102 Z.1, September 18, 2008

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

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

2002 2003 2004 2005 2006 2007 2008

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Assets 48048.0 54114.1 59305.1 64146.2 69417.2 70448.3 71957.9 72845.9 72479.1 70937.7 70488.4 1

 2 Tangible assets 18330.1 19899.5 22002.7 24369.2 25930.7 26241.0 26539.5 26641.9 26573.8 26331.3 26148.7 2

 3 Real estate 14888.4 16335.7 18238.6 20429.2 21822.4 22091.2 22345.7 22410.3 22302.2 22001.7 21780.6 3

 4 Households (2,3) 13579.3 14923.7 16673.0 18638.3 19781.3 19988.5 20160.9 20159.7 19976.1 19652.0 19429.4 4

 5 Nonprofit organizations 1309.0 1412.1 1565.7 1790.9 2041.1 2102.7 2184.9 2250.6 2326.0 2349.8 2351.2 5

 Equipment and software owned by

 6 nonprofit organizations (4) 168.7 183.4 199.3 214.2 230.8 234.9 238.9 242.2 246.2 249.6 254.2 6

 7 Consumer durable goods (4) 3273.0 3380.3 3564.8 3725.8 3877.4 3914.9 3954.9 3989.5 4025.5 4080.0 4113.9 7

 8 Financial assets 29717.9 34214.6 37302.5 39777.1 43486.5 44207.3 45418.4 46203.9 45905.3 44606.4 44339.8 8

 9 Deposits 5191.6 5403.2 5788.2 6176.7 6793.9 7054.3 7073.9 7160.1 7395.1 7587.7 7459.6 9

10 Foreign deposits 49.9 52.1 57.5 59.9 65.2 69.6 75.1 78.6 78.2 72.6 68.5 10

11 Checkable deposits and currency 404.8 388.4 354.6 227.5 218.6 241.3 181.3 96.8 125.7 50.1 70.6 11

12 Time and savings deposits 3665.1 4002.5 4472.0 4940.0 5395.6 5629.8 5647.8 5735.2 5835.5 5996.2 5909.6 12

13 Money market fund shares 1071.7 960.2 904.1 949.2 1114.5 1113.6 1169.7 1249.5 1355.6 1468.8 1410.8 13

14 Credit market instruments 2763.3 3047.3 3366.8 3634.8 3865.3 3897.1 3879.6 4105.2 4143.6 4111.7 4140.4 14

15 Open market paper 110.4 105.9 136.1 164.2 187.7 191.2 197.9 172.4 159.7 137.5 127.7 15

16 Treasury securities 288.3 441.5 535.4 511.3 439.8 431.2 412.5 388.1 222.4 289.6 304.0 16

17 Savings bonds 194.9 203.8 204.4 205.1 202.4 200.3 198.6 197.1 196.4 195.3 194.9 17

18 Other Treasury 93.4 237.7 331.0 306.2 237.4 230.9 214.0 191.0 26.0 94.3 109.1 18

19 Agency- and GSE-backed securities 303.0 438.1 405.8 497.6 450.6 499.1 562.0 690.5 780.1 771.8 766.8 19

20 Municipal securities 678.7 704.1 742.7 821.3 874.7 878.7 912.4 906.9 906.2 900.4 912.4 20

21 Corporate and foreign bonds 1264.7 1233.9 1412.3 1496.1 1764.4 1745.7 1641.5 1791.6 1917.1 1852.0 1858.4 21

22 Other loans and advances (5) 2.8 3.1 5.9 8.7 8.3 10.7 13.1 14.6 16.1 16.4 16.8 22

23 Mortgages 115.5 120.7 128.5 135.6 139.9 140.6 140.2 141.1 142.0 144.0 154.3 23

24 Corporate equities (2) 4623.4 5767.5 5938.1 5878.5 6110.7 5965.4 6091.1 6131.9 5585.8 5039.2 4866.7 24

25 Mutual fund shares (6) 2218.4 2904.3 3417.4 3839.3 4475.1 4688.5 5019.0 5154.9 5024.3 4771.3 4860.1 25

26 Security credit 412.7 475.4 578.3 575.3 655.7 690.1 745.3 757.8 866.4 984.5 963.7 26

27 Life insurance reserves 920.9 1013.2 1060.4 1082.6 1163.7 1172.7 1191.1 1199.6 1201.5 1194.0 1202.7 27

28 Pension fund reserves 8198.0 9722.4 10632.6 11368.9 12507.6 12634.3 13112.6 13255.1 13162.6 12352.2 12264.1 28

29 Equity in noncorporate business (7) 4955.5 5392.3 5979.2 6629.9 7283.3 7461.2 7632.3 7746.2 7827.6 7843.6 7845.0 29

30 Miscellaneous assets 434.2 489.1 541.5 591.1 631.2 643.8 673.5 693.1 698.4 722.1 737.3 30

31 Liabilities 8835.8 9861.4 11042.5 12200.4 13474.0 13642.5 13949.7 14162.6 14398.1 14506.6 14495.4 31

32 Credit market instruments 8515.7 9501.2 10582.8 11763.3 12967.8 13146.6 13396.5 13644.3 13848.5 13913.8 13974.9 32

33 Home mortgages (8) 6036.2 6887.1 7845.4 8875.7 9872.9 10063.7 10263.7 10409.2 10542.7 10611.9 10639.9 33

34 Consumer credit 1999.9 2104.4 2219.4 2313.9 2418.3 2399.5 2433.3 2505.1 2554.3 2535.2 2564.6 34

35 Municipal securities (9) 164.2 178.3 188.6 205.1 226.9 232.0 238.6 242.2 249.2 252.1 261.0 35

36 Bank loans n.e.c. 21.1 52.8 35.5 48.3 96.3 92.0 91.8 103.5 116.4 123.1 112.4 36

37 Other loans and advances 120.2 118.7 119.0 119.0 123.8 124.4 125.6 126.9 127.0 128.0 129.8 37

38 Commercial mortgages (9) 174.0 159.9 174.9 201.3 229.7 234.8 243.4 257.4 258.9 263.5 267.2 38

39 Security credit 148.2 182.5 264.0 232.4 292.1 279.0 334.0 296.5 325.5 365.3 290.4 39

40 Trade payables (9) 152.0 156.8 173.3 182.3 191.3 193.5 195.8 198.0 200.3 202.5 204.8 40

 Deferred and unpaid

41 life insurance premiums 20.0 20.9 22.5 22.4 22.8 23.4 23.4 23.8 23.9 25.0 25.3 41

42 Net worth 39212.1 44252.7 48262.6 51945.9 55943.2 56805.8 58008.2 58683.2 58081.0 56431.1 55993.1 42

 Memo:

 Replacement-cost value of structures:

43 Residential 9765.6 10657.4 11997.5 13431.2 14387.2 14520.8 14521.5 14568.7 14593.2 14515.6 14451.1 43

44 Households 9369.3 10239.3 11545.1 12942.0 13877.9 14009.5 14012.5 14060.0 14085.3 14011.9 13951.1 44

45 Farm households 244.9 259.7 281.0 302.5 312.5 313.6 312.0 311.6 310.9 308.2 305.8 45

46 Nonprofit organizations 151.3 158.5 171.4 186.7 196.8 197.7 197.0 197.0 196.9 195.5 194.3 46

47 Nonresidential (nonprofits) 907.3 957.8 1062.1 1179.0 1284.8 1306.3 1319.5 1332.5 1358.7 1379.3 1404.0 47

48 Disposable personal income 7830.1 8162.5 8680.9 9062.0 9640.7 10013.5 10088.0 10228.8 10351.5 10425.5 10822.2 48

 Household net worth as percentage of

49 disposable personal income 500.8 542.1 556.0 573.2 580.3 567.3 575.0 573.7 561.1 541.3 517.4 49

 Owners’ equity in household real

50 estate (10) 7543.1 8036.6 8827.6 9762.6 9908.5 9924.7 9897.2 9750.5 9433.4 9040.1 8789.5 50

 Owners’ equity as percentage of

51 household real estate (11) 55.5 53.9 52.9 52.4 50.1 49.7 49.1 48.4 47.2 46.0 45.2 51

(1) Sector includes farm households.

(2) At market value.

(3) All types of owner-occupied housing including farm houses and mobile homes, as well as second homes that are not rented, vacant homes for sale, and vacant land.

(4) At replacement (current) cost.

(5) Syndicated loans to nonfinancial corporate business by nonprofits and domestic hedge funds.

(6) Value based on the market values of equities held and the book value of other assets held by mutual funds.

(7) Net worth of noncorporate business (table B.103, line 31) and owners’ equity in farm business and unincorporated security brokers and dealers.

(8) Includes loans made under home equity lines of credit and home equity loans secured by junior liens, shown on table L.218, line 22.

(9) Liabilities of nonprofit organizations.

(10) Line 4 less line 33.

(11) Line 50 divided by line 4.
Z.1, September 18, 2008 103

B.102 Balance Sheet of Nonfarm Nonfinancial Corporate Business

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

2002 2003 2004 2005 2006 2007 2008

 Q1 Q2 Q3 Q4 Q1 Q2

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

 1 Assets 19472.9 20062.3 21659.0 23721.3 25937.9 26469.1 27205.7 27848.4 28487.2 28816.8 29043.5 1

 2 Tangible assets 9531.0 9953.5 10727.5 11812.2 13095.0 13413.1 13842.8 14166.8 14595.5 14802.0 14948.2 2

 3 Real estate (1) 5034.4 5357.9 5895.8 6708.9 7682.3 7930.0 8287.3 8562.7 8897.9 9010.0 9035.6 3

 4 Equipment and software (2) 3193.3 3250.3 3351.4 3501.0 3715.1 3765.5 3813.3 3848.0 3895.6 3931.9 3984.6 4

 5 Inventories (2) 1303.4 1345.3 1480.3 1602.3 1697.7 1717.5 1742.1 1756.1 1802.0 1860.1 1928.1 5

 6 Financial assets 9941.8 10108.8 10931.6 11909.0 12842.9 13056.0 13362.9 13681.5 13891.8 14014.7 14095.3 6

 7 Foreign deposits 20.6 38.1 53.7 60.6 49.7 45.3 55.5 56.2 49.0 48.4 48.4 7

 8 Checkable deposits and currency 141.1 190.9 178.4 252.4 139.5 128.0 164.3 176.2 170.3 204.6 160.8 8

 9 Time and savings deposits 291.3 362.8 400.5 450.4 498.6 440.1 439.6 443.5 445.2 430.9 460.5 9

10 Money market fund shares 335.7 299.0 324.3 366.5 433.4 435.0 452.5 521.1 566.5 607.5 624.9 10

11 Security RPs 6.2 6.0 6.4 14.6 15.6 14.1 8.9 7.9 8.4 5.5 6.7 11

12 Commercial paper 64.8 75.7 95.0 111.0 123.0 110.2 116.7 70.3 62.5 5.9 1.4 12

13 Treasury securities 31.4 32.8 33.1 50.7 44.3 51.8 43.8 49.5 47.5 35.9 43.9 13

14 Agency- and GSE-backed securities 16.9 12.1 12.2 18.8 16.4 19.1 16.2 18.3 17.6 13.3 16.2 14

15 Municipal securities 32.1 35.4 31.8 32.1 28.2 38.9 30.3 33.1 31.2 9.4 8.4 15

16 Mortgages 49.6 51.8 66.6 68.3 59.9 57.8 55.7 53.7 51.6 49.5 47.4 16

17 Consumer credit 74.7 58.5 58.6 58.8 56.8 53.0 53.3 53.8 55.2 51.2 51.3 17

18 Trade receivables 1719.6 1702.4 1831.3 2109.0 2105.5 2198.2 2294.2 2341.7 2303.7 2399.1 2555.8 18

19 Mutual fund shares (1) 95.8 125.9 140.5 156.3 204.0 209.7 222.0 228.1 224.8 211.2 212.2 19

20 Miscellaneous assets 7062.2 7117.4 7699.1 8159.7 9068.1 9254.8 9410.0 9628.2 9858.3 9942.5 9857.3 20

21 Liabilities 9922.8 9867.4 10349.3 11145.3 11887.3 12050.8 12229.9 12454.2 12618.3 12760.0 12868.9 21

22 Credit market instruments 4856.8 4974.0 5178.8 5493.3 6011.2 6182.8 6421.2 6598.1 6804.7 6904.4 7026.7 22

23 Commercial paper 119.8 82.5 97.8 90.1 112.5 126.2 154.3 131.4 123.8 140.0 139.9 23

24 Municipal securities (3) 160.8 164.2 169.4 176.7 181.7 182.3 185.1 186.4 189.4 189.5 190.8 24

25 Corporate bonds (4) 2747.9 2900.1 2975.6 3032.3 3247.9 3319.5 3414.8 3469.9 3559.1 3600.9 3685.3 25

26 Bank loans n.e.c. 635.5 548.3 550.1 514.5 569.7 583.0 596.4 639.1 674.9 700.6 716.9 26

27 Other loans and advances 743.4 750.3 805.4 911.2 1024.5 1071.6 1140.0 1219.9 1280.6 1284.4 1292.7 27

28 Mortgages 449.4 528.7 580.7 768.6 874.9 900.3 930.5 951.4 976.9 989.0 1001.2 28

29 Trade payables 1457.4 1402.7 1499.9 1699.4 1837.3 1871.8 1907.3 1938.5 2006.4 2062.9 2163.0 29

30 Taxes payable 93.0 81.2 88.0 93.1 92.8 105.7 99.7 104.3 94.1 106.7 101.1 30

31 Miscellaneous liabilities 3515.7 3409.4 3582.6 3859.5 3946.1 3890.5 3801.7 3813.3 3713.2 3686.1 3578.0 31

32 Net worth (market value) 9550.0 10195.0 11309.7 12575.9 14050.5 14418.3 14975.8 15394.2 15869.0 16056.8 16174.6 32

 Memo:

 Replacement-cost value of structures:

33 Residential 110.1 116.1 126.9 140.8 151.4 152.6 152.6 153.0 153.3 152.6 151.9 33

34 Nonresidential 4363.8 4519.2 5001.8 5578.1 6077.5 6165.0 6215.1 6265.6 6379.0 6466.1 6572.0 34

 Market value of equities outstanding

35 (includes corporate farm equities) 7840.0 10043.6 10807.0 10874.7 11534.3 11649.4 12309.9 12482.7 12088.9 10865.7 11039.7 35

36 Debt/net worth (percent) (5) 50.9 48.8 45.8 43.7 42.8 42.9 42.9 42.9 42.9 43.0 43.4 36

37 Debt/equities (percent) (6) 61.9 49.5 47.9 50.5 52.1 53.1 52.2 52.9 56.3 63.5 63.6 37

38 Equities/net worth (percent) (7) 82.1 98.5 95.6 86.5 82.1 80.8 82.2 81.1 76.2 67.7 68.3 38

 With tangible assets stated at historical cost:

39 Assets (8) 16952.3 17293.0 18403.7 19763.8 21147.2 21507.7 21938.8 22393.4 22694.9 22994.6 23204.9 39

40 Tangible assets 7010.4 7184.1 7472.1 7854.8 8304.3 8451.7 8575.8 8711.9 8803.1 8979.9 9109.6 40

41 Real estate 2765.4 2864.7 2978.3 3123.0 3320.1 3377.9 3454.8 3518.6 3586.9 3655.2 3724.7 41

42 Equipment and software 3013.5 3050.3 3104.2 3212.4 3365.5 3399.8 3435.3 3469.8 3502.8 3533.3 3560.1 42

43 Inventories 1231.6 1269.2 1389.6 1519.3 1618.7 1673.9 1685.7 1723.5 1713.5 1791.4 1824.8 43

44 Net worth (historical cost) (9) 7029.4 7425.6 8054.4 8618.5 9259.8 9456.9 9708.9 9939.2 10076.6 10234.6 10336.0 44

 Memo:

 Historical-cost value of structures:

45 Residential 46.8 49.6 52.6 55.8 59.2 60.0 60.8 61.6 62.3 62.9 63.5 45

46 Nonresidential 2514.7 2623.4 2735.7 2869.7 3064.2 3118.6 3175.9 3236.5 3299.1 3363.7 3431.7 46

47 Debt/net worth (percent) (10) 69.1 67.0 64.3 63.7 64.9 65.4 66.1 66.4 67.5 67.5 68.0 47

 (1) At market value.

 (2) At replacement (current) cost.

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

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

 (5) Line 22 divided by line 32.

 (6) Line 22 divided by line 35.

 (7) Line 35 divided by line 32.

 (8) Sum of lines 6 and 40.

 (9) Line 39 less line 21.

 (10) Line 22 divided by line 44.
104 Z.1, September 18, 2008

B.103 Balance Sheet of Nonfarm Noncorporate Business

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

2002 2003 2004 2005 2006 2007 2008

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Assets 6979.6 7426.7 8179.0 9212.2 10117.5 10327.2 10561.5 10785.6 10953.1 11014.8 11037.1 1

 2 Tangible assets 5322.6 5674.3 6129.6 6779.6 7383.1 7519.8 7673.4 7773.8 7844.5 7839.8 7817.6 2

 3 Real estate (1) 4863.8 5198.4 5626.0 6241.4 6809.8 6938.9 7084.7 7179.7 7241.7 7229.0 7196.3 3

 4 Residential 3670.7 3961.8 4317.8 4788.5 5177.4 5265.6 5346.9 5393.4 5394.4 5367.4 5330.4 4

 5 Nonresidential 1193.1 1236.7 1308.2 1452.9 1632.4 1673.3 1737.8 1786.2 1847.3 1861.6 1865.9 5

 6 Equipment and software (2) 390.2 405.0 425.7 453.9 483.9 490.5 497.0 501.7 508.0 513.0 519.8 6

 7 Residential (3) 40.4 40.3 41.8 45.2 48.4 48.9 49.6 49.8 49.9 50.1 50.3 7

 8 Nonresidential 349.8 364.7 383.9 408.7 435.6 441.6 447.4 451.9 458.1 462.9 469.5 8

 9 Inventories (2) 68.6 70.8 77.9 84.3 89.4 90.4 91.7 92.4 94.8 97.9 101.5 9

10 Financial assets 1657.0 1752.5 2049.3 2432.6 2734.4 2807.4 2888.1 3011.8 3108.6 3174.9 3219.5 10

11 Checkable deposits and currency 167.1 172.9 259.2 323.1 364.1 368.9 375.5 391.2 404.4 413.4 419.4 11

12 Time and savings deposits 269.2 313.8 318.0 351.6 396.2 406.9 419.5 441.6 456.0 465.7 472.3 12

13 Money market fund shares 61.3 63.6 69.2 73.9 83.3 85.6 88.2 95.3 98.4 100.4 101.8 13

14 Treasury securities 42.8 44.9 50.2 56.2 63.3 65.0 67.0 69.8 72.1 73.6 74.7 14

15 Municipal securities 3.4 2.7 4.3 4.4 5.0 5.1 5.3 5.5 5.7 5.8 5.9 15

16 Mortgages 26.2 26.3 30.8 36.2 40.8 41.9 43.2 44.9 46.4 47.4 48.1 16

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

18 Trade receivables 362.8 337.7 364.3 430.9 485.6 498.8 514.3 535.1 552.8 564.8 572.7 18

19 Miscellaneous assets 724.2 790.6 953.3 1156.2 1296.1 1335.1 1375.0 1428.4 1472.9 1503.8 1524.7 19

20 Insurance receivables 52.5 56.9 60.5 65.3 66.9 67.6 68.2 68.9 68.6 69.3 70.0 20

21 Equity investment in GSEs (4) 1.8 2.1 2.0 1.8 1.9 2.0 2.1 2.1 2.2 2.2 2.3 21

22 Other 670.0 731.6 890.9 1089.1 1227.4 1265.6 1304.7 1357.4 1402.1 1432.3 1452.5 22

23 Liabilities 3084.1 3172.4 3516.2 4052.6 4477.6 4570.1 4685.1 4852.1 4999.9 5102.6 5168.9 23

24 Credit market instruments 2107.1 2198.7 2443.1 2776.2 3126.1 3201.1 3295.8 3427.4 3542.0 3624.8 3673.0 24

25 Bank loans n.e.c. 430.4 441.7 466.0 624.1 691.0 707.2 723.4 775.2 818.7 854.3 874.0 25

26 Other loans and advances 126.9 131.6 132.8 136.5 150.5 153.6 157.4 156.6 161.1 168.8 172.9 26

27 Mortgages 1549.8 1625.3 1844.3 2015.5 2284.6 2340.3 2415.0 2495.6 2562.2 2601.8 2626.1 27

28 Trade payables 281.0 255.3 277.4 329.4 359.5 366.7 375.2 386.6 396.3 402.9 407.2 28

29 Taxes payable 70.2 69.7 78.0 86.7 92.3 93.6 95.2 97.3 99.1 100.3 101.1 29

30 Miscellaneous liabilities 625.9 648.8 717.6 860.3 899.8 908.7 919.0 940.8 962.5 974.5 987.5 30

31 Net worth (5) 3895.5 4254.3 4662.8 5159.6 5639.9 5757.1 5876.4 5933.4 5953.2 5912.2 5868.2 31

 Memo:

 Replacement-cost value of structures:

32 Residential 2317.4 2451.2 2678.0 2925.7 3102.4 3124.1 3117.7 3122.0 3122.5 3100.9 3081.7 32

33 Nonresidential 985.6 1008.0 1097.7 1201.3 1292.3 1308.2 1316.1 1324.0 1345.2 1360.7 1379.9 33

34 Debt/net worth (percent) (6) 54.1 51.7 52.4 53.8 55.4 55.6 56.1 57.8 59.5 61.3 62.6 34

(1) At market value.

(2) At replacement (current) cost.

(3) Durable goods in rental properties.

(4) Equity in the Farm Credit System.

(5) Line 1 less line 23. Included in table B.100, line 28.

(6) Line 24 divided by line 31.
Z.1, September 18, 2008 105

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

Billions of dollars; not seasonally adjusted

2002 2003 2004 2005 2006 2007 2008

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Change in net worth (1) -1584.4 5040.6 4009.9 3683.3 3997.3 862.6 1202.4 675.0 -602.3 -1649.9 -438.0 1

 2 Net investment 191.7 506.2 481.8 19.3 2.2 194.0 -244.1 233.1 164.9 297.3 161.7 2

 3 Net physical investment 529.0 585.8 641.1 666.0 664.5 104.8 142.5 160.7 124.8 57.6 88.8 3

 4 Capital expenditures 1363.0 1459.0 1581.7 1702.9 1705.2 370.7 411.1 432.3 399.5 327.4 361.5 4

 5 - Consumption of fixed capital 834.0 873.2 940.6 1036.8 1040.7 266.0 268.6 271.7 274.7 269.8 272.7 5

 6 Net financial investment -337.3 -79.6 -159.3 -646.7 -662.3 89.3 -386.6 72.4 40.1 239.7 72.9 6

 7 Net acquisition of financial assets 467.4 943.7 1007.0 512.2 611.4 257.7 -79.4 285.4 275.6 348.2 61.7 7

 8 - Net increase in liabilities 804.6 1023.2 1166.3 1158.9 1273.7 168.5 307.2 213.0 235.5 108.5 -11.2 8

 Holding gains on assets

 9 at market value (2) -1805.9 4401.1 3467.3 3613.5 3990.6 686.8 1478.8 462.2 -624.2 -1946.6 -552.1 9

10 Real estate 977.7 1079.9 1492.8 1757.2 936.7 223.7 188.4 -37.9 -174.7 -299.5 -258.8 10

11 Corporate equities -1700.5 1227.0 437.2 360.2 963.2 74.5 448.4 175.4 -165.6 -510.2 -136.9 11

12 Mutual fund shares -489.1 411.5 296.7 193.8 416.2 85.0 202.8 98.9 -150.0 -301.9 -7.7 12

13 Equity in noncorporate business 256.6 391.4 604.7 798.1 717.9 185.0 177.2 136.4 102.6 30.6 -13.9 13

 Life insurance and

14 pension fund reserves -850.6 1291.3 635.9 504.2 956.7 118.6 462.1 89.5 -236.5 -865.6 -134.9 14

 Holding gains on assets

15 at current cost (2) -76.5 -98.2 -22.2 -39.7 -43.3 -13.1 -11.0 -15.4 -10.7 5.0 -9.2 15

16 Consumer durable goods -76.5 -98.4 -22.1 -40.0 -44.8 -13.7 -11.4 -15.0 -11.2 5.0 -10.4 16

17 Equipment and software -0.1 0.2 -0.1 0.2 1.5 0.5 0.3 -0.4 0.5 0.0 1.3 17

18 Other volume changes (3) 106.3 231.4 83.1 90.1 47.8 -5.1 -21.3 -4.9 -132.4 -5.6 -38.5 18

 Memo:

19 Net worth outstanding (4) 39212.1 44252.7 48262.6 51945.9 55943.2 56805.8 58008.2 58683.2 58081.0 56431.1 55993.1 19

20 Disposable personal income 7830.1 8162.5 8680.9 9062.0 9640.7 10013.5 10088.0 10228.8 10351.5 10425.5 10822.2 20

(1) Sum of net investment (line 2), holding gains (lines 9 and 15), and other volume changes (line 18).

(2) Calculated as change in amount outstanding less net purchases during period.

(3) Consists of the difference between series for consumption of fixed capital published by BEA and statistical discontinuities.

(4) Table B.100, line 41.
106 Z.1, September 18, 2008

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

Billions of dollars; not seasonally adjusted

2002 2003 2004 2005 2006 2007 2008

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Change in net worth (1) 234.3 644.9 1114.7 1266.2 1474.6 367.7 557.6 418.3 474.8 187.8 117.9 1

 2 Net investment 114.8 149.4 246.4 -134.2 -348.7 -82.3 -80.0 -83.8 -177.8 -61.1 -69.5 2

 3 Net physical investment 110.9 121.2 196.8 230.0 325.0 65.9 74.2 74.7 76.8 83.5 81.6 3

 4 Capital expenditures 737.1 749.9 825.7 922.0 1059.4 252.3 261.0 271.0 263.0 266.7 280.3 4

 5 - Consumption of fixed capital 639.4 653.1 682.6 738.9 770.0 199.8 202.7 205.6 208.8 211.7 215.7 5

 6 - Inventory valuation adjustment -2.2 -13.6 -43.1 -37.8 -39.5 -11.1 -13.7 -6.1 -20.3 -27.8 -37.2 6

 7 - Nonproduced nonfinancial assets -10.9 -10.8 -10.6 -9.0 3.8 -2.3 -2.2 -3.3 -2.3 -0.7 20.2 7

 8 Net financial investment 45.2 69.2 174.1 -3.4 -70.8 -6.3 49.1 49.3 26.5 -18.8 -59.4 8

 9 Net acquisition of financial assets 130.1 82.6 783.1 957.8 871.1 208.2 275.9 311.1 231.7 178.5 90.6 9

10 - Net increase in liabilities 84.9 13.4 609.0 961.2 941.9 214.5 226.8 261.8 205.1 197.3 150.0 10

11 Net corporate equity issues -41.4 -41.1 -124.4 -360.7 -602.9 -141.9 -203.4 -207.9 -281.2 -125.8 -91.7 11

 Holding gains on assets

12 at market value (2) 157.6 300.6 504.1 764.3 894.9 219.4 316.7 241.8 287.8 54.8 -17.7 12

13 Real estate 175.1 281.5 491.0 755.2 877.8 216.1 306.7 238.1 293.4 70.8 -16.3 13

14 Mutual fund shares -17.6 19.1 13.1 9.1 17.1 3.3 10.0 3.8 -5.6 -16.0 -1.3 14

 Holding gains on assets less

15 liabilities at current cost (2) 91.7 42.1 153.2 190.8 98.9 33.9 30.4 9.4 42.7 49.7 80.5 15

16 Equipment and software -14.3 20.2 51.6 55.9 80.3 22.0 18.6 6.9 21.9 13.2 33.3 16

17 Inventories (3) 22.0 15.1 43.9 43.3 5.3 12.0 11.8 2.4 31.9 36.5 47.2 17

18 Direct investment abroad -8.4 12.0 67.8 87.1 22.4 0 0 0 42.8 0 0 18

19 - Foreign direct investment in U.S. -92.4 5.2 10.2 -4.5 9.1 0.0 -0.0 -0.0 53.9 -0.0 0.0 19

20 Other volume changes (4) -129.8 152.9 211.1 445.3 829.5 196.7 290.5 251.0 322.0 144.4 124.6 20

 Memo:

21 Net worth outstanding (5) 9550.0 10195.0 11309.7 12575.9 14050.5 14418.3 14975.8 15394.2 15869.0 16056.8 16174.6 21

(1) Sum of net investment (line 2), holding gains (lines 12 and 15), and other volume changes (line 20).

(2) Calculated as change in amount outstanding less net purchases during period.

(3) Before inventory valuation adjustment.

(4) Consists of statistical discontinuities.

(5) Table B.102, line 32.
Z.1, September 18, 2008 107

R.103 Change in Net Worth of Nonfarm Noncorporate Business

Billions of dollars; not seasonally adjusted

2002 2003 2004 2005 2006 2007 2008

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Change in net worth (1) 123.1 358.8 408.5 496.8 480.3 117.2 119.3 57.1 19.8 -41.0 -44.0 1

 2 Net investment (2) -87.0 38.5 -26.1 -138.0 -54.6 -10.9 -7.7 -24.8 -29.8 -21.5 15.8 2

 3 Net physical investment 31.0 31.5 20.9 15.2 68.3 8.6 26.6 18.4 21.0 14.8 37.5 3

 4 Capital expenditures 182.5 192.9 197.5 226.9 264.3 59.4 78.7 70.9 73.7 67.6 91.1 4

 5 - Consumption of fixed capital 151.5 161.4 176.7 211.6 196.0 50.8 52.0 52.4 52.7 52.8 53.6 5

 6 Net acquisition of financial assets 78.2 95.5 296.9 383.2 301.9 73.0 80.7 123.7 96.8 66.3 44.6 6

 - Net increase in liabilities from:

 7 Credit market instruments 149.8 91.6 244.5 333.0 349.9 75.0 94.7 131.6 114.6 82.8 48.2 7

 8 Trade payables 26.0 -25.7 22.2 52.0 30.0 7.2 8.5 11.4 9.7 6.6 4.4 8

 9 Taxes payable 1.5 -0.5 8.4 8.7 5.6 1.3 1.6 2.1 1.8 1.2 0.8 9

10 Miscellaneous liabilities 18.9 23.2 68.8 142.7 39.2 8.9 10.2 21.8 21.5 12.0 13.0 10

11 Holding gains on real estate (3) 221.2 333.0 439.7 647.4 531.2 119.7 132.0 82.7 48.7 -27.0 -57.1 11

12 Residential 181.0 267.6 328.5 480.9 338.7 72.9 65.9 31.2 -14.6 -42.8 -52.8 12

13 Nonresidential 40.2 65.5 111.2 166.5 192.5 46.8 66.1 51.5 63.4 15.8 -4.4 13

14 Holding gains on assets at current cost (3) -5.8 -8.0 0.2 -8.3 9.6 9.7 -4.3 -0.1 2.9 9.9 -0.3 14

15 Residential equipment and software -0.6 -1.4 -0.3 1.5 1.2 0.1 0.3 -0.2 -0.2 -0.1 -0.1 15

16 Nonresidential equipment and software -6.5 -8.1 -4.0 -14.0 6.0 8.3 -5.9 -0.3 0.3 6.6 -4.6 16

17 Inventories 1.3 1.5 4.6 4.3 2.4 1.2 1.3 0.4 2.7 3.4 4.4 17

18 Other volume changes (4) -5.3 -4.7 -5.4 -4.3 -6.0 -1.2 -0.7 -0.7 -2.0 -2.4 -2.3 18

 Memo:

19 Net worth outstanding (5) 3895.5 4254.3 4662.8 5159.6 5639.9 5757.1 5876.4 5933.4 5953.2 5912.2 5868.2 19

(1) Sum of net investment (line 2), holding gains (lines 11 and 14), and other volume changes (line 18).

(2) Also equal to proprietor’s net investment shown on table F.103, line 29.

(3) Calculated as change in amount outstanding less net investment during period.

(4) Consists of statistical discontinuities.

(5) Table B.103, line 31.