Z.1, December 9, 2004 9

F.1 Total Net Borrowing and Lending in Credit Markets (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2000 2001 2002 2003 2003 2004

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total net borrowing 1699.9 1971.4 2158.0 2633.6 2473.0 3093.0 2502.7 2465.6 2767.5 2402.1 2407.2 1

 2 Domestic nonfinancial sectors 837.5 1118.0 1317.6 1659.9 1482.9 2297.1 1514.0 1345.7 2024.7 1592.0 1710.0 2

 3 Federal government -295.9 -5.6 257.6 396.0 184.0 723.0 317.1 360.0 483.9 444.9 207.0 3

 4 Nonfederal sectors 1133.3 1123.6 1060.1 1263.9 1298.9 1574.0 1196.9 985.7 1540.7 1147.0 1502.9 4

 5 Household sector 559.7 622.9 734.1 840.6 918.3 988.3 835.3 620.3 1052.9 810.5 887.9 5

 6 Nonfinancial corporate business 354.4 228.0 28.9 146.6 167.1 272.9 71.9 74.6 195.8 92.4 194.4 6

 7 Nonfarm noncorporate business 192.9 156.4 145.3 151.2 107.6 143.8 168.8 184.7 138.7 167.6 171.5 7

 8 Farm business 10.9 10.5 7.8 7.7 6.3 2.9 12.0 9.8 4.5 12.9 20.6 8

 9 State and local governments 15.5 105.8 143.9 117.8 99.5 166.1 109.1 96.3 148.8 63.5 228.5 9

10 Rest of the world 57.0 -49.8 5.6 -15.7 17.8 -61.8 -64.7 46.0 70.8 -63.8 9.0 10

11 Financial sectors 805.4 903.2 834.7 989.3 972.2 857.7 1053.4 1073.9 672.0 873.9 688.3 11

12 Commercial banking 60.0 52.9 49.7 49.2 80.9 28.0 2.8 85.2 187.6 7.1 60.1 12

13 U.S.-chartered commercial banks 36.8 30.2 29.9 13.9 15.7 28.7 -6.0 17.1 85.0 -9.3 -2.0 13

14 Foreign banking offices in U.S. -0.0 -0.9 -0.4 -0.1 -0.5 -0.2 0.1 0.3 -0.1 0.3 0.4 14

15 Bank holding companies 23.2 23.6 20.3 35.4 65.7 -0.6 8.7 67.8 102.8 16.1 61.7 15

16 Savings institutions 27.3 -2.0 -23.4 6.1 -18.0 16.9 0.4 25.0 -7.0 184.4 -21.0 16

17 Credit unions 0.0 1.5 2.0 2.2 2.8 1.6 3.3 1.0 -2.7 4.9 0.9 17

18 Life insurance companies -0.7 0.6 2.0 2.9 4.4 1.5 3.1 2.5 -0.4 2.7 0.1 18

19 Government-sponsored enterprises 235.2 304.1 219.8 243.7 225.8 192.4 459.9 96.9 18.2 234.4 108.0 19

20 Agency- and GSE-backed mortgage pools 199.7 338.5 326.8 330.5 272.2 266.9 307.6 475.3 80.1 74.0 59.4 20

21 ABS issuers 182.3 256.2 191.6 200.1 256.5 240.1 166.6 137.4 126.3 300.6 357.0 21

22 Finance companies 81.9 1.3 42.2 117.3 45.6 171.1 104.1 148.2 134.0 -19.7 89.8 22

23 Mortgage companies 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 23

24 REITs 4.5 3.2 26.2 32.3 17.5 12.5 43.7 55.7 67.8 43.6 84.4 24

25 Brokers and dealers 15.6 1.4 -1.7 6.4 38.4 -16.2 9.9 -6.6 51.9 2.5 33.2 25

26 Funding corporations -0.3 -54.6 -0.5 -1.4 46.2 -57.0 -48.0 53.3 16.2 39.5 -83.5 26

27 Total net lending 1699.9 1971.4 2158.0 2633.6 2473.0 3093.0 2502.7 2465.6 2767.5 2402.1 2407.2 27

28 Domestic nonfederal nonfinancial sectors 14.4 -20.4 1.9 228.7 -155.3 75.8 705.6 288.9 -312.3 112.4 42.0 28

29 Household sector -24.3 -137.1 -46.2 140.9 -230.1 -54.3 587.0 261.1 -493.7 -1.3 -27.9 29

30 Nonfinancial corporate business 25.1 1.8 21.6 29.6 64.0 71.6 24.8 -42.0 90.6 47.4 -14.8 30

31 Nonfarm noncorporate business 1.3 7.1 3.7 1.4 -0.2 4.1 0.8 0.9 0.1 -1.0 -1.5 31

32 State and local governments 12.3 107.8 22.8 56.8 11.0 54.4 92.9 69.0 90.7 67.2 86.2 32

33 Federal government 11.6 6.0 9.6 -2.5 -17.9 -8.1 20.1 -4.3 4.7 -12.3 20.9 33

34 Rest of the world 241.9 305.3 422.8 538.2 402.4 746.8 321.4 682.3 952.7 769.0 713.4 34

35 Financial sectors 1431.9 1680.5 1723.7 1869.1 2243.8 2278.5 1455.6 1498.7 2122.4 1533.0 1631.0 35

36 Monetary authority 33.7 39.9 77.7 37.2 37.3 40.3 37.6 33.8 16.2 53.0 74.1 36

37 Commercial banking 357.9 205.2 404.4 299.5 406.6 591.4 -6.1 206.1 880.8 491.8 253.4 37

38 U.S.-chartered commercial banks 339.5 191.6 393.8 323.3 384.9 524.6 100.5 283.0 849.5 491.5 249.9 38

39 Foreign banking offices in U.S. 23.9 -0.6 6.2 -43.0 1.6 11.6 -100.0 -85.3 18.3 -15.9 -10.2 39

40 Bank holding companies -12.2 4.2 3.1 8.6 20.8 39.7 -26.1 0.2 1.2 -2.3 3.0 40

41 Banks in U.S.-affiliated areas 6.7 10.0 1.3 10.6 -0.7 15.5 19.4 8.1 11.9 18.5 10.7 41

42 Savings institutions 56.2 44.6 33.6 126.3 186.9 107.9 66.4 143.9 225.3 163.3 152.3 42

43 Credit unions 28.0 41.5 42.7 50.7 45.0 79.4 83.6 -5.3 44.3 63.2 18.5 43

44 Bank personal trusts and estates 0.8 -28.1 0.9 -2.4 -2.7 -2.5 -2.5 -2.0 12.9 3.4 4.4 44

45 Life insurance companies 57.9 130.9 233.0 180.6 283.0 236.4 117.1 85.9 235.1 176.0 162.9 45

46 Other insurance companies -8.7 9.0 39.9 67.0 56.2 49.7 68.7 93.3 105.3 65.1 59.9 46

47 Private pension funds -96.4 13.3 25.7 14.2 -13.8 -18.7 42.3 47.1 45.1 22.5 37.6 47

48 State and local govt. retirement funds 45.8 -41.1 -14.0 9.0 -43.0 55.4 -16.4 39.9 6.6 59.8 -15.2 48

49 Federal government retirement funds 2.1 9.7 13.0 6.3 28.5 2.5 -0.8 -4.8 0.8 6.8 10.8 49

50 Money market mutual funds 143.0 246.0 -25.3 -113.1 -128.4 158.4 -220.2 -262.4 -228.9 -121.9 -153.1 50

51 Mutual funds 20.9 126.1 144.2 137.7 213.0 258.4 -14.5 93.9 209.0 21.0 126.3 51

52 Closed-end funds -5.6 3.2 8.6 36.2 26.1 60.1 42.5 16.1 8.7 20.8 -1.8 52

53 Exchange-traded funds 0.0 0.0 3.7 0.7 -1.1 0.4 1.6 2.0 5.1 3.5 2.2 53

54 Government-sponsored enterprises 246.0 304.7 224.1 236.5 298.5 106.9 506.6 34.0 -2.3 193.7 106.9 54

55 Agency- and GSE-backed mortgage pools 199.7 338.5 326.8 330.5 272.2 266.9 307.6 475.3 80.1 74.0 59.4 55

56 ABS issuers 152.5 230.0 168.9 179.2 232.7 219.5 146.6 118.0 107.5 282.4 339.4 56

57 Finance companies 108.6 -4.8 21.2 84.2 8.5 56.5 164.4 107.5 187.3 44.8 89.3 57

58 Mortgage companies 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 58

59 REITs -4.0 8.6 24.8 23.7 -6.0 34.0 28.7 38.2 95.1 28.0 63.1 59

60 Brokers and dealers 68.9 92.4 28.4 79.6 64.7 -73.8 21.1 306.5 -185.3 -177.0 372.1 60

61 Funding corporations 24.4 -89.2 -58.4 85.4 279.9 49.1 81.1 -68.3 273.6 58.6 -131.6 61

(1) Excludes corporate equities and mutual fund shares.
10 Z.1, December 9, 2004

F.2 Credit Market Borrowing by Nonfinancial Sectors

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2000 2001 2002 2003 2003 2004

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Domestic 837.5 1118.0 1317.6 1659.9 1482.9 2297.1 1514.0 1345.7 2024.7 1592.0 1710.0 1

 2 Federal government -295.9 -5.6 257.6 396.0 184.0 723.0 317.1 360.0 483.9 444.9 207.0 2

 3 Treasury securities -294.9 -5.1 257.1 398.4 185.6 722.5 317.0 368.6 482.9 448.6 208.9 3

 4 Budget agency securities and mortgages -1.0 -0.5 0.5 -2.4 -1.6 0.5 0.1 -8.6 1.1 -3.6 -1.9 4

 5 Nonfederal, by instrument 1133.3 1123.6 1060.1 1263.9 1298.9 1574.0 1196.9 985.7 1540.7 1147.0 1502.9 5

 6 Commercial paper 48.1 -88.3 -64.2 -40.0 -9.3 -81.4 4.8 -74.3 34.4 32.9 23.0 6

 7 Municipal securities and loans 23.6 122.9 159.4 135.1 119.9 182.6 130.0 107.7 167.5 82.0 241.4 7

 8 Corporate bonds 162.6 348.5 132.3 158.3 169.5 297.0 96.1 70.6 114.2 5.7 33.8 8

 9 Bank loans n.e.c. 97.7 -82.0 -87.2 -82.2 -84.9 -42.1 -111.0 -90.8 -46.5 91.7 -12.4 9

10 Other loans and advances 79.6 8.9 20.3 10.0 4.2 -9.9 -22.9 68.7 23.2 -30.7 24.0 10

11 Mortgages 554.4 674.1 816.3 994.3 1009.7 1119.1 991.0 857.6 1121.1 918.0 1069.8 11

12 Home 410.9 511.7 677.7 796.7 859.6 907.1 769.0 651.1 945.8 732.8 860.9 12

13 Multifamily residential 29.4 41.4 34.7 65.3 39.4 69.9 64.9 87.0 15.0 47.2 29.7 13

14 Commercial 107.5 113.4 96.3 124.3 102.4 135.2 148.6 110.9 153.4 127.4 170.2 14

15 Farm 6.6 7.7 7.6 8.1 8.3 6.9 8.5 8.6 6.9 10.6 8.9 15

16 Consumer credit 167.4 139.5 83.2 88.4 89.7 108.8 108.9 46.1 126.8 47.5 123.4 16

17 Nonfederal, by sector 1133.3 1123.6 1060.1 1263.9 1298.9 1574.0 1196.9 985.7 1540.7 1147.0 1502.9 17

18 Household sector 559.7 622.9 734.1 840.6 918.3 988.3 835.3 620.3 1052.9 810.5 887.9 18

19 Nonfinancial business 558.2 394.9 182.0 305.6 281.0 419.6 252.6 269.1 339.1 273.0 386.5 19

20 Corporate 354.4 228.0 28.9 146.6 167.1 272.9 71.9 74.6 195.8 92.4 194.4 20

21 Nonfarm noncorporate 192.9 156.4 145.3 151.2 107.6 143.8 168.8 184.7 138.7 167.6 171.5 21

22 Farm 10.9 10.5 7.8 7.7 6.3 2.9 12.0 9.8 4.5 12.9 20.6 22

23 State and local governments 15.5 105.8 143.9 117.8 99.5 166.1 109.1 96.3 148.8 63.5 228.5 23

24 Foreign borrowing in U.S. 57.0 -49.8 5.6 -15.7 17.8 -61.8 -64.7 46.0 70.8 -63.8 9.0 24

25 Commercial paper 31.7 -14.2 36.1 22.3 52.0 72.9 -56.0 20.2 100.1 -29.6 24.9 25

26 Bonds 15.2 -24.5 -33.5 -28.1 -29.9 -100.2 -8.8 26.5 -19.6 -39.7 2.3 26

27 Bank loans n.e.c. 11.4 -7.3 5.3 -7.7 -4.0 -31.4 5.3 -0.7 -6.7 7.0 -9.0 27

28 Other loans and advances -1.3 -3.8 -2.3 -2.1 -0.2 -3.0 -5.3 -0.0 -2.9 -1.5 -9.3 28

29 Domestic and foreign 894.5 1068.2 1323.3 1644.3 1500.7 2235.3 1449.3 1391.7 2095.5 1528.2 1718.9 29

F.3 Credit Market Borrowing by Financial Sectors

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 By instrument 805.4 903.2 834.7 989.3 972.2 857.7 1053.4 1073.9 672.0 873.9 688.3 1

 2 Open market paper 131.7 -45.3 -63.5 -63.8 -27.7 -50.6 -62.5 -114.3 149.6 10.8 -64.4 2

 3 GSE issues 235.2 304.1 219.8 243.7 225.8 192.4 459.9 96.9 18.2 234.4 108.0 3

 4 Agency- and GSE-backed mortgage pool sec. 199.7 338.5 326.8 330.5 272.2 266.9 307.6 475.3 80.1 74.0 59.4 4

 5 Corporate bonds 187.7 265.1 333.3 443.7 497.1 395.6 319.9 562.4 295.7 407.1 555.3 5

 6 Bank loans n.e.c. 3.8 13.0 1.3 -4.6 -38.6 12.1 14.6 -6.5 25.3 -34.4 51.2 6

 7 Other loans and advances 42.5 25.5 6.8 31.2 43.9 38.2 0.7 41.9 76.0 166.1 -30.9 7

 8 Mortgages 4.9 2.2 10.1 8.5 -0.4 3.1 13.2 18.1 27.2 15.9 9.8 8

 9 By sector 805.4 903.2 834.7 989.3 972.2 857.7 1053.4 1073.9 672.0 873.9 688.3 9

10 Commercial banking 60.0 52.9 49.7 49.2 80.9 28.0 2.8 85.2 187.6 7.1 60.1 10

11 U.S.-chartered commercial banks 36.8 30.2 29.9 13.9 15.7 28.7 -6.0 17.1 85.0 -9.3 -2.0 11

12 Foreign banking offices in U.S. -0.0 -0.9 -0.4 -0.1 -0.5 -0.2 0.1 0.3 -0.1 0.3 0.4 12

13 Bank holding companies 23.2 23.6 20.3 35.4 65.7 -0.6 8.7 67.8 102.8 16.1 61.7 13

14 Savings institutions 27.3 -2.0 -23.4 6.1 -18.0 16.9 0.4 25.0 -7.0 184.4 -21.0 14

15 Credit unions 0.0 1.5 2.0 2.2 2.8 1.6 3.3 1.0 -2.7 4.9 0.9 15

16 Life insurance companies -0.7 0.6 2.0 2.9 4.4 1.5 3.1 2.5 -0.4 2.7 0.1 16

17 Government-sponsored enterprises 235.2 304.1 219.8 243.7 225.8 192.4 459.9 96.9 18.2 234.4 108.0 17

18 Agency- and GSE-backed mortgage pools 199.7 338.5 326.8 330.5 272.2 266.9 307.6 475.3 80.1 74.0 59.4 18

19 ABS issuers 182.3 256.2 191.6 200.1 256.5 240.1 166.6 137.4 126.3 300.6 357.0 19

20 Finance companies 81.9 1.3 42.2 117.3 45.6 171.1 104.1 148.2 134.0 -19.7 89.8 20

21 Mortgage companies 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 21

22 REITs 4.5 3.2 26.2 32.3 17.5 12.5 43.7 55.7 67.8 43.6 84.4 22

23 Brokers and dealers 15.6 1.4 -1.7 6.4 38.4 -16.2 9.9 -6.6 51.9 2.5 33.2 23

24 Funding corporations -0.3 -54.6 -0.5 -1.4 46.2 -57.0 -48.0 53.3 16.2 39.5 -83.5 24
Z.1, December 9, 2004 11

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

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2000 2001 2002 2003 2003 2004

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total 1699.9 1971.4 2158.0 2633.6 2473.0 3093.0 2502.7 2465.6 2767.5 2402.1 2407.2 1

 2 Open market paper 211.6 -147.8 -91.5 -81.6 15.0 -59.2 -113.7 -168.5 284.2 14.2 -16.4 2

 3 Treasury securities -294.9 -5.1 257.1 398.4 185.6 722.5 317.0 368.6 482.9 448.6 208.9 3

 4 Agency- and GSE-backed securities 433.9 642.1 547.2 571.9 496.4 459.9 767.5 563.6 99.3 304.7 165.4 4

 5 Municipal securities 23.6 122.9 159.4 135.1 119.9 182.6 130.0 107.7 167.5 82.0 241.4 5

 6 Corporate and foreign bonds 365.5 589.1 432.1 573.9 636.6 592.4 407.2 659.6 390.2 373.0 591.4 6

 7 Bank loans n.e.c. 112.8 -76.2 -80.6 -94.5 -127.5 -61.4 -91.1 -98.0 -28.0 64.3 29.8 7

 8 Other loans and advances 120.8 30.6 24.7 39.1 48.0 25.4 -27.4 110.6 96.3 133.9 -16.2 8

 9 Mortgages 559.2 676.3 826.5 1002.9 1009.3 1122.1 1004.2 875.8 1148.3 933.9 1079.5 9

10 Consumer credit 167.4 139.5 83.2 88.4 89.7 108.8 108.9 46.1 126.8 47.5 123.4 10

 Memo:

 Funds raised through corporate equities and mutual fund shares

11 Total net issues 244.7 300.2 229.4 393.6 300.2 472.2 389.7 412.5 547.1 194.8 262.4 11

12 Corporate equities 5.3 99.0 47.0 105.6 111.0 106.5 129.9 75.1 116.3 82.1 -36.7 12

13 Nonfinancial -118.2 -47.4 -41.6 -57.8 -67.0 -50.2 -44.9 -69.0 -82.6 -159.5 -208.8 13

 Foreign shares purchased by

14 U.S. residents 106.7 109.1 17.6 100.4 136.4 66.5 122.0 76.8 85.7 161.0 34.3 14

15 Financial 16.8 37.3 71.0 63.0 41.6 90.2 52.8 67.3 113.2 80.6 137.8 15

16 Mutual fund shares 239.4 201.2 182.4 288.0 189.2 365.7 259.8 337.4 430.7 112.7 299.1 16

F.5 Net Increase in Liabilities and Its Relation to Net Acquisition of Financial Assets

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 Net flows through credit markets

 1 (from table F.4, line 1) 1699.9 1971.4 2158.0 2633.6 2473.0 3093.0 2502.7 2465.6 2767.5 2402.1 2407.2 1

 2 Official foreign exchange -0.4 4.3 9.9 1.1 4.9 0.6 7.1 -8.2 -2.5 -12.7 -0.4 2

 3 SDR certificates -4.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3

 4 Treasury currency 2.4 1.3 1.0 0.6 0.6 1.6 0.1 -0.0 0.8 1.2 0.7 4

 5 Foreign deposits 126.9 6.8 21.0 -0.0 34.7 143.1 -306.0 128.1 132.4 -47.2 44.8 5

 6 Net interbank transactions 15.1 -28.0 17.3 -3.8 -4.2 -190.0 80.8 98.2 -213.3 87.5 -231.0 6

 7 Checkable deposits and currency -71.4 204.3 43.5 133.8 121.2 182.0 46.1 186.0 172.0 134.5 102.7 7

 8 Small time and savings deposits 188.8 267.2 270.9 229.4 268.3 427.2 120.2 102.1 226.2 429.9 166.0 8

 9 Large time deposits 116.2 68.6 50.1 62.0 161.5 45.1 -23.3 64.6 301.0 177.6 203.2 9

10 Money market fund shares 233.3 428.6 -16.8 -207.8 -243.8 107.4 -227.3 -467.7 -122.4 0.2 -154.3 10

11 Security RPs 114.5 23.7 106.6 227.2 153.7 335.7 39.5 379.9 370.8 -176.6 324.9 11

12 Corporate equities 5.3 99.0 47.0 105.6 111.0 106.5 129.9 75.1 116.3 82.1 -36.7 12

13 Mutual fund shares 239.4 201.2 182.4 288.0 189.2 365.7 259.8 337.4 430.7 112.7 299.1 13

14 Trade payables 402.3 -83.4 70.9 166.2 92.1 191.0 173.0 208.7 308.3 218.8 234.0 14

15 Security credit 146.1 3.1 -87.0 132.5 196.8 720.9 -109.7 -278.1 287.2 168.0 -20.0 15

16 Life insurance reserves 50.2 77.2 60.1 66.8 73.8 41.1 42.2 110.1 70.8 70.4 66.6 16

17 Pension fund reserves 134.2 130.5 170.3 195.5 193.8 157.5 236.5 194.4 233.6 198.7 212.2 17

18 Taxes payable 25.9 14.5 28.9 12.0 21.7 31.4 3.4 -8.5 17.8 42.3 3.7 18

19 Investment in bank personal trusts 56.6 -59.9 -2.4 -26.3 -26.6 -26.4 -26.4 -25.5 29.8 8.2 0.5 19

20 Noncorporate proprietors’ equity -43.9 -29.9 -42.7 -63.5 -39.0 -42.5 -76.5 -96.1 -65.1 -34.5 -74.2 20

21 Miscellaneous 1394.3 656.6 483.4 668.3 816.7 475.4 1349.0 31.9 2011.9 543.6 996.1 21

22 Total financial sources 4831.6 3957.0 3572.4 4621.1 4599.3 6166.1 4220.7 3498.1 7073.9 4406.9 4545.3 22

 - Liabilities not identified as assets:

23 Treasury currency -1.2 -0.1 -0.6 -0.3 -0.2 0.5 -0.8 -0.7 -0.4 0.0 -0.3 23

24 Foreign deposits 66.1 -12.8 11.0 30.0 40.8 208.3 -286.5 157.5 44.4 -149.0 59.2 24

25 Net interbank liabilities 20.4 17.2 7.1 -4.2 8.5 -28.2 34.2 -31.3 15.4 64.4 -44.3 25

26 Security RPs 110.8 -61.2 22.5 -21.7 -422.9 264.3 -56.3 128.1 -10.2 -160.2 11.6 26

27 Taxes payable 32.6 21.4 27.8 -32.3 -47.3 -3.4 -30.2 -48.3 -13.6 47.1 6.5 27

28 Miscellaneous -445.1 -319.1 -78.1 -143.3 138.7 10.7 13.0 -735.5 356.6 200.5 -70.7 28

 - Floats not included in assets:

29 Checkable deposits: Federal govt. 9.0 5.7 0.1 -7.9 -21.6 -3.2 -37.0 30.4 41.2 -14.8 7.1 29

30 Other -0.3 -0.5 -0.7 -0.0 -1.1 -0.3 0.3 1.0 1.7 2.4 3.1 30

31 Trade credit 3.3 2.9 98.2 -41.9 -43.9 -41.7 -36.7 -45.3 7.7 -61.6 -26.8 31

 Totals identified to sectors

32 as assets 5036.1 4303.4 3485.2 4842.6 4948.4 5759.1 4620.7 4042.3 6631.0 4478.1 4599.9 32
12 Z.1, December 9, 2004

F.6 Distribution of Gross Domestic Product (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2000 2001 2002 2003 2003 2004

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Gross Domestic Product (GDP) 9817.0 10127.9 10487.1 11004.1 10744.6 10884.1 11116.8 11271.0 11472.4 11657.4 11809.9 1

 2 Personal consumption expenditures (2) 6739.4 7055.0 7376.1 7760.9 7609.8 7696.3 7822.5 7914.9 8060.2 8153.8 8278.3 2

 3 Durable goods 863.3 883.7 916.2 950.7 912.1 946.8 972.7 971.1 976.3 975.5 1007.0 3

 4 Nondurable goods 1947.2 2017.1 2080.1 2200.1 2167.5 2163.6 2219.2 2250.2 2316.6 2354.5 2387.7 4

 5 Services 3928.8 4154.3 4379.8 4610.1 4530.2 4585.9 4630.6 4693.6 4767.3 4823.8 4883.6 5

 6 Gross private domestic investment 1735.5 1614.3 1579.2 1665.8 1596.6 1611.2 1696.5 1758.9 1819.6 1920.7 1949.4 6

 7 Fixed investment 1679.0 1646.1 1568.0 1667.0 1586.0 1626.5 1700.2 1755.3 1783.4 1861.7 1916.1 7

 8 Nonresidential 1232.1 1176.8 1063.9 1094.7 1046.4 1072.7 1113.3 1146.3 1158.8 1198.5 1238.7 8

 9 Household sector (nonprofit organizations) 63.1 66.4 65.4 68.0 65.5 67.4 68.7 70.5 70.6 73.1 75.1 9

10 Nonfinancial corporate business 878.6 845.1 755.9 771.9 738.8 757.3 784.5 806.9 815.3 841.9 869.0 10

11 Nonfarm noncorporate business 140.7 122.5 99.5 105.1 111.6 110.9 104.9 93.0 85.3 120.3 112.2 11

12 Farm business 18.4 18.9 19.8 21.6 20.6 21.1 21.9 22.6 22.8 23.6 24.4 12

13 Financial corporations 131.2 123.9 123.4 128.2 110.0 115.9 133.4 153.4 164.8 139.7 157.9 13

14 Residential 446.9 469.3 504.1 572.3 539.6 553.8 586.9 609.0 624.6 663.2 677.4 14

15 Household sector 377.3 401.4 429.0 489.3 462.4 475.0 501.7 518.0 528.7 569.0 577.9 15

16 Nonfinancial corporate business 3.5 3.7 3.8 4.2 4.0 4.1 4.3 4.5 4.6 4.9 5.0 16

17 Nonfarm noncorporate business 66.1 63.4 68.0 76.0 72.2 73.4 77.7 80.7 84.0 87.5 90.7 17

18 REITs 0.0 0.8 3.2 2.8 1.0 1.3 3.1 5.7 7.2 1.7 3.8 18

19 Change in private inventories 56.5 -31.7 11.2 -1.2 10.6 -15.3 -3.7 3.6 36.2 59.0 33.3 19

20 Nonfinancial corporate business 54.9 -30.1 12.1 -1.4 8.2 -15.4 -2.7 4.2 33.4 58.3 31.6 20

21 Nonfarm noncorporate business 2.9 -1.6 0.6 -0.1 0.4 -0.8 -0.1 0.2 1.8 3.1 1.7 21

22 Farm business -1.3 -0.0 -1.5 0.3 1.9 0.9 -0.9 -0.9 1.0 -2.4 0.0 22

23 Net U.S. exports of goods and services -379.5 -367.0 -424.9 -498.1 -503.2 -497.6 -488.7 -502.8 -546.9 -591.3 -616.7 23

24 Exports 1096.3 1032.8 1005.0 1046.2 1019.8 1018.1 1047.7 1099.2 1134.3 1167.6 1190.1 24

25 - Imports 1475.8 1399.9 1429.9 1544.3 1523.0 1515.7 1536.4 1602.0 1681.2 1758.9 1806.8 25

 Government consumption expenditures and

26 gross investment 1721.7 1825.6 1956.7 2075.5 2041.4 2074.2 2086.5 2100.0 2139.5 2174.2 2198.9 26

27 Consumption expenditures (3) 1417.1 1501.6 1609.2 1717.1 1689.1 1717.5 1724.0 1737.6 1770.9 1792.1 1817.8 27

28 Federal 499.3 531.9 592.7 658.6 634.3 665.7 663.0 671.3 691.1 700.3 713.0 28

29 State and local 917.8 969.8 1016.5 1058.5 1054.8 1051.8 1061.0 1066.3 1079.8 1091.8 1104.8 29

30 Gross investment (3) 304.6 324.0 347.5 358.5 352.3 356.7 362.5 362.4 368.6 382.1 381.1 30

31 Federal 79.5 81.0 88.2 93.6 89.1 95.3 93.8 96.2 102.2 104.1 103.9 31

32 State and local 225.1 243.0 259.3 264.9 263.2 261.4 268.7 266.2 266.4 278.0 277.2 32

 Memo:

33 Net U.S. income receipts from rest of the world 39.0 43.7 27.1 55.2 36.8 45.1 51.6 87.2 73.5 36.1 43.6 33

34 U.S. income receipts 382.7 322.5 301.8 329.1 304.8 309.8 329.8 371.8 373.8 388.0 404.8 34

35 - U.S. income payments 343.7 278.8 274.7 273.9 268.0 264.7 278.2 284.6 300.3 351.9 361.2 35

 Gross National Product (GNP) =

36 GDP + net U.S. income receipts 9856.0 10171.6 10514.1 11059.3 10781.4 10929.2 11168.4 11358.2 11545.9 11693.5 11853.5 36

(1) This table is based on NIPA table 1.1.5 in the Survey of Current Business, Department of Commerce.

(2) Component of personal outlays, found on table F.100, line 4.

(3) Government inventory investment is included in consumption expenditures.
Z.1, December 9, 2004 13

F.7 Distribution of National Income (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2000 2001 2002 2003 2003 2004

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 National Income 8795.3 8979.9 9225.5 9679.8 9407.8 9569.0 9770.9 9971.4 10128.1 10262.0 10293.6 1

 2 Compensation of employees 5782.7 5942.1 6069.5 6289.0 6179.2 6245.6 6324.6 6406.8 6489.6 6578.6 6657.6 2

 3 Wages and other labor income 5439.2 5585.5 5705.9 5912.5 5806.2 5872.4 5946.4 6024.9 6095.8 6183.3 6256.8 3

 4 Employer social insurance contributions 343.5 356.6 363.6 376.6 371.6 374.6 378.2 381.9 392.3 396.8 400.8 4

 5 Wage accruals less disbursements 0.0 0.0 0.0 0.0 1.4 -1.4 0.0 0.0 1.5 -1.5 0.0 5

 Proprietors’ income with inventory

 6 valuation and capital consumption adjustments 728.4 771.9 769.6 834.1 794.0 825.7 852.0 864.7 872.1 901.4 903.2 6

 7 Nonfarm 705.7 752.2 759.9 812.3 780.2 801.6 827.2 840.0 854.2 882.5 889.1 7

 8 Farm 22.7 19.7 9.7 21.9 13.8 24.1 24.8 24.7 17.9 18.9 14.1 8

 Rental income of persons (with capital

 9 consumption adjustment) 150.3 167.4 170.9 153.9 155.5 144.1 148.8 167.1 172.8 172.6 153.6 9

 Corporate profits with inventory

10 valuation and capital consumption adjustments 818.0 767.4 874.6 1021.1 912.0 986.3 1057.0 1129.1 1165.6 1173.8 1146.3 10

 Corporate profits with inventory

11 valuation adjustment 759.4 719.3 756.8 860.3 798.7 823.6 877.1 941.9 925.4 940.5 925.1 11

12 Profits before tax 773.4 707.9 758.0 874.5 826.1 824.6 880.9 966.2 962.4 988.3 964.4 12

13 Domestic nonfinancial 422.0 309.8 323.3 396.9 375.6 366.8 400.7 444.7 442.8 496.2 509.8 13

14 Farm 1.9 0.8 0.8 0.8 1.0 1.0 0.7 0.3 0.4 0.5 0.5 14

15 Foreign subsidiaries 145.8 169.7 157.8 176.9 156.9 161.4 173.3 215.8 205.3 185.2 194.1 15

16 Financial 203.8 227.6 276.1 299.9 292.6 295.4 306.2 305.4 313.9 306.4 260.0 16

 Less:

17 Taxes on corporate income 265.2 204.2 183.9 234.9 224.0 224.6 238.7 252.3 256.5 271.2 261.4 17

18 Domestic nonfinancial 169.7 111.4 88.7 129.8 120.3 120.3 132.0 146.6 147.5 164.7 168.5 18

19 Farm 0.5 0.3 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 19

20 Financial 95.0 92.5 94.9 104.9 103.5 104.1 106.5 105.5 108.8 106.3 92.7 20

 Equals:

21 Profits after tax 508.3 503.8 574.2 639.6 602.1 600.0 642.2 713.9 705.9 717.1 703.0 21

22 Net dividends 378.0 370.9 390.0 395.3 396.0 394.7 394.1 396.4 403.4 413.2 424.0 22

23 Domestic nonfinancial 249.7 243.5 252.8 273.2 253.3 304.8 263.4 271.4 268.3 263.2 275.2 23

24 Farm 1.7 1.9 2.1 2.2 2.2 2.2 2.2 2.2 2.3 2.3 2.4 24

25 Foreign subsidiaries 29.5 40.9 42.6 20.5 47.3 -23.2 33.1 24.9 35.9 52.7 47.1 25

26 Financial 97.1 84.6 92.5 99.4 93.2 110.9 95.4 97.9 96.9 95.0 99.3 26

27 Undistributed profits 130.3 132.9 184.1 244.3 206.1 205.3 248.1 317.5 302.5 303.9 279.0 27

28 Domestic nonfinancial 2.6 -45.0 -18.3 -6.1 2.0 -58.3 5.3 26.7 26.9 68.3 66.1 28

29 Farm -0.2 -1.5 -1.6 -1.6 -1.4 -1.4 -1.7 -2.1 -2.0 -2.0 -2.1 29

30 Foreign subsidiaries 116.3 128.9 115.2 156.3 109.6 184.6 140.2 190.9 169.4 132.5 147.0 30

31 Financial 11.7 50.5 88.7 95.7 95.9 80.4 104.3 102.0 108.2 105.1 68.0 31

32 Inventory valuation adjustment -14.1 11.4 -1.2 -14.1 -27.4 -1.0 -3.8 -24.3 -37.0 -47.8 -39.3 32

33 Capital consumption adjustment 58.6 48.1 117.8 160.8 113.3 162.7 179.9 187.2 240.2 233.3 221.2 33

34 Domestic nonfinancial 65.3 34.7 94.9 132.1 90.1 133.6 149.0 155.8 197.6 191.3 179.2 34

35 Farm 1.3 0.5 0.7 0.7 0.7 0.7 0.7 0.8 0.7 0.7 0.8 35

36 Financial -8.0 12.9 22.3 27.9 22.5 28.4 30.2 30.6 41.9 41.3 41.2 36

37 Net interest and miscellaneous payments 559.1 566.4 532.9 543.1 541.3 542.8 542.8 545.3 554.5 548.5 545.6 37

38 Taxes on production and imports 708.9 728.6 762.6 798.1 783.5 792.9 802.0 813.9 823.2 835.7 844.1 38

39 Less: Subsidies 44.3 55.3 38.2 46.8 42.8 55.2 44.6 44.4 40.4 39.4 39.7 39

40 Business current transfer payments (net) 87.1 92.8 80.9 77.7 74.8 76.9 79.0 80.1 82.6 83.4 76.4 40

41 Current surplus of government enterprises 5.3 -1.4 2.8 9.5 10.3 9.8 9.3 8.7 8.1 7.4 6.5 41

 Memo:

 Calculation of Gross Domestic Product

 from National Income: (2)

42 National Income, from line 1 above 8795.3 8979.9 9225.5 9679.8 9407.8 9569.0 9770.9 9971.4 10128.1 10262.0 10293.6 42

 Plus:

43 Private consumption of fixed capital 990.8 1075.5 1092.8 1135.9 1118.4 1129.7 1141.5 1153.8 1132.4 1148.2 1269.4 43

44 Government consumption of fixed capital 197.0 206.0 211.2 218.1 215.7 217.3 219.0 220.4 222.6 227.1 231.1 44

45 Statistical discrepancy -127.1 -89.8 -15.4 25.5 39.5 13.1 36.9 12.6 62.8 56.2 59.4 45

 Less:

46 Net U.S. income receipts from rest of the world 39.0 43.7 27.1 55.2 36.8 45.1 51.6 87.2 73.5 36.1 43.6 46

 Equals:

47 Gross Domestic Product 9817.0 10127.9 10487.1 11004.1 10744.6 10884.1 11116.8 11271.0 11472.4 11657.4 11809.9 47

(1) This table corresponds to NIPA table 1.12 in the Survey of Current Business, Department of Commerce.

(2) The relationship of National Income to Gross Domestic Product is shown on NIPA table 1.7.5 in the Survey of Current Business, Department of Commerce.
14 Z.1, December 9, 2004

F.8 Saving and Investment (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2000 2001 2002 2003 2003 2004

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Gross saving 1770.5 1657.7 1484.4 1487.9 1375.3 1436.3 1517.9 1622.1 1568.2 1616.5 1638.9 1

 2 Net saving 582.7 376.2 180.4 133.9 41.2 89.3 157.4 247.9 213.2 241.2 138.4 2

 3 Net private saving 343.3 324.6 459.8 501.6 371.6 459.2 583.9 591.6 592.5 602.8 505.9 3

 4 Personal saving 168.4 132.3 159.1 110.7 79.6 92.2 159.7 111.2 86.8 113.4 45.0 4

 5 Undistributed corporate profits w/IVA & CCA 174.9 192.3 300.7 390.9 292.0 367.0 424.2 480.4 505.7 489.4 460.9 5

 6 Undistributed profits 130.3 132.9 184.1 244.3 206.1 205.3 248.1 317.5 302.5 303.9 279.0 6

 7 Inventory valuation adjustment -14.1 11.4 -1.2 -14.1 -27.4 -1.0 -3.8 -24.3 -37.0 -47.8 -39.3 7

 8 Capital consumption adjustment 58.6 48.1 117.8 160.8 113.3 162.7 179.9 187.2 240.2 233.3 221.2 8

 9 Wage accruals less disbursements 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

10 Net government saving 239.4 51.6 -279.5 -367.7 -330.4 -370.0 -426.5 -343.7 -379.3 -361.6 -367.5 10

11 Federal 189.4 46.7 -254.5 -364.5 -281.6 -364.4 -433.0 -379.1 -391.1 -379.9 -376.1 11

12 State and local 50.0 4.9 -25.0 -3.1 -48.8 -5.6 6.5 35.4 11.8 18.3 8.6 12

13 Consumption of fixed captal 1187.8 1281.5 1304.0 1354.0 1334.1 1347.0 1360.5 1374.2 1355.0 1375.3 1500.5 13

14 Private 990.8 1075.5 1092.8 1135.9 1118.4 1129.7 1141.5 1153.8 1132.4 1148.2 1269.4 14

15 Domestic business 836.1 903.7 912.6 942.6 930.5 938.3 946.5 955.0 936.4 948.8 1023.9 15

16 Households and institutions 154.8 171.8 180.2 193.3 187.9 191.4 195.0 198.8 196.0 199.4 245.5 16

17 Government 197.0 206.0 211.2 218.1 215.7 217.3 219.0 220.4 222.6 227.1 231.1 17

18 Federal 87.2 88.2 89.1 90.2 89.7 90.0 90.5 90.7 91.6 92.8 93.4 18

19 State and local 109.8 117.8 122.2 127.9 126.0 127.3 128.5 129.7 131.0 134.3 137.7 19

 Gross domestic investment, capital account

20 transactions, and net lending, NIPAs 1643.4 1567.9 1469.0 1513.4 1414.8 1449.4 1554.8 1634.7 1631.0 1672.7 1698.3 20

21 Gross domestic investment 2040.0 1938.3 1926.6 2024.3 1948.9 1967.9 2059.0 2121.3 2188.2 2302.8 2330.5 21

22 Gross private domestic investment 1735.5 1614.3 1579.2 1665.8 1596.6 1611.2 1696.5 1758.9 1819.6 1920.7 1949.4 22

23 Fixed investment 1679.0 1646.1 1568.0 1667.0 1586.0 1626.5 1700.2 1755.3 1783.4 1861.7 1916.1 23

24 Nonresidential 1232.1 1176.8 1063.9 1094.7 1046.4 1072.7 1113.3 1146.3 1158.8 1198.5 1238.7 24

25 Residential 446.9 469.3 504.1 572.3 539.6 553.8 586.9 609.0 624.6 663.2 677.4 25

26 Change in private inventories 56.5 -31.7 11.2 -1.2 10.6 -15.3 -3.7 3.6 36.2 59.0 33.3 26

27 Gross government investment 304.6 324.0 347.5 358.5 352.3 356.7 362.5 362.4 368.6 382.1 381.1 27

28 Capital account transactions (net) 0.8 1.1 1.3 3.1 1.6 6.2 3.3 1.2 1.4 1.1 0.8 28

29 Net lending or net borrowing (-), NIPAs -397.4 -371.5 -458.9 -513.9 -535.7 -524.7 -507.5 -487.8 -558.6 -631.2 -633.0 29

30 Statistical discrepancy (line 20 less line 1) -127.1 -89.8 -15.4 25.5 39.5 13.1 36.9 12.6 62.8 56.2 59.4 30

(1) This table corresponds to NIPA table 5.1 in the Survey of Current Business, Department of Commerce.

F.9 Net Capital Transfers (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Capital transfers received by government (net) 35.6 35.7 28.8 11.6 15.0 7.1 11.8 12.3 13.8 12.5 15.4 1

 2 Federal -8.1 -12.9 -23.0 -40.0 -31.8 -45.1 -44.3 -38.6 -35.8 -34.6 -40.8 2

 3 Estate and gift taxes paid by persons 28.1 28.0 25.3 22.0 23.0 20.0 22.0 22.9 24.2 23.0 26.1 3

 4 - Capital transfers paid to persons 0.0 0.0 3.6 14.8 14.4 14.4 14.4 16.3 16.3 16.3 16.3 4

 5 - Capital transfers paid to the rest of the world (net) 0.0 0.0 0.2 1.9 0.4 5.1 2.0 0.1 0.1 0.0 0.0 5

 6 - Federal investment grants to state and local govts. 36.2 40.8 44.4 45.1 40.1 45.7 49.9 44.7 43.7 41.2 50.6 6

 7 - Investment grants to business 0.0 0.0 0.1 0.1 0.0 0.0 0.0 0.4 0.0 0.0 0.0 7

 8 State and local 43.7 48.6 51.8 51.5 46.8 52.2 56.2 50.9 49.6 47.0 56.2 8

 9 Estate and gift taxes paid by persons 7.5 7.8 7.4 6.4 6.7 6.5 6.3 6.1 5.9 5.8 5.7 9

10 + Federal investment grants to state and local govts. 36.2 40.8 44.4 45.1 40.1 45.7 49.9 44.7 43.7 41.2 50.6 10

11 Capital transfers received by rest of the world (net) 0.8 1.1 1.3 3.2 1.7 6.4 3.3 1.4 1.4 1.3 1.3 11

12 Capital transfers received from U.S. government (net) 0.0 0.0 0.2 1.9 0.4 5.1 2.0 0.1 0.1 0.0 0.0 12

13 - Migrants’ transfers received by persons (net) -0.8 -1.1 -1.1 -1.3 -1.3 -1.3 -1.3 -1.3 -1.3 -1.3 -1.3 13

 Memo:

 Acquisition of nonproduced nonfinancial assets (net)

14 Nonfinancial corporate business -8.5 -8.6 -10.1 -9.8 -7.3 -9.1 -13.4 -9.5 -10.0 -9.5 -12.4 14

15 State and local governments 8.8 9.3 9.8 10.0 9.9 9.9 10.0 10.0 10.0 10.1 10.1 15

16 Federal governments -0.3 -0.7 0.2 -0.3 -2.7 -1.0 3.4 -0.7 0.0 -0.8 1.8 16

17 Rest of the world 0.0 0.1 0.0 0.1 0.1 0.2 0.0 0.2 -0.0 0.2 0.5 17

(1) This table is based on NIPA table 5.10 in the Survey of Current Business, Department of Commerce.
Z.1, December 9, 2004 15

F.10 Derivation of Measures of Personal Saving (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2000 2001 2002 2003 2003 2004

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Net acquisition of financial assets 513.9 719.9 641.5 1022.3 899.7 1299.1 1288.5 602.0 883.9 983.8 873.2 1

 2 Foreign deposits 20.0 -5.0 15.7 -9.0 26.1 -23.5 -17.9 -20.7 79.0 20.5 21.6 2

 3 Checkable deposits and currency -78.6 102.9 35.9 -41.2 -32.0 14.9 -27.7 -120.1 38.2 109.4 103.8 3

 4 Time and savings deposits 309.0 212.1 281.9 333.1 463.2 321.9 276.3 271.2 490.9 313.8 389.1 4

 5 Money market fund shares 154.5 168.0 -42.1 -107.9 -44.9 29.0 -184.2 -317.3 -59.8 -26.2 -149.8 5

 6 Securities -395.7 -107.8 -3.8 338.7 -45.2 220.3 764.9 415.0 -386.2 -59.1 20.8 6

 7 Open market paper 14.8 3.1 13.3 -4.1 24.4 -30.0 6.1 -16.7 21.6 17.3 38.0 7

 8 U.S. savings bonds -1.7 5.6 4.5 8.9 9.1 10.0 9.8 6.8 3.5 1.7 -1.5 8

 9 Other Treasury securities -193.7 -104.5 -93.6 6.4 -78.5 409.6 -159.5 -146.1 -119.8 146.9 -223.6 9

10 Agency- and GSE-backed securities 86.4 -90.4 -111.2 260.1 -123.3 -226.7 848.2 542.3 -307.9 15.9 118.2 10

11 Municipal securities 5.8 52.3 96.2 30.6 16.2 10.0 42.5 53.8 41.4 -13.7 194.4 11

12 Corporate and foreign bonds 55.9 -7.4 36.6 -169.9 -89.2 -233.5 -169.3 -187.7 -141.5 -180.1 -163.3 12

13 Corporate equities (2) -446.6 -134.8 -20.8 -60.7 66.1 -77.7 -74.5 -156.6 -271.7 -141.4 -238.8 13

14 Mutual fund shares 83.4 168.4 71.2 267.3 130.0 358.6 261.6 319.2 388.2 94.2 297.3 14

15 Life insurance reserves 50.2 77.2 60.1 66.8 73.8 41.1 42.2 110.1 70.8 70.4 66.6 15

16 Pension fund reserves 134.2 130.5 170.3 195.5 193.8 157.5 236.5 194.4 233.6 198.7 212.2 16

17 Investment in bank personal trusts 56.6 -59.9 -2.4 -26.3 -26.6 -26.4 -26.4 -25.5 29.8 8.2 0.5 17

18 Miscellaneous and other assets 263.9 201.8 125.8 272.6 268.5 537.2 206.3 78.2 365.9 320.1 186.1 18

19 Gross investment in tangible assets 1463.1 1487.2 1531.8 1645.0 1583.6 1629.2 1679.2 1688.1 1703.0 1782.3 1819.3 19

20 Residential fixed investment 443.3 464.8 497.1 565.3 534.6 548.4 579.4 598.7 612.8 656.6 668.6 20

21 Other fixed assets (3) 222.2 207.7 184.7 194.7 197.7 199.5 195.5 186.1 178.7 217.0 211.7 21

22 Consumer durables 796.0 816.3 851.0 884.9 849.0 881.3 905.4 903.9 908.7 908.0 937.3 22

23 Inventories (3) 1.6 -1.6 -0.9 0.2 2.3 0.1 -1.0 -0.7 2.8 0.7 1.7 23

24 Consumption of fixed capital 913.1 943.8 985.5 1032.7 1016.5 1026.6 1038.0 1049.5 1052.9 1071.3 1156.1 24

25 Residential fixed investment 164.6 184.0 186.5 219.3 201.4 216.4 224.7 234.9 213.4 226.4 347.1 25

26 Other fixed assets (3) 158.5 159.9 168.6 153.7 164.4 154.1 150.7 145.6 164.7 156.8 108.4 26

27 Consumer durables 590.1 599.9 630.4 659.6 650.7 656.1 662.6 668.9 674.8 688.1 700.6 27

28 Net investment in tangible assets (4) 550.0 543.3 546.4 612.4 567.0 602.6 641.2 638.6 650.1 710.9 663.2 28

29 Residential fixed investment 278.8 280.7 310.5 345.9 333.2 332.0 354.7 363.8 399.4 430.2 321.4 29

30 Other fixed assets (3) 63.8 47.9 16.1 40.9 33.3 45.4 44.7 40.4 14.1 60.2 103.3 30

31 Consumer durables 205.9 216.4 220.6 225.3 198.2 225.2 242.8 235.0 233.9 219.9 236.7 31

32 Inventories (3) 1.6 -1.6 -0.9 0.2 2.3 0.1 -1.0 -0.7 2.8 0.7 1.7 32

33 Net increase in liabilities 919.9 800.5 897.5 1136.6 1187.9 1588.9 1040.0 729.5 1368.7 1163.2 1154.3 33

34 Mortgage debt on nonfarm homes 409.0 509.6 677.0 794.9 858.1 905.3 767.5 648.9 942.2 729.4 855.9 34

35 Other mortgage debt (3) 117.0 104.8 101.1 114.3 78.1 109.0 126.1 143.8 92.0 122.4 108.8 35

36 Consumer credit 167.4 139.5 83.2 88.4 89.7 108.8 108.9 46.1 126.8 47.5 123.4 36

37 Policy loans 2.8 2.2 1.1 -0.6 -1.9 1.1 -2.0 0.3 -0.2 1.9 0.6 37

38 Security credit 7.2 -38.8 -48.2 34.3 45.3 355.7 -83.4 -180.4 74.7 64.1 -30.5 38

39 Other liabilities (3) 216.5 83.3 83.3 105.3 118.6 108.9 123.0 70.9 133.2 198.0 96.1 39

40 Net capital transfers (5) -36.5 -36.8 -30.2 -14.8 -16.7 -13.5 -15.2 -14.1 -15.2 -13.8 -16.8 40

41 Personal saving, with consumer durables (FOF) 180.5 499.5 320.6 513.0 295.6 326.3 904.9 525.1 180.5 545.3 398.8 41

42 Less net investment in consumer durables 205.9 216.4 220.6 225.3 198.2 225.2 242.8 235.0 233.9 219.9 236.7 42

43 = Personal saving, without consumer durables (FOF) (6) -25.4 283.1 100.0 287.7 97.4 101.1 662.1 290.1 -53.4 325.4 162.1 43

44 Personal saving (NIPA, excludes consumer durables) 168.4 132.3 159.1 110.7 79.6 92.2 159.7 111.2 86.8 113.4 45.0 44

45 Difference -193.8 150.8 -59.2 177.0 17.8 8.9 502.3 178.9 -140.2 212.0 117.1 45

 Memo:

46 Disposable personal income 7194.0 7486.8 7827.7 8160.0 7976.5 8075.1 8267.6 8320.6 8438.4 8562.1 8627.4 46

 Personal saving as a percentage of disposable personal income:

47 With consumer durables (FOF) (line 41) 2.5 6.7 4.1 6.3 3.7 4.0 10.9 6.3 2.1 6.4 4.6 47

48 Without consumer durables (FOF) (line 43) -0.4 3.8 1.3 3.5 1.2 1.3 8.0 3.5 -0.6 3.8 1.9 48

49 Without consumer durables (NIPA) (line 44) 2.3 1.8 2.0 1.4 1.0 1.1 1.9 1.3 1.0 1.3 0.5 49

50 Difference (line 45) -2.7 2.0 -0.8 2.2 0.2 0.1 6.1 2.2 -1.7 2.5 1.4 50

(1) Consolidated statement for household sector, nonfarm noncorporate business, and farm business.

(2) Directly held and those in closed-end and exchange-traded funds. Other equities are included in mutual funds (line 14), life insurance and pension reserves (lines 15 and 16), and bank personal trusts (line 17).

(3) Includes corporate farms.

(4) Line 19 less line 24.

(5) Table F.9, line 13 less lines 3, 4, and 9.

(6) Line 43 and 44 are conceptually equivalent but measure saving using different data. Line 43 is net acquisition of financial assets (line 1) plus net investment in tangible assets net of consumer durables

 (line 28 less line 42) less net increase in liabilities (line 33) less net capital transfers (line 40). Line 44 is disposable personal income (line 46) less personal outlays (table F.100, line 4).
16 Z.1, December 9, 2004

F.100 Households and Nonprofit Organizations (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2000 2001 2002 2003 2003 2004

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Personal income 8429.7 8724.1 8878.9 9161.8 9002.2 9105.7 9209.3 9330.0 9445.0 9592.7 9671.7 1

 2 - Personal current taxes 1235.7 1237.3 1051.2 1001.8 1025.7 1030.6 941.7 1009.4 1006.6 1030.6 1044.3 2

 3 = Disposable personal income 7194.0 7486.8 7827.7 8160.0 7976.5 8075.1 8267.6 8320.6 8438.4 8562.1 8627.4 3

 4 - Personal outlays 7025.6 7354.5 7668.5 8049.3 7896.9 7982.9 8107.9 8209.4 8351.6 8448.7 8582.4 4

 5 = Personal saving, NIPA (2) 168.4 132.3 159.1 110.7 79.6 92.2 159.7 111.2 86.8 113.4 45.0 5

 6 + Government insurance and pension reserves (3) 1.8 3.3 -1.7 -0.6 -3.0 -5.3 -2.7 8.5 1.3 -7.0 -6.5 6

 7 + Net investment in consumer durables 205.9 216.4 220.6 225.3 198.2 225.2 242.8 235.0 233.9 219.9 236.7 7

 8 + Consumption of fixed capital 746.7 773.5 812.5 854.8 840.6 849.5 859.6 869.7 872.9 889.5 948.2 8

 9 + Net capital transfers (4) -36.5 -36.8 -30.2 -14.8 -16.7 -13.5 -15.2 -14.1 -15.2 -13.8 -16.8 9

10 = Gross saving and net capital transfers 1086.2 1088.6 1160.3 1175.4 1098.8 1148.1 1244.2 1210.3 1179.6 1202.1 1206.7 10

11 Gross investment 889.6 1237.1 1103.8 1353.8 1120.2 1163.0 1750.1 1382.1 1039.4 1422.3 1331.5 11

12 Capital expenditures 1236.3 1284.0 1345.4 1442.2 1376.9 1423.7 1475.8 1492.4 1508.1 1550.1 1590.3 12

13 Residential 377.3 401.4 429.0 489.3 462.4 475.0 501.7 518.0 528.7 569.0 577.9 13

14 Consumer durable goods 796.0 816.3 851.0 884.9 849.0 881.3 905.4 903.9 908.7 908.0 937.3 14

15 Nonprofit nonresidential 63.1 66.4 65.4 68.0 65.5 67.4 68.7 70.5 70.6 73.1 75.1 15

16 Net financial investment -346.7 -46.9 -241.6 -88.4 -256.7 -260.7 274.3 -110.4 -468.6 -127.8 -258.8 16

17 Net acquisition of financial assets 224.1 534.9 452.2 795.3 717.2 1092.4 1034.3 337.4 667.7 758.7 608.0 17

18 Foreign deposits 20.0 -5.0 15.7 -9.0 26.1 -23.5 -17.9 -20.7 79.0 20.5 21.6 18

19 Checkable deposits and currency -135.2 101.8 22.6 -52.2 -41.0 1.0 -40.4 -128.3 36.3 110.5 104.0 19

20 Time and savings deposits 288.9 204.9 279.8 331.4 467.5 317.9 275.4 264.9 494.5 313.3 389.5 20

21 Money market fund shares 145.8 158.4 -44.4 -99.7 -16.3 61.4 -153.2 -290.6 -22.6 2.4 -124.7 21

22 Credit market instruments -24.3 -137.1 -46.2 140.9 -230.1 -54.3 587.0 261.1 -493.7 -1.3 -27.9 22

23 Open market paper 14.8 3.1 13.3 -4.1 24.4 -30.0 6.1 -16.7 21.6 17.3 38.0 23

24 Treasury securities -198.4 -101.6 -91.4 12.9 -69.2 414.8 -151.8 -142.1 -118.7 146.6 -227.2 24

25 Savings bonds -1.7 5.6 4.5 8.9 9.1 10.0 9.8 6.8 3.5 1.7 -1.5 25

26 Other -196.7 -107.2 -95.9 4.0 -78.3 404.8 -161.6 -148.9 -122.2 144.9 -225.7 26

27 Agency- and GSE-backed securities 86.4 -90.4 -111.2 260.1 -123.3 -226.7 848.2 542.3 -307.9 15.9 118.2 27

28 Municipal securities 6.0 51.2 96.0 30.4 16.0 9.8 42.3 53.6 41.2 -13.9 194.1 28

29 Corporate and foreign bonds 55.9 -7.4 36.6 -169.9 -89.2 -233.5 -169.3 -187.7 -141.5 -180.1 -163.3 29

30 Mortgages 10.9 8.0 10.6 11.4 11.1 11.4 11.5 11.6 11.7 12.9 12.2 30

31 Corporate equities (5) -446.6 -134.8 -20.8 -60.7 66.1 -77.7 -74.5 -156.6 -271.7 -141.4 -238.8 31

32 Mutual fund shares 83.4 168.4 71.2 267.3 130.0 358.6 261.6 319.2 388.2 94.2 297.3 32

33 Security credit 88.6 41.9 -41.6 62.7 67.8 342.0 -46.8 -112.3 150.5 87.6 -66.6 33

34 Life insurance reserves 50.2 77.2 60.1 66.8 73.8 41.1 42.2 110.1 70.8 70.4 66.6 34

35 Pension fund reserves 134.2 130.5 170.3 195.5 193.8 157.5 236.5 194.4 233.6 198.7 212.2 35

36 Investment in bank personal trusts 56.6 -59.9 -2.4 -26.3 -26.6 -26.4 -26.4 -25.5 29.8 8.2 0.5 36

37 Equity in noncorporate business -43.9 -29.9 -42.7 -63.5 -39.0 -42.5 -76.5 -96.1 -65.1 -34.5 -74.2 37

38 Miscellaneous assets 6.5 18.5 30.6 42.0 45.4 37.3 67.5 18.0 38.2 29.9 48.3 38

39 Net increase in liabilities 570.9 581.8 693.8 883.7 973.9 1353.1 760.0 447.8 1136.3 886.5 866.8 39

40 Credit market instruments 559.7 622.9 734.1 840.6 918.3 988.3 835.3 620.3 1052.9 810.5 887.9 40

41 Home mortgages (6) 369.4 466.8 627.6 734.9 801.2 837.6 709.8 590.9 881.4 673.9 796.9 41

42 Consumer credit 167.4 139.5 83.2 88.4 89.7 108.8 108.9 46.1 126.8 47.5 123.4 42

43 Municipal securities 5.8 13.8 12.9 14.1 18.0 13.3 17.7 7.4 13.8 15.4 6.6 43

44 Bank loans n.e.c. 2.7 -16.5 -3.2 -7.0 2.5 26.2 -15.3 -41.5 14.5 55.5 -57.6 44

45 Other loans and advances 2.0 0.6 0.3 -1.5 -2.8 0.2 -2.8 -0.5 -0.8 0.5 -0.9 45

46 Commercial mortgages 12.5 18.7 13.4 11.7 9.8 2.3 17.0 17.7 17.3 17.8 19.4 46

47 Security credit 7.2 -38.8 -48.2 34.3 45.3 355.7 -83.4 -180.4 74.7 64.1 -30.5 47

48 Trade payables 3.8 -1.9 7.0 7.9 7.5 7.8 8.0 8.3 8.6 8.8 9.1 48

 Deferred and unpaid

49 life insurance premiums 0.1 -0.4 0.9 0.9 2.8 1.2 0.1 -0.4 0.2 3.0 0.3 49

50 Discrepancy 196.6 -148.5 56.6 -178.5 -21.4 -14.8 -505.9 -171.7 140.2 -220.3 -124.8 50

(1) Sector includes farm households. Supplementary tables (tables F.100.a and L.100.a) show estimates of annual flows and year-end outstandings of nonprofit organizations.

(2) See table F.10 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.9, line 13 less lines 3, 4, and 9.

(5) Directly held and those in closed-end and exchange-traded funds. Other equities are included in mutual funds (line 32), life insurance and pension reserves (lines 34 and 35), and bank personal trusts (line 36).

(6) Includes loans made under home equity lines of credit and home equity loans secured by junior liens, shown on table F.218, line 24.
Z.1, December 9, 2004 17

F.101 Nonfinancial Business (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2000 2001 2002 2003 2003 2004

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Income before taxes 1211.9 1149.4 1157.1 1289.6 1228.8 1247.4 1309.3 1373.0 1380.7 1463.3 1473.2 1

 2 Gross saving and net capital transfers 903.4 943.9 1016.3 1119.4 1015.8 1106.8 1144.9 1210.0 1205.1 1203.4 1285.4 2

 3 Gross investment 1068.0 1061.9 973.2 1150.1 1046.7 1124.3 1184.4 1244.9 1231.7 1275.1 1381.2 3

 4 Capital expenditures 1155.3 1013.2 948.1 967.7 950.4 942.4 976.2 1001.8 1038.3 1127.8 1122.2 4

 5 Fixed investment 1107.3 1053.6 947.0 978.7 947.1 966.8 993.3 1007.7 1012.0 1078.3 1101.3 5

 6 Residential 69.6 67.1 71.8 80.2 76.2 77.5 82.0 85.2 88.6 92.4 95.7 6

 7 Nonresidential 1037.7 986.5 875.2 898.5 870.9 889.4 911.3 922.4 923.4 985.8 1005.6 7

 8 Change in inventories 56.5 -31.7 11.2 -1.2 10.6 -15.3 -3.7 3.6 36.2 59.0 33.3 8

 9 Nonproduced nonfinancial assets -8.5 -8.6 -10.1 -9.8 -7.3 -9.1 -13.4 -9.5 -10.0 -9.5 -12.4 9

10 Net financial investment -87.4 48.7 25.1 182.4 96.3 181.8 208.2 243.1 193.4 147.3 259.0 10

11 Net acquisition of financial assets 1455.3 335.9 296.6 638.1 528.6 745.1 534.6 744.1 831.6 661.5 711.1 11

12 Foreign deposits -7.4 -8.5 4.4 18.9 20.1 8.1 23.9 23.5 12.8 18.8 13.3 12

13 Checkable deposits and currency 107.1 -48.4 -5.6 107.6 25.7 129.6 112.4 162.7 89.3 -46.6 74.5 13

14 Time and savings deposits 20.5 0.9 -1.4 46.2 28.5 59.2 46.0 51.2 17.4 37.9 58.0 14

15 Money market fund shares 45.2 120.1 29.2 -46.0 -23.9 -47.3 -96.6 -16.0 -15.8 12.6 -26.4 15

16 Security RPs -1.6 -0.2 2.2 -0.3 -1.5 2.4 4.6 -6.7 -1.5 -1.1 2.3 16

17 Credit market instruments 26.4 8.9 25.3 31.0 63.8 75.7 25.6 -41.1 90.7 46.4 -16.2 17

18 Commercial paper 10.2 2.4 4.5 17.4 10.9 34.5 24.2 0.1 11.7 -1.5 -6.1 18

19 Treasury securities 1.7 1.1 17.2 12.5 16.2 20.1 8.2 5.5 17.0 25.7 24.7 19

20 Agency- and GSE-backed securities 3.0 1.7 -0.3 8.2 6.2 10.7 8.6 7.3 11.7 14.2 8.6 20

21 Municipal securities 6.7 -1.5 3.0 8.2 1.3 6.6 19.2 5.6 6.0 7.7 6.7 21

22 Mortgages 0.9 6.4 3.2 0.8 1.7 1.1 0.5 -0.1 -0.6 -1.2 -1.8 22

23 Consumer credit 4.0 -1.2 -2.4 -16.1 27.4 2.8 -35.0 -59.5 44.9 1.6 -48.4 23

24 Mutual fund shares 12.0 2.0 10.5 -4.6 -4.6 -4.6 -4.6 -4.6 -4.6 -4.6 -4.6 24

25 Trade receivables 352.6 -126.7 -57.6 153.4 42.7 178.1 183.1 209.6 240.8 232.1 223.4 25

26 Miscellaneous assets 900.5 388.0 289.4 331.8 377.8 343.9 240.1 365.6 402.5 365.8 386.7 26

27 Net increase in liabilities 1542.7 287.3 271.5 455.7 432.2 563.2 326.5 501.0 638.2 514.2 452.1 27

28 Credit market instruments 558.2 394.9 182.0 305.6 281.0 419.6 252.6 269.1 339.1 273.0 386.5 28

29 Commercial paper 48.1 -88.3 -64.2 -40.0 -9.3 -81.4 4.8 -74.3 34.4 32.9 23.0 29

30 Municipal securities 1.4 3.5 3.1 3.4 2.8 3.5 3.4 4.0 5.0 3.2 6.4 30

31 Corporate bonds 162.6 348.5 132.3 158.3 169.5 297.0 96.1 70.6 114.2 5.7 33.8 31

32 Bank loans n.e.c. 95.0 -65.5 -84.0 -75.2 -87.4 -68.2 -95.6 -49.3 -61.0 36.2 45.1 32

33 Other loans and advances 78.7 8.1 19.5 11.3 6.6 -10.4 -20.3 69.1 23.9 -31.4 24.8 33

34 Mortgages 172.5 188.7 175.4 247.8 198.8 279.2 264.2 249.0 222.4 226.3 253.4 34

35 Corporate equities -118.2 -47.4 -41.6 -57.8 -67.0 -50.2 -44.9 -69.0 -82.6 -159.5 -208.8 35

36 Trade payables 360.8 -111.3 45.9 125.5 45.9 131.2 152.0 172.9 237.2 186.3 170.8 36

37 Taxes payable 18.6 7.1 20.0 0.8 10.4 19.4 -8.6 -18.0 3.1 30.8 -10.6 37

38 Miscellaneous liabilities 767.0 70.6 108.4 141.6 201.4 80.0 50.7 234.1 199.5 217.0 187.1 38

39 Proprietors’ net investment -43.7 -26.6 -43.3 -59.9 -39.5 -36.8 -75.3 -88.1 -58.2 -33.4 -73.0 39

40 Discrepancy -164.5 -118.0 43.0 -30.7 -31.0 -17.5 -39.5 -34.9 -26.6 -71.6 -95.8 40

(1) Combined statement for nonfarm nonfinancial corporate business, nonfarm noncorporate business, and farm business.
18 Z.1, December 9, 2004

F.102 Nonfarm Nonfinancial Corporate Business

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2000 2001 2002 2003 2003 2004

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Profits before tax (book) 422.0 309.8 323.3 396.9 375.6 366.8 400.7 444.7 442.8 496.2 509.8 1

 2 - Taxes on corporate income 169.7 111.4 88.7 129.8 120.3 120.3 132.0 146.6 147.5 164.7 168.5 2

 3 - Net dividends 249.7 243.5 252.8 273.2 253.3 304.8 263.4 271.4 268.3 263.2 275.2 3

 4 + Capital consumption allowance (1) 631.1 679.4 748.4 806.2 756.3 805.0 825.7 837.9 867.1 869.9 905.0 4

 5 = U.S. internal funds, book 633.7 634.3 730.1 800.1 758.3 746.7 830.9 864.6 894.0 938.2 971.1 5

 6 + Foreign earnings retained abroad 116.3 128.9 115.2 156.3 109.6 184.6 140.2 190.9 169.4 132.5 147.0 6

 7 + Inventory valuation adjustment (IVA) -14.1 11.4 -1.2 -14.1 -27.4 -1.0 -3.8 -24.3 -37.0 -47.8 -39.3 7

 8 + Net capital transfers (2) 0.0 0.0 0.1 0.1 0.0 0.0 0.0 0.4 0.0 0.0 0.0 8

 9 = Total internal funds + IVA 735.9 774.5 844.2 942.4 840.5 930.3 967.3 1031.6 1026.4 1022.9 1078.9 9

10 Gross investment 900.4 892.5 801.1 973.1 871.5 947.8 1006.8 1066.5 1053.0 1094.5 1174.6 10

11 Capital expenditures 928.5 810.1 761.7 764.9 743.7 736.9 772.8 806.2 843.4 895.6 893.3 11

12 Fixed investment (3) 882.1 848.8 759.7 776.1 742.8 761.4 788.9 811.4 819.9 846.8 874.1 12

13 Inventory change + IVA 54.9 -30.1 12.1 -1.4 8.2 -15.4 -2.7 4.2 33.4 58.3 31.6 13

14 Nonproduced nonfinancial assets -8.5 -8.6 -10.1 -9.8 -7.3 -9.1 -13.4 -9.5 -10.0 -9.5 -12.4 14

15 Net financial investment -28.2 82.4 39.4 208.2 127.8 210.8 234.0 260.3 209.6 198.9 281.4 15

16 Net acquisition of financial assets 1209.2 177.6 150.6 471.0 385.6 575.1 355.8 567.6 673.6 469.7 519.0 16

17 Foreign deposits -7.4 -8.5 4.4 18.9 20.1 8.1 23.9 23.5 12.8 18.8 13.3 17

18 Checkable deposits and currency 50.5 -49.5 -18.9 96.7 16.7 115.7 99.7 154.5 87.3 -45.5 74.7 18

19 Time and savings deposits 0.5 -6.2 -3.6 44.5 32.8 55.3 45.1 44.9 21.0 37.4 58.4 19

20 Money market fund shares 36.5 110.5 26.9 -37.7 -18.5 -42.2 -84.1 -6.1 -0.3 13.3 -23.5 20

21 Security RPs -1.6 -0.2 2.2 -0.3 -1.5 2.4 4.6 -6.7 -1.5 -1.1 2.3 21

22 Commercial paper 10.2 2.4 4.5 17.4 10.9 34.5 24.2 0.1 11.7 -1.5 -6.1 22

23 Treasury securities -1.3 -1.6 14.9 10.1 16.4 15.3 6.1 2.7 14.5 23.7 22.6 23

24 Agency- and GSE-backed securities 3.0 1.7 -0.3 8.2 6.2 10.7 8.6 7.3 11.7 14.2 8.6 24

25 Municipal securities 6.9 -2.6 2.8 7.9 1.1 6.4 19.0 5.3 5.8 7.5 6.5 25

26 Mortgages 2.3 3.1 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 26

27 Consumer credit 4.0 -1.2 -2.4 -16.1 27.4 2.8 -35.0 -59.5 44.9 1.6 -48.4 27

28 Trade receivables 283.0 -128.5 -80.4 101.7 6.1 129.3 117.3 154.2 181.2 168.8 159.4 28

29 Mutual fund shares 12.0 2.0 10.5 -4.6 -4.6 -4.6 -4.6 -4.6 -4.6 -4.6 -4.6 29

30 Miscellaneous assets 810.6 256.4 187.8 222.2 270.3 239.5 129.1 250.0 287.0 235.1 253.7 30

31 U.S. direct investment abroad (4) 128.4 119.4 118.7 142.5 120.9 112.3 154.7 181.9 160.6 195.8 174.7 31

32 Insurance receivables -0.3 10.3 17.4 18.4 24.2 17.6 28.8 3.1 16.8 20.4 17.3 32

33 Equity in GSEs 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 33

34 Investment in finance co. subs. 7.4 -1.7 -5.5 5.8 -2.1 17.7 -0.5 8.0 10.1 6.4 8.5 34

35 Other 675.2 128.3 57.2 55.6 127.3 91.9 -53.9 57.0 99.6 12.5 53.2 35

36 Net increase in liabilities 1237.4 95.2 111.1 262.8 257.8 364.3 121.8 307.3 464.0 270.8 237.6 36

37 Net funds raised in markets 236.2 180.6 -12.7 88.8 100.1 222.7 27.0 5.6 113.2 -67.1 -14.4 37

38 Net new equity issues -118.2 -47.4 -41.6 -57.8 -67.0 -50.2 -44.9 -69.0 -82.6 -159.5 -208.8 38

39 Credit market instruments 354.4 228.0 28.9 146.6 167.1 272.9 71.9 74.6 195.8 92.4 194.4 39

40 Commercial paper 48.1 -88.3 -64.2 -40.0 -9.3 -81.4 4.8 -74.3 34.4 32.9 23.0 40

41 Municipal securities (5) 1.4 3.5 3.1 3.4 2.8 3.5 3.4 4.0 5.0 3.2 6.4 41

42 Corporate bonds (4) 162.6 348.5 132.3 158.3 169.5 297.0 96.1 70.6 114.2 5.7 33.8 42

43 Bank loans n.e.c. 48.0 -103.3 -96.5 -65.8 -73.2 -43.7 -91.8 -54.3 -68.2 17.2 24.3 43

44 Other loans and advances 65.9 7.8 16.0 5.5 3.8 -7.1 -38.0 63.6 23.4 -32.9 1.8 44

45 Savings institutions 4.3 1.8 1.7 5.0 2.3 1.6 18.5 -2.2 -13.4 11.7 23.7 45

46 Finance companies 57.0 -10.3 7.5 2.0 -8.6 -6.7 1.2 22.0 63.0 -31.9 -15.5 46

47 U.S. government -0.4 -0.2 -0.3 0.7 1.2 0.6 0.4 0.8 1.0 0.2 0.5 47

48 Acceptance liabilities to banks -0.0 -0.3 0.3 -0.2 -0.5 -0.9 0.7 -0.0 -3.8 2.0 0.4 48

49 Rest of the world -2.2 -1.6 10.1 -0.8 -20.6 14.8 -35.8 38.2 -14.1 -15.2 -26.0 49

50 ABS issuers 7.2 18.5 -3.3 -1.1 30.1 -16.5 -22.9 4.8 -9.2 0.3 18.7 50

51 Mortgages 28.4 59.8 38.2 85.1 73.5 104.8 97.4 64.9 86.9 66.3 105.1 51

52 Trade payables 313.3 -103.7 24.0 77.7 2.2 89.5 93.0 126.2 187.8 127.4 112.6 52

53 Taxes payable 7.0 3.1 11.9 -8.9 -8.9 9.7 -13.3 -23.1 -2.5 26.9 -15.3 53

54 Miscellaneous liabilities 681.0 15.3 87.9 105.1 164.4 42.3 15.2 198.6 165.5 183.6 154.7 54

55 Foreign direct investment in U.S. 181.2 87.5 22.2 9.5 39.1 12.7 -23.1 9.1 34.7 17.5 8.3 55

56 Pension fund contributions payable 14.0 0.6 0.1 -1.4 -6.4 -8.7 2.1 7.5 -0.6 -2.6 -1.2 56

57 Other 485.8 -72.8 65.6 97.1 131.7 38.3 36.2 182.0 131.5 168.7 147.6 57

58 Discrepancy -164.5 -118.0 43.0 -30.7 -31.0 -17.5 -39.5 -34.9 -26.6 -71.6 -95.8 58

 Memo:

59 Financing gap (6) 308.9 164.4 32.8 -21.1 12.8 -8.7 -54.3 -34.1 -13.6 5.2 -38.6 59

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

(2) Table F.9, line 7.

(3) Nonresidential fixed investment plus residential fixed investment, shown in table F.6, lines 10 and 16 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) Capital expenditures (line 11) less the sum of U.S. internal funds (line 5) and inventory valuation adjustment (line 7).
Z.1, December 9, 2004 19

F.103 Nonfarm Noncorporate Business

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2000 2001 2002 2003 2003 2004

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Net income with IVA and CCAdj 767.3 819.9 824.1 870.9 839.4 856.5 883.9 903.6 920.0 948.2 949.3 1

 2 Gross saving = capital consumption 149.3 147.3 149.5 153.5 152.0 152.9 154.0 155.1 155.9 157.3 180.8 2

 3 Gross investment 149.3 147.3 149.5 153.5 152.0 152.9 154.0 155.1 155.9 157.3 180.8 3

 4 Capital expenditures 209.7 184.3 168.1 181.0 184.2 183.5 182.4 173.9 171.1 210.9 204.5 4

 5 Fixed investment (1) 206.8 185.9 167.5 181.1 183.7 184.3 182.5 173.7 169.3 207.9 202.9 5

 6 Change in inventories 2.9 -1.6 0.6 -0.1 0.4 -0.8 -0.1 0.2 1.8 3.1 1.7 6

 7 Net financial investment -60.4 -37.0 -18.7 -27.5 -32.2 -30.5 -28.4 -18.9 -15.2 -53.6 -23.8 7

 8 Net acquisition of financial assets 246.0 155.9 141.4 162.3 137.5 165.4 171.7 174.8 154.2 186.0 185.4 8

 9 Checkable deposits and currency 56.4 0.5 12.8 10.9 8.9 13.8 12.7 8.1 1.7 -1.4 -0.5 9

10 Time and savings deposits 20.1 7.1 2.2 1.7 -4.3 4.0 0.9 6.3 -3.6 0.5 -0.4 10

11 Money market mutual funds 8.7 9.6 2.3 -8.2 -5.5 -5.1 -12.4 -9.9 -15.6 -0.7 -2.8 11

12 Treasury securities 3.0 2.7 2.3 2.4 -0.2 4.8 2.1 2.7 2.5 2.0 2.1 12

13 Municipal securities -0.3 1.1 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 13

14 Mortgages -1.4 3.3 1.2 -1.2 -0.3 -0.9 -1.5 -2.1 -2.6 -3.2 -3.8 14

15 Consumer credit 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15

16 Trade receivables 69.6 1.8 22.8 51.7 36.6 48.8 65.8 55.4 59.6 63.3 64.0 16

17 Miscellaneous assets 89.9 129.9 97.6 104.9 102.0 99.8 103.9 114.1 112.1 125.3 126.6 17

18 Insurance receivables -0.1 2.5 4.2 4.4 5.8 4.2 6.9 0.7 4.0 4.9 2.1 18

19 Equity investment in GSEs (2) 0.0 0.1 0.0 0.3 0.3 -0.3 -0.1 1.2 0.6 -0.5 -0.5 19

20 Other 90.0 127.3 93.4 100.2 95.9 95.9 97.1 112.1 107.4 120.9 125.1 20

21 Net increase in liabilities 306.4 192.9 160.1 189.8 169.7 195.9 200.1 193.7 169.5 239.6 209.1 21

22 Credit market instruments 192.9 156.4 145.3 151.2 107.6 143.8 168.8 184.7 138.7 167.6 171.5 22

23 Bank loans n.e.c. 44.3 37.8 13.4 -9.0 -12.9 -20.6 -5.8 3.4 8.6 16.5 14.1 23

24 Other loans and advances 11.1 -2.6 2.4 5.6 3.6 -3.2 16.3 5.9 1.5 1.7 18.0 24

25 Mortgages 137.5 121.2 129.5 154.6 116.9 167.5 158.3 175.4 128.6 149.5 139.4 25

26 Trade payables 46.6 -4.9 21.0 46.7 41.6 43.0 57.9 44.4 52.8 57.2 57.9 26

27 Taxes payable 11.7 4.0 8.1 9.7 19.4 9.7 4.7 5.0 5.6 4.0 4.7 27

28 Miscellaneous liabilities 86.0 55.3 20.5 36.4 37.0 37.8 35.5 35.5 34.1 33.4 32.4 28

29 Proprietors’ net investment -30.8 -17.8 -34.8 -54.2 -35.9 -38.3 -66.9 -75.9 -61.8 -22.6 -57.4 29

(1) Nonresidential fixed investment plus residential fixed investment, shown in table F.6, lines 11 and 17 respectively.

(2) Equity in the Farm Credit System.

F.104 Farm Business (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Proprietors’ net income with IVA and CCAdj 22.7 19.7 9.7 21.9 13.8 24.1 24.8 24.7 17.9 18.9 14.1 1

 2 Net saving (corporate) 1.1 -1.0 -0.9 -0.9 -0.6 -0.6 -0.9 -1.4 -1.3 -1.3 -1.3 2

 3 Consumption of fixed capital 17.2 23.1 23.5 24.3 23.9 24.2 24.4 24.7 24.1 24.5 27.1 3

 4 Corporate 2.0 2.1 2.2 2.3 2.2 2.3 2.3 2.3 2.3 2.3 2.4 4

 5 Noncorporate 15.2 20.9 21.3 22.0 21.7 21.9 22.2 22.4 21.9 22.2 24.7 5

 6 Gross saving 18.3 22.1 22.6 23.4 23.3 23.5 23.5 23.3 22.9 23.2 25.8 6

 7 Gross investment 18.3 22.1 22.6 23.4 23.3 23.5 23.5 23.3 22.9 23.2 25.8 7

 8 Capital expenditures 17.1 18.9 18.3 21.8 22.5 22.0 21.0 21.7 23.8 21.2 24.4 8

 9 Fixed investment (2) 18.4 18.9 19.8 21.6 20.6 21.1 21.9 22.6 22.8 23.6 24.4 9

10 Change in inventories -1.3 -0.0 -1.5 0.3 1.9 0.9 -0.9 -0.9 1.0 -2.4 0.0 10

11 Net financial investment 1.2 3.2 4.3 1.6 0.8 1.5 2.5 1.7 -1.0 2.0 1.4 11

12 Net acquisition of financial assets 0.1 2.4 4.6 4.7 5.5 4.6 7.1 1.6 3.8 5.7 6.8 12

13 Checkable deposits and currency 0.2 0.6 0.5 0.1 0.1 0.1 0.1 0.1 0.3 0.3 0.3 13

14 Miscellaneous assets -0.0 1.8 4.1 4.6 5.4 4.5 7.0 1.6 3.5 5.4 6.5 14

15 Insurance receivables -0.1 1.4 4.0 4.2 5.6 4.1 6.6 0.7 3.9 4.7 5.8 15

16 Equity investment in GSEs (3) 0.0 0.4 0.1 0.4 -0.1 0.5 0.4 0.8 -0.4 0.7 0.6 16

17 Net increase in liabilities -1.1 -0.9 0.3 3.1 4.7 3.1 4.6 -0.0 4.7 3.7 5.3 17

18 Credit market instruments 10.9 10.5 7.8 7.7 6.3 2.9 12.0 9.8 4.5 12.9 20.6 18

19 Bank loans n.e.c. 2.7 -0.0 -0.9 -0.4 -1.3 -3.9 2.0 1.5 -1.4 2.4 6.7 19

20 Other loans and advances 1.6 2.9 1.1 0.1 -0.7 -0.1 1.5 -0.3 -1.0 -0.1 5.0 20

21 Mortgages 6.6 7.7 7.6 8.1 8.3 6.9 8.5 8.6 6.9 10.6 8.9 21

22 Trade payables 0.9 -2.6 0.9 1.1 2.1 -1.3 1.1 2.3 -3.4 1.6 0.3 22

23 Proprietors’ net investment -12.9 -8.8 -8.5 -5.7 -3.6 1.5 -8.4 -12.2 3.6 -10.8 -15.6 23

(1) Corporate and noncorporate farms.

(2) Nonresidential fixed investment, shown in table F.6, line 12.

(3) Equity in the Farm Credit System.
20 Z.1, December 9, 2004

F.105 State and Local Governments, Excluding Employee Retirement Funds (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2000 2001 2002 2003 2003 2004

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Current receipts, NIPA basis 1319.5 1373.0 1411.9 1494.9 1437.8 1484.6 1511.4 1545.9 1550.6 1583.9 1577.1 1

 2 Personal current taxes 236.6 242.7 220.1 226.1 216.1 219.0 232.5 236.9 238.3 249.1 249.9 2

 3 Taxes on production and imports 621.1 642.8 675.3 708.7 693.2 703.3 714.0 724.3 734.2 746.4 754.6 3

 4 Taxes on corporate income 35.6 30.2 31.2 34.5 31.9 32.9 35.4 37.6 38.5 40.5 39.0 4

 5 Contributions for govt. social insurance 11.0 13.7 14.6 15.1 14.7 14.9 15.1 15.5 16.0 16.4 16.8 5

 6 Income receipts on assets 92.2 88.8 81.6 81.0 80.9 80.6 80.6 81.8 82.2 82.6 83.4 6

 7 Current transfer receipts 315.4 350.8 385.9 425.9 397.4 430.1 429.9 446.1 437.9 446.0 431.3 7

 8 Current surplus of government enterprises 7.7 4.0 3.3 3.7 3.6 3.8 3.8 3.7 3.5 2.9 2.1 8

 9 Current expenditures, NIPA basis 1269.5 1368.2 1436.9 1498.1 1486.6 1490.2 1504.9 1510.5 1538.8 1565.6 1568.5 9

10 Consumption expenditures 917.8 969.8 1016.5 1058.5 1054.8 1051.8 1061.0 1066.3 1079.8 1091.8 1104.8 10

11 Govt. social benefit payments to persons 271.7 305.2 331.9 350.3 343.6 349.7 355.7 352.3 366.3 381.0 369.9 11

12 Interest payments 79.6 85.5 87.5 88.9 87.9 88.1 88.9 90.7 92.0 92.1 93.1 12

13 Subsidies 0.5 7.7 1.0 0.4 0.3 0.6 -0.7 1.2 0.7 0.7 0.7 13

14 - Wage accruals less disbursements 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14

15 Net state and local govt. saving, NIPA basis 50.0 4.9 -25.0 -3.1 -48.8 -5.6 6.5 35.4 11.8 18.3 8.6 15

16 + Consumption of fixed capital 109.8 117.8 122.2 127.9 126.0 127.3 128.5 129.7 131.0 134.3 137.7 16

17 + Net capital transfers (2) 43.7 48.6 51.8 51.5 46.8 52.2 56.2 50.9 49.6 47.0 56.2 17

18 = Gross saving and net capital transfers 203.5 171.2 149.0 176.2 123.9 173.9 191.1 216.0 192.4 199.6 202.5 18

19 Gross investment 288.4 208.8 161.8 196.0 202.8 113.4 255.0 212.7 190.8 236.8 166.4 19

20 Fixed investment 225.1 243.0 259.3 264.9 263.2 261.4 268.7 266.2 266.4 278.0 277.2 20

21 Nonproduced nonfinancial assets 8.8 9.3 9.8 10.0 9.9 9.9 10.0 10.0 10.0 10.1 10.1 21

22 Net financial investment 54.5 -43.5 -107.3 -78.9 -70.3 -157.9 -23.7 -63.5 -85.6 -51.3 -120.9 22

23 Net acq. of financial assets 97.4 87.5 65.3 69.3 59.3 38.2 116.0 63.6 94.3 44.4 138.0 23

24 Checkable deposits and currency 1.0 5.1 8.5 8.5 5.7 12.2 7.8 8.2 0.4 -22.1 -1.1 24

25 Time and savings deposits 13.1 11.2 7.7 9.6 4.7 13.7 11.3 8.7 8.5 7.5 69.3 25

26 Money market fund shares 6.5 19.7 2.3 -9.4 -6.8 -11.1 -18.5 -1.1 -3.6 3.0 3.1 26

27 Security RPs 8.2 -22.2 -4.9 8.0 3.0 11.6 6.3 11.3 16.0 6.0 6.1 27

28 Credit market instruments 12.3 107.8 22.8 56.8 11.0 54.4 92.9 69.0 90.7 67.2 86.2 28

29 Open market paper 17.8 -13.5 5.7 10.5 3.9 15.2 8.2 14.7 7.8 7.9 8.0 29

30 Treasury securities -6.0 42.1 12.2 7.3 -7.2 -17.4 54.2 -0.5 63.9 30.2 48.7 30

31 Agency- and GSE-backed securities 1.7 55.4 3.0 22.9 8.4 33.1 17.8 32.0 7.0 17.1 17.3 31

32 Municipal securities 0.3 0.2 0.1 0.3 0.1 0.4 0.2 0.4 0.2 0.2 0.2 32

33 Corporate and foreign bonds -3.3 25.6 8.2 7.2 2.7 10.5 5.7 10.2 5.4 5.4 5.5 33

34 Mortgages 1.8 -2.0 -6.4 8.6 3.2 12.5 6.8 12.1 6.4 6.5 6.5 34

35 Corporate equities -1.2 22.8 7.9 -4.8 8.3 -11.1 -6.5 -9.8 -3.3 1.0 7.6 35

36 Mutual fund shares 3.7 7.7 8.9 -6.2 13.6 -21.4 -11.9 -5.3 16.9 3.4 5.2 36

37 Trade receivables 7.5 5.0 1.6 8.2 3.0 11.9 6.4 11.5 6.1 6.2 6.2 37

38 Taxes receivable 14.8 3.7 10.4 17.1 23.6 15.2 13.2 16.2 18.2 18.9 18.6 38

39 Miscellaneous assets 31.6 -73.3 0.1 -18.6 -6.7 -37.3 14.9 -45.1 -55.5 -46.8 -63.3 39

40 Net increase in liabilities 42.8 131.0 172.5 148.1 129.7 196.1 139.7 127.0 179.9 95.6 258.9 40

41 Credit market instruments 15.5 105.8 143.9 117.8 99.5 166.1 109.1 96.3 148.8 63.5 228.5 41

42 Municipal securities 16.5 105.5 143.4 117.5 99.1 165.8 108.9 96.3 148.7 63.4 228.4 42

43 Short-term 1.4 23.8 25.2 7.2 -2.9 6.3 9.7 15.5 11.4 -61.7 45.1 43

44 Other 15.1 81.7 118.2 110.3 102.0 159.5 99.1 80.8 137.3 125.0 183.3 44

45 U.S. government loans -1.0 0.2 0.5 0.3 0.4 0.3 0.2 0.1 0.1 0.2 0.2 45

46 Trade payables 27.4 25.2 28.7 30.4 30.2 30.0 30.6 30.7 31.2 32.1 30.4 46

47 Discrepancy -84.8 -37.5 -12.9 -19.7 -78.8 60.5 -63.9 3.3 1.6 -37.2 36.1 47

(1) Data for retirement funds are shown in table F.120.

(2) Table F.9, line 8.
Z.1, December 9, 2004 21

F.106 Federal Government

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2000 2001 2002 2003 2003 2004

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Current receipts, NIPA basis 2053.8 2016.3 1847.3 1877.0 1888.5 1902.5 1816.5 1900.6 1915.2 1949.2 1964.0 1

 2 Personal current taxes 999.1 994.5 831.2 775.7 809.6 811.6 709.2 772.5 768.3 781.5 794.4 2

 3 Taxes on production and imports 87.8 85.8 87.3 89.4 90.3 89.6 88.0 89.6 89.0 89.3 89.5 3

 4 Taxes on corporate income 219.5 164.7 143.4 191.4 183.1 183.2 194.3 204.9 207.9 219.5 211.7 4

 5 Taxes from the rest of the world 7.3 7.2 7.1 8.1 6.7 9.9 7.8 7.9 8.6 8.3 8.3 5

 6 Contributions for govt. social insurance 691.7 717.5 733.8 758.2 747.7 754.0 761.6 769.5 787.9 797.6 806.3 6

 7 Income receipts on assets 25.2 24.9 20.3 23.0 19.4 22.8 24.3 25.5 22.9 22.3 22.8 7

 8 Current transfer receipts 25.7 27.1 24.8 25.5 25.1 25.4 25.8 25.6 26.0 26.2 26.6 8

 9 Current surplus of government enterprises -2.3 -5.5 -0.6 5.8 6.6 6.0 5.5 5.0 4.6 4.5 4.4 9

10 Current expenditures, NIPA basis 1864.4 1969.5 2101.8 2241.6 2170.1 2266.9 2249.5 2279.7 2306.3 2329.1 2340.1 10

11 Consumption expenditures 499.3 531.9 592.7 658.6 634.3 665.7 663.0 671.3 691.1 700.3 713.0 11

12 Government social benefits 772.5 841.4 919.7 958.9 941.4 957.2 964.5 972.5 986.2 993.0 1004.2 12

13 Other current transfer payments 265.6 290.0 323.3 363.6 339.4 370.3 366.6 378.0 379.7 374.9 363.9 13

14 Interest payments 283.3 258.6 229.0 214.1 213.9 217.7 210.1 214.7 211.1 220.7 220.0 14

15 Subsidies 43.8 47.6 37.2 46.4 42.5 54.6 45.3 43.2 39.7 38.7 39.0 15

16 - Wage accruals less disbursements 0.0 0.0 0.0 0.0 1.4 -1.4 0.0 0.0 1.5 -1.5 0.0 16

17 Net federal government saving, NIPA basis 189.4 46.7 -254.5 -364.5 -281.6 -364.4 -433.0 -379.1 -391.1 -379.9 -376.1 17

18 + Consumption of fixed capital 87.2 88.2 89.1 90.2 89.7 90.0 90.5 90.7 91.6 92.8 93.4 18

19 - Insurance and pension reserves (1) 1.8 3.3 -1.7 -0.6 -3.0 -5.3 -2.7 8.5 1.3 -7.0 -6.5 19

20 + Net capital transfers (2) -8.1 -12.9 -23.0 -40.0 -31.8 -45.1 -44.3 -38.6 -35.8 -34.6 -40.8 20

21 = Gross saving and net capital transfers 266.7 118.8 -186.7 -313.6 -220.7 -314.1 -384.2 -335.6 -336.5 -314.7 -317.0 21

22 Gross investment 277.2 80.8 -194.9 -311.4 -87.9 -618.4 -260.1 -279.0 -452.3 -406.9 -239.8 22

23 Fixed investment 79.5 81.0 88.2 93.6 89.1 95.3 93.8 96.2 102.2 104.1 103.9 23

24 Nonproduced nonfinancial assets -0.3 -0.7 0.2 -0.3 -2.7 -1.0 3.4 -0.7 0.0 -0.8 1.8 24

25 Net financial investment 198.0 0.5 -283.3 -404.7 -174.3 -712.7 -357.3 -374.5 -554.5 -510.2 -345.5 25

26 Net acq. of financial assets -70.7 53.9 4.1 27.4 13.9 50.1 -1.4 47.0 -19.6 -27.1 -68.9 26

27 Gold, SDRs, and official foreign exchange -0.6 4.6 8.8 -0.8 0.1 0.5 5.6 -9.5 -2.5 -10.6 -0.8 27

28 Checkable deposits and currency -65.1 41.1 -18.7 8.2 -30.9 -12.0 26.5 49.3 -54.0 12.4 -74.5 28

29 Time and savings deposits 1.0 4.2 17.1 -25.2 -36.7 37.5 -74.8 -26.8 -2.2 1.1 0.5 29

30 Credit market instruments 11.6 6.0 9.6 -2.5 -17.9 -8.1 20.1 -4.3 4.7 -12.3 20.9 30

31 Agency- and GSE-backed securities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 31

32 Other loans and advances -3.6 -5.9 -3.6 -1.4 0.0 -2.3 -3.2 -0.1 -2.4 -1.3 -6.2 32

33 Mortgages -0.9 -1.1 0.5 -2.5 -9.4 0.2 -1.5 0.8 8.0 -6.0 0.7 33

34 Consumer credit (3) 16.1 13.1 12.7 1.3 -8.6 -5.9 24.8 -5.0 -0.9 -5.0 26.3 34

35 Trade receivables 5.3 7.3 -3.3 19.1 49.2 13.3 -0.8 14.8 21.2 5.4 3.0 35

36 Taxes receivable -21.5 -10.6 -9.4 27.2 45.4 19.5 20.4 23.6 13.3 -23.7 -21.4 36

37 Miscellaneous assets -1.4 1.3 0.0 1.4 4.6 -0.7 1.6 0.0 -0.0 0.7 3.6 37

38 Net increase in liabilities -268.7 53.4 287.4 432.1 188.2 762.8 355.9 421.6 535.0 483.1 276.7 38

39 SDR certificates -4.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 39

40 Treasury currency 2.4 1.3 1.0 0.6 0.6 1.6 0.1 -0.0 0.8 1.2 0.7 40

41 Credit market instruments -295.9 -5.6 257.6 396.0 184.0 723.0 317.1 360.0 483.9 444.9 207.0 41

42 Savings bonds -1.7 5.6 4.5 8.9 9.1 10.0 9.8 6.8 3.5 1.7 -1.5 42

43 Other Treasury securities -293.2 -10.7 252.5 389.5 176.5 712.6 307.2 361.8 479.4 446.9 210.4 43

44 Budget agency securities -1.0 -0.5 0.5 -2.4 -1.6 0.5 0.1 -8.6 1.1 -3.6 -1.9 44

45 Multifamily residential mortgages 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 45

46 Trade payables 4.4 3.4 1.3 3.7 9.6 -2.9 1.7 6.5 8.8 5.9 19.6 46

47 Insurance reserves 1.4 1.4 1.6 1.1 0.1 1.7 0.5 2.2 -0.0 1.9 0.2 47

48 Miscellaneous liabilities (4) 22.9 53.0 26.0 30.7 -6.0 39.4 36.5 52.9 41.5 29.2 49.2 48

49 Nonmarketable securities held by pension plans 20.9 60.8 24.5 24.7 -4.7 31.6 27.6 44.1 31.1 19.0 45.1 49

50 Other 2.0 -7.8 1.5 6.0 -1.3 7.8 8.8 8.8 10.4 10.2 4.1 50

51 Discrepancy -10.5 38.0 8.3 -2.3 -132.8 304.3 -124.0 -56.6 115.8 92.2 -77.2 51

 Memo:

52 Change in cash balance (5) -55.1 50.9 -1.6 -24.8 -89.2 22.3 -85.2 52.8 -15.0 -1.3 -66.9 52

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

(2) Table F.9, line 2.

(3) Student loans.

(4) Includes nonmarketable government securities held by the civil service retirement and disability fund, Railroad Retirement Board, judicial retirement fund, military retirement fund, and foreign service retirement

 and disability fund.

(5) Time and savings deposits (line 29) plus checkable deposit and currency liabilities of the monetary authority and commercial banking sectors (table F.204, lines 3 and 7).
22 Z.1, December 9, 2004

F.107 Rest of the World

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2000 2001 2002 2003 2003 2004

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Foreign income from U.S. 1875.6 1725.7 1764.4 1886.1 1858.7 1846.4 1881.7 1957.6 2065.3 2185.7 2227.1 1

 2 U.S. imports 1475.8 1399.9 1429.9 1544.3 1523.0 1515.7 1536.4 1602.0 1681.2 1758.9 1806.8 2

 3 U.S. income payments to rest of world 343.7 278.8 274.7 273.9 268.0 264.7 278.2 284.6 300.3 351.9 361.2 3

 4 Current taxes and trans. payments to rest of world 56.1 47.0 59.9 68.0 67.7 66.0 67.1 71.0 83.8 74.9 59.1 4

 5 Foreign outlays to U.S. 1479.0 1355.3 1306.8 1375.3 1324.6 1327.9 1377.5 1471.0 1508.1 1555.6 1594.9 5

 6 U.S. exports 1096.3 1032.8 1005.0 1046.2 1019.8 1018.1 1047.7 1099.2 1134.3 1167.6 1190.1 6

 7 U.S. income receipts from rest of world 382.7 322.5 301.8 329.1 304.8 309.8 329.8 371.8 373.8 388.0 404.8 7

 8 Net capital transfers (1) 0.8 1.1 1.3 3.2 1.7 6.4 3.3 1.4 1.4 1.3 1.3 8

 9 Gross saving and net capital transfers (2) 397.4 371.5 458.9 514.0 535.8 524.9 507.5 488.0 558.6 631.4 633.5 9

10 Gross investment 476.3 415.1 569.0 542.8 572.2 424.3 501.0 673.6 552.8 677.0 686.1 10

11 Nonproduced nonfinancial assets 0.0 0.1 0.0 0.1 0.1 0.2 0.0 0.2 -0.0 0.2 0.5 11

12 Net financial investment 476.3 415.0 569.0 542.7 572.1 424.2 501.0 673.5 552.9 676.8 685.5 12

13 Net acquisition of financial assets 963.0 657.7 741.3 783.0 856.1 297.1 889.4 1089.6 1131.2 960.4 1111.2 13

14 Gold and SDRs (3) -0.7 -0.6 -0.8 0.6 3.6 -0.4 -0.8 0.1 -0.4 0.7 -0.6 14

15 Net interbank assets 20.8 -45.6 4.2 0.5 -31.6 -174.6 48.3 159.7 -252.6 -8.9 -158.4 15

16 U.S. checkable deposits and currency 7.5 18.8 20.9 24.7 27.1 66.1 -26.7 32.4 4.9 81.9 37.4 16

17 U.S. time deposits -17.2 11.9 31.7 -27.4 9.3 12.9 -145.4 13.5 -14.7 153.6 -120.8 17

18 Security RPs 11.4 59.4 39.4 272.7 681.4 16.3 223.0 170.2 271.4 74.7 200.8 18

19 Credit market instruments 241.9 305.3 422.8 538.2 402.4 746.8 321.4 682.3 952.7 769.0 713.4 19

20 Open market paper 4.3 -2.6 10.3 9.9 -25.7 42.7 -27.1 49.7 24.9 6.3 -0.8 20

21 Treasury securities -70.5 10.5 138.9 285.1 168.1 385.6 279.7 306.8 650.6 413.1 204.1 21

22 Official -5.2 33.7 60.5 169.7 121.1 170.7 95.8 291.1 406.8 252.1 125.1 22

23 Private -65.3 -23.2 78.5 115.4 47.0 215.0 183.9 15.6 243.8 161.0 79.0 23

24 Agency- and GSE-backed securities 141.9 103.7 112.5 11.5 55.0 56.1 -110.5 45.4 78.8 151.5 165.2 24

25 Official 40.9 20.9 28.6 24.9 38.3 13.2 13.4 34.7 52.1 11.1 38.2 25

26 Private 101.0 82.8 83.9 -13.4 16.7 43.0 -123.8 10.7 26.7 140.5 126.9 26

27 U.S. corporate bonds (4) 168.4 195.4 151.0 232.6 225.7 247.5 215.1 242.2 212.5 213.3 370.9 27

28 Loans to U.S. corporate business -2.2 -1.6 10.1 -0.8 -20.6 14.8 -35.8 38.2 -14.1 -15.2 -26.0 28

29 U.S. corporate equities 193.6 121.5 54.2 36.9 -10.5 82.1 -13.3 89.2 14.8 8.7 22.3 29

30 Trade receivables -0.4 -3.1 3.1 1.7 1.0 -1.4 -2.4 9.6 0.8 6.1 5.9 30

31 Security credit 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 31

32 Miscellaneous assets 506.0 190.1 165.8 -64.9 -226.8 -450.6 485.2 -67.3 154.2 -125.3 411.3 32

33 Foreign direct investment in U.S. (5) 321.3 167.0 72.4 39.9 130.1 -2.2 -11.2 42.9 40.9 130.8 100.0 33

34 Other 184.8 23.1 93.4 -104.8 -356.9 -448.4 496.5 -110.2 113.3 -256.1 311.3 34

35 Net increase in liabilities 486.7 242.7 172.3 240.4 283.9 -127.1 388.4 416.1 578.3 283.5 425.7 35

 U.S. official foreign exchange

36 and net IMF position -0.4 4.3 9.9 1.1 4.9 0.6 7.1 -8.2 -2.5 -12.7 -0.4 36

37 U.S. private deposits 126.9 6.8 21.0 -0.0 34.7 143.1 -306.0 128.1 132.4 -47.2 44.8 37

38 Credit market instruments 57.0 -49.8 5.6 -15.7 17.8 -61.8 -64.7 46.0 70.8 -63.8 9.0 38

39 Commercial paper 31.7 -14.2 36.1 22.3 52.0 72.9 -56.0 20.2 100.1 -29.6 24.9 39

40 Bonds 15.2 -24.5 -33.5 -28.1 -29.9 -100.2 -8.8 26.5 -19.6 -39.7 2.3 40

41 Bank loans n.e.c. 11.4 -7.3 5.3 -7.7 -4.0 -31.4 5.3 -0.7 -6.7 7.0 -9.0 41

42 Official 0.6 0.8 0.8 -0.5 -1.5 -0.1 -1.2 0.6 1.5 1.3 -0.8 42

43 Banks 3.4 -7.4 -0.8 -1.5 1.5 -2.3 -4.1 -0.9 2.9 5.9 -3.2 43

44 Other 7.4 -0.7 5.3 -5.7 -3.9 -29.1 10.6 -0.5 -11.2 -0.2 -5.0 44

45 U.S. government loans -0.6 -1.1 -1.9 -2.1 -1.6 -3.2 -3.4 -0.4 -4.6 -1.9 -7.2 45

46 Acceptance liabilities to banks -0.7 -2.6 -0.4 0.0 1.4 0.2 -1.8 0.4 1.7 0.5 -2.1 46

47 Foreign corporate equities (6) 106.7 109.1 17.6 100.4 136.4 66.5 122.0 76.8 85.7 161.0 34.3 47

48 Trade payables 0.8 -2.2 -10.1 7.9 34.6 -2.1 -8.3 7.3 -3.0 -4.2 -4.2 48

49 Security debt 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 49

50 Miscellaneous liabilities 195.7 174.4 128.3 146.7 55.4 -273.3 638.4 166.1 294.9 250.4 342.2 50

51 U.S. equity in IBRD, etc. 1.5 1.7 1.5 1.4 1.5 1.6 1.4 1.2 1.4 2.1 4.9 51

52 U.S. government deposits 0.0 -0.1 0.1 0.2 -0.1 0.3 0.1 0.4 0.3 0.1 0.2 52

53 U.S. direct investment abroad (4,5) 159.2 142.3 134.8 173.8 163.3 136.2 180.8 214.8 190.4 243.0 220.0 53

54 Other 35.0 30.4 -8.1 -28.7 -109.3 -411.4 456.0 -50.3 102.7 5.3 117.1 54

55 Discrepancy (FOF basis) (7) -78.9 -43.6 -110.1 -28.8 -36.4 100.5 6.5 -185.7 5.7 -45.6 -52.6 55

 Memo:

56 Net U.S. exports, NIPA basis -379.5 -367.0 -424.9 -498.1 -503.2 -497.6 -488.7 -502.8 -546.9 -591.3 -616.7 56

57 + Net U.S. income receipts (8) 39.0 43.7 27.1 55.2 36.8 45.1 51.6 87.2 73.5 36.1 43.6 57

58 - Current taxes and trans. payments to rest of world 56.1 47.0 59.9 68.0 67.7 66.0 67.1 71.0 83.8 74.9 59.1 58

59 = Balance on current account, NIPAs -396.6 -370.4 -457.7 -510.9 -534.1 -518.5 -504.2 -486.6 -557.2 -630.1 -632.2 59

(1) Table F.9, line 11.

(2) Line 1 minus line 5 plus line 8; equals net lending or net borrowing (-), NIPAs, with the sign reversed. Also equal to line 59 with the sign reversed plus line 8.

(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) Balance of payments discrepancy adjusted to NIPA concepts.

(8) Consists of net receipts from foreigners of interest, corporate profits, and employee compensation. Equals difference between GNP and GDP.
Z.1, December 9, 2004 23

F.108 Monetary Authority (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2000 2001 2002 2003 2003 2004

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Gross saving 5.3 1.0 -1.9 -3.1 -3.3 -3.2 -3.0 -2.8 -2.9 -2.9 -2.8 1

 2 Fixed nonresidential investment 0.4 0.4 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.4 2

 3 Net acquisition of financial assets -60.9 47.0 70.7 43.2 75.4 54.4 34.2 9.0 25.0 83.7 32.1 3

 4 Gold and foreign exchange 0.9 0.3 1.9 1.3 1.2 0.5 2.3 1.3 0.4 -2.7 1.0 4

 5 SDR certificates -4.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5

 6 Treasury currency 3.6 1.4 1.6 0.9 0.8 1.1 0.9 0.7 1.1 1.1 1.0 6

 7 Federal Reserve float 1.1 -0.9 0.4 -0.7 -6.5 2.7 0.1 0.7 -1.1 3.0 6.7 7

 8 Fed. Res. loans to domestic banks -0.1 -0.1 0.0 0.0 -0.0 3.0 -2.4 -0.4 0.0 1.0 -0.3 8

 9 Security RPs -97.3 6.9 -10.8 4.3 43.1 7.3 -3.9 -29.6 9.1 28.5 -49.6 9

10 Credit market instruments 33.7 39.9 77.7 37.2 37.3 40.3 37.6 33.8 16.2 53.0 74.1 10

11 Acceptances 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11

12 Treasury securities 33.7 40.0 77.7 37.3 37.3 40.3 37.6 33.8 16.2 53.0 74.1 12

13 Agency- and GSE-backed securities -0.1 -0.1 0.0 -0.0 0.0 0.0 0.0 -0.0 0.0 0.0 0.0 13

14 Bank loans n.e.c. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14

15 Miscellaneous assets 1.1 -0.4 -0.2 0.3 -0.5 -0.5 -0.6 2.6 -0.7 -0.2 -0.8 15

16 Net increase in liabilities -61.3 46.5 69.6 42.8 70.9 56.3 29.4 14.4 21.7 83.6 30.4 16

17 Depository institution reserves -5.0 -1.6 5.1 0.5 21.2 4.0 -2.0 -21.2 9.3 19.9 -28.0 17

18 Vault cash of commercial banks -22.2 2.9 0.5 0.1 4.1 3.2 2.4 -9.2 15.6 8.2 -6.7 18

19 Checkable deposits and currency -35.3 48.0 41.5 37.9 57.2 21.5 24.1 48.7 7.5 48.4 39.9 19

20 Due to federal government -22.9 1.5 -2.3 1.3 8.3 -6.4 -3.8 6.9 -1.1 -5.1 -7.6 20

21 Due to rest of the world 0.1 -0.2 0.0 0.1 0.6 2.8 -3.4 0.3 -0.3 0.7 -0.6 21

22 Currency outside banks -12.5 46.7 43.7 36.6 48.3 25.2 31.3 41.5 8.9 52.8 48.1 22

23 Miscellaneous liabilities 1.1 -2.8 22.6 4.3 -11.7 27.6 4.9 -3.8 -10.7 7.1 25.3 23

24 Federal Reserve Bank stock 0.6 0.4 1.0 0.5 0.5 0.6 0.4 0.4 0.5 1.0 5.1 24

25 Other 0.6 -3.2 21.5 3.8 -12.2 27.0 4.6 -4.2 -11.2 6.2 20.2 25

26 Discrepancy 4.5 0.1 -3.3 -3.9 -8.1 -1.6 -8.0 2.2 -6.6 -3.3 -4.9 26

(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.
24 Z.1, December 9, 2004

F.109 Commercial Banking (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2000 2001 2002 2003 2003 2004

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Gross saving 67.5 81.4 95.4 90.0 93.7 82.9 91.3 92.2 101.4 97.8 97.1 1

 2 Fixed nonresidential investment 28.9 27.5 24.2 24.7 23.6 24.1 25.2 25.9 26.3 27.2 28.1 2

 3 Net acquisition of financial assets 475.5 350.2 476.5 472.7 721.6 729.4 -55.2 495.1 1291.5 691.0 506.8 3

 4 Vault cash -22.2 2.9 0.5 0.1 4.1 3.2 2.4 -9.2 15.6 8.2 -6.7 4

 5 Reserves at Federal Reserve -1.9 -2.2 4.4 0.2 21.9 2.3 -2.8 -20.7 9.6 19.6 -28.6 5

 6 Checkable deposits and currency -0.5 1.1 -0.3 -0.0 2.3 -0.2 -2.4 0.3 2.9 -1.8 1.5 6

 7 Total bank credit 411.9 216.0 408.3 331.3 470.0 617.4 15.1 222.6 940.2 504.4 329.3 7

 8 Treasury securities -44.4 -21.9 43.2 3.0 9.6 -30.9 2.7 30.7 30.4 -6.0 -73.2 8

 9 Agency- and GSE-backed securities 22.3 55.6 140.5 83.6 181.2 295.2 -268.7 126.9 380.2 65.7 -217.6 9

10 Municipal securities 3.4 6.1 1.5 10.8 12.0 16.1 12.3 2.7 11.9 13.7 0.5 10

11 Corporate and foreign bonds 56.0 97.0 -3.2 44.6 45.7 4.2 36.0 92.4 71.6 -32.3 148.5 11

12 Total loans 371.8 71.3 225.2 193.2 241.1 330.7 233.3 -32.3 450.7 464.5 473.9 12

13 Open market paper 0.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13

14 Bank loans n.e.c. 112.8 -76.2 -80.6 -94.5 -127.5 -61.4 -91.1 -98.0 -28.0 64.3 29.8 14

15 Mortgages 164.6 129.8 268.5 197.5 268.5 324.7 257.2 -60.3 409.0 369.3 296.1 15

16 Consumer credit 43.8 17.8 34.6 54.7 16.3 44.3 46.7 111.3 7.7 14.6 70.9 16

17 Security credit 50.4 0.0 2.8 35.5 83.8 23.2 20.4 14.7 62.0 16.3 77.1 17

18 Corporate equities 0.3 0.2 -0.6 2.3 0.6 -0.1 8.6 0.2 -0.0 -1.2 -0.2 18

19 Mutual fund shares 2.5 7.8 1.7 -6.2 -20.1 2.2 -8.9 2.0 -4.7 -0.0 -2.8 19

20 Customers’ liab. on acceptances (2) -0.7 -2.9 -0.0 -0.2 0.8 -0.8 -1.2 0.3 -2.1 2.5 -1.7 20

21 Miscellaneous assets 89.0 135.3 63.6 141.3 222.4 107.5 -66.4 301.8 325.4 158.1 213.0 21

22 Net increase in liabilities 573.5 353.2 500.2 478.0 599.0 662.3 179.8 471.0 1357.0 783.1 627.8 22

23 Net interbank liabilities 42.3 -29.4 11.8 -4.4 -29.5 -197.2 80.3 128.7 -238.2 59.5 -196.3 23

24 To monetary authority 1.0 -1.0 0.4 -0.7 -6.5 5.6 -2.3 0.3 -1.1 4.0 6.4 24

25 To domestic banks (3) 20.4 17.2 7.1 -4.2 8.5 -28.2 34.2 -31.3 15.4 64.4 -44.3 25

26 To foreign banks 20.8 -45.6 4.2 0.5 -31.6 -174.6 48.3 159.7 -252.6 -8.9 -158.4 26

27 Checkable deposits -85.5 102.2 -57.3 30.9 -13.9 97.2 -29.1 69.4 94.2 19.5 4.2 27

28 Federal government -33.2 45.3 -16.4 -0.9 -60.9 -8.8 -6.7 72.7 -11.6 2.7 -59.7 28

29 Rest of the world 2.0 -4.8 -0.6 8.0 6.8 57.4 -34.3 2.1 12.5 46.1 27.7 29

30 Private domestic -54.3 61.7 -40.3 23.8 40.1 48.6 11.9 -5.5 93.4 -29.3 36.3 30

31 Small time and savings deposits 211.6 249.4 269.4 230.4 253.8 418.7 99.5 149.5 318.2 378.4 241.7 31

32 Large time deposits 92.8 32.7 -2.8 18.8 110.9 -31.4 -26.8 22.5 239.6 148.2 128.1 32

33 Federal funds and security RPs (net) 66.1 -42.3 115.5 67.6 152.7 228.4 -161.5 50.6 235.6 195.8 17.1 33

34 Credit market instruments 60.0 52.9 49.7 49.2 80.9 28.0 2.8 85.2 187.6 7.1 60.1 34

35 Open market paper 0.6 -8.3 -2.5 -6.3 -14.2 -20.8 4.1 5.8 57.4 -19.2 -0.1 35

36 Corporate bonds 32.6 37.0 22.0 46.9 83.0 27.1 6.1 71.6 39.3 54.8 62.7 36

37 Other loans and advances 26.8 24.2 30.2 8.5 12.0 21.7 -7.3 7.8 90.9 -28.5 -2.5 37

38 Corporate equity issues -12.5 -8.1 -10.7 -2.4 -2.6 10.6 -0.4 -17.3 -0.6 -4.4 70.5 38

39 Taxes payable 2.1 2.4 2.6 2.9 2.8 2.9 2.9 3.0 3.1 3.1 3.2 39

40 Miscellaneous liabilities 196.5 -6.5 121.9 85.2 44.0 105.2 212.1 -20.5 517.5 -24.1 299.1 40

41 Discrepancy 136.6 56.9 94.9 70.6 -52.5 -8.3 301.1 42.1 140.6 162.7 190.0 41

 Memo:

42 Credit market funds advanced (4) 357.9 205.2 404.4 299.5 406.6 591.4 -6.1 206.1 880.8 491.8 253.4 42

(1) U.S.-chartered commercial banks, foreign banking offices in U.S., bank holding companies, and banks in U.S.-affiliated areas. IBFs are excluded from domestic banking and treated the

 same as branches in foreign countries.

(2) Included in other loans and advances (table F.216).

(3) Floats and discrepancies in interbank transactions.

(4) Total bank credit (line 7) less security credit (line 17) less corporate equities (line 18) less mutual fund shares (line 19) plus customers’ liability on acceptances (line 20).
Z.1, December 9, 2004 25

F.110 U.S.-Chartered Commercial Banks

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2000 2001 2002 2003 2003 2004

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Gross saving 13.8 20.2 21.0 16.5 30.3 1.6 23.8 10.4 47.1 30.6 31.5 1

 2 Fixed nonresidential investment 20.4 18.8 16.1 16.2 15.5 15.8 16.5 17.0 17.3 17.8 18.5 2

 3 Net acquisition of financial assets 332.3 229.7 388.9 406.3 593.5 654.6 26.0 351.2 890.0 664.6 362.4 3

 4 Vault cash and reserves at Federal Reserve -23.1 0.6 4.2 0.7 26.5 5.4 -5.5 -23.6 24.2 28.8 -36.0 4

 5 Total bank credit 350.2 209.0 391.9 331.9 413.2 579.6 80.8 253.9 864.4 490.8 275.8 5

 6 Treasury securities -35.0 -31.4 29.9 7.1 -5.6 -37.0 16.3 54.8 21.7 0.4 -70.6 6

 7 Agency- and GSE-backed securities 18.2 73.7 121.1 85.1 180.1 278.5 -254.0 135.7 378.4 45.5 -216.7 7

 8 Mortgage pass-through securities 14.1 52.8 84.3 56.6 125.1 239.8 -215.5 76.9 346.5 35.3 -168.4 8

 9 CMOs and other structured MBS -9.8 57.2 -9.2 2.4 81.7 -0.7 -83.4 11.8 20.7 -31.0 -21.1 9

10 Other 13.9 -36.2 46.0 26.1 -26.7 39.3 44.9 46.9 11.2 41.1 -27.2 10

11 Municipal securities 3.2 6.3 1.5 10.7 11.8 16.1 11.9 2.9 11.8 13.6 2.0 11

12 Corporate and foreign bonds 50.1 63.7 -0.8 41.6 10.6 -33.7 77.7 111.9 36.9 1.8 136.2 12

13 Private mortgage pass-through securities -0.4 21.2 -13.3 0.2 -5.6 -1.0 4.5 3.0 6.4 -0.8 13.6 13

14 Private CMOs and other structured MBS 7.7 2.8 8.1 25.2 43.0 1.2 22.8 33.8 7.3 -0.1 24.1 14

15 Other 42.8 39.7 4.4 16.2 -26.8 -33.9 50.3 75.2 23.2 2.8 98.5 15

16 Total loans 310.8 88.8 239.0 191.3 235.8 353.6 229.2 -53.5 420.4 430.8 427.9 16

17 Open market paper 0.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 17

18 Bank loans n.e.c. 98.1 -62.0 -58.6 -70.9 -94.2 -62.9 -31.4 -94.9 -9.8 41.7 43.2 18

19 Mortgages 161.6 125.8 265.7 195.2 264.6 320.0 234.6 -38.6 404.5 371.9 286.9 19

20 Consumer credit 43.8 17.8 34.6 54.7 16.3 44.3 46.7 111.3 7.7 14.6 70.9 20

21 Security credit 7.1 7.2 -2.7 12.3 49.1 52.2 -20.7 -31.4 18.0 2.6 26.9 21

22 Corporate equities 0.3 0.2 -0.6 2.3 0.6 -0.1 8.6 0.2 -0.0 -1.2 -0.2 22

23 Mutual fund shares 2.5 7.8 1.7 -6.2 -20.1 2.2 -8.9 2.0 -4.7 -0.0 -2.8 23

24 Customers’ liab. on acceptances (1) -0.7 -2.3 0.3 -0.2 1.4 -0.6 -1.3 -0.1 -1.7 2.1 -2.0 24

25 Miscellaneous assets 5.9 22.3 -7.6 73.9 152.4 70.2 -48.0 121.0 3.1 142.9 124.6 25

26 Net increase in liabilities 473.7 283.9 476.5 474.0 523.4 657.7 317.1 397.8 999.4 811.1 538.5 26

27 Net interbank liabilities 76.9 2.0 57.1 25.9 -71.3 -151.4 168.0 158.1 -145.8 173.2 -36.8 27

28 Federal Reserve float 1.1 -0.9 0.4 -0.7 -6.5 2.7 0.1 0.7 -1.1 3.0 6.7 28

29 Borrowing from Federal Reserve banks -0.1 -0.1 0.0 0.0 -0.0 3.0 -2.4 -0.4 0.0 1.0 -0.3 29

30 To domestic banking 30.5 16.5 20.8 -66.2 -78.8 -156.5 4.8 -34.4 -47.9 38.6 -11.7 30

31 To foreign banks 45.4 -13.6 35.9 92.8 14.0 -0.5 165.4 192.3 -96.9 130.6 -31.5 31

32 Checkable deposits -85.0 98.7 -55.6 28.4 -13.8 84.3 -21.6 64.6 93.4 19.9 3.8 32

33 Federal government -33.2 45.3 -16.4 -0.9 -60.9 -8.8 -6.7 72.7 -11.6 2.7 -59.7 33

34 Rest of the world 2.4 -2.5 -0.3 8.4 9.2 56.0 -32.8 1.1 11.5 47.8 28.3 34

35 Private domestic -54.2 55.9 -38.9 20.9 37.9 37.1 17.9 -9.2 93.5 -30.6 35.3 35

36 Small time and savings deposits 210.6 240.4 273.6 228.2 257.2 417.6 94.0 144.0 314.3 378.2 243.2 36

37 Large time deposits 87.9 -25.2 24.3 2.9 76.6 5.0 -32.8 -37.1 85.0 72.2 110.0 37

38 Federal funds and security RPs (net) 15.4 -31.2 73.6 68.5 22.3 211.5 -46.3 86.6 214.3 158.0 -33.1 38

39 Acceptance liabilities -0.6 -2.3 0.3 -0.2 1.3 -0.7 -1.3 -0.1 -1.7 2.1 -2.0 39

40 Corporate bonds 10.6 8.3 -0.6 5.5 2.4 7.7 2.6 9.3 -4.2 17.2 2.4 40

41 Other loans and advances 26.8 24.2 30.2 8.5 12.0 21.7 -7.3 7.8 90.9 -28.5 -2.5 41

42 Corporate equity issues 4.0 7.2 4.7 7.2 3.6 10.9 10.2 4.0 5.1 3.9 9.9 42

43 Taxes payable 2.1 2.4 2.6 2.9 2.8 2.9 2.9 3.0 3.1 3.1 3.2 43

44 Miscellaneous liabilities 124.9 -40.5 66.3 96.2 230.3 48.2 148.7 -42.5 345.2 11.7 240.2 44

45 Investment by bank holding companies 53.6 60.7 53.1 50.5 43.2 67.9 50.5 40.5 73.4 121.9 323.2 45

46 Other 71.3 -101.2 13.1 45.7 187.1 -19.7 98.3 -82.9 271.8 -110.2 -83.0 46

47 Discrepancy 134.9 55.6 92.6 68.0 -55.2 -11.0 298.4 40.0 139.4 159.2 189.0 47

 Memo:

48 Credit market funds advanced (2) 339.5 191.6 393.8 323.3 384.9 524.6 100.5 283.0 849.5 491.5 249.9 48

(1) Included in other loans and advances (table F.216).

(2) Total bank credit (line 5) less security credit (line 21) less corporate equities (line 22) less mutual fund shares (line 23) plus customers’ liability on acceptances (line 24).
26 Z.1, December 9, 2004

F.111 Foreign Banking Offices in U.S. (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2000 2001 2002 2003 2003 2004

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Gross saving 7.0 6.3 6.4 6.8 6.7 6.8 6.9 7.0 6.5 6.6 6.7 1

 2 Fixed nonresidential investment 8.0 8.2 7.7 8.0 7.6 7.8 8.2 8.4 8.5 8.8 9.1 2

 3 Net acquisition of financial assets 38.4 3.1 9.2 -68.6 -1.8 -128.2 -162.1 17.9 119.2 -148.7 -320.3 3

 4 Reserves at Federal Reserve -1.0 0.2 0.6 -0.4 -0.4 0.1 5.1 -6.3 1.0 -1.0 0.7 4

 5 Total bank credit 67.2 -7.2 12.0 -19.8 36.8 -17.3 -59.0 -39.7 62.7 -2.6 39.7 5

 6 Treasury securities -0.5 9.8 12.9 -6.5 14.5 0.6 -17.6 -23.6 9.7 -11.1 2.4 6

 7 Agency- and GSE-backed securities 0.4 -22.0 10.9 -7.1 1.8 12.4 -33.2 -9.2 -5.6 12.4 -13.8 7

 8 Municipal securities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8

 9 Corporate and foreign bonds 8.3 30.6 0.3 1.3 17.5 13.0 -6.8 -18.5 35.1 -31.2 14.1 9

10 Total loans 59.0 -25.6 -12.0 -7.5 3.0 -43.2 -1.4 11.5 23.5 27.3 37.0 10

11 Open market paper -0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11

12 Bank loans n.e.c. 14.6 -19.1 -18.6 -29.0 -31.4 -15.6 -60.2 -8.6 -21.1 23.2 -15.2 12

13 Mortgages 1.2 0.7 1.1 -1.8 -0.2 1.4 17.8 -26.0 0.7 -9.7 2.0 13

14 Security credit 43.2 -7.2 5.5 23.2 34.6 -29.0 41.1 46.1 44.0 13.7 50.2 14

15 Corporate equities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15

16 Customers’ liab. on acceptances (2) -0.0 -0.6 -0.4 -0.0 -0.5 -0.1 0.1 0.5 -0.5 0.4 0.3 16

17 Miscellaneous assets -27.7 10.7 -3.1 -48.4 -37.7 -110.9 -108.4 63.4 56.0 -145.5 -361.1 17

18 Net increase in liabilities 42.0 7.1 13.6 -63.7 2.8 -123.4 -157.2 22.9 124.3 -143.5 -315.0 18

19 Net interbank liabilities -40.8 -16.1 -42.3 -41.3 45.9 -80.9 -99.3 -30.8 -91.4 -118.1 -185.3 19

20 To foreign banks -57.1 -35.3 -32.3 -47.5 -8.7 -35.0 -116.8 -29.6 -152.7 -154.6 -125.2 20

21 To domestic banks 16.2 19.2 -10.0 6.3 54.6 -45.8 17.5 -1.2 61.3 36.5 -60.1 21

22 Checkable deposits -0.4 0.4 -0.7 1.0 -1.9 8.2 -4.9 2.5 -1.8 -1.9 0.6 22

23 Small time and savings deposits -0.4 4.5 -2.3 0.9 -2.7 1.0 3.0 2.4 3.6 -1.6 -3.9 23

24 Large time deposits 3.4 53.3 -25.1 14.6 35.0 -36.5 3.5 56.4 154.4 74.1 15.7 24

25 Federal funds and security RPs (net) 52.3 -11.0 39.5 -1.9 110.4 6.5 -88.8 -35.6 24.7 37.1 50.9 25

26 Acceptance liabilities -0.0 -0.9 -0.4 -0.1 -0.5 -0.2 0.1 0.3 -0.1 0.3 0.4 26

27 Miscellaneous liabilities 27.9 -23.1 44.8 -37.0 -183.4 -21.5 29.2 27.7 34.9 -133.4 -193.4 27

28 Foreign direct investment in U.S. 9.7 8.4 3.6 4.5 14.6 -0.4 1.8 2.0 1.7 6.9 6.1 28

29 Due to affiliates 45.6 -30.8 24.7 -1.7 -17.0 -14.0 -25.8 50.0 108.4 -82.3 15.6 29

30 Other -27.5 -0.7 16.5 -39.8 -181.0 -7.0 53.2 -24.3 -75.1 -58.0 -215.1 30

31 Discrepancy 2.5 2.0 3.2 3.7 3.7 3.8 3.6 3.6 3.1 3.0 2.9 31

 Memo:

32 Credit market funds advanced (3) 23.9 -0.6 6.2 -43.0 1.6 11.6 -100.0 -85.3 18.3 -15.9 -10.2 32

(1) Branches and agencies of foreign banks, Edge Act and Agreement corporations, New York investment companies (through 1996:Q2), and American Express Bank.

(2) Included in other loans and advances (table F.216).

(3) Total bank credit (line 5) less security credit (line 14) less corporate equities (line 15) plus customers’ liability on acceptances (line 16).
Z.1, December 9, 2004 27

F.112 Bank Holding Companies

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2000 2001 2002 2003 2003 2004

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Gross saving 46.5 54.8 67.8 66.5 56.6 74.3 60.4 74.7 47.6 60.5 58.8 1

 2 Fixed nonresidential investment 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 2

 3 Net acquisition of financial assets 100.7 100.5 83.4 126.6 122.6 192.3 65.9 125.6 266.1 161.4 446.3 3

 4 Credit market instruments -12.2 4.2 3.1 8.6 20.8 39.7 -26.1 0.2 1.2 -2.3 3.0 4

 5 Treasury securities -7.9 0.4 0.1 1.4 0.1 4.1 2.5 -1.1 -2.3 1.0 -3.4 5

 6 Agency- and GSE-backed securities -0.5 1.4 4.5 0.9 2.8 -2.1 5.2 -2.3 3.6 1.4 5.8 6

 7 Corporate and foreign bonds -2.8 2.1 -2.4 1.3 18.8 21.4 -34.5 -0.5 -1.1 -1.9 -1.0 7

 8 Bank loans n.e.c. -0.9 0.3 0.9 5.0 -1.1 16.2 0.7 4.1 1.0 -2.9 1.6 8

 9 Miscellaneous assets 112.9 96.4 80.3 118.0 101.8 152.6 92.0 125.4 265.0 163.8 443.3 9

10 Investment in bank subsidiaries 53.6 60.7 53.1 50.5 43.2 67.9 50.5 40.5 73.4 121.9 323.2 10

11 Investment in nonbank subsidiaries 38.4 29.8 -0.2 45.0 33.9 79.3 30.3 36.7 113.9 41.7 73.3 11

12 Other 20.9 5.9 27.3 22.4 24.7 5.4 11.3 48.2 77.7 0.1 46.8 12

13 Net increase in liabilities 54.4 45.8 15.7 60.3 66.2 118.1 5.7 51.1 218.7 101.1 387.7 13

14 Net interbank liabilities 6.2 -15.3 -3.0 10.9 -4.2 35.1 11.6 1.3 -1.0 4.4 25.8 14

15 To domestic banks -26.3 -18.6 -3.6 55.8 32.7 174.2 11.9 4.3 2.0 -10.7 27.5 15

16 To foreign banks 32.5 3.3 0.6 -44.8 -36.8 -139.1 -0.3 -3.0 -3.0 15.1 -1.7 16

17 Federal funds and security RPs (net) -1.6 -0.1 2.4 0.9 20.0 10.4 -26.4 -0.4 -3.4 0.7 -0.7 17

18 Credit market instruments 23.2 23.6 20.3 35.4 65.7 -0.6 8.7 67.8 102.8 16.1 61.7 18

19 Commercial paper 1.2 -5.1 -2.3 -6.0 -15.0 -19.9 5.3 5.5 59.2 -21.5 1.5 19

20 Corporate bonds 22.0 28.7 22.6 41.4 80.7 19.3 3.5 62.3 43.6 37.6 60.3 20

21 Corporate equity issues -16.5 -15.3 -15.4 -9.6 -6.2 -0.2 -10.6 -21.4 -5.7 -8.3 60.6 21

22 Miscellaneous liabilities 43.1 52.9 11.5 22.6 -9.0 73.5 22.3 3.7 126.0 88.3 240.2 22

23 Equity, etc. 10.3 -8.9 -44.0 -37.5 -53.5 -23.0 -21.0 -52.5 89.9 44.3 259.8 23

24 Other 32.8 61.8 55.4 60.1 44.4 96.4 43.2 56.2 36.1 43.9 -19.6 24

25 Discrepancy -0.2 -0.2 -0.1 -0.1 -0.1 -0.1 -0.1 -0.2 -0.2 -0.2 -0.2 25

F.113 Banks in U.S.-Affiliated Areas (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Gross saving 0.2 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 1

 2 Fixed nonresidential investment 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 2

 3 Net acquisition of financial assets 4.0 17.0 -5.0 8.4 7.4 10.8 14.9 0.5 16.2 13.6 18.4 3

 4 Checkable deposits and currency -0.5 1.1 -0.3 -0.0 2.3 -0.2 -2.4 0.3 2.9 -1.8 1.5 4

 5 Credit market instruments 6.7 10.0 1.3 10.6 -0.7 15.5 19.4 8.1 11.9 18.5 10.7 5

 6 Treasury securities -1.0 -0.6 0.3 1.0 0.5 1.4 1.5 0.6 1.3 3.6 -1.5 6

 7 Agency- and GSE-backed securities 4.3 2.5 3.9 4.7 -3.5 6.4 13.3 2.7 3.9 6.4 7.1 7

 8 Municipal securities 0.1 -0.2 0.0 0.1 0.2 0.0 0.4 -0.2 0.2 0.1 -1.5 8

 9 Corporate and foreign bonds 0.3 0.6 -0.3 0.4 -1.2 3.6 -0.3 -0.6 0.7 -1.0 -0.8 9

10 Bank loans n.e.c. 1.1 4.5 -4.3 0.3 -0.7 0.8 -0.2 1.4 2.0 2.2 0.1 10

11 Home mortgages 1.0 -0.9 1.5 2.5 3.6 2.2 1.7 2.6 2.2 4.4 3.4 11

12 Commercial mortgages 0.8 4.2 0.2 1.6 0.5 1.1 3.1 1.7 1.6 2.8 3.8 12

13 Miscellaneous assets -2.1 5.9 -6.0 -2.2 5.8 -4.4 -2.1 -8.0 1.4 -3.0 6.2 13

14 Net increase in liabilities 3.4 16.4 -5.7 7.5 6.6 9.9 14.2 -0.8 14.5 14.3 16.7 14

15 Checkable deposits -0.1 3.1 -1.1 1.5 1.8 4.7 -2.7 2.3 2.6 1.5 -0.2 15

16 Small time and savings deposits 1.4 4.6 -1.9 1.3 -0.7 0.1 2.5 3.2 0.2 1.8 2.4 16

17 Large time deposits 1.4 4.6 -1.9 1.3 -0.7 0.1 2.5 3.2 0.2 1.8 2.4 17

18 Miscellaneous liabilities 0.7 4.2 -0.7 3.4 6.2 5.0 11.9 -9.4 11.4 9.3 12.1 18

19 Discrepancy -0.7 -0.6 -0.7 -1.0 -0.9 -0.9 -0.8 -1.3 -1.7 0.7 -1.8 19

(1) Commercial banks and branches of U.S.-chartered commercial banks located in Puerto Rico, the U.S. Virgin Islands, American Samoa, Guam, and other U.S.-affiliated insular areas.
28 Z.1, December 9, 2004

F.114 Savings Institutions (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2000 2001 2002 2003 2003 2004

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Gross saving 7.3 8.0 12.7 14.4 14.6 13.7 13.9 15.5 14.7 14.6 14.8 1

 2 Fixed nonresidential investment 3.8 3.4 2.9 2.9 2.8 2.9 3.0 3.1 3.1 3.2 3.3 2

 3 Net acquisition of financial assets 67.2 81.0 59.1 115.4 180.0 149.0 112.1 20.6 311.3 201.3 109.0 3

 4 Reserves at Federal Reserve -3.1 0.6 0.7 0.3 -0.7 1.7 0.8 -0.5 -0.3 0.3 0.5 4

 5 Checkable deposits and currency 1.6 2.0 3.7 0.2 -3.2 12.3 -4.3 -3.9 7.7 17.5 -34.3 5

 6 Time and savings deposits 0.1 0.8 0.4 0.0 0.2 0.2 -0.1 -0.2 1.4 1.2 -0.2 6

 7 Federal funds and security RPs 4.3 12.5 -0.3 -6.1 10.5 -16.5 -3.4 -15.2 41.1 -19.9 -7.8 7

 8 Credit market instruments 56.2 44.6 33.6 126.3 186.9 107.9 66.4 143.9 225.3 163.3 152.3 8

 9 Open market paper 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

10 Treasury securities -1.4 2.7 -2.2 3.0 0.0 3.0 5.2 4.0 0.0 -5.6 -7.8 10

11 Agency- and GSE-backed securities -6.7 21.0 14.7 22.6 39.9 24.9 3.6 21.8 39.1 -28.8 -32.6 11

12 Mortgage pass-through securities -6.7 6.7 17.0 5.4 33.1 4.2 -23.5 7.9 44.8 -2.8 -12.7 12

13 CMOs and other structured MBS 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.4 -11.4 6.3 13

14 Other 0.0 14.3 -2.3 17.1 6.9 20.7 27.0 14.0 -6.1 -14.6 -26.2 14

15 Municipal securities 0.2 1.3 1.0 0.8 0.3 0.9 2.3 -0.3 0.8 0.3 1.2 15

16 Corporate and foreign bonds -2.5 -25.6 -4.0 -8.8 8.1 -25.9 -27.3 10.0 -24.1 -20.7 -6.2 16

17 Private mortgage pass-through securities 0.6 -5.8 -2.6 0.1 -3.9 -0.6 2.0 2.9 -5.3 -2.4 -1.9 17

18 Private CMOs and other structured MBS 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -15.5 -13.5 4.2 18

19 Other -3.2 -19.7 -1.4 -8.9 11.9 -25.3 -29.3 7.1 -3.3 -4.8 -8.5 19

20 Other loans and advances 8.7 3.6 3.3 10.0 4.5 3.1 37.0 -4.5 -26.8 23.4 47.4 20

21 Mortgages 54.9 35.3 23.1 89.5 134.4 81.4 50.0 92.2 221.8 168.1 146.1 21

22 Consumer credit 3.0 6.3 -2.4 9.1 -0.3 20.6 -4.3 20.6 14.4 26.7 4.2 22

23 Corporate equities 0.4 3.2 2.0 -1.0 1.7 2.7 -3.6 -4.8 3.0 -2.3 -1.3 23

24 Miscellaneous assets 7.7 17.3 19.0 -4.3 -15.4 40.7 56.3 -98.7 33.1 41.3 -0.3 24

25 Net increase in liabilities 66.3 78.3 54.0 107.7 166.7 144.5 112.4 7.2 296.3 184.8 91.9 25

26 Deposits 27.5 46.8 67.0 59.3 73.6 85.2 57.1 21.3 77.4 65.9 68.0 26

27 Checkable 43.4 50.7 54.4 57.4 53.2 61.4 57.6 57.6 58.6 66.1 54.4 27

28 Small time and savings -35.8 -30.7 -31.6 -30.5 -25.0 -28.7 -3.0 -65.2 -38.3 -22.3 -53.9 28

29 Large time 19.9 26.9 44.2 32.4 45.5 52.5 2.6 28.9 57.2 22.1 67.5 29

30 Security RPs -6.0 5.8 -15.0 20.1 13.4 15.3 3.8 47.8 -13.6 -11.7 13.3 30

31 Credit market instruments 27.3 -2.0 -23.4 6.1 -18.0 16.9 0.4 25.0 -7.0 184.4 -21.0 31

32 Corporate bonds 3.5 -2.6 -0.2 1.7 5.4 0.3 0.6 0.5 3.4 -3.8 3.7 32

33 Bank loans n.e.c. 7.4 1.5 4.2 -13.2 -48.2 3.2 -1.9 -6.1 1.5 1.1 4.8 33

34 Other loans and advances 16.3 -0.9 -27.4 17.6 24.7 13.5 1.6 30.6 -11.9 187.1 -29.5 34

35 Taxes payable 0.4 -0.7 -0.3 -0.2 -0.4 -0.0 0.7 -1.1 2.2 -1.2 0.7 35

36 Miscellaneous liabilities 17.1 28.4 25.6 22.5 98.0 27.1 50.5 -85.8 237.2 -52.5 30.9 36

37 Investment by parent 0.7 0.8 0.9 1.0 1.0 1.0 1.0 1.1 1.1 1.1 1.2 37

38 Other 16.5 27.7 24.7 21.4 97.0 26.1 49.5 -86.9 236.1 -53.6 29.7 38

39 Discrepancy 2.7 1.9 4.7 3.7 -1.5 6.3 11.2 -1.1 -3.4 -5.1 -5.7 39

(1) Savings and loan associations, mutual savings banks, and federal savings banks.
Z.1, December 9, 2004 29

F.115 Credit Unions

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2000 2001 2002 2003 2003 2004

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Gross saving 6.7 6.3 7.5 7.7 7.7 7.6 7.7 7.7 7.7 7.6 7.7 1

 2 Fixed nonresidential investment 2.4 2.4 2.2 2.3 2.2 2.2 2.3 2.4 2.4 2.5 2.6 2

 3 Net acquisition of financial assets 26.5 64.4 55.3 56.6 65.9 90.7 24.6 45.1 18.2 44.3 36.3 3

 4 Checkable deposits and currency 0.3 10.1 1.6 3.2 69.1 -21.1 -18.8 -16.5 38.5 -58.0 5.8 4

 5 Time and savings deposits -1.1 7.4 1.6 1.8 12.1 -3.5 0.9 -2.1 0.3 5.4 -3.9 5

 6 Federal funds and security RPs -5.3 -1.5 -0.8 -0.1 -8.1 4.1 -4.4 7.8 -8.9 5.9 -2.7 6

 7 Credit market instruments 28.0 41.5 42.7 50.7 45.0 79.4 83.6 -5.3 44.3 63.2 18.5 7

 8 Open market paper -0.6 1.2 1.2 -2.0 -2.9 1.9 -1.2 -5.8 2.5 -1.8 -0.7 8

 9 Treasury securities -1.4 -0.8 0.4 1.1 -2.0 5.9 1.5 -0.7 -1.5 5.6 0.1 9

10 Agency- and GSE-backed securities -0.4 19.6 16.8 18.2 28.2 41.4 43.4 -40.3 7.9 11.6 -21.4 10

11 Home mortgages 13.8 16.4 18.2 23.2 14.8 18.5 27.6 31.9 16.3 37.8 33.0 11

12 Consumer credit 16.5 5.1 6.2 10.1 7.0 11.6 12.3 9.6 19.0 10.1 7.6 12

13 Mutual fund shares -0.3 1.5 -0.2 0.5 -0.5 4.5 1.9 -3.7 0.4 -1.2 -1.6 13

14 Miscellaneous assets 4.9 5.4 10.4 0.5 -51.6 27.4 -38.6 64.8 -56.3 29.0 20.2 14

15 Net increase in liabilities 22.0 60.8 50.1 51.3 61.2 87.4 18.8 37.9 20.8 40.8 34.3 15

16 Shares/deposits 22.4 61.1 46.7 48.0 69.3 63.1 18.2 41.4 -37.7 81.7 -9.9 16

17 Checkable 5.9 3.5 5.0 7.6 24.7 1.9 -6.4 10.4 11.7 0.5 4.3 17

18 Small time and savings 13.0 48.6 33.1 29.6 39.5 37.2 23.8 17.8 -53.7 73.8 -21.8 18

19 Large time 3.5 9.0 8.7 10.8 5.1 24.0 0.8 13.3 4.2 7.3 7.6 19

20 Other loans and advances 0.0 1.5 2.0 2.2 2.8 1.6 3.3 1.0 -2.7 4.9 0.9 20

21 Miscellaneous liabilities -0.4 -1.8 1.4 1.2 -10.9 22.8 -2.8 -4.5 61.2 -45.7 43.3 21

22 Discrepancy -0.2 0.3 0.2 0.2 0.9 2.1 -0.5 -1.8 7.9 1.6 3.1 22

F.116 Bank Personal Trusts and Estates (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net acquisition of financial assets 55.0 -63.5 -3.7 -26.7 -27.0 -26.9 -26.9 -26.0 29.5 8.0 0.4 1

 2 Deposits 7.0 -4.6 0.1 -0.1 -0.2 -0.2 -0.2 0.1 0.0 -7.8 -7.7 2

 3 Checkable deposits and currency -0.1 0.5 -0.7 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4 3

 4 Time and savings deposits 0.2 2.7 -0.6 8.7 8.7 8.7 8.7 8.7 8.7 0.7 0.7 4

 5 Money market fund shares 6.9 -7.9 1.3 -9.2 -9.2 -9.2 -9.2 -9.0 -9.0 -8.9 -8.8 5

 6 Credit market instruments 0.8 -28.1 0.9 -2.4 -2.7 -2.5 -2.5 -2.0 12.9 3.4 4.4 6

 7 Open market paper -2.4 -3.1 -0.2 -0.4 -0.4 -0.4 -0.4 -0.4 -0.4 -0.4 -0.4 7

 8 Treasury securities -1.0 -4.8 -0.4 -0.3 -0.3 -0.3 -0.3 -0.2 0.1 0.1 -0.1 8

 9 Agency- and GSE-backed securities 0.3 -10.3 -0.9 -2.6 -2.6 -2.6 -2.6 -2.5 0.5 0.2 0.5 9

10 Municipal securities -1.2 -3.5 5.3 -2.6 -2.6 -2.6 -2.6 -2.4 5.6 2.8 3.2 10

11 Corporate and foreign bonds 5.0 -6.6 -2.7 3.9 3.7 3.9 3.9 4.0 7.1 0.8 1.4 11

12 Mortgages 0.1 0.2 -0.2 -0.4 -0.4 -0.4 -0.4 -0.4 0.0 -0.0 -0.2 12

13 Corporate equities -2.5 -32.5 -39.4 -18.7 -18.7 -18.7 -18.7 -18.7 2.0 1.0 0.4 13

14 Mutual fund shares 48.5 -6.1 37.3 -15.0 -15.0 -15.0 -15.0 -15.0 5.0 1.6 0.6 14

15 Miscellaneous assets 1.2 7.7 -2.6 9.5 9.5 9.5 9.5 9.6 9.6 9.7 2.7 15

16 Net increase in liabilities (2) 56.6 -59.9 -2.4 -26.3 -26.6 -26.4 -26.4 -25.5 29.8 8.2 0.5 16

17 Discrepancy 1.6 3.7 1.4 0.4 0.4 0.4 0.4 0.5 0.2 0.3 0.1 17

(1) Personal trusts, estates, and non-managed personal agency accounts at banks, savings institutions, and national nondeposit noninsured trust companies.

(2) Equal to the net acquisition of tangible and financial assets. These liabilities are assets of the household sector.
30 Z.1, December 9, 2004

F.117 Life Insurance Companies

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2000 2001 2002 2003 2003 2004

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Gross saving -5.0 -3.7 -1.8 1.6 2.6 1.4 1.1 1.4 1.2 0.8 1.1 1

 2 Fixed nonresidential investment 10.7 9.3 7.7 7.7 7.4 7.5 7.9 8.1 8.2 8.5 8.8 2

 3 Net acquisition of financial assets 203.5 250.6 279.8 258.2 430.2 298.8 183.0 121.0 402.4 223.1 227.6 3

 4 Checkable deposits and currency -0.5 31.9 -1.6 12.0 34.2 2.4 9.4 2.0 -3.9 -16.0 0.5 4

 5 Money market fund shares 10.5 31.0 -13.5 -8.3 -28.2 2.7 -4.2 -3.5 -29.2 -18.1 -38.5 5

 6 Credit market instruments 57.9 130.9 233.0 180.6 283.0 236.4 117.1 85.9 235.1 176.0 162.9 6

 7 Open market paper -4.5 -11.9 14.7 -18.2 15.4 -15.0 -18.4 -54.7 19.9 11.8 -6.1 7

 8 Treasury securities -4.6 -4.4 24.8 -6.6 -3.5 -4.9 -9.0 -9.2 5.9 4.6 4.6 8

 9 Agency- and GSE-backed securities 11.0 18.1 77.4 18.0 30.0 26.3 7.5 8.2 32.4 25.5 25.3 9

10 Municipal securities -1.0 -0.4 1.2 6.2 6.7 6.8 5.5 5.7 2.7 2.1 2.1 10

11 Corporate and foreign bonds 49.0 120.2 106.8 171.0 225.3 211.2 120.7 126.7 163.8 124.8 128.0 11

12 Policy loans 2.9 2.2 1.0 -0.7 -1.9 1.1 -2.1 0.2 -0.2 1.8 0.6 12

13 Mortgages 5.2 7.1 7.0 10.9 10.8 10.9 13.1 8.9 10.6 5.3 8.5 13

14 Corporate equities 111.3 70.2 52.7 45.5 55.7 55.3 50.0 21.1 70.8 54.5 47.7 14

15 Mutual fund shares 5.6 2.1 2.6 0.5 0.5 0.5 0.5 0.5 0.4 0.4 0.3 15

16 Miscellaneous assets 18.7 -15.5 6.7 27.9 85.1 1.5 10.1 15.0 129.2 26.2 54.6 16

17 Net increase in liabilities 195.1 248.5 259.7 230.0 397.3 248.2 175.5 98.9 369.2 164.5 208.0 17

18 Corporate equity issues -0.8 -0.9 -6.5 -3.9 -6.5 -3.7 -6.2 0.6 -4.3 -32.7 -8.8 18

19 Other loans and advances -0.7 0.6 2.0 2.9 4.4 1.5 3.1 2.5 -0.4 2.7 0.1 19

20 Life insurance reserves 48.7 75.8 58.5 65.7 73.7 39.4 41.6 107.9 70.8 68.5 66.4 20

21 Pension fund reserves (1) 155.1 130.9 166.1 143.2 173.3 162.7 125.1 111.7 168.7 145.6 139.4 21

22 Taxes payable 1.6 2.0 2.4 2.8 2.6 2.7 2.8 2.9 3.0 3.1 3.2 22

23 Miscellaneous liabilities -8.9 40.1 37.2 19.4 149.7 45.6 9.0 -126.7 131.3 -22.7 7.7 23

24 Discrepancy -24.1 -15.1 -29.7 -34.3 -37.6 -56.8 -14.2 -28.8 -40.3 -66.3 -27.3 24

(1) Annuity reserves held by life insurance companies, excluding unallocated contracts held by private pension funds, which are included in miscellaneous liabilities (line 23).

F.118 Other Insurance Companies

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Gross saving -1.0 -5.8 11.7 23.0 19.5 20.5 25.3 26.7 28.4 28.9 -8.1 1

 2 Fixed nonresidential investment 13.3 12.5 11.9 12.6 12.0 12.3 12.9 13.3 13.5 14.0 14.5 2

 3 Net acquisition of financial assets 8.9 16.6 79.8 95.7 92.8 119.8 93.8 76.3 104.2 83.8 62.9 3

 4 Checkable deposits and currency -0.6 9.4 12.8 8.6 17.0 23.8 -4.1 -2.2 -13.9 -0.1 -8.3 4

 5 Security RPs 10.0 -8.1 14.2 8.5 -9.4 27.0 8.8 7.4 -2.6 -8.8 -4.0 5

 6 Credit market instruments -8.7 9.0 39.9 67.0 56.2 49.7 68.7 93.3 105.3 65.1 59.9 6

 7 Treasury securities -8.6 -0.0 9.2 3.5 2.6 1.8 3.6 5.9 10.9 6.7 4.1 7

 8 Agency- and GSE-backed securities 8.6 10.1 19.0 2.2 1.0 -0.7 2.4 6.2 19.4 12.0 7.4 8

 9 Municipal securities -14.9 -10.3 9.2 41.2 36.1 34.8 42.2 51.8 37.8 23.3 24.4 9

10 Corporate and foreign bonds 6.4 8.9 2.4 20.0 16.5 14.1 20.6 28.7 36.9 22.7 24.0 10

11 Commercial mortgages -0.3 0.2 0.1 0.1 0.0 -0.2 -0.0 0.7 0.2 0.3 0.0 11

12 Corporate equities 0.7 -0.3 -1.1 -2.7 -1.7 2.9 6.4 -18.3 -5.7 6.0 2.0 12

13 Trade receivables 1.0 5.3 4.9 4.5 17.9 9.4 2.6 -11.7 12.1 11.7 4.0 13

14 Miscellaneous assets 6.4 1.3 9.1 9.7 12.7 7.1 11.4 7.8 9.0 9.8 9.3 14

15 Net increase in liabilities 3.6 29.8 58.6 53.0 62.7 70.0 71.1 8.4 50.4 47.6 70.1 15

16 Corporate equity issues -4.5 0.5 6.2 4.1 -1.1 18.3 -3.3 2.5 1.6 -5.7 -1.0 16

17 Taxes payable 2.3 2.7 3.2 3.7 3.5 3.6 3.8 3.9 4.0 4.1 4.3 17

18 Miscellaneous liabilities 5.8 26.5 49.2 45.2 60.3 48.0 70.6 2.0 44.7 49.2 66.8 18

19 Discrepancy -19.5 -5.1 -21.4 -32.3 -22.7 -41.7 -10.3 -54.5 -39.0 -21.3 -15.4 19
Z.1, December 9, 2004 31

F.119 Private Pension Funds (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2000 2001 2002 2003 2003 2004

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Gross saving 1.1 0.9 1.0 1.1 1.1 1.1 1.1 1.1 1.1 1.1 1.1 1

 2 Fixed nonresidential investment 1.8 2.1 1.4 1.2 1.2 1.2 1.2 1.2 1.2 1.3 1.3 2

 3 Net acquisition of financial assets -93.8 -74.6 -38.3 6.2 -15.2 -38.9 44.9 34.0 23.2 -23.4 -11.9 3

 4 Checkable deposits and currency 2.6 0.4 0.3 0.1 0.2 1.6 -0.0 -1.2 0.1 -0.0 0.1 4

 5 Time and savings deposits 17.6 7.1 4.6 2.4 2.0 3.3 1.9 2.4 1.1 1.9 2.0 5

 6 Money market fund shares 1.7 3.8 2.3 1.5 2.2 1.9 1.4 0.7 0.6 0.6 0.9 6

 7 Security RPs -2.4 1.5 1.0 0.5 0.6 0.6 0.5 0.4 0.2 0.4 0.4 7

 8 Credit market instruments -96.4 13.3 25.7 14.2 -13.8 -18.7 42.3 47.1 45.1 22.5 37.6 8

 9 Open market paper -5.1 1.0 2.6 -2.2 1.1 -5.7 0.6 -4.7 -0.1 0.1 0.5 9

10 Treasury securities -7.2 0.2 4.6 1.4 1.0 -5.7 4.1 6.3 6.4 4.1 6.0 10

11 Agency- and GSE-backed securities -25.7 7.4 5.7 6.8 -8.5 -1.8 16.2 21.5 17.9 7.3 12.6 11

12 Corporate and foreign bonds -57.6 4.7 12.7 8.2 -7.1 -4.8 21.2 23.5 21.2 11.2 18.6 12

13 Mortgages -0.7 0.1 0.0 -0.1 -0.3 -0.7 0.1 0.5 -0.2 -0.2 -0.0 13

14 Corporate equities -82.7 -129.8 -121.4 -44.8 -56.9 -24.4 -36.1 -61.8 -29.3 -36.0 -39.9 14

15 Mutual fund shares 84.0 17.9 50.4 51.7 85.3 40.8 36.2 44.3 29.1 18.8 4.5 15

16 Miscellaneous assets -18.1 11.2 -1.2 -19.5 -34.8 -44.1 -1.3 2.1 -23.8 -31.5 -17.7 16

17 Unallocated insurance contracts (2) -24.2 10.1 -4.6 -17.1 -25.5 -28.6 -4.3 -10.0 -18.0 -27.7 -17.0 17

18 Contributions receivable 14.0 0.6 0.1 -1.4 -6.4 -8.7 2.1 7.5 -0.6 -2.6 -1.2 18

19 Other -7.9 0.4 3.3 -1.0 -2.9 -6.8 1.0 4.6 -5.1 -1.2 0.5 19

20 Pension fund reserves (liabilities) (3) -93.1 -73.4 -37.9 6.3 -15.2 -38.8 45.0 34.0 23.3 -23.2 -11.7 20

(1) Private defined benefit plans and defined contribution plans (including 401(k) type plans).

(3) Equal to the net acquisition of tangible and financial assets less gross saving (line 2 + line 3 - line 1). These liabilities are assets of the household sector.

F.120 State and Local Government Employee Retirement Funds

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Gross saving 0.8 0.7 0.7 0.6 0.6 0.6 0.6 0.7 0.6 0.6 0.6 1

 2 Fixed nonresidential investment 1.3 1.7 0.9 0.6 0.6 0.6 0.6 0.6 0.6 0.7 0.7 2

 3 Net acquisition of financial assets 43.5 2.2 -3.6 -2.1 -11.6 -11.5 21.7 -6.9 -2.5 46.5 23.6 3

 4 Checkable deposits and currency -0.1 0.4 -1.9 -0.7 -1.1 -7.6 -0.1 6.2 7.6 0.0 2.3 4

 5 Time and savings deposits -0.6 -0.4 0.1 0.1 0.9 -1.3 -0.0 0.7 0.9 0.0 0.3 5

 6 Security RPs 4.3 0.6 0.2 -9.3 -8.4 -20.4 -0.4 -7.9 15.4 -5.7 3.0 6

 7 Credit market instruments 45.8 -41.1 -14.0 9.0 -43.0 55.4 -16.4 39.9 6.6 59.8 -15.2 7

 8 Open market paper 4.3 0.6 0.2 -4.3 -8.4 -20.4 -0.4 12.1 19.4 2.3 10.5 8

 9 Treasury securities -20.9 -25.5 -8.3 3.2 -12.8 28.6 -25.9 22.9 3.5 29.6 1.2 9

10 Agency- and GSE-backed securities 37.6 -14.5 -0.3 6.7 17.6 20.5 -20.4 9.1 1.3 11.6 -13.7 10

11 Municipal securities -1.5 -0.2 -0.9 0.3 0.1 -0.5 5.9 -4.4 0.8 -0.8 -1.8 11

12 Corporate and foreign bonds 29.7 -0.6 -4.6 4.6 -25.8 18.5 8.4 17.3 -16.2 22.1 -3.6 12

13 Mortgages -3.4 -0.8 -0.2 -1.6 -13.8 8.6 16.0 -17.3 -2.2 -4.9 -7.9 13

14 Corporate equities -18.4 22.3 20.0 -26.9 69.3 -69.9 -43.6 -63.4 -34.1 13.0 9.8 14

15 Miscellaneous assets 12.6 20.3 -7.9 25.7 -29.2 32.3 82.1 17.6 1.2 -20.7 23.5 15

16 Pension fund reserves (liabilities) (1) 44.0 3.1 -3.3 -2.1 -11.6 -11.6 21.6 -6.9 -2.5 46.5 23.6 16

(1) Equal to the net acquisition of tangible and financial assets less gross saving (line 2 + line 3 - line 1). These liabilities are assets of the household sector.

F.121 Federal Government Retirement Funds (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net acquisition of financial assets 28.2 69.9 45.4 48.2 47.3 45.1 44.8 55.5 44.2 29.9 60.9 1

 2 Credit market instruments 2.1 9.7 13.0 6.3 28.5 2.5 -0.8 -4.8 0.8 6.8 10.8 2

 3 Treasury securities 2.0 7.2 9.4 4.7 15.2 2.3 2.7 -1.3 2.1 8.2 10.2 3

 4 Agency- and GSE-backed securities 0.1 1.7 2.4 1.1 8.9 0.1 -2.4 -2.3 -0.8 -1.0 0.4 4

 5 Corporate and foreign bonds 0.0 0.8 1.2 0.6 4.4 0.1 -1.1 -1.1 -0.4 -0.5 0.2 5

 6 Corporate equities 5.2 -0.6 7.9 17.2 23.5 11.0 17.9 16.2 12.2 4.0 5.0 6

 7 Miscellaneous assets 20.9 60.8 24.5 24.7 -4.7 31.6 27.6 44.1 31.1 19.0 45.1 7

 8 Pension fund reserves (liabilities) (2) 28.2 69.9 45.4 48.2 47.3 45.1 44.8 55.5 44.2 29.9 60.9 8

(1) Includes the Federal Employees Thrift Savings Plan, the National Railroad Retirement Investment Trust, and nonmarketable government securities held by federal government retirement funds.

(2) Liabilities of the sector are assets of the household sector.
32 Z.1, December 9, 2004

F.122 Money Market Mutual Funds (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2000 2001 2002 2003 2003 2004

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Net acquisition of financial assets 233.3 428.6 -16.8 -207.8 -243.8 107.4 -227.3 -467.7 -122.4 0.2 -154.3 1

 2 Foreign deposits 48.2 33.1 -10.1 -39.9 -52.2 -49.8 -25.6 -32.2 -3.9 62.4 -49.3 2

 3 Checkable deposits and currency 4.5 2.3 -5.8 -0.6 7.3 -18.1 5.3 2.9 -24.8 55.2 -1.5 3

 4 Time and savings deposits -18.0 77.1 -14.8 -47.7 -58.6 7.1 7.6 -146.9 -8.2 59.9 -3.4 4

 5 Security RPs 43.4 44.0 46.2 -21.8 -68.4 -9.5 -71.1 62.0 45.9 -52.7 62.6 5

 6 Credit market instruments 143.0 246.0 -25.3 -113.1 -128.4 158.4 -220.2 -262.4 -228.9 -121.9 -153.1 6

 7 Open market paper 89.6 30.3 -44.9 -135.1 -255.6 -59.8 -144.2 -80.7 -150.8 -72.2 -6.5 7

 8 Treasury securities -13.3 45.3 4.5 -10.0 37.2 36.6 -43.8 -69.8 -13.3 -41.8 -15.2 8

 9 Agency- and GSE-backed securities -5.8 133.2 5.7 2.2 8.6 81.9 7.3 -89.1 -74.8 -51.0 -125.0 9

10 Municipal securities 34.3 36.2 1.8 14.6 32.3 62.0 -8.6 -27.5 33.4 28.2 -6.1 10

11 Corporate and foreign bonds 38.2 1.1 7.7 15.2 49.1 37.8 -30.9 4.7 -23.3 14.9 -0.2 11

12 Miscellaneous assets 12.2 26.1 -7.0 15.4 56.6 19.2 76.7 -91.0 97.5 -2.7 -9.6 12

13 Net share issues (liabilities) 233.3 428.6 -16.8 -207.8 -243.8 107.4 -227.3 -467.7 -122.4 0.2 -154.3 13

(1) Open-end investment companies; excludes funding vehicles for variable annuities, which are included in the life insurance companies sector (table F.117).

F.123 Mutual Funds (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Gross saving -1.5 -8.4 -24.6 -16.9 -25.0 -18.2 -12.4 -11.8 -11.6 -11.6 -11.2 1

 2 Net acquisition of financial assets 239.4 201.2 182.4 288.0 189.2 365.7 259.8 337.4 430.7 112.7 299.1 2

 3 Security RPs 25.7 -31.8 6.8 12.5 -0.6 3.6 4.8 42.1 -22.1 3.2 26.0 3

 4 Credit market instruments 20.9 126.1 144.2 137.7 213.0 258.4 -14.5 93.9 209.0 21.0 126.3 4

 5 Open market paper 25.7 -31.8 -11.8 12.8 21.8 1.4 0.3 27.6 1.0 2.8 20.9 5

 6 Treasury securities 6.3 -8.5 19.7 9.4 32.4 37.4 -20.1 -12.2 19.2 1.3 4.9 6

 7 Agency- and GSE-backed securities 4.1 85.3 61.5 25.3 52.0 67.5 -29.8 11.4 60.2 4.1 15.2 7

 8 Municipal securities -8.9 23.0 23.8 12.9 22.1 38.1 -10.1 1.5 21.7 -20.5 8.8 8

 9 Corporate and foreign bonds -6.2 58.1 50.9 77.4 84.7 114.1 45.2 65.6 106.9 33.4 76.6 9

10 Corporate equities 193.1 109.8 31.4 136.8 -26.2 103.4 264.0 206.0 239.0 94.0 146.8 10

11 Miscellaneous assets -0.4 -2.9 0.1 1.0 3.0 0.3 5.4 -4.7 4.8 -5.5 0.0 11

12 Net share issues (liabilities) 239.4 201.2 182.4 288.0 189.2 365.7 259.8 337.4 430.7 112.7 299.1 12

13 Discrepancy -1.5 -8.4 -24.6 -16.9 -25.0 -18.2 -12.4 -11.8 -11.6 -11.6 -11.2 13

(1) Open-end investment companies; excludes funding vehicles for variable annuities, which are included in the life insurance companies sector (table F.117).

F.124 Closed-End and Exchange-Traded Funds

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 Closed-end funds

 1 Net acquisition of financial assets -5.5 1.9 18.0 43.9 31.4 61.2 59.6 23.2 58.0 26.8 15.7 1

 2 Credit market instruments -5.6 3.2 8.6 36.2 26.1 60.1 42.5 16.1 8.7 20.8 -1.8 2

 3 Treasury securities -0.9 0.1 -2.8 1.4 0.3 2.9 1.3 0.9 5.4 2.4 0.9 3

 4 Municipal securities -2.0 7.0 11.3 3.2 4.1 -1.2 8.4 1.7 -1.8 5.8 -2.5 4

 5 Corporate and foreign bonds -2.7 -3.8 0.0 31.6 21.7 58.5 32.9 13.4 5.2 12.6 -0.2 5

 6 Corporate equities 0.1 -1.3 9.4 7.6 5.3 1.1 17.0 7.1 49.2 6.0 17.5 6

 7 Net share issues (liabilities) -5.5 1.9 18.0 43.9 31.4 61.2 59.6 23.2 58.0 26.8 15.7 7

 Exchange-traded funds

 8 Net acquisition of financial assets 42.4 31.0 45.3 15.8 6.0 15.0 -24.1 66.3 30.1 60.8 27.1 8

 9 Credit market instruments 0.0 0.0 3.7 0.7 -1.1 0.4 1.6 2.0 5.1 3.5 2.2 9

10 Treasury securities 0.0 0.0 2.0 0.1 -1.8 -1.0 2.0 1.2 3.6 3.0 1.5 10

11 Corporate and foreign bonds 0.0 0.0 1.8 0.6 0.7 1.5 -0.4 0.8 1.5 0.6 0.8 11

12 Corporate equities 42.4 31.0 41.6 15.1 7.2 14.6 -25.6 64.2 25.0 57.2 24.8 12

13 Net share issues (liabilities) 42.4 31.0 45.3 15.8 6.0 15.0 -24.1 66.3 30.1 60.8 27.1 13
Z.1, December 9, 2004 33

F.125 Government-Sponsored Enterprises (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2000 2001 2002 2003 2003 2004

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Gross saving 3.0 3.2 3.3 3.3 3.6 3.5 2.8 3.5 3.4 3.4 3.7 1

 2 Fixed nonresidential investment 0.8 0.8 0.8 0.9 0.9 0.9 0.9 0.9 1.0 1.0 1.0 2

 3 Net acquisition of financial assets 237.8 344.4 240.0 236.5 211.3 197.2 430.3 107.3 54.5 179.7 189.5 3

 4 Checkable deposits and currency -7.7 2.3 8.1 12.0 25.4 -7.4 4.1 26.0 5.9 3.9 -8.2 4

 5 Time and savings deposits 0.5 8.1 -5.1 -8.5 -8.8 16.6 -34.6 -7.3 19.7 25.0 -22.9 5

 6 Federal funds and security RPs 3.0 23.8 -9.1 -20.0 -65.6 44.8 -69.1 10.0 17.0 -46.8 76.4 6

 7 Credit market instruments 246.0 304.7 224.1 236.5 298.5 106.9 506.6 34.0 -2.3 193.7 106.9 7

 8 Open market paper 10.7 2.7 -23.5 -2.4 2.9 -7.8 -3.0 -1.7 2.9 -1.4 -4.6 8

 9 Treasury securities 0.6 0.4 12.1 -12.3 -1.9 0.9 -6.0 -42.0 0.3 2.7 -2.9 9

10 Agency- and GSE-backed securities 149.2 206.9 131.7 88.8 114.9 -38.9 367.5 -88.4 -99.4 27.9 129.1 10

11 Municipal securities 2.8 6.2 4.0 5.0 -1.2 -0.2 5.3 16.1 5.5 12.9 -2.5 11

12 Corporate and foreign bonds 19.1 24.6 33.5 36.6 39.1 7.0 17.8 82.4 -0.3 49.0 10.2 12

13 Other loans and advances 45.3 28.3 8.9 31.1 44.6 33.4 -0.5 47.2 81.2 157.9 -31.8 13

14 Sallie Mae 0.1 -0.0 -0.4 -0.1 -0.1 -0.1 -0.0 -0.1 0.0 -0.6 -0.6 14

15 Farm Credit System 3.1 2.9 2.0 0.0 0.8 -4.7 -1.2 5.4 5.2 -7.6 -0.3 15

16 FHLB loans 42.1 25.4 7.2 31.2 43.9 38.2 0.7 41.9 76.0 166.1 -30.9 16

17 Mortgages 22.2 33.2 59.8 106.0 106.5 128.7 141.9 47.1 26.0 -0.3 18.2 17

18 Home 15.8 20.5 45.5 92.2 91.8 108.3 135.8 33.0 18.9 -12.1 12.0 18

19 Multifamily residential 4.5 8.2 8.5 10.9 11.8 14.7 4.9 12.4 4.4 8.0 3.4 19

20 Farm 2.0 4.5 5.8 2.9 2.9 5.7 1.3 1.8 2.6 3.9 2.8 20

21 Consumer credit (2) -3.9 2.4 -2.5 -16.3 -6.3 -16.2 -16.3 -26.6 -18.4 -55.0 -8.9 21

22 Miscellaneous assets -4.0 5.5 22.0 16.5 -38.2 36.3 23.3 44.6 14.2 3.9 37.4 22

23 Net increase in liabilities 232.1 351.6 247.6 217.2 223.2 187.9 430.7 26.7 62.9 142.6 181.8 23

24 Credit market instruments 235.2 304.1 219.8 243.7 225.8 192.4 459.9 96.9 18.2 234.4 108.0 24

25 GSE issues (3) 235.2 304.1 219.8 243.7 225.8 192.4 459.9 96.9 18.2 234.4 108.0 25

26 U.S. government loans 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 26

27 Miscellaneous liabilities -3.1 47.4 27.7 -26.6 -2.5 -4.5 -29.2 -70.2 44.7 -91.7 73.8 27

28 Discrepancy -3.5 9.6 10.0 -16.9 14.6 -6.7 2.3 -78.0 10.8 -34.6 -5.1 28

(1) Federal Home Loan Banks, Federal National Mortgage Association, Federal Home Loan Mortgage Corporation, Federal Agricultural Mortgage Corporation, Farm Credit System, the Financing

 Corporation, the Resolution Funding Corporation, and the Student Loan Marketing Association (Sallie Mae), which is a subsidiary of SLM Corporation, a private company chartered in 1997.

(2) SLMA student loans.

(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 Net acquisition of financial assets 199.7 338.5 326.8 330.5 272.2 266.9 307.6 475.3 80.1 74.0 59.4 1

 2 Home mortgages 190.9 322.9 315.2 303.3 257.7 252.4 274.2 428.8 92.9 55.9 54.0 2

 3 Multifamily residential mortgages 8.5 15.6 12.9 26.6 14.7 14.5 30.6 46.7 -12.7 18.1 5.3 3

 4 Commercial mortgages 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 Farm mortgages 0.3 0.0 -1.3 0.6 -0.1 0.0 2.8 -0.1 -0.1 0.0 -0.0 5

 6 Net increase in pool securities (liabilities)(2) 199.7 338.5 326.8 330.5 272.2 266.9 307.6 475.3 80.1 74.0 59.4 6

(1) GNMA, FNMA, FHLMC, FAMC, and Farmers Home Administration pools. 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.
34 Z.1, December 9, 2004

F.127 Issuers of Asset-Backed Securities (ABSs)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2000 2001 2002 2003 2003 2004

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Gross saving 1.6 1.4 1.0 1.0 1.0 1.0 1.0 1.0 0.9 0.9 0.8 1

 2 Fixed nonresidential investment -1.6 1.7 -0.1 0.8 2.8 0.1 0.1 0.1 0.1 0.1 0.1 2

 3 Net acquisition of financial assets 185.5 255.9 192.6 200.3 254.7 241.0 167.4 138.2 127.1 301.3 357.7 3

 4 Agency- and GSE-backed securities (1) 8.3 16.5 45.4 7.9 -51.7 18.2 106.6 -41.3 -159.2 54.8 -102.4 4

 5 Other loans and advances 7.2 18.5 -3.3 -1.1 30.1 -16.5 -22.9 4.8 -9.2 0.3 18.7 5

 6 Mortgages (2) 68.1 116.7 89.4 184.5 205.8 205.9 106.5 219.8 288.1 237.8 423.6 6

 7 Home 33.0 71.9 58.1 132.8 172.5 143.3 56.8 158.5 234.5 170.5 370.6 7

 8 Multifamily residential 5.4 5.9 5.5 8.1 2.4 8.1 8.0 13.7 7.3 6.3 5.1 8

 9 Commercial 29.7 38.8 25.8 43.6 30.9 54.4 41.7 47.6 46.4 61.0 48.0 9

10 Consumer credit 68.9 78.4 37.4 -12.1 48.5 11.9 -43.4 -65.3 -12.2 -10.6 -0.6 10

11 Trade credit 33.0 25.9 23.8 21.1 22.0 21.5 20.8 20.2 19.6 19.0 18.3 11

12 Net increase in liabilities 182.3 256.2 191.6 200.1 256.5 240.1 166.6 137.4 126.3 300.6 357.0 12

13 Commercial paper 125.0 120.0 -13.0 -35.6 -35.3 6.8 29.6 -143.4 41.3 -6.5 -33.3 13

14 Corporate bonds 57.3 136.1 204.5 235.7 291.8 233.3 137.0 280.8 84.9 307.0 390.3 14

15 Discrepancy 0.0 0.0 0.0 -0.0 -0.0 0.0 0.0 0.0 0.0 0.0 0.0 15

 Memo:

 Securitized assets not included above

16 Consumer leases (3) -3.2 0.3 -1.1 -0.2 1.8 -0.9 -0.9 -0.8 -0.8 -0.8 -0.7 16

17 REIT assets (4) -1.5 -3.3 7.9 16.0 4.9 14.0 24.7 20.3 28.0 26.1 36.4 17

(1) Agency- and GSE-backed mortgage pool securities backing privately issued CMOs.

(2) Mortgages backing privately issued pool securities and privately issued CMOs.

(3) 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 tangible asset; depreciation flows are included in line 1, and fixed investment flows are included in line 2.

(4) Included in table F.130.

F.128 Finance Companies (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Gross saving 33.8 48.9 58.1 60.0 57.7 61.2 64.6 56.6 58.5 58.7 59.6 1

 2 Fixed nonresidential investment 39.4 30.8 30.4 35.7 29.2 34.2 38.1 41.1 43.1 46.3 49.8 2

 3 Net acquisition of financial assets 136.6 18.8 33.7 190.0 58.2 199.8 351.5 150.3 147.1 -91.7 29.3 3

 4 Checkable deposits and currency 2.6 2.9 3.1 3.3 3.2 3.2 3.3 3.3 3.4 3.4 3.5 4

 5 Credit market instruments 108.6 -4.8 21.2 84.2 8.5 56.5 164.4 107.5 187.3 44.8 89.3 5

 6 Other loans and advances 63.3 -11.5 8.3 2.2 -9.6 -7.4 1.3 24.5 70.0 -35.5 -17.3 6

 7 Mortgages 26.4 -11.0 13.2 24.4 12.3 24.3 39.1 22.0 45.0 15.1 34.2 7

 8 Consumer credit 18.9 17.6 -0.3 57.6 5.8 39.7 124.0 61.0 72.3 65.2 72.3 8

 9 Miscellaneous assets 25.3 20.8 9.5 102.5 46.5 140.0 183.8 39.5 -43.7 -139.9 -63.5 9

10 Net increase in liabilities 166.1 21.3 64.2 220.7 62.0 293.3 352.6 174.8 226.2 -43.5 83.2 10

11 Credit market instruments 81.9 1.3 42.2 117.3 45.6 171.1 104.1 148.2 134.0 -19.7 89.8 11

12 Open market paper 8.4 -80.3 -17.1 -5.2 -14.8 49.7 -45.2 -10.4 56.0 -12.8 38.3 12

13 Corporate bonds 72.9 66.6 62.0 114.3 54.2 108.4 133.1 161.7 54.1 33.9 6.9 13

14 Bank loans n.e.c. 0.5 14.9 -2.8 8.1 6.2 13.1 16.3 -3.0 23.9 -40.9 44.6 14

15 Taxes payable 1.0 1.2 1.4 1.6 1.5 1.6 1.6 1.7 1.7 1.8 1.8 15

16 Miscellaneous liabilities 83.3 18.9 20.7 101.8 14.8 120.7 246.9 24.9 90.5 -25.6 -8.4 16

17 Foreign direct investment in U.S. 14.9 7.8 -3.5 19.2 67.7 4.4 11.4 -6.9 6.1 21.1 22.0 17

18 Investment by parent 14.7 -3.3 -11.0 11.5 -4.1 35.4 -1.1 16.0 20.2 12.8 17.0 18

19 Other 53.7 14.5 35.2 71.1 -48.8 80.9 236.5 15.8 64.3 -59.5 -47.4 19

20 Discrepancy 23.9 20.6 58.3 55.1 32.2 120.6 27.6 40.1 94.5 60.5 63.8 20

 Memo:

21 Consumer leases not included above (2) 5.3 -4.6 -20.2 -13.3 -5.9 -20.6 -5.2 -21.4 -13.7 -6.6 -8.1 21

(1) Includes retail captive finance companies.

(2) See footnote (3), table F.127.
Z.1, December 9, 2004 35

F.129 Mortgage Companies (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2000 2001 2002 2003 2003 2004

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Net acquisition of financial assets 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1

 2 Home mortgages 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2

 3 Multifamily residential mortgages 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3

 4 Commercial mortgages 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 Net increase in liabilities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5

 6 Bank loans n.e.c. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 6

 7 Investment by parent 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 7

(1) No data are available after 1997:Q4.

F.130 Real Estate Investment Trusts (REITs)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Gross saving 0.2 12.9 13.2 10.6 12.4 8.7 9.0 12.3 12.6 13.3 13.7 1

 2 Fixed nonresidential investment 0.3 4.6 18.3 15.9 5.6 7.6 17.8 32.5 40.8 9.7 21.6 2

 3 Multifamily residential investment 0.0 0.8 3.2 2.8 1.0 1.3 3.1 5.7 7.2 1.7 3.8 3

 4 Net acquisition of financial assets 7.3 9.4 25.3 34.2 -0.1 35.5 43.9 57.7 105.7 13.8 96.3 4

 5 Checkable deposits and currency 1.0 0.7 0.1 3.4 2.8 1.7 9.1 -0.2 4.9 4.4 -5.5 5

 6 Credit market instruments -4.0 8.6 24.8 23.7 -6.0 34.0 28.7 38.2 95.1 28.0 63.1 6

 7 Agency- and GSE-backed securities 0.4 7.0 9.7 -3.5 -14.5 9.5 -12.8 3.7 44.7 -3.9 -4.1 7

 8 Corporate and foreign bonds -0.3 2.3 2.3 7.4 16.6 -3.9 13.2 3.6 22.4 12.6 16.2 8

 9 Mortgages -4.1 -0.7 12.8 19.9 -8.1 28.4 28.4 30.9 28.0 19.4 51.0 9

10 Home -4.3 0.2 12.4 17.8 -7.3 27.2 25.4 25.9 21.1 33.4 48.5 10

11 Multifamily residential -0.2 -0.4 -0.2 0.1 -0.3 0.1 -0.0 0.8 -0.2 0.6 -0.7 11

12 Commercial 0.4 -0.5 0.7 2.0 -0.5 1.1 3.0 4.2 7.1 -14.6 3.2 12

13 Miscellaneous assets 10.3 0.2 0.4 7.1 3.1 -0.3 6.0 19.7 5.7 -18.6 38.7 13

14 Net increase in liabilities 5.9 18.6 52.2 53.6 5.3 52.2 63.2 93.7 150.9 69.0 126.7 14

15 Security RPs -2.5 9.3 15.1 5.9 -10.8 20.5 0.6 13.3 39.9 29.0 14.6 15

16 Credit market instruments 4.5 3.2 26.2 32.3 17.5 12.5 43.7 55.7 67.8 43.6 84.4 16

17 Open market paper 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 17

18 Corporate bonds 3.9 4.4 16.2 23.3 14.6 13.6 30.3 34.8 40.7 22.3 72.8 18

19 Bank loans n.e.c. -4.2 -3.3 -0.1 0.5 3.3 -4.1 0.2 2.7 -0.1 5.4 1.8 19

20 Mortgages 4.9 2.2 10.1 8.5 -0.4 3.1 13.2 18.1 27.2 15.9 9.8 20

21 Corporate equity issues 2.0 6.1 8.4 13.3 2.3 16.3 18.1 16.6 25.8 13.8 24.1 21

22 Miscellaneous liabilities 1.9 0.0 2.5 2.0 -3.7 2.9 0.8 8.1 17.5 -17.4 3.6 22

23 Discrepancy -1.5 16.7 18.7 11.3 11.2 16.5 7.3 10.1 9.8 57.1 18.6 23

 Memo:

24 Securitized assets included above -1.5 -3.3 7.9 16.0 4.9 14.0 24.7 20.3 28.0 26.1 36.4 24

25 Agency- and GSE-backed securities -0.2 -3.1 -0.1 -0.1 -0.2 -0.0 -0.2 -0.2 -0.3 0.0 -0.1 25

26 Home mortgages -0.4 0.0 7.4 16.2 5.2 14.2 25.0 20.6 22.1 25.7 36.6 26

27 Multifamily residential mortgages -0.3 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 27

28 Commercial mortgages -0.6 -0.2 0.6 -0.1 -0.1 -0.1 -0.1 -0.1 6.2 0.3 -0.1 28
36 Z.1, December 9, 2004

F.131 Security Brokers and Dealers

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2000 2001 2002 2003 2003 2004

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Gross saving -14.1 3.3 18.7 18.7 18.6 15.7 20.8 19.7 19.0 19.6 19.3 1

 2 Fixed nonresidential investment 30.0 26.8 22.4 22.6 21.5 22.0 23.0 23.7 24.0 24.8 25.7 2

 3 Net acquisition of financial assets 220.4 244.3 -130.2 277.6 263.8 563.2 114.8 168.7 520.3 -120.7 247.2 3

 4 Checkable deposits and currency 1.6 16.8 -2.9 2.9 -0.2 -2.4 1.1 13.2 23.3 1.9 -4.0 4

 5 Credit market instruments 68.9 92.4 28.4 79.6 64.7 -73.8 21.1 306.5 -185.3 -177.0 372.1 5

 6 Open market paper 13.2 9.0 -4.7 5.9 12.8 -19.3 16.8 13.1 0.7 1.8 -6.7 6

 7 Treasury securities 39.4 13.1 -13.7 41.7 -35.7 -197.4 171.2 228.7 -219.0 -234.9 150.1 7

 8 Agency- and GSE-backed securities -2.3 14.1 14.1 -8.1 145.1 45.2 -214.3 -8.4 40.2 -29.9 182.4 8

 9 Municipal securities -0.7 7.7 2.0 3.8 -7.3 11.7 7.8 3.1 1.7 20.3 13.0 9

10 Corporate and foreign bonds 19.3 48.6 30.7 36.4 -50.2 86.1 39.5 70.0 -8.8 65.8 33.3 10

11 Corporate equities 9.6 17.3 3.2 3.8 -12.7 35.5 -12.2 4.5 44.6 17.4 -40.5 11

12 Security credit 7.2 -38.8 -48.2 34.3 45.3 355.7 -83.4 -180.4 74.7 64.1 -30.5 12

13 Miscellaneous assets 133.0 156.6 -110.8 156.9 166.7 248.1 188.1 24.9 563.0 -27.0 -49.9 13

14 Net increase in liabilities 210.1 239.4 -118.2 257.3 266.7 517.6 102.2 142.5 505.8 -100.4 247.9 14

15 Security RPs (net) 56.9 51.0 -9.0 133.7 -1.6 71.4 196.7 268.2 108.8 -389.6 279.8 15

16 Corporate bonds 15.6 1.4 -1.7 6.4 38.4 -16.2 9.9 -6.6 51.9 2.5 33.2 16

17 Corporate equity issues -4.2 6.7 10.2 -7.7 12.1 -27.6 9.0 -24.5 2.6 22.0 10.2 17

18 Trade payables 5.1 3.3 -1.8 -9.2 -35.7 27.0 -11.1 -17.0 25.5 -10.1 8.3 18

19 Security credit 138.9 41.9 -38.9 98.2 151.5 365.2 -26.4 -97.6 212.5 103.9 10.5 19

20 Customer credit balances (HH) 88.6 41.9 -41.6 62.7 67.8 342.0 -46.8 -112.3 150.5 87.6 -66.6 20

21 From banks 50.4 0.0 2.8 35.5 83.8 23.2 20.4 14.7 62.0 16.3 77.1 21

22 Taxes payable -0.1 -0.2 -0.5 0.4 1.1 1.2 0.2 -0.9 0.7 0.5 1.2 22

23 Miscellaneous liabilities -1.9 138.5 -77.1 39.1 100.2 102.3 -74.9 28.9 110.6 171.7 -94.2 23

24 Foreign direct investment in U.S. 5.1 -1.3 2.2 3.2 -1.7 7.7 -1.5 8.5 -1.4 1.2 -2.8 24

25 Due to affiliates 60.2 62.9 19.9 44.3 104.6 -10.1 8.8 74.1 10.9 184.5 25.4 25

26 Other -67.2 76.9 -99.3 -8.5 -2.6 104.7 -82.3 -53.6 101.2 -14.1 -116.8 26

27 Proprietors’ net investment -0.2 -3.3 0.6 -3.6 0.5 -5.7 -1.2 -8.0 -6.9 -1.1 -1.2 27

28 Discrepancy -54.3 -28.4 8.3 -24.2 -0.1 -51.9 -14.7 -30.2 -19.5 15.1 -5.7 28

F.132 Funding Corporations (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net acquisition of financial assets 116.6 15.7 -12.2 53.0 171.1 73.5 87.4 -119.9 247.6 135.2 -114.2 1

 2 Money market fund shares 16.8 103.4 6.0 -36.8 -161.4 109.1 53.0 -148.0 -42.7 8.6 40.0 2

 3 Credit market instruments 24.4 -89.2 -58.4 85.4 279.9 49.1 81.1 -68.3 273.6 58.6 -131.6 3

 4 Open market paper 33.3 -135.0 -59.1 30.5 214.8 3.5 24.9 -121.2 323.1 41.3 -62.5 4

 5 Corporate and foreign bonds -8.9 45.8 0.6 54.9 65.1 45.5 56.2 52.9 -49.5 17.3 -69.1 5

 6 Miscellaneous assets (2) 75.5 1.5 40.2 4.4 52.6 -84.7 -46.8 96.5 16.6 68.1 -22.6 6

 7 Investment in foreign banking offices 45.6 -30.8 24.7 -1.7 -17.0 -14.0 -25.8 50.0 108.4 -82.3 15.6 7

 8 Investment in brokers and dealers 29.8 32.3 15.5 6.1 69.6 -70.7 -20.9 46.5 -91.7 150.3 -38.2 8

 9 Net increase in liabilities 116.6 15.7 -12.2 53.0 171.1 73.5 87.4 -119.9 247.6 135.2 -114.2 9

10 Credit market instruments -0.3 -54.6 -0.5 -1.4 46.2 -57.0 -48.0 53.3 16.2 39.5 -83.5 10

11 Open market paper -2.3 -76.8 -30.9 -16.8 36.6 -86.4 -51.0 33.8 -5.1 49.2 -69.2 11

12 Corporate bonds 1.9 22.2 30.5 15.4 9.6 29.3 3.1 19.5 21.3 -9.7 -14.2 12

13 Miscellaneous liabilities 117.0 70.3 -11.8 54.4 124.9 130.5 135.3 -173.1 231.4 95.7 -30.7 13

14 Foreign direct investment in U.S. 75.8 56.0 40.6 5.8 6.4 -27.7 1.2 43.2 0.5 28.6 60.9 14

15 Securities loaned (net) 88.7 70.1 -2.9 102.6 -30.9 245.1 175.1 21.0 323.7 -11.2 -67.0 15

16 Other -47.5 -55.9 -49.5 -54.0 149.4 -86.9 -41.0 -237.4 -92.7 78.3 -24.6 16

(1) Funding subsidiaries, nonbank financial holding companies, and custodial accounts for reinvested collateral of securities lending operations.

(2) Due from affiliated companies.
Z.1, December 9, 2004 37

F.200 Gold and Official Foreign Exchange Holdings (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2000 2001 2002 2003 2003 2004

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total U.S. reserves 0.3 4.9 10.7 0.5 1.3 1.0 7.9 -8.3 -2.1 -13.4 0.2 1

 2 U.S. gold stock and SDRs 0.7 0.6 0.8 -0.6 -3.6 0.4 0.8 -0.1 0.4 -0.7 0.6 2

 3 Federal govt.: Exchange Stab. Fund 0.7 0.6 0.8 -0.6 -3.6 0.4 0.8 -0.1 0.4 -0.7 0.6 3

 4 Monetary authority (2) -0.0 -0.0 -0.0 0.0 -0.0 0.0 -0.0 0.0 0.0 -0.0 -0.0 4

 5 U.S. foreign exchange position -0.4 4.3 9.9 1.1 4.9 0.6 7.1 -8.2 -2.5 -12.7 -0.4 5

 6 Official foreign currency holdings 1.9 0.7 3.8 2.6 2.3 1.0 4.7 2.5 0.8 -5.5 2.1 6

 7 Treasury 0.9 0.3 1.9 1.3 1.2 0.5 2.3 1.3 0.4 -2.7 1.0 7

 8 Monetary authority 0.9 0.3 1.9 1.3 1.2 0.5 2.3 1.3 0.4 -2.7 1.0 8

 9 Net IMF position -2.3 3.6 6.1 -1.5 2.6 -0.4 2.4 -10.7 -3.3 -7.2 -2.4 9

10 Federal government -2.3 3.6 6.1 -1.5 2.6 -0.4 2.4 -10.7 -3.3 -7.2 -2.4 10

11 Monetary authority 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11

(1) Lines 1, 2, and 3 exclude increases in SDRs through allocations, which have occurred at various dates beginning January 1970. Transactions in SDRs are included. Also excluded from the table

 are revaluations of foreign currency holdings, gold, SDRs, and IMF position. Allocations and revaluations are included in tables on outstandings.

(2) Treasury gold stock.

F.201 SDR Certificates and Treasury Currency

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 SDR certificates:

 1 Liab: Federal government -4.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1

 2 Asset: Monetary authority -4.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2

 Treasury currency:

 3 Liab: Federal government 2.4 1.3 1.0 0.6 0.6 1.6 0.1 -0.0 0.8 1.2 0.7 3

 4 Asset: Monetary authority 3.6 1.4 1.6 0.9 0.8 1.1 0.9 0.7 1.1 1.1 1.0 4

 5 Discrepancy (seigniorage) -1.2 -0.1 -0.6 -0.3 -0.2 0.5 -0.8 -0.7 -0.4 0.0 -0.3 5

F.202 U.S. Deposits in Foreign Countries

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Total rest of the world liability 126.9 6.8 21.0 -0.0 34.7 143.1 -306.0 128.1 132.4 -47.2 44.8 1

 Held by:

 2 Household sector 20.0 -5.0 15.7 -9.0 26.1 -23.5 -17.9 -20.7 79.0 20.5 21.6 2

 3 Nonfinancial corporate business -7.4 -8.5 4.4 18.9 20.1 8.1 23.9 23.5 12.8 18.8 13.3 3

 4 Money market mutual funds 48.2 33.1 -10.1 -39.9 -52.2 -49.8 -25.6 -32.2 -3.9 62.4 -49.3 4

 5 Discrepancy--unallocated assets 66.1 -12.8 11.0 30.0 40.8 208.3 -286.5 157.5 44.4 -149.0 59.2 5
38 Z.1, December 9, 2004

F.203 Net Interbank Transactions

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2000 2001 2002 2003 2003 2004

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Net change in liabilities 15.1 -28.0 17.3 -3.8 -4.2 -190.0 80.8 98.2 -213.3 87.5 -231.0 1

 2 Monetary authority -27.1 1.4 5.6 0.6 25.4 7.2 0.5 -30.4 24.9 28.0 -34.8 2

 3 Depository institution reserves -5.0 -1.6 5.1 0.5 21.2 4.0 -2.0 -21.2 9.3 19.9 -28.0 3

 4 Vault cash -22.2 2.9 0.5 0.1 4.1 3.2 2.4 -9.2 15.6 8.2 -6.7 4

 5 Commercial banking 42.3 -29.4 11.8 -4.4 -29.5 -197.2 80.3 128.7 -238.2 59.5 -196.3 5

 6 To monetary authority 1.0 -1.0 0.4 -0.7 -6.5 5.6 -2.3 0.3 -1.1 4.0 6.4 6

 7 To banks in foreign countries 20.8 -45.6 4.2 0.5 -31.6 -174.6 48.3 159.7 -252.6 -8.9 -158.4 7

 8 Liabilities, net 21.8 -44.3 13.9 -2.5 -44.7 -185.6 78.6 141.7 -246.9 1.6 -169.8 8

 9 U.S.-chartered commercial banks 45.8 -12.3 46.1 89.8 0.9 -11.9 195.0 175.4 -91.6 141.2 -43.5 9

10 Due to foreign affiliates 75.2 22.8 -0.9 123.7 74.1 259.7 63.5 97.6 -42.5 106.5 -85.2 10

11 - Due from foreign affiliates 29.5 35.1 -47.0 33.9 73.3 271.6 -131.5 -77.8 49.1 -34.7 -41.8 11

12 Foreign banking offices in U.S. -56.5 -35.4 -32.8 -47.5 -8.7 -34.5 -116.1 -30.6 -152.3 -154.7 -124.7 12

13 Due to foreign affiliates -14.3 29.7 13.0 19.5 104.3 186.2 -96.6 -115.8 19.4 -12.1 18.5 13

14 - Due from foreign affiliates 42.2 65.0 45.8 67.0 113.0 220.8 19.5 -85.2 171.8 142.6 143.2 14

15 Bank holding companies 32.5 3.3 0.6 -44.8 -36.8 -139.1 -0.3 -3.0 -3.0 15.1 -1.7 15

16 Due to foreign affiliates 30.9 12.2 2.0 -40.2 -37.5 -123.3 -3.8 3.8 2.7 3.1 -1.7 16

17 - Due from foreign affiliates -1.6 8.8 1.4 4.6 -0.7 15.9 -3.5 6.8 5.7 -12.0 0.0 17

18 Less: Deposits at foreign banks 1.0 1.3 9.7 -2.9 -13.1 -10.9 30.3 -18.0 5.7 10.5 -11.4 18

19 U.S.-chartered commercial banks 0.4 1.3 10.2 -3.0 -13.1 -11.4 29.5 -16.9 5.3 10.6 -12.0 19

20 Foreign banking offices in U.S. 0.6 -0.0 -0.6 0.0 0.0 0.5 0.7 -1.1 0.4 -0.1 0.5 20

21 To U.S. banking, net 20.4 17.2 7.1 -4.2 8.5 -28.2 34.2 -31.3 15.4 64.4 -44.3 21

22 U.S.-chartered commercial banks 30.5 16.5 20.8 -66.2 -78.8 -156.5 4.8 -34.4 -47.9 38.6 -11.7 22

23 Liabilities 11.2 1.5 19.0 -3.0 -10.8 38.5 15.8 -55.6 26.7 91.1 -29.1 23

24 To foreign offices in U.S. -9.1 -15.8 10.9 1.3 -17.3 65.2 -17.2 -25.6 11.0 26.6 13.4 24

25 To bank holding companies -0.1 0.1 1.0 -0.1 -2.0 1.5 -1.2 1.4 0.2 0.2 1.8 25

26 Unallocated 20.4 17.2 7.1 -4.2 8.5 -28.2 34.2 -31.3 15.4 64.4 -44.3 26

 Less, due from:

27 Foreign offices in U.S. 7.1 3.4 0.9 7.5 37.3 19.3 0.3 -26.8 72.3 63.1 -46.7 27

28 Bank holding companies -26.4 -18.4 -2.6 55.7 30.6 175.7 10.7 5.7 2.3 -10.5 29.3 28

29 Foreign banking offices in U.S. 16.2 19.2 -10.0 6.3 54.6 -45.8 17.5 -1.2 61.3 36.5 -60.1 29

30 Due to U.S. banks 7.1 3.4 0.9 7.5 37.3 19.3 0.3 -26.8 72.3 63.1 -46.7 30

31 - Due from U.S. banks -9.1 -15.8 10.9 1.3 -17.3 65.2 -17.2 -25.6 11.0 26.6 13.4 31

32 Bank holding companies -26.3 -18.6 -3.6 55.8 32.7 174.2 11.9 4.3 2.0 -10.7 27.5 32

33 Due to U.S. banks -26.4 -18.4 -2.6 55.7 30.6 175.7 10.7 5.7 2.3 -10.5 29.3 33

34 - Due from U.S. banks -0.1 0.1 1.0 -0.1 -2.0 1.5 -1.2 1.4 0.2 0.2 1.8 34

35 Net change in assets -5.3 -45.2 10.2 0.4 -12.7 -161.9 46.5 129.6 -228.7 23.1 -186.7 35

36 Rest of the world 20.8 -45.6 4.2 0.5 -31.6 -174.6 48.3 159.7 -252.6 -8.9 -158.4 36

37 Domestic -26.1 0.4 6.0 -0.1 18.9 12.8 -1.8 -30.2 23.9 32.1 -28.4 37

38 Monetary authority 1.0 -1.0 0.4 -0.7 -6.5 5.6 -2.3 0.3 -1.1 4.0 6.4 38

39 Federal Reserve float 1.1 -0.9 0.4 -0.7 -6.5 2.7 0.1 0.7 -1.1 3.0 6.7 39

40 Loans to member banks -0.1 -0.1 0.0 0.0 -0.0 3.0 -2.4 -0.4 0.0 1.0 -0.3 40

41 Commercial banking -24.1 0.7 4.9 0.3 26.1 5.5 -0.3 -29.9 25.2 27.8 -35.3 41

42 Reserves at Federal Reserve -1.9 -2.2 4.4 0.2 21.9 2.3 -2.8 -20.7 9.6 19.6 -28.6 42

43 Vault cash -22.2 2.9 0.5 0.1 4.1 3.2 2.4 -9.2 15.6 8.2 -6.7 43

44 Savings insts.: Reserves at Fed. Res. -3.1 0.6 0.7 0.3 -0.7 1.7 0.8 -0.5 -0.3 0.3 0.5 44

45 Discrepancy--floats, etc. 20.4 17.2 7.1 -4.2 8.5 -28.2 34.2 -31.3 15.4 64.4 -44.3 45
Z.1, December 9, 2004 39

F.204 Checkable Deposits and Currency

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2000 2001 2002 2003 2003 2004

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Net change in liabilities -71.4 204.3 43.5 133.8 121.2 182.0 46.1 186.0 172.0 134.5 102.7 1

 2 Monetary authority -35.3 48.0 41.5 37.9 57.2 21.5 24.1 48.7 7.5 48.4 39.9 2

 3 Federal government cash and deposits -22.9 1.5 -2.3 1.3 8.3 -6.4 -3.8 6.9 -1.1 -5.1 -7.6 3

 4 Deposits due to foreign 0.1 -0.2 0.0 0.1 0.6 2.8 -3.4 0.3 -0.3 0.7 -0.6 4

 5 Currency outside banks -12.5 46.7 43.7 36.6 48.3 25.2 31.3 41.5 8.9 52.8 48.1 5

 6 Commercial banking -85.5 102.2 -57.3 30.9 -13.9 97.2 -29.1 69.4 94.2 19.5 4.2 6

 7 Federal government deposits -33.2 45.3 -16.4 -0.9 -60.9 -8.8 -6.7 72.7 -11.6 2.7 -59.7 7

 8 Deposits due to foreign 2.0 -4.8 -0.6 8.0 6.8 57.4 -34.3 2.1 12.5 46.1 27.7 8

 9 Private domestic deposits -54.3 61.7 -40.3 23.8 40.1 48.6 11.9 -5.5 93.4 -29.3 36.3 9

10 Savings institutions 43.4 50.7 54.4 57.4 53.2 61.4 57.6 57.6 58.6 66.1 54.4 10

11 Credit unions 5.9 3.5 5.0 7.6 24.7 1.9 -6.4 10.4 11.7 0.5 4.3 11

12 Net change in assets -71.4 204.3 43.5 133.8 121.2 182.0 46.1 186.0 172.0 134.5 102.7 12

13 Household sector -135.2 101.8 22.6 -52.2 -41.0 1.0 -40.4 -128.3 36.3 110.5 104.0 13

14 Nonfinancial business 107.1 -48.4 -5.6 107.6 25.7 129.6 112.4 162.7 89.3 -46.6 74.5 14

15 Corporate 50.5 -49.5 -18.9 96.7 16.7 115.7 99.7 154.5 87.3 -45.5 74.7 15

16 Nonfarm noncorporate 56.4 0.5 12.8 10.9 8.9 13.8 12.7 8.1 1.7 -1.4 -0.5 16

17 Farm 0.2 0.6 0.5 0.1 0.1 0.1 0.1 0.1 0.3 0.3 0.3 17

18 State and local governments 1.0 5.1 8.5 8.5 5.7 12.2 7.8 8.2 0.4 -22.1 -1.1 18

19 Federal government -65.1 41.1 -18.7 8.2 -30.9 -12.0 26.5 49.3 -54.0 12.4 -74.5 19

20 Rest of the world 7.5 18.8 20.9 24.7 27.1 66.1 -26.7 32.4 4.9 81.9 37.4 20

21 Checkable deposits 2.2 -5.0 -0.6 8.1 7.4 60.2 -37.8 2.4 12.1 46.9 27.2 21

22 Currency 5.3 23.8 21.5 16.6 19.7 5.8 11.1 29.9 -7.2 35.0 10.2 22

23 Financial sectors 4.7 80.8 16.4 44.9 157.3 -11.3 3.2 30.4 52.1 10.8 -47.8 23

24 Commercial banking -0.5 1.1 -0.3 -0.0 2.3 -0.2 -2.4 0.3 2.9 -1.8 1.5 24

25 Savings institutions 1.6 2.0 3.7 0.2 -3.2 12.3 -4.3 -3.9 7.7 17.5 -34.3 25

26 Credit unions 0.3 10.1 1.6 3.2 69.1 -21.1 -18.8 -16.5 38.5 -58.0 5.8 26

27 Bank personal trusts and estates -0.1 0.5 -0.7 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4 27

28 Life insurance companies -0.5 31.9 -1.6 12.0 34.2 2.4 9.4 2.0 -3.9 -16.0 0.5 28

29 Other insurance companies -0.6 9.4 12.8 8.6 17.0 23.8 -4.1 -2.2 -13.9 -0.1 -8.3 29

30 Private pension funds 2.6 0.4 0.3 0.1 0.2 1.6 -0.0 -1.2 0.1 -0.0 0.1 30

31 State and local govt. retirement funds -0.1 0.4 -1.9 -0.7 -1.1 -7.6 -0.1 6.2 7.6 0.0 2.3 31

32 Money market mutual funds 4.5 2.3 -5.8 -0.6 7.3 -18.1 5.3 2.9 -24.8 55.2 -1.5 32

33 Government-sponsored enterprises -7.7 2.3 8.1 12.0 25.4 -7.4 4.1 26.0 5.9 3.9 -8.2 33

34 Finance companies 2.6 2.9 3.1 3.3 3.2 3.2 3.3 3.3 3.4 3.4 3.5 34

35 REITs 1.0 0.7 0.1 3.4 2.8 1.7 9.1 -0.2 4.9 4.4 -5.5 35

36 Brokers and dealers 1.6 16.8 -2.9 2.9 -0.2 -2.4 1.1 13.2 23.3 1.9 -4.0 36

37 Mail float 8.7 5.2 -0.7 -7.9 -22.7 -3.5 -36.7 31.4 42.9 -12.4 10.3 37
40 Z.1, December 9, 2004

F.205 Time and Savings Deposits

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2000 2001 2002 2003 2003 2004

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Net change in liabilities 305.0 335.8 321.0 291.4 429.8 472.3 96.9 166.7 527.2 607.5 369.2 1

 2 Small time and savings deposits 188.8 267.2 270.9 229.4 268.3 427.2 120.2 102.1 226.2 429.9 166.0 2

 3 Commercial banking 211.6 249.4 269.4 230.4 253.8 418.7 99.5 149.5 318.2 378.4 241.7 3

 4 U.S.-chartered commercial banks 210.6 240.4 273.6 228.2 257.2 417.6 94.0 144.0 314.3 378.2 243.2 4

 5 Foreign banking offices in U.S. -0.4 4.5 -2.3 0.9 -2.7 1.0 3.0 2.4 3.6 -1.6 -3.9 5

 6 Banks in U.S.-affiliated areas 1.4 4.6 -1.9 1.3 -0.7 0.1 2.5 3.2 0.2 1.8 2.4 6

 7 Savings institutions -35.8 -30.7 -31.6 -30.5 -25.0 -28.7 -3.0 -65.2 -38.3 -22.3 -53.9 7

 8 Credit unions 13.0 48.6 33.1 29.6 39.5 37.2 23.8 17.8 -53.7 73.8 -21.8 8

 9 Large time deposits (1) 116.2 68.6 50.1 62.0 161.5 45.1 -23.3 64.6 301.0 177.6 203.2 9

10 Commercial banking 92.8 32.7 -2.8 18.8 110.9 -31.4 -26.8 22.5 239.6 148.2 128.1 10

11 U.S.-chartered commercial banks 87.9 -25.2 24.3 2.9 76.6 5.0 -32.8 -37.1 85.0 72.2 110.0 11

12 Foreign banking offices in U.S. 3.4 53.3 -25.1 14.6 35.0 -36.5 3.5 56.4 154.4 74.1 15.7 12

13 Banks in U.S.-affiliated areas 1.4 4.6 -1.9 1.3 -0.7 0.1 2.5 3.2 0.2 1.8 2.4 13

14 Savings institutions 19.9 26.9 44.2 32.4 45.5 52.5 2.6 28.9 57.2 22.1 67.5 14

15 Credit unions 3.5 9.0 8.7 10.8 5.1 24.0 0.8 13.3 4.2 7.3 7.6 15

16 Net change in assets 305.0 335.8 321.0 291.4 429.8 472.3 96.9 166.7 527.2 607.5 369.2 16

17 Household sector 288.9 204.9 279.8 331.4 467.5 317.9 275.4 264.9 494.5 313.3 389.5 17

18 Nonfinancial business 20.5 0.9 -1.4 46.2 28.5 59.2 46.0 51.2 17.4 37.9 58.0 18

19 Corporate 0.5 -6.2 -3.6 44.5 32.8 55.3 45.1 44.9 21.0 37.4 58.4 19

20 Nonfarm noncorporate 20.1 7.1 2.2 1.7 -4.3 4.0 0.9 6.3 -3.6 0.5 -0.4 20

21 State and local governments 13.1 11.2 7.7 9.6 4.7 13.7 11.3 8.7 8.5 7.5 69.3 21

22 Federal government 1.0 4.2 17.1 -25.2 -36.7 37.5 -74.8 -26.8 -2.2 1.1 0.5 22

23 Rest of the world -17.2 11.9 31.7 -27.4 9.3 12.9 -145.4 13.5 -14.7 153.6 -120.8 23

24 Financial sectors -1.3 102.8 -13.8 -43.2 -43.6 31.1 -15.6 -144.7 23.8 94.1 -27.3 24

25 Savings institutions 0.1 0.8 0.4 0.0 0.2 0.2 -0.1 -0.2 1.4 1.2 -0.2 25

26 Credit unions -1.1 7.4 1.6 1.8 12.1 -3.5 0.9 -2.1 0.3 5.4 -3.9 26

27 Bank personal trusts and estates 0.2 2.7 -0.6 8.7 8.7 8.7 8.7 8.7 8.7 0.7 0.7 27

28 Private pension funds 17.6 7.1 4.6 2.4 2.0 3.3 1.9 2.4 1.1 1.9 2.0 28

29 State and local govt. retirement funds -0.6 -0.4 0.1 0.1 0.9 -1.3 -0.0 0.7 0.9 0.0 0.3 29

30 Money market mutual funds -18.0 77.1 -14.8 -47.7 -58.6 7.1 7.6 -146.9 -8.2 59.9 -3.4 30

31 Government-sponsored enterprises 0.5 8.1 -5.1 -8.5 -8.8 16.6 -34.6 -7.3 19.7 25.0 -22.9 31

(1) Large time deposits are those issued in amounts of $100,000 or more.

F.206 Money Market Mutual Fund Shares

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net issues 233.3 428.6 -16.8 -207.8 -243.8 107.4 -227.3 -467.7 -122.4 0.2 -154.3 1

 2 Net purchases 233.3 428.6 -16.8 -207.8 -243.8 107.4 -227.3 -467.7 -122.4 0.2 -154.3 2

 3 Household sector 145.8 158.4 -44.4 -99.7 -16.3 61.4 -153.2 -290.6 -22.6 2.4 -124.7 3

 4 Nonfinancial corporate business 36.5 110.5 26.9 -37.7 -18.5 -42.2 -84.1 -6.1 -0.3 13.3 -23.5 4

 5 Nonfarm noncorporate business 8.7 9.6 2.3 -8.2 -5.5 -5.1 -12.4 -9.9 -15.6 -0.7 -2.8 5

 6 State and local governments 6.5 19.7 2.3 -9.4 -6.8 -11.1 -18.5 -1.1 -3.6 3.0 3.1 6

 7 Bank personal trusts and estates 6.9 -7.9 1.3 -9.2 -9.2 -9.2 -9.2 -9.0 -9.0 -8.9 -8.8 7

 8 Life insurance companies 10.5 31.0 -13.5 -8.3 -28.2 2.7 -4.2 -3.5 -29.2 -18.1 -38.5 8

 9 Private pension funds 1.7 3.8 2.3 1.5 2.2 1.9 1.4 0.7 0.6 0.6 0.9 9

10 Funding corporations 16.8 103.4 6.0 -36.8 -161.4 109.1 53.0 -148.0 -42.7 8.6 40.0 10
Z.1, December 9, 2004 41

F.207 Federal Funds and Security Repurchase Agreements

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2000 2001 2002 2003 2003 2004

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Net change in liabilities 114.5 23.7 106.6 227.2 153.7 335.7 39.5 379.9 370.8 -176.6 324.9 1

 2 Commercial banking (net) 66.1 -42.3 115.5 67.6 152.7 228.4 -161.5 50.6 235.6 195.8 17.1 2

 3 U.S.-chartered commercial banks 15.4 -31.2 73.6 68.5 22.3 211.5 -46.3 86.6 214.3 158.0 -33.1 3

 4 Foreign banking offices in U.S. 52.3 -11.0 39.5 -1.9 110.4 6.5 -88.8 -35.6 24.7 37.1 50.9 4

 5 Bank holding companies -1.6 -0.1 2.4 0.9 20.0 10.4 -26.4 -0.4 -3.4 0.7 -0.7 5

 6 Savings institutions -6.0 5.8 -15.0 20.1 13.4 15.3 3.8 47.8 -13.6 -11.7 13.3 6

 7 REITs -2.5 9.3 15.1 5.9 -10.8 20.5 0.6 13.3 39.9 29.0 14.6 7

 8 Brokers and dealers (net) 56.9 51.0 -9.0 133.7 -1.6 71.4 196.7 268.2 108.8 -389.6 279.8 8

 9 Net change in assets 3.7 84.9 84.1 248.9 576.6 71.4 95.8 251.9 381.0 -16.4 313.3 9

10 Nonfinancial corporate business -1.6 -0.2 2.2 -0.3 -1.5 2.4 4.6 -6.7 -1.5 -1.1 2.3 10

11 State and local governments 8.2 -22.2 -4.9 8.0 3.0 11.6 6.3 11.3 16.0 6.0 6.1 11

12 Rest of the world 11.4 59.4 39.4 272.7 681.4 16.3 223.0 170.2 271.4 74.7 200.8 12

13 Financial sectors -14.3 47.9 47.4 -31.5 -106.2 41.0 -138.1 77.1 95.1 -96.0 104.2 13

14 Monetary authority -97.3 6.9 -10.8 4.3 43.1 7.3 -3.9 -29.6 9.1 28.5 -49.6 14

15 Savings institutions 4.3 12.5 -0.3 -6.1 10.5 -16.5 -3.4 -15.2 41.1 -19.9 -7.8 15

16 Credit unions -5.3 -1.5 -0.8 -0.1 -8.1 4.1 -4.4 7.8 -8.9 5.9 -2.7 16

17 Other insurance companies 10.0 -8.1 14.2 8.5 -9.4 27.0 8.8 7.4 -2.6 -8.8 -4.0 17

18 Private pension funds -2.4 1.5 1.0 0.5 0.6 0.6 0.5 0.4 0.2 0.4 0.4 18

19 State and local govt. retirement funds 4.3 0.6 0.2 -9.3 -8.4 -20.4 -0.4 -7.9 15.4 -5.7 3.0 19

20 Money market mutual funds 43.4 44.0 46.2 -21.8 -68.4 -9.5 -71.1 62.0 45.9 -52.7 62.6 20

21 Mutual funds 25.7 -31.8 6.8 12.5 -0.6 3.6 4.8 42.1 -22.1 3.2 26.0 21

22 Government-sponsored enterprises 3.0 23.8 -9.1 -20.0 -65.6 44.8 -69.1 10.0 17.0 -46.8 76.4 22

23 Discrepancy--unallocated assets 110.8 -61.2 22.5 -21.7 -422.9 264.3 -56.3 128.1 -10.2 -160.2 11.6 23

F.208 Open Market Paper

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Total net issues, all types 211.6 -147.8 -91.5 -81.6 15.0 -59.2 -113.7 -168.5 284.2 14.2 -16.4 1

 2 Commercial paper 212.2 -144.6 -91.4 -81.3 14.1 -58.3 -112.5 -168.7 286.0 11.8 -14.9 2

 3 Nonfinancial corporate business 48.1 -88.3 -64.2 -40.0 -9.3 -81.4 4.8 -74.3 34.4 32.9 23.0 3

 4 Foreign issues in U.S. 31.7 -14.2 36.1 22.3 52.0 72.9 -56.0 20.2 100.1 -29.6 24.9 4

 5 Nonfinancial 10.9 -23.3 4.8 -3.7 -1.6 10.1 -19.7 -3.4 -1.1 -3.1 -5.9 5

 6 Financial 20.8 9.1 31.3 25.9 53.6 62.8 -36.3 23.6 101.2 -26.4 30.8 6

 7 Financial sectors 132.4 -42.1 -63.3 -63.6 -28.6 -49.8 -61.4 -114.5 151.5 8.5 -62.8 7

 8 Commercial banking 1.2 -5.1 -2.3 -6.0 -15.0 -19.9 5.3 5.5 59.2 -21.5 1.5 8

 9 ABS issuers 125.0 120.0 -13.0 -35.6 -35.3 6.8 29.6 -143.4 41.3 -6.5 -33.3 9

10 Finance companies 8.4 -80.3 -17.1 -5.2 -14.8 49.7 -45.2 -10.4 56.0 -12.8 38.3 10

11 REITs 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11

12 Funding corporations -2.3 -76.8 -30.9 -16.8 36.6 -86.4 -51.0 33.8 -5.1 49.2 -69.2 12

13 Bankers acceptances (1) -0.7 -3.2 -0.2 -0.2 0.9 -0.9 -1.2 0.2 -1.8 2.4 -1.6 13

14 Net purchases, by sector 211.6 -147.8 -91.5 -81.6 15.0 -59.2 -113.7 -168.5 284.2 14.2 -16.4 14

15 Household sector 14.8 3.1 13.3 -4.1 24.4 -30.0 6.1 -16.7 21.6 17.3 38.0 15

16 Nonfinancial corporate business 10.2 2.4 4.5 17.4 10.9 34.5 24.2 0.1 11.7 -1.5 -6.1 16

17 State and local governments 17.8 -13.5 5.7 10.5 3.9 15.2 8.2 14.7 7.8 7.9 8.0 17

18 Rest of the world 4.3 -2.6 10.3 9.9 -25.7 42.7 -27.1 49.7 24.9 6.3 -0.8 18

19 Monetary authority 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19

20 Commercial banking (1) 0.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 20

21 Savings institutions 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 21

22 Credit unions -0.6 1.2 1.2 -2.0 -2.9 1.9 -1.2 -5.8 2.5 -1.8 -0.7 22

23 Bank personal trusts and estates -2.4 -3.1 -0.2 -0.4 -0.4 -0.4 -0.4 -0.4 -0.4 -0.4 -0.4 23

24 Life insurance companies -4.5 -11.9 14.7 -18.2 15.4 -15.0 -18.4 -54.7 19.9 11.8 -6.1 24

25 Private pension funds -5.1 1.0 2.6 -2.2 1.1 -5.7 0.6 -4.7 -0.1 0.1 0.5 25

26 State and local govt. retirement funds 4.3 0.6 0.2 -4.3 -8.4 -20.4 -0.4 12.1 19.4 2.3 10.5 26

27 Money market mutual funds 89.6 30.3 -44.9 -135.1 -255.6 -59.8 -144.2 -80.7 -150.8 -72.2 -6.5 27

28 Mutual funds 25.7 -31.8 -11.8 12.8 21.8 1.4 0.3 27.6 1.0 2.8 20.9 28

29 Government-sponsored enterprises 10.7 2.7 -23.5 -2.4 2.9 -7.8 -3.0 -1.7 2.9 -1.4 -4.6 29

30 Brokers and dealers 13.2 9.0 -4.7 5.9 12.8 -19.3 16.8 13.1 0.7 1.8 -6.7 30

31 Funding corporations 33.3 -135.0 -59.1 30.5 214.8 3.5 24.9 -121.2 323.1 41.3 -62.5 31

(1) Excludes banks’ holdings of own acceptances.
42 Z.1, December 9, 2004

F.209 Treasury Securities

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2000 2001 2002 2003 2003 2004

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Net issues -294.9 -5.1 257.1 398.4 185.6 722.5 317.0 368.6 482.9 448.6 208.9 1

 2 Savings bonds -1.7 5.6 4.5 8.9 9.1 10.0 9.8 6.8 3.5 1.7 -1.5 2

 3 Other Treasury issues -293.2 -10.7 252.5 389.5 176.5 712.6 307.2 361.8 479.4 446.9 210.4 3

 4 Net purchases -294.9 -5.1 257.1 398.4 185.6 722.5 317.0 368.6 482.9 448.6 208.9 4

 5 Household sector -198.4 -101.6 -91.4 12.9 -69.2 414.8 -151.8 -142.1 -118.7 146.6 -227.2 5

 6 Savings bonds -1.7 5.6 4.5 8.9 9.1 10.0 9.8 6.8 3.5 1.7 -1.5 6

 7 Other Treasury issues -196.7 -107.2 -95.9 4.0 -78.3 404.8 -161.6 -148.9 -122.2 144.9 -225.7 7

 8 Nonfinancial corporate business -1.3 -1.6 14.9 10.1 16.4 15.3 6.1 2.7 14.5 23.7 22.6 8

 9 Nonfarm noncorporate business 3.0 2.7 2.3 2.4 -0.2 4.8 2.1 2.7 2.5 2.0 2.1 9

10 State and local governments -6.0 42.1 12.2 7.3 -7.2 -17.4 54.2 -0.5 63.9 30.2 48.7 10

11 Rest of the world -70.5 10.5 138.9 285.1 168.1 385.6 279.7 306.8 650.6 413.1 204.1 11

12 Monetary authority 33.7 40.0 77.7 37.3 37.3 40.3 37.6 33.8 16.2 53.0 74.1 12

13 Commercial banking -44.4 -21.9 43.2 3.0 9.6 -30.9 2.7 30.7 30.4 -6.0 -73.2 13

14 U.S.-chartered commercial banks -35.0 -31.4 29.9 7.1 -5.6 -37.0 16.3 54.8 21.7 0.4 -70.6 14

15 Foreign banking offices in U.S. -0.5 9.8 12.9 -6.5 14.5 0.6 -17.6 -23.6 9.7 -11.1 2.4 15

16 Bank holding companies -7.9 0.4 0.1 1.4 0.1 4.1 2.5 -1.1 -2.3 1.0 -3.4 16

17 Banks in U.S.-affiliated areas -1.0 -0.6 0.3 1.0 0.5 1.4 1.5 0.6 1.3 3.6 -1.5 17

18 Savings institutions -1.4 2.7 -2.2 3.0 0.0 3.0 5.2 4.0 0.0 -5.6 -7.8 18

19 Credit unions -1.4 -0.8 0.4 1.1 -2.0 5.9 1.5 -0.7 -1.5 5.6 0.1 19

20 Bank personal trusts and estates -1.0 -4.8 -0.4 -0.3 -0.3 -0.3 -0.3 -0.2 0.1 0.1 -0.1 20

21 Life insurance companies -4.6 -4.4 24.8 -6.6 -3.5 -4.9 -9.0 -9.2 5.9 4.6 4.6 21

22 Other insurance companies -8.6 -0.0 9.2 3.5 2.6 1.8 3.6 5.9 10.9 6.7 4.1 22

23 Private pension funds -7.2 0.2 4.6 1.4 1.0 -5.7 4.1 6.3 6.4 4.1 6.0 23

24 State and local govt. retirement funds -20.9 -25.5 -8.3 3.2 -12.8 28.6 -25.9 22.9 3.5 29.6 1.2 24

25 Federal government retirement funds 2.0 7.2 9.4 4.7 15.2 2.3 2.7 -1.3 2.1 8.2 10.2 25

26 Money market mutual funds -13.3 45.3 4.5 -10.0 37.2 36.6 -43.8 -69.8 -13.3 -41.8 -15.2 26

27 Mutual funds 6.3 -8.5 19.7 9.4 32.4 37.4 -20.1 -12.2 19.2 1.3 4.9 27

28 Closed-end funds -0.9 0.1 -2.8 1.4 0.3 2.9 1.3 0.9 5.4 2.4 0.9 28

29 Exchange-traded funds 0.0 0.0 2.0 0.1 -1.8 -1.0 2.0 1.2 3.6 3.0 1.5 29

30 Government-sponsored enterprises 0.6 0.4 12.1 -12.3 -1.9 0.9 -6.0 -42.0 0.3 2.7 -2.9 30

31 Brokers and dealers 39.4 13.1 -13.7 41.7 -35.7 -197.4 171.2 228.7 -219.0 -234.9 150.1 31

 Memo:

32 Federal government borrowing (1) -295.9 -5.6 257.6 396.0 184.0 723.0 317.1 360.0 483.9 444.9 207.0 32

(1) Total issues of Treasury securities (table F.209, line 1) plus budget agency securities (table F.210, line 2) and federal mortgage borrowing (table F.217, line 12).
Z.1, December 9, 2004 43

F.210 Agency- and GSE-backed Securities (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2000 2001 2002 2003 2003 2004

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Net issues 433.9 642.1 547.2 571.9 496.4 459.9 767.5 563.6 99.3 304.7 165.4 1

 2 Budget agencies -1.0 -0.5 0.5 -2.4 -1.6 0.5 0.1 -8.6 1.1 -3.6 -1.9 2

 3 Government-sponsored enterprises 235.2 304.1 219.8 243.7 225.8 192.4 459.9 96.9 18.2 234.4 108.0 3

 4 Agency- and GSE-backed mortgage pools 199.7 338.5 326.8 330.5 272.2 266.9 307.6 475.3 80.1 74.0 59.4 4

 5 Net purchases 433.9 642.1 547.2 571.9 496.4 459.9 767.5 563.6 99.3 304.7 165.4 5

 6 Household sector 86.4 -90.4 -111.2 260.1 -123.3 -226.7 848.2 542.3 -307.9 15.9 118.2 6

 7 Nonfinancial corporate business 3.0 1.7 -0.3 8.2 6.2 10.7 8.6 7.3 11.7 14.2 8.6 7

 8 State and local governments 1.7 55.4 3.0 22.9 8.4 33.1 17.8 32.0 7.0 17.1 17.3 8

 9 Federal government 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

10 Rest of the world 141.9 103.7 112.5 11.5 55.0 56.1 -110.5 45.4 78.8 151.5 165.2 10

11 Monetary authority -0.1 -0.1 0.0 -0.0 0.0 0.0 0.0 -0.0 0.0 0.0 0.0 11

12 Commercial banking 22.3 55.6 140.5 83.6 181.2 295.2 -268.7 126.9 380.2 65.7 -217.6 12

13 U.S.-chartered commercial banks 18.2 73.7 121.1 85.1 180.1 278.5 -254.0 135.7 378.4 45.5 -216.7 13

14 Foreign banking offices in U.S. 0.4 -22.0 10.9 -7.1 1.8 12.4 -33.2 -9.2 -5.6 12.4 -13.8 14

15 Bank holding companies -0.5 1.4 4.5 0.9 2.8 -2.1 5.2 -2.3 3.6 1.4 5.8 15

16 Banks in U.S.-affiliated areas 4.3 2.5 3.9 4.7 -3.5 6.4 13.3 2.7 3.9 6.4 7.1 16

17 Savings institutions -6.7 21.0 14.7 22.6 39.9 24.9 3.6 21.8 39.1 -28.8 -32.6 17

18 Credit unions -0.4 19.6 16.8 18.2 28.2 41.4 43.4 -40.3 7.9 11.6 -21.4 18

19 Bank personal trusts and estates 0.3 -10.3 -0.9 -2.6 -2.6 -2.6 -2.6 -2.5 0.5 0.2 0.5 19

20 Life insurance companies 11.0 18.1 77.4 18.0 30.0 26.3 7.5 8.2 32.4 25.5 25.3 20

21 Other insurance companies 8.6 10.1 19.0 2.2 1.0 -0.7 2.4 6.2 19.4 12.0 7.4 21

22 Private pension funds -25.7 7.4 5.7 6.8 -8.5 -1.8 16.2 21.5 17.9 7.3 12.6 22

23 State and local govt. retirement funds 37.6 -14.5 -0.3 6.7 17.6 20.5 -20.4 9.1 1.3 11.6 -13.7 23

24 Federal government retirement funds 0.1 1.7 2.4 1.1 8.9 0.1 -2.4 -2.3 -0.8 -1.0 0.4 24

25 Money market mutual funds -5.8 133.2 5.7 2.2 8.6 81.9 7.3 -89.1 -74.8 -51.0 -125.0 25

26 Mutual funds 4.1 85.3 61.5 25.3 52.0 67.5 -29.8 11.4 60.2 4.1 15.2 26

27 Government-sponsored enterprises 149.2 206.9 131.7 88.8 114.9 -38.9 367.5 -88.4 -99.4 27.9 129.1 27

28 ABS issuers 8.3 16.5 45.4 7.9 -51.7 18.2 106.6 -41.3 -159.2 54.8 -102.4 28

29 REITs 0.4 7.0 9.7 -3.5 -14.5 9.5 -12.8 3.7 44.7 -3.9 -4.1 29

30 Brokers and dealers -2.3 14.1 14.1 -8.1 145.1 45.2 -214.3 -8.4 40.2 -29.9 182.4 30

(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 FNMA and FHLB;

 and agency- and GSE-backed mortgage pool securities issued by GNMA, FNMA, FHLMC, 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.209, line 32.
44 Z.1, December 9, 2004

F.211 Municipal Securities and Loans

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2000 2001 2002 2003 2003 2004

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Net change in liabilities 23.6 122.9 159.4 135.1 119.9 182.6 130.0 107.7 167.5 82.0 241.4 1

 2 State and local governments 16.5 105.5 143.4 117.5 99.1 165.8 108.9 96.3 148.7 63.4 228.4 2

 3 Short-term (1) 1.4 23.8 25.2 7.2 -2.9 6.3 9.7 15.5 11.4 -61.7 45.1 3

 4 Long-term 15.1 81.7 118.2 110.3 102.0 159.5 99.1 80.8 137.3 125.0 183.3 4

 5 Nonprofit organizations (2) 5.8 13.8 12.9 14.1 18.0 13.3 17.7 7.4 13.8 15.4 6.6 5

 Nonfinancial corporate business

 6 (industrial revenue bonds) 1.4 3.5 3.1 3.4 2.8 3.5 3.4 4.0 5.0 3.2 6.4 6

 7 Net change in assets 23.6 122.9 159.4 135.1 119.9 182.6 130.0 107.7 167.5 82.0 241.4 7

 8 Household sector 6.0 51.2 96.0 30.4 16.0 9.8 42.3 53.6 41.2 -13.9 194.1 8

 9 Nonfinancial corporate business 6.9 -2.6 2.8 7.9 1.1 6.4 19.0 5.3 5.8 7.5 6.5 9

10 Nonfarm noncorporate business -0.3 1.1 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 10

11 State and local governments 0.3 0.2 0.1 0.3 0.1 0.4 0.2 0.4 0.2 0.2 0.2 11

12 Commercial banking 3.4 6.1 1.5 10.8 12.0 16.1 12.3 2.7 11.9 13.7 0.5 12

13 Savings institutions 0.2 1.3 1.0 0.8 0.3 0.9 2.3 -0.3 0.8 0.3 1.2 13

14 Bank personal trusts and estates -1.2 -3.5 5.3 -2.6 -2.6 -2.6 -2.6 -2.4 5.6 2.8 3.2 14

15 Life insurance companies -1.0 -0.4 1.2 6.2 6.7 6.8 5.5 5.7 2.7 2.1 2.1 15

16 Other insurance companies -14.9 -10.3 9.2 41.2 36.1 34.8 42.2 51.8 37.8 23.3 24.4 16

17 State and local govt. retirement funds -1.5 -0.2 -0.9 0.3 0.1 -0.5 5.9 -4.4 0.8 -0.8 -1.8 17

18 Money market mutual funds 34.3 36.2 1.8 14.6 32.3 62.0 -8.6 -27.5 33.4 28.2 -6.1 18

19 Mutual funds -8.9 23.0 23.8 12.9 22.1 38.1 -10.1 1.5 21.7 -20.5 8.8 19

20 Closed-end funds -2.0 7.0 11.3 3.2 4.1 -1.2 8.4 1.7 -1.8 5.8 -2.5 20

21 Government-sponsored enterprises 2.8 6.2 4.0 5.0 -1.2 -0.2 5.3 16.1 5.5 12.9 -2.5 21

22 Brokers and dealers -0.7 7.7 2.0 3.8 -7.3 11.7 7.8 3.1 1.7 20.3 13.0 22

(1) Debt with original maturity of 13 months or less.

(2) Liability of the households and nonprofit organizations sector (tables F.100 and L.100).

F.212 Corporate and Foreign Bonds

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net issues 365.5 589.1 432.1 573.9 636.6 592.4 407.2 659.6 390.2 373.0 591.4 1

 2 Nonfinancial corporate business 162.6 348.5 132.3 158.3 169.5 297.0 96.1 70.6 114.2 5.7 33.8 2

 3 Rest of the world (1) 15.2 -24.5 -33.5 -28.1 -29.9 -100.2 -8.8 26.5 -19.6 -39.7 2.3 3

 4 Financial sectors 187.7 265.1 333.3 443.7 497.1 395.6 319.9 562.4 295.7 407.1 555.3 4

 5 Commercial banking 32.6 37.0 22.0 46.9 83.0 27.1 6.1 71.6 39.3 54.8 62.7 5

 6 Savings institutions 3.5 -2.6 -0.2 1.7 5.4 0.3 0.6 0.5 3.4 -3.8 3.7 6

 7 ABS issuers 57.3 136.1 204.5 235.7 291.8 233.3 137.0 280.8 84.9 307.0 390.3 7

 8 Finance companies 72.9 66.6 62.0 114.3 54.2 108.4 133.1 161.7 54.1 33.9 6.9 8

 9 REITs 3.9 4.4 16.2 23.3 14.6 13.6 30.3 34.8 40.7 22.3 72.8 9

10 Brokers and dealers 15.6 1.4 -1.7 6.4 38.4 -16.2 9.9 -6.6 51.9 2.5 33.2 10

11 Funding corporations 1.9 22.2 30.5 15.4 9.6 29.3 3.1 19.5 21.3 -9.7 -14.2 11

12 Net purchases 365.5 589.1 432.1 573.9 636.6 592.4 407.2 659.6 390.2 373.0 591.4 12

13 Household sector 55.9 -7.4 36.6 -169.9 -89.2 -233.5 -169.3 -187.7 -141.5 -180.1 -163.3 13

14 State and local governments -3.3 25.6 8.2 7.2 2.7 10.5 5.7 10.2 5.4 5.4 5.5 14

15 Rest of the world (2) 168.4 195.4 151.0 232.6 225.7 247.5 215.1 242.2 212.5 213.3 370.9 15

16 Commercial banking 56.0 97.0 -3.2 44.6 45.7 4.2 36.0 92.4 71.6 -32.3 148.5 16

17 Savings institutions -2.5 -25.6 -4.0 -8.8 8.1 -25.9 -27.3 10.0 -24.1 -20.7 -6.2 17

18 Bank personal trusts and estates 5.0 -6.6 -2.7 3.9 3.7 3.9 3.9 4.0 7.1 0.8 1.4 18

19 Life insurance companies 49.0 120.2 106.8 171.0 225.3 211.2 120.7 126.7 163.8 124.8 128.0 19

20 Other insurance companies 6.4 8.9 2.4 20.0 16.5 14.1 20.6 28.7 36.9 22.7 24.0 20

21 Private pension funds -57.6 4.7 12.7 8.2 -7.1 -4.8 21.2 23.5 21.2 11.2 18.6 21

22 State and local govt. retirement funds 29.7 -0.6 -4.6 4.6 -25.8 18.5 8.4 17.3 -16.2 22.1 -3.6 22

23 Federal government retirement funds 0.0 0.8 1.2 0.6 4.4 0.1 -1.1 -1.1 -0.4 -0.5 0.2 23

24 Money market mutual funds 38.2 1.1 7.7 15.2 49.1 37.8 -30.9 4.7 -23.3 14.9 -0.2 24

25 Mutual funds -6.2 58.1 50.9 77.4 84.7 114.1 45.2 65.6 106.9 33.4 76.6 25

26 Closed-end funds -2.7 -3.8 0.0 31.6 21.7 58.5 32.9 13.4 5.2 12.6 -0.2 26

27 Exchange-traded funds 0.0 0.0 1.8 0.6 0.7 1.5 -0.4 0.8 1.5 0.6 0.8 27

28 Government-sponsored enterprises 19.1 24.6 33.5 36.6 39.1 7.0 17.8 82.4 -0.3 49.0 10.2 28

29 REITs -0.3 2.3 2.3 7.4 16.6 -3.9 13.2 3.6 22.4 12.6 16.2 29

30 Brokers and dealers 19.3 48.6 30.7 36.4 -50.2 86.1 39.5 70.0 -8.8 65.8 33.3 30

31 Funding corporations -8.9 45.8 0.6 54.9 65.1 45.5 56.2 52.9 -49.5 17.3 -69.1 31

(1) Net purchases of foreign issues by U.S. residents.

(2) Net purchases of U.S. issues by foreign residents.
Z.1, December 9, 2004 45

F.213 Corporate Equities (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2000 2001 2002 2003 2003 2004

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Net issues 5.3 99.0 47.0 105.6 111.0 106.5 129.9 75.1 116.3 82.1 -36.7 1

 2 Nonfinancial corporate business -118.2 -47.4 -41.6 -57.8 -67.0 -50.2 -44.9 -69.0 -82.6 -159.5 -208.8 2

 3 Rest of the world (2) 106.7 109.1 17.6 100.4 136.4 66.5 122.0 76.8 85.7 161.0 34.3 3

 4 Financial sectors 16.8 37.3 71.0 63.0 41.6 90.2 52.8 67.3 113.2 80.6 137.8 4

 5 Commercial banking -12.5 -8.1 -10.7 -2.4 -2.6 10.6 -0.4 -17.3 -0.6 -4.4 70.5 5

 6 Life insurance companies -0.8 -0.9 -6.5 -3.9 -6.5 -3.7 -6.2 0.6 -4.3 -32.7 -8.8 6

 7 Other insurance companies -4.5 0.5 6.2 4.1 -1.1 18.3 -3.3 2.5 1.6 -5.7 -1.0 7

 8 Closed-end funds -5.5 1.9 18.0 43.9 31.4 61.2 59.6 23.2 58.0 26.8 15.7 8

 9 Exchange-traded funds 42.4 31.0 45.3 15.8 6.0 15.0 -24.1 66.3 30.1 60.8 27.1 9

10 REITs 2.0 6.1 8.4 13.3 2.3 16.3 18.1 16.6 25.8 13.8 24.1 10

11 Brokers and dealers -4.2 6.7 10.2 -7.7 12.1 -27.6 9.0 -24.5 2.6 22.0 10.2 11

12 Net purchases 5.3 99.0 47.0 105.6 111.0 106.5 129.9 75.1 116.3 82.1 -36.7 12

13 Household sector -446.6 -134.8 -20.8 -60.7 66.1 -77.7 -74.5 -156.6 -271.7 -141.4 -238.8 13

14 State and local governments -1.2 22.8 7.9 -4.8 8.3 -11.1 -6.5 -9.8 -3.3 1.0 7.6 14

15 Rest of the world (3) 193.6 121.5 54.2 36.9 -10.5 82.1 -13.3 89.2 14.8 8.7 22.3 15

16 Commercial banking 0.3 0.2 -0.6 2.3 0.6 -0.1 8.6 0.2 -0.0 -1.2 -0.2 16

17 Savings institutions 0.4 3.2 2.0 -1.0 1.7 2.7 -3.6 -4.8 3.0 -2.3 -1.3 17

18 Bank personal trusts and estates -2.5 -32.5 -39.4 -18.7 -18.7 -18.7 -18.7 -18.7 2.0 1.0 0.4 18

19 Life insurance companies 111.3 70.2 52.7 45.5 55.7 55.3 50.0 21.1 70.8 54.5 47.7 19

20 Other insurance companies 0.7 -0.3 -1.1 -2.7 -1.7 2.9 6.4 -18.3 -5.7 6.0 2.0 20

21 Private pension funds -82.7 -129.8 -121.4 -44.8 -56.9 -24.4 -36.1 -61.8 -29.3 -36.0 -39.9 21

22 State and local govt. retirement funds -18.4 22.3 20.0 -26.9 69.3 -69.9 -43.6 -63.4 -34.1 13.0 9.8 22

23 Federal government retirement funds 5.2 -0.6 7.9 17.2 23.5 11.0 17.9 16.2 12.2 4.0 5.0 23

24 Mutual funds 193.1 109.8 31.4 136.8 -26.2 103.4 264.0 206.0 239.0 94.0 146.8 24

25 Closed-end funds 0.1 -1.3 9.4 7.6 5.3 1.1 17.0 7.1 49.2 6.0 17.5 25

26 Exchange-traded funds 42.4 31.0 41.6 15.1 7.2 14.6 -25.6 64.2 25.0 57.2 24.8 26

27 Brokers and dealers 9.6 17.3 3.2 3.8 -12.7 35.5 -12.2 4.5 44.6 17.4 -40.5 27

(1) Excludes mutual fund shares shown on table F.214.

(2) Net purchases of foreign issues by U.S. residents; includes American Depositary Receipts (ADRs).

(3) Net purchases of U.S. issues by foreign residents.

F.214 Mutual Fund Shares (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net issues 239.4 201.2 182.4 288.0 189.2 365.7 259.8 337.4 430.7 112.7 299.1 1

 2 Net purchases 239.4 201.2 182.4 288.0 189.2 365.7 259.8 337.4 430.7 112.7 299.1 2

 3 Household sector 83.4 168.4 71.2 267.3 130.0 358.6 261.6 319.2 388.2 94.2 297.3 3

 4 Nonfinancial corporate business 12.0 2.0 10.5 -4.6 -4.6 -4.6 -4.6 -4.6 -4.6 -4.6 -4.6 4

 5 State and local governments 3.7 7.7 8.9 -6.2 13.6 -21.4 -11.9 -5.3 16.9 3.4 5.2 5

 6 Commercial banking 2.5 7.8 1.7 -6.2 -20.1 2.2 -8.9 2.0 -4.7 -0.0 -2.8 6

 7 Credit unions -0.3 1.5 -0.2 0.5 -0.5 4.5 1.9 -3.7 0.4 -1.2 -1.6 7

 8 Bank personal trusts and estates 48.5 -6.1 37.3 -15.0 -15.0 -15.0 -15.0 -15.0 5.0 1.6 0.6 8

 9 Life insurance companies 5.6 2.1 2.6 0.5 0.5 0.5 0.5 0.5 0.4 0.4 0.3 9

10 Private pension funds 84.0 17.9 50.4 51.7 85.3 40.8 36.2 44.3 29.1 18.8 4.5 10

(1) Shares of open-end investment companies; excludes shares of money market mutual funds, exchange-traded funds, and funding vehicles for variable annuities.
46 Z.1, December 9, 2004

F.215 Bank Loans Not Elsewhere Classified

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2000 2001 2002 2003 2003 2004

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 Total loans by commercial

 1 banking, flow of funds basis 371.8 71.3 225.2 193.2 241.1 330.7 233.3 -32.3 450.7 464.5 473.9 1

 - Loans elsewhere classified:

 2 Open market paper 0.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2

 3 Mortgages 164.6 129.8 268.5 197.5 268.5 324.7 257.2 -60.3 409.0 369.3 296.1 3

 4 Consumer credit 43.8 17.8 34.6 54.7 16.3 44.3 46.7 111.3 7.7 14.6 70.9 4

 5 Security credit 50.4 0.0 2.8 35.5 83.8 23.2 20.4 14.7 62.0 16.3 77.1 5

 6 = Banking sector total bank loans n.e.c. 112.8 -76.2 -80.6 -94.5 -127.5 -61.4 -91.1 -98.0 -28.0 64.3 29.8 6

 7 U.S.-chartered commercial banks 98.1 -62.0 -58.6 -70.9 -94.2 -62.9 -31.4 -94.9 -9.8 41.7 43.2 7

 8 Foreign banking offices in U.S. 14.6 -19.1 -18.6 -29.0 -31.4 -15.6 -60.2 -8.6 -21.1 23.2 -15.2 8

 9 Bank holding companies -0.9 0.3 0.9 5.0 -1.1 16.2 0.7 4.1 1.0 -2.9 1.6 9

10 Banks in U.S.-affiliated areas 1.1 4.5 -4.3 0.3 -0.7 0.8 -0.2 1.4 2.0 2.2 0.1 10

11 + Loans from Federal Reserve banks 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11

12 = Total bank loans n.e.c. 112.8 -76.2 -80.6 -94.5 -127.5 -61.4 -91.1 -98.0 -28.0 64.3 29.8 12

13 Net change in liabilities 112.8 -76.2 -80.6 -94.5 -127.5 -61.4 -91.1 -98.0 -28.0 64.3 29.8 13

14 Nonfinancial sectors 109.1 -89.3 -81.9 -89.9 -88.9 -73.5 -105.7 -91.5 -53.2 98.7 -21.4 14

15 Household sector 2.7 -16.5 -3.2 -7.0 2.5 26.2 -15.3 -41.5 14.5 55.5 -57.6 15

16 Corporate business 48.0 -103.3 -96.5 -65.8 -73.2 -43.7 -91.8 -54.3 -68.2 17.2 24.3 16

17 Nonfarm noncorporate business 44.3 37.8 13.4 -9.0 -12.9 -20.6 -5.8 3.4 8.6 16.5 14.1 17

18 Farm business 2.7 -0.0 -0.9 -0.4 -1.3 -3.9 2.0 1.5 -1.4 2.4 6.7 18

19 Rest of the world 11.4 -7.3 5.3 -7.7 -4.0 -31.4 5.3 -0.7 -6.7 7.0 -9.0 19

20 Foreign official institutions 0.6 0.8 0.8 -0.5 -1.5 -0.1 -1.2 0.6 1.5 1.3 -0.8 20

21 Foreign banks 3.4 -7.4 -0.8 -1.5 1.5 -2.3 -4.1 -0.9 2.9 5.9 -3.2 21

22 Other foreign 7.4 -0.7 5.3 -5.7 -3.9 -29.1 10.6 -0.5 -11.2 -0.2 -5.0 22

23 Financial sectors 3.8 13.0 1.3 -4.6 -38.6 12.1 14.6 -6.5 25.3 -34.4 51.2 23

24 Savings institutions 7.4 1.5 4.2 -13.2 -48.2 3.2 -1.9 -6.1 1.5 1.1 4.8 24

25 Finance companies 0.5 14.9 -2.8 8.1 6.2 13.1 16.3 -3.0 23.9 -40.9 44.6 25

26 Mortgage companies 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 26

27 REITs -4.2 -3.3 -0.1 0.5 3.3 -4.1 0.2 2.7 -0.1 5.4 1.8 27
Z.1, December 9, 2004 47

F.216 Other Loans and Advances

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2000 2001 2002 2003 2003 2004

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total other loans and advances 120.8 30.6 24.7 39.1 48.0 25.4 -27.4 110.6 96.3 133.9 -16.2 1

 2 U.S. government loans -3.6 -5.9 -3.6 -1.4 0.0 -2.4 -3.2 -0.2 -2.5 -1.4 -6.3 2

 3 Liab.: Household sector -0.6 -1.6 -0.8 -0.7 -0.8 -0.8 -0.7 -0.6 -0.6 -0.9 -1.0 3

 4 Nonfinancial corporate business -0.4 -0.2 -0.3 0.7 1.2 0.6 0.4 0.8 1.0 0.2 0.5 4

 5 Nonfarm noncorporate business -1.1 -3.2 -0.7 0.7 1.0 0.9 0.6 0.2 1.9 1.3 1.6 5

 6 Farm business 0.1 0.0 -0.3 -0.2 -0.3 -0.3 -0.2 -0.2 -0.2 -0.2 -0.4 6

 7 State and local governments -1.0 0.2 0.5 0.3 0.4 0.3 0.2 0.1 0.1 0.2 0.2 7

 8 Rest of the world -0.6 -1.1 -1.9 -2.1 -1.6 -3.2 -3.4 -0.4 -4.6 -1.9 -7.2 8

 9 Government-sponsored enterprises 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

10 Foreign loans to U.S. corporate business -2.2 -1.6 10.1 -0.8 -20.6 14.8 -35.8 38.2 -14.1 -15.2 -26.0 10

11 Liab.: Nonfinancial corporate business -2.2 -1.6 10.1 -0.8 -20.6 14.8 -35.8 38.2 -14.1 -15.2 -26.0 11

 Customers liability on acceptances

12 outstanding (Commercial banking asset) -0.7 -2.9 -0.0 -0.2 0.8 -0.8 -1.2 0.3 -2.1 2.5 -1.7 12

13 Liab.: Nonfinancial corporate business -0.0 -0.3 0.3 -0.2 -0.5 -0.9 0.7 -0.0 -3.8 2.0 0.4 13

14 Rest of the world -0.7 -2.6 -0.4 0.0 1.4 0.2 -1.8 0.4 1.7 0.5 -2.1 14

15 Savings institution loans to business 8.7 3.6 3.3 10.0 4.5 3.1 37.0 -4.5 -26.8 23.4 47.4 15

16 Liab.: Nonfinancial corporate business 4.3 1.8 1.7 5.0 2.3 1.6 18.5 -2.2 -13.4 11.7 23.7 16

17 Nonfarm noncorporate business 4.3 1.8 1.7 5.0 2.3 1.6 18.5 -2.2 -13.4 11.7 23.7 17

18 Policy loans (Household liability) 2.8 2.2 1.1 -0.6 -1.9 1.1 -2.0 0.3 -0.2 1.9 0.6 18

19 Asset: Federal government -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.1 0.1 19

20 Life insurance companies 2.9 2.2 1.0 -0.7 -1.9 1.1 -2.1 0.2 -0.2 1.8 0.6 20

21 Govt.-sponsored enterprises loans 45.3 28.3 8.9 31.1 44.6 33.4 -0.5 47.2 81.2 157.9 -31.8 21

22 Liab.: Household sector (SLMA) -0.3 -0.1 0.1 -0.1 -0.1 -0.1 -0.0 -0.1 0.0 -0.6 -0.6 22

23 Noncorporate business (FCS) 1.5 0.0 0.6 -0.3 1.3 -4.9 -3.0 5.5 6.0 -7.8 -5.6 23

24 Farm business (FCS) 1.5 2.9 1.4 0.3 -0.5 0.2 1.7 -0.1 -0.8 0.1 5.4 24

25 Commercial banks (FHLB and SLMA) 26.8 24.2 30.2 8.5 12.0 21.7 -7.3 7.8 90.9 -28.5 -2.5 25

26 Savings institutions (FHLB and SLMA) 16.3 -0.9 -27.4 17.6 24.7 13.5 1.6 30.6 -11.9 187.1 -29.5 26

27 Credit unions (FHLB) 0.0 1.5 2.0 2.2 2.8 1.6 3.3 1.0 -2.7 4.9 0.9 27

28 Life insurance companies (FHLB) -0.7 0.6 2.0 2.9 4.4 1.5 3.1 2.5 -0.4 2.7 0.1 28

29 Securitized loans held by ABS issuers 7.2 18.5 -3.3 -1.1 30.1 -16.5 -22.9 4.8 -9.2 0.3 18.7 29

30 Liab.: Nonfinancial corporate business 7.2 18.5 -3.3 -1.1 30.1 -16.5 -22.9 4.8 -9.2 0.3 18.7 30

31 Finance company loans to business 63.3 -11.5 8.3 2.2 -9.6 -7.4 1.3 24.5 70.0 -35.5 -17.3 31

32 Liab.: Nonfinancial corporate business 57.0 -10.3 7.5 2.0 -8.6 -6.7 1.2 22.0 63.0 -31.9 -15.5 32

33 Nonfarm noncorporate business 6.3 -1.1 0.8 0.2 -1.0 -0.7 0.1 2.4 7.0 -3.5 -1.7 33
48 Z.1, December 9, 2004

F.217 Total Mortgages

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2000 2001 2002 2003 2003 2004

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Net change in mortgages 559.2 676.3 826.5 1002.9 1009.3 1122.1 1004.2 875.8 1148.3 933.9 1079.5 1

 2 Home 410.9 511.7 677.7 796.7 859.6 907.1 769.0 651.1 945.8 732.8 860.9 2

 3 Multifamily residential 31.0 42.1 38.0 68.1 39.2 70.9 69.3 93.0 23.9 52.5 33.0 3

 4 Commercial 110.8 114.9 103.1 130.0 102.2 137.2 157.4 123.1 171.6 138.1 176.8 4

 5 Farm 6.6 7.7 7.6 8.1 8.3 6.9 8.5 8.6 6.9 10.6 8.9 5

 6 Net borrowing 559.2 676.3 826.5 1002.9 1009.3 1122.1 1004.2 875.8 1148.3 933.9 1079.5 6

 7 Household sector 381.9 485.5 640.9 746.6 810.9 839.9 726.8 608.7 898.7 691.7 816.4 7

 8 Nonfinancial business 172.5 188.7 175.4 247.8 198.8 279.2 264.2 249.0 222.4 226.3 253.4 8

 9 Corporate 28.4 59.8 38.2 85.1 73.5 104.8 97.4 64.9 86.9 66.3 105.1 9

10 Nonfarm noncorporate 137.5 121.2 129.5 154.6 116.9 167.5 158.3 175.4 128.6 149.5 139.4 10

11 Farm 6.6 7.7 7.6 8.1 8.3 6.9 8.5 8.6 6.9 10.6 8.9 11

12 Federal government 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12

13 REITs 4.9 2.2 10.1 8.5 -0.4 3.1 13.2 18.1 27.2 15.9 9.8 13

14 Net change in assets 559.2 676.3 826.5 1002.9 1009.3 1122.1 1004.2 875.8 1148.3 933.9 1079.5 14

15 Household sector 10.9 8.0 10.6 11.4 11.1 11.4 11.5 11.6 11.7 12.9 12.2 15

16 Nonfinancial corporate business 2.3 3.1 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 16

17 Nonfarm noncorporate business -1.4 3.3 1.2 -1.2 -0.3 -0.9 -1.5 -2.1 -2.6 -3.2 -3.8 17

18 State and local governments 1.8 -2.0 -6.4 8.6 3.2 12.5 6.8 12.1 6.4 6.5 6.5 18

19 Federal government -0.9 -1.1 0.5 -2.5 -9.4 0.2 -1.5 0.8 8.0 -6.0 0.7 19

20 Commercial banking 164.6 129.8 268.5 197.5 268.5 324.7 257.2 -60.3 409.0 369.3 296.1 20

21 Savings institutions (1) 54.9 35.3 23.1 89.5 134.4 81.4 50.0 92.2 221.8 168.1 146.1 21

22 Credit unions 13.8 16.4 18.2 23.2 14.8 18.5 27.6 31.9 16.3 37.8 33.0 22

23 Bank personal trusts and estates 0.1 0.2 -0.2 -0.4 -0.4 -0.4 -0.4 -0.4 0.0 -0.0 -0.2 23

24 Life insurance companies 5.2 7.1 7.0 10.9 10.8 10.9 13.1 8.9 10.6 5.3 8.5 24

25 Other insurance companies -0.3 0.2 0.1 0.1 0.0 -0.2 -0.0 0.7 0.2 0.3 0.0 25

26 Private pension funds -0.7 0.1 0.0 -0.1 -0.3 -0.7 0.1 0.5 -0.2 -0.2 -0.0 26

27 State and local govt. retirement funds -3.4 -0.8 -0.2 -1.6 -13.8 8.6 16.0 -17.3 -2.2 -4.9 -7.9 27

28 Government-sponsored enterprises (1) 22.2 33.2 59.8 106.0 106.5 128.7 141.9 47.1 26.0 -0.3 18.2 28

29 Agency- and GSE-backed mortgage pools 199.7 338.5 326.8 330.5 272.2 266.9 307.6 475.3 80.1 74.0 59.4 29

30 ABS issuers 68.1 116.7 89.4 184.5 205.8 205.9 106.5 219.8 288.1 237.8 423.6 30

31 Finance companies 26.4 -11.0 13.2 24.4 12.3 24.3 39.1 22.0 45.0 15.1 34.2 31

32 Mortgage companies 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 32

33 REITs -4.1 -0.7 12.8 19.9 -8.1 28.4 28.4 30.9 28.0 19.4 51.0 33

(1) FHLB loans to savings institutions are included in other loans and advances.
Z.1, December 9, 2004 49

F.218 Home Mortgages (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2000 2001 2002 2003 2003 2004

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Net borrowing 410.9 511.7 677.7 796.7 859.6 907.1 769.0 651.1 945.8 732.8 860.9 1

 2 Household sector 369.4 466.8 627.6 734.9 801.2 837.6 709.8 590.9 881.4 673.9 796.9 2

 3 Nonfinancial corporate business 2.0 2.1 0.7 1.8 1.5 1.8 1.5 2.2 3.6 3.5 4.9 3

 4 Nonfarm noncorporate business 39.5 42.8 49.5 60.1 56.9 67.7 57.7 57.9 60.8 55.4 59.0 4

 5 Net change in assets 410.9 511.7 677.7 796.7 859.6 907.1 769.0 651.1 945.8 732.8 860.9 5

 6 Household sector 7.2 7.4 8.7 9.5 9.2 9.4 9.6 9.8 10.0 10.3 10.5 6

 7 Nonfinancial corporate business 1.2 1.9 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 7

 8 Nonfarm noncorporate business -0.3 1.0 1.3 1.6 1.5 1.6 1.7 1.8 1.9 2.0 2.1 8

 9 State and local governments 0.9 -1.0 -3.3 4.4 1.6 6.4 3.4 6.2 3.3 3.3 3.3 9

10 Federal government -0.7 -0.6 -0.9 -0.9 -1.0 -1.0 -0.8 -0.6 -0.5 -0.6 -0.4 10

11 Commercial banking 86.1 58.2 198.3 124.9 195.2 255.1 166.2 -117.1 305.2 260.4 164.6 11

12 Savings institutions 46.0 26.4 10.8 72.0 122.2 63.7 33.1 68.8 196.9 154.8 138.6 12

13 Credit unions 13.8 16.4 18.2 23.2 14.8 18.5 27.6 31.9 16.3 37.8 33.0 13

14 Bank personal trusts and estates 0.1 0.2 -0.2 -0.4 -0.4 -0.4 -0.4 -0.4 0.0 -0.0 -0.2 14

15 Life insurance companies -1.0 0.0 -0.3 -0.3 -3.3 -0.8 -0.2 3.3 0.7 0.1 0.2 15

16 Private pension funds 1.1 -3.1 -1.8 -1.1 -1.5 -1.3 -0.9 -0.8 -0.8 -0.0 -0.0 16

17 State and local govt. retirement funds -1.1 -0.3 -0.0 -0.5 -4.4 2.7 5.1 -5.5 -0.7 -1.6 -2.5 17

18 Government-sponsored enterprises 15.8 20.5 45.5 92.2 91.8 108.3 135.8 33.0 18.9 -12.1 12.0 18

19 Agency- and GSE-backed mortgage pools 190.9 322.9 315.2 303.3 257.7 252.4 274.2 428.8 92.9 55.9 54.0 19

20 ABS issuers 33.0 71.9 58.1 132.8 172.5 143.3 56.8 158.5 234.5 170.5 370.6 20

21 Finance companies 22.4 -10.5 14.9 17.2 10.0 20.9 31.4 6.5 45.0 17.8 25.7 21

22 Mortgage companies 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 22

23 REITs -4.3 0.2 12.4 17.8 -7.3 27.2 25.4 25.9 21.1 33.4 48.5 23

 Memo:

24 Home equity loans included above (2) 90.3 26.0 65.4 101.4 67.9 86.5 107.9 143.4 127.9 200.0 235.2 24

25 Commercial banking 45.5 23.6 44.7 62.7 42.7 59.1 58.2 90.9 96.2 133.1 138.1 25

26 Savings institutions 13.1 5.1 0.6 17.1 20.0 -1.8 19.0 31.3 -19.3 36.4 50.5 26

27 Credit unions 7.3 4.2 3.1 3.8 -3.0 4.2 1.6 12.3 4.4 12.6 19.3 27

28 ABS issuers 2.1 3.5 2.1 0.6 -1.7 4.1 -2.4 2.4 1.6 0.1 1.5 28

29 Finance companies 22.4 -10.5 14.9 17.2 10.0 20.9 31.4 6.5 45.0 17.8 25.7 29

(1) Mortgages on 1-4 family properties.

(2) Loans made under home equity lines of credit and home equity loans secured by junior liens. Loans of finance companies (line 29) include some first liens.

 Excludes home equity loans held by mortgage companies and individuals.

F.219 Multifamily Residential Mortgages

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net borrowing 31.0 42.1 38.0 68.1 39.2 70.9 69.3 93.0 23.9 52.5 33.0 1

 2 Nonfinancial corporate business 1.4 1.5 1.5 1.7 1.6 1.6 1.7 1.8 1.9 2.0 2.0 2

 3 Nonfarm noncorporate business 28.0 39.9 33.1 63.6 37.8 68.2 63.2 85.2 13.1 45.3 27.7 3

 4 Federal government 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 REITs 1.6 0.7 3.3 2.8 -0.1 1.0 4.4 6.0 9.0 5.2 3.2 5

 6 Net change in assets 31.0 42.1 38.0 68.1 39.2 70.9 69.3 93.0 23.9 52.5 33.0 6

 7 Household sector -0.0 -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 7

 8 Nonfinancial corporate business -0.1 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8

 9 Nonfarm noncorporate business -0.3 1.5 -0.7 -3.0 -2.1 -2.7 -3.3 -3.9 -4.5 -5.0 -5.6 9

10 State and local governments 0.7 -0.8 -2.6 3.5 1.3 5.0 2.7 4.8 2.6 2.6 2.6 10

11 Federal government 0.3 -0.2 0.5 0.2 -0.1 0.7 0.0 0.4 0.9 0.3 -0.3 11

12 Commercial banking 10.1 7.0 9.3 10.7 10.6 13.3 10.7 8.2 11.3 12.6 16.6 12

13 Savings institutions 1.9 3.3 4.1 9.3 4.3 11.8 8.9 12.3 14.8 9.0 7.4 13

14 Life insurance companies 0.9 2.0 1.2 1.7 0.6 2.7 2.0 1.7 0.5 1.0 1.2 14

15 Private pension funds 0.0 0.3 0.5 0.3 0.3 0.2 0.3 0.3 0.1 -0.0 -0.0 15

16 State and local govt. retirement funds -1.0 -0.2 -0.0 -0.5 -3.9 2.4 4.5 -4.8 -0.6 -1.4 -2.2 16

17 Government-sponsored enterprises 4.5 8.2 8.5 10.9 11.8 14.7 4.9 12.4 4.4 8.0 3.4 17

18 Agency- and GSE-backed mortgage pools 8.5 15.6 12.9 26.6 14.7 14.5 30.6 46.7 -12.7 18.1 5.3 18

19 ABS issuers 5.4 5.9 5.5 8.1 2.4 8.1 8.0 13.7 7.3 6.3 5.1 19

20 Finance companies 0.1 -0.2 -1.0 0.1 -0.3 0.0 0.0 0.5 -0.2 0.4 0.1 20

21 Mortgage companies 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 21

22 REITs -0.2 -0.4 -0.2 0.1 -0.3 0.1 -0.0 0.8 -0.2 0.6 -0.7 22
50 Z.1, December 9, 2004

F.220 Commercial Mortgages

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2000 2001 2002 2003 2003 2004

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Net borrowing 110.8 114.9 103.1 130.0 102.2 137.2 157.4 123.1 171.6 138.1 176.8 1

 2 Household sector 12.5 18.7 13.4 11.7 9.8 2.3 17.0 17.7 17.3 17.8 19.4 2

 3 Nonfinancial corporate business 25.0 56.2 36.0 81.7 70.4 101.3 94.2 60.9 81.5 60.8 98.1 3

 4 Nonfarm noncorporate business 70.0 38.5 46.9 30.9 22.2 31.6 37.4 32.3 54.6 48.8 52.7 4

 5 REITs 3.3 1.5 6.8 5.7 -0.3 2.1 8.9 12.2 18.2 10.7 6.6 5

 6 Net change in assets 110.8 114.9 103.1 130.0 102.2 137.2 157.4 123.1 171.6 138.1 176.8 6

 7 Household sector 1.7 -0.7 0.7 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 7

 8 Nonfinancial corporate business 1.1 1.1 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 8

 9 Nonfarm noncorporate business -0.3 0.7 0.3 -0.1 0.0 -0.1 -0.2 -0.3 -0.4 -0.5 -0.6 9

10 State and local governments 0.1 -0.2 -0.5 0.7 0.3 1.0 0.5 1.0 0.5 0.5 0.5 10

11 Federal government -0.4 -0.1 1.2 -1.6 -7.8 0.9 -0.8 1.5 7.8 -5.2 1.3 11

12 Commercial banking 66.2 63.0 58.3 59.3 60.0 53.9 77.7 45.7 89.4 91.9 110.7 12

13 Savings institutions 6.9 5.6 8.2 8.2 7.8 5.9 7.9 11.1 10.1 4.3 0.1 13

14 Life insurance companies 4.7 4.6 6.7 8.9 11.9 11.6 11.2 1.0 9.2 3.8 6.7 14

15 Other insurance companies -0.3 0.2 0.1 0.1 0.0 -0.2 -0.0 0.7 0.2 0.3 0.0 15

16 Private pension funds -1.9 2.8 1.4 0.8 0.9 0.5 0.8 0.9 0.4 -0.1 -0.0 16

17 State and local govt. retirement funds -1.4 -0.3 -0.1 -0.6 -5.5 3.4 6.4 -6.9 -0.9 -1.9 -3.1 17

18 Agency- and GSE-backed mortgage pools 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 18

19 ABS issuers 29.7 38.8 25.8 43.6 30.9 54.4 41.7 47.6 46.4 61.0 48.0 19

20 Finance companies 3.9 -0.3 -0.7 7.1 2.6 3.3 7.7 15.0 0.2 -3.1 8.5 20

21 Mortgage companies 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 21

22 REITs 0.4 -0.5 0.7 2.0 -0.5 1.1 3.0 4.2 7.1 -14.6 3.2 22

F.221 Farm Mortgages

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net borrowing (Farm business) 6.6 7.7 7.6 8.1 8.3 6.9 8.5 8.6 6.9 10.6 8.9 1

 2 Net change in assets 6.6 7.7 7.6 8.1 8.3 6.9 8.5 8.6 6.9 10.6 8.9 2

 3 Household sector 2.0 1.2 1.2 1.2 1.3 1.3 1.2 1.1 1.0 1.9 1.1 3

 4 Nonfarm noncorporate business -0.6 0.2 0.2 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.4 4

 5 State and local governments 0.0 -0.0 -0.1 0.1 0.0 0.1 0.1 0.1 0.1 0.1 0.1 5

 6 Federal government -0.1 -0.2 -0.3 -0.3 -0.4 -0.3 0.1 -0.5 -0.2 -0.5 0.1 6

 7 Commercial banking 2.2 1.5 2.5 2.6 2.8 2.3 2.5 2.9 3.1 4.5 4.2 7

 8 Savings institutions 0.1 0.0 0.0 0.1 0.0 0.0 0.1 0.0 0.0 -0.0 -0.0 8

 9 Life insurance companies 0.6 0.5 -0.6 0.5 1.6 -2.6 0.1 3.0 0.2 0.4 0.4 9

10 State and local govt. retirement funds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10

11 Government-sponsored enterprises 2.0 4.5 5.8 2.9 2.9 5.7 1.3 1.8 2.6 3.9 2.8 11

12 Agency- and GSE-backed mortgage pools 0.3 0.0 -1.3 0.6 -0.1 0.0 2.8 -0.1 -0.1 0.0 -0.0 12
Z.1, December 9, 2004 51

F.222 Consumer Credit

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2000 2001 2002 2003 2003 2004

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Net change in liabilities (Households) 167.4 139.5 83.2 88.4 89.7 108.8 108.9 46.1 126.8 47.5 123.4 1

 2 Net change in assets 167.4 139.5 83.2 88.4 89.7 108.8 108.9 46.1 126.8 47.5 123.4 2

 3 Nonfinancial corporate business 4.0 -1.2 -2.4 -16.1 27.4 2.8 -35.0 -59.5 44.9 1.6 -48.4 3

 4 Nonfarm noncorporate business 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 Federal government 16.1 13.1 12.7 1.3 -8.6 -5.9 24.8 -5.0 -0.9 -5.0 26.3 5

 6 Commercial banking 43.8 17.8 34.6 54.7 16.3 44.3 46.7 111.3 7.7 14.6 70.9 6

 7 Savings institutions 3.0 6.3 -2.4 9.1 -0.3 20.6 -4.3 20.6 14.4 26.7 4.2 7

 8 Credit unions 16.5 5.1 6.2 10.1 7.0 11.6 12.3 9.6 19.0 10.1 7.6 8

 9 Government-sponsored enterprises -3.9 2.4 -2.5 -16.3 -6.3 -16.2 -16.3 -26.6 -18.4 -55.0 -8.9 9

10 ABS issuers 68.9 78.4 37.4 -12.1 48.5 11.9 -43.4 -65.3 -12.2 -10.6 -0.6 10

11 Finance companies 18.9 17.6 -0.3 57.6 5.8 39.7 124.0 61.0 72.3 65.2 72.3 11

F.223 Trade Credit

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net change in trade payables 402.3 -83.4 70.9 166.2 92.1 191.0 173.0 208.7 308.3 218.8 234.0 1

 2 Household sector 3.8 -1.9 7.0 7.9 7.5 7.8 8.0 8.3 8.6 8.8 9.1 2

 3 Nonfinancial corporate business 313.3 -103.7 24.0 77.7 2.2 89.5 93.0 126.2 187.8 127.4 112.6 3

 4 Nonfarm noncorporate business 46.6 -4.9 21.0 46.7 41.6 43.0 57.9 44.4 52.8 57.2 57.9 4

 5 Farm business 0.9 -2.6 0.9 1.1 2.1 -1.3 1.1 2.3 -3.4 1.6 0.3 5

 6 State and local governments 27.4 25.2 28.7 30.4 30.2 30.0 30.6 30.7 31.2 32.1 30.4 6

 7 Federal government 4.4 3.4 1.3 3.7 9.6 -2.9 1.7 6.5 8.8 5.9 19.6 7

 8 Rest of the world 0.8 -2.2 -10.1 7.9 34.6 -2.1 -8.3 7.3 -3.0 -4.2 -4.2 8

 9 Brokers and dealers 5.1 3.3 -1.8 -9.2 -35.7 27.0 -11.1 -17.0 25.5 -10.1 8.3 9

10 Net change in trade receivables 399.0 -86.3 -27.4 208.1 136.0 232.7 209.7 254.0 300.5 280.4 260.8 10

11 Nonfinancial corporate business 283.0 -128.5 -80.4 101.7 6.1 129.3 117.3 154.2 181.2 168.8 159.4 11

12 Nonfarm noncorporate business 69.6 1.8 22.8 51.7 36.6 48.8 65.8 55.4 59.6 63.3 64.0 12

13 State and local governments 7.5 5.0 1.6 8.2 3.0 11.9 6.4 11.5 6.1 6.2 6.2 13

14 Federal government 5.3 7.3 -3.3 19.1 49.2 13.3 -0.8 14.8 21.2 5.4 3.0 14

15 Rest of the world -0.4 -3.1 3.1 1.7 1.0 -1.4 -2.4 9.6 0.8 6.1 5.9 15

16 Other insurance companies 1.0 5.3 4.9 4.5 17.9 9.4 2.6 -11.7 12.1 11.7 4.0 16

17 ABS issuers 33.0 25.9 23.8 21.1 22.0 21.5 20.8 20.2 19.6 19.0 18.3 17

18 Discrepancy 3.3 2.9 98.2 -41.9 -43.9 -41.7 -36.7 -45.3 7.7 -61.6 -26.8 18

F.224 Security Credit

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net change in liabilities 146.1 3.1 -87.0 132.5 196.8 720.9 -109.7 -278.1 287.2 168.0 -20.0 1

 2 Household sector 7.2 -38.8 -48.2 34.3 45.3 355.7 -83.4 -180.4 74.7 64.1 -30.5 2

 3 Rest of the world 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3

 4 Brokers and dealers 138.9 41.9 -38.9 98.2 151.5 365.2 -26.4 -97.6 212.5 103.9 10.5 4

 5 Customer credit balances (HH) 88.6 41.9 -41.6 62.7 67.8 342.0 -46.8 -112.3 150.5 87.6 -66.6 5

 6 From U.S.-chartered commercial banks 7.1 7.2 -2.7 12.3 49.1 52.2 -20.7 -31.4 18.0 2.6 26.9 6

 7 From foreign banking offices in U.S. 43.2 -7.2 5.5 23.2 34.6 -29.0 41.1 46.1 44.0 13.7 50.2 7

 8 Net change in assets 146.1 3.1 -87.0 132.5 196.8 720.9 -109.7 -278.1 287.2 168.0 -20.0 8

 9 Household sector 88.6 41.9 -41.6 62.7 67.8 342.0 -46.8 -112.3 150.5 87.6 -66.6 9

10 Rest of the world 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10

11 Commercial banking 50.4 0.0 2.8 35.5 83.8 23.2 20.4 14.7 62.0 16.3 77.1 11

12 Brokers and dealers 7.2 -38.8 -48.2 34.3 45.3 355.7 -83.4 -180.4 74.7 64.1 -30.5 12
52 Z.1, December 9, 2004

F.225 Life Insurance and Pension Fund Reserves

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2000 2001 2002 2003 2003 2004

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 Life insurance reserves:

 1 Net change in liabilities 50.2 77.2 60.1 66.8 73.8 41.1 42.2 110.1 70.8 70.4 66.6 1

 2 Federal government 1.4 1.4 1.6 1.1 0.1 1.7 0.5 2.2 -0.0 1.9 0.2 2

 3 Life insurance companies 48.7 75.8 58.5 65.7 73.7 39.4 41.6 107.9 70.8 68.5 66.4 3

 4 Net change in assets (Households) 50.2 77.2 60.1 66.8 73.8 41.1 42.2 110.1 70.8 70.4 66.6 4

 Pension fund reserves:

 5 Net change in liabilities 134.2 130.5 170.3 195.5 193.8 157.5 236.5 194.4 233.6 198.7 212.2 5

 6 Life insurance companies 155.1 130.9 166.1 143.2 173.3 162.7 125.1 111.7 168.7 145.6 139.4 6

 7 Private pension funds (1) -93.1 -73.4 -37.9 6.3 -15.2 -38.8 45.0 34.0 23.3 -23.2 -11.7 7

 8 State and local govt. retirement funds 44.0 3.1 -3.3 -2.1 -11.6 -11.6 21.6 -6.9 -2.5 46.5 23.6 8

 9 Federal government retirement funds (2) 28.2 69.9 45.4 48.2 47.3 45.1 44.8 55.5 44.2 29.9 60.9 9

10 Net change in assets (Households) (3) 134.2 130.5 170.3 195.5 193.8 157.5 236.5 194.4 233.6 198.7 212.2 10

(1) Includes unallocated insurance company contracts beginning 1985:Q4.

(2) Includes the Federal Employees Thrift Savings Plan, the National Railroad Retirement Investment Trust, and nonmarketable government securities held by federal government retirement funds.

(3) Excludes all individual retirement accounts (IRAs) (table F.225.i), except those at life insurance companies.

F.226 Taxes Payable by Businesses

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net change in taxes payable by all 25.9 14.5 28.9 12.0 21.7 31.4 3.4 -8.5 17.8 42.3 3.7 1

 businesses

 2 Nonfinancial corporate business 7.0 3.1 11.9 -8.9 -8.9 9.7 -13.3 -23.1 -2.5 26.9 -15.3 2

 3 Nonfarm noncorporate business 11.7 4.0 8.1 9.7 19.4 9.7 4.7 5.0 5.6 4.0 4.7 3

 4 U.S.-chartered commercial banks 2.1 2.4 2.6 2.9 2.8 2.9 2.9 3.0 3.1 3.1 3.2 4

 5 Savings institutions 0.4 -0.7 -0.3 -0.2 -0.4 -0.0 0.7 -1.1 2.2 -1.2 0.7 5

 6 Life insurance companies 1.6 2.0 2.4 2.8 2.6 2.7 2.8 2.9 3.0 3.1 3.2 6

 7 Other insurance companies 2.3 2.7 3.2 3.7 3.5 3.6 3.8 3.9 4.0 4.1 4.3 7

 8 Finance companies 1.0 1.2 1.4 1.6 1.5 1.6 1.6 1.7 1.7 1.8 1.8 8

 9 Brokers and dealers -0.1 -0.2 -0.5 0.4 1.1 1.2 0.2 -0.9 0.7 0.5 1.2 9

10 Net change in business taxes receivable -6.7 -7.0 1.0 44.3 69.0 34.8 33.6 39.8 31.5 -4.8 -2.8 10

11 State and local governments 14.8 3.7 10.4 17.1 23.6 15.2 13.2 16.2 18.2 18.9 18.6 11

12 Federal government -21.5 -10.6 -9.4 27.2 45.4 19.5 20.4 23.6 13.3 -23.7 -21.4 12

13 Discrepancy 32.6 21.4 27.8 -32.3 -47.3 -3.4 -30.2 -48.3 -13.6 47.1 6.5 13

F.227 Investment in Bank Personal Trusts and Estates

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Liab.: Bank personal trusts and estates 56.6 -59.9 -2.4 -26.3 -26.6 -26.4 -26.4 -25.5 29.8 8.2 0.5 1

 2 Asset: Household sector 56.6 -59.9 -2.4 -26.3 -26.6 -26.4 -26.4 -25.5 29.8 8.2 0.5 2

F.228 Proprietors’ Equity in Noncorporate Business

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Total household investment -43.9 -29.9 -42.7 -63.5 -39.0 -42.5 -76.5 -96.1 -65.1 -34.5 -74.2 1

 2 Nonfarm noncorporate business -30.8 -17.8 -34.8 -54.2 -35.9 -38.3 -66.9 -75.9 -61.8 -22.6 -57.4 2

 3 Farm business -12.9 -8.8 -8.5 -5.7 -3.6 1.5 -8.4 -12.2 3.6 -10.8 -15.6 3

 4 Brokers and dealers 39.0 11.6 -20.0 9.1 -10.5 35.2 1.6 10.0 -0.5 -29.8 -9.4 4
Z.1, December 9, 2004 53

F.229 Total Miscellaneous Financial Claims

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2000 2001 2002 2003 2003 2004

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Net change in liabilities 1394.3 656.6 483.4 668.3 816.7 475.4 1349.0 31.9 2011.9 543.6 996.1 1

 2 Household sector 0.1 -0.4 0.9 0.9 2.8 1.2 0.1 -0.4 0.2 3.0 0.3 2

 3 Nonfinancial corporate business 681.0 15.3 87.9 105.1 164.4 42.3 15.2 198.6 165.5 183.6 154.7 3

 4 Nonfarm noncorporate business 86.0 55.3 20.5 36.4 37.0 37.8 35.5 35.5 34.1 33.4 32.4 4

 5 Federal government 22.9 53.0 26.0 30.7 -6.0 39.4 36.5 52.9 41.5 29.2 49.2 5

 6 Rest of the world 195.7 174.4 128.3 146.7 55.4 -273.3 638.4 166.1 294.9 250.4 342.2 6

 7 Monetary authority 1.1 -2.8 22.6 4.3 -11.7 27.6 4.9 -3.8 -10.7 7.1 25.3 7

 8 Commercial banking 196.5 -6.5 121.9 85.2 44.0 105.2 212.1 -20.5 517.5 -24.1 299.1 8

 9 Savings institutions 17.1 28.4 25.6 22.5 98.0 27.1 50.5 -85.8 237.2 -52.5 30.9 9

10 Credit unions -0.4 -1.8 1.4 1.2 -10.9 22.8 -2.8 -4.5 61.2 -45.7 43.3 10

11 Life insurance companies -8.9 40.1 37.2 19.4 149.7 45.6 9.0 -126.7 131.3 -22.7 7.7 11

12 Other insurance companies 5.8 26.5 49.2 45.2 60.3 48.0 70.6 2.0 44.7 49.2 66.8 12

13 Government-sponsored enterprises -3.1 47.4 27.7 -26.6 -2.5 -4.5 -29.2 -70.2 44.7 -91.7 73.8 13

14 Finance companies 83.3 18.9 20.7 101.8 14.8 120.7 246.9 24.9 90.5 -25.6 -8.4 14

15 Mortgage companies 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15

16 REITs 1.9 0.0 2.5 2.0 -3.7 2.9 0.8 8.1 17.5 -17.4 3.6 16

17 Brokers and dealers -1.9 138.5 -77.1 39.1 100.2 102.3 -74.9 28.9 110.6 171.7 -94.2 17

18 Funding corporations 117.0 70.3 -11.8 54.4 124.9 130.5 135.3 -173.1 231.4 95.7 -30.7 18

19 Net change in assets 1839.4 975.6 561.6 811.5 678.0 464.7 1336.0 767.5 1655.3 343.1 1066.8 19

20 Household sector 6.5 18.5 30.6 42.0 45.4 37.3 67.5 18.0 38.2 29.9 48.3 20

21 Nonfinancial corporate business 810.6 256.4 187.8 222.2 270.3 239.5 129.1 250.0 287.0 235.1 253.7 21

22 Nonfarm noncorporate business 89.9 129.9 97.6 104.9 102.0 99.8 103.9 114.1 112.1 125.3 126.6 22

23 Farm business -0.0 1.8 4.1 4.6 5.4 4.5 7.0 1.6 3.5 5.4 6.5 23

24 State and local governments 31.6 -73.3 0.1 -18.6 -6.7 -37.3 14.9 -45.1 -55.5 -46.8 -63.3 24

25 Federal government -1.4 1.3 0.0 1.4 4.6 -0.7 1.6 0.0 -0.0 0.7 3.6 25

26 Rest of the world 506.0 190.1 165.8 -64.9 -226.8 -450.6 485.2 -67.3 154.2 -125.3 411.3 26

27 Monetary authority 1.1 -0.4 -0.2 0.3 -0.5 -0.5 -0.6 2.6 -0.7 -0.2 -0.8 27

28 Commercial banking 89.0 135.3 63.6 141.3 222.4 107.5 -66.4 301.8 325.4 158.1 213.0 28

29 Savings institutions 7.7 17.3 19.0 -4.3 -15.4 40.7 56.3 -98.7 33.1 41.3 -0.3 29

30 Credit unions 4.9 5.4 10.4 0.5 -51.6 27.4 -38.6 64.8 -56.3 29.0 20.2 30

31 Bank personal trusts and estates 1.2 7.7 -2.6 9.5 9.5 9.5 9.5 9.6 9.6 9.7 2.7 31

32 Life insurance companies 18.7 -15.5 6.7 27.9 85.1 1.5 10.1 15.0 129.2 26.2 54.6 32

33 Other insurance companies 6.4 1.3 9.1 9.7 12.7 7.1 11.4 7.8 9.0 9.8 9.3 33

34 Private pension funds -18.1 11.2 -1.2 -19.5 -34.8 -44.1 -1.3 2.1 -23.8 -31.5 -17.7 34

35 State and local govt. retirement funds 12.6 20.3 -7.9 25.7 -29.2 32.3 82.1 17.6 1.2 -20.7 23.5 35

36 Federal government retirement funds 20.9 60.8 24.5 24.7 -4.7 31.6 27.6 44.1 31.1 19.0 45.1 36

37 Money market mutual funds 12.2 26.1 -7.0 15.4 56.6 19.2 76.7 -91.0 97.5 -2.7 -9.6 37

38 Mutual funds -0.4 -2.9 0.1 1.0 3.0 0.3 5.4 -4.7 4.8 -5.5 0.0 38

39 Government-sponsored enterprises -4.0 5.5 22.0 16.5 -38.2 36.3 23.3 44.6 14.2 3.9 37.4 39

40 Finance companies 25.3 20.8 9.5 102.5 46.5 140.0 183.8 39.5 -43.7 -139.9 -63.5 40

41 REITs 10.3 0.2 0.4 7.1 3.1 -0.3 6.0 19.7 5.7 -18.6 38.7 41

42 Brokers and dealers 133.0 156.6 -110.8 156.9 166.7 248.1 188.1 24.9 563.0 -27.0 -49.9 42

43 Funding corporations 75.5 1.5 40.2 4.4 52.6 -84.7 -46.8 96.5 16.6 68.1 -22.6 43

44 Discrepancy -445.1 -319.1 -78.1 -143.3 138.7 10.7 13.0 -735.5 356.6 200.5 -70.7 44
54 Z.1, December 9, 2004

F.230 Identified Miscellaneous Financial Claims - Part I

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2000 2001 2002 2003 2003 2004

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 U.S. direct investment abroad (1):

 1 Liab.: Rest of the world 159.2 142.3 134.8 173.8 163.3 136.2 180.8 214.8 190.4 243.0 220.0 1

 2 Equity 78.0 60.9 24.6 24.6 18.9 18.5 16.6 44.5 40.3 93.1 93.8 2

 3 Reinvested earnings 93.6 69.8 94.5 141.1 115.9 123.2 142.0 183.3 163.2 164.1 153.5 3

 4 Intercompany accounts -12.4 11.6 15.8 8.1 28.6 -5.5 22.3 -13.0 -13.0 -14.2 -27.3 4

 5 Asset: Nonfinancial corporate business 128.4 119.4 118.7 142.5 120.9 112.3 154.7 181.9 160.6 195.8 174.7 5

 6 Commercial banking 10.9 0.9 3.1 4.4 5.3 3.5 3.2 5.7 6.3 6.6 7.9 6

 7 Life insurance companies 2.2 2.9 0.8 3.8 2.0 6.7 2.8 3.8 2.6 3.8 3.0 7

 8 Other insurance companies 6.4 1.3 9.1 9.7 12.7 7.1 11.4 7.8 9.0 9.8 9.3 8

 9 Finance companies 10.6 17.3 3.8 10.3 20.9 2.6 8.8 8.8 8.5 15.7 14.6 9

10 Brokers and dealers 0.7 0.6 -0.6 3.0 1.5 4.0 -0.1 6.8 3.5 11.4 10.5 10

 Foreign direct investment in U.S. (1):

11 Liab.: Nonfinancial corporate business 181.2 87.5 22.2 9.5 39.1 12.7 -23.1 9.1 34.7 17.5 8.3 11

12 Nonfarm noncorporate business 0.1 0.1 0.2 -0.1 -0.1 0.1 -0.3 0.1 -0.1 0.1 0.0 12

13 Commercial banking 9.7 8.4 3.6 4.5 14.6 -0.4 1.8 2.0 1.7 6.9 6.1 13

14 Life insurance companies 27.9 8.1 2.0 -0.8 5.1 -2.3 1.5 -7.3 -2.6 58.0 2.7 14

15 Other insurance companies 6.6 0.4 5.1 -1.4 -0.9 3.4 -2.3 -5.8 2.3 -2.6 2.8 15

16 Finance companies 14.9 7.8 -3.5 19.2 67.7 4.4 11.4 -6.9 6.1 21.1 22.0 16

17 Brokers and dealers 5.1 -1.3 2.2 3.2 -1.7 7.7 -1.5 8.5 -1.4 1.2 -2.8 17

18 Funding corporations 75.8 56.0 40.6 5.8 6.4 -27.7 1.2 43.2 0.5 28.6 60.9 18

19 Asset: Rest of the world 321.3 167.0 72.4 39.9 130.1 -2.2 -11.2 42.9 40.9 130.8 100.0 19

20 Equity 259.6 140.9 88.4 62.2 132.3 32.3 38.9 45.4 13.5 112.7 78.8 20

21 Reinvested earnings -0.3 -33.8 5.2 12.0 32.9 -34.3 29.2 20.4 26.7 65.1 23.3 21

22 Intercompany accounts 61.9 60.0 -21.2 -34.4 -35.1 -0.2 -79.3 -22.9 0.7 -47.0 -2.1 22

 Federal government equity in IBRD, etc.:

23 Liab.: Rest of the world 1.5 1.7 1.5 1.4 1.5 1.6 1.4 1.2 1.4 2.1 4.9 23

24 Asset: Federal government 1.5 1.7 1.5 1.4 1.5 1.6 1.4 1.2 1.4 2.1 4.9 24

 Federal Reserve Bank stock:

25 Liab.: Monetary authority 0.6 0.4 1.0 0.5 0.5 0.6 0.4 0.4 0.5 1.0 5.1 25

26 Asset: Commercial banking 0.6 0.4 1.0 0.5 0.5 0.6 0.4 0.4 0.5 1.0 5.1 26

 Equity in govt.-sponsored enterprises:

27 Liab.: Government-sponsored enterprises 2.2 3.3 2.0 3.2 4.9 2.3 3.3 2.4 7.2 4.5 0.0 27

28 Asset: Nonfin. corporate business (FNMA) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 28

29 Nonfarm noncorporate (BC) 0.0 0.1 0.0 0.3 0.3 -0.3 -0.1 1.2 0.6 -0.5 -0.5 29

30 Farm business (FICB and FLB) 0.0 0.4 0.1 0.4 -0.1 0.5 0.4 0.8 -0.4 0.7 0.6 30

31 Federal government 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 31

32 Commercial banks (FHLB) 0.8 1.4 2.3 1.2 1.8 1.7 0.6 0.6 1.5 0.7 1.3 32

33 Savings institutions (FHLB) 1.3 1.2 -1.0 0.4 2.2 -0.8 1.1 -0.9 4.6 3.4 -1.5 33

34 Credit unions (FHLB) 0.1 0.2 0.3 0.2 0.3 0.3 0.3 0.1 0.5 0.2 0.1 34

35 Life insurance companies (FHLB) 0.0 -0.1 0.2 0.7 0.3 0.8 1.0 0.5 0.2 0.1 0.0 35

 BHC investment in subsidiaries:

36 Liab.: Commercial banking 53.6 60.7 53.1 50.5 43.2 67.9 50.5 40.5 73.4 121.9 323.2 36

37 Savings institutions 0.7 0.8 0.9 1.0 1.0 1.0 1.0 1.1 1.1 1.1 1.2 37

38 Finance companies 7.4 -1.7 -5.5 5.8 -2.0 17.7 -0.5 8.0 10.1 6.4 8.5 38

39 Mortgage companies 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 39

40 Brokers and dealers 30.4 30.7 4.4 38.2 35.0 60.6 29.8 27.6 102.7 34.2 63.7 40

41 Asset: Bank holding companies 92.0 90.4 53.0 95.5 77.1 147.1 80.7 77.1 187.3 163.6 396.5 41

 NFC investment in finance company subs.:

42 Liab.: Finance companies 7.4 -1.7 -5.5 5.8 -2.1 17.7 -0.5 8.0 10.1 6.4 8.5 42

43 Asset: Nonfinancial corporate business 7.4 -1.7 -5.5 5.8 -2.1 17.7 -0.5 8.0 10.1 6.4 8.5 43

 Funding corp. investment in subs.:

44 Liab.: Foreign banking offices in U.S. 45.6 -30.8 24.7 -1.7 -17.0 -14.0 -25.8 50.0 108.4 -82.3 15.6 44

45 Brokers and dealers 29.8 32.3 15.5 6.1 69.6 -70.7 -20.9 46.5 -91.7 150.3 -38.2 45

46 Asset: Funding corporations 75.5 1.5 40.2 4.4 52.6 -84.7 -46.8 96.5 16.6 68.1 -22.6 46

(1) Direct investment is valued on a current-cost basis. Excludes capital gains and losses. Components of direct investment--equity, reinvested earnings, intercompany accounts--are not available before 1982.
Z.1, December 9, 2004 55

F.231 Identified Miscellaneous Financial Claims - Part II

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2000 2001 2002 2003 2003 2004

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 Nonofficial foreign currencies:

 1 Liab.: Rest of the world 0.0 -0.1 0.1 0.2 -0.1 0.3 0.1 0.4 0.3 0.1 0.2 1

 2 Asset: Federal government 0.0 -0.1 0.1 0.2 -0.1 0.3 0.1 0.4 0.3 0.1 0.2 2

 Postal Savings System deposits:

 3 Liab.: Federal government 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3

 4 Asset: Household sector 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 Deposits at Federal Home Loan Banks:

 5 Liab.: Government-sponsored enterprises 0.0 8.6 1.9 -7.1 11.5 1.4 -9.6 -31.7 17.6 -23.3 -4.8 5

 6 Asset: Savings institutions 0.0 8.6 1.9 -7.1 11.5 1.4 -9.6 -31.7 17.6 -23.3 -4.8 6

 Deferred and unpaid life insurance premiums:

 7 Liab.: Household sector 0.1 -0.4 0.9 0.9 2.8 1.2 0.1 -0.4 0.2 3.0 0.3 7

 8 Asset: Life insurance companies 0.1 -0.4 0.9 0.9 2.8 1.2 0.1 -0.4 0.2 3.0 0.3 8

 Life insurance company reserves:

 9 Liab.: Life insurance companies 6.9 6.5 10.2 13.9 11.3 10.4 28.3 5.6 11.4 -0.3 3.5 9

10 Health 3.9 3.1 10.1 10.9 6.7 8.6 16.6 11.7 9.2 -2.9 0.8 10

11 Policy dividend accumulation 1.1 1.0 0.1 -0.0 0.5 4.3 3.4 -8.2 -0.4 3.4 0.4 11

12 Policy and contract claims 1.9 2.4 0.0 3.0 4.1 -2.5 8.3 2.1 2.6 -0.7 2.2 12

13 Asset: Household sector 6.9 6.5 10.2 13.9 11.3 10.4 28.3 5.6 11.4 -0.3 3.5 13

 Policy payables:

14 Liab.: Other insurance companies -0.8 26.1 44.1 46.6 61.2 44.5 72.9 7.8 42.5 51.7 64.0 14

15 Asset: Household sector -0.3 11.9 18.5 19.5 25.6 18.7 30.6 3.3 17.8 21.7 38.8 15

16 Nonfinancial corporate business -0.3 10.3 17.4 18.4 24.2 17.6 28.8 3.1 16.8 20.4 17.3 16

17 Nonfarm noncorporate business -0.1 2.5 4.2 4.4 5.8 4.2 6.9 0.7 4.0 4.9 2.1 17

18 Farm business -0.1 1.4 4.0 4.2 5.6 4.1 6.6 0.7 3.9 4.7 5.8 18

 Unallocated insurance company contracts:

19 Liab.: Life insurance companies -24.2 10.1 -4.6 -17.1 -25.5 -28.6 -4.3 -10.0 -18.0 -27.7 -17.0 19

20 Asset: Private pension funds -24.2 10.1 -4.6 -17.1 -25.5 -28.6 -4.3 -10.0 -18.0 -27.7 -17.0 20

 Pension fund contributions payable:

21 Liab.: Nonfinancial corporate business 14.0 0.6 0.1 -1.4 -6.4 -8.7 2.1 7.5 -0.6 -2.6 -1.2 21

22 Asset: Private pension funds 14.0 0.6 0.1 -1.4 -6.4 -8.7 2.1 7.5 -0.6 -2.6 -1.2 22

 Securities borrowed (net):

23 Liab.: Funding corporations 88.7 70.1 -2.9 102.6 -30.9 245.1 175.1 21.0 323.7 -11.2 -67.0 23

24 Asset: Brokers and dealers 88.7 70.1 -2.9 102.6 -30.9 245.1 175.1 21.0 323.7 -11.2 -67.0 24

 Nonmarketable government securities:

25 Liab.: Federal government 20.9 60.8 24.5 24.7 -4.7 31.6 27.6 44.1 31.1 19.0 45.1 25

26 Asset: Federal government retirement funds 20.9 60.8 24.5 24.7 -4.7 31.6 27.6 44.1 31.1 19.0 45.1 26

 Uniformed Services Retiree Health Care Fund:

27 Liab.: Federal government 0.0 0.0 1.9 8.6 8.4 8.3 8.6 9.1 9.0 8.5 6.0 27

28 Asset: Household sector 0.0 0.0 1.9 8.6 8.4 8.3 8.6 9.1 9.0 8.5 6.0 28
56 Z.1, December 9, 2004

F.232 Unidentified Miscellaneous Financial Claims

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2000 2001 2002 2003 2003 2004

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Net change in liabilities 629.1 69.3 107.7 171.9 361.2 -48.7 840.0 -464.8 1140.5 -93.2 254.5 1

 2 Nonfinancial corporate business 485.8 -72.8 65.6 97.1 131.7 38.3 36.2 182.0 131.5 168.7 147.6 2

 3 Nonfarm noncorporate business 85.9 55.2 20.3 36.5 37.1 37.7 35.8 35.4 34.2 33.3 32.4 3

 4 Federal government 2.0 -7.8 -0.4 -2.6 -9.7 -0.5 0.3 -0.3 1.4 1.7 -1.9 4

 5 Rest of the world 35.0 30.4 -8.1 -28.7 -109.3 -411.4 456.0 -50.3 102.7 5.3 117.1 5

 6 Monetary authority 0.6 -3.2 21.5 3.8 -12.2 27.0 4.6 -4.2 -11.2 6.2 20.2 6

 7 Commercial banking 87.6 -44.8 40.4 31.9 3.2 51.8 185.6 -112.9 334.0 -70.6 -45.8 7

 8 U.S.-chartered commercial banks 71.3 -101.2 13.1 45.7 187.1 -19.7 98.3 -82.9 271.8 -110.2 -83.0 8

 9 Foreign banking offices in U.S. -27.5 -0.7 16.5 -39.8 -181.0 -7.0 53.2 -24.3 -75.1 -58.0 -215.1 9

10 Bank holding companies 43.1 52.9 11.5 22.6 -9.0 73.5 22.3 3.7 126.0 88.3 240.2 10

11 Banks in U.S.-affiliated areas 0.7 4.2 -0.7 3.4 6.2 5.0 11.9 -9.4 11.4 9.3 12.1 11

12 Savings institutions 16.5 27.7 24.7 21.4 97.0 26.1 49.5 -86.9 236.1 -53.6 29.7 12

13 Credit unions -0.4 -1.8 1.4 1.2 -10.9 22.8 -2.8 -4.5 61.2 -45.7 43.3 13

14 Life insurance companies -19.4 15.3 29.5 23.4 158.7 66.2 -16.5 -115.0 140.5 -52.8 18.5 14

15 Government-sponsored enterprises -5.4 35.6 23.8 -22.7 -18.9 -8.2 -22.9 -40.8 20.0 -72.9 78.6 15

16 Finance companies 53.7 14.5 35.2 71.1 -48.8 80.9 236.5 15.8 64.3 -59.5 -47.4 16

17 REITs 1.9 0.0 2.5 2.0 -3.7 2.9 0.8 8.1 17.5 -17.4 3.6 17

18 Brokers and dealers -67.2 76.9 -99.3 -8.5 -2.6 104.7 -82.3 -53.6 101.2 -14.1 -116.8 18

19 Funding corporations -47.5 -55.9 -49.5 -54.0 149.4 -86.9 -41.0 -237.4 -92.7 78.3 -24.6 19

20 Net change in assets 1074.2 388.3 185.8 315.2 222.5 -59.5 827.0 270.8 783.9 -293.6 325.2 20

21 Nonfinancial corporate business 675.2 128.3 57.2 55.6 127.3 91.9 -53.9 57.0 99.6 12.5 53.2 21

22 Nonfarm noncorporate business 90.0 127.3 93.4 100.2 95.9 95.9 97.1 112.1 107.4 120.9 125.1 22

23 State and local governments 31.6 -73.3 0.1 -18.6 -6.7 -37.3 14.9 -45.1 -55.5 -46.8 -63.3 23

24 Federal government -2.9 -0.3 -1.6 -0.2 3.2 -2.6 0.0 -1.6 -1.7 -1.4 -1.5 24

25 Rest of the world 184.8 23.1 93.4 -104.8 -356.9 -448.4 496.5 -110.2 113.3 -256.1 311.3 25

26 Monetary authority 1.1 -0.4 -0.2 0.3 -0.5 -0.5 -0.6 2.6 -0.7 -0.2 -0.8 26

27 Commercial banking -15.3 42.2 4.2 39.7 137.7 -45.5 -151.4 218.0 129.8 -13.8 -197.8 27

28 U.S.-chartered commercial banks -6.4 19.7 -14.0 67.8 144.8 64.4 -52.2 114.3 -5.3 134.7 110.3 28

29 Foreign banking offices in U.S. -27.7 10.7 -3.1 -48.4 -37.7 -110.9 -108.4 63.4 56.0 -145.5 -361.1 29

30 Bank holding companies 20.9 5.9 27.3 22.4 24.7 5.4 11.3 48.2 77.7 0.1 46.8 30

31 Banks in U.S.-affiliated areas -2.1 5.9 -6.0 -2.2 5.8 -4.4 -2.1 -8.0 1.4 -3.0 6.2 31

32 Savings institutions 6.4 7.5 18.0 2.4 -29.2 40.1 64.8 -66.1 10.9 61.3 6.0 32

33 Credit unions 4.8 5.2 10.1 0.2 -51.9 27.0 -38.9 64.7 -56.9 28.7 20.2 33

34 Bank personal trusts and estates 1.2 7.7 -2.6 9.5 9.5 9.5 9.5 9.6 9.6 9.7 2.7 34

35 Life insurance companies 16.4 -17.9 4.8 22.6 80.0 -7.1 6.3 11.1 126.2 19.3 51.2 35

36 Private pension funds -7.9 0.4 3.3 -1.0 -2.9 -6.8 1.0 4.6 -5.1 -1.2 0.5 36

37 State and local govt. retirement funds 12.6 20.3 -7.9 25.7 -29.2 32.3 82.1 17.6 1.2 -20.7 23.5 37

38 Money market mutual funds 12.2 26.1 -7.0 15.4 56.6 19.2 76.7 -91.0 97.5 -2.7 -9.6 38

39 Mutual funds -0.4 -2.9 0.1 1.0 3.0 0.3 5.4 -4.7 4.8 -5.5 0.0 39

40 Government-sponsored enterprises -4.0 5.5 22.0 16.5 -38.2 36.3 23.3 44.6 14.2 3.9 37.4 40

41 Finance companies 14.8 3.5 5.6 92.1 25.6 137.4 174.9 30.7 -52.2 -155.6 -78.1 41

42 REITs 10.3 0.2 0.4 7.1 3.1 -0.3 6.0 19.7 5.7 -18.6 38.7 42

43 Brokers and dealers 43.7 85.8 -107.3 51.4 196.1 -0.9 13.1 -2.8 235.9 -27.3 6.6 43

44 Discrepancy -445.1 -319.1 -78.1 -143.3 138.7 10.7 13.0 -735.5 356.6 200.5 -70.7 44
Z.1, December 9, 2004 57

F.11 Sector Discrepancies

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2000 2001 2002 2003 2003 2004

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 All sectors -77.4 -256.7 102.6 -247.1 -388.6 393.9 -437.0 -556.8 380.1 -127.5 -113.9 1

 2 Household sector 196.6 -148.5 56.6 -178.5 -21.4 -14.8 -505.9 -171.7 140.2 -220.3 -124.8 2

 3 Nonfinancial corporate business -164.5 -118.0 43.0 -30.7 -31.0 -17.5 -39.5 -34.9 -26.6 -71.6 -95.8 3

 4 State and local governments -84.8 -37.5 -12.9 -19.7 -78.8 60.5 -63.9 3.3 1.6 -37.2 36.1 4

 5 Federal government -10.5 38.0 8.3 -2.3 -132.8 304.3 -124.0 -56.6 115.8 92.2 -77.2 5

 6 Rest of the world -78.9 -43.6 -110.1 -28.8 -36.4 100.5 6.5 -185.7 5.7 -45.6 -52.6 6

 7 Financial sectors 64.6 52.9 117.7 12.8 -88.2 -39.1 289.8 -111.3 143.4 155.0 200.3 7

 8 Monetary authority 4.5 0.1 -3.3 -3.9 -8.1 -1.6 -8.0 2.2 -6.6 -3.3 -4.9 8

 9 Commercial banking 136.6 56.9 94.9 70.6 -52.5 -8.3 301.1 42.1 140.6 162.7 190.0 9

10 Savings institutions 2.7 1.9 4.7 3.7 -1.5 6.3 11.2 -1.1 -3.4 -5.1 -5.7 10

11 Credit unions -0.2 0.3 0.2 0.2 0.9 2.1 -0.5 -1.8 7.9 1.6 3.1 11

12 Bank personal trusts and estates 1.6 3.7 1.4 0.4 0.4 0.4 0.4 0.5 0.2 0.3 0.1 12

13 Life insurance companies -24.1 -15.1 -29.7 -34.3 -37.6 -56.8 -14.2 -28.8 -40.3 -66.3 -27.3 13

14 Other insurance companies -19.5 -5.1 -21.4 -32.3 -22.7 -41.7 -10.3 -54.5 -39.0 -21.3 -15.4 14

15 Mutual funds -1.5 -8.4 -24.6 -16.9 -25.0 -18.2 -12.4 -11.8 -11.6 -11.6 -11.2 15

16 Government-sponsored enterprises -3.5 9.6 10.0 -16.9 14.6 -6.7 2.3 -78.0 10.8 -34.6 -5.1 16

17 Issuers of asset-backed securities 0.0 0.0 0.0 -0.0 -0.0 0.0 0.0 0.0 0.0 0.0 0.0 17

18 Finance companies 23.9 20.6 58.3 55.1 32.2 120.6 27.6 40.1 94.5 60.5 63.8 18

19 REITs -1.5 16.7 18.7 11.3 11.2 16.5 7.3 10.1 9.8 57.1 18.6 19

20 Brokers and dealers -54.3 -28.4 8.3 -24.2 -0.1 -51.9 -14.7 -30.2 -19.5 15.1 -5.7 20

F.12 Instrument Discrepancies

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 All types -77.4 -256.7 102.6 -247.1 -388.6 393.9 -437.0 -556.8 380.1 -127.5 -113.9 1

 2 Treasury currency -1.2 -0.1 -0.6 -0.3 -0.2 0.5 -0.8 -0.7 -0.4 0.0 -0.3 2

 3 Foreign deposits 66.1 -12.8 11.0 30.0 40.8 208.3 -286.5 157.5 44.4 -149.0 59.2 3

 4 Net interbank transactions 20.4 17.2 7.1 -4.2 8.5 -28.2 34.2 -31.3 15.4 64.4 -44.3 4

 5 Security RPs 110.8 -61.2 22.5 -21.7 -422.9 264.3 -56.3 128.1 -10.2 -160.2 11.6 5

 Mail floats:

 6 Federal government 9.0 5.7 0.1 -7.9 -21.6 -3.2 -37.0 30.4 41.2 -14.8 7.1 6

 7 Other -0.3 -0.5 -0.7 -0.0 -1.1 -0.3 0.3 1.0 1.7 2.4 3.1 7

 8 Trade credit 3.3 2.9 98.2 -41.9 -43.9 -41.7 -36.7 -45.3 7.7 -61.6 -26.8 8

 9 Taxes payable 32.6 21.4 27.8 -32.3 -47.3 -3.4 -30.2 -48.3 -13.6 47.1 6.5 9

10 Miscellaneous -445.1 -319.1 -78.1 -143.3 138.7 10.7 13.0 -735.5 356.6 200.5 -70.7 10

11 Nonfinancial 127.1 89.8 15.4 -25.6 -39.5 -13.1 -37.0 -12.6 -62.8 -56.3 -59.4 11

 Nonfinancial components (sign reversed):

12 Statistical discrepancy (NIPA) -127.1 -89.8 -15.4 25.5 39.5 13.1 36.9 12.6 62.8 56.2 59.4 12

13 Private wage accruals less disbursements 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13