Z.1, December 8, 2005 9

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

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2001 2002 2003 2004 2004 2005

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total net borrowing 1928.3 2213.2 2714.7 2807.5 2829.5 2563.4 2747.7 3089.2 2927.8 3388.0 3092.0 1

 2 Domestic nonfinancial sectors 1094.6 1319.1 1651.3 1926.1 2034.4 1701.0 1922.8 2046.3 2311.7 1998.3 2296.6 2

 3 Federal government -5.6 257.6 396.0 361.9 502.9 367.2 266.3 311.2 630.7 5.8 231.9 3

 4 Nonfederal sectors 1100.2 1061.6 1255.2 1564.2 1531.5 1333.8 1656.4 1735.2 1680.9 1992.4 2064.6 4

 5 Household sector 600.5 736.2 825.2 1011.7 1024.4 968.7 1063.3 990.4 929.4 1158.4 1235.9 5

 6 Nonfinancial corporate business 220.7 25.2 148.4 258.2 207.4 131.8 261.5 432.0 351.4 429.8 362.3 6

 7 Nonfarm noncorporate business 162.7 148.5 156.1 164.6 137.5 169.0 168.1 183.8 195.0 281.5 220.6 7

 8 Farm business 10.5 7.9 7.7 11.5 6.2 13.1 18.3 8.5 2.9 17.0 25.1 8

 9 State and local governments 105.8 143.9 117.8 118.2 156.0 51.1 145.2 120.5 202.2 105.7 220.7 9

10 Rest of the world -43.8 70.8 54.3 82.2 84.2 -63.6 97.5 210.7 17.6 87.5 111.7 10

11 Financial sectors 877.5 823.3 1009.2 799.1 710.8 926.0 727.4 832.2 598.5 1302.3 683.8 11

12 Commercial banking 52.9 49.7 49.2 77.7 182.7 6.8 60.1 61.2 163.0 41.4 82.7 12

13 U.S.-chartered commercial banks 30.2 29.9 13.9 18.1 80.0 -9.5 -0.8 2.6 75.4 19.3 30.8 13

14 Foreign banking offices in U.S. -0.9 -0.4 -0.1 0.1 -0.1 0.2 0.5 -0.0 -0.3 0.6 0.3 14

15 Bank holding companies 23.6 20.3 35.4 59.5 102.8 16.1 60.4 58.7 87.9 21.4 51.7 15

16 Savings institutions -2.0 -23.4 6.1 64.4 1.1 166.6 -7.0 96.9 -30.6 82.4 -7.1 16

17 Credit unions 1.5 2.0 2.2 2.3 -2.7 4.9 0.9 6.1 1.5 3.1 0.3 17

18 Life insurance companies 0.6 2.0 2.9 3.0 -0.4 2.7 0.1 9.7 -1.6 2.3 0.4 18

19 Government-sponsored enterprises 304.1 219.8 243.7 65.0 0.6 211.9 93.1 -45.5 -209.6 -84.2 -243.9 19

20 Agency- and GSE-backed mortgage pools 338.5 326.8 330.5 53.0 126.7 88.0 62.1 -64.6 64.7 123.5 178.4 20

21 ABS issuers 230.4 181.9 219.5 321.8 147.1 355.1 417.0 367.9 430.3 688.4 620.6 21

22 Finance companies 1.3 42.2 118.2 117.9 111.2 -8.4 115.5 253.2 75.8 -23.6 12.6 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 3.2 24.5 31.9 97.6 67.1 63.9 42.1 217.6 76.2 92.8 65.5 24

25 Brokers and dealers 1.4 -1.7 6.4 15.2 51.9 2.5 33.2 -26.6 11.2 -5.2 18.0 25

26 Funding corporations -54.6 -0.5 -1.4 -18.9 25.6 32.1 -89.6 -43.6 17.6 381.4 -43.9 26

27 Total net lending 1928.3 2213.2 2714.7 2807.5 2829.5 2563.4 2747.7 3089.2 2927.8 3388.0 3092.0 27

28 Domestic nonfederal nonfinancial sectors -79.6 94.2 240.7 201.7 -169.2 102.2 445.0 428.9 57.1 44.6 358.7 28

29 Household sector -175.0 -17.8 186.1 115.1 -288.6 30.8 426.3 292.1 -81.4 -76.3 189.6 29

30 Nonfinancial corporate business -4.3 26.1 -1.0 22.6 22.5 42.5 -37.7 63.2 6.9 25.1 18.2 30

31 Nonfarm noncorporate business 6.4 -0.6 3.0 2.2 2.7 2.7 2.2 1.1 0.8 -0.1 -0.6 31

32 State and local governments 93.4 86.5 52.5 61.8 94.2 26.2 54.1 72.6 130.7 95.8 151.6 32

33 Federal government 6.0 9.6 -2.5 3.9 4.7 -11.9 24.6 -1.9 0.2 -14.1 16.2 33

34 Rest of the world 305.3 422.7 531.6 754.4 814.0 793.6 593.0 817.0 788.1 750.1 826.7 34

35 Financial sectors 1696.5 1686.8 1945.0 1847.5 2180.0 1679.5 1685.1 1845.1 2082.5 2607.5 1890.4 35

36 Monetary authority 39.9 77.7 37.2 51.2 22.1 53.5 71.3 57.6 -10.5 32.0 66.8 36

37 Commercial banking 205.2 404.4 299.5 582.2 863.9 486.6 263.5 714.7 982.5 597.2 695.9 37

38 U.S.-chartered commercial banks 191.6 393.8 323.3 548.0 828.1 495.7 252.7 615.5 760.2 426.8 568.9 38

39 Foreign banking offices in U.S. -0.6 6.2 -43.0 20.3 22.7 -25.3 -2.7 86.5 219.7 126.6 167.5 39

40 Bank holding companies 4.2 3.1 8.6 -0.0 1.2 -2.3 3.0 -2.0 -9.4 29.4 -46.1 40

41 Banks in U.S.-affiliated areas 10.0 1.3 10.6 13.9 11.9 18.5 10.5 14.8 12.0 14.4 5.6 41

42 Savings institutions 44.4 33.4 126.0 172.8 117.3 186.5 128.0 259.2 8.8 239.7 141.0 42

43 Credit unions 41.5 42.7 50.7 42.0 47.0 58.8 18.9 43.3 46.5 41.6 47.8 43

44 Property-casualty insurance companies 9.0 39.9 67.0 73.6 105.3 65.1 73.5 50.6 89.0 49.2 78.1 44

45 Life insurance companies 130.9 233.0 180.6 173.0 216.7 162.2 158.2 154.9 187.4 65.8 185.1 45

46 Private pension funds 13.3 25.7 14.2 34.9 44.7 22.9 44.9 27.0 7.5 46.5 49.4 46

47 State and local govt. retirement funds -53.8 -50.7 11.2 27.2 109.7 67.4 -63.1 -5.1 -4.1 1.1 29.3 47

48 Federal government retirement funds 9.7 13.0 6.3 4.6 0.8 6.8 10.8 0.1 8.5 11.3 7.6 48

49 Money market mutual funds 267.3 -17.7 -95.9 -124.9 -212.1 -151.8 -153.7 17.7 -198.5 -78.5 -49.2 49

50 Mutual funds 126.1 144.2 137.7 117.1 231.7 8.1 103.4 125.2 206.9 123.4 94.0 50

51 Closed-end funds 3.2 8.6 36.2 11.2 9.9 21.7 0.3 12.7 6.4 1.7 4.1 51

52 Exchange-traded funds 0.0 3.7 0.7 3.8 5.1 3.5 2.2 4.2 11.7 3.5 7.1 52

53 Government-sponsored enterprises 304.7 224.1 236.5 46.2 18.8 168.0 104.3 -106.0 -65.5 -66.5 -277.9 53

54 Agency- and GSE-backed mortgage pools 338.5 326.8 330.5 53.0 126.7 88.0 62.1 -64.6 64.7 123.5 178.4 54

55 ABS issuers 217.0 189.9 226.1 322.3 159.7 372.4 424.6 332.6 421.0 669.0 601.3 55

56 Finance companies -4.8 21.2 84.2 129.6 172.1 64.9 90.1 191.4 4.5 14.6 27.9 56

57 Mortgage companies 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 57

58 REITs 8.6 23.8 25.7 87.9 86.4 56.0 31.9 177.5 37.3 120.1 89.0 58

59 Brokers and dealers 92.4 28.4 79.6 -29.2 -190.0 -118.8 302.8 -110.7 67.3 316.1 -322.3 59

60 Funding corporations -96.6 -85.1 90.9 68.9 244.2 57.6 10.9 -37.2 211.2 296.2 237.0 60

(1) Excludes corporate equities and mutual fund shares.
10 Z.1, December 8, 2005

F.2 Credit Market Borrowing by Nonfinancial Sectors

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2001 2002 2003 2004 2004 2005

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Domestic 1094.6 1319.1 1651.3 1926.1 2034.4 1701.0 1922.8 2046.3 2311.7 1998.3 2296.6 1

 2 Federal government -5.6 257.6 396.0 361.9 502.9 367.2 266.3 311.2 630.7 5.8 231.9 2

 3 Treasury securities -5.1 257.1 398.4 362.5 501.9 370.8 266.5 310.9 631.5 7.2 232.3 3

 4 Budget agency securities and mortgages -0.5 0.5 -2.4 -0.6 1.1 -3.6 -0.2 0.3 -0.7 -1.4 -0.4 4

 5 Nonfederal, by instrument 1100.2 1061.6 1255.2 1564.2 1531.5 1333.8 1656.4 1735.2 1680.9 1992.4 2064.6 5

 6 Commercial paper -88.3 -64.2 -40.0 15.8 33.8 32.3 22.4 -25.4 53.7 9.2 4.6 6

 7 Municipal securities and loans 122.9 159.4 135.1 133.1 174.0 70.2 157.3 130.9 224.9 127.7 240.5 7

 8 Corporate bonds 347.7 132.3 158.3 77.7 114.2 6.7 51.7 138.3 34.3 30.1 82.7 8

 9 Bank loans n.e.c. -81.6 -87.0 -80.2 33.6 -38.4 85.3 -31.5 119.1 88.5 210.3 42.1 9

10 Other loans and advances 8.9 20.3 10.0 25.0 14.3 -15.3 0.2 100.7 84.0 70.2 23.4 10

11 Mortgages 658.3 813.7 983.6 1188.0 1143.8 1092.9 1334.6 1180.6 1137.8 1459.7 1554.3 11

12 Home 496.1 672.8 782.0 972.7 964.7 889.6 1097.9 938.6 918.7 1137.4 1225.3 12

13 Multifamily residential 40.6 37.2 69.9 47.8 23.7 67.5 42.3 57.6 30.9 64.2 30.6 13

14 Commercial 113.9 96.0 123.6 159.4 148.4 125.3 185.2 178.6 183.1 246.7 289.5 14

15 Farm 7.7 7.7 8.1 8.1 7.1 10.4 9.1 5.9 5.1 11.4 8.8 15

16 Consumer credit 132.3 87.1 88.4 91.0 89.7 61.8 121.7 90.9 57.7 85.2 117.0 16

17 Nonfederal, by sector 1100.2 1061.6 1255.2 1564.2 1531.5 1333.8 1656.4 1735.2 1680.9 1992.4 2064.6 17

18 Household sector 600.5 736.2 825.2 1011.7 1024.4 968.7 1063.3 990.4 929.4 1158.4 1235.9 18

19 Nonfinancial business 393.9 181.5 312.3 434.3 351.1 314.0 447.9 624.3 549.3 728.3 608.0 19

20 Corporate 220.7 25.2 148.4 258.2 207.4 131.8 261.5 432.0 351.4 429.8 362.3 20

21 Nonfarm noncorporate 162.7 148.5 156.1 164.6 137.5 169.0 168.1 183.8 195.0 281.5 220.6 21

22 Farm 10.5 7.9 7.7 11.5 6.2 13.1 18.3 8.5 2.9 17.0 25.1 22

23 State and local governments 105.8 143.9 117.8 118.2 156.0 51.1 145.2 120.5 202.2 105.7 220.7 23

24 Foreign borrowing in U.S. -43.8 70.8 54.3 82.2 84.2 -63.6 97.5 210.7 17.6 87.5 111.7 24

25 Commercial paper -14.2 36.1 22.3 63.7 99.6 -30.1 24.4 160.7 13.7 33.6 116.7 25

26 Bonds -18.5 31.6 41.9 19.2 -4.3 -40.1 86.8 34.4 -4.6 60.7 -3.5 26

27 Bank loans n.e.c. -7.3 5.3 -7.7 2.5 -6.7 7.0 -9.0 18.5 12.1 -5.3 5.2 27

28 Other loans and advances -3.8 -2.3 -2.1 -3.1 -4.3 -0.4 -4.8 -2.9 -3.5 -1.6 -6.7 28

29 Domestic and foreign 1050.8 1389.9 1705.6 2008.3 2118.7 1637.4 2020.2 2257.0 2329.3 2085.7 2408.3 29

F.3 Credit Market Borrowing by Financial Sectors

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 By instrument 877.5 823.3 1009.2 799.1 710.8 926.0 727.4 832.2 598.5 1302.3 683.8 1

 2 Open market paper -45.3 -63.5 -63.8 34.2 129.6 -2.5 -31.4 41.1 122.1 473.2 140.2 2

 3 GSE issues 304.1 219.8 243.7 65.0 0.6 211.9 93.1 -45.5 -209.6 -84.2 -243.9 3

 4 Agency- and GSE-backed mortgage pool sec. 338.5 326.8 330.5 53.0 126.7 88.0 62.1 -64.6 64.7 123.5 178.4 4

 5 Corporate bonds 239.4 323.7 463.9 534.7 331.0 490.3 554.6 762.8 563.3 680.1 538.9 5

 6 Bank loans n.e.c. 13.0 1.5 -4.8 12.4 17.5 -25.8 44.2 13.6 5.8 -24.0 39.5 6

 7 Other loans and advances 25.5 6.8 31.2 74.1 79.1 148.1 -15.7 85.1 27.0 114.5 10.8 7

 8 Mortgages 2.2 8.2 8.3 25.6 26.5 15.9 20.6 39.6 25.2 19.3 19.9 8

 9 By sector 877.5 823.3 1009.2 799.1 710.8 926.0 727.4 832.2 598.5 1302.3 683.8 9

10 Commercial banking 52.9 49.7 49.2 77.7 182.7 6.8 60.1 61.2 163.0 41.4 82.7 10

11 U.S.-chartered commercial banks 30.2 29.9 13.9 18.1 80.0 -9.5 -0.8 2.6 75.4 19.3 30.8 11

12 Foreign banking offices in U.S. -0.9 -0.4 -0.1 0.1 -0.1 0.2 0.5 -0.0 -0.3 0.6 0.3 12

13 Bank holding companies 23.6 20.3 35.4 59.5 102.8 16.1 60.4 58.7 87.9 21.4 51.7 13

14 Savings institutions -2.0 -23.4 6.1 64.4 1.1 166.6 -7.0 96.9 -30.6 82.4 -7.1 14

15 Credit unions 1.5 2.0 2.2 2.3 -2.7 4.9 0.9 6.1 1.5 3.1 0.3 15

16 Life insurance companies 0.6 2.0 2.9 3.0 -0.4 2.7 0.1 9.7 -1.6 2.3 0.4 16

17 Government-sponsored enterprises 304.1 219.8 243.7 65.0 0.6 211.9 93.1 -45.5 -209.6 -84.2 -243.9 17

18 Agency- and GSE-backed mortgage pools 338.5 326.8 330.5 53.0 126.7 88.0 62.1 -64.6 64.7 123.5 178.4 18

19 ABS issuers 230.4 181.9 219.5 321.8 147.1 355.1 417.0 367.9 430.3 688.4 620.6 19

20 Finance companies 1.3 42.2 118.2 117.9 111.2 -8.4 115.5 253.2 75.8 -23.6 12.6 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 3.2 24.5 31.9 97.6 67.1 63.9 42.1 217.6 76.2 92.8 65.5 22

23 Brokers and dealers 1.4 -1.7 6.4 15.2 51.9 2.5 33.2 -26.6 11.2 -5.2 18.0 23

24 Funding corporations -54.6 -0.5 -1.4 -18.9 25.6 32.1 -89.6 -43.6 17.6 381.4 -43.9 24
Z.1, December 8, 2005 11

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

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2001 2002 2003 2004 2004 2005

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total 1928.3 2213.2 2714.7 2807.5 2829.5 2563.4 2747.7 3089.2 2927.8 3388.0 3092.0 1

 2 Open market paper -147.8 -91.5 -81.6 113.6 263.0 -0.3 15.4 176.4 189.4 516.0 261.5 2

 3 Treasury securities -5.1 257.1 398.4 362.5 501.9 370.8 266.5 310.9 631.5 7.2 232.3 3

 4 Agency- and GSE-backed securities 642.1 547.2 571.9 117.5 128.3 296.3 155.1 -109.8 -145.7 37.9 -65.8 4

 5 Municipal securities 122.9 159.4 135.1 133.1 174.0 70.2 157.3 130.9 224.9 127.7 240.5 5

 6 Corporate and foreign bonds 568.6 487.6 664.1 631.6 440.9 456.8 693.0 935.5 593.1 770.9 618.1 6

 7 Bank loans n.e.c. -75.8 -80.2 -92.6 48.5 -27.6 66.5 3.7 151.3 106.4 180.9 86.8 7

 8 Other loans and advances 30.6 24.7 39.1 96.0 89.1 132.4 -20.3 182.9 107.5 183.1 27.5 8

 9 Mortgages 660.5 821.9 991.9 1213.6 1170.3 1108.8 1355.1 1220.2 1163.0 1478.9 1574.1 9

10 Consumer credit 132.3 87.1 88.4 91.0 89.7 61.8 121.7 90.9 57.7 85.2 117.0 10

 Memo:

 Funds raised through corporate equities and mutual fund shares

11 Total net issues 299.5 228.8 407.1 333.5 553.9 214.9 301.0 264.3 378.6 27.3 -85.4 11

12 Corporate equities 98.3 46.3 119.1 34.5 89.8 99.3 -7.9 -43.3 -21.7 -196.4 -264.4 12

13 Nonfinancial -48.1 -41.6 -57.8 -157.0 -82.2 -159.5 -203.2 -183.2 -251.6 -351.1 -446.2 13

 Foreign shares purchased by

14 U.S. residents 109.1 17.0 114.2 83.2 66.5 160.9 67.0 38.5 159.3 83.3 140.0 14

15 Financial 37.3 71.0 62.7 108.3 105.5 97.9 128.4 101.4 70.6 71.4 41.8 15

16 Mutual fund shares 201.2 182.4 288.0 299.0 464.1 115.6 308.9 307.6 400.2 223.7 179.0 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) 1928.3 2213.2 2714.7 2807.5 2829.5 2563.4 2747.7 3089.2 2927.8 3388.0 3092.0 1

 2 Official foreign exchange 4.3 3.2 -0.9 -3.2 -2.6 -4.8 -2.1 -3.2 -14.5 2.8 -8.2 2

 3 SDR certificates 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3

 4 Treasury currency 1.3 1.0 0.6 0.7 0.8 1.2 0.7 0.1 0.8 1.1 0.9 4

 5 Foreign deposits 6.8 21.0 22.3 111.3 152.4 16.2 79.8 196.6 371.2 49.8 104.8 5

 6 Net interbank transactions -28.0 17.4 -14.6 -5.0 -205.4 239.0 -45.7 -8.0 145.9 167.6 -247.5 6

 7 Checkable deposits and currency 204.3 43.5 133.8 149.1 180.6 114.0 78.7 223.3 108.4 0.4 -24.0 7

 8 Small time and savings deposits 267.1 270.8 254.8 223.7 93.0 404.4 181.8 215.7 72.4 229.7 445.2 8

 9 Large time deposits 68.5 50.0 61.8 246.6 278.2 178.1 207.4 322.8 258.0 237.3 392.8 9

10 Money market fund shares 428.5 -16.7 -207.5 -136.5 -132.4 -85.9 -156.1 -171.8 -71.4 60.7 222.2 10

11 Security RPs 23.7 106.6 227.2 83.2 259.9 -278.2 396.8 -45.8 580.7 424.4 173.7 11

12 Corporate equities 98.3 46.3 119.1 34.5 89.8 99.3 -7.9 -43.3 -21.7 -196.4 -264.4 12

13 Mutual fund shares 201.2 182.4 288.0 299.0 464.1 115.6 308.9 307.6 400.2 223.7 179.0 13

14 Trade payables -80.4 70.8 102.4 235.2 305.0 170.2 217.5 248.2 187.0 251.6 292.2 14

15 Security credit 3.1 -87.0 132.5 166.6 285.2 177.1 -10.2 214.3 9.7 73.3 23.4 15

16 Life insurance reserves 77.2 60.1 66.8 33.1 25.5 34.7 37.9 34.4 56.0 56.9 56.4 16

17 Pension fund reserves 213.2 181.4 213.9 230.8 298.1 205.0 211.8 208.2 226.8 181.1 218.5 17

18 Taxes payable 14.4 22.2 8.8 24.7 37.9 23.1 21.9 15.7 36.7 3.5 -3.5 18

19 Noncorporate proprietors’ equity -24.6 -82.0 -78.3 -48.8 -47.7 -16.7 -65.0 -65.7 -31.2 -76.5 -77.2 19

20 Miscellaneous 674.1 480.4 486.7 1280.6 1669.3 1001.4 1333.9 1117.7 445.1 1349.2 709.1 20

21 Total financial sources 4081.2 3584.7 4531.9 5733.0 6581.0 4957.1 5537.7 5856.3 5688.0 6428.2 5285.4 21

 - Liabilities not identified as assets:

22 Treasury currency -0.1 -0.6 -0.3 -0.3 -0.4 0.0 -0.3 -0.5 0.4 0.8 1.7 22

23 Foreign deposits -7.5 7.9 49.6 61.6 92.4 -53.1 124.9 82.3 339.6 -95.2 34.2 23

24 Net interbank liabilities 17.2 7.2 -4.4 15.0 0.7 70.4 -33.4 22.2 12.8 -13.1 -0.6 24

25 Security RPs -58.1 40.2 -22.0 -120.3 -127.1 -278.7 84.5 -159.9 589.1 92.9 -115.5 25

26 Taxes payable 21.4 19.7 -31.5 12.8 1.6 12.5 21.4 15.7 -54.7 4.9 24.9 26

27 Miscellaneous -301.0 -42.9 -101.7 365.2 452.3 649.2 27.0 332.2 -585.2 368.5 -84.0 27

 - Floats not included in assets:

28 Checkable deposits: Federal govt. 5.7 -1.6 -8.9 27.9 70.3 -15.3 23.9 32.7 -18.3 -35.5 29.7 28

29 Other -0.5 -0.7 -0.0 2.8 2.2 2.6 2.9 3.3 5.0 5.4 6.8 29

30 Trade credit 10.9 150.0 38.6 25.4 37.5 -41.9 45.9 60.3 -56.9 1.1 33.2 30

 Totals identified to sectors

31 as assets 4393.2 3405.5 4612.5 5342.9 6051.4 4611.4 5240.7 5467.9 5456.2 6098.4 5355.0 31
12 Z.1, December 8, 2005

F.6 Distribution of Gross Domestic Product (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2001 2002 2003 2004 2004 2005

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Gross Domestic Product (GDP) 10127.9 10469.6 10971.3 11734.3 11457.1 11666.1 11818.8 11995.2 12198.8 12378.0 12601.0 1

 2 Personal consumption expenditures (2) 7055.0 7350.7 7709.9 8214.3 8032.3 8145.6 8263.2 8416.1 8535.8 8677.0 8845.4 2

 3 Durable goods 883.7 923.9 950.1 987.8 974.2 974.6 993.8 1008.6 1017.3 1035.5 1053.5 3

 4 Nondurable goods 2017.1 2079.6 2189.0 2368.3 2302.7 2355.2 2378.4 2437.1 2476.6 2533.7 2605.3 4

 5 Services 4154.3 4347.2 4570.8 4858.2 4755.4 4815.9 4891.0 4970.4 5041.8 5107.8 5186.5 5

 6 Gross private domestic investment 1614.3 1582.1 1670.4 1928.1 1818.2 1928.5 1961.2 2004.5 2058.5 2054.4 2097.6 6

 7 Fixed investment 1646.1 1570.2 1654.9 1872.6 1772.7 1856.6 1908.7 1952.6 1998.7 2058.5 2117.4 7

 8 Nonresidential 1176.8 1066.3 1082.4 1198.8 1140.7 1182.7 1219.0 1252.9 1280.1 1313.5 1349.3 8

 9 Household sector (nonprofit organizations) 80.6 84.9 91.7 98.6 94.7 97.7 99.9 102.1 104.2 107.1 110.4 9

10 Nonfinancial corporate business 837.7 730.8 744.1 818.7 777.7 807.2 833.0 857.0 875.5 898.2 922.4 10

11 Nonfarm noncorporate business 132.1 114.0 117.6 119.5 115.4 137.1 113.1 112.3 120.2 126.7 136.6 11

12 Farm business 26.6 28.7 29.3 35.9 32.6 34.8 37.0 39.1 40.0 41.0 42.0 12

13 Financial corporations 99.8 108.0 99.7 126.1 120.2 105.9 136.0 142.5 140.2 140.6 138.0 13

14 Residential 469.3 503.9 572.5 673.8 632.0 673.9 689.7 699.7 718.5 745.0 768.2 14

15 Household sector 398.2 427.7 492.8 572.5 527.9 579.9 587.2 595.0 614.1 644.9 654.3 15

16 Nonfinancial corporate business 3.6 3.7 4.0 4.5 4.3 4.6 4.6 4.6 4.7 4.9 5.0 16

17 Nonfarm noncorporate business 63.4 68.0 76.0 89.1 84.0 87.5 90.7 94.2 97.4 100.8 104.2 17

18 REITs 4.1 4.5 -0.4 7.7 15.8 1.9 7.2 5.9 2.3 -5.6 4.7 18

19 Change in private inventories -31.7 11.9 15.4 55.4 45.5 71.9 52.5 51.9 59.9 -4.2 -19.8 19

20 Nonfinancial corporate business -30.1 13.6 14.5 49.6 45.4 57.7 43.2 52.1 63.1 4.1 -9.9 20

21 Nonfarm noncorporate business -1.6 0.7 0.8 2.6 2.4 3.0 2.3 2.7 3.3 0.2 -0.5 21

22 Farm business -0.0 -2.5 0.2 3.2 -2.3 11.2 7.0 -3.0 -6.5 -8.5 -9.4 22

23 Net U.S. exports of goods and services -367.0 -424.4 -500.9 -624.0 -559.6 -613.1 -638.0 -685.4 -697.5 -691.0 -734.2 23

24 Exports 1032.8 1005.9 1045.6 1173.8 1130.8 1163.3 1183.8 1217.1 1253.2 1297.1 1309.6 24

25 - Imports 1399.9 1430.3 1546.5 1797.8 1690.3 1776.4 1821.8 1902.5 1950.6 1988.1 2043.8 25

 Government consumption expenditures and

26 gross investment 1825.6 1961.1 2091.9 2215.9 2166.2 2205.0 2232.5 2260.0 2302.0 2337.6 2392.2 26

27 Consumption expenditures (3) 1501.6 1616.9 1736.7 1843.4 1805.8 1830.1 1859.6 1878.2 1918.6 1938.5 1988.0 27

28 Federal 531.9 591.5 661.9 725.7 710.7 721.1 735.7 735.1 759.6 762.8 784.0 28

29 State and local 969.8 1025.3 1074.8 1117.7 1095.1 1108.9 1123.9 1143.1 1159.0 1175.7 1204.0 29

30 Gross investment (3) 324.0 344.3 355.3 372.5 360.4 375.0 372.9 381.7 383.4 399.1 404.3 30

31 Federal 81.0 88.1 92.9 101.9 97.7 103.5 100.8 105.7 100.7 107.0 109.5 31

32 State and local 243.0 256.1 262.3 270.6 262.8 271.5 272.1 276.1 282.7 292.0 294.8 32

 Memo:

33 Net U.S. income receipts from rest of the world 43.7 30.6 68.1 53.8 83.0 46.7 48.5 36.8 39.4 35.5 38.4 33

34 U.S. income receipts 322.5 305.7 343.7 415.4 380.0 401.2 418.1 462.4 462.3 489.4 513.5 34

35 - U.S. income payments 278.8 275.0 275.6 361.7 297.0 354.5 369.6 425.6 422.9 453.9 475.1 35

 Gross National Product (GNP) =

36 GDP + net U.S. income receipts 10171.6 10500.2 11039.3 11788.0 11540.1 11712.8 11867.3 12032.0 12238.2 12413.5 12639.4 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 8, 2005 13

F.7 Distribution of National Income (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2001 2002 2003 2004 2004 2005

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 National Income 8979.9 9229.3 9660.9 10275.9 10091.2 10210.9 10242.4 10559.3 10750.4 10878.0 10772.5 1

 2 Compensation of employees 5942.1 6091.2 6321.1 6687.6 6528.2 6602.1 6724.2 6895.8 7001.7 7060.2 7148.9 2

 3 Wages and other labor income 5585.5 5725.9 5941.1 6284.9 6131.8 6205.6 6319.9 6482.4 6579.9 6636.7 6722.0 3

 4 Employer social insurance contributions 356.6 365.2 380.0 402.7 394.9 398.0 404.4 413.4 421.9 423.5 426.9 4

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

 Proprietors’ income with inventory

 6 valuation and capital consumption adjustments 771.9 768.4 810.2 889.6 870.2 898.4 889.1 900.9 917.9 936.6 938.3 6

 7 Nonfarm 752.2 757.8 782.4 853.8 825.4 854.2 859.4 876.3 893.2 917.1 920.1 7

 8 Farm 19.7 10.6 27.7 35.8 44.8 44.1 29.7 24.6 24.7 19.6 18.2 8

 Rental income of persons (with capital

 9 consumption adjustment) 167.4 152.9 131.7 134.2 144.2 141.8 122.1 128.7 118.0 104.4 26.9 9

 Corporate profits with inventory

10 valuation and capital consumption adjustments 767.4 886.3 1031.8 1161.5 1147.3 1162.0 1117.2 1219.5 1288.2 1347.5 1302.0 10

 Corporate profits with inventory

11 valuation adjustment 719.3 766.2 923.9 1019.7 1001.2 1016.5 981.3 1079.7 1339.2 1393.3 1368.5 11

12 Profits before tax 707.9 768.4 937.2 1059.3 1030.2 1064.9 1018.2 1124.1 1378.3 1412.2 1395.9 12

13 Domestic nonfinancial 309.8 336.4 448.1 573.8 508.4 572.3 589.5 625.1 809.5 867.5 894.7 13

14 Farm 0.8 -0.1 -0.0 0.0 -0.5 -0.4 0.0 1.0 -1.9 -2.0 1.2 14

15 Foreign subsidiaries 169.7 155.8 176.0 184.9 198.2 176.9 185.9 178.6 193.5 197.2 215.1 15

16 Domestic financial 227.6 276.4 313.0 300.6 324.1 316.1 242.8 319.4 377.2 349.5 284.9 16

 Less:

17 Taxes on corporate income 204.2 192.6 232.1 271.1 257.9 274.7 259.0 293.0 362.6 372.5 363.5 17

18 Domestic nonfinancial 111.4 96.6 126.1 165.5 145.5 164.8 171.4 180.4 231.3 248.0 258.5 18

19 Farm 0.3 0.5 0.5 0.5 0.4 0.5 0.4 0.5 0.6 0.6 0.7 19

20 Domestic financial 92.5 95.6 105.6 105.2 112.0 109.4 87.2 112.2 130.7 123.9 104.3 20

 Equals:

21 Profits after tax 503.8 575.8 705.1 788.2 772.3 790.2 759.2 831.1 1015.7 1039.7 1032.4 21

22 Net dividends 370.9 399.2 423.2 493.0 445.9 460.9 475.9 589.3 494.9 506.3 520.1 22

23 Domestic nonfinancial 243.5 252.7 293.3 358.9 327.1 321.4 325.0 462.2 304.4 295.2 211.2 23

24 Farm 1.9 2.1 2.2 2.3 2.1 2.2 2.2 2.8 2.3 2.4 2.5 24

25 Foreign subsidiaries 40.9 47.9 29.8 35.9 22.9 45.2 55.4 20.1 119.5 142.0 258.6 25

26 Domestic financial 84.6 96.5 97.9 95.8 93.8 92.2 93.2 104.2 68.7 66.7 47.9 26

27 Undistributed profits 132.9 176.6 281.9 295.2 326.4 329.2 283.4 241.8 520.8 533.4 512.3 27

28 Domestic nonfinancial -45.0 -13.0 28.8 49.4 35.9 86.2 93.1 -17.5 273.8 324.3 425.0 28

29 Farm -1.5 -2.6 -2.7 -2.8 -3.0 -3.1 -2.6 -2.3 -4.9 -5.0 -2.0 29

30 Foreign subsidiaries 128.9 108.0 146.2 149.0 175.3 131.7 130.5 158.5 74.0 55.2 -43.5 30

31 Domestic financial 50.5 84.3 109.5 99.6 118.3 114.5 62.4 103.0 177.9 158.9 132.8 31

32 Inventory valuation adjustment 11.4 -2.2 -13.3 -39.6 -28.9 -48.3 -36.9 -44.4 -39.1 -18.9 -27.4 32

33 Capital consumption adjustment 48.1 120.1 107.9 141.8 146.1 145.4 135.8 139.8 -51.0 -45.8 -66.5 33

34 Domestic nonfinancial 34.7 94.5 89.3 119.2 123.4 122.6 113.8 117.2 -51.8 -47.5 -67.6 34

35 Farm 0.5 0.8 0.7 0.4 0.4 0.4 0.5 0.4 0.4 0.4 0.6 35

36 Domestic financial 12.9 24.8 17.9 22.1 22.3 22.4 21.6 22.2 0.4 1.2 0.5 36

37 Net interest and miscellaneous payments 566.4 520.9 528.5 505.5 519.9 512.2 497.5 492.7 498.3 488.7 493.4 37

38 Taxes on production and imports 728.6 762.8 801.4 852.8 837.1 847.8 855.5 870.9 883.8 900.1 909.9 38

39 Less: Subsidies 55.3 38.4 46.7 43.5 42.3 41.8 43.2 46.5 50.6 52.1 56.1 39

40 Business current transfer payments (net) 92.8 84.3 81.6 91.1 88.2 90.7 83.0 102.6 99.0 99.6 31.8 40

41 Current surplus of government enterprises -1.4 0.9 1.3 -3.0 -1.6 -2.2 -3.0 -5.2 -6.1 -7.0 -22.7 41

 Memo:

 Calculation of Gross Domestic Product

 from National Income: (2)

42 National Income, from line 1 above 8979.9 9229.3 9660.9 10275.9 10091.2 10210.9 10242.4 10559.3 10750.4 10878.0 10772.5 42

 Plus:

43 Private consumption of fixed capital 1075.5 1080.3 1112.8 1206.2 1147.8 1165.8 1303.5 1207.6 1210.9 1216.9 1534.5 43

44 Government consumption of fixed capital 206.0 211.6 218.5 229.1 223.3 228.1 230.6 234.5 237.5 240.4 259.9 44

45 Statistical discrepancy -89.8 -21.0 47.1 76.8 77.8 108.1 90.8 30.6 39.4 78.3 72.5 45

 Less:

46 Net U.S. income receipts from rest of the world 43.7 30.6 68.1 53.8 83.0 46.7 48.5 36.8 39.4 35.5 38.4 46

 Equals:

47 Gross Domestic Product 10127.9 10469.6 10971.3 11734.3 11457.1 11666.1 11818.8 11995.2 12198.8 12378.0 12601.0 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 8, 2005

F.8 Saving and Investment (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2001 2002 2003 2004 2004 2005

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Gross saving 1657.7 1489.1 1474.1 1572.0 1534.7 1546.4 1590.1 1617.0 1635.5 1628.4 1674.0 1

 2 Net saving 376.2 197.1 142.7 136.8 163.6 152.6 56.0 174.9 187.1 171.2 -120.5 2

 3 Net private saving 324.6 479.2 549.3 549.1 599.4 567.6 486.9 542.6 478.1 447.2 285.5 3

 4 Personal saving 132.3 184.7 172.8 151.8 155.8 141.2 104.6 205.4 47.4 -21.5 -132.9 4

 5 Undistributed corporate profits w/IVA & CCA 192.3 294.5 376.5 397.3 443.5 426.4 382.3 337.2 430.7 468.7 418.4 5

 6 Undistributed profits 132.9 176.6 281.9 295.2 326.4 329.2 283.4 241.8 520.8 533.4 512.3 6

 7 Inventory valuation adjustment 11.4 -2.2 -13.3 -39.6 -28.9 -48.3 -36.9 -44.4 -39.1 -18.9 -27.4 7

 8 Capital consumption adjustment 48.1 120.1 107.9 141.8 146.1 145.4 135.8 139.8 -51.0 -45.8 -66.5 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 51.6 -282.1 -406.5 -412.3 -435.8 -415.0 -430.9 -367.7 -290.9 -276.1 -406.0 10

11 Federal 46.7 -247.9 -382.7 -406.5 -429.3 -413.4 -411.6 -371.6 -298.3 -297.3 -403.2 11

12 State and local 4.9 -34.2 -23.8 -5.9 -6.5 -1.6 -19.3 4.0 7.4 21.3 -2.8 12

13 Consumption of fixed captal 1281.5 1292.0 1331.3 1435.3 1371.1 1393.8 1534.1 1442.1 1448.4 1457.2 1794.4 13

14 Private 1075.5 1080.3 1112.8 1206.2 1147.8 1165.8 1303.5 1207.6 1210.9 1216.9 1534.5 14

15 Domestic business 903.7 893.6 911.5 973.3 935.1 947.9 1032.0 978.4 980.4 984.5 1145.3 15

16 Households and institutions 171.8 186.8 201.3 232.8 212.7 217.9 271.5 229.2 230.5 232.4 389.2 16

17 Government 206.0 211.6 218.5 229.1 223.3 228.1 230.6 234.5 237.5 240.4 259.9 17

18 Federal 88.2 88.9 90.3 93.8 91.8 93.4 94.2 95.9 96.9 97.7 99.1 18

19 State and local 117.8 122.7 128.3 135.3 131.5 134.6 136.4 138.6 140.6 142.6 160.8 19

 Gross domestic investment, capital account

20 transactions, and net lending, NIPAs 1567.9 1468.1 1521.1 1648.9 1612.5 1654.5 1680.9 1647.6 1675.0 1706.6 1746.4 20

21 Gross domestic investment 1938.3 1926.4 2025.6 2300.6 2178.7 2303.4 2334.0 2386.2 2441.9 2453.5 2501.9 21

22 Gross private domestic investment 1614.3 1582.1 1670.4 1928.1 1818.2 1928.5 1961.2 2004.5 2058.5 2054.4 2097.6 22

23 Fixed investment 1646.1 1570.2 1654.9 1872.6 1772.7 1856.6 1908.7 1952.6 1998.7 2058.5 2117.4 23

24 Nonresidential 1176.8 1066.3 1082.4 1198.8 1140.7 1182.7 1219.0 1252.9 1280.1 1313.5 1349.3 24

25 Residential 469.3 503.9 572.5 673.8 632.0 673.9 689.7 699.7 718.5 745.0 768.2 25

26 Change in private inventories -31.7 11.9 15.4 55.4 45.5 71.9 52.5 51.9 59.9 -4.2 -19.8 26

27 Gross government investment 324.0 344.3 355.3 372.5 360.4 375.0 372.9 381.7 383.4 399.1 404.3 27

28 Capital account transactions (net) 1.1 1.4 3.2 1.6 1.7 1.5 1.6 1.8 17.3 0.5 0.5 28

29 Net lending or net borrowing (-), NIPAs -371.5 -459.7 -507.7 -653.4 -567.9 -650.4 -654.7 -740.4 -784.3 -747.3 -756.0 29

30 Statistical discrepancy (line 20 less line 1) -89.8 -21.0 47.1 76.8 77.8 108.1 90.8 30.6 39.4 78.3 72.5 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) 35.7 29.0 11.1 13.9 13.4 13.5 15.9 12.9 -1.8 13.9 14.5 1

 2 Federal -12.9 -23.1 -40.4 -38.0 -37.6 -35.8 -40.8 -37.8 -55.1 -42.7 -39.1 2

 3 Estate and gift taxes paid by persons 28.0 25.3 22.0 24.6 23.8 24.0 26.8 23.9 24.9 24.4 25.1 3

 4 - Capital transfers paid to persons 0.0 3.6 14.8 16.1 15.9 16.1 16.3 16.3 16.0 15.9 15.9 4

 5 - Capital transfers paid to the rest of the world (net) 0.0 0.2 1.9 0.2 0.2 0.0 0.1 0.3 16.3 0.1 0.1 5

 6 - Federal investment grants to state and local govts. 40.8 44.6 45.5 46.3 45.3 43.7 51.2 45.2 47.8 51.1 48.2 6

 7 - Investment grants to business 0.0 0.0 0.2 0.0 0.0 0.0 0.1 0.0 0.0 0.0 0.0 7

 8 State and local 48.6 52.1 51.5 51.9 50.9 49.3 56.7 50.7 53.3 56.6 53.6 8

 9 Estate and gift taxes paid by persons 7.8 7.4 6.0 5.6 5.7 5.6 5.6 5.5 5.5 5.5 5.4 9

10 + Federal investment grants to state and local govts. 40.8 44.6 45.5 46.3 45.3 43.7 51.2 45.2 47.8 51.1 48.2 10

11 Capital transfers received by rest of the world (net) 1.1 1.4 3.3 1.7 1.7 1.5 1.6 1.8 17.9 1.7 1.7 11

12 Capital transfers received from U.S. government (net) 0.0 0.2 1.9 0.2 0.2 0.0 0.1 0.3 16.3 0.1 0.1 12

13 - Migrants’ transfers received by persons (net) -1.1 -1.2 -1.4 -1.5 -1.5 -1.5 -1.5 -1.5 -1.6 -1.6 -1.6 13

 Memo:

 Acquisition of nonproduced nonfinancial assets (net)

14 Nonfinancial corporate business -8.6 -10.9 -11.2 -11.8 -11.6 -10.9 -13.6 -11.0 -13.0 -13.0 -12.2 14

15 State and local governments 9.3 10.6 11.3 11.7 11.5 11.7 11.8 12.0 12.2 12.4 12.6 15

16 Federal governments -0.7 0.3 -0.2 0.0 0.0 -0.7 1.8 -1.0 0.3 -0.6 -1.6 16

17 Rest of the world 0.1 0.0 0.1 0.0 0.0 0.0 0.0 -0.0 0.5 1.2 1.2 17

(1) This table is based on NIPA table 5.10 in the Survey of Current Business, Department of Commerce.
Z.1, December 8, 2005 15

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

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2001 2002 2003 2004 2004 2005

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Net acquisition of financial assets 672.4 595.2 1056.3 1004.5 973.9 804.2 1050.4 1189.6 860.1 786.7 1040.2 1

 2 Foreign deposits -5.0 15.7 -9.0 36.3 79.0 0.5 0.6 65.0 7.6 77.1 9.5 2

 3 Checkable deposits and currency 101.4 34.7 -69.5 -26.3 -5.1 -105.9 -17.2 23.0 149.9 79.0 -152.1 3

 4 Time and savings deposits 200.9 290.5 402.6 369.2 332.6 410.6 358.1 375.5 405.2 258.6 671.0 4

 5 Money market fund shares 163.0 -40.9 -118.3 -59.5 18.7 -33.0 -190.9 -32.9 -30.0 108.5 142.0 5

 6 Securities -279.5 -10.9 327.1 103.9 -113.2 1.7 435.4 91.6 -148.1 -269.3 -238.4 6

 7 Open market paper -0.0 13.1 -4.5 30.2 39.9 8.3 14.3 58.5 5.2 57.3 7.4 7

 8 U.S. savings bonds 5.6 4.5 8.9 0.6 3.5 1.5 -1.1 -1.4 0.1 0.7 -1.7 8

 9 Other Treasury securities -88.1 -119.9 24.2 58.4 62.8 22.1 -24.3 173.0 135.6 -329.5 61.3 9

10 Agency- and GSE-backed securities -120.0 -191.1 173.4 95.6 -200.7 177.7 598.8 -193.3 32.3 222.9 338.7 10

11 Municipal securities 50.6 101.3 34.1 37.7 38.3 -1.8 61.4 53.0 84.0 71.4 122.1 11

12 Corporate and foreign bonds -27.5 163.3 -60.1 -117.8 -241.8 -187.9 -233.3 191.8 -349.5 -111.9 -350.8 12

13 Corporate equities (2) -241.9 -93.4 -77.5 -258.2 -237.8 -95.6 -242.6 -456.9 -414.1 -387.5 -556.4 13

14 Mutual fund shares 141.7 111.3 228.6 257.3 422.6 77.4 262.2 266.9 358.2 207.4 140.9 14

15 Life insurance reserves 77.2 60.1 66.8 33.1 25.5 34.7 37.9 34.4 56.0 56.9 56.4 15

16 Pension fund reserves 213.2 181.4 213.9 230.8 298.1 205.0 211.8 208.2 226.8 181.1 218.5 16

17 Miscellaneous and other assets 201.2 64.6 242.7 317.1 338.5 290.7 214.7 424.7 192.7 294.8 333.3 17

18 Gross investment in tangible assets 1513.5 1571.9 1686.1 1839.5 1758.1 1856.5 1861.6 1881.9 1920.3 1976.8 2018.8 18

19 Residential fixed investment 461.6 495.7 568.8 661.6 611.9 667.4 677.9 689.2 711.5 745.7 758.5 19

20 Other fixed assets (3) 239.3 227.5 238.6 254.0 242.8 269.7 250.0 253.4 264.4 274.7 288.9 20

21 Consumer durables 814.2 850.4 877.7 918.1 903.4 905.2 924.3 939.5 947.7 964.6 981.4 21

22 Inventories (3) -1.6 -1.7 1.0 5.8 0.1 14.2 9.3 -0.2 -3.2 -8.3 -9.9 22

23 Consumption of fixed capital 971.4 1007.9 1056.9 1139.3 1080.5 1111.8 1209.7 1155.0 1140.5 1163.8 1455.7 23

24 Residential fixed investment 174.8 181.7 195.8 230.1 217.8 221.9 250.2 230.5 230.4 232.4 420.0 24

25 Other fixed assets (3) 176.8 181.1 192.7 207.4 181.9 194.0 249.6 204.2 201.4 209.5 257.8 25

26 Consumer durables 619.8 645.2 668.4 701.8 680.8 695.9 709.9 720.4 708.7 721.9 777.9 26

27 Net investment in tangible assets (4) 542.0 564.0 629.2 700.2 677.6 744.6 651.9 726.8 779.8 813.0 563.1 27

28 Residential fixed investment 286.8 314.0 373.0 431.5 394.1 445.5 427.7 458.7 481.1 513.3 338.5 28

29 Other fixed assets (3) 62.5 46.4 45.9 46.6 60.9 75.7 0.5 49.3 63.0 65.2 31.1 29

30 Consumer durables 194.4 205.2 209.3 216.3 222.6 209.3 214.4 219.1 239.0 242.7 203.5 30

31 Inventories (3) -1.6 -1.7 1.0 5.8 0.1 14.2 9.3 -0.2 -3.2 -8.3 -9.9 31

32 Net increase in liabilities 787.5 899.1 1122.8 1376.2 1343.4 1320.9 1329.6 1510.8 1246.8 1538.4 1540.8 32

33 Mortgage debt on nonfarm homes 494.0 672.1 780.3 968.6 961.1 886.1 1093.0 934.2 913.5 1130.1 1218.7 33

34 Other mortgage debt (3) 104.8 95.3 117.8 91.2 83.2 114.0 79.4 88.3 104.5 135.1 112.7 34

35 Consumer credit 132.3 87.1 88.4 91.0 89.7 61.8 121.7 90.9 57.7 85.2 117.0 35

36 Policy loans 2.2 1.1 -0.6 1.7 -0.2 1.9 3.3 1.7 -1.4 3.0 3.0 36

37 Security credit -38.8 -48.2 34.3 81.5 73.1 62.9 -26.6 216.7 8.2 -10.5 -35.7 37

38 Other liabilities (3) 92.9 91.7 102.7 142.1 136.4 194.2 58.8 179.1 164.3 195.7 125.1 38

39 Net capital transfers (5) -36.8 -30.4 -14.6 -15.6 -15.1 -15.0 -17.6 -14.7 -16.1 -15.6 -16.2 39

40 Personal saving, with consumer durables (FOF) 463.8 290.4 577.2 344.2 323.3 242.9 390.3 420.2 409.3 76.8 78.7 40

41 Less net investment in consumer durables 194.4 205.2 209.3 216.3 222.6 209.3 214.4 219.1 239.0 242.7 203.5 41

42 = Personal saving, without consumer durables (FOF) (6) 269.4 85.2 367.9 127.8 100.7 33.6 175.9 201.1 170.3 -165.9 -124.8 42

43 Personal saving (NIPA, excludes consumer durables) 132.3 184.7 172.8 151.8 155.8 141.2 104.6 205.4 47.4 -21.5 -132.9 43

44 Difference 137.1 -99.5 195.1 -23.9 -55.1 -107.6 71.3 -4.3 122.9 -144.3 8.1 44

 Memo:

45 Disposable personal income 7486.8 7830.1 8169.2 8664.2 8475.3 8580.3 8670.9 8930.4 8902.0 8979.7 9042.8 45

 Personal saving as a percentage of disposable personal income:

46 With consumer durables (FOF) (line 41) 6.2 3.7 7.1 4.0 3.8 2.8 4.5 4.7 4.6 0.9 0.9 46

47 Without consumer durables (FOF) (line 43) 3.6 1.1 4.5 1.5 1.2 0.4 2.0 2.3 1.9 -1.8 -1.4 47

48 Without consumer durables (NIPA) (line 44) 1.8 2.4 2.1 1.8 1.8 1.6 1.2 2.3 0.5 -0.2 -1.5 48

49 Difference (line 45) 1.8 -1.3 2.4 -0.3 -0.7 -1.3 0.8 -0.0 1.4 -1.6 0.1 49

(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) and life insurance and pension reserves (lines 15 and 16)).

(3) Includes corporate farms.

(4) Line 18 less line 23.

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

(6) Line 42 and 43 are conceptually equivalent but measure saving using different data. Line 42 is net acquisition of financial assets (line 1) plus net investment in tangible assets net of consumer durables

 (line 27 less line 41) less net increase in liabilities (line 32) less net capital transfers (line 39). Line 43 is disposable personal income (line 45) less personal outlays (table F.100, line 4).
16 Z.1, December 8, 2005

F.100 Households and Nonprofit Organizations (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2001 2002 2003 2004 2004 2005

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Personal income 8724.1 8881.9 9169.1 9713.3 9484.8 9614.3 9729.2 10024.8 10073.4 10185.7 10259.7 1

 2 - Personal current taxes 1237.3 1051.8 999.9 1049.1 1009.6 1034.0 1058.4 1094.3 1171.4 1206.0 1216.8 2

 3 = Disposable personal income 7486.8 7830.1 8169.2 8664.2 8475.3 8580.3 8670.9 8930.4 8902.0 8979.7 9042.8 3

 4 - Personal outlays 7354.5 7645.3 7996.3 8512.5 8319.4 8439.1 8566.3 8725.0 8854.6 9001.2 9175.7 4

 5 = Personal saving, NIPA (2) 132.3 184.7 172.8 151.8 155.8 141.2 104.6 205.4 47.4 -21.5 -132.9 5

 6 + Government insurance and pension reserves (3) 3.3 -1.7 -0.6 0.0 1.6 -3.8 -1.3 3.5 5.4 -1.8 -6.2 6

 7 + Net investment in consumer durables 194.4 205.2 209.3 216.3 222.6 209.3 214.4 219.1 239.0 242.7 203.5 7

 8 + Consumption of fixed capital 799.1 834.0 871.8 936.9 895.8 916.0 984.0 951.9 941.5 956.6 1169.8 8

 9 + Net capital transfers (4) -36.8 -30.4 -14.6 -15.6 -15.1 -15.0 -17.6 -14.7 -16.1 -15.6 -16.2 9

10 = Gross saving and net capital transfers 1092.2 1191.9 1238.8 1289.5 1260.7 1247.7 1284.1 1365.3 1217.2 1160.4 1218.1 10

11 Gross investment 1227.0 1095.8 1436.4 1267.8 1206.6 1146.6 1358.9 1359.3 1339.1 1022.3 1233.7 11

12 Capital expenditures 1293.0 1363.0 1462.3 1589.2 1526.0 1582.8 1611.5 1636.6 1666.0 1716.6 1746.0 12

13 Residential 398.2 427.7 492.8 572.5 527.9 579.9 587.2 595.0 614.1 644.9 654.3 13

14 Consumer durable goods 814.2 850.4 877.7 918.1 903.4 905.2 924.3 939.5 947.7 964.6 981.4 14

15 Nonprofit nonresidential 80.6 84.9 91.7 98.6 94.7 97.7 99.9 102.1 104.2 107.1 110.4 15

16 Net financial investment -66.0 -267.1 -25.8 -321.4 -319.4 -436.2 -252.6 -277.3 -326.8 -694.2 -512.3 16

17 Net acquisition of financial assets 493.4 428.7 842.5 782.4 786.9 607.3 794.4 940.9 621.5 461.3 694.6 17

18 Foreign deposits -5.0 15.7 -9.0 36.3 79.0 0.5 0.6 65.0 7.6 77.1 9.5 18

19 Checkable deposits and currency 100.4 28.6 -77.7 -30.9 -12.8 -110.6 -22.7 22.3 149.5 73.8 -154.9 19

20 Time and savings deposits 193.7 279.1 395.2 360.3 326.2 400.1 348.5 366.4 395.2 249.4 661.2 20

21 Money market fund shares 153.4 -43.2 -110.1 -56.4 34.2 -32.3 -188.1 -39.3 -39.2 93.4 122.1 21

22 Credit market instruments -175.0 -17.8 186.1 115.1 -288.6 30.8 426.3 292.1 -81.4 -76.3 189.6 22

23 Open market paper -0.0 13.1 -4.5 30.2 39.9 8.3 14.3 58.5 5.2 57.3 7.4 23

24 Treasury securities -85.2 -115.4 31.7 57.0 63.8 21.6 -27.5 170.0 134.1 -330.1 58.5 24

25 Savings bonds 5.6 4.5 8.9 0.6 3.5 1.5 -1.1 -1.4 0.1 0.7 -1.7 25

26 Other -90.8 -119.9 22.8 56.4 60.3 20.1 -26.4 171.4 134.0 -330.8 60.2 26

27 Agency- and GSE-backed securities -120.0 -191.1 173.4 95.6 -200.7 177.7 598.8 -193.3 32.3 222.9 338.7 27

28 Municipal securities 49.6 101.4 33.9 37.5 38.0 -2.0 61.2 52.8 83.8 71.2 121.9 28

29 Corporate and foreign bonds -27.5 163.3 -60.1 -117.8 -241.8 -187.9 -233.3 191.8 -349.5 -111.9 -350.8 29

30 Mortgages 8.1 10.9 11.6 12.6 12.0 13.2 12.8 12.3 12.6 14.4 13.8 30

31 Corporate equities (5) -241.9 -93.4 -77.5 -258.2 -237.8 -95.6 -242.6 -456.9 -414.1 -387.5 -556.4 31

32 Mutual fund shares 141.7 111.3 228.6 257.3 422.6 77.4 262.2 266.9 358.2 207.4 140.9 32

33 Security credit 41.9 -41.6 62.7 103.0 150.2 84.1 -38.3 215.9 -35.8 31.7 11.5 33

34 Life insurance reserves 77.2 60.1 66.8 33.1 25.5 34.7 37.9 34.4 56.0 56.9 56.4 34

35 Pension fund reserves 213.2 181.4 213.9 230.8 298.1 205.0 211.8 208.2 226.8 181.1 218.5 35

36 Equity in noncorporate business -24.6 -82.0 -78.3 -48.8 -47.7 -16.7 -65.0 -65.7 -31.2 -76.5 -77.2 36

37 Miscellaneous assets 18.5 30.6 42.0 40.9 38.2 29.9 63.8 31.5 29.9 30.9 73.5 37

38 Net increase in liabilities 559.5 695.8 868.3 1103.7 1106.3 1043.5 1047.0 1218.1 948.3 1155.5 1206.9 38

39 Credit market instruments 600.5 736.2 825.2 1011.7 1024.4 968.7 1063.3 990.4 929.4 1158.4 1235.9 39

40 Home mortgages (6) 451.2 622.7 720.2 887.3 891.0 810.6 996.4 851.1 840.6 1023.3 1106.6 40

41 Consumer credit 132.3 87.1 88.4 91.0 89.7 61.8 121.7 90.9 57.7 85.2 117.0 41

42 Municipal securities 13.8 12.9 14.1 9.9 13.4 15.2 6.9 4.0 17.0 16.1 14.6 42

43 Bank loans n.e.c. -16.1 -3.0 -5.0 5.4 13.5 51.0 -74.9 32.1 19.0 19.3 -9.3 43

44 Other loans and advances 0.6 0.3 -1.5 0.5 -0.8 0.5 1.8 0.5 -2.3 2.2 2.3 44

45 Commercial mortgages 18.7 16.2 8.9 17.6 17.6 29.6 11.4 11.7 -2.6 12.3 4.8 45

46 Security credit -38.8 -48.2 34.3 81.5 73.1 62.9 -26.6 216.7 8.2 -10.5 -35.7 46

47 Trade payables -1.9 7.0 7.9 9.0 8.6 8.8 9.1 9.3 9.6 4.8 5.7 47

 Deferred and unpaid

48 life insurance premiums -0.4 0.9 0.9 1.6 0.2 3.0 1.2 1.8 1.1 2.8 0.9 48

49 Discrepancy -134.8 96.0 -197.6 21.6 54.1 101.1 -74.8 6.0 -121.9 138.0 -15.7 49

(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 plus line 4 less lines 3 and 9.

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

(6) Includes loans made under home equity lines of credit and home equity loans secured by junior liens, shown on table F.218, line 23.
Z.1, December 8, 2005 17

F.101 Nonfinancial Business (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2001 2002 2003 2004 2004 2005

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Income before taxes 1149.4 1164.3 1311.7 1509.9 1428.4 1519.7 1520.9 1570.5 1768.2 1840.2 1841.9 1

 2 Gross saving and net capital transfers 926.4 983.5 1058.8 1139.3 1122.1 1135.0 1219.6 1080.7 1132.0 1202.4 1350.9 2

 3 Gross investment 1056.3 954.6 997.1 1185.6 1147.8 1199.9 1252.1 1142.6 1184.5 1262.4 1421.4 3

 4 Capital expenditures 1023.0 946.1 975.3 1111.3 1048.0 1132.1 1117.2 1148.1 1184.7 1154.4 1178.1 4

 5 Fixed investment 1063.3 945.1 971.0 1067.7 1014.1 1071.2 1078.4 1107.2 1137.8 1171.6 1210.1 5

 6 Residential 66.9 71.7 80.0 93.6 88.4 92.1 95.3 98.8 102.2 105.7 109.2 6

 7 Nonresidential 996.4 873.4 891.0 974.1 925.7 979.1 983.1 1008.4 1035.7 1065.9 1100.9 7

 8 Change in inventories -31.7 11.9 15.4 55.4 45.5 71.9 52.5 51.9 59.9 -4.2 -19.8 8

 9 Nonproduced nonfinancial assets -8.6 -10.9 -11.2 -11.8 -11.6 -10.9 -13.6 -11.0 -13.0 -13.0 -12.2 9

10 Net financial investment 33.4 8.5 21.8 74.3 99.8 67.8 134.9 -5.4 -0.2 108.0 243.3 10

11 Net acquisition of financial assets 335.2 214.0 230.0 649.8 714.9 565.1 574.4 744.6 566.6 584.5 591.8 11

12 Foreign deposits -8.5 4.4 18.3 6.4 -5.2 4.5 -11.8 38.0 20.6 12.0 13.3 12

13 Checkable deposits and currency -48.4 -11.3 129.1 114.3 167.1 137.2 140.5 12.4 37.6 -97.7 39.2 13

14 Time and savings deposits 0.9 6.6 9.0 16.6 11.6 -25.3 56.9 23.0 50.3 -16.1 26.0 14

15 Money market fund shares 120.1 28.4 -46.2 -15.2 -16.2 10.8 -27.9 -27.3 -29.1 9.0 35.3 15

16 Security RPs -0.2 2.2 -0.2 0.5 -3.2 -1.4 3.6 2.9 -0.9 0.9 3.7 16

17 Credit market instruments 2.0 25.5 2.1 24.8 25.2 45.2 -35.5 64.3 7.8 25.0 17.6 17

18 Commercial paper 2.4 4.6 10.9 15.8 21.1 -1.2 1.2 42.0 -11.2 0.7 11.0 18

19 Treasury securities 1.4 14.5 2.9 0.7 1.0 -1.4 -6.3 9.5 -4.1 0.0 8.0 19

20 Agency- and GSE-backed securities 2.1 -0.7 -4.7 -0.5 -0.6 -1.3 -3.1 2.9 -2.1 -5.5 7.6 20

21 Municipal securities -1.5 2.7 3.3 4.9 -9.2 13.5 -3.3 18.6 8.6 -2.1 6.0 21

22 Mortgages 5.7 2.4 3.9 2.4 2.6 3.0 2.4 1.8 1.6 0.9 0.6 22

23 Consumer credit -8.1 1.9 -14.2 1.5 10.3 32.4 -26.4 -10.6 15.0 31.0 -15.5 23

24 Mutual fund shares 4.0 0.6 11.0 5.0 5.0 5.0 5.0 5.0 5.0 5.0 5.0 24

25 Trade receivables -119.9 -79.7 37.5 192.7 243.9 197.1 170.2 159.5 213.2 207.4 226.3 25

26 Miscellaneous assets 385.3 237.3 69.5 304.7 286.7 192.1 273.4 466.8 262.1 439.0 225.3 26

27 Net increase in liabilities 301.9 205.6 208.2 575.5 615.1 497.3 439.5 750.1 566.8 476.5 348.5 27

28 Credit market instruments 393.9 181.5 312.3 434.3 351.1 314.0 447.9 624.3 549.3 728.3 608.0 28

29 Commercial paper -88.3 -64.2 -40.0 15.8 33.8 32.3 22.4 -25.4 53.7 9.2 4.6 29

30 Municipal securities 3.5 3.1 3.4 5.2 4.7 4.0 5.3 6.6 6.1 6.3 5.7 30

31 Corporate bonds 347.7 132.3 158.3 77.7 114.2 6.7 51.7 138.3 34.3 30.1 82.7 31

32 Bank loans n.e.c. -65.5 -84.0 -75.2 28.2 -51.9 34.2 43.4 87.1 69.4 190.9 51.4 32

33 Other loans and advances 8.1 19.5 11.3 24.3 15.0 -15.9 -1.7 99.9 86.0 67.7 20.6 33

34 Mortgages 188.4 174.9 254.5 283.1 235.2 252.6 326.7 317.8 299.8 424.1 442.9 34

35 Corporate equities -48.1 -41.6 -57.8 -157.0 -82.2 -159.5 -203.2 -183.2 -251.6 -351.1 -446.2 35

36 Trade payables -108.3 46.3 -9.3 165.5 214.3 124.2 157.1 166.5 137.5 182.1 194.7 36

37 Taxes payable 7.1 13.4 -2.4 11.3 23.2 11.7 7.6 2.7 22.0 -4.9 -20.6 37

38 Miscellaneous liabilities 78.6 88.6 40.1 167.6 149.4 222.7 98.0 200.4 142.6 -7.6 83.1 38

39 Proprietors’ net investment -21.3 -82.6 -74.7 -46.2 -40.7 -15.7 -67.9 -60.7 -33.1 -70.4 -70.5 39

40 Discrepancy -129.9 29.0 61.7 -46.3 -25.8 -64.9 -32.5 -62.0 -52.5 -60.0 -70.5 40

(1) Combined statement for nonfarm nonfinancial corporate business, nonfarm noncorporate business, and farm business.
18 Z.1, December 8, 2005

F.102 Nonfarm Nonfinancial Corporate Business

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2001 2002 2003 2004 2004 2005

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Profits before tax (book) 309.8 336.4 448.1 573.8 508.4 572.3 589.5 625.1 809.5 867.5 894.7 1

 2 - Taxes on corporate income 111.4 96.6 126.1 165.5 145.5 164.8 171.4 180.4 231.3 248.0 258.5 2

 3 - Net dividends 243.5 252.7 293.3 358.9 327.1 321.4 325.0 462.2 304.4 295.2 211.2 3

 4 + Capital consumption allowance (1) 677.5 733.9 736.7 804.3 785.8 793.3 830.1 808.1 640.9 648.1 705.3 4

 5 = U.S. internal funds, book 632.5 720.9 765.5 853.7 821.6 879.4 923.2 790.7 914.7 972.3 1130.2 5

 6 + Foreign earnings retained abroad 111.2 92.6 123.3 125.2 147.2 110.7 109.7 133.1 61.9 46.2 -36.4 6

 7 + Inventory valuation adjustment (IVA) 11.4 -2.2 -13.3 -39.6 -28.9 -48.3 -36.9 -44.4 -39.1 -18.9 -27.4 7

 8 + Net capital transfers (2) 0.0 0.0 0.2 0.0 0.0 0.0 0.1 0.0 0.0 0.0 0.0 8

 9 = Total internal funds + IVA 755.0 811.3 875.7 939.3 939.9 941.9 996.1 879.4 937.5 999.6 1066.4 9

10 Gross investment 884.9 782.4 814.0 985.6 965.7 1006.8 1028.6 941.3 990.0 1059.7 1137.0 10

11 Capital expenditures 802.5 737.1 751.5 861.0 815.9 858.5 867.1 902.7 930.3 894.1 905.3 11

12 Fixed investment (3) 841.3 734.4 748.1 823.2 782.0 811.7 837.6 861.6 880.3 903.1 927.4 12

13 Inventory change + IVA -30.1 13.6 14.5 49.6 45.4 57.7 43.2 52.1 63.1 4.1 -9.9 13

14 Nonproduced nonfinancial assets -8.6 -10.9 -11.2 -11.8 -11.6 -10.9 -13.6 -11.0 -13.0 -13.0 -12.2 14

15 Net financial investment 82.4 45.2 62.5 124.6 149.8 148.3 161.5 38.6 59.6 165.5 231.7 15

16 Net acquisition of financial assets 177.6 130.1 91.0 473.8 568.4 384.0 386.4 556.6 361.0 329.5 316.8 16

17 Foreign deposits -8.5 4.4 18.3 6.4 -5.2 4.5 -11.8 38.0 20.6 12.0 13.3 17

18 Checkable deposits and currency -49.5 -17.4 120.8 109.7 159.4 132.6 135.0 11.7 37.1 -102.8 36.4 18

19 Time and savings deposits -6.2 -4.8 1.5 7.7 5.2 -35.8 47.3 13.9 40.3 -25.3 16.2 19

20 Money market fund shares 110.5 26.1 -38.0 -12.0 -0.7 11.5 -25.1 -33.7 -38.3 -6.1 15.4 20

21 Security RPs -0.2 2.2 -0.2 0.5 -3.2 -1.4 3.6 2.9 -0.9 0.9 3.7 21

22 Commercial paper 2.4 4.6 10.9 15.8 21.1 -1.2 1.2 42.0 -11.2 0.7 11.0 22

23 Treasury securities -1.3 14.5 1.5 -1.4 -1.5 -3.4 -8.4 7.9 -5.7 -1.2 6.9 23

24 Agency- and GSE-backed securities 2.1 -0.7 -4.7 -0.5 -0.6 -1.3 -3.1 2.9 -2.1 -5.5 7.6 24

25 Municipal securities -2.6 2.8 3.1 4.7 -9.4 13.3 -3.6 18.4 8.4 -2.3 5.8 25

26 Mortgages 3.1 2.9 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5 26

27 Consumer credit -8.1 1.9 -14.2 1.5 10.3 32.4 -26.4 -10.6 15.0 31.0 -15.5 27

28 Trade receivables -121.7 -98.6 -18.1 128.9 184.3 133.8 106.2 91.2 143.6 134.5 151.2 28

29 Mutual fund shares 4.0 0.6 11.0 5.0 5.0 5.0 5.0 5.0 5.0 5.0 5.0 29

30 Miscellaneous assets 253.6 191.6 -3.5 205.2 201.2 91.4 163.8 364.4 146.7 286.1 57.3 30

31 U.S. direct investment abroad (4) 119.4 138.3 109.2 233.2 180.4 199.5 137.2 415.8 59.2 107.7 96.7 31

32 Insurance receivables 10.3 17.4 18.4 18.9 16.8 20.4 39.2 -0.8 11.2 14.9 46.3 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. -1.7 -5.5 5.8 9.2 10.1 6.4 9.1 11.0 -7.1 4.4 7.9 34

35 Other 125.5 41.4 -137.0 -56.1 -6.0 -135.0 -21.7 -61.6 83.4 159.2 -93.7 35

36 Net increase in liabilities 95.2 84.9 28.5 349.3 418.6 235.6 224.9 518.0 301.4 163.9 85.1 36

37 Net funds raised in markets 172.6 -16.4 90.6 101.1 125.2 -27.7 58.3 248.8 99.8 78.7 -83.9 37

38 Net new equity issues -48.1 -41.6 -57.8 -157.0 -82.2 -159.5 -203.2 -183.2 -251.6 -351.1 -446.2 38

39 Credit market instruments 220.7 25.2 148.4 258.2 207.4 131.8 261.5 432.0 351.4 429.8 362.3 39

40 Commercial paper -88.3 -64.2 -40.0 15.8 33.8 32.3 22.4 -25.4 53.7 9.2 4.6 40

41 Municipal securities (5) 3.5 3.1 3.4 5.2 4.7 4.0 5.3 6.6 6.1 6.3 5.7 41

42 Corporate bonds (4) 347.7 132.3 158.3 77.7 114.2 6.7 51.7 138.3 34.3 30.1 82.7 42

43 Bank loans n.e.c. -109.6 -108.2 -64.4 10.1 -60.2 15.2 24.2 61.3 48.3 130.8 29.1 43

44 Other loans and advances 7.8 16.0 5.5 21.2 15.3 -19.2 -4.2 93.0 89.2 58.9 17.2 44

45 Savings institutions 1.8 1.7 5.0 0.7 -13.4 11.7 4.0 0.4 -2.5 8.8 -2.6 45

46 Finance companies -10.3 7.5 2.0 12.9 51.8 -19.5 -12.5 31.5 -23.4 27.2 29.6 46

47 U.S. government -0.2 -0.3 0.7 0.5 1.0 0.2 0.5 0.3 0.4 1.0 0.9 47

48 Acceptance liabilities to banks -0.3 0.3 -0.2 -0.4 -2.2 1.2 -0.3 -0.5 -0.0 -0.2 2.4 48

49 Rest of the world -1.6 10.1 -0.8 6.3 -12.7 -13.1 -14.7 65.5 107.8 51.2 5.5 49

50 ABS issuers 18.5 -3.3 -1.1 1.4 -9.2 0.3 18.7 -4.3 6.9 -29.1 -18.6 50

51 Mortgages 59.5 46.2 85.6 128.1 99.5 92.7 162.2 158.2 119.8 194.5 222.9 51

52 Trade payables -103.7 19.7 -54.2 106.5 160.5 66.1 98.3 101.2 71.2 120.3 129.1 52

53 Taxes payable 3.1 11.9 -11.7 6.8 17.6 7.7 2.8 -0.9 18.3 -8.0 -23.4 53

54 Miscellaneous liabilities 23.3 69.7 3.7 134.8 115.3 189.5 65.5 169.0 112.1 -27.1 63.4 54

55 Foreign direct investment in U.S. 84.5 27.5 23.9 25.3 40.4 23.0 8.0 29.8 44.3 34.7 44.3 55

56 Pension fund contributions payable 0.6 0.1 -1.4 -2.5 -0.6 -2.6 1.7 -8.2 -5.0 -2.4 -2.2 56

57 Other -61.8 42.0 -18.8 112.0 75.6 169.0 55.8 147.4 72.7 -59.3 21.3 57

58 Discrepancy -129.9 29.0 61.7 -46.3 -25.8 -64.9 -32.5 -62.0 -52.5 -60.0 -70.5 58

 Memo:

59 Financing gap (6) 158.7 18.4 -0.8 47.0 23.2 27.3 -19.2 156.5 54.8 -59.3 -197.5 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 8, 2005 19

F.103 Nonfarm Noncorporate Business

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2001 2002 2003 2004 2004 2005

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Net income with IVA and CCAdj 819.9 817.4 835.8 900.2 875.2 903.2 901.6 920.8 934.0 953.2 929.1 1

 2 Gross saving = capital consumption 149.3 151.5 161.9 177.4 161.0 171.6 198.9 178.0 173.8 181.9 254.9 2

 3 Gross investment 149.3 151.5 161.9 177.4 161.0 171.6 198.9 178.0 173.8 181.9 254.9 3

 4 Capital expenditures 193.9 182.7 194.4 211.2 201.8 227.7 206.1 209.2 221.0 227.8 240.2 4

 5 Fixed investment (1) 195.5 182.0 193.6 208.6 199.4 224.6 203.8 206.4 217.6 227.5 240.7 5

 6 Change in inventories -1.6 0.7 0.8 2.6 2.4 3.0 2.3 2.7 3.3 0.2 -0.5 6

 7 Net financial investment -44.6 -31.2 -32.4 -33.8 -40.8 -56.1 -7.2 -31.2 -47.2 -45.9 14.7 7

 8 Net acquisition of financial assets 155.2 79.3 133.7 170.3 141.9 174.7 177.4 187.2 202.8 251.0 265.8 8

 9 Checkable deposits and currency 0.5 5.6 7.6 3.6 6.7 3.6 4.5 -0.3 -0.2 4.5 2.1 9

10 Time and savings deposits 7.1 11.5 7.4 8.9 6.4 10.5 9.6 9.1 10.0 9.2 9.8 10

11 Money market mutual funds 9.6 2.3 -8.2 -3.2 -15.6 -0.7 -2.8 6.5 9.2 15.1 19.9 11

12 Treasury securities 2.7 0.0 1.4 2.1 2.5 2.0 2.1 1.6 1.6 1.3 1.1 12

13 Municipal securities 1.1 -0.1 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 13

14 Mortgages 2.6 -0.5 1.4 -0.1 0.0 0.5 -0.1 -0.8 -1.0 -1.6 -2.0 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 1.8 18.9 55.5 63.8 59.6 63.3 64.0 68.3 69.6 72.9 75.1 16

17 Miscellaneous assets 129.9 41.7 68.3 95.0 82.1 95.3 99.9 102.6 113.3 149.5 159.4 17

18 Insurance receivables 2.5 4.2 4.4 3.5 4.0 4.9 5.4 -0.2 2.6 3.5 9.2 18

19 Equity investment in GSEs (2) 0.1 0.0 0.3 -0.1 0.6 -0.5 -0.5 -0.1 0.6 -0.8 -0.3 19

20 Other 127.3 37.5 63.6 91.6 77.4 90.9 95.1 102.9 110.1 146.7 150.5 20

21 Net increase in liabilities 199.8 110.5 166.1 204.1 182.8 230.8 184.5 218.4 250.0 296.8 251.1 21

22 Credit market instruments 162.7 148.5 156.1 164.6 137.5 169.0 168.1 183.8 195.0 281.5 220.6 22

23 Bank loans n.e.c. 44.0 25.1 -10.3 15.9 8.6 16.5 14.1 24.3 24.5 58.2 14.7 23

24 Other loans and advances -2.6 2.4 5.6 1.9 0.3 3.0 -1.4 5.7 -4.4 5.2 -5.3 24

25 Mortgages 121.2 121.0 160.8 146.8 128.6 149.5 155.4 153.8 174.8 218.2 211.2 25

26 Trade payables -4.9 26.0 44.2 58.1 52.8 57.2 57.9 64.3 65.7 60.6 64.6 26

27 Taxes payable 4.0 1.5 9.4 4.5 5.6 4.0 4.7 3.6 3.7 3.1 2.9 27

28 Miscellaneous liabilities 55.3 18.9 36.3 32.8 34.1 33.2 32.5 31.5 30.5 19.5 19.7 28

29 Proprietors’ net investment -17.3 -84.3 -79.9 -55.9 -47.3 -32.6 -78.8 -64.8 -44.8 -67.9 -56.8 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 19.7 10.6 27.7 35.8 44.8 44.1 29.7 24.6 24.7 19.6 18.2 1

 2 Net saving (corporate) -1.0 -1.8 -1.9 -2.3 -2.6 -2.7 -2.2 -1.8 -4.4 -4.5 -1.5 2

 3 Consumption of fixed capital 23.0 22.5 23.1 25.0 23.8 24.2 26.8 25.1 25.2 25.4 31.0 3

 4 Corporate 4.0 4.2 5.1 5.2 5.0 5.1 5.7 5.2 4.8 4.9 5.4 4

 5 Noncorporate 19.0 18.3 18.0 19.8 18.8 19.1 21.2 19.9 20.4 20.5 25.6 5

 6 Gross saving 22.1 20.7 21.2 22.7 21.2 21.6 24.6 23.3 20.8 20.8 29.5 6

 7 Gross investment 22.1 20.7 21.2 22.7 21.2 21.6 24.6 23.3 20.8 20.8 29.5 7

 8 Capital expenditures 26.6 26.2 29.5 39.1 30.3 46.0 44.0 36.1 33.4 32.5 32.6 8

 9 Fixed investment (2) 26.6 28.7 29.3 35.9 32.6 34.8 37.0 39.1 40.0 41.0 42.0 9

10 Change in inventories -0.0 -2.5 0.2 3.2 -2.3 11.2 7.0 -3.0 -6.5 -8.5 -9.4 10

11 Net financial investment -4.5 -5.5 -8.3 -16.5 -9.2 -24.4 -19.4 -12.8 -12.6 -11.7 -3.0 11

12 Net acquisition of financial assets 2.4 4.6 5.3 5.6 4.5 6.5 10.7 0.8 2.8 4.0 9.3 12

13 Checkable deposits and currency 0.6 0.5 0.7 1.0 1.0 1.0 1.0 1.0 0.7 0.7 0.7 13

14 Miscellaneous assets 1.8 4.1 4.6 4.6 3.5 5.4 9.7 -0.2 2.1 3.4 8.6 14

15 Insurance receivables 1.4 4.0 4.2 4.4 3.9 4.7 9.0 -0.2 2.5 3.4 7.8 15

16 Equity investment in GSEs (3) 0.4 0.1 0.4 0.2 -0.4 0.7 0.6 -0.1 -0.4 -0.0 0.8 16

17 Net increase in liabilities 6.9 10.2 13.6 22.1 13.7 30.9 30.1 13.6 15.4 15.7 12.3 17

18 Credit market instruments 10.5 7.9 7.7 11.5 6.2 13.1 18.3 8.5 2.9 17.0 25.1 18

19 Bank loans n.e.c. -0.0 -0.9 -0.4 2.2 -0.3 2.5 5.2 1.5 -3.4 2.0 7.6 19

20 Other loans and advances 2.9 1.1 0.1 1.2 -0.6 0.2 4.0 1.1 1.2 3.6 8.7 20

21 Mortgages 7.7 7.7 8.1 8.1 7.1 10.4 9.1 5.9 5.1 11.4 8.8 21

22 Trade payables 0.4 0.6 0.7 0.9 0.9 0.9 0.9 1.0 0.7 1.2 1.0 22

23 Proprietors’ net investment -4.1 1.7 5.2 9.6 6.6 16.9 10.9 4.1 11.8 -2.5 -13.8 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 8, 2005

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

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2001 2002 2003 2004 2004 2005

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Current receipts, NIPA basis 1373.0 1410.1 1488.6 1581.7 1546.8 1579.7 1574.5 1625.7 1656.7 1694.9 1684.8 1

 2 Personal current taxes 242.7 221.3 225.6 247.2 238.3 247.7 248.4 254.6 263.1 281.8 274.9 2

 3 Taxes on production and imports 642.8 675.5 711.7 758.8 743.7 754.3 761.5 775.8 788.4 801.8 812.4 3

 4 Taxes on corporate income 30.2 32.2 35.3 41.5 39.5 42.2 39.4 44.8 56.4 57.7 56.0 4

 5 Contributions for govt. social insurance 13.7 15.8 17.5 19.7 19.1 19.6 19.9 20.1 19.9 19.8 19.9 5

 6 Income receipts on assets 88.8 78.2 74.9 77.1 75.6 76.7 77.4 78.8 78.2 78.8 79.4 6

 7 Current transfer receipts 350.8 384.7 424.3 439.8 432.5 441.8 430.5 454.5 453.9 458.4 460.6 7

 8 Current surplus of government enterprises 4.0 2.5 -0.6 -2.5 -1.9 -2.5 -2.6 -2.9 -3.2 -3.5 -18.5 8

 9 Current expenditures, NIPA basis 1368.2 1444.3 1512.4 1587.5 1553.2 1581.3 1593.8 1621.7 1649.4 1673.7 1687.6 9

10 Consumption expenditures 969.8 1025.3 1074.8 1117.7 1095.1 1108.9 1123.9 1143.1 1159.0 1175.7 1204.0 10

11 Govt. social benefit payments to persons 305.2 332.0 351.3 380.5 370.4 383.5 380.2 387.7 398.6 405.7 390.5 11

12 Interest payments 85.5 86.0 86.2 88.9 87.3 88.4 89.3 90.4 91.2 91.8 92.6 12

13 Subsidies 7.7 0.9 0.1 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 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 4.9 -34.2 -23.8 -5.9 -6.5 -1.6 -19.3 4.0 7.4 21.3 -2.8 15

16 + Consumption of fixed capital 117.8 122.7 128.3 135.3 131.5 134.6 136.4 138.6 140.6 142.6 160.8 16

17 + Net capital transfers (2) 48.6 52.1 51.5 51.9 50.9 49.3 56.7 50.7 53.3 56.6 53.6 17

18 = Gross saving and net capital transfers 171.2 140.7 155.9 181.3 176.0 182.3 173.8 193.2 201.3 220.5 211.6 18

19 Gross investment 218.5 171.1 194.2 222.6 220.6 226.6 213.5 229.5 242.9 238.9 237.7 19

20 Fixed investment 243.0 256.1 262.3 270.6 262.8 271.5 272.1 276.1 282.7 292.0 294.8 20

21 Nonproduced nonfinancial assets 9.3 10.6 11.3 11.7 11.5 11.7 11.8 12.0 12.2 12.4 12.6 21

22 Net financial investment -33.7 -95.6 -79.4 -59.8 -53.7 -56.5 -70.4 -58.5 -52.0 -65.6 -69.7 22

23 Net acq. of financial assets 97.3 76.9 68.7 89.9 133.5 25.6 106.2 94.2 183.1 73.9 185.7 23

24 Checkable deposits and currency 4.0 5.2 3.5 -4.6 1.6 -22.8 8.3 -5.8 43.4 1.7 -23.6 24

25 Time and savings deposits 12.0 8.8 8.0 6.9 7.5 -1.0 24.0 -2.9 59.8 -3.2 43.6 25

26 Money market fund shares 3.2 1.6 3.6 3.2 3.9 0.3 3.4 5.3 3.1 -1.0 4.0 26

27 Security RPs -11.1 -16.4 7.2 6.4 7.7 0.5 6.7 10.5 6.2 -1.9 8.0 27

28 Credit market instruments 93.4 86.5 52.5 61.8 94.2 26.2 54.1 72.6 130.7 95.8 151.6 28

29 Open market paper 17.4 14.4 9.4 8.3 10.1 0.7 8.7 13.8 8.1 -2.5 10.4 29

30 Treasury securities 18.3 26.3 8.3 22.6 46.5 22.9 13.1 7.8 92.5 107.8 102.4 30

31 Agency- and GSE-backed securities 47.2 41.9 20.4 18.1 22.0 1.5 18.9 29.9 17.6 -5.5 22.7 31

32 Municipal securities 0.2 0.1 0.3 0.2 0.3 0.0 0.2 0.4 0.2 -0.1 0.3 32

33 Corporate and foreign bonds 11.2 9.1 6.5 5.7 7.0 0.5 6.0 9.5 5.6 -1.7 7.2 33

34 Mortgages -1.0 -5.4 7.7 6.8 8.3 0.6 7.2 11.3 6.7 -2.1 8.6 34

35 Corporate equities 4.0 10.3 -17.5 -5.0 -2.1 -2.7 12.1 -27.3 14.2 -8.7 -7.1 35

36 Mutual fund shares 0.4 2.1 -5.4 -1.5 -0.7 -0.8 3.7 -8.3 4.3 -2.7 -2.2 36

37 Trade receivables 5.9 2.6 7.4 6.5 7.9 0.6 6.8 10.8 6.4 -2.0 8.2 37

38 Taxes receivable 3.7 4.8 17.5 20.7 19.1 20.6 19.1 23.8 35.9 37.2 35.6 38

39 Miscellaneous assets -18.2 -28.5 -8.1 -4.4 -5.7 4.7 -32.0 15.4 -120.9 -41.3 -32.4 39

40 Net increase in liabilities 131.0 172.5 148.1 149.6 187.2 82.1 176.6 152.7 235.1 139.5 255.4 40

41 Credit market instruments 105.8 143.9 117.8 118.2 156.0 51.1 145.2 120.5 202.2 105.7 220.7 41

42 Municipal securities 105.5 143.4 117.5 118.0 155.9 51.0 145.0 120.2 201.9 105.3 220.1 42

43 Short-term 23.8 25.2 7.2 -6.0 25.8 -60.7 20.1 -9.0 18.0 -31.3 11.7 43

44 Other 81.7 118.2 110.3 124.0 130.1 111.6 125.0 129.2 183.9 136.7 208.4 44

45 U.S. government loans 0.2 0.5 0.3 0.2 0.1 0.2 0.2 0.3 0.3 0.4 0.6 45

46 Trade payables 25.2 28.7 30.4 31.4 31.2 31.0 31.4 32.2 32.9 33.8 34.7 46

47 Discrepancy -47.3 -30.5 -38.3 -41.2 -44.6 -44.3 -39.7 -36.3 -41.6 -18.4 -26.0 47

(1) Data for retirement funds are shown in table F.119.

(2) Table F.9, line 8.
Z.1, December 8, 2005 21

F.106 Federal Government

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2001 2002 2003 2004 2004 2005

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Current receipts, NIPA basis 2016.3 1853.2 1868.6 1974.8 1917.8 1951.4 1975.4 2054.6 2196.6 2227.9 2162.9 1

 2 Personal current taxes 994.5 830.5 774.3 801.8 771.3 786.3 810.0 839.7 908.3 924.3 941.9 2

 3 Taxes on production and imports 85.8 87.3 89.7 94.0 93.4 93.4 94.0 95.1 95.4 98.3 97.5 3

 4 Taxes on corporate income 164.7 150.5 186.7 217.4 206.9 219.9 207.5 235.3 291.7 300.8 293.3 4

 5 Taxes from the rest of the world 7.2 7.3 8.5 9.2 9.2 8.5 7.9 11.2 9.7 8.5 8.5 5

 6 Contributions for govt. social insurance 717.5 734.3 759.1 802.5 787.2 793.5 806.0 823.4 841.1 845.1 852.5 6

 7 Income receipts on assets 24.9 20.2 22.7 21.9 22.0 21.5 21.8 22.2 23.0 24.3 22.8 7

 8 Current transfer receipts 27.1 24.8 25.7 28.6 27.6 28.1 28.7 30.0 30.4 30.2 -49.4 8

 9 Current surplus of government enterprises -5.5 -1.6 1.9 -0.5 0.3 0.3 -0.4 -2.3 -2.9 -3.6 -4.2 9

10 Current expenditures, NIPA basis 1969.5 2101.1 2251.4 2381.3 2347.2 2364.9 2387.0 2426.2 2494.9 2525.2 2566.1 10

11 Consumption expenditures 531.9 591.5 661.9 725.7 710.7 721.1 735.7 735.1 759.6 762.8 784.0 11

12 Government social benefits 841.4 919.6 965.0 1017.1 1003.2 1010.3 1019.9 1034.9 1064.2 1077.9 1093.6 12

13 Other current transfer payments 290.0 323.4 362.7 374.1 376.1 372.3 364.1 384.1 394.5 382.1 382.1 13

14 Interest payments 258.6 229.1 215.2 221.5 216.9 218.4 224.5 226.1 226.6 250.8 250.8 14

15 Subsidies 47.6 37.5 46.5 43.0 41.8 41.3 42.8 46.1 50.1 51.6 55.6 15

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

17 Net federal government saving, NIPA basis 46.7 -247.9 -382.7 -406.5 -429.3 -413.4 -411.6 -371.6 -298.3 -297.3 -403.2 17

18 + Consumption of fixed capital 88.2 88.9 90.3 93.8 91.8 93.4 94.2 95.9 96.9 97.7 99.1 18

19 - Insurance and pension reserves (1) 3.3 -1.7 -0.6 0.0 1.6 -3.8 -1.3 3.5 5.4 -1.8 -6.2 19

20 + Net capital transfers (2) -12.9 -23.1 -40.4 -38.0 -37.6 -35.8 -40.8 -37.8 -55.1 -42.7 -39.1 20

21 = Gross saving and net capital transfers 118.8 -180.5 -332.2 -350.7 -376.8 -352.0 -356.8 -317.1 -261.9 -240.5 -337.1 21

22 Gross investment 80.8 -191.1 -385.4 -358.1 -505.2 -327.9 -288.7 -310.7 -515.0 -55.2 -283.4 22

23 Fixed investment 81.0 88.1 92.9 101.9 97.7 103.5 100.8 105.7 100.7 107.0 109.5 23

24 Nonproduced nonfinancial assets -0.7 0.3 -0.2 0.0 0.0 -0.7 1.8 -1.0 0.3 -0.6 -1.6 24

25 Net financial investment 0.5 -279.5 -478.2 -460.1 -602.9 -430.7 -391.2 -415.4 -616.0 -161.7 -391.3 25

26 Net acq. of financial assets 53.9 7.4 22.9 -27.9 -28.1 -4.9 -52.1 -26.5 76.1 -80.1 -95.5 26

27 Gold, SDRs, and official foreign exchange 4.6 3.4 -1.8 -3.1 -2.5 -4.8 -2.0 -3.2 -21.6 2.9 -14.4 27

28 Checkable deposits and currency 41.1 -17.1 9.2 -31.0 -59.7 8.4 -63.8 -9.0 63.0 -36.8 -21.9 28

29 Time and savings deposits 4.2 17.1 -25.2 -0.0 -2.2 1.1 0.5 0.6 -0.1 -2.8 1.5 29

30 Credit market instruments 6.0 9.6 -2.5 3.9 4.7 -11.9 24.6 -1.9 0.2 -14.1 16.2 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 -5.9 -3.6 -1.4 -2.0 -2.4 -0.9 -2.5 -2.2 -10.0 -6.7 -8.8 32

33 Mortgages -1.1 0.5 -2.5 1.6 8.0 -6.0 0.7 3.6 1.1 0.6 3.9 33

34 Consumer credit (3) 13.1 12.7 1.3 4.3 -0.9 -5.0 26.3 -3.3 9.1 -8.0 21.1 34

35 Trade receivables 7.3 -3.3 19.1 10.6 14.4 12.2 5.1 10.5 -9.2 10.0 0.1 35

36 Taxes receivable -10.6 -2.3 22.8 -8.8 17.2 -10.0 -18.5 -23.8 55.4 -38.7 -64.0 36

37 Miscellaneous assets 1.3 0.0 1.4 0.6 -0.0 0.1 2.1 0.2 -11.7 -0.8 -12.9 37

38 Net increase in liabilities 53.4 286.9 501.1 432.2 574.8 425.8 339.2 388.9 692.0 81.6 295.8 38

39 SDR certificates 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 39

40 Treasury currency 1.3 1.0 0.6 0.7 0.8 1.2 0.7 0.1 0.8 1.1 0.9 40

41 Credit market instruments -5.6 257.6 396.0 361.9 502.9 367.2 266.3 311.2 630.7 5.8 231.9 41

42 Savings bonds 5.6 4.5 8.9 0.6 3.5 1.5 -1.1 -1.4 0.1 0.7 -1.7 42

43 Other Treasury securities -10.7 252.5 389.5 361.9 498.4 369.4 267.6 312.3 631.3 6.5 234.0 43

44 Budget agency securities -0.5 0.5 -2.4 -0.6 1.1 -3.6 -0.2 0.3 -0.7 -1.4 -0.4 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 3.4 0.8 72.7 18.2 28.5 20.3 19.4 4.6 14.3 19.2 12.7 46

47 Insurance reserves 1.4 1.6 1.1 1.1 -0.0 1.9 0.2 2.3 0.0 1.7 0.3 47

48 Miscellaneous liabilities (4) 53.0 26.0 30.7 50.3 42.6 35.3 52.5 70.7 46.2 53.7 50.0 48

49 Nonmarketable securities held by pension plans 60.8 24.5 24.7 40.9 32.3 25.0 48.4 58.0 42.2 28.6 42.9 49

50 Other -7.8 1.5 6.0 9.3 10.4 10.2 4.1 12.7 4.0 25.1 7.1 50

51 Discrepancy 38.0 10.7 53.2 7.5 128.5 -24.1 -68.2 -6.4 253.1 -185.2 -53.7 51

 Memo:

52 Change in cash balance (5) 50.9 -1.6 -24.8 -3.1 8.4 -5.8 -39.4 24.4 44.6 -75.1 9.3 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 8, 2005

F.107 Rest of the World

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2001 2002 2003 2004 2004 2005

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Foreign income from U.S. 1725.7 1769.9 1893.8 2240.9 2076.9 2213.4 2255.1 2418.1 2482.4 2533.4 2578.5 1

 2 U.S. imports 1399.9 1430.3 1546.5 1797.8 1690.3 1776.4 1821.8 1902.5 1950.6 1988.1 2043.8 2

 3 U.S. income payments to rest of world 278.8 275.0 275.6 361.7 297.0 354.5 369.6 425.6 422.9 453.9 475.1 3

 4 Current taxes and trans. payments to rest of world 47.0 64.5 71.7 81.5 89.6 82.6 63.6 90.0 108.8 91.3 59.7 4

 5 Foreign outlays to U.S. 1355.3 1311.6 1389.3 1589.2 1510.7 1564.5 1601.9 1679.5 1715.4 1786.6 1823.1 5

 6 U.S. exports 1032.8 1005.9 1045.6 1173.8 1130.8 1163.3 1183.8 1217.1 1253.2 1297.1 1309.6 6

 7 U.S. income receipts from rest of world 322.5 305.7 343.7 415.4 380.0 401.2 418.1 462.4 462.3 489.4 513.5 7

 8 Net capital transfers (1) 1.1 1.4 3.3 1.7 1.7 1.5 1.6 1.8 17.9 1.7 1.7 8

 9 Gross saving and net capital transfers (2) 371.5 459.7 507.8 653.4 567.9 650.4 654.8 740.4 784.8 748.6 757.2 9

10 Gross investment 399.1 499.0 557.5 583.0 509.8 682.7 465.3 674.0 630.4 569.3 622.2 10

11 Nonproduced nonfinancial assets 0.1 0.0 0.1 0.0 0.0 0.0 0.0 -0.0 0.5 1.2 1.2 11

12 Net financial investment 399.0 499.0 557.4 582.9 509.8 682.7 465.2 674.0 629.9 568.0 621.0 12

13 Net acquisition of financial assets 657.7 767.8 842.5 1307.1 1011.1 1274.0 1348.4 1594.8 1028.5 1142.0 1006.1 13

14 Gold and SDRs (3) -0.6 -0.5 0.6 -0.4 -0.4 -0.4 -0.4 -0.4 6.9 -0.4 6.0 14

15 Net interbank assets -45.6 4.2 -10.1 -15.8 -217.6 143.5 9.7 1.2 105.6 181.5 -227.7 15

16 U.S. checkable deposits and currency 18.8 20.9 28.9 41.7 8.5 84.2 5.3 68.6 -55.0 160.4 35.1 16

17 U.S. time deposits 11.9 31.7 -12.6 74.4 17.9 152.5 -8.5 135.7 -183.6 294.0 17.4 17

18 Security RPs 59.4 39.4 270.1 186.9 275.5 87.9 198.5 185.8 -162.9 174.2 150.5 18

19 Credit market instruments 305.3 422.7 531.6 754.4 814.0 793.6 593.0 817.0 788.1 750.1 826.7 19

20 Open market paper -2.6 10.3 7.0 30.6 51.2 12.5 9.2 49.3 -23.8 47.8 -34.0 20

21 Treasury securities 10.5 138.9 288.9 358.5 559.3 493.5 206.6 174.5 357.3 136.9 211.6 21

22 Official 33.7 60.5 184.9 272.6 450.3 251.9 221.4 166.9 57.2 90.9 38.2 22

23 Private -23.2 78.4 104.0 85.8 109.0 241.6 -14.9 7.6 300.1 46.0 173.4 23

24 Agency- and GSE-backed securities 103.7 112.3 6.5 104.8 36.9 99.9 49.5 232.8 102.7 167.9 225.6 24

25 Official 20.9 30.5 39.9 38.5 45.7 1.9 46.2 60.2 99.8 86.5 72.7 25

26 Private 82.8 81.8 -33.4 66.3 -8.8 98.0 3.4 172.7 3.0 81.4 152.8 26

27 U.S. corporate bonds (4) 195.4 151.0 230.0 254.4 179.3 200.9 342.4 294.8 244.1 346.3 418.1 27

28 Loans to U.S. corporate business -1.6 10.1 -0.8 6.3 -12.7 -13.1 -14.7 65.5 107.8 51.2 5.5 28

29 U.S. corporate equities 121.5 54.1 35.0 61.9 17.2 36.6 5.1 188.7 82.9 50.0 159.1 29

30 Trade receivables -3.1 3.1 1.8 -0.4 0.9 7.0 -8.2 -1.5 13.2 3.9 0.7 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 190.1 192.2 -2.6 204.4 94.9 -31.0 553.8 199.9 433.2 -471.7 38.4 32

33 Foreign direct investment in U.S. (5) 167.0 80.8 67.1 106.8 34.0 124.2 142.7 126.5 140.2 70.4 83.3 33

34 Other 23.1 111.3 -69.7 97.6 60.9 -155.2 411.1 73.4 293.0 -542.1 -44.9 34

35 Net increase in liabilities 258.6 268.8 285.1 724.1 501.2 591.3 883.1 920.8 398.6 573.9 385.2 35

 U.S. official foreign exchange

36 and net IMF position 4.3 3.2 -0.9 -3.2 -2.6 -4.8 -2.1 -3.2 -14.5 2.8 -8.2 36

37 U.S. private deposits 6.8 21.0 22.3 111.3 152.4 16.2 79.8 196.6 371.2 49.8 104.8 37

38 Credit market instruments -43.8 70.8 54.3 82.2 84.2 -63.6 97.5 210.7 17.6 87.5 111.7 38

39 Commercial paper -14.2 36.1 22.3 63.7 99.6 -30.1 24.4 160.7 13.7 33.6 116.7 39

40 Bonds -18.5 31.6 41.9 19.2 -4.3 -40.1 86.8 34.4 -4.6 60.7 -3.5 40

41 Bank loans n.e.c. -7.3 5.3 -7.7 2.5 -6.7 7.0 -9.0 18.5 12.1 -5.3 5.2 41

42 Official 0.8 0.8 -0.5 0.9 1.5 1.3 -0.8 1.6 0.9 -1.9 -9.7 42

43 Banks -7.4 -0.8 -1.5 2.8 2.9 5.9 -3.2 5.7 1.4 -1.8 9.9 43

44 Other -0.7 5.3 -5.7 -1.3 -11.2 -0.2 -5.0 11.1 9.9 -1.6 5.0 44

45 U.S. government loans -1.1 -1.9 -2.1 -3.2 -4.6 -1.6 -3.5 -3.0 -3.7 -2.4 -5.4 45

46 Acceptance liabilities to banks -2.6 -0.4 0.0 0.1 0.3 1.1 -1.3 0.1 0.2 0.8 -1.3 46

47 Foreign corporate equities (6) 109.1 17.0 114.2 83.2 66.5 160.9 67.0 38.5 159.3 83.3 140.0 47

48 Trade payables -2.2 -10.1 9.9 3.3 -3.1 -4.1 -8.2 28.4 -3.0 11.5 11.5 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 184.4 167.0 85.3 447.4 203.8 486.7 649.2 449.8 -132.1 339.1 25.3 50

51 U.S. equity in IBRD, etc. 1.7 1.5 1.4 2.0 1.4 2.1 3.4 1.2 1.5 1.4 3.3 51

52 U.S. government deposits -0.1 0.1 0.2 -0.0 0.3 -0.5 0.2 -0.2 -15.7 -0.0 -13.7 52

53 U.S. direct investment abroad (4,5) 142.3 154.5 140.6 252.0 209.5 233.7 164.9 400.0 108.0 134.4 113.5 53

54 Other 40.4 10.9 -56.9 193.4 -7.4 251.5 480.8 48.9 -225.9 203.2 -77.7 54

55 Discrepancy (FOF basis) (7) -27.6 -39.3 -49.7 70.4 58.1 -32.3 189.5 66.4 154.4 179.3 135.0 55

 Memo:

56 Net U.S. exports, NIPA basis -367.0 -424.4 -500.9 -624.0 -559.6 -613.1 -638.0 -685.4 -697.5 -691.0 -734.2 56

57 + Net U.S. income receipts (8) 43.7 30.6 68.1 53.8 83.0 46.7 48.5 36.8 39.4 35.5 38.4 57

58 - Current taxes and trans. payments to rest of world 47.0 64.5 71.7 81.5 89.6 82.6 63.6 90.0 108.8 91.3 59.7 58

59 = Balance on current account, NIPAs -370.4 -458.3 -504.5 -651.7 -566.2 -648.9 -653.2 -738.6 -767.0 -746.8 -755.4 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 8, 2005 23

F.108 Monetary Authority (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2001 2002 2003 2004 2004 2005

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Gross saving 2.3 0.3 -0.7 3.3 3.2 3.2 3.4 3.4 1.3 1.4 1.5 1

 2 Fixed nonresidential investment 2.4 2.1 1.9 2.2 2.0 2.1 2.2 2.3 2.4 2.4 2.5 2

 3 Net acquisition of financial assets 47.0 70.7 43.2 44.4 21.2 69.5 50.9 36.1 26.1 26.8 27.4 3

 4 Gold and foreign exchange 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.4 0.3 0.3 0.2 4

 5 SDR certificates 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5

 6 Treasury currency 1.4 1.6 0.9 1.0 1.1 1.1 1.0 0.6 0.4 0.3 -0.7 6

 7 Federal Reserve float -0.9 0.4 -0.7 1.2 -1.1 3.0 6.7 -3.7 -9.4 1.7 2.7 7

 8 Fed. Res. loans to domestic banks -0.1 0.0 0.0 -0.0 0.0 1.0 -0.3 -0.8 0.0 0.7 2.7 8

 9 Security RPs 6.9 -10.8 4.3 -10.8 -0.8 13.8 -28.0 -28.0 52.9 -5.3 -41.1 9

10 Credit market instruments 39.9 77.7 37.2 51.2 22.1 53.5 71.3 57.6 -10.5 32.0 66.8 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 40.0 77.7 37.3 51.2 22.1 53.5 71.3 57.6 -10.5 32.0 66.8 12

13 Agency- and GSE-backed securities -0.1 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. 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 -0.4 1.4 1.3 1.5 -0.6 -3.2 -0.0 9.9 -7.7 -2.9 -3.2 15

16 Net increase in liabilities 46.5 69.6 42.8 41.7 17.8 69.4 49.2 30.1 24.6 23.4 23.7 16

17 Depository institution reserves -1.6 5.1 0.5 1.0 0.4 15.7 -20.3 8.1 -6.5 -10.6 -4.3 17

18 Vault cash of commercial banks 2.9 0.5 0.1 -6.4 12.1 5.5 -8.1 -35.1 43.3 7.4 -20.3 18

19 Checkable deposits and currency 48.0 41.5 37.9 37.1 15.2 50.9 41.2 41.3 11.0 11.8 44.8 19

20 Due to federal government 1.5 -2.3 1.3 0.1 -1.9 -5.0 -1.7 9.2 -6.2 -8.8 -0.7 20

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

22 Currency outside banks 46.7 43.7 36.6 37.1 17.4 55.2 43.4 32.3 17.0 20.8 45.4 22

23 Miscellaneous liabilities -2.8 22.6 4.3 9.9 -9.9 -2.6 36.4 15.8 -23.1 14.8 3.5 23

24 Federal Reserve Bank stock 0.4 1.0 0.5 3.1 0.5 1.0 5.1 5.6 2.6 1.5 1.5 24

25 Other -3.2 21.5 3.8 6.9 -10.4 -3.6 31.3 10.1 -25.7 13.3 2.0 25

26 Discrepancy -0.6 -2.8 -3.1 -1.7 -2.2 0.9 -0.6 -4.9 -2.5 -4.5 -4.6 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 8, 2005

F.109 Commercial Banking (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2001 2002 2003 2004 2004 2005

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Gross saving 81.7 93.3 89.0 94.6 88.7 90.2 105.5 94.1 104.6 103.1 144.6 1

 2 Fixed nonresidential investment 22.0 18.9 18.8 21.1 20.0 20.8 21.5 22.2 22.7 23.3 23.9 2

 3 Net acquisition of financial assets 350.2 476.6 474.0 713.4 1133.8 666.2 563.2 490.5 1129.6 821.0 719.1 3

 4 Vault cash 2.9 0.5 0.1 -6.4 12.1 5.5 -8.1 -35.1 43.3 7.4 -20.3 4

 5 Reserves at Federal Reserve -2.2 4.5 -0.0 1.1 1.0 15.1 -20.7 9.0 -5.2 -10.8 -3.5 5

 6 Checkable deposits and currency 1.1 -0.3 -0.0 1.0 2.9 -1.8 1.4 1.7 0.5 0.7 -2.2 6

 7 Total bank credit 216.0 408.3 331.3 563.5 923.0 513.1 316.8 501.2 1013.8 648.8 743.9 7

 8 Treasury securities -21.9 43.2 3.0 -22.8 32.9 1.0 -54.9 -70.1 53.4 -50.6 19.6 8

 9 Agency- and GSE-backed securities 55.6 140.5 83.6 96.9 380.2 65.7 -217.6 159.2 95.5 -63.3 -55.5 9

10 Municipal securities 6.1 1.5 10.8 8.3 11.4 10.8 1.7 9.2 24.1 7.0 16.8 10

11 Corporate and foreign bonds 97.0 -3.2 44.6 77.3 71.6 -32.3 148.6 121.0 255.9 186.0 115.5 11

12 Total loans 71.3 225.2 193.2 405.0 431.5 469.0 441.9 277.5 590.7 569.7 645.9 12

13 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 13

14 Bank loans n.e.c. -75.8 -80.2 -92.6 48.5 -27.6 66.5 3.7 151.3 106.4 180.9 86.8 14

15 Mortgages 129.8 268.5 197.5 339.5 380.4 356.8 322.6 298.2 468.6 328.0 416.3 15

16 Consumer credit 17.4 34.1 52.8 34.9 16.8 15.7 60.8 46.2 -21.6 8.6 95.2 16

17 Security credit 0.0 2.8 35.5 -17.9 61.9 30.1 54.7 -218.2 37.3 52.2 47.6 17

18 Corporate equities 0.2 -0.6 2.3 -0.2 -0.0 -1.2 -0.2 0.4 -0.9 4.3 -1.5 18

19 Mutual fund shares 7.8 1.7 -6.2 -0.9 -4.7 -0.0 -2.8 4.0 -4.9 -4.3 3.1 19

20 Customers’ liab. on acceptances (2) -2.9 -0.0 -0.2 -0.4 -1.9 2.4 -1.5 -0.3 0.1 0.6 1.1 20

21 Miscellaneous assets 135.3 63.6 142.8 154.6 196.8 132.0 275.4 14.0 77.1 174.3 0.0 21

22 Net increase in liabilities 353.2 500.3 465.1 927.9 1263.4 921.5 766.1 760.6 1012.7 919.6 501.9 22

23 Net interbank liabilities -29.4 11.9 -15.3 0.4 -218.0 217.9 -17.3 19.0 109.1 170.8 -222.9 23

24 To monetary authority -1.0 0.4 -0.7 1.2 -1.1 4.0 6.4 -4.4 -9.3 2.5 5.4 24

25 To domestic banks (3) 17.2 7.2 -4.4 15.0 0.7 70.4 -33.4 22.2 12.8 -13.1 -0.6 25

26 To foreign banks -45.6 4.2 -10.1 -15.8 -217.6 143.5 9.7 1.2 105.6 181.5 -227.7 26

27 Checkable deposits 102.2 -57.3 30.9 44.6 95.0 -2.4 -22.3 107.9 26.8 -75.7 -139.7 27

28 Federal government 45.3 -16.4 -0.9 -3.2 12.6 -1.8 -38.2 14.6 50.9 -63.4 8.5 28

29 Rest of the world -4.8 -0.6 12.2 26.9 16.0 48.4 -4.3 47.5 -59.5 142.5 16.2 29

30 Private domestic 61.7 -40.3 19.6 20.9 66.4 -48.9 20.3 45.9 35.4 -154.8 -164.4 30

31 Small time and savings deposits 249.4 269.4 230.4 281.8 307.2 351.3 242.4 226.3 216.8 185.1 409.2 31

32 Large time deposits 32.7 -2.8 18.8 186.3 217.7 148.9 132.4 246.2 205.3 165.4 340.3 32

33 Federal funds and security RPs (net) -42.3 115.5 67.6 4.1 222.3 122.9 -35.5 -293.3 189.1 180.8 66.0 33

34 Credit market instruments 52.9 49.7 49.2 77.7 182.7 6.8 60.1 61.2 163.0 41.4 82.7 34

35 Open market paper -8.3 -2.5 -6.3 10.6 57.4 -19.2 -0.0 4.0 26.9 -7.2 22.7 35

36 Corporate bonds 37.0 22.0 46.9 58.3 39.3 54.8 61.4 77.8 79.3 30.8 38.3 36

37 Other loans and advances 24.2 30.2 8.5 8.8 85.9 -28.8 -1.2 -20.6 56.8 17.8 21.7 37

38 Corporate equity issues -8.1 -10.7 -2.4 17.6 -0.6 -4.4 70.5 5.0 -22.1 11.3 -24.9 38

39 Taxes payable 2.4 2.6 2.9 3.2 3.1 3.1 3.2 3.3 3.3 3.4 3.5 39

40 Miscellaneous liabilities -6.5 121.9 83.1 312.2 453.8 77.4 332.5 384.9 121.3 237.1 -12.3 40

41 Discrepancy 62.8 98.1 61.3 288.0 198.3 324.7 286.9 342.0 -35.0 178.3 -96.5 41

 Memo:

42 Credit market funds advanced (4) 205.2 404.4 299.5 582.2 863.9 486.6 263.5 714.7 982.5 597.2 695.9 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 8, 2005 25

F.110 U.S.-Chartered Commercial Banks

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2001 2002 2003 2004 2004 2005

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Gross saving 21.5 19.8 16.6 31.6 34.9 26.0 38.5 27.1 38.6 24.0 40.2 1

 2 Fixed nonresidential investment 15.0 12.5 12.1 13.3 12.7 13.1 13.5 13.9 14.2 14.5 14.9 2

 3 Net acquisition of financial assets 229.7 389.0 406.1 585.0 764.2 626.7 346.6 602.3 775.4 392.5 510.6 3

 4 Vault cash and reserves at Federal Reserve 0.6 4.4 0.5 -5.2 12.1 21.5 -29.5 -24.7 38.1 -5.2 -22.8 4

 5 Total bank credit 209.0 391.9 331.9 557.9 843.0 495.0 278.6 615.0 750.7 382.9 590.5 5

 6 Treasury securities -31.4 29.9 7.1 -19.2 24.2 7.4 -51.9 -56.7 45.1 -33.0 19.6 6

 7 Agency- and GSE-backed securities 73.7 121.1 85.1 89.7 378.4 45.5 -216.8 151.7 102.2 -94.4 -24.2 7

 8 Mortgage pass-through securities 52.8 84.3 56.6 90.2 346.5 35.3 -168.4 147.5 77.0 -64.7 -4.5 8

 9 CMOs and other structured MBS 57.2 -9.2 2.4 -4.7 20.7 -31.0 -21.2 12.6 30.3 -25.7 -18.0 9

10 Other -36.2 46.0 26.1 4.2 11.2 41.1 -27.2 -8.4 -5.1 -3.9 -1.8 10

11 Municipal securities 6.3 1.5 10.7 8.5 11.2 10.7 3.2 8.9 24.0 7.0 17.0 11

12 Corporate and foreign bonds 63.7 -0.8 41.6 58.4 36.9 1.8 136.3 58.7 101.1 91.0 37.6 12

13 Private mortgage pass-through securities 21.2 -13.3 0.2 6.7 6.4 -0.8 13.6 7.6 13.2 12.6 -3.3 13

14 Private CMOs and other structured MBS 2.8 8.1 25.2 13.4 7.3 -0.1 24.2 22.1 56.6 47.8 27.1 14

15 Other 39.7 4.4 16.2 38.3 23.2 2.8 98.5 28.9 31.2 30.6 13.8 15

16 Total loans 88.8 239.0 191.3 421.7 397.1 430.8 410.8 448.1 484.1 412.2 539.0 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 Bank loans n.e.c. -61.5 -58.1 -69.0 42.8 -13.7 53.2 9.8 121.8 49.2 123.9 25.6 18

19 Mortgages 125.8 265.7 195.2 333.4 375.9 359.3 313.3 285.0 459.7 323.8 397.5 19

20 Consumer credit 17.4 34.1 52.8 34.9 16.8 15.7 60.8 46.2 -21.6 8.6 95.2 20

21 Security credit 7.2 -2.7 12.3 10.6 18.0 2.6 26.9 -5.0 -3.2 -44.1 20.8 21

22 Corporate equities 0.2 -0.6 2.3 -0.2 -0.0 -1.2 -0.2 0.4 -0.9 4.3 -1.5 22

23 Mutual fund shares 7.8 1.7 -6.2 -0.9 -4.7 -0.0 -2.8 4.0 -4.9 -4.3 3.1 23

24 Customers’ liab. on acceptances (1) -2.3 0.3 -0.2 -0.5 -1.7 2.1 -2.0 -0.2 0.4 -0.2 0.8 24

25 Miscellaneous assets 22.3 -7.6 73.9 32.7 -89.3 108.2 99.6 12.2 -13.8 15.0 -57.9 25

26 Net increase in liabilities 283.9 476.6 459.6 850.8 937.7 933.7 605.8 925.9 712.4 559.0 384.3 26

27 Net interbank liabilities 2.0 57.2 11.5 122.9 -81.9 321.8 78.4 173.3 21.4 144.9 -40.3 27

28 Federal Reserve float -0.9 0.4 -0.7 1.2 -1.1 3.0 6.7 -3.7 -9.4 1.7 2.7 28

29 Borrowing from Federal Reserve banks -0.1 0.0 0.0 -0.0 0.0 1.0 -0.3 -0.8 0.0 0.7 2.7 29

30 To domestic banking 16.5 20.9 -66.4 40.3 -53.0 35.8 50.5 127.8 -55.9 87.2 -53.9 30

31 To foreign banks -13.6 35.9 78.6 81.4 -27.8 281.9 21.5 49.9 86.6 55.2 8.3 31

32 Checkable deposits 98.7 -55.6 28.4 43.7 94.2 -2.0 -23.4 106.1 16.4 -67.2 -135.7 32

33 Federal government 45.3 -16.4 -0.9 -3.2 12.6 -1.8 -38.2 14.6 50.9 -63.4 8.5 33

34 Rest of the world -2.5 -0.3 12.6 27.4 15.1 50.1 -3.8 48.3 -72.0 154.7 15.5 34

35 Private domestic 55.9 -38.9 16.7 19.5 66.6 -50.3 18.6 43.2 37.5 -158.5 -159.7 35

36 Small time and savings deposits 240.4 273.6 228.2 281.0 303.4 351.1 242.8 226.8 205.6 181.3 404.6 36

37 Large time deposits -25.2 24.3 2.9 115.4 63.1 72.9 113.2 212.4 122.8 113.0 209.9 37

38 Federal funds and security RPs (net) -31.2 73.6 68.5 10.1 220.3 87.8 -84.7 -183.1 259.8 126.4 12.6 38

39 Acceptance liabilities -2.3 0.3 -0.2 -0.4 -1.7 2.1 -2.0 -0.1 0.4 -0.2 0.9 39

40 Corporate bonds 8.3 -0.6 5.5 9.7 -4.2 17.2 2.4 23.2 18.2 1.8 8.3 40

41 Other loans and advances 24.2 30.2 8.5 8.8 85.9 -28.8 -1.2 -20.6 56.8 17.8 21.7 41

42 Corporate equity issues 7.2 4.7 7.2 5.9 5.1 3.9 9.9 4.9 7.2 9.0 9.4 42

43 Taxes payable 2.4 2.6 2.9 3.2 3.1 3.1 3.2 3.3 3.3 3.4 3.5 43

44 Miscellaneous liabilities -40.5 66.3 96.2 250.4 250.4 104.5 267.1 379.7 0.5 28.8 -110.5 44

45 Investment by bank holding companies 60.7 53.1 50.5 167.2 73.4 121.9 323.3 150.3 -14.7 91.8 4.9 45

46 Other -101.2 13.1 45.7 83.2 177.0 -17.5 -56.2 229.4 15.1 -63.0 -115.3 46

47 Discrepancy 60.7 95.0 58.0 284.2 195.7 319.8 284.2 336.9 -38.6 176.0 -101.1 47

 Memo:

48 Credit market funds advanced (2) 191.6 393.8 323.3 548.0 828.1 495.7 252.7 615.5 760.2 426.8 568.9 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 8, 2005

F.111 Foreign Banking Offices in U.S. (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2001 2002 2003 2004 2004 2005

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Gross saving 5.3 5.5 5.7 6.5 6.1 6.3 6.8 6.7 6.7 6.7 7.2 1

 2 Fixed nonresidential investment 6.6 6.0 6.2 7.4 6.9 7.3 7.6 8.0 8.2 8.4 8.6 2

 3 Net acquisition of financial assets 3.1 9.2 -67.0 -164.0 88.7 -135.7 -283.5 -325.6 334.4 211.5 123.4 3

 4 Reserves at Federal Reserve 0.2 0.6 -0.4 -0.1 1.0 -1.0 0.7 -1.4 -0.1 1.8 -1.0 4

 5 Total bank credit -7.2 12.0 -19.8 -8.3 66.8 1.9 24.7 -126.6 260.5 222.2 194.0 5

 6 Treasury securities 9.8 12.9 -6.5 -4.1 9.7 -11.1 2.4 -17.6 9.1 -18.7 0.1 6

 7 Agency- and GSE-backed securities -22.0 10.9 -7.1 0.6 -5.6 12.4 -13.8 9.5 -9.3 27.9 -27.0 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 30.6 0.3 1.3 17.7 35.1 -31.2 14.1 52.7 158.9 59.7 120.6 9

10 Total loans -25.6 -12.0 -7.5 -22.4 27.7 31.8 22.0 -171.2 101.8 153.3 100.4 10

11 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 11

12 Bank loans n.e.c. -19.1 -18.6 -29.0 6.4 -16.8 14.0 -7.8 36.3 61.2 55.3 62.5 12

13 Mortgages 0.7 1.1 -1.8 -0.3 0.7 -9.7 2.0 5.7 0.1 1.7 11.1 13

14 Security credit -7.2 5.5 23.2 -28.5 43.8 27.5 27.8 -213.2 40.5 96.3 26.8 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) -0.6 -0.4 -0.0 0.1 -0.3 0.3 0.5 -0.1 -0.3 0.8 0.3 16

17 Miscellaneous assets 10.7 -3.1 -46.8 -155.7 21.1 -136.9 -309.4 -197.5 74.3 -13.3 -69.9 17

18 Net increase in liabilities 7.1 13.6 -62.2 -158.7 93.9 -130.5 -278.2 -320.2 340.0 217.1 129.2 18

19 Net interbank liabilities -16.1 -42.3 -37.6 -125.0 -133.7 -108.4 -153.4 -104.4 116.0 27.9 -190.9 19

20 To foreign banks -35.3 -32.3 -43.9 -123.5 -185.3 -153.6 -90.6 -64.5 19.1 131.2 -256.7 20

21 To domestic banks 19.2 -10.0 6.3 -1.5 51.6 45.3 -62.8 -39.9 96.9 -103.3 65.8 21

22 Checkable deposits 0.4 -0.7 1.0 -0.7 -1.8 -1.9 0.6 0.2 10.3 -11.8 1.5 22

23 Small time and savings deposits 4.5 -2.3 0.9 -0.8 3.6 -1.6 -3.9 -1.3 5.3 -2.1 -1.1 23

24 Large time deposits 53.3 -25.1 14.6 69.3 154.4 74.1 15.7 33.1 76.6 46.4 124.8 24

25 Federal funds and security RPs (net) -11.0 39.5 -1.9 -4.7 5.4 34.4 49.9 -108.6 -69.2 47.6 56.0 25

26 Acceptance liabilities -0.9 -0.4 -0.1 0.1 -0.1 0.2 0.5 -0.0 -0.3 0.6 0.3 26

27 Miscellaneous liabilities -23.1 44.8 -39.1 -97.0 65.9 -127.3 -187.5 -139.2 201.2 108.5 138.6 27

28 Foreign direct investment in U.S. 8.4 3.6 4.5 16.7 1.7 5.5 50.9 8.8 19.4 9.2 2.7 28

29 Due to affiliates -30.8 24.7 -1.7 30.4 108.4 -82.3 15.6 80.0 39.8 45.8 18.5 29

30 Other -0.7 16.5 -41.8 -144.2 -44.1 -50.6 -254.1 -228.0 142.0 53.4 117.5 30

31 Discrepancy 2.7 3.9 4.3 4.3 4.3 4.2 4.5 4.1 4.1 4.0 4.3 31

 Memo:

32 Credit market funds advanced (3) -0.6 6.2 -43.0 20.3 22.7 -25.3 -2.7 86.5 219.7 126.6 167.5 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 8, 2005 27

F.112 Bank Holding Companies

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2001 2002 2003 2004 2004 2005

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Gross saving 54.9 67.9 66.6 56.4 47.5 57.8 60.0 60.2 59.1 72.3 97.1 1

 2 Fixed nonresidential investment 0.2 0.4 0.3 0.2 0.3 0.3 0.2 0.2 0.2 0.2 0.2 2

 3 Net acquisition of financial assets 100.5 83.4 126.6 276.6 264.7 161.5 478.2 201.9 6.0 203.6 83.4 3

 4 Credit market instruments 4.2 3.1 8.6 -0.0 1.2 -2.3 3.0 -2.0 -9.4 29.4 -46.1 4

 5 Treasury securities 0.4 0.1 1.4 -0.8 -2.3 1.0 -3.4 1.7 -1.6 3.2 0.1 5

 6 Agency- and GSE-backed securities 1.4 4.5 0.9 1.9 3.6 1.4 5.8 -3.2 0.3 -3.1 -5.2 6

 7 Corporate and foreign bonds 2.1 -2.4 1.3 1.3 -1.1 -1.9 -1.0 9.2 -3.3 34.4 -41.8 7

 8 Bank loans n.e.c. 0.3 0.9 5.0 -2.5 1.0 -2.9 1.6 -9.7 -4.9 -5.1 0.8 8

 9 Miscellaneous assets 96.4 80.3 117.9 276.6 263.5 163.8 475.2 204.0 15.5 174.2 129.4 9

10 Investment in bank subsidiaries 60.7 53.1 50.5 167.2 73.4 121.9 323.3 150.3 -14.7 91.8 4.9 10

11 Investment in nonbank subsidiaries 29.8 -0.2 45.0 77.0 112.4 41.8 105.1 48.6 8.2 44.7 121.4 11

12 Other 5.9 27.3 22.4 32.4 77.7 0.1 46.8 5.1 21.9 37.6 3.2 12

13 Net increase in liabilities 45.8 15.7 60.2 220.4 217.4 103.9 418.3 141.9 -52.9 131.5 -13.6 13

14 Net interbank liabilities -15.3 -3.0 10.9 2.5 -2.4 4.5 57.6 -49.9 -28.3 -2.0 8.2 14

15 To domestic banks -18.6 -3.6 55.8 -23.8 2.0 -10.7 -21.1 -65.6 -28.2 2.9 -12.5 15

16 To foreign banks 3.3 0.6 -44.9 26.3 -4.4 15.2 78.7 15.7 -0.1 -4.9 20.7 16

17 Federal funds and security RPs (net) -0.1 2.4 0.9 -1.3 -3.4 0.7 -0.7 -1.6 -1.5 6.7 -2.5 17

18 Credit market instruments 23.6 20.3 35.4 59.5 102.8 16.1 60.4 58.7 87.9 21.4 51.7 18

19 Commercial paper -5.1 -2.3 -6.0 10.8 59.2 -21.5 1.5 4.1 26.8 -7.6 21.6 19

20 Corporate bonds 28.7 22.6 41.4 48.7 43.6 37.6 59.0 54.6 61.1 29.0 30.1 20

21 Corporate equity issues -15.3 -15.4 -9.6 11.7 -5.7 -8.3 60.6 0.2 -29.4 2.3 -34.4 21

22 Miscellaneous liabilities 52.9 11.5 22.6 148.0 126.1 91.0 240.3 134.6 -81.7 103.0 -36.6 22

23 Equity, etc. -8.9 -44.0 -37.5 129.4 90.0 47.0 258.7 121.9 -117.5 47.8 249.6 23

24 Other 61.8 55.4 60.1 18.6 36.1 43.9 -18.4 12.6 35.7 55.2 -286.2 24

25 Discrepancy -0.0 -0.1 -0.1 -0.1 -0.1 -0.1 -0.0 -0.0 -0.1 -0.1 -0.1 25

F.113 Banks in U.S.-Affiliated Areas (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Gross saving 0.1 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 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.2 0.2 2

 3 Net acquisition of financial assets 17.0 -5.0 8.4 15.9 16.2 13.6 21.9 11.9 13.7 13.5 1.8 3

 4 Checkable deposits and currency 1.1 -0.3 -0.0 1.0 2.9 -1.8 1.4 1.7 0.5 0.7 -2.2 4

 5 Credit market instruments 10.0 1.3 10.6 13.9 11.9 18.5 10.5 14.8 12.0 14.4 5.6 5

 6 Treasury securities -0.6 0.3 1.0 1.4 1.3 3.6 -1.9 2.5 0.8 -2.1 -0.2 6

 7 Agency- and GSE-backed securities 2.5 3.9 4.7 4.7 3.9 6.4 7.2 1.2 2.4 6.3 1.0 7

 8 Municipal securities -0.2 0.0 0.1 -0.2 0.2 0.1 -1.5 0.3 0.1 0.0 -0.1 8

 9 Corporate and foreign bonds 0.6 -0.3 0.4 -0.2 0.7 -1.0 -0.7 0.4 -0.8 0.9 -0.8 9

10 Bank loans n.e.c. 4.5 -4.3 0.3 1.8 2.0 2.2 0.1 2.9 0.9 6.8 -2.1 10

11 Home mortgages -0.9 1.5 2.5 3.4 2.2 4.4 3.5 3.4 19.1 -0.3 0.8 11

12 Commercial mortgages 4.2 0.2 1.6 3.1 1.6 2.8 3.9 4.1 -10.4 2.8 7.0 12

13 Miscellaneous assets 5.9 -6.0 -2.2 0.9 1.4 -3.0 10.0 -4.6 1.2 -1.5 -1.7 13

14 Net increase in liabilities 16.4 -5.7 7.5 15.5 14.5 14.3 20.2 12.9 13.2 12.0 2.1 14

15 Checkable deposits 3.1 -1.1 1.5 1.6 2.6 1.5 0.5 1.6 0.0 3.3 -5.5 15

16 Small time and savings deposits 4.6 -1.9 1.3 1.6 0.2 1.8 3.5 0.7 5.9 6.0 5.7 16

17 Large time deposits 4.6 -1.9 1.3 1.6 0.2 1.8 3.5 0.7 5.9 6.0 5.7 17

18 Miscellaneous liabilities 4.2 -0.7 3.4 10.8 11.4 9.3 12.6 9.8 1.4 -3.2 -3.8 18

19 Discrepancy -0.5 -0.7 -0.9 -0.4 -1.7 0.7 -1.8 1.0 -0.4 -1.6 0.3 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 8, 2005

F.114 Savings Institutions (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2001 2002 2003 2004 2004 2005

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Gross saving 7.6 12.2 9.1 8.9 7.3 8.3 9.6 10.5 14.5 13.2 11.5 1

 2 Fixed nonresidential investment 2.7 2.3 2.2 2.4 2.3 2.4 2.5 2.6 2.6 2.7 2.8 2

 3 Net acquisition of financial assets 73.3 58.8 113.5 184.8 162.9 223.3 129.5 223.3 -76.0 289.5 191.3 3

 4 Reserves at Federal Reserve 0.6 0.6 0.5 -0.1 -0.6 0.6 0.4 -0.9 -1.3 0.2 -0.8 4

 5 Checkable deposits and currency 2.0 3.8 0.0 -3.5 -8.7 1.1 -2.3 -4.1 3.5 3.5 2.9 5

 6 Time and savings deposits 0.8 0.4 0.0 0.6 1.4 1.2 -0.2 0.1 -1.6 -0.1 0.5 6

 7 Federal funds and security RPs 5.4 -0.3 -7.7 -3.2 34.1 -21.0 -9.9 -15.8 1.1 1.1 21.3 7

 8 Credit market instruments 44.4 33.4 126.0 172.8 117.3 186.5 128.0 259.2 8.8 239.7 141.0 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 2.7 -2.2 3.0 -3.9 -9.2 -3.1 -5.4 2.3 -3.2 5.6 -1.4 10

11 Agency- and GSE-backed securities 21.0 14.7 22.6 -13.6 -27.6 -14.2 -30.6 17.9 -6.2 -8.7 -17.7 11

12 Mortgage pass-through securities 6.7 17.0 5.4 5.7 16.2 1.5 -13.8 19.0 -10.5 -14.4 -1.1 12

13 CMOs and other structured MBS 0.0 0.0 0.0 -1.4 -0.6 -11.2 -0.4 6.8 6.0 -6.4 -12.1 13

14 Other 14.3 -2.3 17.1 -18.0 -43.2 -4.4 -16.4 -7.9 -1.7 12.2 -4.5 14

15 Municipal securities 1.3 1.0 0.8 0.8 0.7 0.3 1.2 1.0 1.0 3.0 1.6 15

16 Corporate and foreign bonds -25.6 -4.0 -8.8 -12.2 -30.1 -19.9 -5.5 6.9 13.2 7.4 35.1 16

17 Private mortgage pass-through securities -5.8 -2.6 0.1 -2.5 -5.3 -2.4 -2.0 -0.2 -4.7 -1.7 9.4 17

18 Private CMOs and other structured MBS 0.0 0.0 0.0 -5.3 -21.5 -12.8 5.0 8.1 18.9 10.2 25.0 18

19 Other -19.7 -1.4 -8.9 -4.4 -3.3 -4.8 -8.5 -1.0 -1.1 -1.1 0.7 19

20 Other loans and advances 3.6 3.3 10.0 1.3 -26.8 23.4 8.0 0.7 -5.0 17.6 -5.1 20

21 Mortgages 35.1 23.0 89.2 186.8 196.0 173.4 156.1 221.8 11.1 201.7 98.9 21

22 Consumer credit 6.3 -2.4 9.1 13.4 14.4 26.7 4.2 8.5 -2.1 13.0 29.6 22

23 Corporate equities 3.2 2.0 -1.0 -1.1 3.0 -2.3 -1.3 -3.9 -1.8 -0.9 -0.8 23

24 Miscellaneous assets 16.9 19.0 -4.3 19.3 16.5 57.2 14.6 -11.3 -84.8 46.1 27.2 24

25 Net increase in liabilities 70.7 53.7 105.8 168.8 147.9 206.8 112.4 208.1 -96.5 261.8 162.5 25

26 Deposits 46.6 66.7 84.5 40.0 -46.6 68.4 72.8 65.3 16.1 124.7 89.1 26

27 Checkable 50.7 54.4 57.4 59.9 58.6 64.9 55.5 60.5 57.4 68.0 65.9 27

28 Small time and savings -30.9 -31.7 -5.2 -73.8 -161.4 -18.4 -50.2 -65.3 -87.6 -9.0 -23.0 28

29 Large time 26.8 44.0 32.2 54.0 56.2 21.9 67.5 70.2 46.3 65.7 46.2 29

30 Security RPs 5.8 -15.0 20.1 4.7 -13.6 -11.7 12.8 31.4 -46.3 5.1 29.7 30

31 Credit market instruments -2.0 -23.4 6.1 64.4 1.1 166.6 -7.0 96.9 -30.6 82.4 -7.1 31

32 Corporate bonds -2.6 -0.2 1.7 2.5 3.4 -3.8 3.7 6.7 -0.4 0.7 -0.6 32

33 Bank loans n.e.c. 1.5 4.2 -13.2 1.9 1.5 1.1 4.8 0.4 -0.5 -9.5 5.1 33

34 Other loans and advances -0.9 -27.4 17.6 60.0 -3.8 169.3 -15.5 89.9 -29.7 91.3 -11.6 34

35 Taxes payable -0.7 -0.2 -0.2 0.6 2.2 -1.2 0.6 0.7 -0.2 0.2 1.1 35

36 Miscellaneous liabilities 21.0 25.6 -4.6 59.1 204.7 -15.4 33.2 13.8 -35.4 49.4 49.8 36

37 Investment by parent 0.8 0.9 1.0 1.2 1.1 1.1 1.2 1.2 1.2 1.3 1.3 37

38 Other 20.2 24.7 -5.6 57.9 203.5 -16.5 32.1 12.6 -36.6 48.1 48.4 38

39 Discrepancy 2.2 4.9 -0.8 -9.5 -10.0 -10.6 -10.0 -7.3 -8.5 -17.2 -20.1 39

(1) Savings and loan associations, mutual savings banks, and federal savings banks.
Z.1, December 8, 2005 29

F.115 Credit Unions

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2001 2002 2003 2004 2004 2005

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Gross saving 6.0 7.4 7.5 7.9 7.7 7.8 8.1 8.1 12.6 11.4 10.0 1

 2 Fixed nonresidential investment 1.9 1.7 1.8 2.1 1.9 2.0 2.2 2.3 2.3 2.4 2.4 2

 3 Net acquisition of financial assets 64.4 55.3 56.6 37.4 26.0 39.1 38.1 46.4 20.5 30.5 62.3 3

 4 Checkable deposits and currency 10.1 1.6 3.2 -1.4 5.6 -42.3 13.3 18.0 -21.5 -23.2 13.1 4

 5 Time and savings deposits 7.4 1.6 1.8 -0.0 -1.0 5.7 -3.3 -1.5 -9.4 -1.1 2.5 5

 6 Federal funds and security RPs -1.5 -0.8 -0.1 2.6 -5.5 4.1 0.9 10.8 -11.4 0.3 12.0 6

 7 Credit market instruments 41.5 42.7 50.7 42.0 47.0 58.8 18.9 43.3 46.5 41.6 47.8 7

 8 Open market paper 1.2 1.2 -2.0 0.2 2.5 -1.8 -0.7 1.0 0.6 -2.5 -2.0 8

 9 Treasury securities -0.8 0.4 1.1 0.1 -1.5 5.6 0.1 -3.8 -2.0 -0.5 -1.1 9

10 Agency- and GSE-backed securities 19.6 16.8 18.2 1.5 9.0 7.9 -20.6 9.8 6.7 -5.8 -9.1 10

11 Home mortgages 16.4 18.2 23.2 30.6 19.4 37.7 34.6 30.7 23.7 40.8 30.6 11

12 Consumer credit 5.1 6.2 10.1 9.5 17.5 9.4 5.6 5.5 17.6 9.7 29.3 12

13 Mutual fund shares 1.5 -0.2 0.5 -0.9 0.4 -1.2 -1.6 -1.4 -1.3 -1.1 -1.2 13

14 Miscellaneous assets 5.4 10.4 0.5 -4.8 -20.5 14.0 10.0 -22.7 17.4 13.9 -11.9 14

15 Net increase in liabilities 60.8 50.1 51.3 34.7 28.6 35.6 36.1 38.6 18.2 27.5 56.8 15

16 Shares/deposits 61.1 46.7 48.0 29.7 -36.8 79.4 1.3 74.7 -37.2 56.1 70.3 16

17 Checkable 3.5 5.0 7.6 7.5 11.7 0.5 4.3 13.6 13.2 -3.6 5.0 17

18 Small time and savings 48.6 33.1 29.6 15.7 -52.8 71.6 -10.5 54.7 -56.8 53.6 59.0 18

19 Large time 9.0 8.7 10.8 6.4 4.2 7.3 7.6 6.4 6.4 6.2 6.3 19

20 Other loans and advances 1.5 2.0 2.2 2.3 -2.7 4.9 0.9 6.1 1.5 3.1 0.3 20

21 Miscellaneous liabilities -1.8 1.4 1.2 2.8 68.1 -48.6 33.9 -42.2 53.8 -31.7 -13.8 21

22 Discrepancy 0.4 0.5 0.5 3.2 8.4 2.4 3.9 -2.0 7.9 6.1 2.0 22

F.116 Property-Casualty Insurance Companies

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Gross saving -6.2 11.8 27.0 9.8 27.9 26.5 -32.7 17.7 28.7 28.5 -54.3 1

 2 Fixed nonresidential investment 4.3 4.5 4.6 5.7 5.2 5.5 5.8 6.2 6.3 6.4 6.6 2

 3 Net acquisition of financial assets 16.6 79.8 95.7 81.4 104.2 85.9 137.7 -2.3 117.3 57.0 107.4 3

 4 Checkable deposits and currency 9.4 12.8 8.6 -8.7 -13.9 -0.1 13.5 -34.4 -7.2 -3.1 12.5 4

 5 Security RPs -8.1 14.2 8.5 10.2 -2.6 -8.8 31.6 20.6 10.7 -3.6 4.0 5

 6 Credit market instruments 9.0 39.9 67.0 73.6 105.3 65.1 73.5 50.6 89.0 49.2 78.1 6

 7 Treasury securities -0.0 9.2 3.5 6.6 9.9 5.7 6.5 4.1 9.1 5.0 6.7 7

 8 Agency- and GSE-backed securities 10.1 19.0 2.2 -3.3 3.8 -4.4 -4.0 -8.5 14.3 7.9 7.5 8

 9 Municipal securities -10.3 9.2 41.2 43.6 53.8 40.1 44.1 36.3 34.2 18.8 39.9 9

10 Corporate and foreign bonds 8.9 2.4 20.0 26.4 37.5 23.4 26.3 18.4 31.3 17.2 23.7 10

11 Commercial mortgages 0.2 0.1 0.1 0.3 0.2 0.3 0.5 0.3 0.2 0.2 0.3 11

12 Corporate equities -0.3 -1.1 -2.7 -3.5 -5.7 6.0 4.6 -18.9 -1.0 -4.6 4.7 12

13 Trade receivables 5.3 4.9 4.5 0.3 12.1 11.7 4.6 -27.2 10.4 11.0 3.8 13

14 Miscellaneous assets 1.3 9.1 9.7 9.5 9.0 12.0 9.9 7.1 15.4 8.2 4.4 14

15 Net increase in liabilities 29.8 58.6 53.0 48.1 50.4 49.1 96.3 -3.4 35.5 36.7 124.9 15

16 Corporate equity issues 0.5 6.2 4.1 -4.0 1.6 -5.7 -4.6 -7.2 -3.6 -5.0 -3.8 16

17 Taxes payable 2.7 3.2 3.7 4.2 4.0 4.1 4.3 4.4 4.5 4.6 4.7 17

18 Miscellaneous liabilities 26.5 49.2 45.2 47.9 44.7 50.6 96.6 -0.6 34.6 37.0 124.0 18

19 Discrepancy 2.7 -13.8 -20.3 -29.1 -31.1 -15.9 -79.9 10.4 -59.4 1.7 -43.5 19
30 Z.1, December 8, 2005

F.117 Life Insurance Companies

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2001 2002 2003 2004 2004 2005

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Gross saving -5.3 -2.4 2.2 -1.3 -0.5 -1.4 -1.5 -1.8 -4.2 -3.6 -3.7 1

 2 Fixed nonresidential investment 3.4 2.8 2.8 2.6 2.6 2.6 2.5 2.5 2.5 2.6 2.6 2

 3 Net acquisition of financial assets 250.6 279.8 258.2 264.4 394.3 227.5 259.8 176.0 289.1 150.7 271.2 3

 4 Checkable deposits and currency 31.9 -1.6 12.0 6.0 -3.9 20.6 2.8 4.5 -24.5 20.9 1.4 4

 5 Money market fund shares 31.0 -13.5 -8.3 -30.7 -29.2 -18.1 -38.5 -37.2 -28.5 -4.3 1.7 5

 6 Credit market instruments 130.9 233.0 180.6 173.0 216.7 162.2 158.2 154.9 187.4 65.8 185.1 6

 7 Open market paper -11.9 14.7 -18.2 -7.6 -6.2 -16.1 -23.3 15.0 -17.9 -16.7 -20.7 7

 8 Treasury securities -4.4 24.8 -6.6 6.6 8.1 6.7 6.5 5.3 5.2 0.1 5.8 8

 9 Agency- and GSE-backed securities 18.1 77.4 18.0 8.2 16.0 8.7 7.3 0.8 29.5 11.8 32.5 9

10 Municipal securities -0.4 1.2 6.2 4.0 4.5 4.0 4.0 3.5 2.7 1.1 3.0 10

11 Corporate and foreign bonds 120.2 106.8 171.0 147.8 184.0 149.4 144.9 112.8 158.8 53.8 150.8 11

12 Policy loans 2.2 1.0 -0.7 1.6 -0.2 1.8 3.2 1.6 -1.5 2.9 2.9 12

13 Mortgages 7.1 7.0 10.9 12.4 10.5 7.6 15.6 15.9 10.6 12.9 10.8 13

14 Corporate equities 70.2 52.7 45.5 51.5 60.4 46.2 74.8 24.4 81.8 50.9 80.2 14

15 Mutual fund shares 2.1 2.6 0.5 12.8 12.8 12.8 12.8 12.8 10.0 10.0 8.0 15

16 Miscellaneous assets -15.5 6.7 27.9 51.9 137.4 3.8 49.7 16.6 62.9 7.3 -5.2 16

17 Net increase in liabilities 248.5 259.7 230.0 228.0 380.2 164.5 241.7 125.7 285.5 155.0 239.9 17

18 Corporate equity issues -0.9 -6.5 -3.9 -17.3 -4.3 -32.7 -18.3 -13.9 -13.8 -5.0 -5.6 18

19 Other loans and advances 0.6 2.0 2.9 3.0 -0.4 2.7 0.1 9.7 -1.6 2.3 0.4 19

20 Life insurance reserves 75.8 58.5 65.7 32.0 25.5 32.8 37.7 32.1 56.0 55.2 56.1 20

21 Pension fund reserves (1) 130.9 166.1 143.2 181.7 203.3 185.3 182.2 156.2 152.2 126.9 167.2 21

22 Taxes payable 2.0 2.4 2.8 3.2 3.0 3.1 3.2 3.3 3.4 3.5 3.6 22

23 Miscellaneous liabilities 40.1 37.2 19.4 25.4 153.0 -26.7 36.8 -61.7 89.3 -27.9 18.2 23

24 Discrepancy -10.8 -25.4 -28.9 -40.2 -17.2 -66.9 -22.1 -54.5 -10.4 -2.0 -37.7 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 Private Pension Funds (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Gross saving 0.6 0.6 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.8 1

 2 Fixed nonresidential investment 0.7 0.3 0.2 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 2

 3 Net acquisition of financial assets -74.6 -38.2 8.0 -4.2 22.6 -23.3 12.1 -28.1 28.0 17.3 -22.1 3

 4 Checkable deposits and currency 0.4 0.3 0.1 0.1 0.1 1.2 0.1 -0.9 0.2 0.2 0.3 4

 5 Time and savings deposits 7.1 4.6 2.4 2.0 1.1 2.6 2.0 2.3 2.8 4.4 5.0 5

 6 Money market fund shares 3.8 2.3 1.5 0.8 0.6 0.6 0.9 1.0 1.4 1.1 2.2 6

 7 Security RPs 1.5 1.0 0.5 0.4 0.2 0.4 0.4 0.5 0.6 0.6 1.0 7

 8 Credit market instruments 13.3 25.7 14.2 34.9 44.7 22.9 44.9 27.0 7.5 46.5 49.4 8

 9 Open market paper 1.0 2.6 -2.2 1.2 -0.1 0.1 0.5 4.2 0.9 3.9 1.8 9

10 Treasury securities 0.2 4.6 1.4 4.9 6.4 4.1 7.4 1.6 0.5 4.6 5.8 10

11 Agency- and GSE-backed securities 7.4 5.7 6.8 13.2 17.9 7.3 14.4 13.3 2.3 16.7 17.1 11

12 Corporate and foreign bonds 4.7 12.7 8.2 15.8 20.8 11.6 22.3 8.5 4.2 21.5 24.7 12

13 Mortgages 0.1 0.0 -0.1 -0.2 -0.2 -0.2 0.3 -0.7 -0.3 -0.1 -0.1 13

14 Corporate equities -129.8 -121.4 -44.8 -44.0 -29.3 -36.0 -58.7 -52.2 -15.6 -48.2 -55.8 14

15 Mutual fund shares 17.9 50.4 51.7 25.8 29.1 18.8 26.3 29.1 29.6 9.6 22.0 15

16 Miscellaneous assets 11.2 -1.1 -17.6 -24.1 -23.9 -33.6 -3.9 -34.9 1.5 3.2 -46.2 16

17 Unallocated insurance contracts (2) 10.1 -4.6 -17.1 -16.5 -18.0 -27.7 -11.4 -9.0 10.0 -0.1 -22.5 17

18 Contributions receivable 0.6 0.1 -1.4 -2.5 -0.6 -2.6 1.7 -8.2 -5.0 -2.4 -2.2 18

19 Other 0.4 3.3 0.8 -5.1 -5.3 -3.3 5.8 -17.7 -3.4 5.7 -21.5 19

20 Pension fund reserves (liabilities) (3) -74.5 -38.6 7.6 -4.6 22.2 -23.7 11.6 -28.5 27.5 16.9 -22.5 20

(1) Private defined benefit plans and defined contribution plans (including 401(k) type plans).

(2) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4.

(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.
Z.1, December 8, 2005 31

F.119 State and Local Government Employee Retirement Funds

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2001 2002 2003 2004 2004 2005

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Gross saving 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1

 2 Fixed nonresidential investment 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2

 3 Net acquisition of financial assets 86.9 8.5 14.9 -1.1 27.3 7.5 -46.2 7.1 -9.2 -5.2 15.7 3

 4 Checkable deposits and currency 1.5 1.5 4.3 0.4 5.8 3.4 -7.0 -0.6 0.2 -0.1 2.0 4

 5 Time and savings deposits 0.2 -0.1 -0.3 0.3 1.1 1.0 -0.7 -0.1 0.0 -0.0 0.2 5

 6 Money market fund shares 2.2 0.1 -2.9 -3.1 -2.9 -5.2 -3.8 -0.4 0.1 -0.0 1.1 6

 7 Security RPs -5.9 -6.9 -5.0 -5.3 -5.0 -9.1 -6.6 -0.6 0.1 -0.1 1.9 7

 8 Credit market instruments -53.8 -50.7 11.2 27.2 109.7 67.4 -63.1 -5.1 -4.1 1.1 29.3 8

 9 Open market paper 4.0 -3.2 -9.0 -9.5 -8.9 -16.1 -11.8 -1.1 0.3 -0.1 3.4 9

10 Treasury securities -24.0 3.8 -10.9 -17.5 -21.7 -35.8 -12.1 -0.5 -0.7 0.2 2.9 10

11 Agency- and GSE-backed securities 1.9 11.8 55.7 44.2 111.2 94.0 -27.2 -1.0 -1.6 0.5 9.4 11

12 Municipal securities -0.1 -0.8 0.1 0.7 1.6 0.3 0.7 0.0 0.0 -0.0 0.2 12

13 Corporate and foreign bonds -34.6 -62.4 -24.1 10.2 32.9 30.2 -19.6 -2.6 -1.8 0.3 11.2 13

14 Mortgages -1.1 0.1 -0.7 -0.9 -5.4 -5.2 7.0 0.1 -0.2 0.3 2.2 14

15 Corporate equities 115.1 50.2 -0.6 -22.6 -82.5 -55.0 32.3 14.6 -4.7 -5.9 -19.5 15

16 Mutual fund shares 25.8 13.9 7.3 1.6 -0.4 3.8 3.3 -0.4 -0.8 -0.2 3.3 16

17 Miscellaneous assets 1.8 0.4 0.9 0.5 1.5 1.3 -0.6 -0.3 0.0 0.0 -2.6 17

18 Pension fund reserves (liabilities) (1) 86.9 8.5 14.9 -1.1 27.3 7.5 -46.2 7.1 -9.2 -5.2 15.7 18

(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.120 Federal Government Retirement Funds (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net acquisition of financial assets 69.9 45.4 48.2 54.7 45.3 35.9 64.2 73.4 56.3 42.5 58.1 1

 2 Credit market instruments 9.7 13.0 6.3 4.6 0.8 6.8 10.8 0.1 8.5 11.3 7.6 2

 3 Treasury securities 7.2 9.3 4.8 5.4 2.1 8.3 10.2 0.9 8.8 10.8 7.7 3

 4 Agency- and GSE-backed securities 1.6 2.4 1.1 -0.5 -0.8 -1.0 0.4 -0.5 -0.2 0.3 -0.1 4

 5 Corporate and foreign bonds 0.9 1.3 0.5 -0.3 -0.5 -0.5 0.2 -0.3 -0.1 0.2 -0.0 5

 6 Corporate equities -0.6 7.9 17.2 9.1 12.2 4.0 5.0 15.3 5.6 2.6 7.5 6

 7 Miscellaneous assets(2) 60.8 24.5 24.7 40.9 32.3 25.0 48.4 58.0 42.2 28.6 42.9 7

 8 Pension fund reserves (liabilities) (3) 69.9 45.4 48.2 54.7 45.3 35.9 64.2 73.4 56.3 42.5 58.1 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) 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.

(3) Liabilities of the sector are assets of the household sector.
32 Z.1, December 8, 2005

F.121 Money Market Mutual Funds (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2001 2002 2003 2004 2004 2005

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Net acquisition of financial assets 428.5 -16.7 -207.5 -136.5 -132.4 -85.9 -156.1 -171.8 -71.4 60.7 222.2 1

 2 Foreign deposits 27.8 -6.8 -36.6 7.0 -13.8 64.4 -34.0 11.4 3.5 55.9 47.8 2

 3 Checkable deposits and currency 3.9 -6.8 -0.7 2.7 -16.9 45.4 2.0 -19.9 -4.8 -22.4 31.2 3

 4 Time and savings deposits 89.3 -23.9 -53.3 0.4 -11.9 19.8 -7.3 0.9 24.0 -77.3 77.3 4

 5 Security RPs 43.4 47.1 -20.8 -18.7 64.2 -54.0 40.7 -125.6 64.5 173.2 77.0 5

 6 Credit market instruments 267.3 -17.7 -95.9 -124.9 -212.1 -151.8 -153.7 17.7 -198.5 -78.5 -49.2 6

 7 Open market paper 3.4 -38.6 -125.2 -54.1 -126.2 -97.4 -16.7 23.9 -7.6 47.4 98.6 7

 8 Treasury securities 46.0 4.7 -10.2 -33.9 -27.3 -44.9 -9.6 -53.5 11.2 -10.0 -12.3 8

 9 Agency- and GSE-backed securities 141.5 8.7 -4.6 -61.1 -53.6 -56.2 -107.7 -26.9 -176.2 -149.6 -182.5 9

10 Municipal securities 34.2 1.8 13.6 21.8 18.9 11.9 12.7 43.7 19.1 25.2 9.4 10

11 Corporate and foreign bonds 42.3 5.6 30.5 2.3 -23.8 34.9 -32.4 30.6 -45.0 8.5 37.5 11

12 Miscellaneous assets -3.3 -8.6 -0.2 -2.9 58.0 -9.7 -3.8 -56.3 40.0 9.8 38.1 12

13 Net share issues (liabilities) 428.5 -16.7 -207.5 -136.5 -132.4 -85.9 -156.1 -171.8 -71.4 60.7 222.2 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.122 Mutual Funds (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Gross saving -8.4 -21.6 1.7 5.8 8.4 2.8 2.7 9.1 6.4 5.7 4.8 1

 2 Net acquisition of financial assets 201.2 182.4 288.0 299.0 464.1 115.6 308.9 307.6 400.2 223.7 179.0 2

 3 Security RPs -31.8 6.8 12.5 18.6 -15.6 2.1 57.9 29.9 42.3 -17.7 -41.7 3

 4 Credit market instruments 126.1 144.2 137.7 117.1 231.7 8.1 103.4 125.2 206.9 123.4 94.0 4

 5 Open market paper -31.8 -11.8 12.8 18.5 3.7 10.3 48.9 10.9 59.9 -5.8 -49.9 5

 6 Treasury securities -8.5 19.7 9.4 4.9 19.4 1.6 -6.7 5.2 11.6 4.0 6.2 6

 7 Agency- and GSE-backed securities 85.3 61.5 25.3 15.2 60.6 4.9 -21.0 16.3 36.5 12.5 19.5 7

 8 Municipal securities 23.0 23.8 12.9 4.1 41.2 -42.0 10.5 6.8 27.0 18.4 33.9 8

 9 Corporate and foreign bonds 58.1 50.9 77.4 74.5 106.8 33.4 71.7 86.0 71.8 94.3 84.3 9

10 Corporate equities 109.8 31.4 136.8 158.3 234.1 110.4 143.6 145.0 145.9 124.1 126.6 10

11 Miscellaneous assets -2.9 0.1 1.0 5.1 13.9 -5.0 3.9 7.5 5.2 -6.1 -0.0 11

12 Net share issues (liabilities) 201.2 182.4 288.0 299.0 464.1 115.6 308.9 307.6 400.2 223.7 179.0 12

13 Discrepancy -8.4 -21.6 1.7 5.8 8.4 2.8 2.7 9.1 6.4 5.7 4.8 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 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 1.9 18.0 43.9 32.8 62.0 35.9 20.9 12.5 40.6 23.5 32.1 1

 2 Credit market instruments 3.2 8.6 36.2 11.2 9.9 21.7 0.3 12.7 6.4 1.7 4.1 2

 3 Treasury securities 0.1 -2.8 1.4 2.4 5.4 2.4 0.9 0.9 0.6 1.7 1.1 3

 4 Municipal securities 7.0 11.3 3.2 -0.1 -1.8 5.8 -2.0 -2.4 1.1 2.5 1.8 4

 5 Corporate and foreign bonds -3.8 0.0 31.6 8.9 6.4 13.5 1.5 14.1 4.7 -2.6 1.1 5

 6 Corporate equities -1.3 9.4 7.6 21.7 52.0 14.2 20.6 -0.2 34.2 21.8 28.0 6

 7 Net share issues (liabilities) 1.9 18.0 43.9 32.8 62.0 35.9 20.9 12.5 40.6 23.5 32.1 7

 Exchange-traded funds

 8 Net acquisition of financial assets 31.0 45.3 15.8 55.0 30.1 60.8 27.1 102.2 35.7 40.6 12.6 8

 9 Credit market instruments 0.0 3.7 0.7 3.8 5.1 3.5 2.2 4.2 11.7 3.5 7.1 9

10 Treasury securities 0.0 2.0 0.1 2.8 3.6 3.0 1.5 3.2 9.3 2.1 4.5 10

11 Corporate and foreign bonds 0.0 1.8 0.6 1.0 1.5 0.6 0.8 1.0 2.4 1.4 2.6 11

12 Corporate equities 31.0 41.6 15.1 51.2 25.0 57.2 24.8 98.0 24.0 37.1 5.5 12

13 Net share issues (liabilities) 31.0 45.3 15.8 55.0 30.1 60.8 27.1 102.2 35.7 40.6 12.6 13
Z.1, December 8, 2005 33

F.124 Government-Sponsored Enterprises (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2001 2002 2003 2004 2004 2005

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Gross saving 3.0 3.1 3.2 3.5 3.1 3.8 3.6 3.3 5.6 5.0 4.3 1

 2 Fixed nonresidential investment 0.4 0.5 0.5 0.6 0.6 0.6 0.6 0.7 0.7 0.7 0.7 2

 3 Net acquisition of financial assets 344.4 240.0 236.5 84.5 46.8 191.2 73.3 26.7 -195.9 -80.3 -188.6 3

 4 Checkable deposits and currency 2.3 8.1 12.0 10.1 1.0 -8.2 -34.2 81.8 -62.9 -42.5 0.2 4

 5 Time and savings deposits 8.1 -5.1 -8.5 9.0 19.7 25.0 -22.7 13.9 -7.1 19.8 2.7 5

 6 Federal funds and security RPs 23.8 -9.1 -20.0 15.8 37.8 -14.0 16.5 23.0 -11.6 10.0 92.6 6

 7 Credit market instruments 304.7 224.1 236.5 46.2 18.8 168.0 104.3 -106.0 -65.5 -66.5 -277.9 7

 8 Open market paper 2.7 -23.5 -2.4 -2.0 1.4 -1.6 -4.6 -3.1 2.5 3.5 -3.0 8

 9 Treasury securities 0.4 12.1 -12.3 -0.6 -1.7 2.7 -2.8 -0.7 0.7 -1.9 1.0 9

10 Agency- and GSE-backed securities 206.9 131.7 88.8 -130.3 -200.7 -93.5 -33.9 -192.9 -185.4 -227.6 -297.7 10

11 Municipal securities 6.2 4.0 5.0 0.2 14.0 6.9 12.6 -32.7 5.7 -1.6 -9.7 11

12 Corporate and foreign bonds 24.6 33.5 36.6 110.8 111.5 165.0 144.7 22.1 60.8 56.0 34.6 12

13 Other loans and advances 28.3 8.9 31.1 73.5 84.8 140.3 -17.6 86.8 35.2 116.4 17.6 13

14 Sallie Mae -0.0 -0.4 -0.1 -0.3 0.0 -0.6 -0.6 -0.3 0.0 0.0 0.0 14

15 Farm Credit System 2.9 2.0 0.0 -0.2 5.6 -7.3 -1.3 2.0 8.2 1.9 6.8 15

16 FHLB loans 25.4 7.2 31.2 74.1 79.1 148.1 -15.7 85.1 27.0 114.5 10.8 16

17 Mortgages 33.2 59.8 106.0 15.1 27.8 3.2 14.8 14.5 15.0 -11.5 -20.5 17

18 Home 20.5 45.5 92.2 -0.4 16.8 -15.2 -2.6 -0.7 12.1 -14.9 -23.8 18

19 Multifamily residential 8.2 8.5 10.9 12.4 8.5 14.6 14.6 11.7 0.9 -1.9 0.5 19

20 Farm 4.5 5.8 2.9 3.2 2.6 3.9 2.8 3.5 2.0 5.3 2.7 20

21 Consumer credit (2) 2.4 -2.5 -16.3 -20.6 -18.4 -55.0 -8.9 0.0 0.0 0.0 0.0 21

22 Miscellaneous assets 5.5 22.0 16.5 3.4 -30.5 20.5 9.4 14.1 -48.7 -1.0 -6.3 22

23 Net increase in liabilities 351.6 247.6 217.2 63.5 70.6 124.6 25.8 32.8 -222.5 -77.5 -226.2 23

24 Credit market instruments 304.1 219.8 243.7 65.0 0.6 211.9 93.1 -45.5 -209.6 -84.2 -243.9 24

25 GSE issues (3) 304.1 219.8 243.7 65.0 0.6 211.9 93.1 -45.5 -209.6 -84.2 -243.9 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 47.4 27.7 -26.6 -1.6 70.1 -87.3 -67.3 78.2 -12.9 6.7 17.7 27

28 Discrepancy 9.8 10.2 -16.7 -18.2 26.4 -63.4 -44.5 8.6 -21.8 7.1 -34.0 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, and the Resolution Funding Corporation. The Student Loan Marketing Association (Sallie Mae) was included until it was fully privatized in 2004:Q4.

(2) Sallie Mae student loans.

(3) Such issues are classified as agency- and GSE-backed securities.

F.125 Agency- and GSE-backed Mortgage Pools (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net acquisition of financial assets 338.5 326.8 330.5 53.0 126.7 88.0 62.1 -64.6 64.7 123.5 178.4 1

 2 Home mortgages 322.9 315.2 303.2 49.6 139.7 69.9 57.9 -69.2 62.3 120.2 171.3 2

 3 Multifamily residential mortgages 15.6 12.9 26.6 3.6 -12.8 18.1 4.3 4.7 2.6 3.3 7.3 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 0.0 -1.3 0.6 -0.1 -0.1 0.0 -0.0 -0.1 -0.2 -0.0 -0.2 5

 6 Net increase in pool securities (liabilities)(2) 338.5 326.8 330.5 53.0 126.7 88.0 62.1 -64.6 64.7 123.5 178.4 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 8, 2005

F.126 Issuers of Asset-Backed Securities (ABSs)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2001 2002 2003 2004 2004 2005

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Gross saving 0.8 0.7 0.6 0.6 0.6 0.6 0.6 0.5 0.5 0.5 0.5 1

 2 Fixed nonresidential investment 1.1 -0.4 0.4 -0.2 -0.2 -0.2 -0.1 -0.2 -0.2 -0.2 -0.1 2

 3 Net acquisition of financial assets 230.2 183.0 219.7 322.5 147.9 355.9 417.7 368.6 430.9 689.0 621.3 3

 4 Agency- and GSE-backed securities (1) 18.9 70.7 69.1 -110.7 -122.5 31.8 -249.5 -102.5 -112.8 -58.2 -112.8 4

 5 Other loans and advances 18.5 -3.3 -1.1 1.4 -9.2 0.3 18.7 -4.3 6.9 -29.1 -18.6 5

 6 Mortgages (2) 101.2 85.0 170.2 455.0 316.0 367.5 662.5 473.9 490.9 700.2 746.9 6

 7 Home 56.4 54.1 117.9 393.5 263.8 300.6 607.9 401.6 396.9 572.3 650.1 7

 8 Multifamily residential 5.9 5.5 8.1 7.9 7.3 6.3 5.1 12.9 8.6 22.6 3.0 8

 9 Commercial 38.8 25.4 44.3 53.6 44.9 60.6 49.5 59.5 85.5 105.3 93.8 9

10 Consumer credit 78.4 37.4 -12.1 -23.3 -24.5 -27.3 -7.0 -34.5 35.9 56.2 -14.2 10

11 Trade credit 13.2 -6.9 -6.4 0.2 -11.8 -16.5 -7.0 36.0 10.0 20.1 19.9 11

12 Net increase in liabilities 230.4 181.9 219.5 321.8 147.1 355.1 417.0 367.9 430.3 688.4 620.6 12

13 Commercial paper 120.0 -13.0 -35.6 27.1 26.8 -15.0 -4.2 100.9 117.2 205.1 188.7 13

14 Corporate bonds 110.4 194.9 255.1 294.6 120.3 370.2 421.1 267.0 313.0 483.3 431.9 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) 0.3 -1.1 -0.2 -0.7 -0.8 -0.8 -0.7 -0.7 -0.7 -0.6 -0.6 16

17 REIT assets (4) -3.2 7.8 15.6 51.8 27.4 25.8 35.9 117.9 40.1 16.8 14.2 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.129.

F.127 Finance Companies (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Gross saving 68.3 78.5 78.7 84.0 85.7 86.5 83.1 80.8 100.0 82.4 88.0 1

 2 Fixed nonresidential investment 38.8 40.1 33.1 38.4 35.6 37.5 39.4 41.2 42.1 43.2 44.3 2

 3 Net acquisition of financial assets 18.8 33.7 192.1 71.5 130.1 -51.9 38.0 170.0 -99.6 27.4 20.4 3

 4 Checkable deposits and currency 2.9 3.1 3.3 3.5 3.4 3.4 3.5 3.6 3.6 3.7 3.7 4

 5 Credit market instruments -4.8 21.2 84.2 129.6 172.1 64.9 90.1 191.4 4.5 14.6 27.9 5

 6 Other loans and advances -11.5 8.3 2.2 14.3 57.6 -21.6 -13.8 35.0 -26.0 30.2 32.9 6

 7 Mortgages -11.0 13.2 24.4 43.9 40.0 21.7 36.8 77.3 26.8 9.6 23.4 7

 8 Consumer credit 17.6 -0.3 57.6 71.4 74.6 64.9 67.1 79.0 3.7 -25.2 -28.5 8

 9 Miscellaneous assets 20.8 9.5 104.6 -61.6 -45.5 -120.3 -55.6 -25.0 -107.7 9.1 -11.2 9

10 Net increase in liabilities 21.3 64.2 222.6 130.0 209.3 -3.7 92.3 222.3 -31.3 43.7 111.4 10

11 Credit market instruments 1.3 42.2 118.2 117.9 111.2 -8.4 115.5 253.2 75.8 -23.6 12.6 11

12 Open market paper -80.3 -17.1 -5.2 27.7 41.0 -10.0 48.2 31.4 -24.8 -74.1 -14.9 12

13 Corporate bonds 66.6 62.0 115.2 81.1 54.0 33.8 30.4 206.3 108.9 66.4 -5.9 13

14 Bank loans n.e.c. 14.9 -2.8 8.1 9.1 16.1 -32.2 36.9 15.5 -8.3 -15.9 33.4 14

15 Taxes payable 1.2 1.4 1.6 1.8 1.7 1.8 1.8 1.9 2.0 2.0 2.1 15

16 Miscellaneous liabilities 18.9 20.7 102.8 10.4 96.4 2.9 -25.0 -32.8 -109.1 65.3 96.7 16

17 Foreign direct investment in U.S. 7.8 -3.5 19.2 11.0 6.1 13.9 11.2 13.0 6.4 5.0 0.9 17

18 Investment by parent -3.3 -11.0 11.7 18.3 20.2 12.8 18.2 22.1 -14.2 8.7 15.8 18

19 Other 14.5 35.2 71.9 -19.0 70.1 -23.8 -54.5 -67.8 -101.3 51.6 80.0 19

20 Discrepancy 32.0 68.9 76.0 104.1 129.3 97.2 97.9 91.9 126.2 55.5 134.7 20

 Memo:

21 Consumer leases not included above (2) -4.6 -20.2 -13.3 -7.5 -13.7 -6.6 -8.1 -1.6 4.7 14.2 6.1 21

(1) Includes retail captive finance companies.

(2) See footnote (3), table F.126.
Z.1, December 8, 2005 35

F.128 Mortgage Companies (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2001 2002 2003 2004 2004 2005

 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.129 Real Estate Investment Trusts (REITs)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Gross saving 7.1 6.1 1.6 2.1 9.6 2.8 -0.6 -3.3 0.6 -5.8 -4.2 1

 2 Fixed nonresidential investment 6.6 24.4 22.7 38.9 38.6 20.4 46.8 49.8 45.6 43.5 38.5 2

 3 Multifamily residential investment 4.1 4.5 -0.4 7.7 15.8 1.9 7.2 5.9 2.3 -5.6 4.7 3

 4 Net acquisition of financial assets 10.0 25.9 33.9 102.3 103.0 69.1 34.7 202.1 54.0 137.4 101.3 4

 5 Checkable deposits and currency 1.1 -0.1 3.9 3.2 4.8 5.7 -7.6 9.9 4.4 4.8 5.2 5

 6 Credit market instruments 8.6 23.8 25.7 87.9 86.4 56.0 31.9 177.5 37.3 120.1 89.0 6

 7 Agency- and GSE-backed securities 7.0 9.7 -2.4 16.1 36.9 -2.8 -1.4 31.5 -2.2 10.6 0.2 7

 8 Corporate and foreign bonds 2.3 2.3 8.4 17.4 21.5 11.6 14.2 22.3 9.4 50.1 28.7 8

 9 Mortgages -0.7 11.8 19.8 54.5 27.9 47.2 19.2 123.7 30.1 59.4 60.0 9

10 Home 0.2 11.4 17.7 51.1 21.1 44.1 18.3 120.8 27.1 49.1 45.0 10

11 Multifamily residential -0.4 -0.2 0.1 -0.0 -0.1 0.6 -0.7 0.1 0.1 -0.3 0.3 11

12 Commercial -0.4 0.5 1.9 3.5 7.0 2.5 1.5 2.8 2.9 10.6 14.8 12

13 Miscellaneous assets 0.2 2.2 4.4 11.1 11.9 7.5 10.4 14.7 12.3 12.5 7.1 13

14 Net increase in liabilities 18.6 50.6 52.7 153.2 143.3 98.2 84.1 287.1 86.0 171.5 146.7 14

15 Security RPs 9.3 15.1 5.9 25.0 39.9 29.0 14.6 16.6 15.9 45.3 51.4 15

16 Credit market instruments 3.2 24.5 31.9 97.6 67.1 63.9 42.1 217.6 76.2 92.8 65.5 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 4.4 16.2 23.3 70.6 40.7 42.5 19.0 180.1 36.4 72.2 44.6 18

19 Bank loans n.e.c. -3.3 0.1 0.3 1.4 -0.1 5.4 2.5 -2.2 14.6 1.3 1.0 19

20 Mortgages 2.2 8.2 8.3 25.6 26.5 15.9 20.6 39.6 25.2 19.3 19.9 20

21 Corporate equity issues 6.1 8.4 13.3 21.5 25.8 13.8 21.6 24.7 10.7 20.1 23.7 21

22 Miscellaneous liabilities 0.1 2.6 1.6 9.0 10.6 -8.5 5.7 28.2 -16.9 13.4 6.2 22

23 Discrepancy 5.2 1.8 -2.0 6.4 -4.6 9.6 -5.2 25.8 -15.2 -9.5 -1.9 23

 Memo:

24 Securitized assets included above -3.2 7.8 15.6 51.8 27.4 25.8 35.9 117.9 40.1 16.8 14.2 24

25 Agency- and GSE-backed securities -3.1 -0.1 -0.1 -0.1 -0.3 0.0 -0.1 -0.0 -0.1 -0.0 0.0 25

26 Home mortgages 0.2 7.2 15.9 50.4 21.5 25.5 36.1 118.4 39.1 15.7 9.9 26

27 Multifamily residential mortgages -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.1 0.4 -0.2 -0.0 27

28 Commercial mortgages -0.2 0.6 -0.1 1.5 6.2 0.3 -0.1 -0.5 0.7 1.2 4.3 28
36 Z.1, December 8, 2005

F.130 Security Brokers and Dealers

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2001 2002 2003 2004 2004 2005

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Gross saving 4.5 12.6 6.6 9.1 11.9 5.1 9.7 9.5 5.4 5.9 6.5 1

 2 Fixed nonresidential investment 15.6 10.9 10.7 12.0 11.3 11.8 12.2 12.6 12.9 13.2 13.5 2

 3 Net acquisition of financial assets 244.3 -130.2 277.6 231.9 382.6 -38.7 352.8 230.8 431.0 584.0 85.6 3

 4 Checkable deposits and currency 16.8 -2.9 2.9 15.7 23.2 1.9 -1.4 39.2 -8.2 -13.5 -4.7 4

 5 Credit market instruments 92.4 28.4 79.6 -29.2 -190.0 -118.8 302.8 -110.7 67.3 316.1 -322.3 5

 6 Open market paper 9.0 -4.7 5.9 -1.3 0.7 1.7 -0.3 -7.4 9.5 36.9 -1.5 6

 7 Treasury securities 13.1 -13.7 41.7 -82.4 -217.3 -176.5 67.8 -3.4 -42.4 89.3 -261.7 7

 8 Agency- and GSE-backed securities 14.1 14.1 -8.1 23.5 40.2 -29.9 182.4 -98.5 3.6 111.0 -71.4 8

 9 Municipal securities 7.7 2.0 3.8 7.1 0.7 20.6 13.6 -6.5 17.5 -15.7 15.5 9

10 Corporate and foreign bonds 48.6 30.7 36.4 23.9 -14.2 65.3 39.3 5.2 79.0 94.6 -3.2 10

11 Corporate equities 17.3 3.2 3.8 15.5 43.3 17.3 -28.0 29.6 27.9 -31.4 -35.0 11

12 Security credit -38.8 -48.2 34.3 81.5 73.1 62.9 -26.6 216.7 8.2 -10.5 -35.7 12

13 Miscellaneous assets 156.6 -110.8 157.0 148.3 433.0 -2.0 106.1 55.9 335.8 323.3 483.3 13

14 Net increase in liabilities 239.4 -118.2 257.0 227.5 357.8 -10.8 358.1 204.7 451.6 567.7 78.3 14

15 Security RPs (net) 51.0 -9.0 133.7 49.3 11.2 -418.4 404.8 199.5 422.0 193.2 26.6 15

16 Corporate bonds 1.4 -1.7 6.4 15.2 51.9 2.5 33.2 -26.6 11.2 -5.2 18.0 16

17 Corporate equity issues 6.7 10.2 -8.0 2.6 -9.1 30.2 11.1 -21.9 23.2 -14.1 7.8 17

18 Trade payables 3.3 -1.8 -9.2 7.8 25.5 -10.1 8.6 7.2 -4.3 0.1 32.9 18

19 Security credit 41.9 -38.9 98.2 85.1 212.0 114.2 16.4 -2.3 1.5 83.9 59.1 19

20 Customer credit balances (HH) 41.9 -41.6 62.7 103.0 150.2 84.1 -38.3 215.9 -35.8 31.7 11.5 20

21 From banks 0.0 2.8 35.5 -17.9 61.9 30.1 54.7 -218.2 37.3 52.2 47.6 21

22 Taxes payable -0.2 -0.5 0.4 0.4 0.7 0.5 1.2 -0.6 1.7 -5.4 2.1 22

23 Miscellaneous liabilities 138.5 -77.1 39.1 69.6 72.6 271.4 -120.2 54.4 -5.5 321.5 -61.6 23

24 Foreign direct investment in U.S. -1.3 2.2 3.2 1.8 -1.4 0.5 5.1 3.0 0.8 1.5 -1.0 24

25 Due to affiliates 65.9 23.0 57.0 52.8 6.3 173.3 51.0 -19.3 51.1 391.7 78.6 25

26 Other 74.0 -102.4 -21.1 14.9 67.7 97.6 -176.3 70.7 -57.4 -71.8 -139.2 26

27 Proprietors’ net investment -3.3 0.6 -3.6 -2.5 -7.0 -1.0 2.9 -5.0 1.9 -6.2 -6.7 27

28 Discrepancy -16.0 13.7 -24.7 -7.3 -24.3 21.2 2.8 -29.1 13.1 -23.5 -14.4 28

F.131 Funding Corporations (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net acquisition of financial assets 22.6 -34.2 62.8 50.3 134.9 72.5 80.6 -86.8 308.8 657.1 277.6 1

 2 Money market fund shares 114.7 7.7 -45.2 -35.2 -122.8 -41.9 97.9 -74.0 20.8 -37.5 55.7 2

 3 Credit market instruments -96.6 -85.1 90.9 68.9 244.2 57.6 10.9 -37.2 211.2 296.2 237.0 3

 4 Open market paper -142.4 -70.8 35.9 83.4 273.7 100.4 -10.0 -30.6 162.9 346.5 240.1 4

 5 Corporate and foreign bonds 45.8 -14.4 54.9 -14.5 -29.5 -42.7 20.9 -6.6 48.3 -50.3 -3.1 5

 6 Miscellaneous assets (2) 4.4 43.3 17.1 16.6 13.5 56.8 -28.2 24.4 76.8 398.4 -15.1 6

 7 Investment in foreign banking offices -30.8 24.7 -1.7 30.4 108.4 -82.3 15.6 80.0 39.8 45.8 18.5 7

 8 Investment in brokers and dealers 35.2 18.6 18.8 -13.8 -94.9 139.0 -43.8 -55.6 37.0 352.6 -33.6 8

 9 Net increase in liabilities 22.6 -34.2 62.8 50.3 134.9 72.5 80.6 -86.8 308.8 657.1 277.6 9

10 Credit market instruments -54.6 -0.5 -1.4 -18.9 25.6 32.1 -89.6 -43.6 17.6 381.4 -43.9 10

11 Open market paper -76.8 -30.9 -16.8 -31.1 4.3 41.7 -75.4 -95.2 2.7 349.4 -56.3 11

12 Corporate bonds 22.2 30.5 15.4 12.2 21.3 -9.7 -14.2 51.5 14.9 32.0 12.5 12

13 Miscellaneous liabilities 77.2 -33.7 64.2 69.2 109.3 40.5 170.2 -43.1 291.2 275.7 321.4 13

14 Foreign direct investment in U.S. 59.0 43.7 18.5 35.5 -12.1 24.7 61.5 68.0 59.2 17.0 28.7 14

15 Securities loaned (net) 70.1 -2.9 102.6 86.9 248.7 -16.7 21.5 93.9 230.4 298.0 322.8 15

16 Other -51.9 -74.6 -56.9 -53.2 -127.3 32.4 87.3 -205.1 1.6 -39.3 -30.1 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 8, 2005 37

F.200 Gold and Official Foreign Exchange Holdings (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2001 2002 2003 2004 2004 2005

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total U.S. reserves 4.9 3.7 -1.5 -2.8 -2.2 -4.5 -1.7 -2.8 -21.3 3.2 -14.2 1

 2 U.S. gold stock and SDRs 0.6 0.5 -0.6 0.4 0.4 0.4 0.4 0.4 -6.9 0.4 -6.0 2

 3 Federal govt.: Exchange Stab. Fund 0.6 0.5 -0.6 0.4 0.4 0.4 0.4 0.4 -6.9 0.4 -6.0 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 4.3 3.2 -0.9 -3.2 -2.6 -4.8 -2.1 -3.2 -14.5 2.8 -8.2 5

 6 Official foreign currency holdings 0.7 0.6 0.6 0.6 0.6 0.5 0.6 0.7 0.6 0.5 0.5 6

 7 Treasury 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.4 0.3 0.3 0.2 7

 8 Monetary authority 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.4 0.3 0.3 0.2 8

 9 Net IMF position 3.6 2.6 -1.5 -3.8 -3.3 -5.4 -2.7 -4.0 -15.1 2.3 -8.7 9

10 Federal government 3.6 2.6 -1.5 -3.8 -3.3 -5.4 -2.7 -4.0 -15.1 2.3 -8.7 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 0.0 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 0.0 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 1.3 1.0 0.6 0.7 0.8 1.2 0.7 0.1 0.8 1.1 0.9 3

 4 Asset: Monetary authority 1.4 1.6 0.9 1.0 1.1 1.1 1.0 0.6 0.4 0.3 -0.7 4

 5 Discrepancy (seigniorage) -0.1 -0.6 -0.3 -0.3 -0.4 0.0 -0.3 -0.5 0.4 0.8 1.7 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 6.8 21.0 22.3 111.3 152.4 16.2 79.8 196.6 371.2 49.8 104.8 1

 Held by:

 2 Household sector -5.0 15.7 -9.0 36.3 79.0 0.5 0.6 65.0 7.6 77.1 9.5 2

 3 Nonfinancial corporate business -8.5 4.4 18.3 6.4 -5.2 4.5 -11.8 38.0 20.6 12.0 13.3 3

 4 Money market mutual funds 27.8 -6.8 -36.6 7.0 -13.8 64.4 -34.0 11.4 3.5 55.9 47.8 4

 5 Discrepancy--unallocated assets -7.5 7.9 49.6 61.6 92.4 -53.1 124.9 82.3 339.6 -95.2 34.2 5
38 Z.1, December 8, 2005

F.203 Net Interbank Transactions

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2001 2002 2003 2004 2004 2005

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Net change in liabilities -28.0 17.4 -14.6 -5.0 -205.4 239.0 -45.7 -8.0 145.9 167.6 -247.5 1

 2 Monetary authority 1.4 5.6 0.6 -5.4 12.5 21.2 -28.4 -27.0 36.7 -3.2 -24.6 2

 3 Depository institution reserves -1.6 5.1 0.5 1.0 0.4 15.7 -20.3 8.1 -6.5 -10.6 -4.3 3

 4 Vault cash 2.9 0.5 0.1 -6.4 12.1 5.5 -8.1 -35.1 43.3 7.4 -20.3 4

 5 Commercial banking -29.4 11.9 -15.3 0.4 -218.0 217.9 -17.3 19.0 109.1 170.8 -222.9 5

 6 To monetary authority -1.0 0.4 -0.7 1.2 -1.1 4.0 6.4 -4.4 -9.3 2.5 5.4 6

 7 To banks in foreign countries -45.6 4.2 -10.1 -15.8 -217.6 143.5 9.7 1.2 105.6 181.5 -227.7 7

 8 Liabilities, net -44.3 13.9 -13.1 -10.2 -211.9 154.0 -1.7 18.9 103.7 132.4 -232.4 8

 9 U.S.-chartered commercial banks -12.3 46.1 75.7 86.7 -22.5 292.5 9.6 67.1 74.0 16.6 3.9 9

10 Due to foreign affiliates 22.8 -0.9 109.9 33.8 17.4 106.8 -71.7 82.7 -74.0 129.4 70.3 10

11 - Due from foreign affiliates 35.1 -47.0 34.2 -52.8 40.0 -185.6 -81.3 15.6 -148.0 112.7 66.4 11

12 Foreign banking offices in U.S. -35.4 -32.8 -43.9 -123.1 -184.9 -153.7 -90.0 -64.0 29.7 120.6 -257.0 12

13 Due to foreign affiliates 29.7 13.0 21.6 60.8 17.7 -13.7 14.1 225.3 -9.2 105.7 0.2 13

14 - Due from foreign affiliates 65.0 45.8 65.5 184.0 202.6 139.9 104.1 289.3 -38.9 -15.0 257.1 14

15 Bank holding companies 3.3 0.6 -44.9 26.3 -4.4 15.2 78.7 15.7 -0.1 -4.9 20.7 15

16 Due to foreign affiliates 12.2 2.0 -40.2 19.8 2.7 3.1 47.0 26.3 20.4 4.1 0.9 16

17 - Due from foreign affiliates 8.8 1.4 4.7 -6.5 7.1 -12.0 -31.7 10.6 20.5 9.0 -19.9 17

18 Less: Deposits at foreign banks 1.3 9.7 -2.9 5.6 5.7 10.5 -11.4 17.7 -2.0 -49.1 -4.7 18

19 U.S.-chartered commercial banks 1.3 10.2 -3.0 5.3 5.3 10.6 -12.0 17.2 -12.6 -38.6 -4.4 19

20 Foreign banking offices in U.S. -0.0 -0.6 0.0 0.3 0.4 -0.1 0.5 0.5 10.6 -10.5 -0.3 20

21 To U.S. banking, net 17.2 7.2 -4.4 15.0 0.7 70.4 -33.4 22.2 12.8 -13.1 -0.6 21

22 U.S.-chartered commercial banks 16.5 20.9 -66.4 40.3 -53.0 35.8 50.5 127.8 -55.9 87.2 -53.9 22

23 Liabilities 1.5 19.1 -3.2 42.1 11.6 86.8 -15.9 85.8 -42.9 18.4 -18.2 23

24 To foreign offices in U.S. -15.8 10.9 1.3 26.8 10.6 16.2 15.6 64.8 -55.9 31.0 -16.9 24

25 To bank holding companies 0.1 1.0 -0.1 0.2 0.2 0.2 1.8 -1.3 0.2 0.6 -0.7 25

26 Unallocated 17.2 7.2 -4.4 15.0 0.7 70.4 -33.4 22.2 12.8 -13.1 -0.6 26

 Less, due from:

27 Foreign offices in U.S. 3.4 0.9 7.5 25.4 62.2 61.5 -47.2 24.9 40.9 -72.3 48.9 27

28 Bank holding companies -18.4 -2.6 55.7 -23.6 2.3 -10.5 -19.3 -66.9 -27.9 3.4 -13.2 28

29 Foreign banking offices in U.S. 19.2 -10.0 6.3 -1.5 51.6 45.3 -62.8 -39.9 96.9 -103.3 65.8 29

30 Due to U.S. banks 3.4 0.9 7.5 25.4 62.2 61.5 -47.2 24.9 40.9 -72.3 48.9 30

31 - Due from U.S. banks -15.8 10.9 1.3 26.8 10.6 16.2 15.6 64.8 -55.9 31.0 -16.9 31

32 Bank holding companies -18.6 -3.6 55.8 -23.8 2.0 -10.7 -21.1 -65.6 -28.2 2.9 -12.5 32

33 Due to U.S. banks -18.4 -2.6 55.7 -23.6 2.3 -10.5 -19.3 -66.9 -27.9 3.4 -13.2 33

34 - Due from U.S. banks 0.1 1.0 -0.1 0.2 0.2 0.2 1.8 -1.3 0.2 0.6 -0.7 34

35 Net change in assets -45.2 10.2 -10.2 -20.0 -206.1 168.7 -12.3 -30.2 133.1 180.8 -246.9 35

36 Rest of the world -45.6 4.2 -10.1 -15.8 -217.6 143.5 9.7 1.2 105.6 181.5 -227.7 36

37 Domestic 0.4 6.0 -0.1 -4.2 11.4 25.2 -22.0 -31.4 27.4 -0.7 -19.2 37

38 Monetary authority -1.0 0.4 -0.7 1.2 -1.1 4.0 6.4 -4.4 -9.3 2.5 5.4 38

39 Federal Reserve float -0.9 0.4 -0.7 1.2 -1.1 3.0 6.7 -3.7 -9.4 1.7 2.7 39

40 Loans to member banks -0.1 0.0 0.0 -0.0 0.0 1.0 -0.3 -0.8 0.0 0.7 2.7 40

41 Commercial banking 0.7 5.0 0.1 -5.3 13.1 20.5 -28.8 -26.1 38.0 -3.4 -23.8 41

42 Reserves at Federal Reserve -2.2 4.5 -0.0 1.1 1.0 15.1 -20.7 9.0 -5.2 -10.8 -3.5 42

43 Vault cash 2.9 0.5 0.1 -6.4 12.1 5.5 -8.1 -35.1 43.3 7.4 -20.3 43

44 Savings insts.: Reserves at Fed. Res. 0.6 0.6 0.5 -0.1 -0.6 0.6 0.4 -0.9 -1.3 0.2 -0.8 44

45 Discrepancy--floats, etc. 17.2 7.2 -4.4 15.0 0.7 70.4 -33.4 22.2 12.8 -13.1 -0.6 45
Z.1, December 8, 2005 39

F.204 Checkable Deposits and Currency

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2001 2002 2003 2004 2004 2005

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Net change in liabilities 204.3 43.5 133.8 149.1 180.6 114.0 78.7 223.3 108.4 0.4 -24.0 1

 2 Monetary authority 48.0 41.5 37.9 37.1 15.2 50.9 41.2 41.3 11.0 11.8 44.8 2

 3 Federal government cash and deposits 1.5 -2.3 1.3 0.1 -1.9 -5.0 -1.7 9.2 -6.2 -8.8 -0.7 3

 4 Deposits due to foreign -0.2 0.0 0.1 -0.1 -0.3 0.7 -0.6 -0.2 0.2 -0.2 0.2 4

 5 Currency outside banks 46.7 43.7 36.6 37.1 17.4 55.2 43.4 32.3 17.0 20.8 45.4 5

 6 Commercial banking 102.2 -57.3 30.9 44.6 95.0 -2.4 -22.3 107.9 26.8 -75.7 -139.7 6

 7 Federal government deposits 45.3 -16.4 -0.9 -3.2 12.6 -1.8 -38.2 14.6 50.9 -63.4 8.5 7

 8 Deposits due to foreign -4.8 -0.6 12.2 26.9 16.0 48.4 -4.3 47.5 -59.5 142.5 16.2 8

 9 Private domestic deposits 61.7 -40.3 19.6 20.9 66.4 -48.9 20.3 45.9 35.4 -154.8 -164.4 9

10 Savings institutions 50.7 54.4 57.4 59.9 58.6 64.9 55.5 60.5 57.4 68.0 65.9 10

11 Credit unions 3.5 5.0 7.6 7.5 11.7 0.5 4.3 13.6 13.2 -3.6 5.0 11

12 Net change in assets 204.3 43.5 133.8 149.1 180.6 114.0 78.7 223.3 108.4 0.4 -24.0 12

13 Household sector 100.4 28.6 -77.7 -30.9 -12.8 -110.6 -22.7 22.3 149.5 73.8 -154.9 13

14 Nonfinancial business -48.4 -11.3 129.1 114.3 167.1 137.2 140.5 12.4 37.6 -97.7 39.2 14

15 Corporate -49.5 -17.4 120.8 109.7 159.4 132.6 135.0 11.7 37.1 -102.8 36.4 15

16 Nonfarm noncorporate 0.5 5.6 7.6 3.6 6.7 3.6 4.5 -0.3 -0.2 4.5 2.1 16

17 Farm 0.6 0.5 0.7 1.0 1.0 1.0 1.0 1.0 0.7 0.7 0.7 17

18 State and local governments 4.0 5.2 3.5 -4.6 1.6 -22.8 8.3 -5.8 43.4 1.7 -23.6 18

19 Federal government 41.1 -17.1 9.2 -31.0 -59.7 8.4 -63.8 -9.0 63.0 -36.8 -21.9 19

20 Rest of the world 18.8 20.9 28.9 41.7 8.5 84.2 5.3 68.6 -55.0 160.4 35.1 20

21 Checkable deposits -5.0 -0.6 12.3 26.8 15.7 49.2 -4.9 47.3 -59.3 142.3 16.4 21

22 Currency 23.8 21.5 16.6 14.8 -7.2 35.0 10.2 21.3 4.3 18.0 18.7 22

23 Financial sectors 83.3 19.5 49.7 29.1 3.3 30.2 -15.8 98.6 -116.7 -71.0 65.6 23

24 Commercial banking 1.1 -0.3 -0.0 1.0 2.9 -1.8 1.4 1.7 0.5 0.7 -2.2 24

25 Savings institutions 2.0 3.8 0.0 -3.5 -8.7 1.1 -2.3 -4.1 3.5 3.5 2.9 25

26 Credit unions 10.1 1.6 3.2 -1.4 5.6 -42.3 13.3 18.0 -21.5 -23.2 13.1 26

27 Property-casualty insurance companies 9.4 12.8 8.6 -8.7 -13.9 -0.1 13.5 -34.4 -7.2 -3.1 12.5 27

28 Life insurance companies 31.9 -1.6 12.0 6.0 -3.9 20.6 2.8 4.5 -24.5 20.9 1.4 28

29 Private pension funds 0.4 0.3 0.1 0.1 0.1 1.2 0.1 -0.9 0.2 0.2 0.3 29

30 State and local govt. retirement funds 1.5 1.5 4.3 0.4 5.8 3.4 -7.0 -0.6 0.2 -0.1 2.0 30

31 Money market mutual funds 3.9 -6.8 -0.7 2.7 -16.9 45.4 2.0 -19.9 -4.8 -22.4 31.2 31

32 Government-sponsored enterprises 2.3 8.1 12.0 10.1 1.0 -8.2 -34.2 81.8 -62.9 -42.5 0.2 32

33 Finance companies 2.9 3.1 3.3 3.5 3.4 3.4 3.5 3.6 3.6 3.7 3.7 33

34 REITs 1.1 -0.1 3.9 3.2 4.8 5.7 -7.6 9.9 4.4 4.8 5.2 34

35 Brokers and dealers 16.8 -2.9 2.9 15.7 23.2 1.9 -1.4 39.2 -8.2 -13.5 -4.7 35

36 Mail float 5.2 -2.3 -8.9 30.7 72.5 -12.7 26.9 36.0 -13.3 -30.1 36.4 36
40 Z.1, December 8, 2005

F.205 Time and Savings Deposits

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2001 2002 2003 2004 2004 2005

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Net change in liabilities 335.6 320.8 316.6 470.4 371.2 582.5 389.2 538.6 330.4 467.0 838.0 1

 2 Small time and savings deposits 267.1 270.8 254.8 223.7 93.0 404.4 181.8 215.7 72.4 229.7 445.2 2

 3 Commercial banking 249.4 269.4 230.4 281.8 307.2 351.3 242.4 226.3 216.8 185.1 409.2 3

 4 U.S.-chartered commercial banks 240.4 273.6 228.2 281.0 303.4 351.1 242.8 226.8 205.6 181.3 404.6 4

 5 Foreign banking offices in U.S. 4.5 -2.3 0.9 -0.8 3.6 -1.6 -3.9 -1.3 5.3 -2.1 -1.1 5

 6 Banks in U.S.-affiliated areas 4.6 -1.9 1.3 1.6 0.2 1.8 3.5 0.7 5.9 6.0 5.7 6

 7 Savings institutions -30.9 -31.7 -5.2 -73.8 -161.4 -18.4 -50.2 -65.3 -87.6 -9.0 -23.0 7

 8 Credit unions 48.6 33.1 29.6 15.7 -52.8 71.6 -10.5 54.7 -56.8 53.6 59.0 8

 9 Large time deposits (1) 68.5 50.0 61.8 246.6 278.2 178.1 207.4 322.8 258.0 237.3 392.8 9

10 Commercial banking 32.7 -2.8 18.8 186.3 217.7 148.9 132.4 246.2 205.3 165.4 340.3 10

11 U.S.-chartered commercial banks -25.2 24.3 2.9 115.4 63.1 72.9 113.2 212.4 122.8 113.0 209.9 11

12 Foreign banking offices in U.S. 53.3 -25.1 14.6 69.3 154.4 74.1 15.7 33.1 76.6 46.4 124.8 12

13 Banks in U.S.-affiliated areas 4.6 -1.9 1.3 1.6 0.2 1.8 3.5 0.7 5.9 6.0 5.7 13

14 Savings institutions 26.8 44.0 32.2 54.0 56.2 21.9 67.5 70.2 46.3 65.7 46.2 14

15 Credit unions 9.0 8.7 10.8 6.4 4.2 7.3 7.6 6.4 6.4 6.2 6.3 15

16 Net change in assets 335.6 320.8 316.6 470.4 371.2 582.5 389.2 538.6 330.4 467.0 838.0 16

17 Household sector 193.7 279.1 395.2 360.3 326.2 400.1 348.5 366.4 395.2 249.4 661.2 17

18 Nonfinancial business 0.9 6.6 9.0 16.6 11.6 -25.3 56.9 23.0 50.3 -16.1 26.0 18

19 Corporate -6.2 -4.8 1.5 7.7 5.2 -35.8 47.3 13.9 40.3 -25.3 16.2 19

20 Nonfarm noncorporate 7.1 11.5 7.4 8.9 6.4 10.5 9.6 9.1 10.0 9.2 9.8 20

21 State and local governments 12.0 8.8 8.0 6.9 7.5 -1.0 24.0 -2.9 59.8 -3.2 43.6 21

22 Federal government 4.2 17.1 -25.2 -0.0 -2.2 1.1 0.5 0.6 -0.1 -2.8 1.5 22

23 Rest of the world 11.9 31.7 -12.6 74.4 17.9 152.5 -8.5 135.7 -183.6 294.0 17.4 23

24 Financial sectors 112.9 -22.5 -57.8 12.3 10.3 55.1 -32.1 15.7 8.7 -54.3 88.2 24

25 Savings institutions 0.8 0.4 0.0 0.6 1.4 1.2 -0.2 0.1 -1.6 -0.1 0.5 25

26 Credit unions 7.4 1.6 1.8 -0.0 -1.0 5.7 -3.3 -1.5 -9.4 -1.1 2.5 26

27 Private pension funds 7.1 4.6 2.4 2.0 1.1 2.6 2.0 2.3 2.8 4.4 5.0 27

28 State and local govt. retirement funds 0.2 -0.1 -0.3 0.3 1.1 1.0 -0.7 -0.1 0.0 -0.0 0.2 28

29 Money market mutual funds 89.3 -23.9 -53.3 0.4 -11.9 19.8 -7.3 0.9 24.0 -77.3 77.3 29

30 Government-sponsored enterprises 8.1 -5.1 -8.5 9.0 19.7 25.0 -22.7 13.9 -7.1 19.8 2.7 30

(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 428.5 -16.7 -207.5 -136.5 -132.4 -85.9 -156.1 -171.8 -71.4 60.7 222.2 1

 2 Net purchases 428.5 -16.7 -207.5 -136.5 -132.4 -85.9 -156.1 -171.8 -71.4 60.7 222.2 2

 3 Household sector 153.4 -43.2 -110.1 -56.4 34.2 -32.3 -188.1 -39.3 -39.2 93.4 122.1 3

 4 Nonfinancial corporate business 110.5 26.1 -38.0 -12.0 -0.7 11.5 -25.1 -33.7 -38.3 -6.1 15.4 4

 5 Nonfarm noncorporate business 9.6 2.3 -8.2 -3.2 -15.6 -0.7 -2.8 6.5 9.2 15.1 19.9 5

 6 State and local governments 3.2 1.6 3.6 3.2 3.9 0.3 3.4 5.3 3.1 -1.0 4.0 6

 7 Life insurance companies 31.0 -13.5 -8.3 -30.7 -29.2 -18.1 -38.5 -37.2 -28.5 -4.3 1.7 7

 8 Private pension funds 3.8 2.3 1.5 0.8 0.6 0.6 0.9 1.0 1.4 1.1 2.2 8

 9 State and local govt. retirement funds 2.2 0.1 -2.9 -3.1 -2.9 -5.2 -3.8 -0.4 0.1 -0.0 1.1 9

10 Funding corporations 114.7 7.7 -45.2 -35.2 -122.8 -41.9 97.9 -74.0 20.8 -37.5 55.7 10
Z.1, December 8, 2005 41

F.207 Federal Funds and Security Repurchase Agreements

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2001 2002 2003 2004 2004 2005

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Net change in liabilities 23.7 106.6 227.2 83.2 259.9 -278.2 396.8 -45.8 580.7 424.4 173.7 1

 2 Commercial banking (net) -42.3 115.5 67.6 4.1 222.3 122.9 -35.5 -293.3 189.1 180.8 66.0 2

 3 U.S.-chartered commercial banks -31.2 73.6 68.5 10.1 220.3 87.8 -84.7 -183.1 259.8 126.4 12.6 3

 4 Foreign banking offices in U.S. -11.0 39.5 -1.9 -4.7 5.4 34.4 49.9 -108.6 -69.2 47.6 56.0 4

 5 Bank holding companies -0.1 2.4 0.9 -1.3 -3.4 0.7 -0.7 -1.6 -1.5 6.7 -2.5 5

 6 Savings institutions 5.8 -15.0 20.1 4.7 -13.6 -11.7 12.8 31.4 -46.3 5.1 29.7 6

 7 REITs 9.3 15.1 5.9 25.0 39.9 29.0 14.6 16.6 15.9 45.3 51.4 7

 8 Brokers and dealers (net) 51.0 -9.0 133.7 49.3 11.2 -418.4 404.8 199.5 422.0 193.2 26.6 8

 9 Net change in assets 81.9 66.4 249.2 203.4 387.0 0.5 312.3 114.1 -8.4 331.5 289.2 9

10 Nonfinancial corporate business -0.2 2.2 -0.2 0.5 -3.2 -1.4 3.6 2.9 -0.9 0.9 3.7 10

11 State and local governments -11.1 -16.4 7.2 6.4 7.7 0.5 6.7 10.5 6.2 -1.9 8.0 11

12 Rest of the world 59.4 39.4 270.1 186.9 275.5 87.9 198.5 185.8 -162.9 174.2 150.5 12

13 Financial sectors 33.8 41.3 -27.9 9.7 106.9 -86.5 103.5 -85.2 149.2 158.4 127.1 13

14 Monetary authority 6.9 -10.8 4.3 -10.8 -0.8 13.8 -28.0 -28.0 52.9 -5.3 -41.1 14

15 Savings institutions 5.4 -0.3 -7.7 -3.2 34.1 -21.0 -9.9 -15.8 1.1 1.1 21.3 15

16 Credit unions -1.5 -0.8 -0.1 2.6 -5.5 4.1 0.9 10.8 -11.4 0.3 12.0 16

17 Property-casualty insurance companies -8.1 14.2 8.5 10.2 -2.6 -8.8 31.6 20.6 10.7 -3.6 4.0 17

18 Private pension funds 1.5 1.0 0.5 0.4 0.2 0.4 0.4 0.5 0.6 0.6 1.0 18

19 State and local govt. retirement funds -5.9 -6.9 -5.0 -5.3 -5.0 -9.1 -6.6 -0.6 0.1 -0.1 1.9 19

20 Money market mutual funds 43.4 47.1 -20.8 -18.7 64.2 -54.0 40.7 -125.6 64.5 173.2 77.0 20

21 Mutual funds -31.8 6.8 12.5 18.6 -15.6 2.1 57.9 29.9 42.3 -17.7 -41.7 21

22 Government-sponsored enterprises 23.8 -9.1 -20.0 15.8 37.8 -14.0 16.5 23.0 -11.6 10.0 92.6 22

23 Discrepancy--unallocated assets -58.1 40.2 -22.0 -120.3 -127.1 -278.7 84.5 -159.9 589.1 92.9 -115.5 23

F.208 Open Market Paper

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Total net issues, all types -147.8 -91.5 -81.6 113.6 263.0 -0.3 15.4 176.4 189.4 516.0 261.5 1

 2 Commercial paper -144.6 -91.4 -81.3 113.9 264.8 -2.5 16.9 176.5 189.3 515.6 260.3 2

 3 Nonfinancial corporate business -88.3 -64.2 -40.0 15.8 33.8 32.3 22.4 -25.4 53.7 9.2 4.6 3

 4 Foreign issues in U.S. -14.2 36.1 22.3 63.7 99.6 -30.1 24.4 160.7 13.7 33.6 116.7 4

 5 Nonfinancial -23.3 4.8 -3.7 -2.3 -1.6 -3.7 -6.4 2.4 2.4 -12.8 16.8 5

 6 Financial 9.1 31.3 25.9 65.9 101.2 -26.4 30.8 158.3 11.3 46.4 99.8 6

 7 Financial sectors -42.1 -63.3 -63.6 34.5 131.4 -4.8 -29.9 41.2 122.0 472.8 139.0 7

 8 Commercial banking -5.1 -2.3 -6.0 10.8 59.2 -21.5 1.5 4.1 26.8 -7.6 21.6 8

 9 ABS issuers 120.0 -13.0 -35.6 27.1 26.8 -15.0 -4.2 100.9 117.2 205.1 188.7 9

10 Finance companies -80.3 -17.1 -5.2 27.7 41.0 -10.0 48.2 31.4 -24.8 -74.1 -14.9 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 -76.8 -30.9 -16.8 -31.1 4.3 41.7 -75.4 -95.2 2.7 349.4 -56.3 12

13 Bankers acceptances (1) -3.2 -0.2 -0.2 -0.3 -1.8 2.3 -1.5 -0.1 0.1 0.4 1.2 13

14 Net purchases, by sector -147.8 -91.5 -81.6 113.6 263.0 -0.3 15.4 176.4 189.4 516.0 261.5 14

15 Household sector -0.0 13.1 -4.5 30.2 39.9 8.3 14.3 58.5 5.2 57.3 7.4 15

16 Nonfinancial corporate business 2.4 4.6 10.9 15.8 21.1 -1.2 1.2 42.0 -11.2 0.7 11.0 16

17 State and local governments 17.4 14.4 9.4 8.3 10.1 0.7 8.7 13.8 8.1 -2.5 10.4 17

18 Rest of the world -2.6 10.3 7.0 30.6 51.2 12.5 9.2 49.3 -23.8 47.8 -34.0 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) 0.0 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 1.2 1.2 -2.0 0.2 2.5 -1.8 -0.7 1.0 0.6 -2.5 -2.0 22

23 Life insurance companies -11.9 14.7 -18.2 -7.6 -6.2 -16.1 -23.3 15.0 -17.9 -16.7 -20.7 23

24 Private pension funds 1.0 2.6 -2.2 1.2 -0.1 0.1 0.5 4.2 0.9 3.9 1.8 24

25 State and local govt. retirement funds 4.0 -3.2 -9.0 -9.5 -8.9 -16.1 -11.8 -1.1 0.3 -0.1 3.4 25

26 Money market mutual funds 3.4 -38.6 -125.2 -54.1 -126.2 -97.4 -16.7 23.9 -7.6 47.4 98.6 26

27 Mutual funds -31.8 -11.8 12.8 18.5 3.7 10.3 48.9 10.9 59.9 -5.8 -49.9 27

28 Government-sponsored enterprises 2.7 -23.5 -2.4 -2.0 1.4 -1.6 -4.6 -3.1 2.5 3.5 -3.0 28

29 Brokers and dealers 9.0 -4.7 5.9 -1.3 0.7 1.7 -0.3 -7.4 9.5 36.9 -1.5 29

30 Funding corporations -142.4 -70.8 35.9 83.4 273.7 100.4 -10.0 -30.6 162.9 346.5 240.1 30

(1) Excludes banks’ holdings of own acceptances.
42 Z.1, December 8, 2005

F.209 Treasury Securities

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2001 2002 2003 2004 2004 2005

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Net issues -5.1 257.1 398.4 362.5 501.9 370.8 266.5 310.9 631.5 7.2 232.3 1

 2 Savings bonds 5.6 4.5 8.9 0.6 3.5 1.5 -1.1 -1.4 0.1 0.7 -1.7 2

 3 Other Treasury issues -10.7 252.5 389.5 361.9 498.4 369.4 267.6 312.3 631.3 6.5 234.0 3

 4 Net purchases -5.1 257.1 398.4 362.5 501.9 370.8 266.5 310.9 631.5 7.2 232.3 4

 5 Household sector -85.2 -115.4 31.7 57.0 63.8 21.6 -27.5 170.0 134.1 -330.1 58.5 5

 6 Savings bonds 5.6 4.5 8.9 0.6 3.5 1.5 -1.1 -1.4 0.1 0.7 -1.7 6

 7 Other Treasury issues -90.8 -119.9 22.8 56.4 60.3 20.1 -26.4 171.4 134.0 -330.8 60.2 7

 8 Nonfinancial corporate business -1.3 14.5 1.5 -1.4 -1.5 -3.4 -8.4 7.9 -5.7 -1.2 6.9 8

 9 Nonfarm noncorporate business 2.7 0.0 1.4 2.1 2.5 2.0 2.1 1.6 1.6 1.3 1.1 9

10 State and local governments 18.3 26.3 8.3 22.6 46.5 22.9 13.1 7.8 92.5 107.8 102.4 10

11 Rest of the world 10.5 138.9 288.9 358.5 559.3 493.5 206.6 174.5 357.3 136.9 211.6 11

12 Monetary authority 40.0 77.7 37.3 51.2 22.1 53.5 71.3 57.6 -10.5 32.0 66.8 12

13 Commercial banking -21.9 43.2 3.0 -22.8 32.9 1.0 -54.9 -70.1 53.4 -50.6 19.6 13

14 U.S.-chartered commercial banks -31.4 29.9 7.1 -19.2 24.2 7.4 -51.9 -56.7 45.1 -33.0 19.6 14

15 Foreign banking offices in U.S. 9.8 12.9 -6.5 -4.1 9.7 -11.1 2.4 -17.6 9.1 -18.7 0.1 15

16 Bank holding companies 0.4 0.1 1.4 -0.8 -2.3 1.0 -3.4 1.7 -1.6 3.2 0.1 16

17 Banks in U.S.-affiliated areas -0.6 0.3 1.0 1.4 1.3 3.6 -1.9 2.5 0.8 -2.1 -0.2 17

18 Savings institutions 2.7 -2.2 3.0 -3.9 -9.2 -3.1 -5.4 2.3 -3.2 5.6 -1.4 18

19 Credit unions -0.8 0.4 1.1 0.1 -1.5 5.6 0.1 -3.8 -2.0 -0.5 -1.1 19

20 Property-casualty insurance companies -0.0 9.2 3.5 6.6 9.9 5.7 6.5 4.1 9.1 5.0 6.7 20

21 Life insurance companies -4.4 24.8 -6.6 6.6 8.1 6.7 6.5 5.3 5.2 0.1 5.8 21

22 Private pension funds 0.2 4.6 1.4 4.9 6.4 4.1 7.4 1.6 0.5 4.6 5.8 22

23 State and local govt. retirement funds -24.0 3.8 -10.9 -17.5 -21.7 -35.8 -12.1 -0.5 -0.7 0.2 2.9 23

24 Federal government retirement funds 7.2 9.3 4.8 5.4 2.1 8.3 10.2 0.9 8.8 10.8 7.7 24

25 Money market mutual funds 46.0 4.7 -10.2 -33.9 -27.3 -44.9 -9.6 -53.5 11.2 -10.0 -12.3 25

26 Mutual funds -8.5 19.7 9.4 4.9 19.4 1.6 -6.7 5.2 11.6 4.0 6.2 26

27 Closed-end funds 0.1 -2.8 1.4 2.4 5.4 2.4 0.9 0.9 0.6 1.7 1.1 27

28 Exchange-traded funds 0.0 2.0 0.1 2.8 3.6 3.0 1.5 3.2 9.3 2.1 4.5 28

29 Government-sponsored enterprises 0.4 12.1 -12.3 -0.6 -1.7 2.7 -2.8 -0.7 0.7 -1.9 1.0 29

30 Brokers and dealers 13.1 -13.7 41.7 -82.4 -217.3 -176.5 67.8 -3.4 -42.4 89.3 -261.7 30

 Memo:

31 Federal government borrowing (1) -5.6 257.6 396.0 361.9 502.9 367.2 266.3 311.2 630.7 5.8 231.9 31

(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 8, 2005 43

F.210 Agency- and GSE-backed Securities (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2001 2002 2003 2004 2004 2005

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Net issues 642.1 547.2 571.9 117.5 128.3 296.3 155.1 -109.8 -145.7 37.9 -65.8 1

 2 Budget agencies -0.5 0.5 -2.4 -0.6 1.1 -3.6 -0.2 0.3 -0.7 -1.4 -0.4 2

 3 Government-sponsored enterprises 304.1 219.8 243.7 65.0 0.6 211.9 93.1 -45.5 -209.6 -84.2 -243.9 3

 4 Agency- and GSE-backed mortgage pools 338.5 326.8 330.5 53.0 126.7 88.0 62.1 -64.6 64.7 123.5 178.4 4

 5 Net purchases 642.1 547.2 571.9 117.5 128.3 296.3 155.1 -109.8 -145.7 37.9 -65.8 5

 6 Household sector -120.0 -191.1 173.4 95.6 -200.7 177.7 598.8 -193.3 32.3 222.9 338.7 6

 7 Nonfinancial corporate business 2.1 -0.7 -4.7 -0.5 -0.6 -1.3 -3.1 2.9 -2.1 -5.5 7.6 7

 8 State and local governments 47.2 41.9 20.4 18.1 22.0 1.5 18.9 29.9 17.6 -5.5 22.7 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 103.7 112.3 6.5 104.8 36.9 99.9 49.5 232.8 102.7 167.9 225.6 10

11 Monetary authority -0.1 0.0 -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11

12 Commercial banking 55.6 140.5 83.6 96.9 380.2 65.7 -217.6 159.2 95.5 -63.3 -55.5 12

13 U.S.-chartered commercial banks 73.7 121.1 85.1 89.7 378.4 45.5 -216.8 151.7 102.2 -94.4 -24.2 13

14 Foreign banking offices in U.S. -22.0 10.9 -7.1 0.6 -5.6 12.4 -13.8 9.5 -9.3 27.9 -27.0 14

15 Bank holding companies 1.4 4.5 0.9 1.9 3.6 1.4 5.8 -3.2 0.3 -3.1 -5.2 15

16 Banks in U.S.-affiliated areas 2.5 3.9 4.7 4.7 3.9 6.4 7.2 1.2 2.4 6.3 1.0 16

17 Savings institutions 21.0 14.7 22.6 -13.6 -27.6 -14.2 -30.6 17.9 -6.2 -8.7 -17.7 17

18 Credit unions 19.6 16.8 18.2 1.5 9.0 7.9 -20.6 9.8 6.7 -5.8 -9.1 18

19 Property-casualty insurance companies 10.1 19.0 2.2 -3.3 3.8 -4.4 -4.0 -8.5 14.3 7.9 7.5 19

20 Life insurance companies 18.1 77.4 18.0 8.2 16.0 8.7 7.3 0.8 29.5 11.8 32.5 20

21 Private pension funds 7.4 5.7 6.8 13.2 17.9 7.3 14.4 13.3 2.3 16.7 17.1 21

22 State and local govt. retirement funds 1.9 11.8 55.7 44.2 111.2 94.0 -27.2 -1.0 -1.6 0.5 9.4 22

23 Federal government retirement funds 1.6 2.4 1.1 -0.5 -0.8 -1.0 0.4 -0.5 -0.2 0.3 -0.1 23

24 Money market mutual funds 141.5 8.7 -4.6 -61.1 -53.6 -56.2 -107.7 -26.9 -176.2 -149.6 -182.5 24

25 Mutual funds 85.3 61.5 25.3 15.2 60.6 4.9 -21.0 16.3 36.5 12.5 19.5 25

26 Government-sponsored enterprises 206.9 131.7 88.8 -130.3 -200.7 -93.5 -33.9 -192.9 -185.4 -227.6 -297.7 26

27 ABS issuers 18.9 70.7 69.1 -110.7 -122.5 31.8 -249.5 -102.5 -112.8 -58.2 -112.8 27

28 REITs 7.0 9.7 -2.4 16.1 36.9 -2.8 -1.4 31.5 -2.2 10.6 0.2 28

29 Brokers and dealers 14.1 14.1 -8.1 23.5 40.2 -29.9 182.4 -98.5 3.6 111.0 -71.4 29

(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 8, 2005

F.211 Municipal Securities and Loans

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2001 2002 2003 2004 2004 2005

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Net change in liabilities 122.9 159.4 135.1 133.1 174.0 70.2 157.3 130.9 224.9 127.7 240.5 1

 2 State and local governments 105.5 143.4 117.5 118.0 155.9 51.0 145.0 120.2 201.9 105.3 220.1 2

 3 Short-term (1) 23.8 25.2 7.2 -6.0 25.8 -60.7 20.1 -9.0 18.0 -31.3 11.7 3

 4 Long-term 81.7 118.2 110.3 124.0 130.1 111.6 125.0 129.2 183.9 136.7 208.4 4

 5 Nonprofit organizations (2) 13.8 12.9 14.1 9.9 13.4 15.2 6.9 4.0 17.0 16.1 14.6 5

 Nonfinancial corporate business

 6 (industrial revenue bonds) 3.5 3.1 3.4 5.2 4.7 4.0 5.3 6.6 6.1 6.3 5.7 6

 7 Net change in assets 122.9 159.4 135.1 133.1 174.0 70.2 157.3 130.9 224.9 127.7 240.5 7

 8 Household sector 49.6 101.4 33.9 37.5 38.0 -2.0 61.2 52.8 83.8 71.2 121.9 8

 9 Nonfinancial corporate business -2.6 2.8 3.1 4.7 -9.4 13.3 -3.6 18.4 8.4 -2.3 5.8 9

10 Nonfarm noncorporate business 1.1 -0.1 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 10

11 State and local governments 0.2 0.1 0.3 0.2 0.3 0.0 0.2 0.4 0.2 -0.1 0.3 11

12 Commercial banking 6.1 1.5 10.8 8.3 11.4 10.8 1.7 9.2 24.1 7.0 16.8 12

13 Savings institutions 1.3 1.0 0.8 0.8 0.7 0.3 1.2 1.0 1.0 3.0 1.6 13

14 Property-casualty insurance companies -10.3 9.2 41.2 43.6 53.8 40.1 44.1 36.3 34.2 18.8 39.9 14

15 Life insurance companies -0.4 1.2 6.2 4.0 4.5 4.0 4.0 3.5 2.7 1.1 3.0 15

16 State and local govt. retirement funds -0.1 -0.8 0.1 0.7 1.6 0.3 0.7 0.0 0.0 -0.0 0.2 16

17 Money market mutual funds 34.2 1.8 13.6 21.8 18.9 11.9 12.7 43.7 19.1 25.2 9.4 17

18 Mutual funds 23.0 23.8 12.9 4.1 41.2 -42.0 10.5 6.8 27.0 18.4 33.9 18

19 Closed-end funds 7.0 11.3 3.2 -0.1 -1.8 5.8 -2.0 -2.4 1.1 2.5 1.8 19

20 Government-sponsored enterprises 6.2 4.0 5.0 0.2 14.0 6.9 12.6 -32.7 5.7 -1.6 -9.7 20

21 Brokers and dealers 7.7 2.0 3.8 7.1 0.7 20.6 13.6 -6.5 17.5 -15.7 15.5 21

(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 568.6 487.6 664.1 631.6 440.9 456.8 693.0 935.5 593.1 770.9 618.1 1

 2 Nonfinancial corporate business 347.7 132.3 158.3 77.7 114.2 6.7 51.7 138.3 34.3 30.1 82.7 2

 3 Rest of the world (1) -18.5 31.6 41.9 19.2 -4.3 -40.1 86.8 34.4 -4.6 60.7 -3.5 3

 4 Financial sectors 239.4 323.7 463.9 534.7 331.0 490.3 554.6 762.8 563.3 680.1 538.9 4

 5 Commercial banking 37.0 22.0 46.9 58.3 39.3 54.8 61.4 77.8 79.3 30.8 38.3 5

 6 Savings institutions -2.6 -0.2 1.7 2.5 3.4 -3.8 3.7 6.7 -0.4 0.7 -0.6 6

 7 ABS issuers 110.4 194.9 255.1 294.6 120.3 370.2 421.1 267.0 313.0 483.3 431.9 7

 8 Finance companies 66.6 62.0 115.2 81.1 54.0 33.8 30.4 206.3 108.9 66.4 -5.9 8

 9 REITs 4.4 16.2 23.3 70.6 40.7 42.5 19.0 180.1 36.4 72.2 44.6 9

10 Brokers and dealers 1.4 -1.7 6.4 15.2 51.9 2.5 33.2 -26.6 11.2 -5.2 18.0 10

11 Funding corporations 22.2 30.5 15.4 12.2 21.3 -9.7 -14.2 51.5 14.9 32.0 12.5 11

12 Net purchases 568.6 487.6 664.1 631.6 440.9 456.8 693.0 935.5 593.1 770.9 618.1 12

13 Household sector -27.5 163.3 -60.1 -117.8 -241.8 -187.9 -233.3 191.8 -349.5 -111.9 -350.8 13

14 State and local governments 11.2 9.1 6.5 5.7 7.0 0.5 6.0 9.5 5.6 -1.7 7.2 14

15 Rest of the world (2) 195.4 151.0 230.0 254.4 179.3 200.9 342.4 294.8 244.1 346.3 418.1 15

16 Commercial banking 97.0 -3.2 44.6 77.3 71.6 -32.3 148.6 121.0 255.9 186.0 115.5 16

17 Savings institutions -25.6 -4.0 -8.8 -12.2 -30.1 -19.9 -5.5 6.9 13.2 7.4 35.1 17

18 Property-casualty insurance companies 8.9 2.4 20.0 26.4 37.5 23.4 26.3 18.4 31.3 17.2 23.7 18

19 Life insurance companies 120.2 106.8 171.0 147.8 184.0 149.4 144.9 112.8 158.8 53.8 150.8 19

20 Private pension funds 4.7 12.7 8.2 15.8 20.8 11.6 22.3 8.5 4.2 21.5 24.7 20

21 State and local govt. retirement funds -34.6 -62.4 -24.1 10.2 32.9 30.2 -19.6 -2.6 -1.8 0.3 11.2 21

22 Federal government retirement funds 0.9 1.3 0.5 -0.3 -0.5 -0.5 0.2 -0.3 -0.1 0.2 -0.0 22

23 Money market mutual funds 42.3 5.6 30.5 2.3 -23.8 34.9 -32.4 30.6 -45.0 8.5 37.5 23

24 Mutual funds 58.1 50.9 77.4 74.5 106.8 33.4 71.7 86.0 71.8 94.3 84.3 24

25 Closed-end funds -3.8 0.0 31.6 8.9 6.4 13.5 1.5 14.1 4.7 -2.6 1.1 25

26 Exchange-traded funds 0.0 1.8 0.6 1.0 1.5 0.6 0.8 1.0 2.4 1.4 2.6 26

27 Government-sponsored enterprises 24.6 33.5 36.6 110.8 111.5 165.0 144.7 22.1 60.8 56.0 34.6 27

28 REITs 2.3 2.3 8.4 17.4 21.5 11.6 14.2 22.3 9.4 50.1 28.7 28

29 Brokers and dealers 48.6 30.7 36.4 23.9 -14.2 65.3 39.3 5.2 79.0 94.6 -3.2 29

30 Funding corporations 45.8 -14.4 54.9 -14.5 -29.5 -42.7 20.9 -6.6 48.3 -50.3 -3.1 30

(1) Net purchases of foreign issues by U.S. residents.

(2) Net purchases of U.S. issues by foreign residents.
Z.1, December 8, 2005 45

F.213 Corporate Equities (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2001 2002 2003 2004 2004 2005

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Net issues 98.3 46.3 119.1 34.5 89.8 99.3 -7.9 -43.3 -21.7 -196.4 -264.4 1

 2 Nonfinancial corporate business -48.1 -41.6 -57.8 -157.0 -82.2 -159.5 -203.2 -183.2 -251.6 -351.1 -446.2 2

 3 Rest of the world (2) 109.1 17.0 114.2 83.2 66.5 160.9 67.0 38.5 159.3 83.3 140.0 3

 4 Financial sectors 37.3 71.0 62.7 108.3 105.5 97.9 128.4 101.4 70.6 71.4 41.8 4

 5 Commercial banking -8.1 -10.7 -2.4 17.6 -0.6 -4.4 70.5 5.0 -22.1 11.3 -24.9 5

 6 Property-casualty insurance companies 0.5 6.2 4.1 -4.0 1.6 -5.7 -4.6 -7.2 -3.6 -5.0 -3.8 6

 7 Life insurance companies -0.9 -6.5 -3.9 -17.3 -4.3 -32.7 -18.3 -13.9 -13.8 -5.0 -5.6 7

 8 Closed-end funds 1.9 18.0 43.9 32.8 62.0 35.9 20.9 12.5 40.6 23.5 32.1 8

 9 Exchange-traded funds 31.0 45.3 15.8 55.0 30.1 60.8 27.1 102.2 35.7 40.6 12.6 9

10 REITs 6.1 8.4 13.3 21.5 25.8 13.8 21.6 24.7 10.7 20.1 23.7 10

11 Brokers and dealers 6.7 10.2 -8.0 2.6 -9.1 30.2 11.1 -21.9 23.2 -14.1 7.8 11

12 Net purchases 98.3 46.3 119.1 34.5 89.8 99.3 -7.9 -43.3 -21.7 -196.4 -264.4 12

13 Household sector -241.9 -93.4 -77.5 -258.2 -237.8 -95.6 -242.6 -456.9 -414.1 -387.5 -556.4 13

14 State and local governments 4.0 10.3 -17.5 -5.0 -2.1 -2.7 12.1 -27.3 14.2 -8.7 -7.1 14

15 Rest of the world (3) 121.5 54.1 35.0 61.9 17.2 36.6 5.1 188.7 82.9 50.0 159.1 15

16 Commercial banking 0.2 -0.6 2.3 -0.2 -0.0 -1.2 -0.2 0.4 -0.9 4.3 -1.5 16

17 Savings institutions 3.2 2.0 -1.0 -1.1 3.0 -2.3 -1.3 -3.9 -1.8 -0.9 -0.8 17

18 Property-casualty insurance companies -0.3 -1.1 -2.7 -3.5 -5.7 6.0 4.6 -18.9 -1.0 -4.6 4.7 18

19 Life insurance companies 70.2 52.7 45.5 51.5 60.4 46.2 74.8 24.4 81.8 50.9 80.2 19

20 Private pension funds -129.8 -121.4 -44.8 -44.0 -29.3 -36.0 -58.7 -52.2 -15.6 -48.2 -55.8 20

21 State and local govt. retirement funds 115.1 50.2 -0.6 -22.6 -82.5 -55.0 32.3 14.6 -4.7 -5.9 -19.5 21

22 Federal government retirement funds -0.6 7.9 17.2 9.1 12.2 4.0 5.0 15.3 5.6 2.6 7.5 22

23 Mutual funds 109.8 31.4 136.8 158.3 234.1 110.4 143.6 145.0 145.9 124.1 126.6 23

24 Closed-end funds -1.3 9.4 7.6 21.7 52.0 14.2 20.6 -0.2 34.2 21.8 28.0 24

25 Exchange-traded funds 31.0 41.6 15.1 51.2 25.0 57.2 24.8 98.0 24.0 37.1 5.5 25

26 Brokers and dealers 17.3 3.2 3.8 15.5 43.3 17.3 -28.0 29.6 27.9 -31.4 -35.0 26

(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 201.2 182.4 288.0 299.0 464.1 115.6 308.9 307.6 400.2 223.7 179.0 1

 2 Net purchases 201.2 182.4 288.0 299.0 464.1 115.6 308.9 307.6 400.2 223.7 179.0 2

 3 Household sector 141.7 111.3 228.6 257.3 422.6 77.4 262.2 266.9 358.2 207.4 140.9 3

 4 Nonfinancial corporate business 4.0 0.6 11.0 5.0 5.0 5.0 5.0 5.0 5.0 5.0 5.0 4

 5 State and local governments 0.4 2.1 -5.4 -1.5 -0.7 -0.8 3.7 -8.3 4.3 -2.7 -2.2 5

 6 Commercial banking 7.8 1.7 -6.2 -0.9 -4.7 -0.0 -2.8 4.0 -4.9 -4.3 3.1 6

 7 Credit unions 1.5 -0.2 0.5 -0.9 0.4 -1.2 -1.6 -1.4 -1.3 -1.1 -1.2 7

 8 Life insurance companies 2.1 2.6 0.5 12.8 12.8 12.8 12.8 12.8 10.0 10.0 8.0 8

 9 Private pension funds 17.9 50.4 51.7 25.8 29.1 18.8 26.3 29.1 29.6 9.6 22.0 9

10 State and local govt. retirement funds 25.8 13.9 7.3 1.6 -0.4 3.8 3.3 -0.4 -0.8 -0.2 3.3 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 8, 2005

F.215 Bank Loans Not Elsewhere Classified

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2001 2002 2003 2004 2004 2005

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 Total loans by commercial

 1 banking, flow of funds basis 71.3 225.2 193.2 405.0 431.5 469.0 441.9 277.5 590.7 569.7 645.9 1

 - Loans elsewhere classified:

 2 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 2

 3 Mortgages 129.8 268.5 197.5 339.5 380.4 356.8 322.6 298.2 468.6 328.0 416.3 3

 4 Consumer credit 17.4 34.1 52.8 34.9 16.8 15.7 60.8 46.2 -21.6 8.6 95.2 4

 5 Security credit 0.0 2.8 35.5 -17.9 61.9 30.1 54.7 -218.2 37.3 52.2 47.6 5

 6 = Banking sector total bank loans n.e.c. -75.8 -80.2 -92.6 48.5 -27.6 66.5 3.7 151.3 106.4 180.9 86.8 6

 7 U.S.-chartered commercial banks -61.5 -58.1 -69.0 42.8 -13.7 53.2 9.8 121.8 49.2 123.9 25.6 7

 8 Foreign banking offices in U.S. -19.1 -18.6 -29.0 6.4 -16.8 14.0 -7.8 36.3 61.2 55.3 62.5 8

 9 Bank holding companies 0.3 0.9 5.0 -2.5 1.0 -2.9 1.6 -9.7 -4.9 -5.1 0.8 9

10 Banks in U.S.-affiliated areas 4.5 -4.3 0.3 1.8 2.0 2.2 0.1 2.9 0.9 6.8 -2.1 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. -75.8 -80.2 -92.6 48.5 -27.6 66.5 3.7 151.3 106.4 180.9 86.8 12

13 Net change in liabilities -75.8 -80.2 -92.6 48.5 -27.6 66.5 3.7 151.3 106.4 180.9 86.8 13

14 Nonfinancial sectors -88.9 -81.6 -87.9 36.1 -45.1 92.3 -40.5 137.6 100.6 205.0 47.3 14

15 Household sector -16.1 -3.0 -5.0 5.4 13.5 51.0 -74.9 32.1 19.0 19.3 -9.3 15

16 Corporate business -109.6 -108.2 -64.4 10.1 -60.2 15.2 24.2 61.3 48.3 130.8 29.1 16

17 Nonfarm noncorporate business 44.0 25.1 -10.3 15.9 8.6 16.5 14.1 24.3 24.5 58.2 14.7 17

18 Farm business -0.0 -0.9 -0.4 2.2 -0.3 2.5 5.2 1.5 -3.4 2.0 7.6 18

19 Rest of the world -7.3 5.3 -7.7 2.5 -6.7 7.0 -9.0 18.5 12.1 -5.3 5.2 19

20 Foreign official institutions 0.8 0.8 -0.5 0.9 1.5 1.3 -0.8 1.6 0.9 -1.9 -9.7 20

21 Foreign banks -7.4 -0.8 -1.5 2.8 2.9 5.9 -3.2 5.7 1.4 -1.8 9.9 21

22 Other foreign -0.7 5.3 -5.7 -1.3 -11.2 -0.2 -5.0 11.1 9.9 -1.6 5.0 22

23 Financial sectors 13.0 1.5 -4.8 12.4 17.5 -25.8 44.2 13.6 5.8 -24.0 39.5 23

24 Savings institutions 1.5 4.2 -13.2 1.9 1.5 1.1 4.8 0.4 -0.5 -9.5 5.1 24

25 Finance companies 14.9 -2.8 8.1 9.1 16.1 -32.2 36.9 15.5 -8.3 -15.9 33.4 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 -3.3 0.1 0.3 1.4 -0.1 5.4 2.5 -2.2 14.6 1.3 1.0 27
Z.1, December 8, 2005 47

F.216 Other Loans and Advances

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2001 2002 2003 2004 2004 2005

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total other loans and advances 30.6 24.7 39.1 96.0 89.1 132.4 -20.3 182.9 107.5 183.1 27.5 1

 2 U.S. government loans -5.9 -3.6 -1.4 -2.1 -2.5 -1.0 -2.6 -2.3 -10.1 -6.8 -8.9 2

 3 Liab.: Household sector -1.6 -0.8 -0.7 -0.9 -0.6 -0.9 -1.0 -0.9 -0.9 -0.8 -0.7 3

 4 Nonfinancial corporate business -0.2 -0.3 0.7 0.5 1.0 0.2 0.5 0.3 0.4 1.0 0.9 4

 5 Nonfarm noncorporate business -3.2 -0.7 0.7 1.5 1.9 1.3 1.6 1.3 -5.9 -4.7 -3.9 5

 6 Farm business 0.0 -0.3 -0.2 -0.3 -0.2 -0.2 -0.4 -0.3 -0.3 -0.3 -0.3 6

 7 State and local governments 0.2 0.5 0.3 0.2 0.1 0.2 0.2 0.3 0.3 0.4 0.6 7

 8 Rest of the world -1.1 -1.9 -2.1 -3.2 -4.6 -1.6 -3.5 -3.0 -3.7 -2.4 -5.4 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 -1.6 10.1 -0.8 6.3 -12.7 -13.1 -14.7 65.5 107.8 51.2 5.5 10

11 Liab.: Nonfinancial corporate business -1.6 10.1 -0.8 6.3 -12.7 -13.1 -14.7 65.5 107.8 51.2 5.5 11

 Customers liability on acceptances

12 outstanding (Commercial banking asset) -2.9 -0.0 -0.2 -0.4 -1.9 2.4 -1.5 -0.3 0.1 0.6 1.1 12

13 Liab.: Nonfinancial corporate business -0.3 0.3 -0.2 -0.4 -2.2 1.2 -0.3 -0.5 -0.0 -0.2 2.4 13

14 Rest of the world -2.6 -0.4 0.0 0.1 0.3 1.1 -1.3 0.1 0.2 0.8 -1.3 14

15 Savings institution loans to business 3.6 3.3 10.0 1.3 -26.8 23.4 8.0 0.7 -5.0 17.6 -5.1 15

16 Liab.: Nonfinancial corporate business 1.8 1.7 5.0 0.7 -13.4 11.7 4.0 0.4 -2.5 8.8 -2.6 16

17 Nonfarm noncorporate business 1.8 1.7 5.0 0.7 -13.4 11.7 4.0 0.4 -2.5 8.8 -2.6 17

18 Policy loans (Household liability) 2.2 1.1 -0.6 1.7 -0.2 1.9 3.3 1.7 -1.4 3.0 3.0 18

19 Asset: Federal government 0.0 0.0 0.0 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 19

20 Life insurance companies 2.2 1.0 -0.7 1.6 -0.2 1.8 3.2 1.6 -1.5 2.9 2.9 20

21 Govt.-sponsored enterprises loans 28.3 8.9 31.1 73.5 84.8 140.3 -17.6 86.8 35.2 116.4 17.6 21

22 Liab.: Household sector (SLMA) -0.1 0.1 -0.1 -0.3 0.0 -0.6 -0.6 -0.3 0.0 0.0 0.0 22

23 Noncorporate business (FCS) 0.0 0.6 -0.3 -1.7 6.0 -7.8 -5.6 0.5 6.7 -1.9 -2.2 23

24 Farm business (FCS) 2.9 1.4 0.3 1.5 -0.4 0.5 4.3 1.4 1.5 3.9 9.0 24

25 Commercial banks (FHLB and SLMA) 24.2 30.2 8.5 8.8 85.9 -28.8 -1.2 -20.6 56.8 17.8 21.7 25

26 Savings institutions (FHLB and SLMA) -0.9 -27.4 17.6 60.0 -3.8 169.3 -15.5 89.9 -29.7 91.3 -11.6 26

27 Credit unions (FHLB) 1.5 2.0 2.2 2.3 -2.7 4.9 0.9 6.1 1.5 3.1 0.3 27

28 Life insurance companies (FHLB) 0.6 2.0 2.9 3.0 -0.4 2.7 0.1 9.7 -1.6 2.3 0.4 28

29 Securitized loans held by ABS issuers 18.5 -3.3 -1.1 1.4 -9.2 0.3 18.7 -4.3 6.9 -29.1 -18.6 29

30 Liab.: Nonfinancial corporate business 18.5 -3.3 -1.1 1.4 -9.2 0.3 18.7 -4.3 6.9 -29.1 -18.6 30

31 Finance company loans to business -11.5 8.3 2.2 14.3 57.6 -21.6 -13.8 35.0 -26.0 30.2 32.9 31

32 Liab.: Nonfinancial corporate business -10.3 7.5 2.0 12.9 51.8 -19.5 -12.5 31.5 -23.4 27.2 29.6 32

33 Nonfarm noncorporate business -1.1 0.8 0.2 1.4 5.8 -2.2 -1.4 3.5 -2.6 3.0 3.3 33
48 Z.1, December 8, 2005

F.217 Total Mortgages

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2001 2002 2003 2004 2004 2005

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Net change in mortgages 660.5 821.9 991.9 1213.6 1170.3 1108.8 1355.1 1220.2 1163.0 1478.9 1574.1 1

 2 Home 496.1 672.8 782.0 972.7 964.7 889.6 1097.9 938.6 918.7 1137.4 1225.3 2

 3 Multifamily residential 42.2 38.8 70.5 51.9 31.6 67.8 47.9 60.1 34.4 59.0 37.0 3

 4 Commercial 114.5 102.6 131.3 180.9 166.9 140.9 200.1 215.7 204.7 271.2 303.0 4

 5 Farm 7.7 7.7 8.1 8.1 7.1 10.4 9.1 5.9 5.1 11.4 8.8 5

 6 Net borrowing 660.5 821.9 991.9 1213.6 1170.3 1108.8 1355.1 1220.2 1163.0 1478.9 1574.1 6

 7 Household sector 469.9 638.8 729.1 904.9 908.6 840.2 1007.9 862.8 838.1 1035.6 1111.4 7

 8 Nonfinancial business 188.4 174.9 254.5 283.1 235.2 252.6 326.7 317.8 299.8 424.1 442.9 8

 9 Corporate 59.5 46.2 85.6 128.1 99.5 92.7 162.2 158.2 119.8 194.5 222.9 9

10 Nonfarm noncorporate 121.2 121.0 160.8 146.8 128.6 149.5 155.4 153.8 174.8 218.2 211.2 10

11 Farm 7.7 7.7 8.1 8.1 7.1 10.4 9.1 5.9 5.1 11.4 8.8 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 2.2 8.2 8.3 25.6 26.5 15.9 20.6 39.6 25.2 19.3 19.9 13

14 Net change in assets 660.5 821.9 991.9 1213.6 1170.3 1108.8 1355.1 1220.2 1163.0 1478.9 1574.1 14

15 Household sector 8.1 10.9 11.6 12.6 12.0 13.2 12.8 12.3 12.6 14.4 13.8 15

16 Nonfinancial corporate business 3.1 2.9 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5 16

17 Nonfarm noncorporate business 2.6 -0.5 1.4 -0.1 0.0 0.5 -0.1 -0.8 -1.0 -1.6 -2.0 17

18 State and local governments -1.0 -5.4 7.7 6.8 8.3 0.6 7.2 11.3 6.7 -2.1 8.6 18

19 Federal government -1.1 0.5 -2.5 1.6 8.0 -6.0 0.7 3.6 1.1 0.6 3.9 19

20 Commercial banking 129.8 268.5 197.5 339.5 380.4 356.8 322.6 298.2 468.6 328.0 416.3 20

21 Savings institutions (1) 35.1 23.0 89.2 186.8 196.0 173.4 156.1 221.8 11.1 201.7 98.9 21

22 Credit unions 16.4 18.2 23.2 30.6 19.4 37.7 34.6 30.7 23.7 40.8 30.6 22

23 Property-casualty insurance companies 0.2 0.1 0.1 0.3 0.2 0.3 0.5 0.3 0.2 0.2 0.3 23

24 Life insurance companies 7.1 7.0 10.9 12.4 10.5 7.6 15.6 15.9 10.6 12.9 10.8 24

25 Private pension funds 0.1 0.0 -0.1 -0.2 -0.2 -0.2 0.3 -0.7 -0.3 -0.1 -0.1 25

26 State and local govt. retirement funds -1.1 0.1 -0.7 -0.9 -5.4 -5.2 7.0 0.1 -0.2 0.3 2.2 26

27 Government-sponsored enterprises (1) 33.2 59.8 106.0 15.1 27.8 3.2 14.8 14.5 15.0 -11.5 -20.5 27

28 Agency- and GSE-backed mortgage pools 338.5 326.8 330.5 53.0 126.7 88.0 62.1 -64.6 64.7 123.5 178.4 28

29 ABS issuers 101.2 85.0 170.2 455.0 316.0 367.5 662.5 473.9 490.9 700.2 746.9 29

30 Finance companies -11.0 13.2 24.4 43.9 40.0 21.7 36.8 77.3 26.8 9.6 23.4 30

31 Mortgage companies 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 31

32 REITs -0.7 11.8 19.8 54.5 27.9 47.2 19.2 123.7 30.1 59.4 60.0 32

(1) FHLB loans to savings institutions are included in other loans and advances.
Z.1, December 8, 2005 49

F.218 Home Mortgages (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2001 2002 2003 2004 2004 2005

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Net borrowing 496.1 672.8 782.0 972.7 964.7 889.6 1097.9 938.6 918.7 1137.4 1225.3 1

 2 Household sector 451.2 622.7 720.2 887.3 891.0 810.6 996.4 851.1 840.6 1023.3 1106.6 2

 3 Nonfinancial corporate business 2.1 0.7 1.8 4.1 3.6 3.5 4.9 4.4 5.2 7.3 6.6 3

 4 Nonfarm noncorporate business 42.8 49.5 60.1 81.3 70.1 75.5 96.6 83.1 72.9 106.8 112.2 4

 5 Net change in assets 496.1 672.8 782.0 972.7 964.7 889.6 1097.9 938.6 918.7 1137.4 1225.3 5

 6 Household sector 7.4 8.7 9.5 10.4 10.0 10.3 10.5 10.7 11.0 11.2 11.4 6

 7 Nonfinancial corporate business 1.5 1.9 1.5 1.5 1.5 1.5 1.5 1.5 1.5 1.5 1.5 7

 8 Nonfarm noncorporate business 1.2 -0.2 1.7 2.0 1.9 2.0 2.1 2.2 2.3 2.4 2.5 8

 9 State and local governments -0.5 -2.7 3.9 3.5 4.2 0.3 3.7 5.8 3.4 -1.1 4.4 9

10 Federal government -0.6 -0.9 -0.9 -0.5 -0.5 -0.6 -0.4 -0.3 -0.5 -0.2 -0.6 10

11 Commercial banking 58.2 198.3 124.9 221.0 276.5 247.9 191.1 168.4 353.4 176.5 215.5 11

12 Savings institutions 26.2 10.7 71.7 171.7 171.1 160.1 148.6 207.2 2.5 175.4 88.1 12

13 Credit unions 16.4 18.2 23.2 30.6 19.4 37.7 34.6 30.7 23.7 40.8 30.6 13

14 Life insurance companies 0.0 -0.3 -0.3 0.6 0.7 0.1 0.2 1.4 0.1 0.2 0.2 14

15 Private pension funds -3.1 -1.8 -1.1 -0.2 -0.8 -0.0 0.0 -0.1 -0.1 -0.0 -0.0 15

16 State and local govt. retirement funds -0.3 -0.0 -0.5 0.5 -0.7 6.5 -3.2 -0.7 -5.6 -6.8 -9.4 16

17 Government-sponsored enterprises 20.5 45.5 92.2 -0.4 16.8 -15.2 -2.6 -0.7 12.1 -14.9 -23.8 17

18 Agency- and GSE-backed mortgage pools 322.9 315.2 303.2 49.6 139.7 69.9 57.9 -69.2 62.3 120.2 171.3 18

19 ABS issuers 56.4 54.1 117.9 393.5 263.8 300.6 607.9 401.6 396.9 572.3 650.1 19

20 Finance companies -10.5 14.9 17.2 37.9 40.0 24.4 27.9 59.4 28.7 10.7 38.6 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 11.4 17.7 51.1 21.1 44.1 18.3 120.8 27.1 49.1 45.0 22

 Memo:

23 Home equity loans included above (2) 25.0 66.2 101.5 203.0 128.3 213.0 248.5 222.2 135.0 191.4 139.6 23

24 Commercial banking 23.6 44.7 62.7 117.6 96.2 133.1 138.1 102.8 69.9 119.2 39.0 24

25 Savings institutions 5.1 0.6 17.1 25.6 -20.3 36.3 50.4 36.0 19.8 37.3 33.5 25

26 Credit unions 4.2 3.1 3.8 12.1 4.4 12.6 19.3 12.4 5.0 16.1 16.9 26

27 ABS issuers 2.5 3.0 0.7 9.8 7.3 7.0 16.1 8.7 10.5 8.8 15.2 27

28 Finance companies -10.5 14.9 17.2 37.9 40.7 24.1 24.6 62.3 29.8 10.0 35.1 28

(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 28) 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 42.2 38.8 70.5 51.9 31.6 67.8 47.9 60.1 34.4 59.0 37.0 1

 2 Nonfinancial corporate business 1.4 1.5 1.6 1.8 1.7 1.8 1.8 1.8 1.9 2.0 2.0 2

 3 Nonfarm noncorporate business 39.2 35.7 68.3 45.9 21.9 65.7 40.5 55.7 29.0 62.3 28.6 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 1.7 0.6 4.1 7.9 0.3 5.7 2.5 3.5 -5.2 6.4 5

 6 Net change in assets 42.2 38.8 70.5 51.9 31.6 67.8 47.9 60.1 34.4 59.0 37.0 6

 7 Household sector -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 7

 8 Nonfinancial corporate business 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8

 9 Nonfarm noncorporate business 1.2 -0.2 -0.2 -1.6 -1.5 -1.0 -1.6 -2.2 -2.4 -3.0 -3.3 9

10 State and local governments -0.4 -2.1 3.1 2.7 3.3 0.2 2.9 4.5 2.7 -0.8 3.4 10

11 Federal government -0.2 0.5 0.2 0.4 0.9 0.3 -0.3 0.9 0.7 -0.7 -0.4 11

12 Commercial banking 7.0 9.3 10.7 14.4 11.3 12.6 16.6 17.3 14.0 24.8 26.2 12

13 Savings institutions 3.3 4.1 9.3 9.5 14.8 9.0 7.4 6.9 11.4 19.0 6.6 13

14 Life insurance companies 2.0 1.2 1.7 1.9 0.5 1.0 2.1 4.0 0.8 1.8 1.6 14

15 Private pension funds 0.3 0.5 0.3 0.0 0.1 -0.0 0.1 -0.1 -0.1 -0.0 -0.0 15

16 State and local govt. retirement funds -0.2 -0.0 -0.5 0.4 -0.6 5.7 -2.8 -0.6 -4.9 -5.9 -8.2 16

17 Government-sponsored enterprises 8.2 8.5 10.9 12.4 8.5 14.6 14.6 11.7 0.9 -1.9 0.5 17

18 Agency- and GSE-backed mortgage pools 15.6 12.9 26.6 3.6 -12.8 18.1 4.3 4.7 2.6 3.3 7.3 18

19 ABS issuers 5.9 5.5 8.1 7.9 7.3 6.3 5.1 12.9 8.6 22.6 3.0 19

20 Finance companies -0.2 -1.0 0.1 0.1 -0.2 0.4 0.2 0.0 -0.0 -0.0 0.0 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 -0.2 0.1 -0.0 -0.1 0.6 -0.7 0.1 0.1 -0.3 0.3 22
50 Z.1, December 8, 2005

F.220 Commercial Mortgages

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2001 2002 2003 2004 2004 2005

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Net borrowing 114.5 102.6 131.3 180.9 166.9 140.9 200.1 215.7 204.7 271.2 303.0 1

 2 Household sector 18.7 16.2 8.9 17.6 17.6 29.6 11.4 11.7 -2.6 12.3 4.8 2

 3 Nonfinancial corporate business 56.0 44.1 82.2 122.2 94.2 87.5 155.4 151.9 112.7 185.3 214.3 3

 4 Nonfarm noncorporate business 39.2 35.8 32.5 19.5 36.6 8.3 18.4 14.9 72.9 49.1 70.5 4

 5 REITs 0.6 6.6 7.7 21.5 18.5 15.6 14.9 37.1 21.6 24.5 13.5 5

 6 Net change in assets 114.5 102.6 131.3 180.9 166.9 140.9 200.1 215.7 204.7 271.2 303.0 6

 7 Household sector -0.7 0.7 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.7 0.7 7

 8 Nonfinancial corporate business 1.5 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 8

 9 Nonfarm noncorporate business 0.1 -0.0 -0.2 -0.5 -0.4 -0.5 -0.6 -0.7 -0.8 -0.9 -1.0 9

10 State and local governments -0.1 -0.4 0.6 0.5 0.7 0.0 0.6 0.9 0.5 -0.2 0.7 10

11 Federal government -0.1 1.2 -1.6 1.8 7.8 -5.2 1.3 3.4 0.8 1.6 4.9 11

12 Commercial banking 63.0 58.3 59.3 100.2 89.4 91.9 110.8 108.7 99.2 123.6 170.7 12

13 Savings institutions 5.6 8.2 8.2 5.6 10.1 4.3 0.1 7.9 -2.8 7.2 4.2 13

14 Property-casualty insurance companies 0.2 0.1 0.1 0.3 0.2 0.3 0.5 0.3 0.2 0.2 0.3 14

15 Life insurance companies 4.6 6.7 8.9 10.1 9.1 6.1 12.8 12.5 9.4 10.2 8.5 15

16 Private pension funds 2.8 1.4 0.8 0.0 0.4 -0.1 0.2 -0.4 -0.2 -0.0 -0.0 16

17 State and local govt. retirement funds -0.6 0.2 0.3 -1.8 -4.1 -17.5 12.9 1.4 10.3 13.0 19.8 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 38.8 25.4 44.3 53.6 44.9 60.6 49.5 59.5 85.5 105.3 93.8 19

20 Finance companies -0.3 -0.7 7.1 5.9 0.2 -3.1 8.7 17.8 -1.8 -1.0 -15.2 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 1.9 3.5 7.0 2.5 1.5 2.8 2.9 10.6 14.8 22

F.221 Farm Mortgages

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net borrowing (Farm business) 7.7 7.7 8.1 8.1 7.1 10.4 9.1 5.9 5.1 11.4 8.8 1

 2 Net change in assets 7.7 7.7 8.1 8.1 7.1 10.4 9.1 5.9 5.1 11.4 8.8 2

 3 Household sector 1.3 1.4 1.5 1.5 1.3 2.2 1.6 0.9 1.0 2.5 1.7 3

 4 Nonfarm noncorporate business 0.1 -0.0 0.1 0.0 0.0 0.0 0.0 -0.0 -0.0 -0.0 -0.1 4

 5 State and local governments -0.0 -0.1 0.1 0.1 0.1 0.0 0.1 0.1 0.1 -0.0 0.1 5

 6 Federal government -0.2 -0.3 -0.3 -0.2 -0.2 -0.5 0.1 -0.2 0.1 -0.1 0.0 6

 7 Commercial banking 1.5 2.5 2.6 3.9 3.3 4.4 4.1 3.8 2.0 3.1 4.0 7

 8 Savings institutions 0.0 0.0 0.1 -0.0 0.0 -0.0 -0.0 -0.1 -0.0 0.0 0.0 8

 9 Life insurance companies 0.5 -0.6 0.5 -0.3 0.2 0.4 0.4 -2.0 0.3 0.6 0.6 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 4.5 5.8 2.9 3.2 2.6 3.9 2.8 3.5 2.0 5.3 2.7 11

12 Agency- and GSE-backed mortgage pools 0.0 -1.3 0.6 -0.1 -0.1 0.0 -0.0 -0.1 -0.2 -0.0 -0.2 12
Z.1, December 8, 2005 51

F.222 Consumer Credit

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2001 2002 2003 2004 2004 2005

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Net change in liabilities (Households) 132.3 87.1 88.4 91.0 89.7 61.8 121.7 90.9 57.7 85.2 117.0 1

 2 Net change in assets 132.3 87.1 88.4 91.0 89.7 61.8 121.7 90.9 57.7 85.2 117.0 2

 3 Nonfinancial corporate business -8.1 1.9 -14.2 1.5 10.3 32.4 -26.4 -10.6 15.0 31.0 -15.5 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 13.1 12.7 1.3 4.3 -0.9 -5.0 26.3 -3.3 9.1 -8.0 21.1 5

 6 Commercial banking 17.4 34.1 52.8 34.9 16.8 15.7 60.8 46.2 -21.6 8.6 95.2 6

 7 Savings institutions 6.3 -2.4 9.1 13.4 14.4 26.7 4.2 8.5 -2.1 13.0 29.6 7

 8 Credit unions 5.1 6.2 10.1 9.5 17.5 9.4 5.6 5.5 17.6 9.7 29.3 8

 9 Government-sponsored enterprises 2.4 -2.5 -16.3 -20.6 -18.4 -55.0 -8.9 0.0 0.0 0.0 0.0 9

10 ABS issuers 78.4 37.4 -12.1 -23.3 -24.5 -27.3 -7.0 -34.5 35.9 56.2 -14.2 10

11 Finance companies 17.6 -0.3 57.6 71.4 74.6 64.9 67.1 79.0 3.7 -25.2 -28.5 11

F.223 Trade Credit

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net change in trade payables -80.4 70.8 102.4 235.2 305.0 170.2 217.5 248.2 187.0 251.6 292.2 1

 2 Household sector -1.9 7.0 7.9 9.0 8.6 8.8 9.1 9.3 9.6 4.8 5.7 2

 3 Nonfinancial corporate business -103.7 19.7 -54.2 106.5 160.5 66.1 98.3 101.2 71.2 120.3 129.1 3

 4 Nonfarm noncorporate business -4.9 26.0 44.2 58.1 52.8 57.2 57.9 64.3 65.7 60.6 64.6 4

 5 Farm business 0.4 0.6 0.7 0.9 0.9 0.9 0.9 1.0 0.7 1.2 1.0 5

 6 State and local governments 25.2 28.7 30.4 31.4 31.2 31.0 31.4 32.2 32.9 33.8 34.7 6

 7 Federal government 3.4 0.8 72.7 18.2 28.5 20.3 19.4 4.6 14.3 19.2 12.7 7

 8 Rest of the world -2.2 -10.1 9.9 3.3 -3.1 -4.1 -8.2 28.4 -3.0 11.5 11.5 8

 9 Brokers and dealers 3.3 -1.8 -9.2 7.8 25.5 -10.1 8.6 7.2 -4.3 0.1 32.9 9

10 Net change in trade receivables -91.3 -79.2 63.8 209.8 267.5 212.0 171.6 188.0 244.0 250.4 258.9 10

11 Nonfinancial corporate business -121.7 -98.6 -18.1 128.9 184.3 133.8 106.2 91.2 143.6 134.5 151.2 11

12 Nonfarm noncorporate business 1.8 18.9 55.5 63.8 59.6 63.3 64.0 68.3 69.6 72.9 75.1 12

13 State and local governments 5.9 2.6 7.4 6.5 7.9 0.6 6.8 10.8 6.4 -2.0 8.2 13

14 Federal government 7.3 -3.3 19.1 10.6 14.4 12.2 5.1 10.5 -9.2 10.0 0.1 14

15 Rest of the world -3.1 3.1 1.8 -0.4 0.9 7.0 -8.2 -1.5 13.2 3.9 0.7 15

16 Property-casualty insurance companies 5.3 4.9 4.5 0.3 12.1 11.7 4.6 -27.2 10.4 11.0 3.8 16

17 ABS issuers 13.2 -6.9 -6.4 0.2 -11.8 -16.5 -7.0 36.0 10.0 20.1 19.9 17

18 Discrepancy 10.9 150.0 38.6 25.4 37.5 -41.9 45.9 60.3 -56.9 1.1 33.2 18

F.224 Security Credit

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net change in liabilities 3.1 -87.0 132.5 166.6 285.2 177.1 -10.2 214.3 9.7 73.3 23.4 1

 2 Household sector -38.8 -48.2 34.3 81.5 73.1 62.9 -26.6 216.7 8.2 -10.5 -35.7 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 41.9 -38.9 98.2 85.1 212.0 114.2 16.4 -2.3 1.5 83.9 59.1 4

 5 Customer credit balances (HH) 41.9 -41.6 62.7 103.0 150.2 84.1 -38.3 215.9 -35.8 31.7 11.5 5

 6 From U.S.-chartered commercial banks 7.2 -2.7 12.3 10.6 18.0 2.6 26.9 -5.0 -3.2 -44.1 20.8 6

 7 From foreign banking offices in U.S. -7.2 5.5 23.2 -28.5 43.8 27.5 27.8 -213.2 40.5 96.3 26.8 7

 8 Net change in assets 3.1 -87.0 132.5 166.6 285.2 177.1 -10.2 214.3 9.7 73.3 23.4 8

 9 Household sector 41.9 -41.6 62.7 103.0 150.2 84.1 -38.3 215.9 -35.8 31.7 11.5 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 0.0 2.8 35.5 -17.9 61.9 30.1 54.7 -218.2 37.3 52.2 47.6 11

12 Brokers and dealers -38.8 -48.2 34.3 81.5 73.1 62.9 -26.6 216.7 8.2 -10.5 -35.7 12
52 Z.1, December 8, 2005

F.225 Life Insurance and Pension Fund Reserves

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2001 2002 2003 2004 2004 2005

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 Life insurance reserves:

 1 Net change in liabilities 77.2 60.1 66.8 33.1 25.5 34.7 37.9 34.4 56.0 56.9 56.4 1

 2 Federal government 1.4 1.6 1.1 1.1 -0.0 1.9 0.2 2.3 0.0 1.7 0.3 2

 3 Life insurance companies 75.8 58.5 65.7 32.0 25.5 32.8 37.7 32.1 56.0 55.2 56.1 3

 4 Net change in assets (Households) 77.2 60.1 66.8 33.1 25.5 34.7 37.9 34.4 56.0 56.9 56.4 4

 Pension fund reserves:

 5 Net change in liabilities 213.2 181.4 213.9 230.8 298.1 205.0 211.8 208.2 226.8 181.1 218.5 5

 6 Life insurance companies 130.9 166.1 143.2 181.7 203.3 185.3 182.2 156.2 152.2 126.9 167.2 6

 7 Private pension funds (1) -74.5 -38.6 7.6 -4.6 22.2 -23.7 11.6 -28.5 27.5 16.9 -22.5 7

 8 State and local govt. retirement funds 86.9 8.5 14.9 -1.1 27.3 7.5 -46.2 7.1 -9.2 -5.2 15.7 8

 9 Federal government retirement funds (2) 69.9 45.4 48.2 54.7 45.3 35.9 64.2 73.4 56.3 42.5 58.1 9

10 Net change in assets (Households) (3) 213.2 181.4 213.9 230.8 298.1 205.0 211.8 208.2 226.8 181.1 218.5 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 14.4 22.2 8.8 24.7 37.9 23.1 21.9 15.7 36.7 3.5 -3.5 1

 businesses

 2 Nonfinancial corporate business 3.1 11.9 -11.7 6.8 17.6 7.7 2.8 -0.9 18.3 -8.0 -23.4 2

 3 Nonfarm noncorporate business 4.0 1.5 9.4 4.5 5.6 4.0 4.7 3.6 3.7 3.1 2.9 3

 4 U.S.-chartered commercial banks 2.4 2.6 2.9 3.2 3.1 3.1 3.2 3.3 3.3 3.4 3.5 4

 5 Savings institutions -0.7 -0.2 -0.2 0.6 2.2 -1.2 0.6 0.7 -0.2 0.2 1.1 5

 6 Property-casualty insurance companies 2.7 3.2 3.7 4.2 4.0 4.1 4.3 4.4 4.5 4.6 4.7 6

 7 Life insurance companies 2.0 2.4 2.8 3.2 3.0 3.1 3.2 3.3 3.4 3.5 3.6 7

 8 Finance companies 1.2 1.4 1.6 1.8 1.7 1.8 1.8 1.9 2.0 2.0 2.1 8

 9 Brokers and dealers -0.2 -0.5 0.4 0.4 0.7 0.5 1.2 -0.6 1.7 -5.4 2.1 9

10 Net change in business taxes receivable -7.0 2.5 40.3 11.9 36.3 10.6 0.6 0.0 91.3 -1.5 -28.4 10

11 State and local governments 3.7 4.8 17.5 20.7 19.1 20.6 19.1 23.8 35.9 37.2 35.6 11

12 Federal government -10.6 -2.3 22.8 -8.8 17.2 -10.0 -18.5 -23.8 55.4 -38.7 -64.0 12

13 Discrepancy 21.4 19.7 -31.5 12.8 1.6 12.5 21.4 15.7 -54.7 4.9 24.9 13

F.227 Proprietors’ Equity in Noncorporate Business

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Total household investment -24.6 -82.0 -78.3 -48.8 -47.7 -16.7 -65.0 -65.7 -31.2 -76.5 -77.2 1

 2 Nonfarm noncorporate business -17.3 -84.3 -79.9 -55.9 -47.3 -32.6 -78.8 -64.8 -44.8 -67.9 -56.8 2

 3 Farm business -4.1 1.7 5.2 9.6 6.6 16.9 10.9 4.1 11.8 -2.5 -13.8 3

 4 Brokers and dealers -3.3 0.6 -3.6 -2.5 -7.0 -1.0 2.9 -5.0 1.9 -6.2 -6.7 4
Z.1, December 8, 2005 53

F.228 Total Miscellaneous Financial Claims

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2001 2002 2003 2004 2004 2005

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Net change in liabilities 674.1 480.4 486.7 1280.6 1669.3 1001.4 1333.9 1117.7 445.1 1349.2 709.1 1

 2 Household sector -0.4 0.9 0.9 1.6 0.2 3.0 1.2 1.8 1.1 2.8 0.9 2

 3 Nonfinancial corporate business 23.3 69.7 3.7 134.8 115.3 189.5 65.5 169.0 112.1 -27.1 63.4 3

 4 Nonfarm noncorporate business 55.3 18.9 36.3 32.8 34.1 33.2 32.5 31.5 30.5 19.5 19.7 4

 5 Federal government 53.0 26.0 30.7 50.3 42.6 35.3 52.5 70.7 46.2 53.7 50.0 5

 6 Rest of the world 184.4 167.0 85.3 447.4 203.8 486.7 649.2 449.8 -132.1 339.1 25.3 6

 7 Monetary authority -2.8 22.6 4.3 9.9 -9.9 -2.6 36.4 15.8 -23.1 14.8 3.5 7

 8 Commercial banking -6.5 121.9 83.1 312.2 453.8 77.4 332.5 384.9 121.3 237.1 -12.3 8

 9 Savings institutions 21.0 25.6 -4.6 59.1 204.7 -15.4 33.2 13.8 -35.4 49.4 49.8 9

10 Credit unions -1.8 1.4 1.2 2.8 68.1 -48.6 33.9 -42.2 53.8 -31.7 -13.8 10

11 Property-casualty insurance companies 26.5 49.2 45.2 47.9 44.7 50.6 96.6 -0.6 34.6 37.0 124.0 11

12 Life insurance companies 40.1 37.2 19.4 25.4 153.0 -26.7 36.8 -61.7 89.3 -27.9 18.2 12

13 Government-sponsored enterprises 47.4 27.7 -26.6 -1.6 70.1 -87.3 -67.3 78.2 -12.9 6.7 17.7 13

14 Finance companies 18.9 20.7 102.8 10.4 96.4 2.9 -25.0 -32.8 -109.1 65.3 96.7 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 0.1 2.6 1.6 9.0 10.6 -8.5 5.7 28.2 -16.9 13.4 6.2 16

17 Brokers and dealers 138.5 -77.1 39.1 69.6 72.6 271.4 -120.2 54.4 -5.5 321.5 -61.6 17

18 Funding corporations 77.2 -33.7 64.2 69.2 109.3 40.5 170.2 -43.1 291.2 275.7 321.4 18

19 Net change in assets 975.1 523.3 588.4 915.4 1217.0 352.2 1306.9 785.4 1030.3 980.8 793.0 19

20 Household sector 18.5 30.6 42.0 40.9 38.2 29.9 63.8 31.5 29.9 30.9 73.5 20

21 Nonfinancial corporate business 253.6 191.6 -3.5 205.2 201.2 91.4 163.8 364.4 146.7 286.1 57.3 21

22 Nonfarm noncorporate business 129.9 41.7 68.3 95.0 82.1 95.3 99.9 102.6 113.3 149.5 159.4 22

23 Farm business 1.8 4.1 4.6 4.6 3.5 5.4 9.7 -0.2 2.1 3.4 8.6 23

24 State and local governments -18.2 -28.5 -8.1 -4.4 -5.7 4.7 -32.0 15.4 -120.9 -41.3 -32.4 24

25 Federal government 1.3 0.0 1.4 0.6 -0.0 0.1 2.1 0.2 -11.7 -0.8 -12.9 25

26 Rest of the world 190.1 192.2 -2.6 204.4 94.9 -31.0 553.8 199.9 433.2 -471.7 38.4 26

27 Monetary authority -0.4 1.4 1.3 1.5 -0.6 -3.2 -0.0 9.9 -7.7 -2.9 -3.2 27

28 Commercial banking 135.3 63.6 142.8 154.6 196.8 132.0 275.4 14.0 77.1 174.3 0.0 28

29 Savings institutions 16.9 19.0 -4.3 19.3 16.5 57.2 14.6 -11.3 -84.8 46.1 27.2 29

30 Credit unions 5.4 10.4 0.5 -4.8 -20.5 14.0 10.0 -22.7 17.4 13.9 -11.9 30

31 Property-casualty insurance companies 1.3 9.1 9.7 9.5 9.0 12.0 9.9 7.1 15.4 8.2 4.4 31

32 Life insurance companies -15.5 6.7 27.9 51.9 137.4 3.8 49.7 16.6 62.9 7.3 -5.2 32

33 Private pension funds 11.2 -1.1 -17.6 -24.1 -23.9 -33.6 -3.9 -34.9 1.5 3.2 -46.2 33

34 State and local govt. retirement funds 1.8 0.4 0.9 0.5 1.5 1.3 -0.6 -0.3 0.0 0.0 -2.6 34

35 Federal government retirement funds 60.8 24.5 24.7 40.9 32.3 25.0 48.4 58.0 42.2 28.6 42.9 35

36 Money market mutual funds -3.3 -8.6 -0.2 -2.9 58.0 -9.7 -3.8 -56.3 40.0 9.8 38.1 36

37 Mutual funds -2.9 0.1 1.0 5.1 13.9 -5.0 3.9 7.5 5.2 -6.1 -0.0 37

38 Government-sponsored enterprises 5.5 22.0 16.5 3.4 -30.5 20.5 9.4 14.1 -48.7 -1.0 -6.3 38

39 Finance companies 20.8 9.5 104.6 -61.6 -45.5 -120.3 -55.6 -25.0 -107.7 9.1 -11.2 39

40 REITs 0.2 2.2 4.4 11.1 11.9 7.5 10.4 14.7 12.3 12.5 7.1 40

41 Brokers and dealers 156.6 -110.8 157.0 148.3 433.0 -2.0 106.1 55.9 335.8 323.3 483.3 41

42 Funding corporations 4.4 43.3 17.1 16.6 13.5 56.8 -28.2 24.4 76.8 398.4 -15.1 42

43 Discrepancy -301.0 -42.9 -101.7 365.2 452.3 649.2 27.0 332.2 -585.2 368.5 -84.0 43
54 Z.1, December 8, 2005

F.229 Identified Miscellaneous Financial Claims - Part I

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2001 2002 2003 2004 2004 2005

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 U.S. direct investment abroad (1):

 1 Liab.: Rest of the world 142.3 154.5 140.6 252.0 209.5 233.7 164.9 400.0 108.0 134.4 113.5 1

 2 Equity 60.9 42.7 19.2 80.7 38.4 84.4 -1.8 201.8 37.1 48.7 35.0 2

 3 Reinvested earnings 69.8 85.3 131.0 176.5 164.0 164.8 176.3 201.0 102.4 111.1 102.4 3

 4 Intercompany accounts 11.6 26.5 -9.6 -5.2 7.1 -15.5 -9.6 -2.9 -31.5 -25.4 -24.0 4

 5 Asset: Nonfinancial corporate business 119.4 138.3 109.2 233.2 180.4 199.5 137.2 415.8 59.2 107.7 96.7 5

 6 Commercial banking 0.9 3.1 4.4 4.4 5.6 2.0 3.7 6.5 2.7 3.0 1.2 6

 7 Property-casualty insurance companies 1.3 9.1 9.7 9.5 9.0 12.0 9.9 7.1 15.4 8.2 4.4 7

 8 Life insurance companies 2.9 0.8 3.8 3.8 2.6 3.4 4.6 4.8 2.4 3.8 2.0 8

 9 Finance companies 17.3 3.8 10.3 -4.5 8.5 9.9 6.8 -43.1 24.8 5.9 5.5 9

10 Brokers and dealers 0.6 -0.6 3.0 5.5 3.5 6.9 2.8 9.1 3.3 5.9 3.6 10

 Foreign direct investment in U.S. (1):

11 Liab.: Nonfinancial corporate business 84.5 27.5 23.9 25.3 40.4 23.0 8.0 29.8 44.3 34.7 44.3 11

12 Nonfarm noncorporate business 0.1 0.2 -0.1 0.0 -0.1 -0.1 0.2 0.1 0.0 -0.0 -0.1 12

13 Commercial banking 8.4 3.6 4.5 16.7 1.7 5.5 50.9 8.8 19.4 9.2 2.7 13

14 Property-casualty insurance companies 0.4 5.1 -1.4 -0.0 2.3 -1.1 -2.6 1.4 6.4 -0.7 5.4 14

15 Life insurance companies 8.1 2.0 -0.8 16.4 -2.6 57.7 8.3 2.4 3.6 3.7 2.4 15

16 Finance companies 7.8 -3.5 19.2 11.0 6.1 13.9 11.2 13.0 6.4 5.0 0.9 16

17 Brokers and dealers -1.3 2.2 3.2 1.8 -1.4 0.5 5.1 3.0 0.8 1.5 -1.0 17

18 Funding corporations 59.0 43.7 18.5 35.5 -12.1 24.7 61.5 68.0 59.2 17.0 28.7 18

19 Asset: Rest of the world 167.0 80.8 67.1 106.8 34.0 124.2 142.7 126.5 140.2 70.4 83.3 19

20 Equity 140.9 102.1 87.0 68.7 11.5 110.6 77.4 75.1 41.7 34.9 29.9 20

21 Reinvested earnings -33.8 3.4 11.8 56.0 16.5 61.3 74.4 71.7 48.2 76.2 54.1 21

22 Intercompany accounts 60.0 -24.7 -31.7 -17.8 6.0 -47.8 -9.2 -20.2 50.3 -40.8 -0.6 22

 Federal government equity in IBRD, etc.:

23 Liab.: Rest of the world 1.7 1.5 1.4 2.0 1.4 2.1 3.4 1.2 1.5 1.4 3.3 23

24 Asset: Federal government 1.7 1.5 1.4 2.0 1.4 2.1 3.4 1.2 1.5 1.4 3.3 24

 Federal Reserve Bank stock:

25 Liab.: Monetary authority 0.4 1.0 0.5 3.1 0.5 1.0 5.1 5.6 2.6 1.5 1.5 25

26 Asset: Commercial banking 0.4 1.0 0.5 3.1 0.5 1.0 5.1 5.6 2.6 1.5 1.5 26

 Equity in govt.-sponsored enterprises:

27 Liab.: Government-sponsored enterprises 3.3 2.0 3.2 2.5 7.2 4.5 0.1 -1.9 1.4 3.1 3.2 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) 0.1 0.0 0.3 -0.1 0.6 -0.5 -0.5 -0.1 0.6 -0.8 -0.3 29

30 Farm business (FICB and FLB) 0.4 0.1 0.4 0.2 -0.4 0.7 0.6 -0.1 -0.4 -0.0 0.8 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) 1.4 2.3 1.2 0.6 1.5 0.7 1.3 -1.0 2.7 0.1 0.4 32

33 Savings institutions (FHLB) 1.2 -1.0 0.4 1.0 4.6 3.4 -1.4 -2.7 -1.2 3.8 2.1 33

34 Credit unions (FHLB) 0.2 0.3 0.2 0.2 0.5 0.2 0.1 0.1 -0.0 0.2 0.3 34

35 Life insurance companies (FHLB) -0.1 0.2 0.7 0.6 0.2 0.1 0.0 1.9 -0.2 -0.2 -0.0 35

 BHC investment in subsidiaries:

36 Liab.: Commercial banking 60.7 53.1 50.5 167.2 73.4 121.9 323.3 150.3 -14.7 91.8 4.9 36

37 Savings institutions 0.8 0.9 1.0 1.2 1.1 1.1 1.2 1.2 1.2 1.3 1.3 37

38 Finance companies -1.7 -5.5 5.8 9.2 10.1 6.4 9.1 11.0 -7.1 4.4 7.9 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 30.7 4.4 38.1 66.7 101.2 34.3 94.8 36.4 14.1 39.1 112.2 40

41 Asset: Bank holding companies 90.4 53.0 95.5 244.2 185.8 163.7 428.3 198.9 -6.4 136.6 126.2 41

 NFC investment in finance company subs.:

42 Liab.: Finance companies -1.7 -5.5 5.8 9.2 10.1 6.4 9.1 11.0 -7.1 4.4 7.9 42

43 Asset: Nonfinancial corporate business -1.7 -5.5 5.8 9.2 10.1 6.4 9.1 11.0 -7.1 4.4 7.9 43

 Funding corp. investment in subs.:

44 Liab.: Foreign banking offices in U.S. -30.8 24.7 -1.7 30.4 108.4 -82.3 15.6 80.0 39.8 45.8 18.5 44

45 Brokers and dealers 35.2 18.6 18.8 -13.8 -94.9 139.0 -43.8 -55.6 37.0 352.6 -33.6 45

46 Asset: Funding corporations 4.4 43.3 17.1 16.6 13.5 56.8 -28.2 24.4 76.8 398.4 -15.1 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 8, 2005 55

F.230 Identified Miscellaneous Financial Claims - Part II

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2001 2002 2003 2004 2004 2005

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 Nonofficial foreign currencies:

 1 Liab.: Rest of the world -0.1 0.1 0.2 -0.0 0.3 -0.5 0.2 -0.2 -15.7 -0.0 -13.7 1

 2 Asset: Federal government -0.1 0.1 0.2 -0.0 0.3 -0.5 0.2 -0.2 -15.7 -0.0 -13.7 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 8.6 1.9 -7.1 -2.2 17.6 -23.3 -4.8 1.8 -0.5 -1.5 5.3 5

 6 Asset: Savings institutions 8.6 1.9 -7.1 -2.2 17.6 -23.3 -4.8 1.8 -0.5 -1.5 5.3 6

 Deferred and unpaid life insurance premiums:

 7 Liab.: Household sector -0.4 0.9 0.9 1.6 0.2 3.0 1.2 1.8 1.1 2.8 0.9 7

 8 Asset: Life insurance companies -0.4 0.9 0.9 1.6 0.2 3.0 1.2 1.8 1.1 2.8 0.9 8

 Life insurance company reserves:

 9 Liab.: Life insurance companies 6.5 10.2 13.9 11.4 11.4 -0.3 12.3 22.4 6.8 4.4 8.1 9

10 Health 3.1 10.1 10.9 9.8 9.2 -2.9 8.9 23.9 4.9 3.5 7.2 10

11 Policy dividend accumulation 1.0 0.1 -0.0 1.2 -0.4 3.4 2.6 -0.8 1.8 0.4 0.4 11

12 Policy and contract claims 2.4 0.0 3.0 0.5 2.6 -0.7 0.8 -0.7 0.1 0.4 0.4 12

13 Asset: Household sector 6.5 10.2 13.9 11.4 11.4 -0.3 12.3 22.4 6.8 4.4 8.1 13

 Policy payables:

14 Liab.: Property-casualty insurance companies 26.1 44.1 46.6 47.9 42.5 51.7 99.2 -1.9 28.2 37.8 118.6 14

15 Asset: Household sector 11.9 18.5 19.5 21.1 17.8 21.7 45.6 -0.8 11.9 15.9 55.2 15

16 Nonfinancial corporate business 10.3 17.4 18.4 18.9 16.8 20.4 39.2 -0.8 11.2 14.9 46.3 16

17 Nonfarm noncorporate business 2.5 4.2 4.4 3.5 4.0 4.9 5.4 -0.2 2.6 3.5 9.2 17

18 Farm business 1.4 4.0 4.2 4.4 3.9 4.7 9.0 -0.2 2.5 3.4 7.8 18

 Unallocated insurance company contracts:

19 Liab.: Life insurance companies 10.1 -4.6 -17.1 -16.5 -18.0 -27.7 -11.4 -9.0 10.0 -0.1 -22.5 19

20 Asset: Private pension funds 10.1 -4.6 -17.1 -16.5 -18.0 -27.7 -11.4 -9.0 10.0 -0.1 -22.5 20

 Pension fund contributions payable:

21 Liab.: Nonfinancial corporate business 0.6 0.1 -1.4 -2.5 -0.6 -2.6 1.7 -8.2 -5.0 -2.4 -2.2 21

22 Asset: Private pension funds 0.6 0.1 -1.4 -2.5 -0.6 -2.6 1.7 -8.2 -5.0 -2.4 -2.2 22

 Securities borrowed (net):

23 Liab.: Funding corporations 70.1 -2.9 102.6 86.9 248.7 -16.7 21.5 93.9 230.4 298.0 322.8 23

24 Asset: Brokers and dealers 70.1 -2.9 102.6 86.9 248.7 -16.7 21.5 93.9 230.4 298.0 322.8 24

 Nonmarketable government securities:

25 Liab.: Federal government 60.8 24.5 24.7 40.9 32.3 25.0 48.4 58.0 42.2 28.6 42.9 25

26 Asset: Federal government retirement funds 60.8 24.5 24.7 40.9 32.3 25.0 48.4 58.0 42.2 28.6 42.9 26

 Uniformed Services Retiree Health Care Fund:

27 Liab.: Federal government 0.0 1.9 8.6 8.4 9.0 8.5 6.0 10.0 11.2 10.5 10.3 27

28 Asset: Household sector 0.0 1.9 8.6 8.4 9.0 8.5 6.0 10.0 11.2 10.5 10.3 28
56 Z.1, December 8, 2005

F.231 Unidentified Miscellaneous Financial Claims

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2001 2002 2003 2004 2004 2005

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Net change in liabilities 83.8 73.4 -16.4 468.4 864.1 391.8 434.2 183.5 -180.5 221.0 -85.2 1

 2 Nonfinancial corporate business -61.8 42.0 -18.8 112.0 75.6 169.0 55.8 147.4 72.7 -59.3 21.3 2

 3 Nonfarm noncorporate business 55.2 18.7 36.4 32.8 34.2 33.3 32.4 31.4 30.5 19.5 19.8 3

 4 Federal government -7.8 -0.4 -2.6 1.0 1.4 1.7 -1.9 2.7 -7.2 14.6 -3.2 4

 5 Rest of the world 40.4 10.9 -56.9 193.4 -7.4 251.5 480.8 48.9 -225.9 203.2 -77.7 5

 6 Monetary authority -3.2 21.5 3.8 6.9 -10.4 -3.6 31.3 10.1 -25.7 13.3 2.0 6

 7 Commercial banking -44.8 40.4 29.8 97.7 270.4 32.2 -57.3 145.8 76.8 90.2 -38.2 7

 8 U.S.-chartered commercial banks -101.2 13.1 45.7 83.2 177.0 -17.5 -56.2 229.4 15.1 -63.0 -115.3 8

 9 Foreign banking offices in U.S. -0.7 16.5 -41.8 -144.2 -44.1 -50.6 -254.1 -228.0 142.0 53.4 117.5 9

10 Bank holding companies 52.9 11.5 22.6 148.0 126.1 91.0 240.3 134.6 -81.7 103.0 -36.6 10

11 Banks in U.S.-affiliated areas 4.2 -0.7 3.4 10.8 11.4 9.3 12.6 9.8 1.4 -3.2 -3.8 11

12 Savings institutions 20.2 24.7 -5.6 57.9 203.5 -16.5 32.1 12.6 -36.6 48.1 48.4 12

13 Credit unions -1.8 1.4 1.2 2.8 68.1 -48.6 33.9 -42.2 53.8 -31.7 -13.8 13

14 Life insurance companies 15.3 29.5 23.4 14.0 162.3 -56.4 27.7 -77.5 68.9 -35.9 30.3 14

15 Government-sponsored enterprises 35.6 23.8 -22.7 -1.9 45.3 -68.5 -62.6 78.3 -13.8 5.1 9.1 15

16 Finance companies 14.5 35.2 71.9 -19.0 70.1 -23.8 -54.5 -67.8 -101.3 51.6 80.0 16

17 REITs 0.1 2.6 1.6 9.0 10.6 -8.5 5.7 28.2 -16.9 13.4 6.2 17

18 Brokers and dealers 74.0 -102.4 -21.1 14.9 67.7 97.6 -176.3 70.7 -57.4 -71.8 -139.2 18

19 Funding corporations -51.9 -74.6 -56.9 -53.2 -127.3 32.4 87.3 -205.1 1.6 -39.3 -30.1 19

20 Net change in assets 384.8 116.3 85.3 103.2 411.8 -257.4 407.2 -148.7 404.6 -147.4 -1.3 20

21 Nonfinancial corporate business 125.5 41.4 -137.0 -56.1 -6.0 -135.0 -21.7 -61.6 83.4 159.2 -93.7 21

22 Nonfarm noncorporate business 127.3 37.5 63.6 91.6 77.4 90.9 95.1 102.9 110.1 146.7 150.5 22

23 State and local governments -18.2 -28.5 -8.1 -4.4 -5.7 4.7 -32.0 15.4 -120.9 -41.3 -32.4 23

24 Federal government -0.3 -1.6 -0.2 -1.4 -1.7 -1.4 -1.4 -0.8 2.5 -2.2 -2.5 24

25 Rest of the world 23.1 111.3 -69.7 97.6 60.9 -155.2 411.1 73.4 293.0 -542.1 -44.9 25

26 Monetary authority -0.4 1.4 1.3 1.5 -0.6 -3.2 -0.0 9.9 -7.7 -2.9 -3.2 26

27 Commercial banking 42.2 4.2 41.2 -97.8 3.3 -35.4 -163.1 -196.0 75.6 33.1 -129.3 27

28 U.S.-chartered commercial banks 19.7 -14.0 67.8 24.5 -96.9 104.5 89.4 1.0 -21.8 10.3 -61.0 28

29 Foreign banking offices in U.S. 10.7 -3.1 -46.8 -155.7 21.1 -136.9 -309.4 -197.5 74.3 -13.3 -69.9 29

30 Bank holding companies 5.9 27.3 22.4 32.4 77.7 0.1 46.8 5.1 21.9 37.6 3.2 30

31 Banks in U.S.-affiliated areas 5.9 -6.0 -2.2 0.9 1.4 -3.0 10.0 -4.6 1.2 -1.5 -1.7 31

32 Savings institutions 7.1 18.0 2.4 20.5 -5.7 77.2 20.8 -10.4 -83.1 43.7 19.8 32

33 Credit unions 5.2 10.1 0.2 -5.0 -21.0 13.8 9.9 -22.9 17.4 13.7 -12.3 33

34 Life insurance companies -17.9 4.8 22.6 45.9 134.4 -2.8 43.8 8.2 59.6 0.9 -8.1 34

35 Private pension funds 0.4 3.3 0.8 -5.1 -5.3 -3.3 5.8 -17.7 -3.4 5.7 -21.5 35

36 State and local govt. retirement funds 1.8 0.4 0.9 0.5 1.5 1.3 -0.6 -0.3 0.0 0.0 -2.6 36

37 Money market mutual funds -3.3 -8.6 -0.2 -2.9 58.0 -9.7 -3.8 -56.3 40.0 9.8 38.1 37

38 Mutual funds -2.9 0.1 1.0 5.1 13.9 -5.0 3.9 7.5 5.2 -6.1 -0.0 38

39 Government-sponsored enterprises 5.5 22.0 16.5 3.4 -30.5 20.5 9.4 14.1 -48.7 -1.0 -6.3 39

40 Finance companies 3.5 5.6 94.3 -57.1 -54.0 -130.2 -62.4 18.2 -132.5 3.2 -16.7 40

41 REITs 0.2 2.2 4.4 11.1 11.9 7.5 10.4 14.7 12.3 12.5 7.1 41

42 Brokers and dealers 85.8 -107.3 51.4 55.8 180.8 7.7 81.9 -47.0 102.0 19.4 156.8 42

43 Discrepancy -301.0 -42.9 -101.7 365.2 452.3 649.2 27.0 332.2 -585.2 368.5 -84.0 43
Z.1, December 8, 2005 57

F.11 Sector Discrepancies

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2001 2002 2003 2004 2004 2005

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 All sectors -222.2 200.3 -127.6 313.3 451.8 237.6 206.2 357.8 192.3 251.5 -142.0 1

 2 Household sector -134.8 96.0 -197.6 21.6 54.1 101.1 -74.8 6.0 -121.9 138.0 -15.7 2

 3 Nonfinancial corporate business -129.9 29.0 61.7 -46.3 -25.8 -64.9 -32.5 -62.0 -52.5 -60.0 -70.5 3

 4 State and local governments -47.3 -30.5 -38.3 -41.2 -44.6 -44.3 -39.7 -36.3 -41.6 -18.4 -26.0 4

 5 Federal government 38.0 10.7 53.2 7.5 128.5 -24.1 -68.2 -6.4 253.1 -185.2 -53.7 5

 6 Rest of the world -27.6 -39.3 -49.7 70.4 58.1 -32.3 189.5 66.4 154.4 179.3 135.0 6

 7 Financial sectors 79.3 134.4 43.1 301.4 281.5 302.0 231.9 390.0 0.8 197.9 -111.1 7

 8 Monetary authority -0.6 -2.8 -3.1 -1.7 -2.2 0.9 -0.6 -4.9 -2.5 -4.5 -4.6 8

 9 Commercial banking 62.8 98.1 61.3 288.0 198.3 324.7 286.9 342.0 -35.0 178.3 -96.5 9

10 Savings institutions 2.2 4.9 -0.8 -9.5 -10.0 -10.6 -10.0 -7.3 -8.5 -17.2 -20.1 10

11 Credit unions 0.4 0.5 0.5 3.2 8.4 2.4 3.9 -2.0 7.9 6.1 2.0 11

12 Property-casualty insurance companies 2.7 -13.8 -20.3 -29.1 -31.1 -15.9 -79.9 10.4 -59.4 1.7 -43.5 12

13 Life insurance companies -10.8 -25.4 -28.9 -40.2 -17.2 -66.9 -22.1 -54.5 -10.4 -2.0 -37.7 13

14 Mutual funds -8.4 -21.6 1.7 5.8 8.4 2.8 2.7 9.1 6.4 5.7 4.8 14

15 Government-sponsored enterprises 9.8 10.2 -16.7 -18.2 26.4 -63.4 -44.5 8.6 -21.8 7.1 -34.0 15

16 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 16

17 Finance companies 32.0 68.9 76.0 104.1 129.3 97.2 97.9 91.9 126.2 55.5 134.7 17

18 REITs 5.2 1.8 -2.0 6.4 -4.6 9.6 -5.2 25.8 -15.2 -9.5 -1.9 18

19 Brokers and dealers -16.0 13.7 -24.7 -7.3 -24.3 21.2 2.8 -29.1 13.1 -23.5 -14.4 19

F.12 Instrument Discrepancies

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 All types -222.2 200.3 -127.6 313.3 451.8 237.6 206.2 357.8 192.3 251.5 -142.0 1

 2 Treasury currency -0.1 -0.6 -0.3 -0.3 -0.4 0.0 -0.3 -0.5 0.4 0.8 1.7 2

 3 Foreign deposits -7.5 7.9 49.6 61.6 92.4 -53.1 124.9 82.3 339.6 -95.2 34.2 3

 4 Net interbank transactions 17.2 7.2 -4.4 15.0 0.7 70.4 -33.4 22.2 12.8 -13.1 -0.6 4

 5 Security RPs -58.1 40.2 -22.0 -120.3 -127.1 -278.7 84.5 -159.9 589.1 92.9 -115.5 5

 Mail floats:

 6 Federal government 5.7 -1.6 -8.9 27.9 70.3 -15.3 23.9 32.7 -18.3 -35.5 29.7 6

 7 Other -0.5 -0.7 -0.0 2.8 2.2 2.6 2.9 3.3 5.0 5.4 6.8 7

 8 Trade credit 10.9 150.0 38.6 25.4 37.5 -41.9 45.9 60.3 -56.9 1.1 33.2 8

 9 Taxes payable 21.4 19.7 -31.5 12.8 1.6 12.5 21.4 15.7 -54.7 4.9 24.9 9

10 Miscellaneous -301.0 -42.9 -101.7 365.2 452.3 649.2 27.0 332.2 -585.2 368.5 -84.0 10

11 Nonfinancial 89.8 21.0 -47.1 -76.8 -77.8 -108.1 -90.8 -30.6 -39.4 -78.3 -72.5 11

 Nonfinancial components (sign reversed):

12 Statistical discrepancy (NIPA) -89.8 -21.0 47.1 76.8 77.8 108.1 90.8 30.6 39.4 78.3 72.5 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