Z.1, June 10, 2004 9

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

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1998 1999 2000 2001 2002 2003 2003 2004

 Q1 Q2 Q3 Q4 Q1

 1 Total net borrowing 2128.1 2090.3 1704.0 1974.5 2192.6 2638.9 2526.0 3068.8 2531.3 2429.6 2801.5 1

 2 Domestic nonfinancial sectors 1033.7 1024.6 844.2 1128.5 1339.5 1685.3 1427.7 2357.1 1544.2 1412.4 1927.3 2

 3 Federal government -52.6 -71.2 -295.9 -5.6 257.5 396.0 164.2 749.0 317.5 353.4 466.0 3

 4 Nonfederal sectors 1086.4 1095.8 1140.1 1134.1 1082.0 1289.3 1263.4 1608.1 1226.6 1059.1 1461.3 4

 5 Household sector 436.2 489.9 563.7 634.3 740.3 869.5 908.8 1005.2 903.9 659.9 1008.2 5

 6 Nonfinancial corporate business 392.4 372.5 357.2 227.3 40.9 155.7 166.0 278.7 72.1 105.9 187.6 6

 7 Nonfarm noncorporate business 179.9 190.2 192.9 156.4 148.3 139.5 104.5 134.2 148.5 170.7 115.5 7

 8 Farm business 10.1 4.6 10.9 10.3 8.6 7.1 2.3 9.0 10.6 6.3 0.3 8

 9 State and local governments 67.7 38.5 15.5 105.8 143.9 117.6 81.9 180.9 91.6 116.2 149.7 9

10 Rest of the world 31.2 13.0 57.0 -49.7 5.9 -14.9 19.3 -63.5 -61.6 46.3 68.4 10

11 Financial sectors 1063.1 1052.8 802.8 895.7 847.3 968.4 1078.9 775.2 1048.7 970.9 805.7 11

12 Commercial banking 72.9 67.2 60.0 52.9 49.9 49.3 78.6 30.5 1.8 86.3 186.0 12

13 U.S.-chartered commercial banks 52.8 41.8 36.8 30.2 30.0 13.9 13.3 31.3 -7.0 18.1 82.5 13

14 Foreign banking offices in U.S. -4.8 -0.4 -0.0 -0.9 -0.4 -0.1 -0.3 -0.2 -0.0 0.3 -0.0 14

15 Bank holding companies 24.9 25.8 23.2 23.6 20.3 35.4 65.7 -0.6 8.7 67.8 103.5 15

16 Savings institutions 52.2 48.0 27.3 7.4 -13.7 -0.6 48.8 -25.6 -28.4 2.9 28.0 16

17 Credit unions 0.6 2.2 0.0 1.5 2.0 2.2 2.8 1.6 3.3 1.0 -2.7 17

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

19 Government-sponsored enterprises 278.3 318.2 234.1 290.8 225.9 233.2 195.4 199.9 437.5 99.8 36.1 19

20 Agency- and GSE-backed mortgage pools 192.6 273.8 199.4 338.5 328.1 329.8 283.5 246.0 333.1 456.6 95.1 20

21 ABS issuers 298.9 191.5 183.0 254.0 193.5 205.2 273.6 227.9 169.9 149.5 135.2 21

22 Finance companies 57.1 70.7 81.9 1.3 42.2 117.3 35.0 188.8 101.6 143.8 133.7 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 62.7 6.3 2.7 2.5 19.8 23.8 17.5 12.9 36.4 28.2 54.2 24

25 Brokers and dealers 7.2 -17.2 15.6 1.4 -1.7 6.4 38.4 -16.2 9.9 -6.6 51.9 25

26 Funding corporations 40.0 91.5 -0.4 -55.2 -0.6 -0.9 101.0 -92.0 -19.5 6.9 87.9 26

27 Total net lending 2128.1 2090.3 1704.0 1974.5 2192.6 2638.9 2526.0 3068.8 2531.3 2429.6 2801.5 27

28 Domestic nonfederal nonfinancial sectors 238.6 125.3 -79.7 -31.6 -8.9 207.5 -133.8 92.1 524.6 347.1 -289.3 28

29 Household sector 105.5 118.3 -88.3 -101.9 -61.7 176.9 -87.9 -14.3 477.3 332.6 -320.0 29

30 Nonfinancial corporate business -14.7 -18.5 25.1 2.6 23.3 13.9 35.5 49.6 16.4 -45.9 21.5 30

31 Nonfarm noncorporate business 13.3 -2.9 1.3 7.1 3.7 1.4 -0.2 4.1 0.8 0.9 0.1 31

32 State and local governments 134.5 28.4 -17.8 60.6 25.8 15.2 -81.2 52.7 30.0 59.4 9.1 32

33 Federal government 11.6 6.4 11.6 6.0 9.8 -2.6 -17.4 -8.4 20.1 -4.8 6.6 33

34 Rest of the world 172.5 139.7 225.9 319.8 439.1 519.7 398.1 738.0 274.4 668.4 1155.0 34

35 Financial sectors 1705.4 1818.9 1546.2 1680.3 1752.7 1914.3 2279.1 2247.0 1712.2 1418.9 1929.2 35

36 Monetary authority 21.1 25.7 33.7 39.9 77.7 37.2 23.7 36.3 39.8 49.2 1.8 36

37 Commercial banking 305.6 312.2 357.9 205.2 404.4 300.1 351.5 613.9 -2.1 237.4 818.1 37

38 U.S.-chartered commercial banks 312.1 318.6 339.5 191.6 393.8 323.3 327.1 540.3 116.5 309.1 784.5 38

39 Foreign banking offices in U.S. -11.6 -17.0 23.9 -0.6 6.2 -43.0 4.4 17.1 -113.2 -80.4 20.0 39

40 Bank holding companies -0.9 6.2 -12.2 4.2 3.1 8.6 20.8 39.7 -26.1 0.2 1.2 40

41 Banks in U.S.-affiliated areas 6.0 4.4 6.7 10.0 1.3 11.3 -0.7 16.8 20.6 8.4 12.5 41

42 Savings institutions 36.2 67.7 56.2 42.8 35.4 126.3 195.0 95.3 62.3 152.5 234.8 42

43 Credit unions 18.9 27.5 28.0 41.5 42.7 50.7 44.2 75.9 87.2 -4.6 43.3 43

44 Bank personal trusts and estates -12.8 27.8 0.8 -28.1 0.9 -2.4 -2.7 -2.5 -2.5 -2.0 12.9 44

45 Life insurance companies 76.9 53.5 57.9 130.9 233.0 195.9 308.2 236.8 116.4 122.3 130.8 45

46 Other insurance companies 5.8 -3.0 -8.7 9.0 39.9 65.8 56.2 49.7 68.7 88.4 43.2 46

47 Private pension funds -26.1 99.3 3.8 -15.8 21.1 4.1 7.3 24.3 -11.8 -3.3 43.8 47

48 State and local govt. retirement funds 72.1 46.9 54.6 -17.7 14.1 13.0 0.1 22.4 11.4 18.3 4.6 48

49 Federal government retirement funds 2.7 2.9 2.1 9.7 13.0 6.3 28.5 2.5 -0.8 -4.8 0.8 49

50 Money market mutual funds 244.0 182.0 143.0 246.0 -25.3 -113.1 -164.3 251.1 -242.9 -296.5 -274.0 50

51 Mutual funds 127.3 48.4 20.9 126.1 144.2 137.7 215.6 249.9 -15.2 100.6 198.2 51

52 Closed-end funds 4.9 9.6 -5.6 3.2 8.6 36.2 26.1 60.1 42.5 16.1 8.8 52

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

54 Government-sponsored enterprises 313.8 291.2 253.6 307.8 210.9 258.1 313.4 122.3 636.8 -40.1 14.5 54

55 Agency- and GSE-backed mortgage pools 192.6 273.8 199.4 338.5 328.1 329.8 283.5 246.0 333.1 456.6 95.1 55

56 ABS issuers 259.2 173.4 153.2 227.9 170.8 184.3 249.8 207.3 149.9 130.1 116.5 56

57 Finance companies 77.3 97.1 108.6 -4.8 21.2 84.2 -0.4 59.5 180.4 97.5 175.7 57

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

59 REITs -5.1 -2.6 -7.1 6.7 23.1 16.8 -8.6 31.0 18.6 26.2 58.3 59

60 Brokers and dealers 6.8 -34.7 68.9 92.4 28.4 79.7 65.9 -85.2 24.0 313.9 -175.0 60

61 Funding corporations -15.8 120.2 24.9 -80.9 -43.1 102.8 287.3 -50.0 214.7 -40.9 371.8 61

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

F.2 Credit Market Borrowing by Nonfinancial Sectors

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1998 1999 2000 2001 2002 2003 2003 2004

 Q1 Q2 Q3 Q4 Q1

 1 Domestic 1033.7 1024.6 844.2 1128.5 1339.5 1685.3 1427.7 2357.1 1544.2 1412.4 1927.3 1

 2 Federal government -52.6 -71.2 -295.9 -5.6 257.5 396.0 164.2 749.0 317.5 353.4 466.0 2

 3 Treasury securities -54.6 -71.0 -294.9 -5.0 257.0 398.4 165.8 748.5 317.5 362.0 465.0 3

 4 Budget agency securities and mortgages 2.0 -0.2 -1.0 -0.5 0.5 -2.4 -1.6 0.5 0.1 -8.6 1.1 4

 5 Nonfederal, by instrument 1086.4 1095.8 1140.1 1134.1 1082.0 1289.3 1263.4 1608.1 1226.6 1059.1 1461.3 5

 6 Commercial paper 24.4 37.4 48.1 -88.3 -64.2 -40.0 -9.3 -81.4 4.8 -74.3 34.4 6

 7 Municipal securities and loans 84.2 54.4 23.6 122.9 159.4 135.4 103.5 194.7 112.3 131.2 170.1 7

 8 Corporate bonds 235.2 221.7 162.6 348.5 132.3 162.4 186.8 297.0 96.1 69.7 103.4 8

 9 Bank loans n.e.c. 109.8 82.9 101.8 -82.0 -87.1 -81.4 -83.1 -43.3 -105.2 -93.9 -47.7 9

10 Other loans and advances 68.5 26.1 79.6 8.9 20.1 10.3 -24.1 17.7 -26.4 74.0 -18.8 10

11 Mortgages 467.5 561.2 559.2 686.4 840.1 1007.8 1006.3 1102.9 1026.1 895.8 1096.3 11

12 Home 366.6 421.4 415.0 522.1 688.6 818.0 854.2 908.4 823.6 685.7 904.7 12

13 Multifamily residential 23.1 35.4 30.1 44.6 41.2 54.0 33.4 52.9 50.8 78.9 20.9 13

14 Commercial 71.3 98.7 107.5 112.2 101.8 128.4 110.0 133.1 146.3 124.1 163.8 14

15 Farm 6.5 5.8 6.5 7.5 8.4 7.4 8.7 8.5 5.4 7.1 7.1 15

16 Consumer credit 96.8 112.1 165.2 137.7 81.4 94.8 83.4 120.6 118.9 56.6 123.4 16

17 Nonfederal, by sector 1086.4 1095.8 1140.1 1134.1 1082.0 1289.3 1263.4 1608.1 1226.6 1059.1 1461.3 17

18 Household sector 436.2 489.9 563.7 634.3 740.3 869.5 908.8 1005.2 903.9 659.9 1008.2 18

19 Nonfinancial business 582.5 567.3 560.9 394.0 197.8 302.2 272.8 422.0 231.1 282.9 303.3 19

20 Corporate 392.4 372.5 357.2 227.3 40.9 155.7 166.0 278.7 72.1 105.9 187.6 20

21 Nonfarm noncorporate 179.9 190.2 192.9 156.4 148.3 139.5 104.5 134.2 148.5 170.7 115.5 21

22 Farm 10.1 4.6 10.9 10.3 8.6 7.1 2.3 9.0 10.6 6.3 0.3 22

23 State and local governments 67.7 38.5 15.5 105.8 143.9 117.6 81.9 180.9 91.6 116.2 149.7 23

24 Foreign borrowing in U.S. 31.2 13.0 57.0 -49.7 5.9 -14.9 19.3 -63.5 -61.6 46.3 68.4 24

25 Commercial paper 7.8 16.3 31.7 -14.2 36.1 22.3 52.0 72.9 -56.0 20.2 100.1 25

26 Bonds 22.8 1.9 15.2 -24.5 -33.5 -27.2 -28.9 -102.2 -5.5 27.9 -22.5 26

27 Bank loans n.e.c. 6.6 0.5 11.4 -7.3 5.3 -7.7 -4.0 -31.4 5.3 -0.7 -8.0 27

28 Other loans and advances -6.0 -5.7 -1.3 -3.8 -2.1 -2.2 0.2 -2.7 -5.3 -1.1 -1.1 28

29 Domestic and foreign 1065.0 1037.5 901.2 1078.8 1345.3 1670.5 1447.0 2293.6 1482.6 1458.7 1995.7 29

F.3 Credit Market Borrowing by Financial Sectors

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 By instrument 1063.1 1052.8 802.8 895.7 847.3 968.4 1078.9 775.2 1048.7 970.9 805.7 1

 2 Open market paper 161.0 176.2 131.7 -45.3 -63.5 -63.8 1.3 -67.5 -30.4 -158.6 187.4 2

 3 GSE issues 278.3 318.2 234.1 290.8 225.9 233.2 195.4 199.9 437.5 99.8 36.1 3

 4 Agency- and GSE-backed mortgage pool sec. 192.6 273.8 199.4 338.5 328.1 329.8 283.5 246.0 333.1 456.6 95.1 4

 5 Corporate bonds 287.7 186.8 189.3 262.4 333.1 446.3 529.2 379.8 316.2 559.9 329.9 5

 6 Bank loans n.e.c. 28.5 -14.4 -0.4 13.1 1.1 -5.3 -35.3 15.4 13.4 -14.7 31.5 6

 7 Other loans and advances 90.2 107.1 42.5 34.9 16.6 24.7 108.4 -1.7 -28.9 20.9 109.0 7

 8 Mortgages 24.8 5.1 6.2 1.3 5.9 3.6 -3.5 3.3 7.8 6.9 16.7 8

 9 By sector 1063.1 1052.8 802.8 895.7 847.3 968.4 1078.9 775.2 1048.7 970.9 805.7 9

10 Commercial banking 72.9 67.2 60.0 52.9 49.9 49.3 78.6 30.5 1.8 86.3 186.0 10

11 U.S.-chartered commercial banks 52.8 41.8 36.8 30.2 30.0 13.9 13.3 31.3 -7.0 18.1 82.5 11

12 Foreign banking offices in U.S. -4.8 -0.4 -0.0 -0.9 -0.4 -0.1 -0.3 -0.2 -0.0 0.3 -0.0 12

13 Bank holding companies 24.9 25.8 23.2 23.6 20.3 35.4 65.7 -0.6 8.7 67.8 103.5 13

14 Savings institutions 52.2 48.0 27.3 7.4 -13.7 -0.6 48.8 -25.6 -28.4 2.9 28.0 14

15 Credit unions 0.6 2.2 0.0 1.5 2.0 2.2 2.8 1.6 3.3 1.0 -2.7 15

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

17 Government-sponsored enterprises 278.3 318.2 234.1 290.8 225.9 233.2 195.4 199.9 437.5 99.8 36.1 17

18 Agency- and GSE-backed mortgage pools 192.6 273.8 199.4 338.5 328.1 329.8 283.5 246.0 333.1 456.6 95.1 18

19 ABS issuers 298.9 191.5 183.0 254.0 193.5 205.2 273.6 227.9 169.9 149.5 135.2 19

20 Finance companies 57.1 70.7 81.9 1.3 42.2 117.3 35.0 188.8 101.6 143.8 133.7 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 62.7 6.3 2.7 2.5 19.8 23.8 17.5 12.9 36.4 28.2 54.2 22

23 Brokers and dealers 7.2 -17.2 15.6 1.4 -1.7 6.4 38.4 -16.2 9.9 -6.6 51.9 23

24 Funding corporations 40.0 91.5 -0.4 -55.2 -0.6 -0.9 101.0 -92.0 -19.5 6.9 87.9 24
Z.1, June 10, 2004 11

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

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1998 1999 2000 2001 2002 2003 2003 2004

 Q1 Q2 Q3 Q4 Q1

 1 Total 2128.1 2090.3 1704.0 1974.5 2192.6 2638.9 2526.0 3068.8 2531.3 2429.6 2801.5 1

 2 Open market paper 193.1 229.9 211.6 -147.8 -91.5 -81.6 44.1 -76.0 -81.6 -212.7 322.0 2

 3 Treasury securities -54.6 -71.0 -294.9 -5.0 257.0 398.4 165.8 748.5 317.5 362.0 465.0 3

 4 Agency- and GSE-backed securities 472.9 591.7 432.5 628.8 554.5 560.6 477.3 446.4 770.7 547.8 132.3 4

 5 Municipal securities 84.2 54.4 23.6 122.9 159.4 135.4 103.5 194.7 112.3 131.2 170.1 5

 6 Corporate and foreign bonds 545.7 410.4 367.0 586.4 431.9 581.5 687.0 574.5 406.8 657.5 410.8 6

 7 Bank loans n.e.c. 145.0 69.0 112.8 -76.2 -80.6 -94.4 -122.4 -59.3 -86.5 -109.3 -24.2 7

 8 Other loans and advances 152.7 127.5 120.8 40.0 34.6 32.7 84.6 13.2 -60.6 93.8 89.1 8

 9 Mortgages 492.3 566.3 565.4 687.7 846.0 1011.4 1002.8 1106.2 1033.8 902.8 1113.0 9

10 Consumer credit 96.8 112.1 165.2 137.7 81.4 94.8 83.4 120.6 118.9 56.6 123.4 10

 Memo:

 Funds raised through corporate equities and mutual fund shares

11 Total net issues 166.2 192.7 244.7 300.2 229.5 384.7 287.5 437.2 422.9 391.1 480.9 11

12 Corporate equities -113.3 1.5 5.3 99.0 47.1 96.6 112.1 107.6 127.9 38.8 64.1 12

13 Nonfinancial -215.5 -110.4 -118.2 -47.4 -41.6 -57.3 -67.0 -50.2 -44.9 -67.0 -104.0 13

 Foreign shares purchased by

14 U.S. residents 101.4 114.3 106.7 109.1 17.7 91.3 137.5 67.6 120.0 40.2 78.2 14

15 Financial 0.9 -2.4 16.8 37.3 71.0 62.5 41.5 90.2 52.8 65.7 89.9 15

16 Mutual fund shares 279.5 191.2 239.4 201.2 182.4 288.1 175.5 329.6 295.0 352.2 416.9 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) 2128.1 2090.3 1704.0 1974.5 2192.6 2638.9 2526.0 3068.8 2531.3 2429.6 2801.5 1

 2 Official foreign exchange 6.6 -8.7 -0.4 4.3 9.9 1.1 4.9 0.6 7.1 -8.2 -2.3 2

 3 SDR certificates 0.0 -3.0 -4.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3

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

 5 Foreign deposits 6.5 61.1 134.2 30.7 23.9 -20.8 -16.9 159.7 -297.2 71.3 -251.2 5

 6 Net interbank transactions -31.8 15.0 15.1 -28.0 17.3 -4.4 12.6 -180.2 102.5 47.4 -166.8 6

 7 Checkable deposits and currency 47.3 151.2 -71.4 204.3 43.5 34.3 220.2 79.7 -110.9 -51.9 -42.3 7

 8 Small time and savings deposits 152.4 45.1 188.8 267.2 271.1 229.5 258.9 456.8 84.4 118.0 212.0 8

 9 Large time deposits 91.8 131.1 116.2 68.6 50.4 62.0 176.5 49.1 -22.0 44.6 320.8 9

10 Money market fund shares 287.2 249.1 233.3 428.6 -16.8 -207.8 -394.5 213.8 -223.1 -427.7 -298.9 10

11 Security RPs 91.3 169.8 113.2 22.3 105.0 322.3 39.6 526.2 126.2 597.1 563.6 11

12 Corporate equities -113.3 1.5 5.3 99.0 47.1 96.6 112.1 107.6 127.9 38.8 64.1 12

13 Mutual fund shares 279.5 191.2 239.4 201.2 182.4 288.1 175.5 329.6 295.0 352.2 416.9 13

14 Trade payables 115.5 262.5 402.3 -77.6 27.4 184.6 106.4 216.9 200.9 214.4 190.8 14

15 Security credit 103.2 104.4 146.1 3.1 -87.0 132.5 220.6 698.8 -108.4 -281.1 283.4 15

16 Life insurance reserves 48.0 50.8 50.2 77.2 60.1 53.7 73.8 56.9 44.7 39.4 66.9 16

17 Pension fund reserves 216.9 127.3 174.5 183.4 209.3 243.1 212.0 218.0 221.6 321.0 258.8 17

18 Taxes payable 14.7 22.9 25.9 14.5 28.9 28.5 73.6 35.0 18.8 -13.5 64.6 18

19 Investment in bank personal trusts -46.1 -8.1 56.6 -59.9 -2.4 -26.3 -26.6 -26.4 -26.4 -25.5 29.8 19

20 Noncorporate proprietors’ equity -78.8 -79.3 -9.6 -24.9 -55.6 -31.8 -42.5 -2.0 -38.1 -44.5 -34.6 20

21 Miscellaneous 969.0 1125.0 1404.0 628.0 457.9 833.3 930.0 445.4 1788.5 169.2 1947.8 21

22 Total financial sources 4288.5 4700.3 4926.1 4017.7 3565.9 4858.1 4662.5 6456.1 4722.9 3590.8 6425.8 22

 - Liabilities not identified as assets:

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

24 Foreign deposits -8.5 42.8 73.5 11.1 18.9 5.4 -10.8 244.2 -296.3 84.3 -241.6 24

25 Net interbank liabilities 3.8 0.1 20.4 17.2 7.1 -4.8 32.8 -31.2 39.2 -60.1 38.8 25

26 Security RPs 57.7 31.9 112.4 -58.8 9.2 201.8 204.7 334.3 6.5 261.7 86.7 26

27 Taxes payable 20.8 10.8 32.6 24.2 15.7 -7.8 8.2 16.7 -10.9 -45.1 33.1 27

28 Miscellaneous -198.8 -260.9 -417.2 -420.2 42.7 -231.3 -563.8 -271.5 517.4 -607.3 481.7 28

 - Floats not included in assets:

29 Checkable deposits: Federal govt. 2.6 -7.4 9.0 5.7 0.1 -107.5 70.5 -113.0 -171.4 -216.1 -182.7 29

30 Other -3.1 -0.8 1.7 4.5 7.3 10.0 8.9 9.7 10.4 11.0 11.7 30

31 Trade credit -32.2 -2.9 10.8 14.6 10.5 -16.1 12.1 -28.1 -20.2 -28.3 11.6 31

 Totals identified to sectors

32 as assets 4446.3 4887.5 5084.3 4419.5 3455.1 5008.8 4900.1 6294.5 4649.1 4191.4 6186.4 32
12 Z.1, June 10, 2004

F.6 Distribution of Gross Domestic Product (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1998 1999 2000 2001 2002 2003 2003 2004

 Q1 Q2 Q3 Q4 Q1

 1 Gross Domestic Product (GDP) 8747.0 9268.5 9817.0 10100.8 10480.9 10987.9 10735.9 10846.8 11106.9 11262.0 11459.6 1

 2 Personal consumption expenditures (2) 5879.5 6282.5 6739.4 7045.4 7385.3 7757.4 7600.7 7673.6 7836.3 7919.1 8053.1 2

 3 Durable goods 750.2 817.6 863.3 881.9 911.3 941.6 898.2 926.2 975.1 967.0 955.9 3

 4 Nondurable goods 1683.6 1804.8 1947.2 2013.6 2086.0 2209.7 2175.7 2170.8 2230.0 2262.2 2328.7 4

 5 Services 3445.7 3660.0 3928.8 4149.8 4388.0 4606.1 4526.8 4576.6 4631.2 4689.9 4768.5 5

 6 Gross private domestic investment 1509.1 1625.7 1735.4 1607.2 1589.3 1670.6 1605.2 1624.4 1689.0 1763.6 1818.6 6

 7 Fixed investment 1438.4 1558.8 1679.0 1643.4 1583.9 1673.0 1606.2 1630.1 1699.5 1756.1 1790.2 7

 8 Nonresidential 1052.5 1133.9 1232.1 1174.1 1080.2 1110.6 1071.8 1086.9 1124.4 1159.2 1178.6 8

 9 Household sector (nonprofit organizations) 58.3 58.7 63.1 66.2 65.3 68.2 66.6 67.5 68.7 70.1 70.5 9

10 Nonfinancial corporate business 706.9 797.3 878.6 843.3 767.4 783.0 756.3 767.3 792.3 816.1 829.3 10

11 Nonfarm noncorporate business 90.0 123.5 140.6 123.5 107.2 115.4 118.1 113.5 115.3 114.6 106.8 11

12 Farm business 19.9 15.9 18.4 18.9 20.1 21.9 21.1 21.4 22.2 22.8 23.2 12

13 Financial corporations 177.4 138.6 131.3 122.3 120.1 122.1 109.8 117.1 125.9 135.5 148.8 13

14 Residential 385.8 424.9 446.9 469.2 503.7 562.4 534.4 543.2 575.1 596.9 611.6 14

15 Household sector 329.9 359.8 377.3 401.6 429.8 481.0 458.0 464.7 491.7 509.6 519.3 15

16 Nonfinancial corporate business 2.8 3.3 3.5 3.7 3.8 4.2 4.0 4.0 4.3 4.4 4.5 16

17 Nonfarm noncorporate business 41.7 60.1 66.1 63.4 68.0 76.0 72.2 73.4 77.7 80.7 84.0 17

18 REITs 11.4 1.6 0.1 0.6 2.1 1.2 0.3 1.1 1.5 2.1 3.7 18

19 Change in private inventories 70.8 66.9 56.5 -36.1 5.4 -2.4 -1.0 -5.7 -10.5 7.5 28.4 19

20 Nonfinancial corporate business 65.9 66.1 54.9 -34.4 8.3 -0.1 -1.1 -2.9 -5.9 9.3 31.3 20

21 Nonfarm noncorporate business 3.5 3.5 2.9 -1.8 0.4 -0.0 -0.1 -0.2 -0.3 0.5 1.6 21

22 Farm business 1.4 -2.7 -1.3 0.1 -3.4 -2.3 0.2 -2.7 -4.3 -2.3 -4.5 22

23 Net U.S. exports of goods and services -160.0 -260.5 -379.5 -366.6 -426.3 -494.9 -487.5 -505.5 -490.5 -496.2 -528.5 23

24 Exports 955.9 991.3 1096.3 1035.1 1006.8 1048.9 1021.0 1020.2 1048.5 1105.8 1134.4 24

25 - Imports 1115.9 1251.8 1475.8 1401.7 1433.1 1543.8 1508.5 1525.7 1539.0 1602.0 1662.9 25

 Government consumption expenditures and

26 gross investment 1518.3 1620.8 1721.7 1814.7 1932.5 2054.9 2017.5 2054.3 2072.1 2075.5 2116.4 26

27 Consumption expenditures (3) 1256.0 1334.0 1417.1 1497.8 1595.4 1708.6 1681.7 1709.8 1718.6 1724.2 1757.9 27

28 Federal 454.6 475.1 499.3 531.7 590.8 663.0 635.9 668.9 672.3 674.7 696.5 28

29 State and local 801.4 858.9 917.8 966.1 1004.7 1045.6 1045.8 1040.9 1046.3 1049.5 1061.4 29

30 Gross investment (3) 262.4 286.8 304.6 317.0 337.1 346.3 335.8 344.5 353.5 351.3 358.5 30

31 Federal 75.8 80.8 79.5 81.2 88.7 94.3 87.1 95.8 97.3 96.8 105.9 31

32 State and local 186.5 206.1 225.1 235.8 248.4 252.0 248.7 248.7 256.2 254.5 252.6 32

 Memo:

33 Net U.S. income receipts from rest of the world 21.4 33.8 39.0 35.2 21.5 43.7 27.8 33.3 37.8 75.9 53.2 33

34 U.S. income receipts 287.1 320.8 382.7 319.0 299.1 317.3 296.8 299.5 312.1 360.7 348.0 34

35 - U.S. income payments 265.8 287.1 343.7 283.8 277.7 273.6 269.0 266.2 274.3 284.8 294.8 35

 Gross National Product (GNP) =

36 GDP + net U.S. income receipts 8768.3 9302.2 9855.9 10135.9 10502.3 11031.6 10763.7 10880.1 11144.7 11337.9 11512.8 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, June 10, 2004 13

F.7 Distribution of National Income (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1998 1999 2000 2001 2002 2003 2003 2004

 Q1 Q2 Q3 Q4 Q1

 1 National Income 7752.8 8236.8 8795.4 8981.3 9290.8 9707.7 9434.8 9585.0 9797.5 10013.4 10182.9 1

 2 Compensation of employees 5019.4 5357.2 5782.7 5940.5 6019.1 6203.0 6115.9 6164.8 6229.5 6301.7 6409.4 2

 3 Wages and other labor income 4713.1 5028.7 5439.2 5585.6 5655.0 5824.1 5739.6 5789.6 5849.6 5917.8 6011.8 3

 4 Employer social insurance contributions 307.0 323.4 343.5 354.9 364.1 378.8 374.9 376.6 379.9 383.9 396.1 4

 5 Wage accruals less disbursements -0.7 5.2 0.0 0.0 0.0 0.0 1.4 -1.4 0.0 0.0 1.5 5

 Proprietors’ income with inventory

 6 valuation and capital consumption adjustments 627.8 678.3 728.4 770.7 797.7 846.9 813.5 838.8 860.9 874.2 894.1 6

 7 Nonfarm 598.4 649.7 705.7 745.7 783.4 827.4 800.5 818.8 839.4 850.9 875.2 7

 8 Farm 29.4 28.6 22.7 25.0 14.3 19.5 13.0 20.0 21.5 23.3 18.9 8

 Rental income of persons (with capital

 9 consumption adjustment) 137.5 147.4 150.3 163.1 173.0 164.2 163.2 153.4 157.0 183.0 187.7 9

 Corporate profits with inventory

10 valuation and capital consumption adjustments 801.6 851.3 818.0 770.4 904.2 1070.0 927.1 1022.8 1124.3 1205.7 1220.0 10

 Corporate profits with inventory

11 valuation adjustment 738.5 776.8 759.4 705.9 742.8 843.8 780.8 793.6 864.2 936.5 886.4 11

12 Profits before tax 718.3 775.9 773.4 696.8 745.0 856.4 808.9 792.4 866.0 958.2 925.0 12

13 Domestic nonfinancial 449.1 456.7 422.0 307.8 334.4 420.3 396.2 381.1 431.3 472.6 440.1 13

14 Farm 0.3 1.3 1.9 1.8 2.1 2.2 2.2 2.3 2.3 2.3 2.3 14

15 Foreign subsidiaries 102.9 121.6 145.8 161.5 153.4 165.1 148.7 148.5 157.8 205.3 183.3 15

16 Financial 166.0 196.3 203.8 225.7 255.2 268.7 261.8 260.5 274.6 278.0 299.3 16

 Less:

17 Taxes on corporate income 248.3 258.6 265.2 201.2 195.1 224.9 213.9 211.4 230.6 243.7 244.8 17

18 Domestic nonfinancial 158.2 170.8 169.7 108.2 101.0 128.8 119.2 117.1 132.9 146.0 139.2 18

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

20 Financial 89.7 87.4 95.0 92.4 93.5 95.5 94.1 93.7 97.0 97.1 104.9 20

 Equals:

21 Profits after tax 470.0 517.3 508.3 495.6 550.0 631.5 595.0 581.0 635.4 714.5 680.2 21

22 Net dividends 351.6 337.4 378.0 373.2 398.3 431.0 420.3 427.5 434.3 441.8 449.8 22

23 Domestic nonfinancial 239.6 222.7 249.7 246.7 255.6 270.1 264.1 273.1 269.1 274.0 272.1 23

24 Farm 1.4 1.9 1.7 1.5 1.6 1.7 1.7 1.7 1.7 1.7 1.8 24

25 Foreign subsidiaries 42.5 41.7 29.5 35.3 39.3 46.9 44.6 39.1 51.6 52.1 62.7 25

26 Financial 68.2 71.0 97.1 89.8 101.8 112.4 109.9 113.6 111.9 114.0 113.2 26

27 Undistributed profits 118.3 179.9 130.3 122.4 151.7 200.5 174.7 153.5 201.1 272.7 230.4 27

28 Domestic nonfinancial 51.3 63.2 2.6 -47.1 -22.2 21.5 12.9 -9.1 29.3 52.7 28.7 28

29 Farm -1.6 -1.1 -0.2 -0.2 -0.1 -0.1 -0.1 -0.0 -0.1 -0.1 -0.1 29

30 Foreign subsidiaries 60.5 79.8 116.3 126.2 114.1 118.2 104.1 109.4 106.2 153.2 120.6 30

31 Financial 8.1 38.0 11.7 43.6 59.9 60.9 57.8 53.2 65.7 66.9 81.2 31

32 Inventory valuation adjustment 20.2 0.9 -14.1 9.1 -2.2 -12.6 -28.1 1.2 -1.8 -21.7 -38.6 32

33 Capital consumption adjustment 63.1 74.5 58.6 64.5 161.5 226.2 146.3 229.2 260.1 269.2 333.6 33

34 Domestic nonfinancial 67.6 77.5 65.3 75.4 156.0 205.4 138.1 208.6 233.9 241.1 296.6 34

35 Farm 1.1 1.1 1.3 1.5 1.5 1.6 1.6 1.5 1.6 1.7 1.6 35

36 Financial -5.6 -4.2 -8.0 -12.4 4.0 19.2 6.6 19.1 24.6 26.4 35.4 36

37 Net interest and miscellaneous payments 487.1 495.4 559.1 568.5 582.4 583.2 589.3 581.7 579.9 581.8 588.3 37

38 Taxes on production and imports 639.8 674.0 708.9 729.8 760.1 788.7 774.2 782.1 791.4 806.9 819.4 38

39 Less: Subsidies 35.4 44.2 44.3 55.3 38.2 48.3 44.8 56.9 46.3 45.1 42.3 39

40 Business current transfer payments (net) 64.8 67.4 87.1 92.5 89.9 95.2 90.2 92.5 97.1 101.1 102.9 40

41 Current surplus of government enterprises 10.4 10.1 5.4 1.2 2.8 5.0 6.2 5.8 3.7 4.1 3.4 41

 Memo:

 Calculation of Gross Domestic Product

 from National Income: (2)

42 National Income, from line 1 above 7752.8 8236.8 8795.4 8981.3 9290.8 9707.7 9434.8 9585.0 9797.5 10013.4 10182.9 42

 Plus:

43 Private consumption of fixed capital 851.2 914.3 990.8 1061.1 1077.8 1092.7 1090.4 1086.0 1089.9 1104.3 1114.8 43

44 Government consumption of fixed capital 179.0 187.0 197.0 205.9 210.8 218.2 215.3 217.4 219.2 221.0 223.4 44

45 Statistical discrepancy -14.7 -35.7 -127.2 -112.3 -77.0 13.0 23.2 -8.4 38.1 -0.8 -8.7 45

 Less:

46 Net U.S. income receipts from rest of the world 21.4 33.8 39.0 35.2 21.5 43.7 27.8 33.3 37.8 75.9 53.2 46

 Equals:

47 Gross Domestic Product 8747.0 9268.5 9817.0 10100.8 10480.9 10987.9 10735.9 10846.8 11106.9 11262.0 11459.6 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, June 10, 2004

F.8 Saving and Investment (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1998 1999 2000 2001 2002 2003 2003 2004

 Q1 Q2 Q3 Q4 Q1

 1 Gross saving 1598.8 1674.3 1770.6 1658.0 1539.3 1484.8 1388.5 1437.0 1486.0 1627.6 1632.1 1

 2 Net saving 568.6 573.1 582.8 391.1 250.7 173.9 82.8 133.6 176.9 302.3 293.9 2

 3 Net private saving 477.7 419.0 343.3 323.2 494.1 587.6 443.9 572.8 658.7 674.9 711.3 3

 4 Personal saving 276.8 158.6 168.4 127.2 183.2 173.5 151.0 188.9 199.3 154.7 185.9 4

 5 Undistributed corporate profits w/IVA & CCA 201.7 255.3 174.9 196.1 310.9 414.1 292.9 383.9 459.4 520.2 525.4 5

 6 Undistributed profits 118.3 179.9 130.3 122.4 151.7 200.5 174.7 153.5 201.1 272.7 230.4 6

 7 Inventory valuation adjustment 20.2 0.9 -14.1 9.1 -2.2 -12.6 -28.1 1.2 -1.8 -21.7 -38.6 7

 8 Capital consumption adjustment 63.1 74.5 58.6 64.5 161.5 226.2 146.3 229.2 260.1 269.2 333.6 8

 9 Wage accruals less disbursements -0.7 5.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

10 Net government saving 90.9 154.1 239.5 67.8 -243.4 -413.7 -361.1 -439.2 -481.8 -372.6 -417.4 10

11 Federal 39.0 103.6 189.5 50.5 -240.1 -413.1 -320.5 -424.6 -494.9 -412.3 -440.9 11

12 State and local 52.0 50.4 50.0 17.3 -3.3 -0.6 -40.6 -14.6 13.1 39.7 23.5 12

13 Consumption of fixed captal 1030.2 1101.2 1187.8 1266.9 1288.6 1310.9 1305.7 1303.4 1309.1 1325.3 1338.2 13

14 Private 851.2 914.3 990.8 1061.1 1077.8 1092.7 1090.4 1086.0 1089.9 1104.3 1114.8 14

15 Domestic business 718.3 769.8 836.1 893.6 902.6 908.1 908.0 902.8 905.1 916.6 924.9 15

16 Households and institutions 133.0 144.5 154.8 167.5 175.2 184.5 182.4 183.2 184.8 187.7 189.9 16

17 Government 179.0 187.0 197.0 205.9 210.8 218.2 215.3 217.4 219.2 221.0 223.4 17

18 Federal 82.8 84.8 87.2 88.3 89.1 90.9 90.0 90.5 91.3 91.8 92.9 18

19 State and local 96.2 102.1 109.8 117.6 121.8 127.3 125.3 126.9 127.9 129.2 130.5 19

 Gross domestic investment, capital account

20 transactions, and net lending, NIPAs 1584.1 1638.6 1643.4 1545.8 1462.3 1497.8 1411.7 1428.6 1524.1 1626.8 1623.4 20

21 Gross domestic investment 1771.5 1912.5 2040.0 1924.2 1926.4 2016.8 1941.0 1968.9 2042.5 2114.9 2177.1 21

22 Gross private domestic investment 1509.1 1625.7 1735.4 1607.2 1589.3 1670.6 1605.2 1624.4 1689.0 1763.6 1818.6 22

23 Fixed investment 1438.4 1558.8 1679.0 1643.4 1583.9 1673.0 1606.2 1630.1 1699.5 1756.1 1790.2 23

24 Nonresidential 1052.5 1133.9 1232.1 1174.1 1080.2 1110.6 1071.8 1086.9 1124.4 1159.2 1178.6 24

25 Residential 385.8 424.9 446.9 469.2 503.7 562.4 534.4 543.2 575.1 596.9 611.6 25

26 Change in private inventories 70.8 66.9 56.5 -36.1 5.4 -2.4 -1.0 -5.7 -10.5 7.5 28.4 26

27 Gross government investment 262.4 286.8 304.6 317.0 337.1 346.3 335.8 344.5 353.5 351.3 358.5 27

28 Capital account transactions (net) 0.8 4.9 0.8 1.1 1.3 1.5 1.6 1.3 3.2 0.0 1.7 28

29 Net lending or net borrowing (-), NIPAs -188.1 -278.8 -397.4 -379.5 -465.4 -520.6 -530.9 -541.6 -521.6 -488.1 -555.4 29

30 Statistical discrepancy (line 20 less line 1) -14.7 -35.7 -127.2 -112.3 -77.0 13.0 23.2 -8.4 38.1 -0.8 -8.7 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) 32.4 32.5 35.6 35.6 32.9 29.1 30.5 25.9 28.7 31.2 31.0 1

 2 Federal -3.6 -7.4 -8.1 -12.9 -18.7 -22.8 -13.8 -28.4 -29.6 -19.5 -19.2 2

 3 Estate and gift taxes paid by persons 25.2 28.8 28.1 27.9 25.6 22.1 23.5 18.7 21.7 24.6 24.2 3

 4 - Capital transfers paid to the rest of the world (net) 0.0 4.2 0.0 0.0 0.2 0.1 0.4 0.1 0.1 0.0 0.0 4

 5 - Federal investment grants to state and local govts. 28.8 31.9 36.2 40.8 44.1 44.7 36.9 46.9 51.2 43.7 43.4 5

 6 - Investment grants to business 0.0 0.0 0.0 0.0 0.0 0.1 0.0 0.0 0.0 0.4 0.0 6

 7 State and local 36.0 39.9 43.7 48.5 51.7 51.9 44.2 54.2 58.3 50.7 50.1 7

 8 Estate and gift taxes paid by persons 7.2 7.9 7.5 7.7 7.6 7.2 7.4 7.3 7.1 7.0 6.7 8

 9 + Federal investment grants to state and local govts. 28.8 31.9 36.2 40.8 44.1 44.7 36.9 46.9 51.2 43.7 43.4 9

10 Capital transfers received by rest of the world (net) 0.7 4.9 0.8 1.1 1.3 1.2 1.5 1.2 1.2 1.1 1.1 10

11 Capital transfers received from U.S. government (net) 0.0 4.2 0.0 0.0 0.2 0.1 0.4 0.1 0.1 0.0 0.0 11

12 - Migrants’ transfers received by persons (net) -0.7 -0.7 -0.8 -1.1 -1.1 -1.1 -1.1 -1.1 -1.1 -1.1 -1.1 12

 Memo:

 Acquisition of nonproduced nonfinancial assets (net)

13 Nonfinancial corporate business -1.9 -7.7 -8.5 -8.0 -8.8 -8.1 -5.8 -7.5 -10.0 -9.0 -8.0 13

14 State and local governments 7.6 8.6 8.8 8.6 8.6 8.6 8.6 8.6 8.6 8.6 8.6 14

15 Federal governments -5.7 -1.0 -0.3 -0.7 0.2 -0.3 -2.7 -1.0 3.4 -0.7 0.0 15

16 Rest of the world -0.0 0.0 0.0 0.1 0.0 -0.3 -0.1 -0.1 -2.0 1.1 -0.6 16

(1) This table is based on NIPA table 5.10 in the Survey of Current Business, Department of Commerce.
Z.1, June 10, 2004 15

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

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1998 1999 2000 2001 2002 2003 2003 2004

 Q1 Q2 Q3 Q4 Q1

 1 Net acquisition of financial assets 910.7 691.6 602.0 787.0 618.1 986.4 811.5 1449.7 951.5 733.0 995.9 1

 2 Foreign deposits 0.1 5.2 20.0 -5.0 10.7 -9.0 26.1 -23.5 -17.9 -20.7 -1.0 2

 3 Checkable deposits and currency 18.7 -36.1 -63.8 94.3 -4.3 -51.8 -135.8 -57.4 -148.2 134.3 58.9 3

 4 Time and savings deposits 175.6 127.2 308.7 258.6 291.4 319.1 401.6 390.1 242.7 242.0 627.6 4

 5 Money market fund shares 140.3 120.2 154.5 168.0 -40.6 -107.9 -200.5 170.6 -101.4 -300.5 -149.2 5

 6 Securities 118.0 107.8 -401.9 -145.5 -25.4 282.6 201.8 146.8 522.2 259.7 -215.5 6

 7 Open market paper 7.5 4.1 4.8 -30.8 5.8 -4.1 24.4 -30.0 6.1 -16.7 21.6 7

 8 U.S. savings bonds 0.1 -0.2 -1.7 5.6 4.5 8.9 9.5 10.5 10.2 5.5 3.9 8

 9 Other Treasury securities -32.1 28.7 -166.5 -81.5 -68.5 -4.5 -73.8 405.0 -128.1 -221.1 -55.1 9

10 Agency- and GSE-backed securities 41.2 108.3 78.8 -47.2 -143.0 255.0 -33.3 -162.1 672.9 542.4 -290.1 10

11 Municipal securities 5.8 23.5 10.2 52.3 102.9 55.5 23.2 36.9 55.1 106.6 94.9 11

12 Corporate and foreign bonds 91.1 -55.3 -22.4 -4.6 28.4 -142.6 -48.9 -282.4 -147.6 -91.7 -103.9 12

13 Corporate equities (2) -247.5 -81.9 -474.2 -231.9 -73.0 -195.6 104.8 -177.6 -272.1 -437.6 -330.4 13

14 Mutual fund shares 251.8 80.5 169.1 192.7 117.5 310.0 195.8 346.5 325.7 372.1 443.5 14

15 Life insurance reserves 48.0 50.8 50.2 77.2 60.1 53.7 73.8 56.9 44.7 39.4 66.9 15

16 Pension fund reserves 216.9 127.3 174.5 183.4 209.3 243.1 212.0 218.0 221.6 321.0 258.8 16

17 Investment in bank personal trusts -46.1 -8.1 56.6 -59.9 -2.4 -26.3 -26.6 -26.4 -26.4 -25.5 29.8 17

18 Miscellaneous and other assets 239.2 197.4 303.3 215.8 119.3 282.8 259.1 574.6 214.3 83.4 319.7 18

19 Gross investment in tangible assets 1231.7 1369.5 1463.0 1486.4 1533.9 1636.6 1572.1 1599.7 1678.5 1696.2 1690.8 19

20 Residential fixed investment 371.6 420.0 443.3 464.9 497.8 557.0 530.1 538.1 569.4 590.4 603.3 20

21 Other fixed assets (3) 168.2 198.1 222.1 208.6 192.6 205.5 205.8 202.4 206.2 207.6 200.5 21

22 Consumer durables 687.1 750.6 796.0 814.6 846.5 876.5 836.0 862.1 907.6 900.1 889.7 22

23 Inventories (3) 4.8 0.8 1.6 -1.7 -2.9 -2.3 0.1 -2.9 -4.6 -1.8 -2.9 23

24 Consumption of fixed capital 808.2 857.0 913.1 963.2 998.2 1008.3 997.8 1002.2 1010.5 1022.8 1033.3 24

25 Residential fixed investment 143.0 155.7 164.6 175.6 177.7 182.7 179.7 179.1 179.6 192.3 202.0 25

26 Other fixed assets (3) 139.0 147.8 158.5 166.4 174.4 180.6 181.4 182.1 183.7 175.5 168.9 26

27 Consumer durables 526.1 553.6 590.1 621.2 646.2 645.0 636.7 641.0 647.1 655.1 662.3 27

28 Net investment in tangible assets (4) 423.5 512.5 549.8 523.2 535.7 628.3 574.3 597.6 668.1 673.4 657.5 28

29 Residential fixed investment 228.5 264.3 278.7 289.3 320.1 374.3 350.4 359.0 389.7 398.1 401.3 29

30 Other fixed assets (3) 29.2 50.3 63.7 42.2 18.2 24.8 24.4 20.3 22.5 32.1 31.6 30

31 Consumer durables 161.0 197.0 205.9 193.5 200.3 231.5 199.3 221.1 260.5 245.0 227.4 31

32 Inventories (3) 4.8 0.8 1.6 -1.7 -2.9 -2.3 0.1 -2.9 -4.6 -1.8 -2.9 32

33 Net increase in liabilities 783.1 884.1 923.8 817.6 907.4 1153.9 1176.4 1601.4 1087.0 750.8 1292.9 33

34 Mortgage debt on nonfarm homes 365.2 419.3 413.0 520.0 687.9 816.2 852.7 906.5 822.1 683.5 901.1 34

35 Other mortgage debt (3) 105.6 101.2 114.9 107.4 102.0 117.8 87.3 109.8 121.8 152.1 102.4 35

36 Consumer credit 96.8 112.1 165.2 137.7 81.4 94.8 83.4 120.6 118.9 56.6 123.4 36

37 Policy loans 0.1 -5.1 2.8 2.2 1.1 -0.4 -1.7 1.3 -1.8 0.4 0.9 37

38 Security credit 21.6 75.2 7.2 -38.8 -48.2 34.3 45.3 355.7 -83.4 -180.4 66.3 38

39 Other liabilities (3) 193.8 181.4 220.6 89.1 83.3 91.2 109.3 107.5 109.5 38.7 98.8 39

40 Net capital transfers (5) -33.1 -37.4 -36.5 -36.7 -34.2 -30.4 -32.0 -27.1 -29.9 -32.8 -32.1 40

41 Personal saving, with consumer durables (FOF) 584.3 357.4 264.5 529.3 280.6 491.3 241.4 472.9 562.5 688.4 392.6 41

42 Less net investment in consumer durables 161.0 197.0 205.9 193.5 200.3 231.5 199.3 221.1 260.5 245.0 227.4 42

43 = Personal saving, without consumer durables (FOF) (6) 423.3 160.3 58.6 335.8 80.3 259.8 42.1 251.8 302.0 443.4 165.2 43

44 Personal saving (NIPA, excludes consumer durables) 276.8 158.6 168.4 127.2 183.2 173.5 151.0 188.9 199.3 154.7 185.9 44

45 Difference 146.5 1.7 -109.8 208.6 -102.9 86.3 -108.9 62.9 102.7 288.7 -20.7 45

 Memo:

46 Disposable personal income 6395.9 6694.9 7194.0 7469.4 7857.2 8216.5 8039.3 8145.7 8317.8 8363.3 8527.1 46

 Personal saving as a percentage of disposable personal income:

47 With consumer durables (FOF) (line 39) 9.1 5.3 3.7 7.1 3.6 6.0 3.0 5.8 6.8 8.2 4.6 47

48 Without consumer durables (FOF) (line 41) 6.6 2.4 0.8 4.5 1.0 3.2 0.5 3.1 3.6 5.3 1.9 48

49 Without consumer durables (NIPA) (line 42) 4.3 2.4 2.3 1.7 2.3 2.1 1.9 2.3 2.4 1.8 2.2 49

50 Difference (line 43) 2.3 0.0 -1.5 2.8 -1.3 1.1 -1.4 0.8 1.2 3.5 -0.2 50

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

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

(3) Includes corporate farms.

(4) Line 19 less line 24.

(5) Table F.9, line 12 less lines 3 and 8.

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

 (line 28 less line 42) less net increase in liabilities (line 33) less net capital transfers (line 40). Line 44 is disposable personal income (line 46) less personal outlays (table F.100, line 4).
16 Z.1, June 10, 2004

F.100 Households and Nonprofit Organizations (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1998 1999 2000 2001 2002 2003 2003 2004

 Q1 Q2 Q3 Q4 Q1

 1 Personal income 7423.0 7802.4 8429.7 8713.1 8910.3 9208.0 9048.7 9145.9 9256.3 9381.0 9518.3 1

 2 - Personal current taxes 1027.0 1107.5 1235.7 1243.7 1053.1 991.5 1009.4 1000.2 938.5 1017.7 991.2 2

 3 = Disposable personal income 6395.9 6694.9 7194.0 7469.4 7857.2 8216.5 8039.3 8145.7 8317.8 8363.3 8527.1 3

 4 - Personal outlays 6119.2 6536.4 7025.6 7342.2 7674.0 8043.1 7888.3 7956.8 8118.5 8208.6 8341.2 4

 5 = Personal saving, NIPA (2) 276.8 158.6 168.4 127.2 183.2 173.5 151.0 188.9 199.3 154.7 185.9 5

 6 + Government insurance and pension reserves (3) 4.4 3.8 1.8 3.3 -1.7 -0.6 -5.7 -1.4 -0.7 5.3 -2.2 6

 7 + Net investment in consumer durables 161.0 197.0 205.9 193.5 200.3 231.5 199.3 221.1 260.5 245.0 227.4 7

 8 + Consumption of fixed capital 659.4 695.1 741.8 785.1 817.3 824.6 814.5 819.4 827.0 837.6 846.8 8

 9 + Net capital transfers (4) -33.1 -37.4 -36.5 -36.7 -34.2 -30.4 -32.0 -27.1 -29.9 -32.8 -32.1 9

10 = Gross saving and net capital transfers 1068.5 1017.1 1081.4 1072.3 1164.8 1198.5 1127.1 1200.9 1256.2 1209.9 1225.9 10

11 Gross investment 1211.1 1015.1 968.8 1276.4 1062.2 1284.0 1022.5 1263.7 1358.1 1491.6 1205.8 11

12 Capital expenditures 1075.3 1169.2 1236.3 1282.4 1341.5 1425.7 1360.6 1394.3 1468.0 1479.8 1479.6 12

13 Residential 329.9 359.8 377.3 401.6 429.8 481.0 458.0 464.7 491.7 509.6 519.3 13

14 Consumer durable goods 687.1 750.6 796.0 814.6 846.5 876.5 836.0 862.1 907.6 900.1 889.7 14

15 Nonprofit nonresidential 58.3 58.7 63.1 66.2 65.3 68.2 66.6 67.5 68.7 70.1 70.5 15

16 Net financial investment 135.8 -154.1 -267.6 -6.0 -279.3 -141.7 -338.1 -130.6 -109.9 11.8 -273.8 16

17 Net acquisition of financial assets 600.9 417.2 307.3 593.1 420.7 770.9 626.3 1239.3 718.8 499.1 810.3 17

18 Foreign deposits 0.1 5.2 20.0 -5.0 10.7 -9.0 26.1 -23.5 -17.9 -20.7 -1.0 18

19 Checkable deposits and currency -15.7 -75.4 -120.4 93.2 -17.5 -62.7 -144.7 -71.3 -161.0 126.1 57.1 19

20 Time and savings deposits 162.9 108.2 288.6 251.5 289.2 317.4 405.8 386.1 241.8 235.7 631.2 20

21 Money market fund shares 130.6 112.1 145.8 158.4 -42.9 -99.7 -195.0 175.8 -89.0 -290.6 -133.7 21

22 Credit market instruments 105.5 118.3 -88.3 -101.9 -61.7 176.9 -87.9 -14.3 477.3 332.6 -320.0 22

23 Open market paper 7.5 4.1 4.8 -30.8 5.8 -4.1 24.4 -30.0 6.1 -16.7 21.6 23

24 Treasury securities -37.7 29.4 -171.2 -78.6 -66.3 2.1 -64.0 410.7 -120.0 -218.3 -53.6 24

25 Savings bonds 0.1 -0.2 -1.7 5.6 4.5 8.9 9.5 10.5 10.2 5.5 3.9 25

26 Other -37.8 29.5 -169.5 -84.1 -70.8 -6.8 -73.6 400.2 -130.2 -223.8 -57.6 26

27 Agency- and GSE-backed securities 41.2 108.3 78.8 -47.2 -143.0 255.0 -33.3 -162.1 672.9 542.4 -290.1 27

28 Municipal securities 6.1 23.6 10.4 51.2 102.7 55.2 23.0 36.6 54.9 106.4 94.7 28

29 Corporate and foreign bonds 91.1 -55.3 -22.4 -4.6 28.4 -142.6 -48.9 -282.4 -147.6 -91.7 -103.9 29

30 Mortgages -2.8 8.2 11.2 8.0 10.7 11.3 10.9 12.9 11.0 10.4 11.4 30

31 Corporate equities (5) -247.5 -81.9 -474.2 -231.9 -73.0 -195.6 104.8 -177.6 -272.1 -437.6 -330.4 31

32 Mutual fund shares 251.8 80.5 169.1 192.7 117.5 310.0 195.8 346.5 325.7 372.1 443.5 32

33 Security credit 61.2 47.2 88.6 41.9 -41.6 62.7 67.8 342.0 -46.8 -112.3 127.2 33

34 Life insurance reserves 48.0 50.8 50.2 77.2 60.1 53.7 73.8 56.9 44.7 39.4 66.9 34

35 Pension fund reserves 216.9 127.3 174.5 183.4 209.3 243.1 212.0 218.0 221.6 321.0 258.8 35

36 Investment in bank personal trusts -46.1 -8.1 56.6 -59.9 -2.4 -26.3 -26.6 -26.4 -26.4 -25.5 29.8 36

37 Equity in noncorporate business -78.8 -79.3 -9.6 -24.9 -55.6 -31.8 -42.5 -2.0 -38.1 -44.5 -34.6 37

38 Miscellaneous assets 12.1 12.4 6.5 18.5 28.7 32.1 37.0 29.1 58.9 3.5 15.3 38

39 Net increase in liabilities 465.2 571.3 574.9 599.1 700.0 912.6 964.4 1369.9 828.7 487.3 1084.1 39

40 Credit market instruments 436.2 489.9 563.7 634.3 740.3 869.5 908.8 1005.2 903.9 659.9 1008.2 40

41 Home mortgages (6) 311.5 373.1 373.5 477.2 638.4 756.1 795.8 838.8 764.3 625.6 840.2 41

42 Consumer credit 96.8 112.1 165.2 137.7 81.4 94.8 83.4 120.6 118.9 56.6 123.4 42

43 Municipal securities 12.0 10.4 5.8 13.8 12.9 14.7 19.3 11.0 17.9 10.4 15.9 43

44 Bank loans n.e.c. 7.7 -6.9 6.8 -16.5 -3.1 -6.3 1.6 33.0 -10.5 -49.3 8.3 44

45 Other loans and advances -0.3 -5.4 2.0 0.6 0.1 -1.2 -2.5 0.5 -2.6 -0.2 0.2 45

46 Commercial mortgages 8.6 6.6 10.4 21.5 10.5 11.3 11.2 1.3 15.9 17.0 20.2 46

47 Security credit 21.6 75.2 7.2 -38.8 -48.2 34.3 45.3 355.7 -83.4 -180.4 66.3 47

48 Trade payables 8.7 4.1 3.8 4.0 7.0 7.9 7.5 7.8 8.0 8.3 8.6 48

 Deferred and unpaid

49 life insurance premiums -1.4 2.1 0.1 -0.4 0.9 0.9 2.8 1.2 0.1 -0.5 0.9 49

50 Discrepancy -142.6 2.1 112.6 -204.1 102.6 -85.5 104.7 -62.7 -102.0 -281.8 20.0 50

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

(2) See table F.10 for derivation of alternative measures of personal saving.

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

(4) Table F.9, line 12 less lines 3 and 8.

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

(6) Includes loans made under home equity lines of credit and home equity loans secured by junior liens, shown on table F.218, line 24.
Z.1, June 10, 2004 17

F.101 Nonfinancial Business (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1998 1999 2000 2001 2002 2003 2003 2004

 Q1 Q2 Q3 Q4 Q1

 1 Income before taxes 1137.2 1195.9 1211.9 1142.4 1198.1 1329.8 1272.0 1278.5 1352.2 1416.7 1405.8 1

 2 Gross saving and net capital transfers 839.3 905.2 908.3 951.4 1044.0 1139.0 1032.7 1111.7 1171.8 1239.9 1228.4 2

 3 Gross investment 876.0 1003.1 1072.8 1066.3 967.4 1159.2 1049.9 1141.2 1199.7 1245.9 1257.5 3

 4 Capital expenditures 930.2 1059.3 1155.2 1008.6 963.1 989.9 964.8 966.4 991.2 1037.2 1068.2 4

 5 Fixed investment 861.4 1000.1 1107.2 1052.7 966.6 1000.4 971.6 979.7 1011.7 1038.7 1047.8 5

 6 Residential 44.5 63.4 69.6 67.1 71.8 80.1 76.1 77.4 81.9 85.1 88.6 6

 7 Nonresidential 816.8 936.7 1037.6 985.6 894.8 920.3 895.5 902.3 929.8 953.6 959.3 7

 8 Change in inventories 70.8 66.9 56.5 -36.1 5.4 -2.4 -1.0 -5.7 -10.5 7.5 28.4 8

 9 Nonproduced nonfinancial assets -1.9 -7.7 -8.5 -8.0 -8.8 -8.1 -5.8 -7.5 -10.0 -9.0 -8.0 9

10 Net financial investment -54.2 -56.1 -82.4 57.8 4.3 169.2 85.1 174.7 208.5 208.7 189.2 10

11 Net acquisition of financial assets 791.0 1154.8 1455.2 335.5 267.2 709.3 593.9 792.7 728.2 722.6 758.5 11

12 Foreign deposits 7.4 0.9 -7.4 -8.5 4.4 22.8 20.1 -11.3 41.9 40.5 -4.8 12

13 Checkable deposits and currency 57.5 95.3 107.1 -48.4 22.7 134.9 109.4 221.0 193.9 15.1 -26.5 13

14 Time and savings deposits 6.0 43.3 20.5 0.9 -1.4 15.2 34.2 37.8 -43.0 32.0 -10.8 14

15 Money market fund shares 48.3 36.6 45.2 120.1 29.2 -61.0 -43.9 -67.3 -116.6 -16.0 -35.8 15

16 Security RPs -0.4 1.6 -1.6 -0.2 2.2 -0.5 -1.5 2.6 4.0 -7.0 3.2 16

17 Credit market instruments -1.3 -21.4 26.4 9.7 27.0 15.3 35.3 53.7 17.2 -44.9 21.6 17

18 Commercial paper 3.3 8.2 10.2 2.4 4.5 15.2 6.2 33.4 28.8 -7.4 18.4 18

19 Treasury securities 2.5 -5.0 1.7 1.1 17.1 4.7 16.5 9.6 -1.2 -6.1 -8.0 19

20 Agency- and GSE-backed securities 2.6 1.8 3.0 1.7 -1.2 -3.5 0.0 -9.5 -1.2 -3.3 -8.1 20

21 Municipal securities -2.0 -0.9 6.7 -1.5 3.5 6.5 -2.8 -2.0 15.4 15.2 -13.4 21

22 Mortgages -5.1 -28.0 0.9 6.4 3.2 0.8 1.7 1.1 0.5 -0.1 -0.6 22

23 Consumer credit -2.7 2.5 4.0 -0.4 -0.1 -8.4 13.7 21.1 -25.1 -43.3 33.2 23

24 Mutual fund shares 6.7 7.4 12.0 2.0 10.5 -4.6 -4.6 -4.6 -4.6 -4.6 -4.6 24

25 Trade receivables 113.2 242.9 352.6 -127.6 -11.6 178.8 67.9 207.3 211.0 228.9 166.8 25

26 Miscellaneous assets 553.7 748.2 900.4 387.5 184.2 408.3 377.0 353.5 424.3 478.6 649.5 26

27 Net increase in liabilities 845.2 1210.9 1537.7 277.7 263.0 540.1 508.8 617.9 519.7 513.9 569.2 27

28 Credit market instruments 582.5 567.3 560.9 394.0 197.8 302.2 272.8 422.0 231.1 282.9 303.3 28

29 Commercial paper 24.4 37.4 48.1 -88.3 -64.2 -40.0 -9.3 -81.4 4.8 -74.3 34.4 29

30 Municipal securities 5.8 5.1 1.4 3.5 3.1 3.3 2.7 3.0 3.1 4.6 4.7 30

31 Corporate bonds 235.2 221.7 162.6 348.5 132.3 162.4 186.8 297.0 96.1 69.7 103.4 31

32 Bank loans n.e.c. 102.1 89.8 95.0 -65.5 -84.0 -75.0 -84.6 -76.3 -94.7 -44.5 -56.0 32

33 Other loans and advances 67.6 31.8 78.7 8.1 19.5 11.3 -22.0 16.9 -24.0 74.1 -19.1 33

34 Mortgages 147.4 181.6 175.2 187.7 191.1 240.3 199.2 262.8 245.9 253.3 236.0 34

35 Corporate equities -215.5 -110.4 -118.2 -47.4 -41.6 -57.3 -67.0 -50.2 -44.9 -67.0 -104.0 35

36 Trade payables 89.1 213.6 360.8 -111.3 6.1 149.5 75.9 158.2 181.3 182.7 148.4 36

37 Taxes payable 9.0 15.9 18.6 7.1 20.0 17.3 62.4 23.0 6.8 -23.0 50.1 37

38 Miscellaneous liabilities 468.9 613.9 764.2 71.3 132.1 180.5 207.0 105.3 198.1 211.5 202.7 38

39 Proprietors’ net investment -88.7 -89.5 -48.6 -36.1 -51.5 -52.1 -42.2 -40.3 -52.7 -73.3 -31.2 39

40 Discrepancy -36.8 -97.9 -164.5 -115.0 76.6 -20.2 -17.3 -29.4 -28.0 -6.0 -29.0 40

(1) Combined statement for nonfarm nonfinancial corporate business, nonfarm noncorporate business, and farm business.
18 Z.1, June 10, 2004

F.102 Nonfarm Nonfinancial Corporate Business

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1998 1999 2000 2001 2002 2003 2003 2004

 Q1 Q2 Q3 Q4 Q1

 1 Profits before tax (book) 449.1 456.7 422.0 307.8 334.4 420.3 396.2 381.1 431.3 472.6 440.1 1

 2 - Taxes on corporate income 158.2 170.8 169.7 108.2 101.0 128.8 119.2 117.1 132.9 146.0 139.2 2

 3 - Net dividends 239.6 222.7 249.7 246.7 255.6 270.1 264.1 273.1 269.1 274.0 272.1 3

 4 + Capital consumption allowance (1) 559.0 599.3 631.1 683.8 772.1 826.6 759.0 825.9 853.2 868.4 929.7 4

 5 = U.S. internal funds, book 610.3 662.6 633.7 636.7 749.9 848.1 771.9 816.8 882.5 921.2 958.4 5

 6 + Foreign earnings retained abroad 60.5 79.8 116.3 126.2 114.1 118.2 104.1 109.4 106.2 153.2 120.6 6

 7 + Inventory valuation adjustment (IVA) 20.2 0.9 -14.1 9.1 -2.2 -12.6 -28.1 1.2 -1.8 -21.7 -38.6 7

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

 9 = Total internal funds + IVA 691.0 743.3 735.9 772.0 861.7 953.8 847.9 927.4 986.9 1053.1 1040.4 9

10 Gross investment 727.7 841.2 900.4 887.0 785.1 974.0 865.1 956.9 1014.8 1059.1 1069.5 10

11 Capital expenditures 773.8 858.9 928.5 804.6 770.7 779.0 753.3 761.0 780.8 820.9 857.1 11

12 Fixed investment (3) 709.7 800.5 882.1 847.0 771.2 787.2 760.2 771.4 796.6 820.6 833.8 12

13 Inventory change + IVA 65.9 66.1 54.9 -34.4 8.3 -0.1 -1.1 -2.9 -5.9 9.3 31.3 13

14 Nonproduced nonfinancial assets -1.9 -7.7 -8.5 -8.0 -8.8 -8.1 -5.8 -7.5 -10.0 -9.0 -8.0 14

15 Net financial investment -46.1 -17.7 -28.2 82.4 14.4 195.0 111.8 195.9 234.1 238.2 212.4 15

16 Net acquisition of financial assets 569.9 969.9 1209.2 177.6 121.3 545.9 450.9 622.7 548.2 561.9 604.0 16

17 Foreign deposits 7.4 0.9 -7.4 -8.5 4.4 22.8 20.1 -11.3 41.9 40.5 -4.8 17

18 Checkable deposits and currency 23.0 56.0 50.5 -49.5 9.5 123.9 100.5 207.1 181.2 6.9 -28.3 18

19 Time and savings deposits -6.8 24.3 0.5 -6.2 -3.6 13.5 38.4 33.8 -43.9 25.8 -7.2 19

20 Money market fund shares 38.6 28.4 36.5 110.5 26.9 -52.7 -38.5 -62.2 -104.1 -6.1 -20.3 20

21 Security RPs -0.4 1.6 -1.6 -0.2 2.2 -0.5 -1.5 2.6 4.0 -7.0 3.2 21

22 Commercial paper 3.3 8.2 10.2 2.4 4.5 15.2 6.2 33.4 28.8 -7.4 18.4 22

23 Treasury securities -3.2 -4.2 -1.3 -1.6 14.8 2.3 16.7 4.8 -3.3 -8.9 -10.5 23

24 Agency- and GSE-backed securities 2.6 1.8 3.0 1.7 -1.2 -3.5 0.0 -9.5 -1.2 -3.3 -8.1 24

25 Municipal securities -1.6 -0.7 6.9 -2.6 3.3 6.3 -3.0 -2.2 15.2 15.0 -13.6 25

26 Mortgages -13.0 -26.0 2.3 3.1 2.0 2.0 2.0 2.0 2.0 2.0 2.0 26

27 Consumer credit -2.7 2.5 4.0 -0.4 -0.1 -8.4 13.7 21.1 -25.1 -43.3 33.2 27

28 Trade receivables 85.0 203.4 283.0 -129.4 -34.4 128.4 31.3 158.5 145.2 178.5 107.2 28

29 Mutual fund shares 6.7 7.4 12.0 2.0 10.5 -4.6 -4.6 -4.6 -4.6 -4.6 -4.6 29

30 Miscellaneous assets 431.0 666.3 810.6 256.4 82.5 301.2 269.6 249.1 312.1 373.8 537.4 30

31 U.S. direct investment abroad (4) 129.2 194.4 128.4 97.0 117.0 134.8 110.4 103.2 145.9 179.9 199.4 31

32 Insurance receivables 1.7 1.0 -0.3 10.3 17.4 17.9 24.2 17.6 28.8 1.2 9.4 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. -6.4 26.8 7.4 -1.7 -5.5 5.8 -2.1 17.7 -0.5 8.0 8.4 34

35 Other 306.5 444.1 675.2 150.7 -46.4 142.6 137.1 110.7 137.9 184.7 320.1 35

36 Net increase in liabilities 616.0 987.6 1237.4 95.2 107.0 350.9 339.1 426.8 314.1 323.7 391.6 36

37 Net funds raised in markets 176.9 262.1 239.0 179.8 -0.7 98.4 99.0 228.5 27.2 38.9 83.6 37

38 Net new equity issues -215.5 -110.4 -118.2 -47.4 -41.6 -57.3 -67.0 -50.2 -44.9 -67.0 -104.0 38

39 Credit market instruments 392.4 372.5 357.2 227.3 40.9 155.7 166.0 278.7 72.1 105.9 187.6 39

40 Commercial paper 24.4 37.4 48.1 -88.3 -64.2 -40.0 -9.3 -81.4 4.8 -74.3 34.4 40

41 Municipal securities (5) 5.8 5.1 1.4 3.5 3.1 3.3 2.7 3.0 3.1 4.6 4.7 41

42 Corporate bonds (4) 235.2 221.7 162.6 348.5 132.3 162.4 186.8 297.0 96.1 69.7 103.4 42

43 Bank loans n.e.c. 76.2 44.1 48.0 -103.3 -96.5 -49.4 -60.3 -41.1 -71.7 -24.4 -33.1 43

44 Other loans and advances 54.3 23.4 65.9 7.8 16.0 5.5 -20.1 14.7 -42.4 70.0 -14.7 44

45 Savings institutions 2.7 3.2 4.3 1.8 1.7 5.0 2.3 1.6 18.5 -2.2 -13.4 45

46 Finance companies 33.1 48.8 57.0 -10.3 7.5 2.0 -12.9 -4.1 -1.3 26.1 57.1 46

47 U.S. government -0.1 -0.3 -0.4 -0.2 -0.3 0.7 1.2 0.6 0.4 0.8 1.0 47

48 Acceptance liabilities to banks -4.3 -2.2 -0.0 -0.3 0.3 -0.2 -0.4 -1.5 0.6 0.5 -3.7 48

49 Rest of the world -1.0 -22.7 -2.2 -1.6 10.1 -0.8 -40.3 34.6 -37.7 40.0 -45.5 49

50 ABS issuers 23.8 -3.3 7.2 18.5 -3.3 -1.1 30.1 -16.5 -22.9 4.8 -10.2 50

51 Mortgages -3.3 40.8 31.2 59.0 50.2 73.8 66.2 86.6 82.2 60.2 92.9 51

52 Trade payables 57.6 178.5 313.3 -103.7 -15.8 100.9 27.1 117.4 122.3 136.8 95.2 52

53 Taxes payable 4.8 7.0 7.0 3.1 11.9 7.6 43.0 13.3 2.1 -28.0 44.4 53

54 Miscellaneous liabilities 376.6 540.0 678.2 16.0 111.6 144.0 170.0 67.5 162.5 176.0 168.4 54

55 Foreign direct investment in U.S. 144.4 247.0 181.1 71.4 22.7 44.4 33.1 26.7 48.0 69.7 38.0 55

56 Pension fund contributions payable 21.4 -7.6 1.2 1.3 1.3 1.3 1.3 1.3 1.3 1.3 1.3 56

57 Other 210.8 300.6 495.8 -56.6 87.6 98.3 135.6 39.5 113.2 104.9 129.1 57

58 Discrepancy -36.8 -97.9 -164.5 -115.0 76.6 -20.2 -17.3 -29.4 -28.0 -6.0 -29.0 58

 Memo:

59 Financing gap (6) 143.3 195.4 308.9 158.7 23.1 -56.5 9.5 -57.0 -99.9 -78.6 -62.8 59

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

(2) Table F.9, line 6.

(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, June 10, 2004 19

F.103 Nonfarm Noncorporate Business

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1998 1999 2000 2001 2002 2003 2003 2004

 Q1 Q2 Q3 Q4 Q1

 1 Net income with IVA and CCAdj 658.8 710.6 767.3 809.6 849.5 890.0 862.8 877.3 899.3 920.7 946.8 1

 2 Gross saving = capital consumption 131.4 144.5 154.1 160.7 163.3 166.0 165.6 165.2 165.7 167.5 168.8 2

 3 Gross investment 131.4 144.5 154.1 160.7 163.3 166.0 165.6 165.2 165.7 167.5 168.8 3

 4 Capital expenditures 135.2 187.1 209.6 185.0 175.7 191.3 190.2 186.8 192.6 195.8 192.4 4

 5 Fixed investment (1) 131.7 183.6 206.7 186.8 175.2 191.4 190.2 186.9 192.9 195.3 190.8 5

 6 Change in inventories 3.5 3.5 2.9 -1.8 0.4 -0.0 -0.1 -0.2 -0.3 0.5 1.6 6

 7 Net financial investment -3.8 -42.6 -55.5 -24.3 -12.4 -25.3 -24.6 -21.6 -26.9 -28.3 -23.7 7

 8 Net acquisition of financial assets 218.8 184.1 246.0 155.7 141.4 158.6 137.5 165.4 172.2 159.4 152.5 8

 9 Checkable deposits and currency 32.7 38.7 56.4 0.5 12.8 10.9 8.9 13.8 12.7 8.1 1.7 9

10 Time and savings deposits 12.7 19.1 20.1 7.1 2.2 1.7 -4.3 4.0 0.9 6.3 -3.6 10

11 Money market mutual funds 9.7 8.1 8.7 9.6 2.3 -8.2 -5.5 -5.1 -12.4 -9.9 -15.6 11

12 Treasury securities 5.7 -0.8 3.0 2.7 2.3 2.4 -0.2 4.8 2.1 2.7 2.5 12

13 Municipal securities -0.4 -0.1 -0.3 1.1 0.2 0.2 0.2 0.2 0.2 0.2 0.2 13

14 Mortgages 7.9 -2.0 -1.4 3.3 1.2 -1.2 -0.3 -0.9 -1.5 -2.1 -2.6 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 28.2 39.4 69.6 1.8 22.8 50.4 36.6 48.8 65.8 50.4 59.6 16

17 Miscellaneous assets 122.2 81.7 89.9 129.6 97.6 102.5 101.9 99.9 104.5 103.6 110.3 17

18 Insurance receivables 0.4 0.2 -0.1 2.5 4.2 4.3 5.8 4.2 6.9 0.3 2.3 18

19 Equity investment in GSEs (2) -0.1 0.0 -0.0 -0.1 0.0 0.4 0.3 -0.2 0.5 1.2 0.7 19

20 Other 121.9 81.4 90.0 127.3 93.4 97.7 95.9 95.9 97.1 102.1 107.4 20

21 Net increase in liabilities 222.6 226.6 301.4 180.0 153.8 184.0 162.1 187.0 199.1 187.7 176.2 21

22 Credit market instruments 179.9 190.2 192.9 156.4 148.3 139.5 104.5 134.2 148.5 170.7 115.5 22

23 Bank loans n.e.c. 24.8 46.5 44.3 37.8 13.4 -25.2 -22.9 -30.6 -25.8 -21.6 -21.4 23

24 Other loans and advances 10.9 8.6 11.1 -2.6 2.4 5.6 3.1 -2.9 16.0 6.4 0.9 24

25 Mortgages 144.2 135.1 137.5 121.2 132.5 159.1 124.3 167.7 158.3 186.0 136.0 25

26 Trade payables 30.8 34.7 46.6 -4.9 21.0 46.7 41.6 43.0 57.9 44.4 52.8 26

27 Taxes payable 4.1 8.9 11.7 4.0 8.1 9.7 19.4 9.7 4.7 5.0 5.6 27

28 Miscellaneous liabilities 92.3 73.9 86.0 55.3 20.6 36.5 37.0 37.8 35.6 35.5 34.2 28

29 Proprietors’ net investment -84.4 -81.1 -35.7 -30.8 -44.2 -48.4 -40.4 -37.6 -47.5 -68.0 -32.0 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 29.4 28.6 22.7 25.0 14.3 19.5 13.0 20.0 21.5 23.3 18.9 1

 2 Net saving (corporate) -0.5 0.0 1.1 1.3 1.5 1.5 1.4 1.5 1.5 1.5 1.5 2

 3 Consumption of fixed capital 17.4 17.4 17.2 17.3 17.6 17.7 17.7 17.7 17.7 17.7 17.7 3

 4 Corporate 2.0 2.0 2.0 2.0 2.1 2.1 2.1 2.1 2.1 2.1 2.1 4

 5 Noncorporate 15.4 15.4 15.2 15.3 15.5 15.6 15.7 15.6 15.6 15.6 15.6 5

 6 Gross saving 16.9 17.4 18.3 18.6 19.1 19.2 19.2 19.2 19.2 19.3 19.2 6

 7 Gross investment 16.9 17.4 18.3 18.6 19.1 19.2 19.2 19.2 19.2 19.3 19.2 7

 8 Capital expenditures 21.3 13.3 17.1 19.0 16.8 19.6 21.3 18.7 17.9 20.5 18.7 8

 9 Fixed investment (2) 19.9 15.9 18.4 18.9 20.1 21.9 21.1 21.4 22.2 22.8 23.2 9

10 Change in inventories 1.4 -2.7 -1.3 0.1 -3.4 -2.3 0.2 -2.7 -4.3 -2.3 -4.5 10

11 Net financial investment -4.3 4.1 1.2 -0.4 2.3 -0.4 -2.1 0.5 1.3 -1.3 0.5 11

12 Net acquisition of financial assets 2.3 0.8 0.1 2.1 4.5 4.8 5.6 4.6 7.8 1.2 1.9 12

13 Checkable deposits and currency 1.7 0.6 0.2 0.6 0.4 0.1 0.1 0.1 0.1 0.1 0.1 13

14 Miscellaneous assets 0.5 0.2 -0.1 1.5 4.1 4.7 5.5 4.5 7.7 1.1 1.8 14

15 Insurance receivables 0.4 0.2 -0.1 1.4 4.0 4.1 5.6 4.1 6.6 0.3 2.2 15

16 Equity investment in GSEs (3) 0.1 -0.0 -0.0 0.1 0.1 0.6 -0.1 0.5 1.1 0.9 -0.3 16

17 Net increase in liabilities 6.6 -3.3 -1.1 2.5 2.2 5.2 7.7 4.1 6.5 2.5 1.4 17

18 Credit market instruments 10.1 4.6 10.9 10.3 8.6 7.1 2.3 9.0 10.6 6.3 0.3 18

19 Bank loans n.e.c. 1.2 -0.9 2.7 -0.0 -0.9 -0.4 -1.4 -4.6 2.8 1.5 -1.5 19

20 Other loans and advances 2.4 -0.2 1.6 2.9 1.1 0.1 -5.0 5.1 2.4 -2.2 -5.3 20

21 Mortgages 6.5 5.8 6.5 7.5 8.4 7.4 8.7 8.5 5.4 7.1 7.1 21

22 Trade payables 0.8 0.4 0.9 -2.6 0.9 1.9 7.2 -2.2 1.0 1.5 0.4 22

23 Proprietors’ net investment -4.3 -8.4 -12.9 -5.2 -7.4 -3.8 -1.8 -2.7 -5.2 -5.3 0.8 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, June 10, 2004

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

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1998 1999 2000 2001 2002 2003 2003 2004

 Q1 Q2 Q3 Q4 Q1

 1 Current receipts, NIPA basis 1163.1 1236.7 1319.6 1382.7 1424.6 1500.9 1441.2 1478.0 1527.9 1556.3 1557.5 1

 2 Personal current taxes 201.2 214.5 236.6 243.7 221.9 226.4 215.1 205.6 239.7 245.1 243.7 2

 3 Taxes on production and imports 558.8 590.2 621.1 643.8 672.5 700.6 685.9 694.4 705.1 717.0 727.9 3

 4 Taxes on corporate income 34.9 35.8 35.6 30.2 31.1 37.3 33.9 35.0 38.8 41.3 42.5 4

 5 Contributions for govt. social insurance 10.4 9.8 11.0 13.2 13.5 13.9 13.7 13.8 13.9 14.0 14.1 5

 6 Income receipts on assets 80.9 85.3 92.2 95.7 95.5 94.1 94.4 93.9 93.8 94.2 94.1 6

 7 Current transfer receipts 266.7 290.8 315.4 350.8 384.2 422.3 391.6 427.9 430.4 439.1 429.0 7

 8 Current surplus of government enterprises 10.3 10.4 7.7 5.4 5.9 6.5 6.6 7.4 6.2 5.6 6.2 8

 9 Current expenditures, NIPA basis 1111.2 1186.3 1269.5 1365.4 1427.9 1501.5 1481.8 1492.6 1514.8 1516.6 1534.0 9

10 Consumption expenditures 801.4 858.9 917.8 966.1 1004.7 1045.6 1045.8 1040.9 1046.3 1049.5 1061.4 10

11 Govt. social benefit payments to persons 235.8 252.4 271.7 305.1 332.3 362.3 343.7 358.4 375.7 371.3 376.3 11

12 Interest payments 73.6 74.6 79.6 86.6 90.0 93.2 92.0 92.7 93.5 94.6 95.6 12

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

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

15 Net state and local govt. saving, NIPA basis 52.0 50.4 50.0 17.3 -3.3 -0.6 -40.6 -14.6 13.1 39.7 23.5 15

16 + Consumption of fixed capital 96.2 102.1 109.8 117.6 121.8 127.3 125.3 126.9 127.9 129.2 130.5 16

17 + Net capital transfers (2) 36.0 39.9 43.7 48.5 51.7 51.9 44.2 54.2 58.3 50.7 50.1 17

18 = Gross saving and net capital transfers 184.1 192.4 203.6 183.4 170.1 178.6 128.9 166.5 199.3 219.6 204.1 18

19 Gross investment 242.9 224.5 226.7 204.9 175.3 189.0 142.2 170.0 210.1 233.8 214.0 19

20 Fixed investment 186.5 206.1 225.1 235.8 248.4 252.0 248.7 248.7 256.2 254.5 252.6 20

21 Nonproduced nonfinancial assets 7.6 8.6 8.8 8.6 8.6 8.6 8.6 8.6 8.6 8.6 8.6 21

22 Net financial investment 48.8 9.9 -7.1 -39.5 -81.7 -71.6 -115.1 -87.3 -54.7 -29.3 -47.2 22

23 Net acq. of financial assets 146.9 77.5 35.8 91.5 86.6 70.0 -9.3 117.6 60.9 110.9 126.6 23

24 Checkable deposits and currency -3.9 3.9 1.0 5.1 8.5 6.2 -0.5 4.1 6.8 14.5 8.0 24

25 Time and savings deposits 12.8 11.0 9.4 7.7 17.1 22.3 46.2 13.2 12.9 16.8 44.4 25

26 Security RPs 7.2 5.0 19.7 -13.4 -2.1 29.9 11.0 37.5 24.1 46.8 42.6 26

27 Credit market instruments 134.5 28.4 -17.8 60.6 25.8 15.2 -81.2 52.7 30.0 59.4 9.1 27

28 Open market paper 28.0 6.9 22.6 -26.5 -3.8 -32.4 -18.6 -13.5 -44.8 -52.7 10.7 28

29 Treasury securities 30.0 -2.5 -29.1 50.2 22.1 26.1 -37.8 37.9 33.7 70.7 10.4 29

30 Agency- and GSE-backed securities 63.6 11.0 -18.0 19.9 2.1 8.6 -12.0 12.0 16.2 18.0 -9.4 30

31 Municipal securities -1.4 -1.5 0.6 0.3 -1.4 3.8 2.6 1.7 5.1 5.6 1.8 31

32 Corporate and foreign bonds 10.2 10.1 1.7 11.9 1.8 4.0 -20.6 9.5 14.6 12.5 -9.7 32

33 Mortgages 4.1 4.3 4.5 4.7 5.0 5.2 5.1 5.2 5.2 5.3 5.3 33

34 Corporate equities 9.4 3.5 -1.2 22.8 6.7 -6.2 -7.7 -6.5 -3.6 -6.9 -3.6 34

35 Mutual fund shares -12.3 4.3 0.8 5.1 2.0 -3.0 9.0 -3.4 -5.6 -11.9 -17.4 35

36 Taxes receivable 2.8 10.5 14.8 3.6 10.4 19.9 25.6 17.3 16.6 19.9 22.1 36

37 Miscellaneous assets -3.5 11.0 8.9 -0.0 18.4 -14.2 -11.6 2.7 -20.4 -27.8 21.3 37

38 Net increase in liabilities 98.2 67.6 42.8 131.0 168.4 141.6 105.9 204.9 115.6 140.2 173.7 38

39 Credit market instruments 67.7 38.5 15.5 105.8 143.9 117.6 81.9 180.9 91.6 116.2 149.7 39

40 Municipal securities 66.5 38.9 16.5 105.5 143.4 117.4 81.4 180.6 91.4 116.2 149.6 40

41 Short-term -6.3 2.6 1.4 23.8 25.2 6.5 -7.3 5.2 10.2 18.0 5.6 41

42 Other 72.7 36.3 15.1 81.7 118.2 110.9 88.8 175.4 81.2 98.2 144.0 42

43 U.S. government loans 1.2 -0.4 -1.0 0.2 0.5 0.3 0.4 0.3 0.2 0.1 0.1 43

44 Trade payables 30.5 29.1 27.4 25.2 24.5 24.0 24.0 24.0 24.0 24.0 24.0 44

45 Discrepancy -58.7 -32.1 -23.2 -21.5 -5.2 -10.4 -13.2 -3.5 -10.8 -14.2 -9.9 45

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

(2) Table F.9, line 7.
Z.1, June 10, 2004 21

F.106 Federal Government

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1998 1999 2000 2001 2002 2003 2003 2004

 Q1 Q2 Q3 Q4 Q1

 1 Current receipts, NIPA basis 1773.9 1891.2 2053.9 2017.8 1860.6 1850.9 1863.6 1864.0 1788.9 1887.0 1884.5 1

 2 Personal current taxes 825.8 893.0 999.1 1000.0 831.1 765.1 794.3 794.6 698.8 772.6 747.5 2

 3 Taxes on production and imports 81.1 83.9 87.8 86.0 87.6 88.1 88.3 87.7 86.3 89.9 91.5 3

 4 Taxes on corporate income 204.3 212.9 219.5 161.8 154.8 178.7 171.0 167.9 182.8 192.9 193.1 4

 5 Taxes from the rest of the world 5.7 5.9 7.3 7.2 7.2 6.8 6.8 6.9 6.7 6.9 7.2 5

 6 Contributions for govt. social insurance 613.8 651.7 691.7 715.4 736.7 763.0 755.1 758.5 765.1 773.2 794.4 6

 7 Income receipts on assets 21.5 21.5 25.2 24.4 20.6 24.3 22.5 23.7 24.9 25.9 26.1 7

 8 Current transfer receipts 21.6 22.7 25.7 27.4 25.8 26.6 26.0 26.3 26.8 27.1 27.5 8

 9 Current surplus of government enterprises 0.1 -0.4 -2.3 -4.2 -3.1 -1.5 -0.4 -1.6 -2.5 -1.5 -2.8 9

10 Current expenditures, NIPA basis 1734.9 1787.5 1864.4 1967.3 2100.7 2264.0 2184.1 2288.6 2283.8 2299.3 2325.4 10

11 Consumption expenditures 454.6 475.1 499.3 531.7 590.8 663.0 635.9 668.9 672.3 674.7 696.5 11

12 Government social benefits 719.2 738.0 772.5 840.2 920.0 972.2 951.5 969.7 979.7 987.7 1001.8 12

13 Other current transfer payments 227.4 248.0 265.6 290.3 323.4 362.1 335.9 369.8 369.2 373.4 371.2 13

14 Interest payments 298.9 282.7 283.3 257.5 229.4 218.9 217.7 222.5 215.6 219.6 215.8 14

15 Subsidies 35.0 43.8 43.8 47.6 37.2 47.9 44.5 56.3 47.0 43.9 41.6 15

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

17 Net federal government saving, NIPA basis 39.0 103.6 189.5 50.5 -240.1 -413.1 -320.5 -424.6 -494.9 -412.3 -440.9 17

18 + Consumption of fixed capital 82.8 84.8 87.2 88.3 89.1 90.9 90.0 90.5 91.3 91.8 92.9 18

19 - Insurance and pension reserves (1) 4.4 3.8 1.8 3.3 -1.7 -0.6 -5.7 -1.4 -0.7 5.3 -2.2 19

20 + Net capital transfers (2) -3.6 -7.4 -8.1 -12.9 -18.7 -22.8 -13.8 -28.4 -29.6 -19.5 -19.2 20

21 = Gross saving and net capital transfers 113.7 177.3 266.8 122.6 -168.0 -344.4 -238.6 -361.1 -432.5 -345.3 -365.0 21

22 Gross investment 86.2 185.2 277.2 78.2 -180.4 -330.6 -109.6 -663.5 -245.3 -303.9 -423.3 22

23 Fixed investment 75.8 80.8 79.5 81.2 88.7 94.3 87.1 95.8 97.3 96.8 105.9 23

24 Nonproduced nonfinancial assets -5.7 -1.0 -0.3 -0.7 0.2 -0.3 -2.7 -1.0 3.4 -0.7 0.0 24

25 Net financial investment 16.0 105.4 198.0 -2.3 -269.3 -424.6 -194.0 -758.3 -346.0 -400.0 -529.2 25

26 Net acq. of financial assets -8.6 71.4 -70.7 51.2 16.6 -3.0 -48.4 25.0 2.5 8.7 -42.9 26

27 Gold, SDRs, and official foreign exchange 6.0 -7.1 -0.6 4.6 8.8 -0.8 0.1 0.5 5.6 -9.5 -2.4 27

28 Checkable deposits and currency -16.7 66.2 -65.1 41.1 -18.7 8.2 -24.4 -11.5 43.7 25.1 -46.9 28

29 Time and savings deposits 1.3 0.7 1.0 4.2 17.1 -25.2 -36.7 37.5 -74.8 -26.8 -2.2 29

30 Credit market instruments 11.6 6.4 11.6 6.0 9.8 -2.6 -17.4 -8.4 20.1 -4.8 6.6 30

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

32 Other loans and advances 3.4 -7.1 -3.6 -5.9 -3.4 -1.5 0.5 -2.7 -3.2 -0.6 -0.5 32

33 Mortgages -0.8 -0.1 -0.9 -1.1 0.5 -2.5 -9.4 0.2 -1.5 0.8 8.0 33

34 Consumer credit (3) 9.0 13.6 16.1 13.1 12.7 1.3 -8.6 -5.9 24.8 -5.0 -0.9 34

35 Trade receivables 1.5 4.6 5.3 7.3 -3.3 -0.3 -14.7 7.0 -6.7 13.1 -7.7 35

36 Taxes receivable -8.9 1.6 -21.5 -13.4 2.8 16.4 39.8 1.0 13.1 11.7 9.3 36

37 Miscellaneous assets -3.5 -0.9 -1.4 1.3 0.3 1.3 4.9 -1.1 1.5 -0.1 0.4 37

38 Net increase in liabilities -24.6 -34.0 -268.7 53.5 285.9 421.5 145.6 783.3 348.5 408.7 486.3 38

39 SDR certificates 0.0 -3.0 -4.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 39

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

41 Credit market instruments -52.6 -71.2 -295.9 -5.6 257.5 396.0 164.2 749.0 317.5 353.4 466.0 41

42 Savings bonds 0.1 -0.2 -1.7 5.6 4.5 8.9 9.5 10.5 10.2 5.5 3.9 42

43 Other Treasury securities -54.7 -70.8 -293.2 -10.6 252.5 389.5 156.3 738.0 307.3 356.5 461.0 43

44 Budget agency securities 2.0 -0.2 -1.0 -0.5 0.5 -2.4 -1.6 0.5 0.1 -8.6 1.1 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 -8.0 -0.4 4.4 3.4 1.8 1.7 0.0 -2.4 0.5 8.6 -6.9 46

47 Insurance reserves 1.3 1.4 1.4 1.4 1.6 1.1 0.1 1.7 0.5 2.2 -0.0 47

48 Miscellaneous liabilities (4) 34.1 38.2 22.9 53.0 24.1 22.1 -19.3 33.4 29.8 44.5 26.4 48

49 Nonmarketable securities held by pension plans 41.2 41.1 20.9 60.8 24.5 24.7 -9.7 33.9 29.6 44.8 25.0 49

50 Other -7.1 -2.9 2.0 -7.8 -0.4 -2.6 -9.7 -0.5 0.3 -0.3 1.4 50

51 Discrepancy 27.5 -8.0 -10.4 44.4 12.4 -13.8 -129.0 302.4 -187.2 -41.4 58.4 51

 Memo:

52 Change in cash balance (5) -12.8 59.4 -55.1 50.9 -1.6 -124.5 9.4 -87.0 -202.5 -217.7 -231.9 52

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

(2) Table F.9, line 2.

(3) Student loans.

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

 and disability fund.

(5) Time and savings deposits (line 29) plus checkable deposit and currency liabilities of the monetary authority and commercial banking sectors (table F.204, lines 3 and 7).
22 Z.1, June 10, 2004

F.107 Rest of the World

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1998 1999 2000 2001 2002 2003 2003 2004

 Q1 Q2 Q3 Q4 Q1

 1 Foreign income from U.S. 1430.4 1586.0 1875.6 1732.5 1770.1 1885.2 1847.1 1860.0 1879.0 1954.6 2036.1 1

 2 U.S. imports 1115.9 1251.8 1475.8 1401.7 1433.1 1543.8 1508.5 1525.7 1539.0 1602.0 1662.9 2

 3 U.S. income payments to rest of world 265.8 287.1 343.7 283.8 277.7 273.6 269.0 266.2 274.3 284.8 294.8 3

 4 Current taxes and trans. payments to rest of world 48.8 47.2 56.1 47.1 59.3 67.8 69.6 68.1 65.7 67.8 78.4 4

 5 Foreign outlays to U.S. 1243.1 1312.1 1479.0 1354.1 1306.0 1366.2 1317.8 1319.7 1360.6 1466.5 1482.4 5

 6 U.S. exports 955.9 991.3 1096.3 1035.1 1006.8 1048.9 1021.0 1020.2 1048.5 1105.8 1134.4 6

 7 U.S. income receipts from rest of world 287.1 320.8 382.7 319.0 299.1 317.3 296.8 299.5 312.1 360.7 348.0 7

 8 Net capital transfers (1) 0.7 4.9 0.8 1.1 1.3 1.2 1.5 1.2 1.2 1.1 1.1 8

 9 Gross saving and net capital transfers (2) 188.1 278.8 397.4 379.6 465.4 520.3 530.8 541.5 519.6 489.2 554.8 9

10 Gross investment 75.0 231.8 455.5 414.6 526.7 575.6 563.9 596.6 418.4 723.6 564.3 10

11 Nonproduced nonfinancial assets -0.0 0.0 0.0 0.1 0.0 -0.3 -0.1 -0.1 -2.0 1.1 -0.6 11

12 Net financial investment 75.0 231.7 455.5 414.5 526.7 575.9 564.0 596.6 420.4 722.5 564.9 12

13 Net acquisition of financial assets 393.4 708.5 942.2 640.3 680.0 810.5 880.6 476.8 811.5 1073.2 945.1 13

14 Gold and SDRs (3) -0.1 0.0 -0.7 -0.6 -0.8 0.6 3.6 -0.4 -0.8 0.1 -0.4 14

15 Net interbank assets -27.1 -5.7 20.8 -45.6 4.2 0.5 -46.6 -162.3 61.4 149.3 -238.3 15

16 U.S. checkable deposits and currency 14.8 39.9 -4.2 24.2 23.2 30.0 32.0 57.5 -19.2 49.8 71.4 16

17 U.S. time deposits 13.0 15.0 1.9 -20.1 12.0 -3.7 29.9 -8.7 -114.6 78.5 -121.7 17

18 Security RPs -18.8 8.0 11.4 59.4 39.4 93.9 -114.7 95.9 248.4 145.9 270.4 18

19 Credit market instruments 172.5 139.7 225.9 319.8 439.1 519.7 398.1 738.0 274.4 668.4 1155.0 19

20 Open market paper 37.6 -13.0 9.5 6.2 17.3 20.3 17.2 55.6 -26.5 34.9 11.5 20

21 Treasury securities 18.7 -32.3 -87.2 3.3 139.4 268.5 145.3 370.2 267.7 290.8 679.8 21

22 Official -9.9 12.2 -10.2 10.7 43.1 128.5 89.2 141.4 69.5 213.8 382.1 22

23 Private 28.6 -44.5 -76.9 -7.4 96.2 140.0 56.2 228.8 198.1 77.0 297.7 23

24 Agency- and GSE-backed securities 11.1 63.4 137.3 106.1 106.7 -23.3 29.3 6.1 -164.5 36.1 250.8 24

25 Official 6.3 20.4 40.9 20.9 30.4 24.8 37.9 13.2 13.4 34.7 76.7 25

26 Private 4.7 43.1 96.4 85.2 76.3 -48.1 -8.6 -7.1 -177.9 1.4 174.1 26

27 U.S. corporate bonds (4) 106.2 144.4 168.4 205.8 165.6 255.1 246.6 271.7 235.4 266.7 258.3 27

28 Loans to U.S. corporate business -1.0 -22.7 -2.2 -1.6 10.1 -0.8 -40.3 34.6 -37.7 40.0 -45.5 28

29 U.S. corporate equities 42.0 112.3 193.6 121.4 53.2 37.0 -10.3 82.3 -13.2 89.1 6.9 29

30 Trade receivables -6.5 -5.1 -0.4 -3.1 3.1 -3.3 1.0 -0.1 -6.5 -7.5 -12.6 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 203.8 404.5 493.9 185.0 106.7 135.8 587.6 -325.4 381.5 -100.5 -185.6 32

33 Foreign direct investment in U.S. (5) 179.0 289.4 321.3 151.6 39.6 82.0 137.9 89.9 7.4 92.7 2.1 33

34 Other 24.7 115.0 172.6 33.4 67.1 53.8 449.7 -415.4 374.2 -193.2 -187.7 34

35 Net increase in liabilities 318.4 476.8 486.7 225.8 153.3 234.6 316.7 -119.9 391.0 350.7 380.2 35

 U.S. official foreign exchange

36 and net IMF position 6.6 -8.7 -0.4 4.3 9.9 1.1 4.9 0.6 7.1 -8.2 -2.3 36

37 U.S. private deposits 6.5 61.1 134.2 30.7 23.9 -20.8 -16.9 159.7 -297.2 71.3 -251.2 37

38 Credit market instruments 31.2 13.0 57.0 -49.7 5.9 -14.9 19.3 -63.5 -61.6 46.3 68.4 38

39 Commercial paper 7.8 16.3 31.7 -14.2 36.1 22.3 52.0 72.9 -56.0 20.2 100.1 39

40 Bonds 22.8 1.9 15.2 -24.5 -33.5 -27.2 -28.9 -102.2 -5.5 27.9 -22.5 40

41 Bank loans n.e.c. 6.6 0.5 11.4 -7.3 5.3 -7.7 -4.0 -31.4 5.3 -0.7 -8.0 41

42 Official 0.7 0.2 0.6 0.8 0.8 -0.5 -1.5 -0.1 -1.2 0.6 1.5 42

43 Banks -0.7 -3.2 3.4 -7.4 -0.8 -1.5 1.5 -2.3 -4.1 -0.9 2.9 43

44 Other 6.6 3.5 7.4 -0.7 5.3 -5.7 -3.9 -29.1 10.6 -0.5 -12.5 44

45 U.S. government loans -1.0 -4.8 -0.6 -1.1 -1.8 -2.2 -1.1 -3.5 -3.4 -0.9 -2.7 45

46 Acceptance liabilities to banks -5.0 -0.9 -0.7 -2.6 -0.4 0.0 1.3 0.8 -1.9 -0.2 1.6 46

47 Foreign corporate equities (6) 101.4 114.3 106.7 109.1 17.7 91.3 137.5 67.6 120.0 40.2 78.2 47

48 Trade payables -3.9 4.2 0.8 -2.2 -10.1 10.7 34.6 2.3 -1.8 7.8 -8.6 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 176.7 292.9 188.4 133.6 106.2 167.1 137.2 -286.6 624.4 193.3 495.7 50

51 U.S. equity in IBRD, etc. 1.6 1.5 1.5 1.7 1.7 1.4 1.5 1.5 1.4 1.2 1.8 51

52 U.S. government deposits -0.1 0.6 0.0 -0.1 0.1 0.1 -0.1 0.3 0.1 0.3 0.3 52

53 U.S. direct investment abroad (4,5) 142.6 224.9 159.2 120.0 137.8 154.8 135.1 117.0 168.6 198.3 226.5 53

54 Other 32.6 65.9 27.6 12.0 -33.5 10.8 0.7 -405.3 454.3 -6.4 267.1 54

55 Discrepancy (FOF basis) (7) 113.1 47.0 -58.1 -35.0 -61.3 -55.4 -33.1 -55.0 101.2 -234.4 -9.5 55

 Memo:

56 Net U.S. exports, NIPA basis -160.0 -260.5 -379.5 -366.6 -426.3 -494.9 -487.5 -505.5 -490.5 -496.2 -528.5 56

57 + Net U.S. income receipts (8) 21.4 33.8 39.0 35.2 21.5 43.7 27.8 33.3 37.8 75.9 53.2 57

58 - Current taxes and trans. payments to rest of world 48.8 47.2 56.1 47.1 59.3 67.8 69.6 68.1 65.7 67.8 78.4 58

59 = Balance on current account, NIPAs -187.4 -273.9 -396.6 -378.5 -464.1 -519.0 -529.3 -540.3 -518.4 -488.1 -553.7 59

(1) Table F.9, line 10.

(2) Line 1 minus line 5 plus line 8; equals net lending or net borrowing (-), NIPAs, with the sign reversed. Also equal to line 58 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, June 10, 2004 23

F.108 Monetary Authority (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1998 1999 2000 2001 2002 2003 2003 2004

 Q1 Q2 Q3 Q4 Q1

 1 Gross saving -1.5 0.8 5.3 1.1 -1.8 -0.8 -0.8 -0.8 -0.8 -0.8 -0.8 1

 2 Fixed nonresidential investment 0.3 0.5 0.4 0.4 0.3 0.3 0.3 0.3 0.3 0.3 0.3 2

 3 Net acquisition of financial assets 32.8 130.0 -60.9 47.0 70.7 43.2 78.9 47.3 40.3 6.5 30.1 3

 4 Gold and foreign exchange 0.8 -1.6 0.9 0.3 1.9 1.3 1.2 0.5 2.3 1.3 0.5 4

 5 SDR certificates 0.0 -3.0 -4.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5

 6 Treasury currency 0.7 1.7 3.6 1.4 1.6 0.9 0.8 1.1 0.9 0.7 0.7 6

 7 Federal Reserve float 0.9 -1.9 1.1 -0.9 0.4 -0.7 -6.5 2.7 0.1 0.7 -1.1 7

 8 Fed. Res. loans to domestic banks -2.0 0.2 -0.1 -0.1 0.0 0.0 -0.0 3.0 -2.4 -0.4 0.0 8

 9 Security RPs 6.5 110.3 -97.3 6.9 -10.8 4.3 60.3 4.2 0.0 -47.5 28.9 9

10 Credit market instruments 21.1 25.7 33.7 39.9 77.7 37.2 23.7 36.3 39.8 49.2 1.8 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 21.4 25.8 33.7 40.0 77.7 37.3 23.7 36.3 39.8 49.2 1.8 12

13 Agency- and GSE-backed securities -0.3 -0.2 -0.1 -0.1 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 4.9 -1.3 1.1 -0.4 -0.2 0.3 -0.5 -0.5 -0.6 2.6 -0.8 15

16 Net increase in liabilities 32.1 129.6 -61.3 46.5 69.6 42.8 74.5 49.2 35.5 11.8 26.7 16

17 Depository institution reserves -4.5 -2.3 -5.0 -1.6 5.1 0.5 29.7 3.0 -1.0 -29.6 19.8 17

18 Vault cash of commercial banks -2.9 24.5 -22.2 2.9 0.5 0.1 3.2 4.7 5.2 -12.5 14.1 18

19 Checkable deposits and currency 38.3 108.7 -35.3 48.0 41.5 37.9 77.7 26.0 9.4 38.4 33.8 19

20 Due to federal government 0.5 22.3 -22.9 1.5 -2.3 1.3 12.5 -3.0 -10.2 5.7 4.1 20

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

22 Currency outside banks 38.0 86.4 -12.5 46.7 43.7 36.6 64.6 26.2 23.0 32.4 30.1 22

23 Miscellaneous liabilities 1.3 -1.3 1.1 -2.8 22.6 4.3 -36.0 15.5 22.0 15.5 -41.0 23

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

25 Other 0.8 -1.8 0.6 -3.2 21.5 3.8 -36.5 14.9 21.7 15.1 -41.5 25

26 Discrepancy -2.5 -0.2 4.5 0.2 -3.2 -1.6 -5.6 0.8 -5.9 4.2 -4.5 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, June 10, 2004

F.109 Commercial Banking (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1998 1999 2000 2001 2002 2003 2003 2004

 Q1 Q2 Q3 Q4 Q1

 1 Gross saving 41.1 49.8 67.5 65.3 71.2 84.7 77.7 80.0 92.2 88.7 98.6 1

 2 Fixed nonresidential investment 30.5 31.0 28.9 27.4 24.7 25.1 24.2 24.5 25.5 26.3 26.9 2

 3 Net acquisition of financial assets 419.1 345.7 475.5 350.2 476.4 476.1 713.9 740.0 -75.9 526.3 1281.1 3

 4 Vault cash -2.9 24.5 -22.2 2.9 0.5 0.1 3.2 4.7 5.2 -12.5 14.1 4

 5 Reserves at Federal Reserve -4.6 -5.1 -1.9 -2.2 4.4 -0.4 30.4 3.3 -3.8 -31.6 15.2 5

 6 Checkable deposits and currency 0.6 0.3 -0.5 1.1 -0.3 -0.0 2.2 -0.3 -2.4 0.3 2.9 6

 7 Total bank credit 336.1 301.5 411.9 216.0 408.3 332.0 438.6 617.8 20.5 250.8 905.3 7

 8 Treasury securities -56.0 14.8 -44.4 -21.9 43.2 4.0 9.3 -41.1 5.6 42.1 30.4 8

 9 Agency- and GSE-backed securities 92.0 36.4 22.3 55.6 140.5 83.6 181.2 295.2 -268.7 126.9 380.2 9

10 Municipal securities 8.2 5.9 3.4 6.1 1.5 10.8 10.6 17.1 15.0 0.4 10.3 10

11 Corporate and foreign bonds 37.8 39.6 58.1 97.8 2.7 49.3 54.8 9.9 39.5 93.2 72.7 11

12 Total loans 253.2 200.5 369.7 70.5 219.4 188.1 202.3 334.7 229.5 -13.9 416.5 12

13 Open market paper -0.2 0.3 0.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13

14 Bank loans n.e.c. 145.0 69.0 112.8 -76.2 -80.6 -94.4 -122.4 -59.3 -86.5 -109.3 -24.2 14

15 Mortgages 91.7 158.4 164.6 129.8 268.5 197.7 210.3 342.8 268.4 -30.5 343.2 15

16 Consumer credit -3.6 -9.2 41.7 17.0 28.7 49.3 6.9 50.1 25.9 114.1 7.6 16

17 Security credit 20.3 -18.0 50.4 0.0 2.8 35.5 107.5 1.1 21.8 11.7 89.8 17

18 Corporate equities 1.3 2.0 0.3 0.2 -0.6 2.3 0.6 -0.1 8.6 0.1 -0.1 18

19 Mutual fund shares -0.4 2.3 2.5 7.8 1.7 -6.2 -20.1 2.2 -8.9 2.0 -4.7 19

20 Customers’ liab. on acceptances (2) -9.3 -3.1 -0.7 -2.9 -0.0 -0.2 0.9 -0.7 -1.3 0.3 -2.1 20

21 Miscellaneous assets 99.1 27.6 89.0 135.3 63.6 144.6 238.6 115.3 -94.2 318.9 345.6 21

22 Net increase in liabilities 444.5 286.6 573.5 353.2 500.1 481.3 587.3 705.2 138.0 494.8 1378.7 22

23 Net interbank liabilities -24.4 -7.2 42.3 -29.4 11.8 -5.1 -20.2 -187.8 98.3 89.4 -200.7 23

24 To monetary authority -1.1 -1.7 1.0 -1.0 0.4 -0.7 -6.5 5.6 -2.3 0.3 -1.1 24

25 To domestic banks (3) 3.8 0.1 20.4 17.2 7.1 -4.8 32.8 -31.2 39.2 -60.1 38.8 25

26 To foreign banks -27.1 -5.7 20.8 -45.6 4.2 0.5 -46.6 -162.3 61.4 149.3 -238.3 26

27 Checkable deposits -33.5 3.4 -85.5 102.2 -57.4 -68.6 64.6 -9.5 -171.4 -158.3 -146.5 27

28 Federal government -14.6 36.4 -33.2 45.3 -16.4 -100.5 33.5 -121.5 -117.6 -196.6 -233.7 28

29 Rest of the world -1.5 13.4 -9.7 0.5 1.6 13.3 11.7 48.9 -26.8 19.6 78.9 29

30 Private domestic -17.4 -46.4 -42.6 56.3 -42.6 18.6 19.3 63.1 -27.0 18.8 8.3 30

31 Small time and savings deposits 183.7 72.0 211.6 249.4 269.7 230.5 245.2 438.4 72.6 165.7 306.4 31

32 Large time deposits 72.1 119.6 92.8 32.7 -2.5 18.9 125.9 -27.4 -25.5 2.5 258.7 32

33 Federal funds and security RPs (net) 87.0 110.8 66.1 -42.3 115.5 167.2 62.6 399.2 -66.7 273.7 457.5 33

34 Credit market instruments 72.9 67.2 60.0 52.9 49.9 49.3 78.6 30.5 1.8 86.3 186.0 34

35 Open market paper -1.5 6.1 0.6 -8.3 -2.5 -6.3 -14.0 -20.8 4.0 5.8 57.5 35

36 Corporate bonds 27.6 20.4 32.6 37.0 22.0 46.9 83.0 27.1 6.1 71.6 40.0 36

37 Other loans and advances 46.9 40.6 26.8 24.2 30.3 8.6 9.6 24.2 -8.3 8.9 88.5 37

38 Corporate equity issues -11.2 -10.2 -12.5 -8.1 -10.7 -2.4 -2.6 10.6 -0.4 -17.3 -0.6 38

39 Taxes payable 1.7 1.9 2.1 2.4 2.6 2.9 2.8 2.9 2.9 3.0 3.1 39

40 Miscellaneous liabilities 96.3 -70.9 196.5 -6.5 121.2 88.8 30.5 48.3 226.4 49.8 514.8 40

41 Discrepancy 36.0 -40.3 136.6 40.9 70.2 64.8 -73.1 20.7 280.7 30.8 169.3 41

 Memo:

42 Credit market funds advanced (4) 305.6 312.2 357.9 205.2 404.4 300.1 351.5 613.9 -2.1 237.4 818.1 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, June 10, 2004 25

F.110 U.S.-Chartered Commercial Banks

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1998 1999 2000 2001 2002 2003 2003 2004

 Q1 Q2 Q3 Q4 Q1

 1 Gross saving 1.7 -6.3 13.8 2.6 -5.0 9.8 13.1 -2.4 22.9 5.5 43.1 1

 2 Fixed nonresidential investment 22.7 22.5 20.4 18.8 16.4 16.5 15.9 16.1 16.7 17.3 17.6 2

 3 Net acquisition of financial assets 303.5 342.3 332.3 229.7 388.9 405.7 582.9 663.3 -14.8 391.3 876.9 3

 4 Vault cash and reserves at Federal Reserve -5.7 18.9 -23.1 0.6 4.2 0.1 33.9 7.9 -3.7 -37.8 28.3 4

 5 Total bank credit 329.5 316.6 350.2 209.0 391.9 331.9 355.3 595.3 96.8 280.0 799.4 5

 6 Treasury securities -42.0 -2.0 -35.0 -31.4 29.9 7.1 -6.1 -48.8 17.4 65.9 20.9 6

 7 Agency- and GSE-backed securities 81.7 29.4 18.2 73.7 121.1 85.1 180.1 278.5 -254.0 135.7 378.4 7

 8 Mortgage pass-through securities 53.8 -17.8 14.1 52.8 84.3 56.6 125.1 239.8 -215.5 76.9 346.5 8

 9 CMOs and other structured MBS 8.9 5.0 -9.8 57.2 -9.2 2.4 81.7 -0.7 -83.4 11.8 20.7 9

10 Other 19.1 42.2 13.9 -36.2 46.0 26.1 -26.7 39.3 44.9 46.9 11.2 10

11 Municipal securities 8.2 5.8 3.2 6.3 1.5 10.7 10.4 17.0 14.6 0.6 10.1 11

12 Corporate and foreign bonds 32.4 43.6 52.2 64.5 5.0 47.0 20.0 -27.1 82.2 113.0 38.7 12

13 Private mortgage pass-through securities 0.9 0.6 -0.4 21.2 -13.3 0.2 -5.6 -1.0 4.5 3.0 6.4 13

14 Private CMOs and other structured MBS 20.3 6.0 7.7 2.8 8.1 25.2 43.0 1.2 22.8 33.8 7.3 14

15 Other 11.2 37.0 44.9 40.5 10.2 21.6 -17.4 -27.3 54.8 76.3 25.0 15

16 Total loans 248.2 235.5 308.7 88.0 233.2 185.9 170.3 373.5 236.9 -37.3 356.2 16

17 Open market paper -0.1 -0.1 0.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 17

18 Bank loans n.e.c. 144.1 92.4 98.1 -62.0 -58.6 -70.9 -91.6 -66.5 -14.2 -111.1 -8.1 18

19 Mortgages 95.9 161.1 161.6 125.8 265.7 195.2 206.0 337.7 245.9 -9.0 338.7 19

20 Consumer credit -3.6 -9.2 41.7 17.0 28.7 49.3 6.9 50.1 25.9 114.1 7.6 20

21 Security credit 11.9 -8.8 7.1 7.2 -2.7 12.3 49.1 52.2 -20.7 -31.4 18.0 21

22 Corporate equities 1.3 2.0 0.3 0.2 -0.6 2.3 0.6 -0.1 8.6 0.1 -0.1 22

23 Mutual fund shares -0.4 2.3 2.5 7.8 1.7 -6.2 -20.1 2.2 -8.9 2.0 -4.7 23

24 Customers’ liab. on acceptances (1) -4.6 -2.5 -0.7 -2.3 0.3 -0.2 1.4 -0.6 -1.3 -0.1 -1.7 24

25 Miscellaneous assets -15.8 9.2 5.9 22.4 -7.6 73.9 192.3 60.8 -106.6 149.2 50.9 25

26 Net increase in liabilities 360.5 329.8 473.7 283.9 476.5 473.4 508.4 698.6 255.8 430.7 1017.9 26

27 Net interbank liabilities 20.4 33.7 76.9 2.0 57.1 25.2 -66.4 -146.8 165.2 148.8 -100.7 27

28 Federal Reserve float 0.9 -1.9 1.1 -0.9 0.4 -0.7 -6.5 2.7 0.1 0.7 -1.1 28

29 Borrowing from Federal Reserve banks -2.0 0.2 -0.1 -0.1 0.0 0.0 -0.0 3.0 -2.4 -0.4 0.0 29

30 To domestic banking -2.5 -14.3 30.5 16.5 20.8 -66.9 -59.7 -168.3 8.4 -47.9 -21.8 30

31 To foreign banks 24.0 49.7 45.4 -13.6 35.9 92.8 -0.2 15.9 159.1 196.4 -77.8 31

32 Checkable deposits -34.5 2.9 -85.0 98.7 -55.6 -71.3 64.3 -23.0 -163.4 -163.0 -147.7 32

33 Federal government -14.6 36.4 -33.2 45.3 -16.4 -100.5 33.5 -121.5 -117.6 -196.6 -233.7 33

34 Rest of the world -1.2 12.8 -9.3 2.9 2.0 13.7 14.1 47.5 -25.3 18.5 78.0 34

35 Private domestic -18.7 -46.4 -42.5 50.5 -41.2 15.6 16.7 51.1 -20.5 15.1 8.0 35

36 Small time and savings deposits 186.4 73.0 210.6 240.4 273.6 228.2 248.5 437.3 67.0 160.1 302.5 36

37 Large time deposits 34.8 61.6 87.9 -25.2 24.3 2.9 91.4 9.0 -31.6 -57.1 103.8 37

38 Federal funds and security RPs (net) 66.8 128.5 15.4 -31.2 73.6 168.2 -78.9 383.6 60.0 307.9 423.7 38

39 Acceptance liabilities -4.6 -2.5 -0.6 -2.3 0.3 -0.2 1.3 -0.7 -1.3 -0.1 -1.7 39

40 Corporate bonds 10.5 3.7 10.6 8.3 -0.6 5.5 2.4 7.7 2.6 9.3 -4.2 40

41 Other loans and advances 46.9 40.6 26.8 24.2 30.3 8.6 9.6 24.2 -8.3 8.9 88.5 41

42 Corporate equity issues 3.8 3.6 4.0 7.2 4.7 7.2 3.6 10.9 10.2 4.0 5.1 42

43 Taxes payable 1.7 1.9 2.1 2.4 2.6 2.9 2.8 2.9 2.9 3.0 3.1 43

44 Miscellaneous liabilities 28.3 -17.2 124.9 -40.5 66.1 96.1 229.7 -6.5 152.4 8.9 345.6 44

45 Investment by bank holding companies 55.3 2.9 53.6 60.7 53.1 50.5 43.2 67.9 50.5 40.5 73.1 45

46 Other -27.0 -20.1 71.3 -101.2 13.0 45.6 186.5 -74.4 101.9 -31.6 272.6 46

47 Discrepancy 36.1 -41.3 134.9 38.0 66.3 61.0 -77.3 16.8 276.8 27.6 166.4 47

 Memo:

48 Credit market funds advanced (2) 312.1 318.6 339.5 191.6 393.8 323.3 327.1 540.3 116.5 309.1 784.5 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, June 10, 2004

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

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1998 1999 2000 2001 2002 2003 2003 2004

 Q1 Q2 Q3 Q4 Q1

 1 Gross saving 5.0 6.0 7.0 7.8 8.1 8.2 8.2 8.1 8.1 8.2 8.3 1

 2 Fixed nonresidential investment 7.3 8.0 8.0 8.2 7.8 8.2 7.8 8.0 8.3 8.5 8.7 2

 3 Net acquisition of financial assets -4.8 -55.5 38.4 3.1 9.2 -68.6 2.7 -132.4 -145.5 0.8 121.2 3

 4 Reserves at Federal Reserve -1.9 0.4 -1.0 0.2 0.6 -0.4 -0.4 0.1 5.1 -6.3 1.0 4

 5 Total bank credit 1.5 -25.7 67.2 -7.2 12.0 -19.8 63.3 -33.9 -70.8 -37.8 92.3 5

 6 Treasury securities -10.3 9.7 -0.5 9.8 12.9 -6.5 14.5 0.6 -17.6 -23.6 9.7 6

 7 Agency- and GSE-backed securities 5.2 4.9 0.4 -22.0 10.9 -7.1 1.8 12.4 -33.2 -9.2 -5.6 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 5.6 -4.6 8.3 30.6 0.3 1.3 17.5 13.0 -6.8 -18.5 35.1 9

10 Total loans 1.0 -35.7 59.0 -25.6 -12.0 -7.5 29.5 -59.8 -13.1 13.4 53.1 10

11 Open market paper -0.1 0.4 -0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11

12 Bank loans n.e.c. -1.7 -22.4 14.6 -19.1 -18.6 -29.0 -28.7 -10.1 -73.4 -3.7 -19.1 12

13 Mortgages -5.7 -4.5 1.2 0.7 1.1 -1.8 -0.2 1.4 17.8 -26.0 0.4 13

14 Security credit 8.4 -9.3 43.2 -7.2 5.5 23.2 58.4 -51.1 42.4 43.1 71.8 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) -4.7 -0.6 -0.0 -0.6 -0.4 -0.0 -0.4 -0.1 0.0 0.5 -0.4 16

17 Miscellaneous assets 0.3 -29.7 -27.7 10.7 -3.1 -48.4 -59.7 -98.4 -79.8 44.5 28.3 17

18 Net increase in liabilities -2.0 -52.4 42.0 7.1 13.6 -63.7 7.4 -127.6 -140.6 5.8 126.3 18

19 Net interbank liabilities -55.0 -45.0 -40.8 -16.1 -42.3 -41.3 50.3 -76.1 -78.5 -60.7 -99.1 19

20 To foreign banks -51.7 -51.2 -57.1 -35.3 -32.3 -47.5 -9.6 -39.0 -97.4 -44.1 -159.8 20

21 To domestic banks -3.3 6.2 16.2 19.2 -10.0 6.3 59.9 -37.1 18.9 -16.5 60.6 21

22 Checkable deposits -0.2 0.6 -0.4 0.4 -0.7 1.0 -1.9 8.2 -4.9 2.5 -1.6 22

23 Small time and savings deposits -3.7 -1.8 -0.4 4.5 -2.3 0.9 -2.7 1.0 3.0 2.4 3.8 23

24 Large time deposits 36.3 57.2 3.4 53.3 -25.1 14.6 35.0 -36.5 3.5 56.4 154.8 24

25 Federal funds and security RPs (net) 19.7 -17.9 52.3 -11.0 39.5 -1.9 121.5 5.2 -100.4 -33.8 37.2 25

26 Acceptance liabilities -4.8 -0.4 -0.0 -0.9 -0.4 -0.1 -0.3 -0.2 -0.0 0.3 -0.0 26

27 Miscellaneous liabilities 5.8 -45.0 27.9 -23.1 44.8 -37.0 -194.5 -29.0 36.7 38.8 31.3 27

28 Foreign direct investment in U.S. 5.5 19.4 9.7 8.4 -1.5 2.9 12.8 -4.1 3.1 -0.1 0.6 28

29 Due to affiliates 11.8 2.5 45.6 -30.8 24.7 -1.7 -17.0 -14.0 -25.8 50.0 108.4 29

30 Other -11.4 -66.9 -27.5 -0.7 21.7 -38.2 -190.2 -10.9 59.5 -11.1 -77.7 30

31 Discrepancy 0.5 1.1 2.5 3.6 4.7 4.9 5.1 5.0 4.7 4.7 4.7 31

 Memo:

32 Credit market funds advanced (3) -11.6 -17.0 23.9 -0.6 6.2 -43.0 4.4 17.1 -113.2 -80.4 20.0 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, June 10, 2004 27

F.112 Bank Holding Companies

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1998 1999 2000 2001 2002 2003 2003 2004

 Q1 Q2 Q3 Q4 Q1

 1 Gross saving 34.2 49.9 46.5 54.8 67.8 66.5 56.2 74.2 61.0 74.8 47.1 1

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

 3 Net acquisition of financial assets 110.6 55.2 100.7 100.5 83.4 126.6 122.6 192.3 65.9 125.6 265.8 3

 4 Credit market instruments -0.9 6.2 -12.2 4.2 3.1 8.6 20.8 39.7 -26.1 0.2 1.2 4

 5 Treasury securities -3.1 7.9 -7.9 0.4 0.1 1.4 0.1 4.1 2.5 -1.1 -2.3 5

 6 Agency- and GSE-backed securities 1.1 -1.3 -0.5 1.4 4.5 0.9 2.8 -2.1 5.2 -2.3 3.6 6

 7 Corporate and foreign bonds -0.7 1.2 -2.8 2.1 -2.4 1.3 18.8 21.4 -34.5 -0.5 -1.1 7

 8 Bank loans n.e.c. 1.7 -1.6 -0.9 0.3 0.9 5.0 -1.1 16.2 0.7 4.1 1.0 8

 9 Miscellaneous assets 111.6 49.0 112.9 96.4 80.3 118.0 101.8 152.6 92.0 125.4 264.6 9

10 Investment in bank subsidiaries 55.3 2.9 53.6 60.7 53.1 50.5 43.2 67.9 50.5 40.5 73.1 10

11 Investment in nonbank subsidiaries 44.1 17.3 38.4 29.8 -0.2 45.0 33.9 79.3 30.3 36.7 113.8 11

12 Other 12.1 28.9 20.9 5.9 27.3 22.4 24.7 5.4 11.3 48.2 77.8 12

13 Net increase in liabilities 76.6 5.4 54.4 45.8 15.7 60.3 66.6 118.3 5.1 51.0 218.9 13

14 Net interbank liabilities 10.2 4.1 6.2 -15.3 -3.0 10.9 -4.2 35.1 11.6 1.3 -0.8 14

15 To domestic banks 9.6 8.2 -26.3 -18.6 -3.6 55.8 32.7 174.2 11.9 4.3 -0.1 15

16 To foreign banks 0.6 -4.1 32.5 3.3 0.6 -44.8 -36.8 -139.1 -0.3 -3.0 -0.8 16

17 Federal funds and security RPs (net) 0.5 0.1 -1.6 -0.1 2.4 0.9 20.0 10.4 -26.4 -0.4 -3.4 17

18 Credit market instruments 24.9 25.8 23.2 23.6 20.3 35.4 65.7 -0.6 8.7 67.8 103.5 18

19 Commercial paper 7.8 9.1 1.2 -5.1 -2.3 -6.0 -15.0 -19.9 5.3 5.5 59.2 19

20 Corporate bonds 17.1 16.7 22.0 28.7 22.6 41.4 80.7 19.3 3.5 62.3 44.2 20

21 Corporate equity issues -15.0 -13.8 -16.5 -15.3 -15.4 -9.6 -6.2 -0.2 -10.6 -21.4 -5.7 21

22 Miscellaneous liabilities 56.0 -10.8 43.1 52.9 11.5 22.6 -8.6 73.6 21.7 3.7 125.5 22

23 Equity, etc. 24.7 -38.6 10.3 -8.9 -44.0 -37.5 -53.0 -22.8 -21.5 -52.5 90.1 23

24 Other 31.2 27.8 32.8 61.8 55.4 60.1 44.4 96.4 43.2 56.2 35.4 24

25 Discrepancy -0.2 -0.3 -0.2 -0.1 -0.1 -0.1 -0.1 -0.1 -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 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 1

 2 Fixed nonresidential investment 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 2

 3 Net acquisition of financial assets 9.8 3.7 4.0 17.0 -5.0 12.3 5.6 16.8 18.4 8.5 17.2 3

 4 Checkable deposits and currency 0.6 0.3 -0.5 1.1 -0.3 -0.0 2.2 -0.3 -2.4 0.3 2.9 4

 5 Credit market instruments 6.0 4.4 6.7 10.0 1.3 11.3 -0.7 16.8 20.6 8.4 12.5 5

 6 Treasury securities -0.7 -0.7 -1.0 -0.6 0.3 2.0 0.7 3.0 3.3 0.9 2.1 6

 7 Agency- and GSE-backed securities 3.9 3.3 4.3 2.5 3.9 4.7 -3.5 6.4 13.3 2.7 3.9 7

 8 Municipal securities -0.1 0.1 0.1 -0.2 0.0 0.1 0.2 0.0 0.4 -0.2 0.2 8

 9 Corporate and foreign bonds 0.5 -0.5 0.3 0.6 -0.3 -0.3 -1.6 2.6 -1.3 -0.9 0.1 9

10 Bank loans n.e.c. 0.9 0.5 1.1 4.5 -4.4 0.5 -1.0 1.1 0.3 1.4 2.1 10

11 Home mortgages 1.1 0.6 1.0 -0.9 1.4 2.7 4.0 2.4 1.6 2.7 2.4 11

12 Commercial mortgages 0.4 1.2 0.8 4.2 0.3 1.6 0.5 1.3 3.1 1.7 1.7 12

13 Miscellaneous assets 3.1 -1.0 -2.1 5.9 -6.1 1.1 4.1 0.3 0.2 -0.2 1.8 13

14 Net increase in liabilities 9.4 3.8 3.4 16.4 -5.8 11.4 4.8 15.9 17.7 7.2 15.6 14

15 Checkable deposits 1.2 0.0 -0.1 3.1 -1.2 1.6 2.1 5.3 -3.1 2.3 2.9 15

16 Small time and savings deposits 1.0 0.8 1.4 4.6 -1.7 1.4 -0.6 0.2 2.6 3.2 0.2 16

17 Large time deposits 1.0 0.8 1.4 4.6 -1.7 1.4 -0.6 0.2 2.6 3.2 0.2 17

18 Miscellaneous liabilities 6.3 2.2 0.7 4.2 -1.2 7.1 3.9 10.3 15.6 -1.5 12.3 18

19 Discrepancy -0.4 0.1 -0.7 -0.5 -0.7 -0.9 -0.8 -0.9 -0.7 -1.3 -1.6 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, June 10, 2004

F.114 Savings Institutions (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1998 1999 2000 2001 2002 2003 2003 2004

 Q1 Q2 Q3 Q4 Q1

 1 Gross saving 4.4 7.2 7.3 8.5 9.1 9.3 9.3 9.3 9.3 9.3 10.4 1

 2 Fixed nonresidential investment 4.2 4.0 3.8 3.4 3.0 3.0 2.9 2.9 3.0 3.1 3.2 2

 3 Net acquisition of financial assets 60.9 61.9 67.2 81.0 59.1 115.4 203.2 127.7 117.9 12.9 339.8 3

 4 Reserves at Federal Reserve 0.1 2.8 -3.1 0.6 0.7 0.9 -0.7 -0.3 2.8 2.0 4.5 4

 5 Checkable deposits and currency 3.2 -1.0 1.6 2.0 3.7 -0.4 -3.2 14.2 -6.2 -6.4 2.9 5

 6 Time and savings deposits 0.5 -0.1 0.1 0.8 0.4 0.0 0.2 0.2 -0.1 -0.2 1.4 6

 7 Federal funds and security RPs 5.5 -4.2 4.3 12.5 -0.3 -6.1 10.5 -16.5 -3.4 -15.2 41.1 7

 8 Credit market instruments 36.2 67.7 56.2 42.8 35.4 126.3 195.0 95.3 62.3 152.5 234.8 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 -4.4 -0.0 -1.4 2.7 -2.2 3.0 0.0 3.0 5.2 4.0 0.0 10

11 Agency- and GSE-backed securities -11.6 3.4 -6.7 21.0 14.7 22.6 39.9 24.9 3.6 21.8 38.9 11

12 Mortgage pass-through securities -6.8 -1.5 -6.7 6.7 17.0 5.4 33.1 4.2 -23.5 7.9 44.3 12

13 CMOs and other structured MBS 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.7 13

14 Other -4.7 5.0 0.0 14.3 -2.3 17.1 6.9 20.7 27.0 14.0 -6.1 14

15 Municipal securities 0.4 0.5 0.2 1.3 1.0 0.8 0.3 0.9 2.3 -0.3 0.8 15

16 Corporate and foreign bonds 29.9 23.3 -2.5 -25.6 -4.0 -8.8 8.1 -25.9 -27.3 10.0 -23.9 16

17 Private mortgage pass-through securities -1.9 5.1 0.6 -5.8 -2.6 0.1 -3.9 -0.6 2.0 2.9 -5.3 17

18 Private CMOs and other structured MBS 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -15.3 18

19 Other 31.8 18.2 -3.2 -19.7 -1.4 -8.9 11.9 -25.3 -29.3 7.1 -3.3 19

20 Other loans and advances 5.3 6.5 8.7 3.6 3.3 10.0 4.5 3.1 37.0 -4.5 -26.8 20

21 Mortgages 12.1 24.1 54.9 35.3 23.1 89.5 142.5 68.8 45.9 100.8 231.0 21

22 Consumer credit 4.4 9.9 3.0 4.5 -0.6 9.2 -0.3 20.6 -4.3 20.6 14.6 22

23 Corporate equities 1.5 -0.7 0.4 3.2 2.0 -1.0 1.7 2.7 -3.6 -4.8 3.0 23

24 Miscellaneous assets 13.8 -2.7 7.7 19.1 17.2 -4.3 -0.4 32.0 66.2 -115.0 52.3 24

25 Net increase in liabilities 57.7 60.8 66.3 78.3 54.0 107.6 189.8 122.8 118.2 -0.5 324.9 25

26 Deposits -2.6 6.1 27.5 46.8 67.0 59.3 72.1 88.2 55.0 21.9 75.2 26

27 Checkable 36.1 36.8 43.4 50.7 54.4 57.4 53.2 61.4 57.6 57.6 58.6 27

28 Small time and savings -54.3 -39.2 -35.8 -30.7 -31.6 -30.5 -26.6 -25.7 -5.2 -64.6 -41.4 28

29 Large time 15.7 8.5 19.9 26.9 44.2 32.4 45.5 52.5 2.6 28.9 57.9 29

30 Security RPs 9.5 21.4 -6.0 5.8 -15.0 20.1 13.4 15.3 3.8 47.8 -13.6 30

31 Credit market instruments 52.2 48.0 27.3 7.4 -13.7 -0.6 48.8 -25.6 -28.4 2.9 28.0 31

32 Corporate bonds -0.2 0.2 3.5 -2.6 -0.2 1.7 5.4 0.3 0.6 0.5 3.4 32

33 Bank loans n.e.c. 10.3 -15.7 7.4 1.5 4.2 -13.2 -48.2 3.2 -1.9 -6.1 1.5 33

34 Other loans and advances 42.1 63.5 16.3 8.5 -17.7 11.0 91.6 -29.0 -27.1 8.5 23.1 34

35 Taxes payable 0.2 0.0 0.4 -0.7 -0.3 -0.2 -0.4 -0.0 0.7 -1.1 2.2 35

36 Miscellaneous liabilities -1.5 -14.7 17.1 19.0 15.9 29.0 55.9 45.0 87.1 -72.1 233.1 36

37 Investment by parent 0.4 0.5 0.7 0.8 0.9 1.0 1.0 1.0 1.0 1.1 1.1 37

38 Other -1.9 -15.3 16.5 18.2 15.0 27.9 54.9 43.9 86.1 -73.2 232.0 38

39 Discrepancy -3.0 2.0 2.7 2.4 1.1 -1.5 -6.9 1.5 6.6 -7.3 -7.8 39

(1) Savings and loan associations, mutual savings banks, and federal savings banks.
Z.1, June 10, 2004 29

F.115 Credit Unions

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1998 1999 2000 2001 2002 2003 2003 2004

 Q1 Q2 Q3 Q4 Q1

 1 Gross saving 5.3 5.8 6.7 6.7 9.8 11.1 11.1 11.1 11.1 11.1 12.2 1

 2 Fixed nonresidential investment 2.4 2.5 2.4 2.4 2.2 2.3 2.2 2.3 2.3 2.4 2.5 2

 3 Net acquisition of financial assets 37.7 23.0 26.5 64.4 55.3 56.6 67.0 95.7 19.3 44.3 19.5 3

 4 Checkable deposits and currency 1.0 17.3 0.3 10.1 1.6 3.2 73.0 -17.0 -26.1 -17.1 43.3 4

 5 Time and savings deposits 6.4 -6.8 -1.1 7.4 1.6 1.8 9.9 -2.7 1.2 -1.0 -2.5 5

 6 Federal funds and security RPs 3.4 2.4 -5.3 -1.5 -0.8 -0.1 -8.4 5.7 -4.8 6.8 -8.9 6

 7 Credit market instruments 18.9 27.5 28.0 41.5 42.7 50.7 44.2 75.9 87.2 -4.6 43.3 7

 8 Open market paper 0.2 1.5 -0.6 1.2 1.2 -2.0 -2.9 1.9 -1.2 -5.8 2.5 8

 9 Treasury securities -2.5 -3.5 -1.4 -0.8 0.4 1.1 -2.0 5.9 1.5 -0.7 -1.5 9

10 Agency- and GSE-backed securities 7.3 2.9 -0.4 19.6 16.8 18.2 27.2 38.3 45.7 -38.5 6.5 10

11 Home mortgages 10.8 14.1 13.8 16.4 18.2 23.2 15.8 17.7 27.4 31.9 14.7 11

12 Consumer credit 3.0 12.5 16.5 5.1 6.2 10.1 6.1 12.0 13.9 8.6 21.0 12

13 Mutual fund shares 1.2 -1.1 -0.3 1.5 -0.2 0.5 -0.5 4.5 1.9 -3.7 0.4 13

14 Miscellaneous assets 6.8 -16.4 4.9 5.4 10.4 0.5 -51.2 29.3 -40.0 63.8 -56.2 14

15 Net increase in liabilities 34.7 20.8 22.0 60.8 50.1 51.3 62.3 92.4 13.4 37.1 16.5 15

16 Shares/deposits 33.6 17.7 22.4 61.1 46.7 48.0 70.0 70.0 11.4 40.6 -37.1 16

17 Checkable 6.4 2.3 5.9 3.5 5.0 7.6 24.7 1.9 -6.4 10.4 11.7 17

18 Small time and savings 23.1 12.3 13.0 48.6 33.1 29.6 40.2 44.1 17.0 16.9 -53.1 18

19 Large time 4.1 3.1 3.5 9.0 8.7 10.8 5.1 24.0 0.8 13.3 4.2 19

20 Other loans and advances 0.6 2.2 0.0 1.5 2.0 2.2 2.8 1.6 3.3 1.0 -2.7 20

21 Miscellaneous liabilities 0.5 0.9 -0.4 -1.8 1.4 1.2 -10.4 20.8 -1.4 -4.4 56.3 21

22 Discrepancy -0.1 1.0 -0.2 0.7 2.4 3.5 4.2 5.6 2.9 1.5 6.7 22

F.116 Bank Personal Trusts and Estates (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net acquisition of financial assets -45.8 -9.8 55.0 -63.5 -3.7 -26.7 -27.0 -26.9 -26.9 -26.0 29.5 1

 2 Deposits 6.2 8.4 7.0 -4.6 0.1 -0.1 -0.2 -0.2 -0.2 0.1 0.0 2

 3 Checkable deposits and currency -0.5 -0.1 -0.1 0.5 -0.7 0.4 0.4 0.4 0.4 0.4 0.4 3

 4 Time and savings deposits -2.1 0.9 0.2 2.7 -0.6 8.7 8.7 8.7 8.7 8.7 8.7 4

 5 Money market fund shares 8.8 7.5 6.9 -7.9 1.3 -9.2 -9.2 -9.2 -9.2 -9.0 -9.0 5

 6 Credit market instruments -12.8 27.8 0.8 -28.1 0.9 -2.4 -2.7 -2.5 -2.5 -2.0 12.9 6

 7 Open market paper -4.5 0.6 -2.4 -3.1 -0.2 -0.4 -0.4 -0.4 -0.4 -0.4 -0.4 7

 8 Treasury securities -3.1 -0.0 -1.0 -4.8 -0.4 -0.3 -0.3 -0.3 -0.3 -0.2 0.1 8

 9 Agency- and GSE-backed securities -1.4 5.7 0.3 -10.3 -0.9 -2.6 -2.6 -2.6 -2.6 -2.5 0.5 9

10 Municipal securities -1.1 10.8 -1.2 -3.5 5.3 -2.6 -2.6 -2.6 -2.6 -2.4 5.6 10

11 Corporate and foreign bonds -2.6 11.3 5.0 -6.6 -2.7 3.9 3.7 3.9 3.9 4.0 7.1 11

12 Mortgages -0.2 -0.6 0.1 0.2 -0.2 -0.4 -0.4 -0.4 -0.4 -0.4 0.0 12

13 Corporate equities -74.3 -28.8 -2.5 -32.5 -39.4 -18.7 -18.7 -18.7 -18.7 -18.7 2.0 13

14 Mutual fund shares 26.6 -14.7 48.5 -6.1 37.3 -15.0 -15.0 -15.0 -15.0 -15.0 5.0 14

15 Miscellaneous assets 8.4 -2.5 1.2 7.7 -2.6 9.5 9.5 9.5 9.5 9.6 9.6 15

16 Net increase in liabilities (2) -46.1 -8.1 56.6 -59.9 -2.4 -26.3 -26.6 -26.4 -26.4 -25.5 29.8 16

17 Discrepancy -0.2 1.7 1.6 3.7 1.4 0.4 0.4 0.4 0.4 0.5 0.2 17

(1) Personal trusts, estates, and non-managed personal agency accounts at banks, savings institutions, and national nondeposit noninsured trust companies.

(2) Equal to the net acquisition of tangible and financial assets. These liabilities are assets of the household sector.
30 Z.1, June 10, 2004

F.117 Life Insurance Companies

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1998 1999 2000 2001 2002 2003 2003 2004

 Q1 Q2 Q3 Q4 Q1

 1 Gross saving -7.8 -2.9 -5.0 -5.5 -4.8 -5.8 -5.2 -7.3 -5.3 -5.2 -3.4 1

 2 Fixed nonresidential investment 11.0 11.8 10.7 9.3 7.9 7.9 7.6 7.7 8.0 8.3 8.4 2

 3 Net acquisition of financial assets 187.0 169.3 203.5 250.6 279.8 256.7 450.6 296.9 169.9 109.6 256.0 3

 4 Checkable deposits and currency -2.7 0.0 -0.5 31.9 -1.6 -7.6 34.2 -1.6 5.4 -68.3 0.7 4

 5 Money market fund shares 17.6 21.4 10.5 31.0 -13.5 -8.3 -28.2 2.7 -4.2 -3.5 -29.2 5

 6 Credit market instruments 76.9 53.5 57.9 130.9 233.0 195.9 308.2 236.8 116.4 122.3 130.8 6

 7 Open market paper 7.5 2.0 -4.5 -11.9 14.7 0.0 43.5 -12.3 -16.1 -15.0 46.9 7

 8 Treasury securities -14.1 -9.3 -4.6 -4.4 24.8 4.6 11.8 8.4 4.2 -5.9 2.0 8

 9 Agency- and GSE-backed securities -9.6 7.0 11.0 18.1 77.4 30.1 41.4 39.4 19.8 19.7 2.0 9

10 Municipal securities 1.7 1.7 -1.0 -0.4 1.2 1.5 1.3 2.7 1.3 0.7 0.4 10

11 Corporate and foreign bonds 84.5 41.5 49.0 120.2 106.8 149.9 201.4 186.1 96.5 115.7 67.6 11

12 Policy loans 0.1 -5.0 2.9 2.2 1.0 -0.5 -1.7 1.3 -1.9 0.4 0.8 12

13 Mortgages 6.8 15.7 5.2 7.1 7.0 10.3 10.6 11.3 12.5 6.7 11.0 13

14 Corporate equities 82.5 116.9 111.3 70.2 52.7 56.6 62.9 60.2 54.4 48.8 74.8 14

15 Mutual fund shares 9.4 10.0 5.6 2.1 2.6 7.2 4.8 8.0 8.0 8.0 2.0 15

16 Miscellaneous assets 3.5 -32.6 18.7 -15.5 6.7 12.9 68.7 -9.2 -10.2 2.5 76.9 16

17 Net increase in liabilities 173.1 152.9 195.1 248.5 259.7 225.6 397.2 246.7 165.2 93.4 253.9 17

18 Corporate equity issues -4.7 -6.0 -0.8 -0.9 -6.5 -4.0 -6.5 -3.7 -6.2 0.6 -3.2 18

19 Other loans and advances 0.7 0.7 -0.7 0.6 2.0 2.9 4.4 1.5 3.1 2.5 0.1 19

20 Life insurance reserves 46.7 49.4 48.7 75.8 58.5 52.6 73.7 55.2 44.1 37.2 67.0 20

21 Pension fund reserves (1) 122.6 94.1 142.6 138.5 148.5 130.8 136.5 121.8 91.0 173.8 167.6 21

22 Taxes payable 1.2 1.3 1.6 2.0 2.4 2.8 2.6 2.7 2.8 2.9 3.0 22

23 Miscellaneous liabilities 6.6 13.4 3.6 32.4 54.7 40.6 186.5 69.2 30.2 -123.7 19.4 23

24 Discrepancy -32.9 -31.0 -24.1 -17.0 -32.9 -44.7 -66.1 -65.2 -17.9 -29.7 -13.9 24

(1) Annuity reserves held by life insurance companies, excluding unallocated contracts held by private pension funds, which are included in miscellaneous liabilities (line 23).

F.118 Other Insurance Companies

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Gross saving 5.9 6.0 -1.0 -9.2 1.6 7.7 2.9 6.9 9.2 11.8 17.1 1

 2 Fixed nonresidential investment 10.4 12.0 13.3 12.5 12.2 12.9 12.4 12.6 13.1 13.6 13.9 2

 3 Net acquisition of financial assets 16.5 -9.0 8.9 16.6 75.2 93.9 90.7 123.7 88.6 72.5 77.9 3

 4 Checkable deposits and currency -0.2 0.2 -0.6 9.4 12.8 8.6 17.0 23.8 -4.1 -2.3 -2.3 4

 5 Security RPs 7.4 -14.4 10.0 -8.1 14.2 8.4 -9.4 27.0 8.8 7.3 13.5 5

 6 Credit market instruments 5.8 -3.0 -8.7 9.0 39.9 65.8 56.2 49.7 68.7 88.4 43.2 6

 7 Treasury securities -20.8 -9.7 -8.6 -0.0 9.2 7.2 5.7 5.3 7.6 10.3 5.4 7

 8 Agency- and GSE-backed securities -1.2 5.9 8.6 10.1 19.0 13.1 9.6 9.7 13.9 19.0 4.0 8

 9 Municipal securities 16.5 -9.1 -14.9 -10.3 9.2 21.6 18.0 15.9 22.6 30.1 16.2 9

10 Corporate and foreign bonds 11.6 10.0 6.4 8.9 2.4 23.8 23.0 19.1 24.7 28.4 17.6 10

11 Commercial mortgages -0.3 -0.0 -0.3 0.2 0.1 0.1 0.0 -0.2 -0.0 0.7 0.1 11

12 Corporate equities -5.0 -1.7 0.7 -0.3 -1.1 -2.0 -1.7 2.9 6.4 -15.5 1.0 12

13 Trade receivables 1.6 2.0 1.0 5.3 4.9 4.4 17.9 9.4 2.6 -12.1 13.2 13

14 Miscellaneous assets 6.9 7.7 6.4 1.3 4.5 8.6 10.6 10.9 6.2 6.7 9.3 14

15 Net increase in liabilities 2.9 8.0 3.6 29.8 52.2 50.2 49.4 68.4 72.3 10.5 34.1 15

16 Corporate equity issues -4.7 -7.8 -4.5 0.5 6.2 4.1 -1.1 18.3 -3.3 2.5 2.7 16

17 Taxes payable 2.0 2.0 2.3 2.7 3.2 3.7 3.5 3.6 3.8 3.9 4.0 17

18 Miscellaneous liabilities 5.6 13.8 5.8 26.5 42.8 42.3 47.0 46.4 71.7 4.1 27.4 18

19 Discrepancy -18.1 11.0 -19.5 -8.5 -33.7 -48.9 -50.7 -61.0 -20.2 -63.8 -40.6 19
Z.1, June 10, 2004 31

F.119 Private Pension Funds (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1998 1999 2000 2001 2002 2003 2003 2004

 Q1 Q2 Q3 Q4 Q1

 1 Gross saving 0.9 1.0 1.1 1.1 1.3 1.3 1.3 1.3 1.3 1.3 1.4 1

 2 Fixed nonresidential investment 2.0 2.0 1.8 2.1 1.4 1.2 1.2 1.2 1.2 1.2 1.2 2

 3 Net acquisition of financial assets -15.8 -75.7 -50.6 -52.4 -11.5 42.3 16.6 22.9 62.2 67.3 36.8 3

 4 Checkable deposits and currency -1.0 1.2 0.4 -1.0 0.5 0.3 0.7 1.2 0.0 -0.9 1.3 4

 5 Time and savings deposits 28.3 -29.0 2.9 4.2 0.9 2.5 3.4 4.5 3.3 -1.4 3.3 5

 6 Money market fund shares 1.9 11.7 4.6 -10.6 2.8 2.9 2.9 2.9 2.9 3.0 3.0 6

 7 Security RPs 1.2 3.7 0.9 0.8 1.9 -0.7 -1.3 -1.3 -1.3 0.8 0.8 7

 8 Credit market instruments -26.1 99.3 3.8 -15.8 21.1 4.1 7.3 24.3 -11.8 -3.3 43.8 8

 9 Open market paper 3.0 7.0 -1.7 -2.2 10.9 -6.0 -0.8 -7.6 -1.2 -14.3 0.3 9

10 Treasury securities -33.2 2.3 -9.6 -21.7 -1.3 -2.1 0.2 3.6 -8.5 -3.7 2.2 10

11 Agency- and GSE-backed securities -16.6 38.2 9.0 7.9 1.9 -5.3 -4.0 2.5 -18.5 -1.1 5.3 11

12 Corporate and foreign bonds 21.0 50.0 5.0 -1.1 8.0 15.6 10.5 23.3 14.6 13.9 33.2 12

13 Mortgages -0.3 1.7 1.2 1.3 1.7 2.0 1.6 2.5 1.9 2.0 2.8 13

14 Corporate equities -30.5 -260.2 -55.1 -32.7 -66.8 25.1 -19.0 9.2 60.2 50.2 -19.1 14

15 Mutual fund shares -3.5 102.5 1.2 -3.8 11.0 -0.9 6.1 -8.6 -6.5 5.2 -7.4 15

16 Miscellaneous assets 13.8 -4.9 -9.3 6.6 17.1 9.0 16.4 -9.3 15.3 13.8 11.0 16

17 Unallocated insurance contracts (2) -14.8 -9.9 -11.8 2.4 13.0 6.6 11.3 -5.0 16.9 3.4 3.7 17

18 Contributions receivable 21.4 -7.6 1.2 1.3 1.3 1.3 1.3 1.3 1.3 1.3 1.3 18

19 Other 7.2 12.6 1.2 2.9 2.9 1.1 3.8 -5.5 -3.0 9.1 6.0 19

20 Pension fund reserves (liabilities) (3) -14.7 -74.7 -49.9 -51.4 -11.4 42.1 16.4 22.8 62.0 67.2 36.6 20

(1) Private defined benefit plans and defined contribution plans (including 401(k) type plans).

(3) Equal to the net acquisition of tangible and financial assets less gross saving (line 2 + line 3 - line 1). These liabilities are assets of the household sector.

F.120 State and Local Government Employee Retirement Funds

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Gross saving 0.6 0.7 0.8 0.9 0.8 0.8 0.8 0.8 0.8 0.8 0.8 1

 2 Fixed nonresidential investment 1.3 1.3 1.3 1.7 0.9 0.6 0.6 0.6 0.6 0.6 0.6 2

 3 Net acquisition of financial assets 60.4 58.8 53.1 25.6 26.7 22.2 16.9 26.1 22.0 23.9 16.7 3

 4 Checkable deposits and currency 4.7 -0.7 -0.1 0.4 -1.9 1.6 6.2 0.4 0.4 -0.7 1.4 4

 5 Time and savings deposits -0.4 -0.3 -0.6 -0.4 0.1 0.3 1.3 0.0 0.0 -0.1 -0.4 5

 6 Security RPs 8.9 2.8 4.3 0.6 0.2 2.9 1.6 2.2 1.7 6.1 4.2 6

 7 Credit market instruments 72.1 46.9 54.6 -17.7 14.1 13.0 0.1 22.4 11.4 18.3 4.6 7

 8 Open market paper 8.9 2.8 4.3 0.6 0.2 -2.1 1.6 2.2 1.7 -13.9 4.2 8

 9 Treasury securities 0.8 -6.6 -15.5 -18.3 -1.1 -5.3 3.8 21.3 -21.9 -24.4 -7.8 9

10 Agency- and GSE-backed securities 19.1 22.9 37.6 -14.5 -0.3 8.1 -2.8 2.4 12.5 20.1 -7.2 10

11 Municipal securities 1.7 -0.2 -1.5 -0.2 -0.9 0.1 0.6 -0.6 0.4 0.2 0.4 11

12 Corporate and foreign bonds 35.1 30.4 29.7 11.4 9.4 2.0 -12.0 -12.7 8.0 24.7 2.5 12

13 Mortgages 6.5 -2.6 -0.0 3.4 6.8 10.3 8.9 9.8 10.7 11.6 12.4 13

14 Corporate equities -28.2 -6.2 -18.4 22.3 20.0 19.0 18.6 15.3 12.5 29.5 2.3 14

15 Miscellaneous assets 3.3 16.3 13.3 20.3 -5.7 -14.6 -11.0 -14.1 -4.0 -29.1 4.6 15

16 Pension fund reserves (liabilities) (1) 61.1 59.4 53.6 26.3 26.8 22.1 16.7 26.0 21.8 23.8 16.5 16

(1) Equal to the net acquisition of tangible and financial assets less gross saving (line 2 + line 3 - line 1). These liabilities are assets of the household sector.

F.121 Federal Government Retirement Funds (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net acquisition of financial assets 47.9 48.5 28.2 69.9 45.4 48.2 42.3 47.4 46.7 56.2 38.1 1

 2 Credit market instruments 2.7 2.9 2.1 9.7 13.0 6.3 28.5 2.5 -0.8 -4.8 0.8 2

 3 Treasury securities 2.3 2.9 2.0 7.2 9.4 4.7 15.2 2.3 2.7 -1.3 2.1 3

 4 Agency- and GSE-backed securities 0.3 -0.0 0.1 1.7 2.4 1.1 8.9 0.1 -2.4 -2.3 -0.8 4

 5 Corporate and foreign bonds 0.1 -0.0 0.0 0.8 1.2 0.6 4.4 0.1 -1.1 -1.1 -0.4 5

 6 Corporate equities 4.0 4.4 5.2 -0.6 7.9 17.2 23.5 11.0 17.9 16.2 12.2 6

 7 Miscellaneous assets 41.2 41.1 20.9 60.8 24.5 24.7 -9.7 33.9 29.6 44.8 25.0 7

 8 Pension fund reserves (liabilities) (2) 47.9 48.5 28.2 69.9 45.4 48.2 42.3 47.4 46.7 56.2 38.1 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) Liabilities of the sector are assets of the household sector.
32 Z.1, June 10, 2004

F.122 Money Market Mutual Funds (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1998 1999 2000 2001 2002 2003 2003 2004

 Q1 Q2 Q3 Q4 Q1

 1 Net acquisition of financial assets 287.2 249.1 233.3 428.6 -16.8 -207.8 -394.5 213.8 -223.1 -427.7 -298.9 1

 2 Foreign deposits 7.4 12.2 48.2 33.1 -10.1 -39.9 -52.2 -49.7 -25.0 -32.8 -3.9 2

 3 Checkable deposits and currency -2.6 -1.2 4.5 2.3 -5.8 -0.6 13.7 -23.7 7.6 -0.2 -18.1 3

 4 Time and savings deposits 15.7 33.3 -18.0 77.1 -14.8 -47.7 -67.5 29.3 26.9 -179.6 -18.4 4

 5 Security RPs 12.9 0.1 43.4 44.0 46.2 -21.8 -66.3 -21.8 -98.3 99.4 48.1 5

 6 Credit market instruments 244.0 182.0 143.0 246.0 -25.3 -113.1 -164.3 251.1 -242.9 -296.5 -274.0 6

 7 Open market paper 78.2 104.7 89.6 30.3 -44.9 -135.1 -281.2 0.3 -167.9 -91.6 -184.2 7

 8 Treasury securities 17.5 0.1 -13.3 45.3 4.5 -10.0 38.8 45.5 -55.5 -68.7 -12.0 8

 9 Agency- and GSE-backed securities 77.5 17.1 -5.8 133.2 5.7 2.2 -3.4 94.9 24.3 -107.1 -88.1 9

10 Municipal securities 26.0 17.5 34.3 36.2 1.8 14.6 32.4 72.2 -13.4 -32.9 33.6 10

11 Corporate and foreign bonds 44.8 42.5 38.2 1.1 7.7 15.2 49.1 38.2 -30.4 3.9 -23.3 11

12 Miscellaneous assets 9.6 22.6 12.2 26.1 -7.0 15.4 -57.8 28.6 108.6 -18.0 -32.7 12

13 Net share issues (liabilities) 287.2 249.1 233.3 428.6 -16.8 -207.8 -394.5 213.8 -223.1 -427.7 -298.9 13

(1) Open-end investment companies; excludes funding vehicles for variable annuities, which are included in the life insurance companies sector (table F.117).

F.123 Mutual Funds (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Gross saving -9.1 4.1 -1.5 -7.4 -3.3 -2.6 -2.6 -2.6 -2.6 -2.6 -2.6 1

 2 Net acquisition of financial assets 279.5 191.2 239.4 201.2 182.4 288.1 175.5 329.6 295.0 352.2 416.9 2

 3 Security RPs 13.1 9.9 25.7 -31.8 6.8 12.5 -0.6 3.6 4.8 42.1 -1.7 3

 4 Credit market instruments 127.3 48.4 20.9 126.1 144.2 137.7 215.6 249.9 -15.2 100.6 198.2 4

 5 Open market paper 13.1 9.9 25.7 -31.8 -11.8 12.8 24.4 -7.1 -0.5 34.2 25.2 5

 6 Treasury securities 4.6 -23.7 6.3 -8.5 19.7 9.4 32.4 37.4 -20.1 -12.2 11.3 6

 7 Agency- and GSE-backed securities 21.6 36.2 4.1 85.3 61.5 25.3 52.0 67.5 -29.8 11.4 35.4 7

 8 Municipal securities 22.8 -3.2 -8.9 23.0 23.8 12.9 22.1 38.1 -10.1 1.5 19.9 8

 9 Corporate and foreign bonds 65.2 29.2 -6.2 58.1 50.9 77.4 84.7 114.1 45.2 65.6 106.4 9

10 Corporate equities 143.3 136.4 193.1 109.8 31.4 136.8 -42.6 75.8 299.9 214.2 220.3 10

11 Miscellaneous assets -4.2 -3.5 -0.4 -2.9 0.1 1.0 3.0 0.3 5.4 -4.7 -0.0 11

12 Net share issues (liabilities) 279.5 191.2 239.4 201.2 182.4 288.1 175.5 329.6 295.0 352.2 416.9 12

13 Discrepancy -9.1 4.1 -1.5 -7.4 -3.3 -2.6 -2.6 -2.6 -2.6 -2.6 -2.6 13

(1) Open-end investment companies; excludes funding vehicles for variable annuities, which are included in the life insurance companies sector (table F.117).

F.124 Closed-End and Exchange-Traded Funds

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 Closed-end funds

 1 Net acquisition of financial assets -6.8 -4.8 -5.5 1.9 18.0 43.4 31.4 61.2 59.6 21.6 34.1 1

 2 Credit market instruments 4.9 9.6 -5.6 3.2 8.6 36.2 26.1 60.1 42.5 16.1 8.8 2

 3 Treasury securities -1.0 -1.2 -0.9 0.1 -2.8 1.4 0.3 2.9 1.3 0.9 5.4 3

 4 Municipal securities 1.3 9.0 -2.0 7.0 11.3 3.2 4.1 -1.2 8.4 1.7 -1.8 4

 5 Corporate and foreign bonds 4.7 1.8 -2.7 -3.8 0.0 31.6 21.7 58.5 32.9 13.4 5.2 5

 6 Corporate equities -11.8 -14.5 0.1 -1.3 9.4 7.2 5.3 1.1 17.0 5.5 25.3 6

 7 Net share issues (liabilities) -6.8 -4.8 -5.5 1.9 18.0 43.4 31.4 61.2 59.6 21.6 34.1 7

 Exchange-traded funds

 8 Net acquisition of financial assets 6.0 12.2 42.4 31.0 45.3 15.8 6.0 15.0 -24.1 66.3 30.1 8

 9 Credit market instruments 0.0 0.0 0.0 0.0 3.7 0.7 -1.1 0.4 1.6 2.0 5.1 9

10 Treasury securities 0.0 0.0 0.0 0.0 2.0 0.1 -1.8 -1.0 2.0 1.2 3.6 10

11 Corporate and foreign bonds 0.0 0.0 0.0 0.0 1.8 0.6 0.7 1.5 -0.4 0.8 1.5 11

12 Corporate equities 6.0 12.2 42.4 31.0 41.6 15.1 7.2 14.6 -25.6 64.2 25.0 12

13 Net share issues (liabilities) 6.0 12.2 42.4 31.0 45.3 15.8 6.0 15.0 -24.1 66.3 30.1 13
Z.1, June 10, 2004 33

F.125 Government-Sponsored Enterprises (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1998 1999 2000 2001 2002 2003 2003 2004

 Q1 Q2 Q3 Q4 Q1

 1 Gross saving 2.3 3.0 3.0 3.3 3.5 3.6 3.6 3.6 3.6 3.6 3.6 1

 2 Fixed nonresidential investment 0.7 0.7 0.8 0.8 0.8 0.9 0.9 0.9 0.9 1.0 1.0 2

 3 Net acquisition of financial assets 304.4 316.7 241.7 334.3 242.4 269.7 217.2 242.3 568.8 50.5 47.8 3

 4 Checkable deposits and currency 2.5 7.4 -9.7 1.7 10.2 0.8 16.7 -14.3 0.4 0.4 7.7 4

 5 Federal funds and security RPs -13.4 12.7 -14.8 11.9 -1.1 -2.1 -46.5 52.7 -64.4 49.9 34.6 5

 6 Credit market instruments 313.8 291.2 253.6 307.8 210.9 258.1 313.4 122.3 636.8 -40.1 14.5 6

 7 Open market paper 26.9 -27.1 10.9 35.6 -28.1 -1.5 -4.4 16.5 -34.9 16.6 6.7 7

 8 Treasury securities -0.7 5.8 10.2 -8.7 -24.7 0.2 3.4 -0.5 -0.4 -1.5 -3.8 8

 9 Agency- and GSE-backed securities 163.1 178.7 145.0 186.6 182.8 132.2 66.5 -44.0 572.3 -66.1 -98.1 9

10 Municipal securities 4.1 1.4 -1.8 6.0 -1.7 3.1 1.2 4.3 5.3 1.8 -0.1 10

11 Corporate and foreign bonds 20.7 23.7 25.8 15.5 7.0 10.4 41.8 32.2 -5.1 -27.5 -7.8 11

12 Other loans and advances 93.5 108.1 45.3 37.7 18.5 24.7 104.9 -1.4 -29.2 24.4 109.9 12

13 Sallie Mae -0.3 -0.3 0.1 -0.0 -0.4 0.1 -0.1 -0.1 0.6 -0.1 0.0 13

14 Farm Credit System 3.3 0.9 3.1 2.9 2.0 0.0 -3.4 0.4 -0.3 3.5 0.9 14

15 FHLB loans 90.4 107.6 42.1 34.9 16.9 24.6 108.4 -1.7 -29.5 21.0 109.0 15

16 Mortgages 7.5 -4.8 22.2 32.7 59.6 105.3 106.3 131.1 145.2 38.8 25.9 16

17 Home 5.3 -10.3 15.8 20.2 46.0 98.3 98.7 117.9 144.7 31.9 19.1 17

18 Multifamily residential -0.0 4.3 4.5 8.2 8.5 4.2 4.9 7.5 -0.9 5.2 4.2 18

19 Farm 2.2 1.1 2.0 4.3 5.1 2.9 2.7 5.7 1.4 1.7 2.6 19

20 Consumer credit (2) -1.2 5.4 -3.9 2.4 -2.6 -16.3 -6.3 -16.0 -16.3 -26.5 -18.4 20

21 Miscellaneous assets 1.5 5.5 12.5 12.8 22.4 12.8 -66.5 81.6 -4.0 40.2 -9.1 21

22 Net increase in liabilities 299.3 312.7 234.4 323.6 233.6 260.1 208.3 232.0 556.8 43.0 45.1 22

23 Credit market instruments 278.3 318.2 234.1 290.8 225.9 233.2 195.4 199.9 437.5 99.8 36.1 23

24 GSE issues (3) 278.3 318.2 234.1 290.8 225.9 233.2 195.4 199.9 437.5 99.8 36.1 24

25 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 25

26 Miscellaneous liabilities 21.0 -5.5 0.3 32.8 7.7 26.9 13.0 32.1 119.3 -56.7 9.0 26

27 Discrepancy -3.5 -1.8 -5.1 -8.1 -6.2 -7.0 -6.2 -7.6 -9.4 -4.8 -0.1 27

(1) Federal Home Loan Banks, Federal National Mortgage Association, Federal Home Loan Mortgage Corporation, Farm Credit System, the Financing Corporation, the Resolution

 Funding Corporation, and the Student Loan Marketing Association (Sallie Mae), which is a subsidiary of SLM Corporation, a private company chartered in 1997.

(2) SLMA student loans.

(3) Such issues are classified as agency- and GSE-backed securities.

F.126 Agency- and GSE-backed Mortgage Pools (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net acquisition of financial assets 192.6 273.8 199.4 338.5 328.1 329.8 283.5 246.0 333.1 456.6 95.1 1

 2 Home mortgages 182.1 264.6 190.9 322.9 315.2 309.7 275.1 237.2 309.1 417.3 108.2 2

 3 Multifamily residential mortgages 10.5 9.2 8.5 15.6 12.9 20.1 8.4 8.9 24.1 39.3 -13.1 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 -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5

 6 Net increase in pool securities (liabilities)(2) 192.6 273.8 199.4 338.5 328.1 329.8 283.5 246.0 333.1 456.6 95.1 6

(1) GNMA, FNMA, FHLMC, 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, June 10, 2004

F.127 Issuers of Asset-Backed Securities (ABSs)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1998 1999 2000 2001 2002 2003 2003 2004

 Q1 Q2 Q3 Q4 Q1

 1 Gross saving 2.4 2.2 1.6 1.4 1.2 1.2 1.2 1.2 1.2 1.1 1.1 1

 2 Fixed nonresidential investment 4.2 -0.7 -1.6 1.7 0.1 1.0 3.0 0.3 0.3 0.3 0.3 2

 3 Net acquisition of financial assets 297.1 194.4 186.1 253.8 194.5 205.4 271.8 228.8 170.7 150.3 136.0 3

 4 Agency- and GSE-backed securities (1) 21.8 36.8 8.3 14.2 46.5 8.9 -50.6 19.6 107.3 -40.8 -155.1 4

 5 Other loans and advances 23.8 -3.3 7.2 18.5 -3.3 -1.1 30.1 -16.5 -22.9 4.8 -10.2 5

 6 Mortgages (2) 141.6 80.8 68.7 116.8 90.1 184.5 205.9 205.5 107.0 219.7 289.6 6

 7 Home 80.2 38.8 33.4 72.2 58.2 132.9 172.6 143.4 56.9 158.6 234.5 7

 8 Multifamily residential 13.0 8.1 5.6 6.0 5.5 8.1 2.4 8.2 8.1 13.8 6.6 8

 9 Commercial 48.5 33.9 29.7 38.6 26.4 43.6 30.9 53.9 42.1 47.3 48.4 9

10 Consumer credit 72.0 59.0 68.9 78.4 37.4 -8.0 64.3 -1.4 -41.4 -53.6 -7.7 10

11 Trade credit 37.9 21.1 33.0 25.9 23.8 21.1 22.0 21.5 20.8 20.2 19.6 11

12 Net increase in liabilities 298.9 191.5 183.0 254.0 193.5 205.2 273.6 227.9 169.9 149.5 135.2 12

13 Commercial paper 125.7 139.0 125.0 120.0 -13.0 -35.6 -47.1 14.0 33.2 -142.5 24.4 13

14 Corporate bonds 173.3 52.5 57.9 134.0 206.4 240.8 320.7 213.8 136.6 292.0 110.9 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) 1.8 -2.9 -3.2 0.3 -1.1 -0.2 1.8 -0.9 -0.9 -0.8 -0.8 16

17 REIT assets (4) 2.9 -1.0 -2.2 -1.2 6.0 15.0 3.6 13.0 23.4 19.9 21.6 17

(1) Agency- and GSE-backed mortgage pool securities backing privately issued CMOs.

(2) Mortgages backing privately issued pool securities and privately issued CMOs.

(3) Receivables from operating leases, such as consumer automobile leases, are booked as current income when payments are received and are not included in financial assets (or household liabilities).

 The leased automobile is a tangible asset; depreciation flows are included in line 1, and fixed investment flows are included in line 2.

(4) Included in table F.130.

F.128 Finance Companies (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Gross saving 25.2 32.8 33.8 55.8 58.6 61.4 58.5 61.1 62.3 63.6 68.4 1

 2 Fixed nonresidential investment 27.2 42.4 39.4 30.7 31.7 36.8 30.8 35.3 39.0 42.3 44.8 2

 3 Net acquisition of financial assets 88.8 150.9 136.6 18.8 33.7 190.0 31.2 226.8 369.3 132.4 120.1 3

 4 Checkable deposits and currency 2.3 2.5 2.6 2.9 3.1 3.3 3.2 3.2 3.3 3.3 3.4 4

 5 Credit market instruments 77.3 97.1 108.6 -4.8 21.2 84.2 -0.4 59.5 180.4 97.5 175.7 5

 6 Other loans and advances 36.8 54.2 63.3 -11.5 8.3 2.2 -14.4 -4.5 -1.4 29.0 63.5 6

 7 Mortgages 24.7 24.6 26.4 -11.0 13.2 24.4 6.4 24.0 40.5 26.8 38.3 7

 8 Consumer credit 15.8 18.3 18.9 17.6 -0.3 57.6 7.6 40.0 141.4 41.6 73.9 8

 9 Miscellaneous assets 9.3 51.3 25.3 20.8 9.5 102.5 28.5 164.1 185.6 31.6 -59.0 9

10 Net increase in liabilities 75.8 138.7 166.1 21.3 64.2 220.7 35.0 320.3 370.5 156.9 197.6 10

11 Credit market instruments 57.1 70.7 81.9 1.3 42.2 117.3 35.0 188.8 101.6 143.8 133.7 11

12 Open market paper 30.7 -2.9 8.4 -80.3 -17.1 -5.2 -30.5 64.3 -46.3 -8.3 38.8 12

13 Corporate bonds 24.2 64.7 72.9 66.6 62.0 114.3 54.2 108.4 133.1 161.7 62.4 13

14 Bank loans n.e.c. 2.2 8.9 0.5 14.9 -2.8 8.1 11.2 16.1 14.8 -9.6 32.5 14

15 Taxes payable 0.8 0.8 1.0 1.2 1.4 1.6 1.5 1.6 1.6 1.7 1.7 15

16 Miscellaneous liabilities 17.8 67.2 83.3 18.9 20.7 101.8 -1.5 130.0 267.3 11.5 62.2 16

17 Foreign direct investment in U.S. 2.6 13.2 14.9 7.8 -3.6 18.0 61.5 4.8 3.8 2.0 1.6 17

18 Investment by parent -12.8 53.5 14.7 -3.3 -11.0 11.5 -4.1 35.4 -1.1 16.0 16.9 18

19 Other 28.0 0.5 53.7 14.5 35.3 72.2 -58.9 89.8 264.5 -6.5 43.7 19

20 Discrepancy -15.1 -21.7 23.9 27.6 57.4 55.3 31.5 119.3 24.5 45.7 101.1 20

 Memo:

21 Consumer leases not included above (2) -2.2 6.3 5.3 -4.6 -20.2 -13.3 -5.9 -20.6 -5.2 -21.4 -13.7 21

(1) Includes retail captive finance companies.

(2) See footnote (3), table F.127.
Z.1, June 10, 2004 35

F.129 Mortgage Companies (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1998 1999 2000 2001 2002 2003 2003 2004

 Q1 Q2 Q3 Q4 Q1

 1 Net acquisition of financial assets 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1

 2 Home mortgages 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2

 3 Multifamily residential mortgages 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3

 4 Commercial mortgages 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 Net increase in liabilities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5

 6 Bank loans n.e.c. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 6

 7 Investment by parent 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 7

(1) No data are available after 1997:Q4.

F.130 Real Estate Investment Trusts (REITs)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Gross saving 8.2 8.4 0.2 12.9 13.0 6.8 6.0 6.2 6.4 8.6 8.6 1

 2 Fixed nonresidential investment 64.7 9.2 0.4 3.3 11.9 7.1 1.8 6.2 8.4 11.9 21.2 2

 3 Multifamily residential investment 11.4 1.6 0.1 0.6 2.1 1.2 0.3 1.1 1.5 2.1 3.7 3

 4 Net acquisition of financial assets 6.4 -2.3 -6.3 8.1 22.7 23.4 -0.3 32.8 28.3 32.6 67.5 4

 5 Checkable deposits and currency 0.8 0.3 -0.0 0.9 -0.6 2.8 4.9 -0.5 6.1 0.8 1.3 5

 6 Credit market instruments -5.1 -2.6 -7.1 6.7 23.1 16.8 -8.6 31.0 18.6 26.2 58.3 6

 7 Agency- and GSE-backed securities -8.1 1.1 0.3 5.7 8.0 -5.3 -14.9 7.0 -15.7 2.4 25.4 7

 8 Corporate and foreign bonds -0.4 -0.3 -0.8 2.1 4.6 2.2 3.2 -4.1 7.8 2.1 8.3 8

 9 Mortgages 3.4 -3.3 -6.6 -1.1 10.5 19.8 3.1 28.1 26.5 21.7 24.6 9

10 Home 0.8 -2.4 -4.6 0.1 9.5 19.0 4.0 27.4 25.4 19.3 19.6 10

11 Multifamily residential 0.1 -0.6 -0.4 -0.3 -0.2 0.0 0.0 0.0 -0.1 0.2 1.2 11

12 Commercial 2.5 -0.4 -1.7 -1.0 1.2 0.8 -0.9 0.6 1.2 2.2 3.8 12

13 Miscellaneous assets 10.7 -0.1 0.9 0.5 0.2 3.7 3.4 2.4 3.6 5.6 8.0 13

14 Net increase in liabilities 86.4 17.7 2.7 16.5 43.0 38.3 6.9 49.4 45.1 51.9 104.7 14

15 Security RPs -9.8 0.5 -3.8 7.8 13.5 1.4 -11.1 18.3 -6.1 4.4 23.1 15

16 Credit market instruments 62.7 6.3 2.7 2.5 19.8 23.8 17.5 12.9 36.4 28.2 54.2 16

17 Open market paper 0.2 -0.1 0.0 0.7 0.1 -0.5 1.6 -3.8 1.2 -1.0 0.0 17

18 Corporate bonds 21.7 8.9 4.8 3.8 14.0 20.8 17.8 17.2 26.9 21.3 40.0 18

19 Bank loans n.e.c. 16.0 -7.6 -8.3 -3.3 -0.3 -0.2 1.6 -3.9 0.5 1.0 -2.5 19

20 Mortgages 24.8 5.1 6.2 1.3 5.9 3.6 -3.5 3.3 7.8 6.9 16.7 20

21 Corporate equity issues 19.8 6.6 2.0 6.1 8.4 13.3 2.3 16.3 18.1 16.6 25.8 21

22 Miscellaneous liabilities 13.6 4.4 1.8 0.1 1.4 -0.1 -1.9 1.9 -3.3 2.8 1.6 22

23 Discrepancy 11.9 17.7 8.8 17.3 19.2 13.4 11.0 15.4 13.4 13.9 20.9 23

 Memo:

24 Securitized assets included above 2.9 -1.0 -2.2 -1.2 6.0 15.0 3.6 13.0 23.4 19.9 21.6 24

25 Agency- and GSE-backed securities 0.1 -1.3 -0.2 -0.9 -1.2 -1.0 -1.4 -1.0 -1.4 -0.4 -0.4 25

26 Home mortgages 1.8 0.0 -0.9 -0.2 7.3 16.1 5.0 14.1 24.9 20.5 22.0 26

27 Multifamily residential mortgages 0.4 0.1 -0.5 -0.1 -0.0 -0.1 -0.1 -0.0 -0.0 -0.1 -0.0 27

28 Commercial mortgages 0.6 0.1 -0.6 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 28
36 Z.1, June 10, 2004

F.131 Security Brokers and Dealers

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1998 1999 2000 2001 2002 2003 2003 2004

 Q1 Q2 Q3 Q4 Q1

 1 Gross saving 2.5 4.0 -14.1 6.9 13.3 9.6 9.2 9.0 9.0 11.2 12.1 1

 2 Fixed nonresidential investment 18.4 21.8 30.0 26.7 22.9 23.0 22.1 22.4 23.3 24.1 24.5 2

 3 Net acquisition of financial assets 142.0 79.8 220.4 244.3 -130.2 277.6 260.5 530.3 145.2 174.5 501.0 3

 4 Checkable deposits and currency 3.7 3.3 1.6 16.8 -2.9 2.9 -0.2 -2.4 1.1 13.2 20.8 4

 5 Credit market instruments 6.8 -34.7 68.9 92.4 28.4 79.7 65.9 -85.2 24.0 313.9 -175.0 5

 6 Open market paper 3.8 -2.0 13.2 9.0 -4.7 5.9 12.8 -19.3 16.8 13.1 -2.9 6

 7 Treasury securities 21.2 -58.4 39.4 13.1 -13.7 41.7 -34.5 -208.8 174.1 236.0 -202.7 7

 8 Agency- and GSE-backed securities 0.5 15.0 -2.3 14.1 14.1 -8.1 145.1 45.2 -214.3 -8.4 40.2 8

 9 Municipal securities -0.1 -1.2 -0.7 7.7 2.0 3.8 -7.3 11.7 7.8 3.1 1.6 9

10 Corporate and foreign bonds -18.6 12.0 19.3 48.6 30.7 36.4 -50.2 86.1 39.5 70.1 -11.2 10

11 Corporate equities -6.0 7.7 9.6 17.3 3.2 3.8 -12.7 35.5 -12.2 4.5 44.4 11

12 Security credit 21.6 75.2 7.2 -38.8 -48.2 34.3 45.3 355.7 -83.4 -180.4 66.3 12

13 Miscellaneous assets 115.9 28.3 133.0 156.6 -110.8 157.0 162.2 226.6 215.7 23.4 544.6 13

14 Net increase in liabilities 149.4 87.2 249.4 253.8 -130.3 281.4 264.5 534.6 149.4 176.9 502.7 14

15 Security RPs (net) 4.6 37.1 56.9 51.0 -9.0 133.7 -25.3 93.5 195.3 271.3 96.6 15

16 Corporate bonds 7.2 -17.2 15.6 1.4 -1.7 6.4 38.4 -16.2 9.9 -6.6 51.9 16

17 Corporate equity issues 2.5 7.6 -4.2 6.7 10.2 -7.7 12.1 -27.6 9.0 -24.5 1.0 17

18 Trade payables -1.0 11.9 5.1 3.3 -1.8 -9.2 -35.7 27.0 -11.1 -17.1 25.4 18

19 Security credit 81.6 29.2 138.9 41.9 -38.9 98.2 175.3 343.1 -25.0 -100.7 217.1 19

20 Customer credit balances (HH) 61.2 47.2 88.6 41.9 -41.6 62.7 67.8 342.0 -46.8 -112.3 127.2 20

21 From banks 20.3 -18.0 50.4 0.0 2.8 35.5 107.5 1.1 21.8 11.7 89.8 21

22 Taxes payable -0.1 0.9 -0.1 -0.2 -0.5 0.4 1.1 1.2 0.2 -0.9 0.5 22

23 Miscellaneous liabilities 44.7 7.5 -1.9 138.5 -84.5 39.3 98.9 75.3 -43.5 26.6 113.6 23

24 Foreign direct investment in U.S. 1.7 3.6 5.1 -1.3 -5.2 3.4 0.2 13.5 -0.5 0.5 9.0 24

25 Due to affiliates 99.0 61.9 60.2 62.9 6.8 57.6 207.0 31.2 -11.5 3.7 31.9 25

26 Other -55.9 -58.0 -67.2 76.9 -86.1 -21.7 -108.3 30.5 -31.5 22.5 72.8 26

27 Proprietors’ net investment 9.9 10.2 39.0 11.2 -4.1 20.4 -0.3 38.4 14.6 28.8 -3.4 27

28 Discrepancy -8.4 -10.4 -15.1 -10.3 -9.6 -9.6 -8.9 -9.0 -10.1 -10.5 -10.7 28

F.132 Funding Corporations (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net acquisition of financial assets 124.8 254.4 120.7 58.1 -9.7 87.8 321.4 15.6 140.6 -126.2 313.7 1

 2 Money market fund shares 80.0 59.9 20.4 137.5 6.3 -32.6 -120.9 109.0 -7.0 -111.4 -94.1 2

 3 Credit market instruments -15.8 120.2 24.9 -80.9 -43.1 102.8 287.3 -50.0 214.7 -40.9 371.8 3

 4 Open market paper -20.3 124.0 29.8 -126.7 -52.7 47.8 222.2 -95.6 158.5 -93.8 361.3 4

 5 Corporate and foreign bonds 4.5 -3.8 -4.9 45.8 9.6 54.9 65.1 45.5 56.2 52.9 10.5 5

 6 Miscellaneous assets (2) 60.7 74.4 75.5 1.5 27.1 17.7 155.0 -43.4 -67.1 26.1 36.1 6

 7 Investment in foreign banking offices 11.8 2.5 45.6 -30.8 24.7 -1.7 -17.0 -14.0 -25.8 50.0 108.4 7

 8 Investment in brokers and dealers 48.9 71.9 29.8 32.3 2.4 19.4 172.1 -29.4 -41.3 -23.9 -72.3 8

 9 Net increase in liabilities 124.8 254.4 120.7 58.1 -9.7 87.8 321.4 15.6 140.6 -126.2 313.7 9

10 Credit market instruments 40.0 91.5 -0.4 -55.2 -0.6 -0.9 101.0 -92.0 -19.5 6.9 87.9 10

11 Open market paper 6.0 34.1 -2.3 -77.4 -31.0 -16.3 91.3 -121.3 -22.6 -12.6 66.7 11

12 Corporate bonds 34.0 57.4 1.9 22.2 30.5 15.4 9.6 29.3 3.1 19.5 21.3 12

13 Miscellaneous liabilities 84.8 163.0 121.1 113.4 -9.1 88.7 220.5 107.5 160.1 -133.1 225.8 13

14 Foreign direct investment in U.S. 20.7 -17.0 75.8 56.7 27.6 18.6 54.1 48.5 -47.5 19.2 -51.9 14

15 Securities loaned (net) 70.0 16.3 88.7 70.1 -2.9 102.6 -30.9 245.1 175.1 21.0 311.5 15

16 Other -5.9 163.7 -43.4 -13.4 -33.9 -32.4 197.3 -186.1 32.5 -173.3 -33.9 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, June 10, 2004 37

F.200 Gold and Official Foreign Exchange Holdings (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1998 1999 2000 2001 2002 2003 2003 2004

 Q1 Q2 Q3 Q4 Q1

 1 Total U.S. reserves 6.8 -8.7 0.3 4.9 10.7 0.5 1.3 1.0 7.9 -8.3 -1.9 1

 2 U.S. gold stock and SDRs 0.1 -0.0 0.7 0.6 0.8 -0.6 -3.6 0.4 0.8 -0.1 0.4 2

 3 Federal govt.: Exchange Stab. Fund 0.1 -0.0 0.7 0.6 0.8 -0.6 -3.6 0.4 0.8 -0.1 0.4 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 6.6 -8.7 -0.4 4.3 9.9 1.1 4.9 0.6 7.1 -8.2 -2.3 5

 6 Official foreign currency holdings 1.5 -3.3 1.9 0.7 3.8 2.6 2.3 1.0 4.7 2.5 0.9 6

 7 Treasury 0.8 -1.6 0.9 0.3 1.9 1.3 1.2 0.5 2.3 1.3 0.5 7

 8 Monetary authority 0.8 -1.6 0.9 0.3 1.9 1.3 1.2 0.5 2.3 1.3 0.5 8

 9 Net IMF position 5.1 -5.5 -2.3 3.6 6.1 -1.5 2.6 -0.4 2.4 -10.7 -3.3 9

10 Federal government 5.1 -5.5 -2.3 3.6 6.1 -1.5 2.6 -0.4 2.4 -10.7 -3.3 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 -3.0 -4.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1

 2 Asset: Monetary authority 0.0 -3.0 -4.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2

 Treasury currency:

 3 Liab: Federal government 0.6 1.0 2.4 1.3 1.0 0.6 0.6 1.6 0.1 -0.0 0.8 3

 4 Asset: Monetary authority 0.7 1.7 3.6 1.4 1.6 0.9 0.8 1.1 0.9 0.7 0.7 4

 5 Discrepancy (seigniorage) -0.1 -0.7 -1.2 -0.1 -0.6 -0.3 -0.2 0.5 -0.8 -0.7 0.1 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 6.5 61.1 134.2 30.7 23.9 -20.8 -16.9 159.7 -297.2 71.3 -251.2 1

 Held by:

 2 Household sector 0.1 5.2 20.0 -5.0 10.7 -9.0 26.1 -23.5 -17.9 -20.7 -1.0 2

 3 Nonfinancial corporate business 7.4 0.9 -7.4 -8.5 4.4 22.8 20.1 -11.3 41.9 40.5 -4.8 3

 4 Money market mutual funds 7.4 12.2 48.2 33.1 -10.1 -39.9 -52.2 -49.7 -25.0 -32.8 -3.9 4

 5 Discrepancy--unallocated assets -8.5 42.8 73.5 11.1 18.9 5.4 -10.8 244.2 -296.3 84.3 -241.6 5
38 Z.1, June 10, 2004

F.203 Net Interbank Transactions

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1998 1999 2000 2001 2002 2003 2003 2004

 Q1 Q2 Q3 Q4 Q1

 1 Net change in liabilities -31.8 15.0 15.1 -28.0 17.3 -4.4 12.6 -180.2 102.5 47.4 -166.8 1

 2 Monetary authority -7.5 22.2 -27.1 1.4 5.6 0.6 32.8 7.6 4.2 -42.1 33.9 2

 3 Depository institution reserves -4.5 -2.3 -5.0 -1.6 5.1 0.5 29.7 3.0 -1.0 -29.6 19.8 3

 4 Vault cash -2.9 24.5 -22.2 2.9 0.5 0.1 3.2 4.7 5.2 -12.5 14.1 4

 5 Commercial banking -24.4 -7.2 42.3 -29.4 11.8 -5.1 -20.2 -187.8 98.3 89.4 -200.7 5

 6 To monetary authority -1.1 -1.7 1.0 -1.0 0.4 -0.7 -6.5 5.6 -2.3 0.3 -1.1 6

 7 To banks in foreign countries -27.1 -5.7 20.8 -45.6 4.2 0.5 -46.6 -162.3 61.4 149.3 -238.3 7

 8 Liabilities, net -32.0 -7.0 21.8 -44.3 13.9 -2.5 -59.7 -173.2 91.7 131.3 -232.7 8

 9 U.S.-chartered commercial banks 23.0 48.4 45.8 -12.3 46.1 89.8 -13.3 4.5 188.6 179.5 -72.5 9

10 Due to foreign affiliates 23.6 30.0 75.2 22.8 -0.9 123.7 74.1 259.7 63.5 97.6 7.4 10

11 - Due from foreign affiliates 0.5 -18.4 29.5 35.1 -47.0 33.9 87.4 255.2 -125.2 -81.9 79.9 11

12 Foreign banking offices in U.S. -55.7 -51.2 -56.5 -35.4 -32.8 -47.5 -9.6 -38.5 -96.7 -45.2 -159.4 12

13 Due to foreign affiliates 33.3 14.9 -14.3 29.7 13.0 19.5 104.3 186.2 -96.6 -115.8 15.3 13

14 - Due from foreign affiliates 88.9 66.1 42.2 65.0 45.8 67.0 113.9 224.7 0.1 -70.6 174.6 14

15 Bank holding companies 0.6 -4.1 32.5 3.3 0.6 -44.8 -36.8 -139.1 -0.3 -3.0 -0.8 15

16 Due to foreign affiliates -0.1 5.5 30.9 12.2 2.0 -40.2 -37.5 -123.3 -3.8 3.8 4.8 16

17 - Due from foreign affiliates -0.7 9.6 -1.6 8.8 1.4 4.6 -0.7 15.9 -3.5 6.8 5.5 17

18 Less: Deposits at foreign banks -5.0 -1.3 1.0 1.3 9.7 -2.9 -13.1 -10.9 30.3 -18.0 5.7 18

19 U.S.-chartered commercial banks -1.0 -1.3 0.4 1.3 10.2 -3.0 -13.1 -11.4 29.5 -16.9 5.3 19

20 Foreign banking offices in U.S. -4.0 -0.0 0.6 -0.0 -0.6 0.0 0.0 0.5 0.7 -1.1 0.4 20

21 To U.S. banking, net 3.8 0.1 20.4 17.2 7.1 -4.8 32.8 -31.2 39.2 -60.1 38.8 21

22 U.S.-chartered commercial banks -2.5 -14.3 30.5 16.5 20.8 -66.9 -59.7 -168.3 8.4 -47.9 -21.8 22

23 Liabilities 6.4 16.3 11.2 1.5 19.0 -3.6 8.1 35.7 23.5 -81.8 44.0 23

24 To foreign offices in U.S. 2.0 16.4 -9.1 -15.8 10.9 1.3 -22.7 65.3 -14.5 -23.1 5.0 24

25 To bank holding companies 0.6 -0.3 -0.1 0.1 1.0 -0.1 -2.0 1.5 -1.2 1.4 0.2 25

26 Unallocated 3.8 0.1 20.4 17.2 7.1 -4.8 32.8 -31.2 39.2 -60.1 38.8 26

 Less, due from:

27 Foreign offices in U.S. -1.3 22.6 7.1 3.4 0.9 7.5 37.2 28.2 4.4 -39.7 65.6 27

28 Bank holding companies 10.2 8.0 -26.4 -18.4 -2.6 55.7 30.6 175.7 10.7 5.7 0.2 28

29 Foreign banking offices in U.S. -3.3 6.2 16.2 19.2 -10.0 6.3 59.9 -37.1 18.9 -16.5 60.6 29

30 Due to U.S. banks -1.3 22.6 7.1 3.4 0.9 7.5 37.2 28.2 4.4 -39.7 65.6 30

31 - Due from U.S. banks 2.0 16.4 -9.1 -15.8 10.9 1.3 -22.7 65.3 -14.5 -23.1 5.0 31

32 Bank holding companies 9.6 8.2 -26.3 -18.6 -3.6 55.8 32.7 174.2 11.9 4.3 -0.1 32

33 Due to U.S. banks 10.2 8.0 -26.4 -18.4 -2.6 55.7 30.6 175.7 10.7 5.7 0.2 33

34 - Due from U.S. banks 0.6 -0.3 -0.1 0.1 1.0 -0.1 -2.0 1.5 -1.2 1.4 0.2 34

35 Net change in assets -35.6 14.9 -5.3 -45.2 10.2 0.4 -20.3 -149.0 63.3 107.5 -205.5 35

36 Rest of the world -27.1 -5.7 20.8 -45.6 4.2 0.5 -46.6 -162.3 61.4 149.3 -238.3 36

37 Domestic -8.6 20.6 -26.1 0.4 6.0 -0.1 26.3 13.3 1.9 -41.8 32.8 37

38 Monetary authority -1.1 -1.7 1.0 -1.0 0.4 -0.7 -6.5 5.6 -2.3 0.3 -1.1 38

39 Federal Reserve float 0.9 -1.9 1.1 -0.9 0.4 -0.7 -6.5 2.7 0.1 0.7 -1.1 39

40 Loans to member banks -2.0 0.2 -0.1 -0.1 0.0 0.0 -0.0 3.0 -2.4 -0.4 0.0 40

41 Commercial banking -7.6 19.4 -24.1 0.7 4.9 -0.3 33.5 7.9 1.4 -44.1 29.4 41

42 Reserves at Federal Reserve -4.6 -5.1 -1.9 -2.2 4.4 -0.4 30.4 3.3 -3.8 -31.6 15.2 42

43 Vault cash -2.9 24.5 -22.2 2.9 0.5 0.1 3.2 4.7 5.2 -12.5 14.1 43

44 Savings insts.: Reserves at Fed. Res. 0.1 2.8 -3.1 0.6 0.7 0.9 -0.7 -0.3 2.8 2.0 4.5 44

45 Discrepancy--floats, etc. 3.8 0.1 20.4 17.2 7.1 -4.8 32.8 -31.2 39.2 -60.1 38.8 45
Z.1, June 10, 2004 39

F.204 Checkable Deposits and Currency

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1998 1999 2000 2001 2002 2003 2003 2004

 Q1 Q2 Q3 Q4 Q1

 1 Net change in liabilities 47.3 151.2 -71.4 204.3 43.5 34.3 220.2 79.7 -110.9 -51.9 -42.3 1

 2 Monetary authority 38.3 108.7 -35.3 48.0 41.5 37.9 77.7 26.0 9.4 38.4 33.8 2

 3 Federal government cash and deposits 0.5 22.3 -22.9 1.5 -2.3 1.3 12.5 -3.0 -10.2 5.7 4.1 3

 4 Deposits due to foreign -0.3 -0.1 0.1 -0.2 0.0 0.1 0.6 2.8 -3.4 0.3 -0.3 4

 5 Currency outside banks 38.0 86.4 -12.5 46.7 43.7 36.6 64.6 26.2 23.0 32.4 30.1 5

 6 Commercial banking -33.5 3.4 -85.5 102.2 -57.4 -68.6 64.6 -9.5 -171.4 -158.3 -146.5 6

 7 Federal government deposits -14.6 36.4 -33.2 45.3 -16.4 -100.5 33.5 -121.5 -117.6 -196.6 -233.7 7

 8 Deposits due to foreign -1.5 13.4 -9.7 0.5 1.6 13.3 11.7 48.9 -26.8 19.6 78.9 8

 9 Private domestic deposits -17.4 -46.4 -42.6 56.3 -42.6 18.6 19.3 63.1 -27.0 18.8 8.3 9

10 Savings institutions 36.1 36.8 43.4 50.7 54.4 57.4 53.2 61.4 57.6 57.6 58.6 10

11 Credit unions 6.4 2.3 5.9 3.5 5.0 7.6 24.7 1.9 -6.4 10.4 11.7 11

12 Net change in assets 47.3 151.2 -71.4 204.3 43.5 34.3 220.2 79.7 -110.9 -51.9 -42.3 12

13 Household sector -15.7 -75.4 -120.4 93.2 -17.5 -62.7 -144.7 -71.3 -161.0 126.1 57.1 13

14 Nonfinancial business 57.5 95.3 107.1 -48.4 22.7 134.9 109.4 221.0 193.9 15.1 -26.5 14

15 Corporate 23.0 56.0 50.5 -49.5 9.5 123.9 100.5 207.1 181.2 6.9 -28.3 15

16 Nonfarm noncorporate 32.7 38.7 56.4 0.5 12.8 10.9 8.9 13.8 12.7 8.1 1.7 16

17 Farm 1.7 0.6 0.2 0.6 0.4 0.1 0.1 0.1 0.1 0.1 0.1 17

18 State and local governments -3.9 3.9 1.0 5.1 8.5 6.2 -0.5 4.1 6.8 14.5 8.0 18

19 Federal government -16.7 66.2 -65.1 41.1 -18.7 8.2 -24.4 -11.5 43.7 25.1 -46.9 19

20 Rest of the world 14.8 39.9 -4.2 24.2 23.2 30.0 32.0 57.5 -19.2 49.8 71.4 20

21 Checkable deposits -1.8 13.3 -9.5 0.4 1.7 13.4 12.3 51.7 -30.2 19.9 78.6 21

22 Currency 16.6 26.6 5.3 23.8 21.5 16.6 19.7 5.8 11.1 29.9 -7.2 22

23 Financial sectors 11.8 29.5 -0.4 79.0 18.0 15.2 169.0 -16.7 -14.1 -77.5 65.7 23

24 Commercial banking 0.6 0.3 -0.5 1.1 -0.3 -0.0 2.2 -0.3 -2.4 0.3 2.9 24

25 Savings institutions 3.2 -1.0 1.6 2.0 3.7 -0.4 -3.2 14.2 -6.2 -6.4 2.9 25

26 Credit unions 1.0 17.3 0.3 10.1 1.6 3.2 73.0 -17.0 -26.1 -17.1 43.3 26

27 Bank personal trusts and estates -0.5 -0.1 -0.1 0.5 -0.7 0.4 0.4 0.4 0.4 0.4 0.4 27

28 Life insurance companies -2.7 0.0 -0.5 31.9 -1.6 -7.6 34.2 -1.6 5.4 -68.3 0.7 28

29 Other insurance companies -0.2 0.2 -0.6 9.4 12.8 8.6 17.0 23.8 -4.1 -2.3 -2.3 29

30 Private pension funds -1.0 1.2 0.4 -1.0 0.5 0.3 0.7 1.2 0.0 -0.9 1.3 30

31 State and local govt. retirement funds 4.7 -0.7 -0.1 0.4 -1.9 1.6 6.2 0.4 0.4 -0.7 1.4 31

32 Money market mutual funds -2.6 -1.2 4.5 2.3 -5.8 -0.6 13.7 -23.7 7.6 -0.2 -18.1 32

33 Government-sponsored enterprises 2.5 7.4 -9.7 1.7 10.2 0.8 16.7 -14.3 0.4 0.4 7.7 33

34 Finance companies 2.3 2.5 2.6 2.9 3.1 3.3 3.2 3.2 3.3 3.3 3.4 34

35 REITs 0.8 0.3 -0.0 0.9 -0.6 2.8 4.9 -0.5 6.1 0.8 1.3 35

36 Brokers and dealers 3.7 3.3 1.6 16.8 -2.9 2.9 -0.2 -2.4 1.1 13.2 20.8 36

37 Mail float -0.5 -8.2 10.7 10.2 7.3 -97.5 79.4 -103.4 -161.0 -205.1 -171.0 37
40 Z.1, June 10, 2004

F.205 Time and Savings Deposits

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1998 1999 2000 2001 2002 2003 2003 2004

 Q1 Q2 Q3 Q4 Q1

 1 Net change in liabilities 244.2 176.2 305.0 335.8 321.5 291.6 435.3 505.9 62.4 162.6 532.8 1

 2 Small time and savings deposits 152.4 45.1 188.8 267.2 271.1 229.5 258.9 456.8 84.4 118.0 212.0 2

 3 Commercial banking 183.7 72.0 211.6 249.4 269.7 230.5 245.2 438.4 72.6 165.7 306.4 3

 4 U.S.-chartered commercial banks 186.4 73.0 210.6 240.4 273.6 228.2 248.5 437.3 67.0 160.1 302.5 4

 5 Foreign banking offices in U.S. -3.7 -1.8 -0.4 4.5 -2.3 0.9 -2.7 1.0 3.0 2.4 3.8 5

 6 Banks in U.S.-affiliated areas 1.0 0.8 1.4 4.6 -1.7 1.4 -0.6 0.2 2.6 3.2 0.2 6

 7 Savings institutions -54.3 -39.2 -35.8 -30.7 -31.6 -30.5 -26.6 -25.7 -5.2 -64.6 -41.4 7

 8 Credit unions 23.1 12.3 13.0 48.6 33.1 29.6 40.2 44.1 17.0 16.9 -53.1 8

 9 Large time deposits (1) 91.8 131.1 116.2 68.6 50.4 62.0 176.5 49.1 -22.0 44.6 320.8 9

10 Commercial banking 72.1 119.6 92.8 32.7 -2.5 18.9 125.9 -27.4 -25.5 2.5 258.7 10

11 U.S.-chartered commercial banks 34.8 61.6 87.9 -25.2 24.3 2.9 91.4 9.0 -31.6 -57.1 103.8 11

12 Foreign banking offices in U.S. 36.3 57.2 3.4 53.3 -25.1 14.6 35.0 -36.5 3.5 56.4 154.8 12

13 Banks in U.S.-affiliated areas 1.0 0.8 1.4 4.6 -1.7 1.4 -0.6 0.2 2.6 3.2 0.2 13

14 Savings institutions 15.7 8.5 19.9 26.9 44.2 32.4 45.5 52.5 2.6 28.9 57.9 14

15 Credit unions 4.1 3.1 3.5 9.0 8.7 10.8 5.1 24.0 0.8 13.3 4.2 15

16 Net change in assets 244.2 176.2 305.0 335.8 321.5 291.6 435.3 505.9 62.4 162.6 532.8 16

17 Household sector 162.9 108.2 288.6 251.5 289.2 317.4 405.8 386.1 241.8 235.7 631.2 17

18 Nonfinancial business 6.0 43.3 20.5 0.9 -1.4 15.2 34.2 37.8 -43.0 32.0 -10.8 18

19 Corporate -6.8 24.3 0.5 -6.2 -3.6 13.5 38.4 33.8 -43.9 25.8 -7.2 19

20 Nonfarm noncorporate 12.7 19.1 20.1 7.1 2.2 1.7 -4.3 4.0 0.9 6.3 -3.6 20

21 State and local governments 12.8 11.0 9.4 7.7 17.1 22.3 46.2 13.2 12.9 16.8 44.4 21

22 Federal government 1.3 0.7 1.0 4.2 17.1 -25.2 -36.7 37.5 -74.8 -26.8 -2.2 22

23 Rest of the world 13.0 15.0 1.9 -20.1 12.0 -3.7 29.9 -8.7 -114.6 78.5 -121.7 23

24 Financial sectors 48.3 -1.9 -16.5 91.7 -12.5 -34.4 -44.0 40.1 40.0 -173.6 -8.0 24

25 Savings institutions 0.5 -0.1 0.1 0.8 0.4 0.0 0.2 0.2 -0.1 -0.2 1.4 25

26 Credit unions 6.4 -6.8 -1.1 7.4 1.6 1.8 9.9 -2.7 1.2 -1.0 -2.5 26

27 Bank personal trusts and estates -2.1 0.9 0.2 2.7 -0.6 8.7 8.7 8.7 8.7 8.7 8.7 27

28 Private pension funds 28.3 -29.0 2.9 4.2 0.9 2.5 3.4 4.5 3.3 -1.4 3.3 28

29 State and local govt. retirement funds -0.4 -0.3 -0.6 -0.4 0.1 0.3 1.3 0.0 0.0 -0.1 -0.4 29

30 Money market mutual funds 15.7 33.3 -18.0 77.1 -14.8 -47.7 -67.5 29.3 26.9 -179.6 -18.4 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 287.2 249.1 233.3 428.6 -16.8 -207.8 -394.5 213.8 -223.1 -427.7 -298.9 1

 2 Net purchases 287.2 249.1 233.3 428.6 -16.8 -207.8 -394.5 213.8 -223.1 -427.7 -298.9 2

 3 Household sector 130.6 112.1 145.8 158.4 -42.9 -99.7 -195.0 175.8 -89.0 -290.6 -133.7 3

 4 Nonfinancial corporate business 38.6 28.4 36.5 110.5 26.9 -52.7 -38.5 -62.2 -104.1 -6.1 -20.3 4

 5 Nonfarm noncorporate business 9.7 8.1 8.7 9.6 2.3 -8.2 -5.5 -5.1 -12.4 -9.9 -15.6 5

 6 Bank personal trusts and estates 8.8 7.5 6.9 -7.9 1.3 -9.2 -9.2 -9.2 -9.2 -9.0 -9.0 6

 7 Life insurance companies 17.6 21.4 10.5 31.0 -13.5 -8.3 -28.2 2.7 -4.2 -3.5 -29.2 7

 8 Private pension funds 1.9 11.7 4.6 -10.6 2.8 2.9 2.9 2.9 2.9 3.0 3.0 8

 9 Funding corporations 80.0 59.9 20.4 137.5 6.3 -32.6 -120.9 109.0 -7.0 -111.4 -94.1 9
Z.1, June 10, 2004 41

F.207 Federal Funds and Security Repurchase Agreements

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1998 1999 2000 2001 2002 2003 2003 2004

 Q1 Q2 Q3 Q4 Q1

 1 Net change in liabilities 91.3 169.8 113.2 22.3 105.0 322.3 39.6 526.2 126.2 597.1 563.6 1

 2 Commercial banking (net) 87.0 110.8 66.1 -42.3 115.5 167.2 62.6 399.2 -66.7 273.7 457.5 2

 3 U.S.-chartered commercial banks 66.8 128.5 15.4 -31.2 73.6 168.2 -78.9 383.6 60.0 307.9 423.7 3

 4 Foreign banking offices in U.S. 19.7 -17.9 52.3 -11.0 39.5 -1.9 121.5 5.2 -100.4 -33.8 37.2 4

 5 Bank holding companies 0.5 0.1 -1.6 -0.1 2.4 0.9 20.0 10.4 -26.4 -0.4 -3.4 5

 6 Savings institutions 9.5 21.4 -6.0 5.8 -15.0 20.1 13.4 15.3 3.8 47.8 -13.6 6

 7 REITs -9.8 0.5 -3.8 7.8 13.5 1.4 -11.1 18.3 -6.1 4.4 23.1 7

 8 Brokers and dealers (net) 4.6 37.1 56.9 51.0 -9.0 133.7 -25.3 93.5 195.3 271.3 96.6 8

 9 Net change in assets 33.6 138.0 0.8 81.1 95.8 120.5 -165.1 191.9 119.8 335.4 476.9 9

10 Nonfinancial corporate business -0.4 1.6 -1.6 -0.2 2.2 -0.5 -1.5 2.6 4.0 -7.0 3.2 10

11 State and local governments 7.2 5.0 19.7 -13.4 -2.1 29.9 11.0 37.5 24.1 46.8 42.6 11

12 Rest of the world -18.8 8.0 11.4 59.4 39.4 93.9 -114.7 95.9 248.4 145.9 270.4 12

13 Financial sectors 45.6 123.4 -28.7 35.3 56.3 -2.8 -59.9 55.8 -156.8 149.7 160.7 13

14 Monetary authority 6.5 110.3 -97.3 6.9 -10.8 4.3 60.3 4.2 0.0 -47.5 28.9 14

15 Savings institutions 5.5 -4.2 4.3 12.5 -0.3 -6.1 10.5 -16.5 -3.4 -15.2 41.1 15

16 Credit unions 3.4 2.4 -5.3 -1.5 -0.8 -0.1 -8.4 5.7 -4.8 6.8 -8.9 16

17 Other insurance companies 7.4 -14.4 10.0 -8.1 14.2 8.4 -9.4 27.0 8.8 7.3 13.5 17

18 Private pension funds 1.2 3.7 0.9 0.8 1.9 -0.7 -1.3 -1.3 -1.3 0.8 0.8 18

19 State and local govt. retirement funds 8.9 2.8 4.3 0.6 0.2 2.9 1.6 2.2 1.7 6.1 4.2 19

20 Money market mutual funds 12.9 0.1 43.4 44.0 46.2 -21.8 -66.3 -21.8 -98.3 99.4 48.1 20

21 Mutual funds 13.1 9.9 25.7 -31.8 6.8 12.5 -0.6 3.6 4.8 42.1 -1.7 21

22 Government-sponsored enterprises -13.4 12.7 -14.8 11.9 -1.1 -2.1 -46.5 52.7 -64.4 49.9 34.6 22

23 Discrepancy--unallocated assets 57.7 31.9 112.4 -58.8 9.2 201.8 204.7 334.3 6.5 261.7 86.7 23

F.208 Open Market Paper

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Total net issues, all types 193.1 229.9 211.6 -147.8 -91.5 -81.6 44.1 -76.0 -81.6 -212.7 322.0 1

 2 Commercial paper 202.5 232.8 212.2 -144.6 -91.4 -81.3 43.1 -75.2 -80.3 -213.0 323.7 2

 3 Nonfinancial corporate business 24.4 37.4 48.1 -88.3 -64.2 -40.0 -9.3 -81.4 4.8 -74.3 34.4 3

 4 Foreign issues in U.S. 7.8 16.3 31.7 -14.2 36.1 22.3 52.0 72.9 -56.0 20.2 100.1 4

 5 Nonfinancial -1.6 8.2 10.9 -23.3 4.8 -3.7 -1.6 10.1 -19.7 -3.4 -1.1 5

 6 Financial 9.4 8.1 20.8 9.1 31.3 25.9 53.6 62.8 -36.3 23.6 101.2 6

 7 Financial sectors 170.3 179.2 132.4 -42.1 -63.3 -63.6 0.3 -66.6 -29.1 -158.8 189.1 7

 8 Commercial banking 7.8 9.1 1.2 -5.1 -2.3 -6.0 -15.0 -19.9 5.3 5.5 59.2 8

 9 ABS issuers 125.7 139.0 125.0 120.0 -13.0 -35.6 -47.1 14.0 33.2 -142.5 24.4 9

10 Finance companies 30.7 -2.9 8.4 -80.3 -17.1 -5.2 -30.5 64.3 -46.3 -8.3 38.8 10

11 REITs 0.2 -0.1 0.0 0.7 0.1 -0.5 1.6 -3.8 1.2 -1.0 0.0 11

12 Funding corporations 6.0 34.1 -2.3 -77.4 -31.0 -16.3 91.3 -121.3 -22.6 -12.6 66.7 12

13 Bankers acceptances (1) -9.4 -2.9 -0.7 -3.2 -0.2 -0.2 1.0 -0.9 -1.3 0.2 -1.7 13

14 Net purchases, by sector 193.1 229.9 211.6 -147.8 -91.5 -81.6 44.1 -76.0 -81.6 -212.7 322.0 14

15 Household sector 7.5 4.1 4.8 -30.8 5.8 -4.1 24.4 -30.0 6.1 -16.7 21.6 15

16 Nonfinancial corporate business 3.3 8.2 10.2 2.4 4.5 15.2 6.2 33.4 28.8 -7.4 18.4 16

17 State and local governments 28.0 6.9 22.6 -26.5 -3.8 -32.4 -18.6 -13.5 -44.8 -52.7 10.7 17

18 Rest of the world 37.6 -13.0 9.5 6.2 17.3 20.3 17.2 55.6 -26.5 34.9 11.5 18

19 Monetary authority 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19

20 Commercial banking (1) -0.2 0.3 0.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 20

21 Savings institutions 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 21

22 Credit unions 0.2 1.5 -0.6 1.2 1.2 -2.0 -2.9 1.9 -1.2 -5.8 2.5 22

23 Bank personal trusts and estates -4.5 0.6 -2.4 -3.1 -0.2 -0.4 -0.4 -0.4 -0.4 -0.4 -0.4 23

24 Life insurance companies 7.5 2.0 -4.5 -11.9 14.7 0.0 43.5 -12.3 -16.1 -15.0 46.9 24

25 Private pension funds 3.0 7.0 -1.7 -2.2 10.9 -6.0 -0.8 -7.6 -1.2 -14.3 0.3 25

26 State and local govt. retirement funds 8.9 2.8 4.3 0.6 0.2 -2.1 1.6 2.2 1.7 -13.9 4.2 26

27 Money market mutual funds 78.2 104.7 89.6 30.3 -44.9 -135.1 -281.2 0.3 -167.9 -91.6 -184.2 27

28 Mutual funds 13.1 9.9 25.7 -31.8 -11.8 12.8 24.4 -7.1 -0.5 34.2 25.2 28

29 Government-sponsored enterprises 26.9 -27.1 10.9 35.6 -28.1 -1.5 -4.4 16.5 -34.9 16.6 6.7 29

30 Brokers and dealers 3.8 -2.0 13.2 9.0 -4.7 5.9 12.8 -19.3 16.8 13.1 -2.9 30

31 Funding corporations -20.3 124.0 29.8 -126.7 -52.7 47.8 222.2 -95.6 158.5 -93.8 361.3 31

(1) Excludes banks’ holdings of own acceptances.
42 Z.1, June 10, 2004

F.209 Treasury Securities

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1998 1999 2000 2001 2002 2003 2003 2004

 Q1 Q2 Q3 Q4 Q1

 1 Net issues -54.6 -71.0 -294.9 -5.0 257.0 398.4 165.8 748.5 317.5 362.0 465.0 1

 2 Savings bonds 0.1 -0.2 -1.7 5.6 4.5 8.9 9.5 10.5 10.2 5.5 3.9 2

 3 Other Treasury issues -54.7 -70.8 -293.2 -10.6 252.5 389.5 156.3 738.0 307.3 356.5 461.0 3

 4 Net purchases -54.6 -71.0 -294.9 -5.0 257.0 398.4 165.8 748.5 317.5 362.0 465.0 4

 5 Household sector -37.7 29.4 -171.2 -78.6 -66.3 2.1 -64.0 410.7 -120.0 -218.3 -53.6 5

 6 Savings bonds 0.1 -0.2 -1.7 5.6 4.5 8.9 9.5 10.5 10.2 5.5 3.9 6

 7 Other Treasury issues -37.8 29.5 -169.5 -84.1 -70.8 -6.8 -73.6 400.2 -130.2 -223.8 -57.6 7

 8 Nonfinancial corporate business -3.2 -4.2 -1.3 -1.6 14.8 2.3 16.7 4.8 -3.3 -8.9 -10.5 8

 9 Nonfarm noncorporate business 5.7 -0.8 3.0 2.7 2.3 2.4 -0.2 4.8 2.1 2.7 2.5 9

10 State and local governments 30.0 -2.5 -29.1 50.2 22.1 26.1 -37.8 37.9 33.7 70.7 10.4 10

11 Rest of the world 18.7 -32.3 -87.2 3.3 139.4 268.5 145.3 370.2 267.7 290.8 679.8 11

12 Monetary authority 21.4 25.8 33.7 40.0 77.7 37.3 23.7 36.3 39.8 49.2 1.8 12

13 Commercial banking -56.0 14.8 -44.4 -21.9 43.2 4.0 9.3 -41.1 5.6 42.1 30.4 13

14 U.S.-chartered commercial banks -42.0 -2.0 -35.0 -31.4 29.9 7.1 -6.1 -48.8 17.4 65.9 20.9 14

15 Foreign banking offices in U.S. -10.3 9.7 -0.5 9.8 12.9 -6.5 14.5 0.6 -17.6 -23.6 9.7 15

16 Bank holding companies -3.1 7.9 -7.9 0.4 0.1 1.4 0.1 4.1 2.5 -1.1 -2.3 16

17 Banks in U.S.-affiliated areas -0.7 -0.7 -1.0 -0.6 0.3 2.0 0.7 3.0 3.3 0.9 2.1 17

18 Savings institutions -4.4 -0.0 -1.4 2.7 -2.2 3.0 0.0 3.0 5.2 4.0 0.0 18

19 Credit unions -2.5 -3.5 -1.4 -0.8 0.4 1.1 -2.0 5.9 1.5 -0.7 -1.5 19

20 Bank personal trusts and estates -3.1 -0.0 -1.0 -4.8 -0.4 -0.3 -0.3 -0.3 -0.3 -0.2 0.1 20

21 Life insurance companies -14.1 -9.3 -4.6 -4.4 24.8 4.6 11.8 8.4 4.2 -5.9 2.0 21

22 Other insurance companies -20.8 -9.7 -8.6 -0.0 9.2 7.2 5.7 5.3 7.6 10.3 5.4 22

23 Private pension funds -33.2 2.3 -9.6 -21.7 -1.3 -2.1 0.2 3.6 -8.5 -3.7 2.2 23

24 State and local govt. retirement funds 0.8 -6.6 -15.5 -18.3 -1.1 -5.3 3.8 21.3 -21.9 -24.4 -7.8 24

25 Federal government retirement funds 2.3 2.9 2.0 7.2 9.4 4.7 15.2 2.3 2.7 -1.3 2.1 25

26 Money market mutual funds 17.5 0.1 -13.3 45.3 4.5 -10.0 38.8 45.5 -55.5 -68.7 -12.0 26

27 Mutual funds 4.6 -23.7 6.3 -8.5 19.7 9.4 32.4 37.4 -20.1 -12.2 11.3 27

28 Closed-end funds -1.0 -1.2 -0.9 0.1 -2.8 1.4 0.3 2.9 1.3 0.9 5.4 28

29 Exchange-traded funds 0.0 0.0 0.0 0.0 2.0 0.1 -1.8 -1.0 2.0 1.2 3.6 29

30 Government-sponsored enterprises -0.7 5.8 10.2 -8.7 -24.7 0.2 3.4 -0.5 -0.4 -1.5 -3.8 30

31 Brokers and dealers 21.2 -58.4 39.4 13.1 -13.7 41.7 -34.5 -208.8 174.1 236.0 -202.7 31

 Memo:

32 Federal government borrowing (1) -52.6 -71.2 -295.9 -5.6 257.5 396.0 164.2 749.0 317.5 353.4 466.0 32

(1) Total issues of Treasury securities (table F.209, line 1) plus budget agency securities (table F.210, line 2) and federal mortgage borrowing (table F.217, line 12).
Z.1, June 10, 2004 43

F.210 Agency- and GSE-backed Securities (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1998 1999 2000 2001 2002 2003 2003 2004

 Q1 Q2 Q3 Q4 Q1

 1 Net issues 472.9 591.7 432.5 628.8 554.5 560.6 477.3 446.4 770.7 547.8 132.3 1

 2 Budget agencies 2.0 -0.2 -1.0 -0.5 0.5 -2.4 -1.6 0.5 0.1 -8.6 1.1 2

 3 Government-sponsored enterprises 278.3 318.2 234.1 290.8 225.9 233.2 195.4 199.9 437.5 99.8 36.1 3

 4 Agency- and GSE-backed mortgage pools 192.6 273.8 199.4 338.5 328.1 329.8 283.5 246.0 333.1 456.6 95.1 4

 5 Net purchases 472.9 591.7 432.5 628.8 554.5 560.6 477.3 446.4 770.7 547.8 132.3 5

 6 Household sector 41.2 108.3 78.8 -47.2 -143.0 255.0 -33.3 -162.1 672.9 542.4 -290.1 6

 7 Nonfinancial corporate business 2.6 1.8 3.0 1.7 -1.2 -3.5 0.0 -9.5 -1.2 -3.3 -8.1 7

 8 State and local governments 63.6 11.0 -18.0 19.9 2.1 8.6 -12.0 12.0 16.2 18.0 -9.4 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 11.1 63.4 137.3 106.1 106.7 -23.3 29.3 6.1 -164.5 36.1 250.8 10

11 Monetary authority -0.3 -0.2 -0.1 -0.1 0.0 -0.0 0.0 0.0 0.0 -0.0 0.0 11

12 Commercial banking 92.0 36.4 22.3 55.6 140.5 83.6 181.2 295.2 -268.7 126.9 380.2 12

13 U.S.-chartered commercial banks 81.7 29.4 18.2 73.7 121.1 85.1 180.1 278.5 -254.0 135.7 378.4 13

14 Foreign banking offices in U.S. 5.2 4.9 0.4 -22.0 10.9 -7.1 1.8 12.4 -33.2 -9.2 -5.6 14

15 Bank holding companies 1.1 -1.3 -0.5 1.4 4.5 0.9 2.8 -2.1 5.2 -2.3 3.6 15

16 Banks in U.S.-affiliated areas 3.9 3.3 4.3 2.5 3.9 4.7 -3.5 6.4 13.3 2.7 3.9 16

17 Savings institutions -11.6 3.4 -6.7 21.0 14.7 22.6 39.9 24.9 3.6 21.8 38.9 17

18 Credit unions 7.3 2.9 -0.4 19.6 16.8 18.2 27.2 38.3 45.7 -38.5 6.5 18

19 Bank personal trusts and estates -1.4 5.7 0.3 -10.3 -0.9 -2.6 -2.6 -2.6 -2.6 -2.5 0.5 19

20 Life insurance companies -9.6 7.0 11.0 18.1 77.4 30.1 41.4 39.4 19.8 19.7 2.0 20

21 Other insurance companies -1.2 5.9 8.6 10.1 19.0 13.1 9.6 9.7 13.9 19.0 4.0 21

22 Private pension funds -16.6 38.2 9.0 7.9 1.9 -5.3 -4.0 2.5 -18.5 -1.1 5.3 22

23 State and local govt. retirement funds 19.1 22.9 37.6 -14.5 -0.3 8.1 -2.8 2.4 12.5 20.1 -7.2 23

24 Federal government retirement funds 0.3 -0.0 0.1 1.7 2.4 1.1 8.9 0.1 -2.4 -2.3 -0.8 24

25 Money market mutual funds 77.5 17.1 -5.8 133.2 5.7 2.2 -3.4 94.9 24.3 -107.1 -88.1 25

26 Mutual funds 21.6 36.2 4.1 85.3 61.5 25.3 52.0 67.5 -29.8 11.4 35.4 26

27 Government-sponsored enterprises 163.1 178.7 145.0 186.6 182.8 132.2 66.5 -44.0 572.3 -66.1 -98.1 27

28 ABS issuers 21.8 36.8 8.3 14.2 46.5 8.9 -50.6 19.6 107.3 -40.8 -155.1 28

29 REITs -8.1 1.1 0.3 5.7 8.0 -5.3 -14.9 7.0 -15.7 2.4 25.4 29

30 Brokers and dealers 0.5 15.0 -2.3 14.1 14.1 -8.1 145.1 45.2 -214.3 -8.4 40.2 30

(1) Agency- and GSE-backed securities include: issues of federal budget agencies (line 2) such as those for the TVA; issues of government-sponsored enterprises (line 3) such as FNMA and FHLB;

 and agency- and GSE-backed mortgage pool securities issued by GNMA, FNMA, FHLMC, and the Farmers Home Administration (line 4). Only the budget agency issues are considered

 officially to be part of the total borrowing of the federal government, which is shown in table F.209, line 32.
44 Z.1, June 10, 2004

F.211 Municipal Securities and Loans

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1998 1999 2000 2001 2002 2003 2003 2004

 Q1 Q2 Q3 Q4 Q1

 1 Net change in liabilities 84.2 54.4 23.6 122.9 159.4 135.4 103.5 194.7 112.3 131.2 170.1 1

 2 State and local governments 66.5 38.9 16.5 105.5 143.4 117.4 81.4 180.6 91.4 116.2 149.6 2

 3 Short-term (1) -6.3 2.6 1.4 23.8 25.2 6.5 -7.3 5.2 10.2 18.0 5.6 3

 4 Long-term 72.7 36.3 15.1 81.7 118.2 110.9 88.8 175.4 81.2 98.2 144.0 4

 5 Nonprofit organizations (2) 12.0 10.4 5.8 13.8 12.9 14.7 19.3 11.0 17.9 10.4 15.9 5

 Nonfinancial corporate business

 6 (industrial revenue bonds) 5.8 5.1 1.4 3.5 3.1 3.3 2.7 3.0 3.1 4.6 4.7 6

 7 Net change in assets 84.2 54.4 23.6 122.9 159.4 135.4 103.5 194.7 112.3 131.2 170.1 7

 8 Household sector 6.1 23.6 10.4 51.2 102.7 55.2 23.0 36.6 54.9 106.4 94.7 8

 9 Nonfinancial corporate business -1.6 -0.7 6.9 -2.6 3.3 6.3 -3.0 -2.2 15.2 15.0 -13.6 9

10 Nonfarm noncorporate business -0.4 -0.1 -0.3 1.1 0.2 0.2 0.2 0.2 0.2 0.2 0.2 10

11 State and local governments -1.4 -1.5 0.6 0.3 -1.4 3.8 2.6 1.7 5.1 5.6 1.8 11

12 Commercial banking 8.2 5.9 3.4 6.1 1.5 10.8 10.6 17.1 15.0 0.4 10.3 12

13 Savings institutions 0.4 0.5 0.2 1.3 1.0 0.8 0.3 0.9 2.3 -0.3 0.8 13

14 Bank personal trusts and estates -1.1 10.8 -1.2 -3.5 5.3 -2.6 -2.6 -2.6 -2.6 -2.4 5.6 14

15 Life insurance companies 1.7 1.7 -1.0 -0.4 1.2 1.5 1.3 2.7 1.3 0.7 0.4 15

16 Other insurance companies 16.5 -9.1 -14.9 -10.3 9.2 21.6 18.0 15.9 22.6 30.1 16.2 16

17 State and local govt. retirement funds 1.7 -0.2 -1.5 -0.2 -0.9 0.1 0.6 -0.6 0.4 0.2 0.4 17

18 Money market mutual funds 26.0 17.5 34.3 36.2 1.8 14.6 32.4 72.2 -13.4 -32.9 33.6 18

19 Mutual funds 22.8 -3.2 -8.9 23.0 23.8 12.9 22.1 38.1 -10.1 1.5 19.9 19

20 Closed-end funds 1.3 9.0 -2.0 7.0 11.3 3.2 4.1 -1.2 8.4 1.7 -1.8 20

21 Government-sponsored enterprises 4.1 1.4 -1.8 6.0 -1.7 3.1 1.2 4.3 5.3 1.8 -0.1 21

22 Brokers and dealers -0.1 -1.2 -0.7 7.7 2.0 3.8 -7.3 11.7 7.8 3.1 1.6 22

(1) Debt with original maturity of 13 months or less.

(2) Liability of the households and nonprofit organizations sector (tables F.100 and L.100).

F.212 Corporate and Foreign Bonds

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net issues 545.7 410.4 367.0 586.4 431.9 581.5 687.0 574.5 406.8 657.5 410.8 1

 2 Nonfinancial corporate business 235.2 221.7 162.6 348.5 132.3 162.4 186.8 297.0 96.1 69.7 103.4 2

 3 Rest of the world (1) 22.8 1.9 15.2 -24.5 -33.5 -27.2 -28.9 -102.2 -5.5 27.9 -22.5 3

 4 Financial sectors 287.7 186.8 189.3 262.4 333.1 446.3 529.2 379.8 316.2 559.9 329.9 4

 5 Commercial banking 27.6 20.4 32.6 37.0 22.0 46.9 83.0 27.1 6.1 71.6 40.0 5

 6 Savings institutions -0.2 0.2 3.5 -2.6 -0.2 1.7 5.4 0.3 0.6 0.5 3.4 6

 7 ABS issuers 173.3 52.5 57.9 134.0 206.4 240.8 320.7 213.8 136.6 292.0 110.9 7

 8 Finance companies 24.2 64.7 72.9 66.6 62.0 114.3 54.2 108.4 133.1 161.7 62.4 8

 9 REITs 21.7 8.9 4.8 3.8 14.0 20.8 17.8 17.2 26.9 21.3 40.0 9

10 Brokers and dealers 7.2 -17.2 15.6 1.4 -1.7 6.4 38.4 -16.2 9.9 -6.6 51.9 10

11 Funding corporations 34.0 57.4 1.9 22.2 30.5 15.4 9.6 29.3 3.1 19.5 21.3 11

12 Net purchases 545.7 410.4 367.0 586.4 431.9 581.5 687.0 574.5 406.8 657.5 410.8 12

13 Household sector 91.1 -55.3 -22.4 -4.6 28.4 -142.6 -48.9 -282.4 -147.6 -91.7 -103.9 13

14 State and local governments 10.2 10.1 1.7 11.9 1.8 4.0 -20.6 9.5 14.6 12.5 -9.7 14

15 Rest of the world (2) 106.2 144.4 168.4 205.8 165.6 255.1 246.6 271.7 235.4 266.7 258.3 15

16 Commercial banking 37.8 39.6 58.1 97.8 2.7 49.3 54.8 9.9 39.5 93.2 72.7 16

17 Savings institutions 29.9 23.3 -2.5 -25.6 -4.0 -8.8 8.1 -25.9 -27.3 10.0 -23.9 17

18 Bank personal trusts and estates -2.6 11.3 5.0 -6.6 -2.7 3.9 3.7 3.9 3.9 4.0 7.1 18

19 Life insurance companies 84.5 41.5 49.0 120.2 106.8 149.9 201.4 186.1 96.5 115.7 67.6 19

20 Other insurance companies 11.6 10.0 6.4 8.9 2.4 23.8 23.0 19.1 24.7 28.4 17.6 20

21 Private pension funds 21.0 50.0 5.0 -1.1 8.0 15.6 10.5 23.3 14.6 13.9 33.2 21

22 State and local govt. retirement funds 35.1 30.4 29.7 11.4 9.4 2.0 -12.0 -12.7 8.0 24.7 2.5 22

23 Federal government retirement funds 0.1 -0.0 0.0 0.8 1.2 0.6 4.4 0.1 -1.1 -1.1 -0.4 23

24 Money market mutual funds 44.8 42.5 38.2 1.1 7.7 15.2 49.1 38.2 -30.4 3.9 -23.3 24

25 Mutual funds 65.2 29.2 -6.2 58.1 50.9 77.4 84.7 114.1 45.2 65.6 106.4 25

26 Closed-end funds 4.7 1.8 -2.7 -3.8 0.0 31.6 21.7 58.5 32.9 13.4 5.2 26

27 Exchange-traded funds 0.0 0.0 0.0 0.0 1.8 0.6 0.7 1.5 -0.4 0.8 1.5 27

28 Government-sponsored enterprises 20.7 23.7 25.8 15.5 7.0 10.4 41.8 32.2 -5.1 -27.5 -7.8 28

29 REITs -0.4 -0.3 -0.8 2.1 4.6 2.2 3.2 -4.1 7.8 2.1 8.3 29

30 Brokers and dealers -18.6 12.0 19.3 48.6 30.7 36.4 -50.2 86.1 39.5 70.1 -11.2 30

31 Funding corporations 4.5 -3.8 -4.9 45.8 9.6 54.9 65.1 45.5 56.2 52.9 10.5 31

(1) Net purchases of foreign issues by U.S. residents.

(2) Net purchases of U.S. issues by foreign residents.
Z.1, June 10, 2004 45

F.213 Corporate Equities (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1998 1999 2000 2001 2002 2003 2003 2004

 Q1 Q2 Q3 Q4 Q1

 1 Net issues -113.3 1.5 5.3 99.0 47.1 96.6 112.1 107.6 127.9 38.8 64.1 1

 2 Nonfinancial corporate business -215.5 -110.4 -118.2 -47.4 -41.6 -57.3 -67.0 -50.2 -44.9 -67.0 -104.0 2

 3 Rest of the world (2) 101.4 114.3 106.7 109.1 17.7 91.3 137.5 67.6 120.0 40.2 78.2 3

 4 Financial sectors 0.9 -2.4 16.8 37.3 71.0 62.5 41.5 90.2 52.8 65.7 89.9 4

 5 Commercial banking -11.2 -10.2 -12.5 -8.1 -10.7 -2.4 -2.6 10.6 -0.4 -17.3 -0.6 5

 6 Life insurance companies -4.7 -6.0 -0.8 -0.9 -6.5 -4.0 -6.5 -3.7 -6.2 0.6 -3.2 6

 7 Other insurance companies -4.7 -7.8 -4.5 0.5 6.2 4.1 -1.1 18.3 -3.3 2.5 2.7 7

 8 Closed-end funds -6.8 -4.8 -5.5 1.9 18.0 43.4 31.4 61.2 59.6 21.6 34.1 8

 9 Exchange-traded funds 6.0 12.2 42.4 31.0 45.3 15.8 6.0 15.0 -24.1 66.3 30.1 9

10 REITs 19.8 6.6 2.0 6.1 8.4 13.3 2.3 16.3 18.1 16.6 25.8 10

11 Brokers and dealers 2.5 7.6 -4.2 6.7 10.2 -7.7 12.1 -27.6 9.0 -24.5 1.0 11

12 Net purchases -113.3 1.5 5.3 99.0 47.1 96.6 112.1 107.6 127.9 38.8 64.1 12

13 Household sector -247.5 -81.9 -474.2 -231.9 -73.0 -195.6 104.8 -177.6 -272.1 -437.6 -330.4 13

14 State and local governments 9.4 3.5 -1.2 22.8 6.7 -6.2 -7.7 -6.5 -3.6 -6.9 -3.6 14

15 Rest of the world (3) 42.0 112.3 193.6 121.4 53.2 37.0 -10.3 82.3 -13.2 89.1 6.9 15

16 Commercial banking 1.3 2.0 0.3 0.2 -0.6 2.3 0.6 -0.1 8.6 0.1 -0.1 16

17 Savings institutions 1.5 -0.7 0.4 3.2 2.0 -1.0 1.7 2.7 -3.6 -4.8 3.0 17

18 Bank personal trusts and estates -74.3 -28.8 -2.5 -32.5 -39.4 -18.7 -18.7 -18.7 -18.7 -18.7 2.0 18

19 Life insurance companies 82.5 116.9 111.3 70.2 52.7 56.6 62.9 60.2 54.4 48.8 74.8 19

20 Other insurance companies -5.0 -1.7 0.7 -0.3 -1.1 -2.0 -1.7 2.9 6.4 -15.5 1.0 20

21 Private pension funds -30.5 -260.2 -55.1 -32.7 -66.8 25.1 -19.0 9.2 60.2 50.2 -19.1 21

22 State and local govt. retirement funds -28.2 -6.2 -18.4 22.3 20.0 19.0 18.6 15.3 12.5 29.5 2.3 22

23 Federal government retirement funds 4.0 4.4 5.2 -0.6 7.9 17.2 23.5 11.0 17.9 16.2 12.2 23

24 Mutual funds 143.3 136.4 193.1 109.8 31.4 136.8 -42.6 75.8 299.9 214.2 220.3 24

25 Closed-end funds -11.8 -14.5 0.1 -1.3 9.4 7.2 5.3 1.1 17.0 5.5 25.3 25

26 Exchange-traded funds 6.0 12.2 42.4 31.0 41.6 15.1 7.2 14.6 -25.6 64.2 25.0 26

27 Brokers and dealers -6.0 7.7 9.6 17.3 3.2 3.8 -12.7 35.5 -12.2 4.5 44.4 27

(1) Excludes mutual fund shares shown on table F.214.

(2) Net purchases of foreign issues by U.S. residents; includes American Depositary Receipts (ADRs).

(3) Net purchases of U.S. issues by foreign residents.

F.214 Mutual Fund Shares

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net issues 279.5 191.2 239.4 201.2 182.4 288.1 175.5 329.6 295.0 352.2 416.9 1

 2 Net purchases 279.5 191.2 239.4 201.2 182.4 288.1 175.5 329.6 295.0 352.2 416.9 2

 3 Household sector 251.8 80.5 169.1 192.7 117.5 310.0 195.8 346.5 325.7 372.1 443.5 3

 4 Nonfinancial corporate business 6.7 7.4 12.0 2.0 10.5 -4.6 -4.6 -4.6 -4.6 -4.6 -4.6 4

 5 State and local governments -12.3 4.3 0.8 5.1 2.0 -3.0 9.0 -3.4 -5.6 -11.9 -17.4 5

 6 Commercial banking -0.4 2.3 2.5 7.8 1.7 -6.2 -20.1 2.2 -8.9 2.0 -4.7 6

 7 Credit unions 1.2 -1.1 -0.3 1.5 -0.2 0.5 -0.5 4.5 1.9 -3.7 0.4 7

 8 Bank personal trusts and estates 26.6 -14.7 48.5 -6.1 37.3 -15.0 -15.0 -15.0 -15.0 -15.0 5.0 8

 9 Life insurance companies 9.4 10.0 5.6 2.1 2.6 7.2 4.8 8.0 8.0 8.0 2.0 9

10 Private pension funds -3.5 102.5 1.2 -3.8 11.0 -0.9 6.1 -8.6 -6.5 5.2 -7.4 10
46 Z.1, June 10, 2004

F.215 Bank Loans Not Elsewhere Classified

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1998 1999 2000 2001 2002 2003 2003 2004

 Q1 Q2 Q3 Q4 Q1

 Total loans by commercial

 1 banking, flow of funds basis 253.2 200.5 369.7 70.5 219.4 188.1 202.3 334.7 229.5 -13.9 416.5 1

 - Loans elsewhere classified:

 2 Open market paper -0.2 0.3 0.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2

 3 Mortgages 91.7 158.4 164.6 129.8 268.5 197.7 210.3 342.8 268.4 -30.5 343.2 3

 4 Consumer credit -3.6 -9.2 41.7 17.0 28.7 49.3 6.9 50.1 25.9 114.1 7.6 4

 5 Security credit 20.3 -18.0 50.4 0.0 2.8 35.5 107.5 1.1 21.8 11.7 89.8 5

 6 = Banking sector total bank loans n.e.c. 145.0 69.0 112.8 -76.2 -80.6 -94.4 -122.4 -59.3 -86.5 -109.3 -24.2 6

 7 U.S.-chartered commercial banks 144.1 92.4 98.1 -62.0 -58.6 -70.9 -91.6 -66.5 -14.2 -111.1 -8.1 7

 8 Foreign banking offices in U.S. -1.7 -22.4 14.6 -19.1 -18.6 -29.0 -28.7 -10.1 -73.4 -3.7 -19.1 8

 9 Bank holding companies 1.7 -1.6 -0.9 0.3 0.9 5.0 -1.1 16.2 0.7 4.1 1.0 9

10 Banks in U.S.-affiliated areas 0.9 0.5 1.1 4.5 -4.4 0.5 -1.0 1.1 0.3 1.4 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. 145.0 69.0 112.8 -76.2 -80.6 -94.4 -122.4 -59.3 -86.5 -109.3 -24.2 12

13 Net change in liabilities 145.0 69.0 112.8 -76.2 -80.6 -94.4 -122.4 -59.3 -86.5 -109.3 -24.2 13

14 Nonfinancial sectors 116.4 83.4 113.2 -89.3 -81.7 -89.1 -87.1 -74.8 -99.9 -94.6 -55.7 14

15 Household sector 7.7 -6.9 6.8 -16.5 -3.1 -6.3 1.6 33.0 -10.5 -49.3 8.3 15

16 Corporate business 76.2 44.1 48.0 -103.3 -96.5 -49.4 -60.3 -41.1 -71.7 -24.4 -33.1 16

17 Nonfarm noncorporate business 24.8 46.5 44.3 37.8 13.4 -25.2 -22.9 -30.6 -25.8 -21.6 -21.4 17

18 Farm business 1.2 -0.9 2.7 -0.0 -0.9 -0.4 -1.4 -4.6 2.8 1.5 -1.5 18

19 Rest of the world 6.6 0.5 11.4 -7.3 5.3 -7.7 -4.0 -31.4 5.3 -0.7 -8.0 19

20 Foreign official institutions 0.7 0.2 0.6 0.8 0.8 -0.5 -1.5 -0.1 -1.2 0.6 1.5 20

21 Foreign banks -0.7 -3.2 3.4 -7.4 -0.8 -1.5 1.5 -2.3 -4.1 -0.9 2.9 21

22 Other foreign 6.6 3.5 7.4 -0.7 5.3 -5.7 -3.9 -29.1 10.6 -0.5 -12.5 22

23 Financial sectors 28.5 -14.4 -0.4 13.1 1.1 -5.3 -35.3 15.4 13.4 -14.7 31.5 23

24 Savings institutions 10.3 -15.7 7.4 1.5 4.2 -13.2 -48.2 3.2 -1.9 -6.1 1.5 24

25 Finance companies 2.2 8.9 0.5 14.9 -2.8 8.1 11.2 16.1 14.8 -9.6 32.5 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 16.0 -7.6 -8.3 -3.3 -0.3 -0.2 1.6 -3.9 0.5 1.0 -2.5 27
Z.1, June 10, 2004 47

F.216 Other Loans and Advances

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1998 1999 2000 2001 2002 2003 2003 2004

 Q1 Q2 Q3 Q4 Q1

 1 Total other loans and advances 152.7 127.5 120.8 40.0 34.6 32.7 84.6 13.2 -60.6 93.8 89.1 1

 2 U.S. government loans 3.5 -7.1 -3.6 -5.9 -3.5 -1.5 0.5 -2.7 -3.2 -0.7 -0.6 2

 3 Liab.: Household sector -0.3 -0.4 -0.6 -1.6 -0.8 -0.7 -0.8 -0.8 -0.7 -0.6 -0.6 3

 4 Nonfinancial corporate business -0.1 -0.3 -0.4 -0.2 -0.3 0.7 1.2 0.6 0.4 0.8 1.0 4

 5 Nonfarm noncorporate business 4.0 -0.9 -1.1 -3.2 -0.7 0.7 1.0 0.9 0.6 0.2 1.9 5

 6 Farm business -0.3 -0.3 0.1 0.0 -0.3 -0.2 -0.3 -0.3 -0.2 -0.2 -0.2 6

 7 State and local governments 1.2 -0.4 -1.0 0.2 0.5 0.3 0.4 0.3 0.2 0.1 0.1 7

 8 Rest of the world -1.0 -4.8 -0.6 -1.1 -1.8 -2.2 -1.1 -3.5 -3.4 -0.9 -2.7 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 -1.0 -22.7 -2.2 -1.6 10.1 -0.8 -40.3 34.6 -37.7 40.0 -45.5 10

11 Liab.: Nonfinancial corporate business -1.0 -22.7 -2.2 -1.6 10.1 -0.8 -40.3 34.6 -37.7 40.0 -45.5 11

 Customers liability on acceptances

12 outstanding (Commercial banking asset) -9.3 -3.1 -0.7 -2.9 -0.0 -0.2 0.9 -0.7 -1.3 0.3 -2.1 12

13 Liab.: Nonfinancial corporate business -4.3 -2.2 -0.0 -0.3 0.3 -0.2 -0.4 -1.5 0.6 0.5 -3.7 13

14 Rest of the world -5.0 -0.9 -0.7 -2.6 -0.4 0.0 1.3 0.8 -1.9 -0.2 1.6 14

15 Savings institution loans to business 5.3 6.5 8.7 3.6 3.3 10.0 4.5 3.1 37.0 -4.5 -26.8 15

16 Liab.: Nonfinancial corporate business 2.7 3.2 4.3 1.8 1.7 5.0 2.3 1.6 18.5 -2.2 -13.4 16

17 Nonfarm noncorporate business 2.7 3.2 4.3 1.8 1.7 5.0 2.3 1.6 18.5 -2.2 -13.4 17

18 Policy loans (Household liability) 0.1 -5.1 2.8 2.2 1.1 -0.4 -1.7 1.3 -1.8 0.4 0.9 18

19 Asset: Federal government -0.0 -0.0 -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 19

20 Life insurance companies 0.1 -5.0 2.9 2.2 1.0 -0.5 -1.7 1.3 -1.9 0.4 0.8 20

21 Govt.-sponsored enterprises loans 93.5 108.1 45.3 37.7 18.5 24.7 104.9 -1.4 -29.2 24.4 109.9 21

22 Liab.: Household sector (SLMA) -0.1 0.1 -0.3 -0.1 -0.2 -0.0 -0.1 -0.1 0.0 0.0 -0.0 22

23 Noncorporate business (FCS) 0.6 0.9 1.5 0.0 0.6 -0.3 1.3 -4.9 -3.0 5.5 6.0 23

24 Farm business (FCS) 2.7 0.0 1.5 2.9 1.4 0.3 -4.7 5.4 2.6 -2.0 -5.0 24

25 Commercial banks (FHLB and SLMA) 46.9 40.6 26.8 24.2 30.3 8.6 9.6 24.2 -8.3 8.9 88.5 25

26 Savings institutions (FHLB and SLMA) 42.1 63.5 16.3 8.5 -17.7 11.0 91.6 -29.0 -27.1 8.5 23.1 26

27 Credit unions (FHLB) 0.6 2.2 0.0 1.5 2.0 2.2 2.8 1.6 3.3 1.0 -2.7 27

28 Life insurance companies (FHLB) 0.7 0.7 -0.7 0.6 2.0 2.9 4.4 1.5 3.1 2.5 0.1 28

29 Securitized loans held by ABS issuers 23.8 -3.3 7.2 18.5 -3.3 -1.1 30.1 -16.5 -22.9 4.8 -10.2 29

30 Liab.: Nonfinancial corporate business 23.8 -3.3 7.2 18.5 -3.3 -1.1 30.1 -16.5 -22.9 4.8 -10.2 30

31 Finance company loans to business 36.8 54.2 63.3 -11.5 8.3 2.2 -14.4 -4.5 -1.4 29.0 63.5 31

32 Liab.: Nonfinancial corporate business 33.1 48.8 57.0 -10.3 7.5 2.0 -12.9 -4.1 -1.3 26.1 57.1 32

33 Nonfarm noncorporate business 3.7 5.4 6.3 -1.1 0.8 0.2 -1.4 -0.5 -0.1 2.9 6.3 33
48 Z.1, June 10, 2004

F.217 Total Mortgages

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1998 1999 2000 2001 2002 2003 2003 2004

 Q1 Q2 Q3 Q4 Q1

 1 Net change in mortgages 492.3 566.3 565.4 687.7 846.0 1011.4 1002.8 1106.2 1033.8 902.8 1113.0 1

 2 Home 366.6 421.4 415.0 522.1 688.6 818.0 854.2 908.4 823.6 685.7 904.7 2

 3 Multifamily residential 31.3 37.1 32.2 45.0 43.2 55.2 32.2 54.0 53.3 81.2 26.4 3

 4 Commercial 87.9 102.1 111.7 113.1 105.8 130.8 107.7 135.3 151.5 128.7 174.9 4

 5 Farm 6.5 5.8 6.5 7.5 8.4 7.4 8.7 8.5 5.4 7.1 7.1 5

 6 Net borrowing 492.3 566.3 565.4 687.7 846.0 1011.4 1002.8 1106.2 1033.8 902.8 1113.0 6

 7 Household sector 320.1 379.7 383.9 498.7 649.0 767.5 807.0 840.1 780.2 642.5 860.4 7

 8 Nonfinancial business 147.4 181.6 175.2 187.7 191.1 240.3 199.2 262.8 245.9 253.3 236.0 8

 9 Corporate -3.3 40.8 31.2 59.0 50.2 73.8 66.2 86.6 82.2 60.2 92.9 9

10 Nonfarm noncorporate 144.2 135.1 137.5 121.2 132.5 159.1 124.3 167.7 158.3 186.0 136.0 10

11 Farm 6.5 5.8 6.5 7.5 8.4 7.4 8.7 8.5 5.4 7.1 7.1 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 24.8 5.1 6.2 1.3 5.9 3.6 -3.5 3.3 7.8 6.9 16.7 13

14 Net change in assets 492.3 566.3 565.4 687.7 846.0 1011.4 1002.8 1106.2 1033.8 902.8 1113.0 14

15 Household sector -2.8 8.2 11.2 8.0 10.7 11.3 10.9 12.9 11.0 10.4 11.4 15

16 Nonfinancial corporate business -13.0 -26.0 2.3 3.1 2.0 2.0 2.0 2.0 2.0 2.0 2.0 16

17 Nonfarm noncorporate business 7.9 -2.0 -1.4 3.3 1.2 -1.2 -0.3 -0.9 -1.5 -2.1 -2.6 17

18 State and local governments 4.1 4.3 4.5 4.7 5.0 5.2 5.1 5.2 5.2 5.3 5.3 18

19 Federal government -0.8 -0.1 -0.9 -1.1 0.5 -2.5 -9.4 0.2 -1.5 0.8 8.0 19

20 Commercial banking 91.7 158.4 164.6 129.8 268.5 197.7 210.3 342.8 268.4 -30.5 343.2 20

21 Savings institutions (1) 12.1 24.1 54.9 35.3 23.1 89.5 142.5 68.8 45.9 100.8 231.0 21

22 Credit unions 10.8 14.1 13.8 16.4 18.2 23.2 15.8 17.7 27.4 31.9 14.7 22

23 Bank personal trusts and estates -0.2 -0.6 0.1 0.2 -0.2 -0.4 -0.4 -0.4 -0.4 -0.4 0.0 23

24 Life insurance companies 6.8 15.7 5.2 7.1 7.0 10.3 10.6 11.3 12.5 6.7 11.0 24

25 Other insurance companies -0.3 -0.0 -0.3 0.2 0.1 0.1 0.0 -0.2 -0.0 0.7 0.1 25

26 Private pension funds -0.3 1.7 1.2 1.3 1.7 2.0 1.6 2.5 1.9 2.0 2.8 26

27 State and local govt. retirement funds 6.5 -2.6 -0.0 3.4 6.8 10.3 8.9 9.8 10.7 11.6 12.4 27

28 Government-sponsored enterprises (1) 7.5 -4.8 22.2 32.7 59.6 105.3 106.3 131.1 145.2 38.8 25.9 28

29 Agency- and GSE-backed mortgage pools 192.6 273.8 199.4 338.5 328.1 329.8 283.5 246.0 333.1 456.6 95.1 29

30 ABS issuers 141.6 80.8 68.7 116.8 90.1 184.5 205.9 205.5 107.0 219.7 289.6 30

31 Finance companies 24.7 24.6 26.4 -11.0 13.2 24.4 6.4 24.0 40.5 26.8 38.3 31

32 Mortgage companies 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 32

33 REITs 3.4 -3.3 -6.6 -1.1 10.5 19.8 3.1 28.1 26.5 21.7 24.6 33

(1) FHLB loans to savings institutions are included in other loans and advances.
Z.1, June 10, 2004 49

F.218 Home Mortgages (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1998 1999 2000 2001 2002 2003 2003 2004

 Q1 Q2 Q3 Q4 Q1

 1 Net borrowing 366.6 421.4 415.0 522.1 688.6 818.0 854.2 908.4 823.6 685.7 904.7 1

 2 Household sector 311.5 373.1 373.5 477.2 638.4 756.1 795.8 838.8 764.3 625.6 840.2 2

 3 Nonfinancial corporate business 1.4 2.1 2.0 2.1 0.7 1.8 1.5 1.8 1.5 2.2 3.6 3

 4 Nonfarm noncorporate business 53.7 46.2 39.5 42.8 49.5 60.1 56.9 67.7 57.7 57.9 60.8 4

 5 Net change in assets 366.6 421.4 415.0 522.1 688.6 818.0 854.2 908.4 823.6 685.7 904.7 5

 6 Household sector -4.8 7.2 7.2 7.4 8.7 9.5 9.2 9.4 9.6 9.8 10.0 6

 7 Nonfinancial corporate business -2.7 -6.9 1.2 1.9 1.0 1.0 1.0 1.0 1.0 1.0 1.0 7

 8 Nonfarm noncorporate business 2.9 -0.9 -0.3 1.0 1.3 1.6 1.5 1.6 1.7 1.8 1.9 8

 9 State and local governments 3.3 3.5 3.7 3.8 4.0 4.2 4.1 4.2 4.2 4.3 4.3 9

10 Federal government -0.3 -0.4 -0.7 -0.6 -0.9 -0.9 -1.0 -1.0 -0.8 -0.6 -0.5 10

11 Commercial banking 51.5 82.6 86.1 58.2 198.2 125.0 136.9 273.1 177.4 -87.4 239.5 11

12 Savings institutions 12.8 14.7 46.0 26.4 10.8 72.0 130.3 51.1 29.0 77.4 206.4 12

13 Credit unions 10.8 14.1 13.8 16.4 18.2 23.2 15.8 17.7 27.4 31.9 14.7 13

14 Bank personal trusts and estates -0.2 -0.6 0.1 0.2 -0.2 -0.4 -0.4 -0.4 -0.4 -0.4 0.0 14

15 Life insurance companies -0.6 -0.7 -1.0 0.0 -0.3 -0.1 -2.7 -0.6 -0.1 3.2 0.4 15

16 Private pension funds 0.1 0.7 1.1 1.3 1.7 2.1 1.8 2.3 2.1 2.2 2.7 16

17 State and local govt. retirement funds 2.8 -0.9 -0.0 1.2 2.4 3.6 3.1 3.4 3.7 4.1 4.4 17

18 Government-sponsored enterprises 5.3 -10.3 15.8 20.2 46.0 98.3 98.7 117.9 144.7 31.9 19.1 18

19 Agency- and GSE-backed mortgage pools 182.1 264.6 190.9 322.9 315.2 309.7 275.1 237.2 309.1 417.3 108.2 19

20 ABS issuers 80.2 38.8 33.4 72.2 58.2 132.9 172.6 143.4 56.9 158.6 234.5 20

21 Finance companies 22.5 18.2 22.4 -10.5 14.9 17.2 4.1 20.7 32.8 11.3 38.3 21

22 Mortgage companies 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 22

23 REITs 0.8 -2.4 -4.6 0.1 9.5 19.0 4.0 27.4 25.4 19.3 19.6 23

 Memo:

24 Home equity loans included above (2) 29.3 40.4 90.3 26.0 65.4 101.4 62.0 86.3 109.2 148.2 122.0 24

25 Commercial banking 2.9 12.7 45.5 23.6 44.7 62.7 42.7 59.1 58.2 90.9 96.2 25

26 Savings institutions 0.5 3.7 13.1 5.1 0.6 17.1 20.0 -1.8 19.0 31.3 -18.4 26

27 Credit unions 0.7 3.7 7.3 4.2 3.1 3.8 -3.0 4.2 1.6 12.3 4.3 27

28 ABS issuers 2.7 2.0 2.1 3.5 2.1 0.6 -1.7 4.1 -2.4 2.4 1.6 28

29 Finance companies 22.5 18.2 22.4 -10.5 14.9 17.2 4.1 20.7 32.8 11.3 38.3 29

(1) Mortgages on 1-4 family properties.

(2) Loans made under home equity lines of credit and home equity loans secured by junior liens. Loans of finance companies (line 29) include some first liens.

 Excludes home equity loans held by mortgage companies and individuals.

F.219 Multifamily Residential Mortgages

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net borrowing 31.3 37.1 32.2 45.0 43.2 55.2 32.2 54.0 53.3 81.2 26.4 1

 2 Nonfinancial corporate business 1.1 1.3 1.4 1.5 1.5 1.7 1.6 1.6 1.7 1.8 1.8 2

 3 Nonfarm noncorporate business 21.9 34.1 28.7 43.1 39.7 52.3 31.8 51.3 49.1 77.1 19.0 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 8.2 1.7 2.1 0.4 1.9 1.2 -1.1 1.1 2.6 2.3 5.5 5

 6 Net change in assets 31.3 37.1 32.2 45.0 43.2 55.2 32.2 54.0 53.3 81.2 26.4 6

 7 Household sector -0.0 -0.0 -0.0 -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 7

 8 Nonfinancial corporate business -0.3 -0.2 -0.1 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8

 9 Nonfarm noncorporate business 2.6 -0.8 -0.3 1.5 -0.7 -3.0 -2.1 -2.7 -3.3 -3.9 -4.5 9

10 State and local governments 0.9 0.9 1.0 1.0 1.0 1.1 1.1 1.1 1.1 1.1 1.1 10

11 Federal government -0.3 -0.0 0.3 -0.2 0.5 0.2 -0.1 0.7 0.0 0.4 0.9 11

12 Commercial banking 5.0 13.0 10.1 7.0 9.3 10.7 10.6 13.3 10.7 8.2 11.3 12

13 Savings institutions -2.5 2.3 1.9 3.3 4.1 9.3 4.3 11.8 8.9 12.3 14.5 13

14 Life insurance companies 1.1 1.1 0.9 2.0 1.2 1.5 0.6 2.4 1.8 1.1 0.7 14

15 Private pension funds -0.1 0.2 0.0 -0.0 -0.0 -0.0 -0.1 0.0 -0.0 -0.0 0.0 15

16 State and local govt. retirement funds 1.8 -0.7 -0.0 0.9 1.9 2.9 2.5 2.7 3.0 3.2 3.5 16

17 Government-sponsored enterprises -0.0 4.3 4.5 8.2 8.5 4.2 4.9 7.5 -0.9 5.2 4.2 17

18 Agency- and GSE-backed mortgage pools 10.5 9.2 8.5 15.6 12.9 20.1 8.4 8.9 24.1 39.3 -13.1 18

19 ABS issuers 13.0 8.1 5.6 6.0 5.5 8.1 2.4 8.2 8.1 13.8 6.6 19

20 Finance companies -0.3 0.2 0.1 -0.2 -1.0 0.1 -0.3 0.0 0.0 0.5 -0.2 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 0.1 -0.6 -0.4 -0.3 -0.2 0.0 0.0 0.0 -0.1 0.2 1.2 22
50 Z.1, June 10, 2004

F.220 Commercial Mortgages

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1998 1999 2000 2001 2002 2003 2003 2004

 Q1 Q2 Q3 Q4 Q1

 1 Net borrowing 87.9 102.1 111.7 113.1 105.8 130.8 107.7 135.3 151.5 128.7 174.9 1

 2 Household sector 8.6 6.6 10.4 21.5 10.5 11.3 11.2 1.3 15.9 17.0 20.2 2

 3 Nonfinancial corporate business -5.8 37.3 27.8 55.5 48.0 70.4 63.1 83.1 79.0 56.3 87.5 3

 4 Nonfarm noncorporate business 68.5 54.8 69.3 35.3 43.3 46.6 35.6 48.7 51.5 50.9 56.1 4

 5 REITs 16.6 3.4 4.2 0.9 3.9 2.4 -2.3 2.2 5.2 4.7 11.2 5

 6 Net change in assets 87.9 102.1 111.7 113.1 105.8 130.8 107.7 135.3 151.5 128.7 174.9 6

 7 Household sector 0.9 0.8 1.7 -0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 7

 8 Nonfinancial corporate business -10.0 -19.0 1.1 1.1 1.0 1.0 1.0 1.0 1.0 1.0 1.0 8

 9 Nonfarm noncorporate business 2.0 -0.5 -0.3 0.7 0.3 -0.1 0.0 -0.1 -0.2 -0.3 -0.4 9

10 State and local governments -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 10

11 Federal government 0.1 0.6 -0.4 -0.1 1.2 -1.6 -7.8 0.9 -0.8 1.5 7.8 11

12 Commercial banking 33.2 60.0 66.2 63.0 58.4 59.4 60.0 54.0 77.7 45.8 89.2 12

13 Savings institutions 1.8 7.1 6.9 5.6 8.2 8.2 7.8 5.9 7.9 11.1 10.1 13

14 Life insurance companies 5.2 13.8 4.7 4.6 6.7 8.2 10.5 11.8 10.7 -0.2 9.6 14

15 Other insurance companies -0.3 -0.0 -0.3 0.2 0.1 0.1 0.0 -0.2 -0.0 0.7 0.1 15

16 Private pension funds -0.3 0.7 0.1 -0.0 -0.0 -0.1 -0.2 0.1 -0.1 -0.1 0.1 16

17 State and local govt. retirement funds 1.9 -1.0 -0.0 1.2 2.5 3.8 3.3 3.6 4.0 4.3 4.6 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 48.5 33.9 29.7 38.6 26.4 43.6 30.9 53.9 42.1 47.3 48.4 19

20 Finance companies 2.5 6.1 3.9 -0.3 -0.7 7.1 2.6 3.3 7.7 15.0 0.2 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 2.5 -0.4 -1.7 -1.0 1.2 0.8 -0.9 0.6 1.2 2.2 3.8 22

F.221 Farm Mortgages

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net borrowing (Farm business) 6.5 5.8 6.5 7.5 8.4 7.4 8.7 8.5 5.4 7.1 7.1 1

 2 Net change in assets 6.5 5.8 6.5 7.5 8.4 7.4 8.7 8.5 5.4 7.1 7.1 2

 3 Household sector 1.1 0.2 2.3 1.2 1.4 1.1 1.1 2.8 0.8 -0.1 0.7 3

 4 Nonfarm noncorporate business 0.4 0.3 -0.6 0.2 0.2 0.3 0.3 0.3 0.3 0.3 0.3 4

 5 State and local governments -0.0 -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5

 6 Federal government -0.3 -0.2 -0.1 -0.2 -0.3 -0.3 -0.4 -0.3 0.1 -0.5 -0.2 6

 7 Commercial banking 2.1 2.8 2.2 1.5 2.5 2.6 2.8 2.3 2.5 2.9 3.2 7

 8 Savings institutions 0.1 0.1 0.1 0.0 0.0 0.1 0.0 0.0 0.1 0.0 0.0 8

 9 Life insurance companies 1.1 1.5 0.6 0.5 -0.6 0.7 2.2 -2.3 0.2 2.7 0.4 9

10 State and local govt. retirement funds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10

11 Government-sponsored enterprises 2.2 1.1 2.0 4.3 5.1 2.9 2.7 5.7 1.4 1.7 2.6 11

12 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 12
Z.1, June 10, 2004 51

F.222 Consumer Credit

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1998 1999 2000 2001 2002 2003 2003 2004

 Q1 Q2 Q3 Q4 Q1

 1 Net change in liabilities (Households) 96.8 112.1 165.2 137.7 81.4 94.8 83.4 120.6 118.9 56.6 123.4 1

 2 Net change in assets 96.8 112.1 165.2 137.7 81.4 94.8 83.4 120.6 118.9 56.6 123.4 2

 3 Nonfinancial corporate business -2.7 2.5 4.0 -0.4 -0.1 -8.4 13.7 21.1 -25.1 -43.3 33.2 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 9.0 13.6 16.1 13.1 12.7 1.3 -8.6 -5.9 24.8 -5.0 -0.9 5

 6 Commercial banking -3.6 -9.2 41.7 17.0 28.7 49.3 6.9 50.1 25.9 114.1 7.6 6

 7 Savings institutions 4.4 9.9 3.0 4.5 -0.6 9.2 -0.3 20.6 -4.3 20.6 14.6 7

 8 Credit unions 3.0 12.5 16.5 5.1 6.2 10.1 6.1 12.0 13.9 8.6 21.0 8

 9 Government-sponsored enterprises -1.2 5.4 -3.9 2.4 -2.6 -16.3 -6.3 -16.0 -16.3 -26.5 -18.4 9

10 ABS issuers 72.0 59.0 68.9 78.4 37.4 -8.0 64.3 -1.4 -41.4 -53.6 -7.7 10

11 Finance companies 15.8 18.3 18.9 17.6 -0.3 57.6 7.6 40.0 141.4 41.6 73.9 11

F.223 Trade Credit

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net change in trade payables 115.5 262.5 402.3 -77.6 27.4 184.6 106.4 216.9 200.9 214.4 190.8 1

 2 Household sector 8.7 4.1 3.8 4.0 7.0 7.9 7.5 7.8 8.0 8.3 8.6 2

 3 Nonfinancial corporate business 57.6 178.5 313.3 -103.7 -15.8 100.9 27.1 117.4 122.3 136.8 95.2 3

 4 Nonfarm noncorporate business 30.8 34.7 46.6 -4.9 21.0 46.7 41.6 43.0 57.9 44.4 52.8 4

 5 Farm business 0.8 0.4 0.9 -2.6 0.9 1.9 7.2 -2.2 1.0 1.5 0.4 5

 6 State and local governments 30.5 29.1 27.4 25.2 24.5 24.0 24.0 24.0 24.0 24.0 24.0 6

 7 Federal government -8.0 -0.4 4.4 3.4 1.8 1.7 0.0 -2.4 0.5 8.6 -6.9 7

 8 Rest of the world -3.9 4.2 0.8 -2.2 -10.1 10.7 34.6 2.3 -1.8 7.8 -8.6 8

 9 Brokers and dealers -1.0 11.9 5.1 3.3 -1.8 -9.2 -35.7 27.0 -11.1 -17.1 25.4 9

10 Net change in trade receivables 147.7 265.4 391.5 -92.2 16.9 200.8 94.2 245.0 221.1 242.7 179.2 10

11 Nonfinancial corporate business 85.0 203.4 283.0 -129.4 -34.4 128.4 31.3 158.5 145.2 178.5 107.2 11

12 Nonfarm noncorporate business 28.2 39.4 69.6 1.8 22.8 50.4 36.6 48.8 65.8 50.4 59.6 12

13 Federal government 1.5 4.6 5.3 7.3 -3.3 -0.3 -14.7 7.0 -6.7 13.1 -7.7 13

14 Rest of the world -6.5 -5.1 -0.4 -3.1 3.1 -3.3 1.0 -0.1 -6.5 -7.5 -12.6 14

15 Other insurance companies 1.6 2.0 1.0 5.3 4.9 4.4 17.9 9.4 2.6 -12.1 13.2 15

16 ABS issuers 37.9 21.1 33.0 25.9 23.8 21.1 22.0 21.5 20.8 20.2 19.6 16

17 Discrepancy -32.2 -2.9 10.8 14.6 10.5 -16.1 12.1 -28.1 -20.2 -28.3 11.6 17

F.224 Security Credit

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net change in liabilities 103.2 104.4 146.1 3.1 -87.0 132.5 220.6 698.8 -108.4 -281.1 283.4 1

 2 Household sector 21.6 75.2 7.2 -38.8 -48.2 34.3 45.3 355.7 -83.4 -180.4 66.3 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 81.6 29.2 138.9 41.9 -38.9 98.2 175.3 343.1 -25.0 -100.7 217.1 4

 5 Customer credit balances (HH) 61.2 47.2 88.6 41.9 -41.6 62.7 67.8 342.0 -46.8 -112.3 127.2 5

 6 From U.S.-chartered commercial banks 11.9 -8.8 7.1 7.2 -2.7 12.3 49.1 52.2 -20.7 -31.4 18.0 6

 7 From foreign banking offices in U.S. 8.4 -9.3 43.2 -7.2 5.5 23.2 58.4 -51.1 42.4 43.1 71.8 7

 8 Net change in assets 103.2 104.4 146.1 3.1 -87.0 132.5 220.6 698.8 -108.4 -281.1 283.4 8

 9 Household sector 61.2 47.2 88.6 41.9 -41.6 62.7 67.8 342.0 -46.8 -112.3 127.2 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 20.3 -18.0 50.4 0.0 2.8 35.5 107.5 1.1 21.8 11.7 89.8 11

12 Brokers and dealers 21.6 75.2 7.2 -38.8 -48.2 34.3 45.3 355.7 -83.4 -180.4 66.3 12
52 Z.1, June 10, 2004

F.225 Life Insurance and Pension Fund Reserves

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1998 1999 2000 2001 2002 2003 2003 2004

 Q1 Q2 Q3 Q4 Q1

 Life insurance reserves:

 1 Net change in liabilities 48.0 50.8 50.2 77.2 60.1 53.7 73.8 56.9 44.7 39.4 66.9 1

 2 Federal government 1.3 1.4 1.4 1.4 1.6 1.1 0.1 1.7 0.5 2.2 -0.0 2

 3 Life insurance companies 46.7 49.4 48.7 75.8 58.5 52.6 73.7 55.2 44.1 37.2 67.0 3

 4 Net change in assets (Households) 48.0 50.8 50.2 77.2 60.1 53.7 73.8 56.9 44.7 39.4 66.9 4

 Pension fund reserves:

 5 Net change in liabilities 216.9 127.3 174.5 183.4 209.3 243.1 212.0 218.0 221.6 321.0 258.8 5

 6 Life insurance companies 122.6 94.1 142.6 138.5 148.5 130.8 136.5 121.8 91.0 173.8 167.6 6

 7 Private pension funds (1) -14.7 -74.7 -49.9 -51.4 -11.4 42.1 16.4 22.8 62.0 67.2 36.6 7

 8 State and local govt. retirement funds 61.1 59.4 53.6 26.3 26.8 22.1 16.7 26.0 21.8 23.8 16.5 8

 9 Federal government retirement funds (2) 47.9 48.5 28.2 69.9 45.4 48.2 42.3 47.4 46.7 56.2 38.1 9

10 Net change in assets (Households) (3) 216.9 127.3 174.5 183.4 209.3 243.1 212.0 218.0 221.6 321.0 258.8 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 14.7 22.9 25.9 14.5 28.9 28.5 73.6 35.0 18.8 -13.5 64.6 1

 businesses

 2 Nonfinancial corporate business 4.8 7.0 7.0 3.1 11.9 7.6 43.0 13.3 2.1 -28.0 44.4 2

 3 Nonfarm noncorporate business 4.1 8.9 11.7 4.0 8.1 9.7 19.4 9.7 4.7 5.0 5.6 3

 4 U.S.-chartered commercial banks 1.7 1.9 2.1 2.4 2.6 2.9 2.8 2.9 2.9 3.0 3.1 4

 5 Savings institutions 0.2 0.0 0.4 -0.7 -0.3 -0.2 -0.4 -0.0 0.7 -1.1 2.2 5

 6 Life insurance companies 1.2 1.3 1.6 2.0 2.4 2.8 2.6 2.7 2.8 2.9 3.0 6

 7 Other insurance companies 2.0 2.0 2.3 2.7 3.2 3.7 3.5 3.6 3.8 3.9 4.0 7

 8 Finance companies 0.8 0.8 1.0 1.2 1.4 1.6 1.5 1.6 1.6 1.7 1.7 8

 9 Brokers and dealers -0.1 0.9 -0.1 -0.2 -0.5 0.4 1.1 1.2 0.2 -0.9 0.5 9

10 Net change in business taxes receivable -6.1 12.1 -6.7 -9.8 13.1 36.3 65.4 18.3 29.7 31.6 31.5 10

11 State and local governments 2.8 10.5 14.8 3.6 10.4 19.9 25.6 17.3 16.6 19.9 22.1 11

12 Federal government -8.9 1.6 -21.5 -13.4 2.8 16.4 39.8 1.0 13.1 11.7 9.3 12

13 Discrepancy 20.8 10.8 32.6 24.2 15.7 -7.8 8.2 16.7 -10.9 -45.1 33.1 13

F.227 Investment in Bank Personal Trusts and Estates

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Liab.: Bank personal trusts and estates -46.1 -8.1 56.6 -59.9 -2.4 -26.3 -26.6 -26.4 -26.4 -25.5 29.8 1

 2 Asset: Household sector -46.1 -8.1 56.6 -59.9 -2.4 -26.3 -26.6 -26.4 -26.4 -25.5 29.8 2

F.228 Proprietors’ Equity in Noncorporate Business

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Total household investment -78.8 -79.3 -9.6 -24.9 -55.6 -31.8 -42.5 -2.0 -38.1 -44.5 -34.6 1

 2 Nonfarm noncorporate business -84.4 -81.1 -35.7 -30.8 -44.2 -48.4 -40.4 -37.6 -47.5 -68.0 -32.0 2

 3 Farm business -4.3 -8.4 -12.9 -5.2 -7.4 -3.8 -1.8 -2.7 -5.2 -5.3 0.8 3

 4 Brokers and dealers 9.9 10.2 39.0 11.2 -4.1 20.4 -0.3 38.4 14.6 28.8 -3.4 4
Z.1, June 10, 2004 53

F.229 Total Miscellaneous Financial Claims

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1998 1999 2000 2001 2002 2003 2003 2004

 Q1 Q2 Q3 Q4 Q1

 1 Net change in liabilities 969.0 1125.0 1404.0 628.0 457.9 833.3 930.0 445.4 1788.5 169.2 1947.8 1

 2 Household sector -1.4 2.1 0.1 -0.4 0.9 0.9 2.8 1.2 0.1 -0.5 0.9 2

 3 Nonfinancial corporate business 376.6 540.0 678.2 16.0 111.6 144.0 170.0 67.5 162.5 176.0 168.4 3

 4 Nonfarm noncorporate business 92.3 73.9 86.0 55.3 20.6 36.5 37.0 37.8 35.6 35.5 34.2 4

 5 Federal government 34.1 38.2 22.9 53.0 24.1 22.1 -19.3 33.4 29.8 44.5 26.4 5

 6 Rest of the world 176.7 292.9 188.4 133.6 106.2 167.1 137.2 -286.6 624.4 193.3 495.7 6

 7 Monetary authority 1.3 -1.3 1.1 -2.8 22.6 4.3 -36.0 15.5 22.0 15.5 -41.0 7

 8 Commercial banking 96.3 -70.9 196.5 -6.5 121.2 88.8 30.5 48.3 226.4 49.8 514.8 8

 9 Savings institutions -1.5 -14.7 17.1 19.0 15.9 29.0 55.9 45.0 87.1 -72.1 233.1 9

10 Credit unions 0.5 0.9 -0.4 -1.8 1.4 1.2 -10.4 20.8 -1.4 -4.4 56.3 10

11 Life insurance companies 6.6 13.4 3.6 32.4 54.7 40.6 186.5 69.2 30.2 -123.7 19.4 11

12 Other insurance companies 5.6 13.8 5.8 26.5 42.8 42.3 47.0 46.4 71.7 4.1 27.4 12

13 Government-sponsored enterprises 21.0 -5.5 0.3 32.8 7.7 26.9 13.0 32.1 119.3 -56.7 9.0 13

14 Finance companies 17.8 67.2 83.3 18.9 20.7 101.8 -1.5 130.0 267.3 11.5 62.2 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 13.6 4.4 1.8 0.1 1.4 -0.1 -1.9 1.9 -3.3 2.8 1.6 16

17 Brokers and dealers 44.7 7.5 -1.9 138.5 -84.5 39.3 98.9 75.3 -43.5 26.6 113.6 17

18 Funding corporations 84.8 163.0 121.1 113.4 -9.1 88.7 220.5 107.5 160.1 -133.1 225.8 18

19 Net change in assets 1167.8 1385.9 1821.2 1048.2 415.3 1064.6 1493.8 716.9 1271.2 776.5 1466.1 19

20 Household sector 12.1 12.4 6.5 18.5 28.7 32.1 37.0 29.1 58.9 3.5 15.3 20

21 Nonfinancial corporate business 431.0 666.3 810.6 256.4 82.5 301.2 269.6 249.1 312.1 373.8 537.4 21

22 Nonfarm noncorporate business 122.2 81.7 89.9 129.6 97.6 102.5 101.9 99.9 104.5 103.6 110.3 22

23 Farm business 0.5 0.2 -0.1 1.5 4.1 4.7 5.5 4.5 7.7 1.1 1.8 23

24 State and local governments -3.5 11.0 8.9 -0.0 18.4 -14.2 -11.6 2.7 -20.4 -27.8 21.3 24

25 Federal government -3.5 -0.9 -1.4 1.3 0.3 1.3 4.9 -1.1 1.5 -0.1 0.4 25

26 Rest of the world 203.8 404.5 493.9 185.0 106.7 135.8 587.6 -325.4 381.5 -100.5 -185.6 26

27 Monetary authority 4.9 -1.3 1.1 -0.4 -0.2 0.3 -0.5 -0.5 -0.6 2.6 -0.8 27

28 Commercial banking 99.1 27.6 89.0 135.3 63.6 144.6 238.6 115.3 -94.2 318.9 345.6 28

29 Savings institutions 13.8 -2.7 7.7 19.1 17.2 -4.3 -0.4 32.0 66.2 -115.0 52.3 29

30 Credit unions 6.8 -16.4 4.9 5.4 10.4 0.5 -51.2 29.3 -40.0 63.8 -56.2 30

31 Bank personal trusts and estates 8.4 -2.5 1.2 7.7 -2.6 9.5 9.5 9.5 9.5 9.6 9.6 31

32 Life insurance companies 3.5 -32.6 18.7 -15.5 6.7 12.9 68.7 -9.2 -10.2 2.5 76.9 32

33 Other insurance companies 6.9 7.7 6.4 1.3 4.5 8.6 10.6 10.9 6.2 6.7 9.3 33

34 Private pension funds 13.8 -4.9 -9.3 6.6 17.1 9.0 16.4 -9.3 15.3 13.8 11.0 34

35 State and local govt. retirement funds 3.3 16.3 13.3 20.3 -5.7 -14.6 -11.0 -14.1 -4.0 -29.1 4.6 35

36 Federal government retirement funds 41.2 41.1 20.9 60.8 24.5 24.7 -9.7 33.9 29.6 44.8 25.0 36

37 Money market mutual funds 9.6 22.6 12.2 26.1 -7.0 15.4 -57.8 28.6 108.6 -18.0 -32.7 37

38 Mutual funds -4.2 -3.5 -0.4 -2.9 0.1 1.0 3.0 0.3 5.4 -4.7 -0.0 38

39 Government-sponsored enterprises 1.5 5.5 12.5 12.8 22.4 12.8 -66.5 81.6 -4.0 40.2 -9.1 39

40 Finance companies 9.3 51.3 25.3 20.8 9.5 102.5 28.5 164.1 185.6 31.6 -59.0 40

41 REITs 10.7 -0.1 0.9 0.5 0.2 3.7 3.4 2.4 3.6 5.6 8.0 41

42 Brokers and dealers 115.9 28.3 133.0 156.6 -110.8 157.0 162.2 226.6 215.7 23.4 544.6 42

43 Funding corporations 60.7 74.4 75.5 1.5 27.1 17.7 155.0 -43.4 -67.1 26.1 36.1 43

44 Discrepancy -198.8 -260.9 -417.2 -420.2 42.7 -231.3 -563.8 -271.5 517.4 -607.3 481.7 44
54 Z.1, June 10, 2004

F.230 Identified Miscellaneous Financial Claims - Part I

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1998 1999 2000 2001 2002 2003 2003 2004

 Q1 Q2 Q3 Q4 Q1

 U.S. direct investment abroad (1):

 1 Liab.: Rest of the world 142.6 224.9 159.2 120.0 137.8 154.8 135.1 117.0 168.6 198.3 226.5 1

 2 Equity 72.4 98.9 78.0 50.4 18.1 23.0 19.6 19.4 16.6 36.4 31.8 2

 3 Reinvested earnings 44.2 64.2 93.6 72.0 94.2 127.0 104.9 105.1 129.4 168.8 182.2 3

 4 Intercompany accounts 26.0 61.8 -12.4 -2.5 25.6 4.8 10.7 -7.5 22.7 -6.9 12.6 4

 5 Asset: Nonfinancial corporate business 129.2 194.4 128.4 97.0 117.0 134.8 110.4 103.2 145.9 179.9 199.4 5

 6 Commercial banking 2.0 4.5 10.9 0.9 3.2 5.0 6.8 3.6 2.3 7.4 6.2 6

 7 Life insurance companies 0.7 2.4 2.2 2.9 3.3 0.6 4.2 -6.3 3.3 1.4 2.1 7

 8 Other insurance companies 6.9 7.7 6.4 1.3 4.5 8.6 10.6 10.9 6.2 6.7 9.3 8

 9 Finance companies 0.5 11.8 10.6 17.3 7.7 2.9 0.9 3.0 9.1 -1.3 6.8 9

10 Brokers and dealers 3.4 4.1 0.7 0.6 2.1 2.7 2.2 2.7 1.9 4.1 2.8 10

 Foreign direct investment in U.S. (1):

11 Liab.: Nonfinancial corporate business 144.4 247.0 181.1 71.4 22.7 44.4 33.1 26.7 48.0 69.7 38.0 11

12 Nonfarm noncorporate business 0.2 0.2 0.1 0.1 0.2 -0.0 -0.2 0.1 -0.2 0.2 0.0 12

13 Commercial banking 5.5 19.4 9.7 8.4 -1.5 2.9 12.8 -4.1 3.1 -0.1 0.6 13

14 Life insurance companies 2.7 11.7 27.9 8.1 0.8 -2.2 -9.3 -1.5 1.9 0.4 1.3 14

15 Other insurance companies 1.3 11.3 6.6 0.4 -1.3 -3.1 -14.2 1.9 -1.2 1.1 3.5 15

16 Finance companies 2.6 13.2 14.9 7.8 -3.6 18.0 61.5 4.8 3.8 2.0 1.6 16

17 Brokers and dealers 1.7 3.6 5.1 -1.3 -5.2 3.4 0.2 13.5 -0.5 0.5 9.0 17

18 Funding corporations 20.7 -17.0 75.8 56.7 27.6 18.6 54.1 48.5 -47.5 19.2 -51.9 18

19 Asset: Rest of the world 179.0 289.4 321.3 151.6 39.6 82.0 137.9 89.9 7.4 92.7 2.1 19

20 Equity 147.1 221.6 259.6 137.3 70.3 53.9 130.8 21.4 30.1 33.5 -1.5 20

21 Reinvested earnings 2.8 4.1 -0.3 -29.1 6.8 38.6 32.3 28.4 50.2 43.3 19.1 21

22 Intercompany accounts 29.1 63.8 61.9 43.4 -37.4 -10.5 -25.2 40.2 -72.9 16.0 -15.5 22

 Federal government equity in IBRD, etc.:

23 Liab.: Rest of the world 1.6 1.5 1.5 1.7 1.7 1.4 1.5 1.5 1.4 1.2 1.8 23

24 Asset: Federal government 1.6 1.5 1.5 1.7 1.7 1.4 1.5 1.5 1.4 1.2 1.8 24

 Federal Reserve Bank stock:

25 Liab.: Monetary authority 0.5 0.5 0.6 0.4 1.0 0.5 0.5 0.6 0.4 0.4 0.5 25

26 Asset: Commercial banking 0.5 0.5 0.6 0.4 1.0 0.5 0.5 0.6 0.4 0.4 0.5 26

 Equity in govt.-sponsored enterprises:

27 Liab.: Government-sponsored enterprises 4.1 6.1 2.2 2.8 2.0 3.5 4.8 2.3 4.6 2.4 7.3 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 -0.0 -0.1 0.0 0.4 0.3 -0.2 0.5 1.2 0.7 29

30 Farm business (FICB and FLB) 0.1 -0.0 -0.0 0.1 0.1 0.6 -0.1 0.5 1.1 0.9 -0.3 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) 2.0 3.0 0.8 1.4 2.3 1.2 1.8 1.7 0.6 0.6 1.6 32

33 Savings institutions (FHLB) 1.8 2.7 1.3 1.2 -1.0 0.4 2.2 -0.8 1.1 -0.9 4.5 33

34 Credit unions (FHLB) 0.1 0.2 0.1 0.2 0.3 0.2 0.3 0.3 0.3 0.1 0.5 34

35 Life insurance companies (FHLB) 0.0 0.1 0.0 -0.1 0.2 0.7 0.3 0.8 1.0 0.5 0.3 35

 BHC investment in subsidiaries:

36 Liab.: Commercial banking 55.3 2.9 53.6 60.7 53.1 50.5 43.2 67.9 50.5 40.5 73.1 36

37 Savings institutions 0.4 0.5 0.7 0.8 0.9 1.0 1.0 1.0 1.0 1.1 1.1 37

38 Finance companies -6.4 26.8 7.4 -1.7 -5.5 5.8 -2.0 17.7 -0.5 8.0 8.4 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 50.1 -10.0 30.4 30.7 4.4 38.2 35.0 60.6 29.8 27.6 104.2 40

41 Asset: Bank holding companies 99.4 20.2 92.0 90.4 53.0 95.5 77.1 147.1 80.7 77.1 186.8 41

 NFC investment in finance company subs.:

42 Liab.: Finance companies -6.4 26.8 7.4 -1.7 -5.5 5.8 -2.1 17.7 -0.5 8.0 8.4 42

43 Asset: Nonfinancial corporate business -6.4 26.8 7.4 -1.7 -5.5 5.8 -2.1 17.7 -0.5 8.0 8.4 43

 Funding corp. investment in subs.:

44 Liab.: Foreign banking offices in U.S. 11.8 2.5 45.6 -30.8 24.7 -1.7 -17.0 -14.0 -25.8 50.0 108.4 44

45 Brokers and dealers 48.9 71.9 29.8 32.3 2.4 19.4 172.1 -29.4 -41.3 -23.9 -72.3 45

46 Asset: Funding corporations 60.7 74.4 75.5 1.5 27.1 17.7 155.0 -43.4 -67.1 26.1 36.1 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, June 10, 2004 55

F.231 Identified Miscellaneous Financial Claims - Part II

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1998 1999 2000 2001 2002 2003 2003 2004

 Q1 Q2 Q3 Q4 Q1

 Nonofficial foreign currencies:

 1 Liab.: Rest of the world -0.1 0.6 0.0 -0.1 0.1 0.1 -0.1 0.3 0.1 0.3 0.3 1

 2 Asset: Federal government -0.1 0.6 0.0 -0.1 0.1 0.1 -0.1 0.3 0.1 0.3 0.3 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 6.8 -7.8 -0.0 8.7 1.9 -7.1 11.5 1.4 -9.6 -31.7 17.6 5

 6 Asset: Savings institutions 6.8 -7.8 -0.0 8.7 1.9 -7.1 11.5 1.4 -9.6 -31.7 17.6 6

 Deferred and unpaid life insurance premiums:

 7 Liab.: Household sector -1.4 2.1 0.1 -0.4 0.9 0.9 2.8 1.2 0.1 -0.5 0.9 7

 8 Asset: Life insurance companies -1.4 2.1 0.1 -0.4 0.9 0.9 2.8 1.2 0.1 -0.5 0.9 8

 Life insurance company reserves:

 9 Liab.: Life insurance companies 10.3 11.4 6.9 6.5 10.2 13.1 11.3 10.4 28.3 2.2 5.3 9

10 Health 7.3 10.2 3.9 3.1 10.1 10.6 6.7 8.6 16.6 10.4 3.6 10

11 Policy dividend accumulation 0.7 1.2 1.1 1.0 0.1 -0.0 0.5 4.3 3.4 -8.2 0.2 11

12 Policy and contract claims 2.4 -0.0 1.9 2.4 0.0 2.5 4.1 -2.5 8.3 0.1 1.5 12

13 Asset: Household sector 10.3 11.4 6.9 6.5 10.2 13.1 11.3 10.4 28.3 2.2 5.3 13

 Policy payables:

14 Liab.: Other insurance companies 4.3 2.5 -0.8 26.1 44.1 45.4 61.2 44.5 72.9 3.0 23.9 14

15 Asset: Household sector 1.8 1.1 -0.3 11.9 18.5 19.0 25.6 18.7 30.6 1.3 10.0 15

16 Nonfinancial corporate business 1.7 1.0 -0.3 10.3 17.4 17.9 24.2 17.6 28.8 1.2 9.4 16

17 Nonfarm noncorporate business 0.4 0.2 -0.1 2.5 4.2 4.3 5.8 4.2 6.9 0.3 2.3 17

18 Farm business 0.4 0.2 -0.1 1.4 4.0 4.1 5.6 4.1 6.6 0.3 2.2 18

 Unallocated insurance company contracts:

19 Liab.: Life insurance companies -14.8 -9.9 -11.8 2.4 13.0 6.6 11.3 -5.0 16.9 3.4 3.7 19

20 Asset: Private pension funds -14.8 -9.9 -11.8 2.4 13.0 6.6 11.3 -5.0 16.9 3.4 3.7 20

 Pension fund contributions payable:

21 Liab.: Nonfinancial corporate business 21.4 -7.6 1.2 1.3 1.3 1.3 1.3 1.3 1.3 1.3 1.3 21

22 Asset: Private pension funds 21.4 -7.6 1.2 1.3 1.3 1.3 1.3 1.3 1.3 1.3 1.3 22

 Securities borrowed (net):

23 Liab.: Funding corporations 70.0 16.3 88.7 70.1 -2.9 102.6 -30.9 245.1 175.1 21.0 311.5 23

24 Asset: Brokers and dealers 70.0 16.3 88.7 70.1 -2.9 102.6 -30.9 245.1 175.1 21.0 311.5 24

 Nonmarketable government securities:

25 Liab.: Federal government 41.2 41.1 20.9 60.8 24.5 24.7 -9.7 33.9 29.6 44.8 25.0 25

26 Asset: Federal government retirement funds 41.2 41.1 20.9 60.8 24.5 24.7 -9.7 33.9 29.6 44.8 25.0 26
56 Z.1, June 10, 2004

F.232 Unidentified Miscellaneous Financial Claims

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1998 1999 2000 2001 2002 2003 2003 2004

 Q1 Q2 Q3 Q4 Q1

 1 Net change in liabilities 349.9 432.6 639.2 85.9 108.0 284.6 361.2 -220.4 1278.4 -280.9 1088.7 1

 2 Nonfinancial corporate business 210.8 300.6 495.8 -56.6 87.6 98.3 135.6 39.5 113.2 104.9 129.1 2

 3 Nonfarm noncorporate business 92.1 73.7 85.9 55.2 20.3 36.5 37.1 37.7 35.8 35.4 34.2 3

 4 Federal government -7.1 -2.9 2.0 -7.8 -0.4 -2.6 -9.7 -0.5 0.3 -0.3 1.4 4

 5 Rest of the world 32.6 65.9 27.6 12.0 -33.5 10.8 0.7 -405.3 454.3 -6.4 267.1 5

 6 Monetary authority 0.8 -1.8 0.6 -3.2 21.5 3.8 -36.5 14.9 21.7 15.1 -41.5 6

 7 Commercial banking 23.8 -95.6 87.6 -44.8 44.9 37.1 -8.5 -1.4 198.6 -40.5 332.7 7

 8 U.S.-chartered commercial banks -27.0 -20.1 71.3 -101.2 13.0 45.6 186.5 -74.4 101.9 -31.6 272.6 8

 9 Foreign banking offices in U.S. -11.4 -66.9 -27.5 -0.7 21.7 -38.2 -190.2 -10.9 59.5 -11.1 -77.7 9

10 Bank holding companies 56.0 -10.8 43.1 52.9 11.5 22.6 -8.6 73.6 21.7 3.7 125.5 10

11 Banks in U.S.-affiliated areas 6.3 2.2 0.7 4.2 -1.2 7.1 3.9 10.3 15.6 -1.5 12.3 11

12 Savings institutions -1.9 -15.3 16.5 18.2 15.0 27.9 54.9 43.9 86.1 -73.2 232.0 12

13 Credit unions 0.5 0.9 -0.4 -1.8 1.4 1.2 -10.4 20.8 -1.4 -4.4 56.3 13

14 Life insurance companies 8.4 0.3 -19.4 15.3 30.7 23.0 173.2 65.3 -16.9 -129.6 9.1 14

15 Government-sponsored enterprises 10.1 -3.7 -1.9 21.4 3.7 30.5 -3.4 28.4 124.4 -27.4 -15.9 15

16 Finance companies 28.0 0.5 53.7 14.5 35.3 72.2 -58.9 89.8 264.5 -6.5 43.7 16

17 REITs 13.6 4.4 1.8 0.1 1.4 -0.1 -1.9 1.9 -3.3 2.8 1.6 17

18 Brokers and dealers -55.9 -58.0 -67.2 76.9 -86.1 -21.7 -108.3 30.5 -31.5 22.5 72.8 18

19 Funding corporations -5.9 163.7 -43.4 -13.4 -33.9 -32.4 197.3 -186.1 32.5 -173.3 -33.9 19

20 Net change in assets 548.7 693.5 1056.5 506.1 65.4 515.9 925.1 51.1 761.0 326.4 607.0 20

21 Nonfinancial corporate business 306.5 444.1 675.2 150.7 -46.4 142.6 137.1 110.7 137.9 184.7 320.1 21

22 Nonfarm noncorporate business 121.9 81.4 90.0 127.3 93.4 97.7 95.9 95.9 97.1 102.1 107.4 22

23 State and local governments -3.5 11.0 8.9 -0.0 18.4 -14.2 -11.6 2.7 -20.4 -27.8 21.3 23

24 Federal government -5.0 -3.0 -2.9 -0.3 -1.5 -0.2 3.5 -2.9 -0.0 -1.6 -1.7 24

25 Rest of the world 24.7 115.0 172.6 33.4 67.1 53.8 449.7 -415.4 374.2 -193.2 -187.7 25

26 Monetary authority 4.9 -1.3 1.1 -0.4 -0.2 0.3 -0.5 -0.5 -0.6 2.6 -0.8 26

27 Commercial banking -4.9 -0.6 -15.3 42.2 4.0 42.4 152.3 -37.8 -178.2 233.3 150.5 27

28 U.S.-chartered commercial banks -20.3 1.3 -6.4 19.7 -14.2 67.2 183.1 54.8 -109.9 140.8 42.6 28

29 Foreign banking offices in U.S. 0.3 -29.7 -27.7 10.7 -3.1 -48.4 -59.7 -98.4 -79.8 44.5 28.3 29

30 Bank holding companies 12.1 28.9 20.9 5.9 27.3 22.4 24.7 5.4 11.3 48.2 77.8 30

31 Banks in U.S.-affiliated areas 3.1 -1.0 -2.1 5.9 -6.1 1.1 4.1 0.3 0.2 -0.2 1.8 31

32 Savings institutions 5.1 2.4 6.5 9.2 16.2 2.4 -14.2 31.4 74.7 -82.3 30.2 32

33 Credit unions 6.7 -16.6 4.8 5.2 10.1 0.2 -51.4 29.0 -40.3 63.8 -56.7 33

34 Bank personal trusts and estates 8.4 -2.5 1.2 7.7 -2.6 9.5 9.5 9.5 9.5 9.6 9.6 34

35 Life insurance companies 4.1 -37.3 16.4 -17.9 2.3 10.7 61.4 -4.9 -14.6 1.0 73.6 35

36 Private pension funds 7.2 12.6 1.2 2.9 2.9 1.1 3.8 -5.5 -3.0 9.1 6.0 36

37 State and local govt. retirement funds 3.3 16.3 13.3 20.3 -5.7 -14.6 -11.0 -14.1 -4.0 -29.1 4.6 37

38 Money market mutual funds 9.6 22.6 12.2 26.1 -7.0 15.4 -57.8 28.6 108.6 -18.0 -32.7 38

39 Mutual funds -4.2 -3.5 -0.4 -2.9 0.1 1.0 3.0 0.3 5.4 -4.7 -0.0 39

40 Government-sponsored enterprises 1.5 5.5 12.5 12.8 22.4 12.8 -66.5 81.6 -4.0 40.2 -9.1 40

41 Finance companies 8.8 39.5 14.8 3.5 1.8 99.5 27.6 161.1 176.5 32.9 -65.8 41

42 REITs 10.7 -0.1 0.9 0.5 0.2 3.7 3.4 2.4 3.6 5.6 8.0 42

43 Brokers and dealers 42.6 7.9 43.7 85.8 -110.0 51.7 190.9 -21.1 38.7 -1.8 230.2 43

44 Discrepancy -198.8 -260.9 -417.2 -420.2 42.7 -231.3 -563.8 -271.5 517.4 -607.3 481.7 44
Z.1, June 10, 2004 57

F.11 Sector Discrepancies

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1998 1999 2000 2001 2002 2003 2003 2004

 Q1 Q2 Q3 Q4 Q1

 1 All sectors -142.4 -156.7 -31.0 -289.5 187.8 -163.8 -260.9 170.0 35.7 -599.8 248.1 1

 2 Household sector -142.6 2.1 112.6 -204.1 102.6 -85.5 104.7 -62.7 -102.0 -281.8 20.0 2

 3 Nonfinancial corporate business -36.8 -97.9 -164.5 -115.0 76.6 -20.2 -17.3 -29.4 -28.0 -6.0 -29.0 3

 4 State and local governments -58.7 -32.1 -23.2 -21.5 -5.2 -10.4 -13.2 -3.5 -10.8 -14.2 -9.9 4

 5 Federal government 27.5 -8.0 -10.4 44.4 12.4 -13.8 -129.0 302.4 -187.2 -41.4 58.4 5

 6 Rest of the world 113.1 47.0 -58.1 -35.0 -61.3 -55.4 -33.1 -55.0 101.2 -234.4 -9.5 6

 7 Financial sectors -45.1 -67.8 112.6 41.7 62.7 21.4 -173.0 18.3 262.4 -21.9 218.1 7

 8 Monetary authority -2.5 -0.2 4.5 0.2 -3.2 -1.6 -5.6 0.8 -5.9 4.2 -4.5 8

 9 Commercial banking 36.0 -40.3 136.6 40.9 70.2 64.8 -73.1 20.7 280.7 30.8 169.3 9

10 Savings institutions -3.0 2.0 2.7 2.4 1.1 -1.5 -6.9 1.5 6.6 -7.3 -7.8 10

11 Credit unions -0.1 1.0 -0.2 0.7 2.4 3.5 4.2 5.6 2.9 1.5 6.7 11

12 Bank personal trusts and estates -0.2 1.7 1.6 3.7 1.4 0.4 0.4 0.4 0.4 0.5 0.2 12

13 Life insurance companies -32.9 -31.0 -24.1 -17.0 -32.9 -44.7 -66.1 -65.2 -17.9 -29.7 -13.9 13

14 Other insurance companies -18.1 11.0 -19.5 -8.5 -33.7 -48.9 -50.7 -61.0 -20.2 -63.8 -40.6 14

15 Mutual funds -9.1 4.1 -1.5 -7.4 -3.3 -2.6 -2.6 -2.6 -2.6 -2.6 -2.6 15

16 Government-sponsored enterprises -3.5 -1.8 -5.1 -8.1 -6.2 -7.0 -6.2 -7.6 -9.4 -4.8 -0.1 16

17 Issuers of asset-backed securities 0.0 0.0 -0.0 0.0 0.0 -0.0 -0.0 0.0 0.0 0.0 0.0 17

18 Finance companies -15.1 -21.7 23.9 27.6 57.4 55.3 31.5 119.3 24.5 45.7 101.1 18

19 REITs 11.9 17.7 8.8 17.3 19.2 13.4 11.0 15.4 13.4 13.9 20.9 19

20 Brokers and dealers -8.4 -10.4 -15.1 -10.3 -9.6 -9.6 -8.9 -9.0 -10.1 -10.5 -10.7 20

F.12 Instrument Discrepancies

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 All types -142.4 -156.7 -31.0 -289.5 187.8 -163.8 -260.9 170.0 35.7 -599.8 248.1 1

 2 Treasury currency -0.1 -0.7 -1.2 -0.1 -0.6 -0.3 -0.2 0.5 -0.8 -0.7 0.1 2

 3 Foreign deposits -8.5 42.8 73.5 11.1 18.9 5.4 -10.8 244.2 -296.3 84.3 -241.6 3

 4 Net interbank transactions 3.8 0.1 20.4 17.2 7.1 -4.8 32.8 -31.2 39.2 -60.1 38.8 4

 5 Security RPs 57.7 31.9 112.4 -58.8 9.2 201.8 204.7 334.3 6.5 261.7 86.7 5

 Mail floats:

 6 Federal government 2.6 -7.4 9.0 5.7 0.1 -107.5 70.5 -113.0 -171.4 -216.1 -182.7 6

 7 Other -3.1 -0.8 1.7 4.5 7.3 10.0 8.9 9.7 10.4 11.0 11.7 7

 8 Trade credit -32.2 -2.9 10.8 14.6 10.5 -16.1 12.1 -28.1 -20.2 -28.3 11.6 8

 9 Taxes payable 20.8 10.8 32.6 24.2 15.7 -7.8 8.2 16.7 -10.9 -45.1 33.1 9

10 Miscellaneous -198.8 -260.9 -417.2 -420.2 42.7 -231.3 -563.8 -271.5 517.4 -607.3 481.7 10

11 Nonfinancial 15.4 30.5 127.1 112.3 77.0 -13.0 -23.3 8.4 -38.1 0.8 8.7 11

 Nonfinancial components (sign reversed):

12 Statistical discrepancy (NIPA) -14.7 -35.7 -127.2 -112.3 -77.0 13.0 23.2 -8.4 38.1 -0.8 -8.7 12

13 Private wage accruals less disbursements -0.7 5.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13