685.6 2912.0 2766.3 2825.1 2842.9 2912.0 2902.5 3211.0 13

 14 FL114123005 Nonfinancial noncorporate business 4692.2 4986.0 5233.0 5022.8 5088.8 5135.6 5233.0 5281.0 5358.4 14

 15 FL313165403 Federal government 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15

 16 FL213169203 State and local governments 16.9 17.8 18.2 17.9 18.0 18.1 18.2 18.5 18.7 16

 17 FL794123005 Domestic financial sectors 1978.4 2051.6 2037.1 2029.4 2079.5 2071.9 2037.1 2008.3 2029.1 17

 18 FL763169305 U.S.-chartered depository institutions 498.7 566.4 586.5 525.7 569.6 579.5 586.5 557.1 588.6 18

 19 FL473169333 Credit unions 44.7 46.7 54.8 45.2 46.6 50.5 54.8 46.5 52.4 19

 20 FL513169333 Property-casualty insurance companies 2.4 2.9 2.7 2.9 3.9 2.9 2.7 3.7 3.2 20

 21 FL543169373 Life insurance companies 58.1 68.3 74.9 71.2 71.3 72.2 74.9 79.0 79.9 21

 22 FL403169283 Government-sponsored enterprises 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 22

 23 FL614123005 Finance companies 159.5 159.5 148.1 158.0 156.7 157.2 148.1 149.8 147.0 23

 24 FL644123005 REITs 299.6 284.3 287.1 282.5 284.3 280.7 287.1 285.2 275.0 24

 25 FL664123005 Brokers and dealers 913.2 921.3 880.6 941.6 944.7 926.4 880.6 884.8 880.7 25

 26 FL504123005 Funding corporations 2.4 2.4 2.4 2.4 2.4 2.4 2.4 2.4 2.4 26

 27 FL264123005 Rest of the world 469.8 503.9 537.1 513.6 524.8 538.2 537.1 544.0 538.6 27

 28 FL894123005 Total assets 23640.3 24636.6 25677.2 24783.5 25132.1 25342.1 25677.2 25726.1 26256.2 28

 29 FL384023005 Domestic nonfinancial sectors 2610.3 2718.6 2751.6 2769.1 2776.1 2788.8 2751.6 2778.8 2779.9 29

 30 FL154023005 Household sector 1000.6 995.9 931.2 1010.5 1008.2 983.3 931.2 929.6 920.4 30

 31 FL104023005 Nonfinancial corporate business 72.4 73.0 70.3 71.4 71.2 71.0 70.3 68.7 68.5 31

 32 FL114023005 Nonfinancial noncorporate business 41.5 45.8 49.4 46.4 47.3 48.1 49.4 50.2 51.3 32

 33 FL314023005 Federal government 1263.7 1366.7 1466.5 1403.6 1415.2 1454.0 1466.5 1502.9 1516.6 33

 34 FL213065005 State and local governments 231.9 237.3 234.2 237.2 234.1 232.5 234.2 227.3 223.1 34

 35 FL794023005 Domestic financial sectors 20822.5 21714.7 22665.4 21794.2 22115.7 22302.7 22665.4 22676.7 22956.6 35

 36 FL713068005 Monetary authority 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 36

 37 FL764023005 U.S.-chartered depository institutions 8148.6 8639.7 8989.4 8615.0 8758.4 8841.6 8989.4 9009.0 9119.3 37

 38 FL754023005 Foreign banking offices in U.S. 673.1 700.1 706.5 698.5 699.4 704.7 706.5 700.4 703.9 38

 39 FL744023003 Banks in U.S.-affiliated areas 41.7 39.8 39.2 38.9 38.8 38.3 39.2 38.6 38.4 39

 40 FL474023000 Credit unions 804.9 889.5 978.4 905.5 934.5 958.5 978.4 992.4 1029.4 40

 41 FL513065505 Property-casualty insurance companies 12.8 15.5 17.8 14.7 16.2 17.2 17.8 18.7 18.9 41

 42 FL544023005 Life insurance companies 592.2 629.9 675.6 640.4 655.7 666.9 675.6 685.3 697.4 42

 43 FL573065005 Private pension funds 22.0 22.8 22.8 22.8 22.8 22.8 22.8 22.7 22.7 43

 44 FL223065043 State and local govt. retirement funds 8.0 14.5 3.7 10.4 8.3 2.6 3.7 2.7 0.7 44

 45 FL653069803 Mutual funds 138.9 157.5 173.7 166.1 171.9 177.4 173.7 164.8 173.2 45

 46 FL404023005 Government-sponsored enterprises 5666.3 5852.4 6051.4 5864.9 5927.3 5980.1 6051.4 6043.1 6108.8 46

 47 FL413065005 Agency- and GSE-backed mortgage pools 1775.5 1933.0 2126.6 1977.1 2022.8 2076.4 2126.6 2164.0 2202.5 47

 48 FL674023005 ABS issuers 1220.5 1102.9 1039.2 1068.6 1072.2 1049.1 1039.2 1019.8 1025.0 48

 49 FL614023005 Finance companies 1125.5 1121.0 1064.9 1091.4 1083.5 1044.1 1064.9 1042.0 1049.3 49

 50 FL643065005 REITs 217.7 227.8 234.9 224.0 223.3 225.2 234.9 232.7 230.6 50

 51 FL663069005 Brokers and dealers 338.1 329.7 399.3 335.0 354.4 362.8 399.3 401.4 403.2 51

 52 FL733069005 Holding companies 23.9 22.8 123.1 104.0 103.7 114.3 123.1 121.1 115.1 52

 53 FL503069805 Funding corporations 12.9 16.0 19.0 16.9 22.6 21.0 19.0 17.8 18.0 53

 54 FL263069500 Rest of the world 207.5 203.3 260.3 220.2 240.2 250.6 260.3 270.6 519.8 54

(1) Sum of depository institution loans not elsewhere classified, other loans and advances, total mortgages, and consumer credit.
L

e

v

els

124 Z.1, September 20, 2018

L.215 Depository Institution Loans Not Elsewhere Classified (1)

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

2015 2016 2017 2017 2018

 Q1 Q2 Q3 Q4 Q1 Q2

 1 FL793068005 Total liabilities 3118.5 3286.7 3396.1 3287.4 3334.6 3361.7 3396.1 3428.3 3481.9 1

 2 FL153168005 Household sector 280.6 291.2 293.1 286.7 293.6 289.4 293.1 297.1 306.5 2

 3 FL103168005 Nonfinancial corporate business 969.6 1025.4 1065.4 1031.3 1041.0 1047.8 1065.4 1074.6 1095.4 3

 4 FL113168005 Nonfinancial noncorporate business 1141.8 1204.8 1250.8 1209.4 1222.5 1230.8 1250.8 1258.9 1284.4 4

 5 FL793168005 Domestic financial sectors 290.6 293.2 302.9 295.8 301.3 305.7 302.9 306.9 305.0 5

 6 FL613168003 Finance companies 155.8 156.0 144.7 154.7 153.6 154.0 144.7 146.5 143.7 6

 7 FL643168005 REITs 40.4 31.2 35.9 32.4 33.9 32.9 35.9 37.1 33.5 7

 8 FL663168005 Brokers and dealers 94.4 106.1 122.2 108.7 113.8 118.8 122.2 123.2 127.9 8

 9 FL713068505 Funding corporations 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

 10 FL263168005 Rest of the world 436.0 472.0 483.8 464.1 476.2 488.0 483.8 490.9 490.6 10

 11 FL263168465 Foreign official institutions 9.5 7.3 4.2 5.9 4.5 4.2 4.2 4.5 4.3 11

 12 FL263168485 Foreign nonfinancial corporations 227.6 229.8 200.1 220.4 213.2 213.2 200.1 207.2 198.7 12

 13 FL263168495 Foreign nondepository financial institutions 198.9 234.9 279.6 237.8 258.5 270.6 279.6 279.1 287.7 13

 14 FL793068005 Total assets 3118.5 3286.7 3396.1 3287.4 3334.6 3361.7 3396.1 3428.3 3481.9 14

 15 FL713068005 Monetary authority (2) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15

 16 FL763068005 U.S.-chartered depository institutions 2424.0 2570.1 2674.4 2572.6 2622.9 2639.2 2674.4 2713.8 2752.0 16

 17 FL753068005 Foreign banking offices in U.S. 621.7 632.9 629.9 630.1 626.7 631.4 629.9 622.5 633.6 17

 18 FL743068005 Banks in U.S.-affiliated areas 15.1 13.9 13.1 13.4 13.6 13.0 13.1 13.1 13.3 18

 19 FL473068005 Credit unions 57.7 69.8 78.6 71.3 71.4 78.0 78.6 79.0 83.1 19

(1) Excludes depository institution lending in the form of open market paper, mortgages, and consumer credit which are shown on other instrument tables.

(2) Loans from Federal Reserve banks to the household, broker and dealer, and funding corporation sectors.
L

e

v

els

Z.1, September 20, 2018 125

L.216 Other Loans and Advances

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

2015 2016 2017 2017 2018

 Q1 Q2 Q3 Q4 Q1 Q2

 1 FL893169005 Total other loans and advances 3230.5 3345.6 3541.4 3412.7 3509.4 3498.3 3541.4 3488.4 3778.3 1

 2 FL313069205 U.S. government loans 197.3 197.5 199.5 197.7 198.0 199.5 199.5 198.4 202.1 2

 3 FL153169203 Liab.: Household sector 15.7 18.1 20.8 18.7 19.2 19.8 20.8 22.1 23.4 3

 4 FL103169205 Nonfinancial corporate business 75.3 74.4 73.3 74.0 73.9 73.4 73.3 73.3 73.5 4

 5 FL113169205 Nonfinancial noncorporate business 54.1 53.4 53.0 53.2 53.3 53.4 53.0 53.4 54.3 5

 6 FL213169203 State and local governments 16.9 17.8 18.2 17.9 18.0 18.1 18.2 18.5 18.7 6

 7 FL403169283 Government-sponsored enterprises 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 7

 8 FL313069223 Finance companies 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8

 9 FL503169205 Funding corporations 2.4 2.4 2.4 2.4 2.4 2.4 2.4 2.4 2.4 9

 10 FL263169205 Rest of the world 33.0 31.5 31.8 31.5 31.1 32.4 31.8 28.8 29.9 10

 11 FL263069500 Foreign loans to U.S. corporate business 207.5 203.3 260.3 220.2 240.2 250.6 260.3 270.6 519.8 11

 12 FL263069500 Liab.: Nonfinancial corporate business 207.5 203.3 260.3 220.2 240.2 250.6 260.3 270.6 519.8 12

 Customers’ liability on acceptances outstanding

 13 FL763069703 Asset: U.S.-chartered depository institutions 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13

 14 FL753069703 Foreign banking offices in U.S. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14

 15 FL103169705 Liab.: Nonfinancial corporate business 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15

 16 FL263169705 Rest of the world 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16

 17 FL733069005 Holding company loans 23.9 22.8 123.1 104.0 103.7 114.3 123.1 121.1 115.1 17

 18 FL733069013 Liab.: Nonfinancial corporate business 23.1 22.5 101.6 86.1 86.2 96.4 101.6 96.8 96.9 18

 19 FL733069023 Rest of the world 0.9 0.3 21.5 18.0 17.6 17.9 21.5 24.3 18.2 19

 20 FL153169405 Policy loans (Household liability) 132.3 132.1 134.0 132.3 132.4 133.3 134.0 134.4 134.5 20

 21 FL313069403 Asset: Federal government 0.3 0.3 0.2 0.3 0.3 0.2 0.2 0.2 0.2 21

 22 FL543069405 Life insurance companies 132.0 131.9 133.8 132.0 132.2 133.0 133.8 134.1 134.3 22

 23 FL403069330 Federal Home Loan Banks advances (1) 631.2 704.3 732.1 660.5 706.4 719.1 732.1 699.0 736.7 23

 24 FL763169335 Liab.: U.S.-chartered depository institutions 498.7 566.4 586.5 525.7 569.6 579.5 586.5 557.1 588.6 24

 25 FL473169333 Credit unions 44.7 46.7 54.8 45.2 46.6 50.5 54.8 46.5 52.4 25

 26 FL513169333 Property-casualty insurance companies 2.4 2.9 2.7 2.9 3.9 2.9 2.7 3.7 3.2 26

 27 FL543169373 Life insurance companies 58.1 68.3 74.9 71.2 71.3 72.2 74.9 79.0 79.9 27

 28 FL613169333 Finance companies 3.7 3.5 3.4 3.3 3.1 3.3 3.4 3.3 3.2 28

 29 FL643169373 Real estate investment trusts 23.8 16.6 9.8 12.3 11.9 10.7 9.8 9.5 9.4 29

 30 FL403069395 Government-sponsored enterprise (GSE) loans (2) 115.0 120.8 125.6 122.0 120.4 119.8 125.6 128.4 125.4 30

 31 FL153169305 Liab.: Household sector (SLMA) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 31

 32 FL183169305 Nonfinancial corporate business (FCS) 9.4 10.2 10.9 11.4 10.3 9.8 10.9 12.7 11.4 32

 33 FL113169305 Nonfinancial noncorporate business (FCS) 105.6 110.7 114.7 110.6 110.1 110.0 114.7 115.7 114.0 33

 34 FL763169383 U.S.-chartered depository inst. (SLMA) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 34

 35 FL673069505 Securitized loans held by ABS issuers 0.0 0.3 0.4 0.3 0.3 0.3 0.4 0.4 0.3 35

 36 FL673069505 Liab.: Nonfinancial corporate business 0.0 0.3 0.4 0.3 0.3 0.3 0.4 0.4 0.3 36

 37 FL613069500 Finance company loans to business 404.7 429.9 397.7 411.9 408.0 373.0 397.7 383.9 394.6 37

 38 FL103169535 Liab.: Nonfinancial corporate business 364.2 386.9 357.9 370.7 367.2 335.7 357.9 345.5 355.2 38

 39 FL113169535 Nonfinancial noncorporate business 40.5 43.0 39.8 41.2 40.8 37.3 39.8 38.4 39.5 39

 40 FL663067003 Margin accounts at brokers and dealers 289.4 277.0 333.3 279.9 295.2 290.9 333.3 338.2 334.8 40

 41 FL663067003 Liab.: Household sector 289.4 277.0 333.3 279.9 295.2 290.9 333.3 338.2 334.8 41

 42 FL153067005 Cash accounts at brokers and dealers 818.8 815.2 758.3 833.0 830.9 807.6 758.3 761.5 752.9 42

 43 FL153067005 Asset: Household sector 818.8 815.2 758.3 833.0 830.9 807.6 758.3 761.5 752.9 43

 44 FL103169803 Loans to nonfinancial corporate business (3) 410.4 442.3 477.1 450.9 473.8 489.9 477.1 452.6 462.1 44

 45 FL153069803 Asset: Household sector 22.0 24.6 25.8 24.2 24.3 26.9 25.8 23.4 24.8 45

 46 FL543069873 Life insurance companies 29.6 32.5 35.2 31.9 33.5 36.2 35.2 34.6 34.9 46

 47 FL653069803 Mutual funds 138.9 157.5 173.7 166.1 171.9 177.4 173.7 164.8 173.2 47

 48 FL673069803 ABS issuers 158.3 159.1 157.4 156.8 162.4 156.5 157.4 148.8 142.7 48

 49 FL663069803 Brokers and dealers 48.7 52.6 66.0 55.1 59.1 71.8 66.0 63.2 68.4 49

 50 FL503069805 Funding corporations 12.9 16.0 19.0 16.9 22.6 21.0 19.0 17.8 18.0 50

(1) The Federal Home Loan Banks are included in the governmnet-sponsored enterprises sector. Finance companies and real estate investment trusts receive advances through

 affiliated captive insurance companies.

(2) The Student Loan Marketing Association (Sallie Mae) was included until it was fully privatized in 2004:Q4. Federal Home Loan Bank advances are shown separately on line 23.

(3) Syndicated loans from domestic entities, excluding depository institutions and finance companies which are included elsewhere.
L

e

v

els

126 Z.1, September 20, 2018

L.217 Total Mortgages (1)

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

2015 2016 2017 2017 2018

 Q1 Q2 Q3 Q4 Q1 Q2

 1 FL893065005 Total mortgages 13877.7 14360.6 14908.9 14444.3 14593.6 14730.0 14908.9 14997.8 15131.3 1

 2 FL893065105 Home 10080.5 10299.4 10606.5 10347.4 10433.8 10526.3 10606.5 10648.4 10718.6 2

 3 FL893065405 Multifamily residential 1095.3 1209.0 1315.1 1229.1 1250.2 1271.8 1315.1 1332.6 1352.2 3

 4 FL893065505 Commercial 2493.0 2626.2 2751.2 2639.3 2678.6 2698.3 2751.2 2779.9 2823.0 4

 5 FL893065603 Farm 208.8 226.0 236.1 228.5 231.0 233.6 236.1 236.8 237.5 5

 6 FL893065005 Total liabilities 13877.7 14360.6 14908.9 14444.3 14593.6 14730.0 14908.9 14997.8 15131.3 6

 7 FL153165005 Household sector 9819.7 10029.6 10327.6 10076.7 10160.8 10249.9 10327.6 10368.5 10436.5 7

 8 FL143165005 Nonfinancial business 3822.5 4094.5 4339.9 4129.8 4194.2 4243.0 4339.9 4390.7 4462.6 8

 9 FL103165005 Corporate 472.2 520.4 565.2 521.4 532.1 538.9 565.2 576.0 596.5 9

 10 FL113165005 Noncorporate 3350.3 3574.1 3774.7 3608.4 3662.1 3704.0 3774.7 3814.7 3866.2 10

 11 FL313165403 Federal government 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11

 12 FL643165005 REITs 235.4 236.5 241.4 237.8 238.6 237.1 241.4 238.6 232.1 12

 13 FL893065005 Total assets 13877.7 14360.6 14908.9 14444.3 14593.6 14730.0 14908.9 14997.8 15131.3 13

 14 FL153065005 Household sector 114.9 114.7 112.3 114.0 115.0 113.0 112.3 111.5 110.5 14

 15 FL103065003 Nonfinancial corporate business 31.4 30.3 28.4 29.8 29.3 28.9 28.4 28.0 27.5 15

 16 FL113065005 Nonfinancial noncorporate business 41.5 45.8 49.4 46.4 47.3 48.1 49.4 50.2 51.3 16

 17 FL313065005 Federal government 116.5 119.7 121.2 118.6 118.7 120.7 121.2 122.6 123.1 17

 18 FL213065005 State and local governments 231.9 237.3 234.2 237.2 234.1 232.5 234.2 227.3 223.1 18

 19 FL763065005 U.S.-chartered depository institutions 4296.3 4537.6 4698.5 4555.3 4621.2 4661.0 4698.5 4721.5 4767.5 19

 20 FL753065005 Foreign banking offices in U.S. 51.3 67.2 76.7 68.4 72.6 73.2 76.7 78.0 70.3 20

 21 FL743065003 Banks in U.S.-affiliated areas 26.6 25.9 26.0 25.5 25.2 25.3 26.0 25.5 25.1 21

 22 FL473065100 Credit unions 404.9 439.4 481.4 447.3 458.8 471.6 481.4 491.2 504.4 22

 23 FL513065505 Property-casualty insurance companies 12.8 15.5 17.8 14.7 16.2 17.2 17.8 18.7 18.9 23

 24 FL543065005 Life insurance companies 430.7 465.5 506.5 476.5 490.1 497.6 506.5 516.6 528.2 24

 25 FL573065005 Private pension funds 22.0 22.8 22.8 22.8 22.8 22.8 22.8 22.7 22.7 25

 26 FL223065043 State and local govt. retirement funds 8.0 14.5 3.7 10.4 8.3 2.6 3.7 2.7 0.7 26

 27 FL403065005 Government-sponsored enterprises (1) 4920.1 5027.2 5193.7 5082.4 5100.5 5141.1 5193.7 5215.8 5246.7 27

 28 FL413065005 Agency- and GSE-backed mortgage pools 1775.5 1933.0 2126.6 1977.1 2022.8 2076.4 2126.6 2164.0 2202.5 28

 29 FL673065005 ABS issuers 1016.2 893.6 847.5 856.1 854.2 841.6 847.5 839.4 852.4 29

 30 FL613065000 Finance companies 159.5 143.2 127.3 137.7 133.1 131.3 127.3 129.2 125.8 30

 31 FL643065005 REITs 217.7 227.8 234.9 224.0 223.3 225.2 234.9 232.7 230.6 31

(1) Sum of home mortgages, multifamily residential mortgages, commercial mortgages, and farm mortgages.
L

e

v

els

Z.1, September 20, 2018 127

L.218 Home Mortgages (1)

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

2015 2016 2017 2017 2018

 Q1 Q2 Q3 Q4 Q1 Q2

 1 FL893065105 Total liabilities 10080.5 10299.4 10606.5 10347.4 10433.8 10526.3 10606.5 10648.4 10718.6 1

 2 FL153165105 Household sector 9583.6 9785.9 10076.4 9831.1 9913.3 10000.5 10076.4 10115.4 10181.5 2

 3 FL103165105 Nonfinancial corporate business 13.4 15.2 16.2 15.4 15.6 15.9 16.2 16.4 16.7 3

 4 FL113165105 Nonfinancial noncorporate business 483.5 498.3 514.0 500.9 504.9 509.9 514.0 516.6 520.4 4

 5 FL893065105 Total assets 10080.5 10299.4 10606.5 10347.4 10433.8 10526.3 10606.5 10648.4 10718.6 5

 6 FL153065103 Household sector 107.2 103.8 100.3 102.9 102.0 101.2 100.3 99.4 98.6 6

 7 FL103065105 Nonfinancial corporate business 18.8 18.1 17.0 17.9 17.6 17.3 17.0 16.8 16.5 7

 8 FL113065103 Nonfinancial noncorporate business 15.2 16.7 18.1 16.9 17.3 17.6 18.1 18.4 18.8 8

 9 FL313065105 Federal government 28.4 29.9 29.1 29.0 29.5 29.1 29.1 29.1 29.0 9

 10 FL213065103 State and local governments 119.4 122.2 120.6 122.2 120.6 119.7 120.6 117.1 114.9 10

 11 FL763065105 U.S.-chartered depository institutions 2433.9 2509.9 2557.3 2491.9 2525.6 2545.3 2557.3 2558.5 2572.2 11

 12 FL753065103 Foreign banking offices in U.S. 1.5 1.2 1.1 1.1 1.1 1.1 1.1 1.0 1.1 12

 13 FL743065103 Banks in U.S.-affiliated areas 15.8 15.1 15.4 14.9 14.7 14.6 15.4 15.0 14.8 13

 14 FL473065100 Credit unions 404.9 439.4 481.4 447.3 458.8 471.6 481.4 491.2 504.4 14

 15 FL543065105 Life insurance companies 19.3 22.8 26.4 23.8 24.9 25.6 26.4 27.2 28.1 15

 16 FL573065103 Private pension funds 1.2 1.1 0.9 1.0 1.0 1.0 0.9 0.9 0.9 16

 17 FL223065143 State and local govt. retirement funds 2.9 5.2 1.3 3.7 3.0 0.9 1.3 1.0 0.3 17

 18 FL403065105 Government-sponsored enterprises 4571.0 4644.8 4774.4 4687.8 4702.8 4735.2 4774.4 4797.5 4822.7 18

 19 FL413065105 Agency- and GSE-backed mortgage pools 1568.8 1684.6 1825.8 1720.8 1755.8 1796.6 1825.8 1851.3 1880.6 19

 20 FL673065105 ABS issuers 602.6 517.4 475.8 499.2 494.5 483.5 475.8 464.6 457.3 20

 21 FL613065105 Finance companies 123.4 106.8 95.2 104.9 100.5 99.0 95.2 96.9 94.8 21

 22 FL643065105 REITs 46.1 60.3 66.2 62.0 64.0 66.9 66.2 62.6 63.7 22

 Memo:

 23 FL893065125 Home equity loans included above (2) 641.7 600.7 569.9 589.0 584.5 576.7 569.9 555.1 545.1 23

 24 FL763065125 U.S.-chartered depository institutions 532.9 494.8 460.4 483.3 476.0 467.8 460.4 446.4 435.8 24

 25 FL753065203 Foreign banking offices in U.S. 0.4 0.3 0.3 0.3 0.3 0.3 0.3 0.2 0.2 25

 26 FL473065125 Credit unions 75.7 78.3 84.1 78.8 81.3 82.4 84.1 83.4 84.4 26

 27 FL673065123 ABS issuers 8.1 5.9 6.1 5.6 6.8 6.4 6.1 5.7 5.6 27

 28 FL613065123 Finance companies 24.7 21.4 19.0 21.0 20.1 19.8 19.0 19.4 19.0 28

(1) Mortgages on 1-4 family properties including mortgages on farm houses.

(2) Loans made under home equity lines of credit and home equity loans secured by junior liens. Excludes home equity loans held by individuals.

L.219 Multifamily Residential Mortgages

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

 1 FL893065405 Total liabilities 1095.3 1209.0 1315.1 1229.1 1250.2 1271.8 1315.1 1332.6 1352.2 1

 2 FL103165405 Nonfinancial corporate business 53.2 58.8 64.3 59.9 61.0 62.1 64.3 65.3 66.2 2

 3 FL113165405 Nonfinancial noncorporate business 1011.3 1117.1 1222.3 1138.0 1159.2 1180.8 1222.3 1239.8 1257.8 3

 4 FL313165403 Federal government 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 FL643165483 REITs 30.8 33.1 28.4 31.2 30.0 28.8 28.4 27.6 28.2 5

 6 FL893065405 Total assets 1095.3 1209.0 1315.1 1229.1 1250.2 1271.8 1315.1 1332.6 1352.2 6

 7 FL153065403 Household sector 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 7

 8 FL103065403 Nonfinancial corporate business 0.5 0.5 0.4 0.5 0.5 0.4 0.4 0.4 0.4 8

 9 FL113065403 Nonfinancial noncorporate business 14.1 15.6 16.8 15.8 16.1 16.4 16.8 17.1 17.5 9

 10 FL313065405 Federal government 12.8 12.6 12.7 12.5 12.7 12.4 12.7 13.3 13.3 10

 11 FL213065403 State and local governments 92.8 94.9 93.7 94.9 93.6 93.0 93.7 90.9 89.2 11

 12 FL763065403 U.S.-chartered depository institutions 376.9 420.3 444.5 428.6 437.3 439.8 444.5 452.4 460.4 12

 13 FL753065403 Foreign banking offices in U.S. 2.4 4.6 5.9 4.4 5.2 5.3 5.9 6.9 6.3 13

 14 FL543065405 Life insurance companies 62.7 67.5 73.3 69.1 71.0 72.1 73.3 74.8 76.5 14

 15 FL573065403 Private pension funds 1.9 1.6 1.4 1.6 1.5 1.4 1.4 1.3 1.2 15

 16 FL223065443 State and local govt. retirement funds 2.4 4.4 1.1 3.1 2.5 0.8 1.1 0.8 0.2 16

 17 FL403065405 Government-sponsored enterprises 249.1 275.4 307.1 286.3 288.0 294.9 307.1 305.8 311.1 17

 18 FL413065405 Agency- and GSE-backed mortgage pools 204.3 245.6 299.1 253.6 265.3 278.1 299.1 311.1 320.4 18

 19 FL673065405 ABS issuers 62.0 47.9 43.1 43.7 41.1 41.8 43.1 41.4 40.9 19

 20 FL613065403 Finance companies 8.4 13.6 9.8 10.2 10.0 9.9 9.8 10.3 8.8 20

 21 FL643065405 REITs 4.8 4.6 6.1 4.9 5.4 5.4 6.1 6.1 6.0 21
L

e

v

els

128 Z.1, September 20, 2018

L.220 Commercial Mortgages

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

2015 2016 2017 2017 2018

 Q1 Q2 Q3 Q4 Q1 Q2

 1 FL893065505 Total liabilities 2493.0 2626.2 2751.2 2639.3 2678.6 2698.3 2751.2 2779.9 2823.0 1

 2 FL163165505 Nonprofit organizations (1) 236.1 243.7 251.2 245.6 247.5 249.3 251.2 253.1 255.0 2

 3 FL103165505 Nonfinancial corporate business 352.0 388.5 424.0 387.6 396.3 400.9 424.0 433.3 452.3 3

 4 FL113165505 Nonfinancial noncorporate business 1700.2 1790.6 1863.0 1799.5 1826.3 1839.8 1863.0 1882.5 1911.7 4

 5 FL643165583 REITs 204.7 203.4 213.0 206.6 208.5 208.3 213.0 211.0 203.9 5

 6 FL893065505 Total assets 2493.0 2626.2 2751.2 2639.3 2678.6 2698.3 2751.2 2779.9 2823.0 6

 7 FL153065505 Household sector 1.0 1.1 1.1 1.1 1.1 1.1 1.1 1.1 1.1 7

 8 FL103065503 Nonfinancial corporate business 12.1 11.6 10.9 11.5 11.3 11.1 10.9 10.8 10.6 8

 9 FL113065503 Nonfinancial noncorporate business 11.4 12.5 13.5 12.7 13.0 13.2 13.5 13.8 14.1 9

 10 FL313065505 Federal government 69.3 70.7 72.3 70.6 70.8 72.2 72.3 73.0 73.3 10

 11 FL213065503 State and local governments 18.6 19.0 18.7 19.0 18.7 18.6 18.7 18.2 17.8 11

 12 FL763065503 U.S.-chartered depository institutions 1406.3 1523.0 1608.5 1549.6 1572.1 1588.7 1608.5 1622.3 1646.2 12

 13 FL753065503 Foreign banking offices in U.S. 47.2 61.3 69.6 62.7 66.2 66.7 69.6 70.0 62.8 13

 14 FL743065505 Banks in U.S.-affiliated areas 10.8 10.7 10.6 10.6 10.5 10.7 10.6 10.5 10.3 14

 15 FL513065505 Property-casualty insurance companies 12.8 15.5 17.8 14.7 16.2 17.2 17.8 18.7 18.9 15

 16 FL543065505 Life insurance companies 336.1 361.9 393.0 370.3 380.6 386.3 393.0 400.8 409.7 16

 17 FL573065505 Private pension funds 18.9 20.1 20.5 20.2 20.3 20.4 20.5 20.5 20.6 17

 18 FL223065545 State and local govt. retirement funds 2.7 4.9 1.3 3.5 2.8 0.9 1.3 0.9 0.3 18

 19 FL413065505 Agency- and GSE-backed mortgage pools 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19

 20 FL673065505 ABS issuers 351.5 328.4 328.6 313.2 318.5 316.3 328.6 333.4 354.1 20

 21 FL613065503 Finance companies 27.6 22.8 22.3 22.6 22.6 22.4 22.3 22.0 22.1 21

 22 FL643065505 REITs 166.8 162.8 162.6 157.0 154.0 152.8 162.6 164.0 160.9 22

(1) Liability of the households and nonprofit organizations sector (tables L.101 and B.101).

L.221 Farm Mortgages (1)

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

 1 FL893065603 Total liabilities 208.8 226.0 236.1 228.5 231.0 233.6 236.1 236.8 237.5 1

 2 FL183165605 Nonfinancial corporate business 53.5 57.9 60.7 58.5 59.2 59.9 60.7 61.0 61.3 2

 3 FL233165605 Nonfinancial noncorporate business 155.3 168.1 175.4 169.9 171.8 173.6 175.4 175.8 176.3 3

 4 FL893065603 Total assets 208.8 226.0 236.1 228.5 231.0 233.6 236.1 236.8 237.5 4

 5 FL153065605 Household sector 6.7 9.9 10.9 10.0 11.9 10.8 10.9 10.9 10.7 5

 6 FL113065603 Nonfinancial noncorporate business 0.8 0.9 1.0 0.9 0.9 1.0 1.0 1.0 1.0 6

 7 FL313065605 Federal government 5.9 6.5 7.1 6.6 5.7 7.0 7.1 7.2 7.5 7

 8 FL213065603 State and local governments 1.2 1.2 1.2 1.2 1.2 1.2 1.2 1.1 1.1 8

 9 FL763065633 U.S.-chartered depository institutions 79.2 84.4 88.2 85.3 86.3 87.2 88.2 88.4 88.7 9

 10 FL753065603 Foreign banking offices in U.S. 0.2 0.2 0.1 0.1 0.1 0.1 0.1 0.1 0.1 10

 11 FL543065633 Life insurance companies 12.5 13.2 13.8 13.3 13.5 13.6 13.8 13.8 13.9 11

 12 FL223065643 State and local govt. retirement funds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12

 13 FL403065605 Government-sponsored enterprises 100.0 107.1 112.2 108.3 109.7 111.0 112.2 112.5 112.9 13

 14 FL413065605 Agency- and GSE-backed mortgage pools 2.3 2.7 1.7 2.7 1.7 1.7 1.7 1.6 1.6 14

(1) Excludes mortgages on farm houses.
L

e

v

els

Z.1, September 20, 2018 129

L.222 Consumer Credit

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

2015 2016 2017 2017 2018

 Q1 Q2 Q3 Q4 Q1 Q2

 1 FL153166000 Total liabilities (Households) 3413.6 3643.7 3831.0 3639.2 3694.5 3752.2 3831.0 3811.6 3864.7 1

 2 FL153166000 Total assets 3413.6 3643.7 3831.0 3639.2 3694.5 3752.2 3831.0 3811.6 3864.7 2

 3 FL163066223 Nonprofit organizations (1) 44.9 41.3 34.8 39.4 38.1 35.8 34.8 33.2 32.2 3

 4 FL103066005 Nonfinancial corporate business 41.1 42.8 41.8 41.6 41.9 42.1 41.8 40.7 41.0 4

 5 FL113066003 Nonfinancial noncorporate business 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5

 6 FL313066220 Federal government (2) 949.7 1049.3 1145.6 1087.0 1098.3 1133.6 1145.6 1181.6 1191.1 6

 7 FL763066000 U.S.-chartered depository institutions 1428.3 1532.1 1616.5 1487.1 1514.3 1541.4 1616.5 1573.7 1599.9 7

 8 FL473066000 Credit unions 342.3 380.3 418.4 386.9 404.3 408.9 418.4 422.2 441.9 8

 9 FL403066005 Government-sponsored enterprises 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

 10 FL673066000 ABS issuers 46.0 50.0 33.9 55.5 55.4 50.6 33.9 31.3 29.6 10

 11 FL613066005 Finance companies 561.3 547.9 539.9 541.7 542.4 539.8 539.9 528.9 529.0 11

 Memo:

 12 FL153166100 Credit card loans (3) 907.9 969.4 1028.6 930.0 955.0 969.3 1028.6 977.9 998.9 12

 13 FL153166400 Auto loans 1000.7 1072.9 1109.1 1077.6 1090.8 1101.8 1109.1 1112.8 1129.0 13

 14 FL153166220 Student loans (4) 1320.1 1407.9 1489.8 1443.2 1448.2 1480.1 1489.8 1524.0 1531.3 14

 15 FL153166205 Other consumer credit (5) 184.9 193.5 203.5 188.4 200.5 201.0 203.5 196.9 205.5 15

(1) Student loans originated under the Federal Family Education Loan Program. Asset of the households and nonprofit organizations sector (tables L.101 and B.101).

(2) Includes loans originated by the Department of Education under the Federal Direct Loan Program and Perkins Loans, as well as Federal Family Education Loan Program

 loans that the government purchased from depository institutions, finance companies, and nonprofit and educational institutions, and loans in default.

(3) Revolving credit that also includes overdraft plans on checking accounts and other loans without a fixed repayment schedule.

(4) Includes student loans held by nonprofit organizations (line 3), the federal government (line 6), depository institutions (part of lines 7 and 8), and

 finance companies (part of line 11). Data begin in 2006:Q1.

(5) Includes student loans before 2006:Q1.
L

e

v

els

130 Z.1, September 20, 2018

L.223 Corporate Equities (1)

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

2015 2016 2017 2017 2018

 Q1 Q2 Q3 Q4 Q1 Q2

 1 LM893064105 Issues at market value 36692.5 39795.3 47567.3 41987.0 43273.1 45133.4 47567.3 47142.7 48413.8 1

 2 LM883164105 Domestic sectors 29936.3 32649.0 38437.8 34274.7 35066.4 36408.6 38437.8 37993.6 39548.1 2

 3 LM103164103 Nonfinancial corporate business 22617.5 24271.1 28366.9 25542.7 25999.9 26923.9 28366.9 28046.2 29458.3 3

 4 LM103164113 Publicly traded (2) 18752.0 19942.4 23553.4 21082.2 21548.9 22298.0 23553.4 23309.5 24307.7 4

 5 LM103164123 Closely held 3865.6 4328.7 4813.5 4460.5 4451.0 4625.9 4813.5 4736.7 5150.7 5

 6 LM793164105 Financial corporations 7318.8 8377.8 10070.9 8732.0 9066.5 9484.7 10070.9 9947.5 10089.8 6

 7 LM793164115 Publicly traded (3) 6898.0 7889.3 9546.9 8246.4 8582.0 8981.1 9546.9 9431.8 9529.1 7

 8 LM793164123 Closely held 420.8 488.5 524.0 485.6 484.5 503.6 524.0 515.6 560.7 8

 9 LM263164100 Rest of the world (4) 6756.2 7146.3 9129.5 7712.3 8206.8 8724.8 9129.5 9149.0 8865.7 9

 10 LM893064105 Holdings at market value 36692.5 39795.3 47567.3 41987.0 43273.1 45133.4 47567.3 47142.7 48413.8 10

 11 LM153064105 Household sector 13382.2 14868.1 17769.4 15613.2 16136.8 16783.2 17769.4 17510.1 18105.6 11

 12 LM103064103 Nonfinancial corporate business 1505.7 1706.4 1913.6 1773.4 1790.8 1832.5 1913.6 1861.2 1886.9 12

 13 LM313064105 Federal government 33.4 33.3 33.2 33.3 33.2 33.2 33.2 37.2 37.2 13

 14 LM213064103 State and local governments 188.4 200.8 217.4 206.1 207.4 210.8 217.4 213.3 214.8 14

 15 FL713064103 Monetary authority 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15

 16 LM763064105 U.S.-chartered depository institutions 100.0 106.5 131.9 112.0 116.0 122.7 131.9 129.4 129.6 16

 17 FL753064103 Foreign banking offices in U.S. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 17

 18 LM513064105 Property-casualty insurance companies 334.0 354.3 410.6 364.0 369.8 383.5 410.6 407.3 409.0 18

 19 LM543064105 Life insurance companies 335.4 457.1 497.9 469.1 478.0 490.6 497.9 501.1 504.4 19

 20 LM573064105 Private pension funds 2220.4 2326.6 2667.5 2415.6 2459.1 2539.4 2667.5 2619.5 2688.6 20

 21 LM343064105 Federal government retirement funds 240.3 260.8 324.2 277.1 288.1 300.4 324.2 322.0 330.7 21

 22 LM223064145 State and local govt. retirement funds 2250.0 2320.6 2677.4 2412.5 2491.3 2581.0 2677.4 2627.8 2675.7 22

 23 LM653064100 Mutual funds 8625.3 9069.9 10819.6 9604.9 9923.3 10351.3 10819.6 10761.9 11012.7 23

 24 LM553064103 Closed-end funds 99.8 101.8 109.3 105.5 106.0 108.6 109.3 103.4 104.4 24

 25 LM563064100 Exchange-traded funds 1709.7 2032.7 2775.6 2241.1 2374.4 2531.2 2775.6 2775.6 2838.9 25

 26 LM663064103 Brokers and dealers 166.8 176.1 182.7 169.0 187.7 198.5 182.7 191.9 197.3 26

 27 FL503064105 Funding corporations 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 27

 28 LM263064105 Rest of the world (5) 5500.9 5780.3 7037.0 6189.9 6311.1 6666.7 7037.0 7080.8 7278.0 28

 Memo:

 29 LM883164115 Publicly traded equity at market value (6) 25649.9 27831.7 33100.3 29328.6 30130.8 31279.1 33100.3 32741.4 33836.8 29

 30 LM883164125 Closely held equity at market value (7) 4286.4 4817.2 5337.5 4946.0 4935.5 5129.5 5337.5 5252.3 5711.4 30

 31 LM883164133 S corporations 2652.9 3169.6 3586.2 3236.8 3305.6 3481.9 3586.2 3529.0 3837.4 31

 32 LM883164135 C corporations 1633.5 1647.6 1751.3 1709.2 1629.9 1647.5 1751.3 1723.3 1873.9 32

 33 PC073164013 Percent change in Dow Jones U.S. Total Market Index -1.5 10.3 18.9 5.3 2.5 4.1 5.8 -1.0 3.4 33

(1) Includes shares of exchange-traded funds, closed-end funds, and real estate investment trusts. Excludes mutual fund shares shown on table L.224.

(2) Excludes intercorporate holdings.

(3) Includes corporate equities issued by financial corporations under the federal financial stabilization programs.

(4) Holdings of foreign corporate equities and investment fund shares by U.S. residents; includes American Depositary Receipts (ADRs).

(5) Holdings of U.S. issues by foreign residents.

(6) Equal to the sum of lines 4 and 7.

(7) Equal to the sum of lines 5 and 8.

L.224 Mutual Fund Shares (1)

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

 1 LM653164205 Shares at market value 12897.2 13615.6 15899.0 14327.1 14795.3 15347.0 15899.0 15874.3 16078.2 1

 2 LM653164205 Holdings at market value 12897.2 13615.6 15899.0 14327.1 14795.3 15347.0 15899.0 15874.3 16078.2 2

 3 LM153064205 Household sector 6729.8 7201.7 8579.6 7623.5 7870.4 8247.3 8579.6 8629.3 8764.3 3

 4 LM103064203 Nonfinancial corporate business 235.2 236.9 276.5 249.1 257.0 267.0 276.5 276.1 280.5 4

 5 LM213064203 State and local governments 91.6 97.9 106.5 100.7 101.3 103.1 106.5 104.4 105.2 5

 6 LM763064203 U.S.-chartered depository institutions 54.9 58.0 67.2 60.6 60.7 63.5 67.2 60.1 60.1 6

 7 LM473064205 Credit unions 1.9 1.9 2.3 2.1 2.1 2.3 2.3 2.4 2.3 7

 8 LM513064205 Property-casualty insurance companies 19.1 20.0 24.4 21.2 22.1 23.2 24.4 24.8 25.5 8

 9 LM543064205 Life insurance companies 1609.4 1539.1 1684.9 1586.4 1611.3 1647.9 1684.9 1651.5 1668.1 9

 10 LM573064205 Private pension funds 3088.1 3326.3 3833.1 3489.6 3597.3 3709.8 3833.1 3808.1 3829.6 10

 11 LM223064205 State and local govt. retirement funds 466.6 441.8 506.1 469.0 482.4 492.0 506.1 506.0 510.4 11

 12 LM263064203 Rest of the world 600.6 691.8 818.3 725.1 790.6 790.9 818.3 811.5 832.3 12

(1) Shares of open-end investment companies; excludes shares of money market funds and exchange-traded funds.
L

e

v

els

Z.1, September 20, 2018 131

L.225 Trade Credit

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

2015 2016 2017 2017 2018

 Q1 Q2 Q3 Q4 Q1 Q2

 1 FL893170005 Total trade payables 4361.4 4764.9 5195.2 4782.0 4883.8 5042.8 5195.2 5220.9 5345.0 1

 2 FL163170005 Nonprofit organizations (1) 334.7 349.0 364.8 352.9 356.9 360.8 364.8 368.5 372.2 2

 3 FL103170005 Nonfinancial corporate business 2110.5 2305.2 2525.9 2278.2 2332.1 2438.9 2525.9 2516.6 2595.4 3

 4 FL113170005 Nonfinancial noncorporate business 521.3 604.1 675.0 616.8 635.5 650.3 675.0 689.6 712.5 4

 5 FL313170005 Federal government 262.3 292.0 316.1 294.7 303.2 310.6 316.1 322.2 329.9 5

 6 FL213170003 State and local governments 865.2 908.0 951.8 918.9 929.8 940.7 951.8 963.2 974.8 6

 7 FL513170005 Property-casualty insurance companies 60.6 67.4 68.4 67.6 67.9 68.3 68.4 68.9 69.6 7

 8 FL543170005 Life insurance companies 114.1 133.7 171.2 143.3 151.6 161.5 171.2 173.0 174.7 8

 9 FL663170003 Brokers and dealers 26.3 36.7 44.6 35.3 32.2 34.6 44.6 42.9 38.0 9

 10 LM263170005 Rest of the world 66.5 69.0 77.4 74.3 74.7 76.9 77.4 76.0 77.9 10

 11 FL893070005 Total trade receivables 4419.1 4786.3 5222.4 4842.2 4978.5 5120.3 5222.4 5292.0 5450.3 11

 12 FL163070005 Nonprofit organizations (1) 257.9 276.5 296.2 281.4 286.3 291.2 296.2 300.9 305.6 12

 13 FL103070005 Nonfinancial corporate business 2750.2 2973.6 3245.0 2991.1 3086.7 3184.2 3245.0 3273.0 3388.7 13

 14 FL113070003 Nonfinancial noncorporate business 662.6 730.1 788.6 740.1 755.2 766.8 788.6 801.2 819.2 14

 15 FL313070000 Federal government 61.2 64.9 65.0 63.2 66.0 66.6 65.0 67.9 69.0 15

 16 FL213070003 State and local governments 184.2 203.7 224.1 202.7 207.7 216.3 224.1 224.4 231.6 16

 17 FL513070005 Property-casualty insurance companies 155.1 158.9 168.2 166.0 170.3 170.6 168.2 177.6 182.1 17

 18 FL543070005 Life insurance companies 66.4 91.1 102.2 94.0 96.4 99.4 102.2 103.3 104.3 18

 19 FL673070003 ABS issuers 34.1 33.9 32.5 34.0 33.1 33.2 32.5 32.7 32.5 19

 20 LM263070005 Rest of the world 247.4 253.6 300.7 269.8 276.8 291.9 300.7 311.0 317.3 20

 21 FL903070005 Discrepancy -57.7 -21.4 -27.2 -60.2 -94.7 -77.5 -27.2 -71.1 -105.2 21

(1) Included in the households and nonprofit organizations sector (tables L.101 and B.101).

L.226 Life Insurance Reserves

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

 1 FL893140005 Total liabilities 1930.6 2052.2 2158.0 2082.3 2100.8 2129.7 2158.0 2169.6 2188.4 1

 2 FL313140003 Federal government 51.1 51.3 51.1 51.0 50.9 51.0 51.1 51.2 51.0 2

 3 FL543140005 Life insurance companies 1828.7 1925.9 2008.8 1950.4 1963.9 1986.5 2008.8 2019.3 2037.2 3

 4 FL263140005 Rest of the world 50.8 75.0 98.1 80.9 86.0 92.2 98.1 99.2 100.1 4

 5 FL893140005 Total assets 1930.6 2052.2 2158.0 2082.3 2100.8 2129.7 2158.0 2169.6 2188.4 5

 6 FL153040005 Household sector 1510.9 1568.1 1626.6 1586.3 1594.3 1610.2 1626.6 1632.7 1646.5 6

 7 FL763040005 U.S.-chartered depository institutions 156.2 161.8 168.2 163.2 164.5 166.7 168.2 169.4 170.4 7

 8 FL543040005 Life insurance companies 208.6 252.4 286.6 261.1 268.7 277.8 286.6 289.6 292.4 8

 9 FL733040005 Holding companies 49.0 53.0 57.0 54.0 55.0 56.0 57.0 58.0 59.0 9

 10 FL543141905 Rest of the world 5.9 17.0 19.7 17.7 18.3 19.0 19.7 19.9 20.1 10
L

e

v

els

132 Z.1, September 20, 2018

L.227 Pension Entitlements

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

2015 2016 2017 2017 2018

 Q1 Q2 Q3 Q4 Q1 Q2

 1 FL893150005 Total liabilities 23594.2 24463.3 25916.7 24892.2 25179.6 25512.0 25916.7 25940.5 26167.4 1

 2 FL543150005 Life insurance companies (1) 3002.3 3103.6 3316.9 3172.4 3212.9 3258.5 3316.9 3293.9 3322.2 2

 3 FL574190005 Private pension funds (2) 8603.2 9040.4 9801.6 9280.2 9415.3 9583.9 9801.6 9761.2 9844.8 3

 4 FL344090005 Federal government retirement funds (3) 3740.8 3829.7 3948.6 3861.7 3888.1 3919.1 3948.6 3966.4 3999.9 4

 5 FL224190005 State and local govt. retirement funds 8226.6 8474.3 8830.7 8561.7 8646.2 8732.6 8830.7 8899.9 8981.3 5

 6 FL263150005 Rest of the world 21.3 15.3 18.9 16.2 17.0 18.0 18.9 19.1 19.4 6

 7 FL893150005 Total assets 23594.2 24463.3 25916.7 24892.2 25179.6 25512.0 25916.7 25940.5 26167.4 7

 8 FL153050005 Households (4) 23504.8 24375.8 25821.0 24802.6 25088.2 25418.4 25821.0 25843.7 26069.3 8

 9 FL543050005 Life insurance companies 86.7 83.5 91.4 85.6 87.3 89.4 91.4 92.4 93.6 9

 10 FL543151905 Rest of the world 2.7 3.9 4.3 4.0 4.1 4.2 4.3 4.4 4.5 10

 Memo:

 11 LM893131573 Individual Retirement Accounts (IRAs): (5) 7477.0 8080.0 9200.0 8400.0 8600.0 8850.0 9200.0 9171.0 ND 11

 12 FL763131573 U.S.-chartered depository institutions 445.8 482.3 469.2 477.1 469.0 468.3 469.2 468.5 ND 12

 13 FL473131573 Credit unions 77.4 78.9 78.4 78.9 79.1 79.0 78.4 78.2 ND 13

 14 LM543131503 Life insurance companies 578.0 609.0 649.0 622.0 630.0 638.0 649.0 644.0 ND 14

 15 FL633131573 Money market funds 214.0 243.0 240.0 243.0 236.0 240.0 240.0 232.0 ND 15

 16 LM653131573 Mutual funds 3102.0 3283.0 3842.0 3452.0 3561.0 3682.0 3842.0 3840.0 ND 16

 17 LM153131575 Other self-directed accounts 3059.9 3383.8 3921.3 3527.0 3624.9 3742.7 3921.3 3908.3 ND 17

(1) Annuities, including those in IRAs.

(2) Includes unallocated insurance company contracts beginning 1985:Q4.

(3) Includes the Thrift Savings Plan, the National Railroad Retirement Investment Trust, and other federal government retirement funds.

(4) Excludes all individual retirement accounts (IRAs), except those at life insurance companies.

(5) Asset of the household and nonprofit organizations sector (tables L.101 and B.101). Figures for depositories (lines 8 and 9) include Keogh accounts. Variable annuities in IRAs are included

 in the life insurance sector (line 14) and excluded from the money market fund and mutual fund sectors (lines 15 and 16).

L.228 Taxes Payable by Businesses

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

 1 FL893178005 Total taxes payable by all businesses 262.2 263.9 542.2 267.1 269.1 280.5 542.2 533.3 507.6 1

 2 FL103178005 Nonfinancial corporate business 42.2 33.5 245.5 43.2 41.5 39.8 245.5 248.9 223.5 2

 3 FL113178003 Nonfinancial noncorporate business 122.5 129.9 136.2 131.0 132.6 133.9 136.2 137.6 139.6 3

 4 FL763178003 U.S.-chartered depository institutions 71.9 72.6 104.4 65.3 69.9 80.8 104.4 90.3 93.0 4

 5 FL513178005 Property-casualty insurance companies 7.4 8.4 13.3 8.0 6.7 7.2 13.3 14.2 11.9 5

 6 FL543178075 Life insurance companies 7.4 8.4 10.4 8.0 6.7 7.2 10.4 10.2 9.3 6

 7 FL613178005 Finance companies 7.6 7.9 18.8 7.7 7.8 6.8 18.8 18.2 16.9 7

 8 FL663178005 Brokers and dealers 3.2 3.3 13.6 3.9 4.1 4.8 13.6 13.9 13.5 8

 9 FL893078005 Total business taxes receivable 314.3 331.9 607.2 337.7 344.2 350.1 607.2 578.3 599.9 9

 10 FL313078005 Federal government 179.2 189.5 458.6 194.3 199.0 203.8 458.6 428.4 448.1 10

 11 FL213078005 State and local governments 135.1 142.4 148.6 143.5 145.1 146.3 148.6 150.0 151.8 11

 12 FL903078005 Discrepancy -52.1 -68.0 -65.0 -70.6 -75.0 -69.6 -65.0 -45.1 -92.3 12

L.229 Proprietors’ Equity in Noncorporate Business

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

 1 LM152090205 Total household equity 10894.0 11692.5 12570.7 11762.5 12062.8 12281.9 12570.7 12676.0 13043.5 1

 2 LM112090205 Nonfinancial noncorporate business 10848.6 11631.6 12508.9 11699.9 12001.0 12218.9 12508.9 12609.2 12974.7 2

 3 LM662090205 Brokers and dealers 45.4 61.0 61.8 62.6 61.8 63.0 61.8 66.8 68.9 3
L

e

v

els

Z.1, September 20, 2018 133

L.230 Direct Investment

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

2015 2016 2017 2017 2018

 Q1 Q2 Q3 Q4 Q1 Q2

 U.S. direct investment abroad:

 1 LM263192005 Liab.: Rest of the world (1) 5933.9 6252.3 6706.3 6382.6 6487.5 6628.3 6706.3 6579.5 6529.3 1

 2 LM263192101 Equity 5687.0 6040.8 6523.4 6132.8 6290.9 6439.3 6523.4 6383.9 6358.9 2

 3 LM263192305 Intercompany debt (2) 246.9 211.5 182.9 249.8 196.6 189.0 182.9 195.6 170.4 3

 4 LM263192313 U.S. parents’ claims 821.2 815.0 829.4 876.3 831.1 844.0 829.4 875.8 873.4 4

 5 LM263092313 Less: U.S. parents’ liabilities 574.2 603.6 646.6 626.5 634.5 655.0 646.6 680.2 703.0 5

 6 LM103092005 Asset: Nonfinancial corporate business 5067.8 5334.1 5725.4 5450.0 5542.4 5674.5 5725.4 5592.8 5541.8 6

 7 LM763092000 U.S.-chartered depository institutions 239.0 232.9 251.6 236.2 240.8 243.9 251.6 253.2 255.9 7

 8 LM513092003 Property-casualty insurance companies 115.5 120.9 125.1 122.3 128.6 128.6 125.1 131.2 133.2 8

 9 LM543092073 Life insurance companies 66.6 63.0 70.2 64.1 65.2 64.1 70.2 70.7 68.5 9

 10 LM613092003 Finance companies 232.4 256.3 274.9 262.1 261.2 267.7 274.9 277.1 276.5 10

 11 LM663092003 Brokers and dealers 212.7 245.1 259.2 248.0 249.3 249.4 259.2 254.5 253.4 11

 Foreign direct investment in U.S.:

 12 LM103192005 Liab.: Nonfinancial corporate business 3271.2 3642.8 3893.3 3718.6 3790.0 3861.2 3893.3 3909.3 3903.5 12

 13 LM115114005 Nonfinancial noncorporate business 11.8 12.9 16.6 12.8 13.6 13.9 16.6 17.0 17.2 13

 14 LM753192003 Foreign banking offices in U.S. 193.9 197.8 205.7 201.6 205.5 205.4 205.7 206.7 207.8 14

 15 LM513192003 Property-casualty insurance companies 120.1 153.4 156.8 153.2 154.6 153.5 156.8 164.7 160.6 15

 16 LM543192073 Life insurance companies 77.6 83.2 90.6 83.3 86.6 87.7 90.6 92.7 94.0 16

 17 LM613192003 Finance companies 71.3 70.8 73.5 72.0 72.1 72.5 73.5 74.0 75.1 17

 18 LM663192005 Brokers and dealers 148.6 24.0 28.3 25.5 34.3 32.0 28.3 36.9 37.1 18

 19 FL733192003 Holding companies 26.4 177.4 189.8 185.8 187.3 194.0 189.8 183.6 184.6 19

 20 FL503192003 Funding corporations 14.4 15.0 15.6 15.2 15.3 15.5 15.6 15.8 15.9 20

 21 LM263092001 Asset: Rest of the world (1) 3935.3 4377.2 4670.2 4468.0 4559.2 4635.6 4670.2 4700.7 4695.8 21

 22 LM263092101 Equity 3314.3 3642.1 3958.9 3739.6 3821.8 3905.6 3958.9 4002.6 4039.2 22

 23 LM263092303 Intercompany debt 621.0 735.1 711.4 728.4 737.4 730.0 711.4 698.1 656.5 23

 24 LM263092323 U.S. affiliates’ liabilities 1044.6 1141.3 1146.0 1136.4 1148.5 1162.1 1146.0 1132.3 1100.6 24

 25 LM263192323 Less: U.S. affiliates’ claims 423.6 406.1 434.7 408.0 411.1 432.1 434.7 434.2 444.1 25

 Memo:

 Direct investment, asset/liability presentation:

 26 LM263192035 Direct investment assets 6931.8 7262.0 7787.5 7417.1 7533.1 7715.3 7787.5 7693.9 7676.4 26

 27 LM263192101 Equity (line 2) 5687.0 6040.8 6523.4 6132.8 6290.9 6439.3 6523.4 6383.9 6358.9 27

 28 LM263192345 Intercompany debt 1244.8 1221.2 1264.1 1284.3 1242.2 1276.1 1264.1 1310.0 1317.5 28

 29 LM263192313 U.S. parents’ claims (line 4) 821.2 815.0 829.4 876.3 831.1 844.0 829.4 875.8 873.4 29

 30 LM263192323 U.S. affiliates’ claims (line 25) 423.6 406.1 434.7 408.0 411.1 432.1 434.7 434.2 444.1 30

 31 LM263092035 Direct investment liabilities 4933.1 5387.0 5751.5 5502.4 5604.8 5722.6 5751.5 5815.1 5842.8 31

 32 LM263092101 Equity (line 22) 3314.3 3642.1 3958.9 3739.6 3821.8 3905.6 3958.9 4002.6 4039.2 32

 33 LM263092345 Intercompany debt 1618.8 1744.9 1792.6 1762.9 1783.0 1817.1 1792.6 1812.5 1803.6 33

 34 LM263092313 U.S. parents’ liabilities (line 5) 574.2 603.6 646.6 626.5 634.5 655.0 646.6 680.2 703.0 34

 35 LM263092323 U.S. affiliates’ liabilities (line 24) 1044.6 1141.3 1146.0 1136.4 1148.5 1162.1 1146.0 1132.3 1100.6 35

 Alternative valuations of direct investment assets:

 U.S. direct investment abroad:

 36 LM263192045 Market value 6059.3 6412.1 7828.7 6886.4 7137.5 7569.9 7828.7 7427.4 7284.0 36

 37 LM263192141 Equity 5812.3 6200.7 7645.9 6636.6 6940.9 7380.9 7645.9 7231.7 7113.5 37

 38 LM263192305 Intercompany debt 246.9 211.5 182.9 249.8 196.6 189.0 182.9 195.6 170.4 38

 39 FL263192055 Historical cost 5289.1 5586.0 6013.3 5706.1 5803.8 5939.5 6013.3 5887.6 5862.4 39

 40 FL263192151 Equity 5042.1 5374.6 5830.5 5456.3 5607.3 5750.5 5830.5 5691.9 5691.9 40

 41 FL263192305 Intercompany debt 246.9 211.5 182.9 249.8 196.6 189.0 182.9 195.6 170.4 41

 Foreign direct investment in U.S.:

 42 LM263092045 Market value 5731.4 6586.4 7844.2 6957.1 7161.3 7444.4 7844.2 7757.5 7768.7 42

 43 LM263092141 Equity 5110.4 5851.2 7132.8 6228.7 6423.9 6714.4 7132.8 7059.3 7112.2 43

 44 LM263092303 Intercompany debt 621.0 735.1 711.4 728.4 737.4 730.0 711.4 698.1 656.5 44

 45 FL263092055 Historical cost 3354.9 3765.1 4025.5 3846.3 3929.2 3998.0 4025.5 4065.9 4024.3 45

 46 FL263092151 Equity 2733.9 3030.0 3314.1 3118.0 3191.8 3268.0 3314.1 3367.8 3367.8 46

 47 FL263092303 Intercompany debt 621.0 735.1 711.4 728.4 737.4 730.0 711.4 698.1 656.5 47

(1) Direct investment is valued on a current-cost basis and presented on a directional basis.

(2) Through 1992:Q4, U.S. direct investment abroad excludes net inflows from corporate bonds issued by Netherlands Antillean financial subsidiaries.
L

e

v

els

134 Z.1, September 20, 2018

L.231 Total Miscellaneous Financial Claims

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

2015 2016 2017 2017 2018

 Q1 Q2 Q3 Q4 Q1 Q2

 1 FL893190005 Total liabilities 18690.5 19517.4 19692.3 19693.1 19887.2 19725.2 19692.3 19628.3 19294.7 1

 2 FL543077073 Household sector 31.6 31.3 33.1 32.7 33.1 33.2 33.1 35.5 35.4 2

 3 FL103190005 Nonfinancial corporate business 4382.8 4621.7 4459.6 4526.5 4523.0 4450.5 4459.6 4389.1 4018.3 3

 4 FL113193003 Nonfinancial noncorporate business 1360.1 1407.2 1448.0 1414.1 1424.7 1432.8 1448.0 1456.8 1469.3 4

 5 FL313190005 Federal government 2029.6 2009.5 2156.9 2170.4 2287.0 2051.7 2156.9 2013.1 2028.5 5

 6 FL223073045 State and local governments 4071.7 4216.6 4053.9 4176.4 4152.1 4110.0 4053.9 4157.7 4152.1 6

 7 FL713190005 Monetary authority 58.4 63.1 86.2 98.0 104.7 101.0 86.2 113.4 94.6 7

 8 FL763190005 U.S.-chartered depository institutions 2786.3 2914.8 2989.7 2962.9 3006.6 3050.4 2989.7 2958.4 2957.2 8

 9 FL753190005 Foreign banking offices in U.S. 213.7 196.6 193.2 207.2 188.5 183.8 193.2 205.2 205.6 9

 10 FL743193005 Banks in U.S.-affiliated areas 5.3 4.1 4.4 3.8 4.2 3.9 4.4 4.1 4.1 10

 11 FL473193005 Credit unions 16.0 17.2 18.3 15.7 16.6 17.7 18.3 18.5 25.7 11

 12 FL513190005 Property-casualty insurance companies 1212.6 1236.9 1342.9 1262.8 1298.3 1371.0 1342.9 1349.1 1370.4 12

 13 FL543190005 Life insurance companies 1292.9 1370.6 1438.5 1391.3 1418.9 1431.8 1438.5 1443.7 1448.9 13

 14 FL403190005 Government-sponsored enterprises 106.5 110.1 110.5 101.0 102.8 109.4 110.5 109.1 111.5 14

 15 FL613190005 Finance companies 199.1 168.5 160.2 166.1 169.1 139.9 160.2 139.1 125.7 15

 16 FL643193005 REITs 80.4 96.7 101.7 94.3 101.9 113.9 101.7 97.7 104.1 16

 17 FL663190005 Brokers and dealers 242.1 385.3 341.3 368.2 375.3 364.6 341.3 331.0 339.7 17

 18 FL733193005 Holding companies 85.8 -66.9 -81.5 -85.0 -82.4 -88.5 -81.5 -84.4 -82.3 18

 19 FL503190005 Funding corporations 216.7 424.5 501.9 473.1 436.0 519.0 501.9 539.7 519.0 19

 20 FL263190005 Rest of the world 298.9 309.4 333.6 313.6 326.8 329.3 333.6 351.6 366.9 20

 21 FL893090005 Total assets 27667.9 29393.2 29697.1 29604.3 29832.5 29684.2 29697.1 30024.7 30090.8 21

 22 FL153090005 Household sector 1082.1 1138.8 1193.7 1141.5 1151.1 1185.2 1193.7 1207.6 1215.6 22

 23 FL103090005 Nonfinancial corporate business 7220.0 8020.7 8166.6 8066.7 8111.3 8082.2 8166.6 8418.9 8433.5 23

 24 FL113090005 Nonfinancial noncorporate business 3398.1 3734.8 4027.5 3785.6 3862.4 3921.5 4027.5 4081.4 4162.7 24

 25 FL313090005 Federal government 173.0 186.2 196.4 190.2 188.7 191.6 196.4 198.8 203.4 25

 26 FL213093003 State and local governments 134.7 137.8 136.0 137.7 135.9 135.0 136.0 132.0 127.0 26

 27 FL713090005 Monetary authority 216.8 205.0 196.5 198.5 193.7 190.5 196.5 183.6 175.6 27

 28 FL763090005 U.S.-chartered depository institutions 554.4 587.0 508.1 562.1 569.6 547.9 508.1 517.3 501.5 28

 29 FL753093005 Foreign banking offices in U.S. 58.4 63.3 103.2 60.5 70.7 77.1 103.2 98.0 102.9 29

 30 FL743093005 Banks in U.S.-affiliated areas 34.9 41.6 33.9 41.2 40.8 33.0 33.9 34.2 35.2 30

 31 FL473090005 Credit unions 72.6 77.6 79.0 84.1 80.5 78.0 79.0 87.1 89.4 31

 32 FL513090005 Property-casualty insurance companies 418.6 446.3 493.9 478.5 490.0 515.7 493.9 495.0 494.2 32

 33 FL543090005 Life insurance companies 571.0 603.8 611.2 612.5 615.4 629.3 611.2 595.0 595.5 33

 34 FL573090005 Private pension funds 1853.0 1889.9 1740.9 1861.2 1830.8 1792.8 1740.9 1782.2 1759.7 34

 35 FL343073005 Federal government retirement funds 1763.7 1731.4 1869.7 1894.7 2013.4 1776.2 1869.7 1726.3 1740.4 35

 36 FL223090005 State and local govt. retirement funds 4380.3 4581.8 4478.5 4558.8 4550.9 4521.0 4478.5 4581.9 4585.5 36

 37 FL633093005 Money market funds 21.3 7.3 6.6 8.6 7.0 6.2 6.6 6.2 7.3 37

 38 FL653093005 Mutual funds 217.1 227.0 293.1 271.3 266.9 281.4 293.1 277.3 224.0 38

 39 LM563093003 Exchange-traded funds 49.3 62.8 68.9 66.1 66.3 69.0 68.9 71.7 68.9 39

 40 FL403093005 Government-sponsored enterprises 148.2 150.7 111.0 124.4 132.2 134.6 111.0 104.6 107.0 40

 41 FL673090543 ABS issuers 63.8 70.7 82.9 73.5 77.4 83.6 82.9 83.6 85.7 41

 42 FL613090005 Finance companies 58.2 -1.3 16.1 11.8 10.9 34.9 16.1 24.3 28.7 42

 43 FL643090005 REITs 138.1 169.0 180.4 165.9 169.6 177.4 180.4 191.6 192.2 43

 44 FL663090005 Brokers and dealers 786.6 734.1 721.9 771.3 786.7 774.1 721.9 723.5 722.6 44

 45 FL733090005 Holding companies 3458.1 3698.9 3592.7 3585.3 3608.5 3651.9 3592.7 3571.7 3573.1 45

 46 FL503094505 Funding corporations 757.4 788.1 738.2 810.9 757.5 745.1 738.2 780.4 808.0 46

 47 FL263076005 Rest of the world 38.6 39.8 50.1 41.4 44.3 49.1 50.1 50.5 51.0 47

 48 FL903090005 Discrepancy -8977.4 -9875.8 -10004.8 -9911.2 -9945.3 -9958.9 -10004.8 -10396.4 -10796.1 48
L

e

v

els

Z.1, September 20, 2018 135

L.232 Identified Miscellaneous Financial Claims - Part I

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

2015 2016 2017 2017 2018

 Q1 Q2 Q3 Q4 Q1 Q2

 Federal government equity in IBRD, etc.:

 1 FL313092803 Liab.: Rest of the world 64.6 66.6 67.4 66.7 66.7 67.4 67.4 67.4 67.4 1

 2 FL313092803 Asset: Federal government 64.6 66.6 67.4 66.7 66.7 67.4 67.4 67.4 67.4 2

 Federal Reserve Bank stock:

 3 FL713164003 Liab.: Monetary authority 29.5 30.4 31.4 30.6 30.8 31.2 31.4 31.7 32.1 3

 4 FL713164003 Asset: U.S.-chartered depository institutions 29.5 30.4 31.4 30.6 30.8 31.2 31.4 31.7 32.1 4

 Equity in government-sponsored enterprises:

 5 FL403192405 Liab.: Government-sponsored enterprises 44.2 46.9 51.1 46.0 48.0 50.3 51.1 50.7 52.3 5

 6 FL103092405 Asset: Nonfin. corporate business (Fannie Mae and FCS) 0.8 0.9 1.2 1.0 1.0 1.1 1.2 1.3 1.2 6

 7 FL113092405 Nonfinancial noncorporate (FCS) 9.0 9.8 12.3 10.0 10.2 12.2 12.3 12.1 12.4 7

 8 FL313092403 Federal government 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8

 9 FL763092405 U.S.-chartered depository institutions (FHLB) 25.9 27.8 28.5 26.4 28.3 28.4 28.5 28.2 29.4 9

 10 FL473092403 Credit unions (FHLB) 3.3 3.4 4.1 3.5 3.6 3.7 4.1 3.7 3.9 10

 11 FL513092403 Property-casualty insurance companies (FHLB) 0.1 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 11

 12 FL543092473 Life insurance companies (FHLB) 3.4 3.8 4.2 4.1 4.0 4.0 4.2 4.5 4.5 12

 13 FL613092403 Finance companies 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 13

 14 FL643092473 Real estate investment trusts (FHLB) 1.4 0.9 0.5 0.7 0.7 0.6 0.5 0.5 0.5 14

 Holding company net transactions with subsidiaries:

 15 FL763194735 Liab.: U.S.-chartered depository institutions 2175.2 2285.8 2373.6 2326.5 2356.5 2401.2 2373.6 2345.6 2351.1 15

 16 FL513194733 Property-casualty insurance companies 4.5 4.3 4.8 3.9 4.4 4.6 4.8 5.3 5.8 16

 17 FL543194733 Life insurance companies 12.0 13.3 15.8 13.6 14.3 14.7 15.8 15.1 15.0 17

 18 FL613194733 Finance companies 45.3 34.4 28.4 32.3 31.6 28.4 28.4 20.6 20.0 18

 19 FL663194735 Brokers and dealers 1038.3 1179.9 1030.1 1042.1 1021.7 1031.5 1030.1 1033.3 1006.6 19

 20 FL263194735 Rest of the world 76.4 76.8 72.9 78.1 87.5 78.9 72.9 96.4 113.9 20

 21 FL733094705 Asset: Holding companies 3351.8 3594.5 3525.6 3496.6 3515.9 3559.2 3525.6 3516.2 3512.3 21

 NFC investment in finance company subsidiaries:

 22 FL103094105 Liab.: Finance companies 111.3 98.2 110.8 98.2 102.3 99.9 110.8 115.5 114.4 22

 23 FL103094105 Asset: Nonfinancial corporate business 111.3 98.2 110.8 98.2 102.3 99.9 110.8 115.5 114.4 23

 Funding corporations’ investment in subsidiaries:

 24 FL753194503 Liab.: Foreign banking offices in U.S. 105.4 99.8 79.7 110.1 89.1 81.5 79.7 90.7 100.0 24

 25 FL663194505 Brokers and dealers 652.0 688.3 658.5 700.7 668.4 663.6 658.5 689.8 708.0 25

 26 FL503094505 Asset: Funding corporations 757.4 788.1 738.2 810.9 757.5 745.1 738.2 780.4 808.0 26

 Equity investment under Public-Private Inv. Program:

 27 LM503194305 Liab.: Funding corporations 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 27

 28 LM153094305 Asset: Households (1) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 28

 29 LM313094303 Federal government 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 29

(1) Funds invested by financial institutions such as domestic hedge funds through the Public-Private Investment Program (PPIP).
L

e

v

els

136 Z.1, September 20, 2018

L.233 Identified Miscellaneous Financial Claims - Part II

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

2015 2016 2017 2017 2018

 Q1 Q2 Q3 Q4 Q1 Q2

 Nonofficial foreign currencies:

 1 FL263191103 Liab.: Rest of the world 3.6 8.2 14.7 7.7 5.7 6.2 14.7 7.6 3.7 1

 2 FL313091105 Asset: Federal government 2.6 2.6 2.6 2.6 2.6 2.6 2.6 2.6 2.6 2

 3 FL713091103 Monetary authority (1) 1.0 5.6 12.1 5.1 3.1 3.6 12.1 5.0 1.1 3

 Postal Savings System deposits:

 4 FL313131003 Liab.: Federal government 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 FL313131003 Asset: Household sector 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5

 Deposits at Federal Home Loan Banks:

 6 FL403197033 Liab.: Government-sponsored enterprises 8.5 8.1 7.8 8.5 9.3 8.0 7.8 8.2 8.1 6

 7 FL403197033 Asset: U.S.-chartered depository institutions 8.5 8.1 7.8 8.5 9.3 8.0 7.8 8.2 8.1 7

 Funding agreements backing securities:

 8 FL673090543 Liab.: Life insurance companies (2) 63.8 70.7 82.9 73.5 77.4 83.6 82.9 83.6 85.7 8

 9 FL673090543 Asset: ABS issuers 63.8 70.7 82.9 73.5 77.4 83.6 82.9 83.6 85.7 9

 Deferred and unpaid life insurance premiums:

 10 FL543077073 Liab.: Household sector 31.6 31.3 33.1 32.7 33.1 33.2 33.1 35.5 35.4 10

 11 FL543077073 Asset: Life insurance companies 31.6 31.3 33.1 32.7 33.1 33.2 33.1 35.5 35.4 11

 Life insurance company reserves:

 12 FL543195005 Liab.: Life insurance companies 348.8 364.8 382.4 371.8 373.8 376.4 382.4 393.3 393.9 12

 13 FL263195105 Rest of the world 28.5 20.0 19.3 19.8 19.6 19.5 19.3 19.8 19.9 13

 14 FL153095105 Asset: Household sector 306.0 318.8 331.8 324.5 325.6 327.3 331.8 341.3 341.8 14

 15 FL543095105 Life insurance companies 71.2 65.9 69.8 67.0 67.9 68.6 69.8 71.8 72.1 15

 Policy payables:

 16 FL513176005 Liab.: Property-casualty insurance companies 1130.5 1174.4 1250.2 1174.4 1199.6 1264.0 1250.2 1258.5 1271.7 16

 17 FL263176005 Rest of the world 125.8 137.8 159.3 141.3 147.3 157.2 159.3 160.3 162.0 17

 18 FL153076005 Asset: Household sector 511.4 542.4 574.8 541.6 552.3 582.6 574.8 579.5 585.7 18

 19 FL103076005 Nonfinancial corporate business 345.1 351.6 365.4 349.0 354.5 372.3 365.4 367.6 371.4 19

 20 FL113076005 Nonfinancial noncorporate business 119.3 116.3 119.8 115.5 117.3 121.3 119.8 119.9 121.1 20

 21 FL513076005 Property-casualty insurance companies 241.9 262.1 299.4 268.1 278.5 295.8 299.4 301.3 304.5 21

 22 FL263076005 Rest of the world 38.6 39.8 50.1 41.4 44.3 49.1 50.1 50.5 51.0 22

 Unallocated insurance company contracts:

 23 FL593095005 Liab.: Life insurance companies 650.9 683.6 728.6 694.1 703.1 715.4 728.6 722.9 727.5 23

 24 FL573095005 Asset: Private pension funds 506.3 544.7 574.2 554.4 560.8 568.3 574.2 570.3 572.7 24

 25 FL223095505 State and local government retirement funds 144.5 138.9 154.4 139.7 142.3 147.1 154.4 152.6 154.8 25

 Pension fund contributions payable:

 26 FL573074005 Liab.: Nonfinancial corporate business 91.3 95.2 104.1 98.3 99.2 100.8 104.1 107.3 110.7 26

 27 FL573074005 Asset: Private pension funds 91.3 95.2 104.1 98.3 99.2 100.8 104.1 107.3 110.7 27

 Securities borrowed (net):

 28 FL663097005 Liab.: Funding corporations 706.8 666.3 702.7 714.8 722.4 709.9 702.7 702.0 694.9 28

 29 FL663097005 Asset: Brokers and dealers 706.8 666.3 702.7 714.8 722.4 709.9 702.7 702.0 694.9 29

 Retiree health care funds:

 30 FL313195105 Liab.: Federal government (3) 264.7 277.6 287.1 275.3 273.3 275.3 287.1 286.8 288.1 30

 31 FL313195105 Asset: Household sector 264.7 277.6 287.1 275.3 273.3 275.3 287.1 286.8 288.1 31

 Claims of pension fund on sponsor:

 32 FL573073005 Liab.: Nonfinancial corporate business 609.0 568.6 356.2 519.4 480.5 427.8 356.2 392.3 354.2 32

 33 FL343073005 Federal government 1763.7 1731.4 1869.7 1894.7 2013.4 1776.2 1869.7 1726.3 1740.4 33

 34 FL223073045 State and local governments 4071.7 4216.6 4053.9 4176.4 4152.1 4110.0 4053.9 4157.7 4152.1 34

 35 FL573073005 Asset: Private pension funds 609.0 568.6 356.2 519.4 480.5 427.8 356.2 392.3 354.2 35

 36 FL343073005 Federal government retirement funds 1763.7 1731.4 1869.7 1894.7 2013.4 1776.2 1869.7 1726.3 1740.4 36

 37 FL223073045 State and local govt. retirement funds 4071.7 4216.6 4053.9 4176.4 4152.1 4110.0 4053.9 4157.7 4152.1 37

(1) Reciprocal currency arrangements (swap lines) with foreign central banks.

(2) Equal to funding agreement-backed securities (FABS) issued by domestic issuers of asset-backed securities. Funding agreement-backed securities issued by foreign entities

 are included in foreign direct investment in the U.S. See tables L.133 and L.230.

(3) Includes Uniform Services Retiree Health Care Fund and Postal Service Retiree Health Benefits Fund.
L

e

v

els

Z.1, September 20, 2018 137

L.234 Unidentified Miscellaneous Financial Claims

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

2015 2016 2017 2017 2018

 Q1 Q2 Q3 Q4 Q1 Q2

 1 FL893193005 Total liabilities 4432.6 4838.1 5115.8 4941.3 5056.1 5108.7 5115.8 5004.0 4659.7 1

 2 FL103193005 Nonfinancial corporate business 3682.6 3958.0 3999.3 3908.8 3943.3 3922.0 3999.3 3889.4 3553.4 2

 3 FL113193003 Nonfinancial noncorporate business 1360.1 1407.2 1448.0 1414.1 1424.7 1432.8 1448.0 1456.8 1469.3 3

 4 FL313193013 Federal government 1.2 0.6 0.1 0.4 0.3 0.2 0.1 0.0 -0.0 4

 5 FL713193005 Monetary authority 28.9 32.6 54.8 67.4 73.8 69.8 54.8 81.7 62.5 5

 6 FL763193005 U.S.-chartered depository institutions 611.1 629.0 616.1 636.4 650.1 649.2 616.1 612.8 606.1 6

 7 FL753193005 Foreign banking offices in U.S. 108.3 96.9 113.5 97.1 99.4 102.3 113.5 114.5 105.6 7

 8 FL743193005 Banks in U.S.-affiliated areas 5.3 4.1 4.4 3.8 4.2 3.9 4.4 4.1 4.1 8

 9 FL473193005 Credit unions 16.0 17.2 18.3 15.7 16.6 17.7 18.3 18.5 25.7 9

 10 FL513193005 Property-casualty insurance companies 77.6 58.3 87.8 84.5 94.3 102.4 87.8 85.4 92.9 10

 11 FL543193005 Life insurance companies 217.4 238.2 228.9 238.2 250.4 241.7 228.9 228.8 226.8 11

 12 FL403193005 Government-sponsored enterprises 53.7 55.1 51.5 46.5 45.4 51.1 51.5 50.1 51.1 12

 13 FL613193005 Finance companies 42.5 35.9 21.0 35.6 35.3 11.7 21.0 3.1 -8.7 13

 14 FL643193005 REITs 80.4 96.7 101.7 94.3 101.9 113.9 101.7 97.7 104.1 14

 15 FL663193005 Brokers and dealers -1448.2 -1483.0 -1347.3 -1374.7 -1314.7 -1330.5 -1347.3 -1392.1 -1374.9 15

 16 FL733193005 Holding companies 85.8 -66.9 -81.5 -85.0 -82.4 -88.5 -81.5 -84.4 -82.3 16

 17 FL503193005 Funding corporations -490.2 -241.8 -200.7 -241.8 -286.3 -191.0 -200.7 -162.3 -175.9 17

 18 FL893093005 Total assets 13410.0 14713.9 15120.7 14852.5 15001.5 15067.6 15120.7 15400.4 15455.8 18

 19 FL103093005 Nonfinancial corporate business 6762.8 7570.0 7689.3 7618.5 7653.5 7608.9 7689.3 7934.5 7946.4 19

 20 FL113093005 Nonfinancial noncorporate business 3269.7 3608.8 3895.3 3660.1 3734.9 3787.9 3895.3 3949.3 4029.2 20

 21 FL313093003 Federal government 105.8 117.0 126.4 120.8 119.3 121.6 126.4 128.7 133.4 21

 22 FL213093003 State and local governments 134.7 137.8 136.0 137.7 135.9 135.0 136.0 132.0 127.0 22

 23 FL713093005 Monetary authority 215.8 199.5 184.4 193.4 190.6 186.9 184.4 178.5 174.6 23

 24 FL763093005 U.S.-chartered depository institutions 490.6 520.7 440.4 496.5 501.2 480.4 440.4 449.3 432.0 24

 25 FL753093005 Foreign banking offices in U.S. 58.4 63.3 103.2 60.5 70.7 77.1 103.2 98.0 102.9 25

 26 FL743093005 Banks in U.S.-affiliated areas 34.9 41.6 33.9 41.2 40.8 33.0 33.9 34.2 35.2 26

 27 FL473093005 Credit unions 69.2 74.1 75.0 80.7 77.0 74.3 75.0 83.5 85.5 27

 28 FL513093005 Property-casualty insurance companies 176.5 184.1 194.4 210.2 211.3 219.8 194.4 193.4 189.5 28

 29 FL543093005 Life insurance companies 464.7 502.8 504.1 508.8 510.4 523.5 504.1 483.1 483.5 29

 30 FL573093005 Private pension funds 646.4 681.4 706.4 689.1 690.3 695.9 706.4 712.2 722.1 30

 31 FL223093005 State and local govt. retirement funds 164.1 226.4 270.1 242.6 256.6 263.9 270.1 271.6 278.5 31

 32 FL633093005 Money market funds 21.3 7.3 6.6 8.6 7.0 6.2 6.6 6.2 7.3 32

 33 FL653093005 Mutual funds 217.1 227.0 293.1 271.3 266.9 281.4 293.1 277.3 224.0 33

 34 LM563093003 Exchange-traded funds 49.3 62.8 68.9 66.1 66.3 69.0 68.9 71.7 68.9 34

 35 FL403093005 Government-sponsored enterprises 148.2 150.7 111.0 124.4 132.2 134.6 111.0 104.6 107.0 35

 36 FL613093005 Finance companies 57.9 -1.5 15.9 11.6 10.7 34.7 15.9 24.1 28.5 36

 37 FL643093005 REITs 136.7 168.1 179.8 165.2 168.9 176.8 179.8 191.1 191.7 37

 38 FL663093005 Brokers and dealers 79.7 67.8 19.3 56.5 64.3 64.2 19.3 21.6 27.7 38

 39 FL733093005 Holding companies 106.3 104.3 67.1 88.7 92.5 92.6 67.1 55.5 60.7 39

 40 FL903090005 Discrepancy -8977.4 -9875.8 -10004.8 -9911.2 -9945.3 -9958.9 -10004.8 -10396.4 -10796.1 40
B

ala

n

c

e

S

h

e

ets

138 Z.1, September 20, 2018

B.101 Balance Sheet of Households and Nonprofit Organizations (1)

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

2015 2016 2017 2017 2018

 Q1 Q2 Q3 Q4 Q1 Q2

 1 FL152000005 Assets 104157.4 110230.7 118990.9 112440.3 114028.6 116136.3 118990.9 120333.9 122656.6 1

 2 LM152010005 Nonfinancial assets 30008.0 31779.2 33719.0 32188.2 32694.5 33136.1 33719.0 34229.1 34854.6 2

 3 LM155035005 Real estate 24451.3 26052.2 27815.7 26394.4 26875.9 27278.7 27815.7 28257.3 28816.2 3

 4 LM155035015 Households (2,3) 21577.9 22973.0 24511.1 23354.6 23727.5 24066.4 24511.1 24985.3 25371.5 4

 5 LM165035005 Nonprofit organizations 2873.4 3079.1 3304.6 3039.9 3148.4 3212.3 3304.6 3272.1 3444.7 5

 6 LM165015205 Equipment (nonprofits) (4) 383.6 402.2 424.1 407.4 412.8 418.3 424.1 430.3 437.7 6

 7 LM165013765 Intellectual property products (nonprofits) (4) 167.3 175.6 185.0 177.4 179.3 182.6 185.0 187.1 189.9 7

 8 LM155111005 Consumer durable goods (4) 5005.8 5149.3 5294.1 5209.0 5226.4 5256.5 5294.1 5354.4 5410.8 8

 9 FL154090005 Financial assets 74149.4 78451.5 85271.9 80252.1 81334.1 83000.3 85271.9 86104.8 87802.1 9

 10 LM153091003 Foreign deposits 31.9 26.3 39.1 30.8 33.9 39.8 39.1 42.2 42.3 10

 11 FL153020005 Checkable deposits and currency 1209.6 1137.9 1174.0 1230.6 1186.3 1100.3 1174.0 1308.2 1252.7 11

 12 FL153030005 Time and savings deposits 8450.4 9105.8 9301.4 9217.3 9147.1 9285.9 9301.4 9499.2 9561.4 12

 13 FL153034005 Money market fund shares 1551.6 1551.3 1607.5 1504.4 1480.5 1550.7 1607.5 1569.9 1585.2 13

 14 FL154022005 Debt securities 4543.8 4512.7 4361.6 4447.3 4288.1 4222.8 4361.6 4955.4 5289.7 14

 15 FL153061105 Treasury securities 1138.9 1339.3 1369.1 1290.6 1332.1 1252.6 1369.1 1706.7 1808.9 15

 16 FL153061705 Agency- and GSE-backed securities 445.6 396.9 508.7 428.5 387.3 457.1 508.7 523.7 637.4 16

 17 FL153062005 Municipal securities 1674.4 1705.8 1628.9 1680.7 1665.2 1628.9 1628.9 1631.3 1625.0 17

 18 FL153063005 Corporate and foreign bonds 1284.8 1070.6 854.9 1047.6 903.4 884.2 854.9 1093.8 1218.4 18

 19 FL154023005 Loans 1000.6 995.9 931.2 1010.5 1008.2 983.3 931.2 929.6 920.4 19

 20 FL153069005 Other loans and advances (5) 840.8 839.8 784.1 857.1 855.2 834.5 784.1 784.9 777.7 20

 21 FL153065005 Mortgages 114.9 114.7 112.3 114.0 115.0 113.0 112.3 111.5 110.5 21

 22 FL163066223 Consumer credit (student loans) (6) 44.9 41.3 34.8 39.4 38.1 35.8 34.8 33.2 32.2 22

 23 LM153064105 Corporate equities (2) 13382.2 14868.1 17769.4 15613.2 16136.8 16783.2 17769.4 17510.1 18105.6 23

 24 LM153064205 Mutual fund shares 6729.8 7201.7 8579.6 7623.5 7870.4 8247.3 8579.6 8629.3 8764.3 24

 25 FL163070005 Trade receivables (6) 257.9 276.5 296.2 281.4 286.3 291.2 296.2 300.9 305.6 25

 26 FL153040005 Life insurance reserves 1510.9 1568.1 1626.6 1586.3 1594.3 1610.2 1626.6 1632.7 1646.5 26

 27 FL153050005 Pension entitlements (7) 23504.8 24375.8 25821.0 24802.6 25088.2 25418.4 25821.0 25843.7 26069.3 27

 28 LM152090205 Equity in noncorporate business (8) 10894.0 11692.5 12570.7 11762.5 12062.8 12281.9 12570.7 12676.0 13043.5 28

 29 FL153090005 Miscellaneous assets 1082.1 1138.8 1193.7 1141.5 1151.1 1185.2 1193.7 1207.6 1215.6 29

 30 FL154190005 Liabilities 14536.9 14987.8 15555.6 15034.7 15205.2 15345.6 15555.6 15595.6 15727.4 30

 31 FL163162003 Debt securities (municipal securities) (6) 219.2 215.8 217.9 215.6 219.3 216.1 217.9 219.8 219.4 31

 32 FL154123005 Loans 13951.4 14391.8 14939.8 14433.5 14595.9 14735.5 14939.8 14971.8 15100.4 32

 33 FL153165105 Home mortgages (9) 9583.6 9785.9 10076.4 9831.1 9913.3 10000.5 10076.4 10115.4 10181.5 33

 34 FL153166000 Consumer credit 3413.6 3643.7 3831.0 3639.2 3694.5 3752.2 3831.0 3811.6 3864.7 34

 35 FL153168005 Depository institution loans n.e.c. 280.6 291.2 293.1 286.7 293.6 289.4 293.1 297.1 306.5 35

 36 FL153169005 Other loans and advances 437.4 427.2 488.2 430.9 446.9 444.1 488.2 494.6 492.7 36

 37 FL163165505 Commercial mortgages (6) 236.1 243.7 251.2 245.6 247.5 249.3 251.2 253.1 255.0 37

 38 FL163170005 Trade payables (6) 334.7 349.0 364.8 352.9 356.9 360.8 364.8 368.5 372.2 38

 39 FL543077073 Deferred and unpaid life insurance premiums 31.6 31.3 33.1 32.7 33.1 33.2 33.1 35.5 35.4 39

 40 FL152090005 Net worth 89620.6 95242.9 103435.3 97405.6 98823.4 100790.8 103435.3 104738.3 106929.2 40

 Memo:

 41 FL893131573 Assets held in IRAs (10) 7477.0 8080.0 9200.0 8400.0 8600.0 8850.0 9200.0 9171.0 ND 41

 42 FL154023205 Assets held in 529 college plans (10) 253.5 275.1 319.0 289.2 300.3 306.5 319.0 321.0 329.0 42

 43 LM154023223 College savings plans 230.5 251.9 294.4 265.6 276.2 282.2 294.4 296.8 304.7 43

 44 FL154023213 Prepaid tuition plans 23.0 23.2 24.6 23.6 24.1 24.3 24.6 24.2 24.3 44

 Replacement-cost value of structures:

 45 LM155012605 Residential 15424.5 16441.6 17190.4 16610.4 16864.7 17012.8 17190.4 17627.7 17998.3 45

 46 LM155012665 Households 15174.9 16175.5 16909.7 16341.3 16591.2 16735.3 16909.7 17340.1 17705.0 46

 47 LM165012665 Nonprofit organizations 249.6 266.1 280.6 269.1 273.5 277.5 280.6 287.5 293.3 47

 48 LM165013665 Nonresidential (nonprofits) 1673.2 1721.5 1789.3 1736.3 1755.5 1775.7 1789.3 1808.6 1836.3 48

 49 FA156012005 Disposable personal income (DPI) (SAAR) 13784.3 14170.9 14796.3 14599.6 14707.0 14846.6 15032.2 15289.2 15455.1 49

 50 FL152090006 Net worth/DPI (percent) (line 40/line 49) 650.16 672.10 699.06 667.18 671.95 678.88 688.09 685.05 691.87 50

 51 FL155035065 Owners’ equity in real estate (line 4 less line 33) 11994.3 13187.1 14434.7 13523.5 13814.1 14065.9 14434.7 14869.9 15189.9 51

 52 FL155035066 Owners’ equity/real estate (percent) (line 51/line 4) 55.59 57.40 58.89 57.90 58.22 58.45 58.89 59.51 59.87 52

(1) Sector includes domestic hedge funds, private equity funds, and personal trusts.

(2) At market value.

(3) All types of owner-occupied housing including farm houses and mobile homes, as well as second homes that are not rented, vacant homes for sale, and vacant land.

(4) At replacement (current) cost.

(5) Includes cash accounts at brokers and dealers and syndicated loans to nonfinancial corporate business by nonprofits and domestic hedge funds.

(6) Student loans and trade receivables are financial assets of nonprofit organizations; municipal securities, commercial mortgages, and trade payables are liabilities.

(7) Includes public and private defined benefit and defined contribution pension plans and annuities, including those in IRAs and at life insurance companies. Excludes social security.

(8) Net worth of nonfinancial noncorporate business (table B.104, line 35) and owners’ equity in unincorporated security brokers and dealers.

(9) Includes loans made under home equity lines of credit and home equity loans secured by junior liens (table L.218, line 23).

(10) Included in assets shown on the household balance sheet.
B

ala

n

c

e

S

h

e

ets

Z.1, September 20, 2018 139

B.103 Balance Sheet of Nonfinancial Corporate Business

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

2015 2016 2017 2017 2018

 Q1 Q2 Q3 Q4 Q1 Q2

 With nonfinancial assets stated at either market value or replacement cost:

 1 FL102000005 Assets 39446.9 42041.1 44614.9 42226.6 43076.6 43771.3 44614.9 44555.2 45463.9 1

 2 LM102010005 Nonfinancial assets 20624.8 21635.1 22894.8 21544.8 22050.1 22397.5 22894.8 22821.6 23677.8 2

 3 LM105035005 Real estate (1) 11489.0 12225.4 13058.3 12028.8 12464.9 12696.6 13058.3 12869.3 13606.9 3

 4 LM105015205 Equipment (2) 4590.5 4685.3 4856.8 4723.3 4765.4 4808.9 4856.8 4898.9 4955.1 4

 5 LM105013765 Intellectual property products (2) 2298.5 2410.0 2560.8 2442.3 2473.9 2524.2 2560.8 2593.4 2634.4 5

 6 LM105020015 Inventories (2) 2246.6 2314.4 2418.9 2350.4 2345.9 2367.7 2418.9 2460.1 2481.3 6

 7 FL104090005 Financial assets 18822.1 20406.0 21720.1 20681.9 21026.5 21373.8 21720.1 21733.6 21786.2 7

 8 FL103091003 Foreign deposits 87.1 90.7 199.0 84.6 103.2 194.8 199.0 208.4 168.3 8

 9 FL103020005 Checkable deposits and currency 838.1 998.3 1141.3 1037.4 1122.8 1122.7 1141.3 1095.2 1069.7 9

 10 FL103030003 Time and savings deposits 144.3 163.5 167.1 162.3 165.3 165.6 167.1 163.7 157.8 10

 11 FL103034000 Money market fund shares 576.6 463.9 475.5 450.8 443.8 461.3 475.5 466.3 470.9 11

 12 FL102051003 Security repurchase agreements 79.9 109.5 61.5 99.7 68.4 54.0 61.5 36.3 20.2 12

 13 FL104022005 Debt securities 244.7 235.5 278.3 245.5 263.6 264.1 278.3 273.1 299.3 13

 14 FL103069100 Commercial paper 172.5 160.7 193.4 166.4 181.7 180.2 193.4 198.2 221.7 14

 15 FL103061103 Treasury securities 37.4 41.3 41.7 40.0 41.1 40.7 41.7 36.9 38.3 15

 16 FL103061703 Agency- and GSE-backed securities 12.5 13.8 13.9 13.3 13.7 13.6 13.9 12.3 12.8 16

 17 FL103062003 Municipal securities 22.3 19.7 29.2 25.8 27.0 29.7 29.2 25.8 26.6 17

 18 FL104023005 Loans 72.4 73.0 70.3 71.4 71.2 71.0 70.3 68.7 68.5 18

 19 FL103065003 Mortgages 31.4 30.3 28.4 29.8 29.3 28.9 28.4 28.0 27.5 19

 20 FL103066005 Consumer credit 41.1 42.8 41.8 41.6 41.9 42.1 41.8 40.7 41.0 20

 21 LM103064103 Corporate equities 1505.7 1706.4 1913.6 1773.4 1790.8 1832.5 1913.6 1861.2 1886.9 21

 22 LM103064203 Mutual fund shares (1) 235.2 236.9 276.5 249.1 257.0 267.0 276.5 276.1 280.5 22

 23 FL103070005 Trade receivables 2750.2 2973.6 3245.0 2991.1 3086.7 3184.2 3245.0 3273.0 3388.7 23

 24 LM103092005 U.S. direct investment abroad (3) 5067.8 5334.1 5725.4 5450.0 5542.4 5674.5 5725.4 5592.8 5541.8 24

 25 FL103090005 Miscellaneous assets 7220.0 8020.7 8166.6 8066.7 8111.3 8082.2 8166.6 8418.9 8433.5 25

 26 FL104190005 Liabilities 17885.9 19123.8 20173.8 19292.2 19533.6 19744.2 20173.8 20185.1 20165.2 26

 27 FL104122005 Debt securities 5547.5 5835.1 6137.4 5959.3 6021.9 6110.9 6137.4 6218.7 6213.6 27

 28 FL103169100 Commercial paper 179.0 180.8 206.7 195.5 194.7 206.1 206.7 222.3 220.2 28

 29 FL103162000 Municipal securities (4) 537.6 553.0 566.4 553.4 561.3 555.5 566.4 563.7 566.6 29

 30 FL103163003 Corporate bonds (3) 4830.9 5101.3 5364.3 5210.4 5265.9 5349.3 5364.3 5432.6 5426.8 30

 31 FL104123005 Loans 2531.7 2685.6 2912.0 2766.3 2825.1 2842.9 2912.0 2902.5 3211.0 31

 32 FL103168005 Depository institution loans n.e.c. 969.6 1025.4 1065.4 1031.3 1041.0 1047.8 1065.4 1074.6 1095.4 32

 33 FL103169005 Other loans and advances 1089.8 1139.8 1281.4 1213.6 1251.9 1256.1 1281.4 1251.9 1519.1 33

 34 FL103165005 Mortgages 472.2 520.4 565.2 521.4 532.1 538.9 565.2 576.0 596.5 34

 35 FL103170005 Trade payables 2110.5 2305.2 2525.9 2278.2 2332.1 2438.9 2525.9 2516.6 2595.4 35

 36 FL103178005 Taxes payable 42.2 33.5 245.5 43.2 41.5 39.8 245.5 248.9 223.5 36

 37 LM103192005 Foreign direct investment in U.S. 3271.2 3642.8 3893.3 3718.6 3790.0 3861.2 3893.3 3909.3 3903.5 37

 38 FL103190005 Miscellaneous liabilities 4382.8 4621.7 4459.6 4526.5 4523.0 4450.5 4459.6 4389.1 4018.3 38

 39 FL102090005 Net worth (market value) 21561.0 22917.3 24441.0 22934.5 23543.0 24027.1 24441.0 24370.1 25298.7 39

 Memo:

 Replacement-cost value of structures:

 40 LM105012665 Residential 202.5 215.5 229.6 218.5 222.7 226.5 229.6 235.3 240.2 40

 41 LM105013665 Nonresidential 8755.5 8903.6 9216.1 8974.6 9070.1 9148.4 9216.1 9312.4 9452.2 41

 42 LM103164103 Market value of equities outstanding 22617.5 24271.1 28366.9 25542.7 25999.9 26923.9 28366.9 28046.2 29458.3 42

 43 FL104104006 Debt/net worth (percent) (lines 27+31/line 39) 37.47 37.18 37.03 38.05 37.58 37.27 37.03 37.43 37.25 43

 44 FL104104016 Debt/equities (percent) (lines 27+31/line 42) 35.72 35.11 31.90 34.16 34.03 33.26 31.90 32.52 31.99 44

 45 FL103164106 Equities/net worth (percent) (line 42/line 39) 104.90 105.91 116.06 111.37 110.44 112.06 116.06 115.08 116.44 45

 With nonfinancial assets stated at historical cost:

 46 FL102000115 Assets (sum of lines 7 and 47) 32843.1 34892.3 36788.6 35355.3 35819.3 36344.0 36788.6 37002.6 37216.1 46

 47 FL102010115 Nonfinancial assets 14021.0 14486.3 15068.6 14673.4 14792.8 14970.1 15068.6 15269.0 15429.9 47

 48 FL105035045 Real estate 5530.8 5742.3 5962.7 5806.5 5856.0 5911.7 5962.7 6021.4 6086.4 48

 49 FL105013213 Equipment 4424.4 4553.2 4701.8 4584.6 4619.6 4658.6 4701.8 4749.1 4796.6 49

 50 FL105013715 Intellectual property products 2058.0 2156.4 2264.9 2182.7 2210.1 2237.5 2264.9 2296.2 2330.4 50

 51 FL105020000 Inventories 2007.8 2034.4 2139.2 2099.7 2107.1 2162.3 2139.2 2202.3 2216.6 51

 52 FL102090115 Net worth (historical cost) (line 46 less line 26) 14957.2 15768.6 16614.8 16063.1 16285.7 16599.7 16614.8 16817.5 17050.9 52

 Memo:

 Historical-cost value of structures:

 53 FL105012613 Residential 94.3 99.3 104.4 100.6 101.9 103.1 104.4 105.8 107.1 53

 54 FL105013613 Nonresidential 4885.5 5067.5 5266.2 5115.3 5165.3 5215.1 5266.2 5323.2 5384.0 54

 55 FL104104026 Debt/net worth (percent) (lines 26+30/line 38) 54.01 54.04 54.47 54.32 54.32 53.94 54.47 54.24 55.27 55

(1) At market value.

(2) At replacement (current) cost.

(3) Through 1992, corporate bonds include net issues by Netherlands Antillean financial subsidiaries, and U.S. direct investment abroad excludes net inflows from those bond issues.

(4) Industrial revenue bonds. Issued by state and local governments to finance private investment and secured in interest and principal by the industrial user of the funds.
B

ala

n

c

e

S

h

e

ets

140 Z.1, September 20, 2018

B.104 Balance Sheet of Nonfinancial Noncorporate Business

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

2015 2016 2017 2017 2018

 Q1 Q2 Q3 Q4 Q1 Q2

 1 FL112000005 Assets 17556.5 18771.6 20017.7 18897.4 19296.1 19585.3 20017.7 20191.1 20671.6 1

 2 LM112010005 Nonfinancial assets 12184.7 12902.6 13716.4 12952.5 13238.1 13440.3 13716.4 13800.4 14151.3 2

 3 LM115035005 Real estate (1) 10884.5 11590.7 12362.8 11621.3 11898.0 12105.4 12362.8 12426.3 12758.8 3

 4 LM115035023 Residential 6027.8 6473.3 6942.1 6557.2 6687.5 6810.7 6942.1 7060.9 7168.3 4

 5 LM115035035 Nonresidential 4856.7 5117.4 5420.8 5064.2 5210.5 5294.7 5420.8 5365.4 5590.4 5

 6 LM115015205 Equipment (2) 796.2 805.4 826.6 811.8 817.4 822.2 826.6 841.6 861.0 6

 7 LM115012265 Residential (3) 47.8 48.3 50.3 48.8 49.1 49.7 50.3 50.8 53.6 7

 8 LM115013265 Nonresidential 748.4 757.1 776.4 763.0 768.3 772.6 776.4 790.8 807.4 8

 9 LM115013765 Intellectual property products (2) 243.6 256.1 267.5 258.0 260.4 264.4 267.5 269.5 272.1 9

 10 LM115020005 Inventories (2) 260.4 250.4 259.4 261.4 262.3 248.3 259.4 263.0 259.4 10

 11 FL114090005 Financial assets 5371.8 5869.0 6301.4 5944.9 6058.0 6145.0 6301.4 6390.7 6520.3 11

 12 FL113020005 Checkable deposits and currency 254.5 279.3 279.5 277.0 277.5 275.6 279.5 283.8 291.5 12

 13 FL113030003 Time and savings deposits 860.8 909.0 972.7 923.5 939.7 954.5 972.7 987.6 1004.9 13

 14 FL113034003 Money market fund shares 88.1 97.1 104.8 98.4 100.4 102.0 104.8 106.5 108.9 14

 15 FL114022005 Debt securities 66.2 72.9 78.8 73.9 75.5 76.6 78.8 80.1 81.8 15

 16 FL113061003 Treasury securities 61.9 68.2 73.6 69.1 70.5 71.6 73.6 74.8 76.5 16

 17 FL113062003 Municipal securities 4.3 4.8 5.2 4.9 5.0 5.0 5.2 5.3 5.4 17

 18 FL114023005 Loans 41.5 45.8 49.4 46.4 47.3 48.1 49.4 50.2 51.3 18

 19 FL113065005 Mortgages 41.5 45.8 49.4 46.4 47.3 48.1 49.4 50.2 51.3 19

 20 FL113066003 Consumer credit 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 20

 21 FL113070003 Trade receivables 662.6 730.1 788.6 740.1 755.2 766.8 788.6 801.2 819.2 21

 22 FL113090005 Miscellaneous assets 3398.1 3734.8 4027.5 3785.6 3862.4 3921.5 4027.5 4081.4 4162.7 22

 23 FL113076005 Insurance receivables 119.3 116.3 119.8 115.5 117.3 121.3 119.8 119.9 121.1 23

 24 FL113092405 Equity investment in GSEs (4) 9.0 9.8 12.3 10.0 10.2 12.2 12.3 12.1 12.4 24

 25 FL113093005 Other 3269.7 3608.8 3895.3 3660.1 3734.9 3787.9 3895.3 3949.3 4029.2 25

 26 FL114190005 Liabilities 6707.9 7140.0 7508.8 7197.5 7295.1 7366.4 7508.8 7581.9 7696.9 26

 27 FL114123005 Loans 4692.2 4986.0 5233.0 5022.8 5088.8 5135.6 5233.0 5281.0 5358.4 27

 28 FL113168005 Depository institution loans n.e.c. 1141.8 1204.8 1250.8 1209.4 1222.5 1230.8 1250.8 1258.9 1284.4 28

 29 FL113169005 Other loans and advances 200.2 207.0 207.5 205.0 204.3 200.7 207.5 207.4 207.8 29

 30 FL113165005 Mortgages 3350.3 3574.1 3774.7 3608.4 3662.1 3704.0 3774.7 3814.7 3866.2 30

 31 FL113170005 Trade payables 521.3 604.1 675.0 616.8 635.5 650.3 675.0 689.6 712.5 31

 32 FL113178003 Taxes payable 122.5 129.9 136.2 131.0 132.6 133.9 136.2 137.6 139.6 32

 33 LM115114005 Foreign direct investment in U.S. 11.8 12.9 16.6 12.8 13.6 13.9 16.6 17.0 17.2 33

 34 FL113193003 Miscellaneous liabilities 1360.1 1407.2 1448.0 1414.1 1424.7 1432.8 1448.0 1456.8 1469.3 34

 35 LM112090205 Net worth (5) 10848.6 11631.6 12508.9 11699.9 12001.0 12218.9 12508.9 12609.2 12974.7 35

 Memo:

 Replacement-cost value of structures:

 36 FL115012665 Residential 3334.4 3521.5 3677.0 3551.5 3600.1 3644.5 3677.0 3764.0 3836.9 36

 37 FL115013665 Nonresidential 1985.9 2047.3 2126.3 2069.6 2096.2 2108.8 2126.3 2137.7 2158.9 37

 38 FL114104006 Debt/net worth (percent) (line 27/line 35) 43.25 42.87 41.83 42.93 42.40 42.03 41.83 41.88 41.30 38

(1) At market value.

(2) At replacement (current) cost.

(3) Durable goods in rental properties.

(4) Equity in the Farm Credit System.

(5) Included in table B.101, line 28.
B

ala

n

c

e

S

h

e

ets

Z.1, September 20, 2018 141

R.101 Change in Net Worth of Households and Nonprofit Organizations

Billions of dollars; not seasonally adjusted

2015 2016 2017 2017 2018

 Q1 Q2 Q3 Q4 Q1 Q2

 1 FC152090005 Change in net worth (1) 3368.3 5622.3 8192.4 2162.7 1417.8 1967.3 2644.6 1303.0 2190.9 1

 2 FU155060005 Net investment 1552.7 1201.5 1391.1 482.5 159.9 267.5 481.3 708.6 234.0 2

 3 FU155061005 Net physical investment 417.9 463.3 515.7 125.5 124.4 127.5 138.3 142.3 144.7 3

 4 FU155050005 Capital expenditures 1908.8 2008.0 2122.1 520.3 524.8 531.4 545.6 544.5 552.6 4

 5 FU156300005 - Consumption of fixed capital 1490.9 1544.7 1606.4 394.8 400.4 403.9 407.3 402.2 407.9 5

 6 FU155000005 Net lending (+) or net borrowing (-) 1134.7 738.2 875.4 357.0 35.4 140.1 342.9 566.3 89.3 6

 7 FU154090005 Net acquisition of financial assets 1471.7 1219.5 1469.3 410.6 213.5 286.6 558.5 609.9 226.0 7

 8 FU154190005 - Net increase in liabilities 337.0 481.3 593.9 53.6 178.1 146.6 215.5 43.6 136.7 8

 Holding gains on assets

 9 FR158000005 at market value (2) 1321.1 4263.6 7130.4 1716.2 1455.3 1825.7 2133.2 127.5 1751.9 9

 10 FR155035005 Real estate 1355.4 1386.4 1607.1 282.9 422.1 429.0 473.1 378.8 496.1 10

 11 FR153064105 Corporate equities -312.2 1470.3 2676.0 702.6 393.5 686.4 893.5 -240.1 743.2 11

 12 FR153064205 Mutual fund shares -194.2 285.2 1032.1 328.8 200.8 262.7 239.8 -56.3 75.6 12

 13 FR152090205 Equity in noncorporate business 629.6 657.2 773.0 87.8 248.3 192.1 244.8 115.4 304.9 13

 14 FR153040005 Life insurance reserves -8.4 15.4 39.5 12.1 7.5 9.7 10.2 -2.7 5.2 14

 15 FR153050005 Pension entitlements -149.1 449.0 1002.6 302.0 183.0 245.9 271.7 -67.6 126.9 15

 16 FR153094305 Equity investment under PPIP 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16

 Holding gains on assets

 17 FR158100005 at current cost (2) -66.9 -74.7 -95.1 2.5 -40.0 -29.1 -28.4 -10.7 -14.9 17

 18 FR155111005 Consumer durable goods -63.6 -73.6 -96.6 2.7 -40.2 -30.3 -28.8 -11.2 -17.7 18

 19 FR165015205 Equipment -2.8 -2.7 -1.8 -0.5 -0.2 -0.5 -0.5 -0.0 1.6 19

 20 FR165013765 Intellectual property products -0.5 1.6 3.3 0.2 0.4 1.7 1.0 0.5 1.2 20

 21 FV158090005 Other volume changes (3) 561.5 231.9 -234.0 -38.5 -157.3 -96.8 58.6 477.6 220.0 21

 Memo:

 22 FL152090005 Net worth outstanding (4) 89620.6 95242.9 103435.3 97405.6 98823.4 100790.8 103435.3 104738.3 106929.2 22

 23 FA156012005 Disposable personal income 13784.3 14170.9 14796.3 14599.6 14707.0 14846.6 15032.2 15289.2 15455.1 23

(1) Sum of net investment (line 2), holding gains (lines 9 and 17), and other volume changes (line 21).

(2) Calculated as change in amount outstanding less net purchases during period less disaster-related losses to fixed assets.

(3) Consists of statistical discontinuities and disaster-related losses to fixed assets. Also includes the difference between series for consumption of fixed capital published by BEA.

(4) Table B.101, line 40.
B

ala

n

c

e

S

h

e

ets

142 Z.1, September 20, 2018

R.103 Change in Net Worth of Nonfinancial Corporate Business

Billions of dollars; not seasonally adjusted

2015 2016 2017 2017 2018

 Q1 Q2 Q3 Q4 Q1 Q2

 1 FC102090005 Change in net worth (1) 1355.4 1356.3 1523.8 17.2 608.6 484.1 414.0 -70.9 928.6 1

 2 FU105060005 Net investment 112.3 -190.2 46.0 21.6 75.0 81.0 -131.7 15.8 -99.3 2

 3 FU105061005 Net physical investment 456.6 339.6 446.5 110.4 86.4 152.4 97.4 158.2 129.1 3

 4 FU105050005 Capital expenditures 1915.7 1770.1 1889.8 460.9 453.6 519.0 456.3 521.2 494.1 4

 5 FU106300005 - Consumption of fixed capital 1406.3 1431.5 1488.8 366.5 370.4 374.4 377.5 381.5 387.6 5

 6 FU105020601 - Inventory valuation adjustment 52.8 -1.0 -45.5 -16.0 -3.3 -7.7 -18.6 -18.5 -22.6 6

 7 FU105000005 Net lending (+) or net borrowing (-) 205.4 46.9 -85.3 1.1 40.8 46.3 -173.4 -41.3 -18.0 7

 8 FU104090005 Net acquisition of financial assets 1465.0 1462.2 1118.0 219.6 318.8 301.8 277.8 25.6 16.0 8

 9 FU104190005 - Net increase in liabilities 1259.6 1415.3 1203.2 218.5 278.0 255.5 451.3 66.9 34.0 9

 10 FU103164103 Net corporate equity issues -549.6 -576.8 -315.3 -89.8 -52.2 -117.6 -55.6 -101.1 -210.3 10

 Holding gains on assets

 11 FR108000005 at market value (2) 862.0 816.2 1109.2 -127.8 468.9 306.5 461.6 -241.2 762.8 11

 12 FR105035005 Real estate 880.0 657.5 751.9 -233.1 416.7 227.0 341.2 -216.0 705.1 12

 13 FR103064103 Corporate equities -11.8 146.1 323.1 94.4 45.6 70.9 112.2 -23.4 54.6 13

 14 FR103064203 Mutual fund shares -6.2 12.7 34.3 10.8 6.6 8.6 8.2 -1.8 3.0 14

 Holding gains on assets less

 15 FR108100005 liabilities at current cost (2) -127.6 86.0 229.6 32.2 71.8 58.1 67.6 20.1 31.3 15

 16 FR105015205 Equipment -60.8 -28.8 20.8 6.0 6.5 4.0 4.3 -4.0 10.0 16

 17 FR105013765 Intellectual property products 6.7 27.1 62.4 10.2 9.0 28.2 15.0 7.2 12.8 17

 18 FR105020015 Inventories (3) -43.5 39.1 34.2 13.2 0.5 -32.5 53.0 -6.9 8.4 18

 19 FR103092005 Direct investment abroad -117.4 11.7 114.4 0.1 57.8 66.5 -10.0 -7.5 0.0 19

 20 FR103192005 - Foreign direct investment in U.S. -87.4 -36.9 2.1 -2.6 1.9 8.1 -5.2 -31.2 0.0 20

 21 FV108090005 Other volume changes (4) 508.7 644.2 138.9 91.1 -7.2 38.5 16.5 134.5 233.8 21

 Memo:

 22 FL102090005 Net worth outstanding (5) 21561.0 22917.3 24441.0 22934.5 23543.0 24027.1 24441.0 24370.1 25298.7 22

(1) Sum of net investment (line 2), holding gains (lines 11 and 15), and other volume changes (line 21).

(2) Calculated as change in amount outstanding less net purchases during period less disaster-related losses to fixed assets.

(3) Before inventory valuation adjustment.

(4) Consists of statistical discontinuities and disaster-related losses to fixed assets.

(5) Table B.103, line 39.
B

ala

n

c

e

S

h

e

ets

Z.1, September 20, 2018 143

R.104 Change in Net Worth of Nonfinancial Noncorporate Business

Billions of dollars; not seasonally adjusted

2015 2016 2017 2017 2018

 Q1 Q2 Q3 Q4 Q1 Q2

 1 FC112090205 Change in net worth (1) 847.0 783.0 877.3 68.3 301.1 217.9 290.0 100.3 365.5 1

 2 FU115440005 Net capital transfers paid 0.0 0.0 -13.1 0.0 0.0 -13.1 0.0 0.0 0.0 2

 3 FU115060005 Net investment 210.5 125.8 131.4 -17.8 53.5 50.6 45.1 -16.8 60.6 3

 4 FU115061005 Net physical investment 75.7 63.4 68.1 -35.9 38.4 35.3 30.3 -32.8 46.2 4

 5 FU115050005 Capital expenditures 378.3 373.4 389.9 43.3 118.5 116.2 112.0 49.9 130.4 5

 6 FU116300005 - Consumption of fixed capital 302.6 310.1 321.8 79.2 80.0 80.9 81.7 82.8 84.2 6

 7 FU115000005 Net lending (+) or net borrowing (-) -75.7 -63.4 -55.0 35.9 -38.4 -22.2 -30.3 32.8 -46.2 7

 8 FU114090005 Net acquisition of financial assets 397.5 497.2 432.4 76.0 113.0 87.0 156.4 89.3 129.6 8

 9 FU114190005 - Net increase in liabilities 473.2 560.6 487.4 40.0 151.5 109.2 186.7 56.5 175.8 9

 10 FU112090205 Proprietor’s net investment (2) 210.5 125.8 118.3 -17.8 53.5 37.6 45.1 -16.8 60.6 10

 11 FR115035005 Holding gains on real estate (3) 669.9 645.0 714.9 50.4 244.1 181.5 238.9 82.8 297.2 11

 12 FR115035023 Residential 417.0 425.1 447.3 105.2 110.7 103.3 128.2 138.7 84.4 12

 13 FR115035035 Nonresidential 252.9 219.9 267.6 -54.8 133.5 78.2 110.7 -55.9 212.8 13

 14 FR118100005 Holding gains on assets at current cost (3) -37.9 10.6 39.8 35.4 3.1 -4.5 5.8 34.1 7.4 14

 15 FR115012265 Residential equipment -1.9 -2.5 -1.2 -0.3 -0.5 -0.2 -0.2 -0.1 2.2 15

 16 FR115013265 Nonresidential equipment 11.5 19.4 27.0 21.9 1.3 8.8 -5.0 32.2 9.3 16

 17 FR115013765 Intellectual property products 3.1 3.9 6.8 2.1 1.2 2.4 1.1 -0.6 -0.6 17

 18 FR115020005 Inventories -49.9 -11.3 8.3 11.7 1.1 -15.4 10.9 2.5 -3.6 18

 19 FR115114005 - Foreign direct investment in U.S. 0.7 -1.1 1.1 0.0 0.0 0.0 1.1 0.0 0.0 19

 20 FV118090005 Other volume changes (4) 4.5 1.5 4.3 0.3 0.4 3.3 0.3 0.2 0.3 20

 Memo:

 21 LM112090205 Net worth outstanding (5) 10848.6 11631.6 12508.9 11699.9 12001.0 12218.9 12508.9 12609.2 12974.7 21

(1) Sum of net capital transfers paid (line 2), net investment (line 3), holding gains (lines 11 and 14), and other volume changes (line 20).

(2) Shown on table F.104, line 32.

(3) Calculated as change in amount outstanding less net investment during period less disaster-related losses to fixed assets.

(4) Consists of statistical discontinuities and disaster-related losses to fixed assets.

(5) Table B.104, line 35.
S

u

p

ple

m

e

nts

144 Z.1, September 20, 2018

B.101.h Balance Sheet of Households (1)

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

2009 2010 2011 2012 2013 2014 2015 2016 2017

 

 1 FL192000005 Assets 70832.2 74024.0 74749.8 80008.7 90071.8 94832.3 97976.6 103599.8 111836.3 1

 2 LM192010005 Nonfinancial assets 21336.1 20740.6 20739.9 22118.2 24017.8 25158.1 26583.7 28122.3 29805.2 2

 3 LM155035015 Real estate (2) 16776.0 16205.2 16095.2 17390.7 19238.2 20297.5 21577.9 22973.0 24511.1 3

 4 LM155111005 Consumer durable goods (3) 4560.0 4535.4 4644.7 4727.5 4779.6 4860.5 5005.8 5149.3 5294.1 4

 5 FL194090005 Financial assets 49496.1 53283.3 54009.9 57890.5 66054.0 69674.2 71392.9 75477.5 82031.1 5

 6 FL193020005 Checkable deposits and currency 450.4 382.8 673.2 769.5 952.0 1013.1 1063.4 980.0 1004.3 6

 7 FL193030205 Time deposits and short-term investments 6096.9 6298.1 6657.4 6989.0 7200.6 7683.6 8220.2 8870.2 9069.8 7

 8 FL193034005 Money market fund shares 1892.3 1591.0 1524.7 1534.8 1533.4 1499.1 1477.0 1466.9 1522.0 8

 9 FL194022005 Debt securities 4656.4 4613.1 4158.7 3890.3 4192.2 3657.9 4254.8 4210.7 4044.6 9

10 FL193061005 U.S. government and municipal securities 2955.4 3242.0 2740.3 2767.1 3069.1 2550.7 3139.3 3310.9 3362.5 10

11 FL193063005 Corporate and foreign bonds 1701.0 1371.0 1418.4 1123.1 1123.1 1107.3 1115.5 899.8 682.0 11

12 FL194023005 Loans 827.5 856.4 863.3 881.2 945.3 990.2 932.7 928.9 869.5 12

13 FL153067005 Other loans and advances (4) 701.7 725.2 726.1 757.0 822.7 868.9 818.8 815.2 758.3 13

14 FL193065005 Mortgages 125.8 131.1 137.2 124.1 122.7 121.3 114.0 113.7 111.2 14

15 LM193064005 Corporate equities and mutual fund shares 10304.5 12115.3 11656.6 13563.9 17220.1 19102.0 18453.0 20245.6 24308.9 15

16 FL153040005 Life insurance reserves 1237.6 1272.8 1350.4 1352.6 1407.8 1472.1 1510.9 1568.1 1626.6 16

17 FL153050005 Pension entitlements (5) 16777.3 18349.4 18763.8 19801.6 22346.9 23171.2 23504.8 24375.8 25821.0 17

18 LM152090205 Equity in noncorporate business (6) 6339.4 6899.2 7397.2 8136.1 9230.7 10042.2 10894.0 11692.5 12570.7 18

19 FL153090005 Miscellaneous assets 913.9 905.2 964.6 971.5 1024.9 1042.8 1082.1 1138.8 1193.7 19

20 FL194190005 Liabilities 13488.5 13244.8 13096.7 13102.8 13247.3 13495.4 13678.7 14106.2 14643.0 20

21 FL194123005 Loans 13465.6 13219.3 13071.6 13077.2 13218.6 13465.5 13647.1 14074.9 14609.9 21

22 FL153165105 Home mortgages (7) 10474.8 9993.3 9778.2 9566.5 9483.1 9464.5 9583.6 9785.9 10076.4 22

23 FL153166000 Consumer credit 2555.0 2646.8 2757.1 2918.3 3093.4 3314.6 3413.6 3643.7 3831.0 23

24 FL193168005 Depository institution loans n.e.c. 99.0 164.9 159.4 149.2 161.4 172.4 212.5 218.1 214.4 24

25 FL193169005 Other loans and advances 336.7 414.4 377.0 443.3 480.8 514.0 437.4 427.2 488.2 25

26 FL543077073 Deferred and unpaid life insurance premiums 22.9 25.5 25.0 25.7 28.7 29.9 31.6 31.3 33.1 26

27 FL192090005 Net worth 57343.7 60779.1 61653.2 66905.9 76824.5 81336.9 84297.8 89493.6 97193.3 27

 Memo:

 Reconciliation with household and

 nonprofit organization sector net worth: (8)

28 FL152090005 Household and nonprofit net worth (B.101, line 40) 60490.0 64261.3 65263.3 70858.6 81395.8 86252.3 89620.6 95242.9 103435.3 28

29 FL152000005 Household and nonprofit total assets (B.101, line 1) 74800.4 78297.3 79170.6 84780.2 95448.7 100588.5 104157.4 110230.7 118990.9 29

30 FL192000005 Household total assets (B.101.h, line 1) 70832.2 74024.0 74749.8 80008.7 90071.8 94832.3 97976.6 103599.8 111836.3 30

31 FL162000005 Nonprofit total assets (B.101.n, line 1) 5010.6 5490.4 5673.1 6151.2 6894.6 7351.5 7881.8 8429.8 9052.9 31

32 FL163093005 Less: Nonprofit misc. assets (B.101.n, line 19) 932.0 1108.4 1151.4 1276.7 1410.5 1488.3 1589.7 1688.4 1787.7 32

33 FL164041085 Less: Nonprofit other notes and loans receivable (9) 110.4 108.7 101.0 103.1 107.3 106.9 111.2 110.5 110.6 33

34 FL154190005 Less: Household and nonprofit liabilities (B.101, line 30) 14310.4 14035.9 13907.2 13921.6 14052.9 14336.2 14536.9 14987.8 15555.6 34

35 FL194190005 Household liabilities (B.101.h, line 20) 13488.5 13244.8 13096.7 13102.8 13247.3 13495.4 13678.7 14106.2 14643.0 35

36 FL164190005 Nonprofit liabilities (B.101.n, line 20) 1420.4 1435.0 1519.6 1589.3 1609.6 1723.3 1798.6 1877.5 1961.0 36

37 FL163193005 Less: Nonprofit misc. liabilities (B.101.n, line 27) 598.4 643.9 709.0 770.6 804.0 882.5 940.5 995.9 1048.4 37

(1) Table is based on table B.101 Balance Sheet of Households and Nonprofit Organizations, with adjustments to remove the assets and liabilities of nonprofit organizations, shown on table B.101.n.

(2) All types of owner-occupied housing including farm houses and mobile homes, as well as second homes that are not rented, vacant homes for sale, and vacant land, at market value.

(3) At replacement (current) cost.

(4) Cash accounts at brokers and dealers.

(5) Includes public and private defined benefit and defined contribution pension plans and annuities, including those in IRAs and at life insurance companies. Excludes social security.

(6) Net worth of nonfinancial noncorporate business (table B.104, line 35) and owners’ equity in unincorporated security brokers and dealers.

(7) Includes loans made under home equity lines of credit and home equity loans secured by junior liens (table L.218, line 23).

(8) Some financial asset and liability items shown on the supplemental balance sheet of nonprofit organizations (table B.101.n) are not included on the balance sheet of the household and nonprofit

 organization sector (table B.101). Therefore, some adjustments are necessary to reconcile the combined assets and liabilities of the household sector (table B.101.h) and nonprofit organization sector

 (table B.101.n) with the household and nonprofit organization sector’s (table B.101) in the core Financial Accounts.

(9) Loans, other than syndicated loans, that are not included in household and nonprofit organizations’ other loans and advances (table B.101, line 20).
S

u

p

ple

m

e

nts

Z.1, September 20, 2018 145

B.101.n Balance Sheet of Nonprofit Organizations (1)

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

2009 2010 2011 2012 2013 2014 2015 2016 2017

 

 1 FL162000005 Total assets 5010.6 5490.4 5673.1 6151.2 6894.6 7351.5 7881.8 8429.8 9052.9 1

 2 FL162010005 Nonfinancial assets 2120.0 2257.7 2402.8 2563.9 2897.9 3146.0 3424.3 3656.9 3913.8 2

 3 FL165035005 Real estate (2) 1743.5 1855.1 1966.0 2095.5 2398.4 2621.5 2873.4 3079.1 3304.6 3

 4 FL165015205 Equipment (3) 268.6 284.8 307.3 326.9 346.1 363.9 383.6 402.2 424.1 4

 5 FL165013765 Intellectual property products (3) 108.0 117.8 129.4 141.5 153.4 160.6 167.3 175.6 185.0 5

 6 FL164090005 Financial assets 2890.6 3232.7 3270.4 3587.3 3996.7 4205.5 4457.4 4772.8 5139.1 6

 7 FL163020005 Cash and non-interest-bearing deposits 87.3 97.4 104.8 111.0 121.8 134.9 146.1 157.9 169.7 7

 8 FL163030205 Other deposits and short-term investments (4) 231.2 232.8 234.7 254.8 257.5 257.5 262.1 261.9 270.7 8

 9 FL163034003 Money market fund shares 70.0 66.6 60.1 55.1 58.5 69.2 74.6 84.4 85.5 9

10 LM164022005 Debt securities 285.8 272.0 275.5 268.6 254.6 282.2 289.0 302.0 317.0 10

11 LM163061005 U.S. government and municipal securities (5) 122.1 102.9 101.7 92.9 86.2 110.9 119.7 131.2 144.2 11

12 LM163063005 Corporate and foreign bonds 163.7 169.1 173.9 175.7 168.5 171.3 169.3 170.8 172.8 12

13 FL164023005 Loans 220.6 207.1 192.4 183.1 185.8 179.9 179.1 177.5 172.3 13

14 FL163065013 Mortgages 0.9 0.9 1.0 1.1 0.8 1.1 1.0 1.1 1.1 14

15 FL163066223 Consumer credit 82.5 71.3 67.1 58.0 51.8 47.6 44.9 41.3 34.8 15

16 FL164041005 Other notes and loans receivable (6) 137.2 134.8 124.4 124.0 133.2 131.2 133.2 135.1 136.4 16

17 LM163064005 Corporate equities and mutual fund shares 885.8 1064.3 1052.9 1230.5 1494.7 1552.6 1659.0 1824.2 2040.1 17

18 FL163070005 Grants and trade receivables 178.0 184.2 198.6 207.6 213.2 240.7 257.9 276.5 296.2 18

19 FL163093005 Miscellaneous assets (7) 932.0 1108.4 1151.4 1276.7 1410.5 1488.3 1589.7 1688.4 1787.7 19

20 FL164190005 Liabilities 1420.4 1435.0 1519.6 1589.3 1609.6 1723.3 1798.6 1877.5 1961.0 20

21 FL163162003 Debt securities (municipal securities) 272.1 270.3 262.6 248.4 233.9 227.1 219.2 215.8 217.9 21

22 FL164123005 Loans 246.8 247.0 254.1 269.3 276.2 291.7 304.2 316.8 329.9 22

23 FL163165505 Commercial mortgages 197.2 198.3 204.0 212.8 221.7 228.3 236.1 243.7 251.2 23

24 FL163168005 Depository institution loans n.e.c. 49.6 48.6 50.0 56.6 54.6 63.3 68.1 73.1 78.7 24

25 FL163169385 Other loans and advances 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 25

26 FL163170005 Trade payables 303.1 273.9 293.9 301.0 295.4 322.1 334.7 349.0 364.8 26

27 FL163193005 Miscellaneous liabilities (8) 598.4 643.9 709.0 770.6 804.0 882.5 940.5 995.9 1048.4 27

28 FL162090005 Net worth 3590.3 4055.4 4153.5 4561.8 5285.1 5628.2 6083.2 6552.3 7091.9 28

 Memo:

29 FL164090015 Total financial assets of private foundations 560.3 606.9 609.3 658.1 743.1 784.9 831.5 895.9 973.1 29

30 FL164090025 Total financial assets of 501(c) organizations 2330.4 2625.9 2661.1 2929.2 3253.6 3420.6 3625.9 3877.0 4166.0 30

(1) Includes private foundations, including charitable trusts, and organizations that are tax-exempt under Sections 501(c)(3) through 501(c)(9) of the Internal Revenue Code. Does not include religious

 organizations or organizations with less than $25,000 in gross annual receipts. Most financial asset and liability information from annual tax data available through 2014; values after 2014 are

 staff estimates.

(2) Residential and nonresidential real estate at market value.

(3) At replacement (current) cost.

(4) Includes interest-bearing checking and savings accounts, deposits in transit, commercial paper, certificates of deposit, and U.S. Treasury bills or other governmental obligations that mature

 in one year or less.

(5) Excludes the short-term debt securities included in line 16.

(6) Includes some loans that are not included in household and nonprofit organizations’ holdings of other loans and advances (table B.101, line 20).

(7) Includes pledges receivable, receivables from officers and disqualified persons, prepaid expenses and deferred charges, other investments, and other financial assets. Not included on table B.101.

(8) Not included on table B.101.
S

u

p

ple

m

e

nts

146 Z.1, September 20, 2018

B.101.e Balance Sheet of Households and Nonprofit Organizations with Equity Detail

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

2015 2016 2017 2017 2018

 Q1 Q2 Q3 Q4 Q1 Q2

 1 FL152000005 Assets 104157.4 110230.7 118990.9 112440.3 114028.6 116136.3 118990.9 120333.9 122656.6 1

 2 FL152010005 Nonfinancial assets 30008.0 31779.2 33719.0 32188.2 32694.5 33136.1 33719.0 34229.1 34854.6 2

 3 FL154090005 Financial assets 74149.4 78451.5 85271.9 80252.1 81334.1 83000.3 85271.9 86104.8 87802.1 3

 4 FL154000025 Deposits (1) 11243.5 11821.3 12122.0 11983.1 11847.9 11976.7 12122.0 12419.5 12441.5 4

 5 FL154022005 Debt securities 4543.8 4512.7 4361.6 4447.3 4288.1 4222.8 4361.6 4955.4 5289.7 5

 6 FL154023005 Loans 1000.6 995.9 931.2 1010.5 1008.2 983.3 931.2 929.6 920.4 6

 7 LM153064475 Equity shares at market value 22865.0 24840.1 29613.6 26150.8 26980.1 28112.4 29613.6 29296.9 30145.2 7

 8 LM153064105 Directly held 13382.2 14868.1 17769.4 15613.2 16136.8 16783.2 17769.4 17510.1 18105.6 8

 9 LM153064175 Indirectly held 9482.8 9971.9 11844.2 10537.5 10843.3 11329.2 11844.2 11786.7 12039.6 9

10 LM543064153 Life insurance companies 1326.1 1389.3 1543.0 1438.6 1460.3 1501.1 1543.0 1515.2 1547.6 10

11 LM573064175 Private pension funds (2) 3232.4 3344.4 3963.9 3519.1 3652.4 3799.4 3963.9 3927.2 3984.3 11

12 LM343064125 Federal govt. retirement funds (2) 226.6 246.9 308.7 263.0 273.8 285.1 308.7 306.8 315.6 12

13 LM223064213 State and local govt. retirement funds (2) 197.0 193.9 190.0 206.0 178.1 181.0 190.0 187.3 189.1 13

14 LM653064155 Mutual funds 4500.7 4797.4 5838.6 5110.8 5278.8 5562.7 5838.6 5850.2 6003.0 14

15 FL153099475 Other 34496.6 36281.5 38243.6 36660.3 37209.8 37705.0 38243.6 38503.4 39005.2 15

16 FL154190005 Liabilities 14536.9 14987.8 15555.6 15034.7 15205.2 15345.6 15555.6 15595.6 15727.4 16

17 FL152090005 Net worth 89620.6 95242.9 103435.3 97405.6 98823.4 100790.8 103435.3 104738.3 106929.2 17

 Memo:

 Equity shares (line 7) as a percent of

18 FL153064476 Total assets (line 1) 21.95 22.53 24.89 23.26 23.66 24.21 24.89 24.35 24.58 18

19 FL153064486 Financial assets (line 3) 30.84 31.66 34.73 32.59 33.17 33.87 34.73 34.02 34.33 19

(1) Includes foreign deposits, checkable deposits and currency, time and savings deposits, and money market fund shares.

(2) Defined contribution plans. Assets held by defined benefit pension funds are not considered assets of the household sector. Defined benefit pension entitlements are included in line 15.
Inte

g

r

ate

d

A

c

c

o

u

nts

Z.1, September 20, 2018 147

S.1.a Total Economy - Current Account

Billions of dollars

2010 2011 2012 2013 2014 2015 2016 2017

 

 1 FA896902505 Gross value added 14931.0 15595.8 16438.4 16945.2 17820.8 18474.2 18834.1 19628.6 1

 (income approach)

 2 FA886300091 Less: Consumption of fixed capital 2390.9 2474.5 2576.0 2681.2 2817.0 2917.5 2990.5 3116.2 2

 3 FA896902601 Equals: Net value added 12540.1 13121.4 13862.4 14263.9 15003.8 15556.8 15843.6 16512.4 3

 4 FA896025001 Compensation of employees (paid) 7933.0 8234.0 8575.4 8843.6 9258.6 9707.9 9968.9 10420.6 4

 5 FA896020001 Wages and salaries 6380.1 6634.0 6936.1 7122.6 7483.8 7865.5 8093.4 8467.2 5

 6 FA896401001 Employers’ social contributions 1552.9 1600.0 1639.2 1721.0 1774.9 1842.4 1875.6 1953.4 6

 7 FA896240101 Taxes on production and imports less subsidies 1007.3 1043.7 1078.1 1128.9 1182.8 1212.6 1241.9 1285.9 7

 8 FA896402101 Operating surplus, net 3599.9 3843.6 4208.9 4291.4 4562.4 4636.2 4632.8 4805.9 8

 9 FA266904095 Plus: Income receipts from the rest of the world 715.2 789.2 799.7 823.4 854.2 839.3 859.1 957.1 9

10 FA266904195 Less: Income payments to the rest of the world 519.5 552.8 567.4 592.7 612.5 613.1 643.8 713.4 10

11 FA896140001 Equals: Net national income/Balance of primary incomes, net 12735.8 13357.7 14094.7 14494.7 15245.5 15783.0 16058.9 16756.1 11

12 FA896402101 Operating surplus, net 3599.9 3843.6 4208.9 4291.4 4562.4 4636.2 4632.8 4805.9 12

13 FA156025105 Compensation of employees (received) 7924.9 8225.9 8566.7 8834.2 9248.1 9696.8 9956.2 10407.2 13

14 FA156020101 Wages and salaries 6372.1 6625.9 6927.5 7113.2 7473.2 7854.4 8080.7 8453.8 14

15 FA156401101 Employers’ social contributions 1552.9 1600.0 1639.2 1721.0 1774.9 1842.4 1875.6 1953.4 15

16 FA896240001 Taxes on production and imports, receivable 1063.1 1103.7 1136.1 1188.7 1240.9 1269.9 1303.7 1347.2 16

17 FA366402015 Subsidies paid -55.8 -60.0 -58.0 -59.7 -58.1 -57.3 -61.8 -61.3 17

18 FA896150105 Property income (received) 5990.2 6253.7 6538.2 6573.8 6843.9 7023.5 7142.4 7497.0 18

19 FA896130101 Interest 3322.4 3320.9 3280.8 3115.9 3201.8 3314.3 3429.3 3597.2 19

20 FA896120105 Distributed income of corporations 2316.5 2568.2 2917.4 3087.8 3281.3 3367.7 3370.8 3526.8 20

21 FA896121101 Dividends 1086.5 1192.9 1414.8 1523.9 1649.3 1753.4 1750.6 1826.3 21

22 FA156122101 Withdrawals from income of quasi-corporations 1229.9 1375.3 1502.7 1563.9 1632.0 1614.4 1620.2 1700.5 22

23 FA893092201 Reinvested earnings on U.S. direct investment abroad 331.9 342.5 317.2 348.2 337.9 323.0 326.1 355.7 23

24 FA896112101 Rents on land and natural resources 19.4 22.2 22.7 21.9 23.0 18.4 16.2 17.3 24

25 FA896150005 Less: Uses of property income (paid) 5786.5 6009.2 6297.3 6333.7 6591.7 6786.1 6914.4 7239.9 25

26 FA896130001 Interest 3504.5 3489.0 3445.2 3274.6 3354.4 3479.5 3607.8 3788.9 26

27 FA896120005 Distributed income of corporations 2195.0 2413.2 2737.5 2949.4 3119.7 3205.0 3198.6 3325.7 27

28 FA896121001 Dividends 965.1 1038.0 1234.9 1385.5 1487.7 1590.6 1578.4 1625.2 28

29 FA896122001 Withdrawals from income of quasi-corporations 1229.9 1375.3 1502.7 1563.9 1632.0 1614.4 1620.2 1700.5 29

30 FA893192201 Reinvested earnings on foreign direct investment 67.5 84.8 91.8 87.8 94.6 83.2 91.8 108.0 30

31 FA896112001 Rents on land and natural resources 19.4 22.2 22.7 21.9 23.0 18.4 16.2 17.3 31

32 FA896140001 Net national income/Balance of primary incomes, net 12735.8 13357.7 14094.7 14494.7 15245.5 15783.0 16058.9 16756.1 32

33 FA896220001 Plus: Current taxes on income, wealth, etc. (received) 1517.0 1741.1 1851.6 2046.8 2202.7 2344.1 2359.3 2397.6 33

34 FA896220005 Less: Current taxes on income, wealth, etc. (paid) 1509.8 1734.3 1843.8 2038.6 2192.8 2332.4 2347.1 2385.3 34

35 FA896404105 Plus: Social benefits (received) 3270.1 3231.2 3277.7 3495.4 3656.3 3843.0 3962.4 4107.7 35

36 FA896404005 Less: Social contributions (paid) 3281.6 3243.8 3291.1 3509.1 3670.5 3858.1 3978.2 4124.4 36

37 FA896403105 Plus: Other current transfers (received) 716.3 692.1 646.6 668.5 746.6 802.0 829.4 833.7 37

38 FA896403005 Less: Other current transfers (paid) 830.4 808.8 752.9 771.4 851.2 927.5 966.3 967.1 38

39 FA896012005 Equals: Disposable income, net 12617.3 13235.3 13982.8 14386.2 15136.4 15654.1 15918.3 16618.3 39

40 FA896901001 Less: Final consumption expenditures 12696.0 13152.9 13522.8 13849.2 14389.2 14907.2 15426.4 16052.7 40

41 FA896006001 Equals: Net saving -78.7 82.4 460.0 537.0 747.2 746.9 492.0 565.6 41

 Addendum:

42 FA896902505 Gross value added (line 1) 14931.0 15595.8 16438.4 16945.2 17820.8 18474.2 18834.1 19628.6 42

43 FA087005995 Plus statistical discrepancy (NIPA) 61.0 -53.2 -241.3 -160.3 -299.0 -254.9 -126.9 -143.2 43

44 FA086902005 Equals: GDP (NIPA, expenditure approach) 14992.1 15542.6 16197.0 16784.9 17521.7 18219.3 18707.2 19485.4 44

45 FA086902203 Average of GDP and GDI 14961.5 15569.2 16317.7 16865.0 17671.3 18346.8 18770.7 19557.0 45

46 FA087005086 Statistical discrepancy as a percentage of GDP 0.41 -0.34 -1.49 -0.96 -1.71 -1.40 -0.68 -0.73 46
Inte

g

r

ate

d

A

c

c

o

u

nts

148 Z.1, September 20, 2018

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

Billions of dollars

2010 2011 2012 2013 2014 2015 2016 2017

 

 1 FA896902505 Gross value added 14931.0 15595.8 16438.4 16945.2 17820.8 18474.2 18834.1 19628.6 1

 2 FA156902505 Households and nonprofit institutions serving households 1905.5 1956.8 2018.4 2075.0 2159.4 2256.1 2350.3 2447.7 2

 3 FA116902505 Nonfinancial noncorporate business 2604.8 2805.1 2978.5 3088.6 3266.5 3322.9 3344.8 3522.4 3

 4 FA106902501 Nonfinancial corporate business 7243.2 7615.3 8059.1 8374.1 8780.3 9136.3 9245.4 9644.4 4

 5 FA796902505 Financial business 1048.8 1058.8 1200.3 1170.4 1317.6 1394.0 1480.0 1535.1 5

 6 FA316902505 Federal government 700.8 716.8 719.0 711.0 723.3 738.3 750.8 766.3 6

 7 FA206902505 State and local government 1428.0 1443.0 1463.0 1526.1 1573.5 1626.6 1662.8 1712.7 7

 8 FA896006001 Net saving -78.7 82.4 460.0 537.0 747.2 746.9 492.0 565.6 8

 9 FA156006005 Households and nonprofit institutions serving households 740.9 849.8 1107.6 801.4 970.3 1044.2 948.2 986.8 9

10 FA106012095 Nonfinancial corporate business 594.5 597.8 575.9 642.2 587.8 534.3 422.6 468.3 10

11 FA796012095 Financial business 218.5 151.8 138.0 -3.2 27.6 -39.1 32.1 65.0 11

12 FA316006085 Federal government -1325.1 -1242.0 -1078.6 -637.9 -601.8 -568.9 -665.1 -695.4 12

13 FA206006095 State and local government -307.5 -275.1 -282.8 -265.4 -236.7 -223.6 -245.8 -259.1 13

 Net capital transfers

14 FA155440005 Households and nonprofit institutions serving households -20.4 2.4 -4.8 20.0 9.3 21.3 14.6 -22.2 14

15 FA115440005 Nonfinancial noncorporate business -7.8 -1.6 -4.9 -0.0 0.0 0.0 0.0 -13.1 15

16 FA105440005 Nonfinancial corporate business 20.9 -6.4 -17.0 -5.7 -6.7 -3.2 2.6 180.3 16

17 FA795440005 Financial business -41.5 -32.4 9.6 0.0 10.0 0.0 1.8 111.2 17

18 FA315440005 Federal government 126.3 113.8 84.9 58.1 58.4 51.4 53.7 -179.8 18

19 FA205440005 State and local government -76.9 -74.1 -74.4 -71.6 -70.7 -69.0 -72.3 -72.8 19

20 FA265440005 Rest of the world -0.7 -1.6 6.5 -0.8 -0.4 -0.4 -0.5 -3.6 20

21 FA885019005 Gross fixed capital formation 2756.1 2922.9 3171.6 3321.9 3556.3 3704.8 3772.4 3985.7 21

22 FA155019005 Households and nonprofit institutions serving households 456.7 468.1 524.8 592.0 633.6 706.1 767.3 825.0 22

23 FA115019085 Nonfinancial noncorporate business 250.4 259.1 289.8 320.0 351.8 359.5 372.2 389.2 23

24 FA105019085 Nonfinancial corporate business 1251.1 1391.0 1542.8 1606.5 1750.2 1776.5 1741.0 1862.8 24

25 FA795013005 Financial business (nonresidential) 153.5 168.1 193.2 203.0 218.8 241.1 260.4 265.5 25

26 FA315019001 Federal government 297.3 295.7 287.3 269.6 263.9 265.0 264.7 278.4 26

27 FA205019001 State and local government 347.3 341.0 333.7 330.8 338.0 356.5 366.8 364.8 27

28 FA886300095 Consumption of fixed capital 2390.9 2474.5 2576.0 2681.2 2817.0 2917.5 2990.5 3116.2 28

29 FA156300003 Households and nonprofit institutions serving households 396.7 402.2 412.0 437.8 468.5 486.6 509.8 539.1 29

30 FA116300001 Nonfinancial noncorporate business 256.7 260.6 267.3 277.2 291.8 302.4 309.9 321.6 30

31 FA106300003 Nonfinancial corporate business 1119.8 1169.3 1230.6 1279.7 1350.0 1406.1 1432.6 1491.0 31

32 FA796300081 Financial business (nonresidential) 160.6 165.2 172.5 181.8 190.3 200.1 211.2 223.0 32

33 FA316300003 Federal government 243.7 254.9 261.6 265.9 270.0 270.9 270.6 276.0 33

34 FA206300003 State and local government 213.4 222.2 232.0 238.8 246.3 251.3 256.4 265.6 34

35 FA145020005 Change in inventories 53.9 46.3 71.2 104.5 84.5 128.7 28.9 25.5 35

36 FA115020005 Nonfinancial noncorporate business -0.5 4.8 -2.3 21.4 9.7 18.8 1.2 0.7 36

37 FA105020005 Nonfinancial corporate business 54.4 41.5 73.5 83.1 74.8 109.9 27.7 24.8 37

38 FA885000985 Net lending (+) or net borrowing (-) (capital account) -498.4 -414.0 -200.3 -209.1 -77.0 -169.5 -319.4 -333.0 38

39 FA155000905 Households and nonprofit institutions serving households 711.3 791.1 1008.8 636.4 805.5 813.9 687.4 734.9 39

40 FA115000905 Nonfinancial noncorporate business 14.6 -1.7 -15.2 -64.2 -69.7 -75.9 -63.5 -55.2 40

41 FA105000905 Nonfinancial corporate business 388.9 342.1 206.9 236.6 117.9 27.9 76.9 -109.1 41

42 FA795000995 Financial business 267.2 181.3 107.7 -24.4 -10.9 -80.2 -18.9 -88.8 42

43 FA315000995 Federal government -1504.0 -1395.6 -1187.3 -697.3 -651.4 -583.7 -704.2 -515.8 43

44 FA205000995 State and local government -376.4 -331.2 -321.1 -296.1 -268.4 -271.7 -297.0 -299.0 44

 Addendum:

45 FA087005995 Statistical discrepancy (NIPA) 61.0 -53.2 -241.3 -160.3 -299.0 -254.9 -126.9 -143.2 45

46 FA265000905 Rest of the world 437.4 467.2 441.6 369.4 376.0 424.5 446.3 476.2 46

47 FA885000005 Net lending (+) or net borrowing (-) (financial account) -878.0 -589.6 -672.1 88.0 -286.7 729.0 76.6 331.2 47

48 FA155000005 Households and nonprofit institutions serving households 858.3 1452.9 1105.4 970.2 929.7 1134.7 738.2 875.4 48

49 FA115000005 Nonfinancial noncorporate business 14.7 -1.6 -15.1 -64.0 -69.6 -75.7 -63.4 -55.0 49

50 FA105000005 Nonfinancial corporate business -16.9 -356.4 -421.2 -57.6 -434.6 205.4 46.9 -85.3 50

51 FA795000005 Financial business -9.1 -10.7 40.0 153.2 54.6 219.2 259.8 325.9 51

52 FA315000005 Federal government -1417.9 -1349.7 -1127.7 -655.4 -592.1 -523.1 -658.8 -448.9 52

53 FA215000005 State and local government -307.0 -324.0 -253.4 -258.3 -174.8 -231.5 -246.1 -281.0 53

 Addendum:

54 FA265000005 Rest of the world 275.8 461.3 462.6 328.8 248.5 204.5 314.6 298.3 54

 Total other volume changes

55 FV158090185 Households and nonprofit institutions serving households 779.4 223.9 -28.0 2425.5 185.8 1091.2 499.8 148.1 55

56 FV118090105 Nonfinancial noncorporate business 198.3 228.1 65.2 184.0 134.8 214.9 127.3 109.6 56

57 FV108090105 Nonfinancial corporate business 149.8 -15.3 -507.6 -60.1 -346.7 676.7 468.3 -57.1 57

58 FV798090185 Financial business -229.3 -191.4 132.0 192.1 -126.8 242.2 322.8 61.7 58

59 FV318090185 Federal government -38.2 44.5 35.1 25.0 109.0 108.7 57.5 109.4 59

60 FV218090185 State and local government -123.1 60.2 117.9 -667.5 -60.4 -54.3 -38.1 -92.2 60

61 FV268090185 Rest of the world -151.2 -15.4 17.5 -32.0 -127.5 -216.5 -273.3 -195.4 61

 Holding gains/losses

62 FR158200095 Households and nonprofit institutions serving households 2230.7 -69.4 4510.8 7330.4 3709.7 1254.1 4188.9 7035.3 62

63 FR112010005 Nonfinancial noncorporate business 348.4 270.7 658.9 908.3 673.1 632.8 654.5 755.8 63

64 FR108200005 Nonfinancial corporate business -1360.1 139.1 -1153.2 -3643.3 -1284.2 1243.1 -1185.5 -2802.9 64

65 FR798200005 Financial business -404.6 538.4 -572.9 -1321.1 -248.7 -152.6 -713.4 -663.7 65

66 FR318200005 Federal government 21.2 39.1 42.7 78.2 52.3 9.4 51.6 67.8 66

67 FR218200005 State and local government 455.5 356.5 518.0 777.4 348.6 -42.2 465.9 867.1 67

68 FR265000005 Rest of the world -187.5 871.5 -373.1 406.0 560.5 -65.7 162.5 -764.5 68
Inte

g

r

ate

d

A

c

c

o

u

nts

Z.1, September 20, 2018 149

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

Billions of dollars

2010 2011 2012 2013 2014 2015 2016 2017

 

 Change in net worth

69 FC152090005 Households and nonprofit institutions serving households 3771.4 1002.0 5595.3 10537.2 4856.5 3368.3 5622.3 8192.4 69

70 FC112090205 Nonfinancial noncorporate business 554.3 499.6 729.5 1092.0 807.6 847.0 783.0 877.3 70

71 FC102090085 Nonfinancial corporate business -636.8 728.1 -1067.9 -3055.6 -1036.5 2457.4 -297.3 -2572.0 71

72 FC792090095 Financial business -373.9 531.2 -312.5 -1132.2 -357.9 50.4 -360.2 -648.2 72

73 FC312090095 Federal government -1468.4 -1272.1 -1085.8 -592.8 -498.8 -502.2 -609.6 -338.5 73

74 FC212090095 State and local government 101.8 215.7 427.4 -83.9 122.1 -251.1 254.3 588.5 74

75 FC262090095 Rest of the world 98.8 1323.3 86.0 743.4 809.0 142.2 335.6 -483.7 75

 Net worth

76 FL152090005 Households and nonprofit institutions serving households 64261.3 65263.3 70858.6 81395.8 86252.3 89620.6 95242.9 103435.3 76

77 LM112090205 Nonfinancial noncorporate business 6872.9 7372.5 8102.0 9194.0 10001.6 10848.6 11631.6 12508.9 77

78 FL102090085 Nonfinancial corporate business 917.9 1646.0 578.1 -2477.4 -3513.9 -1056.5 -1353.8 -3925.8 78

79 FL792090095 Financial business 935.4 1466.6 1154.1 21.9 -336.0 -285.6 -645.8 -1294.0 79

80 FL312090095 Federal government -8230.4 -9502.6 -10588.3 -11181.1 -11680.0 -12182.1 -12791.8 -13130.2 80

81 FL212090095 State and local government 4658.4 4874.2 5301.6 5217.7 5339.8 5088.7 5343.0 5931.6 81

82 FL262090095 Rest of the world 2141.3 3464.6 3550.6 4294.0 5103.0 5245.2 5580.8 5097.1 82
Inte

g

r

ate

d

A

c

c

o

u

nts

150 Z.1, September 20, 2018

S.3.a Households and Nonprofit Institutions Serving Households

Billions of dollars

2010 2011 2012 2013 2014 2015 2016 2017

 

 Current account

 1 FA156902505 Gross value added 1905.5 1956.8 2018.4 2075.0 2159.4 2256.1 2350.3 2447.7 1

 2 FA156300003 Less: Consumption of fixed capital 396.7 402.2 412.0 437.8 468.5 486.6 509.8 539.1 2

 3 FA156902605 Equals: Net value added 1508.8 1554.6 1606.4 1637.2 1690.9 1769.5 1840.4 1908.7 3

 4 FA156025005 Compensation paid by households and NPISHs 696.5 723.8 758.8 780.0 811.7 853.4 886.5 915.9 4

 5 FA156020001 Wages and salaries 577.3 597.0 624.5 641.7 669.3 706.1 730.2 758.6 5

 6 FA156401001 Employers’ social contributions 119.2 126.9 134.3 138.3 142.4 147.3 156.3 157.3 6

 7 FA156240101 Taxes on production and imports less subsidies 152.0 154.1 155.2 159.0 165.6 170.3 177.1 184.5 7

 8 FA156402101 Operating surplus, net 660.3 676.7 692.4 698.2 713.6 745.8 776.8 808.3 8

 9 FA156140005 Net national income/Balance of primary incomes, net 10971.1 11647.7 12374.7 12645.2 13372.8 13987.4 14319.0 14972.2 9

10 FA156402101 Operating surplus, net 660.3 676.7 692.4 698.2 713.6 745.8 776.8 808.3 10

11 FA156025105 Compensation of employees (received) 7924.9 8225.9 8566.7 8834.2 9248.1 9696.8 9956.2 10407.2 11

12 FA156020101 Wages and salaries 6372.1 6625.9 6927.5 7113.2 7473.2 7854.4 8080.7 8453.8 12

13 FA156401101 Employers’ social contributions 1552.9 1600.0 1639.2 1721.0 1774.9 1842.4 1875.6 1953.4 13

14 FA156150105 Property income (received) 3013.5 3327.5 3669.7 3631.6 3934.7 4087.2 4138.2 4333.5 14

15 FA156130101 Interest 1239.7 1270.7 1331.9 1274.4 1349.3 1439.6 1442.4 1524.4 15

16 FA156120105 Distributed income of corporations 1773.8 2056.8 2337.8 2357.2 2585.4 2647.6 2695.9 2809.1 16

17 FA156121101 Dividends 543.9 681.5 835.1 793.3 953.4 1033.3 1075.7 1108.6 17

18 FA156122101 Withdrawals from income of quasi-corporations (1) 1229.9 1375.3 1502.7 1563.9 1632.0 1614.4 1620.2 1700.5 18

19 FA156130001 Less: Uses of property income (interest paid) 627.6 582.4 554.1 518.9 523.5 542.3 552.4 576.8 19

20 FA156140005 Net national income/Balance of primary incomes, net 10971.1 11647.7 12374.7 12645.2 13372.8 13987.4 14319.0 14972.2 20

21 FA156220001 Less: Current taxes on income, wealth, etc. (paid) 1237.3 1453.2 1508.9 1675.8 1785.4 1935.2 1954.3 2034.6 21

22 FA156404105 Plus: Social benefits (received) 2281.4 2310.1 2322.6 2385.9 2497.2 2632.5 2717.4 2804.0 22

23 FA156600001 Less: Social contributions (paid) 983.7 916.7 950.5 1104.3 1153.8 1205.3 1239.9 1298.6 23

24 FA156403101 Plus: Other current transfers (received) 43.7 48.5 40.4 38.4 43.1 50.6 60.7 55.7 24

25 FA156403001 Less: Other current transfers (paid) 148.6 145.6 163.9 170.8 179.5 191.2 187.8 190.4 25

26 FA156012095 Equals: Disposable income, net 10926.7 11491.0 12114.4 12118.6 12794.3 13338.7 13715.1 14308.2 26

27 FA156901001 Less: Final consumption expenditures 10185.8 10641.1 11006.8 11317.2 11824.0 12294.5 12766.9 13321.4 27

28 FA156006005 Equals: Net saving 740.9 849.8 1107.6 801.4 970.3 1044.2 948.2 986.8 28

 Capital account

29 FA156006315 Net saving less capital transfers 761.3 847.5 1112.4 781.3 961.0 1022.9 933.6 1009.1 29

30 FA156006005 Net saving 740.9 849.8 1107.6 801.4 970.3 1044.2 948.2 986.8 30

31 FA155440005 Less: Capital transfers paid (net) -20.4 2.4 -4.8 20.0 9.3 21.3 14.6 -22.2 31

32 FA155050905 Capital formation, net 50.0 56.4 103.6 144.9 155.5 209.0 246.2 274.2 32

33 FA155019005 Gross fixed capital formation, excluding consumer durables 456.7 468.1 524.8 592.0 633.6 706.1 767.3 825.0 33

34 FA155012005 Residential 313.9 314.2 358.0 423.9 463.9 523.7 577.1 626.5 34

35 FA165013005 Nonresidential (nonprofit organizations) 142.8 154.0 166.7 168.0 169.8 182.5 190.3 198.6 35

36 FA156300003 Less: Consumption of fixed capital 396.7 402.2 412.0 437.8 468.5 486.6 509.8 539.1 36

37 FA155420003 Acquisition of nonproduced nonfinancial assets -10.0 -9.5 -9.1 -9.3 -9.6 -10.5 -11.3 -11.8 37

38 FA155000905 Net lending (+) or borrowing (-), capital account (lines 29-32) 711.3 791.1 1008.8 636.4 805.5 813.9 687.4 734.9 38

 Financial account

39 FA155000905 Net lending (+) or borrowing (-) (line 38) 711.3 791.1 1008.8 636.4 805.5 813.9 687.4 734.9 39

40 FA154090005 Net acquisition of financial assets 748.0 1472.1 1260.4 1190.0 1258.4 1471.7 1219.5 1469.3 40

41 FA154000005 Currency and deposits 194.6 666.2 492.8 407.6 494.4 587.3 588.8 283.4 41

42 FA153020005 Currency and transferable deposits -46.2 305.0 116.2 193.3 74.2 59.9 -60.7 36.1 42

43 FA153030005 Time and savings deposits 236.3 371.1 384.5 211.7 426.5 541.3 655.1 234.5 43

44 FA153091003 Foreign deposits 4.5 -9.9 -7.9 2.6 -6.4 -13.8 -5.6 12.8 44

45 FA313131003 Postal savings system deposits 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 45

46 FA154022005 Debt securities -36.0 216.1 30.1 -466.0 -160.9 265.4 -22.8 31.7 46

47 FA153061105 Treasury securities 293.1 -158.9 213.7 -58.8 -255.5 305.9 133.0 13.8 47

48 FA153061705 Agency- and GSE-backed securities (2) -12.0 102.1 -63.2 -67.5 76.0 199.9 -69.6 122.6 48

49 FA153062005 Municipal securities 72.9 -8.6 -120.0 -40.7 -57.7 -43.0 5.1 -53.7 49

50 FA153063005 Corporate and foreign bonds -390.1 281.4 -0.4 -299.0 76.4 -197.4 -91.3 -51.0 50

51 FA154023005 Loans 17.1 -0.1 17.6 62.6 39.4 -62.6 -4.8 -64.7 51

52 FA154041005 Short term 11.7 -6.2 30.5 64.4 40.4 -55.1 -4.5 -62.2 52

53 FA153065005 Long term (mortgages) 5.4 6.1 -12.8 -1.8 -1.0 -7.5 -0.2 -2.4 53

54 FA153081005 Equity and investment fund shares -90.2 -78.5 194.4 579.7 455.7 164.7 200.3 741.3 54

55 FA153064105 Corporate equities -197.0 -403.9 -213.9 177.5 95.7 -134.2 -125.9 225.2 55

56 FA153064205 Mutual fund shares 223.9 177.4 331.0 225.7 248.6 98.0 186.7 345.8 56

57 FA153034005 Money market fund shares -304.7 -72.8 5.1 2.0 -23.6 -16.7 -0.3 56.2 57

58 FA152090205 Equity in noncorporate business 183.6 220.3 75.7 176.2 134.9 217.7 139.8 114.0 58

59 FA153094305 Equity investment under Public-Private Inv. Program (3) 4.0 0.5 -3.4 -1.8 0.0 0.0 0.0 0.0 59
Inte

g

r

ate

d

A

c

c

o

u

nts

Z.1, September 20, 2018 151

S.3.a Households and Nonprofit Institutions Serving Households

Billions of dollars

2010 2011 2012 2013 2014 2015 2016 2017

 

60 FA153052005 Insurance, pension and standardized guarantee schemes 656.2 654.0 516.5 600.4 402.3 499.7 439.3 457.9 60

61 FA153076005 Insurance receivables due from property-casualty insurance companies -45.7 27.2 -7.7 32.3 -4.3 26.3 31.1 32.3 61

62 FA153040005 Life insurance reserves 14.9 85.8 -15.0 20.8 49.7 47.3 41.8 19.0 62

63 FA153050005 Pension entitlements (4) 652.9 510.2 521.1 524.5 334.7 413.2 340.8 384.0 63

64 FA153095105 Non-life insurance reserves at life insurance companies 11.7 12.2 4.6 10.7 11.9 5.6 12.8 13.1 64

65 FA313195105 Retiree Health Care Funds 22.5 18.5 13.3 12.2 10.4 7.4 12.9 9.6 65

66 FA163070005 Other accounts receivable (trade receivables) 6.3 14.4 9.0 5.6 27.5 17.1 18.7 19.6 66

67 FA154190005 Net incurrence of liabilities -110.3 19.2 155.0 219.8 328.7 337.0 481.3 593.9 67

68 FA163162003 Debt securities (municipals) -1.8 -7.7 -14.2 -14.5 -6.8 -7.9 -3.4 2.2 68

69 FA154123005 Loans -81.9 7.4 161.5 236.9 307.6 330.6 470.7 574.1 69

70 FA154141005 Short term 75.7 68.8 222.8 222.8 274.2 189.4 230.5 250.1 70

71 FA153166000 Consumer credit -28.2 110.3 163.2 175.1 221.2 234.4 230.0 187.3 71

72 FA153168005 Depository institution loans n.e.c. 26.2 -4.1 -6.7 10.2 19.8 31.6 10.6 1.9 72

73 FA153169005 Other loans and advances 77.6 -37.4 66.3 37.5 33.2 -76.5 -10.2 60.9 73

74 FA153165005 Long term (mortgages) -157.6 -61.4 -61.4 14.1 33.4 141.2 240.3 324.0 74

75 FA543077073 Insurance, pension and standardized guarantee schemes 2.6 -0.5 0.6 3.0 1.2 1.7 -0.3 1.8 75

76 FA163170005 Other accounts payable (trade debt) -29.2 20.0 7.2 -5.6 26.7 12.6 14.3 15.8 76

 Addendum:

77 FA155000005 Net lending (+) or borrowing (-), financial account (lines 40-67) 858.3 1452.9 1105.4 970.2 929.7 1134.7 738.2 875.4 77

 Other changes in volume account

78 FV158090185 Total other volume changes 779.4 223.9 -28.0 2425.5 185.8 1091.2 499.8 148.1 78

79 FU155111005 Net investment in consumer durable goods 63.7 89.8 127.0 147.0 180.7 208.9 217.1 241.5 79

80 FV152010005 Disaster losses 0.0 0.0 -20.9 0.0 0.0 0.0 0.0 -85.0 80

81 FV158090085 Other volume changes 568.7 -527.7 -230.7 1944.7 -119.1 561.5 231.9 -149.0 81

82 FU157005045 Less: Statistical discrepancy (lines 38-77) (5) -147.0 -661.8 -96.6 -333.8 -124.2 -320.8 -50.8 -140.6 82

 Revaluation account

83 FR152010085 Nonfinancial assets -565.3 0.1 1332.0 1943.4 1054.5 1288.5 1311.7 1512.1 83

84 FR155035005 Real estate -477.7 -21.5 1378.5 2038.5 1155.9 1355.4 1386.4 1607.1 84

85 FR155111005 Consumer durable goods -88.3 19.4 -44.2 -94.9 -99.7 -63.6 -73.6 -96.6 85

86 FR165015205 Equipment -1.5 -0.2 -3.8 -3.7 -2.7 -2.8 -2.7 -1.8 86

87 FR165013765 Intellectual property products 2.1 2.3 1.5 3.5 1.0 -0.5 1.6 3.3 87

88 FR158080095 Financial assets 2796.0 -69.5 3178.8 5387.0 2655.2 -34.4 2877.1 5523.2 88

89 FR153064105 Corporate equities 1559.3 -98.2 1451.8 2734.9 1357.9 -312.2 1470.3 2676.0 89

90 FR153064205 Mutual fund shares 403.1 -148.9 516.0 782.4 237.7 -194.2 285.2 1032.1 90

91 FR152090205 Equity in noncorporate business 359.0 270.2 665.0 913.9 674.0 629.6 657.2 773.0 91

92 FR153094305 Equity investment under Public-Private Inv. Program -1.0 0.9 -0.0 0.0 0.0 0.0 0.0 0.0 92

93 FR153052045 Insurance, pension and standardized guarantee schemes 475.6 -93.6 546.1 955.9 385.6 -157.6 464.4 1042.1 93

94 FR158200095 Changes in net worth due to nominal holding gains/losses 2230.7 -69.4 4510.8 7330.4 3709.7 1254.1 4188.9 7035.3 94

 Changes in balance sheet account

95 FC152090005 Change in net worth (lines 32+38+78+94) 3771.4 1002.0 5595.3 10537.2 4856.5 3368.3 5622.3 8192.4 95

 Balance sheet account (end of period)

96 FL152000005 Total assets 78297.3 79170.6 84780.2 95448.7 100588.5 104157.4 110230.7 118990.9 96

97 LM152010005 Nonfinancial assets 22998.3 23142.7 24682.0 26915.8 28304.0 30008.0 31779.2 33719.0 97

98 LM155035005 Real estate 18060.3 18061.2 19486.2 21636.6 22919.0 24451.3 26052.2 27815.7 98

99 LM155111005 Consumer durable goods 4535.4 4644.7 4727.5 4779.6 4860.5 5005.8 5149.3 5294.1 99

100 LM165015205 Equipment 284.8 307.3 326.9 346.1 363.9 383.6 402.2 424.1 100

101 LM165013765 Intellectual property products 117.8 129.4 141.5 153.4 160.6 167.3 175.6 185.0 101

102 FL154090005 Financial assets 55298.9 56027.9 60098.1 68532.9 72284.5 74149.4 78451.5 85271.9 102

103 FL154000005 Currency and deposits 7011.1 7670.0 8124.3 8531.9 9089.2 9691.9 10270.0 10514.5 103

104 FL153020005 Currency and transferable deposits 480.1 778.0 880.5 1073.8 1148.1 1209.6 1137.9 1174.0 104

105 LM153091003 Foreign deposits 67.3 57.4 49.5 52.1 45.7 31.9 26.3 39.1 105

106 FL153030005 Time and savings deposits 6463.7 6834.7 7194.3 7406.0 7895.4 8450.4 9105.8 9301.4 106

107 FL313131003 Postal savings system deposits 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 107

108 FL154022005 Debt securities 4885.0 4434.3 4158.9 4446.9 3940.2 4543.8 4512.7 4361.6 108

109 FL153061105 Treasury securities 1049.5 625.4 875.5 1101.5 748.4 1138.9 1339.3 1369.1 109

110 FL153061705 Agency- and GSE-backed securities (2) 222.6 246.6 155.1 201.8 199.4 445.6 396.9 508.7 110

111 FL153062005 Municipal securities 2072.8 1970.0 1829.4 1852.0 1713.9 1674.4 1705.8 1628.9 111

112 FL153063005 Corporate and foreign bonds 1540.1 1592.3 1298.9 1291.6 1278.5 1284.8 1070.6 854.9 112
Inte

g

r

ate

d

A

c

c

o

u

nts

152 Z.1, September 20, 2018

S.3.a Households and Nonprofit Institutions Serving Households

Billions of dollars

2010 2011 2012 2013 2014 2015 2016 2017

 

113 FL154023005 Loans 954.8 954.7 961.2 1023.8 1063.2 1000.6 995.9 931.2 113

114 FL154041005 Short term 822.7 816.6 836.0 900.4 940.8 885.7 881.2 818.9 114

115 FL153065005 Long term (mortgages) 132.0 138.1 125.3 123.5 122.4 114.9 114.7 112.3 115

116 FL153081005 Equity and investment fund shares 21740.2 21696.7 24522.1 29537.5 32265.2 32557.5 35313.7 40527.3 116

117 LM153064105 Corporate equities 8680.8 8224.8 9462.7 12375.0 13828.6 13382.2 14868.1 17769.4 117

118 LM153064205 Mutual fund shares 4498.9 4484.7 5331.7 6339.7 6826.0 6729.8 7201.7 8579.6 118

119 FL153034005 Money market fund shares 1657.5 1584.8 1589.9 1591.9 1568.3 1551.6 1551.3 1607.5 119

120 LM152090205 Equity in noncorporate business 6899.2 7397.2 8136.1 9230.7 10042.2 10894.0 11692.5 12570.7 120

121 LM153094305 Equity investment under Public-Private Inv. Program (3) 3.8 5.2 1.8 0.0 0.0 0.0 0.0 0.0 121

122 FL153052005 Insurance, pension and standardized guarantee schemes 20523.6 21073.6 22124.0 24779.6 25686.0 26097.8 27082.7 28641.3 122

123 FL153076005 Insurance receivables due from property-casualty insurance companies 437.5 464.7 457.1 489.4 485.1 511.4 542.4 574.8 123

124 FL153040005 Life insurance reserves 1272.8 1350.4 1352.6 1407.8 1472.1 1510.9 1568.1 1626.6 124

125 FL153050005 Pension entitlements (4) 18349.4 18763.8 19801.6 22346.9 23171.2 23504.8 24375.8 25821.0 125

126 FL153095105 Non-life insurance reserves at life insurance companies 261.0 273.2 277.9 288.6 300.4 306.0 318.8 331.8 126

127 FL313195105 Retiree Health Care Funds 202.9 221.4 234.8 246.9 257.3 264.7 277.6 287.1 127

128 FL163070005 Other accounts receivable (trade receivables) 184.2 198.6 207.6 213.2 240.7 257.9 276.5 296.2 128

129 FL152100005 Total liabilities and net worth 78297.3 79170.6 84780.2 95448.7 100588.5 104157.4 110230.7 118990.9 129

130 FL154190005 Liabilities 14035.9 13907.2 13921.6 14052.9 14336.2 14536.9 14987.8 15555.6 130

131 FL163162003 Debt securities (municipals) 270.3 262.6 248.4 233.9 227.1 219.2 215.8 217.9 131

132 FL154123005 Loans 13466.3 13325.7 13346.5 13494.8 13757.2 13951.4 14391.8 14939.8 132

133 FL154141005 Short term 3274.7 3343.5 3567.3 3790.1 4064.3 4131.7 4362.1 4612.2 133

134 FL153166000 Consumer credit 2646.8 2757.1 2918.3 3093.4 3314.6 3413.6 3643.7 3831.0 134

135 FL153168005 Depository institution loans n.e.c. 213.5 209.4 205.7 216.0 235.8 280.6 291.2 293.1 135

136 FL153169005 Other loans and advances 414.4 377.0 443.3 480.8 514.0 437.4 427.2 488.2 136

137 FL153165005 Long term (mortgages) 10191.6 9982.2 9779.2 9704.7 9692.9 9819.7 10029.6 10327.6 137

138 FL543077073 Insurance, pension and standardized guarantee schemes 25.5 25.0 25.7 28.7 29.9 31.6 31.3 33.1 138

139 FL163170005 Other accounts payable (trade debt) 273.9 293.9 301.0 295.4 322.1 334.7 349.0 364.8 139

140 FL152090005 Net worth 64261.3 65263.3 70858.6 81395.8 86252.3 89620.6 95242.9 103435.3 140

(1) Consists of rental income of tenant-occupied housing and proprietors’ income. Quasi-corporations are unincorporated enterprises that function as if they were corporations;

 they primarily cover their operating costs through sales, and they keep a complete set of financial records.

(2) Government-sponsored enterprises (GSEs) consist of Federal Home Loan Banks, Fannie Mae, Freddie Mac, Federal Agricultural Mortgage Corporation, Farm Credit System,

 the Financing Corporation, and the Resolution Funding Corporation, and they included the Student Loan Marketing Association until it was fully privatized in the fourth quarter of 2004.

(3) Funds invested by financial institutions such as domestic hedge funds through the Public-Private Investment Program (PPIP).

(4) Includes variable annuities, including those in IRAs, at life insurance companies.

(5) The statistical discrepancy is the difference between net lending or net borrowing derived in the capital account and the same concept derived in the financial account. The discrepancy

 reflects differences in source data, timing of recorded transactions, and other statistical differences between the capital and financial accounts.
Inte

g

r

ate

d

A

c

c

o

u

nts

Z.1, September 20, 2018 153

S.4.a Nonfinancial Noncorporate Business (1)

Billions of dollars

2010 2011 2012 2013 2014 2015 2016 2017

 

 Current account

 1 FA116902505 Gross value added 2604.8 2805.1 2978.5 3088.6 3266.5 3322.9 3344.8 3522.4 1

 2 FA116300001 Less: Consumption of fixed capital 256.7 260.6 267.3 277.2 291.8 302.4 309.9 321.6 2

 3 FA116902605 Equals: Net value added 2348.1 2544.5 2711.2 2811.4 2974.7 3020.4 3034.9 3200.8 3

 4 FA116025001 Compensation of employees (paid) 804.9 828.9 874.4 905.9 951.8 999.7 1032.6 1078.8 4

 5 FA116020001 Wages and salaries 673.9 698.3 737.3 758.9 799.5 845.3 875.1 915.3 5

 6 FA116401005 Employers’ social contributions 131.0 130.6 137.1 147.0 152.3 154.3 157.5 163.5 6

 7 FA116240101 Taxes on production and imports less subsidies 158.2 163.9 171.2 170.7 185.1 194.3 196.0 205.9 7

 8 FA116402105 Operating surplus, net 1385.0 1551.7 1665.6 1734.8 1837.8 1826.5 1806.3 1916.1 8

 9 FA116140001 Net national income/Balance of primary incomes, net 21.2 23.9 25.9 27.5 27.9 24.7 21.9 29.4 9

10 FA116402105 Operating surplus, net 1385.0 1551.7 1665.6 1734.8 1837.8 1826.5 1806.3 1916.1 10

11 FA116130101 Property income (interest received) 16.8 17.4 19.0 18.1 20.5 25.8 29.3 31.7 11

12 FA116150005 Less: Uses of property income (paid) 1380.5 1545.1 1658.7 1725.4 1830.4 1827.5 1813.6 1918.4 12

13 FA116130001 Interest 237.6 226.4 226.6 215.6 221.1 226.9 237.7 261.6 13

14 FA116122001 Withdrawals from income of quasi-corporations (2) 1142.8 1318.5 1431.9 1509.6 1609.0 1600.4 1575.6 1656.5 14

15 FA113192281 Reinvested earnings on foreign direct investment 0.1 0.2 0.2 0.2 0.2 0.2 0.3 0.3 15

16 FA116112001 Rents on land and natural resources 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16

17 FA116140001 Net national income/Balance of primary incomes, net 21.2 23.9 25.9 27.5 27.9 24.7 21.9 29.4 17

18 FA116403001 Less: Other current transfers (paid) 21.2 23.9 25.9 27.5 27.9 24.7 21.9 29.4 18

19 FA116012005 Equals: Disposable income, net 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19

20 FA116012005 Equals: Net saving 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 20

 Capital account

21 FA116006305 Net saving less capital transfers 7.8 1.6 4.9 0.0 -0.0 0.0 0.0 13.1 21

22 FA116012005 Net saving 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 22

23 FA115440005 Less: Capital transfers paid (net) -7.8 -1.6 -4.9 -0.0 0.0 0.0 0.0 -13.1 23

24 FA115050985 Capital formation, net -6.8 3.3 20.2 64.2 69.7 75.9 63.5 68.3 24

25 FA115019085 Gross fixed capital formation 250.4 259.1 289.8 320.0 351.8 359.5 372.2 389.2 25

26 FA115013085 Nonresidential 192.2 199.1 221.2 240.3 262.7 257.9 259.7 270.6 26

27 FA115012005 Residential 58.2 60.0 68.5 79.7 89.1 101.6 112.6 118.5 27

28 FA116300001 Less: Consumption of fixed capital 256.7 260.6 267.3 277.2 291.8 302.4 309.9 321.6 28

29 FA115020005 Change in private inventories -0.5 4.8 -2.3 21.4 9.7 18.8 1.2 0.7 29

30 FA115000905 Net lending (+) or borrowing (-), capital account (lines 21-24) 14.6 -1.7 -15.2 -64.2 -69.7 -75.9 -63.5 -55.2 30

 Financial account

31 FA115000905 Net lending (+) or borrowing (-) (line 30) 14.6 -1.7 -15.2 -64.2 -69.7 -75.9 -63.5 -55.2 31

32 FA114090005 Net acquisition of financial assets 152.1 197.0 301.5 304.4 442.9 397.5 497.2 432.4 32

33 FA114000005 Currency and deposits 0.3 30.6 69.5 23.4 85.1 18.6 73.0 63.9 33

34 FA113020005 Currency and transferable deposits -42.7 -15.3 19.4 -8.1 69.4 7.4 24.8 0.2 34

35 FA113030003 Time and savings deposits 42.9 46.0 50.1 31.5 15.7 11.3 48.2 63.7 35

36 FA114022005 Debt securities 2.5 1.1 4.2 0.5 1.7 5.0 6.7 5.8 36

37 FA113061003 Treasury securities 1.9 0.8 4.0 2.2 2.0 4.7 6.3 5.5 37

38 FA113062003 Municipal securities 0.5 0.3 0.2 -1.7 -0.3 0.3 0.4 0.4 38

39 FA114023005 Loans 4.2 -5.8 -2.4 1.0 -0.4 7.1 4.2 3.7 39

40 FA113066003 Short term (consumer credit) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 40

41 FA113065005 Long term (mortgages) 4.2 -5.8 -2.4 1.0 -0.4 7.1 4.2 3.7 41

42 FA113081005 Equity and investment fund shares 3.5 1.1 3.2 2.6 3.7 3.0 9.7 10.3 42

43 FA113034003 Money market fund shares 3.1 0.8 3.0 2.0 2.9 2.5 9.0 7.8 43

44 FA113092405 Equity in government-sponsored enterprises (3) 0.4 0.3 0.2 0.6 0.8 0.5 0.7 2.6 44

45 FA113076005 Insurance, pension and standardized guarantee schemes (4) 30.0 -4.6 15.7 -26.2 12.8 -10.2 -3.0 3.5 45

46 FA113096005 Other accounts receivable 111.8 174.5 211.4 303.0 340.1 374.0 406.5 345.1 46

47 FA113070003 Trade receivables 37.0 61.0 4.6 48.8 21.2 -6.3 67.4 58.5 47

48 FA113093005 Other (miscellaneous assets) 74.7 113.5 206.9 254.1 318.9 380.3 339.1 286.6 48

49 FA114190005 Net incurrence of liabilities 137.5 198.6 316.6 368.4 512.5 473.2 560.6 487.4 49

50 FA114123005 Loans -19.2 -56.5 175.9 109.7 284.4 250.8 295.3 248.3 50

51 FA114141005 Short term -12.0 -25.8 74.1 28.6 96.3 70.0 69.9 46.4 51

52 FA113168005 Depository institution loans n.e.c. -16.8 -26.4 64.8 22.5 86.9 64.1 63.1 46.0 52

53 FA113169005 Other loans and advances 4.8 0.6 9.3 6.1 9.4 5.9 6.9 0.5 53

54 FA113165005 Long term (mortgages) -7.2 -30.7 101.9 81.1 188.1 180.7 225.4 201.9 54
Inte

g

r

ate

d

A

c

c

o

u

nts

154 Z.1, September 20, 2018

S.4.a Nonfinancial Noncorporate Business (1)

Billions of dollars

2010 2011 2012 2013 2014 2015 2016 2017

 

55 FA113181005 Equity and investment fund shares 181.5 220.6 67.7 180.0 134.1 212.3 128.0 121.0 55

56 FA112090205 Equity in noncorporate business 181.1 220.6 66.9 179.6 132.2 210.5 125.8 118.3 56

57 FA115114005 Foreign direct investment in the United States 0.3 0.0 0.8 0.4 1.8 1.9 2.2 2.7 57

58 FA113196005 Other accounts payable -24.8 34.4 73.0 78.8 94.0 10.1 137.2 118.1 58

59 FA113170005 Trade payables 30.3 54.9 13.6 33.8 9.3 -15.7 82.9 70.9 59

60 FA113178003 Taxes payable -0.7 0.6 7.6 3.2 6.8 5.2 7.3 6.4 60

61 FA113193003 Other (miscellaneous liabilities) -54.3 -21.0 51.8 41.8 77.9 20.7 47.0 40.8 61

 Addendum:

62 FA115000005 Net lending (+) or borrowing (-), financial account (lines 32-49) 14.7 -1.6 -15.1 -64.0 -69.6 -75.7 -63.4 -55.0 62

 Other changes in volume account

63 FV118090105 Total other volume changes 198.3 228.1 65.2 184.0 134.8 214.9 127.3 109.6 63

64 FV112010005 Disaster losses 2.1 0.0 -8.6 0.0 0.0 0.0 0.0 -10.1 64

65 FV118090085 Other volume changes 196.2 228.1 73.8 184.0 134.8 214.9 127.3 119.6 65

 Revaluation account

66 FR112010005 Nonfinancial assets 348.4 270.7 658.9 908.3 673.1 632.8 654.5 755.8 66

67 FR115035005 Real estate 306.2 219.0 637.3 906.4 653.4 669.9 645.0 714.9 67

68 FR115035023 Residential 164.8 145.8 339.4 469.9 345.3 417.0 425.1 447.3 68

69 FR115035035 Nonresidential 141.4 73.2 297.9 436.5 308.1 252.9 219.9 267.6 69

70 FR115015205 Equipment 12.6 24.1 20.5 11.7 12.3 9.6 16.9 25.8 70

71 FR115012265 Residential -2.4 1.1 -0.3 -2.2 -3.0 -1.9 -2.5 -1.2 71

72 FR115013265 Nonresidential 15.0 23.0 20.8 13.9 15.2 11.5 19.4 27.0 72

73 FR115013765 Intellectual property products 2.3 3.0 1.6 5.4 2.8 3.1 3.9 6.8 73

74 FR115020005 Inventories 27.3 24.6 -0.5 -15.2 4.7 -49.9 -11.3 8.3 74

75 FR115114005 Liabilities (direct investment in the U.S.) 0.2 0.8 -0.5 0.3 0.3 0.7 -1.1 1.1 75

76 FR118200005 Changes in net worth due to nominal holding gains/losses 348.2 269.9 659.4 907.9 672.8 632.1 655.6 754.7 76

 Changes in balance sheet account

77 FC112090205 Change in net worth (lines 24+30+63+76) 554.3 499.6 729.5 1092.0 807.6 847.0 783.0 877.3 77

 Balance sheet account (end of period)

78 FL112000005 Total assets 12545.6 13016.4 13988.2 15265.0 16450.5 17556.5 18771.6 20017.7 78

79 LM112010005 Nonfinancial assets 8817.1 9091.0 9761.3 10733.6 11476.3 12184.7 12902.6 13716.4 79

80 LM115035005 Real estate 7690.3 7905.1 8547.9 9475.8 10164.9 10884.5 11590.7 12362.8 80

81 LM115035023 Residential (5) 4324.3 4454.5 4778.5 5247.9 5597.5 6027.8 6473.3 6942.1 81

82 LM115035035 Nonresidential 3366.0 3450.5 3769.4 4227.9 4567.4 4856.7 5117.4 5420.8 82

83 LM115015205 Equipment 682.5 707.0 732.0 757.2 786.1 796.2 805.4 826.6 83

84 LM115012265 Residential 43.3 45.9 47.4 47.4 47.0 47.8 48.3 50.3 84

85 LM115013265 Nonresidential 639.2 661.1 684.6 709.9 739.2 748.4 757.1 776.4 85

86 LM115013765 Intellectual property products 199.9 205.2 210.4 223.4 233.7 243.6 256.1 267.5 86

87 LM115020005 Inventories 244.4 273.8 270.9 277.1 291.5 260.4 250.4 259.4 87

88 FL114090005 Financial assets 3728.5 3925.5 4227.0 4531.4 4974.3 5371.8 5869.0 6301.4 88

89 FL114000005 Currency and deposits 888.0 918.6 988.1 1011.5 1096.6 1115.3 1188.3 1252.2 89

90 FL113020005 Currency and transferable deposits 181.7 166.4 185.8 177.7 247.1 254.5 279.3 279.5 90

91 FL113030003 Time and savings deposits 706.2 752.2 802.3 833.8 849.5 860.8 909.0 972.7 91

92 FL114022005 Debt securities 53.7 54.8 59.0 59.5 61.2 66.2 72.9 78.8 92

93 FL113061003 Treasury securities 48.1 48.9 52.9 55.2 57.2 61.9 68.2 73.6 93

94 FL113062003 Municipal securities 5.6 5.9 6.1 4.4 4.0 4.3 4.8 5.2 94

95 FL114023005 Loans 42.1 36.3 33.9 34.8 34.5 41.5 45.8 49.4 95

96 FL113066003 Short term (consumer credit) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 96

97 FL113065005 Long term (mortgages) 42.1 36.3 33.9 34.8 34.5 41.5 45.8 49.4 97

98 FL113081005 Equity and investment fund shares 83.5 84.7 87.8 90.5 94.1 97.1 106.8 117.2 98

99 FL113034003 Money market fund shares 76.8 77.7 80.7 82.7 85.6 88.1 97.1 104.8 99

100 FL113092405 Equity in government-sponsored enterprises (3) 6.7 7.0 7.2 7.8 8.5 9.0 9.8 12.3 100

101 FL113076005 Insurance, pension and standardized guarantee schemes (4) 131.8 127.2 142.9 116.7 129.5 119.3 116.3 119.8 101

102 FL113096005 Other accounts receivable 2529.4 2703.9 2915.3 3218.3 3558.3 3932.4 4338.9 4684.0 102

103 FL113070003 Trade receivables 533.4 594.4 598.9 647.8 668.9 662.6 730.1 788.6 103

104 FL113093005 Other (miscellaneous assets) 1996.0 2109.5 2316.4 2570.5 2889.4 3269.7 3608.8 3895.3 104
Inte

g

r

ate

d

A

c

c

o

u

nts

Z.1, September 20, 2018 155

S.4.a Nonfinancial Noncorporate Business (1)

Billions of dollars

2010 2011 2012 2013 2014 2015 2016 2017

 

105 FL112100005 Total liabilities and net worth 12545.6 13016.4 13988.2 15265.0 16450.5 17556.5 18771.6 20017.7 105

106 FL114190005 Liabilities 5672.6 5643.9 5886.2 6070.9 6448.9 6707.9 7140.0 7508.8 106

107 FL114123005 Loans 3951.3 3887.4 4058.9 4164.1 4445.9 4692.2 4986.0 5233.0 107

108 FL114141005 Short term 1098.3 1072.5 1149.0 1177.6 1273.9 1341.9 1411.9 1458.3 108

109 FL113168005 Depository institution loans n.e.c. 927.5 901.1 968.3 990.8 1077.7 1141.8 1204.8 1250.8 109

110 FL113169005 Other loans and advances 170.8 171.4 180.7 186.8 196.3 200.2 207.0 207.5 110

111 FL113165005 Long term (mortgages) 2852.9 2814.8 2909.8 2986.4 3172.0 3350.3 3574.1 3774.7 111

112 LM115114005 Equity and investment fund shares (direct investment in the U.S.) 5.3 6.1 6.3 7.1 9.2 11.8 12.9 16.6 112

113 FL113196005 Other accounts payable 1716.1 1750.5 1821.0 1899.8 1993.8 2003.9 2141.2 2259.2 113

114 FL113170005 Trade payables 427.9 482.8 493.9 527.7 537.0 521.3 604.1 675.0 114

115 FL113178003 Taxes payable 99.2 99.7 107.4 110.5 117.4 122.5 129.9 136.2 115

116 FL113193003 Other (miscellaneous liabilities) 1189.0 1168.0 1219.7 1261.5 1339.4 1360.1 1407.2 1448.0 116

117 LM112090205 Net worth 6872.9 7372.5 8102.0 9194.0 10001.6 10848.6 11631.6 12508.9 117

(1) Estimates for 2000 and earlier periods are based on the 1987 Standard Industrial Classification System; later estimates are based on the North American Classification System.

(2) Consists of rental income of tenant-occupied housing and proprietors’ income. Quasi-corporations are unincorporated enterprises that function as if they were corporations;

 they primarily cover their operating costs through sales, and they keep a complete set of financial records.

(3) Government-sponsored enterprises (GSEs) consist of Federal Home Loan Banks, Fannie Mae, Freddie Mac, Federal Agricultural Mortgage Corporation, Farm Credit System,

 the Financing Corporation, and the Resolution Funding Corporation, and they included the Student Loan Marketing Association until it was fully privatized in the fourth quarter of 2004.

(4) Net equity in reserves of property-casualty insurance companies.

(5) Farm houses are included in the household sector.
Inte

g

r

ate

d

A

c

c

o

u

nts

156 Z.1, September 20, 2018

S.5.a Nonfinancial Corporate Business (1)

Billions of dollars

2010 2011 2012 2013 2014 2015 2016 2017

 

 Current account

 1 FA106902501 Gross value added 7243.2 7615.3 8059.1 8374.1 8780.3 9136.3 9245.4 9644.4 1

 2 FA106300003 Less: Consumption of fixed capital 1119.8 1169.3 1230.6 1279.7 1350.0 1406.1 1432.6 1491.0 2

 3 FA106902605 Equals: Net value added 6123.4 6446.0 6828.5 7094.4 7430.3 7730.2 7812.8 8153.4 3

 4 FA106025005 Compensation of employees (paid) 4166.6 4372.7 4608.3 4768.1 5022.5 5290.6 5426.4 5695.3 4

 5 FA106020001 Wages and salaries 3452.3 3630.6 3839.2 3968.6 4195.9 4427.2 4554.9 4779.5 5

 6 FA106401001 Employers’ social contributions 714.3 742.1 769.1 799.5 826.5 863.4 871.4 915.8 6

 7 FA106240101 Taxes on production and imports less subsidies 638.2 670.8 695.1 742.0 768.6 780.1 794.3 828.5 7

 8 FA106402101 Operating surplus, net 1318.6 1402.4 1525.1 1584.3 1639.3 1659.6 1592.2 1629.7 8

 9 FA106140005 Net national income/Balance of primary incomes, net 869.7 886.5 903.3 989.7 958.6 915.2 763.5 804.8 9

10 FA106402101 Operating surplus, net 1318.6 1402.4 1525.1 1584.3 1639.3 1659.6 1592.2 1629.7 10

11 FA106150105 Property income (received) 577.7 550.3 533.1 542.2 541.4 550.7 536.4 590.9 11

12 FA106130101 Interest 176.9 177.9 164.2 152.4 152.0 154.7 153.5 173.5 12

13 FA106121101 Distributed income of corporations (dividends) 134.4 94.8 106.9 100.6 102.9 124.9 104.4 113.5 13

14 FA103092201 Reinvested earnings on U.S. direct investment abroad 266.4 277.7 262.0 289.2 286.4 271.1 278.5 303.9 14

15 FA106150005 Less: Uses of property income (paid) 1026.5 1066.3 1154.9 1136.8 1222.1 1295.0 1365.1 1415.8 15

16 FA106130001 Interest 440.8 438.9 432.7 410.7 420.2 441.3 469.7 491.4 16

17 FA106121001 Distributed income of corporations (dividends) 509.9 535.8 624.8 632.5 700.5 766.0 803.1 817.1 17

18 FA103192201 Reinvested earnings on foreign direct investment 56.4 69.4 74.6 71.7 78.5 69.3 76.0 89.9 18

19 FA106112001 Rent 19.4 22.2 22.7 21.9 23.0 18.4 16.2 17.3 19

20 FA106140005 Net national income/Balance of primary incomes, net 869.7 886.5 903.3 989.7 958.6 915.2 763.5 804.8 20

21 FA106220001 Less: Current taxes on income, wealth, etc. (paid) 204.0 209.3 245.7 263.6 291.0 284.0 271.3 247.0 21

22 FA106403001 Less: Other current transfers (paid) 71.3 79.3 81.8 83.9 79.8 96.9 69.7 89.6 22

23 FA106012095 Equals: Disposable income, net 594.5 597.8 575.9 642.2 587.8 534.3 422.6 468.3 23

24 FA106012095 Equals: Net saving 594.5 597.8 575.9 642.2 587.8 534.3 422.6 468.3 24

 Capital account

25 FA106006385 Net saving less capital transfers 573.5 604.3 592.9 647.9 594.5 537.6 419.9 288.0 25

26 FA106012095 Net saving 594.5 597.8 575.9 642.2 587.8 534.3 422.6 468.3 26

27 FA105440005 Less: Capital transfers paid (net) 20.9 -6.4 -17.0 -5.7 -6.7 -3.2 2.6 180.3 27

28 FA105050985 Capital formation, net 184.6 262.1 386.0 411.3 476.5 509.6 343.0 397.1 28

 Gross fixed capital formation (acquisition of

29 FA105019085 produced nonfinancial assets) 1251.1 1391.0 1542.8 1606.5 1750.2 1776.5 1741.0 1862.8 29

30 FA106300003 Less: Consumption of fixed capital 1119.8 1169.3 1230.6 1279.7 1350.0 1406.1 1432.6 1491.0 30

31 FA105420095 Acquisition of nonproduced nonfinancial assets -1.1 -1.0 0.2 1.4 1.6 29.3 6.9 0.5 31

32 FA105020005 Change in private inventories 54.4 41.5 73.5 83.1 74.8 109.9 27.7 24.8 32

33 FA105000905 Net lending (+) or borrowing (-), capital account (lines 25-28) 388.9 342.1 206.9 236.6 117.9 27.9 76.9 -109.1 33

 Financial account

34 FA105000905 Net lending (+) or borrowing (-) (line 33) 388.9 342.1 206.9 236.6 117.9 27.9 76.9 -109.1 34

35 FA104090005 Net acquisition of financial assets 567.9 567.9 573.1 972.9 1053.4 1465.0 1462.2 1118.0 35

36 FA104000005 Currency and deposits 141.5 42.1 56.2 144.1 21.5 39.2 183.0 254.9 36

37 FA103020005 Currency and transferable deposits 183.8 81.5 54.9 50.7 54.8 67.0 160.2 143.0 37

38 FA103030003 Time and savings deposits -51.4 -28.1 0.6 24.8 -22.7 -7.7 19.2 3.6 38

39 FA103091003 Foreign deposits 9.1 -11.3 0.7 68.6 -10.6 -20.1 3.6 108.3 39

40 FA104022005 Debt securities 15.6 -8.7 -18.3 0.1 39.7 -4.1 -9.2 42.8 40

41 FA103069100 Open market paper 12.0 -0.3 -14.3 2.7 35.8 0.6 -11.8 32.7 41

42 FA103061103 Treasury securities 5.1 -5.1 -3.5 -0.6 2.9 -4.3 3.9 0.4 42

43 FA103061703 Agency- and GSE-backed securities (2) 1.7 -1.7 -1.2 -0.2 1.0 -1.4 1.3 0.1 43

44 FA103062003 Municipal securities -3.2 -1.6 0.6 -1.7 0.1 1.0 -2.6 9.5 44

45 FA104035005 Loans 0.2 1.9 -7.4 0.9 41.7 16.5 30.1 -50.7 45

46 FA104041005 Short term (security repos and consumer credit) 1.7 2.4 -5.6 -0.6 39.8 14.1 31.3 -48.9 46

47 FA103065003 Long term (mortgages) -1.6 -0.6 -1.9 1.6 1.9 2.3 -1.1 -1.8 47

48 FA103081005 Equity and investment fund shares 112.3 380.6 277.6 351.3 409.3 250.7 172.5 190.8 48

49 FA103034000 Money market fund shares -169.9 -39.3 -10.9 30.6 22.1 19.0 -112.6 11.5 49

50 FA103064103 Corporate equities -52.5 21.7 -27.4 7.2 38.7 -42.3 54.6 -115.9 50

51 FA103064203 Mutual fund shares 7.7 -14.5 -5.9 2.5 15.2 7.7 -11.0 5.4 51

52 FA103092005 U.S. direct investment abroad 298.6 400.1 317.9 296.9 317.3 264.1 254.5 276.9 52

53 FA103092405 Equity in government-sponsored enterprises (2) 0.1 -0.0 0.0 0.0 0.1 0.1 0.1 0.3 53

54 FA103094105 Investment in finance company subsidiaries 28.3 12.6 3.9 14.1 15.8 2.2 -13.1 12.6 54

55 FA103076005 Insurance, pension and standardized guarantee schemes (3) 11.6 12.2 7.8 -5.9 10.2 2.3 6.6 13.7 55

56 FA103096005 Other accounts receivable 286.9 139.8 257.4 482.4 531.1 1160.3 1079.3 666.3 56

57 FA103070005 Trade receivables 141.8 86.0 54.6 267.5 106.9 32.7 223.3 271.4 57
Inte

g

r

ate

d

A

c

c

o

u

nts

Z.1, September 20, 2018 157

S.5.a Nonfinancial Corporate Business (1)

Billions of dollars

2010 2011 2012 2013 2014 2015 2016 2017

 

59 FA104190005 Net incurrence of liabilities 584.9 924.3 994.3 1030.5 1488.0 1259.6 1415.3 1203.2 59

60 FA104122005 Debt securities 236.6 204.9 349.4 293.3 322.6 425.9 287.6 302.3 60

61 FA103169100 Open market paper 24.5 33.4 14.0 14.2 37.5 -3.0 1.8 25.9 61

62 FA103162000 Municipal securities 32.5 8.5 12.0 1.3 -0.7 13.4 15.4 13.4 62

63 FA103163003 Corporate bonds 179.6 163.0 323.4 277.8 285.8 415.4 270.4 263.0 63

64 FA104123005 Loans -280.1 117.4 -9.2 96.4 102.5 160.3 158.5 161.7 64

65 FA104141005 Short term -175.8 206.9 121.3 110.6 140.2 98.6 105.8 116.8 65

66 FA103168005 Depository institution loans n.e.c. -84.9 147.3 101.8 73.0 77.3 104.8 55.8 40.1 66

67 FA103169005 Other loans and advances -90.8 59.6 19.5 37.6 63.0 -6.1 50.0 76.8 67

68 FA103165005 Long term (mortgages) -104.3 -89.5 -130.4 -14.2 -37.8 61.7 52.7 44.8 68

69 FA103181005 Equity and investment fund shares -88.9 -255.8 -155.7 -165.8 -209.6 -136.9 -168.3 -66.8 69

70 FA103164103 Corporate equities -250.7 -454.6 -344.9 -352.9 -394.5 -549.6 -576.8 -315.3 70

71 FA103192005 Foreign direct investment in the United States 161.7 198.8 189.2 187.1 184.8 412.7 408.5 248.4 71

72 FA103152025 Insurance, pension and standardized guarantee schemes -5.4 -1.3 -1.4 123.4 39.3 74.6 67.1 46.4 72

73 FA573074005 Pension fund contributions payable 15.4 3.0 -12.3 -2.5 -2.9 15.2 3.9 8.9 73

74 FA573073005 Claim of pension fund on sponsor -20.8 -4.2 10.9 125.8 42.2 59.5 63.2 37.5 74

75 FA103196005 Other accounts payable 722.7 859.1 811.1 683.1 1233.2 735.7 1070.3 759.6 75

76 FA103170005 Trade payables 156.3 25.1 65.5 101.2 150.0 22.4 194.6 220.8 76

77 FA103178005 Taxes payable 7.2 8.8 2.3 -9.1 -1.4 -1.3 -8.8 212.0 77

78 FA103193005 Miscellaneous liabilities 559.3 825.1 743.3 591.0 1084.6 714.6 884.5 326.8 78

 Addendum:

79 FA105000005 Net lending (+) or borrowing (-), financial account (lines 35-59) -16.9 -356.4 -421.2 -57.6 -434.6 205.4 46.9 -85.3 79

 Other changes in volume account

80 FV108090105 Total other volume changes 149.8 -15.3 -507.6 -60.1 -346.7 676.7 468.3 -57.1 80

81 FV102010005 Disaster losses 0.0 0.0 -6.9 0.0 0.0 0.0 0.0 -22.3 81

82 FV108090085 Other volume changes 508.0 615.3 116.0 248.5 209.4 552.1 497.3 -104.1 82

83 FU107005045 Less: Statistical discrepancy (lines 33-79) (4) 405.8 698.5 628.1 294.2 552.6 -177.4 30.0 -23.8 83

84 FU105020601 Less: Inventory valuation adjustment -47.6 -68.0 -11.4 14.4 3.6 52.8 -1.0 -45.5 84

 Revaluation account

85 FR102010005 Nonfinancial assets 462.4 483.9 510.0 1192.5 831.5 782.4 695.0 869.2 85

86 FR105035005 Real estate 355.1 361.3 454.8 1158.7 836.0 880.0 657.5 751.9 86

87 FR105015205 Equipment 20.1 59.8 19.3 -23.5 -14.6 -60.8 -28.8 20.8 87

88 FR105013765 Intellectual property products 30.9 31.8 22.5 51.3 22.3 6.7 27.1 62.4 88

89 FR105020015 Inventories 56.3 31.0 13.5 6.0 -12.2 -43.5 39.1 34.2 89

90 FR108080095 Financial assets -27.2 -31.0 176.6 272.1 298.3 -135.4 170.4 471.8 90

91 FR103064103 Corporate equities 106.5 -0.1 126.6 310.5 157.2 -11.8 146.1 323.1 91

92 FR103064203 Mutual fund shares 16.8 -6.0 19.2 28.1 8.6 -6.2 12.7 34.3 92

93 FR103092005 Direct investment abroad -150.5 -25.0 30.7 -66.4 132.5 -117.4 11.7 114.4 93

94 FR104190085 Liabilities 1795.2 313.8 1839.8 5107.9 2414.0 -596.1 2050.9 4143.9 94

95 FR103164103 Corporate equity 1988.9 386.7 2060.3 5439.0 2559.3 -552.3 2230.4 4411.0 95

96 FR103192005 Foreign direct investment in the United States -13.9 -72.8 -40.5 -5.0 7.7 -87.4 -36.9 2.1 96

97 FR103152025 Insurance, pension and standardized guarantee schemes -179.7 -0.2 -180.0 -326.1 -152.9 43.6 -142.6 -269.3 97

98 FR108200005 Changes in net worth due to nominal holding gains/losses -1360.1 139.1 -1153.2 -3643.3 -1284.2 1243.1 -1185.5 -2802.9 98

 Changes in balance sheet account

99 FC102090085 Change in net worth (lines 28+33+80+98) (5) -636.8 728.1 -1067.9 -3055.6 -1036.5 2457.4 -297.3 -2572.0 99

 Balance sheet account (end of period)

100 FL102000005 Total assets 28965.3 30276.8 31740.9 34472.1 36774.9 39446.9 42041.1 44614.9 100

101 LM102010005 Nonfinancial assets (6) 14878.3 15700.5 16587.8 18146.8 19435.9 20624.8 21635.1 22894.8 101

102 LM105035005 Real estate 7342.3 7754.1 8285.5 9520.7 10495.6 11489.0 12225.4 13058.3 102

103 LM105015205 Equipment 3835.1 4014.1 4191.5 4322.6 4482.9 4590.5 4685.3 4856.8 103

104 LM105013765 Intellectual property products 1840.6 1931.4 2011.4 2129.4 2224.3 2298.5 2410.0 2560.8 104

105 LM105020015 Inventories 1860.4 2000.8 2099.3 2174.0 2233.1 2246.6 2314.4 2418.9 105

106 FL104090005 Financial assets 14086.9 14576.3 15153.2 16325.3 17338.9 18822.1 20406.0 21720.1 106

107 FL104000005 Currency and deposits 766.4 808.5 864.7 1008.8 1030.3 1069.5 1252.5 1507.4 107

108 FL103020005 Currency and transferable deposits 529.1 610.7 665.6 716.3 771.1 838.1 998.3 1141.3 108

109 FL103030003 Time and savings deposits 177.4 149.3 149.9 174.7 152.0 144.3 163.5 167.1 109

110 FL103091003 Foreign deposits 59.9 48.6 49.2 117.8 107.2 87.1 90.7 199.0 110
Inte

g

r

ate

d

A

c

c

o

u

nts

158 Z.1, September 20, 2018

S.5.a Nonfinancial Corporate Business (1)

Billions of dollars

2010 2011 2012 2013 2014 2015 2016 2017

 

111 FL104022005 Debt securities 236.0 227.3 208.9 209.1 248.7 244.7 235.5 278.3 111

112 FL103069100 Open market paper 148.0 147.7 133.4 136.1 171.9 172.5 160.7 193.4 112

113 FL103061103 Treasury securities 48.0 43.0 39.4 38.8 41.7 37.4 41.3 41.7 113

114 FL103061703 Agency- and GSE-backed securities (2) 16.0 14.3 13.1 12.9 13.9 12.5 13.8 13.9 114

115 FL103062003 Municipal securities 23.9 22.3 22.9 21.2 21.2 22.3 19.7 29.2 115

116 FL104035005 Loans 98.8 100.7 93.2 94.2 135.9 152.4 182.5 131.8 116

117 FL104041005 Short term 70.8 73.2 67.7 67.1 106.8 121.0 152.2 103.4 117

118 FL102051003 Security repurchases 26.4 27.4 21.7 26.4 65.9 79.9 109.5 61.5 118

119 FL103066005 Consumer credit 44.4 45.9 45.9 40.6 40.9 41.1 42.8 41.8 119

120 FL103065003 Long term (mortgages) 28.0 27.4 25.5 27.1 29.0 31.4 30.3 28.4 120

121 FL103081005 Equity and investment fund shares 5247.1 5596.7 6050.8 6674.2 7381.7 7497.5 7840.4 8503.0 121

122 FL103034000 Money market fund shares 555.1 515.8 504.9 535.5 557.6 576.6 463.9 475.5 122

123 LM103064103 Corporate equities 925.4 947.1 1046.3 1363.9 1559.8 1505.7 1706.4 1913.6 123

124 LM103064203 Mutual fund shares 186.5 166.0 179.3 209.9 233.7 235.2 236.9 276.5 124

125 LM103092005 U.S. direct investment abroad 3517.1 3892.3 4240.9 4471.3 4921.1 5067.8 5334.1 5725.4 125

126 FL103092405 Equity in government-sponsored enterprises (2) 0.6 0.5 0.6 0.6 0.7 0.8 0.9 1.2 126

127 FL103094105 Investment in finance company subsidiaries 62.3 75.0 78.9 93.0 108.8 111.3 98.2 110.8 127

128 FL103076005 Insurance, pension and standardized guarantee schemes (3) 318.6 330.8 338.5 332.6 342.8 345.1 351.6 365.4 128

129 FL103096005 Other accounts receivable 7420.2 7512.4 7597.0 8006.5 8199.5 9513.1 10543.6 10934.3 129

130 FL103070005 Trade receivables 2202.6 2288.6 2343.1 2610.7 2717.5 2750.2 2973.6 3245.0 130

131 FL103093005 Other (miscellaneous assets) 5217.6 5223.9 5253.9 5395.9 5482.0 6762.8 7570.0 7689.3 131

132 FL102100085 Total liabilities and net worth 28965.3 30276.8 31740.9 34472.1 36774.9 39446.9 42041.1 44614.9 132

133 FL104194005 Liabilities 28047.3 28630.8 31162.8 36949.5 40288.8 40503.5 43394.9 48540.7 133

134 FL104122005 Debt securities 3951.3 4156.2 4505.6 4798.9 5121.6 5547.5 5835.1 6137.4 134

135 FL103169100 Open market paper 82.9 116.3 130.3 144.5 182.0 179.0 180.8 206.7 135

136 FL103162000 Municipal securities 503.0 511.5 523.5 524.8 524.1 537.6 553.0 566.4 136

137 FL103163003 Corporate bonds 3365.4 3528.4 3851.8 4129.6 4415.4 4830.9 5101.3 5364.3 137

138 FL104123005 Loans 2105.3 2222.7 2205.4 2290.3 2393.2 2531.7 2685.6 2912.0 138

139 FL104141005 Short term 1429.8 1636.7 1749.8 1848.9 1989.0 2059.5 2165.2 2346.8 139

140 FL103168005 Depository institution loans n.e.c. 482.5 629.8 713.0 786.0 863.2 969.6 1025.4 1065.4 140

141 FL103169005 Other loans and advances 947.3 1006.9 1036.7 1062.9 1125.9 1089.8 1139.8 1281.4 141

142 FL103165005 Long term (mortgages) 675.5 586.0 455.6 441.4 404.2 472.2 520.4 565.2 142

143 FL103181005 Equity and investment fund shares 17117.5 17175.7 19039.8 24308.0 26665.3 25888.7 27913.9 32260.2 143

144 LM103164103 Corporate equity 14821.1 14753.3 16468.6 21554.7 23719.5 22617.5 24271.1 28366.9 144

145 LM103192005 Foreign direct investment in the United States 2296.4 2422.5 2571.2 2753.3 2945.8 3271.2 3642.8 3893.3 145

146 FL103152025 Insurance, pension and standardized guarantee schemes 528.3 591.7 459.3 671.0 580.2 700.3 663.7 460.3 146

147 FL573074005 Pension fund contributions payable 90.8 93.8 81.4 79.0 76.1 91.3 95.2 104.1 147

148 FL573073005 Claim of pension fund on sponsor 437.5 497.9 377.9 592.0 504.1 609.0 568.6 356.2 148

149 FL103196005 Other accounts payable 4344.9 4484.4 4952.7 4881.3 5528.4 5835.3 6296.6 6770.7 149

150 FL103170005 Trade payables 1746.3 1771.5 1837.0 1938.1 2088.1 2110.5 2305.2 2525.9 150

151 FL103178005 Taxes payable 42.9 51.7 54.0 44.9 43.5 42.2 33.5 245.5 151

152 FL103193005 Miscellaneous liabilities 2555.7 2661.3 3061.8 2898.3 3396.8 3682.6 3958.0 3999.3 152

153 FL102090085 Net worth 917.9 1646.0 578.1 -2477.4 -3513.9 -1056.5 -1353.8 -3925.8 153

(1) Estimates for 2000 and earlier periods are based on the 1987 Standard Industrial Classification System; later estimates are based on the North American Classification System.

(2) Government-sponsored enterprises (GSEs) consist of Federal Home Loan Banks, Fannie Mae, Freddie Mac, Federal Agricultural Mortgage Corporation, Farm Credit System,

 the Financing Corporation, and the Resolution Funding Corporation, and they included the Student Loan Marketing Association until it was fully privatized in the fourth quarter of 2004.

(3) Net equity in reserves of property-casualty insurance companies.

(4) The statistical discrepancy is the difference between net lending or net borrowing derived in the capital account and the same concept derived in the financial account. The discrepancy

 reflects differences in source data, timing of recorded transactions, and other statistical differences between the capital and financial accounts.

(5) Includes changes in the market value of shares and other equity that are excluded from the related measures for the nonfinancial corporate business sector in the Financial Accounts of the United States.

(6) Excludes nonproduced nonfinancial assets.
Inte

g

r

ate

d

A

c

c

o

u

nts

Z.1, September 20, 2018 159

S.6.a Financial Business (1)

Billions of dollars

2010 2011 2012 2013 2014 2015 2016 2017

 

 Current account

 1 FA796902505 Gross value added 1048.8 1058.8 1200.3 1170.4 1317.6 1394.0 1480.0 1535.1 1

 2 FA796300081 Less: Consumption of fixed capital 160.6 165.2 172.5 181.8 190.3 200.1 211.2 223.0 2

 3 FA796902605 Equals: Net value added 888.2 893.6 1027.8 988.5 1127.3 1193.9 1268.8 1312.1 3

 4 FA796025005 Compensation of employees (paid) 573.3 606.5 630.1 641.3 681.1 715.7 734.5 788.3 4

 5 FA796020001 Wages and salaries 485.5 513.2 536.8 545.4 582.1 611.2 625.4 668.1 5

 6 FA796401001 Employers’ social contributions 87.9 93.2 93.3 95.9 99.0 104.6 109.1 120.1 6

 7 FA796240101 Taxes on production and imports less subsidies 58.8 54.9 56.6 57.2 63.5 67.9 74.5 67.0 7

 8 FA796402101 Operating surplus, net 256.0 232.2 341.2 290.0 382.7 410.2 459.8 456.9 8

 9 FA796140005 Net national income/Balance of primary incomes, net 317.6 253.3 208.9 81.1 160.0 102.6 228.9 214.8 9

10 FA796402101 Operating surplus, net 256.0 232.2 341.2 290.0 382.7 410.2 459.8 456.9 10

11 FA796150105 Property income (received) 2165.0 2145.3 2093.6 2056.4 2090.8 2115.0 2215.5 2319.5 11

12 FA796130101 Interest 1790.5 1761.5 1679.1 1583.0 1589.0 1599.6 1709.2 1770.2 12

13 FA796121101 Distributed income of corporations (dividends) 308.9 319.0 359.2 414.3 450.3 463.6 458.8 497.5 13

14 FA793092281 Reinvested earnings on U.S. direct investment abroad 65.6 64.8 55.2 59.1 51.4 51.9 47.6 51.8 14

15 FA796150005 Less: Uses of property income (paid) 2103.4 2124.2 2225.9 2265.3 2313.5 2422.7 2446.4 2561.5 15

16 FA796130001 Interest 1550.0 1550.1 1528.1 1442.1 1487.4 1570.5 1611.0 1691.7 16

17 FA796120005 Distributed income of corporations 542.4 558.9 680.7 807.2 810.2 838.6 819.9 852.1 17

18 FA796121001 Dividends 455.2 502.1 610.0 753.0 787.2 824.6 775.3 808.1 18

19 FA796122001 Withdrawals from income of quasi-corporations (2) 87.2 56.7 70.7 54.2 22.9 14.0 44.6 44.0 19

20 FA793192281 Reinvested earnings on foreign direct investment 11.0 15.2 17.0 15.9 15.9 13.7 15.5 17.7 20

21 FA796112001 Rents on land and natural resources 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 21

22 FA796140005 Net national income/Balance of primary incomes, net 317.6 253.3 208.9 81.1 160.0 102.6 228.9 214.8 22

23 FA796220001 Less: Current taxes on income, wealth, etc. (paid) 68.5 71.8 89.2 99.2 116.3 113.2 121.6 103.7 23

24 FA796403005 Less: Other current transfers (paid) 30.6 29.8 -18.3 -14.8 16.1 28.5 75.2 46.1 24

25 FA796012095 Equals: Disposable income, net 218.5 151.8 138.0 -3.2 27.6 -39.1 32.1 65.0 25

26 FA796012095 Equals: Net saving 218.5 151.8 138.0 -3.2 27.6 -39.1 32.1 65.0 26

 Capital account

27 FA796006385 Net saving less capital transfers 260.0 184.2 128.4 -3.2 17.6 -39.1 30.3 -46.3 27

28 FA796012095 Net saving 218.5 151.8 138.0 -3.2 27.6 -39.1 32.1 65.0 28

29 FA795440005 Less: Capital transfers paid (net) -41.5 -32.4 9.6 0.0 10.0 0.0 1.8 111.2 29

30 FA795015085 Capital formation, net -7.1 2.9 20.7 21.2 28.5 41.0 49.2 42.5 30

31 FA795013005 Gross fixed capital formation (nonresidential) 153.5 168.1 193.2 203.0 218.8 241.1 260.4 265.5 31

32 FA796300081 Less: Consumption of fixed capital 160.6 165.2 172.5 181.8 190.3 200.1 211.2 223.0 32

33 FA795000995 Net lending (+) or borrowing (-), capital account (lines 27-30) 267.2 181.3 107.7 -24.4 -10.9 -80.2 -18.9 -88.8 33

 Financial account

34 FA795000995 Net lending (+) or borrowing (-) (line 33) 267.2 181.3 107.7 -24.4 -10.9 -80.2 -18.9 -88.8 34

35 FA794090005 Net acquisition of financial assets 294.9 2034.9 2271.7 2958.7 2641.2 1419.6 2347.1 2841.3 35

36 FA713011203 Monetary gold 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 36

37 FA794000005 Currency and deposits -141.1 500.6 -16.7 784.3 163.8 -543.8 -473.7 240.7 37

38 FA794022005 Debt securities 765.8 890.0 1049.4 1264.9 932.7 596.0 1182.1 770.4 38

39 FA793069175 Open market paper -98.0 -76.9 7.9 3.4 -55.7 17.6 -80.4 55.0 39

40 FA793061105 Treasury securities 583.6 976.6 350.6 487.6 648.8 350.4 761.5 145.4 40

41 FA793061705 Agency- and GSE-backed securities (3) 45.0 48.8 184.2 396.0 108.3 33.2 337.2 193.9 41

42 FA793062005 Municipal securities 24.5 -30.2 117.2 -29.1 7.4 49.7 32.6 48.8 42

43 FA793063005 Corporate and foreign bonds 210.6 -28.3 389.5 407.0 223.9 145.1 131.2 327.3 43

44 FA794035005 Loans -490.6 145.2 463.1 45.0 769.1 818.3 981.3 1161.8 44

45 FA794041005 Short term -199.1 318.3 530.1 -41.0 579.3 437.5 473.6 584.5 45

46 FA793065005 Long term (mortgages) -291.5 -173.2 -66.9 86.0 189.8 380.8 507.7 577.3 46

47 FA793081005 Equity and investment fund shares 122.8 93.9 535.6 184.4 255.0 363.8 201.3 -43.3 47

48 FA793064105 Corporate equities 115.0 19.7 42.8 -16.9 25.2 246.1 -53.1 7.5 48

49 FA793064205 Mutual fund shares 104.8 -32.9 -17.0 131.6 5.4 -11.7 -209.7 -62.4 49

50 FA793034005 Money market fund shares -36.5 -6.3 -15.3 -2.8 16.8 -13.5 97.0 41.4 50

51 FA793092405 Equity in government-sponsored enterprises (3) -3.2 -6.2 -2.0 -0.2 0.3 0.7 1.9 1.4 51

52 FA793092005 U.S. direct investment abroad -2.3 15.2 20.5 25.1 30.3 15.4 50.0 39.6 52

53 FA713164003 Stock in Federal Reserve Banks 0.9 0.4 0.5 0.1 1.1 0.9 1.0 0.9 53

54 FA793094005 Investment in subsidiaries -55.8 104.2 506.3 47.5 175.9 126.1 314.2 -71.7 54

55 FA793052005 Insurance, pension and standardized guarantee schemes 324.0 350.5 289.0 483.9 270.9 309.6 432.4 593.5 55

56 FA793096005 Other accounts receivable -286.0 54.7 -48.7 196.2 249.6 -124.3 23.7 118.1 56
Inte

g

r

ate

d

A

c

c

o

u

nts

160 Z.1, September 20, 2018

S.6.a Financial Business (1)

Billions of dollars

2010 2011 2012 2013 2014 2015 2016 2017

 

57 FA794190005 Net incurrence of liabilities 304.1 2045.6 2231.7 2805.5 2586.6 1200.4 2087.3 2515.4 57

58 FA794100005 Currency and deposits 362.1 1446.8 597.8 1786.5 954.5 218.4 453.5 771.0 58

59 FA794122005 Debt securities -651.7 -294.6 -174.5 65.3 152.8 136.8 387.6 359.1 59

60 FA423161705 Agency- and GSE-backed securities (3) -39.5 -22.1 -23.8 238.3 150.3 220.4 351.7 346.7 60

61 FA793163005 Corporate bonds -490.1 -172.8 -71.0 -92.3 70.2 -43.1 35.1 49.2 61

62 FA793169175 Commercial paper -122.0 -99.7 -79.7 -80.7 -67.7 -40.5 0.8 -36.8 62

63 FA794135005 Loans -85.7 138.2 249.7 -206.5 174.6 14.8 51.9 50.8 63

64 FA794141005 Short term -86.6 124.8 244.8 -226.3 165.3 10.8 50.9 45.9 64

65 FA643165005 Long term (mortgages) 0.8 13.5 4.8 19.9 9.3 4.0 1.0 4.9 65

66 FA793181005 Equity and investment fund shares 97.2 383.4 1136.2 664.2 797.5 534.4 652.5 813.0 66

67 FA634090005 Money market fund shares -512.4 -112.6 2.2 40.2 15.7 -6.7 -11.1 117.2 67

68 FA793164105 Corporate equity issues 194.7 170.5 164.0 175.7 235.6 232.9 245.2 396.3 68

69 FA653164205 Mutual fund shares 395.9 200.8 386.3 346.3 309.7 96.7 24.6 313.0 69

70 FA403192405 Equity in government-sponsored enterprises (3) -2.7 -5.9 -1.8 0.5 1.2 1.3 2.7 4.2 70

71 FA793192005 Foreign direct investment in the United States 48.5 43.4 21.4 29.7 25.3 66.9 75.3 41.0 71

72 FA662090205 Equity in noncorporate business 2.5 -0.3 8.7 -3.3 2.7 7.2 14.0 -4.3 72

73 FA793194005 Investment by parent -30.2 87.2 554.9 74.9 206.3 135.2 300.6 -55.3 73

74 FA713164003 Stock in Federal Reserve Banks 0.9 0.4 0.5 0.1 1.1 0.9 1.0 0.9 74

75 FA583152005 Insurance, pension and standardized guarantee schemes 698.0 690.5 572.1 582.8 426.0 494.4 508.6 547.4 75

76 FA793196005 Other accounts payable -115.8 -318.7 -149.6 -86.9 81.1 -198.4 33.2 -25.8 76

 Addendum:

77 FA795000005 Net lending (+) or borrowing (-), financial account (lines 35-57) -9.1 -10.7 40.0 153.2 54.6 219.2 259.8 325.9 77

 Other changes in volume account

78 FV798090185 Total other volume changes -229.3 -191.4 132.0 192.1 -126.8 242.2 322.8 61.7 78

79 FV795013865 Disaster losses -2.1 0.0 -2.0 0.0 0.0 0.0 0.0 -3.6 79

80 FV798090085 Other volume changes 49.1 0.7 201.7 14.5 -192.3 -57.2 44.2 -349.3 80

81 FU797005045 Less: Statistical discrepancy (lines 33-77) (4) 276.3 192.0 67.7 -177.6 -65.5 -299.4 -278.7 -414.7 81

 Revaluation account

82 FR795013865 Nonfinancial assets 2.2 41.3 16.5 28.6 23.4 13.9 11.9 26.5 82

83 FR795013665 Structures (nonresidential) 1.2 34.6 15.5 30.3 24.1 19.2 17.7 30.5 83

84 FR795013265 Equipment 2.3 6.6 2.6 -1.5 0.5 -4.0 -3.9 -2.9 84

85 FR795013765 Intellectual property products -1.3 0.1 -1.6 -0.1 -1.2 -1.4 -1.9 -1.2 85

86 FR794090085 Financial assets 1519.4 -321.2 1747.8 2524.7 1308.1 -950.7 1253.0 3645.2 86

87 FR794022005 Debt securities 197.7 350.5 200.7 -558.0 313.4 -365.1 38.9 185.6 87

88 FR793064105 Corporate equities 1312.4 -532.0 1510.2 3230.3 962.9 -466.6 1177.6 3382.8 88

89 FR793064205 Mutual fund shares 385.8 -129.6 448.1 726.0 233.4 -131.4 356.9 793.2 89

90 FR793092005 U.S. direct investment abroad 40.7 -45.5 22.4 -83.2 102.4 -107.1 2.1 23.1 90

91 FR593052025 Insurance, pension, and standardized guarantee schemes -417.1 35.4 -433.6 -790.4 -304.1 119.5 -322.5 -739.6 91

92 FR794190085 Liabilities 1926.2 -818.4 2337.1 3874.5 1580.2 -784.2 1978.3 4335.3 92

93 FR793164105 Corporate equity issues 562.6 -460.3 739.3 1308.6 662.8 -256.4 813.9 1296.8 93

94 FR653164205 Mutual fund shares 837.2 -289.3 1035.8 1623.2 507.9 -350.1 693.7 1970.4 94

95 FR793192005 Foreign direct investment in the United States 34.1 28.9 -2.2 -50.4 12.1 -12.4 -6.1 -2.3 95

96 FR662090205 Equity in noncorporate business 3.1 -1.3 0.7 6.0 1.2 -2.5 1.6 5.2 96

97 FR793194005 Investment by parent -2.0 1.8 -0.1 0.0 0.0 0.0 0.0 0.0 97

98 FR583152005 Insurance, pension and standardized guarantee schemes 491.2 -98.2 563.7 987.1 396.2 -162.8 475.2 1065.2 98

99 FR798200005 Changes in net worth due to nominal holding gains/losses -404.6 538.4 -572.9 -1321.1 -248.7 -152.6 -713.4 -663.7 99

 Changes in balance sheet account

100 FC792090095 Change in net worth (lines 30+33+78+99) -373.9 531.2 -312.5 -1132.2 -357.9 50.4 -360.2 -648.2 100

 Balance sheet account (end of period)

101 FL792000095 Total assets 73967.1 75702.3 79832.5 86287.5 90202.6 90542.1 94315.0 100857.2 101

102 LM795013865 Nonfinancial assets (5) 1559.3 1603.6 1638.9 1688.9 1740.9 1796.0 1857.3 1922.8 102

103 LM795013665 Structures (nonresidential) 958.9 981.5 985.9 1004.8 1021.9 1038.9 1060.2 1090.4 103

104 LM795013265 Equipment 469.8 482.3 501.9 523.8 552.6 581.2 607.8 627.3 104

105 LM795013765 Intellectual property products 130.6 139.8 151.1 160.3 166.4 176.0 189.2 205.1 105

106 FL794090005 Financial assets 72407.8 74098.8 78193.6 84598.7 88461.7 88746.1 92457.8 98934.4 106

107 FL713011203 Monetary gold 11.0 11.0 11.0 11.0 11.0 11.0 11.0 11.0 107

108 FL794000005 Currency and deposits 2243.0 2750.9 2738.2 3521.2 3682.1 3121.8 2659.0 2900.3 108
Inte

g

r

ate

d

A

c

c

o

u

nts

Z.1, September 20, 2018 161

S.6.a Financial Business (1)

Billions of dollars

2010 2011 2012 2013 2014 2015 2016 2017

 

109 FL794022005 Debt securities 18665.4 19909.5 21213.3 21877.1 23123.3 23329.9 24557.2 25506.9 109

110 FL793069175 Open market paper 692.1 615.4 623.3 627.3 572.6 591.6 511.7 565.4 110

111 FL793061105 Treasury securities 4265.3 5316.9 5653.8 6058.7 6754.0 7074.2 7803.8 7958.0 111

112 FL793061705 Agency- and GSE-backed securities (3) 5555.5 5658.4 5874.3 6189.9 6352.7 6347.5 6667.7 6873.9 112

113 FL793062005 Municipal securities 1769.8 1833.8 1971.5 1879.1 1967.0 2013.2 2019.5 2091.5 113

114 FL793063005 Corporate and foreign bonds 6382.7 6485.0 7090.4 7122.1 7476.9 7303.4 7554.6 8018.1 114

115 FL794035005 Loans 21736.0 21728.7 22055.4 21997.3 22727.8 23383.7 24328.9 25544.5 115

116 FL794041005 Short term 8372.9 8691.3 9230.9 9178.4 9757.6 10042.3 10515.9 11181.2 116

117 FL793065005 Long term (mortgages) 13363.1 13037.4 12824.5 12819.0 12970.2 13341.4 13812.9 14363.3 117

118 FL793081005 Equity and investment fund shares 19681.5 19068.5 21610.7 25662.5 27216.3 26763.2 28460.4 32569.2 118

119 LM793064105 Corporate equities 11060.1 10547.9 12100.8 15314.3 16302.4 16081.8 17206.3 20596.7 119

120 LM793064205 Mutual fund shares 4018.0 3855.7 4286.7 5144.3 5383.1 5240.0 5387.2 6118.0 120

121 FL793034005 Money market fund shares 423.6 417.2 401.9 399.1 415.9 402.3 499.3 540.8 121

122 FL793092405 Equity in government-sponsored enterprises (3) 41.7 35.5 33.5 33.4 33.7 34.4 36.3 37.7 122

123 LM793092005 U.S. direct investment abroad 870.7 840.3 883.2 825.1 957.8 866.1 918.2 980.9 123

124 FL713164003 Stock in Federal Reserve Banks 26.5 26.9 27.4 27.5 28.6 29.5 30.4 31.4 124

125 FL793094005 Investment in subsidiaries 3240.8 3345.0 3877.2 3918.9 4094.8 4109.1 4382.6 4263.9 125

126 FL793052005 Insurance, pension and standardized guarantee schemes 6417.2 6801.0 6655.0 7447.9 7533.2 8031.8 8205.4 8118.0 126

127 FL793096005 Other accounts receivable 3653.7 3829.2 3910.0 4081.7 4168.0 4104.7 4235.8 4284.5 127

128 FL792100005 Total liabilities and net worth 73967.1 75702.3 79832.5 86287.5 90202.6 90542.1 94315.0 100857.2 128

129 FL794194005 Liabilities 73031.7 74235.7 78678.4 86265.7 90538.6 90827.7 94960.8 102151.3 129

130 FL794100005 Currency and deposits 11964.9 13411.7 13981.6 15768.2 16722.6 16941.0 17394.5 18165.4 130

131 FL794122005 Debt securities 13742.5 13374.4 13122.6 13132.0 13257.4 13181.8 13546.5 13869.2 131

132 FL423161705 Agency- and GSE-backed securities (3) 7581.3 7559.2 7535.4 7773.7 7924.0 8144.4 8496.1 8842.8 132

133 FL793163005 Corporate bonds 5522.7 5276.4 5128.1 4979.9 5022.6 4767.2 4779.4 4792.2 133

134 FL793169175 Commercial paper 638.5 538.8 459.1 378.4 310.7 270.2 271.0 234.2 134

135 FL794135005 Loans 4530.4 4663.3 4911.8 4705.3 4887.8 4905.5 4957.4 5008.2 135

136 FL794141005 Short term 4354.3 4473.7 4717.4 4491.1 4656.4 4670.1 4721.0 4766.9 136

137 FL643165005 Long term (mortgages) 176.1 189.5 194.4 214.3 231.4 235.4 236.5 241.4 137

138 FL793181005 Equity and investment fund shares 19946.0 19609.2 22544.8 26090.6 28072.1 27873.7 29988.7 34024.7 138

139 FL634090005 Money market fund shares 2803.5 2691.0 2693.2 2733.4 2749.1 2742.4 2731.3 2848.4 139

140 LM793164105 Corporate equity issues 4346.0 4056.1 4959.4 6443.8 7342.2 7318.8 8377.8 10070.9 140

141 LM653164205 Mutual fund shares 9029.8 8941.4 10363.5 12333.0 13150.6 12897.2 13615.6 15899.0 141

142 FL403192405 Equity in government-sponsored enterprises (3) 49.0 43.1 41.2 41.7 42.9 44.2 46.9 51.1 142

143 LM793192005 Foreign direct investment in the United States 489.6 561.9 581.1 560.5 597.8 652.3 721.6 760.3 143

144 LM662090205 Equity in noncorporate business 26.3 24.7 34.1 36.7 40.6 45.4 61.0 61.8 144

145 FL793194005 Investment by parent 3175.2 3264.1 3844.9 3914.0 4120.3 4144.0 4404.0 4301.7 145

146 FL713164003 Stock in Federal Reserve Banks 26.5 26.9 27.4 27.5 28.6 29.5 30.4 31.4 146

147 FL583152005 Insurance, pension and standardized guarantee schemes 21805.8 22391.9 23520.6 26189.8 27130.5 27531.7 28596.6 30267.8 147

148 FL793196005 Other accounts payable 1042.1 785.2 596.9 379.7 468.1 393.9 477.0 815.8 148

149 FL792090095 Net worth 935.4 1466.6 1154.1 21.9 -336.0 -285.6 -645.8 -1294.0 149

(1) Financial business includes depository institutions, insurance companies, pension funds, monetary authority, and other financial institutions.

 Estimates for 2000 and earlier periods are based on the 1987 Standard Industrial Classification System; later estimates are based on the North American Classification System.

(2) Consists of rental income of tenant-occupied housing and proprietors’ income. Quasi-corporations are unincorporated enterprises that function as if they were corporations;

 they primarily cover their operating costs through sales, and they keep a complete set of financial records.

(3) Government-sponsored enterprises (GSEs) consist of Federal Home Loan Banks, Fannie Mae, Freddie Mac, Federal Agricultural Mortgage Corporation, Farm Credit System,

 the Financing Corporation, and the Resolution Funding Corporation, and they included the Student Loan Marketing Association until it was fully privatized in the fourth quarter of 2004.

(4) The statistical discrepancy is the difference between net lending or net borrowing derived in the capital account and the same concept derived in the financial account. The discrepancy

 reflects differences in source data, timing of recorded transactions, and other statistical differences between the capital and financial accounts.

(5) Excludes land. Includes corporate and noncorporate financial business.
Inte

g

r

ate

d

A

c

c

o

u

nts

162 Z.1, September 20, 2018

S.61.a Central Bank

Billions of dollars

2010 2011 2012 2013 2014 2015 2016 2017

 

 Current account

 1 FA716902505 Gross value added 2.5 2.8 2.6 3.2 4.1 4.2 7.4 7.4 1

 2 FA716330085 Less: Consumption of fixed capital 0.8 0.8 0.8 0.8 0.8 0.8 0.8 0.8 2

 3 FA716902605 Equals: Net value added 1.7 2.0 1.8 2.5 3.3 3.4 6.6 6.6 3

 4 FA716025005 Compensation of employees (paid) 2.1 2.0 2.0 2.2 2.3 2.4 2.5 2.7 4

 5 FA716020001 Wages and salaries 1.8 1.8 1.8 1.9 2.0 2.1 2.2 2.4 5

 6 FA716401001 Employers’ social contributions 0.2 0.2 0.2 0.3 0.3 0.3 0.3 0.3 6

 7 FA716240101 Taxes on production and imports less subsidies 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 7

 8 FA716402101 Operating surplus, net -0.4 -0.1 -0.2 0.3 1.1 1.0 4.1 3.9 8

 9 FA716140005 Net national income/Balance of primary incomes, net -7.6 1.1 -16.0 0.9 7.5 -15.5 2.5 -0.3 9

10 FA716402101 Operating surplus, net -0.4 -0.1 -0.2 0.3 1.1 1.0 4.1 3.9 10

11 FA716150105 Property income (received) 78.5 84.5 80.9 90.5 115.9 113.6 111.1 113.6 11

12 FA716130101 Interest 78.5 84.5 80.9 90.5 115.9 113.6 111.1 113.6 12

13 FA716121101 Distributed income of corporations (dividends) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13

14 FA713092281 Reinvested earnings on U.S. direct investment abroad 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14

15 FA716150005 Less: Uses of property income (paid) 85.7 83.3 96.8 89.9 109.5 130.2 112.6 117.9 15

16 FA716130001 Interest 4.8 6.3 6.7 8.6 11.0 11.3 20.5 36.5 16

17 FA716120005 Distributed income of corporations 80.9 77.0 90.1 81.3 98.6 118.8 92.2 81.3 17

18 FA716121001 Dividends 80.9 77.0 90.1 81.3 98.6 118.8 92.2 81.3 18

19 FA716122001 Withdrawals from income of quasi-corporations (1) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19

20 FA713192281 Reinvested earnings on foreign direct investment 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 20

21 FA716112001 Rents on land and natural resources 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 21

22 FA716140005 Net national income/Balance of primary incomes, net -7.6 1.1 -16.0 0.9 7.5 -15.5 2.5 -0.3 22

23 FA716220001 Less: Current taxes on income, wealth, etc. (paid) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 23

24 FA716403001 Less: Other current transfers (paid) 1.1 1.4 1.6 1.8 1.9 1.9 2.0 2.0 24

25 FA716012005 Equals: Disposable income, net -8.7 -0.3 -17.6 -0.9 5.6 -17.4 0.5 -2.4 25

26 FA716012005 Equals: Net saving -8.7 -0.3 -17.6 -0.9 5.6 -17.4 0.5 -2.4 26

 Capital account

27 FA716006385 Net saving less capital transfers -8.7 -0.3 -17.6 -0.9 5.6 -17.4 0.5 -2.4 27

28 FA716012005 Net saving -8.7 -0.3 -17.6 -0.9 5.6 -17.4 0.5 -2.4 28

29 FA715440083 Less: Capital transfers paid (net) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 29

30 FA715015085 Capital formation, net -0.2 -0.3 -0.1 -0.3 -0.2 -0.2 -0.1 -0.1 30

31 FA715013085 Gross fixed capital formation (nonresidential) 0.6 0.5 0.7 0.5 0.6 0.6 0.6 0.7 31

32 FA716330085 Less: Consumption of fixed capital 0.8 0.8 0.8 0.8 0.8 0.8 0.8 0.8 32

33 FA715000995 Net lending (+) or borrowing (-), capital account (lines 27-30) -8.5 0.0 -17.5 -0.6 5.8 -17.2 0.6 -2.3 33

 Financial account

34 FA715000995 Net lending (+) or borrowing (-) (line 33) -8.5 0.0 -17.5 -0.6 5.8 -17.2 0.6 -2.3 34

35 FA714090005 Net acquisition of financial assets 185.5 493.6 9.7 1118.8 481.6 -13.3 -32.6 -3.6 35

36 FA713011203 Monetary gold 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 36

37 FA714000005 Currency and deposits 1.8 1.1 0.9 0.4 1.4 1.9 0.1 0.8 37

38 FA714022005 Debt securities 316.3 444.0 64.5 1086.6 480.7 5.1 -20.8 2.3 38

39 FA713069603 Open market paper 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 39

40 FA713061103 Treasury securities 244.9 642.0 2.7 542.6 252.6 0.2 2.1 -9.4 40

41 FA713061705 Agency- and GSE-backed securities (2) 71.4 -197.9 61.8 543.9 228.1 4.9 -22.8 11.7 41

42 FA714041005 Loans (short term) -151.4 32.2 -121.0 -9.1 1.2 -0.6 4.5 6.6 42

43 FA713064103 Equity shares 1.3 -26.4 0.0 0.0 0.0 0.0 0.0 0.0 43

44 FA713096105 Other accounts receivable 17.5 42.7 65.3 40.9 -1.8 -19.7 -16.4 -13.3 44

45 FA714190005 Net incurrence of liabilities 184.6 493.2 9.3 1118.7 480.6 5.3 -32.6 -3.6 45

46 FA714100005 Currency and deposits 173.9 480.2 -2.0 900.1 296.0 -221.5 -50.1 134.6 46

47 FA712151003 Loans -18.0 40.2 7.3 208.7 193.9 202.6 12.8 -161.3 47

48 FA713164003 Equity shares (stock in Federal Reserve Banks) 0.9 0.4 0.5 0.1 1.1 0.9 1.0 0.9 48

49 FA713193005 Other accounts payable 27.8 -27.5 3.5 9.7 -10.4 23.3 3.7 22.2 49

 Addendum:

50 FA715000005 Net lending (+) or borrowing (-), financial account (lines 35-45) 0.9 0.4 0.5 0.1 1.1 -18.6 0.0 0.0 50
Inte

g

r

ate

d

A

c

c

o

u

nts

Z.1, September 20, 2018 163

S.61.a Central Bank

Billions of dollars

2010 2011 2012 2013 2014 2015 2016 2017

 

 Other changes in volume account

51 FV718090185 Total other volume changes 9.4 0.3 18.0 0.8 -4.7 -1.3 -0.6 2.3 51

52 FV712010095 Disaster losses 0.0 0.0 -0.0 0.0 0.0 0.0 0.0 0.0 52

53 FV718090085 Other volume changes 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 53

54 FU717005045 Less: Statistical discrepancy (lines 33-50) (3) -9.4 -0.3 -18.0 -0.8 4.7 1.3 0.6 -2.3 54

 Revaluation account

55 FR712010095 Nonfinancial assets 0.0 0.3 0.1 0.2 0.2 0.1 0.1 0.2 55

56 FR715013665 Structures (nonresidential) 0.0 0.3 0.1 0.2 0.2 0.2 0.1 0.2 56

57 FR715013265 Equipment 0.0 0.0 0.0 -0.0 -0.0 -0.0 -0.0 0.0 57

58 FR715013765 Intellectual property products -0.0 0.0 -0.0 0.0 -0.0 -0.0 -0.0 0.0 58

59 FR718200005 Changes in net worth due to nominal holding gains/losses 0.0 0.3 0.1 0.2 0.2 0.1 0.1 0.2 59

 Changes in balance sheet account

60 FC712090095 Change in net worth (lines 30+33+51+59) 0.7 0.4 0.4 0.1 1.1 -18.6 -0.0 0.1 60

 Balance sheet account (end of period)

61 FL712000095 Total assets 2462.0 2955.6 2965.3 4084.0 4565.6 4552.3 4519.7 4516.3 61

62 LM712010095 Nonfinancial assets (4) 10.3 10.3 10.3 10.2 10.2 10.2 10.2 10.3 62

63 LM715013665 Structures (nonresidential) 7.6 7.8 7.8 7.9 7.9 8.0 8.0 8.1 63

64 LM715013265 Equipment 1.9 1.8 1.7 1.6 1.5 1.4 1.3 1.3 64

65 LM715013765 Intellectual property products 0.7 0.7 0.8 0.8 0.8 0.8 0.9 1.0 65

66 FL714090005 Financial assets 2451.7 2945.2 2955.0 4073.8 4555.4 4542.1 4509.6 4506.0 66

67 FL713011203 Monetary gold 11.0 11.0 11.0 11.0 11.0 11.0 11.0 11.0 67

68 FL714000005 Currency and deposits 68.1 69.3 69.0 68.1 66.7 67.0 67.1 69.6 68

69 FL714022005 Debt securities 2161.1 2605.1 2669.6 3756.2 4236.9 4242.0 4221.2 4223.5 69

70 FL713069603 Open market paper 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 70

71 FL713061103 Treasury securities 1021.5 1663.4 1666.1 2208.8 2461.4 2461.6 2463.6 2454.2 71

72 FL713061705 Agency- and GSE-backed securities (2) 1139.6 941.7 1003.4 1547.4 1775.5 1780.4 1757.6 1769.3 72

73 FL714041005 Loans (short term) 98.4 130.5 9.5 0.4 1.7 1.1 5.6 12.2 73

74 FL713064103 Equity shares 26.4 0.0 0.0 0.0 0.0 0.0 0.0 0.0 74

75 FL713096105 Other accounts receivable 86.7 129.2 195.8 238.0 239.1 221.0 204.7 189.6 75

76 FL712100005 Total liabilities and net worth 2462.0 2955.6 2965.3 4084.0 4565.6 4552.3 4519.7 4516.3 76

77 FL714190005 Liabilities 2425.1 2918.3 2927.6 4046.3 4526.8 4532.1 4499.6 4496.0 77

78 FL714100005 Currency and deposits 2308.6 2788.7 2786.7 3686.8 3982.8 3761.4 3711.3 3845.8 78

79 FL712151003 Loans 59.7 99.9 107.2 315.9 509.8 712.4 725.2 564.0 79

80 FL713164003 Equity shares (stock in Federal Reserve Banks) 26.5 26.9 27.4 27.5 28.6 29.5 30.4 31.4 80

81 FL713193005 Other accounts payable 30.4 2.8 6.3 16.0 5.6 28.9 32.6 54.8 81

82 FL712090095 Net worth 36.8 37.2 37.7 37.7 38.8 20.2 20.2 20.3 82

(1) Consists of rental income of tenant-occupied housing and proprietors’ income. Quasi-corporations are unincorporated enterprises that function as if they were corporations;

 they primarily cover their operating costs through sales, and they keep a complete set of financial records.

(2) Government-sponsored enterprises (GSEs) consist of Federal Home Loan Banks, Fannie Mae, Freddie Mac, Federal Agricultural Mortgage Corporation, Farm Credit System,

 the Financing Corporation, and the Resolution Funding Corporation, and they included the Student Loan Marketing Association until it was fully privatized in the fourth quarter of 2004.

(3) The statistical discrepancy is the difference between net lending or net borrowing derived in the capital account and the same concept derived in the financial account. The discrepancy

 reflects differences in source data, timing of recorded transactions, and other statistical differences between the capital and financial accounts.

(4) Excludes land.
Inte

g

r

ate

d

A

c

c

o

u

nts

164 Z.1, September 20, 2018

S.62.a Private Depository Institutions

Billions of dollars

2010 2011 2012 2013 2014 2015 2016 2017

 

 Current account

 1 FA706902505 Gross value added 265.9 250.9 281.7 298.9 307.8 348.8 384.4 443.7 1

 2 FA706300081 Less: Consumption of fixed capital 31.8 32.2 33.0 33.5 33.4 34.4 36.3 38.4 2

 3 FA706902605 Equals: Net value added 234.1 218.7 248.7 265.4 274.4 314.4 348.1 405.3 3

 4 FA706025005 Compensation of employees (paid) 151.0 158.8 167.5 170.8 169.6 180.3 181.8 183.1 4

 5 FA706020001 Wages and salaries 128.3 134.3 143.1 145.9 144.7 151.1 152.1 152.8 5

 6 FA706401001 Employers’ social contributions 22.7 24.5 24.4 24.9 24.9 29.2 29.7 30.3 6

 7 FA706240101 Taxes on production and imports less subsidies 8.9 9.2 9.2 10.1 10.8 11.0 11.4 12.0 7

 8 FA706402101 Operating surplus, net 74.2 50.7 72.0 84.5 94.0 123.1 154.9 210.2 8

 9 FA706140005 Net national income/Balance of primary incomes, net 180.5 123.8 117.3 132.7 118.1 122.8 142.0 175.8 9

10 FA706402101 Operating surplus, net 74.2 50.7 72.0 84.5 94.0 123.1 154.9 210.2 10

11 FA706150105 Property income (received) 376.1 341.8 311.3 281.6 265.6 275.7 286.0 317.5 11

12 FA706130101 Interest 353.1 318.8 291.5 260.3 247.6 258.5 271.4 302.2 12

13 FA706121101 Distributed income of corporations (dividends) 2.1 2.1 2.2 2.4 2.7 3.0 2.0 2.1 13

14 FA703092281 Reinvested earnings on U.S. direct investment abroad 20.9 20.9 17.6 18.9 15.3 14.2 12.6 13.2 14

15 FA706150005 Less: Uses of property income (paid) 269.8 268.7 266.0 233.4 241.5 276.0 298.9 351.9 15

16 FA706130001 Interest 212.9 186.5 164.1 143.5 145.9 167.3 191.8 225.6 16

17 FA706120005 Distributed income of corporations 54.1 77.9 96.2 84.0 89.9 104.4 102.7 121.5 17

18 FA706121001 Dividends 53.9 77.8 96.0 83.9 89.8 104.3 102.6 121.4 18

19 FA706122001 Withdrawals from income of quasi-corporations (1) 0.2 0.1 0.2 0.1 0.1 0.1 0.1 0.1 19

20 FA703192281 Reinvested earnings on foreign direct investment 2.8 4.3 5.7 5.9 5.7 4.3 4.4 4.8 20

21 FA706112001 Rents on land and natural resources 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 21

22 FA706140005 Net national income/Balance of primary incomes, net 180.5 123.8 117.3 132.7 118.1 122.8 142.0 175.8 22

23 FA706220001 Less: Current taxes on income, wealth, etc. (paid) 18.2 22.4 29.5 24.8 37.4 36.0 36.8 33.2 23

24 FA706403001 Less: Other current transfers (paid) 4.8 5.1 5.5 6.3 6.7 7.4 8.1 8.6 24

25 FA706012005 Equals: Disposable income, net 157.5 96.3 82.3 101.6 74.0 79.4 97.1 134.0 25

26 FA706012005 Equals: Net saving 157.5 96.3 82.3 101.6 74.0 79.4 97.1 134.0 26

 Capital account

27 FA706006385 Net saving less capital transfers 157.5 96.6 82.3 101.6 74.0 79.4 97.1 124.2 27

28 FA706012005 Net saving 157.5 96.3 82.3 101.6 74.0 79.4 97.1 134.0 28

29 FA705440083 Less: Capital transfers paid (net) 0.0 -0.3 0.0 0.0 0.0 0.0 0.0 9.8 29

30 FA705015085 Capital formation, net -3.9 -4.3 -2.5 -5.3 -4.4 2.2 4.3 4.8 30

31 FA705013081 Gross fixed capital formation (nonresidential) 27.9 27.9 30.5 28.1 29.1 36.5 40.5 43.2 31

32 FA706300081 Less: Consumption of fixed capital 31.8 32.2 33.0 33.5 33.4 34.4 36.3 38.4 32

33 FA705000995 Net lending (+) or borrowing (-), capital account (lines 27-30) 161.4 100.9 84.8 107.0 78.3 77.3 92.9 119.4 33

 Financial account

34 FA705000995 Net lending (+) or borrowing (-) (line 33) 161.4 100.9 84.8 107.0 78.3 77.3 92.9 119.4 34

35 FA704090005 Net acquisition of financial assets -214.2 796.6 510.5 937.9 1000.5 533.6 732.3 885.2 35

36 FA704000005 Currency and deposits 8.0 584.6 -61.5 730.3 149.5 -389.5 -209.7 195.7 36

37 FA703025005 Vault cash -2.2 8.1 7.1 2.6 2.0 -1.4 1.7 1.2 37

38 FA713113003 Reserves at the Federal Reserve 11.7 578.4 -69.7 730.9 148.9 -387.6 -211.0 194.8 38

39 FA403197033 Deposits at Federal Home Loan Banks -1.5 -1.8 1.2 -3.2 -1.5 -0.5 -0.4 -0.3 39

40 FA704022005 Debt securities 119.8 138.0 190.2 46.4 216.7 203.3 286.0 134.9 40

41 FA703069175 Open market paper 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.0 41

42 FA703061105 Treasury securities 102.4 -46.7 86.6 -35.1 195.4 36.8 120.5 -35.2 42

43 FA703061705 Agency- and GSE-backed securities (2) 133.9 133.6 49.7 42.4 26.2 155.2 131.2 166.7 43

44 FA703062005 Municipal securities 29.3 46.8 68.0 55.1 31.0 47.4 50.6 20.6 44

45 FA703063005 Corporate and foreign bonds -145.9 4.3 -14.0 -16.0 -35.9 -36.0 -16.4 -17.2 45

46 FA704035005 Loans -269.0 136.2 403.8 146.0 578.8 701.2 589.4 528.9 46

47 FA704041005 Short term -111.8 242.0 382.1 157.0 428.9 445.5 293.1 312.5 47

48 FA703065005 Long term (mortgages) -157.2 -105.8 21.7 -11.0 149.9 255.7 296.2 216.4 48

49 FA703081005 Equity and investment fund shares -7.5 -10.7 -14.6 1.4 3.1 -8.4 -8.3 14.0 49

50 FA703064105 Corporate equities -1.7 0.9 -10.5 0.8 0.7 2.0 -6.9 -0.7 50

51 FA703064205 Mutual fund shares -6.1 -0.4 -0.9 1.1 -0.9 -1.0 -1.9 0.2 51

52 FA703092405 Equity in government-sponsored enterprises (2) -3.2 -5.4 -2.1 -1.1 -0.0 -0.9 2.0 1.4 52

53 FA763092000 U.S. direct investment abroad 2.7 -6.2 -1.6 0.4 2.2 -9.3 -2.5 12.2 53

54 FA713164003 Stock in Federal Reserve Banks 0.9 0.4 0.5 0.1 1.1 0.9 1.0 0.9 54

55 FA763040005 Insurance, pension and standardized guarantee schemes 4.5 5.2 7.4 5.7 5.9 6.5 5.6 6.4 55

56 FA703093005 Other accounts receivable -70.0 -56.7 -14.8 8.1 46.5 20.5 69.4 5.2 56
Inte

g

r

ate

d

A

c

c

o

u

nts

Z.1, September 20, 2018 165

S.62.a Private Depository Institutions

Billions of dollars

2010 2011 2012 2013 2014 2015 2016 2017

 

57 FA704190005 Net incurrence of liabilities -131.1 853.3 594.6 867.4 1052.1 524.4 711.7 794.6 57

58 FA704100005 Currency and deposits 199.3 977.0 599.0 898.1 650.8 438.8 497.1 624.5 58

59 FA703127005 Checkable deposits 81.3 356.7 205.6 193.1 198.8 87.8 119.9 165.9 59

60 FA703130205 Other deposits 118.0 620.3 393.4 705.0 452.0 351.0 377.2 458.6 60

61 FA704122005 Debt securities -69.3 10.0 -115.4 -102.7 -17.2 -9.3 -21.4 -13.0 61

62 FA763163005 Corporate bonds -49.2 2.4 -82.3 -74.9 -12.0 -8.4 -16.9 -13.6 62

63 FA703169175 Commercial paper -20.2 7.6 -33.1 -27.8 -5.2 -0.9 -4.5 0.7 63

64 FA704141005 Loans (short term) -239.0 -89.8 -26.6 -17.6 92.0 35.6 102.2 124.5 64

65 FA703181105 Equity and investment fund shares 26.1 76.6 110.6 60.6 181.2 53.6 118.7 11.2 65

66 FA763164103 Corporate equity issues 11.9 6.4 1.6 2.2 2.7 9.5 4.6 7.4 66

67 FA753192003 Foreign direct investment in the United States 12.4 26.0 -2.3 8.8 3.7 0.4 9.2 7.7 67

68 FA703194005 Investment by parent 1.8 44.1 111.3 49.6 174.8 43.6 104.9 -3.9 68

69 FA703196005 Other accounts payable -48.2 -120.4 27.0 28.9 145.2 5.7 15.2 47.3 69

 Addendum:

70 FA705000005 Net lending (+) or borrowing (-), financial account (lines 35-57) -83.1 -56.7 -84.1 70.5 -51.6 9.2 20.6 90.6 70

 Other changes in volume account

71 FV708090185 Total other volume changes -287.2 -186.6 -291.0 -86.3 -137.5 -60.9 -88.6 -142.8 71

72 FV702010095 Disaster losses 0.0 0.0 -0.5 0.0 0.0 0.0 0.0 0.0 72

73 FV708090085 Other volume changes -42.7 -29.0 -121.5 -49.9 -7.6 7.2 -16.3 -113.9 73

74 FU707005045 Less: Statistical discrepancy (lines 33-70) (3) 244.5 157.6 169.0 36.5 129.9 68.1 72.3 28.9 74

 Revaluation account

75 FR702010095 Nonfinancial assets -0.5 9.5 3.1 7.1 5.5 3.1 2.4 6.3 75

76 FR705013665 Structures (nonresidential) 0.1 9.4 3.8 7.8 6.1 5.1 4.2 6.6 76

77 FR705013265 Equipment -0.3 0.3 -0.2 -0.6 -0.3 -1.5 -1.3 0.1 77

78 FR705013765 Intellectual property products -0.4 -0.1 -0.5 -0.2 -0.3 -0.4 -0.5 -0.4 78

79 FR703081085 Financial assets 32.4 -11.2 26.1 31.2 -0.8 -27.1 14.9 41.9 79

80 FR703064105 Corporate equities 11.7 -7.2 14.4 29.1 6.6 -10.5 13.4 26.1 80

81 FR703064205 Mutual fund shares 4.9 -2.6 5.5 10.9 2.6 -3.9 5.1 9.4 81

82 FR763092000 U.S. direct investment abroad 15.7 -1.4 6.1 -8.8 -9.9 -12.6 -3.6 6.4 82

83 FR703181105 Liabilities 59.5 -138.8 189.1 212.4 63.4 -9.5 205.8 204.3 83

84 FR763164103 Corporate equity issues 59.5 -169.3 157.6 212.2 84.0 -5.0 211.1 204.1 84

85 FR753192003 Foreign direct investment in the United States -0.1 30.5 31.6 0.2 -20.6 -4.6 -5.3 0.1 85

86 FR703194005 Investment by parent 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 86

87 FR708200005 Changes in net worth due to nominal holding gains/losses -27.6 137.1 -159.9 -174.1 -58.8 -14.4 -188.5 -156.0 87

 Changes in balance sheet account

88 FC702090095 Change in net worth (lines 30+33+71+87) -157.3 47.1 -368.7 -158.8 -122.3 4.1 -179.9 -174.6 88

 Balance sheet account (end of period)

89 FL702000095 Total assets 14015.1 14860.1 15277.6 16159.4 17168.9 17666.8 18396.5 19281.9 89

90 LM702010095 Nonfinancial assets (4) 371.0 377.1 378.7 381.2 384.9 393.1 403.7 418.3 90

91 LM705013665 Structures (nonresidential) 259.5 266.0 267.0 271.9 276.8 280.2 285.4 292.6 91

92 LM705013265 Equipment 91.7 89.7 88.0 85.0 82.6 83.3 84.5 87.9 92

93 LM705013765 Intellectual property products 19.9 21.3 23.7 24.4 25.5 29.6 33.8 37.8 93

94 FL704090005 Financial assets 13644.1 14483.1 14898.8 15778.1 16784.0 17273.7 17992.8 18863.6 94

95 FL704000005 Currency and deposits 1031.5 1616.1 1557.8 2288.1 2437.5 2048.0 1838.3 2034.0 95

96 FL703025005 Vault cash 52.7 60.8 71.1 73.6 75.7 74.2 76.0 77.2 96

97 FL713113003 Reserves at the Federal Reserve 964.4 1542.7 1473.0 2203.9 2352.8 1965.2 1754.2 1949.0 97

98 FL403197033 Deposits at Federal Home Loan Banks 14.4 12.6 13.7 10.6 9.1 8.5 8.1 7.8 98

99 FL704022005 Debt securities 3070.7 3208.7 3398.9 3445.3 3662.1 3865.4 4151.4 4286.2 99

100 FL703069175 Open market paper 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 100

101 FL703061105 Treasury securities 299.6 252.9 339.5 304.4 499.8 536.6 657.1 621.9 101

102 FL703061705 Agency- and GSE-backed securities (2) 1718.1 1851.7 1901.3 1943.8 1970.0 2125.2 2256.4 2423.1 102

103 FL703062005 Municipal securities 257.1 303.9 371.9 427.0 458.0 505.4 556.0 576.6 103

104 FL703063005 Corporate and foreign bonds 795.9 800.2 786.2 770.2 734.2 698.2 681.9 664.7 104

105 FL704035005 Loans 8247.4 8342.6 8708.8 8835.4 9403.2 10096.6 10680.7 11205.7 105

106 FL704041005 Short term 3664.4 3906.4 4286.4 4443.3 4872.1 5317.6 5610.7 5923.2 106

107 FL703065005 Long term (mortgages) 4583.0 4436.2 4422.4 4392.1 4531.1 4779.1 5070.0 5282.5 107
Inte

g

r

ate

d

A

c

c

o

u

nts

166 Z.1, September 20, 2018

S.62.a Private Depository Institutions

Billions of dollars

2010 2011 2012 2013 2014 2015 2016 2017

 

108 FL703081005 Equity and investment fund shares 465.6 443.7 455.1 487.7 490.0 454.5 461.1 517.0 108

109 LM703064105 Corporate equities 73.6 67.4 71.3 101.3 108.5 100.0 106.5 131.9 109

110 LM703064205 Mutual fund shares 46.5 43.5 48.1 60.1 61.8 56.8 60.0 69.6 110

111 FL703092405 Equity in government-sponsored enterprises (2) 38.9 33.4 31.3 30.2 30.2 29.2 31.3 32.6 111

112 LM763092000 U.S. direct investment abroad 280.1 272.5 277.0 268.6 260.9 239.0 232.9 251.6 112

113 FL713164003 Stock in Federal Reserve Banks 26.5 26.9 27.4 27.5 28.6 29.5 30.4 31.4 113

114 FL763040005 Insurance, pension and standardized guarantee schemes 116.0 125.5 138.0 143.8 149.6 156.2 161.8 168.2 114

115 FL703093005 Other accounts receivable 712.9 746.5 640.2 577.8 641.5 653.1 699.7 652.5 115

116 FL702100005 Total liabilities and net worth 14015.1 14860.1 15277.6 16159.4 17168.9 17666.8 18396.5 19281.9 116

117 FL704194005 Liabilities 14484.2 15282.1 16068.2 17108.8 18240.6 18734.4 19644.1 20704.1 117

118 FL704100005 Currency and deposits 9571.6 10548.5 11119.7 12017.8 12668.6 13107.3 13604.4 14228.9 118

119 FL703127005 Checkable deposits 1072.0 1428.6 1629.2 1822.3 2021.2 2108.9 2228.8 2394.7 119

120 FL703130205 Other deposits 8499.6 9119.9 9490.4 10195.4 10647.4 10998.4 11375.6 11834.2 120

121 FL704122005 Debt securities 490.1 500.1 383.4 280.7 263.5 254.2 232.8 219.8 121

122 FL763163005 Corporate bonds 377.1 379.4 295.9 221.0 209.0 200.6 183.7 170.1 122

123 FL703169175 Commercial paper 113.0 120.6 87.5 59.7 54.5 53.6 49.0 49.7 123

124 FL704141005 Loans (short term) 1153.2 1063.3 1036.8 1019.2 1111.2 1146.9 1249.1 1373.5 124

125 FL703181105 Equity and investment fund shares 2561.4 2499.2 2851.8 3124.8 3369.4 3413.5 3738.0 4025.1 125

126 LM763164103 Corporate equity issues 637.1 474.1 633.3 847.7 934.4 938.9 1154.6 1366.1 126

127 LM753192003 Foreign direct investment in the United States 120.0 176.6 205.9 214.9 198.0 193.9 197.8 205.7 127

128 FL703194005 Investment by parent 1804.3 1848.4 2012.6 2062.2 2237.0 2280.6 2385.6 2453.3 128

129 FL703196005 Other accounts payable 708.0 671.0 676.6 666.4 827.9 812.5 819.8 856.7 129

130 FL702090095 Net worth -469.1 -422.0 -790.7 -949.5 -1071.8 -1067.6 -1247.6 -1422.2 130

(1) Consists of rental income of tenant-occupied housing and proprietors’ income. Quasi-corporations are unincorporated enterprises that function as if they were corporations;

 they primarily cover their operating costs through sales, and they keep a complete set of financial records.

(2) Government-sponsored enterprises (GSEs) consist of Federal Home Loan Banks, Fannie Mae, Freddie Mac, Federal Agricultural Mortgage Corporation, Farm Credit System,

 the Financing Corporation, and the Resolution Funding Corporation, and they included the Student Loan Marketing Association until it was fully privatized in the fourth quarter of 2004.

(3) The statistical discrepancy is the difference between net lending or net borrowing derived in the capital account and the same concept derived in the financial account. The discrepancy

 reflects differences in source data, timing of recorded transactions, and other statistical differences between the capital and financial accounts.

(4) Excludes land.
Inte

g

r

ate

d

A

c

c

o

u

nts

Z.1, September 20, 2018 167

S.63.a Insurance Companies

Billions of dollars

2010 2011 2012 2013 2014 2015 2016 2017

 

 Current account

 1 FA526902505 Gross value added 270.6 254.0 270.6 237.9 328.4 389.2 422.9 380.1 1

 2 FA526300081 Less: Consumption of fixed capital 26.2 26.2 27.2 29.3 31.0 32.2 33.9 36.1 2

 3 FA526902605 Equals: Net value added 244.4 227.7 243.4 208.6 297.4 357.1 389.0 344.0 3

 4 FA526025005 Compensation of employees (paid) 119.9 127.1 132.1 133.9 138.4 141.3 141.0 148.5 4

 5 FA526020001 Wages and salaries 100.7 107.0 112.1 113.3 117.4 121.8 121.2 127.5 5

 6 FA526401001 Employers’ social contributions 19.2 20.1 20.1 20.6 20.9 19.6 19.8 20.9 6

 7 FA526240101 Taxes on production and imports less subsidies 21.4 22.5 22.9 24.1 33.3 37.6 39.2 30.2 7

 8 FA526402101 Operating surplus, net 103.1 78.2 88.4 50.6 125.8 178.2 208.8 165.4 8

 9 FA526140005 Net national income/Balance of primary incomes, net 54.3 13.7 5.1 -1.1 50.2 73.9 124.0 71.4 9

10 FA526402101 Operating surplus, net 103.1 78.2 88.4 50.6 125.8 178.2 208.8 165.4 10

11 FA526150105 Property income (received) 277.7 257.7 257.2 274.3 282.1 276.4 291.1 289.3 11

12 FA526130101 Interest 248.5 242.3 238.7 255.9 262.7 255.3 269.2 265.1 12

13 FA526121101 Distributed income of corporations (dividends) 27.9 13.0 15.5 16.2 17.2 18.9 18.1 19.9 13

14 FA523092281 Reinvested earnings on U.S. direct investment abroad 1.4 2.4 2.9 2.2 2.3 2.2 3.9 4.3 14

15 FA526150005 Less: Uses of property income (paid) 326.5 322.2 340.4 326.0 357.7 380.7 376.0 383.2 15

16 FA526130001 Interest 307.9 306.0 314.8 300.4 335.3 359.7 345.6 344.2 16

17 FA526120005 Distributed income of corporations 17.3 13.7 22.8 23.4 20.1 18.8 26.4 34.8 17

18 FA526121001 Dividends 13.5 10.8 19.1 18.4 15.1 14.4 22.1 30.8 18

19 FA526122001 Withdrawals from income of quasi-corporations (1) 3.8 2.9 3.7 5.1 5.0 4.5 4.3 4.0 19

20 FA523192281 Reinvested earnings on foreign direct investment 1.4 2.4 2.9 2.2 2.3 2.2 3.9 4.3 20

21 FA526112001 Rents on land and natural resources 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 21

22 FA526140005 Net national income/Balance of primary incomes, net 54.3 13.7 5.1 -1.1 50.2 73.9 124.0 71.4 22

23 FA526220001 Less: Current taxes on income, wealth, etc. (paid) 28.3 22.5 28.5 33.1 38.5 42.2 42.9 33.4 23

24 FA526403001 Less: Other current transfers (paid) -8.4 -14.3 -67.8 -66.9 -40.0 -10.2 33.5 -14.7 24

25 FA526012005 Equals: Disposable income, net 34.4 5.6 44.4 32.6 51.7 41.9 47.5 52.8 25

26 FA526012005 Equals: Net saving 34.4 5.6 44.4 32.6 51.7 41.9 47.5 52.8 26

 Capital account

27 FA526006385 Net saving less capital transfers 34.4 5.6 30.1 32.6 51.7 41.9 47.5 -15.9 27

28 FA526012005 Net saving 34.4 5.6 44.4 32.6 51.7 41.9 47.5 52.8 28

29 FA525440083 Less: Capital transfers paid (net) 0.0 0.0 14.3 0.0 0.0 0.0 0.0 68.7 29

30 FA525015085 Capital formation, net -3.4 -1.4 0.7 4.0 0.8 5.8 5.2 6.2 30

31 FA525013081 Gross fixed capital formation (nonresidential) 22.7 24.8 27.8 33.3 31.8 38.0 39.1 42.3 31

32 FA526300081 Less: Consumption of fixed capital 26.2 26.2 27.2 29.3 31.0 32.2 33.9 36.1 32

33 FA525000995 Net lending (+) or borrowing (-), capital account (lines 27-30) 37.8 7.0 29.4 28.6 50.9 36.0 42.3 -22.1 33

 Financial account

34 FA525000995 Net lending (+) or borrowing (-) (line 33) 37.8 7.0 29.4 28.6 50.9 36.0 42.3 -22.1 34

35 FA524090005 Net acquisition of financial assets 173.6 219.8 130.9 151.5 160.4 226.0 227.0 218.6 35

36 FA523020005 Currency and deposits 6.3 -6.1 14.0 -15.2 11.6 7.1 -15.0 21.7 36

37 FA524022005 Debt securities 135.9 77.5 44.6 132.4 93.9 120.7 181.1 103.0 37

38 FA523069105 Open market paper -11.1 -11.5 17.0 11.0 -8.7 -6.7 13.3 -17.5 38

39 FA523061105 Treasury securities 24.2 15.5 -2.3 -7.7 20.6 5.8 31.9 33.9 39

40 FA523061705 Agency- and GSE-backed securities (2) 1.2 0.6 -25.0 -12.7 -13.2 -8.6 15.7 14.0 40

41 FA523062005 Municipal securities 11.4 -28.7 1.1 8.1 -8.2 18.4 10.7 -2.6 41

42 FA523063005 Corporate and foreign bonds 110.1 101.5 53.9 133.6 103.4 111.6 109.6 75.2 42

43 FA524035005 Loans -8.5 17.6 16.3 19.5 32.0 43.7 39.9 47.7 43

44 FA524041005 Short term 0.1 1.3 3.3 -2.2 8.0 -1.3 2.4 4.2 44

45 FA523065005 Long term (mortgages) -8.6 16.3 13.1 21.7 24.0 45.0 37.5 43.5 45

46 FA523081005 Equity and investment fund shares 20.7 35.9 7.9 -26.6 -42.1 3.4 -91.9 -70.8 46

47 FA523064105 Corporate equities 4.2 17.9 3.0 -10.1 -2.1 29.5 101.3 -6.7 47

48 FA523064205 Mutual fund shares 61.6 11.0 2.5 -18.3 -52.4 -33.9 -170.7 -76.2 48

49 FA523034005 Money market fund shares -24.5 3.3 -4.0 -13.9 2.4 6.2 -20.3 7.6 49

50 FA523092405 Equity in government-sponsored enterprises (2) -0.1 -0.8 0.1 0.9 0.1 0.5 0.4 0.4 50

51 FA523092005 U.S. direct investment abroad -20.4 4.4 6.3 14.8 9.9 1.2 -2.5 4.1 51

52 FA523052005 Insurance, pension and standardized guarantee schemes -21.8 6.8 30.0 27.7 1.8 30.8 55.2 84.9 52

53 FA523096005 Other accounts receivable 41.0 88.1 18.1 13.8 63.1 20.3 57.7 32.1 53

54 FA524190005 Net incurrence of liabilities 128.2 225.0 137.4 152.3 126.1 130.2 203.0 203.8 54

55 FA673090543 Currency and deposits (funding agreements) -9.7 -8.5 -0.4 -8.5 9.2 1.6 6.9 12.1 55

56 FA524141005 Loans (short term) -4.8 5.1 4.9 8.7 2.5 6.2 9.9 6.2 56
Inte

g

r

ate

d

A

c

c

o

u

nts

168 Z.1, September 20, 2018

S.63.a Insurance Companies

Billions of dollars

2010 2011 2012 2013 2014 2015 2016 2017

 

57 FA523181105 Equity and investment fund shares 13.9 -20.5 -2.6 -12.4 -28.7 6.9 10.5 -24.8 57

58 FA523164105 Corporate equity issues -17.5 -22.3 -24.5 -16.8 -31.8 -32.0 -25.3 -32.7 58

59 FA523192005 Foreign direct investment in the United States 9.1 -7.5 9.9 12.0 2.3 39.3 34.8 4.9 59

60 FA523194735 Investment by parent 22.2 9.3 12.0 -7.6 0.9 -0.3 1.1 3.1 60

61 FA523152005 Insurance, pension and standardized guarantee schemes 129.8 253.6 102.8 114.6 105.7 174.4 160.9 146.5 61

62 FA523196005 Other accounts payable -1.0 -4.8 32.7 50.0 37.4 -59.0 14.7 63.7 62

 Addendum:

63 FA525000005 Net lending (+) or borrowing (-), financial account (lines 35-54) 45.4 -5.2 -6.5 -0.8 34.2 95.8 24.0 14.9 63

 Other changes in volume account

64 FV528090185 Total other volume changes 4.4 -11.9 -55.8 -33.9 -17.0 60.4 -17.5 35.3 64

65 FV522010095 Disaster losses 0.0 0.0 -0.1 0.0 0.0 0.0 0.0 0.0 65

66 FV528090085 Other volume changes -3.2 0.3 -19.7 -4.5 -0.3 0.6 0.8 -1.7 66

67 FU527005045 Less: Statistical discrepancy (lines 33-63) (3) -7.6 12.2 35.9 29.4 16.7 -59.8 18.3 -37.0 67

 Revaluation account

68 FR522010095 Nonfinancial assets -0.3 5.7 1.6 4.3 2.9 1.7 1.3 3.9 68

69 FR525013665 Structures (nonresidential) 0.2 5.4 2.2 4.6 3.5 2.8 2.3 4.0 69

70 FR525013265 Equipment -0.1 0.3 -0.0 -0.3 -0.1 -0.7 -0.5 0.1 70

71 FR525013765 Intellectual property products -0.4 -0.0 -0.6 -0.1 -0.5 -0.5 -0.5 -0.2 71

72 FR524090085 Financial assets 297.6 154.1 298.8 155.9 287.4 -251.4 173.6 441.1 72

73 FR524022005 Debt securities 133.3 199.8 81.9 -206.8 148.4 -168.5 27.2 103.7 73

74 FR523064105 Corporate equities 24.5 2.8 53.1 112.7 34.2 -19.4 40.7 103.9 74

75 FR523064205 Mutual fund shares 126.8 -43.1 146.9 257.0 84.1 -38.5 101.4 226.4 75

76 FR523092005 U.S. direct investment abroad 13.1 -5.4 16.9 -6.9 20.6 -25.0 4.4 7.2 76

77 FR524190085 Liabilities 204.9 -61.5 228.2 361.8 194.1 -62.2 183.6 382.3 77

78 FR523164105 Corporate equity issues 42.5 -61.5 79.5 122.2 59.1 -11.0 66.8 88.2 78

79 FR523192005 Foreign direct investment in the United States 11.9 30.0 -23.9 -43.2 15.3 8.6 4.1 5.9 79

80 FR523194735 Investment by parent 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 80

81 FR523152005 Insurance, pension and standardized guarantee schemes 150.6 -30.0 172.7 282.8 119.8 -59.8 112.6 288.1 81

82 FR528200005 Changes in net worth due to nominal holding gains/losses 92.4 221.3 72.2 -201.6 96.1 -187.6 -8.7 62.7 82

 Changes in balance sheet account

83 FC522090095 Change in net worth (lines 30+33+64+82) 131.1 214.9 46.6 -202.9 130.8 -85.3 21.3 82.0 83

 Balance sheet account (end of period)

84 FL522000095 Total assets 7738.1 8116.3 8549.7 8865.1 9317.6 9299.7 9740.5 10410.5 84

85 LM522010095 Nonfinancial assets (4) 234.0 238.3 241.6 249.3 254.0 261.5 268.0 278.3 85

86 LM525013665 Structures (nonresidential) 149.1 152.0 151.8 154.5 157.3 161.7 164.1 168.0 86

87 LM525013265 Equipment 45.2 45.0 45.3 45.8 45.8 45.8 45.8 47.0 87

88 LM525013765 Intellectual property products 39.6 41.3 44.5 49.0 50.9 54.1 58.1 63.3 88

89 FL524090005 Financial assets 7504.1 7878.0 8308.1 8615.8 9063.5 9038.2 9472.4 10132.2 89

90 FL523020005 Currency and deposits 86.6 87.7 101.7 86.5 98.1 105.2 101.1 122.8 90

91 LM524022005 Debt securities 3728.2 4010.4 4136.9 4062.5 4304.8 4256.9 4471.5 4678.2 91

92 LM523069105 Open market paper 51.3 41.0 58.0 69.0 60.3 53.6 66.9 49.4 92

93 LM523061105 Treasury securities 258.0 305.0 298.0 274.5 310.5 310.1 334.2 378.5 93

94 LM523061705 Agency- and GSE-backed securities (2) 513.8 543.2 523.0 485.4 504.2 477.4 480.8 504.1 94

95 LM523062005 Municipal securities 482.9 505.4 504.4 497.4 520.2 534.8 535.9 537.9 95

96 LM523063005 Corporate and foreign bonds 2422.2 2615.8 2753.5 2736.1 2909.7 2880.9 3053.6 3208.3 96

97 FL524035005 Loans 480.2 497.8 514.1 533.5 565.5 609.2 649.1 696.8 97

98 FL524041005 Short term 156.7 158.0 161.3 159.1 167.1 165.8 168.2 172.4 98

99 FL523065005 Long term (mortgages) 323.4 339.7 352.8 374.5 398.4 443.4 480.9 524.4 99

100 FL523081005 Equity and investment fund shares 1994.9 1985.7 2210.5 2546.6 2643.4 2564.0 2618.6 2885.2 100

101 LM523064105 Corporate equities 447.7 468.4 524.6 627.2 659.3 669.4 811.4 908.5 101

102 LM523064205 Mutual fund shares 1312.9 1281.0 1430.3 1669.1 1700.8 1628.5 1559.1 1709.3 102

103 FL523034005 Money market fund shares 86.1 89.8 85.9 71.9 74.4 80.5 60.2 67.8 103

104 FL523092405 Equity in government-sponsored enterprises (2) 2.8 2.0 2.1 3.0 3.1 3.5 3.9 4.3 104

105 LM523092005 U.S. direct investment abroad 145.4 144.4 167.6 175.4 205.8 182.1 183.9 195.3 105

106 FL523052005 Insurance, pension and standardized guarantee schemes 542.3 549.1 579.5 607.4 609.2 640.1 695.3 780.2 106

107 FL523096005 Other accounts receivable 671.9 747.4 765.5 779.3 842.4 862.8 936.8 968.9 107
Inte

g

r

ate

d

A

c

c

o

u

nts

Z.1, September 20, 2018 169

S.63.a Insurance Companies

Billions of dollars

2010 2011 2012 2013 2014 2015 2016 2017

 

108 FL522100005 Total liabilities and net worth 7738.1 8116.3 8549.7 8865.1 9317.6 9299.7 9740.5 10410.5 108

109 FL524194005 Liabilities 6831.1 6994.4 7381.3 7899.5 8221.2 8288.7 8708.1 9296.0 109

110 FL673090543 Currency and deposits (funding agreements) 70.4 61.9 61.5 53.0 62.2 63.8 70.7 82.9 110

111 FL524141005 Loans (short term) 55.9 61.0 65.9 74.6 77.0 83.3 93.2 99.4 111

112 FL523181105 Equity and investment fund shares 641.9 590.0 584.1 645.8 691.5 696.1 777.5 846.9 112

113 LM523164105 Corporate equity issues 420.9 337.2 392.2 497.6 524.9 481.9 523.4 578.8 113

114 LM523192005 Foreign direct investment in the United States 155.0 177.5 163.4 132.2 149.7 197.7 236.6 247.4 114

115 FL523194735 Investment by parent 65.9 75.3 28.4 15.9 16.8 16.5 17.6 20.6 115

116 FL523152005 Insurance, pension and standardized guarantee schemes 5724.6 5948.2 6223.8 6621.1 6846.6 6961.2 7252.2 7686.9 116

117 FL523196005 Other accounts payable 338.4 333.2 446.1 505.0 543.9 484.4 514.4 580.0 117

118 FL522090095 Net worth 907.0 1121.9 1168.4 965.6 1096.4 1011.1 1032.4 1114.4 118

(1) Consists of rental income of tenant-occupied housing and proprietors’ income. Quasi-corporations are unincorporated enterprises that function as if they were corporations;

 they primarily cover their operating costs through sales, and they keep a complete set of financial records.

(2) Government-sponsored enterprises (GSEs) consist of Federal Home Loan Banks, Fannie Mae, Freddie Mac, Federal Agricultural Mortgage Corporation, Farm Credit System,

 the Financing Corporation, and the Resolution Funding Corporation, and they included the Student Loan Marketing Association until it was fully privatized in the fourth quarter of 2004.

(3) The statistical discrepancy is the difference between net lending or net borrowing derived in the capital account and the same concept derived in the financial account. The discrepancy

 reflects differences in source data, timing of recorded transactions, and other statistical differences between the capital and financial accounts.

(4) Excludes land.
Inte

g

r

ate

d

A

c

c

o

u

nts

170 Z.1, September 20, 2018

S.64.a Pension Funds

Billions of dollars

2010 2011 2012 2013 2014 2015 2016 2017

 

 Current account

 1 FA596902505 Gross value added 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1

 2 FA596300081 Less: Consumption of fixed capital 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2

 3 FA596902605 Equals: Net value added 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3

 4 FA596025005 Compensation of employees (paid) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 FA596020001 Wages and salaries 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5

 6 FA596401001 Employers’ social contributions 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 6

 7 FA596240101 Taxes on production and imports less subsidies 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 7

 8 FA596402101 Operating surplus, net 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8

 9 FA596140005 Net national income/Balance of primary incomes, net 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

10 FA596402101 Operating surplus, net 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10

11 FA596150105 Property income (received) 550.4 556.2 579.0 595.5 608.0 624.9 636.7 650.1 11

12 FA596130101 Interest 434.9 440.3 450.3 453.4 454.8 464.3 469.8 474.4 12

13 FA596121101 Distributed income of corporations (dividends) 115.5 115.9 128.7 142.1 153.2 160.6 166.9 175.7 13

14 FA593092281 Reinvested earnings on U.S. direct investment abroad 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14

15 FA596150005 Less: Uses of property income (paid) 550.4 556.2 579.0 595.5 608.0 624.9 636.7 650.1 15

16 FA596130001 Interest 434.9 440.3 450.3 453.4 454.8 464.3 469.8 474.4 16

17 FA596120005 Distributed income of corporations 115.5 115.9 128.7 142.1 153.2 160.6 166.9 175.7 17

18 FA596121001 Dividends 115.5 115.9 128.7 142.1 153.2 160.6 166.9 175.7 18

19 FA596122001 Withdrawals from income of quasi-corporations (1) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19

20 FA593192281 Reinvested earnings on foreign direct investment 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 20

21 FA596112001 Rents on land and natural resources 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 21

22 FA596140005 Net national income/Balance of primary incomes, net 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 22

23 FA596220001 Less: Current taxes on income, wealth, etc. (paid) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 23

24 FA596403105 Plus: Other current transfers received, net 0.0 0.0 0.0 0.0 0.0 -0.0 0.0 -0.0 24

25 FA596012005 Equals: Disposable income, net 0.0 0.0 0.0 0.0 0.0 -0.0 0.0 -0.0 25

26 FA596012005 Equals: Net saving 0.0 0.0 0.0 0.0 0.0 -0.0 0.0 -0.0 26

 Capital account

27 FA596006385 Net saving less capital transfers 0.0 0.0 0.0 0.0 0.0 -0.0 0.0 -0.0 27

28 FA596012005 Net saving 0.0 0.0 0.0 0.0 0.0 -0.0 0.0 -0.0 28

29 FA595440083 Less: Capital transfers (net) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 29

30 FA595015085 Capital formation, net 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 30

31 FA595013081 Gross fixed capital formation (nonresidential) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 31

32 FA596300081 Less: Consumption of fixed capital 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 32

33 FA595000995 Net lending (+) or borrowing (-), capital account (lines 27-30) 0.0 0.0 0.0 0.0 0.0 -0.0 0.0 -0.0 33

 Addenda:

34 FA596403105 Other current transfers received, net (line 24) 0.0 0.0 0.0 0.0 0.0 -0.0 0.0 -0.0 34

35 FA596403115 Contributions received 1248.4 1263.9 1303.0 1378.3 1423.5 1475.9 1510.9 1549.6 35

36 FA596403125 Claims to pension benefits 702.5 712.4 729.1 788.5 821.7 857.6 880.9 907.0 36

37 FA596403133 Actual employer contributions 503.8 525.7 538.9 547.1 557.5 591.9 624.7 667.5 37

38 FA596403143 Imputed employer contributions -62.2 -87.4 -99.2 -65.2 -63.8 -88.0 -110.6 -141.3 38

39 FA596403153 Actual household contributions 280.6 294.6 311.1 329.8 352.9 380.2 395.4 412.4 39

40 FA596403013 Less: pension service charges for defined benefit (DB) plans 19.7 20.4 21.7 23.1 24.8 26.5 28.6 31.7 40

41 FA596403163 Household pension contribution supplements 550.4 556.2 579.0 595.5 608.0 624.9 636.7 650.1 41

42 FA596403023 Less: pension service charge for defined contribution (DC) plans 4.5 4.8 5.1 5.7 6.1 6.5 6.7 7.5 42

43 FA596403033 Less: benefit payments and withdrawals 831.9 863.2 943.6 1049.5 1107.6 1160.5 1211.1 1278.8 43

44 FA596403043 Less: net change in benefit entitlements from DB plans 263.7 245.9 212.7 201.7 195.7 175.2 183.5 179.5 44

45 FA596403053 Less: net change in assets from current transaction for DC plans 152.8 154.7 146.7 127.1 120.2 140.3 116.3 91.3 45

 Financial account

46 FA595000995 Net lending (+) or borrowing (-) (line 33) 0.0 0.0 0.0 0.0 0.0 -0.0 0.0 -0.0 46

47 FA594090005 Net acquisition of financial assets 571.8 438.9 460.0 465.3 324.5 348.9 385.5 420.2 47

48 FA594000005 Currency and deposits 1.0 7.5 1.7 9.8 6.9 -0.5 2.7 -14.2 48

49 FA593020005 Currency and transferable deposits 1.7 5.5 3.9 3.7 5.8 3.6 3.0 -11.4 49

50 FA593030005 Time and savings deposits -0.7 2.0 -2.3 6.1 1.2 -4.1 -0.3 -2.8 50

51 FA594022005 Debt securities 184.7 90.7 252.6 239.3 237.1 85.4 146.6 52.2 51

52 FA593069105 Open market paper 3.3 2.3 -1.7 10.2 0.5 -3.6 11.2 -6.1 52

53 FA593061105 Treasury securities 126.6 109.6 148.4 122.9 113.4 56.3 167.4 -3.7 53

54 FA593061705 Agency- and GSE-backed securities (2) 14.0 -52.9 -11.6 -5.4 20.0 -11.7 9.6 11.7 54

55 FA593062045 Municipal securities 0.6 -0.6 0.1 0.9 -0.2 0.1 0.2 1.0 55

56 FA593063005 Corporate and foreign bonds 40.1 32.3 117.5 110.7 103.4 44.3 -41.7 49.2 56
Inte

g

r

ate

d

A

c

c

o

u

nts

Z.1, September 20, 2018 171

S.64.a Pension Funds

Billions of dollars

2010 2011 2012 2013 2014 2015 2016 2017

 

57 FA594035005 Loans 2.9 -3.4 -1.1 -3.9 3.4 -2.5 8.3 -11.8 57

58 FA592051005 Short term 0.0 -0.1 -0.1 0.8 0.1 -0.3 0.9 -0.9 58

59 FA593065005 Long term (mortgages) 2.9 -3.4 -1.1 -4.7 3.4 -2.2 7.3 -10.8 59

60 FA593081005 Equity and investment fund shares 16.4 -51.6 -73.0 -257.3 -214.5 13.8 -237.0 -173.0 60

61 FA593064105 Corporate equities -22.7 -21.5 -40.2 -424.5 -271.5 -6.6 -216.8 -174.4 61

62 FA593064205 Mutual fund shares 49.3 -43.5 -18.6 148.7 58.7 23.2 -37.1 13.7 62

63 FA593034005 Money market fund shares -10.3 13.3 -14.2 18.5 -1.6 -2.8 16.9 -12.3 63

64 FA593052025 Insurance, pension and standardized guarantee schemes 337.5 335.9 244.2 445.3 258.2 268.2 367.5 498.2 64

65 FA593093005 Other accounts receivable 29.4 59.8 35.7 32.0 33.3 -15.5 97.4 68.8 65

66 FA594190005 Net incurrence of liabilities (pension entitlements) 568.2 436.9 469.3 468.3 320.3 320.1 347.7 400.8 66

 Addendum:

67 FA595000005 Net lending (+) or borrowing (-), financial account (lines 47-66) 3.6 2.0 -9.3 -3.0 4.2 28.9 37.8 19.3 67

 Other changes in volume account

68 FV598090185 Total other volume changes 3.8 2.2 -8.9 -3.3 4.0 28.7 37.9 19.3 68

69 FV592010095 Disaster losses 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 69

70 FV598090085 Other volume changes 0.2 0.1 0.4 -0.2 -0.2 -0.1 0.0 0.0 70

71 FU597005045 Less: Statistical discrepancy (lines 33-67) (3) -3.6 -2.0 9.3 3.0 -4.2 -28.9 -37.8 -19.3 71

 Revaluation account

72 FR592010095 Nonfinancial assets 0.0 0.2 0.1 0.2 0.1 0.1 0.1 0.1 72

73 FR595013665 Structures (nonresidential) 0.0 0.2 0.1 0.2 0.2 0.1 0.1 0.1 73

74 FR595013265 Equipment -0.0 0.0 -0.0 -0.0 -0.0 -0.0 -0.0 0.0 74

75 FR595013765 Intellectual property products 0.0 -0.0 -0.0 0.0 -0.0 -0.0 -0.0 -0.0 75

76 FR594090085 Financial assets 335.1 -74.6 386.3 686.3 262.2 -117.0 354.8 772.1 76

77 FR594022005 Debt securities 28.2 50.5 25.9 -107.0 47.6 -56.9 12.8 18.7 77

78 FR593064105 Corporate equities 470.0 -76.5 498.3 1125.6 372.0 -90.6 413.9 935.6 78

79 FR593064205 Mutual fund shares 254.1 -83.9 295.7 458.0 146.8 -89.0 250.5 557.4 79

80 FR593052025 Insurance, pension, and standardized guarantee schemes -417.1 35.4 -433.6 -790.4 -304.1 119.5 -322.5 -739.6 80

81 FR594190005 Liabilities (pension entitlements) 340.6 -68.2 390.9 704.3 276.4 -103.0 362.5 777.1 81

82 FR598200005 Changes in net worth due to nominal holding gains/losses -5.5 -6.1 -4.5 -17.8 -14.1 -13.9 -7.6 -4.8 82

 Changes in balance sheet account

83 FC592090095 Change in net worth (lines 30+33+68+82) -1.8 -4.0 -13.4 -21.1 -10.0 14.8 30.2 14.5 83

 Balance sheet account (end of period)

84 FL592000095 Total assets 15945.0 16303.5 17143.3 19394.1 20099.2 20400.7 21204.8 22455.8 84

85 LM592010095 Nonfinancial assets (4) 6.8 7.2 7.7 7.6 7.6 7.6 7.7 7.9 85

86 LM595013665 Structures (nonresidential) 6.4 6.6 6.7 6.7 6.7 6.7 6.7 6.7 86

87 LM595013265 Equipment 0.2 0.3 0.3 0.3 0.3 0.3 0.3 0.3 87

88 LM595013765 Intellectual property products 0.2 0.4 0.7 0.6 0.6 0.6 0.7 0.8 88

89 FL594090005 Financial assets 15938.2 16296.3 17135.6 19386.5 20091.6 20393.1 21197.1 22447.9 89

90 FL594000005 Currency and deposits 68.5 76.0 77.7 87.4 94.3 93.9 96.6 82.4 90

91 FL593020005 Currency and transferable deposits 36.9 42.3 46.3 50.0 55.8 59.4 62.4 51.0 91

92 FL593030005 Time and savings deposits 31.6 33.7 31.4 37.4 38.6 34.5 34.2 31.4 92

93 LM594022005 Debt securities 2927.2 3068.3 3346.8 3479.2 3763.8 3792.3 3951.8 4022.7 93

94 FL593069105 Open market paper 76.4 78.7 77.0 87.2 87.7 84.0 95.2 89.1 94

95 LM593061105 Treasury securities 1633.0 1765.9 1907.5 1998.5 2127.5 2176.1 2334.8 2330.8 95

96 LM593061705 Agency- and GSE-backed securities (2) 334.3 288.6 285.4 263.7 289.6 268.0 275.8 290.1 96

97 LM593062045 Municipal securities 1.9 1.5 1.7 2.4 2.4 2.5 2.7 3.8 97

98 LM593063005 Corporate and foreign bonds 881.5 933.6 1075.2 1127.4 1256.7 1261.7 1243.3 1308.9 98

99 FL594035005 Loans 44.0 40.6 39.4 35.6 39.0 36.5 44.8 33.0 99

100 FL592051005 Short term 6.1 6.0 6.0 6.8 6.8 6.5 7.4 6.5 100

101 FL593065005 Long term (mortgages) 37.9 34.5 33.5 28.8 32.2 30.0 37.3 26.5 101

102 FL593081005 Equity and investment fund shares 6499.6 6287.6 7008.6 8334.9 8639.2 8473.3 8900.8 10220.7 102

103 LM593064105 Corporate equities 3646.4 3548.4 4006.4 4707.5 4808.0 4710.8 4907.9 5669.1 103

104 LM593064205 Mutual fund shares 2658.6 2531.2 2808.3 3415.1 3620.5 3554.7 3768.1 4339.2 104

105 FL593034005 Money market fund shares 194.7 208.0 193.8 212.3 210.7 207.9 224.7 212.4 105

106 FL593052025 Insurance, pension and standardized guarantee schemes 5733.8 6098.9 5902.5 6656.8 6729.4 7186.6 7295.3 7112.5 106
Inte

g

r

ate

d

A

c

c

o

u

nts

172 Z.1, September 20, 2018

S.64.a Pension Funds

Billions of dollars

2010 2011 2012 2013 2014 2015 2016 2017

 

107 FL593093005 Other accounts receivable 665.1 724.9 760.6 792.6 825.9 810.5 907.8 976.6 107

108 FL592000095 Total liabilities and net worth 15945.0 16303.5 17143.3 19394.1 20099.2 20400.7 21204.8 22455.8 108

109 FL594190005 Liabilities (pension entitlements) 16081.2 16443.7 17296.8 19568.8 20283.9 20570.5 21344.4 22580.9 109

110 FL592090095 Net worth -136.2 -140.2 -153.6 -174.7 -184.7 -169.9 -139.7 -125.2 110

(1) Consists of rental income of tenant-occupied housing and proprietors’ income. Quasi-corporations are unincorporated enterprises that function as if they were corporations;

 they primarily cover their operating costs through sales, and they keep a complete set of financial records.

(2) Government-sponsored enterprises (GSEs) consist of Federal Home Loan Banks, Fannie Mae, Freddie Mac, Federal Agricultural Mortgage Corporation, Farm Credit System,

 the Financing Corporation, and the Resolution Funding Corporation, and they included the Student Loan Marketing Association until it was fully privatized in the fourth quarter of 2004.

(3) The statistical discrepancy is the difference between net lending or net borrowing derived in the capital account and the same concept derived in the financial account. The discrepancy

 reflects differences in source data, timing of recorded transactions, and other statistical differences between the capital and financial accounts.

(4) Excludes land.
Inte

g

r

ate

d

A

c

c

o

u

nts

Z.1, September 20, 2018 173

S.65.a Other Financial Business

Billions of dollars

2010 2011 2012 2013 2014 2015 2016 2017

 

 Current account

 1 FA856902505 Gross value added 509.9 551.2 645.5 630.4 677.3 651.8 665.3 703.9 1

 2 FA856300085 Less: Consumption of fixed capital 101.8 106.0 111.6 118.3 125.2 132.8 140.2 147.7 2

 3 FA856902605 Equals: Net value added 408.0 445.2 533.9 512.0 552.2 519.0 525.1 556.2 3

 4 FA856025005 Compensation of employees (paid) 300.4 318.6 328.5 334.5 370.8 391.8 409.2 454.0 4

 5 FA856020005 Wages and salaries 254.7 270.1 279.8 284.3 318.0 336.3 349.9 385.5 5

 6 FA856401005 Employers’ social contributions 45.7 48.4 48.6 50.1 52.9 55.5 59.3 68.6 6

 7 FA856240105 Taxes on production and imports less subsidies 28.5 23.2 24.5 23.0 19.4 19.3 23.9 24.9 7

 8 FA856402105 Operating surplus, net 79.1 103.4 181.0 154.5 161.9 107.9 92.0 77.3 8

 9 FA856140005 Net national income/Balance of primary incomes, net 90.5 114.7 102.5 -51.5 -15.7 -78.6 -39.6 -32.1 9

10 FA856402105 Operating surplus, net 79.1 103.4 181.0 154.5 161.9 107.9 92.0 77.3 10

11 FA856150105 Property income (received) 882.3 905.0 865.1 814.4 819.1 824.4 890.5 949.0 11

12 FA856130105 Interest 675.6 675.5 617.6 522.9 508.1 507.8 587.7 614.9 12

13 FA856121105 Distributed income of corporations (dividends) 163.4 188.0 212.8 253.6 277.2 281.1 271.8 299.8 13

14 FA853092285 Reinvested earnings on U.S. direct investment abroad 43.3 41.5 34.7 38.0 33.8 35.5 31.1 34.3 14

15 FA856150005 Less: Uses of property income (paid) 870.9 893.8 943.6 1020.4 996.8 1010.9 1022.2 1058.4 15

16 FA856130005 Interest 589.5 610.9 592.2 536.2 540.5 567.8 583.3 611.0 16

17 FA856120005 Distributed income of corporations 274.6 274.3 343.0 476.4 448.4 435.9 431.7 438.7 17

18 FA856121005 Dividends 191.5 220.6 276.2 427.3 430.5 426.5 391.5 398.9 18

19 FA856122005 Withdrawals from income of quasi-corporations (1) 83.1 53.7 66.8 49.1 17.8 9.4 40.2 39.9 19

20 FA853192285 Reinvested earnings on foreign direct investment 6.9 8.5 8.4 7.8 8.0 7.2 7.2 8.7 20

21 FA856112005 Rents on land and natural resources 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 21

22 FA856140005 Net national income/Balance of primary incomes, net 90.5 114.7 102.5 -51.5 -15.7 -78.6 -39.6 -32.1 22

23 FA856220005 Less: Current taxes on income, wealth, etc. (paid) 22.0 26.9 31.2 41.2 40.5 35.0 41.9 37.2 23

24 FA856403005 Less: Other current transfers (paid) 33.1 37.6 42.4 43.9 47.5 29.4 31.6 50.1 24

25 FA856012005 Equals: Disposable income, net 35.4 50.2 28.9 -136.6 -103.7 -143.0 -113.1 -119.4 25

26 FA856012005 Equals: Net saving 35.4 50.2 28.9 -136.6 -103.7 -143.0 -113.1 -119.4 26

 Capital account

27 FA856006385 Net saving less capital transfers 76.9 82.3 33.6 -136.6 -113.7 -143.0 -114.9 -152.2 27

28 FA856012005 Net saving 35.4 50.2 28.9 -136.6 -103.7 -143.0 -113.1 -119.4 28

29 FA855440085 Less: Capital transfers paid (net) -41.5 -32.1 -4.7 0.0 10.0 0.0 1.8 32.8 29

30 FA855015085 Capital formation, net 0.4 8.9 22.7 22.8 32.3 33.2 39.8 31.6 30

31 FA855013085 Gross fixed capital formation (nonresidential) 102.3 114.9 134.2 141.1 157.4 166.0 180.0 179.3 31

32 FA856300085 Less: Consumption of fixed capital 101.8 106.0 111.6 118.3 125.2 132.8 140.2 147.7 32

33 FA855000995 Net lending (+) or borrowing (-), capital account (lines 27-30) 76.5 73.4 10.9 -159.4 -145.9 -176.2 -154.7 -183.8 33

 Financial account

34 FA855000995 Net lending (+) or borrowing (-) (line 33) 76.5 73.4 10.9 -159.4 -145.9 -176.2 -154.7 -183.8 34

35 FA854090005 Net acquisition of financial assets -421.7 86.0 1160.6 285.2 674.2 324.4 1034.8 1320.9 35

36 FA854000005 Currency and deposits -158.1 -86.5 28.2 59.0 -5.6 -162.7 -251.7 36.7 36

37 FA854022005 Debt securities 9.2 139.8 497.5 -239.8 -95.7 181.6 589.2 478.0 37

38 FA853069175 Open market paper -90.1 -67.6 -7.3 -17.9 -47.5 27.9 -104.8 78.6 38

39 FA853061105 Treasury securities 85.5 256.2 115.2 -135.2 66.8 251.3 439.7 159.8 39

40 FA853061705 Agency- and GSE-backed securities (2) -175.5 165.5 109.4 -172.3 -152.8 -106.6 203.6 -10.4 40

41 FA853062005 Municipal securities -16.8 -47.8 48.0 -93.2 -15.2 -16.3 -29.0 29.9 41

42 FA853063005 Corporate and foreign bonds 206.2 -166.4 232.2 178.7 53.0 25.2 79.7 220.1 42

43 FA854035005 Loans -64.7 -37.4 165.2 -107.5 153.6 76.5 339.2 590.4 43

44 FA854041005 Short term 63.9 42.9 265.8 -187.5 141.1 -5.8 172.6 262.1 44

45 FA813065005 Long term (mortgages) -128.6 -80.3 -100.6 80.0 12.5 82.3 166.6 328.3 45

46 FA813081005 Equity and investment fund shares 92.0 146.7 615.4 467.0 508.5 355.0 538.5 186.5 46

47 FA813064105 Corporate equities 134.0 48.7 90.4 416.9 298.2 221.2 69.3 189.3 47

48 FA503034005 Money market fund shares -1.8 -23.0 2.8 -7.4 16.0 -16.9 100.4 46.2 48

49 FA813092405 Equity in government-sponsored enterprises (2) 0.1 -0.0 0.0 0.1 0.3 1.2 -0.5 -0.4 49

50 FA803092005 U.S. direct investment abroad 15.4 16.9 15.8 9.9 18.2 23.5 55.1 23.2 50

51 FA793094005 Investment in subsidiaries -55.8 104.2 506.3 47.5 175.9 126.1 314.2 -71.7 51

52 FA733040005 Insurance, pension and standardized guarantee schemes 3.8 2.4 7.3 5.1 5.0 4.1 4.0 4.0 52

53 FA853096005 Other accounts receivable -303.9 -79.0 -153.0 101.4 108.4 -130.0 -184.4 25.3 53

54 FA854190005 Net incurrence of liabilities -445.8 37.2 1021.2 198.8 607.5 220.5 857.4 1119.7 54

55 FA403197033 Currency and deposits -1.5 -1.8 1.2 -3.2 -1.5 -0.5 -0.4 -0.3 55
Inte

g

r

ate

d

A

c

c

o

u

nts

174 Z.1, September 20, 2018

S.65.a Other Financial Business

Billions of dollars

2010 2011 2012 2013 2014 2015 2016 2017

 

56 FA814122005 Debt securities -582.3 -304.6 -59.1 168.0 170.0 146.1 409.0 372.1 56

57 FA423161705 Agency- and GSE-backed securities (2) -39.5 -22.1 -23.8 238.3 150.3 220.4 351.7 346.7 57

58 FA813163005 Corporate bonds -440.9 -175.2 11.3 -17.5 82.3 -34.7 52.0 62.8 58

59 FA813169105 Commercial paper -101.9 -107.3 -46.6 -52.8 -62.5 -39.6 5.3 -37.4 59

60 FA814135005 Loans 176.2 182.7 264.1 -406.3 -113.8 -229.7 -73.0 81.4 60

61 FA814141005 Short term 175.3 169.3 259.2 -426.2 -123.1 -233.7 -74.0 76.5 61

62 FA643165005 Long term (mortgages) 0.8 13.5 4.8 19.9 9.3 4.0 1.0 4.9 62

63 FA853181005 Equity and investment fund shares 56.3 326.9 1027.8 615.8 643.9 473.0 522.3 825.6 63

64 FA634090005 Money market fund shares -512.4 -112.6 2.2 40.2 15.7 -6.7 -11.1 117.2 64

65 FA813164105 Corporate equity issues 200.3 186.3 186.9 190.2 264.7 255.5 266.0 421.7 65

66 FA653164205 Mutual fund shares 395.9 200.8 386.3 346.3 309.7 96.7 24.6 313.0 66

67 FA403192405 Equity in government-sponsored enterprises (2) -2.7 -5.9 -1.8 0.5 1.2 1.3 2.7 4.2 67

68 FA803192005 Foreign direct investment in the United States 27.0 24.9 13.8 9.0 19.3 27.2 31.4 28.3 68

69 FA662090205 Equity in noncorporate business 2.5 -0.3 8.7 -3.3 2.7 7.2 14.0 -4.3 69

70 FA803194005 Investment by parent -54.2 33.7 431.6 32.9 30.6 91.9 194.6 -54.5 70

71 FA813196005 Other accounts payable -94.5 -166.0 -212.7 -175.5 -91.1 -168.4 -0.5 -159.0 71

 Addendum:

72 FA855000005 Net lending (+) or borrowing (-), financial account (lines 35-54) 24.1 48.8 139.3 86.4 66.7 103.9 177.4 201.2 72

 Other changes in volume account

73 FV858090185 Total other volume changes 40.4 4.7 469.7 314.9 28.4 215.3 391.7 147.6 73

74 FV812010095 Disaster losses -2.1 0.0 -1.3 0.0 0.0 0.0 0.0 -3.6 74

75 FV858090085 Other volume changes 94.8 29.2 342.6 69.2 -184.2 -64.8 59.7 -233.8 75

76 FU857005045 Less: Statistical discrepancy (lines 33-72) (3) 52.4 24.5 -128.4 -245.7 -212.6 -280.1 -332.1 -385.0 76

 Revaluation account

77 FR812010095 Nonfinancial assets 3.1 25.5 11.5 16.9 14.7 8.9 8.0 16.0 77

78 FR815013665 Structures (nonresidential) 0.8 19.3 9.3 17.4 14.1 11.0 10.9 19.5 78

79 FR815013265 Equipment 2.7 5.9 2.7 -0.6 1.0 -1.7 -2.1 -3.0 79

80 FR815013765 Intellectual property products -0.5 0.3 -0.5 0.1 -0.4 -0.5 -0.8 -0.5 80

81 FR854090085 Financial assets 854.3 -389.6 1036.6 1651.2 759.4 -555.2 709.6 2390.1 81

82 FR854022005 Debt securities 36.2 100.2 92.9 -244.3 117.4 -139.7 -1.2 63.2 82

83 FR813064105 Corporate equities 806.2 -451.1 944.3 1962.9 550.1 -346.1 709.6 2317.3 83

84 FR803092005 U.S. direct investment abroad 11.9 -38.7 -0.7 -67.4 91.8 -69.4 1.2 9.5 84

85 FR813181085 Liabilities 1321.2 -549.9 1528.8 2596.0 1046.3 -609.5 1226.3 2971.7 85

86 FR813164105 Corporate equity issues 460.6 -229.5 502.3 974.3 519.7 -240.4 535.9 1004.4 86

87 FR653164205 Mutual fund shares 837.2 -289.3 1035.8 1623.2 507.9 -350.1 693.7 1970.4 87

88 FR803192005 Foreign direct investment in the United States 22.4 -31.7 -9.8 -7.5 17.4 -16.5 -4.9 -8.3 88

89 FR662090205 Equity in noncorporate business 3.1 -1.3 0.7 6.0 1.2 -2.5 1.6 5.2 89

90 FR803194005 Investment by parent -2.0 1.8 -0.1 0.0 0.0 0.0 0.0 0.0 90

91 FR858200005 Changes in net worth due to nominal holding gains/losses -463.9 185.8 -480.7 -927.9 -272.2 63.2 -508.7 -565.7 91

 Changes in balance sheet account

92 FC852090095 Change in net worth (lines 30+33+73+91) -346.6 272.8 22.6 -749.5 -357.4 135.5 -231.8 -570.3 92

 Balance sheet account (end of period)

93 FL852000095 Total assets 33806.9 33466.8 35896.7 37785.0 39051.3 38622.7 40453.6 44192.8 93

94 LM812010095 Nonfinancial assets (4) 937.2 970.7 1000.5 1040.5 1084.2 1123.6 1167.7 1208.1 94

95 LM815013665 Structures (nonresidential) 536.3 549.0 552.6 563.7 573.1 582.3 596.0 615.0 95

96 LM815013265 Equipment 330.7 345.5 366.5 391.2 422.3 450.4 475.9 490.8 96

97 LM815013765 Intellectual property products 70.2 76.2 81.4 85.6 88.7 91.0 95.7 102.2 97

98 FL854090005 Financial assets 32869.7 32496.2 34896.1 36744.5 37967.1 37499.0 39285.9 42984.8 98

99 FL854000005 Currency and deposits 988.3 901.8 932.1 991.1 985.5 807.7 556.0 591.6 99

100 FL854022005 Debt securities 6778.2 7017.0 7661.1 7134.0 7155.7 7173.3 7761.4 8296.2 100

101 FL853069175 Open market paper 564.3 495.6 488.3 471.1 424.7 453.9 349.6 426.9 101

102 FL853061105 Treasury securities 1053.2 1329.7 1442.6 1272.5 1354.8 1589.9 2014.1 2172.6 102

103 FL853061705 Agency- and GSE-backed securities (2) 1849.6 2033.4 2161.1 1949.7 1813.5 1696.5 1897.1 1887.2 103

104 FL853062005 Municipal securities 1027.9 1023.0 1093.6 952.4 986.4 970.5 924.8 973.2 104

105 FL853063005 Corporate and foreign bonds 2283.1 2135.3 2475.5 2488.3 2576.4 2462.5 2575.7 2836.3 105

106 FL854035005 Loans 12866.1 12717.2 12783.6 12592.4 12718.3 12640.2 12948.6 13596.8 106

107 FL854041005 Short term 4447.4 4490.3 4767.7 4568.8 4709.9 4551.3 4723.9 5066.9 107

108 FL813065005 Long term (mortgages) 8418.7 8226.9 8015.8 8023.6 8008.4 8088.9 8224.7 8529.9 108
Inte

g

r

ate

d

A

c

c

o

u

nts

Z.1, September 20, 2018 175

S.65.a Other Financial Business

Billions of dollars

2010 2011 2012 2013 2014 2015 2016 2017

 

109 FL813081005 Equity and investment fund shares 10694.9 10351.5 11936.5 14293.2 15443.7 15271.4 16480.0 18946.3 109

110 LM813064105 Corporate equities 6866.0 6463.7 7498.4 9878.2 10726.5 10601.6 11380.5 13887.2 110

111 FL503034005 Money market fund shares 142.8 119.4 122.2 114.9 130.8 113.9 214.4 260.5 111

112 FL813092405 Equity in government-sponsored enterprises (2) 0.1 0.1 0.1 0.2 0.5 1.6 1.1 0.7 112

113 LM803092005 U.S. direct investment abroad 445.3 423.5 438.6 381.1 491.1 445.1 501.4 534.1 113

114 FL793094005 Investment in subsidiaries 3240.8 3345.0 3877.2 3918.9 4094.8 4109.1 4382.6 4263.9 114

115 FL733040005 Insurance, pension and standardized guarantee schemes 25.1 27.6 34.9 39.9 45.0 49.0 53.0 57.0 115

116 FL853096005 Other accounts receivable 1517.0 1481.1 1547.9 1693.9 1619.0 1557.4 1486.9 1496.8 116

117 FL852100005 Total liabilities and net worth 33806.9 33466.8 35896.7 37785.0 39051.3 38622.7 40453.6 44192.8 117

118 FL854194005 Liabilities 33210.0 32597.2 35004.4 37642.4 39266.1 38701.9 40764.7 45074.2 118

119 FL403197033 Currency and deposits 14.4 12.6 13.7 10.6 9.1 8.5 8.1 7.8 119

120 FL814122005 Debt securities 13252.4 12874.4 12739.2 12851.3 12993.9 12927.6 13313.8 13649.4 120

121 FL423161705 Agency- and GSE-backed securities (2) 7581.3 7559.2 7535.4 7773.7 7924.0 8144.4 8496.1 8842.8 121

122 FL813163005 Corporate bonds 5145.6 4897.0 4832.2 4758.8 4813.6 4566.5 4595.7 4622.1 122

123 FL813169105 Commercial paper 525.5 418.2 371.6 318.7 256.2 216.6 222.0 184.5 123

124 FL814135005 Loans 3261.7 3439.0 3702.0 3295.6 3189.7 2962.9 2890.0 2971.4 124

125 FL814141005 Short term 3085.6 3249.5 3507.6 3081.4 2958.3 2727.5 2653.5 2730.0 125

126 FL643165005 Long term (mortgages) 176.1 189.5 194.4 214.3 231.4 235.4 236.5 241.4 126

127 FL853181005 Equity and investment fund shares 16716.1 16493.1 19081.7 22292.5 23982.7 23734.8 25442.7 29121.3 127

128 FL634090005 Money market fund shares 2803.5 2691.0 2693.2 2733.4 2749.1 2742.4 2731.3 2848.4 128

129 LM813164105 Corporate equity issues 3288.0 3244.8 3934.0 5098.4 5882.9 5897.9 6699.8 8126.0 129

130 LM653164205 Mutual fund shares 9029.8 8941.4 10363.5 12333.0 13150.6 12897.2 13615.6 15899.0 130

131 FL403192405 Equity in government-sponsored enterprises (2) 49.0 43.1 41.2 41.7 42.9 44.2 46.9 51.1 131

132 LM803192005 Foreign direct investment in the United States 214.6 207.8 211.8 213.4 250.1 260.8 287.2 307.2 132

133 LM662090205 Equity in noncorporate business 26.3 24.7 34.1 36.7 40.6 45.4 61.0 61.8 133

134 FL803194005 Investment by parent 1304.9 1340.4 1803.9 1835.9 1866.4 1846.9 2000.9 1827.8 134

135 FL813196005 Other accounts payable -34.6 -221.8 -532.1 -807.7 -909.3 -931.9 -889.8 -675.7 135

136 FL852090095 Net worth 596.9 869.6 892.2 142.7 -214.8 -79.3 -311.1 -881.4 136

(1) Consists of rental income of tenant-occupied housing and proprietors’ income. Quasi-corporations are unincorporated enterprises that function as if they were corporations;

 they primarily cover their operating costs through sales, and they keep a complete set of financial records.

(2) Government-sponsored enterprises (GSEs) consist of Federal Home Loan Banks, Fannie Mae, Freddie Mac, Federal Agricultural Mortgage Corporation, Farm Credit System,

 the Financing Corporation, and the Resolution Funding Corporation, and they included the Student Loan Marketing Association until it was fully privatized in the fourth quarter of 2004.

(3) The statistical discrepancy is the difference between net lending or net borrowing derived in the capital account and the same concept derived in the financial account. The discrepancy

 reflects differences in source data, timing of recorded transactions, and other statistical differences between the capital and financial accounts.

(4) Excludes land. Includes corporate and noncorporate financial business.
Inte

g

r

ate

d

A

c

c

o

u

nts

176 Z.1, September 20, 2018

S.7.a Federal Government (1)

Billions of dollars

2010 2011 2012 2013 2014 2015 2016 2017

 

 Current account

 1 FA316902505 Gross value added 700.8 716.8 719.0 711.0 723.3 738.3 750.8 766.3 1

 2 FA316300003 Less: Consumption of fixed capital 243.7 254.9 261.6 265.9 270.0 270.9 270.6 276.0 2

 3 FA316902605 Equals: Net value added 457.0 461.9 457.4 445.1 453.3 467.4 480.2 490.3 3

 4 FA316025001 Compensation of employees (paid) 459.4 468.2 465.2 455.1 460.5 471.0 481.9 492.3 4

 5 FA316020001 Wages and salaries 328.5 331.7 327.6 320.4 324.0 330.5 336.3 344.1 5

 6 FA316401005 Employers’ social contributions 130.9 136.5 137.5 134.7 136.5 140.5 145.6 148.2 6

 7 FA316402101 Operating surplus, net -2.4 -6.3 -7.8 -10.1 -7.2 -3.6 -1.7 -2.0 7

 8 FA316140005 Net national income/Balance of primary incomes, net -207.6 -252.2 -231.7 -117.0 -195.8 -189.7 -242.3 -277.3 8

 9 FA316402101 Operating surplus, net -2.4 -6.3 -7.8 -10.1 -7.2 -3.6 -1.7 -2.0 9

10 FA316240001 Taxes on production and imports, receivable 96.8 108.6 115.2 125.5 136.3 140.4 137.7 131.5 10

11 FA316402015 Subsidies (paid) -54.2 -59.5 -57.6 -59.2 -57.6 -56.7 -61.3 -60.7 11

12 FA316150195 Property income (received) 133.8 130.4 141.1 243.1 171.7 159.6 138.0 135.4 12

13 FA316130101 Interest 29.5 26.3 21.4 22.9 23.8 26.4 26.7 28.6 13

14 FA316121105 Distributed income of corporations (dividends) 96.3 94.2 109.5 210.9 137.6 126.4 106.3 100.8 14

15 FA316112101 Rents on land and natural resources 8.0 9.9 10.2 9.3 10.3 6.8 5.0 6.0 15

16 FA316130095 Less: Uses of property income (interest paid) 381.5 425.4 422.6 416.3 439.1 429.3 455.0 481.4 16

17 FA316140005 Net national income/Balance of primary incomes, net -207.6 -252.2 -231.7 -117.0 -195.8 -189.7 -242.3 -277.3 17

18 FA316220001 Plus: Current taxes on income, wealth, etc. (received) 1176.8 1369.8 1457.8 1619.4 1763.7 1880.8 1896.8 1923.5 18

19 FA316601001 Plus: Social benefits (received) 970.9 903.2 938.0 1091.8 1140.3 1191.4 1225.0 1283.2 19

20 FA316404001 Less: Social contributions (paid) 1774.0 1796.5 1799.8 1840.4 1899.0 1987.2 2045.0 2113.6 20

21 FA316403105 Plus: Other current transfers (received) 68.1 67.1 56.1 69.3 87.3 77.7 79.8 87.3 21

22 FA316403001 Less: Other current transfers (paid) 558.7 530.1 499.7 504.0 547.9 586.1 611.7 611.7 22

23 FA316012005 Equals: Disposable income, net -324.4 -238.7 -79.4 319.0 348.6 387.0 302.5 291.4 23

24 FA316901001 Less: Final consumption expenditures 1000.7 1003.3 999.3 956.9 950.3 955.8 967.6 986.8 24

25 FA316006085 Equals: Net saving -1325.1 -1242.0 -1078.6 -637.9 -601.8 -568.9 -665.1 -695.4 25

 Capital account

26 FA316006385 Net saving less capital transfers -1451.4 -1355.7 -1163.6 -696.0 -660.1 -620.3 -718.8 -515.6 26

27 FA316006085 Net saving -1325.1 -1242.0 -1078.6 -637.9 -601.8 -568.9 -665.1 -695.4 27

28 FA315440005 Less: Capital transfers paid (net) 126.3 113.8 84.9 58.1 58.4 51.4 53.7 -179.8 28

29 FA315050905 Capital formation, net 52.6 39.8 23.7 1.3 -8.7 -36.6 -14.6 0.2 29

 Gross fixed capital formation (acquisition of

30 FA315019001 produced nonfinancial assets) 297.3 295.7 287.3 269.6 263.9 265.0 264.7 278.4 30

31 FA316300003 Less: Consumption of fixed capital 243.7 254.9 261.6 265.9 270.0 270.9 270.6 276.0 31

32 FA315420003 Acquisition of nonproduced nonfinancial assets -1.0 -0.9 -2.0 -2.5 -2.6 -30.8 -8.6 -2.2 32

33 FA315000995 Net lending (+) or borrowing (-), capital account (lines 26-29) -1504.0 -1395.6 -1187.3 -697.3 -651.4 -583.7 -704.2 -515.8 33

 Financial account

34 FA315000995 Net lending (+) or borrowing (-) (line 33) -1504.0 -1395.6 -1187.3 -697.3 -651.4 -583.7 -704.2 -515.8 34

35 FA314090005 Net acquisition of financial assets 278.9 -150.2 117.4 217.4 173.4 236.3 227.8 198.2 35

36 FA313011105 Monetary gold and SDRs 0.0 -1.8 0.0 0.0 0.0 0.0 0.7 0.1 36

37 FA313011205 Monetary gold 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 37

38 FA313011303 SDR holdings 0.0 -1.8 0.0 0.0 0.0 0.0 0.7 0.1 38

39 FA314000005 Currency and deposits 150.5 -239.9 11.1 65.8 57.2 103.5 67.0 -171.6 39

40 FA313011505 Official foreign currencies 0.3 -0.2 0.2 0.2 0.1 0.1 0.0 0.0 40

41 FA313011405 Reserve position in IMF (net) 1.3 18.2 4.0 -3.4 -3.9 -6.5 1.5 -1.8 41

42 FA313020005 Currency and transferable deposits 148.9 -257.6 6.7 69.6 60.8 109.9 65.7 -170.2 42

43 FA313030003 Time and savings deposits 0.1 -0.3 0.2 -0.5 0.2 0.0 -0.2 0.4 43

44 FA313091105 Nonofficial foreign currencies 0.0 0.0 0.0 -0.0 0.0 0.0 0.0 0.0 44

45 FA314022005 Debt securities -46.9 -118.2 -31.3 -0.1 -0.0 -0.0 0.0 0.0 45

46 FA313061703 Agency- and GSE-backed securities -47.2 -118.1 -31.1 0.0 0.0 0.0 0.0 0.0 46

47 FA313063763 Corporate and foreign bonds 0.3 -0.1 -0.2 -0.1 -0.0 -0.0 0.0 0.0 47

48 FA314023005 Loans 129.3 139.0 131.7 124.4 114.5 104.8 103.0 99.8 48

49 FA314041005 Short term 134.8 135.7 130.1 120.5 112.8 105.5 99.8 98.2 49

50 FA313066220 Consumer credit 131.1 131.0 127.5 113.3 110.7 103.4 99.6 96.3 50

51 FA313069005 Other loans and advances 3.6 4.8 2.6 7.2 2.0 2.1 0.2 2.0 51

52 FA313065005 Long term (mortgages) -5.4 3.3 1.6 4.0 1.7 -0.7 3.2 1.6 52

53 FA313081115 Equity and investment fund shares 30.4 43.4 -14.2 -4.4 0.7 2.2 1.9 0.6 53

54 FA313064105 Corporate equities 24.1 40.3 -13.2 -4.8 -1.6 -0.0 -0.1 -0.1 54

55 FA313092803 Equity in international organizations 2.3 2.6 2.4 2.2 2.3 2.2 2.0 0.8 55

56 FA313092403 Equity in government-sponsored enterprises (2) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 56

57 FA313094303 Equity investment under Public-Private Inv. Program 4.0 0.5 -3.4 -1.8 0.0 0.0 0.0 0.0 57
Inte

g

r

ate

d

A

c

c

o

u

nts

Z.1, September 20, 2018 177

S.7.a Federal Government (1)

Billions of dollars

2010 2011 2012 2013 2014 2015 2016 2017

 

58 FA313096005 Other accounts receivable 15.5 27.3 20.0 31.6 1.1 25.8 55.2 269.3 58

59 FA313070000 Trade receivables -0.7 4.8 2.6 3.3 -5.2 12.7 3.8 0.1 59

60 FA313078005 Taxes receivable 26.1 23.8 20.8 24.7 -3.9 0.9 40.2 259.8 60

61 FA313093003 Other (miscellaneous assets) -9.8 -1.3 -3.5 3.7 10.2 12.2 11.2 9.4 61

62 FA314190005 Net incurrence of liabilities 1696.8 1199.5 1245.1 872.9 765.5 759.3 886.6 647.1 62

63 FA313111303 SDR allocations 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 63

64 FA314100005 Currency and deposits -0.3 0.0 0.0 -0.4 -0.3 -0.0 0.0 0.0 64

65 FA314122005 Debt securities 1645.9 1138.7 1180.6 857.3 735.9 724.6 842.7 447.0 65

66 FA313161105 Treasury securities 1645.3 1137.6 1181.0 857.7 736.0 724.4 842.8 447.0 66

67 FA313161705 Federal agency securities 0.7 1.1 -0.4 -0.4 -0.1 0.2 -0.1 -0.1 67

68 FA313165403 Loans (mortgages) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 68

69 FA313152005 Insurance, pension and standardized guarantee schemes 39.7 38.1 60.0 0.7 29.7 15.7 8.5 172.8 69

70 FA313140003 Insurance reserves 0.9 1.3 0.3 0.2 0.8 -0.1 0.1 -0.2 70

71 FA313195105 Retiree Health Care Funds 22.5 18.5 13.3 12.2 10.4 7.4 12.9 9.6 71

72 FA343073005 Claims of pension fund on sponsor 16.4 18.3 46.4 -11.7 18.5 8.4 -4.5 163.4 72

73 FA313196005 Other accounts payable 11.4 22.7 4.5 15.2 0.1 19.1 35.5 27.3 73

74 FA713014003 SDR certificates 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 74

75 FA313170005 Trade payables 9.0 9.1 12.8 13.9 -2.9 15.6 29.7 24.1 75

76 FA313193005 Other (miscellaneous liabilities) 2.4 13.6 -8.3 1.3 3.0 3.5 5.8 3.2 76

 Addendum:

77 FA315000005 Net lending (+) or borrowing (-), financial account (lines 35-62) -1417.9 -1349.7 -1127.7 -655.4 -592.1 -523.1 -658.8 -448.9 77

 Other changes in volume account

78 FV318090185 Total other volume changes -38.2 44.5 35.1 25.0 109.0 108.7 57.5 109.4 78

79 FV312010095 Disaster losses 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 79

80 FV318090085 Other volume changes -124.2 -1.4 -24.4 -16.9 49.7 48.1 12.1 42.5 80

81 FU317005045 Less: Statistical discrepancy (lines 33-77) (3) -86.0 -45.9 -59.6 -41.9 -59.3 -60.6 -45.4 -66.9 81

 Revaluation account

82 FR312010095 Nonfinancial assets 64.0 71.1 47.4 78.2 54.1 10.5 52.2 66.6 82

83 FR315014665 Structures 18.1 49.4 36.2 50.0 38.9 9.1 46.3 39.7 83

84 FR315013265 Equipment 5.9 12.2 1.9 3.3 9.9 -3.2 0.8 2.0 84

85 FR315013765 Intellectual property products 40.0 9.5 9.3 24.9 5.2 4.6 5.2 24.9 85

86 FR318080005 Financial assets -43.7 -32.1 -4.7 0.1 -5.0 -3.3 -2.1 4.0 86

87 FR313011105 Monetary gold and SDRs -1.0 -0.1 0.1 0.1 -3.3 -2.3 -1.5 2.9 87

88 FR314000005 Currency and deposits -0.2 -0.5 0.0 0.0 -1.7 -1.1 -0.6 1.1 88

89 FR313064105 Corporate equities -41.5 -32.4 -4.7 0.0 0.0 0.0 0.0 0.0 89

90 FR313094303 Equity investment under Public-Private Inv. Program -1.0 0.9 -0.0 0.0 0.0 0.0 0.0 0.0 90

91 FR313111303 Liabilities (SDR allocations) -1.0 -0.2 0.1 0.1 -3.2 -2.2 -1.5 2.8 91

92 FR318200005 Changes in net worth due to nominal holding gains/losses 21.2 39.1 42.7 78.2 52.3 9.4 51.6 67.8 92

 Changes in balance sheet account

93 FC312090095 Change in net worth (lines 29+33+78+92) -1468.4 -1272.1 -1085.8 -592.8 -498.8 -502.2 -609.6 -338.5 93

 Balance sheet account (end of period)

94 FL312000095 Total assets 4577.3 4489.0 4657.1 4934.7 5156.1 5406.0 5647.3 5929.9 94

95 LM312010095 Nonfinancial assets (4) 2957.5 3066.8 3137.2 3217.1 3264.0 3268.2 3313.7 3384.9 95

96 LM315014665 Structures 1352.5 1406.9 1439.8 1481.4 1510.4 1509.0 1543.4 1571.2 96

97 LM315013265 Equipment 680.9 711.0 726.6 734.4 746.0 744.5 748.1 757.0 97

98 LM315013765 Intellectual property products 924.1 948.9 970.8 1001.3 1007.5 1014.7 1022.2 1056.6 98

99 FL314090005 Financial assets 1619.8 1422.2 1519.9 1717.6 1892.2 2137.8 2333.6 2545.0 99

100 FL313011105 Monetary gold and SDRs 56.8 55.0 55.1 55.2 51.9 49.7 48.9 51.9 100

101 FL313011205 Monetary gold 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 101

102 FL313011303 SDR holdings 56.8 55.0 55.1 55.2 51.9 49.7 48.9 51.9 102
Inte

g

r

ate

d

A

c

c

o

u

nts

178 Z.1, September 20, 2018

S.7.a Federal Government (1)

Billions of dollars

2010 2011 2012 2013 2014 2015 2016 2017

 

103 FL314000005 Currency and deposits 385.2 144.8 155.9 221.8 277.2 379.7 446.1 275.6 103

104 FL313011505 Official foreign currencies 25.7 25.6 24.7 23.6 20.7 19.5 19.3 21.2 104

105 FL313011405 Reserve position in IMF (net) 12.6 30.3 34.4 31.0 25.3 17.7 18.7 17.9 105

106 FL313020005 Currency and transferable deposits 342.3 84.6 92.2 163.0 226.8 338.1 404.0 232.0 106

107 FL313030003 Time and savings deposits 2.0 1.7 2.0 1.5 1.7 1.8 1.5 1.9 107

108 FL313091105 Nonofficial foreign currencies 2.6 2.6 2.6 2.6 2.6 2.6 2.6 2.6 108

109 FL314022005 Debt securities 150.1 31.9 0.6 0.6 0.5 0.5 0.5 0.5 109

110 FL313061703 Agency- and GSE-backed securities 149.2 31.1 0.0 0.0 0.0 0.0 0.0 0.0 110

111 FL313063763 Corporate and foreign bonds 0.9 0.8 0.6 0.6 0.5 0.5 0.5 0.5 111

112 FL314023005 Loans 649.3 788.4 920.1 1044.5 1159.0 1263.7 1366.7 1466.5 112

113 FL314041005 Short term 542.7 678.5 808.6 929.0 1041.8 1147.3 1247.0 1345.3 113

114 FL313066220 Consumer credit 363.8 494.8 622.2 735.5 846.2 949.7 1049.3 1145.6 114

115 FL313069005 Other loans and advances 179.0 183.7 186.3 193.5 195.5 197.6 197.8 199.7 115

116 FL313065005 Long term (mortgages) 106.6 109.9 111.5 115.5 117.2 116.5 119.7 121.2 116

117 FL313081115 Equity and investment fund shares 106.6 118.4 99.5 95.1 95.8 98.0 99.9 100.6 117

118 LM313064105 Corporate equities 49.9 57.8 39.9 35.1 33.4 33.4 33.3 33.2 118

119 FL313092803 Equity in international organizations 52.8 55.4 57.8 60.0 62.4 64.6 66.6 67.4 119

120 FL313092403 Equity in government-sponsored enterprises (2) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 120

121 LM313094303 Equity investment under Public-Private Inv. Program 3.8 5.2 1.8 0.0 0.0 0.0 0.0 0.0 121

122 FL313096005 Other accounts receivable 271.7 283.7 288.7 300.5 307.7 346.2 371.4 650.0 122

123 FL313070000 Trade receivables 42.9 47.7 50.3 53.6 48.4 61.2 64.9 65.0 123

124 FL313078005 Taxes receivable 144.3 152.8 158.6 163.4 165.6 179.2 189.5 458.6 124

125 FL313093003 Other (miscellaneous assets) 84.5 83.2 79.8 83.4 93.6 105.8 117.0 126.4 125

126 FL312000095 Total liabilities and net worth 4577.3 4489.0 4657.1 4934.7 5156.1 5406.0 5647.3 5929.9 126

127 FL314190005 Liabilities 12807.7 13991.6 15245.4 16115.8 16836.1 17588.1 18439.1 19060.1 127

128 FL313111303 SDR allocations 54.4 54.2 54.3 54.4 51.2 48.9 47.5 50.3 128

129 FL314100005 Currency and deposits 25.9 25.9 25.9 25.6 25.3 25.3 25.3 25.3 129

130 FL314122005 Debt securities 10528.6 11667.3 12847.8 13705.1 14441.1 15165.6 16008.3 16455.3 130

131 FL313161105 Treasury securities 10504.4 11642.0 12822.9 13680.6 14416.7 15141.1 15983.8 16430.9 131

132 FL313161705 Federal agency securities 24.2 25.3 24.9 24.5 24.4 24.6 24.5 24.4 132

133 FL313165403 Loans (mortgages) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 133

134 FL313152005 Insurance, pension and standardized guarantee schemes 1976.2 2012.9 2073.7 2073.7 2064.9 2079.6 2060.2 2207.9 134

135 FL313140003 Insurance reserves 48.7 50.0 50.3 50.5 51.3 51.1 51.3 51.1 135

136 FL313195105 Retiree Health Care Funds 202.9 221.4 234.8 246.9 257.3 264.7 277.6 287.1 136

137 FL343073005 Claims of pension fund on sponsor 1724.6 1741.5 1788.7 1776.2 1756.3 1763.7 1731.4 1869.7 137

138 FL313196005 Other accounts payable 222.6 231.3 243.6 257.1 253.7 268.6 297.7 321.4 138

139 FL713014003 SDR certificates 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 139

140 FL313170005 Trade payables 213.8 222.9 235.7 249.6 246.7 262.3 292.0 316.1 140

141 FL313193013 Other (miscellaneous liabilities) 3.6 3.2 2.8 2.3 1.8 1.2 0.6 0.1 141

142 FL312090095 Net worth -8230.4 -9502.6 -10588.3 -11181.1 -11680.0 -12182.1 -12791.8 -13130.2 142

(1) The federal government sector excludes federal government employee retirement funds.

(2) Government-sponsored enterprises (GSEs) consist of Federal Home Loan Banks, Fannie Mae, Freddie Mac, Federal Agricultural Mortgage Corporation, Farm Credit System,

 the Financing Corporation, and the Resolution Funding Corporation, and they included the Student Loan Marketing Association until it was fully privatized in the fourth quarter of 2004.

(3) The statistical discrepancy is the difference between net lending or net borrowing derived in the capital account and the same concept derived in the financial account. The discrepancy

 reflects differences in source data, timing of recorded transactions, and other statistical differences between the capital and financial accounts.

(4) Excludes land and nonproduced nonfinancial assets.
Inte

g

r

ate

d

A

c

c

o

u

nts

Z.1, September 20, 2018 179

S.8.a State and Local Governments (1)

Billions of dollars

2010 2011 2012 2013 2014 2015 2016 2017

 

 Current account

 1 FA206902505 Gross value added 1428.0 1443.0 1463.0 1526.1 1573.5 1626.6 1662.8 1712.7 1

 2 FA206300003 Less: Consumption of fixed capital 213.4 222.2 232.0 238.8 246.3 251.3 256.4 265.6 2

 3 FA206902605 Equals: Net value added 1214.6 1220.7 1231.0 1287.4 1327.2 1375.3 1406.5 1447.1 3

 4 FA206025001 Compensation of employees (paid) 1232.3 1233.8 1238.7 1293.2 1331.1 1377.5 1407.1 1450.0 4

 5 FA206020001 Wages and salaries 862.7 863.2 870.7 887.6 912.9 945.3 971.4 1001.7 5

 6 FA206401005 Employers’ social contributions 369.6 370.7 368.0 405.6 418.1 432.2 435.8 448.4 6

 7 FA206402101 Operating surplus, net -17.7 -13.1 -7.6 -5.9 -3.9 -2.2 -0.6 -2.9 7

 8 FA206140005 Net national income/Balance of primary incomes, net 763.6 798.5 813.6 868.2 922.0 942.8 968.0 1012.2 8

 9 FA206402101 Operating surplus, net -17.7 -13.1 -7.6 -5.9 -3.9 -2.2 -0.6 -2.9 9

10 FA206240001 Taxes on production and imports, receivable 966.3 995.1 1021.0 1063.2 1104.6 1129.5 1166.1 1215.7 10

11 FA206402015 Subsidies (paid) -1.6 -0.5 -0.5 -0.5 -0.5 -0.5 -0.5 -0.6 11

12 FA206150195 Property income (received) 83.5 82.7 81.8 82.4 84.8 85.2 85.0 86.0 12

13 FA206130101 Interest 69.0 67.1 65.3 65.2 67.1 68.3 68.2 68.8 13

14 FA206121101 Distributed income of corporations (dividends) 3.0 3.4 4.1 4.7 5.1 5.2 5.5 5.9 14

15 FA206112101 Rents on land and natural resources 11.4 12.2 12.5 12.5 12.7 11.7 11.2 11.3 15

16 FA206130095 Less: Uses of property income (interest paid) 266.9 265.7 281.1 271.1 263.1 269.2 281.9 286.0 16

17 FA206140005 Net national income/Balance of primary incomes, net 763.6 798.5 813.6 868.2 922.0 942.8 968.0 1012.2 17

18 FA206220005 Plus: Current taxes on income, wealth, etc. (received) 340.1 371.3 393.8 427.4 438.9 463.2 462.5 474.1 18

19 FA206601001 Plus: Social benefits (received) 17.8 17.9 17.2 17.7 18.7 19.2 20.0 20.6 19

20 FA206404001 Less: Social contributions (paid) 523.9 530.7 540.8 564.4 617.7 665.6 693.3 712.3 20

21 FA206403105 Plus: Other current transfers (received) 604.4 576.5 550.1 560.8 616.2 673.7 689.0 690.7 21

22 FA206403001 Less: Other current transfers (paid) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 22

23 FA206012005 Equals: Disposable income, net 1202.0 1233.4 1233.9 1309.7 1378.1 1433.3 1446.1 1485.4 23

24 FA206901001 Less: Final consumption expenditures 1509.5 1508.5 1516.7 1575.1 1614.9 1656.9 1691.9 1744.5 24

25 FA206006095 Equals: Net saving -307.5 -275.1 -282.8 -265.4 -236.7 -223.6 -245.8 -259.1 25

 Capital account

26 FA206006395 Net saving less capital transfers -230.6 -201.0 -208.5 -193.8 -166.1 -154.6 -173.6 -186.3 26

27 FA206006095 Net saving -307.5 -275.1 -282.8 -265.4 -236.7 -223.6 -245.8 -259.1 27

28 FA205440005 Less: Capital transfers paid (net) -76.9 -74.1 -74.4 -71.6 -70.7 -69.0 -72.3 -72.8 28

29 FA205050905 Capital formation, net 145.8 130.2 112.7 102.4 102.3 117.1 123.5 112.7 29

 Gross fixed capital formation (acquisition of

30 FA205019001 produced nonfinancial assets) 347.3 341.0 333.7 330.8 338.0 356.5 366.8 364.8 30

31 FA206300003 Less: Consumption of fixed capital 213.4 222.2 232.0 238.8 246.3 251.3 256.4 265.6 31

32 FA205420003 Acquisition of nonproduced nonfinancial assets 12.0 11.5 10.9 10.4 10.7 11.9 13.0 13.5 32

33 FA205000995 Net lending (+) or borrowing (-), capital account (lines 26-29) -376.4 -331.2 -321.1 -296.1 -268.4 -271.7 -297.0 -299.0 33

 Financial account

34 FA205000995 Net lending (+) or borrowing (-) (line 33) -376.4 -331.2 -321.1 -296.1 -268.4 -271.7 -297.0 -299.0 34

35 FA214090005 Net acquisition of financial assets 123.7 -18.4 -18.4 68.1 41.5 20.7 111.6 26.0 35

36 FA214000005 Currency and deposits 5.9 34.7 2.4 22.4 27.0 3.0 10.9 25.2 36

37 FA213020005 Currency and transferable deposits 6.0 16.9 -15.0 3.4 14.1 -11.5 4.2 10.6 37

38 FA213030005 Time and savings deposits -0.1 17.8 17.5 19.0 12.8 14.5 6.7 14.5 38

39 FA214022005 Debt securities 92.5 -54.4 -28.6 -0.6 -12.3 -11.5 52.9 -19.5 39

40 FA213069103 Open market paper 16.3 -11.9 -11.2 -5.4 -9.1 -4.7 -1.4 -0.9 40

41 FA213061105 Treasury securities 21.1 -31.2 26.4 4.0 23.7 25.0 46.0 -24.9 41

42 FA213061703 Agency- and GSE-backed securities (2) 40.2 -10.6 -39.3 -6.8 -27.0 -35.9 3.7 9.0 42

43 FA213062003 Municipal securities 1.8 0.3 -0.3 0.6 0.0 0.3 0.3 -0.2 43

44 FA213063003 Corporate and foreign bonds 13.1 -1.1 -4.2 7.0 0.1 3.8 4.3 -2.4 44

45 FA214035005 Loans 23.2 -2.1 -3.5 17.7 3.4 10.9 9.1 -4.5 45

46 FA212051003 Short term 2.6 -4.1 -0.9 7.6 2.4 5.3 3.4 -1.9 46

47 FA213065005 Long term (mortgages) 20.6 2.0 -2.6 10.1 1.0 5.6 5.7 -2.6 47

48 FA213081005 Equity and investment fund shares 9.9 -2.4 -5.6 4.9 -1.6 2.9 8.9 -0.2 48

49 FA213034003 Money market fund shares 2.8 0.4 -2.2 -0.8 -1.7 -0.2 5.4 1.8 49

50 FA213064103 Corporate equities 2.7 -2.9 -2.2 3.7 0.1 2.0 2.3 -1.3 50

51 FA213064203 Mutual fund shares 4.4 0.1 -1.2 1.9 0.0 1.1 1.2 -0.7 51

52 FA213096005 Other accounts receivable -7.8 5.8 16.9 23.7 25.0 15.3 29.9 25.0 52

53 FA213070003 Trade receivables 13.1 5.6 5.4 9.4 11.1 0.5 19.4 20.4 53

54 FA213078005 Taxes receivable -1.0 0.3 7.3 3.2 7.0 5.2 7.3 6.4 54

55 FA213093003 Other (miscellaneous assets) -19.8 -0.1 4.2 11.1 6.9 9.6 3.1 -1.8 55
Inte

g

r

ate

d

A

c

c

o

u

nts

180 Z.1, September 20, 2018

S.8.a State and Local Governments (1)

Billions of dollars

2010 2011 2012 2013 2014 2015 2016 2017

 

56 FA214190005 Net incurrence of liabilities 430.6 305.6 235.0 326.4 216.3 252.2 357.8 307.0 56

57 FA213162005 Debt securities (municipals) 79.1 -40.1 -0.7 -55.1 -38.7 9.3 31.1 -3.7 57

58 FA213162400 Short term -0.9 -10.6 3.8 -10.9 -6.4 -5.9 -2.8 4.8 58

59 FA213162200 Other 80.0 -29.5 -4.5 -44.2 -32.3 15.2 33.9 -8.5 59

60 FA213169203 Loans (short term) 0.9 0.9 0.4 0.5 0.4 0.3 0.9 0.4 60

61 FA223073045 Insurance, pension and standardized guarantee schemes 312.3 306.5 197.0 342.1 214.8 201.3 282.9 266.4 61

 (claim of pension funds on sponsor)

62 FA213170003 Other accounts payable (trade payables) 38.4 38.3 38.3 38.8 39.8 41.3 42.8 43.8 62

 Addendum:

63 FA215000005 Net lending (+) or borrowing (-), financial account (lines 35-56) -307.0 -324.0 -253.4 -258.3 -174.8 -231.5 -246.1 -281.0 63

 Other changes in volume account

64 FV218090185 Total other volume changes -123.1 60.2 117.9 -667.5 -60.4 -54.3 -38.1 -92.2 64

65 FV212010095 Disaster losses 0.0 0.0 -7.4 0.0 0.0 0.0 0.0 -7.5 65

66 FV218090085 Other volume changes -192.6 53.0 57.5 -705.4 -154.0 -94.5 -89.0 -102.8 66

67 FU217005045 Less: Statistical discrepancy (lines 33-63) (3) -69.5 -7.2 -67.7 -37.9 -93.6 -40.2 -50.9 -18.1 67

 Revaluation account

68 FR212010095 Nonfinancial assets 179.6 394.7 226.7 241.4 172.1 40.7 260.1 346.6 68

69 FR215015605 Structures 171.9 389.2 222.3 236.6 166.5 38.7 258.4 343.1 69

70 FR215013265 Equipment 4.6 2.4 1.6 1.4 2.9 0.7 0.4 1.0 70

71 FR215013765 Intellectual property products 3.1 3.1 2.8 3.4 2.6 1.3 1.3 2.5 71

72 FR213081005 Financial assets (equity and investment fund shares) 23.0 2.0 20.2 40.5 14.8 -1.7 15.2 27.1 72

73 FR223073045 Liabilities (claim of pension funds on sponsor) -252.9 40.2 -271.0 -495.5 -161.8 81.2 -190.6 -493.4 73

74 FR218200005 Changes in net worth due to nominal holding gains/losses 455.5 356.5 518.0 777.4 348.6 -42.2 465.9 867.1 74

 Changes in balance sheet account

75 FC212090095 Change in net worth (lines 29+33+64+74) 101.8 215.7 427.4 -83.9 122.1 -251.1 254.3 588.5 75

 Balance sheet account (end of period)

76 FL212000095 Total assets 11381.4 11873.2 12207.7 12640.4 12951.2 13102.1 13576.1 14042.6 76

77 LM212010095 Nonfinancial assets (4) 8557.5 9068.6 9384.7 9710.3 9965.7 10098.5 10446.0 10859.9 77

78 LM215015605 Structures 8207.7 8711.9 9022.9 9341.5 9589.9 9718.4 10060.1 10465.6 78

79 LM215013265 Equipment 245.4 246.5 246.7 247.7 249.5 249.7 251.1 253.6 79

80 LM215013765 Intellectual property products 104.4 110.2 115.2 121.2 126.3 130.4 134.8 140.6 80

81 FL214090005 Financial assets 2823.8 2804.6 2822.9 2930.1 2985.5 3003.7 3130.1 3182.7 81

82 FL214000005 Currency and deposits 360.4 395.1 416.7 439.0 466.0 469.1 480.0 505.1 82

83 FL213020005 Currency and transferable deposits 85.0 101.9 92.2 95.6 109.7 98.2 102.5 113.1 83

84 FL213030005 Time and savings deposits 275.4 293.2 324.5 343.5 356.3 370.8 377.5 392.0 84

85 FL214022005 Debt securities 1512.1 1457.7 1429.0 1428.4 1416.1 1404.7 1457.6 1438.1 85

86 FL213069103 Open market paper 115.4 103.5 92.3 86.9 77.8 73.1 71.8 70.8 86

87 FL213061105 Treasury securities 634.6 603.4 629.8 633.8 657.5 682.4 728.4 703.5 87

88 FL213061703 Agency- and GSE-backed securities (2) 566.4 555.9 516.5 509.8 482.8 446.9 450.6 459.5 88

89 FL213062003 Municipal securities 14.2 14.5 14.2 14.8 14.8 15.1 15.4 15.2 89

90 FL213063003 Corporate and foreign bonds 181.4 180.3 176.1 183.2 183.3 187.1 191.4 189.0 90

91 FL214035005 Loans 362.0 357.0 350.9 367.2 369.7 379.8 388.5 383.6 91

92 FL212051003 Short term 137.6 133.5 132.6 140.2 142.6 147.9 151.3 149.4 92

93 FL213065005 Long term (mortgages) 224.4 223.5 218.3 227.0 227.2 231.9 237.3 234.2 93

94 FL213081005 Equity and investment fund shares 222.2 221.8 236.5 281.8 295.0 296.2 320.3 347.2 94

95 FL213034003 Money market fund shares 20.7 21.1 18.9 18.1 16.4 16.2 21.6 23.3 95

96 LM213064103 Corporate equities 137.7 136.1 147.2 177.7 187.5 188.4 200.8 217.4 96

97 LM213064203 Mutual fund shares 63.9 64.6 70.4 86.1 91.1 91.6 97.9 106.5 97

98 FL213096005 Other accounts receivable 367.2 373.0 389.9 413.6 438.7 454.0 483.8 508.7 98

99 FL213070003 Trade receivables 152.2 157.8 163.2 172.6 183.8 184.2 203.7 224.1 99

100 FL213078005 Taxes receivable 112.1 112.4 119.7 122.9 129.9 135.1 142.4 148.6 100

101 FL213093003 Other (miscellaneous assets) 102.9 102.8 107.0 118.1 125.0 134.7 137.8 136.0 101
Inte

g

r

ate

d

A

c

c

o

u

nts

Z.1, September 20, 2018 181

S.8.a State and Local Governments (1)

Billions of dollars

2010 2011 2012 2013 2014 2015 2016 2017

 

102 FL212100005 Total liabilities and net worth 11381.4 11873.2 12207.7 12640.4 12951.2 13102.1 13576.1 14042.6 102

103 FL214190005 Liabilities 6722.9 6999.0 6906.1 7422.7 7611.4 8013.4 8233.1 8111.0 103

104 FL213162005 Debt securities (municipals) 3184.9 3144.8 3144.0 3088.9 3050.2 3059.6 3090.7 3087.0 104

105 FL213162400 Short term 63.1 52.4 56.2 45.3 38.9 33.0 30.2 35.0 105

106 FL213162200 Other 3121.8 3092.3 3087.8 3043.6 3011.3 3026.6 3060.4 3051.9 106

107 FL213169203 Loans (short term) 14.4 15.3 15.7 16.2 16.6 16.9 17.8 18.2 107

108 FL223073045 Insurance, pension and standardized guarantee schemes 2854.8 3131.9 3001.0 3533.4 3720.6 4071.7 4216.6 4053.9 108

 (claim of pension funds on sponsor)

109 FL213170003 Other accounts payable (trade payables) 668.8 707.1 745.4 784.2 823.9 865.2 908.0 951.8 109

110 FL212090095 Net worth 4658.4 4874.2 5301.6 5217.7 5339.8 5088.7 5343.0 5931.6 110

(1) The state and local government sector excludes state and local government employee retirement funds.

(2) Government-sponsored enterprises (GSEs) consist of Federal Home Loan Banks, Fannie Mae, Freddie Mac, Federal Agricultural Mortgage Corporation, Farm Credit System,

 the Financing Corporation, and the Resolution Funding Corporation, and they included the Student Loan Marketing Association until it was fully privatized in the fourth quarter of 2004.

(3) The statistical discrepancy is the difference between net lending or net borrowing derived in the capital account and the same concept derived in the financial account. The discrepancy

 reflects differences in source data, timing of recorded transactions, and other statistical differences between the capital and financial accounts.

(4) Excludes land and nonproduced nonfinancial assets.
Inte

g

r

ate

d

A

c

c

o

u

nts

182 Z.1, September 20, 2018

S.9.a Rest of the World 

Billions of dollars

2010 2011 2012 2013 2014 2015 2016 2017

 

 Current account

 1 FA266905095 Foreign income from U.S. 3093.9 3461.8 3552.4 3596.5 3746.6 3664.2 3665.4 3939.0 1

 2 FA266903001 U.S. imports of goods and services 2360.2 2682.5 2759.9 2764.2 2879.3 2786.5 2738.1 2928.6 2

 3 FA266904195 U.S. income payments to rest of world 519.5 552.8 567.4 592.7 612.5 613.1 643.8 713.4 3

 4 FA266400101 Current taxes and trans. payments to rest of world 214.2 226.6 225.2 239.6 254.8 264.7 283.5 297.0 4

 5 FA266900095 Less: Foreign outlays to U.S. 2657.2 2996.3 3104.3 3228.0 3371.0 3240.1 3219.6 3466.5 5

 6 FA266903011 U.S. exports of goods and services 1846.3 2103.0 2191.3 2273.4 2371.0 2265.0 2217.6 2350.2 6

 7 FA266904095 U.S. income receipts from rest of world 715.2 789.2 799.7 823.4 854.2 839.3 859.1 957.1 7

 8 FA266400201 Current taxes and trans. receipts from rest of world (1) 95.7 104.1 113.3 131.1 145.8 135.8 142.9 159.2 8

 9 FA266000095 Equals: Net saving (current external balance) 436.7 465.6 448.1 368.5 375.6 424.1 445.8 472.5 9

 Capital account

10 FA266000095 Net saving 436.7 465.6 448.1 368.5 375.6 424.1 445.8 472.5 10

11 FA265440005 Less: Net capital transfers -0.7 -1.6 6.5 -0.8 -0.4 -0.4 -0.5 -3.6 11

12 FA265420095 Less: Acquisition of nonproduced nonfinancial assets -0.0 -0.0 -0.1 0.0 -0.0 0.0 0.0 -0.0 12

13 FA265000905 Net lending (+) or borrowing (-), capital account (lines 10-11-12) 437.4 467.2 441.6 369.4 376.0 424.5 446.3 476.2 13

 Financial account

14 FA265000905 Net lending (+) or borrowing (-) (line 13) 437.4 467.2 441.6 369.4 376.0 424.5 446.3 476.2 14

15 FA264090005 Net acquisition of U.S. financial assets 1107.1 1070.4 875.0 1111.8 1155.0 553.1 745.6 1454.7 15

16 FA263011005 Monetary gold and SDRs 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16

17 FA263011205 Monetary gold 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 17

18 FA313111303 SDR allocations 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 18

19 FA264000005 Currency and deposits -10.4 357.0 -28.0 368.8 102.6 -45.6 -6.2 196.6 19

20 FA263025003 Currency 28.3 55.0 57.1 37.7 66.3 38.4 42.3 69.7 20

21 FA263027003 Transferable deposits 1.2 26.8 11.1 13.0 16.6 -5.7 18.7 10.2 21

22 FA263030005 Time deposits 4.9 47.3 38.0 51.5 54.2 -18.6 73.1 17.1 22

23 FA264016005 Net interbank items due from U.S. banks -44.7 227.8 -134.3 266.6 -34.5 -59.6 -140.4 99.7 23

24 FA264022005 Debt securities 639.4 203.6 495.9 553.6 527.8 406.5 341.7 650.1 24

25 FA263069103 Open market paper -10.7 0.7 0.1 -0.9 7.7 -2.3 37.0 -5.8 25

26 FA263061105 Treasury securities 740.4 355.3 589.7 423.2 314.2 42.7 -107.9 306.8 26

27 FA263061705 Agency- and GSE-backed securities (2) -66.6 -41.6 -73.6 -83.6 -8.1 24.8 79.1 21.0 27

28 FA263062003 Municipal securities 13.1 0.6 -0.6 4.5 4.3 6.5 7.2 7.1 28

29 FA263063005 Corporate bonds -36.8 -111.5 -19.7 210.4 209.6 334.9 326.3 320.9 29

30 FA264041005 Loans (short term) 72.2 126.5 -59.5 29.9 136.4 -109.0 43.9 100.0 30

31 FA262051003 Security repurchases 92.4 92.6 -7.2 34.1 105.5 -145.9 48.2 43.0 31

32 FA263069500 Loans to U.S. corporate business -20.2 33.9 -52.2 -4.2 31.0 36.9 -4.3 57.0 32

33 FA263081005 Equity and investment fund shares 389.5 365.5 450.5 154.6 366.3 294.2 346.3 447.8 33

34 FA263034003 Money market fund shares -7.1 4.6 22.6 9.2 -0.9 2.3 -9.5 -1.6 34

35 FA263064105 Corporate equities 130.9 48.1 137.0 -56.5 114.7 -191.3 -187.7 132.4 35

36 FA263064203 Mutual fund shares 55.2 70.7 79.5 -15.4 40.4 1.7 57.5 24.8 36

37 FA263092001 Foreign direct investment in the United States 210.5 242.2 211.5 217.3 212.0 481.5 486.0 292.1 37

38 FA263052005 Insurance, pension and standardized guarantee schemes 5.0 10.6 4.0 -1.3 9.1 -3.8 13.4 13.5 38

39 FA263076005 Insurance receivables due from property-casualty insurance companies 3.2 9.3 1.5 3.7 -0.4 2.9 1.2 10.4 39

40 FA543141905 Life insurance reserves 1.5 0.8 1.5 -4.1 6.7 -4.6 11.0 2.7 40

41 FA543151905 Pension entitlements 0.3 0.6 1.0 -0.8 2.8 -2.0 1.2 0.4 41

42 FA263070005 Other accounts receivable 11.5 7.3 11.9 6.1 12.8 10.8 6.5 46.6 42

43 FA264190005 Net incurrence of liabilities 831.3 609.1 412.4 783.0 906.5 348.6 431.0 1156.3 43

44 FA313011303 SDR holdings 0.0 -1.8 0.0 0.0 0.0 0.0 0.7 0.1 44

45 FA264100005 Currency and deposits 73.4 -197.3 -143.0 28.0 -121.4 -242.1 -83.3 256.9 45

46 FA263111503 Official foreign currencies 0.5 -0.5 0.4 0.3 0.2 0.2 0.1 0.0 46

47 FA263111403 Reserve position in IMF (net) 1.3 18.1 4.0 -3.4 -3.8 -6.5 1.3 -1.8 47

48 FA263191005 U.S. private deposits 71.6 -215.0 -147.4 31.1 -117.8 -235.8 -84.7 258.6 48

49 FA313091105 Nonofficial foreign currencies 0.0 0.0 0.0 -0.0 0.0 0.0 0.0 0.0 49

50 FA264122005 Debt securities 124.7 128.2 160.8 206.1 162.8 -31.3 5.8 374.6 50

51 FA263169105 Commercial paper 17.1 -22.0 48.2 66.3 8.9 54.6 -59.2 91.9 51

52 FA263163005 Bonds 107.6 150.2 112.6 139.8 153.9 -85.9 65.0 282.7 52
Inte

g

r

ate

d

A

c

c

o

u

nts

Z.1, September 20, 2018 183

S.9.a Rest of the World 

Billions of dollars

2010 2011 2012 2013 2014 2015 2016 2017

 

53 FA264141005 Loans (short term) 260.3 229.5 -6.6 -54.1 108.7 139.0 154.5 -10.6 53

54 FA262151003 Security repurchases 207.9 96.4 36.0 -108.6 16.5 80.8 115.9 -32.7 54

55 FA263169005 Other loans and advances 1.1 1.5 6.6 1.4 2.4 0.4 -2.0 3.9 55

56 FA263168005 Depository institution loans n.e.c. 61.5 31.9 41.8 61.7 88.6 58.3 36.1 11.8 56

57 FA713091103 Nonoff. foreign currencies (swap lines) -10.2 99.7 -90.9 -8.6 1.3 -0.5 4.6 6.5 57

58 FA263181105 Equity and investment fund shares 388.4 455.4 393.2 594.7 767.1 471.7 328.7 480.2 58

59 FA263164100 Corporate equities 79.2 7.0 104.0 287.4 431.6 196.9 21.7 166.8 59

60 FA313092803 U.S. government equity in IBRD, etc. 2.3 2.6 2.4 2.2 2.3 2.2 2.0 0.8 60

61 FA263192005 U.S. direct investment abroad 296.3 415.3 338.4 321.9 347.7 279.5 304.6 316.5 61

62 FA263194735 Investment by holding companies 10.6 30.6 -51.5 -16.9 -14.6 -6.9 0.4 -3.9 62

63 FA263152005 Insurance, pension and standardized guarantee schemes -20.5 -10.7 4.6 -1.2 -5.9 9.9 21.9 47.4 63

64 FA263170005 Other accounts payable 5.0 5.8 3.3 9.5 -4.9 1.4 2.7 7.7 64

 Addendum:

65 FA265000005 Net lending (+) or borrowing (-), financial account (lines 15-43) 275.8 461.3 462.6 328.8 248.5 204.5 314.6 298.3 65

 Other changes in volume account

66 FV268090185 Total other volume changes -151.2 -15.4 17.5 -32.0 -127.5 -216.5 -273.3 -195.4 66

67 FV268090085 Other volume changes 10.4 -9.5 -3.4 8.6 0.0 3.5 -141.6 -17.6 67

68 FU267005005 Less: Statistical discrepancy (lines 13-65) (3) 161.6 5.9 -20.9 40.6 127.5 220.0 131.7 177.8 68

 Revaluation account

69 FR264090005 Financial assets 605.1 185.2 541.5 994.8 699.5 -591.4 437.0 1327.2 69

70 FR263011005 Monetary gold and SDRs -1.0 -0.2 0.1 0.1 -3.2 -2.2 -1.5 2.8 70

71 FR264000005 Currency and deposits 4.2 0.1 -0.0 -0.0 -0.2 -0.3 -0.2 0.6 71

72 FR264022005 Debt securities 132.3 293.5 120.2 -332.0 59.5 -243.4 -17.8 96.5 72

73 FR263069103 Open market paper -4.3 -0.2 -0.0 -0.6 -1.1 -1.4 -0.5 1.3 73

74 FR263061105 Treasury securities 47.9 190.3 -22.6 -202.6 51.1 -54.4 -35.6 -24.7 74

75 FR263061705 Agency- and GSE-backed securities 12.4 23.9 -3.4 -33.8 24.0 -8.0 -3.9 -1.5 75

76 FR263063005 Corporate bonds 76.3 79.4 146.3 -95.0 -14.5 -179.6 22.1 121.4 76

77 FR263081005 Equity and investment fund shares 469.5 -108.2 421.2 1326.8 643.6 -345.2 456.7 1226.9 77

78 FR263064105 Corporate equities 425.1 -59.7 418.8 1308.9 600.5 -228.3 467.0 1124.3 78

79 FR263064203 Mutual fund shares 24.0 -5.4 45.6 73.0 23.1 -17.8 33.8 101.7 79

80 FR263092001 Foreign direct investment in the United States 20.4 -43.1 -43.2 -55.1 20.1 -99.1 -44.1 0.9 80

81 FR263070005 Other accounts receivable 0.1 -0.1 0.0 -0.0 -0.3 -0.3 -0.2 0.4 81

82 FR264194005 Liabilities 792.5 -686.3 914.6 588.8 139.0 -525.7 274.4 2091.6 82

83 FR313011303 SDR holdings -1.0 -0.1 0.1 0.1 -3.3 -2.3 -1.5 2.9 83

84 FR264100005 Currency and deposits -25.2 -22.7 -1.8 -2.6 -12.9 -4.8 -6.4 5.0 84

85 FR263111503 Official foreign currencies 1.1 0.3 -2.3 -2.6 -5.9 -2.8 -0.3 3.7 85

86 FR263111403 Reserve position in IMF (net) -0.2 -0.5 0.0 0.0 -1.7 -1.1 -0.6 1.1 86

87 FR263191005 U.S. private deposits -26.1 -22.5 0.5 -0.0 -5.2 -0.8 -5.5 0.2 87

88 FR263191103 Nonofficial foreign currencies 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 88

89 FR263163005 Debt securities (corporate bonds) 102.5 54.2 146.6 -122.7 54.6 -82.2 42.0 129.2 89

90 FR263169205 Loans (other loans and advances) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 90

91 FR263181105 Equity and investment fund shares 716.0 -717.7 769.6 714.0 101.0 -435.8 240.6 1953.9 91

92 FR263164100 Corporate equities 825.8 -647.3 716.4 863.6 -133.9 -211.4 226.8 1816.3 92

93 FR263192005 U.S. direct investment abroad -109.8 -70.5 53.1 -149.6 234.9 -224.5 13.8 137.5 93

94 FR263152005 Insurance, pension and standardized guarantee schemes 0.3 -0.0 0.3 0.2 0.0 0.0 0.0 0.0 94

95 FR263170005 Other accounts payable -0.0 0.0 -0.1 -0.1 -0.5 -0.6 -0.3 0.7 95

96 FR265000005 Changes in net worth due to nominal holding gains/losses -187.5 871.5 -373.1 406.0 560.5 -65.7 162.5 -764.5 96

 Changes in balance sheet account

97 FC262090095 Change in net worth (lines 13+66+96) 98.8 1323.3 86.0 743.4 809.0 142.2 335.6 -483.7 97

 Financial balance sheet account (end of period)

98 FL264090005 Total financial assets (4) 16249.4 17747.0 19163.3 21266.5 23121.0 23082.7 24265.2 27047.1 98

99 FL313111303 SDR allocations 54.4 54.2 54.3 54.4 51.2 48.9 47.5 50.3 99
Inte

g

r

ate

d

A

c

c

o

u

nts

184 Z.1, September 20, 2018

S.9.a Rest of the World 

Billions of dollars

2010 2011 2012 2013 2014 2015 2016 2017

 

100 FL264000005 Currency and deposits 630.7 987.8 959.7 1328.5 1430.8 1384.9 1378.4 1575.6 100

101 FL263025003 Currency 342.1 397.1 454.2 491.9 558.2 596.6 638.9 708.6 101

102 FL263027003 Transferable deposits 48.4 75.2 86.3 99.4 116.0 110.2 129.0 139.1 102

103 FL263030005 Time deposits 308.2 355.6 393.7 445.1 499.2 480.2 553.1 570.7 103

104 FL264016005 Net interbank items due from U.S. banks -68.0 159.9 25.4 292.0 257.5 197.9 57.5 157.2 104

105 FL264022005 Debt securities 8251.6 8748.7 9364.8 9586.9 10174.2 10337.3 10661.2 11407.8 105

106 LM263069103 Open market paper 102.1 102.7 102.8 101.3 108.0 104.3 140.8 136.3 106

107 LM263061105 Treasury securities 4458.8 5004.4 5571.5 5792.6 6158.0 6146.2 6002.8 6284.9 107

108 LM263061705 Agency- and GSE-backed securities (2) 1095.8 1078.2 1001.2 883.8 899.6 916.5 991.6 1011.2 108

109 FL263062003 Municipal securities 71.7 72.4 71.8 76.2 80.6 87.0 94.2 101.3 109

110 LM263063005 Corporate bonds 2523.1 2491.0 2617.6 2732.9 2928.0 3083.3 3431.7 3874.1 110

111 FL264041005 Loans (short term) 744.0 874.6 815.2 845.1 981.5 872.6 916.5 1016.5 111

112 FL262051003 Security repurchases 581.8 678.5 671.3 705.4 810.9 665.0 713.2 756.2 112

113 FL263069500 Loans to U.S. corporate business 162.3 196.1 143.9 139.7 170.6 207.5 203.3 260.3 113

114 FL263081005 Equity and investment fund shares 6337.1 6832.3 7704.0 9185.5 10195.4 10144.4 10947.5 12622.1 114

115 FL263034003 Money market fund shares 69.8 74.4 96.9 106.2 105.3 107.6 98.1 96.5 115

116 LM263064105 Corporate equities 3213.5 3397.2 3953.0 5205.4 5920.6 5500.9 5780.3 7037.0 116

117 LM263064203 Mutual fund shares 262.5 370.4 495.4 553.1 616.6 600.6 691.8 818.3 117

118 LM263092001 Foreign direct investment in the United States 2791.4 2990.4 3158.7 3320.9 3552.9 3935.3 4377.2 4670.2 118

119 FL263052005 Insurance, pension and standardized guarantee schemes 28.5 39.1 43.1 41.9 51.0 47.2 60.6 74.2 119

120 FL263076005 Insurance receivables due from property-casualty insurance companies 21.6 30.8 32.3 36.1 35.7 38.6 39.8 50.1 120

121 FL543141905 Life insurance reserves 5.7 6.5 8.0 3.9 10.6 5.9 17.0 19.7 121

122 FL543151905 Pension entitlements 1.3 1.8 2.8 2.0 4.7 2.7 3.9 4.3 122

123 LM263070005 Other accounts receivable 203.1 210.3 222.2 224.3 236.8 247.4 253.6 300.7 123

124 FL262100005 Total liabilities and net worth 16249.4 17747.0 19163.3 21266.5 23121.0 23082.7 24265.2 27047.1 124

125 FL264194005 Total liabilities 14108.1 14282.4 15612.7 16972.4 18017.9 17837.5 18684.5 21950.0 125

126 FL313011303 SDR holdings 56.8 55.0 55.1 55.2 51.9 49.7 48.9 51.9 126

127 FL264100005 Currency and deposits 1370.8 1150.8 1006.0 1031.4 897.1 650.3 560.5 822.4 127

128 FL263111503 Official foreign currencies 51.8 51.6 49.7 47.4 41.8 39.1 38.9 42.6 128

129 FL263111403 Reserve position in IMF (net) 12.5 30.1 34.2 30.8 25.2 17.6 18.4 17.6 129

130 LM263191005 U.S. private deposits 1303.9 1066.4 919.5 950.6 827.6 590.9 500.6 759.5 130

131 FL313091105 Nonofficial foreign currencies 2.6 2.6 2.6 2.6 2.6 2.6 2.6 2.6 131

132 FL264122005 Debt securities 2076.3 2258.7 2566.1 2649.5 2866.9 2753.4 2801.2 3305.0 132

133 FL263169105 Commercial paper 336.2 314.2 362.4 428.7 437.6 492.3 433.1 525.0 133

134 LM263163005 Bonds 1740.1 1944.5 2203.7 2220.8 2429.3 2261.1 2368.1 2780.0 134

135 FL264141005 Loans (short term) 834.0 1073.5 1070.1 1016.1 1124.7 1260.3 1414.8 1421.8 135

136 FL262151003 Security repurchases 663.7 764.7 800.7 692.2 708.6 789.5 905.4 872.6 136

137 FL263169005 Other loans and advances 20.9 22.4 30.2 31.6 34.0 33.8 31.8 53.3 137

138 FL263168005 Depository institution loans n.e.c. 149.3 186.6 230.3 292.0 380.6 436.0 472.0 483.8 138

139 FL713091103 Nonoff. foreign currencies (swap lines) 0.1 99.8 8.9 0.3 1.5 1.0 5.6 12.1 139

140 FL263181105 Equity and investment fund shares 9476.5 9455.7 10618.5 11927.2 12795.2 12831.1 13542.0 15976.0 140

141 LM263164100 Corporate equities 4900.2 4501.4 5321.9 6472.9 6770.6 6756.2 7146.3 9129.5 141

142 FL313092803 U.S. government equity in IBRD, etc. 52.8 55.4 57.8 60.0 62.4 64.6 66.6 67.4 142

143 LM263192005 U.S. direct investment abroad 4387.8 4732.6 5124.0 5296.4 5878.9 5933.9 6252.3 6706.3 143

144 FL263194735 Investment by holding companies 135.6 166.3 114.7 97.9 83.3 76.4 76.8 72.9 144

145 FL263152005 Insurance, pension and standardized guarantee schemes 229.0 218.3 223.2 222.2 216.4 226.3 248.2 295.6 145

146 LM263170005 Other accounts payable 64.7 70.5 73.7 71.0 65.6 66.5 69.0 77.4 146

147 FL262090095 Net worth (external account) 2141.3 3464.6 3550.6 4294.0 5103.0 5245.2 5580.8 5097.1 147

(1) Prior to 1999, current taxes, contributions for government social insurance, and transfer receipts from the rest of the world (line 8) are not separately displayed, and line 4 includes

 current taxes and transfer payments to the rest of the world net of current taxes, contributions for government social insurance, and transfer receipts from the rest of the world.

(2) Government-sponsored enterprises (GSEs) consist of Federal Home Loan Banks, Fannie Mae, Freddie Mac, Federal Agricultural Mortgage Corporation, Farm Credit System,

 the Financing Corporation, and the Resolution Funding Corporation, and they included the Student Loan Marketing Association until it was fully privatized in the fourth quarter of 2004.

(3) The statistical discrepancy is the difference between net lending or net borrowing derived in the capital account and the same concept derived in the financial account. The discrepancy

 reflects differences in source data, timing of recorded transactions, and other statistical differences between the capital and financial accounts.

(4) Nonfinancial assets, including nonproduced nonfinancial assets, are not included on the balance sheet.