102 Z.1, September 16, 2004

B.100 Balance Sheet of Households and Nonprofit Organizations (1)

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

1998 1999 2000 2001 2002 2003 2004

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Assets 43624.9 49110.9 49378.0 49100.9 48232.1 48404.9 50517.5 51597.0 54119.4 55066.5 55966.9 1

 2 Tangible assets 13150.4 14217.0 15524.3 16774.6 18204.3 18487.2 18792.3 19182.7 19853.8 20230.4 20762.1 2

 3 Real estate 10465.3 11373.1 12494.1 13576.6 14842.0 15097.7 15369.9 15727.5 16367.5 16676.6 17143.8 3

 4 Households (2,3) 9408.2 10253.7 11267.0 12358.2 13559.6 13796.6 14050.8 14381.0 14988.5 15274.7 15712.7 4

 5 Nonprofit organizations 1057.2 1119.4 1227.0 1218.4 1282.5 1301.1 1319.1 1346.6 1379.0 1401.8 1431.1 5

 Equipment and software owned by

 6 nonprofit organizations (4) 76.7 83.0 89.5 94.0 96.2 96.5 96.9 97.9 99.3 100.3 101.9 6

 7 Consumer durable goods (4) 2608.3 2760.9 2940.7 3104.0 3266.1 3293.0 3325.5 3357.2 3387.1 3453.5 3516.4 7

 8 Financial assets 30474.5 34894.0 33853.6 32326.3 30027.8 29917.7 31725.2 32414.3 34265.6 34836.0 35204.8 8

 9 Deposits 3853.6 4031.9 4357.4 4821.8 5103.8 5243.1 5239.9 5215.2 5277.8 5490.1 5473.2 9

10 Foreign deposits 38.3 43.5 63.5 58.5 74.2 80.7 74.8 70.3 65.2 84.9 90.1 10

11 Checkable deposits and currency 421.9 364.3 232.3 335.3 358.7 356.3 345.7 299.3 316.3 351.3 351.8 11

12 Time and savings deposits 2680.5 2799.1 3090.9 3298.8 3582.3 3728.3 3789.0 3858.9 3907.3 4084.1 4131.7 12

13 Money market fund shares 712.9 825.0 970.7 1129.2 1088.7 1077.8 1030.3 986.7 989.0 969.8 899.7 13

14 Credit market instruments 2264.3 2392.1 2235.2 2104.8 2010.1 1949.5 1944.7 2047.8 2154.4 2009.8 2069.1 14

15 Open market paper 63.7 67.7 82.6 85.7 98.9 105.0 97.5 99.0 94.9 100.3 104.6 15

16 Treasury securities 747.5 833.0 621.6 510.9 373.3 415.1 486.9 460.3 455.6 415.4 435.3 16

17 Savings bonds 186.6 186.4 184.8 190.3 194.9 196.9 199.1 201.5 203.8 204.4 204.6 17

18 Other Treasury 560.9 646.5 436.9 320.5 178.4 218.2 287.7 258.7 251.8 211.0 230.7 18

19 Agency- and GSE-backed securities 288.9 362.4 405.8 328.9 219.1 200.5 156.5 345.9 485.5 397.5 440.5 19

20 Municipal securities 416.0 435.6 438.0 489.3 585.2 586.6 613.3 602.7 618.6 626.4 650.9 20

21 Corporate and foreign bonds 650.0 587.0 569.8 564.7 597.6 503.6 449.0 395.4 352.4 319.9 284.3 21

22 Mortgages 98.2 106.5 117.4 125.4 136.0 138.8 141.6 144.5 147.4 150.3 153.5 22

23 Corporate equities (2) 7120.0 9168.1 7762.6 6466.3 4853.7 4680.3 5364.4 5499.3 6146.7 6072.0 6065.5 23

24 Mutual fund shares (5) 2397.1 2987.4 2905.3 2750.8 2443.8 2431.4 2762.2 2905.5 3182.4 3391.6 3448.7 24

25 Security credit 276.7 323.9 412.4 454.3 412.7 429.6 515.1 503.4 475.4 513.0 526.3 25

26 Life insurance reserves 718.3 783.9 819.1 880.0 920.9 936.3 959.7 973.0 1013.2 1034.3 1054.2 26

27 Pension fund reserves 8123.2 9111.4 8901.3 8444.1 7754.1 7664.6 8239.9 8424.2 8960.6 9137.5 9266.7 27

28 Investment in bank personal trusts 1001.0 1130.4 1095.8 960.7 840.9 819.6 877.0 885.0 932.4 955.0 961.9 28

29 Equity in noncorporate business (6) 4368.7 4600.4 4993.7 5054.1 5267.8 5332.0 5381.6 5503.3 5660.8 5761.2 5859.1 29

30 Miscellaneous assets 351.5 364.3 370.9 389.4 420.0 431.3 440.6 457.5 462.0 471.5 480.2 30

31 Liabilities 6253.5 6819.1 7402.3 7989.2 8680.4 8845.3 9203.0 9421.6 9603.4 9796.4 10059.8 31

32 Credit market instruments 5956.7 6440.8 7012.9 7640.9 8372.4 8523.4 8789.9 9027.3 9252.3 9424.4 9670.4 32

33 Home mortgages (7) 4086.1 4457.9 4828.7 5301.4 5932.1 6109.6 6334.9 6536.3 6688.2 6873.6 7078.3 33

34 Consumer credit 1442.9 1550.2 1726.5 1865.2 1942.6 1912.7 1940.0 1977.5 2025.5 2005.3 2018.6 34

35 Municipal securities (8) 126.9 137.3 143.0 156.9 169.8 173.6 177.3 180.6 183.9 186.7 192.3 35

36 Bank loans n.e.c. 74.2 67.3 74.1 57.6 54.6 50.9 61.1 51.9 94.4 92.8 111.4 36

37 Other loans and advances 122.9 117.8 119.8 120.4 120.7 120.0 120.1 119.4 119.3 119.1 119.0 37

38 Commercial mortgages (8) 103.7 110.3 120.7 139.4 152.7 156.6 156.5 161.6 141.0 146.9 150.8 38

39 Security credit 152.8 227.9 235.1 196.4 148.2 159.5 248.5 227.6 182.5 201.2 215.6 39

40 Trade payables (8) 126.8 130.9 134.7 132.9 139.8 141.7 143.6 145.7 147.7 149.9 152.1 40

 Deferred and unpaid

41 life insurance premiums 17.2 19.4 19.6 19.1 20.0 20.7 21.0 21.0 20.9 21.0 21.7 41

42 Net worth 37371.4 42291.9 41975.7 41111.6 39551.7 39559.6 41314.6 42175.4 44516.0 45270.1 45907.1 42

 Memo:

 Replacement-cost value of structures:

43 Residential 7304.2 7886.9 8467.2 9148.0 9644.1 9876.0 9993.2 10150.4 10378.5 10604.7 10922.2 43

44 Households 7112.7 7685.3 8255.1 8924.6 9414.0 9641.9 9757.8 9912.9 10137.3 10359.9 10671.8 44

45 Farm households 62.0 67.0 72.2 77.1 80.0 81.4 81.9 82.8 84.1 85.5 87.6 45

46 Nonprofit organizations 129.5 134.6 139.9 146.3 150.2 152.7 153.5 154.7 157.0 159.3 162.8 46

47 Nonresidential (nonprofits) 711.9 762.1 815.2 870.6 915.0 931.0 938.5 948.8 959.7 978.5 1002.0 47

48 Disposable personal income 6395.9 6694.9 7194.0 7486.8 7827.7 7976.5 8075.0 8267.6 8320.6 8438.4 8555.9 48

 Household net worth as percentage of

49 disposable personal income 584.3 631.7 583.5 549.1 505.3 496.0 511.6 510.1 535.0 536.5 536.6 49

 Owners’ equity in household real

50 estate (9) 5322.1 5795.8 6438.3 7056.8 7627.5 7687.1 7715.9 7844.7 8300.3 8401.1 8634.4 50

 Owners’ equity as percentage of

51 household real estate (10) 56.6 56.5 57.1 57.1 56.3 55.7 54.9 54.5 55.4 55.0 55.0 51

(1) Sector includes farm households.

(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) Value based on the market values of equities held and the book value of other assets held by mutual funds.

(6) Net worth of noncorporate business (table B.103, line 31) and owners’ equity in farm business and unincorporated security brokers and dealers.

(7) Includes loans made under home equity lines of credit and home equity loans secured by junior liens, shown on table L.218, line 24.

(8) Liabilities of nonprofit organizations.

(9) Line 4 less line 33.

(10) Line 50 divided by line 4.
Z.1, September 16, 2004 103

B.102 Balance Sheet of Nonfarm Nonfinancial Corporate Business

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

1998 1999 2000 2001 2002 2003 2004

 Q1 Q2 Q3 Q4 Q1 Q2

 With tangible assets stated at either market value or replacement cost:

 1 Assets 14812.8 16520.9 18870.0 18901.7 19202.8 19329.3 19583.9 19796.4 20132.3 20386.9 20688.3 1

 2 Tangible assets 7996.7 8427.0 9097.6 9002.8 9240.5 9308.5 9345.1 9444.9 9583.2 9699.9 9860.1 2

 3 Real estate (1) 4108.9 4283.7 4671.1 4565.9 4758.9 4808.6 4858.1 4937.2 5029.7 5099.0 5191.0 3

 4 Equipment and software (2) 2722.7 2891.2 3092.8 3171.4 3178.7 3173.7 3173.0 3191.6 3223.1 3241.8 3276.0 4

 5 Inventories (2) 1165.2 1252.1 1333.6 1265.6 1302.9 1326.2 1314.0 1316.1 1330.4 1359.1 1393.1 5

 6 Financial assets 6816.1 8093.8 9772.5 9898.9 9962.3 10020.8 10238.8 10351.4 10549.2 10686.9 10828.3 6

 7 Foreign deposits 30.5 31.5 24.0 15.5 20.0 25.0 29.5 35.5 41.4 44.6 48.0 7

 8 Checkable deposits and currency 275.0 331.0 381.4 331.9 313.0 297.2 333.6 387.3 415.3 401.3 404.4 8

 9 Time and savings deposits 112.6 136.9 137.3 131.1 127.5 135.7 149.6 160.8 172.0 177.3 186.5 9

10 Money market fund shares 126.4 154.9 191.4 301.9 328.8 324.1 313.6 292.6 291.0 291.0 294.3 10

11 Security RPs 4.2 5.8 4.2 4.0 6.2 5.8 6.2 7.3 5.8 6.9 7.1 11

12 Commercial paper 39.4 47.6 57.8 60.2 64.7 62.7 71.5 80.7 83.5 80.6 83.6 12

13 Treasury securities 23.6 19.4 18.1 16.5 31.4 35.5 39.3 40.8 41.5 45.1 50.1 13

14 Agency- and GSE-backed securities 10.6 12.4 15.4 17.2 16.9 18.4 21.1 23.3 25.1 28.0 31.5 14

15 Municipal securities 25.7 25.0 31.9 29.3 32.1 32.9 34.0 38.2 40.2 41.9 45.6 15

16 Mortgages 67.3 41.2 43.5 46.6 48.7 49.2 49.7 50.2 50.7 51.2 51.7 16

17 Consumer credit 87.8 86.0 90.0 88.8 86.4 75.5 75.1 74.6 70.3 62.1 62.4 17

18 Trade receivables 1440.0 1647.7 1930.7 1802.2 1721.9 1746.6 1815.1 1844.0 1825.9 1895.4 1976.0 18

19 Mutual fund shares (1) 98.0 127.0 124.0 111.0 97.0 92.5 106.2 108.5 121.0 122.5 122.5 19

20 Miscellaneous assets 4475.0 5427.5 6722.6 6942.7 7067.8 7119.8 7194.5 7207.8 7365.5 7439.2 7464.6 20

21 Liabilities 7457.6 8407.3 9611.4 9809.5 9949.1 9989.6 10084.8 10134.2 10175.2 10257.4 10292.8 21

22 Credit market instruments 3780.4 4188.5 4545.7 4774.4 4808.6 4847.0 4918.7 4934.8 4987.1 5036.4 5076.9 22

23 Commercial paper 193.0 230.3 278.4 190.1 126.0 127.1 107.5 108.4 85.9 95.5 102.5 23

24 Municipal securities (3) 147.8 152.8 154.2 157.7 160.8 160.9 162.0 162.8 164.2 164.7 166.0 24

25 Corporate bonds (4) 1846.0 2067.7 2230.3 2578.8 2711.0 2753.4 2827.7 2851.7 2869.3 2897.9 2899.3 25

26 Bank loans n.e.c. 768.8 813.0 861.0 758.3 661.9 649.3 632.1 614.9 612.4 606.9 602.3 26

27 Other loans and advances 562.0 585.4 651.3 659.1 675.1 671.7 680.7 669.3 680.7 679.5 686.6 27

28 Mortgages 262.8 339.2 370.4 430.3 473.8 484.6 508.8 527.8 574.6 592.0 620.3 28

29 Trade payables 1049.7 1228.2 1541.4 1437.7 1461.7 1436.6 1459.6 1491.6 1539.1 1558.7 1603.1 29

30 Taxes payable 64.1 71.0 78.0 81.0 93.0 97.2 96.6 99.1 84.5 92.0 96.2 30

31 Miscellaneous liabilities 2563.5 2919.6 3446.3 3516.3 3585.9 3608.9 3609.8 3608.7 3564.6 3570.3 3516.6 31

32 Net worth (market value) 7355.2 8113.6 9258.7 9092.3 9253.7 9339.7 9499.1 9662.2 9957.1 10129.5 10395.5 32

 Memo:

 Replacement-cost value of structures:

33 Residential 90.3 94.9 100.0 105.5 109.9 112.2 113.2 114.7 116.9 119.1 122.3 33

34 Nonresidential 3530.7 3709.5 3973.4 4222.0 4376.0 4435.4 4453.5 4485.7 4519.8 4591.9 4685.9 34

 Market value of equities outstanding

35 (includes corporate farm equities) 11577.8 15155.6 12678.8 10796.2 7907.1 7647.5 8824.6 9050.7 10154.9 10241.4 10443.8 35

36 Debt/net worth (percent) (5) 51.4 51.6 49.1 52.5 52.0 51.9 51.8 51.1 50.1 49.7 48.8 36

37 Debt/equities (percent) (6) 32.7 27.6 35.9 44.2 60.8 63.4 55.7 54.5 49.1 49.2 48.6 37

38 Equities/net worth (percent) (7) 157.4 186.8 136.9 118.7 85.4 81.9 92.9 93.7 102.0 101.1 100.5 38

 With tangible assets stated at historical cost:

39 Assets (8) 12634.1 14277.5 16370.3 16669.3 16905.3 16990.8 17239.6 17370.6 17601.8 17838.6 18034.3 39

40 Tangible assets 5818.0 6183.7 6597.8 6770.4 6943.0 6970.0 7000.7 7019.1 7052.6 7151.7 7206.0 40

41 Real estate 2238.6 2359.4 2492.7 2633.3 2745.2 2767.3 2788.5 2807.6 2830.3 2853.5 2877.0 41

42 Equipment and software 2442.1 2625.5 2834.9 2927.5 2965.1 2971.8 2980.5 2995.2 3013.6 3037.0 3063.9 42

43 Inventories 1137.3 1198.8 1270.2 1209.5 1232.7 1231.0 1231.7 1216.3 1208.7 1261.3 1265.2 43

44 Net worth (historical cost) (9) 5176.5 5870.3 6758.9 6859.8 6956.2 7001.2 7154.8 7236.4 7426.6 7581.2 7741.5 44

 Memo:

 Historical-cost value of structures:

45 Residential 37.6 39.7 42.0 44.4 46.8 47.4 48.1 48.8 49.6 50.3 51.2 45

46 Nonresidential 2003.4 2120.2 2259.6 2397.8 2494.5 2514.8 2536.3 2557.6 2579.7 2601.8 2625.1 46

47 Debt/net worth (percent) (10) 73.0 71.4 67.3 69.6 69.1 69.2 68.7 68.2 67.2 66.4 65.6 47

 (1) At market value.

 (2) At replacement (current) cost.

 (3) 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.

 (4) 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.

 (5) Line 22 divided by line 32.

 (6) Line 22 divided by line 35.

 (7) Line 35 divided by line 32.

 (8) Sum of lines 6 and 40.

 (9) Line 39 less line 21.

 (10) Line 22 divided by line 44.
104 Z.1, September 16, 2004

B.103 Balance Sheet of Nonfarm Noncorporate Business

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

1998 1999 2000 2001 2002 2003 2004

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Assets 5504.7 6019.3 6730.1 7046.2 7447.3 7564.4 7678.0 7841.4 8055.3 8179.2 8346.1 1

 2 Tangible assets 4512.0 4842.5 5307.3 5467.6 5727.2 5810.0 5882.2 6002.7 6176.7 6262.0 6382.4 2

 3 Real estate (1) 3949.7 4229.9 4643.3 4770.0 5018.5 5099.4 5171.5 5288.2 5456.8 5537.4 5651.0 3

 4 Residential 2912.4 3156.6 3455.6 3606.7 3816.6 3887.7 3944.9 4038.7 4184.2 4252.2 4340.6 4

 5 Nonresidential 1037.3 1073.3 1187.8 1163.3 1202.0 1211.7 1226.6 1249.5 1272.5 1285.1 1310.5 5

 6 Equipment and software (2) 501.0 546.7 593.8 631.0 640.2 640.8 641.5 645.2 649.9 653.1 658.0 6

 7 Residential (3) 41.3 42.8 45.2 46.7 47.7 47.4 47.0 47.3 47.3 47.5 47.7 7

 8 Nonresidential 459.7 503.9 548.7 584.2 592.5 593.4 594.5 597.9 602.6 605.6 610.3 8

 9 Inventories (2) 61.3 65.9 70.2 66.6 68.6 69.8 69.2 69.3 70.0 71.5 73.3 9

10 Financial assets 992.7 1176.8 1422.8 1578.7 1720.0 1754.4 1795.8 1838.7 1878.6 1917.2 1963.7 10

11 Checkable deposits and currency 178.9 217.6 274.1 274.5 287.3 289.6 293.0 296.2 298.2 298.6 298.3 11

12 Time and savings deposits 98.5 117.5 137.6 144.7 146.9 145.8 146.8 147.0 148.6 147.7 147.8 12

13 Money market fund shares 32.6 40.7 49.4 59.0 61.3 60.0 58.7 55.6 53.1 49.2 49.0 13

14 Treasury securities 38.0 37.2 40.2 42.8 45.2 45.1 46.3 46.8 47.5 48.1 48.6 14

15 Municipal securities 2.8 2.7 2.4 3.5 3.7 3.8 3.8 3.9 3.9 4.0 4.0 15

16 Mortgages 26.7 24.7 23.3 26.6 27.8 27.7 27.5 27.1 26.6 26.0 25.2 16

17 Consumer credit 0 0 0 0 0 0 0 0 0 0 0 17

18 Trade receivables 233.1 272.6 342.1 343.9 366.7 375.9 388.1 404.5 417.1 432.0 447.9 18

19 Miscellaneous assets 382.1 463.8 553.7 683.6 781.1 806.6 831.6 857.6 883.6 911.6 942.9 19

20 Insurance receivables 45.6 45.9 45.8 48.3 52.5 53.9 55.0 56.7 56.9 57.9 59.2 20

21 Equity investment in GSEs (4) 1.6 1.6 1.6 1.8 1.8 1.9 1.8 1.8 2.1 2.2 2.1 21

22 Other 334.9 416.3 506.2 633.5 726.9 750.8 774.8 799.1 824.6 851.4 881.7 22

23 Liabilities 2020.9 2328.3 2665.5 2875.7 3073.5 3124.3 3180.8 3241.4 3306.0 3358.2 3425.5 23

24 Credit market instruments 1405.3 1595.5 1788.4 1944.7 2093.0 2119.3 2153.2 2189.3 2232.5 2261.6 2305.2 24

25 Bank loans n.e.c. 262.1 308.6 352.9 390.7 404.1 398.3 390.7 384.2 378.8 373.5 376.4 25

26 Other loans and advances 108.1 116.7 127.8 125.3 127.6 128.6 128.2 131.2 133.3 133.7 134.6 26

27 Mortgages 1035.1 1170.1 1307.6 1428.8 1561.3 1592.4 1634.3 1673.9 1720.4 1754.4 1794.2 27

28 Trade payables 178.6 213.3 259.9 255.0 276.0 286.4 297.1 311.6 322.7 335.9 350.2 28

29 Taxes payable 44.1 53.0 64.6 68.7 76.8 81.7 84.1 85.3 86.5 87.9 88.9 29

30 Miscellaneous liabilities 392.9 466.5 552.6 607.3 627.7 636.9 646.4 655.2 664.3 672.8 681.1 30

31 Net worth (5) 3483.8 3691.0 4064.5 4170.5 4373.8 4440.1 4497.2 4599.9 4749.4 4821.1 4920.6 31

 Memo:

 Replacement-cost value of structures:

32 Residential 1909.9 2010.0 2113.0 2227.3 2309.7 2355.7 2374.2 2402.1 2446.7 2490.8 2555.9 32

33 Nonresidential 879.5 921.6 970.6 1017.2 1045.3 1057.8 1060.3 1066.3 1072.6 1088.0 1108.4 33

34 Debt/net worth (percent) (6) 40.3 43.2 44.0 46.6 47.9 47.7 47.9 47.6 47.0 46.9 46.8 34

(1) At market value.

(2) At replacement (current) cost.

(3) Durable goods in rental properties.

(4) Equity in the Farm Credit System.

(5) Line 1 less line 23. Included in table B.100, line 29.

(6) Line 24 divided by line 31.
Z.1, September 16, 2004 105

R.100 Change in Net Worth of Households and Nonprofit Organizations

Billions of dollars; not seasonally adjusted

1998 1999 2000 2001 2002 2003 2004

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Change in net worth (1) 3490.7 4920.5 -316.2 -864.0 -1560.0 7.9 1754.9 860.9 2340.6 754.1 637.0 1

 2 Net investment 532.5 275.4 193.2 463.0 291.1 139.2 16.9 120.1 254.6 150.0 44.7 2

 3 Net physical investment 415.8 474.1 489.7 510.7 534.0 113.2 151.8 169.0 154.8 139.4 173.4 3

 4 Capital expenditures 1075.3 1169.2 1236.3 1284.2 1346.5 323.3 364.1 383.9 372.2 357.6 395.7 4

 5 - Consumption of fixed capital 659.4 695.1 746.7 773.5 812.5 210.2 212.4 214.9 217.4 218.2 222.3 5

 6 Net financial investment 116.7 -198.6 -296.4 -47.8 -242.9 26.0 -134.9 -48.9 99.8 10.6 -128.7 6

 7 Net acquisition of financial assets 583.7 366.6 275.7 539.2 448.3 190.8 222.8 169.7 258.5 203.6 134.7 7

 8 - Net increase in liabilities 467.0 565.2 572.1 586.9 691.2 164.8 357.7 218.6 158.7 192.9 263.4 8

 Holding gains on assets stated

 9 at market value (2) 3004.0 4612.2 -426.9 -1246.8 -1720.5 -106.5 1761.8 767.4 2138.2 591.7 584.3 9

10 Real estate 629.0 643.8 839.5 799.0 971.2 194.4 177.2 247.9 545.4 230.2 350.2 10

11 Corporate equities 1094.7 2130.0 -931.4 -1064.4 -1537.2 -174.0 721.1 168.6 706.7 9.5 37.3 11

12 Mutual fund shares 181.2 504.8 -248.2 -344.6 -417.6 -69.5 218.8 76.1 186.6 91.0 12.0 12

13 Equity in noncorporate business 330.8 311.6 398.0 76.4 276.2 81.3 44.5 132.4 173.3 108.0 112.8 13

 Life insurance and

14 pension fund reserves 663.7 884.5 -393.5 -638.0 -895.5 -124.1 536.2 127.7 472.3 137.7 67.1 14

 Investment in bank personal

15 trusts and estates 104.5 137.6 -91.2 -75.2 -117.5 -14.6 64.0 14.6 53.8 15.2 4.8 15

 Holding gains on assets stated

16 at current cost (2) -40.9 -45.1 -26.6 -53.9 -59.5 -23.0 -24.1 -28.9 -28.5 7.8 8.0 16

17 Consumer durable goods -39.2 -44.5 -26.1 -53.1 -58.5 -22.6 -23.8 -29.0 -28.9 8.0 7.8 17

18 Equipment and software -1.7 -0.6 -0.5 -0.8 -1.0 -0.4 -0.3 0.1 0.4 -0.1 0.2 18

19 Other factors (3) -4.9 78.0 -56.0 -26.4 -71.1 -1.8 0.3 2.3 -23.6 4.6 0.1 19

 Memo:

20 Net worth outstanding (4) 37371.4 42291.9 41975.7 41111.6 39551.7 39559.6 41314.6 42175.4 44516.0 45270.1 45907.1 20

21 Disposable personal income 6395.9 6694.9 7194.0 7486.8 7827.7 7976.5 8075.0 8267.6 8320.6 8438.4 8555.9 21

(1) Sum of net investment (line 2), holding gains (lines 9 and 16), and other factors (line 19).

(2) Calculated as change in amount outstanding during period less net purchases during period.

(3) Consists of the difference between series for consumption of fixed capital published by BEA and statistical discontinuities.

(4) Table B.100, line 42.
106 Z.1, September 16, 2004

R.102 Change in Net Worth of Nonfarm Nonfinancial Corporate Business

Billions of dollars; not seasonally adjusted

1998 1999 2000 2001 2002 2003 2004

 Q1 Q2 Q3 Q4 Q1 Q2

 With tangible assets valued at either market or replacement cost:

 1 Change in net worth (1) 765.8 758.4 1145.1 -166.4 161.5 86.0 159.4 163.0 295.0 172.4 266.0 1

 2 Net investment 2.5 215.8 238.9 197.7 117.3 14.7 71.1 67.5 106.3 51.7 89.3 2

 3 Net physical investment 264.1 343.9 385.2 162.7 119.5 27.2 18.4 32.8 36.3 53.8 66.3 3

 4 Capital expenditures 773.8 858.9 928.5 810.1 761.7 185.9 184.2 193.2 201.5 210.9 223.0 4

 5 - Consumption of fixed capital 491.4 521.8 565.9 644.7 653.5 166.6 167.9 169.2 170.5 167.4 169.5 5

 6 - Inventory valuation adjustment 20.2 0.9 -14.1 11.4 -1.2 -6.0 0.2 -5.4 -2.9 -7.8 -10.6 6

 7 - Nonproduced nonfinancial assets -1.9 -7.7 -8.5 -8.6 -10.1 -1.8 -2.3 -3.4 -2.4 -2.5 -2.3 7

 8 Net financial investment -46.1 -17.7 -28.2 82.4 39.4 4.2 65.3 46.0 87.3 18.6 62.8 8

 9 Net acquisition of financial assets 569.9 969.9 1209.2 177.6 150.6 68.6 173.4 103.4 156.9 130.8 137.0 9

10 - Net increase in liabilities 616.0 987.6 1237.4 95.2 111.1 64.5 108.1 57.4 69.7 112.2 74.2 10

11 Net corporate equity issues -215.5 -110.4 -118.2 -47.4 -41.6 -16.8 -12.6 -11.2 -17.3 -20.7 -39.9 11

 Holding gains on assets stated

12 at market value (2) 409.5 114.9 291.1 -201.5 109.6 37.3 55.9 76.7 96.8 62.0 83.0 12

13 Real estate 393.2 93.3 306.2 -186.5 134.1 40.6 41.1 73.2 83.2 59.3 81.9 13

14 Mutual fund shares 16.3 21.6 -15.0 -15.0 -24.5 -3.4 14.8 3.5 13.6 2.7 1.1 14

 Holding gains on assets stated

 at current cost less holding

 gains on liabilities stated

15 at current cost (2) 24.5 93.0 -43.2 83.3 80.9 5.8 -15.2 3.6 17.1 10.2 19.4 15

16 Equipment and software -27.2 -8.7 -2.8 -17.1 -25.4 -9.4 -7.1 6.3 15.5 -2.3 9.7 16

17 Inventories (3) -10.2 21.8 12.5 -26.5 24.0 15.2 -8.1 -2.6 10.3 12.5 9.7 17

18 Direct investment abroad -21.3 -7.8 -33.9 14.5 1.0 0 0 0 -14.4 0 0 18

19 - Foreign direct investment in U.S. -83.1 -87.8 19.0 -112.5 -81.2 0.0 -0.0 0.0 -5.7 0.0 -0.0 19

20 Other factors (4) 329.3 334.6 658.3 -246.0 -146.3 28.3 47.5 15.2 74.7 48.4 74.3 20

 Memo:

21 Net worth outstanding (market value) 7355.2 8113.6 9258.7 9092.3 9253.7 9339.7 9499.1 9662.2 9957.1 10129.5 10395.5 21

 With tangible assets valued at historical cost:

22 Change in net worth (5) 476.8 693.7 888.7 100.9 96.4 45.0 153.5 81.6 190.2 154.7 160.2 22

23 Net investment flow 2.5 215.8 238.9 197.7 117.3 14.7 71.1 67.5 106.3 51.7 89.3 23

24 Net physical investment 264.1 343.9 385.2 162.7 119.5 27.2 18.4 32.8 36.3 53.8 66.3 24

25 Capital expenditures 773.8 858.9 928.5 810.1 761.7 185.9 184.2 193.2 201.5 210.9 223.0 25

26 - Consumption of fixed capital 491.4 521.8 565.9 644.7 653.5 166.6 167.9 169.2 170.5 167.4 169.5 26

27 - Inventory valuation adjustment 20.2 0.9 -14.1 11.4 -1.2 -6.0 0.2 -5.4 -2.9 -7.8 -10.6 27

28 - Nonproduced nonfinancial assets -1.9 -7.7 -8.5 -8.6 -10.1 -1.8 -2.3 -3.4 -2.4 -2.5 -2.3 28

29 Net financial investment -46.1 -17.7 -28.2 82.4 39.4 4.2 65.3 46.0 87.3 18.6 62.8 29

30 Net acquisition of financial assets 569.9 969.9 1209.2 177.6 150.6 68.6 173.4 103.4 156.9 130.8 137.0 30

31 - Net increase in liabilities 616.0 987.6 1237.4 95.2 111.1 64.5 108.1 57.4 69.7 112.2 74.2 31

32 Net corporate equity issues -215.5 -110.4 -118.2 -47.4 -41.6 -16.8 -12.6 -11.2 -17.3 -20.7 -39.9 32

 Valuation adjustment on

33 reproducible assets (6) 4.4 -13.0 -5.7 -79.9 -25.9 -16.1 -0.8 -24.8 -15.3 37.5 -18.9 33

34 Holding gains on mutual fund shares (2) 16.3 21.6 -15.0 -15.0 -24.5 -3.4 14.8 3.5 13.6 2.7 1.1 34

 Holding gains on assets stated

 at current cost less holding

 gains on liabilities stated

35 at current cost (2) 61.8 80.0 -52.9 127.0 82.2 -0.0 0.0 -0.0 -8.7 -0.0 0.0 35

36 Direct investment abroad -21.3 -7.8 -33.9 14.5 1.0 0 0 0 -14.4 0 0 36

37 - Foreign direct investment in U.S. -83.1 -87.8 19.0 -112.5 -81.2 0.0 -0.0 0.0 -5.7 0.0 -0.0 37

38 Other factors (4) 391.8 389.3 723.5 -129.0 -52.7 49.9 68.4 35.4 94.2 62.8 88.8 38

 Memo:

39 Net worth outstanding (historical cost) 5176.5 5870.3 6758.9 6859.8 6956.2 7001.2 7154.8 7236.4 7426.6 7581.2 7741.5 39

(1) Sum of net investment (line 2), holding gains (lines 12 and 15), and other factors (line 20).

(2) Calculated as change in amount outstanding during period less net purchases during period.

(3) Before inventory valuation adjustment.

(4) Consists of statistical discontinuities.

(5) Sum of net investment flow (line 23), valuation adjustment on reproducible assets (line 33), holding gains (lines 34 and 35), and other factors (line 38).

(6) Effect of different treatment of certain items in BEA capital accounts from the NIPA accounts in the calculation of historical-cost investment flows; also reflects adjustments for intersectoral transfers

 of assets.
Z.1, September 16, 2004 107

R.103 Change in Net Worth of Nonfarm Noncorporate Business

Billions of dollars; not seasonally adjusted

1998 1999 2000 2001 2002 2003 2004

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Change in net worth (1) 248.4 207.1 373.6 106.0 203.3 66.2 57.1 102.7 149.5 71.7 99.6 1

 2 Net investment (2) -84.4 -81.1 -30.9 -22.3 -37.4 -17.6 -0.3 -10.3 -17.3 -12.4 0.2 2

 3 Net physical investment 3.8 42.6 60.3 32.6 19.1 -1.1 14.8 7.4 7.1 1.3 21.0 3

 4 Capital expenditures 135.2 187.1 209.6 185.5 174.5 38.4 54.7 47.6 47.6 41.9 62.0 4

 5 - Consumption of fixed capital 131.4 144.5 149.3 153.0 155.4 39.5 39.9 40.2 40.5 40.6 41.0 5

 6 Net acquisition of financial assets 218.8 184.1 246.0 155.9 141.4 34.4 41.3 42.9 40.0 38.6 46.5 6

 - Net increase in liabilities from:

 7 Credit market instruments 179.9 190.2 192.9 156.4 148.3 26.4 33.9 36.1 43.1 29.1 43.7 7

 8 Trade payables 30.8 34.7 46.6 -4.9 21.0 10.4 10.7 14.5 11.1 13.2 14.3 8

 9 Taxes payable 4.1 8.9 11.7 4.0 8.1 4.8 2.4 1.2 1.3 1.4 1.0 9

10 Miscellaneous liabilities 92.3 73.9 86.0 55.3 20.5 9.3 9.4 8.9 8.9 8.5 8.4 10

 Holding gains on assets stated

11 at market value (real estate) (3) 281.7 240.7 344.7 68.5 202.5 69.2 54.4 97.7 149.8 66.8 91.2 11

12 Residential 178.8 218.1 268.1 120.0 170.2 59.1 44.2 79.2 129.6 51.8 70.8 12

13 Nonresidential 102.9 22.6 76.7 -51.6 32.3 10.1 10.2 18.5 20.2 14.9 20.4 13

 Holding gains on assets stated

14 at current cost (3) 43.4 38.9 50.9 36.1 15.2 5.6 -10.0 0.3 -0.5 5.3 -6.8 14

15 Residential equipment and software 0.5 0.3 1.1 0.6 0.1 -0.4 -0.6 -0.0 -0.4 -0.2 -0.2 15

16 Nonresidential equipment and software 44.4 37.5 48.4 37.5 13.7 4.9 -8.9 0.2 -0.8 4.5 -7.6 16

17 Inventories -1.6 1.1 1.4 -2.0 1.3 1.1 -0.4 0.1 0.7 1.1 1.1 17

18 Other factors (4) -76.6 -72.5 -22.1 1.4 -14.4 -8.6 12.7 4.7 0.1 -0.4 15.2 18

 Memo:

19 Net worth outstanding (5) 3483.8 3691.0 4064.5 4170.5 4373.8 4440.1 4497.2 4599.9 4749.4 4821.1 4920.6 19

(1) Sum of net investment (line 2), holding gains (lines 11 and 14), and other factors (line 18).

(2) Also equal to proprietor’s net investment shown on table F.103, line 29.

(3) Calculated as change in amount outstanding during period less net investment during period.

(4) Consists of statistical discontinuities.

(5) Table B.103, line 31.