Z.1, December 7, 2006 9

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

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2002 2003 2004 2005 2005 2006

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total net borrowing 2352.2 2728.6 3003.3 3435.6 3014.7 3304.5 3312.5 4110.8 3756.3 3328.8 3024.0 1

 2 Domestic nonfinancial sectors 1386.7 1687.5 1999.5 2314.1 2249.3 2046.5 2454.5 2506.1 2534.0 1835.1 1847.7 2

 3 Household sector 813.8 978.4 1093.5 1238.6 1009.8 1288.4 1322.9 1333.4 1139.7 1110.6 841.6 3

 4 Nonfinancial corporate business 15.6 88.6 177.7 279.3 287.2 251.7 313.0 265.3 468.5 423.8 388.3 4

 5 Nonfarm noncorporate business 148.0 96.5 239.6 305.4 211.8 336.7 316.3 356.9 300.3 268.1 258.0 5

 6 Farm business 7.8 7.7 11.5 12.6 4.4 18.0 21.6 6.4 28.8 25.0 23.5 6

 7 State and local governments 143.9 120.3 115.3 171.3 166.5 126.5 216.8 175.3 65.2 123.7 176.3 7

 8 Federal government 257.6 396.0 361.9 306.9 569.7 25.1 263.9 368.9 531.5 -116.1 160.1 8

 9 Rest of the world 92.9 31.7 123.5 84.7 56.2 84.5 84.7 113.3 109.3 101.6 412.7 9

10 Financial sectors 872.5 1009.4 880.3 1036.8 709.1 1173.5 773.3 1491.3 1113.0 1392.0 763.5 10

11 Commercial banking 49.7 49.2 77.7 85.1 149.3 47.1 82.8 61.2 62.5 195.0 48.4 11

12 U.S.-chartered commercial banks 29.9 13.9 18.1 36.8 61.5 25.2 31.2 29.4 25.6 81.9 15.4 12

13 Foreign banking offices in U.S. -0.4 -0.1 0.1 0.0 -0.1 0.5 0.1 -0.3 0.3 -0.2 -0.1 13

14 Bank holding companies 20.3 35.4 59.5 48.2 87.9 21.4 51.5 32.1 36.6 113.4 33.1 14

15 Savings institutions -23.4 6.1 64.4 16.2 -4.9 49.4 6.9 13.3 9.6 -24.7 41.1 15

16 Credit unions 2.0 2.2 2.3 3.3 1.5 3.1 0.3 8.1 -0.2 6.8 2.2 16

17 Life insurance companies 2.0 2.9 3.0 0.4 -1.6 2.3 0.4 0.6 2.8 1.3 2.4 17

18 Government-sponsored enterprises 219.8 243.7 65.0 -84.2 -209.6 -84.2 -243.9 200.9 144.8 314.3 -191.1 18

19 Agency- and GSE-backed mortgage pools 326.8 330.5 53.0 134.8 47.3 136.6 163.4 191.8 327.3 306.4 280.8 19

20 ABS issuers 182.8 211.1 332.1 661.0 427.0 691.5 720.3 805.3 305.0 377.1 379.4 20

21 Finance companies 66.2 111.0 134.4 33.4 108.7 -27.2 -150.2 202.2 22.5 66.2 -39.6 21

22 REITs 24.5 31.9 98.4 58.5 73.0 92.8 66.0 2.4 66.6 59.3 24.7 22

23 Brokers and dealers -1.7 6.4 15.2 0.1 11.2 -5.2 28.0 -33.4 35.1 6.5 5.0 23

24 Funding corporations 23.7 14.4 34.6 128.1 107.1 267.1 99.4 38.9 137.0 83.7 210.3 24

25 Total net lending 2352.2 2728.6 3003.3 3435.6 3014.7 3304.5 3312.5 4110.8 3756.3 3328.8 3024.0 25

26 Domestic nonfinancial sectors 177.1 175.6 320.6 354.9 -35.0 423.8 571.6 459.2 315.8 16.0 57.9 26

27 Household sector 56.3 121.9 205.6 213.2 -185.9 287.4 436.3 315.0 232.5 -107.1 -36.1 27

28 Nonfinancial corporate business 25.8 -3.2 35.5 30.9 28.1 36.3 3.2 56.0 56.3 43.9 12.7 28

29 Nonfarm noncorporate business -0.8 1.2 11.7 13.0 9.2 14.1 13.7 14.8 11.2 8.2 9.5 29

30 State and local governments 86.2 58.3 64.5 100.5 112.6 92.2 124.7 72.5 10.7 61.5 79.7 30

31 Federal government 9.5 -2.7 3.3 -2.7 0.9 -6.2 -6.3 0.8 5.1 9.4 -7.9 31

32 Rest of the world 430.5 516.3 772.9 847.8 794.6 714.6 846.2 1035.9 745.3 818.6 769.5 32

33 Financial sectors 1744.6 2036.7 1909.8 2232.9 2255.1 2166.1 1894.8 2615.7 2695.2 2494.2 2196.6 33

34 Monetary authority 77.7 37.2 51.2 26.4 2.0 31.8 56.9 14.9 63.0 35.3 20.3 34

35 Commercial banking 404.4 299.5 582.2 646.6 965.6 591.4 649.2 380.4 876.8 813.7 115.6 35

36 U.S.-chartered commercial banks 393.8 323.3 548.0 498.5 745.0 428.0 514.9 306.1 792.5 654.6 15.2 36

37 Foreign banking offices in U.S. 6.2 -43.0 20.3 142.2 218.0 119.7 174.8 56.2 73.4 175.3 102.6 37

38 Bank holding companies 3.1 8.6 -0.0 -4.2 -9.4 29.4 -46.0 9.4 6.8 -8.0 0.7 38

39 Banks in U.S.-affiliated areas 1.3 10.6 13.9 10.2 12.0 14.4 5.5 8.8 4.1 -8.2 -3.0 39

40 Savings institutions 33.4 126.0 172.8 131.2 2.1 233.6 150.6 138.6 82.1 142.4 260.0 40

41 Credit unions 44.2 51.2 39.8 36.2 45.8 44.3 21.4 33.2 55.5 36.5 28.5 41

42 Property-casualty insurance companies 39.9 67.0 73.6 66.9 89.0 49.2 107.4 22.1 60.1 48.3 42.7 42

43 Life insurance companies 233.0 180.6 173.0 110.3 198.7 81.3 94.3 66.9 134.1 81.1 109.8 43

44 Private pension funds -8.6 69.2 -0.3 12.5 -2.9 0.7 17.4 34.7 7.5 48.0 38.9 44

45 State and local govt. retirement funds -50.7 11.2 27.2 -2.8 60.0 -23.6 -54.5 6.7 -9.1 59.4 -42.5 45

46 Federal government retirement funds 12.7 6.0 4.7 7.7 8.5 11.4 8.1 3.0 5.4 17.8 7.7 46

47 Money market mutual funds -17.7 -95.9 -124.9 -10.1 -169.6 -118.5 12.7 235.0 95.3 148.9 375.9 47

48 Mutual funds 138.7 138.0 116.6 124.1 193.0 127.3 83.8 92.2 238.6 157.8 156.0 48

49 Closed-end funds 8.6 36.2 11.2 1.5 6.4 4.0 -0.8 -3.4 10.1 18.5 -8.9 49

50 Exchange-traded funds 3.7 0.7 3.8 6.8 11.7 3.5 7.1 4.8 3.0 9.1 2.8 50

51 Government-sponsored enterprises 224.1 236.5 46.2 -65.4 -54.8 -88.8 -263.5 145.3 64.7 144.8 -80.5 51

52 Agency- and GSE-backed mortgage pools 326.8 330.5 53.0 134.8 47.3 136.6 163.4 191.8 327.3 306.4 280.8 52

53 ABS issuers 189.3 217.6 333.2 642.0 423.2 677.8 698.7 768.1 292.4 358.5 346.6 53

54 Finance companies 103.7 122.7 214.9 117.1 81.8 18.0 112.0 256.5 98.1 69.5 156.0 54

55 REITs 21.5 28.1 87.9 66.9 37.6 120.1 89.1 20.8 40.5 57.7 26.8 55

56 Brokers and dealers 28.4 79.6 -29.2 91.1 75.7 230.6 -215.3 273.3 -51.5 53.9 191.5 56

57 Funding corporations -68.5 94.8 73.0 89.3 234.1 35.4 156.9 -69.4 301.4 -113.5 168.7 57

(1) Excludes corporate equities and mutual fund shares.
10 Z.1, December 7, 2006

F.2 Credit Market Borrowing by Nonfinancial Sectors

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2002 2003 2004 2005 2005 2006

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Domestic 1386.7 1687.5 1999.5 2314.1 2249.3 2046.5 2454.5 2506.1 2534.0 1835.1 1847.7 1

 2 By instrument 1386.7 1687.5 1999.5 2314.1 2249.3 2046.5 2454.5 2506.1 2534.0 1835.1 1847.7 2

 3 Commercial paper -57.9 -35.1 16.8 -7.9 49.8 5.8 2.8 -89.9 42.1 40.1 -14.3 3

 4 Treasury securities 257.1 398.4 362.5 307.3 570.4 26.5 264.2 368.1 532.5 -116.4 161.1 4

 5 Agency- and GSE-backed securities 0.5 -2.4 -0.6 -0.4 -0.7 -1.4 -0.4 0.8 -1.0 0.2 -1.0 5

 6 Municipal securities 159.4 137.6 130.5 194.7 188.2 147.4 237.6 205.3 77.6 160.5 195.5 6

 7 Corporate bonds 132.3 158.3 77.7 59.9 34.3 30.1 99.6 75.5 213.5 207.3 119.6 7

 8 Bank loans n.e.c. -106.6 -77.7 12.5 136.9 108.4 212.2 39.5 187.7 263.7 128.5 155.0 8

 9 Other loans and advances 15.7 5.5 20.4 77.3 76.3 73.6 40.3 119.2 48.3 90.4 67.4 9

10 Mortgages 872.8 999.0 1262.8 1454.9 1125.1 1438.7 1667.8 1588.0 1307.7 1168.5 1028.6 10

11 Home 734.0 800.8 1054.8 1134.9 901.3 1135.7 1322.5 1180.2 1025.2 872.1 685.9 11

12 Multifamily residential 36.8 70.3 48.6 72.0 51.0 80.3 65.0 91.8 52.7 43.5 36.4 12

13 Commercial 94.3 119.8 151.4 241.8 167.6 211.1 271.9 316.6 219.4 237.4 288.6 13

14 Farm 7.6 8.0 8.1 6.2 5.3 11.5 8.5 -0.5 10.4 15.5 17.7 14

15 Consumer credit 113.4 104.0 116.9 91.3 97.4 113.6 102.9 51.4 49.5 155.9 135.8 15

16 By sector 1386.7 1687.5 1999.5 2314.1 2249.3 2046.5 2454.5 2506.1 2534.0 1835.1 1847.7 16

17 Household sector 813.8 978.4 1093.5 1238.6 1009.8 1288.4 1322.9 1333.4 1139.7 1110.6 841.6 17

18 Nonfinancial business 171.4 192.8 428.8 597.3 503.3 606.4 650.9 628.5 797.6 716.9 669.8 18

19 Corporate 15.6 88.6 177.7 279.3 287.2 251.7 313.0 265.3 468.5 423.8 388.3 19

20 Nonfarm noncorporate 148.0 96.5 239.6 305.4 211.8 336.7 316.3 356.9 300.3 268.1 258.0 20

21 Farm 7.8 7.7 11.5 12.6 4.4 18.0 21.6 6.4 28.8 25.0 23.5 21

22 State and local governments 143.9 120.3 115.3 171.3 166.5 126.5 216.8 175.3 65.2 123.7 176.3 22

23 Federal government 257.6 396.0 361.9 306.9 569.7 25.1 263.9 368.9 531.5 -116.1 160.1 23

24 Foreign borrowing in U.S. 92.9 31.7 123.5 84.7 56.2 84.5 84.7 113.3 109.3 101.6 412.7 24

25 Commercial paper 58.3 12.9 62.8 38.5 6.2 10.0 78.5 59.1 62.6 -58.9 249.3 25

26 Bonds 31.6 28.7 61.8 38.0 41.3 84.4 8.5 17.9 50.6 139.1 176.7 26

27 Bank loans n.e.c. 5.3 -7.7 2.5 12.9 12.1 -5.3 5.2 39.5 7.6 28.2 -5.2 27

28 Other loans and advances -2.3 -2.1 -3.6 -4.6 -3.4 -4.6 -7.4 -3.1 -11.5 -6.9 -8.1 28

29 Domestic and foreign 1479.7 1719.2 2123.0 2398.8 2305.5 2131.0 2539.2 2619.5 2643.3 1936.7 2260.4 29

F.3 Credit Market Borrowing by Financial Sectors

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 By instrument 872.5 1009.4 880.3 1036.8 709.1 1173.5 773.3 1491.3 1113.0 1392.0 763.5 1

 2 Open market paper -63.8 -52.9 55.1 236.1 180.1 301.5 243.5 219.3 261.4 308.5 316.2 2

 3 GSE issues 219.8 243.7 65.0 -84.2 -209.6 -84.2 -243.9 200.9 144.8 314.3 -191.1 3

 4 Agency- and GSE-backed mortgage pool sec. 326.8 330.5 53.0 134.8 47.3 136.6 163.4 191.8 327.3 306.4 280.8 4

 5 Corporate bonds 353.6 455.7 573.2 683.5 613.0 757.2 535.9 828.0 330.3 439.0 342.9 5

 6 Bank loans n.e.c. 21.1 -7.2 33.5 9.2 16.8 -44.3 29.4 35.0 9.7 -35.2 -20.2 6

 7 Other loans and advances 6.8 31.2 74.1 44.3 38.8 87.4 25.2 25.9 16.7 44.6 29.0 7

 8 Mortgages 8.2 8.3 26.3 13.1 22.7 19.3 19.9 -9.6 22.9 14.5 6.1 8

 9 By sector 872.5 1009.4 880.3 1036.8 709.1 1173.5 773.3 1491.3 1113.0 1392.0 763.5 9

10 Commercial banking 49.7 49.2 77.7 85.1 149.3 47.1 82.8 61.2 62.5 195.0 48.4 10

11 U.S.-chartered commercial banks 29.9 13.9 18.1 36.8 61.5 25.2 31.2 29.4 25.6 81.9 15.4 11

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

13 Bank holding companies 20.3 35.4 59.5 48.2 87.9 21.4 51.5 32.1 36.6 113.4 33.1 13

14 Savings institutions -23.4 6.1 64.4 16.2 -4.9 49.4 6.9 13.3 9.6 -24.7 41.1 14

15 Credit unions 2.0 2.2 2.3 3.3 1.5 3.1 0.3 8.1 -0.2 6.8 2.2 15

16 Life insurance companies 2.0 2.9 3.0 0.4 -1.6 2.3 0.4 0.6 2.8 1.3 2.4 16

17 Government-sponsored enterprises 219.8 243.7 65.0 -84.2 -209.6 -84.2 -243.9 200.9 144.8 314.3 -191.1 17

18 Agency- and GSE-backed mortgage pools 326.8 330.5 53.0 134.8 47.3 136.6 163.4 191.8 327.3 306.4 280.8 18

19 ABS issuers 182.8 211.1 332.1 661.0 427.0 691.5 720.3 805.3 305.0 377.1 379.4 19

20 Finance companies 66.2 111.0 134.4 33.4 108.7 -27.2 -150.2 202.2 22.5 66.2 -39.6 20

21 REITs 24.5 31.9 98.4 58.5 73.0 92.8 66.0 2.4 66.6 59.3 24.7 21

22 Brokers and dealers -1.7 6.4 15.2 0.1 11.2 -5.2 28.0 -33.4 35.1 6.5 5.0 22

23 Funding corporations 23.7 14.4 34.6 128.1 107.1 267.1 99.4 38.9 137.0 83.7 210.3 23
Z.1, December 7, 2006 11

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

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2002 2003 2004 2005 2005 2006

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total 2352.2 2728.6 3003.3 3435.6 3014.7 3304.5 3312.5 4110.8 3756.3 3328.8 3024.0 1

 2 Open market paper -63.5 -75.1 134.7 266.7 236.2 317.3 324.8 188.5 366.1 289.7 551.1 2

 3 Treasury securities 257.1 398.4 362.5 307.3 570.4 26.5 264.2 368.1 532.5 -116.4 161.1 3

 4 Agency- and GSE-backed securities 547.2 571.9 117.5 50.2 -163.0 51.1 -80.9 393.5 471.1 621.0 88.7 4

 5 Municipal securities 159.4 137.6 130.5 194.7 188.2 147.4 237.6 205.3 77.6 160.5 195.5 5

 6 Corporate and foreign bonds 517.5 642.7 712.7 781.4 688.6 871.7 644.0 921.4 594.3 785.4 639.2 6

 7 Bank loans n.e.c. -80.2 -92.6 48.5 159.0 137.3 162.6 74.0 262.2 281.0 121.5 129.5 7

 8 Other loans and advances 20.2 34.5 90.9 117.0 111.8 156.4 58.1 141.9 53.5 128.1 88.3 8

 9 Mortgages 881.1 1007.3 1289.1 1468.0 1147.8 1458.0 1687.7 1578.4 1330.6 1183.0 1034.7 9

10 Consumer credit 113.4 104.0 116.9 91.3 97.4 113.6 102.9 51.4 49.5 155.9 135.8 10

 Memo:

 Funds raised through corporate equities and mutual fund shares

11 Total net issues 227.4 427.3 364.7 106.8 355.8 112.4 -103.9 63.0 109.4 -191.6 -334.4 11

12 Corporate equities 46.4 138.7 66.5 -153.4 -33.5 -126.9 -305.5 -147.6 -395.1 -467.0 -565.9 12

13 Nonfinancial -41.6 -42.0 -126.6 -363.4 -264.3 -300.1 -469.9 -419.2 -570.0 -614.8 -579.6 13

 Foreign shares purchased by

14 U.S. residents 17.0 118.0 84.8 142.1 160.2 98.5 138.7 171.2 164.2 69.7 32.9 14

15 Financial 71.0 62.7 108.3 67.9 70.6 74.8 25.7 100.4 10.6 78.1 -19.2 15

16 Mutual fund shares 181.1 288.6 298.2 260.2 389.3 239.2 201.6 210.6 504.6 275.4 231.5 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) 2352.2 2728.6 3003.3 3435.6 3014.7 3304.5 3312.5 4110.8 3756.3 3328.8 3024.0 1

 2 Official foreign exchange 3.2 -0.9 -3.2 -9.6 -14.5 2.8 -7.2 -19.5 -2.3 2.0 2.1 2

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

 4 Treasury currency 1.0 0.6 0.7 0.8 0.8 1.1 0.9 0.3 0.6 0.8 1.0 4

 5 Foreign deposits 21.0 36.6 89.9 86.8 420.0 -210.5 91.2 46.6 229.1 239.7 96.4 5

 6 Net interbank transactions 17.4 -14.2 19.2 6.6 1.6 73.1 -36.7 -11.5 -36.4 -139.3 -18.5 6

 7 Checkable deposits and currency -8.3 80.1 89.8 3.2 43.9 -31.6 -44.4 44.7 67.9 21.9 -81.9 7

 8 Small time and savings deposits 325.4 305.8 282.9 314.9 232.9 259.9 482.8 283.9 227.6 304.7 256.9 8

 9 Large time deposits 50.0 61.8 246.6 271.1 263.7 251.1 376.1 193.7 375.5 300.0 389.3 9

10 Money market fund shares -16.7 -207.5 -136.5 127.0 -71.7 11.7 216.7 351.4 133.1 222.6 438.5 10

11 Security RPs 106.6 227.2 83.2 354.9 560.7 387.9 298.3 172.6 512.3 239.1 606.3 11

12 Corporate equities 46.4 138.7 66.5 -153.4 -33.5 -126.9 -305.5 -147.6 -395.1 -467.0 -565.9 12

13 Mutual fund shares 181.1 288.6 298.2 260.2 389.3 239.2 201.6 210.6 504.6 275.4 231.5 13

14 Trade payables 87.9 25.0 189.5 239.5 209.6 262.2 312.6 173.7 147.6 333.1 207.6 14

15 Security credit -87.0 132.5 166.6 -7.7 3.7 73.1 20.8 -128.5 244.3 194.1 137.3 15

16 Life insurance reserves 60.1 66.8 33.1 16.1 15.2 18.1 20.0 10.9 3.3 19.2 17.0 16

17 Pension fund reserves 186.5 200.3 241.4 152.6 89.2 160.9 136.8 223.5 62.8 167.2 124.0 17

18 Taxes payable 22.2 -1.0 27.7 27.6 37.0 7.6 14.9 51.0 31.2 -5.2 21.6 18

19 Noncorporate proprietors’ equity -82.7 20.2 -56.1 -63.4 -43.8 -86.5 -93.3 -30.2 -69.8 -63.3 -58.9 19

20 Miscellaneous 540.8 544.5 1618.7 715.1 356.8 1448.9 1045.4 9.4 974.8 1040.6 1012.4 20

21 Total financial sources 3807.1 4633.5 6261.3 5777.9 5475.5 6046.8 6043.7 5545.7 6767.2 6014.3 5840.6 21

 - Liabilities not identified as assets:

22 Treasury currency -0.6 -0.3 -0.3 0.7 0.4 0.8 1.7 -0.1 -4.8 0.3 0.6 22

23 Foreign deposits 21.5 53.5 62.0 45.3 384.9 -243.3 22.6 17.1 242.6 268.7 124.3 23

24 Net interbank liabilities 7.2 -4.4 15.0 9.6 33.6 -37.4 1.4 41.0 25.3 10.1 -9.3 24

25 Security RPs 36.0 -24.0 -139.3 131.0 422.3 162.5 -127.4 66.8 292.9 254.4 259.6 25

26 Taxes payable 2.3 -42.6 -14.5 -28.3 -87.0 -23.5 9.4 -12.3 -89.3 -18.0 3.1 26

27 Miscellaneous -58.7 -73.3 265.3 -41.7 -701.4 443.6 -221.4 312.4 -413.5 -403.6 -110.6 27

 - Floats not included in assets:

28 Checkable deposits: Federal govt. -1.6 -8.9 27.9 -6.6 -18.8 -11.9 23.0 -18.7 4.3 -15.6 35.2 28

29 Other -0.7 -0.0 -0.2 -0.1 -0.4 -0.3 0.5 -0.0 -0.0 0.1 -0.1 29

30 Trade credit 165.8 39.6 -6.1 -19.2 57.1 29.2 -26.7 -136.2 106.8 74.7 -71.9 30

 Totals identified to sectors

31 as assets 3635.8 4693.9 6051.5 5687.1 5384.8 5727.2 6360.6 5275.7 6602.9 5843.3 5609.7 31
12 Z.1, December 7, 2006

F.6 Distribution of Gross Domestic Product (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2002 2003 2004 2005 2005 2006

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Gross Domestic Product (GDP) 10469.6 10960.8 11712.5 12455.8 12173.2 12346.1 12573.5 12730.5 13008.4 13197.3 13327.1 1

 2 Personal consumption expenditures (2) 7350.7 7703.6 8211.5 8742.4 8519.7 8674.6 8847.3 8927.8 9079.2 9228.1 9349.1 2

 3 Durable goods 923.9 942.7 986.3 1033.1 1013.1 1042.3 1057.3 1019.6 1064.1 1061.8 1074.4 3

 4 Nondurable goods 2079.6 2190.2 2345.2 2539.3 2450.2 2508.6 2584.9 2613.5 2658.2 2721.4 2744.9 4

 5 Services 4347.2 4570.8 4880.1 5170.0 5056.4 5123.7 5205.1 5294.7 5356.8 5444.9 5529.8 5

 6 Gross private domestic investment 1582.1 1664.1 1888.0 2057.4 2013.5 2009.1 2052.6 2154.5 2214.8 2237.1 2239.4 6

 7 Fixed investment 1570.2 1649.8 1830.6 2036.1 1954.1 2016.7 2067.9 2105.8 2167.7 2174.8 2172.2 7

 8 Nonresidential 1066.3 1077.4 1155.3 1265.7 1230.0 1251.8 1276.7 1304.3 1359.2 1384.3 1420.5 8

 9 Household sector (nonprofit organizations) 84.9 91.2 96.8 100.9 100.0 100.3 100.7 102.5 107.1 110.5 114.1 9

10 Nonfinancial corporate business 730.8 743.5 782.4 867.7 838.2 856.4 876.9 899.3 936.7 953.4 977.9 10

11 Nonfarm noncorporate business 114.0 115.8 115.8 138.3 118.0 122.5 129.6 183.0 136.9 154.8 189.8 11

12 Farm business 28.7 28.4 31.9 34.4 33.8 34.2 34.7 34.9 36.4 36.7 37.5 12

13 Financial corporations 108.0 98.6 128.3 124.4 139.9 138.4 134.8 84.5 142.2 128.8 101.2 13

14 Residential 503.9 572.4 675.3 770.4 724.1 764.9 791.2 801.5 808.5 790.6 751.6 14

15 Household sector 427.7 492.7 574.0 663.5 619.7 664.7 677.3 692.4 688.3 672.9 616.2 15

16 Nonfinancial corporate business 3.7 4.0 4.5 5.1 4.7 5.0 5.2 5.3 5.3 5.2 4.9 16

17 Nonfarm noncorporate business 68.0 76.0 89.1 102.5 97.4 100.8 104.2 107.5 110.8 114.2 117.5 17

18 REITs 4.5 -0.4 7.7 -0.6 2.3 -5.6 4.6 -3.7 4.0 -1.7 13.0 18

19 Change in private inventories 11.9 14.3 57.3 21.3 59.4 -7.6 -15.3 48.6 47.2 62.3 67.2 19

20 Nonfinancial corporate business 13.6 13.2 46.5 19.9 55.6 -0.8 -15.8 40.7 39.7 56.9 61.6 20

21 Nonfarm noncorporate business 0.7 0.7 2.4 1.0 2.9 -0.0 -0.8 2.1 2.1 3.0 3.2 21

22 Farm business -2.5 0.4 8.4 0.3 0.8 -6.7 1.3 5.8 5.4 2.3 2.4 22

23 Net U.S. exports of goods and services -424.4 -499.4 -613.2 -716.7 -676.2 -686.4 -728.8 -775.4 -765.2 -781.8 -802.2 23

24 Exports 1005.9 1040.8 1178.1 1303.1 1254.0 1293.8 1312.4 1352.4 1405.4 1448.1 1486.7 24

25 - Imports 1430.3 1540.2 1791.4 2019.8 1930.2 1980.2 2041.2 2127.8 2170.6 2229.8 2288.9 25

 Government consumption expenditures and

26 gross investment 1961.1 2092.5 2226.2 2372.8 2316.2 2348.9 2402.4 2423.6 2479.6 2513.9 2540.8 26

27 Consumption expenditures (3) 1616.9 1736.5 1854.8 1975.7 1932.6 1953.6 2002.1 2014.5 2059.7 2083.0 2106.8 27

28 Federal 591.5 662.7 724.5 768.6 758.0 760.8 784.3 771.1 803.6 802.3 808.8 28

29 State and local 1025.3 1073.8 1130.3 1207.2 1174.6 1192.8 1217.8 1243.4 1256.2 1280.7 1298.0 29

30 Gross investment (3) 344.3 356.0 371.4 397.1 383.6 395.3 400.3 409.1 419.9 430.9 434.1 30

31 Federal 88.1 93.7 101.4 109.8 104.8 107.6 111.5 115.1 118.2 117.4 117.9 31

32 State and local 256.1 262.2 270.0 287.3 278.7 287.7 288.7 294.0 301.7 313.5 316.1 32

 Memo:

33 Net U.S. income receipts from rest of the world 30.6 56.8 46.3 31.9 34.3 28.4 52.2 12.5 29.1 22.7 14.2 33

34 U.S. income receipts 305.7 336.8 410.2 513.3 472.2 489.0 527.2 564.9 603.3 661.4 676.6 34

35 - U.S. income payments 275.0 280.0 363.9 481.5 437.9 460.6 475.0 552.4 574.3 638.6 662.4 35

 Gross National Product (GNP) =

36 GDP + net U.S. income receipts 10500.2 11017.6 11758.7 12487.7 12207.5 12374.6 12625.7 12743.0 13037.4 13220.1 13341.2 36

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

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

(3) Government inventory investment is included in consumption expenditures.
Z.1, December 7, 2006 13

F.7 Distribution of National Income (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2002 2003 2004 2005 2005 2006

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 National Income 9229.3 9632.3 10255.9 10811.8 10702.3 10795.4 10643.2 11106.2 11551.3 11611.5 11764.8 1

 2 Compensation of employees 6091.2 6325.4 6650.3 7030.3 6889.6 6953.7 7093.6 7184.4 7400.3 7425.5 7510.9 2

 3 Wages and other labor income 5725.9 5928.3 6258.2 6598.0 6465.5 6525.9 6657.3 6743.1 6941.6 6966.6 7047.9 3

 4 Employer social insurance contributions 365.2 382.1 407.1 432.3 424.1 427.7 436.3 441.3 458.7 458.9 463.0 4

 5 Wage accruals less disbursements 0.0 15.0 -15.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5

 Proprietors’ income with inventory

 6 valuation and capital consumption adjustments 768.4 811.3 911.1 970.7 952.8 965.8 967.3 996.8 1008.3 1011.9 1013.9 6

 7 Nonfarm 757.8 782.1 874.9 940.4 918.9 937.1 937.7 968.1 984.4 994.3 993.1 7

 8 Farm 10.6 29.2 36.2 30.2 33.9 28.7 29.7 28.7 23.9 17.5 20.8 8

 Rental income of persons (with capital

 9 consumption adjustment) 152.9 133.0 127.1 72.8 118.5 102.8 -11.5 81.5 76.8 71.4 73.4 9

 Corporate profits with inventory

10 valuation and capital consumption adjustments 886.3 993.1 1182.6 1330.7 1320.0 1342.9 1266.3 1393.5 1569.1 1591.8 1658.0 10

 Corporate profits with inventory

11 valuation adjustment 766.2 894.5 1104.5 1486.1 1453.1 1487.4 1444.9 1559.1 1717.7 1752.6 1820.5 11

12 Profits before tax 768.4 908.1 1144.3 1518.7 1492.3 1508.3 1475.8 1598.3 1740.6 1811.5 1857.8 12

13 Domestic nonfinancial 336.4 424.3 622.5 931.3 874.2 930.1 933.5 987.3 1049.4 1062.2 1112.5 13

14 Farm -0.1 1.1 1.3 1.3 1.3 1.3 1.4 1.4 1.3 1.2 1.1 14

15 Rest of the world 155.8 165.5 176.3 197.0 183.0 185.2 223.4 196.3 226.1 239.9 237.1 15

16 Domestic financial 276.4 317.3 344.2 389.0 433.7 391.7 317.4 413.3 463.9 508.2 507.1 16

 Less:

17 Taxes on corporate income 192.6 243.3 300.1 399.3 400.9 392.8 378.9 424.6 456.9 476.1 491.1 17

18 Domestic nonfinancial 96.6 135.1 184.8 250.9 237.9 244.4 255.3 265.9 280.3 282.7 297.1 18

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

20 Domestic financial 95.6 107.6 114.8 147.9 162.5 147.9 123.1 158.2 176.1 192.8 193.4 20

 Equals:

21 Profits after tax 575.8 664.8 844.2 1119.4 1091.3 1115.5 1096.9 1173.7 1283.7 1335.4 1366.6 21

22 Net dividends 399.2 424.7 539.5 576.9 554.3 568.2 584.0 601.0 615.7 631.1 650.4 22

23 Domestic nonfinancial 252.7 290.6 364.7 226.2 362.4 300.7 124.0 117.7 375.3 390.4 395.9 23

24 Farm 2.1 2.1 2.2 2.3 2.2 2.2 2.3 2.3 2.4 2.5 2.5 24

25 Rest of the world 47.9 32.0 46.8 238.2 83.8 156.7 346.1 366.1 87.6 81.8 93.2 25

26 Domestic financial 96.5 100.1 125.8 110.2 105.9 108.6 111.6 114.8 150.5 156.5 158.8 26

27 Undistributed profits 176.6 240.0 304.7 542.5 537.0 547.4 513.0 572.7 668.0 704.3 716.3 27

28 Domestic nonfinancial -13.0 -1.4 73.1 454.2 273.9 385.0 554.2 603.7 393.8 389.2 419.5 28

29 Farm -2.6 -1.5 -1.4 -1.4 -1.4 -1.4 -1.3 -1.5 -1.7 -1.8 -2.1 29

30 Rest of the world 108.0 133.5 129.4 -41.2 99.2 28.5 -122.7 -169.8 138.5 158.1 143.9 30

31 Domestic financial 84.3 109.6 103.6 130.9 165.3 135.2 82.8 140.3 137.4 158.9 155.0 31

32 Inventory valuation adjustment -2.2 -13.6 -39.8 -32.6 -39.2 -21.0 -30.9 -39.2 -22.9 -58.9 -37.2 32

33 Capital consumption adjustment 120.1 98.7 78.1 -155.4 -133.1 -144.5 -178.6 -165.6 -148.6 -160.8 -162.6 33

34 Domestic nonfinancial 94.5 80.3 68.6 -135.8 -116.9 -126.2 -157.3 -143.0 -126.8 -136.5 -137.2 34

35 Farm 0.8 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 35

36 Domestic financial 24.8 18.3 9.5 -19.6 -16.2 -18.4 -21.3 -22.5 -21.8 -24.3 -25.4 36

37 Net interest and miscellaneous payments 520.9 524.7 485.1 483.4 483.7 477.1 482.9 490.0 514.8 513.2 503.8 37

38 Taxes on production and imports 762.8 807.2 864.0 922.4 901.6 920.2 930.2 937.3 952.5 966.4 973.3 38

39 Less: Subsidies 38.4 47.9 44.7 57.3 52.3 55.6 58.1 63.1 55.1 52.3 52.0 39

40 Business current transfer payments (net) 84.3 83.8 85.5 74.2 97.6 99.9 0.2 99.1 93.8 93.1 93.4 40

41 Current surplus of government enterprises 0.9 1.7 -5.0 -15.4 -9.1 -11.3 -27.7 -13.3 -9.2 -9.4 -10.0 41

 Memo:

 Calculation of Gross Domestic Product

 from National Income: (2)

42 National Income, from line 1 above 9229.3 9632.3 10255.9 10811.8 10702.3 10795.4 10643.2 11106.2 11551.3 11611.5 11764.8 42

 Plus:

43 Private consumption of fixed capital 1080.3 1118.3 1205.4 1352.6 1225.7 1244.9 1632.3 1307.5 1288.9 1309.8 1314.6 43

44 Government consumption of fixed capital 211.6 218.2 230.8 252.2 242.1 246.2 265.7 255.0 259.1 262.9 266.4 44

45 Statistical discrepancy -21.0 48.8 66.7 71.1 37.4 88.1 84.5 74.3 -61.9 35.8 -4.5 45

 Less:

46 Net U.S. income receipts from rest of the world 30.6 56.8 46.3 31.9 34.3 28.4 52.2 12.5 29.1 22.7 14.2 46

 Equals:

47 Gross Domestic Product 10469.6 10960.8 11712.5 12455.8 12173.2 12346.1 12573.5 12730.5 13008.4 13197.3 13327.1 47

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

(2) The relationship of National Income to Gross Domestic Product is shown on NIPA table 1.7.5 in the Survey of Current Business, Department of Commerce.
14 Z.1, December 7, 2006

F.8 Saving and Investment (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2002 2003 2004 2005 2005 2006

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Gross saving 1489.1 1459.0 1543.6 1612.0 1608.4 1565.0 1653.5 1621.2 1880.5 1789.7 1804.5 1

 2 Net saving 197.1 122.5 107.5 7.2 140.5 74.0 -244.5 58.7 332.4 216.9 223.5 2

 3 Net private saving 479.2 515.0 502.3 319.7 417.2 351.1 170.9 339.5 466.7 353.9 395.2 3

 4 Personal saving 184.7 174.9 174.3 -34.8 52.5 -30.8 -132.6 -28.5 -29.7 -130.8 -121.3 4

 5 Undistributed corporate profits w/IVA & CCA 294.5 325.1 343.0 354.5 364.7 381.9 303.5 367.9 496.4 484.6 516.5 5

 6 Undistributed profits 176.6 240.0 304.7 542.5 537.0 547.4 513.0 572.7 668.0 704.3 716.3 6

 7 Inventory valuation adjustment -2.2 -13.6 -39.8 -32.6 -39.2 -21.0 -30.9 -39.2 -22.9 -58.9 -37.2 7

 8 Capital consumption adjustment 120.1 98.7 78.1 -155.4 -133.1 -144.5 -178.6 -165.6 -148.6 -160.8 -162.6 8

 9 Wage accruals less disbursements 0.0 15.0 -15.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

10 Net government saving -282.1 -392.5 -394.9 -312.5 -276.6 -277.1 -415.4 -280.8 -134.3 -136.9 -171.7 10

11 Federal -247.9 -372.1 -382.0 -309.2 -287.6 -289.6 -396.0 -263.6 -147.0 -163.1 -169.7 11

12 State and local -34.2 -20.4 -12.9 -3.3 10.9 12.4 -19.3 -17.2 12.7 26.1 -2.0 12

13 Consumption of fixed captal 1292.0 1336.5 1436.2 1604.8 1467.8 1491.1 1898.0 1562.5 1548.0 1572.8 1581.0 13

14 Private 1080.3 1118.3 1205.4 1352.6 1225.7 1244.9 1632.3 1307.5 1288.9 1309.8 1314.6 14

15 Domestic business 893.6 916.6 969.5 1059.1 990.1 1004.5 1197.6 1044.4 1035.1 1050.4 1053.1 15

16 Households and institutions 186.8 201.7 235.9 293.5 235.6 240.4 434.7 263.1 253.8 259.5 261.5 16

17 Government 211.6 218.2 230.8 252.2 242.1 246.2 265.7 255.0 259.1 262.9 266.4 17

18 Federal 88.9 90.4 94.1 99.0 97.5 98.2 99.8 100.7 102.4 103.7 105.0 18

19 State and local 122.7 127.8 136.7 153.2 144.7 147.9 165.9 154.3 156.7 159.2 161.4 19

 Gross domestic investment, capital account

20 transactions, and net lending, NIPAs 1468.1 1507.8 1610.3 1683.1 1645.7 1653.1 1737.9 1695.4 1818.6 1825.5 1800.0 20

21 Gross domestic investment 1926.4 2020.0 2259.4 2454.5 2397.1 2404.4 2452.9 2563.6 2634.7 2668.0 2673.5 21

22 Gross private domestic investment 1582.1 1664.1 1888.0 2057.4 2013.5 2009.1 2052.6 2154.5 2214.8 2237.1 2239.4 22

23 Fixed investment 1570.2 1649.8 1830.6 2036.1 1954.1 2016.7 2067.9 2105.8 2167.7 2174.8 2172.2 23

24 Nonresidential 1066.3 1077.4 1155.3 1265.7 1230.0 1251.8 1276.7 1304.3 1359.2 1384.3 1420.5 24

25 Residential 503.9 572.4 675.3 770.4 724.1 764.9 791.2 801.5 808.5 790.6 751.6 25

26 Change in private inventories 11.9 14.3 57.3 21.3 59.4 -7.6 -15.3 48.6 47.2 62.3 67.2 26

27 Gross government investment 344.3 356.0 371.4 397.1 383.6 395.3 400.3 409.1 419.9 430.9 434.1 27

28 Capital account transactions (net) 1.4 3.2 2.3 4.4 10.8 2.4 2.2 2.1 7.0 3.5 8.8 28

29 Net lending or net borrowing (-), NIPAs -459.7 -515.5 -651.3 -775.8 -762.1 -753.6 -717.2 -870.2 -823.1 -846.1 -882.3 29

30 Statistical discrepancy (line 20 less line 1) -21.0 48.8 66.7 71.1 37.4 88.1 84.5 74.3 -61.9 35.8 -4.5 30

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

F.9 Net Capital Transfers (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Capital transfers received by government (net) 29.0 11.2 13.5 11.9 4.6 13.8 14.0 15.3 12.4 14.4 6.6 1

 2 Federal -23.1 -40.4 -38.4 -42.0 -47.7 -41.4 -40.4 -38.5 -43.2 -41.6 -51.4 2

 3 Estate and gift taxes paid by persons 25.3 22.0 24.6 25.0 23.9 24.8 24.9 26.3 28.8 27.7 26.5 3

 4 - Capital transfers paid to persons 3.6 14.8 16.1 15.9 15.9 15.9 15.9 16.1 16.4 16.6 16.8 4

 5 - Capital transfers paid to the rest of the world (net) 0.2 1.9 0.7 2.3 8.7 0.4 0.2 0.1 4.9 1.4 7.8 5

 6 - Federal investment grants to state and local govts. 44.6 45.5 46.3 48.7 47.0 49.9 49.2 48.7 50.7 51.2 53.3 6

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

 8 State and local 52.1 51.6 51.9 53.9 52.3 55.2 54.4 53.8 55.6 56.0 58.0 8

 9 Estate and gift taxes paid by persons 7.4 6.1 5.7 5.2 5.4 5.3 5.2 5.1 4.9 4.8 4.7 9

10 + Federal investment grants to state and local govts. 44.6 45.5 46.3 48.7 47.0 49.9 49.2 48.7 50.7 51.2 53.3 10

11 Capital transfers received by rest of the world (net) 1.4 3.4 2.2 4.3 10.7 2.4 2.1 2.0 6.9 3.4 9.8 11

12 Capital transfers received from U.S. government (net) 0.2 1.9 0.7 2.3 8.7 0.4 0.2 0.1 4.9 1.4 7.8 12

13 - Migrants’ transfers received by persons (net) -1.2 -1.5 -1.6 -1.9 -1.9 -1.9 -1.9 -1.9 -2.0 -2.0 -2.0 13

 Memo:

 Acquisition of nonproduced nonfinancial assets (net)

14 Nonfinancial corporate business -10.9 -10.8 -11.0 -10.9 -11.5 -10.9 -9.2 -11.8 -12.0 -9.7 -14.1 14

15 State and local governments 10.6 10.9 11.0 11.6 11.3 11.5 11.6 11.8 12.0 12.2 12.3 15

16 Federal governments 0.3 -0.2 0.0 -0.6 0.3 -0.6 -2.3 0.0 0.2 -2.3 0.8 16

17 Rest of the world 0.1 0.2 -0.0 -0.1 -0.1 -0.0 -0.1 -0.0 -0.2 -0.1 1.0 17

(1) This table is based on NIPA table 5.10 in the Survey of Current Business, Department of Commerce.
Z.1, December 7, 2006 15

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

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2002 2003 2004 2005 2005 2006

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Net acquisition of financial assets 635.0 985.3 1206.2 946.8 939.8 950.9 1097.8 798.5 1006.8 448.4 523.1 1

 2 Foreign deposits 1.3 2.2 5.4 5.2 25.2 -12.6 5.5 2.8 13.7 14.4 11.5 2

 3 Checkable deposits and currency 0.4 -54.0 60.5 20.3 245.3 -60.3 -128.8 25.1 66.1 -19.3 29.2 3

 4 Time and savings deposits 338.5 379.0 387.0 441.3 575.3 318.4 599.7 271.6 518.3 278.4 505.2 4

 5 Money market fund shares -40.9 -118.3 -47.9 63.2 -40.3 41.9 131.3 119.7 109.8 157.8 239.2 5

 6 Securities 25.5 350.1 190.7 18.2 -120.0 168.2 44.6 -20.1 -110.3 -529.3 -574.8 6

 7 Open market paper 13.1 -4.5 30.2 28.1 5.2 57.3 27.4 22.7 20.4 25.9 21.8 7

 8 U.S. savings bonds 4.5 8.9 0.6 0.7 -0.2 0.3 -1.1 3.8 3.8 -2.7 -4.8 8

 9 Other Treasury securities -110.1 21.8 71.9 -105.2 66.7 -226.8 18.4 -279.3 578.6 -206.0 -155.0 9

10 Agency- and GSE-backed securities -157.7 144.4 83.0 221.3 -78.6 286.6 454.0 223.1 -38.0 54.9 172.9 10

11 Municipal securities 97.4 28.4 33.7 75.5 33.4 77.5 102.2 88.8 -26.9 95.8 58.4 11

12 Corporate and foreign bonds 198.1 -87.4 -18.5 -11.8 -219.0 87.4 -169.3 253.6 -312.7 -85.0 -138.9 12

13 Corporate equities (2) -145.4 -2.0 -259.1 -456.3 -321.6 -354.7 -600.5 -548.4 -862.9 -690.5 -756.6 13

14 Mutual fund shares 125.6 240.5 249.0 266.0 394.1 240.6 213.5 215.6 527.3 278.2 227.4 14

15 Life insurance reserves 60.1 66.8 33.1 16.1 15.2 18.1 20.0 10.9 3.3 19.2 17.0 15

16 Pension fund reserves 186.5 200.3 241.4 152.6 89.2 160.9 136.8 223.5 62.8 167.2 124.0 16

17 Miscellaneous and other assets 63.5 159.4 336.0 230.0 149.9 316.3 288.6 165.0 343.1 359.8 171.8 17

18 Gross investment in tangible assets 1571.9 1680.3 1828.7 1991.6 1906.0 1975.3 2019.4 2065.6 2065.1 2070.5 2068.4 18

19 Residential fixed investment 495.7 568.7 663.2 766.0 717.1 765.5 781.4 799.9 799.2 787.1 733.8 19

20 Other fixed assets (3) 227.5 235.3 244.6 273.6 251.8 257.0 265.0 320.5 280.3 302.0 341.4 20

21 Consumer durables 850.4 875.1 910.2 950.6 933.2 959.5 972.6 937.2 978.1 976.0 987.6 21

22 Inventories (3) -1.7 1.1 10.8 1.4 3.8 -6.8 0.5 7.9 7.4 5.3 5.7 22

23 Consumption of fixed capital 1007.9 1057.5 1141.8 1274.7 1163.7 1191.3 1493.6 1250.2 1203.6 1230.4 1248.4 23

24 Residential fixed investment 181.7 195.9 233.5 337.3 277.0 281.5 495.7 294.9 287.9 294.5 293.7 24

25 Other fixed assets (3) 181.1 192.3 206.3 197.0 162.2 173.6 250.8 201.5 178.9 188.7 197.3 25

26 Consumer durables 645.2 669.4 702.0 740.4 724.5 736.2 747.0 753.8 736.9 747.3 757.4 26

27 Net investment in tangible assets (4) 564.0 622.7 686.9 716.9 742.3 784.0 525.9 815.4 861.4 840.1 820.0 27

28 Residential fixed investment 314.0 372.9 429.7 428.7 440.2 484.0 285.8 505.0 511.3 492.6 440.1 28

29 Other fixed assets (3) 46.4 43.0 38.2 76.6 89.6 83.4 14.1 119.0 101.4 113.4 144.1 29

30 Consumer durables 205.2 205.7 208.2 210.2 208.7 223.3 225.5 183.4 241.3 228.7 230.2 30

31 Inventories (3) -1.7 1.1 10.8 1.4 3.8 -6.8 0.5 7.9 7.4 5.3 5.7 31

32 Net increase in liabilities 988.5 1121.5 1556.1 1615.9 1335.0 1738.6 1683.4 1706.6 1625.7 1436.4 1284.4 32

33 Mortgage debt on nonfarm homes 733.3 799.1 1050.7 1128.2 896.1 1128.5 1315.9 1172.4 1017.0 864.5 679.5 33

34 Other mortgage debt (3) 105.1 153.5 165.8 240.3 169.5 254.7 230.3 306.9 209.3 237.1 209.1 34

35 Consumer credit 113.4 104.0 116.9 91.3 97.4 113.6 102.9 51.4 49.5 155.9 135.8 35

36 Policy loans 1.0 -0.7 1.6 0.8 -1.6 2.8 -1.2 3.0 2.8 6.2 -1.8 36

37 Security credit -48.2 34.3 81.5 -31.7 8.2 -10.2 -22.0 -102.8 68.6 -22.5 41.7 37

38 Other liabilities (3) 83.8 31.3 139.7 187.0 165.3 249.2 57.6 275.7 278.4 195.3 220.1 38

39 Net capital transfers (5) -30.4 -14.8 -15.7 -16.2 -15.3 -16.2 -16.1 -17.3 -19.3 -17.9 -16.4 39

40 Personal saving, with consumer durables (FOF) 240.9 501.3 352.7 64.0 362.4 12.4 -43.6 -75.3 261.9 -130.1 75.1 40

41 Less net investment in consumer durables 205.2 205.7 208.2 210.2 208.7 223.3 225.5 183.4 241.3 228.7 230.2 41

42 = Personal saving, without consumer durables (FOF) (6) 35.6 295.5 144.5 -146.3 153.7 -210.9 -269.1 -258.8 20.6 -358.9 -155.1 42

43 Personal saving (NIPA, excludes consumer durables) 184.7 174.9 174.3 -34.8 52.5 -30.8 -132.6 -28.5 -29.7 -130.8 -121.3 43

44 Difference -149.1 120.7 -29.8 -111.4 101.2 -180.1 -136.5 -230.3 50.3 -228.1 -33.8 44

 Memo:

45 Disposable personal income 7830.1 8162.5 8681.6 9036.1 8890.9 8969.7 9047.7 9236.1 9388.8 9446.2 9588.4 45

 Personal saving as a percentage of disposable personal income:

46 With consumer durables (FOF) (line 40) 3.1 6.1 4.1 0.7 4.1 0.1 -0.5 -0.8 2.8 -1.4 0.8 46

47 Without consumer durables (FOF) (line 42) 0.5 3.6 1.7 -1.6 1.7 -2.4 -3.0 -2.8 0.2 -3.8 -1.6 47

48 Without consumer durables (NIPA) (line 43) 2.4 2.1 2.0 -0.4 0.6 -0.3 -1.5 -0.3 -0.3 -1.4 -1.3 48

49 Difference (line 44) -1.9 1.5 -0.3 -1.2 1.1 -2.0 -1.5 -2.5 0.5 -2.4 -0.4 49

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

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

(3) Includes corporate farms.

(4) Line 18 less line 23.

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

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

 (line 27 less line 41) less net increase in liabilities (line 32) less net capital transfers (line 39). Line 43 is disposable personal income (line 45) less personal outlays (table F.100, line 4).
16 Z.1, December 7, 2006

F.100 Households and Nonprofit Organizations (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2002 2003 2004 2005 2005 2006

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Personal income 8881.9 9163.6 9731.4 10239.2 10048.8 10161.5 10262.7 10483.7 10721.4 10807.3 10954.0 1

 2 - Personal current taxes 1051.8 1001.1 1049.8 1203.1 1157.9 1191.8 1215.0 1247.6 1332.6 1361.0 1365.6 2

 3 = Disposable personal income 7830.1 8162.5 8681.6 9036.1 8890.9 8969.7 9047.7 9236.1 9388.8 9446.2 9588.4 3

 4 - Personal outlays 7645.3 7987.7 8507.2 9070.9 8838.5 9000.4 9180.3 9264.5 9418.5 9577.0 9709.7 4

 5 = Personal saving, NIPA (2) 184.7 174.9 174.3 -34.8 52.5 -30.8 -132.6 -28.5 -29.7 -130.8 -121.3 5

 6 + Government insurance and pension reserves (3) -1.7 -0.6 0.0 0.7 4.5 -0.0 -3.7 1.9 4.0 -1.7 -2.7 6

 7 + Net investment in consumer durables 205.2 205.7 208.2 210.2 208.7 223.3 225.5 183.4 241.3 228.7 230.2 7

 8 + Consumption of fixed capital 834.0 873.2 940.2 1036.3 962.5 979.0 1184.5 1019.3 992.9 1009.0 1021.2 8

 9 + Net capital transfers (4) -30.4 -14.8 -15.7 -16.2 -15.3 -16.2 -16.1 -17.3 -19.3 -17.9 -16.4 9

10 = Gross saving and net capital transfers 1191.8 1238.5 1307.0 1196.2 1212.9 1155.3 1257.6 1158.8 1189.2 1087.4 1111.0 10

11 Gross investment 1046.2 1361.3 1278.6 1085.4 1310.9 976.7 1126.1 928.1 1237.2 862.8 1081.9 11

12 Capital expenditures 1363.0 1459.0 1581.0 1715.0 1652.9 1724.5 1750.5 1732.2 1773.5 1759.4 1717.9 12

13 Residential 427.7 492.7 574.0 663.5 619.7 664.7 677.3 692.4 688.3 672.9 616.2 13

14 Consumer durable goods 850.4 875.1 910.2 950.6 933.2 959.5 972.6 937.2 978.1 976.0 987.6 14

15 Nonprofit nonresidential 84.9 91.2 96.8 100.9 100.0 100.3 100.7 102.5 107.1 110.5 114.1 15

16 Net financial investment -316.7 -97.7 -302.4 -629.6 -342.0 -747.8 -624.4 -804.1 -536.3 -896.6 -636.0 16

17 Net acquisition of financial assets 468.9 920.7 876.1 580.3 679.1 535.2 675.4 431.5 675.0 193.9 249.8 17

18 Foreign deposits 1.3 2.2 5.4 5.2 25.2 -12.6 5.5 2.8 13.7 14.4 11.5 18

19 Checkable deposits and currency -2.6 -58.8 32.2 -10.5 223.3 -93.9 -161.4 -10.0 39.0 -39.4 6.1 19

20 Time and savings deposits 324.1 335.1 337.2 386.2 536.3 258.2 541.4 208.7 470.9 243.9 465.1 20

21 Money market fund shares -43.2 -110.1 -56.4 53.8 -47.0 31.7 121.4 109.1 101.8 152.0 232.4 21

22 Credit market instruments 56.3 121.9 205.6 213.2 -185.9 287.4 436.3 315.0 232.5 -107.1 -36.1 22

23 Open market paper 13.1 -4.5 30.2 28.1 5.2 57.3 27.4 22.7 20.4 25.9 21.8 23

24 Treasury securities -105.6 28.7 65.3 -112.4 61.0 -235.1 9.0 -284.6 575.7 -213.6 -165.6 24

25 Savings bonds 4.5 8.9 0.6 0.7 -0.2 0.3 -1.1 3.8 3.8 -2.7 -4.8 25

26 Other -110.1 19.8 64.7 -113.1 61.1 -235.4 10.1 -288.3 571.8 -210.9 -160.8 26

27 Agency- and GSE-backed securities -157.7 144.4 83.0 221.3 -78.6 286.6 454.0 223.1 -38.0 54.9 172.9 27

28 Municipal securities 97.6 29.0 33.2 75.0 33.1 77.0 101.7 88.3 -27.3 95.5 58.1 28

29 Corporate and foreign bonds 198.1 -87.4 -18.5 -11.8 -219.0 87.4 -169.3 253.6 -312.7 -85.0 -138.9 29

30 Mortgages 10.9 11.6 12.4 13.0 12.5 14.2 13.5 11.9 14.4 15.1 15.5 30

31 Corporate equities (5) -145.4 -2.0 -259.1 -456.3 -321.6 -354.7 -600.5 -548.4 -862.9 -690.5 -756.6 31

32 Mutual fund shares 125.6 240.5 249.0 266.0 394.1 240.6 213.5 215.6 527.3 278.2 227.4 32

33 Security credit -41.6 62.7 103.0 -10.9 -35.8 55.2 -19.2 -43.7 124.6 190.8 -5.7 33

34 Life insurance reserves 60.1 66.8 33.1 16.1 15.2 18.1 20.0 10.9 3.3 19.2 17.0 34

35 Pension fund reserves 186.5 200.3 241.4 152.6 89.2 160.9 136.8 223.5 62.8 167.2 124.0 35

36 Equity in noncorporate business -82.7 20.2 -56.1 -63.4 -43.8 -86.5 -93.3 -30.2 -69.8 -63.3 -58.9 36

37 Miscellaneous assets 30.6 42.0 40.9 28.4 29.9 30.9 74.7 -21.7 31.8 28.5 23.8 37

38 Net increase in liabilities 785.7 1018.4 1178.6 1209.9 1021.1 1283.0 1299.8 1235.7 1211.3 1090.5 885.8 38

39 Credit market instruments 813.8 978.4 1093.5 1238.6 1009.8 1288.4 1322.9 1333.4 1139.7 1110.6 841.6 39

40 Home mortgages (6) 683.9 854.8 961.8 1077.7 855.3 1069.9 1223.6 1161.9 971.4 828.1 672.7 40

41 Consumer credit 113.4 104.0 116.9 91.3 97.4 113.6 102.9 51.4 49.5 155.9 135.8 41

42 Municipal securities 12.9 14.1 10.3 16.5 15.7 14.6 14.9 20.7 9.3 29.9 16.6 42

43 Bank loans n.e.c. -22.6 -2.6 -15.7 23.7 18.2 53.6 -30.6 53.7 74.8 51.7 6.3 43

44 Other loans and advances 0.2 -1.6 0.4 -0.0 -2.5 2.1 -1.9 2.3 2.4 6.2 -1.3 44

45 Commercial mortgages 26.0 9.7 19.9 29.4 25.5 34.7 14.0 43.4 32.4 38.8 11.5 45

46 Security credit -48.2 34.3 81.5 -31.7 8.2 -10.2 -22.0 -102.8 68.6 -22.5 41.7 46

47 Trade payables 19.1 4.8 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 47

 Deferred and unpaid

48 life insurance premiums 0.9 0.9 1.6 1.0 1.1 2.8 -3.1 3.1 0.9 0.5 0.5 48

49 Discrepancy 145.6 -122.8 28.4 110.7 -98.1 178.7 131.5 230.8 -48.1 224.6 29.0 49

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

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

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

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

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

(6) Includes loans made under home equity lines of credit and home equity loans secured by junior liens, shown on table F.218, line 22.
Z.1, December 7, 2006 17

F.101 Nonfinancial Business (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2002 2003 2004 2005 2005 2006

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Income before taxes 1164.3 1289.7 1581.1 1941.0 1890.5 1951.1 1894.7 2027.7 2098.8 2112.3 2165.3 1

 2 Gross saving and net capital transfers 983.5 1014.0 1091.7 1223.1 1098.6 1180.9 1371.6 1241.4 1297.5 1284.9 1331.8 2

 3 Gross investment 954.6 1001.9 1201.0 1191.3 1063.1 1096.2 1351.3 1254.5 1334.3 1336.8 1405.0 3

 4 Capital expenditures 946.0 971.1 1070.1 1158.4 1140.1 1100.5 1126.0 1266.9 1261.2 1316.9 1380.9 4

 5 Fixed investment 945.1 967.6 1023.8 1147.9 1092.3 1118.9 1150.5 1230.1 1226.1 1264.4 1327.7 5

 6 Residential 71.7 80.0 93.6 107.5 102.2 105.8 109.3 112.8 116.2 119.4 122.5 6

 7 Nonresidential 873.4 887.6 930.2 1040.4 990.1 1013.1 1041.2 1117.3 1109.9 1145.0 1205.3 7

 8 Change in inventories 11.9 14.3 57.3 21.3 59.4 -7.6 -15.3 48.6 47.2 62.3 67.2 8

 9 Nonproduced nonfinancial assets -10.9 -10.8 -11.0 -10.9 -11.5 -10.9 -9.2 -11.8 -12.0 -9.7 -14.1 9

10 Net financial investment 8.5 30.8 131.0 32.9 -77.0 -4.3 225.3 -12.4 73.1 19.9 24.2 10

11 Net acquisition of financial assets 212.9 171.9 1062.5 700.5 622.5 747.2 745.1 687.1 657.5 616.8 727.5 11

12 Foreign deposits 5.1 17.6 15.6 20.1 6.4 -7.1 16.3 64.8 -37.5 27.4 -3.1 12

13 Checkable deposits and currency -31.8 56.5 -5.9 -6.5 -58.1 2.6 4.4 25.3 -44.4 -207.1 -141.3 13

14 Time and savings deposits 24.6 115.3 107.5 100.7 101.7 -4.5 102.0 203.4 58.6 -3.8 24.9 14

15 Money market fund shares 30.2 -46.8 36.2 45.2 -3.5 33.6 60.2 90.5 21.3 75.2 117.4 15

16 Security RPs 2.2 -0.2 0.4 8.5 -0.9 9.1 12.4 13.3 -17.1 5.9 20.4 16

17 Credit market instruments 25.1 -2.0 47.2 43.9 37.3 50.5 16.9 70.9 67.5 52.1 22.2 17

18 Commercial paper 4.6 10.9 19.3 11.7 -0.4 0.5 22.6 24.2 28.0 30.1 30.5 18

19 Treasury securities 14.5 3.5 7.4 11.8 4.7 18.5 -2.4 26.5 -1.1 -3.3 10.3 19

20 Agency- and GSE-backed securities -0.7 -4.8 0.1 1.4 -0.3 3.6 -4.0 6.5 -2.9 -3.0 1.7 20

21 Municipal securities 2.7 2.6 0.1 -1.9 2.6 -11.7 3.2 -1.8 8.4 -0.7 -3.5 21

22 Mortgages 2.3 2.0 20.3 20.7 19.4 21.1 21.0 21.4 20.1 19.1 19.5 22

23 Consumer credit 1.6 -16.2 0.0 0.1 11.3 18.4 -23.5 -5.9 15.0 9.9 -36.4 23

24 Mutual fund shares 0.5 11.3 2.0 7.4 7.4 7.4 7.4 7.4 7.4 7.4 7.4 24

25 Trade receivables -79.4 -41.5 179.3 214.3 127.4 176.6 284.1 269.2 16.6 202.2 215.5 25

26 Miscellaneous assets 236.4 61.7 680.2 266.9 404.8 478.9 241.5 -57.6 585.3 457.5 464.2 26

27 Net increase in liabilities 204.4 141.1 931.6 667.6 699.5 751.4 519.8 699.5 584.5 596.9 703.3 27

28 Credit market instruments 171.4 192.8 428.8 597.3 503.3 606.4 650.9 628.5 797.6 716.9 669.8 28

29 Commercial paper -57.9 -35.1 16.8 -7.9 49.8 5.8 2.8 -89.9 42.1 40.1 -14.3 29

30 Municipal securities 3.1 3.5 5.1 7.4 6.3 6.7 6.5 9.9 3.8 7.6 3.2 30

31 Corporate bonds 132.3 158.3 77.7 59.9 34.3 30.1 99.6 75.5 213.5 207.3 119.6 31

32 Bank loans n.e.c. -84.0 -75.2 28.2 113.2 90.2 158.6 70.1 133.9 188.9 76.8 148.8 32

33 Other loans and advances 15.0 6.8 19.8 76.9 78.4 71.1 41.7 116.3 45.3 83.5 68.0 33

34 Mortgages 163.0 134.5 281.1 347.8 244.3 334.1 430.2 382.7 304.0 301.5 344.4 34

35 Corporate equities -41.6 -42.0 -126.6 -363.4 -264.3 -300.1 -469.9 -419.2 -570.0 -614.8 -579.6 35

36 Trade payables 46.3 -78.5 130.6 178.5 170.5 199.3 218.8 125.5 122.0 202.4 160.6 36

37 Taxes payable 13.4 -12.1 14.3 13.4 22.4 -0.8 -2.2 34.3 12.5 -20.3 4.3 37

38 Miscellaneous liabilities 98.2 56.3 537.2 302.3 314.4 332.1 210.5 352.4 295.9 374.6 496.4 38

39 Proprietors’ net investment -83.3 24.7 -52.7 -60.6 -46.8 -85.6 -88.3 -21.9 -73.6 -61.9 -48.2 39

40 Discrepancy 28.9 12.2 -109.3 31.8 35.5 84.7 20.3 -13.1 -36.8 -51.9 -73.3 40

(1) Combined statement for nonfarm nonfinancial corporate business, nonfarm noncorporate business, and farm business.
18 Z.1, December 7, 2006

F.102 Nonfarm Nonfinancial Corporate Business

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2002 2003 2004 2005 2005 2006

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Profits before tax (book) 336.4 424.3 622.5 931.3 874.2 930.1 933.5 987.3 1049.4 1062.2 1112.5 1

 2 - Taxes on corporate income 96.6 135.1 184.8 250.9 237.9 244.4 255.3 265.9 280.3 282.7 297.1 2

 3 - Net dividends 252.7 290.6 364.7 226.2 362.4 300.7 124.0 117.7 375.3 390.4 395.9 3

 4 + Capital consumption allowance (1) 733.9 733.4 750.2 598.8 581.7 582.2 642.2 589.2 601.9 602.9 604.2 4

 5 = U.S. internal funds, book 720.9 732.0 823.2 1053.0 855.6 967.3 1196.4 1192.9 995.7 992.1 1023.6 5

 6 + Foreign earnings retained abroad 92.6 112.7 108.0 -34.3 82.3 23.8 -101.7 -141.7 115.7 132.1 120.1 6

 7 + Inventory valuation adjustment (IVA) -2.2 -13.6 -39.8 -32.6 -39.2 -21.0 -30.9 -39.2 -22.9 -58.9 -37.2 7

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

 9 = Total internal funds + IVA 811.3 831.3 891.5 986.2 898.8 970.1 1063.9 1012.0 1088.5 1065.3 1106.6 9

10 Gross investment 782.4 819.1 1000.8 954.3 863.3 885.3 1043.6 1025.1 1125.4 1117.2 1179.8 10

11 Capital expenditures 737.1 749.9 822.4 881.8 887.0 849.7 857.2 933.5 969.7 1005.8 1030.3 11

12 Fixed investment (3) 734.4 747.5 786.9 872.8 843.0 861.4 882.1 904.6 942.0 958.6 982.9 12

13 Inventory change + IVA 13.6 13.2 46.5 19.9 55.6 -0.8 -15.8 40.7 39.7 56.9 61.6 13

14 Nonproduced nonfinancial assets -10.9 -10.8 -11.0 -10.9 -11.5 -10.9 -9.2 -11.8 -12.0 -9.7 -14.1 14

15 Net financial investment 45.2 69.2 178.4 72.5 -23.8 35.6 186.4 91.6 155.6 111.4 149.5 15

16 Net acquisition of financial assets 130.1 82.6 785.2 394.7 408.6 417.1 410.9 342.1 399.3 424.3 502.4 16

17 Foreign deposits 5.1 17.6 15.6 20.1 6.4 -7.1 16.3 64.8 -37.5 27.4 -3.1 17

18 Checkable deposits and currency -34.9 51.7 -34.2 -37.3 -80.1 -31.0 -28.2 -9.7 -71.5 -227.1 -164.5 18

19 Time and savings deposits 10.2 71.5 57.7 45.6 62.7 -64.6 43.7 140.5 11.1 -38.3 -15.2 19

20 Money market fund shares 27.8 -38.5 27.7 35.8 -10.2 23.4 50.3 79.8 13.2 69.4 110.6 20

21 Security RPs 2.2 -0.2 0.4 8.5 -0.9 9.1 12.4 13.3 -17.1 5.9 20.4 21

22 Commercial paper 4.6 10.9 19.3 11.7 -0.4 0.5 22.6 24.2 28.0 30.1 30.5 22

23 Treasury securities 14.5 1.4 0.2 3.9 -0.9 9.9 -10.8 17.5 -7.9 -8.2 4.6 23

24 Agency- and GSE-backed securities -0.7 -4.8 0.1 1.4 -0.3 3.6 -4.0 6.5 -2.9 -3.0 1.7 24

25 Municipal securities 2.8 3.3 -0.4 -2.4 2.3 -12.2 2.7 -2.4 7.9 -1.0 -3.8 25

26 Mortgages 2.9 2.2 16.1 16.1 16.1 16.1 16.1 16.1 16.1 16.1 16.1 26

27 Consumer credit 1.6 -16.2 0.0 0.1 11.3 18.4 -23.5 -5.9 15.0 9.9 -36.4 27

28 Trade receivables -98.3 -17.3 125.4 154.7 85.2 111.6 221.1 201.2 -34.7 164.9 172.0 28

29 Mutual fund shares 0.5 11.3 2.0 7.4 7.4 7.4 7.4 7.4 7.4 7.4 7.4 29

30 Miscellaneous assets 191.7 -10.3 555.1 128.9 310.0 332.0 84.8 -211.3 472.1 371.0 362.1 30

31 U.S. direct investment abroad (4) 129.7 122.9 219.8 -8.5 76.2 137.1 -147.7 -99.4 209.7 155.6 162.3 31

32 Insurance receivables 17.4 18.4 18.9 20.7 11.2 14.9 42.8 13.8 4.6 12.0 6.6 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. 24.7 13.7 41.3 -52.7 -6.3 13.7 22.3 -240.6 11.8 16.9 18.3 34

35 Other 19.8 -165.4 275.0 169.4 229.0 166.4 167.3 115.0 246.0 186.5 174.9 35

36 Net increase in liabilities 84.9 13.4 606.8 322.2 432.4 381.4 224.4 250.5 243.7 312.9 352.9 36

37 Net funds raised in markets -26.0 46.6 51.1 -84.1 22.9 -48.4 -156.9 -153.9 -101.5 -191.0 -191.3 37

38 Net new equity issues -41.6 -42.0 -126.6 -363.4 -264.3 -300.1 -469.9 -419.2 -570.0 -614.8 -579.6 38

39 Credit market instruments 15.6 88.6 177.7 279.3 287.2 251.7 313.0 265.3 468.5 423.8 388.3 39

40 Commercial paper -57.9 -35.1 16.8 -7.9 49.8 5.8 2.8 -89.9 42.1 40.1 -14.3 40

41 Municipal securities (5) 3.1 3.5 5.1 7.4 6.3 6.7 6.5 9.9 3.8 7.6 3.2 41

42 Corporate bonds (4) 132.3 158.3 77.7 59.9 34.3 30.1 99.6 75.5 213.5 207.3 119.6 42

43 Bank loans n.e.c. -108.2 -85.9 14.6 62.1 56.9 91.0 42.3 58.4 110.3 42.8 88.0 43

44 Other loans and advances 12.0 1.5 17.2 71.4 80.3 62.6 40.1 102.6 17.4 59.0 51.7 44

45 Savings institutions 1.7 5.0 0.7 1.9 -2.4 8.7 -2.6 4.1 1.9 6.9 4.1 45

46 Finance companies 3.4 -2.1 8.8 24.9 -17.4 22.8 29.0 65.1 9.9 43.4 22.1 46

47 U.S. government -0.3 0.7 0.5 0.8 0.4 1.0 0.9 0.8 0.9 0.8 0.9 47

48 Acceptance liabilities to banks 0.3 -0.2 -0.4 0.0 -0.0 0.0 1.3 -1.2 0.2 0.2 0.5 48

49 Rest of the world 10.1 -0.8 6.3 60.6 92.8 59.2 30.3 60.0 1.7 1.3 39.5 49

50 ABS issuers -3.3 -1.1 1.4 -16.8 6.9 -29.1 -18.7 -26.3 2.8 6.4 -15.5 50

51 Mortgages 34.4 46.4 46.3 86.4 59.6 55.5 121.7 108.7 81.4 66.9 140.0 51

52 Trade payables 19.7 -54.7 101.6 148.2 149.3 166.2 186.7 90.7 79.5 167.0 122.1 52

53 Taxes payable 11.9 -11.7 6.8 5.1 16.5 -9.8 -11.0 24.8 5.4 -25.5 -1.8 53

54 Miscellaneous liabilities 79.3 33.2 447.3 253.0 243.8 273.5 205.7 288.9 260.3 362.4 423.9 54

55 Foreign direct investment in U.S. 27.5 23.9 28.6 42.9 44.3 34.7 44.3 48.2 110.3 91.2 61.2 55

56 Pension fund contributions payable 1.5 -0.2 -3.1 -1.9 -4.6 -6.4 9.3 -5.9 -2.0 -2.0 -1.9 56

57 Other 50.3 9.4 421.8 212.0 204.1 245.2 152.1 246.6 152.0 273.1 364.6 57

58 Discrepancy 28.9 12.2 -109.3 31.8 35.5 84.7 20.3 -13.1 -36.8 -51.9 -73.3 58

 Memo:

59 Financing gap (6) 18.4 31.5 38.9 -138.6 70.6 -96.6 -308.4 -220.2 -3.1 72.6 43.9 59

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

(2) Table F.9, line 7.

(3) Nonresidential fixed investment plus residential fixed investment, shown in table F.6, lines 10 and 16 respectively.

(4) Through 1992:Q4, corporate bonds include net issues by Netherlands Antillean financial subsidiaries, and U.S. direct investment abroad excludes net inflows from those bond issues.

(5) Industrial revenue bonds. Issued by state and local governments to finance private investment and secured in interest and principal by the industrial user of the funds.

(6) Capital expenditures (line 11) less the sum of U.S. internal funds (line 5) and inventory valuation adjustment (line 7).
Z.1, December 7, 2006 19

F.103 Nonfarm Noncorporate Business

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2002 2003 2004 2005 2005 2006

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Net income with IVA and CCAdj 817.4 836.2 922.4 979.5 982.4 992.2 931.5 1011.8 1025.5 1032.6 1032.0 1

 2 Gross saving = capital consumption 151.5 161.4 177.3 212.4 177.6 188.1 278.3 205.4 185.4 195.7 201.5 2

 3 Gross investment 151.5 161.4 177.3 212.4 177.6 188.1 278.3 205.4 185.4 195.7 201.5 3

 4 Capital expenditures 182.7 192.4 207.4 241.8 218.4 223.3 232.9 292.7 249.8 272.0 310.6 4

 5 Fixed investment (1) 182.0 191.7 204.9 240.8 215.5 223.3 233.7 290.5 247.7 269.0 307.3 5

 6 Change in inventories 0.7 0.7 2.4 1.0 2.9 -0.0 -0.8 2.1 2.1 3.0 3.2 6

 7 Net financial investment -31.2 -31.1 -30.1 -29.5 -40.8 -35.1 45.4 -87.3 -64.4 -76.3 -109.1 7

 8 Net acquisition of financial assets 78.2 84.0 271.7 300.4 211.1 326.1 323.1 341.2 255.9 188.5 219.9 8

 9 Checkable deposits and currency 2.6 4.1 27.3 30.1 21.3 32.9 31.9 34.4 25.9 18.9 22.0 9

10 Time and savings deposits 14.5 43.8 49.8 55.1 39.0 60.2 58.3 62.9 47.4 34.5 40.1 10

11 Money market mutual funds 2.3 -8.2 8.5 9.3 6.6 10.2 9.9 10.7 8.0 5.9 6.8 11

12 Treasury securities 0.0 2.0 7.1 7.9 5.6 8.6 8.4 9.0 6.8 4.9 5.8 12

13 Municipal securities -0.1 -0.7 0.4 0.5 0.3 0.5 0.5 0.5 0.4 0.3 0.3 13

14 Mortgages -0.6 -0.2 4.1 4.6 3.2 5.0 4.9 5.3 4.0 3.0 3.4 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 18.9 -24.2 53.9 59.6 42.2 65.1 63.1 68.0 51.3 37.3 43.4 16

17 Miscellaneous assets 40.7 67.3 120.5 133.2 92.7 143.6 146.2 150.4 112.0 83.7 98.0 17

18 Insurance receivables 4.2 4.4 3.5 4.9 2.6 3.5 10.1 3.3 1.1 2.8 3.9 18

19 Equity investment in GSEs (2) 0.0 0.3 0.3 -0.6 -1.3 -0.8 -0.3 -0.0 -0.0 0.0 0.2 19

20 Other 36.5 62.6 116.6 128.9 91.3 140.8 136.4 147.2 111.0 80.8 94.0 20

21 Net increase in liabilities 109.4 115.0 301.8 329.8 251.9 361.2 277.7 428.5 320.3 264.8 329.0 21

22 Credit market instruments 148.0 96.5 239.6 305.4 211.8 336.7 316.3 356.9 300.3 268.1 258.0 22

23 Bank loans n.e.c. 25.1 11.1 11.4 48.9 36.0 65.0 21.8 72.6 76.0 29.1 57.2 23

24 Other loans and advances 1.9 5.2 1.5 1.3 -3.6 4.6 -5.5 9.7 12.2 19.9 14.1 24

25 Mortgages 121.0 80.2 226.7 255.3 179.4 267.1 300.0 274.5 212.1 219.1 186.7 25

26 Trade payables 26.0 -24.5 28.1 31.0 22.0 33.9 32.8 35.4 26.7 19.4 22.6 26

27 Taxes payable 1.5 -0.4 7.5 8.3 5.9 9.1 8.8 9.5 7.2 5.2 6.1 27

28 Miscellaneous liabilities 18.9 23.1 89.9 49.4 70.6 58.7 4.8 63.5 35.6 12.2 72.5 28

29 Proprietors’ net investment -85.0 20.3 -63.3 -64.3 -58.4 -77.1 -85.0 -36.7 -49.5 -40.2 -30.2 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 10.6 29.2 36.2 30.2 33.9 28.7 29.7 28.7 23.9 17.5 20.8 1

 2 Net saving (corporate) -1.8 -1.5 -1.4 -1.4 -1.4 -1.4 -1.3 -1.5 -1.7 -1.8 -2.1 2

 3 Consumption of fixed capital 22.5 22.9 24.3 26.0 23.6 24.1 30.8 25.6 25.3 25.7 25.8 3

 4 Corporate 4.2 4.4 4.6 5.0 4.7 4.8 5.4 4.9 4.9 5.0 5.0 4

 5 Noncorporate 18.3 18.5 19.7 21.0 18.9 19.3 25.4 20.6 20.4 20.7 20.8 5

 6 Gross saving 20.7 21.4 22.9 24.6 22.2 22.7 29.5 24.1 23.6 23.9 23.7 6

 7 Gross investment 20.7 21.4 22.9 24.6 22.2 22.7 29.5 24.1 23.6 23.9 23.7 7

 8 Capital expenditures 26.2 28.8 40.3 34.7 34.7 27.5 36.0 40.7 41.7 39.1 40.0 8

 9 Fixed investment (2) 28.7 28.4 31.9 34.4 33.8 34.2 34.7 34.9 36.4 36.7 37.5 9

10 Change in inventories -2.5 0.4 8.4 0.3 0.8 -6.7 1.3 5.8 5.4 2.3 2.4 10

11 Net financial investment -5.5 -7.4 -17.3 -10.1 -12.4 -4.8 -6.5 -16.6 -18.2 -15.2 -16.2 11

12 Net acquisition of financial assets 4.6 5.3 5.6 5.5 2.8 4.0 11.1 3.9 2.3 4.0 5.2 12

13 Checkable deposits and currency 0.5 0.7 1.0 0.7 0.7 0.7 0.7 0.7 1.2 1.2 1.2 13

14 Miscellaneous assets 4.1 4.6 4.6 4.8 2.1 3.4 10.5 3.2 1.2 2.8 4.0 14

15 Insurance receivables 4.0 4.2 4.4 4.7 2.5 3.4 9.7 3.1 1.0 2.7 3.7 15

16 Equity investment in GSEs (3) 0.1 0.4 0.2 0.1 -0.4 -0.0 0.8 0.1 0.1 0.1 0.3 16

17 Net increase in liabilities 10.2 12.7 23.0 15.5 15.2 8.8 17.7 20.5 20.5 19.2 21.4 17

18 Credit market instruments 7.8 7.7 11.5 12.6 4.4 18.0 21.6 6.4 28.8 25.0 23.5 18

19 Bank loans n.e.c. -0.9 -0.4 2.2 2.2 -2.7 2.6 6.1 2.9 2.6 4.9 3.5 19

20 Other loans and advances 1.1 0.1 1.2 4.2 1.8 3.9 7.1 4.0 15.7 4.6 2.2 20

21 Mortgages 7.6 8.0 8.1 6.2 5.3 11.5 8.5 -0.5 10.4 15.5 17.7 21

22 Trade payables 0.6 0.7 0.9 -0.7 -0.7 -0.7 -0.7 -0.7 15.8 15.9 15.9 22

23 Proprietors’ net investment 1.7 4.4 10.6 3.7 11.6 -8.5 -3.3 14.8 -24.1 -21.7 -18.0 23

(1) Corporate and noncorporate farms.

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

(3) Equity in the Farm Credit System.
20 Z.1, December 7, 2006

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

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2002 2003 2004 2005 2005 2006

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Current receipts, NIPA basis 1410.1 1494.2 1592.6 1700.6 1672.2 1702.9 1697.8 1729.6 1755.4 1795.5 1805.0 1

 2 Personal current taxes 221.3 226.6 248.4 275.2 266.7 280.9 274.0 279.3 293.4 311.1 298.6 2

 3 Taxes on production and imports 675.5 717.5 769.4 821.2 803.8 817.5 827.9 835.7 851.4 863.3 872.3 3

 4 Taxes on corporate income 32.2 35.3 43.1 58.0 58.7 57.1 54.7 61.3 66.4 68.8 70.9 4

 5 Contributions for govt. social insurance 15.8 19.8 24.2 25.3 25.3 25.3 25.3 25.2 24.8 24.7 24.7 5

 6 Income receipts on assets 78.2 72.9 73.3 75.3 74.4 75.0 75.6 76.3 76.7 77.4 78.1 6

 7 Current transfer receipts 384.7 422.7 438.0 456.1 448.7 453.8 462.0 459.8 450.5 458.3 468.8 7

 8 Current surplus of government enterprises 2.5 -0.6 -3.8 -10.5 -5.4 -6.8 -21.7 -7.9 -7.8 -8.2 -8.5 8

 9 Current expenditures, NIPA basis 1444.3 1514.5 1605.5 1703.9 1661.2 1690.5 1717.2 1746.8 1742.7 1769.4 1807.0 9

10 Consumption expenditures 1025.3 1073.8 1130.3 1207.2 1174.6 1192.8 1217.8 1243.4 1256.2 1280.7 1298.0 10

11 Govt. social benefit payments to persons 332.0 353.0 382.9 402.3 393.4 403.8 404.5 407.3 390.4 391.7 411.0 11

12 Interest payments 86.0 87.7 91.8 94.2 92.8 93.5 94.5 95.8 95.8 96.6 97.6 12

13 Subsidies 0.9 0.1 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4 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 -34.2 -20.4 -12.9 -3.3 10.9 12.4 -19.3 -17.2 12.7 26.1 -2.0 15

16 + Consumption of fixed capital 122.7 127.8 136.7 153.2 144.7 147.9 165.9 154.3 156.7 159.2 161.4 16

17 + Net capital transfers (2) 52.1 51.6 51.9 53.9 52.3 55.2 54.4 53.8 55.6 56.0 58.0 17

18 = Gross saving and net capital transfers 140.7 159.0 175.7 203.8 207.9 215.5 201.0 190.9 225.0 241.4 217.4 18

19 Gross investment 171.1 202.7 229.7 236.8 249.5 253.5 227.1 216.9 248.0 276.1 253.9 19

20 Fixed investment 256.1 262.2 270.0 287.3 278.7 287.7 288.7 294.0 301.7 313.5 316.1 20

21 Nonproduced nonfinancial assets 10.6 10.9 11.0 11.6 11.3 11.5 11.6 11.8 12.0 12.2 12.3 21

22 Net financial investment -95.6 -70.4 -51.3 -62.1 -40.5 -45.7 -73.2 -88.9 -65.7 -49.6 -74.5 22

23 Net acq. of financial assets 76.6 79.1 94.8 142.5 158.2 113.8 177.2 121.0 34.7 110.5 138.5 23

24 Checkable deposits and currency 5.2 3.5 -4.6 8.5 40.4 8.8 -24.1 8.7 -4.1 3.0 11.2 24

25 Time and savings deposits 8.8 8.0 6.9 29.5 60.2 -1.1 28.9 30.1 11.5 10.4 34.5 25

26 Money market fund shares 1.6 4.0 3.4 2.6 2.6 0.9 3.9 3.0 2.3 3.0 5.8 26

27 Security RPs -16.3 7.9 6.7 5.1 5.1 1.8 7.7 5.9 4.5 5.9 11.3 27

28 Credit market instruments 86.2 58.3 64.5 100.5 112.6 92.2 124.7 72.5 10.7 61.5 79.7 28

29 Open market paper 14.3 10.3 8.8 6.7 6.7 2.3 10.1 7.7 5.9 7.8 14.9 29

30 Treasury securities 26.2 9.5 23.2 68.8 80.9 81.2 77.1 36.1 -1.2 24.9 15.7 30

31 Agency- and GSE-backed securities 41.7 22.5 19.1 14.6 14.6 5.1 22.0 16.8 0.9 16.9 32.3 31

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

33 Corporate and foreign bonds 9.1 7.1 6.0 4.6 4.6 1.6 7.0 5.3 0.1 5.3 10.2 33

34 Mortgages -5.3 8.5 7.2 5.5 5.5 1.9 8.3 6.3 4.9 6.4 6.2 34

35 Corporate equities 10.3 -17.0 -4.8 -0.7 13.5 -6.2 -7.3 -2.8 -15.8 12.7 -6.9 35

36 Mutual fund shares 2.1 -5.2 -1.5 -0.2 4.1 -1.9 -2.2 -0.9 -4.8 3.9 -2.1 36

37 Trade receivables 2.6 8.1 6.9 5.3 5.3 1.8 7.9 6.0 4.6 6.1 11.6 37

38 Taxes receivable 4.8 7.8 25.3 42.8 40.4 42.5 40.2 48.0 51.2 52.1 55.5 38

39 Miscellaneous assets -28.5 3.7 -8.0 -50.8 -126.0 -25.0 -2.5 -49.5 -25.4 -48.1 -62.2 39

40 Net increase in liabilities 172.3 149.4 146.1 204.6 198.7 159.5 250.4 209.9 100.3 160.1 213.0 40

41 Credit market instruments 143.9 120.3 115.3 171.3 166.5 126.5 216.8 175.3 65.2 123.7 176.3 41

42 Municipal securities 143.4 120.0 115.1 170.8 166.2 126.1 216.2 174.7 64.5 123.0 175.7 42

43 Short-term 25.2 10.4 -5.9 5.7 4.5 -20.7 12.8 26.3 0.3 -8.2 -7.3 43

44 Other 118.2 109.6 121.0 165.1 161.7 146.8 203.4 148.4 64.3 131.1 183.0 44

45 U.S. government loans 0.5 0.3 0.2 0.5 0.3 0.4 0.6 0.6 0.6 0.7 0.6 45

46 Trade payables 28.4 29.2 30.8 33.3 32.2 32.9 33.6 34.6 35.2 36.3 36.7 46

47 Discrepancy -30.5 -43.7 -54.0 -32.9 -41.6 -38.0 -26.2 -26.0 -23.0 -34.7 -36.5 47

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

(2) Table F.9, line 8.
Z.1, December 7, 2006 21

F.106 Federal Government

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2002 2003 2004 2005 2005 2006

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Current receipts, NIPA basis 1853.2 1879.9 2001.0 2246.7 2214.5 2240.3 2182.4 2349.8 2490.9 2523.2 2562.2 1

 2 Personal current taxes 830.5 774.5 801.4 927.9 891.2 910.9 941.0 968.4 1039.2 1049.9 1067.0 2

 3 Taxes on production and imports 87.3 89.7 94.6 101.1 97.9 102.7 102.4 101.6 101.1 103.0 100.9 3

 4 Taxes on corporate income 150.5 197.8 244.5 326.4 327.6 321.4 309.5 347.1 374.3 389.4 402.1 4

 5 Taxes from the rest of the world 7.3 8.9 9.7 10.8 11.3 9.3 11.4 11.4 10.4 10.9 11.7 5

 6 Contributions for govt. social insurance 734.3 758.9 802.2 855.3 838.3 846.1 863.2 873.8 911.9 914.1 923.3 6

 7 Income receipts on assets 20.2 22.9 22.1 22.9 22.8 23.8 22.8 22.3 23.3 24.2 25.1 7

 8 Current transfer receipts 24.8 25.0 27.7 7.1 29.1 30.5 -61.7 30.6 32.2 32.8 33.6 8

 9 Current surplus of government enterprises -1.6 2.3 -1.2 -4.9 -3.7 -4.5 -6.0 -5.4 -1.4 -1.1 -1.5 9

10 Current expenditures, NIPA basis 2101.1 2252.1 2383.0 2555.9 2502.0 2529.9 2578.5 2613.3 2637.9 2686.2 2731.9 10

11 Consumption expenditures 591.5 662.7 724.5 768.6 758.0 760.8 784.3 771.1 803.6 802.3 808.8 11

12 Government social benefits 919.6 966.5 1018.4 1081.7 1065.9 1076.4 1087.8 1096.7 1148.8 1166.4 1175.6 12

13 Other current transfer payments 323.4 362.2 374.9 395.0 395.2 385.4 393.5 405.7 373.3 380.3 391.1 13

14 Interest payments 229.1 212.9 220.9 253.8 230.9 252.1 255.2 277.1 257.5 285.4 304.9 14

15 Subsidies 37.5 47.8 44.3 56.9 51.9 55.2 57.7 62.7 54.7 51.9 51.6 15

16 - 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 16

17 Net federal government saving, NIPA basis -247.9 -372.1 -382.0 -309.2 -287.6 -289.6 -396.0 -263.6 -147.0 -163.1 -169.7 17

18 + Consumption of fixed capital 88.9 90.4 94.1 99.0 97.5 98.2 99.8 100.7 102.4 103.7 105.0 18

19 - Insurance and pension reserves (1) -1.7 -0.6 0.0 0.7 4.5 -0.0 -3.7 1.9 4.0 -1.7 -2.7 19

20 + Net capital transfers (2) -23.1 -40.4 -38.4 -42.0 -47.7 -41.4 -40.4 -38.5 -43.2 -41.6 -51.4 20

21 = Gross saving and net capital transfers -180.5 -321.5 -326.4 -252.8 -242.3 -232.7 -333.0 -203.4 -91.7 -99.2 -113.4 21

22 Gross investment -173.8 -373.6 -330.3 -239.0 -434.3 -28.7 -270.5 -222.6 -443.5 229.7 -122.1 22

23 Fixed investment 88.1 93.7 101.4 109.8 104.8 107.6 111.5 115.1 118.2 117.4 117.9 23

24 Nonproduced nonfinancial assets 0.3 -0.2 0.0 -0.6 0.3 -0.6 -2.3 0.0 0.2 -2.3 0.8 24

25 Net financial investment -262.2 -467.1 -431.7 -348.2 -539.4 -135.7 -379.7 -337.8 -561.8 114.7 -240.8 25

26 Net acq. of financial assets 24.8 33.9 -2.9 15.0 92.2 -33.6 -51.3 52.7 -0.3 57.1 -21.4 26

27 Gold, SDRs, and official foreign exchange 3.4 -1.8 -3.1 -14.4 -21.6 2.9 -19.4 -19.5 -2.3 1.9 2.1 27

28 Checkable deposits and currency -17.1 9.2 -31.0 12.2 39.9 -31.1 -9.7 49.5 -64.0 77.7 2.8 28

29 Time and savings deposits 17.1 -25.2 -0.0 -1.0 -0.1 -2.8 1.5 -2.5 0.4 0.2 13.0 29

30 Credit market instruments 9.5 -2.7 3.3 -2.7 0.9 -6.2 -6.3 0.8 5.1 9.4 -7.9 30

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

32 Other loans and advances -3.7 -1.5 -2.6 -8.8 -10.2 -9.3 -10.4 -5.3 -7.4 -0.8 -1.0 32

33 Mortgages 0.5 -2.5 1.6 2.4 1.1 0.6 3.8 4.0 1.8 6.9 3.3 33

34 Consumer credit (3) 12.7 1.3 4.3 3.8 10.0 2.6 0.3 2.1 10.7 3.3 -10.2 34

35 Trade receivables -3.3 19.1 10.5 9.1 -6.4 16.2 18.8 7.8 -15.5 6.3 6.7 35

36 Taxes receivable 15.2 33.9 16.9 13.2 83.6 -11.4 -34.7 15.3 69.2 -39.3 -37.0 36

37 Miscellaneous assets 0.0 1.4 0.6 -1.4 -4.1 -1.2 -1.5 1.2 6.9 0.9 -1.1 37

38 Net increase in liabilities 286.9 501.0 428.8 363.2 631.7 102.2 328.4 390.4 561.5 -57.6 219.4 38

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

40 Treasury currency 1.0 0.6 0.7 0.8 0.8 1.1 0.9 0.3 0.6 0.8 1.0 40

41 Credit market instruments 257.6 396.0 361.9 306.9 569.7 25.1 263.9 368.9 531.5 -116.1 160.1 41

42 Savings bonds 4.5 8.9 0.6 0.7 -0.2 0.3 -1.1 3.8 3.8 -2.7 -4.8 42

43 Other Treasury securities 252.5 389.5 361.9 306.6 570.6 26.2 265.3 364.3 528.7 -113.7 165.9 43

44 Budget agency securities 0.5 -2.4 -0.6 -0.4 -0.7 -1.4 -0.4 0.8 -1.0 0.2 -1.0 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 0.8 72.6 14.8 12.4 15.1 15.4 15.4 3.9 7.9 20.2 9.6 46

47 Insurance reserves 1.6 1.1 1.1 1.1 0.0 1.7 0.3 2.6 0.3 2.2 0.5 47

48 Miscellaneous liabilities (4) 26.0 30.7 50.3 41.9 46.1 58.9 48.0 14.7 21.2 35.4 48.2 48

49 Nonmarketable securities held by pension plans 24.5 24.7 40.9 40.0 42.1 33.8 40.9 43.1 32.5 18.7 43.2 49

50 Other 1.5 6.0 9.3 1.9 4.0 25.1 7.1 -28.4 -11.3 16.7 5.0 50

51 Discrepancy -6.7 52.1 3.9 -13.8 192.0 -204.0 -62.5 19.3 351.8 -329.0 8.7 51

 Memo:

52 Change in cash balance (5) -1.6 -24.8 -3.1 4.6 21.0 -45.8 14.8 28.3 -59.4 62.2 51.0 52

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

(2) Table F.9, line 2.

(3) Student loans.

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

 and disability fund.

(5) Time and savings deposits (line 29) plus checkable deposit and currency liabilities of the monetary authority and commercial banking sectors (table F.204, lines 3 and 7).
22 Z.1, December 7, 2006

F.107 Rest of the World

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2002 2003 2004 2005 2005 2006

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Foreign income from U.S. 1769.9 1889.8 2237.4 2587.9 2477.5 2534.1 2554.5 2785.4 2824.8 2952.0 3036.8 1

 2 U.S. imports 1430.3 1540.2 1791.4 2019.8 1930.2 1980.2 2041.2 2127.8 2170.6 2229.8 2288.9 2

 3 U.S. income payments to rest of world 275.0 280.0 363.9 481.5 437.9 460.6 475.0 552.4 574.3 638.6 662.4 3

 4 Current taxes and trans. payments to rest of world 64.5 69.7 82.1 86.6 109.4 93.3 38.4 105.2 79.9 83.5 85.5 4

 5 Foreign outlays to U.S. 1311.6 1377.6 1588.3 1816.5 1726.2 1782.8 1839.6 1917.3 2008.7 2109.5 2163.3 5

 6 U.S. exports 1005.9 1040.8 1178.1 1303.1 1254.0 1293.8 1312.4 1352.4 1405.4 1448.1 1486.7 6

 7 U.S. income receipts from rest of world 305.7 336.8 410.2 513.3 472.2 489.0 527.2 564.9 603.3 661.4 676.6 7

 8 Net capital transfers (1) 1.4 3.4 2.2 4.3 10.7 2.4 2.1 2.0 6.9 3.4 9.8 8

 9 Gross saving and net capital transfers (2) 459.7 515.6 651.3 775.7 762.0 753.6 717.0 870.2 823.0 846.0 883.3 9

10 Gross investment 501.8 535.2 580.1 781.0 536.1 596.9 1022.5 968.7 678.9 612.6 884.5 10

11 Nonproduced nonfinancial assets 0.1 0.2 -0.0 -0.1 -0.1 -0.0 -0.1 -0.0 -0.2 -0.1 1.0 11

12 Net financial investment 501.7 535.0 580.2 781.1 536.2 596.9 1022.6 968.7 679.1 612.7 883.5 12

13 Net acquisition of financial assets 771.2 824.0 1320.6 1045.5 805.7 1001.2 1505.4 869.8 1469.9 1312.2 1439.3 13

14 Gold and SDRs (3) -0.5 0.6 -0.4 4.5 6.9 -0.4 11.9 -0.3 -0.3 -0.2 -0.3 14

15 Net interbank assets 4.2 -9.7 8.4 -6.6 -57.7 113.7 -22.4 -59.8 -50.2 -145.5 14.2 15

16 U.S. checkable deposits and currency 20.9 28.9 42.4 45.0 -59.5 135.5 74.1 29.7 75.2 63.8 40.1 16

17 U.S. time deposits 31.7 -9.1 72.9 41.6 -191.4 259.4 102.5 -4.2 98.3 219.3 104.1 17

18 Security RPs 39.1 270.1 204.9 47.4 5.8 60.4 200.8 -77.2 223.2 1.5 143.6 18

19 Credit market instruments 430.5 516.3 772.9 847.8 794.6 714.6 846.2 1035.9 745.3 818.6 769.5 19

20 Open market paper 18.1 9.2 44.8 8.6 -21.0 42.7 -10.6 23.3 -44.4 171.3 6.1 20

21 Treasury securities 138.9 276.0 346.8 287.1 379.0 124.8 242.4 402.3 130.3 10.9 163.2 21

22 Official 60.5 184.9 263.3 71.7 36.9 67.6 32.9 149.7 168.6 -35.6 199.1 22

23 Private 78.4 91.0 83.4 215.4 342.1 57.2 209.5 252.6 -38.3 46.5 -35.9 23

24 Agency- and GSE-backed securities 112.3 3.1 109.0 157.1 101.5 157.2 207.0 162.5 263.7 234.0 212.8 24

25 Official 30.5 39.9 41.7 84.7 95.1 77.7 70.9 95.1 96.3 121.8 89.8 25

26 Private 81.8 -36.8 67.4 72.4 6.4 79.5 136.1 67.4 167.4 112.2 123.0 26

27 Municipal securities 3.5 8.0 6.5 4.0 4.0 4.0 4.0 4.0 4.0 4.0 4.0 27

28 U.S. corporate bonds (4) 147.5 220.8 259.5 330.4 238.2 326.7 373.1 383.8 390.1 397.1 343.9 28

29 Loans to U.S. corporate business 10.1 -0.8 6.3 60.6 92.8 59.2 30.3 60.0 1.7 1.3 39.5 29

30 U.S. corporate equities 54.1 34.0 61.8 86.6 71.1 53.0 126.3 96.0 223.6 16.8 97.8 30

31 Trade receivables 2.6 1.5 -1.1 7.8 11.4 13.0 6.5 0.3 13.8 16.9 8.1 31

32 Security credit 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 32

33 Miscellaneous assets 188.7 -8.5 158.9 -28.6 224.7 -347.9 159.5 -150.6 141.0 320.9 262.1 33

34 Foreign direct investment in U.S. (5) 84.4 64.0 133.2 109.8 122.2 33.0 177.8 106.0 181.1 193.7 181.4 34

35 Other 104.3 -72.5 25.7 -138.3 102.5 -380.9 -18.3 -256.6 -40.1 127.3 80.7 35

36 Net increase in liabilities 269.5 288.9 740.4 264.4 269.5 404.4 482.7 -98.9 790.8 699.5 555.8 36

 U.S. official foreign exchange

37 and net IMF position 3.2 -0.9 -3.2 -9.6 -14.5 2.8 -7.2 -19.5 -2.3 2.0 2.1 37

38 U.S. private deposits 21.0 36.6 89.9 86.8 420.0 -210.5 91.2 46.6 229.1 239.7 96.4 38

39 Credit market instruments 92.9 31.7 123.5 84.7 56.2 84.5 84.7 113.3 109.3 101.6 412.7 39

40 Commercial paper 58.3 12.9 62.8 38.5 6.2 10.0 78.5 59.1 62.6 -58.9 249.3 40

41 Bonds 31.6 28.7 61.8 38.0 41.3 84.4 8.5 17.9 50.6 139.1 176.7 41

42 Bank loans n.e.c. 5.3 -7.7 2.5 12.9 12.1 -5.3 5.2 39.5 7.6 28.2 -5.2 42

43 Official 0.8 -0.5 0.9 -2.8 0.9 -1.9 -9.7 -0.6 -1.8 1.6 -1.1 43

44 Banks -0.8 -1.5 2.8 3.1 1.4 -1.8 9.9 2.9 -1.8 7.3 -4.9 44

45 Other 5.3 -5.7 -1.3 12.6 9.9 -1.6 5.0 37.2 11.2 19.3 0.8 45

46 U.S. government loans -1.9 -2.1 -3.7 -4.6 -3.7 -4.9 -6.9 -2.9 -11.6 -6.6 -7.3 46

47 Acceptance liabilities to banks -0.4 0.0 0.1 -0.0 0.4 0.3 -0.5 -0.3 0.1 -0.3 -0.7 47

48 Foreign corporate equities (6) 17.0 118.0 84.8 142.1 160.2 98.5 138.7 171.2 164.2 69.7 32.9 48

49 Trade payables -4.9 6.1 3.5 6.3 -5.9 12.2 2.2 16.6 8.9 20.0 21.5 49

50 Security debt 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 50

51 Miscellaneous liabilities 140.4 97.4 442.0 -45.9 -346.5 416.9 173.1 -427.2 281.7 266.4 -9.8 51

52 U.S. equity in IBRD, etc. 1.5 1.4 2.0 1.3 1.5 1.4 1.2 1.0 7.4 0.6 1.3 52

53 U.S. government deposits 0.1 0.2 -0.0 -2.2 -8.1 -0.4 -0.2 0.0 -0.0 0.0 0.1 53

54 U.S. direct investment abroad (4,5) 154.5 149.9 244.1 9.1 125.0 135.8 -121.4 -103.2 245.0 188.4 213.4 54

55 Other -15.7 -54.1 195.9 -54.1 -464.9 280.1 293.5 -325.0 29.3 77.3 -224.7 55

56 Discrepancy (FOF basis) (7) -42.0 -19.6 71.2 -5.3 225.9 156.8 -305.5 -98.5 144.1 233.4 -1.3 56

 Memo:

57 Net U.S. exports, NIPA basis -424.4 -499.4 -613.2 -716.7 -676.2 -686.4 -728.8 -775.4 -765.2 -781.8 -802.2 57

58 + Net U.S. income receipts (8) 30.6 56.8 46.3 31.9 34.3 28.4 52.2 12.5 29.1 22.7 14.2 58

59 - Current taxes and trans. payments to rest of world 64.5 69.7 82.1 86.6 109.4 93.3 38.4 105.2 79.9 83.5 85.5 59

60 = Balance on current account, NIPAs -458.3 -512.3 -649.0 -771.4 -751.3 -751.3 -714.9 -868.2 -816.1 -842.6 -873.5 60

(1) Table F.9, line 11.

(2) Line 1 minus line 5 plus line 8; equals net lending or net borrowing (-), NIPAs, with the sign reversed. Also equal to line 60 with the sign reversed plus line 8.

(3) U.S. net sales, sign reversed.

(4) Through 1992:Q4, corporate bonds include net issues by Netherlands Antillean financial subsidiaries; U.S. direct investment abroad excludes net inflows from those bond issues.

(5) Direct investment is valued on a current-cost basis. Excludes capital gains and losses.

(6) Includes American Depositary Receipts (ADRs).

(7) Balance of payments discrepancy adjusted to NIPA concepts.

(8) Consists of net receipts from foreigners of interest, corporate profits, and employee compensation. Equals difference between GNP and GDP.
Z.1, December 7, 2006 23

F.108 Monetary Authority (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2002 2003 2004 2005 2005 2006

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Gross saving 0.3 -0.8 3.1 6.2 5.7 6.2 6.3 6.8 6.8 7.4 7.3 1

 2 Fixed nonresidential investment 2.1 2.1 2.6 2.8 2.8 2.8 2.8 2.8 2.9 3.0 3.0 2

 3 Net acquisition of financial assets 70.7 43.2 44.4 37.4 28.7 35.3 23.9 61.5 30.2 40.4 -17.5 3

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

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

 6 Treasury currency 1.6 0.9 1.0 0.1 0.4 0.3 -0.7 0.4 5.4 0.4 0.4 6

 7 Federal Reserve float 0.4 -0.7 1.2 -0.0 -9.4 1.7 2.7 4.8 -7.0 -0.7 -0.2 7

 8 Fed. Res. loans to domestic banks 0.0 0.0 -0.0 0.0 0.0 0.7 2.7 -3.4 2.0 -1.1 0.1 8

 9 Security RPs -10.8 4.3 -10.8 13.8 43.1 3.4 -34.8 43.3 -32.0 2.3 -37.6 9

10 Credit market instruments 77.7 37.2 51.2 26.4 2.0 31.8 56.9 14.9 63.0 35.3 20.3 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 77.7 37.3 51.2 26.4 2.0 31.8 56.9 14.9 63.0 35.3 20.3 12

13 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 13

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

15 Miscellaneous assets 1.4 1.3 1.5 -3.2 -7.7 -2.9 -3.2 1.1 -1.4 3.9 -0.7 15

16 Net increase in liabilities 69.6 42.8 41.7 36.1 27.2 31.9 20.3 64.9 24.4 37.8 -18.7 16

17 Depository institution reserves 5.1 0.5 1.0 -5.0 -3.7 -11.6 -5.6 0.9 -1.5 -4.5 -14.8 17

18 Vault cash of commercial banks 0.5 0.1 -6.4 8.5 38.7 5.9 -15.4 5.0 -5.0 2.5 -8.5 18

19 Checkable deposits and currency 41.5 37.9 37.1 29.2 11.4 17.2 42.6 45.4 38.0 16.9 5.5 19

20 Due to federal government -2.3 1.3 0.1 -1.4 -4.2 -6.1 -0.4 5.0 1.6 -1.4 0.1 20

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

22 Currency outside banks 43.7 36.6 37.1 30.6 15.4 23.4 42.8 40.7 36.4 18.0 5.6 22

23 Miscellaneous liabilities 22.6 4.3 9.9 3.4 -19.2 20.4 -1.3 13.5 -7.1 22.9 -1.0 23

24 Federal Reserve Bank stock 1.0 0.5 3.1 1.6 2.6 1.5 1.5 0.9 0.9 4.8 0.4 24

25 Other 21.5 3.8 6.9 1.7 -21.8 18.9 -2.8 12.6 -8.0 18.1 -1.3 25

26 Discrepancy -2.8 -3.4 -2.3 2.2 1.4 -0.0 -0.1 7.4 -1.9 1.8 3.0 26

(1) Assets and liabilities of Federal Reserve Banks and Treasury monetary accounts that supply or absorb bank reserves. Excludes the accounts of the Federal Reserve Board.
24 Z.1, December 7, 2006

F.109 Commercial Banking (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2002 2003 2004 2005 2005 2006

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Gross saving 93.3 86.3 70.4 78.4 73.2 73.4 94.9 72.1 67.0 76.0 74.4 1

 2 Fixed nonresidential investment 18.9 19.0 22.4 24.0 23.8 23.9 24.1 24.4 25.4 25.9 26.6 2

 3 Net acquisition of financial assets 476.6 506.9 747.5 762.9 1034.3 785.0 826.6 405.7 853.3 907.8 127.2 3

 4 Vault cash 0.5 0.1 -6.4 8.5 38.7 5.9 -15.4 5.0 -5.0 2.5 -8.5 4

 5 Reserves at Federal Reserve 4.5 -0.0 1.1 -4.5 -2.4 -11.8 -5.3 1.5 -0.6 -4.3 -14.1 5

 6 Checkable deposits and currency -0.3 -0.0 1.0 -0.5 0.5 0.7 -2.1 -0.9 -1.4 -0.3 -0.7 6

 7 Total bank credit 408.3 331.3 563.5 679.7 990.8 619.2 711.2 397.7 925.0 841.9 226.5 7

 8 Treasury securities 43.2 3.0 -22.8 -13.0 36.0 -44.9 11.8 -54.8 -30.5 39.6 0.3 8

 9 Agency- and GSE-backed securities 140.5 83.6 96.9 -6.8 95.5 -63.3 -55.4 -4.0 154.4 162.2 -249.1 9

10 Municipal securities 1.5 10.8 8.3 16.9 20.6 8.1 17.5 21.4 12.2 3.7 22.0 10

11 Corporate and foreign bonds -3.2 44.6 77.3 126.5 255.9 186.0 115.5 -51.4 95.2 138.2 24.1 11

12 Total loans 225.2 193.2 405.0 557.9 588.5 533.3 621.0 488.8 696.3 496.0 419.8 12

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

14 Bank loans n.e.c. -80.2 -92.6 48.5 159.0 137.3 162.6 74.0 262.2 281.0 121.5 129.5 14

15 Mortgages 268.5 197.5 339.5 361.2 425.4 325.6 403.3 290.6 319.6 346.2 143.0 15

16 Consumer credit 34.1 52.8 34.9 2.8 -5.5 16.9 81.6 -82.0 44.7 2.4 45.9 16

17 Security credit 2.8 35.5 -17.9 34.9 31.3 28.2 62.0 18.0 51.1 25.9 101.3 17

18 Corporate equities -0.6 2.3 -0.2 -0.0 -0.9 4.3 -2.3 -1.2 1.9 -2.9 0.5 18

19 Mutual fund shares 1.7 -6.2 -0.9 -1.8 -4.9 -4.3 3.1 -1.0 -4.6 5.2 8.9 19

20 Customers’ liab. on acceptances (2) -0.0 -0.2 -0.4 0.0 0.3 0.4 0.8 -1.5 0.2 -0.1 -0.3 20

21 Miscellaneous assets 63.6 175.7 188.6 79.5 6.4 170.6 137.3 3.8 -64.9 68.0 -75.8 21

22 Net increase in liabilities 500.3 466.0 935.9 715.7 783.1 854.4 737.3 487.8 707.3 845.5 454.2 22

23 Net interbank liabilities 11.9 -14.9 24.6 3.1 -33.4 78.8 -15.6 -17.4 -29.9 -137.2 4.8 23

24 To monetary authority 0.4 -0.7 1.2 -0.0 -9.3 2.5 5.4 1.4 -5.0 -1.8 -0.1 24

25 To domestic banks (3) 7.2 -4.4 15.0 9.6 33.6 -37.4 1.4 41.0 25.3 10.1 -9.3 25

26 To foreign banks 4.2 -9.7 8.4 -6.6 -57.7 113.7 -22.4 -59.8 -50.2 -145.5 14.2 26

27 Checkable deposits -57.3 30.9 44.6 -36.9 17.7 -49.8 -104.8 -10.6 15.4 -2.0 -53.5 27

28 Federal government -16.4 -0.9 -3.2 7.0 25.3 -36.9 13.7 25.8 -61.3 63.4 37.9 28

29 Rest of the world -0.6 12.2 27.6 26.0 -64.0 121.2 53.4 -6.6 67.4 59.1 35.8 29

30 Private domestic -40.3 19.6 20.2 -69.8 56.5 -134.1 -171.9 -29.8 9.4 -124.5 -127.1 30

31 Small time and savings deposits 269.4 230.4 281.8 268.5 216.6 195.5 404.0 258.0 122.2 189.6 157.1 31

32 Large time deposits -2.8 18.8 186.3 229.8 210.9 179.4 337.1 191.7 320.7 292.6 312.4 32

33 Federal funds and security RPs (net) 115.5 67.6 4.1 116.6 163.1 122.0 119.7 61.6 131.4 145.2 95.2 33

34 Credit market instruments 49.7 49.2 77.7 85.1 149.3 47.1 82.8 61.2 62.5 195.0 48.4 34

35 Open market paper -2.5 -6.3 10.6 4.0 27.1 -7.3 22.5 -26.1 6.6 47.7 5.1 35

36 Corporate bonds 22.0 46.9 58.3 56.7 79.3 30.8 38.2 78.4 47.2 90.6 41.3 36

37 Other loans and advances 30.2 8.5 8.8 24.4 42.9 23.7 22.1 8.9 8.7 56.8 2.0 37

38 Corporate equity issues -10.7 -2.4 17.6 -13.8 -22.1 11.3 -25.0 -19.4 -26.6 -13.5 -10.4 38

39 Taxes payable 2.6 2.9 3.2 3.4 3.3 3.4 3.5 3.5 3.6 3.7 3.7 39

40 Miscellaneous liabilities 121.9 83.6 296.0 59.9 77.7 266.7 -64.3 -40.7 107.9 172.1 -103.5 40

41 Discrepancy 98.1 26.4 236.4 7.1 -201.7 118.9 -18.5 129.8 -104.4 -12.2 374.8 41

 Memo:

42 Credit market funds advanced (4) 404.4 299.5 582.2 646.6 965.6 591.4 649.2 380.4 876.8 813.7 115.6 42

(1) U.S.-chartered commercial banks, foreign banking offices in U.S., bank holding companies, and banks in U.S.-affiliated areas. IBFs are excluded from domestic banking and treated the

 same as branches in foreign countries.

(2) Included in other loans and advances (table F.216).

(3) Floats and discrepancies in interbank transactions.

(4) Total bank credit (line 7) less security credit (line 17) less corporate equities (line 18) less mutual fund shares (line 19) plus customers’ liability on acceptances (line 20).
Z.1, December 7, 2006 25

F.110 U.S.-Chartered Commercial Banks

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2002 2003 2004 2005 2005 2006

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Gross saving 19.8 13.9 7.3 -9.7 2.7 -6.5 -6.1 -28.8 -8.6 6.2 -10.5 1

 2 Fixed nonresidential investment 12.5 12.2 14.1 14.8 14.8 14.8 14.8 14.9 15.5 15.8 16.3 2

 3 Net acquisition of financial assets 389.0 406.1 584.9 508.2 726.4 364.7 517.3 424.2 652.3 626.6 98.3 3

 4 Vault cash and reserves at Federal Reserve 4.4 0.5 -5.2 3.9 36.4 -7.7 -19.6 6.5 -5.8 -1.8 -21.6 4

 5 Total bank credit 391.9 331.9 557.9 490.2 735.6 384.1 535.6 305.5 814.4 620.9 92.8 5

 6 Treasury securities 29.9 7.1 -19.2 -10.1 27.7 -27.2 12.3 -53.1 -22.2 31.2 -7.8 6

 7 Agency- and GSE-backed securities 121.1 85.1 89.7 -3.4 102.2 -94.4 -24.1 2.8 178.8 133.5 -240.6 7

 8 Mortgage pass-through securities 84.3 56.6 90.2 -2.7 77.0 -64.7 -4.4 -18.7 178.4 162.4 -248.4 8

 9 CMOs and other structured MBS -9.2 2.4 -4.7 -4.4 30.3 -25.7 -17.9 -4.4 -3.3 12.1 4.3 9

10 Other 46.0 26.1 4.2 3.8 -5.1 -3.9 -1.7 25.9 3.7 -41.0 3.4 10

11 Municipal securities 1.5 10.7 8.5 16.7 20.6 8.1 17.7 20.7 11.7 3.2 20.9 11

12 Corporate and foreign bonds -0.8 41.6 58.4 47.3 101.1 91.0 37.5 -40.6 55.3 54.5 47.2 12

13 Private mortgage pass-through securities -13.3 0.2 6.7 5.1 13.2 12.6 -3.4 -2.2 4.1 4.0 8.1 13

14 Private CMOs and other structured MBS 8.1 25.2 13.4 40.2 56.6 47.8 27.1 29.3 27.2 18.2 -28.2 14

15 Other 4.4 16.2 38.3 2.0 31.2 30.6 13.8 -67.6 24.1 32.4 67.4 15

16 Total loans 239.0 191.3 421.7 441.5 489.8 406.5 491.5 378.0 593.4 396.2 263.7 16

17 Open market paper 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 17

18 Bank loans n.e.c. -58.1 -69.0 42.8 90.1 82.0 112.3 4.6 161.5 215.8 102.9 3.7 18

19 Mortgages 265.7 195.2 333.4 355.1 416.6 321.3 384.5 298.0 308.4 326.9 145.9 19

20 Consumer credit 34.1 52.8 34.9 2.8 -5.5 16.9 81.6 -82.0 44.7 2.4 45.9 20

21 Security credit -2.7 12.3 10.6 -6.5 -3.2 -44.1 20.7 0.5 24.5 -36.0 68.2 21

22 Corporate equities -0.6 2.3 -0.2 -0.0 -0.9 4.3 -2.3 -1.2 1.9 -2.9 0.5 22

23 Mutual fund shares 1.7 -6.2 -0.9 -1.8 -4.9 -4.3 3.1 -1.0 -4.6 5.2 8.9 23

24 Customers’ liab. on acceptances (1) 0.3 -0.2 -0.5 -0.0 0.4 -0.2 0.8 -1.2 0.0 0.0 0.0 24

25 Miscellaneous assets -7.6 73.9 32.7 14.1 -45.9 -11.4 0.5 113.4 -156.3 7.5 27.0 25

26 Net increase in liabilities 476.6 427.6 824.8 536.2 533.5 502.5 515.0 593.8 567.6 619.5 497.5 26

27 Net interbank liabilities 57.2 -20.6 96.9 20.4 -45.7 90.4 68.0 -31.2 -17.4 -4.9 146.5 27

28 Federal Reserve float 0.4 -0.7 1.2 -0.0 -9.4 1.7 2.7 4.8 -7.0 -0.7 -0.2 28

29 Borrowing from Federal Reserve banks 0.0 0.0 -0.0 0.0 0.0 0.7 2.7 -3.4 2.0 -1.1 0.1 29

30 To domestic banking 20.9 -66.4 40.3 -1.2 -1.7 47.4 -48.5 -2.0 7.3 -18.2 -17.4 30

31 To foreign banks 35.9 46.6 55.4 21.6 -34.6 40.6 111.1 -30.6 -19.8 15.1 164.0 31

32 Checkable deposits -55.6 28.4 43.7 -36.8 7.4 -41.3 -101.6 -11.7 14.9 -1.8 -47.7 32

33 Federal government -16.4 -0.9 -3.2 7.0 25.3 -36.9 13.7 25.8 -61.3 63.4 37.9 33

34 Rest of the world -0.3 12.6 28.1 25.8 -76.5 133.5 52.7 -6.3 68.5 58.2 36.5 34

35 Private domestic -38.9 16.7 18.8 -69.6 58.7 -137.9 -168.0 -31.2 7.7 -123.5 -122.1 35

36 Small time and savings deposits 273.6 228.2 281.0 263.1 205.4 191.7 400.0 255.2 115.4 187.7 133.3 36

37 Large time deposits 24.3 2.9 115.4 166.7 128.3 127.0 207.3 204.1 115.3 244.7 61.0 37

38 Federal funds and security RPs (net) 73.6 68.5 10.1 82.6 225.1 88.6 67.4 -50.6 199.6 126.2 -20.8 38

39 Acceptance liabilities 0.3 -0.2 -0.4 -0.0 0.4 -0.2 0.9 -1.1 0.0 0.0 0.0 39

40 Corporate bonds -0.6 5.5 9.7 12.5 18.2 1.8 8.3 21.6 16.9 25.1 13.4 40

41 Other loans and advances 30.2 8.5 8.8 24.4 42.9 23.7 22.1 8.9 8.7 56.8 2.0 41

42 Corporate equity issues 4.7 7.2 5.9 6.2 7.2 9.0 9.3 -0.7 4.7 8.6 6.3 42

43 Taxes payable 2.6 2.9 3.2 3.4 3.3 3.4 3.5 3.5 3.6 3.7 3.7 43

44 Miscellaneous liabilities 66.3 96.2 250.4 -6.2 -59.1 8.5 -170.1 195.8 105.9 -26.6 199.6 44

45 Investment by bank holding companies 53.1 50.5 167.2 40.0 -14.7 91.8 7.0 75.8 70.3 60.8 129.0 45

46 Other 13.1 45.7 83.2 -46.2 -44.4 -83.4 -177.1 120.0 35.6 -87.4 70.7 46

47 Discrepancy 95.0 23.2 233.0 3.5 -205.1 116.6 -23.2 125.8 -108.9 -16.8 372.4 47

 Memo:

48 Credit market funds advanced (2) 393.8 323.3 548.0 498.5 745.0 428.0 514.9 306.1 792.5 654.6 15.2 48

(1) Included in other loans and advances (table F.216).

(2) Total bank credit (line 5) less security credit (line 21) less corporate equities (line 22) less mutual fund shares (line 23) plus customers’ liability on acceptances (line 24).
26 Z.1, December 7, 2006

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

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2002 2003 2004 2005 2005 2006

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Gross saving 5.5 5.7 6.5 7.2 6.9 7.0 7.5 7.4 7.4 7.5 7.6 1

 2 Fixed nonresidential investment 6.0 6.3 7.9 8.8 8.6 8.7 8.8 9.0 9.4 9.6 9.9 2

 3 Net acquisition of financial assets 9.2 -34.8 -129.2 149.9 357.3 214.3 219.4 -191.4 114.4 133.2 -131.0 3

 4 Reserves at Federal Reserve 0.6 -0.4 -0.1 0.2 -0.1 1.8 -1.0 0.0 0.1 -0.1 -1.0 4

 5 Total bank credit 12.0 -19.8 -8.3 183.5 252.6 191.4 216.1 74.1 99.7 237.3 135.9 5

 6 Treasury securities 12.9 -6.5 -4.1 -2.1 9.1 -18.7 0.1 1.1 -14.9 9.7 11.7 6

 7 Agency- and GSE-backed securities 10.9 -7.1 0.6 -2.3 -9.3 27.9 -27.0 -0.6 -26.9 29.0 -1.3 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 0.3 1.3 17.7 83.5 158.9 59.7 120.6 -5.3 41.4 83.9 -32.6 9

10 Total loans -12.0 -7.5 -22.4 104.5 93.9 122.5 122.5 78.9 100.1 114.7 158.2 10

11 Open market paper 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11

12 Bank loans n.e.c. -18.6 -29.0 6.4 60.6 59.3 48.5 70.1 64.4 65.0 46.2 124.5 12

13 Mortgages 1.1 -1.8 -0.3 2.5 0.1 1.7 11.1 -3.0 8.6 6.6 0.6 13

14 Security credit 5.5 23.2 -28.5 41.4 34.5 72.3 41.3 17.5 26.5 61.9 33.0 14

15 Corporate equities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15

16 Customers’ liab. on acceptances (2) -0.4 -0.0 0.1 0.1 -0.1 0.6 0.0 -0.3 0.2 -0.1 -0.3 16

17 Miscellaneous assets -3.1 -14.6 -120.9 -33.9 104.8 20.5 4.3 -265.2 14.4 -103.8 -265.7 17

18 Net increase in liabilities 13.6 -30.0 -124.0 155.6 362.8 219.9 225.1 -185.5 120.4 139.3 -124.8 18

19 Net interbank liabilities -42.3 -6.0 -74.0 9.0 109.7 1.5 -89.1 13.8 -3.5 -110.6 -102.2 19

20 To foreign banks -32.3 -12.2 -72.6 -8.8 46.1 89.2 -151.6 -18.9 1.2 -90.1 -105.0 20

21 To domestic banks -10.0 6.3 -1.5 17.8 63.5 -87.7 62.5 32.8 -4.8 -20.5 2.8 21

22 Checkable deposits -0.7 1.0 -0.7 0.1 10.3 -11.8 1.5 0.4 -0.8 0.5 -2.0 22

23 Small time and savings deposits -2.3 0.9 -0.8 0.5 5.3 -2.1 -1.1 0.1 2.9 1.2 24.3 23

24 Large time deposits -25.1 14.6 69.3 58.2 76.6 46.4 124.8 -15.0 201.6 47.2 252.1 24

25 Federal funds and security RPs (net) 39.5 -1.9 -4.7 34.2 -60.5 26.7 54.8 115.7 -65.7 19.4 118.1 25

26 Acceptance liabilities -0.4 -0.1 0.1 0.0 -0.1 0.5 0.1 -0.3 0.3 -0.2 -0.1 26

27 Miscellaneous liabilities 44.8 -38.6 -113.2 53.6 221.5 158.9 134.2 -300.2 -14.3 181.9 -415.0 27

28 Foreign direct investment in U.S. 2.1 4.2 17.9 10.2 21.1 8.8 5.8 5.2 20.9 9.9 12.8 28

29 Due to affiliates 19.1 7.2 32.7 21.0 5.5 62.5 20.1 -4.0 96.5 8.3 -12.7 29

30 Other 23.6 -50.0 -163.8 22.3 194.8 87.5 108.3 -301.4 -131.7 163.7 -415.1 30

31 Discrepancy 3.9 4.3 3.9 4.1 3.8 4.0 4.5 4.2 4.0 4.0 3.9 31

 Memo:

32 Credit market funds advanced (3) 6.2 -43.0 20.3 142.2 218.0 119.7 174.8 56.2 73.4 175.3 102.6 32

(1) Branches and agencies of foreign banks, Edge Act and Agreement corporations, New York investment companies (through 1996:Q2), and American Express Bank.

(2) Included in other loans and advances (table F.216).

(3) Total bank credit (line 5) less security credit (line 14) less corporate equities (line 15) plus customers’ liability on acceptances (line 16).
Z.1, December 7, 2006 27

F.112 Bank Holding Companies

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2002 2003 2004 2005 2005 2006

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Gross saving 67.9 66.6 56.4 80.7 63.5 72.7 93.3 93.3 68.1 62.1 77.2 1

 2 Fixed nonresidential investment 0.4 0.3 0.2 0.3 0.2 0.3 0.3 0.3 0.3 0.3 0.3 2

 3 Net acquisition of financial assets 83.4 127.3 275.8 95.1 -63.1 192.5 85.6 165.3 80.5 147.0 173.7 3

 4 Credit market instruments 3.1 8.6 -0.0 -4.2 -9.4 29.4 -46.0 9.4 6.8 -8.0 0.7 4

 5 Treasury securities 0.1 1.4 -0.8 -0.9 -1.6 3.2 0.1 -5.1 6.2 -0.1 -1.9 5

 6 Agency- and GSE-backed securities 4.5 0.9 1.9 -2.3 0.3 -3.1 -5.1 -1.4 3.0 4.6 -2.3 6

 7 Corporate and foreign bonds -2.4 1.3 1.3 -3.7 -3.3 34.4 -41.8 -4.1 -0.6 1.6 9.5 7

 8 Bank loans n.e.c. 0.9 5.0 -2.5 2.7 -4.9 -5.1 0.8 20.0 -1.8 -14.0 -4.6 8

 9 Miscellaneous assets 80.3 118.7 275.9 99.2 -53.6 163.0 131.6 155.9 73.7 155.0 173.0 9

10 Investment in bank subsidiaries 53.1 50.5 167.2 40.0 -14.7 91.8 7.0 75.8 70.3 60.8 129.0 10

11 Investment in nonbank subsidiaries -0.2 45.7 76.2 43.0 -60.9 33.6 121.4 78.0 -34.4 44.0 34.7 11

12 Other 27.3 22.4 32.4 16.2 21.9 37.6 3.3 2.1 37.8 50.2 9.4 12

13 Net increase in liabilities 15.7 61.0 219.6 14.6 -126.4 120.0 -7.5 72.2 12.7 85.1 96.8 13

14 Net interbank liabilities -3.0 11.6 1.7 -26.3 -97.4 -13.1 5.5 -0.0 -8.9 -21.7 -39.6 14

15 To domestic banks -3.6 55.8 -23.8 -6.9 -28.2 2.9 -12.6 10.2 22.7 48.8 5.3 15

16 To foreign banks 0.6 -44.1 25.6 -19.4 -69.2 -16.0 18.1 -10.2 -31.6 -70.5 -44.8 16

17 Federal funds and security RPs (net) 2.4 0.9 -1.3 -0.2 -1.5 6.7 -2.5 -3.5 -2.5 -0.4 -2.2 17

18 Credit market instruments 20.3 35.4 59.5 48.2 87.9 21.4 51.5 32.1 36.6 113.4 33.1 18

19 Commercial paper -2.3 -6.0 10.8 4.0 26.8 -7.6 21.6 -24.7 6.3 47.8 5.3 19

20 Corporate bonds 22.6 41.4 48.7 44.2 61.1 29.0 29.9 56.7 30.3 65.5 27.8 20

21 Corporate equity issues -15.4 -9.6 11.7 -20.0 -29.4 2.3 -34.4 -18.8 -31.3 -22.2 -16.8 21

22 Miscellaneous liabilities 11.5 22.6 148.0 12.8 -86.1 102.7 -27.7 62.4 18.8 16.0 122.2 22

23 Equity, etc. -44.0 -37.5 129.4 48.4 -121.8 47.4 257.1 11.1 -25.9 -31.8 66.5 23

24 Other 55.4 60.1 18.6 -35.6 35.7 55.2 -284.7 51.3 44.7 47.9 55.7 24

25 Discrepancy -0.1 -0.1 -0.1 -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 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 1

 2 Fixed nonresidential investment 0.1 0.1 0.1 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 2

 3 Net acquisition of financial assets -5.0 8.4 15.9 9.8 13.7 13.5 4.3 7.6 6.0 0.9 -13.8 3

 4 Checkable deposits and currency -0.3 -0.0 1.0 -0.5 0.5 0.7 -2.1 -0.9 -1.4 -0.3 -0.7 4

 5 Credit market instruments 1.3 10.6 13.9 10.2 12.0 14.4 5.5 8.8 4.1 -8.2 -3.0 5

 6 Treasury securities 0.3 1.0 1.4 0.1 0.8 -2.1 -0.6 2.4 0.4 -1.2 -1.7 6

 7 Agency- and GSE-backed securities 3.9 4.7 4.7 1.2 2.4 6.3 0.8 -4.8 -0.4 -4.9 -4.9 7

 8 Municipal securities 0.0 0.1 -0.2 0.2 0.1 0.0 -0.1 0.7 0.5 0.4 1.1 8

 9 Corporate and foreign bonds -0.3 0.4 -0.2 -0.5 -0.8 0.9 -0.8 -1.4 -0.9 -1.8 -0.0 9

10 Bank loans n.e.c. -4.3 0.3 1.8 5.6 0.9 6.8 -1.4 16.2 1.9 -13.5 6.0 10

11 Home mortgages 1.5 2.5 3.4 0.7 19.1 -0.3 0.8 -16.6 -2.2 9.4 -4.4 11

12 Commercial mortgages 0.2 1.6 3.1 2.9 -10.4 2.8 7.0 12.2 4.7 3.2 0.8 12

13 Miscellaneous assets -6.0 -2.2 0.9 0.1 1.2 -1.5 0.9 -0.2 3.3 9.4 -10.1 13

14 Net increase in liabilities -5.7 7.5 15.5 9.3 13.2 12.0 4.7 7.4 6.6 1.5 -15.3 14

15 Checkable deposits -1.1 1.5 1.6 -0.2 0.0 3.3 -4.8 0.8 1.3 -0.7 -3.8 15

16 Small time and savings deposits -1.9 1.3 1.6 4.9 5.9 6.0 5.1 2.7 3.8 0.7 -0.6 16

17 Large time deposits -1.9 1.3 1.6 4.9 5.9 6.0 5.1 2.7 3.8 0.7 -0.6 17

18 Miscellaneous liabilities -0.7 3.4 10.8 -0.3 1.4 -3.2 -0.8 1.3 -2.4 0.7 -10.3 18

19 Discrepancy -0.7 -0.9 -0.4 -0.5 -0.4 -1.6 0.3 -0.2 0.5 0.6 -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, December 7, 2006

F.114 Savings Institutions (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2002 2003 2004 2005 2005 2006

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Gross saving 12.2 9.7 7.1 7.5 6.6 8.1 7.5 7.7 7.0 7.3 7.1 1

 2 Fixed nonresidential investment 2.3 2.2 2.6 2.6 2.7 2.6 2.6 2.6 2.7 2.7 2.8 2

 3 Net acquisition of financial assets 58.8 113.5 184.8 141.4 -80.1 243.7 185.5 216.6 63.1 192.4 274.6 3

 4 Reserves at Federal Reserve 0.6 0.5 -0.1 -0.5 -1.3 0.2 -0.4 -0.6 -0.9 -0.2 -0.8 4

 5 Checkable deposits and currency 3.8 0.0 -3.5 2.4 3.6 3.5 2.5 -0.1 -10.6 -1.4 1.5 5

 6 Time and savings deposits 0.4 0.0 0.6 -0.5 -1.6 -0.1 0.4 -0.7 2.7 6.4 6.0 6

 7 Federal funds and security RPs -0.3 -7.7 -3.2 -0.1 1.1 1.0 21.4 -23.9 19.3 7.6 18.9 7

 8 Credit market instruments 33.4 126.0 172.8 131.2 2.1 233.6 150.6 138.6 82.1 142.4 260.0 8

 9 Open market paper 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

10 Treasury securities -2.2 3.0 -3.9 4.0 -3.2 5.6 -1.3 14.7 -8.0 -9.7 -0.1 10

11 Agency- and GSE-backed securities 14.7 22.6 -13.6 -12.8 -5.9 -8.9 -17.1 -19.3 -9.1 -23.6 120.2 11

12 Mortgage pass-through securities 17.0 5.4 5.7 -3.5 -10.5 -14.5 -1.0 11.8 -15.5 -16.2 63.0 12

13 CMOs and other structured MBS 0.0 0.0 -1.4 -12.2 6.0 -6.4 -12.1 -36.3 5.2 -4.9 57.7 13

14 Other -2.3 17.1 -18.0 2.9 -1.4 11.9 -4.0 5.2 1.3 -2.5 -0.5 14

15 Municipal securities 1.0 0.8 0.8 1.5 1.0 3.0 1.5 0.7 3.2 1.2 3.3 15

16 Corporate and foreign bonds -4.0 -8.8 -12.2 21.1 13.2 7.4 43.0 21.0 24.6 10.9 -0.2 16

17 Private mortgage pass-through securities -2.6 0.1 -2.5 -0.6 -4.7 -1.7 9.4 -5.3 5.2 1.4 -1.0 17

18 Private CMOs and other structured MBS 0.0 0.0 -5.3 18.1 18.9 10.2 24.9 18.4 23.0 5.2 4.1 18

19 Other -1.4 -8.9 -4.4 3.6 -1.0 -1.1 8.7 7.9 -3.7 4.3 -3.3 19

20 Other loans and advances 3.3 10.0 1.3 3.9 -4.9 17.5 -5.2 8.2 3.8 13.8 8.3 20

21 Mortgages 23.0 89.2 186.8 95.7 3.9 196.2 108.1 74.6 111.7 134.4 111.1 21

22 Consumer credit -2.4 9.1 13.4 17.8 -2.0 12.9 21.5 38.8 -44.1 15.4 17.2 22

23 Corporate equities 2.0 -1.0 -1.1 -1.0 -1.7 -0.9 -1.1 -0.1 -3.0 -0.9 -0.7 23

24 Miscellaneous assets 19.0 -4.3 19.3 9.9 -82.3 6.4 12.0 103.4 -26.6 38.5 -10.2 24

25 Net increase in liabilities 53.7 105.8 168.8 118.8 -100.9 216.3 156.6 202.9 31.5 153.2 256.8 25

26 Deposits 66.7 84.5 40.0 77.0 61.5 127.8 93.9 24.7 143.7 126.3 111.0 26

27 Checkable 1.8 5.3 0.5 3.9 1.4 3.6 5.7 5.0 6.8 8.0 -1.9 27

28 Small time and savings 20.9 47.0 -14.4 34.3 13.7 58.6 42.0 22.7 86.8 101.2 46.8 28

29 Large time 44.0 32.2 54.0 38.8 46.5 65.5 46.3 -3.0 50.2 17.1 66.1 29

30 Security RPs -15.0 20.1 4.7 -3.6 -46.3 5.1 29.7 -2.7 -6.5 25.0 -5.8 30

31 Credit market instruments -23.4 6.1 64.4 16.2 -4.9 49.4 6.9 13.3 9.6 -24.7 41.1 31

32 Corporate bonds -0.2 1.7 2.5 1.0 -0.4 0.7 -0.6 4.4 -0.8 4.7 3.4 32

33 Bank loans n.e.c. 4.2 -13.2 1.9 -1.1 -0.5 -9.5 5.1 0.6 5.1 -9.0 15.2 33

34 Other loans and advances -27.4 17.6 60.0 16.2 -4.0 58.3 2.4 8.3 5.3 -20.4 22.4 34

35 Taxes payable -0.2 -0.2 0.6 0.7 -0.2 0.2 1.1 1.9 1.5 -0.8 0.3 35

36 Miscellaneous liabilities 25.6 -4.6 59.1 28.4 -110.9 33.8 25.0 165.7 -116.9 27.5 110.2 36

37 Investment by parent 0.9 1.0 1.2 1.3 1.2 1.3 1.3 1.3 1.4 1.4 1.4 37

38 Other 24.7 -5.6 57.9 27.1 -112.2 32.5 23.7 164.3 -118.3 26.0 108.8 38

39 Discrepancy 4.9 -0.2 -11.5 -17.8 -16.7 -21.9 -24.0 -8.5 -27.2 -34.6 -13.5 39

(1) Savings and loan associations, mutual savings banks, and federal savings banks.
Z.1, December 7, 2006 29

F.115 Credit Unions

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2002 2003 2004 2005 2005 2006

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Gross saving 7.4 7.5 7.9 8.4 8.2 8.3 8.5 8.5 8.5 8.6 8.4 1

 2 Fixed nonresidential investment 1.7 1.8 2.2 2.4 2.4 2.4 2.4 2.5 2.6 2.6 2.7 2

 3 Net acquisition of financial assets 58.5 53.2 37.5 30.9 28.2 27.3 50.9 17.4 31.1 7.6 47.8 3

 4 Checkable deposits and currency 1.6 3.2 -1.4 -2.0 -17.7 -7.6 9.9 7.2 -0.2 -6.2 10.8 4

 5 Time and savings deposits 1.6 2.5 -0.7 -4.5 -5.2 -4.2 -4.5 -4.1 -8.7 -4.7 -4.3 5

 6 Federal funds and security RPs -0.8 -0.1 2.6 2.6 -6.0 -0.1 8.6 7.8 -0.0 -0.1 -9.8 6

 7 Credit market instruments 44.2 51.2 39.8 36.2 45.8 44.3 21.4 33.2 55.5 36.5 28.5 7

 8 Open market paper 1.2 -2.0 0.2 -0.6 0.6 -2.5 -2.0 1.6 4.0 -2.1 2.2 8

 9 Treasury securities 0.4 1.3 -0.1 -1.2 -2.4 0.4 -2.1 -0.8 1.1 -1.1 3.4 9

10 Agency- and GSE-backed securities 18.2 18.6 -0.5 -7.6 4.1 -1.5 -27.3 -5.6 13.5 -3.3 -21.0 10

11 Home mortgages 18.2 23.2 30.6 32.4 28.6 38.0 27.0 35.9 33.0 39.0 34.4 11

12 Consumer credit 6.2 10.1 9.5 13.2 14.9 9.9 25.8 2.1 3.8 4.0 9.5 12

13 Mutual fund shares -0.2 0.5 -0.9 -1.0 -1.3 -1.1 -1.4 -0.3 0.4 -0.9 0.0 13

14 Miscellaneous assets 12.1 -4.1 -1.8 -0.3 12.5 -4.1 16.8 -26.5 -15.8 -17.1 22.6 14

15 Net increase in liabilities 53.4 49.2 33.7 27.5 24.9 22.1 48.0 15.0 26.8 4.6 44.6 15

16 Shares/deposits 49.5 45.3 29.5 21.6 22.4 9.4 41.6 13.0 31.0 3.0 31.8 16

17 Checkable 5.7 6.0 7.6 7.0 13.4 -2.6 12.2 4.8 7.7 -1.1 -32.1 17

18 Small time and savings 35.1 28.5 15.5 12.1 2.6 5.8 36.8 3.2 18.7 13.8 53.0 18

19 Large time 8.7 10.8 6.4 2.5 6.4 6.2 -7.3 4.9 4.6 -9.7 10.8 19

20 Other loans and advances 2.0 2.2 2.3 3.3 1.5 3.1 0.3 8.1 -0.2 6.8 2.2 20

21 Miscellaneous liabilities 1.9 1.7 1.9 2.6 1.0 9.5 6.1 -6.1 -3.9 -5.3 10.6 21

22 Discrepancy 0.6 1.8 1.9 2.5 2.5 0.6 3.2 3.6 1.7 3.0 2.4 22

F.116 Property-Casualty Insurance Companies

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Gross saving 11.8 28.1 29.3 -1.7 35.7 37.5 -83.9 3.8 34.9 40.9 40.0 1

 2 Fixed nonresidential investment 4.5 4.4 5.9 7.3 6.8 7.1 7.5 7.7 8.0 8.0 8.1 2

 3 Net acquisition of financial assets 85.0 88.3 79.6 72.6 117.3 52.4 121.6 -0.8 94.7 67.3 76.5 3

 4 Checkable deposits and currency 12.8 8.6 -8.7 -4.8 -7.2 -3.1 -0.8 -8.3 30.7 31.7 7.2 4

 5 Security RPs 14.2 8.5 10.2 5.9 10.7 -3.6 11.1 5.3 -19.0 -27.3 16.2 5

 6 Credit market instruments 39.9 67.0 73.6 66.9 89.0 49.2 107.4 22.1 60.1 48.3 42.7 6

 7 Treasury securities 9.2 3.5 6.6 -2.0 0.9 -3.6 1.5 -6.9 5.4 4.3 0.3 7

 8 Agency- and GSE-backed securities 19.0 2.2 -3.3 5.8 9.7 3.1 11.9 -1.6 9.3 7.4 6.6 8

 9 Municipal securities 9.2 41.2 43.6 45.4 52.5 38.0 62.2 28.8 24.6 19.6 17.6 9

10 Corporate and foreign bonds 2.4 20.0 26.4 17.5 25.7 11.4 31.2 1.5 20.7 16.5 17.9 10

11 Commercial mortgages 0.1 0.1 0.3 0.3 0.2 0.2 0.5 0.3 0.1 0.4 0.3 11

12 Corporate equities -1.1 -2.7 -3.5 -5.8 -1.0 -4.6 -6.0 -11.5 8.2 -2.5 -2.9 12

13 Trade receivables 4.9 4.5 0.3 2.4 10.4 11.0 -0.2 -11.4 8.1 7.7 4.3 13

14 Miscellaneous assets 14.3 2.3 7.6 8.0 15.4 3.5 10.0 3.0 6.6 9.5 9.2 14

15 Net increase in liabilities 61.2 57.4 45.4 52.1 39.4 28.0 104.3 36.8 22.4 34.9 33.6 15

16 Corporate equity issues 6.2 4.1 -4.0 -2.8 -3.6 -5.0 -4.4 1.6 -5.9 -6.9 -2.5 16

17 Taxes payable 3.2 3.7 4.2 4.7 4.5 4.6 4.7 4.9 5.0 5.1 5.2 17

18 Miscellaneous liabilities 51.8 49.6 45.1 50.3 38.5 28.4 104.0 30.3 23.3 36.7 30.9 18

19 Discrepancy -16.4 -7.1 -10.9 -29.5 -49.0 6.0 -108.7 33.7 -45.4 0.5 -11.0 19
30 Z.1, December 7, 2006

F.117 Life Insurance Companies

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2002 2003 2004 2005 2005 2006

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Gross saving -2.4 -7.5 -1.7 -0.9 -0.7 -1.4 -0.5 -0.8 -1.3 -0.7 -1.0 1

 2 Fixed nonresidential investment 2.8 2.6 2.7 1.8 2.2 1.9 1.6 1.3 1.4 1.4 1.4 2

 3 Net acquisition of financial assets 279.8 258.2 264.4 185.3 297.2 149.2 195.6 99.4 194.6 175.3 177.8 3

 4 Checkable deposits and currency -1.6 12.0 6.0 -5.5 -24.5 20.9 4.7 -23.3 5.7 -0.4 -0.4 4

 5 Money market fund shares -13.5 -8.3 -30.7 -7.1 -28.5 -24.3 1.7 22.4 33.4 49.8 63.7 5

 6 Credit market instruments 233.0 180.6 173.0 110.3 198.7 81.3 94.3 66.9 134.1 81.1 109.8 6

 7 Open market paper 14.7 -18.2 -7.6 -8.0 -9.4 -15.7 -17.1 10.0 -12.1 11.9 8.5 7

 8 Treasury securities 24.8 -6.6 6.6 12.7 10.0 13.8 14.7 12.2 4.7 1.8 3.0 8

 9 Agency- and GSE-backed securities 77.4 18.0 8.2 11.4 38.6 4.6 7.6 -5.3 19.5 6.2 13.6 9

10 Municipal securities 1.2 6.2 4.0 2.4 4.1 2.0 2.3 1.1 1.8 0.5 1.3 10

11 Corporate and foreign bonds 106.8 171.0 147.8 78.9 143.9 60.7 77.4 33.7 99.6 27.2 73.3 11

12 Policy loans 1.0 -0.7 1.6 0.8 -1.5 2.9 -1.2 3.0 2.8 6.2 -1.8 12

13 Mortgages 7.0 10.9 12.4 12.1 13.0 13.0 10.5 12.1 17.9 27.4 11.9 13

14 Corporate equities 52.7 45.5 51.5 65.9 73.8 42.9 82.4 64.4 66.4 68.9 70.0 14

15 Mutual fund shares 2.6 0.5 12.8 -9.9 -10.0 -10.0 -10.0 -9.6 2.0 2.0 2.0 15

16 Miscellaneous assets 6.7 27.9 51.9 31.7 87.6 38.3 22.4 -21.4 -47.0 -26.0 -67.3 16

17 Net increase in liabilities 259.7 230.0 228.0 173.9 285.5 155.6 173.3 81.2 194.4 145.7 143.9 17

18 Corporate equity issues -6.5 -3.9 -17.3 -8.0 -13.8 -5.0 -5.6 -7.4 -23.1 -29.4 -8.0 18

19 Other loans and advances 2.0 2.9 3.0 0.4 -1.6 2.3 0.4 0.6 2.8 1.3 2.4 19

20 Life insurance reserves 58.5 65.7 32.0 14.9 15.2 16.4 19.7 8.3 3.0 17.0 16.4 20

21 Pension fund reserves (1) 147.5 144.2 202.5 149.9 153.8 147.2 128.1 170.5 165.6 89.3 117.0 21

22 Taxes payable 2.4 2.8 3.2 3.6 3.4 3.5 3.6 3.7 3.8 3.9 4.0 22

23 Miscellaneous liabilities 55.8 18.4 4.6 13.0 128.5 -8.8 26.9 -94.5 42.2 63.6 12.0 23

24 Discrepancy -25.4 -38.4 -40.8 -14.1 -14.7 3.1 -24.5 -20.4 -2.9 -31.7 -36.3 24

(1) Annuity reserves held by life insurance companies, excluding unallocated contracts held by private pension funds, which are included in miscellaneous liabilities (line 23).

F.118 Private Pension Funds (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Gross saving 0.6 0.7 0.7 0.8 0.7 0.8 0.8 0.8 0.8 0.8 0.8 1

 2 Fixed nonresidential investment 0.3 0.2 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.4 0.4 2

 3 Net acquisition of financial assets -14.4 -6.6 -14.4 -48.1 -111.2 -28.3 -33.5 -19.3 -138.2 -8.6 -12.7 3

 4 Checkable deposits and currency 0.3 0.2 0.1 0.3 0.2 0.7 0.4 -0.1 0.5 0.9 0.5 4

 5 Time and savings deposits -3.9 3.0 -4.6 6.2 -6.2 15.7 14.4 0.8 -2.7 2.0 2.8 5

 6 Money market fund shares 9.4 -0.2 0.6 1.9 1.3 1.1 2.2 2.8 3.4 3.1 3.5 6

 7 Security RPs 1.3 1.4 1.6 1.7 3.2 9.5 1.4 -7.3 2.3 -14.1 1.3 7

 8 Credit market instruments -8.6 69.2 -0.3 12.5 -2.9 0.7 17.4 34.7 7.5 48.0 38.9 8

 9 Open market paper 2.2 -3.2 0.3 2.2 2.8 4.2 1.3 0.3 2.1 4.5 2.7 9

10 Treasury securities -3.4 13.3 -4.1 3.0 6.4 2.0 5.9 -2.3 1.4 3.1 4.5 10

11 Agency- and GSE-backed securities -19.4 38.3 11.3 -1.4 -9.5 -19.8 -3.9 27.6 11.3 21.6 21.4 11

12 Corporate and foreign bonds 11.4 20.9 -7.7 8.9 -2.4 14.4 14.2 9.5 -7.1 19.1 10.6 12

13 Mortgages 0.6 -0.1 -0.2 -0.2 -0.3 -0.1 -0.1 -0.3 -0.2 -0.3 -0.3 13

14 Corporate equities -69.5 -101.0 -11.0 -53.0 -98.7 -29.0 -36.2 -48.3 -89.4 -42.0 -16.0 14

15 Mutual fund shares 34.8 39.9 36.2 -0.1 0.6 8.7 -6.8 -2.7 -21.9 -19.8 -11.7 15

16 Miscellaneous assets 21.8 -19.1 -36.9 -17.4 -8.6 -35.8 -26.2 0.8 -37.9 13.3 -32.0 16

17 Unallocated insurance contracts (2) 14.0 -18.1 -37.3 -9.2 9.2 -21.1 -25.6 0.7 -24.3 24.7 -21.0 17

18 Contributions receivable 1.5 -0.2 -3.1 -1.9 -4.6 -6.4 9.3 -5.9 -2.0 -2.0 -1.9 18

19 Other 6.2 -0.8 3.5 -6.4 -13.1 -8.4 -9.9 5.9 -11.6 -9.5 -9.1 19

20 Pension fund reserves (liabilities) (3) -14.8 -7.0 -14.8 -48.5 -111.6 -28.7 -34.0 -19.8 -138.7 -9.0 -13.1 20

(1) Private defined benefit plans and defined contribution plans (including 401(k) type plans).

(2) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4.

(3) Equal to the net acquisition of tangible and financial assets less gross saving (line 2 + line 3 - line 1). These liabilities are assets of the household sector.
Z.1, December 7, 2006 31

F.119 State and Local Government Employee Retirement Funds

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2002 2003 2004 2005 2005 2006

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Gross saving 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1

 2 Fixed nonresidential investment 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2

 3 Net acquisition of financial assets 8.5 14.9 -1.1 -3.5 -9.2 -5.2 -14.7 15.2 -11.0 53.5 -38.3 3

 4 Checkable deposits and currency 1.5 4.3 0.4 0.6 -5.1 -0.9 7.3 1.0 -1.7 1.9 -0.7 4

 5 Time and savings deposits -0.1 -0.3 0.3 -0.2 0.2 -1.1 1.4 -1.4 2.4 -3.1 2.5 5

 6 Money market fund shares 0.1 -2.9 -3.1 0.3 -6.0 4.1 2.3 0.8 0.8 -2.0 1.8 6

 7 Security RPs -6.9 -5.0 -5.3 0.0 -6.5 2.9 4.7 -1.0 1.9 -0.2 1.0 7

 8 Credit market instruments -50.7 11.2 27.2 -2.8 60.0 -23.6 -54.5 6.7 -9.1 59.4 -42.5 8

 9 Open market paper -3.2 -9.0 -9.5 0.2 -2.7 2.3 0.2 1.1 4.5 -3.3 3.6 9

10 Treasury securities 3.8 -10.9 -17.5 -1.0 -13.3 11.9 0.1 -2.7 -2.1 12.9 -8.9 10

11 Agency- and GSE-backed securities 11.8 55.7 44.2 -1.6 76.8 -39.6 -42.7 -1.0 -3.6 24.2 -20.0 11

12 Municipal securities -0.8 0.1 0.7 0.1 -2.7 1.2 0.3 1.5 1.0 0.1 0.6 12

13 Corporate and foreign bonds -62.4 -24.1 10.2 -0.4 -1.8 0.3 -7.7 7.6 -8.2 25.4 -17.0 13

14 Mortgages 0.1 -0.7 -0.9 -0.1 3.8 0.3 -4.7 0.1 -0.6 0.2 -0.7 14

15 Corporate equities 50.2 -0.6 -22.6 -3.0 -4.7 -5.9 2.0 -3.3 7.7 -3.9 0.3 15

16 Mutual fund shares 13.9 7.3 1.6 -0.2 -0.8 -0.2 -2.0 2.1 -1.2 -0.5 -0.3 16

17 Miscellaneous assets 0.4 0.9 0.5 1.9 -46.3 19.5 24.2 10.3 -11.9 2.0 -0.3 17

18 Pension fund reserves (liabilities) (1) 8.5 14.9 -1.1 -3.5 -9.2 -5.2 -14.7 15.2 -11.0 53.5 -38.3 18

(1) Equal to the net acquisition of tangible and financial assets less gross saving (line 2 + line 3 - line 1). These liabilities are assets of the household sector.

F.120 Federal Government Retirement Funds (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net acquisition of financial assets 45.4 48.2 54.7 54.7 56.2 47.7 57.3 57.6 46.8 33.4 58.4 1

 2 Credit market instruments 12.7 6.0 4.7 7.7 8.5 11.4 8.1 3.0 5.4 17.8 7.7 2

 3 Treasury securities 9.6 5.1 5.4 7.7 8.8 10.8 7.8 3.5 5.9 18.2 6.9 3

 4 Agency- and GSE-backed securities 1.9 0.5 -0.5 0.0 -0.2 0.4 0.2 -0.3 -0.3 -0.2 0.5 4

 5 Corporate and foreign bonds 1.2 0.4 -0.3 -0.0 -0.1 0.2 0.1 -0.2 -0.2 -0.2 0.2 5

 6 Corporate equities 8.2 17.5 9.1 7.0 5.5 2.5 8.3 11.5 8.9 -3.1 7.5 6

 7 Miscellaneous assets(2) 24.5 24.7 40.9 40.0 42.1 33.8 40.9 43.1 32.5 18.7 43.2 7

 8 Pension fund reserves (liabilities) (3) 45.4 48.2 54.7 54.7 56.2 47.7 57.3 57.6 46.8 33.4 58.4 8

(1) Includes the Federal Employees Thrift Savings Plan, the National Railroad Retirement Investment Trust, and nonmarketable government securities held by federal government retirement funds.

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

 and foreign service retirement and disability fund.

(3) Liabilities of the sector are assets of the household sector.
32 Z.1, December 7, 2006

F.121 Money Market Mutual Funds (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2002 2003 2004 2005 2005 2006

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Net acquisition of financial assets -16.7 -207.5 -136.5 127.0 -71.7 11.7 216.7 351.4 133.1 222.6 438.5 1

 2 Foreign deposits -6.8 -36.6 7.0 16.2 3.5 52.6 46.8 -38.1 10.3 -70.7 -36.3 2

 3 Checkable deposits and currency -6.8 -0.7 2.7 -1.4 -9.5 -14.1 22.6 -4.7 3.1 63.1 -43.9 3

 4 Time and savings deposits -23.9 -53.3 0.4 16.6 9.8 -28.3 68.1 16.6 -26.5 106.4 20.2 4

 5 Security RPs 47.1 -20.8 -18.7 112.0 48.5 148.2 118.2 133.0 -37.2 13.5 161.1 5

 6 Credit market instruments -17.7 -95.9 -124.9 -10.1 -169.6 -118.5 12.7 235.0 95.3 148.9 375.9 6

 7 Open market paper -38.6 -125.2 -54.1 86.3 3.3 90.2 103.6 148.2 -9.3 63.1 265.5 7

 8 Treasury securities 4.7 -10.2 -33.9 -9.6 4.9 -9.8 -8.3 -25.4 -31.0 22.8 -26.9 8

 9 Agency- and GSE-backed securities 8.7 -4.6 -61.1 -107.4 -154.5 -154.6 -151.4 31.0 44.1 3.0 -100.7 9

10 Municipal securities 1.8 13.6 21.8 23.2 21.7 22.2 17.6 31.5 35.1 -9.2 61.1 10

11 Corporate and foreign bonds 5.6 30.5 2.3 -2.7 -45.0 -66.5 51.2 49.7 56.4 69.1 176.8 11

12 Miscellaneous assets -8.6 -0.2 -2.9 -6.2 45.6 -28.3 -51.7 9.6 88.1 -38.6 -38.5 12

13 Net share issues (liabilities) -16.7 -207.5 -136.5 127.0 -71.7 11.7 216.7 351.4 133.1 222.6 438.5 13

(1) Open-end investment companies; excludes funding vehicles for variable annuities, which are included in the life insurance companies sector (table F.117).

F.122 Mutual Funds (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Gross saving -21.6 2.5 2.0 12.1 3.4 2.9 17.6 24.6 28.3 31.7 31.3 1

 2 Net acquisition of financial assets 181.1 288.6 298.2 260.2 389.3 239.2 201.6 210.6 504.6 275.4 231.5 2

 3 Security RPs 10.9 12.9 18.1 2.8 46.0 -17.2 -18.5 0.9 46.7 26.6 5.2 3

 4 Credit market instruments 138.7 138.0 116.6 124.1 193.0 127.3 83.8 92.2 238.6 157.8 156.0 4

 5 Open market paper -7.7 13.1 18.0 2.9 53.1 -1.6 -23.1 -16.7 50.7 46.0 1.2 5

 6 Treasury securities 17.2 9.3 4.8 6.6 10.0 3.9 -1.8 14.4 6.5 1.0 5.3 6

 7 Agency- and GSE-backed securities 54.0 25.2 15.2 20.8 31.2 12.2 -5.5 45.1 20.3 3.0 16.7 7

 8 Municipal securities 24.3 12.9 4.1 17.4 26.9 18.5 28.0 -4.0 39.2 26.8 28.0 8

 9 Corporate and foreign bonds 50.9 77.4 74.5 76.4 71.8 94.3 86.1 53.5 121.9 81.0 104.8 9

10 Corporate equities 31.4 136.8 158.5 129.6 145.3 130.1 129.1 114.0 204.5 94.3 70.3 10

11 Miscellaneous assets 0.0 1.0 5.1 3.7 5.0 -0.9 7.2 3.5 14.7 -3.4 -0.0 11

12 Net share issues (liabilities) 181.1 288.6 298.2 260.2 389.3 239.2 201.6 210.6 504.6 275.4 231.5 12

13 Discrepancy -21.6 2.5 2.0 12.1 3.4 2.9 17.6 24.6 28.3 31.7 31.3 13

(1) Open-end investment companies; excludes funding vehicles for variable annuities, which are included in the life insurance companies sector (table F.117).

F.123 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 18.1 43.9 32.8 20.0 40.6 26.1 16.6 -3.1 5.5 20.7 -11.6 1

 2 Credit market instruments 8.6 36.2 11.2 1.5 6.4 4.0 -0.8 -3.4 10.1 18.5 -8.9 2

 3 Treasury securities -2.8 1.4 2.4 0.3 0.6 1.7 -1.0 -0.1 -1.2 0.2 0.3 3

 4 Municipal securities 11.3 3.2 -0.1 0.2 1.1 2.5 -1.7 -1.1 -0.0 3.1 -2.9 4

 5 Corporate and foreign bonds 0.1 31.6 8.9 1.0 4.7 -0.3 1.9 -2.2 11.4 15.2 -6.3 5

 6 Corporate equities 9.4 7.6 21.7 18.5 34.2 22.0 17.4 0.3 -4.6 2.2 -2.7 6

 7 Net share issues (liabilities) 18.1 43.9 32.8 20.0 40.6 26.1 16.6 -3.1 5.5 20.7 -11.6 7

 Exchange-traded funds

 8 Net acquisition of financial assets 45.3 15.8 55.0 53.9 35.7 40.6 12.6 126.7 30.5 88.9 17.1 8

 9 Credit market instruments 3.7 0.7 3.8 6.8 11.7 3.5 7.1 4.8 3.0 9.1 2.8 9

10 Treasury securities 2.0 0.1 2.8 4.8 9.3 2.1 4.5 3.3 1.4 7.1 1.1 10

11 Corporate and foreign bonds 1.8 0.6 1.0 1.9 2.4 1.4 2.6 1.5 1.6 2.1 1.7 11

12 Corporate equities 41.6 15.1 51.2 47.1 24.0 37.1 5.5 121.9 27.5 79.7 14.3 12

13 Net share issues (liabilities) 45.3 15.8 55.0 53.9 35.7 40.6 12.6 126.7 30.5 88.9 17.1 13
Z.1, December 7, 2006 33

F.124 Government-Sponsored Enterprises (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2002 2003 2004 2005 2005 2006

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Gross saving 3.1 3.2 3.5 4.1 4.6 4.1 3.9 3.7 3.9 4.0 3.9 1

 2 Fixed nonresidential investment 0.5 0.5 0.6 0.6 0.6 0.6 0.6 0.5 0.6 0.6 0.6 2

 3 Net acquisition of financial assets 240.0 236.5 84.5 -65.0 -195.9 -80.3 -188.6 204.8 33.6 199.4 -105.9 3

 4 Checkable deposits and currency 8.1 12.0 10.1 -25.7 -62.9 -42.5 0.2 2.4 0.3 1.2 -0.1 4

 5 Time and savings deposits -5.1 -8.5 9.0 11.6 -7.1 19.8 2.7 30.9 -3.6 27.7 -22.6 5

 6 Federal funds and security RPs -9.1 -20.0 15.8 24.2 -11.6 10.0 92.6 5.7 26.6 -37.0 15.0 6

 7 Credit market instruments 224.1 236.5 46.2 -65.4 -54.8 -88.8 -263.5 145.3 64.7 144.8 -80.5 7

 8 Open market paper -23.5 -2.4 -2.0 2.2 2.5 3.5 -3.0 5.8 0.7 5.0 -4.6 8

 9 Treasury securities 12.1 -12.3 -0.6 0.2 0.7 -1.9 1.0 1.0 1.5 1.3 0.9 9

10 Agency- and GSE-backed securities 131.7 88.8 -130.3 -163.6 -185.4 -227.9 -300.0 58.9 -20.0 39.6 -94.9 10

11 Municipal securities 4.0 5.0 0.2 -0.8 5.6 -1.8 -10.9 4.0 5.0 6.3 3.7 11

12 Corporate and foreign bonds 33.5 36.6 110.8 48.0 60.6 55.1 29.3 47.0 25.9 36.7 -13.3 12

13 Other loans and advances 8.9 31.1 73.5 49.7 47.6 89.6 30.3 31.4 38.5 53.1 34.4 13

14 Sallie Mae -0.4 -0.1 -0.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14

15 Farm Credit System 2.0 0.0 -0.2 5.4 8.8 2.3 5.1 5.5 21.9 8.5 5.4 15

16 FHLB loans 7.2 31.2 74.1 44.3 38.8 87.4 25.2 25.9 16.7 44.6 29.0 16

17 Mortgages 59.8 106.0 15.1 -1.2 13.6 -5.5 -10.2 -2.8 13.1 2.8 -6.7 17

18 Home 45.5 92.2 -0.4 -14.7 0.3 -18.0 -28.8 -12.4 7.0 -4.7 -11.7 18

19 Multifamily residential 8.5 10.9 12.4 11.9 11.3 7.2 16.0 12.9 3.9 2.1 1.0 19

20 Farm 5.8 2.9 3.2 1.7 2.0 5.3 2.7 -3.3 2.2 5.4 4.1 20

21 Consumer credit (2) -2.5 -16.3 -20.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 21

22 Miscellaneous assets 22.0 16.5 3.4 -9.6 -59.4 21.3 -20.6 20.4 -54.4 62.7 -17.7 22

23 Net increase in liabilities 247.6 217.2 63.9 -82.2 -224.4 -77.5 -226.2 199.2 51.1 266.7 -137.3 23

24 Credit market instruments 219.8 243.7 65.0 -84.2 -209.6 -84.2 -243.9 200.9 144.8 314.3 -191.1 24

25 GSE issues (3) 219.8 243.7 65.0 -84.2 -209.6 -84.2 -243.9 200.9 144.8 314.3 -191.1 25

26 U.S. government loans 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 26

27 Miscellaneous liabilities 27.7 -26.6 -1.1 2.0 -14.8 6.7 17.7 -1.7 -93.8 -47.6 53.9 27

28 Discrepancy 10.2 -16.7 -17.7 -13.7 -24.5 6.3 -34.2 -2.5 20.9 70.8 -28.1 28

(1) Federal Home Loan Banks, Federal National Mortgage Association, Federal Home Loan Mortgage Corporation, Federal Agricultural Mortgage Corporation, Farm Credit System, the Financing

 Corporation, and the Resolution Funding Corporation. The Student Loan Marketing Association (Sallie Mae) was included until it was fully privatized in 2004:Q4.

(2) Sallie Mae student loans.

(3) Such issues are classified as agency- and GSE-backed securities.

F.125 Agency- and GSE-backed Mortgage Pools (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net acquisition of financial assets 326.8 330.5 53.0 134.8 47.3 136.6 163.4 191.8 327.3 306.4 280.8 1

 2 Home mortgages 315.2 303.2 49.6 129.7 45.0 133.4 156.2 184.4 315.2 295.5 265.5 2

 3 Multifamily residential mortgages 12.9 26.6 3.6 5.1 2.6 3.3 7.3 7.4 10.3 8.8 10.1 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 -1.3 0.6 -0.1 -0.1 -0.2 -0.0 -0.2 0.0 1.8 2.1 5.2 5

 6 Net increase in pool securities (liabilities)(2) 326.8 330.5 53.0 134.8 47.3 136.6 163.4 191.8 327.3 306.4 280.8 6

(1) GNMA, FNMA, FHLMC, FAMC, and Farmers Home Administration pools. Also includes agency- and GSE-backed mortgage pool securities that are used as collateral for agency- and GSE-backed

 CMOs and privately issued CMOs. Excludes Federal Financing Bank holdings of pool securities, which are included with federal government mortgages and other loans.

(2) Such issues are classified as agency- and GSE-backed securities.
34 Z.1, December 7, 2006

F.126 Issuers of Asset-Backed Securities (ABSs)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2002 2003 2004 2005 2005 2006

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Gross saving 0.7 0.7 0.6 0.5 0.5 0.5 0.5 0.5 0.5 0.4 0.4 1

 2 Fixed nonresidential investment -0.4 0.4 -0.2 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 2

 3 Net acquisition of financial assets 183.8 211.3 332.9 661.7 427.7 692.1 720.9 805.9 305.6 377.6 379.9 3

 4 Treasury securities 0.4 1.9 5.2 19.7 8.2 20.8 22.6 27.0 22.2 40.1 31.0 4

 5 Agency- and GSE-backed securities (1) 71.4 67.7 -100.0 -76.0 -103.3 -30.4 -105.7 -64.5 -107.0 -54.6 -65.3 5

 6 Other loans and advances -3.3 -1.1 1.4 -16.8 6.9 -29.1 -18.7 -26.3 2.8 6.4 -15.5 6

 7 Mortgages (2) 84.6 171.6 450.5 685.5 481.3 672.1 809.2 779.4 322.6 276.7 320.4 7

 8 Home 54.3 121.1 398.3 573.4 396.9 572.3 716.8 607.8 242.3 216.0 204.5 8

 9 Multifamily residential 5.4 7.9 6.4 16.5 6.8 17.1 10.3 31.7 7.3 8.7 12.3 9

10 Commercial 25.0 42.6 45.8 95.6 77.7 82.7 82.1 139.8 73.0 52.0 103.6 10

11 Consumer credit 36.1 -22.4 -24.0 29.5 29.9 44.4 -8.7 52.5 51.7 89.9 75.9 11

12 Trade credit -5.4 -6.3 -0.3 19.7 4.6 14.3 22.2 37.8 13.2 19.1 33.3 12

13 Net increase in liabilities 182.8 211.1 332.1 661.0 427.0 691.5 720.3 805.3 305.0 377.1 379.4 13

14 Commercial paper -40.1 -43.0 -8.0 146.8 83.7 127.4 141.4 234.7 127.0 201.8 79.4 14

15 Corporate bonds 222.9 254.1 340.1 514.2 343.3 564.1 578.8 570.6 177.9 175.2 300.0 15

16 Discrepancy 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16

 Memo:

 Securitized assets not included above

17 Consumer leases (3) -1.1 -0.2 -0.7 -0.6 -0.7 -0.6 -0.6 -0.6 -0.6 -0.5 -0.5 17

18 REIT assets (4) 7.5 15.7 51.9 32.8 40.2 16.8 31.6 42.6 16.7 22.0 4.9 18

(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.128.

F.127 Finance Companies (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Gross saving 78.5 78.4 70.6 55.3 63.2 61.3 50.2 46.5 65.3 66.7 64.9 1

 2 Fixed nonresidential investment 40.1 32.1 37.7 40.2 39.8 40.1 40.5 40.5 42.1 42.3 43.1 2

 3 Net acquisition of financial assets 141.6 233.7 178.5 98.8 82.3 58.1 15.2 239.7 144.0 -41.7 42.4 3

 4 Checkable deposits and currency 3.1 3.3 3.5 3.7 3.6 3.7 3.7 3.8 3.8 3.9 3.9 4

 5 Credit market instruments 103.7 122.7 214.9 117.1 81.8 18.0 112.0 256.5 98.1 69.5 156.0 5

 6 Other loans and advances 3.8 -2.3 9.8 27.6 -19.3 25.3 32.2 72.3 11.0 48.2 24.6 6

 7 Mortgages 72.4 39.5 105.8 65.3 62.5 -15.8 74.0 140.3 119.4 -9.6 97.6 7

 8 Consumer credit 27.5 85.5 99.3 24.2 38.6 8.5 5.8 43.8 -32.3 30.9 33.8 8

 9 Miscellaneous assets 34.8 107.7 -39.9 -21.9 -3.1 36.4 -100.5 -20.6 42.1 -115.1 -117.5 9

10 Net increase in liabilities 135.4 239.7 189.4 63.4 57.2 9.4 34.6 152.4 130.7 4.8 31.1 10

11 Credit market instruments 66.2 111.0 134.4 33.4 108.7 -27.2 -150.2 202.2 22.5 66.2 -39.6 11

12 Open market paper -14.6 -2.7 30.2 -15.3 -22.9 -53.7 -21.8 37.1 -0.9 2.9 29.9 12

13 Corporate bonds 64.0 107.9 74.1 43.6 128.4 62.7 -151.5 134.9 24.3 85.0 -34.2 13

14 Bank loans n.e.c. 16.8 5.7 30.0 5.1 3.2 -36.1 23.1 30.2 -1.0 -21.7 -35.3 14

15 Taxes payable 1.4 1.6 1.8 2.0 2.0 2.0 2.1 2.1 2.2 2.2 2.3 15

16 Miscellaneous liabilities 67.8 127.1 53.2 28.0 -53.4 34.5 182.7 -51.9 106.1 -63.6 68.4 16

17 Foreign direct investment in U.S. -3.5 21.7 12.2 2.1 4.8 4.6 2.7 -3.9 -0.9 -2.3 -2.3 17

18 Investment by parent 23.1 23.2 54.9 25.5 -13.2 22.2 44.1 48.9 23.6 33.9 36.7 18

19 Other 48.3 82.2 -13.8 0.4 -45.0 7.7 135.9 -96.8 83.4 -95.2 34.0 19

20 Discrepancy 32.2 52.2 43.8 -20.4 -1.7 -27.6 29.1 -81.2 10.0 71.0 10.4 20

 Memo:

21 Consumer leases not included above (2) -17.6 -10.7 -4.9 11.2 7.3 16.8 8.7 12.0 25.6 24.2 17.4 21

(1) Includes retail captive finance companies and mortgage companies.

(2) See footnote (3), table F.126.
Z.1, December 7, 2006 35

F.128 Real Estate Investment Trusts (REITs)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2002 2003 2004 2005 2005 2006

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Gross saving 6.1 2.1 5.0 -5.9 23.2 -8.3 -7.6 -31.0 -14.7 -22.7 -28.7 1

 2 Fixed nonresidential investment 24.4 22.7 38.9 29.3 45.6 43.5 39.2 -11.2 42.5 28.1 -1.7 2

 3 Multifamily residential investment 4.5 -0.4 7.7 -0.6 2.3 -5.6 4.6 -3.7 4.0 -1.7 13.0 3

 4 Net acquisition of financial assets 23.6 36.3 102.3 77.2 54.0 137.4 101.4 16.1 65.6 68.9 36.1 4

 5 Checkable deposits and currency -0.1 3.9 3.2 1.6 4.4 4.8 5.2 -8.2 4.0 -3.5 9.7 5

 6 Credit market instruments 21.5 28.1 87.9 66.9 37.6 120.1 89.1 20.8 40.5 57.7 26.8 6

 7 Agency- and GSE-backed securities 7.4 -1.9 16.1 1.3 -1.1 13.2 0.9 -8.0 1.6 30.0 17.5 7

 8 Corporate and foreign bonds 2.3 10.1 17.3 25.1 8.6 47.4 28.2 16.1 13.3 15.7 11.0 8

 9 Mortgages 11.8 19.8 54.5 40.6 30.1 59.4 60.0 12.7 25.7 12.0 -1.7 9

10 Home 11.4 17.7 51.1 30.8 27.1 49.1 45.0 2.2 17.0 10.9 -16.8 10

11 Multifamily residential -0.2 0.1 -0.0 0.2 0.1 -0.3 0.3 0.7 1.9 -0.3 0.9 11

12 Commercial 0.5 1.9 3.5 9.5 2.9 10.6 14.8 9.8 6.7 1.4 14.2 12

13 Miscellaneous assets 2.2 4.4 11.2 8.8 12.0 12.5 7.1 3.5 21.2 14.6 -0.4 13

14 Net increase in liabilities 50.6 52.7 152.6 108.9 88.2 171.5 147.2 28.8 102.8 99.6 69.9 14

15 Security RPs 15.1 5.9 25.0 33.0 15.9 45.3 51.5 19.1 8.6 16.3 7.4 15

16 Credit market instruments 24.5 31.9 98.4 58.5 73.0 92.8 66.0 2.4 66.6 59.3 24.7 16

17 Open market paper 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 17

18 Corporate bonds 16.2 23.3 70.6 40.3 36.2 72.2 44.9 7.8 38.1 49.3 18.8 18

19 Bank loans n.e.c. 0.1 0.3 1.5 5.2 14.1 1.3 1.1 4.2 5.6 -4.5 -0.1 19

20 Mortgages 8.2 8.3 26.3 13.1 22.7 19.3 19.9 -9.6 22.9 14.5 6.1 20

21 Corporate equity issues 8.4 13.3 21.5 16.1 10.7 20.1 23.7 9.9 18.2 17.2 15.5 21

22 Miscellaneous liabilities 2.6 1.6 7.7 1.4 -11.5 13.4 6.1 -2.6 9.4 6.9 22.4 22

23 Discrepancy 4.2 -3.8 8.7 -2.9 9.6 -12.1 -5.6 -3.4 -24.0 -18.4 -6.1 23

 Memo:

24 Securitized assets included above 7.5 15.7 51.9 32.8 40.2 16.8 31.6 42.6 16.7 22.0 4.9 24

25 Agency- and GSE-backed securities -0.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 25

26 Home mortgages 7.2 15.9 50.4 28.5 39.1 15.7 27.2 31.7 10.7 8.0 -4.5 26

27 Multifamily residential mortgages -0.0 -0.0 -0.0 0.1 0.4 -0.2 -0.0 -0.0 0.5 -0.0 -0.1 27

28 Commercial mortgages 0.6 -0.1 1.5 4.3 0.7 1.2 4.3 10.9 5.4 14.0 9.5 28
36 Z.1, December 7, 2006

F.129 Security Brokers and Dealers

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2002 2003 2004 2005 2005 2006

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Gross saving 12.6 14.9 20.0 23.3 29.6 9.8 28.5 25.5 24.7 27.3 26.8 1

 2 Fixed nonresidential investment 10.9 10.5 12.4 13.2 13.1 13.2 13.3 13.3 13.8 13.9 14.2 2

 3 Net acquisition of financial assets -130.2 277.6 231.9 299.3 461.9 536.1 228.3 -29.3 617.6 603.2 600.6 3

 4 Checkable deposits and currency -2.9 2.9 15.7 -7.3 -8.2 -7.5 -4.9 -8.8 28.0 48.5 -23.6 4

 5 Credit market instruments 28.4 79.6 -29.2 91.1 75.7 230.6 -215.3 273.3 -51.5 53.9 191.5 5

 6 Open market paper -4.7 5.9 -1.3 7.6 9.5 48.3 5.3 -32.7 44.3 3.7 5.2 6

 7 Treasury securities -13.7 41.7 -82.4 -6.5 -34.1 -7.6 -174.2 189.7 -211.4 -112.3 96.1 7

 8 Agency- and GSE-backed securities 14.1 -8.1 23.5 -6.3 3.6 111.0 -71.4 -68.3 113.5 102.7 23.4 8

 9 Municipal securities 2.0 3.8 7.1 11.0 17.5 -15.7 11.5 30.7 -29.7 9.3 1.7 9

10 Corporate and foreign bonds 30.7 36.4 23.9 85.2 79.0 94.6 13.5 153.8 31.7 50.4 65.1 10

11 Corporate equities 3.2 4.1 15.2 11.8 27.9 -17.6 -23.1 59.9 31.7 4.3 -40.7 11

12 Security credit -48.2 34.3 81.5 -31.7 8.2 -10.2 -22.0 -102.8 68.6 -22.5 41.7 12

13 Miscellaneous assets -110.8 156.6 148.6 235.5 358.3 340.8 493.7 -250.9 540.8 519.0 431.6 13

14 Net increase in liabilities -118.7 257.6 232.5 292.8 476.4 516.6 219.8 -41.4 590.0 600.8 569.8 14

15 Security RPs (net) -9.0 133.7 49.3 208.9 428.0 215.6 97.4 94.6 378.7 52.6 509.4 15

16 Corporate bonds -1.7 6.4 15.2 0.1 11.2 -5.2 28.0 -33.4 35.1 6.5 5.0 16

17 Corporate equity issues 10.2 -8.0 2.6 2.5 23.2 -13.2 7.9 -7.7 11.9 1.2 -19.2 17

18 Trade payables -1.8 -9.2 7.8 7.0 -4.3 0.3 40.7 -8.9 -28.4 52.1 -22.8 18

19 Security credit -38.9 98.2 85.1 24.0 -4.5 83.4 42.8 -25.7 175.7 216.7 95.6 19

20 Customer credit balances (HH) -41.6 62.7 103.0 -10.9 -35.8 55.2 -19.2 -43.7 124.6 190.8 -5.7 20

21 From banks 2.8 35.5 -17.9 34.9 31.3 28.2 62.0 18.0 51.1 25.9 101.3 21

22 Taxes payable -0.5 0.4 0.4 -0.3 1.7 -5.4 2.2 0.6 2.5 1.0 1.8 22

23 Miscellaneous liabilities -77.6 40.7 75.4 53.4 18.2 242.1 5.8 -52.5 10.7 272.1 10.8 23

24 Foreign direct investment in U.S. 1.7 4.8 7.6 -0.7 -6.4 -1.9 -1.4 6.9 -2.3 2.3 -2.1 24

25 Due to affiliates 50.2 54.2 112.7 124.4 90.5 219.8 304.0 -116.6 18.7 151.7 317.7 25

26 Other -129.5 -18.3 -45.0 -70.3 -65.9 24.2 -296.7 57.2 -5.7 118.2 -304.7 26

27 Proprietors’ net investment 0.6 -4.5 -3.3 -2.8 3.0 -0.9 -5.0 -8.3 3.8 -1.4 -10.7 27

28 Discrepancy 13.2 -15.6 8.3 3.7 31.0 -22.9 6.7 0.1 -16.8 11.0 -18.2 28

F.130 Funding Corporations (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net acquisition of financial assets -1.0 77.8 70.4 301.7 394.7 258.5 407.6 145.8 434.3 -37.7 472.7 1

 2 Money market fund shares -1.2 -43.2 -86.6 30.4 9.3 -35.4 24.9 122.9 -29.9 -58.5 13.9 2

 3 Credit market instruments -68.5 94.8 73.0 89.3 234.1 35.4 156.9 -69.4 301.4 -113.5 168.7 3

 4 Open market paper -54.2 39.8 87.5 118.6 185.8 85.7 210.0 -7.0 271.3 -74.0 193.6 4

 5 Corporate and foreign bonds -14.4 54.9 -14.5 -29.4 48.3 -50.3 -53.1 -62.4 30.1 -39.5 -24.9 5

 6 Miscellaneous assets (2) 68.7 26.2 83.9 182.0 151.3 258.5 225.8 92.3 162.8 134.3 290.1 6

 7 Investment in foreign banking offices 19.1 7.2 32.7 21.0 5.5 62.5 20.1 -4.0 96.5 8.3 -12.7 7

 8 Investment in brokers and dealers 49.7 19.0 51.2 160.9 145.7 196.0 205.7 96.3 66.3 126.0 302.8 8

 9 Net increase in liabilities -1.0 77.8 70.4 301.7 394.7 258.5 407.6 145.8 434.3 -37.7 472.7 9

10 Credit market instruments 23.7 14.4 34.6 128.1 107.1 267.1 99.4 38.9 137.0 83.7 210.3 10

11 Open market paper -6.7 -1.0 22.4 100.6 92.2 235.2 101.3 -26.5 128.6 56.1 201.7 11

12 Corporate bonds 30.5 15.4 12.2 27.6 14.9 32.0 -1.9 65.4 8.3 27.6 8.6 12

13 Miscellaneous liabilities -24.7 63.3 35.8 173.5 287.6 -8.6 308.2 106.8 297.3 -121.4 262.4 13

14 Foreign direct investment in U.S. 45.0 11.8 49.3 53.8 44.2 -8.6 126.4 53.3 25.8 50.6 79.8 14

15 Securities loaned (net) -2.9 102.6 86.9 191.5 230.4 311.8 355.1 -131.5 236.6 459.2 336.0 15

16 Other -66.8 -51.0 -100.4 -71.8 13.0 -311.7 -173.3 185.0 35.0 -631.2 -153.4 16

(1) Funding subsidiaries, nonbank financial holding companies, and custodial accounts for reinvested collateral of securities lending operations.

(2) Due from affiliated companies.
Z.1, December 7, 2006 37

F.200 Gold and Official Foreign Exchange Holdings (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2002 2003 2004 2005 2005 2006

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total U.S. reserves 3.7 -1.5 -2.8 -14.1 -21.3 3.2 -19.1 -19.2 -2.0 2.3 2.4 1

 2 U.S. gold stock and SDRs 0.5 -0.6 0.4 -4.5 -6.9 0.4 -11.9 0.3 0.3 0.2 0.3 2

 3 Federal govt.: Exchange Stab. Fund 0.5 -0.6 0.4 -4.5 -6.9 0.4 -11.9 0.3 0.3 0.2 0.3 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 3.2 -0.9 -3.2 -9.6 -14.5 2.8 -7.2 -19.5 -2.3 2.0 2.1 5

 6 Official foreign currency holdings 0.6 0.6 0.6 0.6 0.6 0.5 0.6 0.7 0.6 0.6 0.6 6

 7 Treasury 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 7

 8 Monetary authority 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 8

 9 Net IMF position 2.6 -1.5 -3.8 -10.2 -15.1 2.3 -7.8 -20.2 -2.9 1.4 1.5 9

10 Federal government 2.6 -1.5 -3.8 -10.2 -15.1 2.3 -7.8 -20.2 -2.9 1.4 1.5 10

11 Monetary authority 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11

(1) Lines 1, 2, and 3 exclude increases in SDRs through allocations, which have occurred at various dates beginning January 1970. Transactions in SDRs are included. Also excluded from the table

 are revaluations of foreign currency holdings, gold, SDRs, and IMF position. Allocations and revaluations are included in tables on outstandings.

(2) Treasury gold stock.

F.201 SDR Certificates and Treasury Currency

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 SDR certificates:

 1 Liab: Federal government 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1

 2 Asset: Monetary authority 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2

 Treasury currency:

 3 Liab: Federal government 1.0 0.6 0.7 0.8 0.8 1.1 0.9 0.3 0.6 0.8 1.0 3

 4 Asset: Monetary authority 1.6 0.9 1.0 0.1 0.4 0.3 -0.7 0.4 5.4 0.4 0.4 4

 5 Discrepancy (seigniorage) -0.6 -0.3 -0.3 0.7 0.4 0.8 1.7 -0.1 -4.8 0.3 0.6 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 21.0 36.6 89.9 86.8 420.0 -210.5 91.2 46.6 229.1 239.7 96.4 1

 Held by:

 2 Household sector 1.3 2.2 5.4 5.2 25.2 -12.6 5.5 2.8 13.7 14.4 11.5 2

 3 Nonfinancial corporate business 5.1 17.6 15.6 20.1 6.4 -7.1 16.3 64.8 -37.5 27.4 -3.1 3

 4 Money market mutual funds -6.8 -36.6 7.0 16.2 3.5 52.6 46.8 -38.1 10.3 -70.7 -36.3 4

 5 Discrepancy--unallocated assets 21.5 53.5 62.0 45.3 384.9 -243.3 22.6 17.1 242.6 268.7 124.3 5
38 Z.1, December 7, 2006

F.203 Net Interbank Transactions

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2002 2003 2004 2005 2005 2006

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Net change in liabilities 17.4 -14.2 19.2 6.6 1.6 73.1 -36.7 -11.5 -36.4 -139.3 -18.5 1

 2 Monetary authority 5.6 0.6 -5.4 3.5 35.0 -5.7 -21.0 5.9 -6.5 -2.0 -23.3 2

 3 Depository institution reserves 5.1 0.5 1.0 -5.0 -3.7 -11.6 -5.6 0.9 -1.5 -4.5 -14.8 3

 4 Vault cash 0.5 0.1 -6.4 8.5 38.7 5.9 -15.4 5.0 -5.0 2.5 -8.5 4

 5 Commercial banking 11.9 -14.9 24.6 3.1 -33.4 78.8 -15.6 -17.4 -29.9 -137.2 4.8 5

 6 To monetary authority 0.4 -0.7 1.2 -0.0 -9.3 2.5 5.4 1.4 -5.0 -1.8 -0.1 6

 7 To banks in foreign countries 4.2 -9.7 8.4 -6.6 -57.7 113.7 -22.4 -59.8 -50.2 -145.5 14.2 7

 8 Liabilities, net 13.9 -12.7 14.0 -19.0 -59.7 64.6 -27.1 -53.8 -39.7 -150.3 13.8 8

 9 U.S.-chartered commercial banks 46.1 43.6 60.7 9.0 -47.2 2.0 106.7 -25.6 -7.6 10.9 163.5 9

10 Due to foreign affiliates -0.9 109.7 33.8 21.3 -93.7 136.6 74.1 -31.8 71.9 80.7 37.1 10

11 - Due from foreign affiliates -47.0 66.0 -26.8 12.3 -46.5 134.6 -32.6 -6.2 79.5 69.8 -126.4 11

12 Foreign banking offices in U.S. -32.8 -12.2 -72.2 -8.6 56.7 78.6 -151.9 -17.9 -0.5 -90.7 -104.8 12

13 Due to foreign affiliates 13.0 21.1 77.0 59.6 -27.7 74.9 2.0 189.1 172.7 49.6 224.7 13

14 - Due from foreign affiliates 45.8 33.3 149.2 68.2 -84.4 -3.7 153.9 207.1 173.2 140.3 329.5 14

15 Bank holding companies 0.6 -44.1 25.6 -19.4 -69.2 -16.0 18.1 -10.2 -31.6 -70.5 -44.8 15

16 Due to foreign affiliates 2.0 -40.2 19.8 9.2 20.4 4.1 0.9 11.6 0.4 -53.7 -12.5 16

17 - Due from foreign affiliates 1.4 3.9 -5.8 28.6 89.6 20.1 -17.2 21.8 32.1 16.9 32.3 17

18 Less: Deposits at foreign banks 9.7 -2.9 5.6 -12.4 -2.0 -49.1 -4.7 6.1 10.5 -4.8 -0.4 18

19 U.S.-chartered commercial banks 10.2 -3.0 5.3 -12.6 -12.6 -38.6 -4.4 5.0 12.2 -4.2 -0.5 19

20 Foreign banking offices in U.S. -0.6 0.0 0.3 0.2 10.6 -10.5 -0.3 1.0 -1.7 -0.6 0.2 20

21 To U.S. banking, net 7.2 -4.4 15.0 9.6 33.6 -37.4 1.4 41.0 25.3 10.1 -9.3 21

22 U.S.-chartered commercial banks 20.9 -66.4 40.3 -1.2 -1.7 47.4 -48.5 -2.0 7.3 -18.2 -17.4 22

23 Liabilities 19.1 -3.2 42.1 1.9 0.6 -19.9 -9.0 35.8 24.6 26.7 15.8 23

24 To foreign offices in U.S. 10.9 1.3 26.8 -7.3 -33.2 17.0 -9.6 -3.4 -0.6 14.9 28.0 24

25 To bank holding companies 1.0 -0.1 0.2 -0.4 0.2 0.6 -0.7 -1.8 -0.0 1.7 -2.9 25

26 Unallocated 7.2 -4.4 15.0 9.6 33.6 -37.4 1.4 41.0 25.3 10.1 -9.3 26

 Less, due from:

27 Foreign offices in U.S. 0.9 7.5 25.4 10.5 30.3 -70.7 52.8 29.4 -5.4 -5.6 30.8 27

28 Bank holding companies -2.6 55.7 -23.6 -7.3 -27.9 3.4 -13.3 8.4 22.7 50.5 2.4 28

29 Foreign banking offices in U.S. -10.0 6.3 -1.5 17.8 63.5 -87.7 62.5 32.8 -4.8 -20.5 2.8 29

30 Due to U.S. banks 0.9 7.5 25.4 10.5 30.3 -70.7 52.8 29.4 -5.4 -5.6 30.8 30

31 - Due from U.S. banks 10.9 1.3 26.8 -7.3 -33.2 17.0 -9.6 -3.4 -0.6 14.9 28.0 31

32 Bank holding companies -3.6 55.8 -23.8 -6.9 -28.2 2.9 -12.6 10.2 22.7 48.8 5.3 32

33 Due to U.S. banks -2.6 55.7 -23.6 -7.3 -27.9 3.4 -13.3 8.4 22.7 50.5 2.4 33

34 - Due from U.S. banks 1.0 -0.1 0.2 -0.4 0.2 0.6 -0.7 -1.8 -0.0 1.7 -2.9 34

35 Net change in assets 10.2 -9.8 4.2 -3.0 -32.0 110.5 -38.1 -52.5 -61.7 -149.4 -9.2 35

36 Rest of the world 4.2 -9.7 8.4 -6.6 -57.7 113.7 -22.4 -59.8 -50.2 -145.5 14.2 36

37 Domestic 6.0 -0.1 -4.2 3.5 25.7 -3.3 -15.7 7.4 -11.5 -3.8 -23.4 37

38 Monetary authority 0.4 -0.7 1.2 -0.0 -9.3 2.5 5.4 1.4 -5.0 -1.8 -0.1 38

39 Federal Reserve float 0.4 -0.7 1.2 -0.0 -9.4 1.7 2.7 4.8 -7.0 -0.7 -0.2 39

40 Loans to member banks 0.0 0.0 -0.0 0.0 0.0 0.7 2.7 -3.4 2.0 -1.1 0.1 40

41 Commercial banking 5.0 0.1 -5.3 4.1 36.3 -5.9 -20.6 6.6 -5.7 -1.8 -22.5 41

42 Reserves at Federal Reserve 4.5 -0.0 1.1 -4.5 -2.4 -11.8 -5.3 1.5 -0.6 -4.3 -14.1 42

43 Vault cash 0.5 0.1 -6.4 8.5 38.7 5.9 -15.4 5.0 -5.0 2.5 -8.5 43

44 Savings insts.: Reserves at Fed. Res. 0.6 0.5 -0.1 -0.5 -1.3 0.2 -0.4 -0.6 -0.9 -0.2 -0.8 44

45 Discrepancy--floats, etc. 7.2 -4.4 15.0 9.6 33.6 -37.4 1.4 41.0 25.3 10.1 -9.3 45
Z.1, December 7, 2006 39

F.204 Checkable Deposits and Currency

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2002 2003 2004 2005 2005 2006

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Net change in liabilities -8.3 80.1 89.8 3.2 43.9 -31.6 -44.4 44.7 67.9 21.9 -81.9 1

 2 Monetary authority 41.5 37.9 37.1 29.2 11.4 17.2 42.6 45.4 38.0 16.9 5.5 2

 3 Federal government cash and deposits -2.3 1.3 0.1 -1.4 -4.2 -6.1 -0.4 5.0 1.6 -1.4 0.1 3

 4 Deposits due to foreign 0.0 0.1 -0.1 -0.0 0.2 -0.2 0.2 -0.3 0.1 0.2 -0.2 4

 5 Currency outside banks 43.7 36.6 37.1 30.6 15.4 23.4 42.8 40.7 36.4 18.0 5.6 5

 6 Commercial banking -57.3 30.9 44.6 -36.9 17.7 -49.8 -104.8 -10.6 15.4 -2.0 -53.5 6

 7 Federal government deposits -16.4 -0.9 -3.2 7.0 25.3 -36.9 13.7 25.8 -61.3 63.4 37.9 7

 8 Deposits due to foreign -0.6 12.2 27.6 26.0 -64.0 121.2 53.4 -6.6 67.4 59.1 35.8 8

 9 Private domestic deposits -40.3 19.6 20.2 -69.8 56.5 -134.1 -171.9 -29.8 9.4 -124.5 -127.1 9

10 Savings institutions 1.8 5.3 0.5 3.9 1.4 3.6 5.7 5.0 6.8 8.0 -1.9 10

11 Credit unions 5.7 6.0 7.6 7.0 13.4 -2.6 12.2 4.8 7.7 -1.1 -32.1 11

12 Net change in assets -8.3 80.1 89.8 3.2 43.9 -31.6 -44.4 44.7 67.9 21.9 -81.9 12

13 Household sector -2.6 -58.8 32.2 -10.5 223.3 -93.9 -161.4 -10.0 39.0 -39.4 6.1 13

14 Nonfinancial business -31.8 56.5 -5.9 -6.5 -58.1 2.6 4.4 25.3 -44.4 -207.1 -141.3 14

15 Corporate -34.9 51.7 -34.2 -37.3 -80.1 -31.0 -28.2 -9.7 -71.5 -227.1 -164.5 15

16 Nonfarm noncorporate 2.6 4.1 27.3 30.1 21.3 32.9 31.9 34.4 25.9 18.9 22.0 16

17 Farm 0.5 0.7 1.0 0.7 0.7 0.7 0.7 0.7 1.2 1.2 1.2 17

18 State and local governments 5.2 3.5 -4.6 8.5 40.4 8.8 -24.1 8.7 -4.1 3.0 11.2 18

19 Federal government -17.1 9.2 -31.0 12.2 39.9 -31.1 -9.7 49.5 -64.0 77.7 2.8 19

20 Rest of the world 20.9 28.9 42.4 45.0 -59.5 135.5 74.1 29.7 75.2 63.8 40.1 20

21 Checkable deposits -0.6 12.3 27.5 26.0 -63.8 121.1 53.6 -6.9 67.4 59.3 35.6 21

22 Currency 21.5 16.6 14.8 19.0 4.3 14.4 20.5 36.6 7.7 4.5 4.5 22

23 Financial sectors 19.5 49.7 29.1 -38.8 -122.9 -41.4 48.8 -39.9 62.1 139.3 -35.9 23

24 Commercial banking -0.3 -0.0 1.0 -0.5 0.5 0.7 -2.1 -0.9 -1.4 -0.3 -0.7 24

25 Savings institutions 3.8 0.0 -3.5 2.4 3.6 3.5 2.5 -0.1 -10.6 -1.4 1.5 25

26 Credit unions 1.6 3.2 -1.4 -2.0 -17.7 -7.6 9.9 7.2 -0.2 -6.2 10.8 26

27 Property-casualty insurance companies 12.8 8.6 -8.7 -4.8 -7.2 -3.1 -0.8 -8.3 30.7 31.7 7.2 27

28 Life insurance companies -1.6 12.0 6.0 -5.5 -24.5 20.9 4.7 -23.3 5.7 -0.4 -0.4 28

29 Private pension funds 0.3 0.2 0.1 0.3 0.2 0.7 0.4 -0.1 0.5 0.9 0.5 29

30 State and local govt. retirement funds 1.5 4.3 0.4 0.6 -5.1 -0.9 7.3 1.0 -1.7 1.9 -0.7 30

31 Money market mutual funds -6.8 -0.7 2.7 -1.4 -9.5 -14.1 22.6 -4.7 3.1 63.1 -43.9 31

32 Government-sponsored enterprises 8.1 12.0 10.1 -25.7 -62.9 -42.5 0.2 2.4 0.3 1.2 -0.1 32

33 Finance companies 3.1 3.3 3.5 3.7 3.6 3.7 3.7 3.8 3.8 3.9 3.9 33

34 REITs -0.1 3.9 3.2 1.6 4.4 4.8 5.2 -8.2 4.0 -3.5 9.7 34

35 Brokers and dealers -2.9 2.9 15.7 -7.3 -8.2 -7.5 -4.9 -8.8 28.0 48.5 -23.6 35

36 Mail float -2.3 -8.9 27.7 -6.7 -19.2 -12.2 23.5 -18.7 4.3 -15.6 35.1 36
40 Z.1, December 7, 2006

F.205 Time and Savings Deposits

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2002 2003 2004 2005 2005 2006

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Net change in liabilities 375.3 367.6 529.5 586.0 496.6 511.0 858.9 477.6 603.1 604.6 646.2 1

 2 Small time and savings deposits 325.4 305.8 282.9 314.9 232.9 259.9 482.8 283.9 227.6 304.7 256.9 2

 3 Commercial banking 269.4 230.4 281.8 268.5 216.6 195.5 404.0 258.0 122.2 189.6 157.1 3

 4 U.S.-chartered commercial banks 273.6 228.2 281.0 263.1 205.4 191.7 400.0 255.2 115.4 187.7 133.3 4

 5 Foreign banking offices in U.S. -2.3 0.9 -0.8 0.5 5.3 -2.1 -1.1 0.1 2.9 1.2 24.3 5

 6 Banks in U.S.-affiliated areas -1.9 1.3 1.6 4.9 5.9 6.0 5.1 2.7 3.8 0.7 -0.6 6

 7 Savings institutions 20.9 47.0 -14.4 34.3 13.7 58.6 42.0 22.7 86.8 101.2 46.8 7

 8 Credit unions 35.1 28.5 15.5 12.1 2.6 5.8 36.8 3.2 18.7 13.8 53.0 8

 9 Large time deposits (1) 50.0 61.8 246.6 271.1 263.7 251.1 376.1 193.7 375.5 300.0 389.3 9

10 Commercial banking -2.8 18.8 186.3 229.8 210.9 179.4 337.1 191.7 320.7 292.6 312.4 10

11 U.S.-chartered commercial banks 24.3 2.9 115.4 166.7 128.3 127.0 207.3 204.1 115.3 244.7 61.0 11

12 Foreign banking offices in U.S. -25.1 14.6 69.3 58.2 76.6 46.4 124.8 -15.0 201.6 47.2 252.1 12

13 Banks in U.S.-affiliated areas -1.9 1.3 1.6 4.9 5.9 6.0 5.1 2.7 3.8 0.7 -0.6 13

14 Savings institutions 44.0 32.2 54.0 38.8 46.5 65.5 46.3 -3.0 50.2 17.1 66.1 14

15 Credit unions 8.7 10.8 6.4 2.5 6.4 6.2 -7.3 4.9 4.6 -9.7 10.8 15

16 Net change in assets 375.3 367.6 529.5 586.0 496.6 511.0 858.9 477.6 603.1 604.6 646.2 16

17 Household sector 324.1 335.1 337.2 386.2 536.3 258.2 541.4 208.7 470.9 243.9 465.1 17

18 Nonfinancial business 24.6 115.3 107.5 100.7 101.7 -4.5 102.0 203.4 58.6 -3.8 24.9 18

19 Corporate 10.2 71.5 57.7 45.6 62.7 -64.6 43.7 140.5 11.1 -38.3 -15.2 19

20 Nonfarm noncorporate 14.5 43.8 49.8 55.1 39.0 60.2 58.3 62.9 47.4 34.5 40.1 20

21 State and local governments 8.8 8.0 6.9 29.5 60.2 -1.1 28.9 30.1 11.5 10.4 34.5 21

22 Federal government 17.1 -25.2 -0.0 -1.0 -0.1 -2.8 1.5 -2.5 0.4 0.2 13.0 22

23 Rest of the world 31.7 -9.1 72.9 41.6 -191.4 259.4 102.5 -4.2 98.3 219.3 104.1 23

24 Financial sectors -30.9 -56.6 5.1 29.1 -10.1 1.9 82.5 42.2 -36.4 134.8 4.6 24

25 Savings institutions 0.4 0.0 0.6 -0.5 -1.6 -0.1 0.4 -0.7 2.7 6.4 6.0 25

26 Credit unions 1.6 2.5 -0.7 -4.5 -5.2 -4.2 -4.5 -4.1 -8.7 -4.7 -4.3 26

27 Private pension funds -3.9 3.0 -4.6 6.2 -6.2 15.7 14.4 0.8 -2.7 2.0 2.8 27

28 State and local govt. retirement funds -0.1 -0.3 0.3 -0.2 0.2 -1.1 1.4 -1.4 2.4 -3.1 2.5 28

29 Money market mutual funds -23.9 -53.3 0.4 16.6 9.8 -28.3 68.1 16.6 -26.5 106.4 20.2 29

30 Government-sponsored enterprises -5.1 -8.5 9.0 11.6 -7.1 19.8 2.7 30.9 -3.6 27.7 -22.6 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 -16.7 -207.5 -136.5 127.0 -71.7 11.7 216.7 351.4 133.1 222.6 438.5 1

 2 Net purchases -16.7 -207.5 -136.5 127.0 -71.7 11.7 216.7 351.4 133.1 222.6 438.5 2

 3 Household sector -43.2 -110.1 -56.4 53.8 -47.0 31.7 121.4 109.1 101.8 152.0 232.4 3

 4 Nonfinancial corporate business 27.8 -38.5 27.7 35.8 -10.2 23.4 50.3 79.8 13.2 69.4 110.6 4

 5 Nonfarm noncorporate business 2.3 -8.2 8.5 9.3 6.6 10.2 9.9 10.7 8.0 5.9 6.8 5

 6 State and local governments 1.6 4.0 3.4 2.6 2.6 0.9 3.9 3.0 2.3 3.0 5.8 6

 7 Life insurance companies -13.5 -8.3 -30.7 -7.1 -28.5 -24.3 1.7 22.4 33.4 49.8 63.7 7

 8 Private pension funds 9.4 -0.2 0.6 1.9 1.3 1.1 2.2 2.8 3.4 3.1 3.5 8

 9 State and local govt. retirement funds 0.1 -2.9 -3.1 0.3 -6.0 4.1 2.3 0.8 0.8 -2.0 1.8 9

10 Funding corporations -1.2 -43.2 -86.6 30.4 9.3 -35.4 24.9 122.9 -29.9 -58.5 13.9 10
Z.1, December 7, 2006 41

F.207 Federal Funds and Security Repurchase Agreements

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2002 2003 2004 2005 2005 2006

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Net change in liabilities 106.6 227.2 83.2 354.9 560.7 387.9 298.3 172.6 512.3 239.1 606.3 1

 2 Commercial banking (net) 115.5 67.6 4.1 116.6 163.1 122.0 119.7 61.6 131.4 145.2 95.2 2

 3 U.S.-chartered commercial banks 73.6 68.5 10.1 82.6 225.1 88.6 67.4 -50.6 199.6 126.2 -20.8 3

 4 Foreign banking offices in U.S. 39.5 -1.9 -4.7 34.2 -60.5 26.7 54.8 115.7 -65.7 19.4 118.1 4

 5 Bank holding companies 2.4 0.9 -1.3 -0.2 -1.5 6.7 -2.5 -3.5 -2.5 -0.4 -2.2 5

 6 Savings institutions -15.0 20.1 4.7 -3.6 -46.3 5.1 29.7 -2.7 -6.5 25.0 -5.8 6

 7 REITs 15.1 5.9 25.0 33.0 15.9 45.3 51.5 19.1 8.6 16.3 7.4 7

 8 Brokers and dealers (net) -9.0 133.7 49.3 208.9 428.0 215.6 97.4 94.6 378.7 52.6 509.4 8

 9 Net change in assets 70.6 251.2 222.5 223.8 138.3 225.5 425.7 105.8 219.4 -15.3 346.6 9

10 Nonfinancial corporate business 2.2 -0.2 0.4 8.5 -0.9 9.1 12.4 13.3 -17.1 5.9 20.4 10

11 State and local governments -16.3 7.9 6.7 5.1 5.1 1.8 7.7 5.9 4.5 5.9 11.3 11

12 Rest of the world 39.1 270.1 204.9 47.4 5.8 60.4 200.8 -77.2 223.2 1.5 143.6 12

13 Financial sectors 45.7 -26.6 10.4 162.8 128.3 154.2 204.8 163.8 8.7 -28.7 171.3 13

14 Monetary authority -10.8 4.3 -10.8 13.8 43.1 3.4 -34.8 43.3 -32.0 2.3 -37.6 14

15 Savings institutions -0.3 -7.7 -3.2 -0.1 1.1 1.0 21.4 -23.9 19.3 7.6 18.9 15

16 Credit unions -0.8 -0.1 2.6 2.6 -6.0 -0.1 8.6 7.8 -0.0 -0.1 -9.8 16

17 Property-casualty insurance companies 14.2 8.5 10.2 5.9 10.7 -3.6 11.1 5.3 -19.0 -27.3 16.2 17

18 Private pension funds 1.3 1.4 1.6 1.7 3.2 9.5 1.4 -7.3 2.3 -14.1 1.3 18

19 State and local govt. retirement funds -6.9 -5.0 -5.3 0.0 -6.5 2.9 4.7 -1.0 1.9 -0.2 1.0 19

20 Money market mutual funds 47.1 -20.8 -18.7 112.0 48.5 148.2 118.2 133.0 -37.2 13.5 161.1 20

21 Mutual funds 10.9 12.9 18.1 2.8 46.0 -17.2 -18.5 0.9 46.7 26.6 5.2 21

22 Government-sponsored enterprises -9.1 -20.0 15.8 24.2 -11.6 10.0 92.6 5.7 26.6 -37.0 15.0 22

23 Discrepancy--unallocated assets 36.0 -24.0 -139.3 131.0 422.3 162.5 -127.4 66.8 292.9 254.4 259.6 23

F.208 Open Market Paper

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Total net issues, all types -63.5 -75.1 134.7 266.7 236.2 317.3 324.8 188.5 366.1 289.7 551.1 1

 2 Commercial paper -63.3 -74.9 135.0 266.7 235.9 317.0 323.9 189.9 365.8 289.9 551.3 2

 3 Nonfinancial corporate business -57.9 -35.1 16.8 -7.9 49.8 5.8 2.8 -89.9 42.1 40.1 -14.3 3

 4 Foreign issues in U.S. 58.3 12.9 62.8 38.5 6.2 10.0 78.5 59.1 62.6 -58.9 249.3 4

 5 Nonfinancial -0.2 -3.7 -2.2 15.7 -0.2 -14.6 14.9 62.6 -34.0 10.0 -4.2 5

 6 Financial 58.5 16.5 65.0 22.8 6.4 24.6 63.6 -3.5 96.6 -68.9 253.5 6

 7 Financial sectors -63.7 -52.7 55.4 236.1 179.9 301.3 242.5 220.7 261.1 308.7 316.3 7

 8 Commercial banking -2.3 -6.0 10.8 4.0 26.8 -7.6 21.6 -24.7 6.3 47.8 5.3 8

 9 ABS issuers -40.1 -43.0 -8.0 146.8 83.7 127.4 141.4 234.7 127.0 201.8 79.4 9

10 Finance companies -14.6 -2.7 30.2 -15.3 -22.9 -53.7 -21.8 37.1 -0.9 2.9 29.9 10

11 REITs 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11

12 Funding corporations -6.7 -1.0 22.4 100.6 92.2 235.2 101.3 -26.5 128.6 56.1 201.7 12

13 Bankers acceptances (1) -0.2 -0.2 -0.3 0.0 0.3 0.2 0.9 -1.4 0.3 -0.2 -0.1 13

14 Net purchases, by sector -63.5 -75.1 134.7 266.7 236.2 317.3 324.8 188.5 366.1 289.7 551.1 14

15 Household sector 13.1 -4.5 30.2 28.1 5.2 57.3 27.4 22.7 20.4 25.9 21.8 15

16 Nonfinancial corporate business 4.6 10.9 19.3 11.7 -0.4 0.5 22.6 24.2 28.0 30.1 30.5 16

17 State and local governments 14.3 10.3 8.8 6.7 6.7 2.3 10.1 7.7 5.9 7.8 14.9 17

18 Rest of the world 18.1 9.2 44.8 8.6 -21.0 42.7 -10.6 23.3 -44.4 171.3 6.1 18

19 Monetary authority 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19

20 Commercial banking (1) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 20

21 Savings institutions 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 21

22 Credit unions 1.2 -2.0 0.2 -0.6 0.6 -2.5 -2.0 1.6 4.0 -2.1 2.2 22

23 Life insurance companies 14.7 -18.2 -7.6 -8.0 -9.4 -15.7 -17.1 10.0 -12.1 11.9 8.5 23

24 Private pension funds 2.2 -3.2 0.3 2.2 2.8 4.2 1.3 0.3 2.1 4.5 2.7 24

25 State and local govt. retirement funds -3.2 -9.0 -9.5 0.2 -2.7 2.3 0.2 1.1 4.5 -3.3 3.6 25

26 Money market mutual funds -38.6 -125.2 -54.1 86.3 3.3 90.2 103.6 148.2 -9.3 63.1 265.5 26

27 Mutual funds -7.7 13.1 18.0 2.9 53.1 -1.6 -23.1 -16.7 50.7 46.0 1.2 27

28 Government-sponsored enterprises -23.5 -2.4 -2.0 2.2 2.5 3.5 -3.0 5.8 0.7 5.0 -4.6 28

29 Brokers and dealers -4.7 5.9 -1.3 7.6 9.5 48.3 5.3 -32.7 44.3 3.7 5.2 29

30 Funding corporations -54.2 39.8 87.5 118.6 185.8 85.7 210.0 -7.0 271.3 -74.0 193.6 30

(1) Excludes banks’ holdings of own acceptances.
42 Z.1, December 7, 2006

F.209 Treasury Securities

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2002 2003 2004 2005 2005 2006

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Net issues 257.1 398.4 362.5 307.3 570.4 26.5 264.2 368.1 532.5 -116.4 161.1 1

 2 Savings bonds 4.5 8.9 0.6 0.7 -0.2 0.3 -1.1 3.8 3.8 -2.7 -4.8 2

 3 Other Treasury issues 252.5 389.5 361.9 306.6 570.6 26.2 265.3 364.3 528.7 -113.7 165.9 3

 4 Net purchases 257.1 398.4 362.5 307.3 570.4 26.5 264.2 368.1 532.5 -116.4 161.1 4

 5 Household sector -105.6 28.7 65.3 -112.4 61.0 -235.1 9.0 -284.6 575.7 -213.6 -165.6 5

 6 Savings bonds 4.5 8.9 0.6 0.7 -0.2 0.3 -1.1 3.8 3.8 -2.7 -4.8 6

 7 Other Treasury issues -110.1 19.8 64.7 -113.1 61.1 -235.4 10.1 -288.3 571.8 -210.9 -160.8 7

 8 Nonfinancial corporate business 14.5 1.4 0.2 3.9 -0.9 9.9 -10.8 17.5 -7.9 -8.2 4.6 8

 9 Nonfarm noncorporate business 0.0 2.0 7.1 7.9 5.6 8.6 8.4 9.0 6.8 4.9 5.8 9

10 State and local governments 26.2 9.5 23.2 68.8 80.9 81.2 77.1 36.1 -1.2 24.9 15.7 10

11 Rest of the world 138.9 276.0 346.8 287.1 379.0 124.8 242.4 402.3 130.3 10.9 163.2 11

12 Monetary authority 77.7 37.3 51.2 26.4 2.0 31.8 56.9 14.9 63.0 35.3 20.3 12

13 Commercial banking 43.2 3.0 -22.8 -13.0 36.0 -44.9 11.8 -54.8 -30.5 39.6 0.3 13

14 U.S.-chartered commercial banks 29.9 7.1 -19.2 -10.1 27.7 -27.2 12.3 -53.1 -22.2 31.2 -7.8 14

15 Foreign banking offices in U.S. 12.9 -6.5 -4.1 -2.1 9.1 -18.7 0.1 1.1 -14.9 9.7 11.7 15

16 Bank holding companies 0.1 1.4 -0.8 -0.9 -1.6 3.2 0.1 -5.1 6.2 -0.1 -1.9 16

17 Banks in U.S.-affiliated areas 0.3 1.0 1.4 0.1 0.8 -2.1 -0.6 2.4 0.4 -1.2 -1.7 17

18 Savings institutions -2.2 3.0 -3.9 4.0 -3.2 5.6 -1.3 14.7 -8.0 -9.7 -0.1 18

19 Credit unions 0.4 1.3 -0.1 -1.2 -2.4 0.4 -2.1 -0.8 1.1 -1.1 3.4 19

20 Property-casualty insurance companies 9.2 3.5 6.6 -2.0 0.9 -3.6 1.5 -6.9 5.4 4.3 0.3 20

21 Life insurance companies 24.8 -6.6 6.6 12.7 10.0 13.8 14.7 12.2 4.7 1.8 3.0 21

22 Private pension funds -3.4 13.3 -4.1 3.0 6.4 2.0 5.9 -2.3 1.4 3.1 4.5 22

23 State and local govt. retirement funds 3.8 -10.9 -17.5 -1.0 -13.3 11.9 0.1 -2.7 -2.1 12.9 -8.9 23

24 Federal government retirement funds 9.6 5.1 5.4 7.7 8.8 10.8 7.8 3.5 5.9 18.2 6.9 24

25 Money market mutual funds 4.7 -10.2 -33.9 -9.6 4.9 -9.8 -8.3 -25.4 -31.0 22.8 -26.9 25

26 Mutual funds 17.2 9.3 4.8 6.6 10.0 3.9 -1.8 14.4 6.5 1.0 5.3 26

27 Closed-end funds -2.8 1.4 2.4 0.3 0.6 1.7 -1.0 -0.1 -1.2 0.2 0.3 27

28 Exchange-traded funds 2.0 0.1 2.8 4.8 9.3 2.1 4.5 3.3 1.4 7.1 1.1 28

29 Government-sponsored enterprises 12.1 -12.3 -0.6 0.2 0.7 -1.9 1.0 1.0 1.5 1.3 0.9 29

30 ABS issuers 0.4 1.9 5.2 19.7 8.2 20.8 22.6 27.0 22.2 40.1 31.0 30

31 Brokers and dealers -13.7 41.7 -82.4 -6.5 -34.1 -7.6 -174.2 189.7 -211.4 -112.3 96.1 31

 Memo:

32 Federal government borrowing (1) 257.6 396.0 361.9 306.9 569.7 25.1 263.9 368.9 531.5 -116.1 160.1 32

(1) Total issues of Treasury securities (table F.209, line 1) plus budget agency securities (table F.210, line 2) and federal mortgage borrowing (table F.217, line 12).
Z.1, December 7, 2006 43

F.210 Agency- and GSE-backed Securities (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2002 2003 2004 2005 2005 2006

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Net issues 547.2 571.9 117.5 50.2 -163.0 51.1 -80.9 393.5 471.1 621.0 88.7 1

 2 Budget agencies 0.5 -2.4 -0.6 -0.4 -0.7 -1.4 -0.4 0.8 -1.0 0.2 -1.0 2

 3 Government-sponsored enterprises 219.8 243.7 65.0 -84.2 -209.6 -84.2 -243.9 200.9 144.8 314.3 -191.1 3

 4 Agency- and GSE-backed mortgage pools 326.8 330.5 53.0 134.8 47.3 136.6 163.4 191.8 327.3 306.4 280.8 4

 5 Net purchases 547.2 571.9 117.5 50.2 -163.0 51.1 -80.9 393.5 471.1 621.0 88.7 5

 6 Household sector -157.7 144.4 83.0 221.3 -78.6 286.6 454.0 223.1 -38.0 54.9 172.9 6

 7 Nonfinancial corporate business -0.7 -4.8 0.1 1.4 -0.3 3.6 -4.0 6.5 -2.9 -3.0 1.7 7

 8 State and local governments 41.7 22.5 19.1 14.6 14.6 5.1 22.0 16.8 0.9 16.9 32.3 8

 9 Federal government 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

10 Rest of the world 112.3 3.1 109.0 157.1 101.5 157.2 207.0 162.5 263.7 234.0 212.8 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

12 Commercial banking 140.5 83.6 96.9 -6.8 95.5 -63.3 -55.4 -4.0 154.4 162.2 -249.1 12

13 U.S.-chartered commercial banks 121.1 85.1 89.7 -3.4 102.2 -94.4 -24.1 2.8 178.8 133.5 -240.6 13

14 Foreign banking offices in U.S. 10.9 -7.1 0.6 -2.3 -9.3 27.9 -27.0 -0.6 -26.9 29.0 -1.3 14

15 Bank holding companies 4.5 0.9 1.9 -2.3 0.3 -3.1 -5.1 -1.4 3.0 4.6 -2.3 15

16 Banks in U.S.-affiliated areas 3.9 4.7 4.7 1.2 2.4 6.3 0.8 -4.8 -0.4 -4.9 -4.9 16

17 Savings institutions 14.7 22.6 -13.6 -12.8 -5.9 -8.9 -17.1 -19.3 -9.1 -23.6 120.2 17

18 Credit unions 18.2 18.6 -0.5 -7.6 4.1 -1.5 -27.3 -5.6 13.5 -3.3 -21.0 18

19 Property-casualty insurance companies 19.0 2.2 -3.3 5.8 9.7 3.1 11.9 -1.6 9.3 7.4 6.6 19

20 Life insurance companies 77.4 18.0 8.2 11.4 38.6 4.6 7.6 -5.3 19.5 6.2 13.6 20

21 Private pension funds -19.4 38.3 11.3 -1.4 -9.5 -19.8 -3.9 27.6 11.3 21.6 21.4 21

22 State and local govt. retirement funds 11.8 55.7 44.2 -1.6 76.8 -39.6 -42.7 -1.0 -3.6 24.2 -20.0 22

23 Federal government retirement funds 1.9 0.5 -0.5 0.0 -0.2 0.4 0.2 -0.3 -0.3 -0.2 0.5 23

24 Money market mutual funds 8.7 -4.6 -61.1 -107.4 -154.5 -154.6 -151.4 31.0 44.1 3.0 -100.7 24

25 Mutual funds 54.0 25.2 15.2 20.8 31.2 12.2 -5.5 45.1 20.3 3.0 16.7 25

26 Government-sponsored enterprises 131.7 88.8 -130.3 -163.6 -185.4 -227.9 -300.0 58.9 -20.0 39.6 -94.9 26

27 ABS issuers 71.4 67.7 -100.0 -76.0 -103.3 -30.4 -105.7 -64.5 -107.0 -54.6 -65.3 27

28 REITs 7.4 -1.9 16.1 1.3 -1.1 13.2 0.9 -8.0 1.6 30.0 17.5 28

29 Brokers and dealers 14.1 -8.1 23.5 -6.3 3.6 111.0 -71.4 -68.3 113.5 102.7 23.4 29

(1) Agency- and GSE-backed securities include: issues of federal budget agencies (line 2) such as those for the TVA; issues of government-sponsored enterprises (line 3) such as FNMA and FHLB;

 and agency- and GSE-backed mortgage pool securities issued by GNMA, FNMA, FHLMC, and the Farmers Home Administration (line 4). Only the budget agency issues are considered

 officially to be part of the total borrowing of the federal government, which is shown in table F.209, line 32.
44 Z.1, December 7, 2006

F.211 Municipal Securities and Loans

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2002 2003 2004 2005 2005 2006

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Net change in liabilities 159.4 137.6 130.5 194.7 188.2 147.4 237.6 205.3 77.6 160.5 195.5 1

 2 State and local governments 143.4 120.0 115.1 170.8 166.2 126.1 216.2 174.7 64.5 123.0 175.7 2

 3 Short-term (1) 25.2 10.4 -5.9 5.7 4.5 -20.7 12.8 26.3 0.3 -8.2 -7.3 3

 4 Long-term 118.2 109.6 121.0 165.1 161.7 146.8 203.4 148.4 64.3 131.1 183.0 4

 5 Nonprofit organizations (2) 12.9 14.1 10.3 16.5 15.7 14.6 14.9 20.7 9.3 29.9 16.6 5

 Nonfinancial corporate business

 6 (industrial revenue bonds) 3.1 3.5 5.1 7.4 6.3 6.7 6.5 9.9 3.8 7.6 3.2 6

 7 Net change in assets 159.4 137.6 130.5 194.7 188.2 147.4 237.6 205.3 77.6 160.5 195.5 7

 8 Household sector 97.6 29.0 33.2 75.0 33.1 77.0 101.7 88.3 -27.3 95.5 58.1 8

 9 Nonfinancial corporate business 2.8 3.3 -0.4 -2.4 2.3 -12.2 2.7 -2.4 7.9 -1.0 -3.8 9

10 Nonfarm noncorporate business -0.1 -0.7 0.4 0.5 0.3 0.5 0.5 0.5 0.4 0.3 0.3 10

11 State and local governments 0.1 0.3 0.2 0.2 0.2 0.1 0.3 0.2 0.2 0.2 0.4 11

12 Rest of the world 3.5 8.0 6.5 4.0 4.0 4.0 4.0 4.0 4.0 4.0 4.0 12

13 Commercial banking 1.5 10.8 8.3 16.9 20.6 8.1 17.5 21.4 12.2 3.7 22.0 13

14 Savings institutions 1.0 0.8 0.8 1.5 1.0 3.0 1.5 0.7 3.2 1.2 3.3 14

15 Property-casualty insurance companies 9.2 41.2 43.6 45.4 52.5 38.0 62.2 28.8 24.6 19.6 17.6 15

16 Life insurance companies 1.2 6.2 4.0 2.4 4.1 2.0 2.3 1.1 1.8 0.5 1.3 16

17 State and local govt. retirement funds -0.8 0.1 0.7 0.1 -2.7 1.2 0.3 1.5 1.0 0.1 0.6 17

18 Money market mutual funds 1.8 13.6 21.8 23.2 21.7 22.2 17.6 31.5 35.1 -9.2 61.1 18

19 Mutual funds 24.3 12.9 4.1 17.4 26.9 18.5 28.0 -4.0 39.2 26.8 28.0 19

20 Closed-end funds 11.3 3.2 -0.1 0.2 1.1 2.5 -1.7 -1.1 -0.0 3.1 -2.9 20

21 Government-sponsored enterprises 4.0 5.0 0.2 -0.8 5.6 -1.8 -10.9 4.0 5.0 6.3 3.7 21

22 Brokers and dealers 2.0 3.8 7.1 11.0 17.5 -15.7 11.5 30.7 -29.7 9.3 1.7 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 517.5 642.7 712.7 781.4 688.6 871.7 644.0 921.4 594.3 785.4 639.2 1

 2 Nonfinancial corporate business 132.3 158.3 77.7 59.9 34.3 30.1 99.6 75.5 213.5 207.3 119.6 2

 3 Rest of the world (1) 31.6 28.7 61.8 38.0 41.3 84.4 8.5 17.9 50.6 139.1 176.7 3

 4 Financial sectors 353.6 455.7 573.2 683.5 613.0 757.2 535.9 828.0 330.3 439.0 342.9 4

 5 Commercial banking 22.0 46.9 58.3 56.7 79.3 30.8 38.2 78.4 47.2 90.6 41.3 5

 6 Savings institutions -0.2 1.7 2.5 1.0 -0.4 0.7 -0.6 4.4 -0.8 4.7 3.4 6

 7 ABS issuers 222.9 254.1 340.1 514.2 343.3 564.1 578.8 570.6 177.9 175.2 300.0 7

 8 Finance companies 64.0 107.9 74.1 43.6 128.4 62.7 -151.5 134.9 24.3 85.0 -34.2 8

 9 REITs 16.2 23.3 70.6 40.3 36.2 72.2 44.9 7.8 38.1 49.3 18.8 9

10 Brokers and dealers -1.7 6.4 15.2 0.1 11.2 -5.2 28.0 -33.4 35.1 6.5 5.0 10

11 Funding corporations 30.5 15.4 12.2 27.6 14.9 32.0 -1.9 65.4 8.3 27.6 8.6 11

12 Net purchases 517.5 642.7 712.7 781.4 688.6 871.7 644.0 921.4 594.3 785.4 639.2 12

13 Household sector 198.1 -87.4 -18.5 -11.8 -219.0 87.4 -169.3 253.6 -312.7 -85.0 -138.9 13

14 State and local governments 9.1 7.1 6.0 4.6 4.6 1.6 7.0 5.3 0.1 5.3 10.2 14

15 Rest of the world (2) 147.5 220.8 259.5 330.4 238.2 326.7 373.1 383.8 390.1 397.1 343.9 15

16 Commercial banking -3.2 44.6 77.3 126.5 255.9 186.0 115.5 -51.4 95.2 138.2 24.1 16

17 Savings institutions -4.0 -8.8 -12.2 21.1 13.2 7.4 43.0 21.0 24.6 10.9 -0.2 17

18 Property-casualty insurance companies 2.4 20.0 26.4 17.5 25.7 11.4 31.2 1.5 20.7 16.5 17.9 18

19 Life insurance companies 106.8 171.0 147.8 78.9 143.9 60.7 77.4 33.7 99.6 27.2 73.3 19

20 Private pension funds 11.4 20.9 -7.7 8.9 -2.4 14.4 14.2 9.5 -7.1 19.1 10.6 20

21 State and local govt. retirement funds -62.4 -24.1 10.2 -0.4 -1.8 0.3 -7.7 7.6 -8.2 25.4 -17.0 21

22 Federal government retirement funds 1.2 0.4 -0.3 -0.0 -0.1 0.2 0.1 -0.2 -0.2 -0.2 0.2 22

23 Money market mutual funds 5.6 30.5 2.3 -2.7 -45.0 -66.5 51.2 49.7 56.4 69.1 176.8 23

24 Mutual funds 50.9 77.4 74.5 76.4 71.8 94.3 86.1 53.5 121.9 81.0 104.8 24

25 Closed-end funds 0.1 31.6 8.9 1.0 4.7 -0.3 1.9 -2.2 11.4 15.2 -6.3 25

26 Exchange-traded funds 1.8 0.6 1.0 1.9 2.4 1.4 2.6 1.5 1.6 2.1 1.7 26

27 Government-sponsored enterprises 33.5 36.6 110.8 48.0 60.6 55.1 29.3 47.0 25.9 36.7 -13.3 27

28 REITs 2.3 10.1 17.3 25.1 8.6 47.4 28.2 16.1 13.3 15.7 11.0 28

29 Brokers and dealers 30.7 36.4 23.9 85.2 79.0 94.6 13.5 153.8 31.7 50.4 65.1 29

30 Funding corporations -14.4 54.9 -14.5 -29.4 48.3 -50.3 -53.1 -62.4 30.1 -39.5 -24.9 30

(1) Net purchases of foreign issues by U.S. residents.

(2) Net purchases of U.S. issues by foreign residents.
Z.1, December 7, 2006 45

F.213 Corporate Equities (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2002 2003 2004 2005 2005 2006

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Net issues 46.4 138.7 66.5 -153.4 -33.5 -126.9 -305.5 -147.6 -395.1 -467.0 -565.9 1

 2 Nonfinancial corporate business -41.6 -42.0 -126.6 -363.4 -264.3 -300.1 -469.9 -419.2 -570.0 -614.8 -579.6 2

 3 Rest of the world (2) 17.0 118.0 84.8 142.1 160.2 98.5 138.7 171.2 164.2 69.7 32.9 3

 4 Financial sectors 71.0 62.7 108.3 67.9 70.6 74.8 25.7 100.4 10.6 78.1 -19.2 4

 5 Commercial banking -10.7 -2.4 17.6 -13.8 -22.1 11.3 -25.0 -19.4 -26.6 -13.5 -10.4 5

 6 Property-casualty insurance companies 6.2 4.1 -4.0 -2.8 -3.6 -5.0 -4.4 1.6 -5.9 -6.9 -2.5 6

 7 Life insurance companies -6.5 -3.9 -17.3 -8.0 -13.8 -5.0 -5.6 -7.4 -23.1 -29.4 -8.0 7

 8 Closed-end funds 18.1 43.9 32.8 20.0 40.6 26.1 16.6 -3.1 5.5 20.7 -11.6 8

 9 Exchange-traded funds 45.3 15.8 55.0 53.9 35.7 40.6 12.6 126.7 30.5 88.9 17.1 9

10 REITs 8.4 13.3 21.5 16.1 10.7 20.1 23.7 9.9 18.2 17.2 15.5 10

11 Brokers and dealers 10.2 -8.0 2.6 2.5 23.2 -13.2 7.9 -7.7 11.9 1.2 -19.2 11

12 Net purchases 46.4 138.7 66.5 -153.4 -33.5 -126.9 -305.5 -147.6 -395.1 -467.0 -565.9 12

13 Household sector -145.4 -2.0 -259.1 -456.3 -321.6 -354.7 -600.5 -548.4 -862.9 -690.5 -756.6 13

14 State and local governments 10.3 -17.0 -4.8 -0.7 13.5 -6.2 -7.3 -2.8 -15.8 12.7 -6.9 14

15 Rest of the world (3) 54.1 34.0 61.8 86.6 71.1 53.0 126.3 96.0 223.6 16.8 97.8 15

16 Commercial banking -0.6 2.3 -0.2 -0.0 -0.9 4.3 -2.3 -1.2 1.9 -2.9 0.5 16

17 Savings institutions 2.0 -1.0 -1.1 -1.0 -1.7 -0.9 -1.1 -0.1 -3.0 -0.9 -0.7 17

18 Property-casualty insurance companies -1.1 -2.7 -3.5 -5.8 -1.0 -4.6 -6.0 -11.5 8.2 -2.5 -2.9 18

19 Life insurance companies 52.7 45.5 51.5 65.9 73.8 42.9 82.4 64.4 66.4 68.9 70.0 19

20 Private pension funds -69.5 -101.0 -11.0 -53.0 -98.7 -29.0 -36.2 -48.3 -89.4 -42.0 -16.0 20

21 State and local govt. retirement funds 50.2 -0.6 -22.6 -3.0 -4.7 -5.9 2.0 -3.3 7.7 -3.9 0.3 21

22 Federal government retirement funds 8.2 17.5 9.1 7.0 5.5 2.5 8.3 11.5 8.9 -3.1 7.5 22

23 Mutual funds 31.4 136.8 158.5 129.6 145.3 130.1 129.1 114.0 204.5 94.3 70.3 23

24 Closed-end funds 9.4 7.6 21.7 18.5 34.2 22.0 17.4 0.3 -4.6 2.2 -2.7 24

25 Exchange-traded funds 41.6 15.1 51.2 47.1 24.0 37.1 5.5 121.9 27.5 79.7 14.3 25

26 Brokers and dealers 3.2 4.1 15.2 11.8 27.9 -17.6 -23.1 59.9 31.7 4.3 -40.7 26

(1) Excludes mutual fund shares shown on table F.214.

(2) Net purchases of foreign issues by U.S. residents; includes American Depositary Receipts (ADRs).

(3) Net purchases of U.S. issues by foreign residents.

F.214 Mutual Fund Shares (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net issues 181.1 288.6 298.2 260.2 389.3 239.2 201.6 210.6 504.6 275.4 231.5 1

 2 Net purchases 181.1 288.6 298.2 260.2 389.3 239.2 201.6 210.6 504.6 275.4 231.5 2

 3 Household sector 125.6 240.5 249.0 266.0 394.1 240.6 213.5 215.6 527.3 278.2 227.4 3

 4 Nonfinancial corporate business 0.5 11.3 2.0 7.4 7.4 7.4 7.4 7.4 7.4 7.4 7.4 4

 5 State and local governments 2.1 -5.2 -1.5 -0.2 4.1 -1.9 -2.2 -0.9 -4.8 3.9 -2.1 5

 6 Commercial banking 1.7 -6.2 -0.9 -1.8 -4.9 -4.3 3.1 -1.0 -4.6 5.2 8.9 6

 7 Credit unions -0.2 0.5 -0.9 -1.0 -1.3 -1.1 -1.4 -0.3 0.4 -0.9 0.0 7

 8 Life insurance companies 2.6 0.5 12.8 -9.9 -10.0 -10.0 -10.0 -9.6 2.0 2.0 2.0 8

 9 Private pension funds 34.8 39.9 36.2 -0.1 0.6 8.7 -6.8 -2.7 -21.9 -19.8 -11.7 9

10 State and local govt. retirement funds 13.9 7.3 1.6 -0.2 -0.8 -0.2 -2.0 2.1 -1.2 -0.5 -0.3 10

(1) Shares of open-end investment companies; excludes shares of money market mutual funds, exchange-traded funds, and funding vehicles for variable annuities.
46 Z.1, December 7, 2006

F.215 Bank Loans Not Elsewhere Classified

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2002 2003 2004 2005 2005 2006

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 Total loans by commercial

 1 banking, flow of funds basis 225.2 193.2 405.0 557.9 588.5 533.3 621.0 488.8 696.3 496.0 419.8 1

 - Loans elsewhere classified:

 2 Open market paper 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2

 3 Mortgages 268.5 197.5 339.5 361.2 425.4 325.6 403.3 290.6 319.6 346.2 143.0 3

 4 Consumer credit 34.1 52.8 34.9 2.8 -5.5 16.9 81.6 -82.0 44.7 2.4 45.9 4

 5 Security credit 2.8 35.5 -17.9 34.9 31.3 28.2 62.0 18.0 51.1 25.9 101.3 5

 6 = Banking sector total bank loans n.e.c. -80.2 -92.6 48.5 159.0 137.3 162.6 74.0 262.2 281.0 121.5 129.5 6

 7 U.S.-chartered commercial banks -58.1 -69.0 42.8 90.1 82.0 112.3 4.6 161.5 215.8 102.9 3.7 7

 8 Foreign banking offices in U.S. -18.6 -29.0 6.4 60.6 59.3 48.5 70.1 64.4 65.0 46.2 124.5 8

 9 Bank holding companies 0.9 5.0 -2.5 2.7 -4.9 -5.1 0.8 20.0 -1.8 -14.0 -4.6 9

10 Banks in U.S.-affiliated areas -4.3 0.3 1.8 5.6 0.9 6.8 -1.4 16.2 1.9 -13.5 6.0 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. -80.2 -92.6 48.5 159.0 137.3 162.6 74.0 262.2 281.0 121.5 129.5 12

13 Net change in liabilities -80.2 -92.6 48.5 159.0 137.3 162.6 74.0 262.2 281.0 121.5 129.5 13

14 Nonfinancial sectors -101.2 -85.5 15.0 149.8 120.5 206.9 44.7 227.1 271.3 156.7 149.8 14

15 Household sector -22.6 -2.6 -15.7 23.7 18.2 53.6 -30.6 53.7 74.8 51.7 6.3 15

16 Corporate business -108.2 -85.9 14.6 62.1 56.9 91.0 42.3 58.4 110.3 42.8 88.0 16

17 Nonfarm noncorporate business 25.1 11.1 11.4 48.9 36.0 65.0 21.8 72.6 76.0 29.1 57.2 17

18 Farm business -0.9 -0.4 2.2 2.2 -2.7 2.6 6.1 2.9 2.6 4.9 3.5 18

19 Rest of the world 5.3 -7.7 2.5 12.9 12.1 -5.3 5.2 39.5 7.6 28.2 -5.2 19

20 Foreign official institutions 0.8 -0.5 0.9 -2.8 0.9 -1.9 -9.7 -0.6 -1.8 1.6 -1.1 20

21 Foreign banks -0.8 -1.5 2.8 3.1 1.4 -1.8 9.9 2.9 -1.8 7.3 -4.9 21

22 Other foreign 5.3 -5.7 -1.3 12.6 9.9 -1.6 5.0 37.2 11.2 19.3 0.8 22

23 Financial sectors 21.1 -7.2 33.5 9.2 16.8 -44.3 29.4 35.0 9.7 -35.2 -20.2 23

24 Savings institutions 4.2 -13.2 1.9 -1.1 -0.5 -9.5 5.1 0.6 5.1 -9.0 15.2 24

25 Finance companies 16.8 5.7 30.0 5.1 3.2 -36.1 23.1 30.2 -1.0 -21.7 -35.3 25

26 REITs 0.1 0.3 1.5 5.2 14.1 1.3 1.1 4.2 5.6 -4.5 -0.1 26
Z.1, December 7, 2006 47

F.216 Other Loans and Advances

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2002 2003 2004 2005 2005 2006

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total other loans and advances 20.2 34.5 90.9 117.0 111.8 156.4 58.1 141.9 53.5 128.1 88.3 1

 2 U.S. government loans -3.6 -1.4 -2.6 -8.8 -10.1 -9.3 -10.4 -5.3 -7.3 -0.8 -0.9 2

 3 Liab.: Household sector -0.8 -0.7 -0.9 -0.8 -0.9 -0.8 -0.7 -0.7 -0.4 -0.0 0.6 3

 4 Nonfinancial corporate business -0.3 0.7 0.5 0.8 0.4 1.0 0.9 0.8 0.9 0.8 0.9 4

 5 Nonfarm noncorporate business -0.7 0.7 1.5 -4.4 -5.9 -4.7 -3.9 -2.9 3.2 4.4 4.4 5

 6 Farm business -0.3 -0.2 -0.3 -0.3 -0.3 -0.3 -0.3 -0.2 -0.2 -0.1 -0.1 6

 7 State and local governments 0.5 0.3 0.2 0.5 0.3 0.4 0.6 0.6 0.6 0.7 0.6 7

 8 Rest of the world -1.9 -2.1 -3.7 -4.6 -3.7 -4.9 -6.9 -2.9 -11.6 -6.6 -7.3 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 10.1 -0.8 6.3 60.6 92.8 59.2 30.3 60.0 1.7 1.3 39.5 10

11 Liab.: Nonfinancial corporate business 10.1 -0.8 6.3 60.6 92.8 59.2 30.3 60.0 1.7 1.3 39.5 11

 Customers liability on acceptances

12 outstanding (Commercial banking asset) -0.0 -0.2 -0.4 0.0 0.3 0.4 0.8 -1.5 0.2 -0.1 -0.3 12

13 Liab.: Nonfinancial corporate business 0.3 -0.2 -0.4 0.0 -0.0 0.0 1.3 -1.2 0.2 0.2 0.5 13

14 Rest of the world -0.4 0.0 0.1 -0.0 0.4 0.3 -0.5 -0.3 0.1 -0.3 -0.7 14

15 Savings institution loans to business 3.3 10.0 1.3 3.9 -4.9 17.5 -5.2 8.2 3.8 13.8 8.3 15

16 Liab.: Nonfinancial corporate business 1.7 5.0 0.7 1.9 -2.4 8.7 -2.6 4.1 1.9 6.9 4.1 16

17 Nonfarm noncorporate business 1.7 5.0 0.7 1.9 -2.4 8.7 -2.6 4.1 1.9 6.9 4.1 17

18 Policy loans (Household liability) 1.0 -0.7 1.6 0.8 -1.6 2.8 -1.2 3.0 2.8 6.2 -1.8 18

19 Asset: Federal government -0.1 -0.1 -0.1 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 19

20 Life insurance companies 1.0 -0.7 1.6 0.8 -1.5 2.9 -1.2 3.0 2.8 6.2 -1.8 20

21 Govt.-sponsored enterprises loans 8.9 31.1 73.5 49.7 47.6 89.6 30.3 31.4 38.5 53.1 34.4 21

22 Liab.: Household sector (SLMA) 0.1 -0.1 -0.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 22

23 Noncorporate business (FCS) 0.6 -0.3 -1.7 1.0 6.7 -1.9 -2.2 1.3 6.0 3.9 3.1 23

24 Farm business (FCS) 1.4 0.3 1.5 4.5 2.1 4.2 7.3 4.2 15.9 4.7 2.3 24

25 Commercial banks (FHLB and SLMA) 30.2 8.5 8.8 24.4 42.9 23.7 22.1 8.9 8.7 56.8 2.0 25

26 Savings institutions (FHLB and SLMA) -27.4 17.6 60.0 16.2 -4.0 58.3 2.4 8.3 5.3 -20.4 22.4 26

27 Credit unions (FHLB) 2.0 2.2 2.3 3.3 1.5 3.1 0.3 8.1 -0.2 6.8 2.2 27

28 Life insurance companies (FHLB) 2.0 2.9 3.0 0.4 -1.6 2.3 0.4 0.6 2.8 1.3 2.4 28

29 Securitized loans held by ABS issuers -3.3 -1.1 1.4 -16.8 6.9 -29.1 -18.7 -26.3 2.8 6.4 -15.5 29

30 Liab.: Nonfinancial corporate business -3.3 -1.1 1.4 -16.8 6.9 -29.1 -18.7 -26.3 2.8 6.4 -15.5 30

31 Finance company loans to business 3.8 -2.3 9.8 27.6 -19.3 25.3 32.2 72.3 11.0 48.2 24.6 31

32 Liab.: Nonfinancial corporate business 3.4 -2.1 8.8 24.9 -17.4 22.8 29.0 65.1 9.9 43.4 22.1 32

33 Nonfarm noncorporate business 0.4 -0.2 1.0 2.8 -1.9 2.5 3.2 7.2 1.1 4.8 2.5 33
48 Z.1, December 7, 2006

F.217 Total Mortgages

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2002 2003 2004 2005 2005 2006

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Net change in mortgages 881.1 1007.3 1289.1 1468.0 1147.8 1458.0 1687.7 1578.4 1330.6 1183.0 1034.7 1

 2 Home 734.0 800.8 1054.8 1134.9 901.3 1135.7 1322.5 1180.2 1025.2 872.1 685.9 2

 3 Multifamily residential 38.5 70.9 53.3 71.0 52.0 75.1 71.4 85.5 55.9 39.9 43.2 3

 4 Commercial 100.9 127.6 172.9 255.9 189.3 235.6 285.4 313.2 239.1 255.5 287.9 4

 5 Farm 7.6 8.0 8.1 6.2 5.3 11.5 8.5 -0.5 10.4 15.5 17.7 5

 6 Net borrowing 881.1 1007.3 1289.1 1468.0 1147.8 1458.0 1687.7 1578.4 1330.6 1183.0 1034.7 6

 7 Household sector 709.8 864.4 981.7 1107.1 880.9 1104.6 1237.6 1205.3 1003.7 867.0 684.2 7

 8 Nonfinancial business 163.0 134.5 281.1 347.8 244.3 334.1 430.2 382.7 304.0 301.5 344.4 8

 9 Corporate 34.4 46.4 46.3 86.4 59.6 55.5 121.7 108.7 81.4 66.9 140.0 9

10 Nonfarm noncorporate 121.0 80.2 226.7 255.3 179.4 267.1 300.0 274.5 212.1 219.1 186.7 10

11 Farm 7.6 8.0 8.1 6.2 5.3 11.5 8.5 -0.5 10.4 15.5 17.7 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 8.2 8.3 26.3 13.1 22.7 19.3 19.9 -9.6 22.9 14.5 6.1 13

14 Net change in assets 881.1 1007.3 1289.1 1468.0 1147.8 1458.0 1687.7 1578.4 1330.6 1183.0 1034.7 14

15 Household sector 10.9 11.6 12.4 13.0 12.5 14.2 13.5 11.9 14.4 15.1 15.5 15

16 Nonfinancial corporate business 2.9 2.2 16.1 16.1 16.1 16.1 16.1 16.1 16.1 16.1 16.1 16

17 Nonfarm noncorporate business -0.6 -0.2 4.1 4.6 3.2 5.0 4.9 5.3 4.0 3.0 3.4 17

18 State and local governments -5.3 8.5 7.2 5.5 5.5 1.9 8.3 6.3 4.9 6.4 6.2 18

19 Federal government 0.5 -2.5 1.6 2.4 1.1 0.6 3.8 4.0 1.8 6.9 3.3 19

20 Commercial banking 268.5 197.5 339.5 361.2 425.4 325.6 403.3 290.6 319.6 346.2 143.0 20

21 Savings institutions (1) 23.0 89.2 186.8 95.7 3.9 196.2 108.1 74.6 111.7 134.4 111.1 21

22 Credit unions 18.2 23.2 30.6 32.4 28.6 38.0 27.0 35.9 33.0 39.0 34.4 22

23 Property-casualty insurance companies 0.1 0.1 0.3 0.3 0.2 0.2 0.5 0.3 0.1 0.4 0.3 23

24 Life insurance companies 7.0 10.9 12.4 12.1 13.0 13.0 10.5 12.1 17.9 27.4 11.9 24

25 Private pension funds 0.6 -0.1 -0.2 -0.2 -0.3 -0.1 -0.1 -0.3 -0.2 -0.3 -0.3 25

26 State and local govt. retirement funds 0.1 -0.7 -0.9 -0.1 3.8 0.3 -4.7 0.1 -0.6 0.2 -0.7 26

27 Government-sponsored enterprises (1) 59.8 106.0 15.1 -1.2 13.6 -5.5 -10.2 -2.8 13.1 2.8 -6.7 27

28 Agency- and GSE-backed mortgage pools 326.8 330.5 53.0 134.8 47.3 136.6 163.4 191.8 327.3 306.4 280.8 28

29 ABS issuers 84.6 171.6 450.5 685.5 481.3 672.1 809.2 779.4 322.6 276.7 320.4 29

30 Finance companies 72.4 39.5 105.8 65.3 62.5 -15.8 74.0 140.3 119.4 -9.6 97.6 30

31 REITs 11.8 19.8 54.5 40.6 30.1 59.4 60.0 12.7 25.7 12.0 -1.7 31

(1) FHLB loans to savings institutions are included in other loans and advances.
Z.1, December 7, 2006 49

F.218 Home Mortgages (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2002 2003 2004 2005 2005 2006

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Net borrowing 734.0 800.8 1054.8 1134.9 901.3 1135.7 1322.5 1180.2 1025.2 872.1 685.9 1

 2 Household sector 683.9 854.8 961.8 1077.7 855.3 1069.9 1223.6 1161.9 971.4 828.1 672.7 2

 3 Nonfinancial corporate business 0.7 1.8 4.1 6.7 5.2 7.3 6.6 7.8 8.2 7.6 6.4 3

 4 Nonfarm noncorporate business 49.5 -55.7 88.9 50.5 40.7 58.6 92.2 10.5 45.6 36.3 6.8 4

 5 Net change in assets 734.0 800.8 1054.8 1134.9 901.3 1135.7 1322.5 1180.2 1025.2 872.1 685.9 5

 6 Household sector 8.7 9.5 10.4 11.3 11.0 11.2 11.5 11.7 12.0 12.2 12.5 6

 7 Nonfinancial corporate business 1.9 1.2 15.1 15.1 15.1 15.1 15.1 15.1 15.1 15.1 15.1 7

 8 Nonfarm noncorporate business -0.2 -0.1 1.5 1.7 1.2 1.8 1.8 1.9 1.5 1.1 1.2 8

 9 State and local governments -2.7 4.3 3.7 2.8 2.8 1.0 4.2 3.2 2.5 3.3 3.2 9

10 Federal government -0.9 -0.9 -0.5 -0.4 -0.5 -0.2 -0.6 -0.4 -0.1 0.9 -0.2 10

11 Commercial banking 198.3 124.9 221.0 204.7 310.1 174.0 202.7 132.1 171.1 187.1 -4.6 11

12 Savings institutions 10.7 71.7 171.7 80.5 -5.1 170.3 96.9 59.7 93.9 113.3 87.1 12

13 Credit unions 18.2 23.2 30.6 32.4 28.6 38.0 27.0 35.9 33.0 39.0 34.4 13

14 Life insurance companies -0.3 -0.3 0.6 -0.4 0.1 0.2 0.2 -2.1 0.2 0.5 0.2 14

15 Private pension funds -1.8 -1.1 -0.2 -0.0 -0.1 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 15

16 State and local govt. retirement funds -0.0 -0.5 0.5 0.2 2.3 0.1 -1.7 0.0 -0.2 0.1 -0.3 16

17 Government-sponsored enterprises 45.5 92.2 -0.4 -14.7 0.3 -18.0 -28.8 -12.4 7.0 -4.7 -11.7 17

18 Agency- and GSE-backed mortgage pools 315.2 303.2 49.6 129.7 45.0 133.4 156.2 184.4 315.2 295.5 265.5 18

19 ABS issuers 54.3 121.1 398.3 573.4 396.9 572.3 716.8 607.8 242.3 216.0 204.5 19

20 Finance companies 76.0 34.6 101.8 67.8 66.5 -12.6 76.3 140.9 114.7 -18.1 95.6 20

21 REITs 11.4 17.7 51.1 30.8 27.1 49.1 45.0 2.2 17.0 10.9 -16.8 21

 Memo:

22 Home equity loans included above (2) 62.2 92.3 185.0 135.3 113.8 188.8 118.5 120.1 92.7 177.1 122.9 22

23 Commercial banking 44.7 62.7 117.6 65.5 69.9 119.2 39.0 33.7 26.4 108.3 25.4 23

24 Savings institutions 0.6 17.1 25.6 30.4 20.0 37.1 33.5 31.2 32.5 40.5 55.8 24

25 Credit unions 3.0 3.7 12.2 12.0 6.9 15.0 15.9 10.3 8.2 15.6 21.9 25

26 ABS issuers 3.0 0.7 9.9 13.1 10.5 8.7 17.0 16.2 11.3 5.1 4.8 26

27 Finance companies 10.9 8.0 19.7 14.3 6.6 8.7 13.1 28.6 14.5 7.6 15.1 27

(1) Mortgages on 1-4 family properties.

(2) Loans made under home equity lines of credit and home equity loans secured by junior liens. Excludes home equity loans held by individuals.

F.219 Multifamily Residential Mortgages

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net borrowing 38.5 70.9 53.3 71.0 52.0 75.1 71.4 85.5 55.9 39.9 43.2 1

 2 Nonfinancial corporate business 1.5 1.6 1.8 2.0 1.9 2.0 2.1 2.1 2.1 2.1 2.0 2

 3 Nonfarm noncorporate business 35.4 68.7 46.8 70.0 49.1 78.3 62.9 89.7 50.6 41.4 34.4 3

 4 Federal government 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 REITs 1.7 0.6 4.7 -1.0 1.0 -5.2 6.4 -6.2 3.1 -3.6 6.8 5

 6 Net change in assets 38.5 70.9 53.3 71.0 52.0 75.1 71.4 85.5 55.9 39.9 43.2 6

 7 Household sector 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.1 7

 8 Nonfinancial corporate business 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8

 9 Nonfarm noncorporate business -0.2 -0.1 1.4 1.5 1.1 1.7 1.6 1.8 1.3 1.0 1.1 9

10 State and local governments -2.1 3.4 2.9 2.2 2.2 0.8 3.3 2.5 1.9 2.6 2.5 10

11 Federal government 0.5 0.2 0.4 -0.0 0.7 -0.7 -0.4 0.4 -1.0 -0.2 -0.1 11

12 Commercial banking 9.3 10.7 14.4 20.9 14.0 24.8 26.2 18.6 21.1 6.6 9.4 12

13 Savings institutions 4.1 9.3 9.5 10.7 11.4 19.0 6.7 5.7 7.8 8.4 4.9 13

14 Life insurance companies 1.2 1.7 1.9 2.0 1.0 2.0 1.5 3.4 1.5 4.1 1.7 14

15 Private pension funds 0.5 0.3 0.0 -0.0 -0.1 -0.0 -0.0 -0.1 -0.1 -0.1 -0.1 15

16 State and local govt. retirement funds -0.0 -0.5 0.4 -0.1 0.8 0.1 -1.4 0.0 -0.2 0.1 -0.2 16

17 Government-sponsored enterprises 8.5 10.9 12.4 11.9 11.3 7.2 16.0 12.9 3.9 2.1 1.0 17

18 Agency- and GSE-backed mortgage pools 12.9 26.6 3.6 5.1 2.6 3.3 7.3 7.4 10.3 8.8 10.1 18

19 ABS issuers 5.4 7.9 6.4 16.5 6.8 17.1 10.3 31.7 7.3 8.7 12.3 19

20 Finance companies -1.3 0.1 -0.1 0.0 -0.1 -0.1 -0.0 0.3 0.0 -1.8 -0.5 20

21 REITs -0.2 0.1 -0.0 0.2 0.1 -0.3 0.3 0.7 1.9 -0.3 0.9 21
50 Z.1, December 7, 2006

F.220 Commercial Mortgages

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2002 2003 2004 2005 2005 2006

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Net borrowing 100.9 127.6 172.9 255.9 189.3 235.6 285.4 313.2 239.1 255.5 287.9 1

 2 Household sector 26.0 9.7 19.9 29.4 25.5 34.7 14.0 43.4 32.4 38.8 11.5 2

 3 Nonfinancial corporate business 32.2 43.0 40.4 77.7 52.5 46.2 113.0 98.9 71.1 57.2 131.7 3

 4 Nonfarm noncorporate business 36.1 67.2 91.1 134.8 89.6 130.2 144.8 174.4 115.9 141.4 145.5 4

 5 REITs 6.6 7.7 21.5 14.1 21.6 24.5 13.5 -3.4 19.7 18.1 -0.7 5

 6 Net change in assets 100.9 127.6 172.9 255.9 189.3 235.6 285.4 313.2 239.1 255.5 287.9 6

 7 Household sector 0.7 0.6 0.6 0.7 0.6 0.7 0.7 0.7 0.7 0.7 0.7 7

 8 Nonfinancial corporate business 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 8

 9 Nonfarm noncorporate business -0.2 -0.0 1.1 1.2 0.8 1.3 1.2 1.3 1.0 0.7 0.9 9

10 State and local governments -0.4 0.7 0.6 0.4 0.4 0.2 0.7 0.5 0.4 0.5 0.5 10

11 Federal government 1.2 -1.6 1.8 2.8 0.8 1.6 4.9 4.2 3.0 6.2 3.6 11

12 Commercial banking 58.3 59.3 100.2 132.6 99.2 123.6 170.7 136.9 123.6 148.5 133.1 12

13 Savings institutions 8.2 8.2 5.6 4.5 -2.5 6.9 4.4 9.1 9.8 12.7 18.8 13

14 Property-casualty insurance companies 0.1 0.1 0.3 0.3 0.2 0.2 0.5 0.3 0.1 0.4 0.3 14

15 Life insurance companies 6.7 8.9 10.1 10.2 11.6 10.0 8.3 10.7 15.6 21.4 9.4 15

16 Private pension funds 2.0 0.8 0.0 -0.1 -0.2 -0.0 -0.1 -0.2 -0.1 -0.2 -0.2 16

17 State and local govt. retirement funds 0.2 0.3 -1.8 -0.2 0.7 0.1 -1.6 0.0 -0.2 0.1 -0.3 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 25.0 42.6 45.8 95.6 77.7 82.7 82.1 139.8 73.0 52.0 103.6 19

20 Finance companies -2.3 4.8 4.1 -2.5 -3.9 -3.1 -2.2 -0.9 4.7 10.3 2.4 20

21 REITs 0.5 1.9 3.5 9.5 2.9 10.6 14.8 9.8 6.7 1.4 14.2 21

F.221 Farm Mortgages

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net borrowing (Farm business) 7.6 8.0 8.1 6.2 5.3 11.5 8.5 -0.5 10.4 15.5 17.7 1

 2 Net change in assets 7.6 8.0 8.1 6.2 5.3 11.5 8.5 -0.5 10.4 15.5 17.7 2

 3 Household sector 1.4 1.5 1.3 1.0 0.8 2.3 1.4 -0.6 1.7 2.2 2.3 3

 4 Nonfarm noncorporate business -0.0 -0.0 0.2 0.2 0.1 0.2 0.2 0.2 0.2 0.2 0.2 4

 5 State and local governments -0.1 0.1 0.1 0.1 0.1 0.0 0.1 0.1 0.0 0.1 0.1 5

 6 Federal government -0.3 -0.3 -0.2 -0.0 0.1 -0.1 0.0 -0.1 -0.1 0.0 -0.1 6

 7 Commercial banking 2.5 2.6 3.9 3.0 2.2 3.2 3.8 3.0 3.8 4.0 5.1 7

 8 Savings institutions 0.0 0.1 -0.0 0.0 -0.0 0.0 0.0 0.0 0.2 0.1 0.3 8

 9 Life insurance companies -0.6 0.5 -0.3 0.4 0.3 0.7 0.5 0.1 0.6 1.4 0.6 9

10 State and local govt. retirement funds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10

11 Government-sponsored enterprises 5.8 2.9 3.2 1.7 2.0 5.3 2.7 -3.3 2.2 5.4 4.1 11

12 Agency- and GSE-backed mortgage pools -1.3 0.6 -0.1 -0.1 -0.2 -0.0 -0.2 0.0 1.8 2.1 5.2 12
Z.1, December 7, 2006 51

F.222 Consumer Credit

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2002 2003 2004 2005 2005 2006

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Net change in liabilities (Households) 113.4 104.0 116.9 91.3 97.4 113.6 102.9 51.4 49.5 155.9 135.8 1

 2 Net change in assets 113.4 104.0 116.9 91.3 97.4 113.6 102.9 51.4 49.5 155.9 135.8 2

 3 Nonfinancial corporate business 1.6 -16.2 0.0 0.1 11.3 18.4 -23.5 -5.9 15.0 9.9 -36.4 3

 4 Nonfarm noncorporate business 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 Federal government 12.7 1.3 4.3 3.8 10.0 2.6 0.3 2.1 10.7 3.3 -10.2 5

 6 Commercial banking 34.1 52.8 34.9 2.8 -5.5 16.9 81.6 -82.0 44.7 2.4 45.9 6

 7 Savings institutions -2.4 9.1 13.4 17.8 -2.0 12.9 21.5 38.8 -44.1 15.4 17.2 7

 8 Credit unions 6.2 10.1 9.5 13.2 14.9 9.9 25.8 2.1 3.8 4.0 9.5 8

 9 Government-sponsored enterprises -2.5 -16.3 -20.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

10 ABS issuers 36.1 -22.4 -24.0 29.5 29.9 44.4 -8.7 52.5 51.7 89.9 75.9 10

11 Finance companies 27.5 85.5 99.3 24.2 38.6 8.5 5.8 43.8 -32.3 30.9 33.8 11

F.223 Trade Credit

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net change in trade payables 87.9 25.0 189.5 239.5 209.6 262.2 312.6 173.7 147.6 333.1 207.6 1

 2 Household sector 19.1 4.8 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2

 3 Nonfinancial corporate business 19.7 -54.7 101.6 148.2 149.3 166.2 186.7 90.7 79.5 167.0 122.1 3

 4 Nonfarm noncorporate business 26.0 -24.5 28.1 31.0 22.0 33.9 32.8 35.4 26.7 19.4 22.6 4

 5 Farm business 0.6 0.7 0.9 -0.7 -0.7 -0.7 -0.7 -0.7 15.8 15.9 15.9 5

 6 State and local governments 28.4 29.2 30.8 33.3 32.2 32.9 33.6 34.6 35.2 36.3 36.7 6

 7 Federal government 0.8 72.6 14.8 12.4 15.1 15.4 15.4 3.9 7.9 20.2 9.6 7

 8 Rest of the world -4.9 6.1 3.5 6.3 -5.9 12.2 2.2 16.6 8.9 20.0 21.5 8

 9 Brokers and dealers -1.8 -9.2 7.8 7.0 -4.3 0.3 40.7 -8.9 -28.4 52.1 -22.8 9

10 Net change in trade receivables -78.0 -14.6 195.6 258.7 152.6 233.0 339.3 309.8 40.8 258.4 279.5 10

11 Nonfinancial corporate business -98.3 -17.3 125.4 154.7 85.2 111.6 221.1 201.2 -34.7 164.9 172.0 11

12 Nonfarm noncorporate business 18.9 -24.2 53.9 59.6 42.2 65.1 63.1 68.0 51.3 37.3 43.4 12

13 State and local governments 2.6 8.1 6.9 5.3 5.3 1.8 7.9 6.0 4.6 6.1 11.6 13

14 Federal government -3.3 19.1 10.5 9.1 -6.4 16.2 18.8 7.8 -15.5 6.3 6.7 14

15 Rest of the world 2.6 1.5 -1.1 7.8 11.4 13.0 6.5 0.3 13.8 16.9 8.1 15

16 Property-casualty insurance companies 4.9 4.5 0.3 2.4 10.4 11.0 -0.2 -11.4 8.1 7.7 4.3 16

17 ABS issuers -5.4 -6.3 -0.3 19.7 4.6 14.3 22.2 37.8 13.2 19.1 33.3 17

18 Discrepancy 165.8 39.6 -6.1 -19.2 57.1 29.2 -26.7 -136.2 106.8 74.7 -71.9 18

F.224 Security Credit

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net change in liabilities -87.0 132.5 166.6 -7.7 3.7 73.1 20.8 -128.5 244.3 194.1 137.3 1

 2 Household sector -48.2 34.3 81.5 -31.7 8.2 -10.2 -22.0 -102.8 68.6 -22.5 41.7 2

 3 Rest of the world 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3

 4 Brokers and dealers -38.9 98.2 85.1 24.0 -4.5 83.4 42.8 -25.7 175.7 216.7 95.6 4

 5 Customer credit balances (HH) -41.6 62.7 103.0 -10.9 -35.8 55.2 -19.2 -43.7 124.6 190.8 -5.7 5

 6 From U.S.-chartered commercial banks -2.7 12.3 10.6 -6.5 -3.2 -44.1 20.7 0.5 24.5 -36.0 68.2 6

 7 From foreign banking offices in U.S. 5.5 23.2 -28.5 41.4 34.5 72.3 41.3 17.5 26.5 61.9 33.0 7

 8 Net change in assets -87.0 132.5 166.6 -7.7 3.7 73.1 20.8 -128.5 244.3 194.1 137.3 8

 9 Household sector -41.6 62.7 103.0 -10.9 -35.8 55.2 -19.2 -43.7 124.6 190.8 -5.7 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 2.8 35.5 -17.9 34.9 31.3 28.2 62.0 18.0 51.1 25.9 101.3 11

12 Brokers and dealers -48.2 34.3 81.5 -31.7 8.2 -10.2 -22.0 -102.8 68.6 -22.5 41.7 12
52 Z.1, December 7, 2006

F.225 Life Insurance and Pension Fund Reserves

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2002 2003 2004 2005 2005 2006

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 Life insurance reserves:

 1 Net change in liabilities 60.1 66.8 33.1 16.1 15.2 18.1 20.0 10.9 3.3 19.2 17.0 1

 2 Federal government 1.6 1.1 1.1 1.1 0.0 1.7 0.3 2.6 0.3 2.2 0.5 2

 3 Life insurance companies 58.5 65.7 32.0 14.9 15.2 16.4 19.7 8.3 3.0 17.0 16.4 3

 4 Net change in assets (Households) 60.1 66.8 33.1 16.1 15.2 18.1 20.0 10.9 3.3 19.2 17.0 4

 Pension fund reserves:

 5 Net change in liabilities 186.5 200.3 241.4 152.6 89.2 160.9 136.8 223.5 62.8 167.2 124.0 5

 6 Life insurance companies 147.5 144.2 202.5 149.9 153.8 147.2 128.1 170.5 165.6 89.3 117.0 6

 7 Private pension funds (1) -14.8 -7.0 -14.8 -48.5 -111.6 -28.7 -34.0 -19.8 -138.7 -9.0 -13.1 7

 8 State and local govt. retirement funds 8.5 14.9 -1.1 -3.5 -9.2 -5.2 -14.7 15.2 -11.0 53.5 -38.3 8

 9 Federal government retirement funds (2) 45.4 48.2 54.7 54.7 56.2 47.7 57.3 57.6 46.8 33.4 58.4 9

10 Net change in assets (Households) (3) 186.5 200.3 241.4 152.6 89.2 160.9 136.8 223.5 62.8 167.2 124.0 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 22.2 -1.0 27.7 27.6 37.0 7.6 14.9 51.0 31.2 -5.2 21.6 1

 businesses

 2 Nonfinancial corporate business 11.9 -11.7 6.8 5.1 16.5 -9.8 -11.0 24.8 5.4 -25.5 -1.8 2

 3 Nonfarm noncorporate business 1.5 -0.4 7.5 8.3 5.9 9.1 8.8 9.5 7.2 5.2 6.1 3

 4 U.S.-chartered commercial banks 2.6 2.9 3.2 3.4 3.3 3.4 3.5 3.5 3.6 3.7 3.7 4

 5 Savings institutions -0.2 -0.2 0.6 0.7 -0.2 0.2 1.1 1.9 1.5 -0.8 0.3 5

 6 Property-casualty insurance companies 3.2 3.7 4.2 4.7 4.5 4.6 4.7 4.9 5.0 5.1 5.2 6

 7 Life insurance companies 2.4 2.8 3.2 3.6 3.4 3.5 3.6 3.7 3.8 3.9 4.0 7

 8 Finance companies 1.4 1.6 1.8 2.0 2.0 2.0 2.1 2.1 2.2 2.2 2.3 8

 9 Brokers and dealers -0.5 0.4 0.4 -0.3 1.7 -5.4 2.2 0.6 2.5 1.0 1.8 9

10 Net change in business taxes receivable 19.9 41.7 42.2 55.9 124.0 31.0 5.5 63.3 120.4 12.8 18.5 10

11 State and local governments 4.8 7.8 25.3 42.8 40.4 42.5 40.2 48.0 51.2 52.1 55.5 11

12 Federal government 15.2 33.9 16.9 13.2 83.6 -11.4 -34.7 15.3 69.2 -39.3 -37.0 12

13 Discrepancy 2.3 -42.6 -14.5 -28.3 -87.0 -23.5 9.4 -12.3 -89.3 -18.0 3.1 13

F.227 Proprietors’ Equity in Noncorporate Business

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Total household investment -82.7 20.2 -56.1 -63.4 -43.8 -86.5 -93.3 -30.2 -69.8 -63.3 -58.9 1

 2 Nonfarm noncorporate business -85.0 20.3 -63.3 -64.3 -58.4 -77.1 -85.0 -36.7 -49.5 -40.2 -30.2 2

 3 Farm business 1.7 4.4 10.6 3.7 11.6 -8.5 -3.3 14.8 -24.1 -21.7 -18.0 3

 4 Brokers and dealers 0.6 -4.5 -3.3 -2.8 3.0 -0.9 -5.0 -8.3 3.8 -1.4 -10.7 4
Z.1, December 7, 2006 53

F.228 Total Miscellaneous Financial Claims

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2002 2003 2004 2005 2005 2006

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Net change in liabilities 540.8 544.5 1618.7 715.1 356.8 1448.9 1045.4 9.4 974.8 1040.6 1012.4 1

 2 Household sector 0.9 0.9 1.6 1.0 1.1 2.8 -3.1 3.1 0.9 0.5 0.5 2

 3 Nonfinancial corporate business 79.3 33.2 447.3 253.0 243.8 273.5 205.7 288.9 260.3 362.4 423.9 3

 4 Nonfarm noncorporate business 18.9 23.1 89.9 49.4 70.6 58.7 4.8 63.5 35.6 12.2 72.5 4

 5 Federal government 26.0 30.7 50.3 41.9 46.1 58.9 48.0 14.7 21.2 35.4 48.2 5

 6 Rest of the world 140.4 97.4 442.0 -45.9 -346.5 416.9 173.1 -427.2 281.7 266.4 -9.8 6

 7 Monetary authority 22.6 4.3 9.9 3.4 -19.2 20.4 -1.3 13.5 -7.1 22.9 -1.0 7

 8 Commercial banking 121.9 83.6 296.0 59.9 77.7 266.7 -64.3 -40.7 107.9 172.1 -103.5 8

 9 Savings institutions 25.6 -4.6 59.1 28.4 -110.9 33.8 25.0 165.7 -116.9 27.5 110.2 9

10 Credit unions 1.9 1.7 1.9 2.6 1.0 9.5 6.1 -6.1 -3.9 -5.3 10.6 10

11 Property-casualty insurance companies 51.8 49.6 45.1 50.3 38.5 28.4 104.0 30.3 23.3 36.7 30.9 11

12 Life insurance companies 55.8 18.4 4.6 13.0 128.5 -8.8 26.9 -94.5 42.2 63.6 12.0 12

13 Government-sponsored enterprises 27.7 -26.6 -1.1 2.0 -14.8 6.7 17.7 -1.7 -93.8 -47.6 53.9 13

14 Finance companies 67.8 127.1 53.2 28.0 -53.4 34.5 182.7 -51.9 106.1 -63.6 68.4 14

15 REITs 2.6 1.6 7.7 1.4 -11.5 13.4 6.1 -2.6 9.4 6.9 22.4 15

16 Brokers and dealers -77.6 40.7 75.4 53.4 18.2 242.1 5.8 -52.5 10.7 272.1 10.8 16

17 Funding corporations -24.7 63.3 35.8 173.5 287.6 -8.6 308.2 106.8 297.3 -121.4 262.4 17

18 Net change in assets 599.5 617.7 1353.3 756.8 1058.2 1005.3 1266.7 -303.1 1388.3 1444.2 1123.0 18

19 Household sector 30.6 42.0 40.9 28.4 29.9 30.9 74.7 -21.7 31.8 28.5 23.8 19

20 Nonfinancial corporate business 191.7 -10.3 555.1 128.9 310.0 332.0 84.8 -211.3 472.1 371.0 362.1 20

21 Nonfarm noncorporate business 40.7 67.3 120.5 133.2 92.7 143.6 146.2 150.4 112.0 83.7 98.0 21

22 Farm business 4.1 4.6 4.6 4.8 2.1 3.4 10.5 3.2 1.2 2.8 4.0 22

23 State and local governments -28.5 3.7 -8.0 -50.8 -126.0 -25.0 -2.5 -49.5 -25.4 -48.1 -62.2 23

24 Federal government 0.0 1.4 0.6 -1.4 -4.1 -1.2 -1.5 1.2 6.9 0.9 -1.1 24

25 Rest of the world 188.7 -8.5 158.9 -28.6 224.7 -347.9 159.5 -150.6 141.0 320.9 262.1 25

26 Monetary authority 1.4 1.3 1.5 -3.2 -7.7 -2.9 -3.2 1.1 -1.4 3.9 -0.7 26

27 Commercial banking 63.6 175.7 188.6 79.5 6.4 170.6 137.3 3.8 -64.9 68.0 -75.8 27

28 Savings institutions 19.0 -4.3 19.3 9.9 -82.3 6.4 12.0 103.4 -26.6 38.5 -10.2 28

29 Credit unions 12.1 -4.1 -1.8 -0.3 12.5 -4.1 16.8 -26.5 -15.8 -17.1 22.6 29

30 Property-casualty insurance companies 14.3 2.3 7.6 8.0 15.4 3.5 10.0 3.0 6.6 9.5 9.2 30

31 Life insurance companies 6.7 27.9 51.9 31.7 87.6 38.3 22.4 -21.4 -47.0 -26.0 -67.3 31

32 Private pension funds 21.8 -19.1 -36.9 -17.4 -8.6 -35.8 -26.2 0.8 -37.9 13.3 -32.0 32

33 State and local govt. retirement funds 0.4 0.9 0.5 1.9 -46.3 19.5 24.2 10.3 -11.9 2.0 -0.3 33

34 Federal government retirement funds 24.5 24.7 40.9 40.0 42.1 33.8 40.9 43.1 32.5 18.7 43.2 34

35 Money market mutual funds -8.6 -0.2 -2.9 -6.2 45.6 -28.3 -51.7 9.6 88.1 -38.6 -38.5 35

36 Mutual funds 0.0 1.0 5.1 3.7 5.0 -0.9 7.2 3.5 14.7 -3.4 -0.0 36

37 Government-sponsored enterprises 22.0 16.5 3.4 -9.6 -59.4 21.3 -20.6 20.4 -54.4 62.7 -17.7 37

38 Finance companies 34.8 107.7 -39.9 -21.9 -3.1 36.4 -100.5 -20.6 42.1 -115.1 -117.5 38

39 REITs 2.2 4.4 11.2 8.8 12.0 12.5 7.1 3.5 21.2 14.6 -0.4 39

40 Brokers and dealers -110.8 156.6 148.6 235.5 358.3 340.8 493.7 -250.9 540.8 519.0 431.6 40

41 Funding corporations 68.7 26.2 83.9 182.0 151.3 258.5 225.8 92.3 162.8 134.3 290.1 41

42 Discrepancy -58.7 -73.3 265.3 -41.7 -701.4 443.6 -221.4 312.4 -413.5 -403.6 -110.6 42
54 Z.1, December 7, 2006

F.229 Identified Miscellaneous Financial Claims - Part I

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2002 2003 2004 2005 2005 2006

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 U.S. direct investment abroad (1):

 1 Liab.: Rest of the world 154.5 149.9 244.1 9.1 125.0 135.8 -121.4 -103.2 245.0 188.4 213.4 1

 2 Equity 42.7 35.5 81.4 39.7 43.1 42.5 13.1 60.1 49.0 12.2 26.1 2

 3 Reinvested earnings 85.3 121.0 157.3 -11.2 113.4 87.4 -123.2 -122.6 175.8 201.0 171.9 3

 4 Intercompany accounts 26.5 -6.6 5.4 -19.4 -31.5 5.9 -11.3 -40.7 20.1 -24.8 15.5 4

 5 Asset: Nonfinancial corporate business 129.7 122.9 219.8 -8.5 76.2 137.1 -147.7 -99.4 209.7 155.6 162.3 5

 6 Commercial banking 2.9 6.4 6.0 0.2 2.9 -0.3 3.6 -5.4 10.1 5.0 13.8 6

 7 Property-casualty insurance companies 14.3 2.3 7.6 8.0 15.4 3.5 10.0 3.0 6.6 9.5 9.2 7

 8 Life insurance companies 2.0 3.1 1.6 1.4 2.4 -2.7 5.0 1.1 2.3 2.2 1.6 8

 9 Finance companies 5.8 13.0 4.1 3.4 24.8 1.3 6.2 -18.9 12.7 10.1 24.7 9

10 Brokers and dealers -0.3 2.1 4.9 4.6 3.3 -3.1 1.6 16.4 3.7 6.1 1.8 10

 Foreign direct investment in U.S. (1):

11 Liab.: Nonfinancial corporate business 27.5 23.9 28.6 42.9 44.3 34.7 44.3 48.2 110.3 91.2 61.2 11

12 Nonfarm noncorporate business 0.1 -0.2 0.1 0.1 0.3 0.2 -0.3 0.1 0.1 -0.0 0.2 12

13 Commercial banking 2.1 4.2 17.9 10.2 21.1 8.8 5.8 5.2 20.9 9.9 12.8 13

14 Property-casualty insurance companies 7.7 3.0 -2.7 -2.0 10.3 -9.4 -4.4 -4.5 11.6 6.3 9.0 14

15 Life insurance companies 3.7 -5.2 20.1 3.4 3.6 4.6 4.8 0.7 15.6 35.8 22.9 15

16 Finance companies -3.5 21.7 12.2 2.1 4.8 4.6 2.7 -3.9 -0.9 -2.3 -2.3 16

17 Brokers and dealers 1.7 4.8 7.6 -0.7 -6.4 -1.9 -1.4 6.9 -2.3 2.3 -2.1 17

18 Funding corporations 45.0 11.8 49.3 53.8 44.2 -8.6 126.4 53.3 25.8 50.6 79.8 18

19 Asset: Rest of the world 84.4 64.0 133.2 109.8 122.2 33.0 177.8 106.0 181.1 193.7 181.4 19

20 Equity 105.3 93.4 74.1 57.7 62.5 42.2 65.6 60.7 96.9 75.4 93.4 20

21 Reinvested earnings 1.6 14.5 55.6 58.9 42.6 87.6 28.6 76.7 101.1 107.1 112.7 21

22 Intercompany accounts -22.6 -44.0 3.5 -6.9 17.0 -96.9 83.6 -31.4 -16.9 11.2 -24.6 22

 Federal government equity in IBRD, etc.:

23 Liab.: Rest of the world 1.5 1.4 2.0 1.3 1.5 1.4 1.2 1.0 7.4 0.6 1.3 23

24 Asset: Federal government 1.5 1.4 2.0 1.3 1.5 1.4 1.2 1.0 7.4 0.6 1.3 24

 Federal Reserve Bank stock:

25 Liab.: Monetary authority 1.0 0.5 3.1 1.6 2.6 1.5 1.5 0.9 0.9 4.8 0.4 25

26 Asset: Commercial banking 1.0 0.5 3.1 1.6 2.6 1.5 1.5 0.9 0.9 4.8 0.4 26

 Equity in govt.-sponsored enterprises:

27 Liab.: Government-sponsored enterprises 2.0 3.2 2.9 1.5 -0.4 3.1 3.2 -0.1 2.3 0.1 0.4 27

28 Asset: Nonfin. corporate business (FNMA) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 28

29 Nonfarm noncorporate (BC) 0.0 0.3 0.3 -0.6 -1.3 -0.8 -0.3 -0.0 -0.0 0.0 0.2 29

30 Farm business (FICB and FLB) 0.1 0.4 0.2 0.1 -0.4 -0.0 0.8 0.1 0.1 0.1 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) 2.3 1.2 0.6 0.8 2.7 0.1 0.8 -0.1 1.2 0.6 -2.5 32

33 Savings institutions (FHLB) -1.0 0.4 1.0 1.1 -1.2 3.8 1.7 0.1 0.9 -0.1 2.0 33

34 Credit unions (FHLB) 0.3 0.2 0.2 0.1 -0.0 0.2 0.3 -0.0 0.2 -0.1 0.3 34

35 Life insurance companies (FHLB) 0.2 0.7 0.6 -0.1 -0.2 -0.2 -0.0 -0.1 -0.0 -0.4 0.2 35

 BHC investment in subsidiaries:

36 Liab.: Commercial banking 53.1 50.5 167.2 40.0 -14.7 91.8 7.0 75.8 70.3 60.8 129.0 36

37 Savings institutions 0.9 1.0 1.2 1.3 1.2 1.3 1.3 1.3 1.4 1.4 1.4 37

38 Finance companies -1.6 9.4 13.6 78.2 -6.9 8.5 21.7 289.5 11.8 16.9 18.3 38

39 Brokers and dealers 0.5 35.2 61.5 -36.5 -55.3 23.8 98.3 -212.9 -47.6 25.7 14.9 39

40 Asset: Bank holding companies 53.0 96.2 243.5 83.0 -75.6 125.4 128.3 153.8 35.9 104.8 163.6 40

 NFC investment in finance company subs.:

41 Liab.: Finance companies 24.7 13.7 41.3 -52.7 -6.3 13.7 22.3 -240.6 11.8 16.9 18.3 41

42 Asset: Nonfinancial corporate business 24.7 13.7 41.3 -52.7 -6.3 13.7 22.3 -240.6 11.8 16.9 18.3 42

 Funding corp. investment in subs.:

43 Liab.: Foreign banking offices in U.S. 19.1 7.2 32.7 21.0 5.5 62.5 20.1 -4.0 96.5 8.3 -12.7 43

44 Brokers and dealers 49.7 19.0 51.2 160.9 145.7 196.0 205.7 96.3 66.3 126.0 302.8 44

45 Asset: Funding corporations 68.7 26.2 83.9 182.0 151.3 258.5 225.8 92.3 162.8 134.3 290.1 45

(1) Direct investment is valued on a current-cost basis. Excludes capital gains and losses. Components of direct investment--equity, reinvested earnings, intercompany accounts--are not available before 1982.
Z.1, December 7, 2006 55

F.230 Identified Miscellaneous Financial Claims - Part II

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2002 2003 2004 2005 2005 2006

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 Nonofficial foreign currencies:

 1 Liab.: Rest of the world 0.1 0.2 -0.0 -2.2 -8.1 -0.4 -0.2 0.0 -0.0 0.0 0.1 1

 2 Asset: Federal government 0.1 0.2 -0.0 -2.2 -8.1 -0.4 -0.2 0.0 -0.0 0.0 0.1 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 1.9 -7.1 -2.2 0.8 -0.5 -1.5 5.3 -0.3 9.8 -11.7 -1.6 5

 6 Asset: Savings institutions 1.9 -7.1 -2.2 0.8 -0.5 -1.5 5.3 -0.3 9.8 -11.7 -1.6 6

 Deferred and unpaid life insurance premiums:

 7 Liab.: Household sector 0.9 0.9 1.6 1.0 1.1 2.8 -3.1 3.1 0.9 0.5 0.5 7

 8 Asset: Life insurance companies 0.9 0.9 1.6 1.0 1.1 2.8 -3.1 3.1 0.9 0.5 0.5 8

 Life insurance company reserves:

 9 Liab.: Life insurance companies 10.2 13.9 11.4 9.5 6.8 4.4 18.6 8.0 26.9 15.6 15.9 9

10 Health 10.1 10.9 9.8 7.9 4.9 3.5 17.8 5.5 13.7 12.4 12.6 10

11 Policy dividend accumulation 0.1 -0.0 1.2 1.0 1.8 0.4 1.2 0.4 2.0 1.2 1.2 11

12 Policy and contract claims 0.0 3.0 0.5 0.6 0.1 0.4 -0.4 2.1 11.3 2.1 2.1 12

13 Asset: Household sector 10.2 13.9 11.4 9.5 6.8 4.4 18.6 8.0 26.9 15.6 15.9 13

 Policy payables:

14 Liab.: Property-casualty insurance companies 44.1 46.6 47.9 52.3 28.2 37.8 108.4 34.9 11.7 30.4 21.9 14

15 Asset: Household sector 18.5 19.5 21.1 22.1 11.9 15.9 45.8 14.7 4.9 12.8 7.7 15

16 Nonfinancial corporate business 17.4 18.4 18.9 20.7 11.2 14.9 42.8 13.8 4.6 12.0 6.6 16

17 Nonfarm noncorporate business 4.2 4.4 3.5 4.9 2.6 3.5 10.1 3.3 1.1 2.8 3.9 17

18 Farm business 4.0 4.2 4.4 4.7 2.5 3.4 9.7 3.1 1.0 2.7 3.7 18

 Unallocated insurance company contracts:

19 Liab.: Life insurance companies 14.0 -18.1 -37.3 -9.2 9.2 -21.1 -25.6 0.7 -24.3 24.7 -21.0 19

20 Asset: Private pension funds 14.0 -18.1 -37.3 -9.2 9.2 -21.1 -25.6 0.7 -24.3 24.7 -21.0 20

 Pension fund contributions payable:

21 Liab.: Nonfinancial corporate business 1.5 -0.2 -3.1 -1.9 -4.6 -6.4 9.3 -5.9 -2.0 -2.0 -1.9 21

22 Asset: Private pension funds 1.5 -0.2 -3.1 -1.9 -4.6 -6.4 9.3 -5.9 -2.0 -2.0 -1.9 22

 Securities borrowed (net):

23 Liab.: Funding corporations -2.9 102.6 86.9 191.5 230.4 311.8 355.1 -131.5 236.6 459.2 336.0 23

24 Asset: Brokers and dealers -2.9 102.6 86.9 191.5 230.4 311.8 355.1 -131.5 236.6 459.2 336.0 24

 Nonmarketable government securities:

25 Liab.: Federal government 24.5 24.7 40.9 40.0 42.1 33.8 40.9 43.1 32.5 18.7 43.2 25

26 Asset: Federal government retirement funds 24.5 24.7 40.9 40.0 42.1 33.8 40.9 43.1 32.5 18.7 43.2 26

 Uniformed Services Retiree Health Care Fund:

27 Liab.: Federal government 1.9 8.6 8.4 -3.1 11.2 10.5 10.3 -44.4 0.0 0.0 0.1 27

28 Asset: Household sector 1.9 8.6 8.4 -3.1 11.2 10.5 10.3 -44.4 0.0 0.0 0.1 28
56 Z.1, December 7, 2006

F.231 Unidentified Miscellaneous Financial Claims

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2002 2003 2004 2005 2005 2006

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Net change in liabilities 54.7 17.3 710.3 101.1 -279.2 504.8 87.5 91.5 35.6 -138.7 -249.9 1

 2 Nonfinancial corporate business 50.3 9.4 421.8 212.0 204.1 245.2 152.1 246.6 152.0 273.1 364.6 2

 3 Nonfarm noncorporate business 18.7 23.3 89.8 49.3 70.3 58.4 5.1 63.3 35.5 12.2 72.4 3

 4 Federal government -0.4 -2.6 1.0 5.0 -7.2 14.6 -3.2 16.0 -11.3 16.7 4.8 4

 5 Rest of the world -15.7 -54.1 195.9 -54.1 -464.9 280.1 293.5 -325.0 29.3 77.3 -224.7 5

 6 Monetary authority 21.5 3.8 6.9 1.7 -21.8 18.9 -2.8 12.6 -8.0 18.1 -1.3 6

 7 Commercial banking 47.5 21.7 78.2 -11.4 65.7 103.6 -97.2 -117.7 -79.7 93.1 -232.5 7

 8 U.S.-chartered commercial banks 13.1 45.7 83.2 -46.2 -44.4 -83.4 -177.1 120.0 35.6 -87.4 70.7 8

 9 Foreign banking offices in U.S. 23.6 -50.0 -163.8 22.3 194.8 87.5 108.3 -301.4 -131.7 163.7 -415.1 9

10 Bank holding companies 11.5 22.6 148.0 12.8 -86.1 102.7 -27.7 62.4 18.8 16.0 122.2 10

11 Banks in U.S.-affiliated areas -0.7 3.4 10.8 -0.3 1.4 -3.2 -0.8 1.3 -2.4 0.7 -10.3 11

12 Savings institutions 24.7 -5.6 57.9 27.1 -112.2 32.5 23.7 164.3 -118.3 26.0 108.8 12

13 Credit unions 1.9 1.7 1.9 2.6 1.0 9.5 6.1 -6.1 -3.9 -5.3 10.6 13

14 Life insurance companies 27.8 27.8 10.3 9.3 108.9 3.2 29.1 -104.0 23.9 -12.5 -5.9 14

15 Government-sponsored enterprises 23.8 -22.7 -1.9 -0.2 -13.8 5.1 9.1 -1.4 -105.8 -36.1 55.0 15

16 Finance companies 48.3 82.2 -13.8 0.4 -45.0 7.7 135.9 -96.8 83.4 -95.2 34.0 16

17 REITs 2.6 1.6 7.7 1.4 -11.5 13.4 6.1 -2.6 9.4 6.9 22.4 17

18 Brokers and dealers -129.5 -18.3 -45.0 -70.3 -65.9 24.2 -296.7 57.2 -5.7 118.2 -304.7 18

19 Funding corporations -66.8 -51.0 -100.4 -71.8 13.0 -311.7 -173.3 185.0 35.0 -631.2 -153.4 19

20 Net change in assets 113.4 90.5 445.0 142.8 422.2 61.2 308.9 -221.0 449.1 264.9 -139.3 20

21 Nonfinancial corporate business 19.8 -165.4 275.0 169.4 229.0 166.4 167.3 115.0 246.0 186.5 174.9 21

22 Nonfarm noncorporate business 36.5 62.6 116.6 128.9 91.3 140.8 136.4 147.2 111.0 80.8 94.0 22

23 State and local governments -28.5 3.7 -8.0 -50.8 -126.0 -25.0 -2.5 -49.5 -25.4 -48.1 -62.2 23

24 Federal government -1.6 -0.2 -1.4 -0.5 2.5 -2.2 -2.5 0.2 -0.5 0.2 -2.6 24

25 Rest of the world 104.3 -72.5 25.7 -138.3 102.5 -380.9 -18.3 -256.6 -40.1 127.3 80.7 25

26 Monetary authority 1.4 1.3 1.5 -3.2 -7.7 -2.9 -3.2 1.1 -1.4 3.9 -0.7 26

27 Commercial banking 4.3 71.5 -64.6 -6.1 73.9 43.8 3.1 -145.3 -113.0 -47.2 -251.2 27

28 U.S.-chartered commercial banks -13.9 65.9 22.9 11.5 -54.0 -12.8 -5.3 118.0 -168.5 -2.9 15.3 28

29 Foreign banking offices in U.S. -3.1 -14.6 -120.9 -33.9 104.8 20.5 4.3 -265.2 14.4 -103.8 -265.7 29

30 Bank holding companies 27.3 22.4 32.4 16.2 21.9 37.6 3.3 2.1 37.8 50.2 9.4 30

31 Banks in U.S.-affiliated areas -6.0 -2.2 0.9 0.1 1.2 -1.5 0.9 -0.2 3.3 9.4 -10.1 31

32 Savings institutions 18.0 2.4 20.5 8.0 -80.6 4.1 5.0 103.5 -37.2 50.4 -10.7 32

33 Credit unions 11.8 -4.3 -2.1 -0.4 12.5 -4.2 16.5 -26.5 -16.0 -17.0 22.3 33

34 Life insurance companies 3.6 23.3 48.1 29.5 84.3 38.4 20.6 -25.5 -50.2 -28.2 -69.6 34

35 Private pension funds 6.2 -0.8 3.5 -6.4 -13.1 -8.4 -9.9 5.9 -11.6 -9.5 -9.1 35

36 State and local govt. retirement funds 0.4 0.9 0.5 1.9 -46.3 19.5 24.2 10.3 -11.9 2.0 -0.3 36

37 Money market mutual funds -8.6 -0.2 -2.9 -6.2 45.6 -28.3 -51.7 9.6 88.1 -38.6 -38.5 37

38 Mutual funds 0.0 1.0 5.1 3.7 5.0 -0.9 7.2 3.5 14.7 -3.4 -0.0 38

39 Government-sponsored enterprises 22.0 16.5 3.4 -9.6 -59.4 21.3 -20.6 20.4 -54.4 62.7 -17.7 39

40 Finance companies 29.1 94.7 -44.0 -25.3 -27.9 35.1 -106.7 -1.7 29.4 -125.2 -142.1 40

41 REITs 2.2 4.4 11.2 8.8 12.0 12.5 7.1 3.5 21.2 14.6 -0.4 41

42 Brokers and dealers -107.6 51.9 56.8 39.4 124.5 32.1 137.0 -135.9 300.5 53.6 93.9 42

43 Discrepancy -58.7 -73.3 265.3 -41.7 -701.4 443.6 -221.4 312.4 -413.5 -403.6 -110.6 43
Z.1, December 7, 2006 57

F.11 Sector Discrepancies

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2002 2003 2004 2005 2005 2006

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 All sectors 192.3 -124.2 158.1 19.8 53.3 231.6 -401.4 195.7 226.2 135.3 235.4 1

 2 Household sector 145.6 -122.8 28.4 110.7 -98.1 178.7 131.5 230.8 -48.1 224.6 29.0 2

 3 Nonfinancial corporate business 28.9 12.2 -109.3 31.8 35.5 84.7 20.3 -13.1 -36.8 -51.9 -73.3 3

 4 State and local governments -30.5 -43.7 -54.0 -32.9 -41.6 -38.0 -26.2 -26.0 -23.0 -34.7 -36.5 4

 5 Federal government -6.7 52.1 3.9 -13.8 192.0 -204.0 -62.5 19.3 351.8 -329.0 8.7 5

 6 Rest of the world -42.0 -19.6 71.2 -5.3 225.9 156.8 -305.5 -98.5 144.1 233.4 -1.3 6

 7 Financial sectors 97.0 -2.3 218.0 -70.7 -260.5 53.3 -159.0 83.3 -161.7 92.9 308.7 7

 8 Monetary authority -2.8 -3.4 -2.3 2.2 1.4 -0.0 -0.1 7.4 -1.9 1.8 3.0 8

 9 Commercial banking 98.1 26.4 236.4 7.1 -201.7 118.9 -18.5 129.8 -104.4 -12.2 374.8 9

10 Savings institutions 4.9 -0.2 -11.5 -17.8 -16.7 -21.9 -24.0 -8.5 -27.2 -34.6 -13.5 10

11 Credit unions 0.6 1.8 1.9 2.5 2.5 0.6 3.2 3.6 1.7 3.0 2.4 11

12 Property-casualty insurance companies -16.4 -7.1 -10.9 -29.5 -49.0 6.0 -108.7 33.7 -45.4 0.5 -11.0 12

13 Life insurance companies -25.4 -38.4 -40.8 -14.1 -14.7 3.1 -24.5 -20.4 -2.9 -31.7 -36.3 13

14 Mutual funds -21.6 2.5 2.0 12.1 3.4 2.9 17.6 24.6 28.3 31.7 31.3 14

15 Government-sponsored enterprises 10.2 -16.7 -17.7 -13.7 -24.5 6.3 -34.2 -2.5 20.9 70.8 -28.1 15

16 Issuers of asset-backed securities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16

17 Finance companies 32.2 52.2 43.8 -20.4 -1.7 -27.6 29.1 -81.2 10.0 71.0 10.4 17

18 REITs 4.2 -3.8 8.7 -2.9 9.6 -12.1 -5.6 -3.4 -24.0 -18.4 -6.1 18

19 Brokers and dealers 13.2 -15.6 8.3 3.7 31.0 -22.9 6.7 0.1 -16.8 11.0 -18.2 19

F.12 Instrument Discrepancies

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 All types 192.3 -124.2 158.1 19.8 53.3 231.6 -401.4 195.7 226.2 135.3 235.4 1

 2 Treasury currency -0.6 -0.3 -0.3 0.7 0.4 0.8 1.7 -0.1 -4.8 0.3 0.6 2

 3 Foreign deposits 21.5 53.5 62.0 45.3 384.9 -243.3 22.6 17.1 242.6 268.7 124.3 3

 4 Net interbank transactions 7.2 -4.4 15.0 9.6 33.6 -37.4 1.4 41.0 25.3 10.1 -9.3 4

 5 Security RPs 36.0 -24.0 -139.3 131.0 422.3 162.5 -127.4 66.8 292.9 254.4 259.6 5

 Mail floats:

 6 Federal government -1.6 -8.9 27.9 -6.6 -18.8 -11.9 23.0 -18.7 4.3 -15.6 35.2 6

 7 Other -0.7 -0.0 -0.2 -0.1 -0.4 -0.3 0.5 -0.0 -0.0 0.1 -0.1 7

 8 Trade credit 165.8 39.6 -6.1 -19.2 57.1 29.2 -26.7 -136.2 106.8 74.7 -71.9 8

 9 Taxes payable 2.3 -42.6 -14.5 -28.3 -87.0 -23.5 9.4 -12.3 -89.3 -18.0 3.1 9

10 Miscellaneous -58.7 -73.3 265.3 -41.7 -701.4 443.6 -221.4 312.4 -413.5 -403.6 -110.6 10

11 Nonfinancial 21.0 -63.8 -51.7 -71.1 -37.4 -88.1 -84.5 -74.3 61.9 -35.8 4.5 11

 Nonfinancial components (sign reversed):

12 Statistical discrepancy (NIPA) -21.0 48.8 66.7 71.1 37.4 88.1 84.5 74.3 -61.9 35.8 -4.5 12

13 Private wage accruals less disbursements 0.0 15.0 -15.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13