102 Z.1, June 10, 2004

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

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

1997 1998 1999 2000 2001 2002 2003 2004

 Q1 Q2 Q3 Q4 Q1

 1 Assets 39661.9 43633.3 49157.1 49468.3 49293.9 48339.1 48492.2 50572.8 51620.5 54126.0 54987.9 1

 2 Tangible assets 12146.2 13149.0 14217.4 15531.3 16757.3 18168.6 18448.0 18751.0 19147.1 19824.6 20127.2 2

 3 Real estate 9588.7 10464.0 11373.6 12501.1 13592.8 14874.8 15132.2 15403.5 15758.1 16397.5 16636.0 3

 4 Households (2,3) 8652.2 9406.8 10254.1 11268.3 12362.3 13573.0 13809.3 14060.3 14385.0 14989.3 15203.2 4

 5 Nonprofit organizations 936.5 1057.2 1119.4 1232.8 1230.5 1301.9 1322.8 1343.2 1373.1 1408.2 1432.7 5

 Equipment and software owned by

 6 nonprofit organizations (4) 71.0 76.7 83.0 89.5 94.5 98.0 98.7 99.5 101.2 103.0 104.7 6

 7 Consumer durable goods (4) 2486.6 2608.3 2760.9 2940.7 3070.1 3195.7 3217.1 3248.0 3287.8 3324.1 3386.6 7

 8 Financial assets 27515.7 30484.3 34939.6 33937.0 32536.6 30170.5 30044.1 31821.8 32473.4 34301.4 34860.7 8

 9 Deposits 3622.3 3901.2 4051.3 4385.2 4883.3 5122.7 5220.4 5206.6 5192.2 5268.7 5513.4 9

10 Foreign deposits 37.2 38.3 43.5 63.5 58.5 69.2 75.7 69.8 65.3 60.2 59.9 10

11 Checkable deposits and currency 436.8 421.1 345.7 225.3 318.5 301.0 281.3 241.9 184.9 238.3 274.4 11

12 Time and savings deposits 2566.0 2728.9 2837.0 3125.6 3377.1 3666.3 3795.1 3871.4 3947.8 3983.7 4195.5 12

13 Money market fund shares 582.3 712.9 825.0 970.7 1129.2 1086.2 1068.3 1023.5 994.2 986.5 983.6 13

14 Credit market instruments 2093.6 2191.1 2370.3 2245.4 2129.8 2024.1 1984.6 1991.1 2076.6 2201.0 2077.7 14

15 Open market paper 56.1 63.7 67.7 72.6 41.8 47.6 53.7 46.1 47.7 43.5 48.9 15

16 Treasury securities 736.1 697.8 798.7 594.6 506.3 404.9 447.8 508.2 485.4 483.0 446.4 16

17 Savings bonds 186.5 186.6 186.4 184.8 190.3 194.9 196.9 199.1 201.5 203.8 204.4 17

18 Other Treasury 549.6 511.2 612.3 409.8 316.0 210.0 250.9 309.1 283.9 279.2 242.0 18

19 Agency- and GSE-backed securities 219.6 253.3 352.4 423.5 372.3 220.4 209.6 186.0 335.7 477.4 379.2 19

20 Municipal securities 420.5 426.6 450.2 460.7 511.9 614.6 621.7 653.9 650.5 669.8 695.9 20

21 Corporate and foreign bonds 560.2 651.4 594.8 576.4 571.8 600.1 512.7 454.6 412.5 379.5 356.6 21

22 Mortgages 101.1 98.2 106.5 117.7 125.7 136.5 139.3 142.1 144.9 147.7 150.7 22

23 Corporate equities (2) 6238.9 7069.7 9234.7 7650.1 6341.6 4727.3 4555.2 5194.7 5315.9 5901.0 5828.2 23

24 Mutual fund shares (5) 1957.7 2394.9 2983.2 2900.1 2743.6 2434.5 2421.1 2750.0 2891.3 3165.9 3365.6 24

25 Security credit 215.5 276.7 323.9 412.4 454.3 412.7 429.6 515.1 503.4 475.4 507.2 25

26 Life insurance reserves 665.0 718.3 783.9 819.1 880.0 920.9 936.3 963.7 978.0 999.6 1019.5 26

27 Pension fund reserves 7323.4 8210.5 9095.5 9067.3 8655.1 7980.3 7902.1 8502.7 8679.5 9256.6 9422.8 27

28 Investment in bank personal trusts 942.5 1001.0 1130.4 1095.8 960.7 840.9 819.6 877.0 885.0 932.4 955.0 28

29 Equity in noncorporate business (6) 4117.5 4369.4 4602.2 4990.6 5098.7 5289.0 5347.8 5386.4 5502.1 5650.6 5717.5 29

30 Miscellaneous assets 339.5 351.5 364.3 370.9 389.4 418.1 427.3 434.6 449.3 450.2 454.0 30

31 Liabilities 5780.6 6245.8 6817.5 7403.5 8002.6 8702.6 8871.8 9232.0 9454.9 9638.4 9834.8 31

32 Credit market instruments 5512.8 5949.1 6439.3 7014.1 7648.4 8388.7 8544.1 8813.1 9054.8 9281.4 9458.8 32

33 Home mortgages (7) 3779.3 4090.8 4463.9 4837.4 5314.7 5953.1 6131.6 6356.8 6558.1 6709.2 6897.8 33

34 Consumer credit 1333.8 1430.6 1542.7 1719.0 1856.7 1938.1 1911.5 1941.4 1983.3 2032.9 2014.8 34

35 Municipal securities (8) 114.9 126.9 137.3 143.0 156.9 169.8 173.6 177.3 180.6 184.4 187.3 35

36 Bank loans n.e.c. 66.5 74.2 67.3 74.1 57.6 54.6 50.9 61.1 51.9 94.7 92.7 36

37 Other loans and advances 123.2 122.9 117.8 119.8 120.4 120.5 119.9 120.0 119.3 119.3 119.3 37

38 Commercial mortgages (8) 95.1 103.7 110.3 120.7 142.2 152.7 156.6 156.5 161.6 140.9 146.9 38

39 Security credit 131.2 152.8 227.9 235.1 196.4 148.2 159.5 248.5 227.6 182.5 199.1 39

40 Trade payables (8) 118.0 126.8 130.9 134.7 138.7 145.7 147.5 149.5 151.5 153.6 155.7 40

 Deferred and unpaid

41 life insurance premiums 18.6 17.2 19.4 19.6 19.1 20.0 20.7 21.0 21.0 20.9 21.1 41

42 Net worth 33881.3 37387.5 42339.5 42064.8 41291.3 39636.5 39620.3 41340.8 42165.5 44487.7 45153.2 42

 Memo:

 Replacement-cost value of structures:

43 Residential 6836.5 7304.2 7886.9 8467.2 9159.3 9586.7 9809.8 9938.1 10094.1 10364.0 10608.9 43

44 Households 6654.6 7112.7 7685.3 8255.1 8935.6 9357.8 9577.1 9703.8 9857.7 10122.9 10363.7 44

45 Farm households 57.9 62.0 67.0 72.2 77.3 79.6 81.0 81.6 82.4 84.1 85.6 45

46 Nonprofit organizations 124.1 129.5 134.6 139.9 146.4 149.3 151.7 152.7 154.0 157.0 159.5 46

47 Nonresidential (nonprofits) 662.3 711.9 762.1 815.2 871.0 902.6 918.4 928.4 942.2 960.7 980.8 47

48 Disposable personal income 5988.8 6395.9 6694.9 7194.0 7469.4 7857.2 8039.3 8145.7 8317.8 8363.3 8527.1 48

 Household net worth as percentage of

49 disposable personal income 565.7 584.6 632.4 584.7 552.8 504.5 492.8 507.5 506.9 531.9 529.5 49

 Owners’ equity in household real

50 estate (9) 4872.9 5316.0 5790.2 6430.8 7047.7 7619.9 7677.7 7703.5 7826.9 8280.1 8305.4 50

 Owners’ equity as percentage of

51 household real estate (10) 56.3 56.5 56.5 57.1 57.0 56.1 55.6 54.8 54.4 55.2 54.6 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, June 10, 2004 103

B.102 Balance Sheet of Nonfarm Nonfinancial Corporate Business

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

1997 1998 1999 2000 2001 2002 2003 2004

 Q1 Q2 Q3 Q4 Q1

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

 1 Assets 13218.3 14812.8 16520.9 18870.1 18937.2 19258.9 19417.7 19684.0 19945.3 20302.3 20565.3 1

 2 Tangible assets 7409.6 7996.7 8427.1 9097.6 9038.3 9325.9 9410.2 9463.4 9588.7 9738.8 9879.5 2

 3 Real estate (1) 3665.8 4108.9 4283.8 4671.2 4573.0 4770.5 4821.4 4873.1 4955.2 5048.9 5118.2 3

 4 Equipment and software (2) 2614.1 2722.7 2891.2 3092.8 3200.7 3258.3 3269.2 3280.5 3323.1 3367.9 3405.4 4

 5 Inventories (2) 1129.6 1165.2 1252.1 1333.6 1264.5 1297.0 1319.6 1309.8 1310.4 1322.0 1355.9 5

 6 Financial assets 5808.7 6816.1 8093.8 9772.5 9898.9 9933.1 10007.5 10220.6 10356.6 10563.5 10685.8 6

 7 Foreign deposits 23.1 30.5 31.5 24.0 15.5 20.0 25.0 22.2 32.6 42.8 41.6 7

 8 Checkable deposits and currency 251.9 275.0 331.0 381.4 331.9 341.4 338.4 403.7 462.9 465.3 426.8 8

 9 Time and savings deposits 119.4 112.6 136.9 137.3 131.1 127.5 137.2 145.6 134.6 141.1 139.3 9

10 Money market fund shares 87.8 126.4 154.9 191.4 301.9 328.8 319.1 303.6 277.6 276.0 271.0 10

11 Security RPs 4.6 4.2 5.8 4.2 4.0 6.2 5.8 6.5 7.5 5.7 6.5 11

12 Commercial paper 36.1 39.4 47.6 57.8 60.2 64.7 62.5 71.6 80.7 79.9 80.9 12

13 Treasury securities 26.8 23.6 19.4 18.1 16.5 31.3 35.5 36.7 35.8 33.6 31.0 13

14 Agency- and GSE-backed securities 8.0 10.6 12.4 15.4 17.2 15.9 15.9 13.6 13.3 12.4 10.4 14

15 Municipal securities 27.4 25.7 25.0 31.9 29.3 32.6 31.8 31.3 35.1 38.8 35.4 15

16 Mortgages 80.2 67.3 41.2 43.5 46.6 48.7 49.2 49.7 50.2 50.7 51.2 16

17 Consumer credit 78.9 76.2 78.7 82.7 82.3 82.2 71.7 77.1 76.5 73.8 67.1 17

18 Trade receivables 1366.6 1451.6 1655.0 1938.1 1808.7 1774.3 1806.1 1873.0 1917.0 1902.6 1955.2 18

19 Mutual fund shares (1) 75.0 98.0 127.0 124.0 111.0 97.0 92.5 106.2 108.5 121.0 122.5 19

20 Miscellaneous assets 3622.8 4475.0 5427.5 6722.6 6942.7 6962.5 7016.7 7080.1 7124.3 7319.6 7446.9 20

21 Liabilities 6628.8 7457.6 8407.3 9611.4 9809.5 9944.9 10009.1 10100.9 10168.6 10220.5 10292.1 21

22 Credit market instruments 3382.3 3774.7 4181.6 4538.8 4766.7 4807.6 4849.7 4920.2 4935.7 4986.4 5030.8 22

23 Commercial paper 168.6 193.0 230.3 278.4 190.1 126.0 127.1 107.5 108.4 85.9 95.5 23

24 Municipal securities (3) 142.0 147.8 152.8 154.2 157.7 160.8 160.9 162.0 162.8 164.1 164.6 24

25 Corporate bonds (4) 1610.9 1846.0 2067.7 2230.3 2578.8 2711.0 2757.7 2832.0 2856.0 2873.4 2899.3 25

26 Bank loans n.e.c. 692.7 768.8 813.0 861.0 758.3 661.9 649.2 632.1 615.0 612.5 607.0 26

27 Other loans and advances 507.7 562.0 585.4 651.3 659.1 675.1 671.7 680.7 669.3 680.7 677.8 27

28 Mortgages 260.5 257.2 332.3 363.5 422.6 472.8 483.1 505.9 524.3 569.8 586.5 28

29 Trade payables 992.1 1049.7 1228.2 1541.4 1437.7 1421.9 1404.9 1435.9 1479.6 1522.8 1523.0 29

30 Taxes payable 59.2 64.1 71.0 78.0 81.0 93.0 108.4 108.4 112.4 100.6 116.1 30

31 Miscellaneous liabilities 2195.1 2569.1 2926.4 3453.1 3524.1 3622.5 3646.1 3636.3 3640.9 3610.8 3622.2 31

32 Net worth (market value) 6589.5 7355.2 8113.6 9258.8 9127.7 9314.0 9408.6 9583.1 9776.7 10081.8 10273.2 32

 Memo:

 Replacement-cost value of structures:

33 Residential 84.9 90.3 94.9 100.0 105.7 109.5 111.7 112.9 114.3 117.1 119.5 33

34 Nonresidential 3346.4 3530.7 3709.5 3973.4 4229.6 4328.0 4387.7 4419.9 4470.1 4542.5 4622.2 34

 Market value of equities outstanding

35 (includes corporate farm equities) 9765.7 11577.8 15155.6 12678.8 10796.2 7906.9 7646.1 8820.3 9042.0 10139.5 10206.6 35

36 Debt/net worth (percent) (5) 51.3 51.3 51.5 49.0 52.2 51.6 51.5 51.3 50.5 49.5 49.0 36

37 Debt/equities (percent) (6) 34.6 32.6 27.6 35.8 44.2 60.8 63.4 55.8 54.6 49.2 49.3 37

38 Equities/net worth (percent) (7) 148.2 157.4 186.8 136.9 118.3 84.9 81.3 92.0 92.5 100.6 99.4 38

 With tangible assets stated at historical cost:

39 Assets (8) 11328.5 12634.1 14277.5 16370.3 16700.8 16966.1 17092.3 17351.8 17522.6 17777.7 17965.8 39

40 Tangible assets 5519.8 5818.0 6183.7 6597.8 6801.9 7033.1 7084.8 7131.2 7166.1 7214.3 7280.0 40

41 Real estate 2125.2 2238.6 2359.4 2492.7 2637.5 2750.6 2772.9 2795.2 2816.0 2838.5 2861.6 41

42 Equipment and software 2295.6 2442.1 2625.5 2834.9 2954.8 3036.8 3056.4 3078.7 3107.0 3139.5 3174.3 42

43 Inventories 1099.0 1137.3 1198.8 1270.2 1209.5 1245.6 1255.5 1257.3 1243.1 1236.3 1244.1 43

44 Net worth (historical cost) (9) 4699.7 5176.5 5870.3 6758.9 6891.3 7021.2 7083.2 7250.9 7354.0 7557.2 7673.7 44

 Memo:

 Historical-cost value of structures:

45 Residential 35.8 37.6 39.7 42.0 44.5 47.0 47.6 48.3 49.0 49.8 50.5 45

46 Nonresidential 1889.0 2003.4 2120.2 2259.6 2401.9 2499.8 2521.8 2544.5 2567.1 2589.9 2612.3 46

47 Debt/net worth (percent) (10) 72.0 72.9 71.2 67.2 69.2 68.5 68.5 67.9 67.1 66.0 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, June 10, 2004

B.103 Balance Sheet of Nonfarm Noncorporate Business

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

1997 1998 1999 2000 2001 2002 2003 2004

 Q1 Q2 Q3 Q4 Q1

 1 Assets 4950.1 5504.9 6019.9 6725.9 7028.5 7416.7 7530.1 7638.1 7796.0 8003.9 8114.0 1

 2 Tangible assets 4176.2 4512.2 4843.1 5303.1 5450.1 5696.9 5775.9 5842.6 5957.4 6125.4 6197.4 2

 3 Real estate (1) 3674.5 3949.9 4230.5 4639.1 4751.5 4983.8 5059.7 5125.2 5233.9 5395.6 5460.9 3

 4 Residential 2723.5 2912.6 3157.2 3456.3 3604.1 3811.0 3880.8 3936.0 4026.9 4169.5 4225.9 4

 5 Nonresidential 951.0 1037.3 1073.3 1182.8 1147.4 1172.9 1178.9 1189.2 1207.0 1226.0 1235.0 5

 6 Equipment and software (2) 442.3 501.0 546.7 593.8 632.0 644.8 646.8 648.5 654.5 660.3 665.2 6

 7 Residential (3) 39.9 41.3 42.8 45.2 47.0 48.1 48.0 47.7 48.1 48.2 48.4 7

 8 Nonresidential 402.3 459.7 503.9 548.7 585.0 596.7 598.8 600.8 606.4 612.1 616.7 8

 9 Inventories (2) 59.5 61.3 65.9 70.2 66.6 68.3 69.5 68.9 69.0 69.6 71.4 9

10 Financial assets 773.8 992.7 1176.8 1422.7 1578.4 1719.8 1754.2 1795.5 1838.6 1878.4 1916.5 10

11 Checkable deposits and currency 146.2 178.9 217.6 274.1 274.5 287.3 289.6 293.0 296.2 298.2 298.6 11

12 Time and savings deposits 85.7 98.5 117.5 137.6 144.7 146.9 145.8 146.8 147.0 148.6 147.7 12

13 Money market fund shares 22.9 32.6 40.7 49.4 59.0 61.3 60.0 58.7 55.6 53.1 49.2 13

14 Treasury securities 32.2 38.0 37.2 40.2 42.8 45.2 45.1 46.3 46.8 47.5 48.1 14

15 Municipal securities 3.2 2.8 2.7 2.4 3.5 3.7 3.8 3.8 3.9 3.9 4.0 15

16 Mortgages 18.7 26.7 24.7 23.3 26.6 27.8 27.7 27.5 27.1 26.6 26.0 16

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

18 Trade receivables 204.9 233.1 272.6 342.1 343.9 366.7 375.9 388.1 404.5 417.1 432.0 18

19 Miscellaneous assets 259.9 382.1 463.8 553.7 683.3 780.9 806.3 831.3 857.4 883.3 910.9 19

20 Insurance receivables 45.2 45.6 45.9 45.8 48.3 52.5 53.9 55.0 56.7 56.8 57.4 20

21 Equity investment in GSEs (4) 1.7 1.6 1.6 1.6 1.5 1.5 1.6 1.5 1.7 2.0 2.1 21

22 Other 213.0 334.9 416.3 506.2 633.5 726.9 750.8 774.8 799.1 824.6 851.4 22

23 Liabilities 1714.5 2020.9 2328.3 2665.5 2876.0 3073.9 3124.7 3181.2 3241.8 3306.2 3358.5 23

24 Credit market instruments 1225.4 1405.3 1595.5 1788.4 1944.7 2093.0 2119.3 2153.2 2189.3 2232.5 2261.6 24

25 Bank loans n.e.c. 237.3 262.1 308.6 352.9 390.7 404.1 398.3 390.7 384.2 378.8 373.5 25

26 Other loans and advances 97.2 108.1 116.7 127.8 125.3 127.6 128.6 128.2 131.2 133.3 133.7 26

27 Mortgages 890.9 1035.1 1170.1 1307.6 1428.8 1561.3 1592.4 1634.3 1673.9 1720.4 1754.4 27

28 Trade payables 147.8 178.6 213.3 259.9 255.0 276.0 286.4 297.1 311.6 322.7 335.9 28

29 Taxes payable 39.9 44.1 53.0 64.6 68.7 76.8 81.7 84.1 85.3 86.5 87.9 29

30 Miscellaneous liabilities 301.3 392.9 466.5 552.6 607.5 628.1 637.3 646.8 655.6 664.5 673.1 30

31 Net worth (5) 3235.6 3484.0 3691.6 4060.3 4152.5 4342.8 4405.4 4457.0 4554.1 4697.6 4755.5 31

 Memo:

 Replacement-cost value of structures:

32 Residential 1812.6 1909.9 2010.0 2113.0 2228.0 2291.9 2335.7 2357.0 2384.5 2438.6 2486.6 32

33 Nonresidential 834.9 879.5 921.6 970.6 1017.2 1030.4 1042.5 1048.1 1057.8 1072.9 1089.6 33

34 Debt/net worth (percent) (6) 37.9 40.3 43.2 44.0 46.8 48.2 48.1 48.3 48.1 47.5 47.6 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, June 10, 2004 105

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

Billions of dollars; not seasonally adjusted

1997 1998 1999 2000 2001 2002 2003 2004

 Q1 Q2 Q3 Q4 Q1

 1 Change in net worth (1) 3780.2 3506.2 4952.0 -274.7 -773.4 -1654.8 -16.2 1720.5 824.7 2322.2 665.5 1

 2 Net investment 377.1 551.6 320.0 227.0 491.3 244.9 127.8 -9.3 94.7 246.1 172.2 2

 3 Net physical investment 349.0 415.8 474.1 494.5 497.3 524.1 115.5 151.9 174.8 159.0 137.9 3

 4 Capital expenditures 976.8 1075.3 1169.2 1236.3 1282.4 1341.5 319.1 356.7 381.5 368.4 349.6 4

 5 - Consumption of fixed capital 627.7 659.4 695.1 741.8 785.1 817.3 203.6 204.8 206.8 209.4 211.7 5

 6 Net financial investment 28.1 135.8 -154.1 -267.6 -6.0 -279.3 12.4 -161.2 -80.0 87.2 34.2 6

 7 Net acquisition of financial assets 378.6 600.9 417.2 307.3 593.1 420.7 181.6 199.0 142.9 247.4 230.7 7

 8 - Net increase in liabilities 350.5 465.2 571.3 574.9 599.1 700.0 169.2 360.2 222.9 160.2 196.4 8

 Holding gains on assets stated

 9 at market value (2) 3441.0 3002.2 4622.4 -432.2 -1180.7 -1764.1 -115.2 1754.1 753.0 2123.4 482.7 9

10 Real estate 350.1 627.6 645.6 841.2 799.2 978.6 192.8 175.4 244.3 542.7 159.5 10

11 Corporate equities 1634.5 1078.4 2246.9 -1110.4 -1076.6 -1541.3 -183.8 698.8 170.5 683.9 24.4 11

12 Mutual fund shares 192.0 185.4 507.8 -252.1 -349.2 -426.6 -70.5 224.5 77.2 190.2 80.8 12

13 Equity in noncorporate business 348.9 330.8 312.0 398.0 132.9 246.0 75.2 34.5 123.8 159.8 78.2 13

 Life insurance and

14 pension fund reserves 791.6 675.5 772.6 -217.6 -611.8 -903.3 -114.3 556.9 122.5 493.0 124.7 14

 Investment in bank personal

15 trusts and estates 123.8 104.5 137.6 -91.2 -75.2 -117.5 -14.6 64.0 14.6 53.8 15.2 15

 Holding gains on assets stated

16 at current cost (2) -37.0 -40.9 -45.1 -26.6 -64.8 -75.6 -28.7 -24.7 -24.9 -24.5 5.7 16

17 Consumer durable goods -35.5 -39.2 -44.5 -26.1 -64.1 -74.6 -28.4 -24.3 -25.4 -24.9 5.6 17

18 Equipment and software -1.5 -1.7 -0.6 -0.5 -0.8 -0.9 -0.3 -0.3 0.4 0.4 0.1 18

19 Other factors (3) -0.9 -6.7 54.8 -43.0 -19.2 -60.0 -0.2 0.4 2.0 -22.9 4.9 19

 Memo:

20 Net worth outstanding (4) 33881.3 37387.5 42339.5 42064.8 41291.3 39636.5 39620.3 41340.8 42165.5 44487.7 45153.2 20

21 Disposable personal income 5988.8 6395.9 6694.9 7194.0 7469.4 7857.2 8039.3 8145.7 8317.8 8363.3 8527.1 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, June 10, 2004

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

Billions of dollars; not seasonally adjusted

1997 1998 1999 2000 2001 2002 2003 2004

 Q1 Q2 Q3 Q4 Q1

 With tangible assets valued at either market or replacement cost:

 1 Change in net worth (1) 658.4 765.8 758.4 1145.1 -131.1 186.3 94.6 174.5 193.6 305.1 191.5 1

 2 Net investment 182.2 2.5 215.8 238.9 230.0 138.4 23.8 86.2 84.8 121.4 64.6 2

 3 Net physical investment 270.6 264.1 343.9 385.2 195.0 165.6 40.8 37.0 47.8 52.9 66.2 3

 4 Capital expenditures 751.8 773.8 858.9 928.5 804.6 770.7 188.3 190.2 195.2 205.2 214.3 4

 5 - Consumption of fixed capital 465.2 491.4 521.8 565.9 608.4 616.1 155.2 154.3 154.8 156.8 158.3 5

 6 - Inventory valuation adjustment 14.1 20.2 0.9 -14.1 9.1 -2.2 -6.2 0.8 -4.9 -2.3 -8.2 6

 7 - Access rights from fed. government 8.8 4.1 1.7 0.6 0.3 0.3 0.1 0.1 0.1 0.1 0.1 7

 8 Net financial investment -11.1 -46.1 -17.7 -28.2 82.4 14.4 -0.2 61.8 48.3 85.2 24.4 8

 9 Net acquisition of financial assets 272.4 569.9 969.9 1209.2 177.6 121.3 84.6 168.5 126.8 166.1 122.3 9

10 - Net increase in liabilities 283.5 616.0 987.6 1237.4 95.2 107.0 84.8 106.7 78.5 80.9 97.9 10

11 Net corporate equity issues -77.4 -215.5 -110.4 -118.2 -47.4 -41.6 -16.8 -12.6 -11.2 -16.8 -26.0 11

 Holding gains on assets stated

12 at market value (2) 367.2 409.5 115.0 291.1 -201.6 109.9 37.3 56.0 76.8 97.1 61.4 12

13 Real estate 348.9 393.2 93.3 306.2 -186.7 134.4 40.7 41.2 73.3 83.5 58.7 13

14 Mutual fund shares 18.4 16.3 21.6 -15.0 -15.0 -24.5 -3.4 14.8 3.5 13.6 2.7 14

 Holding gains on assets stated

 at current cost less holding

 gains on liabilities stated

15 at current cost (2) -10.0 -56.2 59.4 174.1 -19.3 -78.1 10.1 -17.1 13.6 21.6 22.7 15

16 Equipment and software -28.0 -27.2 -8.7 -2.8 -14.9 -19.8 -6.5 -8.9 16.4 14.6 4.8 16

17 Inventories (3) -12.3 -10.2 21.8 12.5 -25.5 22.0 16.6 -8.3 -2.8 7.0 17.9 17

18 Direct investment abroad -17.6 -21.3 -7.8 -35.7 -47.8 9.5 0 0 0 0 0.0 18

19 - Foreign direct investment in U.S. -48.0 -2.4 -54.1 -200.1 -68.9 89.8 0.0 -0.0 0.0 -0.0 -0.0 19

20 Other factors (4) 119.0 409.9 368.2 441.0 -140.1 16.2 23.4 49.5 18.3 65.0 42.7 20

 Memo:

21 Net worth outstanding (market value) 6589.5 7355.2 8113.6 9258.8 9127.7 9314.0 9408.6 9583.1 9776.7 10081.8 10273.2 21

 With tangible assets valued at historical cost:

22 Change in net worth (5) 397.3 476.8 693.7 888.7 132.4 129.9 62.0 167.7 103.1 203.1 116.5 22

23 Net investment flow 182.2 2.5 215.8 238.9 230.0 138.4 23.8 86.2 84.8 121.4 64.6 23

24 Net physical investment 270.6 264.1 343.9 385.2 195.0 165.6 40.8 37.0 47.8 52.9 66.2 24

25 Capital expenditures 751.8 773.8 858.9 928.5 804.6 770.7 188.3 190.2 195.2 205.2 214.3 25

26 - Consumption of fixed capital 465.2 491.4 521.8 565.9 608.4 616.1 155.2 154.3 154.8 156.8 158.3 26

27 - Inventory valuation adjustment 14.1 20.2 0.9 -14.1 9.1 -2.2 -6.2 0.8 -4.9 -2.3 -8.2 27

28 - Access rights from fed. government 8.8 4.1 1.7 0.6 0.3 0.3 0.1 0.1 0.1 0.1 0.1 28

29 Net financial investment -11.1 -46.1 -17.7 -28.2 82.4 14.4 -0.2 61.8 48.3 85.2 24.4 29

30 Net acquisition of financial assets 272.4 569.9 969.9 1209.2 177.6 121.3 84.6 168.5 126.8 166.1 122.3 30

31 - Net increase in liabilities 283.5 616.0 987.6 1237.4 95.2 107.0 84.8 106.7 78.5 80.9 97.9 31

32 Net corporate equity issues -77.4 -215.5 -110.4 -118.2 -47.4 -41.6 -16.8 -12.6 -11.2 -16.8 -26.0 32

 Valuation adjustment on

33 reproducible assets (6) -15.2 4.4 -13.0 -5.7 -44.5 23.9 8.0 9.9 -9.2 -2.7 1.2 33

34 Holding gains on mutual fund shares (2) 18.4 16.3 21.6 -15.0 -15.0 -24.5 -3.4 14.8 3.5 13.6 2.7 34

 Holding gains on assets stated

 at current cost less holding

 gains on liabilities stated

35 at current cost (2) 30.3 -18.8 46.4 164.3 21.1 -80.3 -0.0 0.0 -0.0 0.0 0.0 35

36 Direct investment abroad -17.6 -21.3 -7.8 -35.7 -47.8 9.5 0 0 0 0 0.0 36

37 - Foreign direct investment in U.S. -48.0 -2.4 -54.1 -200.1 -68.9 89.8 0.0 -0.0 0.0 -0.0 -0.0 37

38 Other factors (4) 181.6 472.4 422.9 506.3 -59.4 72.4 33.6 56.8 24.1 70.8 48.0 38

 Memo:

39 Net worth outstanding (historical cost) 4699.7 5176.5 5870.3 6758.9 6891.3 7021.2 7083.2 7250.9 7354.0 7557.2 7673.7 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, June 10, 2004 107

R.103 Change in Net Worth of Nonfarm Noncorporate Business

Billions of dollars; not seasonally adjusted

1997 1998 1999 2000 2001 2002 2003 2004

 Q1 Q2 Q3 Q4 Q1

 1 Change in net worth (1) 249.4 248.4 207.6 368.7 92.2 190.2 62.6 51.6 97.1 143.5 57.9 1

 2 Net investment (2) -71.6 -84.4 -81.1 -35.7 -30.8 -44.2 -18.9 -1.2 -11.2 -17.1 -13.7 2

 3 Net physical investment -15.8 3.8 42.6 55.5 24.3 12.4 -2.4 13.9 6.4 7.5 0.5 3

 4 Capital expenditures 106.7 135.2 187.1 209.6 185.0 175.7 39.0 55.2 47.9 49.4 42.7 4

 5 - Consumption of fixed capital 122.4 131.4 144.5 154.1 160.7 163.3 41.4 41.3 41.4 41.9 42.2 5

 6 Net acquisition of financial assets 130.7 218.8 184.1 246.0 155.7 141.4 34.4 41.4 43.1 39.8 38.1 6

 - Net increase in liabilities from:

 7 Credit market instruments 94.7 179.9 190.2 192.9 156.4 148.3 26.4 33.9 36.1 43.1 29.1 7

 8 Trade payables 31.0 30.8 34.7 46.6 -4.9 21.0 10.4 10.7 14.5 11.1 13.2 8

 9 Taxes payable 4.3 4.1 8.9 11.7 4.0 8.1 4.8 2.4 1.2 1.3 1.4 9

10 Miscellaneous liabilities 56.5 92.3 73.9 86.0 55.3 20.6 9.2 9.4 8.9 8.9 8.6 10

 Holding gains on assets stated

11 at market value (real estate) (3) 285.1 281.6 241.1 344.8 68.9 202.6 68.8 53.7 96.3 148.4 55.8 11

12 Residential 190.6 178.7 218.6 268.2 119.9 171.0 59.0 43.7 78.4 128.8 41.4 12

13 Nonresidential 94.5 102.9 22.6 76.6 -51.1 31.6 9.8 10.0 17.9 19.5 14.4 13

 Holding gains on assets stated

14 at current cost (3) 29.1 43.4 38.9 50.9 44.9 23.6 10.6 -2.9 10.0 7.1 8.2 14

15 Residential equipment and software 0.2 0.5 0.3 1.1 0.8 0.3 -0.4 -0.6 0.1 -0.3 -0.2 15

16 Nonresidential equipment and software 30.3 44.4 37.5 48.4 45.8 22.0 9.8 -1.9 9.9 6.9 7.1 16

17 Inventories -1.4 -1.6 1.1 1.4 -1.8 1.3 1.2 -0.5 0.1 0.5 1.4 17

18 Other factors (4) 6.8 7.8 8.6 8.8 9.3 8.2 2.0 2.1 2.1 5.1 7.5 18

 Memo:

19 Net worth outstanding (5) 3235.6 3484.0 3691.6 4060.3 4152.5 4342.8 4405.4 4457.0 4554.1 4697.6 4755.5 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.