Z.1, December 11, 2008 9

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

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2004 2005 2006 2007 2007 2008

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total net borrowing 3120.7 3550.7 4051.1 4410.5 4077.3 4178.6 5294.1 4092.1 2836.7 2018.5 2990.5 1

 2 Domestic nonfinancial sectors 1990.5 2322.7 2422.1 2523.4 2409.0 2411.1 2780.1 2493.3 1687.1 1009.9 2348.1 2

 3 Household sector 1058.1 1167.3 1198.7 876.3 939.7 949.2 813.1 803.1 436.1 77.1 -117.4 3

 4 Nonfinancial corporate business 204.0 332.4 469.4 789.4 659.1 850.5 872.4 775.6 405.4 387.1 260.6 4

 5 Nonfarm noncorporate business 245.2 331.6 408.6 418.5 300.6 381.5 532.7 459.3 328.6 191.0 76.3 5

 6 Farm business 6.0 12.8 10.8 16.2 22.4 9.2 11.7 21.7 29.6 25.6 -15.2 6

 7 State and local governments 115.4 171.7 151.1 185.9 219.5 206.2 152.5 165.3 74.6 18.8 65.3 7

 8 Federal government 361.9 306.9 183.4 237.1 267.8 14.5 397.8 268.2 412.7 310.4 2078.5 8

 9 Rest of the world 154.7 112.6 331.3 124.3 184.4 292.9 3.3 16.4 280.6 72.5 -547.3 9

10 Financial sectors 975.4 1115.4 1297.6 1762.9 1483.8 1474.6 2510.6 1582.4 869.1 936.2 1189.7 10

11 Commercial banking 78.4 85.1 177.4 263.2 91.4 162.2 481.5 317.7 228.8 299.2 263.2 11

12 U.S.-chartered commercial banks 18.7 36.9 107.5 131.8 9.3 37.5 340.6 139.9 92.0 9.2 512.3 12

13 Foreign banking offices in U.S. 0.1 0.0 -0.3 0.0 -0.3 0.1 -0.6 0.9 -0.6 -0.1 0.0 13

14 Bank holding companies 59.5 48.2 70.2 131.3 82.4 124.7 141.5 176.9 137.4 290.1 -249.1 14

15 Savings institutions 89.0 23.8 -111.9 97.3 4.5 -44.2 354.1 74.9 97.9 -82.5 -211.7 15

16 Credit unions 2.3 3.3 4.2 13.4 -10.5 10.6 37.9 15.7 -15.2 27.6 32.4 16

17 Life insurance companies 3.0 0.4 2.7 14.5 4.9 12.6 26.9 13.7 9.6 9.2 38.0 17

18 Government-sponsored enterprises 75.0 -84.0 35.6 282.4 66.7 161.4 556.6 344.8 119.9 655.3 203.3 18

19 Agency- and GSE-backed mortgage pools 47.9 167.3 295.4 626.3 455.0 519.0 644.0 887.1 533.6 672.2 508.3 19

20 ABS issuers 437.3 724.3 807.5 316.2 641.5 579.6 198.5 -154.8 -270.8 -471.2 -419.0 20

21 Finance companies 134.3 33.5 34.8 34.9 1.9 30.6 129.1 -22.1 130.0 1.2 -103.6 21

22 REITs 95.1 56.1 15.6 9.7 70.2 -7.1 -16.9 -7.5 -67.2 -22.3 -29.8 22

23 Brokers and dealers 15.2 0.1 6.4 -4.0 59.5 39.9 -29.4 -85.9 221.3 -136.8 750.4 23

24 Funding corporations -2.2 105.6 29.9 109.0 98.8 10.0 128.4 198.8 -119.0 -15.8 158.1 24

25 Total net lending 3120.7 3550.7 4051.1 4410.5 4077.3 4178.6 5294.1 4092.1 2836.7 2018.5 2990.5 25

26 Domestic nonfinancial sectors 344.2 390.9 270.9 314.4 -25.5 74.7 736.5 471.9 -910.7 -45.9 151.2 26

27 Household sector 226.8 184.2 157.5 314.9 -251.3 13.1 904.5 593.3 -515.3 36.9 94.0 27

28 Nonfinancial corporate business 31.1 42.3 -11.1 -65.1 81.1 -82.1 -182.2 -77.1 -303.7 -30.3 -15.4 28

29 Nonfarm noncorporate business 11.5 11.4 -0.1 16.7 14.2 15.4 20.3 17.0 11.5 6.8 3.4 29

30 State and local governments 72.4 154.0 118.5 41.5 121.5 119.3 -9.4 -65.5 -114.5 -69.5 56.2 30

31 Federal government 2.3 -0.9 6.1 6.4 8.9 9.1 3.3 4.2 11.3 10.2 13.0 31

32 Rest of the world 854.4 749.0 974.8 1012.6 1339.5 1147.8 569.3 993.8 739.2 970.5 226.9 32

33 Financial sectors 1922.1 2410.7 2805.4 3083.5 2763.3 2956.1 3988.3 2626.3 3008.2 1093.9 2612.4 33

34 Monetary authority 51.2 26.4 34.7 -38.3 26.9 32.9 -43.7 -169.4 -416.7 -495.2 1071.9 34

35 Commercial banking 608.0 658.4 761.7 750.8 178.4 713.6 1015.2 1096.1 605.0 210.7 1540.0 35

36 U.S.-chartered commercial banks 571.1 507.9 656.3 528.9 30.1 500.1 760.3 825.2 423.6 187.5 1747.8 36

37 Foreign banking offices in U.S. 23.0 144.5 103.7 201.7 171.6 219.7 234.1 181.4 177.5 -79.7 -169.9 37

38 Bank holding companies -0.0 -4.2 3.3 23.1 -16.8 -5.3 21.4 93.0 4.1 97.7 -36.2 38

39 Banks in U.S.-affiliated areas 13.9 10.2 -1.7 -2.9 -6.5 -0.9 -0.7 -3.5 -0.1 5.2 -1.7 39

40 Savings institutions 103.5 199.3 -98.1 65.7 218.0 60.5 60.4 -76.2 45.6 14.4 -1219.1 40

41 Credit unions 39.8 36.2 30.1 35.3 38.5 22.1 42.6 37.7 41.7 50.8 48.5 41

42 Property-casualty insurance companies 73.6 66.9 47.7 26.4 32.8 34.7 34.0 3.9 -13.0 -6.3 28.3 42

43 Life insurance companies 173.0 110.3 75.6 82.4 98.6 97.1 106.9 27.2 101.7 76.3 67.3 43

44 Private pension funds -0.3 44.5 51.0 121.3 126.7 83.6 130.1 144.8 109.1 75.8 34.1 44

45 State and local govt. retirement funds 17.8 18.1 76.3 30.2 -8.4 18.6 61.3 49.1 8.0 -5.4 36.6 45

46 Federal government retirement funds 4.7 7.7 8.4 11.7 14.9 3.4 17.5 11.1 40.1 7.9 28.0 46

47 Money market mutual funds -124.9 -5.5 220.0 390.6 389.9 341.1 416.2 415.4 1242.6 69.7 -177.6 47

48 Mutual funds 116.6 124.1 184.9 271.1 286.0 357.5 188.2 252.9 203.4 404.3 34.9 48

49 Closed-end funds 11.0 2.2 6.0 -1.2 -0.9 13.9 -18.0 0.1 -20.2 -17.5 -32.5 49

50 Exchange-traded funds 3.8 6.8 5.7 12.7 6.8 15.6 9.6 18.9 17.5 20.7 26.6 50

51 Government-sponsored enterprises 48.9 -69.1 46.6 239.0 -62.7 77.8 646.9 294.0 327.7 435.1 130.8 51

52 Agency- and GSE-backed mortgage pools 47.9 167.3 295.4 626.3 455.0 519.0 644.0 887.1 533.6 672.2 508.3 52

53 ABS issuers 427.9 727.8 799.6 313.1 629.0 590.6 216.2 -183.3 -298.0 -418.0 -376.2 53

54 Finance companies 214.9 117.2 89.6 12.1 39.1 2.4 66.5 -59.6 117.0 -22.9 -83.2 54

55 REITs 87.5 41.1 26.0 -21.5 91.3 -31.7 -130.5 -15.1 -81.2 0.2 -51.8 55

56 Brokers and dealers -29.2 82.3 106.2 219.7 246.1 -89.6 395.1 327.3 122.6 -400.2 411.4 56

57 Funding corporations 46.6 48.6 38.0 -64.0 -42.7 93.1 129.7 -435.9 321.5 421.2 586.0 57

(1) Excludes corporate equities and mutual fund shares.
10 Z.1, December 11, 2008

F.2 Credit Market Borrowing by Nonfinancial Sectors

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2004 2005 2006 2007 2007 2008

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Domestic 1990.5 2322.7 2422.1 2523.4 2409.0 2411.1 2780.1 2493.3 1687.1 1009.9 2348.1 1

 2 By instrument 1990.5 2322.7 2422.1 2523.4 2409.0 2411.1 2780.1 2493.3 1687.1 1009.9 2348.1 2

 3 Commercial paper 15.3 -7.7 22.4 11.3 18.9 40.9 -30.6 16.0 54.6 -65.6 74.5 3

 4 Treasury securities 362.5 307.3 183.7 237.5 269.1 14.6 398.6 267.5 411.4 310.1 2080.2 4

 5 Agency- and GSE-backed securities -0.6 -0.4 -0.3 -0.4 -1.3 -0.1 -0.8 0.7 1.3 0.3 -1.7 5

 6 Municipal securities 130.5 195.0 177.3 215.4 247.0 238.0 181.5 195.1 92.5 55.0 92.1 6

 7 Corporate bonds 75.5 56.7 215.6 311.2 286.3 381.5 220.2 356.8 167.5 337.6 73.8 7

 8 Bank loans n.e.c. 10.8 137.6 173.4 240.1 70.5 117.1 448.4 324.5 252.4 78.6 332.7 8

 9 Other loans and advances 58.1 116.1 142.8 282.5 228.2 256.0 392.6 253.3 68.4 38.7 -12.0 9

10 Mortgages 1223.4 1423.7 1402.8 1092.1 1170.6 1231.0 991.9 975.1 518.7 155.5 -322.0 10

11 Home 1022.3 1112.0 1075.7 712.1 871.3 813.1 531.2 632.8 270.3 -65.2 -327.5 11

12 Multifamily residential 48.4 72.6 53.4 99.1 65.2 96.4 108.7 126.1 70.2 67.3 58.8 12

13 Commercial 150.0 234.4 273.8 274.7 227.9 315.3 345.6 209.9 174.9 150.1 -56.7 13

14 Farm 2.7 4.6 -0.0 6.3 6.2 6.3 6.4 6.4 3.3 3.3 3.4 14

15 Consumer credit 115.0 94.5 104.4 133.6 119.7 132.1 178.4 104.3 120.3 99.7 30.5 15

16 By sector 1990.5 2322.7 2422.1 2523.4 2409.0 2411.1 2780.1 2493.3 1687.1 1009.9 2348.1 16

17 Household sector 1058.1 1167.3 1198.7 876.3 939.7 949.2 813.1 803.1 436.1 77.1 -117.4 17

18 Nonfinancial business 455.2 676.8 888.9 1224.2 982.1 1241.2 1416.7 1256.7 763.7 603.7 321.7 18

19 Corporate 204.0 332.4 469.4 789.4 659.1 850.5 872.4 775.6 405.4 387.1 260.6 19

20 Nonfarm noncorporate 245.2 331.6 408.6 418.5 300.6 381.5 532.7 459.3 328.6 191.0 76.3 20

21 Farm 6.0 12.8 10.8 16.2 22.4 9.2 11.7 21.7 29.6 25.6 -15.2 21

22 State and local governments 115.4 171.7 151.1 185.9 219.5 206.2 152.5 165.3 74.6 18.8 65.3 22

23 Federal government 361.9 306.9 183.4 237.1 267.8 14.5 397.8 268.2 412.7 310.4 2078.5 23

24 Foreign borrowing in U.S. 154.7 112.6 331.3 124.3 184.4 292.9 3.3 16.4 280.6 72.5 -547.3 24

25 Commercial paper 68.7 38.2 97.1 -67.4 -19.8 22.4 -193.8 -78.3 214.6 40.2 -272.6 25

26 Bonds 85.8 64.5 227.8 170.7 223.2 231.7 173.8 54.1 32.9 44.5 -291.0 26

27 Bank loans n.e.c. 3.8 14.5 13.8 24.1 -16.0 40.7 26.3 45.3 35.4 -9.0 15.6 27

28 Other loans and advances -3.6 -4.6 -7.4 -3.2 -3.0 -1.9 -3.0 -4.7 -2.2 -3.2 0.7 28

29 Domestic and foreign 2145.3 2435.3 2753.5 2647.6 2593.4 2704.0 2783.5 2509.7 1967.7 1082.4 1800.8 29

F.3 Credit Market Borrowing by Financial Sectors

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 By instrument 975.4 1115.4 1297.6 1762.9 1483.8 1474.6 2510.6 1582.4 869.1 936.2 1189.7 1

 2 Open market paper 22.2 214.6 197.6 -113.3 189.5 293.9 -607.7 -329.1 -234.5 -230.6 -382.2 2

 3 GSE issues 75.0 -84.0 35.6 282.4 66.7 161.4 556.6 344.8 119.9 655.3 203.3 3

 4 Agency- and GSE-backed mortgage pool sec. 47.9 167.3 295.4 626.3 455.0 519.0 644.0 887.1 533.6 672.2 508.3 4

 5 Corporate bonds 672.3 742.3 804.9 670.1 747.8 444.0 1087.0 401.5 63.1 -123.0 -537.5 5

 6 Bank loans n.e.c. 58.1 17.0 -64.1 66.0 44.9 51.1 95.9 72.2 179.0 12.2 1002.9 6

 7 Other loans and advances 74.1 44.4 21.2 225.8 -4.9 -3.9 722.0 189.8 188.0 -41.0 390.0 7

 8 Mortgages 25.9 13.9 7.0 5.7 -15.2 9.0 12.9 16.1 19.9 -9.0 4.9 8

 9 By sector 975.4 1115.4 1297.6 1762.9 1483.8 1474.6 2510.6 1582.4 869.1 936.2 1189.7 9

10 Commercial banking 78.4 85.1 177.4 263.2 91.4 162.2 481.5 317.7 228.8 299.2 263.2 10

11 U.S.-chartered commercial banks 18.7 36.9 107.5 131.8 9.3 37.5 340.6 139.9 92.0 9.2 512.3 11

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

13 Bank holding companies 59.5 48.2 70.2 131.3 82.4 124.7 141.5 176.9 137.4 290.1 -249.1 13

14 Savings institutions 89.0 23.8 -111.9 97.3 4.5 -44.2 354.1 74.9 97.9 -82.5 -211.7 14

15 Credit unions 2.3 3.3 4.2 13.4 -10.5 10.6 37.9 15.7 -15.2 27.6 32.4 15

16 Life insurance companies 3.0 0.4 2.7 14.5 4.9 12.6 26.9 13.7 9.6 9.2 38.0 16

17 Government-sponsored enterprises 75.0 -84.0 35.6 282.4 66.7 161.4 556.6 344.8 119.9 655.3 203.3 17

18 Agency- and GSE-backed mortgage pools 47.9 167.3 295.4 626.3 455.0 519.0 644.0 887.1 533.6 672.2 508.3 18

19 ABS issuers 437.3 724.3 807.5 316.2 641.5 579.6 198.5 -154.8 -270.8 -471.2 -419.0 19

20 Finance companies 134.3 33.5 34.8 34.9 1.9 30.6 129.1 -22.1 130.0 1.2 -103.6 20

21 REITs 95.1 56.1 15.6 9.7 70.2 -7.1 -16.9 -7.5 -67.2 -22.3 -29.8 21

22 Brokers and dealers 15.2 0.1 6.4 -4.0 59.5 39.9 -29.4 -85.9 221.3 -136.8 750.4 22

23 Funding corporations -2.2 105.6 29.9 109.0 98.8 10.0 128.4 198.8 -119.0 -15.8 158.1 23
Z.1, December 11, 2008 11

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

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2004 2005 2006 2007 2007 2008

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total 3120.7 3550.7 4051.1 4410.5 4077.3 4178.6 5294.1 4092.1 2836.7 2018.5 2990.5 1

 2 Open market paper 106.2 245.1 317.1 -169.4 188.7 357.3 -832.1 -391.5 34.6 -256.0 -580.3 2

 3 Treasury securities 362.5 307.3 183.7 237.5 269.1 14.6 398.6 267.5 411.4 310.1 2080.2 3

 4 Agency- and GSE-backed securities 122.3 82.8 330.6 908.3 520.4 680.3 1199.8 1232.7 654.8 1327.8 710.0 4

 5 Municipal securities 130.5 195.0 177.3 215.4 247.0 238.0 181.5 195.1 92.5 55.0 92.1 5

 6 Corporate and foreign bonds 833.6 863.6 1248.3 1152.0 1257.3 1057.2 1481.0 812.4 263.4 259.0 -754.7 6

 7 Bank loans n.e.c. 72.7 169.1 123.1 330.2 99.4 208.8 570.6 442.0 466.8 81.8 1351.2 7

 8 Other loans and advances 128.6 155.8 156.6 505.1 220.3 250.3 1111.6 438.4 254.1 -5.5 378.6 8

 9 Mortgages 1249.3 1437.6 1409.9 1097.8 1155.4 1240.0 1004.7 991.2 538.7 146.5 -317.1 9

10 Consumer credit 115.0 94.5 104.4 133.6 119.7 132.1 178.4 104.3 120.3 99.7 30.5 10

 Memo:

 Funds raised through corporate equities and mutual fund shares

11 Total net issues 368.7 159.7 -70.0 -197.0 178.4 -120.6 -226.4 -619.3 100.6 780.8 -288.0 11

12 Corporate equities 70.4 -100.4 -406.9 -562.0 -307.4 -642.2 -484.4 -814.2 -56.8 198.8 -82.0 12

13 Nonfinancial -124.4 -360.7 -602.7 -831.2 -566.7 -799.1 -864.9 -1093.9 -500.0 -268.3 -413.6 13

 Foreign shares purchased by

14 U.S. residents 84.8 186.7 137.4 118.0 175.0 107.0 227.4 -37.3 107.4 85.4 -56.6 14

15 Financial 110.1 73.6 58.4 151.1 84.4 49.9 153.0 317.0 335.8 381.7 388.2 15

16 Mutual fund shares 298.2 260.2 336.8 365.1 485.8 521.5 258.0 194.9 157.4 582.0 -206.0 16

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

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 Net flows through credit markets

 1 (from table F.4, line 1) 3120.7 3550.7 4051.1 4410.5 4077.3 4178.6 5294.1 4092.1 2836.7 2018.5 2990.5 1

 2 Official foreign exchange -3.2 -9.6 -2.6 -0.0 0.1 -0.3 0.1 -0.1 1.0 5.0 -0.8 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 0.7 0.8 0.6 0.7 0.4 1.3 1.4 -0.4 -0.9 -0.5 -1.2 4

 5 Foreign deposits 89.9 40.8 88.0 216.7 290.4 370.6 232.3 -26.5 -375.6 -271.7 -143.6 5

 6 Net interbank transactions 19.4 -12.4 -11.2 -64.7 -446.1 26.9 181.1 -20.6 -195.8 124.4 1676.6 6

 7 Checkable deposits and currency 85.4 4.4 -19.9 30.3 58.0 -80.8 125.0 19.0 44.6 -23.2 1725.1 7

 8 Small time and savings deposits 281.6 314.4 347.0 286.4 356.4 295.2 228.5 265.4 450.4 267.2 516.0 8

 9 Large time deposits 252.9 284.4 261.2 319.6 311.3 89.8 498.6 378.8 359.0 -165.2 -159.6 9

10 Money market fund shares -136.5 127.0 305.3 741.0 462.8 491.8 1202.4 807.2 1577.2 -156.2 74.7 10

11 Security RPs 86.9 306.1 407.1 17.3 785.4 168.0 -121.7 -762.7 -67.0 -1047.5 -968.7 11

12 Corporate equities 70.4 -100.4 -406.9 -562.0 -307.4 -642.2 -484.4 -814.2 -56.8 198.8 -82.0 12

13 Mutual fund shares 298.2 260.2 336.8 365.1 485.8 521.5 258.0 194.9 157.4 582.0 -206.0 13

14 Trade payables 194.5 340.4 213.8 318.0 342.0 302.6 289.3 338.1 377.8 413.8 -251.1 14

15 Security credit 179.4 0.2 211.5 276.5 108.6 380.7 -15.3 631.9 433.0 -309.0 252.4 15

16 Life insurance reserves 33.1 16.1 65.6 34.2 28.4 36.4 28.9 43.1 60.3 49.1 19.4 16

17 Pension fund reserves 288.4 238.3 175.8 177.7 92.0 94.8 190.2 333.9 82.1 182.8 113.6 17

18 Taxes payable 28.5 28.1 24.1 25.7 34.3 13.3 28.5 26.6 26.0 18.5 17.3 18

19 Noncorporate proprietors’ equity -18.0 -146.5 -114.3 -49.4 34.9 -45.3 -87.9 -99.2 -34.8 7.7 39.1 19

20 Miscellaneous 1641.6 1394.7 2092.4 2130.5 1325.1 3541.5 2696.8 958.5 2521.3 1106.8 1688.5 20

21 Total financial sources 6513.8 6637.7 8025.5 8674.0 8039.7 9744.6 10546.0 6365.7 8195.8 3001.2 7300.1 21

 - Liabilities not identified as assets:

22 Treasury currency -0.3 0.7 -1.1 0.2 -0.3 0.7 0.9 -0.6 -0.9 -0.5 -1.2 22

23 Foreign deposits 61.9 15.3 104.2 154.1 301.4 353.8 85.5 -124.1 -413.0 -213.6 -103.0 23

24 Net interbank liabilities 14.9 -3.7 -1.9 1.7 63.0 -48.9 2.5 -9.6 2.6 -26.0 -60.4 24

25 Security RPs -141.1 87.6 202.5 -296.6 -43.8 3.5 -295.7 -850.6 -303.2 -491.5 -499.2 25

26 Taxes payable -20.2 -39.1 -10.5 5.7 -7.3 9.8 -1.6 22.0 -26.1 1.1 -46.3 26

27 Miscellaneous 144.3 152.5 -270.7 -94.5 -1398.2 383.5 -329.8 966.6 -347.5 -25.0 677.6 27

 - Floats not included in assets:

28 Checkable deposits: Federal govt. 27.9 -6.6 -3.0 1.2 18.2 -6.4 -0.2 -7.0 19.6 -9.2 -1.3 28

29 Other -0.8 -0.9 -0.5 -1.0 5.1 -4.9 3.5 -7.9 12.6 -7.2 6.4 29

30 Trade credit 11.2 -30.7 144.0 0.9 40.0 11.0 -55.2 7.9 16.3 72.6 32.2 30

 Totals identified to sectors

31 as assets 6416.0 6462.6 7862.4 8902.2 9061.4 9042.4 11136.0 6369.0 9235.4 3700.5 7295.4 31
12 Z.1, December 11, 2008

F.6 Distribution of Gross Domestic Product (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2004 2005 2006 2007 2007 2008

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Gross Domestic Product (GDP) 11685.9 12421.9 13178.4 13807.5 13510.9 13737.5 13950.6 14031.2 14150.8 14294.5 14420.5 1

 2 Personal consumption expenditures (2) 8195.9 8694.1 9207.2 9710.2 9524.9 9657.5 9765.6 9892.7 10002.3 10138.0 10169.5 2

 3 Durable goods 983.9 1020.8 1052.0 1082.8 1076.6 1085.3 1086.2 1083.0 1071.0 1059.3 1015.1 3

 4 Nondurable goods 2343.7 2514.1 2685.2 2833.0 2761.5 2817.7 2846.6 2906.2 2950.7 3026.2 3046.5 4

 5 Services 4868.3 5159.2 5469.9 5794.4 5686.8 5754.4 5832.8 5903.5 5980.6 6052.5 6107.9 5

 6 Gross private domestic investment 1888.6 2086.1 2220.4 2130.4 2117.8 2147.3 2164.0 2092.3 2056.1 2000.9 2013.6 6

 7 Fixed investment 1830.0 2042.8 2171.1 2134.0 2133.4 2148.1 2141.0 2113.4 2081.7 2077.0 2062.1 7

 8 Nonresidential 1154.5 1273.1 1414.1 1503.8 1456.4 1493.7 1522.9 1542.1 1553.6 1571.9 1582.7 8

 9 Household sector (nonprofit organizations) 98.3 101.7 109.1 116.9 113.0 116.0 118.6 120.1 121.5 124.0 125.6 9

10 Nonfinancial corporate business 783.9 885.5 1000.1 1057.7 1026.7 1051.4 1070.4 1082.3 1090.1 1102.7 1110.0 10

11 Nonfarm noncorporate business 105.9 122.2 145.7 153.7 164.5 156.1 140.1 154.1 183.8 196.3 193.6 11

12 Farm business 31.5 34.0 32.3 35.2 33.3 34.7 35.9 36.9 37.0 37.0 37.0 12

13 Financial corporations 134.9 129.7 126.9 140.3 119.0 135.5 158.0 148.8 121.3 111.9 116.5 13

14 Residential 675.5 769.6 757.0 630.2 677.0 654.4 618.1 571.3 528.1 505.0 479.4 14

15 Household sector 574.3 663.1 644.1 546.2 557.5 562.7 577.2 487.3 450.8 430.5 409.4 15

16 Nonfinancial corporate business 4.4 4.7 4.9 4.7 4.8 4.8 4.7 4.5 4.2 4.0 3.8 16

17 Nonfarm noncorporate business 89.1 102.5 103.8 86.4 92.9 89.8 84.8 78.4 72.4 69.3 65.8 17

18 REITs 7.7 -0.6 4.1 -7.1 21.9 -2.8 -48.6 1.1 0.7 1.2 0.4 18

19 Change in private inventories 58.6 43.3 49.3 -3.6 -15.6 -0.9 23.0 -21.1 -25.6 -76.0 -48.6 19

20 Nonfinancial corporate business 48.0 40.9 50.6 -5.0 -12.9 -3.6 22.0 -25.4 -24.5 -68.3 -38.6 20

21 Nonfarm noncorporate business 2.5 2.2 2.7 -0.3 -0.7 -0.2 1.2 -1.3 -1.3 -3.6 -2.0 21

22 Farm business 8.0 0.3 -3.9 1.6 -2.1 2.9 -0.2 5.7 0.2 -4.1 -8.0 22

23 Net U.S. exports of goods and services -615.4 -713.6 -757.3 -707.8 -728.8 -723.1 -682.6 -696.7 -705.7 -718.2 -706.5 23

24 Exports 1182.4 1311.5 1480.8 1662.4 1560.5 1614.4 1714.9 1759.7 1820.8 1923.2 1971.3 24

25 - Imports 1797.8 2025.1 2238.1 2370.2 2289.4 2337.5 2397.5 2456.5 2526.5 2641.4 2677.9 25

 Government consumption expenditures and

26 gross investment 2216.8 2355.3 2508.1 2674.8 2597.0 2655.9 2703.5 2742.9 2798.1 2873.7 2943.9 26

27 Consumption expenditures (3) 1844.0 1957.5 2081.5 2212.0 2151.2 2195.5 2234.4 2266.8 2324.3 2380.9 2440.1 27

28 Federal 723.7 766.3 811.8 856.1 832.5 851.1 869.1 871.6 898.0 918.2 954.1 28

29 State and local 1120.3 1191.2 1269.6 1355.9 1318.7 1344.4 1365.3 1395.2 1426.3 1462.7 1486.1 29

30 Gross investment (3) 372.8 397.8 426.7 462.8 445.8 460.4 469.1 476.1 473.9 492.8 503.8 30

31 Federal 101.9 109.2 120.3 123.2 117.7 123.5 124.9 126.7 128.5 138.0 143.6 31

32 State and local 270.9 288.6 306.3 339.6 328.0 336.9 344.2 349.4 345.3 354.9 360.2 32

 Memo:

33 Net U.S. income receipts from rest of the world 76.2 93.0 78.3 102.4 72.4 59.7 112.2 165.4 138.2 113.9 117.4 33

34 U.S. income receipts 437.5 573.5 725.4 861.7 788.2 852.8 898.5 907.4 843.2 822.8 805.8 34

35 - U.S. income payments 361.3 480.5 647.1 759.3 715.8 793.2 786.3 742.0 705.1 708.9 688.4 35

 Gross National Product (GNP) =

36 GDP + net U.S. income receipts 11762.1 12514.9 13256.6 13910.0 13583.3 13797.2 14062.8 14196.6 14289.0 14408.3 14538.0 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 11, 2008 13

F.7 Distribution of National Income (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2004 2005 2006 2007 2007 2008

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 National Income 10306.8 10974.0 11795.7 12270.9 12087.4 12233.6 12338.6 12424.1 12447.6 12468.6 12477.8 1

 2 Compensation of employees 6656.4 7030.8 7433.8 7812.3 7709.0 7760.1 7839.3 7941.0 8009.7 8033.5 8082.7 2

 3 Wages and other labor income 6263.1 6597.7 6984.1 7353.9 7271.6 7298.4 7374.2 7471.4 7533.3 7555.7 7603.5 3

 4 Employer social insurance contributions 408.3 428.1 448.5 464.7 462.3 461.7 465.1 469.6 476.4 477.8 479.2 4

 5 Wage accruals less disbursements -15.0 5.0 1.3 -6.3 -25.0 0.0 0.0 0.0 0.0 0.0 0.0 5

 Proprietors’ income with inventory

 6 valuation and capital consumption adjustments 911.6 959.8 1014.7 1056.2 1037.2 1050.2 1063.8 1073.8 1071.7 1076.9 1080.6 6

 7 Nonfarm 874.3 925.7 998.6 1012.2 997.9 1007.9 1016.4 1026.7 1030.1 1039.0 1048.2 7

 8 Farm 37.3 34.1 16.2 44.0 39.3 42.3 47.4 47.1 41.6 38.0 32.4 8

 Rental income of persons (with capital

 9 consumption adjustment) 118.4 40.9 44.3 40.0 35.1 44.6 41.8 38.6 39.1 58.6 63.1 9

 Corporate profits with inventory

10 valuation and capital consumption adjustments 1231.2 1447.9 1668.5 1642.4 1617.8 1672.5 1668.3 1611.1 1593.5 1533.3 1518.7 10

 Corporate profits with inventory

11 valuation adjustment 1161.6 1582.8 1834.2 1835.1 1794.7 1859.5 1866.1 1820.2 1641.5 1596.0 1606.9 11

12 Profits before tax 1204.7 1620.6 1873.7 1886.3 1838.9 1914.8 1897.1 1894.3 1750.9 1750.0 1699.3 12

13 Domestic nonfinancial 660.1 952.7 1125.9 1089.8 1084.8 1117.3 1078.4 1078.5 937.3 990.8 1001.4 13

14 Farm 2.3 3.1 1.5 2.0 1.9 2.0 2.0 2.1 2.3 2.5 2.7 14

15 Rest of the world 193.4 239.4 267.5 344.7 298.1 302.9 356.4 421.3 398.5 373.5 372.6 15

16 Domestic financial 348.9 425.3 478.8 449.9 454.1 492.7 460.3 392.4 412.8 383.2 322.7 16

 Less:

17 Taxes on corporate income 307.4 413.7 468.9 450.4 448.5 468.5 451.1 433.5 402.9 406.8 396.9 17

18 Domestic nonfinancial 190.2 273.7 308.7 320.4 319.1 330.2 318.2 314.1 279.2 293.4 295.7 18

19 Farm 0.8 0.9 0.6 0.7 0.7 0.7 0.7 0.7 0.6 0.6 0.6 19

20 Domestic financial 116.4 139.2 159.6 129.3 128.7 137.6 132.2 118.7 123.1 112.8 100.6 20

 Equals:

21 Profits after tax 897.3 1206.9 1404.8 1435.9 1390.4 1446.3 1446.1 1460.9 1348.0 1343.2 1302.4 21

22 Net dividends 539.5 577.4 702.1 788.7 761.5 779.2 797.6 816.4 832.5 846.4 841.4 22

23 Domestic nonfinancial 364.2 181.2 471.9 500.9 489.4 493.6 490.1 530.4 491.3 511.4 502.9 23

24 Farm 2.8 3.0 2.5 2.6 2.5 2.5 2.6 2.7 2.7 2.8 2.8 24

25 Rest of the world 47.8 260.9 73.3 117.6 107.7 117.4 135.4 109.8 177.6 164.8 184.3 25

26 Domestic financial 124.7 132.3 154.4 167.6 161.9 165.6 169.6 173.5 160.8 167.4 151.3 26

27 Undistributed profits 357.8 629.5 702.7 647.3 629.0 667.1 648.5 644.5 515.5 496.7 461.0 27

28 Domestic nonfinancial 105.7 497.9 345.2 268.5 276.3 293.5 270.1 234.1 166.8 186.0 202.7 28

29 Farm -1.3 -0.7 -1.5 -1.3 -1.2 -1.3 -1.3 -1.3 -1.0 -0.9 -0.7 29

30 Rest of the world 145.6 -21.4 194.2 227.1 190.4 185.4 221.1 311.5 220.9 208.7 188.3 30

31 Domestic financial 107.8 153.8 164.8 152.9 163.5 189.4 158.6 100.2 128.9 103.0 70.8 31

32 Inventory valuation adjustment -43.1 -37.8 -39.5 -51.2 -44.2 -55.3 -31.0 -74.1 -109.4 -154.0 -92.4 32

33 Capital consumption adjustment 69.7 -134.8 -165.7 -192.7 -176.9 -187.0 -197.8 -209.2 -48.0 -62.7 -88.2 33

34 Domestic nonfinancial 62.4 -116.7 -149.0 -172.5 -159.0 -167.4 -176.8 -187.0 -42.8 -56.1 -80.5 34

35 Farm 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 35

36 Domestic financial 7.3 -18.2 -16.7 -20.2 -18.0 -19.6 -21.0 -22.2 -5.2 -6.6 -7.6 36

37 Net interest and miscellaneous payments 491.2 569.1 631.2 664.4 645.8 660.8 663.0 688.1 662.3 683.4 655.8 37

38 Taxes on production and imports 863.8 928.2 976.2 1015.5 1002.7 1012.3 1019.2 1027.7 1025.8 1039.4 1042.5 38

39 Less: Subsidies 44.6 59.3 49.7 52.3 47.5 55.9 53.5 52.3 50.6 50.8 50.4 39

40 Business current transfer payments (net) 83.0 70.0 85.4 100.2 98.3 97.4 102.2 103.1 103.2 102.1 92.8 40

41 Current surplus of government enterprises -4.2 -13.4 -8.6 -7.9 -10.8 -8.5 -5.5 -6.7 -7.1 -7.7 -8.0 41

 Memo:

 Calculation of Gross Domestic Product

 from National Income: (2)

42 National Income, from line 1 above 10306.8 10974.0 11795.7 12270.9 12087.4 12233.6 12338.6 12424.1 12447.6 12468.6 12477.8 42

 Plus:

43 Private consumption of fixed capital 1206.0 1359.7 1356.0 1431.1 1402.1 1420.0 1440.1 1462.3 1477.5 1497.4 1587.4 43

44 Government consumption of fixed capital 230.2 252.3 268.0 289.4 282.2 287.0 291.8 296.3 300.5 305.7 312.2 44

45 Statistical discrepancy 19.2 -71.2 -163.0 -81.4 -188.4 -143.4 -7.8 13.9 63.4 136.6 160.5 45

 Less:

46 Net U.S. income receipts from rest of the world 76.2 93.0 78.3 102.4 72.4 59.7 112.2 165.4 138.2 113.9 117.4 46

 Equals:

47 Gross Domestic Product 11685.9 12421.9 13178.4 13807.5 13510.9 13737.5 13950.6 14031.2 14150.8 14294.5 14420.5 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 11, 2008

F.8 Saving and Investment (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2004 2005 2006 2007 2007 2008

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Gross saving 1618.1 1844.2 2038.5 1956.0 1974.4 1987.3 1958.9 1903.6 1773.6 1634.6 1650.7 1

 2 Net saving 182.0 232.2 414.5 235.6 290.2 280.3 226.9 145.0 -4.4 -168.5 -248.9 2

 3 Net private saving 551.1 494.4 569.5 454.5 492.1 455.9 466.5 403.6 378.7 547.9 396.1 3

 4 Personal saving 181.7 32.5 70.7 57.4 109.3 31.1 46.8 42.4 20.6 267.9 115.7 4

 5 Undistributed corporate profits w/IVA & CCA 384.4 456.9 497.5 403.4 407.8 424.8 419.7 361.2 358.1 280.0 280.4 5

 6 Undistributed profits 357.8 629.5 702.7 647.3 629.0 667.1 648.5 644.5 515.5 496.7 461.0 6

 7 Inventory valuation adjustment -43.1 -37.8 -39.5 -51.2 -44.2 -55.3 -31.0 -74.1 -109.4 -154.0 -92.4 7

 8 Capital consumption adjustment 69.7 -134.8 -165.7 -192.7 -176.9 -187.0 -197.8 -209.2 -48.0 -62.7 -88.2 8

 9 Wage accruals less disbursements -15.0 5.0 1.3 -6.3 -25.0 0.0 0.0 0.0 0.0 0.0 0.0 9

10 Net government saving -369.1 -262.2 -155.0 -218.9 -202.0 -175.7 -239.5 -258.6 -383.1 -716.4 -645.0 10

11 Federal -370.6 -291.7 -201.1 -229.3 -225.2 -211.4 -244.3 -236.3 -330.7 -649.6 -543.2 11

12 State and local 1.5 29.5 46.2 10.4 23.2 35.8 4.7 -22.3 -52.4 -66.9 -101.8 12

13 Consumption of fixed captal 1436.1 1612.0 1623.9 1720.5 1684.3 1707.0 1731.9 1758.6 1778.0 1803.1 1899.7 13

14 Private 1206.0 1359.7 1356.0 1431.1 1402.1 1420.0 1440.1 1462.3 1477.5 1497.4 1587.4 14

15 Domestic business 970.2 1062.3 1085.5 1147.0 1123.6 1138.5 1154.4 1171.4 1186.1 1205.6 1266.5 15

16 Households and institutions 235.8 297.4 270.5 284.1 278.4 281.5 285.7 290.9 291.4 291.8 321.0 16

17 Government 230.2 252.3 268.0 289.4 282.2 287.0 291.8 296.3 300.5 305.7 312.2 17

18 Federal 94.0 99.1 105.6 111.8 109.8 111.0 112.5 113.9 115.0 116.9 119.3 18

19 State and local 136.1 153.2 162.3 177.6 172.5 176.0 179.3 182.4 185.5 188.8 192.9 19

 Gross domestic investment, capital account

20 transactions, and net lending, NIPAs 1637.3 1773.0 1875.5 1874.6 1786.0 1843.9 1951.1 1917.4 1837.0 1771.2 1811.3 20

21 Gross domestic investment 2261.4 2483.9 2647.0 2593.2 2563.6 2607.6 2633.1 2568.5 2530.0 2493.8 2517.4 21

22 Gross private domestic investment 1888.6 2086.1 2220.4 2130.4 2117.8 2147.3 2164.0 2092.3 2056.1 2000.9 2013.6 22

23 Fixed investment 1830.0 2042.8 2171.1 2134.0 2133.4 2148.1 2141.0 2113.4 2081.7 2077.0 2062.1 23

24 Nonresidential 1154.5 1273.1 1414.1 1503.8 1456.4 1493.7 1522.9 1542.1 1553.6 1571.9 1582.7 24

25 Residential 675.5 769.6 757.0 630.2 677.0 654.4 618.1 571.3 528.1 505.0 479.4 25

26 Change in private inventories 58.6 43.3 49.3 -3.6 -15.6 -0.9 23.0 -21.1 -25.6 -76.0 -48.6 26

27 Gross government investment 372.8 397.8 426.7 462.8 445.8 460.4 469.1 476.1 473.9 492.8 503.8 27

28 Capital account transactions (net) 2.4 4.0 3.9 1.8 2.2 0.4 2.5 2.3 2.4 2.6 2.6 28

29 Net lending or net borrowing (-), NIPAs -626.5 -714.9 -775.5 -720.4 -779.8 -764.2 -684.5 -653.3 -695.4 -725.2 -708.7 29

30 Statistical discrepancy (line 20 less line 1) 19.2 -71.2 -163.0 -81.4 -188.4 -143.4 -7.8 13.9 63.4 136.6 160.5 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) 13.6 12.0 14.8 2.7 3.3 4.8 5.0 -2.1 -0.3 0.4 -1.6 1

 2 Federal -38.4 -42.2 -42.4 -56.0 -49.1 -53.4 -59.1 -62.2 -57.2 -57.7 -65.4 2

 3 Estate and gift taxes paid by persons 24.6 25.0 27.8 26.5 25.0 26.7 26.9 27.4 29.2 29.8 27.8 3

 4 - Capital transfers paid to persons 16.1 15.9 16.4 28.7 26.7 26.7 26.8 34.5 34.5 34.5 34.5 4

 5 - Capital transfers paid to the rest of the world (net) 0.7 2.3 1.7 0.1 0.0 0.2 0.2 0.0 0.0 0.0 0.0 5

 6 - Federal investment grants to state and local govts. 46.3 48.9 52.1 53.6 47.3 53.1 59.0 55.1 51.8 52.9 58.6 6

 7 - Investment grants to business 0.0 0.1 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 54.2 57.2 58.7 52.4 58.2 64.1 60.1 56.9 58.1 63.8 8

 9 Estate and gift taxes paid by persons 5.8 5.3 5.1 5.1 5.1 5.1 5.1 5.1 5.1 5.1 5.2 9

10 + Federal investment grants to state and local govts. 46.3 48.9 52.1 53.6 47.3 53.1 59.0 55.1 51.8 52.9 58.6 10

11 Capital transfers received by rest of the world (net) 2.4 4.1 3.8 2.3 2.2 2.4 2.5 2.2 2.0 2.0 2.0 11

12 Capital transfers received from U.S. government (net) 0.7 2.3 1.7 0.1 0.0 0.2 0.2 0.0 0.0 0.0 0.0 12

13 - Migrants’ transfers received by persons (net) -1.7 -1.8 -2.1 -2.2 -2.2 -2.2 -2.2 -2.2 -2.0 -2.0 -2.0 13

 Memo:

 Acquisition of nonproduced nonfinancial assets (net)

14 Nonfinancial corporate business -10.6 -9.0 3.8 -10.2 -9.3 -8.6 -13.3 -9.4 -3.0 82.2 -3.8 14

15 State and local governments 10.5 9.4 9.6 11.0 10.6 10.9 11.1 11.2 11.1 11.0 11.0 15

16 Federal governments 0.0 -0.5 -13.3 -1.3 -1.3 -4.3 2.2 -1.7 -7.7 -92.6 -6.6 16

17 Rest of the world 0.0 0.1 -0.1 0.5 0.1 2.0 -0.0 -0.0 -0.4 -0.6 -0.6 17

(1) This table is based on NIPA table 5.10 in the Survey of Current Business, Department of Commerce.
Z.1, December 11, 2008 15

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

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2004 2005 2006 2007 2007 2008

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Net acquisition of financial assets 1310.9 1060.8 1105.8 1283.7 1311.0 466.2 1971.2 1386.2 1558.1 1090.3 517.9 1

 2 Foreign deposits 5.4 2.4 5.3 13.0 17.4 22.2 13.9 -1.6 -22.5 -16.3 -38.6 2

 3 Checkable deposits and currency 54.4 -61.6 25.7 -67.9 134.4 -234.9 -183.5 12.3 -142.1 135.2 184.6 3

 4 Time and savings deposits 448.2 501.6 500.2 500.9 849.1 225.0 458.9 470.7 392.7 34.2 273.7 4

 5 Money market fund shares -50.6 50.0 174.8 256.2 158.0 331.0 302.4 233.6 619.5 -124.7 108.1 5

 6 Securities 173.0 -11.3 -276.9 -255.7 -462.9 -656.6 619.8 -523.1 -249.9 552.5 -268.3 6

 7 Open market paper 30.2 28.1 23.4 -38.0 14.1 26.8 -122.0 -70.7 -108.9 -118.9 -134.6 7

 8 U.S. savings bonds 0.6 0.7 -2.7 -6.0 -8.2 -6.1 -4.5 -5.0 -4.2 -1.1 -1.3 8

 9 Other Treasury securities 31.7 -93.1 -76.5 -143.5 -227.5 73.2 -44.8 -374.9 21.1 255.9 144.6 9

10 Agency- and GSE-backed securities 29.8 98.2 -33.5 329.5 156.0 263.8 465.2 432.9 -59.6 -77.1 474.7 10

11 Municipal securities 40.3 78.7 53.9 33.1 28.2 61.2 51.3 -8.2 -12.9 -3.1 20.7 11

12 Corporate and foreign bonds 90.7 67.9 192.0 138.8 -218.4 -406.0 560.6 619.1 -352.7 -56.9 -382.4 12

13 Corporate equities (2) -266.6 -419.8 -643.1 -839.8 -597.5 -1093.0 -444.2 -1224.6 208.1 79.8 -139.3 13

14 Mutual fund shares 216.4 228.1 209.6 270.1 390.5 423.6 158.2 108.3 59.1 474.0 -250.6 14

15 Life insurance reserves 33.1 16.1 65.6 34.2 28.4 36.4 28.9 43.1 60.3 49.1 19.4 15

16 Pension fund reserves 288.4 238.3 175.8 177.7 92.0 94.8 190.2 333.9 82.1 182.8 113.6 16

17 Miscellaneous and other assets 359.0 325.2 435.2 625.2 494.6 648.3 540.6 817.4 818.1 277.6 125.4 17

18 Gross investment in tangible assets 1818.8 1964.0 1997.8 1933.1 1945.6 1957.5 1954.1 1875.0 1847.5 1821.7 1753.0 18

19 Residential fixed investment 663.4 765.6 747.9 632.6 650.4 652.4 662.0 565.6 523.2 499.8 475.1 19

20 Other fixed assets (3) 235.7 257.9 287.2 305.8 310.8 306.8 294.5 311.1 342.2 357.3 356.2 20

21 Consumer durables 909.1 938.0 964.0 993.4 987.2 995.5 996.7 994.0 983.1 972.2 931.7 21

22 Inventories (3) 10.6 2.4 -1.2 1.3 -2.8 2.7 1.0 4.3 -1.1 -7.7 -10.0 22

23 Consumption of fixed capital 1141.7 1274.5 1264.2 1317.8 1295.2 1311.1 1325.4 1339.3 1319.9 1334.5 1385.9 23

24 Residential fixed investment 233.4 341.9 261.1 273.4 264.5 271.9 278.0 279.3 280.1 284.3 304.1 24

25 Other fixed assets (3) 205.8 195.7 235.5 250.2 248.1 248.9 249.1 254.7 254.8 254.6 279.6 25

26 Consumer durables 702.5 737.0 767.6 794.2 782.7 790.3 798.3 805.3 784.9 795.6 802.2 26

27 Net investment in tangible assets (4) 677.1 689.5 733.7 615.3 650.4 646.4 628.7 535.7 527.5 487.2 367.2 27

28 Residential fixed investment 430.0 423.7 486.9 359.2 385.8 380.6 384.0 286.3 243.1 215.5 171.1 28

29 Other fixed assets (3) 29.9 62.2 51.7 55.6 62.8 57.9 45.4 56.4 87.4 102.7 76.6 29

30 Consumer durables 206.6 201.1 196.4 199.2 204.5 205.3 198.3 188.7 198.1 176.7 129.5 30

31 Inventories (3) 10.6 2.4 -1.2 1.3 -2.8 2.7 1.0 4.3 -1.1 -7.7 -10.0 31

32 Net increase in liabilities 1509.9 1695.0 1858.0 1506.7 1326.2 1702.0 1418.6 1580.1 1052.4 43.7 433.9 32

33 Mortgage debt on nonfarm homes 1017.6 1104.4 1067.5 709.2 864.8 812.6 527.9 631.6 273.2 -54.5 -315.5 33

34 Other mortgage debt (3) 151.7 117.1 241.8 282.3 187.8 298.2 349.0 294.4 180.5 171.5 7.8 34

35 Consumer credit 115.0 94.5 104.4 133.6 119.7 132.1 178.4 104.3 120.3 99.7 30.5 35

36 Policy loans 1.6 0.8 3.3 3.6 2.5 4.7 6.2 0.9 4.9 4.4 4.0 36

37 Security credit 81.5 -31.6 59.7 33.4 -52.5 220.3 -150.0 116.1 159.2 -295.4 436.4 37

38 Other liabilities (3) 142.5 409.8 381.3 344.5 203.9 234.0 507.1 432.8 314.3 118.0 270.8 38

39 Net capital transfers (5) -16.0 -16.1 -18.6 -5.1 -5.6 -7.3 -7.4 -0.2 -1.7 -2.4 -0.4 39

40 Personal saving, with consumer durables (FOF) 494.0 71.4 0.1 397.4 640.8 -582.1 1188.8 342.1 1035.0 1536.2 451.5 40

41 Less net investment in consumer durables 206.6 201.1 196.4 199.2 204.5 205.3 198.3 188.7 198.1 176.7 129.5 41

42 = Personal saving, without consumer durables (FOF) (6) 287.5 -129.7 -196.3 198.2 436.3 -787.3 990.5 153.4 836.9 1359.5 322.0 42

43 Personal saving (NIPA, excludes consumer durables) 181.7 32.5 70.7 57.4 109.3 31.1 46.8 42.4 20.6 267.9 115.7 43

44 Difference 105.8 -162.1 -267.0 140.8 327.0 -818.4 943.6 111.0 816.2 1091.6 206.3 44

 Memo:

45 Disposable personal income 8680.9 9062.0 9640.7 10170.5 10013.5 10088.0 10228.8 10351.5 10425.5 10806.0 10683.3 45

 Personal saving as a percentage of disposable personal income:

46 With consumer durables (FOF) (line 40) 5.7 0.8 0.0 3.9 6.4 -5.8 11.6 3.3 9.9 14.2 4.2 46

47 Without consumer durables (FOF) (line 42) 3.3 -1.4 -2.0 1.9 4.4 -7.8 9.7 1.5 8.0 12.6 3.0 47

48 Without consumer durables (NIPA) (line 43) 2.1 0.4 0.7 0.6 1.1 0.3 0.5 0.4 0.2 2.5 1.1 48

49 Difference (line 44) 1.2 -1.8 -2.8 1.4 3.3 -8.1 9.2 1.1 7.8 10.1 1.9 49

(1) Consolidated statement for households and nonprofit organizations, 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 11, 2008

F.100 Households and Nonprofit Organizations (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2004 2005 2006 2007 2007 2008

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Personal income 9727.2 10269.8 10993.9 11663.2 11473.0 11577.5 11730.4 11872.1 11960.5 12152.2 12156.8 1

 2 - Personal current taxes 1046.3 1207.8 1353.2 1492.8 1459.5 1489.4 1501.6 1520.5 1535.0 1346.1 1473.5 2

 3 = Disposable personal income 8680.9 9062.0 9640.7 10170.5 10013.5 10088.0 10228.8 10351.5 10425.5 10806.0 10683.3 3

 4 - Personal outlays 8499.2 9029.5 9570.0 10113.1 9904.2 10056.9 10182.0 10309.2 10404.9 10538.2 10567.6 4

 5 = Personal saving, NIPA (2) 181.7 32.5 70.7 57.4 109.3 31.1 46.8 42.4 20.6 267.9 115.7 5

 6 + Government insurance and pension reserves (3) 0.0 0.7 0.1 0.1 -0.7 0.3 -1.2 2.0 -2.7 0.5 -1.7 6

 7 + Net investment in consumer durables 206.6 201.1 196.4 199.2 204.5 205.3 198.3 188.7 198.1 176.7 129.5 7

 8 + Consumption of fixed capital 940.6 1036.8 1040.7 1080.9 1063.8 1074.5 1086.6 1098.8 1079.0 1090.1 1126.0 8

 9 + Net capital transfers (4) -16.0 -16.1 -18.6 -5.1 -5.6 -7.3 -7.4 -0.2 -1.7 -2.4 -0.4 9

10 = Gross saving and net capital transfers 1312.9 1254.9 1289.3 1332.5 1371.4 1303.9 1323.1 1331.7 1293.3 1532.7 1369.1 10

11 Gross investment 1419.9 1092.8 1023.6 1474.5 1700.3 486.4 2269.3 1442.0 2113.2 2624.7 1577.8 11

12 Capital expenditures 1581.7 1702.9 1717.2 1656.4 1657.7 1674.2 1692.5 1601.4 1555.4 1526.8 1466.7 12

13 Residential 574.3 663.1 644.1 546.2 557.5 562.7 577.2 487.3 450.8 430.5 409.4 13

14 Consumer durable goods 909.1 938.0 964.0 993.4 987.2 995.5 996.7 994.0 983.1 972.2 931.7 14

15 Nonprofit nonresidential 98.3 101.7 109.1 116.9 113.0 116.0 118.6 120.1 121.5 124.0 125.6 15

16 Net financial investment -161.8 -610.1 -693.5 -181.9 42.6 -1187.8 576.8 -159.4 557.9 1097.9 111.1 16

17 Net acquisition of financial assets 995.8 539.6 578.9 743.4 946.3 -3.8 1256.2 775.0 1173.1 896.5 447.7 17

18 Foreign deposits 5.4 2.4 5.3 13.0 17.4 22.2 13.9 -1.6 -22.5 -16.3 -38.6 18

19 Checkable deposits and currency -33.0 -126.1 -35.0 -124.9 100.3 -277.4 -265.7 -56.7 -180.5 117.4 182.6 19

20 Time and savings deposits 444.1 468.0 468.8 430.5 796.6 164.1 358.2 403.3 339.4 -2.5 248.9 20

21 Money market fund shares -56.1 45.2 168.2 239.0 146.9 318.1 271.4 219.4 609.9 -130.3 105.4 21

22 Credit market instruments 226.8 184.2 157.5 314.9 -251.3 13.1 904.5 593.3 -515.3 36.9 94.0 22

23 Open market paper 30.2 28.1 23.4 -38.0 14.1 26.8 -122.0 -70.7 -108.9 -118.9 -134.6 23

24 Treasury securities 27.0 -98.4 -79.4 -159.1 -243.5 58.1 -61.2 -389.8 10.3 250.8 141.4 24

25 Savings bonds 0.6 0.7 -2.7 -6.0 -8.2 -6.1 -4.5 -5.0 -4.2 -1.1 -1.3 25

26 Other 26.4 -99.1 -76.7 -153.1 -235.2 64.3 -56.6 -384.8 14.5 251.9 142.7 26

27 Agency- and GSE-backed securities 29.8 98.2 -33.5 329.5 156.0 263.8 465.2 432.9 -59.6 -77.1 474.7 27

28 Municipal securities 38.6 78.6 52.6 32.1 27.4 60.2 50.1 -9.2 -13.6 -3.5 20.6 28

29 Corporate and foreign bonds 90.7 67.9 192.0 138.8 -218.4 -406.0 560.6 619.1 -352.7 -56.9 -382.4 29

30 Other loans and advances (5) 2.8 2.7 -0.3 7.7 9.3 9.9 6.1 5.7 1.4 1.1 2.5 30

31 Mortgages 7.7 7.1 2.7 3.8 3.9 0.2 5.7 5.4 7.8 41.3 -28.1 31

32 Corporate equities (6) -266.6 -419.8 -643.1 -839.8 -597.5 -1093.0 -444.2 -1224.6 208.1 79.8 -139.3 32

33 Mutual fund shares 216.4 228.1 209.6 270.1 390.5 423.6 158.2 108.3 59.1 474.0 -250.6 33

34 Security credit 103.0 -3.0 80.4 210.8 137.9 220.7 50.0 434.4 472.4 30.2 -20.9 34

35 Life insurance reserves 33.1 16.1 65.6 34.2 28.4 36.4 28.9 43.1 60.3 49.1 19.4 35

36 Pension fund reserves 288.4 238.3 175.8 177.7 92.0 94.8 190.2 333.9 82.1 182.8 113.6 36

37 Equity in noncorporate business -18.0 -146.5 -114.3 -49.4 34.9 -45.3 -87.9 -99.2 -34.8 7.7 39.1 37

38 Miscellaneous assets 52.4 52.8 40.1 67.2 50.1 118.8 78.6 21.3 94.9 67.7 94.1 38

39 Net increase in liabilities 1157.6 1149.7 1272.5 925.3 903.6 1183.9 679.4 934.4 615.2 -201.4 336.6 39

40 Credit market instruments 1058.1 1167.3 1198.7 876.3 939.7 949.2 813.1 803.1 436.1 77.1 -117.4 40

41 Home mortgages (7) 934.8 1036.8 993.3 674.5 807.3 768.7 501.4 620.6 275.0 -10.5 -258.9 41

42 Consumer credit 115.0 94.5 104.4 133.6 119.7 132.1 178.4 104.3 120.3 99.7 30.5 42

43 Municipal securities 10.3 16.5 21.8 22.6 23.0 22.5 22.7 22.2 14.5 32.8 25.6 43

44 Bank loans n.e.c. -17.4 12.8 48.0 11.4 -29.0 -12.4 60.2 26.9 3.2 -79.3 100.1 44

45 Other loans and advances 0.3 0.0 4.8 3.2 2.6 4.5 5.5 0.2 4.2 7.0 3.5 45

46 Commercial mortgages 15.0 6.6 26.5 30.9 16.1 33.6 45.0 29.0 18.9 27.4 -18.1 46

47 Security credit 81.5 -31.6 59.7 33.4 -52.5 220.3 -150.0 116.1 159.2 -295.4 436.4 47

48 Trade payables 16.5 13.0 13.6 14.6 14.2 14.5 14.8 15.0 15.3 15.6 15.8 48

 Deferred and unpaid

49 life insurance premiums 1.6 1.0 0.5 1.0 2.3 0.0 1.6 0.2 4.6 1.4 1.7 49

50 Discrepancy -107.1 162.1 265.6 -141.9 -328.9 817.5 -946.1 -110.3 -819.9 -1092.0 -208.7 50

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

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

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

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

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

(6) Directly held and those in closed-end and exchange-traded funds. Other equities are included in mutual funds (line 33) and life insurance and pension reserves (lines 35 and 36).

(7) 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 11, 2008 17

F.101 Nonfinancial Business (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2004 2005 2006 2007 2007 2008

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Income before taxes 1623.1 1958.7 2191.4 2207.6 2176.0 2236.1 2206.5 2211.7 2069.2 2155.5 2172.8 1

 2 Gross saving and net capital transfers 1128.3 1302.1 1307.9 1282.6 1259.0 1268.0 1302.5 1300.9 1281.1 1252.0 1346.2 2

 3 Gross investment 1199.6 1155.6 1210.5 1410.8 1341.0 1464.0 1503.1 1335.1 1346.8 1108.0 1123.4 3

 4 Capital expenditures 1062.8 1183.2 1340.0 1323.9 1297.2 1327.3 1345.5 1325.7 1358.8 1415.4 1357.8 4

 5 Fixed investment 1014.8 1148.9 1286.9 1337.7 1322.2 1336.8 1335.8 1356.1 1387.4 1409.2 1410.1 5

 6 Residential 93.5 107.1 108.7 91.1 97.7 94.6 89.5 82.9 76.6 73.3 69.5 6

 7 Nonresidential 921.3 1041.7 1178.1 1246.6 1224.5 1242.2 1246.3 1273.3 1310.8 1336.0 1340.6 7

 8 Change in inventories 58.6 43.3 49.3 -3.6 -15.6 -0.9 23.0 -21.1 -25.6 -76.0 -48.6 8

 9 Nonproduced nonfinancial assets -10.6 -9.0 3.8 -10.2 -9.3 -8.6 -13.3 -9.4 -3.0 82.2 -3.8 9

10 Net financial investment 136.8 -27.6 -129.5 86.9 43.8 136.7 157.6 9.5 -12.0 -307.5 -234.4 10

11 Net acquisition of financial assets 1083.5 1342.5 1288.1 1578.8 1349.8 1521.5 2084.4 1359.7 1173.8 515.5 92.0 11

12 Foreign deposits 15.6 6.9 -10.9 -0.6 -17.5 40.7 3.1 -28.8 -7.6 -2.4 -17.8 12

13 Checkable deposits and currency 74.8 138.6 -52.3 105.2 -33.1 191.6 152.5 109.8 39.7 -90.6 -151.2 13

14 Time and savings deposits 41.8 83.5 79.6 15.5 -181.3 59.0 104.1 80.3 141.7 71.3 166.8 14

15 Money market fund shares 30.9 46.9 73.6 150.4 17.2 82.8 305.6 195.9 173.5 75.2 -25.2 15

16 Security RPs 0.4 8.1 1.0 -7.2 -6.0 -20.8 -4.0 2.1 -11.7 3.9 -13.0 16

17 Credit market instruments 42.6 53.7 -11.2 -48.3 95.3 -66.7 -161.9 -60.1 -292.1 -23.4 -12.0 17

18 Commercial paper 19.3 16.0 12.0 -64.1 -12.3 11.9 -197.0 -59.0 -164.0 -16.4 -6.7 18

19 Treasury securities 5.6 23.6 -6.3 14.6 37.7 -23.0 42.8 0.8 -43.3 15.8 16.9 19

20 Agency- and GSE-backed securities 0.1 6.5 -2.4 1.8 11.1 -11.8 11.4 -3.4 -18.5 4.4 5.6 20

21 Municipal securities -1.9 0.4 -2.6 3.2 43.5 -33.2 7.2 -4.9 -86.7 -7.6 4.3 21

22 Mortgages 19.4 7.0 -9.9 -2.2 -2.7 -2.8 -1.1 -2.3 -4.2 -5.8 -7.0 22

23 Consumer credit 0.1 0.2 -2.1 -1.6 18.0 -7.8 -25.2 8.7 24.6 -13.8 -25.1 23

24 Mutual fund shares 1.4 6.7 30.7 9.4 9.4 9.4 9.4 9.4 9.4 9.4 9.4 24

25 Trade receivables 155.5 344.3 36.4 284.1 271.6 235.1 332.8 297.1 287.1 379.5 -248.7 25

26 Miscellaneous assets 720.3 653.8 1141.1 1070.4 1194.2 990.5 1343.0 754.0 833.8 92.6 383.7 26

27 Net increase in liabilities 946.7 1370.1 1417.6 1492.0 1306.0 1384.8 1926.8 1350.2 1185.8 822.9 326.4 27

28 Credit market instruments 455.2 676.8 888.9 1224.2 982.1 1241.2 1416.7 1256.7 763.7 603.7 321.7 28

29 Commercial paper 15.3 -7.7 22.4 11.3 18.9 40.9 -30.6 16.0 54.6 -65.6 74.5 29

30 Municipal securities 5.1 7.4 5.0 7.6 5.3 10.0 6.9 8.2 3.8 4.3 2.3 30

31 Corporate bonds 75.5 56.7 215.6 311.2 286.3 381.5 220.2 356.8 167.5 337.6 73.8 31

32 Bank loans n.e.c. 28.2 124.8 125.4 228.7 99.5 129.4 388.3 297.6 249.3 157.9 232.6 32

33 Other loans and advances 57.4 115.4 137.5 278.7 224.8 250.8 386.5 252.6 63.8 30.9 -16.6 33

34 Mortgages 273.6 380.2 383.0 386.7 347.3 428.6 445.5 325.5 224.7 138.6 -44.9 34

35 Corporate equities -124.4 -360.7 -602.7 -831.2 -566.7 -799.1 -864.9 -1093.9 -500.0 -268.3 -413.6 35

36 Trade payables 121.2 248.9 147.0 233.9 243.7 137.3 194.4 360.2 312.1 334.7 -252.6 36

37 Taxes payable 15.1 13.8 8.7 9.6 15.8 -2.1 10.3 14.6 10.3 -1.5 1.6 37

38 Miscellaneous liabilities 494.3 927.7 1085.6 911.0 605.8 848.0 1258.8 931.3 649.6 148.4 640.0 38

39 Proprietors’ net investment -14.7 -136.4 -109.9 -55.6 25.3 -40.5 -88.5 -118.6 -49.9 5.8 29.3 39

40 Discrepancy -71.3 146.5 97.4 -128.2 -82.0 -196.0 -200.6 -34.2 -65.7 144.0 222.8 40

(1) Combined statement for nonfarm nonfinancial corporate business, nonfarm noncorporate business, and farm business.
18 Z.1, December 11, 2008

F.102 Nonfarm Nonfinancial Corporate Business

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2004 2005 2006 2007 2007 2008

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Profits before tax (book) 660.1 952.7 1125.9 1089.8 1084.8 1117.3 1078.4 1078.5 937.3 990.8 1001.4 1

 2 - Taxes on corporate income 190.2 273.7 308.7 320.4 319.1 330.2 318.2 314.1 279.2 293.4 295.7 2

 3 - Net dividends 364.2 181.2 471.9 500.9 489.4 493.6 490.1 530.4 491.3 511.4 502.9 3

 4 + Capital consumption allowance (1) 745.0 622.2 621.1 644.4 640.3 643.2 645.8 648.1 804.1 806.6 823.4 4

 5 = U.S. internal funds, book 850.7 1120.1 966.3 912.9 916.6 936.7 915.9 882.2 970.9 992.5 1026.1 5

 6 + Foreign earnings retained abroad 120.9 -17.2 159.1 185.3 156.5 151.2 180.1 253.5 179.6 169.9 153.3 6

 7 + Inventory valuation adjustment (IVA) -43.1 -37.8 -39.5 -51.2 -44.2 -55.3 -31.0 -74.1 -109.4 -154.0 -92.4 7

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

 9 = Total internal funds + IVA 928.5 1065.1 1086.0 1047.0 1028.8 1032.7 1065.0 1061.7 1041.2 1008.5 1087.0 9

10 Gross investment 999.8 918.6 988.5 1175.2 1110.8 1228.7 1265.6 1095.9 1106.9 864.4 864.2 10

11 Capital expenditures 825.7 922.0 1059.4 1047.3 1009.2 1044.0 1083.8 1052.0 1066.7 1120.6 1071.4 11

12 Fixed investment (3) 788.3 890.2 1004.9 1062.4 1031.4 1056.2 1075.1 1086.8 1094.2 1106.6 1113.8 12

13 Inventory change + IVA 48.0 40.9 50.6 -5.0 -12.9 -3.6 22.0 -25.4 -24.5 -68.3 -38.6 13

14 Nonproduced nonfinancial assets -10.6 -9.0 3.8 -10.2 -9.3 -8.6 -13.3 -9.4 -3.0 82.2 -3.8 14

15 Net financial investment 174.1 -3.4 -70.8 128.0 101.6 184.7 181.8 43.9 40.1 -256.1 -207.2 15

16 Net acquisition of financial assets 783.1 957.8 871.1 1094.2 959.7 1092.0 1457.9 867.0 838.6 315.9 -7.5 16

17 Foreign deposits 15.6 6.9 -10.9 -0.6 -17.5 40.7 3.1 -28.8 -7.6 -2.4 -17.8 17

18 Checkable deposits and currency -12.5 74.0 -112.9 48.3 -67.3 149.2 70.3 40.8 1.3 -108.3 -153.1 18

19 Time and savings deposits 37.7 49.9 48.2 -54.9 -233.9 -1.9 3.4 12.8 88.3 34.6 142.0 19

20 Money market fund shares 25.3 42.1 67.0 133.1 6.2 70.0 274.6 181.8 163.9 69.6 -27.9 20

21 Security RPs 0.4 8.1 1.0 -7.2 -6.0 -20.8 -4.0 2.1 -11.7 3.9 -13.0 21

22 Credit market instruments 31.1 42.3 -11.1 -65.1 81.1 -82.1 -182.2 -77.1 -303.7 -30.3 -15.4 22

23 Commercial paper 19.3 16.0 12.0 -64.1 -12.3 11.9 -197.0 -59.0 -164.0 -16.4 -6.7 23

24 Treasury securities 0.3 17.6 -6.4 5.0 29.9 -32.0 30.9 -9.1 -50.0 11.9 15.0 24

25 Agency- and GSE-backed securities 0.1 6.5 -2.4 1.8 11.1 -11.8 11.4 -3.4 -18.5 4.4 5.6 25

26 Municipal securities -3.6 0.3 -3.9 2.2 42.7 -34.1 6.0 -6.0 -87.4 -8.0 4.1 26

27 Mortgages 14.8 1.7 -8.3 -8.3 -8.3 -8.3 -8.3 -8.3 -8.3 -8.3 -8.3 27

28 Consumer credit 0.1 0.2 -2.1 -1.6 18.0 -7.8 -25.2 8.7 24.6 -13.8 -25.1 28

29 Mutual fund shares 1.4 6.7 30.7 9.4 9.4 9.4 9.4 9.4 9.4 9.4 9.4 29

30 Trade receivables 128.9 277.7 -3.5 203.7 206.9 160.2 233.6 214.2 231.3 346.8 -264.5 30

31 Miscellaneous assets 555.2 450.0 862.7 827.4 980.8 767.3 1049.8 511.8 667.2 -7.4 332.7 31

32 U.S. direct investment abroad (4) 270.2 21.3 217.9 264.3 248.7 225.2 187.0 396.4 278.0 224.8 221.2 32

33 Insurance receivables 18.9 20.7 6.6 7.4 11.3 11.4 11.5 -4.7 11.6 17.7 10.8 33

34 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 34

35 Investment in finance co. subs. -9.6 -1.7 13.0 -4.8 -8.0 34.9 -33.3 -12.7 14.5 -17.5 13.9 35

36 Other 275.6 409.8 625.2 560.5 728.8 495.9 884.5 132.8 363.1 -232.4 86.9 36

37 Net increase in liabilities 609.0 961.2 941.9 966.2 858.1 907.3 1276.2 823.2 798.4 572.0 199.7 37

38 Net funds raised in markets 79.5 -28.3 -133.3 -41.8 92.3 51.4 7.5 -318.3 -94.6 118.8 -153.0 38

39 Net new equity issues -124.4 -360.7 -602.7 -831.2 -566.7 -799.1 -864.9 -1093.9 -500.0 -268.3 -413.6 39

40 Credit market instruments 204.0 332.4 469.4 789.4 659.1 850.5 872.4 775.6 405.4 387.1 260.6 40

41 Commercial paper 15.3 -7.7 22.4 11.3 18.9 40.9 -30.6 16.0 54.6 -65.6 74.5 41

42 Municipal securities (5) 5.1 7.4 5.0 7.6 5.3 10.0 6.9 8.2 3.8 4.3 2.3 42

43 Corporate bonds (4) 75.5 56.7 215.6 311.2 286.3 381.5 220.2 356.8 167.5 337.6 73.8 43

44 Bank loans n.e.c. -1.2 -31.9 17.0 98.7 28.3 63.4 183.8 119.5 105.6 72.2 113.0 44

45 Other loans and advances (6) 55.1 105.8 116.0 260.0 202.2 234.5 377.2 226.2 8.9 0.1 11.2 45

46 Mortgages 54.1 202.2 93.5 100.6 118.1 120.2 114.9 49.1 65.0 38.5 -14.2 46

47 Trade payables 97.3 199.4 134.6 188.7 213.4 88.3 133.8 319.2 306.3 336.6 -280.4 47

48 Taxes payable 6.8 5.1 -0.3 1.3 9.0 -9.9 -0.0 5.9 4.5 -4.9 0.0 48

49 Miscellaneous liabilities 425.5 785.0 940.8 818.0 543.4 777.5 1134.9 816.3 582.2 121.5 633.2 49

50 Foreign direct investment in U.S. 28.6 42.9 104.8 143.4 84.6 201.1 149.2 138.7 129.3 75.5 114.0 50

51 Pension fund contributions payable -3.1 -1.9 -2.0 4.4 -1.9 8.6 10.7 0.3 1.8 1.9 -0.9 51

52 Other 400.0 744.0 838.0 670.2 460.6 567.8 974.9 677.3 451.1 44.1 520.1 52

53 Discrepancy -71.3 146.5 97.4 -128.2 -82.0 -196.0 -200.6 -34.2 -65.7 144.0 222.8 53

 Memo:

54 Financing gap (7) 18.1 -160.2 132.5 185.6 136.9 162.6 198.9 243.9 205.2 282.0 137.7 54

(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) Loans from rest of the world, U.S. government, and nonbank financial institutions. Detail can be found on table F.216.

(7) Capital expenditures (line 11) less the sum of U.S. internal funds (line 5) and inventory valuation adjustment (line 7).
Z.1, December 11, 2008 19

F.103 Nonfarm Noncorporate Business

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2004 2005 2006 2007 2007 2008

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Net income with IVA and CCAdj 925.7 971.9 1049.3 1073.8 1051.9 1076.5 1080.8 1086.1 1090.3 1126.8 1139.1 1

 2 Gross saving = capital consumption 176.7 211.6 196.0 208.1 203.4 208.1 209.8 211.0 211.0 214.1 229.6 2

 3 Gross investment 176.7 211.6 196.0 208.1 203.4 208.1 209.8 211.0 211.0 214.1 229.6 3

 4 Capital expenditures 197.5 226.9 252.2 239.9 256.7 245.7 226.0 231.1 254.9 262.0 257.3 4

 5 Fixed investment (1) 195.0 224.7 249.6 240.1 257.4 245.9 224.9 232.4 256.2 265.6 259.4 5

 6 Change in inventories 2.5 2.2 2.7 -0.3 -0.7 -0.2 1.2 -1.3 -1.3 -3.6 -2.0 6

 7 Net financial investment -20.9 -15.2 -56.2 -31.8 -53.3 -37.6 -16.2 -20.2 -43.9 -47.9 -27.7 7

 8 Net acquisition of financial assets 297.3 382.8 410.8 479.5 385.0 424.4 621.3 487.4 331.7 196.1 95.9 8

 9 Checkable deposits and currency 86.3 63.9 58.6 55.2 32.4 40.7 80.4 67.2 37.2 16.6 0.7 9

10 Time and savings deposits 4.1 33.6 31.4 70.4 52.6 60.9 100.7 67.4 53.4 36.6 24.8 10

11 Money market mutual funds 5.6 4.8 6.6 17.3 11.1 12.8 31.0 14.2 9.5 5.6 2.7 11

12 Treasury securities 5.3 6.0 0.2 9.6 7.7 9.0 11.9 9.9 6.7 3.9 1.9 12

13 Municipal securities 1.7 0.1 1.3 1.0 0.8 0.9 1.2 1.0 0.7 0.4 0.2 13

14 Mortgages 4.6 5.3 -1.5 6.1 5.7 5.5 7.2 6.1 4.1 2.5 1.3 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 26.6 66.6 40.0 80.4 64.7 74.9 99.2 82.9 55.8 32.8 15.7 16

17 Miscellaneous assets 163.2 202.5 274.3 239.6 210.1 219.7 289.7 238.8 164.3 97.7 48.6 17

18 Insurance receivables 3.5 4.9 1.6 1.7 2.7 2.7 2.7 -1.1 2.7 2.8 2.5 18

19 Equity investment in GSEs (2) -0.1 -0.1 0.1 0.3 0.5 0.5 0.1 0.1 0.2 0.2 0.6 19

20 Other 159.7 197.8 272.7 237.5 207.0 216.5 286.9 239.8 161.3 94.8 45.5 20

21 Net increase in liabilities 318.2 398.0 467.0 511.3 438.3 461.9 637.5 507.6 375.5 244.0 123.6 21

22 Credit market instruments 245.2 331.6 408.6 418.5 300.6 381.5 532.7 459.3 328.6 191.0 76.3 22

23 Bank loans n.e.c. 27.2 154.5 105.2 127.7 64.7 64.9 207.1 173.9 142.3 78.7 118.2 23

24 Other loans and advances 1.2 3.7 13.9 11.0 12.9 14.5 1.4 15.3 29.9 15.5 -7.9 24

25 Mortgages 216.7 173.4 289.6 279.8 223.0 302.2 324.2 270.1 156.4 96.8 -34.0 25

26 Trade payables 22.2 52.0 20.0 46.3 37.3 43.2 57.2 47.8 32.2 18.9 9.1 26

27 Taxes payable 8.4 8.7 9.0 8.4 6.7 7.8 10.3 8.6 5.8 3.4 1.6 27

28 Miscellaneous liabilities 68.8 142.7 144.7 93.0 62.5 70.5 123.9 115.1 67.4 26.9 6.8 28

29 Proprietors’ net investment -26.3 -137.0 -115.4 -54.9 31.2 -41.0 -86.6 -123.2 -58.5 3.8 29.8 29

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

(2) Equity in the Farm Credit System.

F.104 Farm Business (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Proprietors’ net income with IVA and CCAdj 37.3 34.1 16.2 44.0 39.3 42.3 47.4 47.1 41.6 38.0 32.4 1

 2 Net saving (corporate) -1.3 -0.7 -1.5 -1.3 -1.2 -1.3 -1.3 -1.3 -1.0 -0.9 -0.7 2

 3 Consumption of fixed capital 24.4 26.1 27.5 28.8 28.0 28.5 29.0 29.5 29.9 30.3 30.2 3

 4 Corporate 4.8 5.1 5.1 5.4 5.3 5.4 5.5 5.6 5.7 5.8 6.0 4

 5 Noncorporate 19.6 21.0 22.4 23.3 22.7 23.1 23.5 24.0 24.2 24.6 24.2 5

 6 Gross saving 23.1 25.4 26.0 27.5 26.8 27.2 27.7 28.3 28.9 29.4 29.5 6

 7 Gross investment 23.1 25.4 26.0 27.5 26.8 27.2 27.7 28.3 28.9 29.4 29.5 7

 8 Capital expenditures 39.5 34.3 28.4 36.8 31.2 37.6 35.7 42.5 37.2 32.9 29.0 8

 9 Fixed investment (2) 31.5 34.0 32.3 35.2 33.3 34.7 35.9 36.9 37.0 37.0 37.0 9

10 Change in inventories 8.0 0.3 -3.9 1.6 -2.1 2.9 -0.2 5.7 0.2 -4.1 -8.0 10

11 Net financial investment -16.4 -8.9 -2.5 -9.3 -4.4 -10.4 -7.9 -14.2 -8.3 -3.4 0.5 11

12 Net acquisition of financial assets 3.1 2.0 6.2 5.2 5.1 5.1 5.2 5.2 3.5 3.5 3.6 12

13 Checkable deposits and currency 1.0 0.7 2.1 1.8 1.7 1.7 1.8 1.8 1.2 1.2 1.2 13

14 Miscellaneous assets 2.0 1.3 4.1 3.4 3.4 3.4 3.4 3.4 2.3 2.3 2.3 14

15 Insurance receivables 1.8 1.2 3.9 2.9 2.5 2.5 3.2 3.3 2.0 2.1 1.7 15

16 Equity investment in GSEs (3) 0.2 0.1 0.2 0.5 0.8 0.9 0.3 0.2 0.4 0.2 0.7 16

17 Net increase in liabilities 19.5 10.9 8.7 14.4 9.5 15.6 13.1 19.4 11.8 7.0 3.0 17

18 Credit market instruments 6.0 12.8 10.8 16.2 22.4 9.2 11.7 21.7 29.6 25.6 -15.2 18

19 Bank loans n.e.c. 2.2 2.2 3.3 2.3 6.5 1.1 -2.6 4.2 1.3 7.1 1.4 19

20 Other loans and advances 1.1 5.9 7.6 7.6 9.6 1.8 7.9 11.1 25.0 15.2 -19.9 20

21 Mortgages 2.7 4.6 -0.0 6.3 6.2 6.3 6.4 6.4 3.3 3.3 3.4 21

22 Trade payables 1.8 -2.5 -7.7 -1.1 -6.9 5.8 3.4 -6.8 -26.4 -20.7 18.8 22

23 Proprietors’ net investment 11.6 0.6 5.5 -0.7 -6.0 0.5 -1.9 4.6 8.6 2.0 -0.5 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 11, 2008

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

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2004 2005 2006 2007 2007 2008

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Current receipts, NIPA basis 1594.3 1714.4 1811.4 1902.8 1877.5 1909.8 1905.5 1918.4 1922.9 1955.4 1947.0 1

 2 Personal current taxes 249.0 277.1 303.3 325.4 320.0 332.3 323.5 325.8 333.7 346.4 331.9 2

 3 Taxes on production and imports 769.2 829.0 878.2 917.8 905.0 915.4 921.0 929.7 929.9 942.4 947.3 3

 4 Taxes on corporate income 43.0 56.3 60.7 60.9 60.8 63.7 60.9 58.2 53.3 54.5 52.3 4

 5 Contributions for govt. social insurance 23.6 24.2 23.1 22.8 22.7 22.7 22.8 22.9 23.3 23.6 23.9 5

 6 Income receipts on assets 75.4 85.9 94.7 100.3 98.5 99.8 101.1 101.8 102.9 103.9 104.0 6

 7 Current transfer receipts 437.2 450.3 456.5 481.3 476.3 481.5 481.6 485.9 486.4 491.8 495.4 7

 8 Current surplus of government enterprises -3.0 -8.3 -5.0 -5.7 -5.8 -5.7 -5.3 -5.9 -6.6 -7.1 -7.9 8

 9 Current expenditures, NIPA basis 1592.8 1684.9 1765.3 1892.4 1854.3 1874.0 1900.7 1940.7 1975.3 2022.3 2048.8 9

10 Consumption expenditures 1120.3 1191.2 1269.6 1355.9 1318.7 1344.4 1365.3 1395.2 1426.3 1462.7 1486.1 10

11 Govt. social benefit payments to persons 383.8 403.5 401.0 430.8 436.8 420.7 427.6 438.3 444.2 454.5 458.4 11

12 Interest payments 88.4 89.9 94.3 98.5 96.9 98.2 99.1 100.0 100.9 102.1 102.2 12

13 Subsidies 0.4 0.4 0.4 7.1 1.9 10.7 8.8 7.3 4.0 3.0 2.2 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 1.5 29.5 46.2 10.4 23.2 35.8 4.7 -22.3 -52.4 -66.9 -101.8 15

16 + Consumption of fixed capital 136.1 153.2 162.3 177.6 172.5 176.0 179.3 182.4 185.5 188.8 192.9 16

17 + Net capital transfers (2) 52.1 54.2 57.2 58.7 52.4 58.2 64.1 60.1 56.9 58.1 63.8 17

18 = Gross saving and net capital transfers 189.7 236.9 265.7 246.6 248.0 270.0 248.1 220.3 190.0 180.0 154.9 18

19 Gross investment 248.4 305.2 326.0 295.2 292.7 313.9 302.8 271.3 236.0 226.2 219.2 19

20 Fixed investment 270.9 288.6 306.3 339.6 328.0 336.9 344.2 349.4 345.3 354.9 360.2 20

21 Nonproduced nonfinancial assets 10.5 9.4 9.6 11.0 10.6 10.9 11.1 11.2 11.1 11.0 11.0 21

22 Net financial investment -33.0 7.2 10.1 -55.4 -46.0 -33.9 -52.5 -89.3 -120.4 -139.7 -151.9 22

23 Net acq. of financial assets 112.8 211.4 196.1 168.5 210.2 210.0 138.4 115.4 -5.6 -79.2 -44.2 23

24 Checkable deposits and currency -6.2 10.3 6.0 -1.5 -23.4 -12.2 12.2 17.3 -16.1 15.3 11.4 24

25 Time and savings deposits 11.6 12.8 26.2 36.2 25.5 23.0 41.3 54.8 13.3 1.2 4.5 25

26 Money market fund shares 3.9 5.1 6.8 4.9 4.4 6.6 4.9 3.9 -1.1 -1.2 1.1 26

27 Security RPs 7.7 10.0 13.5 9.7 8.6 12.9 9.7 7.6 -2.2 -21.3 -87.9 27

28 Credit market instruments 72.4 154.0 118.5 41.5 121.5 119.3 -9.4 -65.5 -114.5 -69.5 56.2 28

29 Open market paper 10.1 13.1 17.6 -7.3 11.3 16.9 -27.3 -30.0 -66.9 -17.8 -77.2 29

30 Treasury securities 24.9 92.3 35.5 14.5 68.4 39.5 -9.3 -40.5 -36.8 -28.8 83.2 30

31 Agency- and GSE-backed securities 21.9 28.4 38.3 14.6 24.5 36.8 7.6 -10.3 -6.3 -11.9 46.0 31

32 Municipal securities 0.3 0.4 0.5 0.3 0.3 0.5 0.3 0.3 -0.1 0.0 0.1 32

33 Corporate and foreign bonds 6.9 9.0 12.1 8.8 7.8 11.7 8.7 6.9 -2.0 -5.0 1.9 33

34 Mortgages 8.3 10.8 14.5 10.5 9.3 13.9 10.4 8.2 -2.4 -5.9 2.3 34

35 Corporate equities -4.2 2.5 -4.4 2.4 1.4 -15.1 2.3 21.0 43.7 -2.6 -8.4 35

36 Mutual fund shares -1.3 0.8 -1.3 0.7 0.4 -4.6 0.7 6.4 13.4 12.1 -6.1 36

37 Trade receivables 7.9 10.2 13.8 10.0 8.8 13.3 9.9 7.8 -2.3 -6.8 2.2 37

38 Taxes receivable 26.1 41.4 48.0 49.3 47.0 51.4 51.5 47.5 40.3 39.5 36.1 38

39 Miscellaneous assets -5.2 -35.6 -31.1 15.3 16.1 15.4 15.3 14.5 20.0 -46.0 -53.2 39

40 Net increase in liabilities 145.8 204.3 186.0 223.9 256.2 243.9 190.9 204.7 114.8 60.4 107.7 40

41 Credit market instruments 115.4 171.7 151.1 185.9 219.5 206.2 152.5 165.3 74.6 18.8 65.3 41

42 Municipal securities 115.1 171.1 150.5 185.2 218.7 205.5 151.9 164.8 74.2 17.9 64.2 42

43 Short-term -5.9 5.7 -3.1 17.3 4.9 21.4 8.0 34.9 -4.8 7.5 26.8 43

44 Other 121.0 165.3 153.6 167.9 213.8 184.1 143.9 129.8 78.9 10.5 37.4 44

45 U.S. government loans 0.3 0.6 0.6 0.7 0.8 0.7 0.6 0.5 0.4 0.8 1.1 45

46 Trade payables 30.4 32.5 34.9 38.1 36.7 37.7 38.4 39.4 40.2 41.6 42.4 46

47 Discrepancy -58.7 -68.3 -60.3 -48.5 -44.6 -43.9 -54.6 -51.0 -46.0 -46.2 -64.3 47

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

(2) Table F.9, line 8.
Z.1, December 11, 2008 21

F.106 Federal Government

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2004 2005 2006 2007 2007 2008

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Current receipts, NIPA basis 2008.9 2266.9 2510.4 2651.2 2612.7 2648.1 2664.9 2679.2 2672.5 2478.8 2597.0 1

 2 Personal current taxes 797.4 930.7 1049.9 1167.3 1139.5 1157.1 1178.1 1194.7 1201.2 999.8 1141.6 2

 3 Taxes on production and imports 94.6 99.2 98.0 97.7 97.7 96.9 98.2 98.0 95.8 96.9 95.2 3

 4 Taxes on corporate income 250.3 341.0 388.9 365.4 365.6 381.5 365.1 349.5 322.5 324.4 315.9 4

 5 Taxes from the rest of the world 10.0 12.1 13.4 14.0 12.4 12.8 13.0 17.9 15.3 14.8 14.9 5

 6 Contributions for govt. social insurance 805.2 850.0 902.4 942.3 937.1 936.4 943.3 952.3 968.9 971.8 974.8 6

 7 Income receipts on assets 23.8 24.0 25.7 29.2 28.4 29.0 29.8 29.5 29.9 31.7 32.4 7

 8 Current transfer receipts 28.8 15.0 35.7 37.5 37.0 37.2 37.6 38.2 39.4 40.0 22.4 8

 9 Current surplus of government enterprises -1.2 -5.0 -3.6 -2.2 -5.1 -2.8 -0.2 -0.8 -0.5 -0.6 -0.1 9

10 Current expenditures, NIPA basis 2379.5 2558.6 2711.6 2880.5 2837.9 2859.5 2909.2 2915.6 3003.2 3128.4 3140.2 10

11 Consumption expenditures 723.7 766.3 811.8 856.1 832.5 851.1 869.1 871.6 898.0 918.2 954.1 11

12 Government social benefits 1015.3 1081.6 1180.4 1254.2 1232.0 1250.4 1264.1 1270.1 1305.3 1443.1 1376.2 12

13 Other current transfer payments 375.2 396.5 387.7 412.5 418.2 402.3 407.3 422.4 423.9 417.0 419.1 13

14 Interest payments 221.0 255.4 282.3 312.6 309.6 310.5 323.9 306.4 329.4 302.3 342.6 14

15 Subsidies 44.2 58.9 49.4 45.2 45.6 45.2 44.8 45.1 46.6 47.8 48.3 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 -370.6 -291.7 -201.1 -229.3 -225.2 -211.4 -244.3 -236.3 -330.7 -649.6 -543.2 17

18 + Consumption of fixed capital 94.0 99.1 105.6 111.8 109.8 111.0 112.5 113.9 115.0 116.9 119.3 18

19 - Insurance and pension reserves (1) 0.0 0.7 0.1 0.1 -0.7 0.3 -1.2 2.0 -2.7 0.5 -1.7 19

20 + Net capital transfers (2) -38.4 -42.2 -42.4 -56.0 -49.1 -53.4 -59.1 -62.2 -57.2 -57.7 -65.4 20

21 = Gross saving and net capital transfers -315.1 -235.5 -138.0 -173.6 -163.8 -154.1 -189.7 -186.6 -270.3 -590.9 -487.7 21

22 Gross investment -334.2 -266.1 -158.7 -213.2 -253.9 -68.7 -208.0 -322.2 -336.7 -477.0 -647.3 22

23 Fixed investment 101.9 109.2 120.3 123.2 117.7 123.5 124.9 126.7 128.5 138.0 143.6 23

24 Nonproduced nonfinancial assets 0.0 -0.5 -13.3 -1.3 -1.3 -4.3 2.2 -1.7 -7.7 -92.6 -6.6 24

25 Net financial investment -436.1 -374.8 -265.6 -335.1 -370.4 -187.9 -335.1 -447.1 -457.6 -522.3 -784.3 25

26 Net acq. of financial assets 1.9 29.4 -11.2 4.1 -43.6 -38.7 166.9 -68.2 36.5 -61.5 1377.5 26

27 Gold, SDRs, and official foreign exchange -3.1 -14.4 -2.7 -0.4 -0.2 -0.6 -0.3 -0.5 0.4 4.5 -1.3 27

28 Checkable deposits and currency -31.0 12.2 -2.7 25.1 -45.3 -2.9 184.7 -36.0 9.3 -48.1 1257.1 28

29 Time and savings deposits -0.0 -1.0 0.2 1.2 -0.4 -0.5 -0.3 6.0 3.8 -8.0 4.3 29

30 Credit market instruments 2.3 -0.9 6.1 6.4 8.9 9.1 3.3 4.2 11.3 10.2 13.0 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 -3.0 -7.0 0.6 -2.2 1.5 0.9 -4.0 -7.2 -1.4 -6.1 12.2 32

33 Mortgages 1.6 2.4 3.7 1.9 3.3 3.2 -0.1 1.0 2.1 6.1 -3.4 33

34 Consumer credit (3) 3.7 3.7 1.9 6.7 4.2 4.9 7.4 10.3 10.6 10.1 4.2 34

35 Trade receivables 10.5 9.1 0.4 0.2 -1.3 -1.3 3.2 0.3 2.1 -4.5 3.5 35

36 Taxes receivable 22.6 25.8 -13.4 -29.4 -5.3 -47.9 -21.3 -43.0 11.8 -22.1 27.5 36

37 Miscellaneous assets 0.6 -1.4 1.0 1.0 0.1 5.3 -2.4 0.8 -2.2 6.6 73.5 37

38 Net increase in liabilities 438.0 404.1 254.5 339.2 326.8 149.2 502.0 379.0 494.0 460.9 2161.8 38

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

40 Treasury currency 0.7 0.8 0.6 0.7 0.4 1.3 1.4 -0.4 -0.9 -0.5 -1.2 40

41 Credit market instruments 361.9 306.9 183.4 237.1 267.8 14.5 397.8 268.2 412.7 310.4 2078.5 41

42 Savings bonds 0.6 0.7 -2.7 -6.0 -8.2 -6.1 -4.5 -5.0 -4.2 -1.1 -1.3 42

43 Other Treasury securities 361.9 306.6 186.4 243.4 277.3 20.8 403.2 272.4 415.6 311.3 2081.6 43

44 Budget agency securities -0.6 -0.4 -0.3 -0.4 -1.3 -0.1 -0.8 0.7 1.3 0.3 -1.7 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 15.1 32.6 6.9 22.7 24.2 35.3 18.8 12.4 30.0 45.8 -20.5 46

47 Insurance reserves 1.1 1.1 1.5 1.2 -0.1 2.3 -0.0 2.6 -0.3 2.0 -0.4 47

48 Miscellaneous liabilities (4) 59.2 62.8 62.1 77.6 34.5 95.8 84.1 96.2 52.6 103.2 105.4 48

49 Nonmarketable securities held by pension plans 40.9 40.0 35.8 33.3 28.5 -26.9 46.0 85.6 29.0 45.3 55.3 49

50 Other 18.3 22.8 26.3 44.3 6.1 122.6 38.0 10.6 23.6 57.9 50.1 50

51 Discrepancy 19.2 30.6 20.6 39.6 90.1 -85.4 18.3 135.5 66.5 -113.9 159.6 51

 Memo:

52 Change in cash balance (5) -3.1 4.6 -5.5 27.5 -27.5 -9.8 184.3 -37.0 32.7 -65.3 1260.1 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 11, 2008

F.107 Rest of the World

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2004 2005 2006 2007 2007 2008

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Foreign income from U.S. 2244.0 2595.9 2977.7 3242.7 3126.4 3231.0 3295.4 3318.1 3357.0 3468.6 3483.3 1

 2 U.S. imports 1797.8 2025.1 2238.1 2370.2 2289.4 2337.5 2397.5 2456.5 2526.5 2641.4 2677.9 2

 3 U.S. income payments to rest of world 361.3 480.5 647.1 759.3 715.8 793.2 786.3 742.0 705.1 708.9 688.4 3

 4 Current taxes and trans. payments to rest of world 84.9 90.3 92.5 113.2 121.2 100.3 111.7 119.6 125.4 118.2 117.0 4

 5 Foreign outlays to U.S. 1619.9 1885.0 2206.1 2524.1 2348.8 2467.3 2613.4 2667.1 2664.0 2746.0 2777.2 5

 6 U.S. exports 1182.4 1311.5 1480.8 1662.4 1560.5 1614.4 1714.9 1759.7 1820.8 1923.2 1971.3 6

 7 U.S. income receipts from rest of world 437.5 573.5 725.4 861.7 788.2 852.8 898.5 907.4 843.2 822.8 805.8 7

 8 Net capital transfers (1) 2.4 4.1 3.8 2.3 2.2 2.4 2.5 2.2 2.0 2.0 2.0 8

 9 Gross saving and net capital transfers (2) 626.5 715.0 775.4 720.9 779.8 766.2 684.5 653.2 695.0 724.6 708.1 9

10 Gross investment 530.0 696.8 835.1 773.0 1059.7 775.7 405.3 851.3 758.7 543.7 668.7 10

11 Nonproduced nonfinancial assets 0.0 0.1 -0.1 0.5 0.1 2.0 -0.0 -0.0 -0.4 -0.6 -0.6 11

12 Net financial investment 530.0 696.7 835.2 772.5 1059.6 773.7 405.3 851.4 759.1 544.3 669.2 12

13 Net acquisition of financial assets 1404.0 1076.0 1831.1 1693.9 2056.7 2664.3 1217.7 837.0 1157.6 502.9 815.7 13

14 Gold and SDRs (3) -0.4 4.5 -0.2 -0.2 -0.2 -0.2 -0.1 -0.1 -0.1 -0.1 -0.1 14

15 Net interbank assets 8.8 -12.3 -9.4 -120.7 -494.4 80.9 146.9 -216.1 -453.9 -130.5 443.0 15

16 U.S. checkable deposits and currency 22.4 14.9 11.4 -5.6 -20.0 10.8 -9.3 -4.0 4.5 -12.1 60.0 16

17 U.S. time deposits 34.1 6.7 11.5 43.8 19.5 96.4 8.5 50.8 163.6 -148.9 49.7 17

18 Money market fund shares 4.1 0.1 2.6 7.2 6.3 6.3 8.2 8.2 8.2 8.2 8.2 18

19 Security RPs 204.9 48.2 109.4 78.8 640.3 108.0 -265.9 -167.3 -17.8 -463.4 -367.9 19

20 Credit market instruments 854.4 749.0 974.8 1012.6 1339.5 1147.8 569.3 993.8 739.2 970.5 226.9 20

21 Open market paper 37.0 9.9 48.0 -10.7 38.7 24.7 -80.6 -25.7 23.6 81.2 -194.2 21

22 Treasury securities 366.9 245.1 150.4 215.7 332.9 -47.6 166.4 411.1 607.6 496.8 818.6 22

23 Official 273.3 112.8 208.6 58.9 161.3 6.4 -103.2 170.9 354.6 229.0 463.5 23

24 Private 93.6 132.3 -58.2 156.8 171.5 -54.1 269.6 240.2 253.1 267.8 355.1 24

25 Agency- and GSE-backed securities 178.2 134.3 222.7 277.3 202.6 405.2 238.9 262.3 188.4 169.1 -241.1 25

26 Official 93.5 88.5 202.6 236.3 325.5 255.0 204.9 159.8 274.6 318.4 -58.3 26

27 Private 84.7 45.8 20.1 41.0 -122.9 150.1 34.0 102.6 -86.2 -149.3 -182.8 27

28 Municipal securities 6.5 3.0 5.4 -1.4 8.7 8.7 -24.9 2.0 2.0 6.0 12.0 28

29 U.S. corporate bonds (4) 259.5 328.5 541.0 425.0 721.8 713.4 32.6 232.3 4.7 278.9 -126.3 29

30 Loans to U.S. corporate business 6.3 28.3 7.4 106.7 34.7 43.4 236.8 111.8 -87.1 -61.5 -42.2 30

31 U.S. corporate equities 25.0 56.9 119.0 176.3 142.2 393.8 -94.4 263.6 88.1 -32.3 41.8 31

32 Mutual fund shares 32.7 32.2 24.0 14.0 21.7 19.2 8.6 6.4 10.9 23.6 -10.5 32

33 Trade receivables -1.1 7.9 5.9 20.8 10.0 44.6 19.4 9.0 43.4 22.3 1.7 33

34 Security credit 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 34

35 Miscellaneous assets 219.0 167.8 582.2 467.0 391.8 756.8 826.5 -107.3 571.5 265.6 363.1 35

36 Foreign direct investment in U.S. (5) 146.0 112.6 242.0 237.5 56.1 247.4 423.6 223.0 321.7 375.1 367.2 36

37 Other 73.1 55.2 340.2 229.4 335.7 509.4 402.9 -330.3 249.7 -109.4 -4.2 37

38 Net increase in liabilities 874.0 379.3 995.9 921.4 997.1 1890.6 812.4 -14.3 398.5 -41.4 146.5 38

 U.S. official foreign exchange

39 and net IMF position -3.2 -9.6 -2.6 -0.0 0.1 -0.3 0.1 -0.1 1.0 5.0 -0.8 39

40 U.S. private deposits 89.9 40.8 88.0 216.7 290.4 370.6 232.3 -26.5 -375.6 -271.7 -143.6 40

41 Credit market instruments 154.7 112.6 331.3 124.3 184.4 292.9 3.3 16.4 280.6 72.5 -547.3 41

42 Commercial paper 68.7 38.2 97.1 -67.4 -19.8 22.4 -193.8 -78.3 214.6 40.2 -272.6 42

43 Bonds 85.8 64.5 227.8 170.7 223.2 231.7 173.8 54.1 32.9 44.5 -291.0 43

44 Bank loans n.e.c. 3.8 14.5 13.8 24.1 -16.0 40.7 26.3 45.3 35.4 -9.0 15.6 44

45 Official 1.0 -2.9 -0.7 -0.0 -0.5 0.4 -0.4 0.4 0.4 4.6 -3.2 45

46 Banks 4.5 4.7 3.8 8.3 -14.0 30.6 7.6 8.8 30.6 -4.0 16.0 46

47 Other -1.7 12.7 10.7 15.8 -1.6 9.7 19.1 36.1 4.4 -9.6 2.8 47

48 U.S. government loans -3.7 -4.6 -7.4 -3.3 -3.1 -1.9 -2.8 -5.4 -1.6 -3.0 0.1 48

49 Acceptance liabilities to banks 0.1 -0.0 -0.1 0.1 0.0 0.0 -0.3 0.8 -0.6 -0.2 0.6 49

50 Foreign corporate equities (6) 84.8 186.7 137.4 118.0 175.0 107.0 227.4 -37.3 107.4 85.4 -56.6 50

51 Trade payables 3.5 6.3 6.2 11.2 9.7 22.5 36.3 -23.8 -10.4 -6.3 -17.2 51

52 Security debt 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 52

53 Miscellaneous liabilities 544.3 42.5 435.5 451.3 337.6 1097.8 313.0 56.8 395.5 73.8 912.0 53

54 U.S. equity in IBRD, etc. 2.0 1.3 2.0 1.7 1.1 4.7 0.4 0.4 0.4 4.3 3.8 54

55 Nonofficial foreign currencies -0.0 -2.2 -0.0 23.9 0.2 -0.5 -0.1 96.0 -11.8 163.8 903.0 55

56 U.S. direct investment abroad (4,5) 316.2 36.2 241.2 333.3 266.8 374.5 248.2 443.6 356.4 262.2 281.9 56

57 Other 226.2 7.2 192.2 92.5 69.5 719.1 64.5 -483.2 50.5 -356.4 -276.7 57

58 Discrepancy (FOF basis) (7) 96.5 18.2 -59.7 -52.1 -279.8 -9.5 279.2 -198.1 -63.7 180.8 39.4 58

 Memo:

59 Net U.S. exports, NIPA basis -615.4 -713.6 -757.3 -707.8 -728.8 -723.1 -682.6 -696.7 -705.7 -718.2 -706.5 59

60 + Net U.S. income receipts (8) 76.2 93.0 78.3 102.4 72.4 59.7 112.2 165.4 138.2 113.9 117.4 60

61 - Current taxes and trans. payments to rest of world 84.9 90.3 92.5 113.2 121.2 100.3 111.7 119.6 125.4 118.2 117.0 61

62 = Balance on current account, NIPAs -624.1 -710.9 -771.6 -718.6 -777.6 -763.8 -682.0 -651.0 -693.0 -722.6 -706.1 62

(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 62 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 11, 2008 23

F.108 Monetary Authority (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2004 2005 2006 2007 2007 2008

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Gross saving 3.2 6.1 5.7 4.0 4.0 4.0 3.9 3.9 4.4 3.9 3.4 1

 2 Fixed nonresidential investment 2.6 1.6 2.4 2.5 2.5 2.5 2.5 2.5 2.5 2.6 2.6 2

 3 Net acquisition of financial assets 44.4 37.4 29.6 43.1 44.9 -13.9 60.7 80.5 -8.3 52.0 2353.4 3

 4 Gold and foreign exchange 0.3 0.3 0.4 0.5 0.5 0.5 0.5 0.5 0.7 0.6 0.6 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 1.0 0.1 1.7 0.5 0.7 0.6 0.5 0.2 -0.0 -0.0 -0.0 6

 7 Federal Reserve float 1.2 -0.0 -1.2 0.3 -2.1 -1.7 2.3 2.8 -2.1 -0.3 -1.3 7

 8 Federal Reserve loans to domestic banks -0.0 0.0 -0.0 48.6 -0.2 0.7 -0.0 193.7 250.6 251.6 516.0 8

 9 Discount window (2) -0.0 0.0 -0.0 48.6 -0.2 0.7 -0.0 193.7 250.6 251.6 103.3 9

10 AMLF (3) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 412.6 10

11 Security RPs -10.8 13.8 -6.0 5.8 19.1 -48.4 98.8 -46.5 163.6 135.4 -99.3 11

12 Credit market instruments 51.2 26.4 34.7 -38.3 26.9 32.9 -43.7 -169.4 -416.7 -495.2 1071.9 12

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

14 Treasury securities 51.2 26.4 34.7 -38.3 26.9 32.9 -43.7 -169.4 -575.7 -457.4 -11.7 14

15 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 58.0 15

16 Bank loans n.e.c. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 159.0 -37.8 1025.6 16

17 Rest of world 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 17

18 Brokers and dealers (4) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 159.0 -153.2 780.6 18

19 Funding corporations (Maiden Lane) (5) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 115.3 0.7 19

20 Funding corporations (AIG) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 244.3 20

21 Miscellaneous assets 1.5 -3.2 0.1 25.8 0.0 1.6 2.4 99.1 -4.4 160.0 865.5 21

22 Nonofficial foreign currencies (6) 0.0 0.0 0.0 24.0 0.0 0.0 0.0 96.0 -12.0 164.0 904.8 22

23 Other 1.5 -3.2 0.1 1.8 0.0 1.6 2.4 3.1 7.6 -4.0 -39.3 23

24 Net increase in liabilities 41.7 36.1 27.2 39.9 37.7 -15.4 57.1 80.3 -21.6 53.9 2351.1 24

25 Depository institution reserves 1.0 -5.0 -0.3 2.1 -7.7 -3.1 24.6 -5.6 8.0 39.2 755.6 25

26 Vault cash of commercial banks -6.4 8.6 1.6 3.3 -4.7 -1.0 4.7 14.1 -0.9 -9.6 23.8 26

27 Checkable deposits and currency 37.7 30.0 23.5 17.8 1.4 18.6 18.6 32.5 -41.9 39.1 1467.3 27

28 Due to federal government 0.1 -1.4 0.2 11.4 -2.0 2.5 3.6 41.6 -42.1 -0.9 1309.9 28

29 Treasury cash holdings -0.1 -0.1 0.1 0.0 0.2 0.0 0.1 -0.3 0.3 -0.2 -0.0 29

30 Treasury general deposit account 0.2 -1.3 0.1 11.4 -2.2 2.5 3.5 41.9 -42.4 -0.7 112.0 30

31 Treasury temporary supplementary financing account 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1198.0 31

32 Due to rest of the world -0.1 -0.0 0.0 -0.0 -0.1 0.4 -0.2 -0.1 0.0 0.5 -0.6 32

33 Due to government-sponsored enterprises 0.6 0.9 -1.2 0.9 -2.9 -0.0 0.0 6.4 -6.4 0.2 104.2 33

34 Currency outside banks 37.1 30.6 24.5 5.5 6.4 15.7 15.2 -15.4 6.5 39.4 53.7 34

35 Security RPs 5.1 -0.3 -0.9 14.4 30.7 -19.7 13.4 33.2 0.5 -1.1 136.5 35

36 Miscellaneous liabilities 4.2 2.8 3.2 2.5 18.1 -10.2 -4.2 6.2 12.8 -13.7 -32.1 36

37 Federal Reserve Bank stock 3.1 1.6 1.8 3.1 2.1 1.0 4.7 4.7 4.4 1.3 1.8 37

38 Other 1.2 1.1 1.4 -0.7 16.0 -11.3 -8.9 1.5 8.4 -15.0 -33.8 38

39 Discrepancy -2.3 3.2 0.9 -1.7 -5.7 -0.1 -2.2 1.1 -11.5 3.3 -1.5 39

(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.

(2) Loans extended to domestic banks through term auction credit, primary credit, secondary credit, and seasonal credit.

(3) Loans extended to domestic banks through the Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility.

(4) Loans extended through the Federal Reserve’s Primary Dealer Credit Facility and AMLF.

(5) Loan extended by the Federal Reserve to Maiden Lane LLC to facilitate the arrangements associated with JPMorgan Chase & Co.’s acquisition of Bear Stearns Companies, Inc.

(6) Reciprocal currency arrangements (swap lines) with foreign central banks.
24 Z.1, December 11, 2008

F.109 Commercial Banking (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2004 2005 2006 2007 2007 2008

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Gross saving 67.4 84.8 81.6 93.0 96.2 101.5 98.8 75.4 83.2 70.9 55.6 1

 2 Fixed nonresidential investment 22.3 20.8 24.6 26.5 25.7 26.3 26.8 27.1 27.3 27.7 27.9 2

 3 Net acquisition of financial assets 762.2 762.6 897.2 935.8 7.8 1083.7 1483.9 1167.9 1189.2 792.0 2152.9 3

 4 Vault cash -6.4 8.6 1.6 3.3 -4.7 -1.0 4.7 14.1 -0.9 -9.6 23.8 4

 5 Reserves at Federal Reserve 1.1 -4.5 0.4 1.5 -7.8 -4.1 23.9 -6.0 7.3 38.9 752.8 5

 6 Checkable deposits and currency 1.0 -0.5 -0.1 -0.6 -0.8 -2.2 3.1 -2.4 -0.1 0.2 -0.1 6

 7 Total bank credit 602.0 691.6 838.0 788.3 189.0 659.5 1121.3 1183.4 405.7 165.5 1364.5 7

 8 Open market paper 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 412.6 8

 9 Treasury securities -24.5 -10.7 -1.9 17.3 12.8 -36.4 47.8 45.0 -31.3 -47.9 91.1 9

10 Agency- and GSE-backed securities 95.0 -5.5 45.7 -112.9 -35.6 -8.1 -256.6 -151.1 -47.4 313.0 -35.2 10

11 Municipal securities 8.1 16.9 22.6 12.2 31.1 15.2 5.7 -3.3 41.4 7.2 78.4 11

12 Corporate and foreign bonds 82.4 123.4 93.3 198.4 94.9 177.7 296.3 224.7 98.4 -112.1 -78.0 12

13 Bank loans n.e.c. 72.7 169.1 123.1 330.2 99.4 208.8 570.6 442.0 307.8 119.7 325.6 13

14 Mortgages 339.8 362.4 445.0 242.7 -58.5 280.3 258.2 490.6 156.6 -152.5 668.3 14

15 Consumer credit 34.9 2.8 34.2 62.9 34.5 76.0 93.7 47.3 80.2 83.4 77.2 15

16 Security credit -5.1 34.8 71.5 32.3 23.3 -60.3 84.8 81.4 -198.6 -43.8 -163.1 16

17 Corporate equities -0.3 0.1 0.7 1.6 -3.5 2.5 6.6 0.6 -0.2 0.6 -3.4 17

18 Mutual fund shares -0.9 -1.8 3.9 3.6 -9.5 3.6 14.2 6.2 -1.0 -2.2 -9.0 18

19 Customers’ liab. on acceptances (2) -0.4 0.0 -0.3 0.0 -0.2 0.0 -0.5 0.9 -0.6 -0.1 0.0 19

20 Miscellaneous assets 164.8 67.4 57.7 143.3 -167.5 431.5 331.4 -22.1 777.7 597.1 11.8 20

21 Net increase in liabilities 941.0 684.3 862.7 972.4 -136.5 1229.5 1641.9 1154.8 797.0 596.8 1683.6 21

22 Net interbank liabilities 24.9 -16.0 -12.5 -70.0 -433.7 31.0 151.7 -29.2 -202.9 94.8 897.2 22

23 To monetary authority 1.2 -0.0 -1.2 48.9 -2.3 -1.0 2.3 196.5 248.5 251.3 514.7 23

24 To domestic banks (3) 14.9 -3.7 -1.9 1.7 63.0 -48.9 2.5 -9.6 2.6 -26.0 -60.4 24

25 To foreign banks 8.8 -12.3 -9.4 -120.7 -494.4 80.9 146.9 -216.1 -453.9 -130.5 443.0 25

26 Checkable deposits 39.5 -36.4 -35.9 11.6 28.6 -90.8 120.2 -11.7 59.0 -74.4 321.5 26

27 Federal government -3.2 7.0 -5.9 14.9 -25.1 -11.8 181.0 -84.6 71.0 -56.4 -54.1 27

28 Rest of the world 9.2 6.4 9.2 5.0 4.7 16.9 -11.7 10.3 8.2 -13.4 37.2 28

29 Private domestic 33.6 -49.8 -39.2 -8.3 49.0 -95.9 -49.1 62.7 -20.2 -4.6 338.4 29

30 Small time and savings deposits 280.6 268.3 287.6 263.7 257.8 225.1 244.9 327.2 365.6 85.1 897.7 30

31 Large time deposits 192.5 243.1 264.0 298.3 93.6 86.7 490.9 521.8 307.9 -90.8 229.9 31

32 Federal funds and security RPs (net) 13.1 90.3 70.5 -49.7 101.4 184.6 -284.7 -199.9 -253.7 -138.7 -394.0 32

33 Credit market instruments 78.4 85.1 177.4 263.2 91.4 162.2 481.5 317.7 228.8 299.2 263.2 33

34 Open market paper 10.6 4.0 21.4 37.9 15.0 17.8 45.0 73.7 -4.4 58.1 -57.9 34

35 Corporate bonds 59.0 56.7 76.0 118.6 84.9 135.1 119.4 135.0 140.7 228.9 -190.2 35

36 Other loans and advances 8.8 24.4 80.0 106.7 -8.5 9.2 317.1 109.0 92.5 12.1 511.3 36

37 Corporate equity issues 17.6 -13.8 -10.5 -23.7 -42.9 -34.6 -30.4 12.9 212.9 230.1 103.5 37

38 Taxes payable 3.2 3.4 3.7 4.0 3.9 3.9 4.0 4.1 4.1 4.2 4.3 38

39 Miscellaneous liabilities 291.3 60.3 118.6 275.1 -236.6 661.4 463.8 211.9 75.3 187.3 -639.7 39

40 Discrepancy 224.0 -14.3 22.5 103.1 -73.8 220.9 230.0 35.2 -336.3 -152.0 -441.6 40

 Memo:

41 Credit market funds advanced (4) 608.0 658.4 761.7 750.8 178.4 713.6 1015.2 1096.1 605.0 210.7 1540.0 41

42 Consumer leases not included above (5) 0.0 0.0 0.0 -1.8 0.1 -1.7 -3.3 -2.4 -0.0 -1.8 -3.2 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 16) less corporate equities (line 17) less mutual fund shares (line 18) plus customers’ liability on acceptances (line 19).

(5) 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.
Z.1, December 11, 2008 25

F.110 U.S.-Chartered Commercial Banks

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2004 2005 2006 2007 2007 2008

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Gross saving 4.3 -3.2 -6.0 12.6 -1.1 10.4 -3.7 44.7 24.7 12.9 6.2 1

 2 Fixed nonresidential investment 14.1 12.8 15.0 16.2 15.7 16.1 16.4 16.6 16.8 17.0 17.2 2

 3 Net acquisition of financial assets 587.8 509.2 699.6 599.1 -94.3 702.1 718.8 1069.8 602.2 440.6 2267.6 3

 4 Vault cash and reserves at Federal Reserve -5.2 3.9 2.3 4.4 -13.1 -6.1 29.5 7.4 5.9 31.0 643.1 4

 5 Total bank credit 581.1 499.7 681.7 563.4 38.9 494.2 846.4 874.3 472.6 184.7 1817.8 5

 6 Open market paper 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 412.6 6

 7 Treasury securities -19.2 -10.1 -2.2 11.1 4.4 -4.7 24.7 20.0 -64.5 -57.7 107.5 7

 8 Agency- and GSE-backed securities 89.7 -3.3 47.5 -111.4 -38.8 -11.9 -261.7 -133.0 -23.1 250.1 22.7 8

 9 Mortgage pass-through securities 90.3 -2.7 68.8 -54.9 18.5 -19.0 -210.7 -8.5 95.9 239.6 83.2 9

10 CMOs and other structured MBS -4.8 -4.4 -5.1 -4.4 17.3 -28.1 0.2 -7.0 21.4 -8.7 2.7 10

11 Other 4.2 3.8 -16.1 -52.0 -74.6 35.2 -51.2 -117.5 -140.4 19.2 -63.1 11

12 Municipal securities 8.3 16.7 21.7 12.0 31.0 16.1 4.7 -3.7 41.4 7.1 77.7 12

13 Corporate and foreign bonds 58.8 47.0 59.1 101.7 13.1 46.4 263.2 84.1 -1.6 -22.7 -37.3 13

14 Private mortgage pass-through securities 6.7 5.1 8.8 15.5 -5.8 -12.5 34.1 46.2 7.4 -26.2 -19.5 14

15 Private CMOs and other structured MBS 15.4 38.2 12.7 64.8 -29.8 33.1 62.3 193.7 68.5 -13.9 34.0 15

16 Other 36.7 3.8 37.6 21.4 48.6 25.8 166.8 -155.8 -77.5 17.5 -51.8 16

17 Bank loans n.e.c. 65.2 100.0 59.3 226.9 54.6 111.6 402.8 338.4 241.4 85.1 255.9 17

18 Mortgages 334.0 354.8 436.8 225.7 -68.8 266.6 233.0 472.0 149.9 -157.9 831.5 18

19 Consumer credit 34.9 2.8 34.2 62.9 34.5 76.0 93.7 47.3 80.2 83.4 77.2 19

20 Security credit 10.7 -6.6 20.9 29.3 21.7 -12.1 65.3 42.3 50.3 -1.3 82.4 20

21 Corporate equities -0.3 0.1 0.7 1.6 -3.5 2.5 6.6 0.6 -0.3 0.6 -3.4 21

22 Mutual fund shares -0.9 -1.8 3.9 3.6 -9.5 3.6 14.2 6.2 -1.0 -2.2 -9.0 22

23 Customers’ liab. on acceptances (1) -0.5 -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 23

24 Miscellaneous assets 12.4 5.6 15.6 31.2 -120.1 214.0 -157.2 188.1 123.7 224.8 -193.2 24

25 Net increase in liabilities 818.1 506.2 738.9 701.9 -154.5 923.6 965.6 1073.1 254.2 286.7 1832.1 25

26 Net interbank liabilities 90.0 16.6 72.6 160.7 -149.2 190.8 370.8 230.4 86.2 452.3 346.9 26

27 Federal Reserve float 1.2 -0.0 -1.2 0.3 -2.1 -1.7 2.3 2.8 -2.1 -0.3 -1.3 27

28 Borrowing from Federal Reserve banks -0.0 0.0 -0.0 48.6 -0.2 0.7 -0.0 193.7 250.6 251.6 516.0 28

29 To domestic banking 33.0 0.5 -36.6 34.5 20.0 1.4 107.6 9.0 -32.6 -37.4 -61.1 29

30 To foreign banks 55.8 16.1 110.5 77.3 -166.9 190.4 260.9 24.8 -129.7 238.5 -106.7 30

31 Checkable deposits 38.8 -36.8 -36.6 9.0 27.4 -101.9 133.3 -22.8 48.3 -72.8 329.6 31

32 Federal government -3.2 7.0 -5.9 14.9 -25.1 -11.8 181.0 -84.6 71.0 -56.4 -54.1 32

33 Rest of the world 9.7 6.2 9.4 4.8 4.9 13.1 -8.8 9.9 -13.2 -6.0 46.7 33

34 Private domestic 32.3 -49.9 -40.1 -10.7 47.5 -103.2 -38.9 51.9 -9.4 -10.4 337.0 34

35 Small time and savings deposits 279.7 262.9 277.8 255.0 249.8 211.9 231.7 326.9 342.4 90.7 921.7 35

36 Large time deposits 115.6 166.8 129.9 23.1 -276.6 -53.5 122.3 300.1 123.8 -211.4 410.0 36

37 Federal funds and security RPs (net) 14.6 57.0 21.4 -36.1 63.2 214.7 -268.2 -154.2 -225.8 -63.2 -318.7 37

38 Acceptance liabilities -0.4 -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 38

39 Corporate bonds 10.4 12.5 27.5 25.1 17.8 28.2 23.5 30.9 -0.5 -2.9 1.0 39

40 Other loans and advances 8.8 24.4 80.0 106.7 -8.5 9.2 317.1 109.0 92.5 12.1 511.3 40

41 Corporate equity issues 5.9 6.2 9.3 4.3 5.4 5.3 1.6 4.9 8.2 6.6 8.0 41

42 Taxes payable 3.2 3.4 3.7 4.0 3.9 3.9 4.0 4.1 4.1 4.2 4.3 42

43 Miscellaneous liabilities 251.7 -6.8 153.3 150.2 -87.6 415.0 29.4 243.8 -225.2 71.2 -381.9 43

44 Investment by bank holding companies 167.2 40.0 110.0 126.1 44.0 89.1 184.8 186.6 101.5 -39.8 35.4 44

45 Other 84.4 -46.8 43.3 24.0 -131.6 325.9 -155.4 57.2 -326.7 111.0 -417.3 45

46 Discrepancy 220.5 -19.0 18.4 99.2 -77.0 215.8 226.6 31.4 -340.1 -158.0 -446.5 46

 Memo:

47 Credit market funds advanced (2) 571.1 507.9 656.3 528.9 30.1 500.1 760.3 825.2 423.6 187.5 1747.8 47

48 Consumer leases not included above (3) 0.0 0.0 0.0 -1.8 0.1 -1.7 -3.3 -2.4 -0.0 -1.8 -3.2 48

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

(2) Total bank credit (line 5) less security credit (line 20) less corporate equities (line 21) less mutual fund shares (line 22) plus customers’ liability on acceptances (line 23).

(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.
26 Z.1, December 11, 2008

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

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2004 2005 2006 2007 2007 2008

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Gross saving 6.5 7.1 7.3 7.6 7.5 7.6 7.6 7.7 7.8 7.9 8.0 1

 2 Fixed nonresidential investment 7.9 7.6 9.3 9.9 9.7 9.9 10.0 10.1 10.2 10.3 10.4 2

 3 Net acquisition of financial assets -117.4 148.8 3.6 218.7 120.1 210.9 520.5 23.3 426.5 -76.3 -8.8 3

 4 Reserves at Federal Reserve -0.1 0.2 -0.3 0.4 0.5 1.0 -0.8 0.8 0.5 -1.7 133.6 4

 5 Total bank credit 7.1 185.9 154.6 204.6 173.4 171.4 254.1 219.6 -70.8 -122.1 -415.4 5

 6 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 6

 7 Treasury securities -5.9 0.2 -0.8 3.5 17.6 -32.0 27.4 1.1 37.9 -11.5 -23.6 7

 8 Agency- and GSE-backed securities -1.2 -0.9 3.9 2.1 -2.3 8.4 6.2 -3.7 -31.6 -8.0 -9.7 8

 9 Municipal securities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

10 Corporate and foreign bonds 22.4 80.6 29.8 77.0 90.5 133.4 16.3 67.7 100.4 -96.3 -45.2 10

11 Bank loans n.e.c. 8.2 60.7 67.1 105.0 55.1 100.6 163.8 100.3 67.9 31.4 72.8 11

12 Mortgages -0.6 4.0 4.1 14.1 11.0 9.3 20.9 15.1 3.4 4.8 -164.2 12

13 Security credit -15.8 41.4 50.6 3.0 1.6 -48.2 19.5 39.1 -248.9 -42.5 -245.5 13

14 Corporate equities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.0 14

15 Customers’ liab. on acceptances (2) 0.1 0.1 -0.3 0.0 -0.2 0.0 -0.5 0.9 -0.6 -0.1 0.0 15

16 Miscellaneous assets -124.5 -37.3 -150.4 13.7 -53.6 38.4 267.8 -197.9 497.4 47.6 272.9 16

17 Net increase in liabilities -112.2 154.5 9.8 225.3 126.5 217.4 527.2 30.1 433.4 -69.3 -1.7 17

18 Net interbank liabilities -66.8 -6.0 -71.3 -177.6 -255.2 -141.8 -128.1 -185.1 -187.3 -319.5 333.0 18

19 To foreign banks -72.6 -8.8 -78.6 -155.8 -304.1 -51.5 -33.6 -234.0 -250.4 -277.4 443.3 19

20 To domestic banks 5.7 2.8 7.3 -21.8 48.9 -90.4 -94.6 49.0 63.1 -42.1 -110.3 20

21 Checkable deposits -0.8 0.5 -0.0 2.6 4.8 9.4 -12.1 8.2 12.2 -3.1 -7.1 21

22 Small time and savings deposits -0.7 0.5 8.6 6.9 7.8 10.0 8.3 1.5 24.4 -8.7 -29.4 22

23 Large time deposits 75.4 71.4 132.8 273.4 370.0 137.0 363.7 222.9 185.2 117.6 -185.5 23

24 Federal funds and security RPs (net) -0.2 33.4 49.0 -13.6 38.7 -30.5 -17.0 -45.7 -27.1 -74.7 -73.0 24

25 Acceptance liabilities 0.1 0.0 -0.3 0.0 -0.3 0.1 -0.6 0.9 -0.6 -0.1 0.0 25

26 Miscellaneous liabilities -119.2 54.6 -109.0 133.6 -39.1 233.2 313.0 27.3 426.6 219.3 -39.8 26

27 Foreign direct investment in U.S. 17.9 9.4 15.3 -9.9 13.4 18.9 41.5 -113.5 33.6 22.4 26.0 27

28 Due to affiliates 33.0 21.0 8.6 43.7 135.0 38.6 -61.8 62.9 -2.3 -12.6 -178.7 28

29 Other -170.1 24.2 -132.8 99.9 -187.5 175.7 333.3 78.0 395.2 209.5 112.8 29

30 Discrepancy 3.9 5.2 4.2 4.3 4.3 4.2 4.3 4.4 4.5 4.6 4.7 30

 Memo:

31 Credit market funds advanced (3) 23.0 144.5 103.7 201.7 171.6 219.7 234.1 181.4 177.5 -79.7 -169.9 31

(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 13) less corporate equities (line 14) plus customers’ liability on acceptances (line 15).
Z.1, December 11, 2008 27

F.112 Bank Holding Companies

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2004 2005 2006 2007 2007 2008

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Gross saving 56.4 80.7 80.1 72.7 89.7 83.4 94.8 22.9 50.6 50.0 41.3 1

 2 Fixed nonresidential investment 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 2

 3 Net acquisition of financial assets 275.8 94.8 195.2 118.0 -12.3 164.8 242.6 76.8 159.8 420.0 -100.1 3

 4 Credit market instruments -0.0 -4.2 3.3 23.1 -16.8 -5.3 21.4 93.0 4.1 97.7 -36.2 4

 5 Treasury securities -0.8 -0.9 1.4 4.6 -7.0 0.3 -0.5 25.5 -3.0 22.1 7.2 5

 6 Agency- and GSE-backed securities 1.9 -2.3 -0.0 -1.3 5.5 -3.9 4.6 -11.3 12.3 61.4 -46.7 6

 7 Corporate and foreign bonds 1.3 -3.7 4.9 19.1 -8.6 -2.5 15.6 72.1 -3.7 9.6 6.0 7

 8 Bank loans n.e.c. -2.5 2.7 -2.9 0.7 -6.6 0.9 1.8 6.6 -1.6 4.7 -2.7 8

 9 Miscellaneous assets 275.9 99.0 191.8 94.9 4.4 170.0 221.2 -16.2 155.7 322.3 -63.8 9

10 Investment in bank subsidiaries 167.2 40.0 110.0 126.1 44.0 89.1 184.8 186.6 101.5 -39.8 35.4 10

11 Investment in nonbank subsidiaries 76.2 42.7 46.3 -63.0 -97.6 41.0 -13.2 -182.2 -18.2 89.7 95.7 11

12 Other 32.4 16.2 35.6 31.7 58.0 39.9 49.6 -20.6 72.4 272.3 -194.9 12

13 Net increase in liabilities 219.6 14.3 115.3 45.4 -101.9 81.5 148.0 54.1 109.4 370.2 -141.2 13

14 Net interbank liabilities 1.7 -26.5 -13.9 -53.2 -29.3 -18.0 -90.9 -74.5 -101.8 -38.0 217.3 14

15 To domestic banks -23.8 -6.9 27.4 -11.0 -5.9 40.0 -10.5 -67.6 -28.0 53.6 110.9 15

16 To foreign banks 25.6 -19.6 -41.3 -42.2 -23.4 -58.0 -80.4 -6.8 -73.8 -91.6 106.4 16

17 Federal funds and security RPs (net) -1.3 -0.2 0.1 0.1 -0.5 0.3 0.5 -0.1 -0.8 -0.8 -2.2 17

18 Credit market instruments 59.5 48.2 70.2 131.3 82.4 124.7 141.5 176.9 137.4 290.1 -249.1 18

19 Commercial paper 10.8 4.0 21.7 37.9 15.3 17.7 45.6 72.8 -3.8 58.3 -57.9 19

20 Corporate bonds 48.7 44.2 48.5 93.5 67.1 106.9 95.9 104.1 141.2 231.8 -191.3 20

21 Corporate equity issues 11.7 -20.0 -19.9 -28.0 -48.2 -39.9 -32.0 8.0 204.7 223.5 95.5 21

22 Miscellaneous liabilities 148.0 12.8 78.7 -4.8 -106.2 14.4 129.0 -56.2 -130.1 -104.6 -202.7 22

23 Equity, etc. 129.4 48.4 -13.8 -66.6 -107.4 -71.8 46.8 -134.2 70.9 20.2 -112.3 23

24 Other 18.6 -35.6 92.5 61.9 1.2 86.2 82.2 77.9 -201.0 -124.8 -90.3 24

25 Discrepancy -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 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 0.2 0.2 0.2 0.2 0.1 0.1 0.1 0.1 0.1 2

 3 Net acquisition of financial assets 15.9 9.8 -1.2 0.1 -5.6 6.0 2.0 -2.0 0.7 7.7 -5.8 3

 4 Checkable deposits and currency 1.0 -0.5 -0.1 -0.6 -0.8 -2.2 3.1 -2.4 -0.1 0.2 -0.1 4

 5 Credit market instruments 13.9 10.2 -1.7 -2.9 -6.5 -0.9 -0.7 -3.5 -0.1 5.2 -1.7 5

 6 Treasury securities 1.4 0.1 -0.2 -1.9 -2.2 0.1 -3.8 -1.5 -1.7 -0.8 -0.1 6

 7 Agency- and GSE-backed securities 4.7 1.2 -5.8 -2.4 0.0 -0.5 -5.7 -3.2 -5.0 9.6 -1.6 7

 8 Municipal securities -0.2 0.2 0.8 0.2 0.2 -1.0 1.0 0.4 -0.0 0.1 0.6 8

 9 Corporate and foreign bonds -0.2 -0.5 -0.4 0.6 -0.1 0.4 1.3 0.8 3.3 -2.8 -1.5 9

10 Bank loans n.e.c. 1.8 5.6 -0.3 -2.3 -3.7 -4.3 2.2 -3.4 0.1 -1.6 -0.3 10

11 Home mortgages 3.4 0.7 0.9 0.7 -2.1 3.0 1.4 0.4 1.4 0.1 1.0 11

12 Commercial mortgages 3.1 2.9 3.2 2.2 1.4 1.4 2.9 3.1 1.8 0.5 0.0 12

13 Miscellaneous assets 0.9 0.1 0.6 3.6 1.7 9.1 -0.4 3.8 0.9 2.4 -4.1 13

14 Net increase in liabilities 15.5 9.3 -1.3 -0.3 -6.7 6.9 1.1 -2.5 0.1 9.2 -5.5 14

15 Checkable deposits 1.6 -0.2 0.7 0.0 -3.5 1.7 -1.0 2.9 -1.6 1.5 -1.1 15

16 Small time and savings deposits 1.6 4.9 1.2 1.8 0.3 3.2 4.9 -1.2 -1.2 3.1 5.4 16

17 Large time deposits 1.6 4.9 1.2 1.8 0.3 3.2 4.9 -1.2 -1.2 3.1 5.4 17

18 Miscellaneous liabilities 10.8 -0.3 -4.4 -3.9 -3.7 -1.3 -7.6 -3.0 4.0 1.4 -15.3 18

19 Discrepancy -0.4 -0.5 -0.1 -0.4 -1.1 0.9 -0.9 -0.5 -0.7 1.4 0.3 19

(1) Commercial banks and branches of U.S.-chartered commercial banks located in Puerto Rico, the U.S. Virgin Islands, American Samoa, Guam, and other U.S.-affiliated insular areas.
28 Z.1, December 11, 2008

F.114 Savings Institutions (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2004 2005 2006 2007 2007 2008

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Gross saving 7.2 10.7 6.1 -1.3 1.2 1.8 -1.1 -7.1 1.8 1.9 2.0 1

 2 Fixed nonresidential investment 2.6 2.2 2.6 2.8 2.7 2.8 2.8 2.8 2.9 2.9 2.9 2

 3 Net acquisition of financial assets 184.8 140.9 -74.2 99.6 311.8 53.5 175.7 -142.8 62.2 -65.6 -1280.6 3

 4 Reserves at Federal Reserve -0.1 -0.5 -0.7 0.6 0.1 1.1 0.7 0.4 0.7 0.3 2.7 4

 5 Checkable deposits and currency -3.5 2.4 -3.3 -0.5 -4.8 -0.3 0.5 2.7 15.1 -7.2 -1.0 5

 6 Time and savings deposits 0.6 -0.5 3.9 3.3 -6.4 -1.9 13.0 8.3 1.4 5.8 1.1 6

 7 Federal funds and security RPs -3.2 -0.1 9.3 27.3 54.2 -13.8 58.2 10.6 -25.9 -28.7 -13.3 7

 8 Credit market instruments 103.5 199.3 -98.1 65.7 218.0 60.5 60.4 -76.2 45.6 14.4 -1219.1 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 -3.9 4.0 0.1 -5.4 -19.2 -1.0 2.4 -4.0 -3.9 -4.3 0.7 10

11 Agency- and GSE-backed securities -82.3 55.8 -23.0 -0.6 7.4 -6.3 0.5 -4.1 -12.1 17.6 -34.7 11

12 Mortgage pass-through securities 0.9 25.6 -19.7 5.2 3.6 -3.7 7.6 13.3 13.6 3.7 -22.0 12

13 CMOs and other structured MBS -45.3 7.4 -3.3 -2.2 6.6 -1.4 -16.4 2.5 1.7 34.4 -14.0 13

14 Other -38.0 22.9 -0.1 -3.6 -2.8 -1.3 9.4 -19.9 -27.5 -20.6 1.3 14

15 Municipal securities 0.8 1.5 2.1 -0.1 1.4 3.0 3.0 -7.9 -2.2 2.5 -10.8 15

16 Corporate and foreign bonds -12.7 21.0 9.0 49.1 71.1 61.2 47.8 16.2 5.6 -2.0 -101.5 16

17 Private mortgage pass-through securities -2.5 -0.6 3.1 -4.5 -7.1 13.2 -1.3 -22.8 7.4 -7.5 -2.0 17

18 Private CMOs and other structured MBS -11.0 18.1 6.8 39.3 61.0 42.3 3.3 50.7 -30.8 -36.6 -74.4 18

19 Other 0.8 3.5 -0.8 14.3 17.3 5.6 45.8 -11.6 29.1 42.2 -25.2 19

20 Other loans and advances 1.3 3.9 6.0 6.2 5.6 21.2 -14.5 12.5 17.4 -7.8 -8.4 20

21 Mortgages 186.8 95.3 -78.8 21.3 155.6 -28.0 61.6 -104.1 54.0 -1.6 -1015.5 21

22 Consumer credit 13.4 17.8 -13.5 -4.8 -3.9 10.3 -40.5 15.0 -13.1 10.0 -48.9 22

23 Corporate equities -1.1 -1.0 -1.0 -0.1 -2.1 0.6 1.6 -0.6 2.1 -2.6 -9.8 23

24 Miscellaneous assets 88.5 -58.7 15.7 3.4 52.7 7.4 41.4 -88.0 23.2 -47.5 -41.2 24

25 Net increase in liabilities 178.2 138.4 -75.7 96.6 306.7 49.2 175.5 -144.9 70.0 -61.4 -1286.8 25

26 Deposits 40.0 76.6 24.6 13.2 296.5 26.2 -34.2 -235.8 84.1 65.6 -825.6 26

27 Checkable 0.5 3.8 0.9 -0.2 13.8 -0.5 0.6 -14.6 7.2 19.2 -51.6 27

28 Small time and savings -14.4 34.0 28.9 -3.1 77.2 30.2 -37.9 -82.1 44.3 125.3 -407.7 28

29 Large time 54.0 38.8 -5.2 16.5 205.5 -3.5 3.1 -139.2 32.7 -79.0 -366.3 29

30 Security RPs 4.7 -3.6 -15.5 -17.3 -31.3 33.9 -61.5 -10.4 -53.0 5.1 -1.6 30

31 Credit market instruments 89.0 23.8 -111.9 97.3 4.5 -44.2 354.1 74.9 97.9 -82.5 -211.7 31

32 Corporate bonds 2.5 1.0 2.0 -0.3 1.3 -0.1 -3.1 0.7 1.2 0.9 -34.0 32

33 Bank loans n.e.c. 26.5 6.5 -48.2 6.5 -6.0 -7.8 17.1 22.7 -4.4 6.5 14.0 33

34 Other loans and advances 60.0 16.2 -65.7 91.1 9.2 -36.3 340.1 51.4 101.1 -89.9 -191.7 34

35 Corporate equities 0.6 1.4 0.7 1.9 0.6 2.0 2.9 2.0 0.5 1.5 3.1 35

36 Taxes payable 0.6 0.7 -0.5 0.1 -0.4 -0.7 1.6 0.1 -1.1 -0.0 -2.1 36

37 Miscellaneous liabilities 43.3 39.3 26.9 1.4 36.7 32.1 -87.5 24.4 -58.4 -51.0 -248.9 37

38 Investment by parent 1.2 1.3 1.4 1.6 1.5 1.6 1.6 1.6 1.7 1.7 1.7 38

39 Other 42.2 38.0 25.5 -0.1 35.2 30.5 -89.1 22.7 -60.0 -52.7 -250.6 39

40 Discrepancy -2.0 6.0 2.1 -7.0 -6.6 -5.2 -4.2 -12.0 6.8 3.2 -7.1 40

(1) Savings and loan associations, mutual savings banks, and federal savings banks.
Z.1, December 11, 2008 29

F.115 Credit Unions

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2004 2005 2006 2007 2007 2008

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Gross saving 7.9 8.2 8.6 7.8 8.0 7.8 7.6 7.6 7.2 6.2 5.0 1

 2 Fixed nonresidential investment 2.2 2.1 2.6 2.7 2.6 2.7 2.7 2.7 2.8 2.8 2.8 2

 3 Net acquisition of financial assets 37.5 30.9 30.5 42.5 53.1 40.7 25.2 51.0 93.0 56.4 9.0 3

 4 Checkable deposits and currency -1.4 -2.0 6.2 -1.1 25.7 0.5 -27.9 -2.5 36.1 -18.2 -33.5 4

 5 Time and savings deposits -0.7 -4.5 -4.9 -0.0 -3.7 1.4 -0.3 2.5 21.7 11.8 -6.1 5

 6 Federal funds and security RPs (net) 2.6 2.6 -1.6 -2.6 10.0 -3.0 -8.5 -8.8 -7.4 2.6 -22.3 6

 7 Credit market instruments 39.8 36.2 30.1 35.3 38.5 22.1 42.6 37.7 41.7 50.8 48.5 7

 8 Open market paper 0.1 -0.0 0.2 -0.5 2.5 0.6 -2.8 -2.5 9.3 -8.0 -3.0 8

 9 Treasury securities 0.1 -1.1 -0.3 3.0 -1.7 1.0 5.2 7.5 -3.4 2.7 0.2 9

10 Agency- and GSE-backed securities -1.1 -6.8 -13.9 -4.1 -12.9 -4.3 3.1 -2.5 8.1 20.1 10.6 10

11 Corporate and foreign bonds 0.6 -1.5 7.2 3.9 23.9 -2.7 1.1 -6.6 -6.7 -2.3 -10.2 11

12 Home mortgages 30.6 32.4 31.0 31.8 25.9 30.2 30.9 40.3 47.1 39.3 39.3 12

13 Consumer credit 9.5 13.2 5.9 1.2 0.8 -2.8 5.1 1.5 -12.7 -1.0 11.6 13

14 Mutual fund shares -0.9 -1.0 -0.1 -0.0 0.4 -1.1 0.1 0.5 1.5 -0.1 -1.5 14

15 Miscellaneous assets -1.8 -0.3 0.8 11.0 -17.8 21.0 19.2 21.5 -0.6 9.6 23.9 15

16 Net increase in liabilities 33.7 27.5 26.0 39.5 49.4 36.4 22.0 50.3 88.3 59.6 8.7 16

17 Shares/deposits 29.5 21.6 24.5 31.7 47.7 38.4 11.6 29.1 79.3 54.2 -9.2 17

18 Checkable 7.6 7.0 -8.5 1.1 14.1 -8.0 -14.4 12.7 20.3 -7.1 -12.0 18

19 Small time and savings 15.5 12.1 30.5 25.8 21.4 39.9 21.5 20.2 40.5 56.7 26.0 19

20 Large time 6.4 2.5 2.5 4.8 12.2 6.5 4.5 -3.8 18.5 4.6 -23.2 20

21 Other loans and advances 2.3 3.3 4.2 13.4 -10.5 10.6 37.9 15.7 -15.2 27.6 32.4 21

22 Miscellaneous liabilities 1.9 2.6 -2.7 -5.6 12.2 -12.6 -27.5 5.5 24.2 -22.1 -14.5 22

23 Discrepancy 1.9 2.6 1.6 2.1 1.7 0.7 1.7 4.2 -0.2 6.7 1.8 23

F.116 Property-Casualty Insurance Companies

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Gross saving 30.1 17.0 51.9 51.3 47.8 51.9 49.4 56.1 47.7 39.8 29.9 1

 2 Fixed nonresidential investment 6.0 5.9 6.1 6.5 6.3 6.5 6.6 6.7 6.6 6.6 6.5 2

 3 Net acquisition of financial assets 80.3 72.8 61.6 28.2 36.5 22.1 78.4 -24.1 57.6 0.7 50.4 3

 4 Checkable deposits and currency -8.7 -4.8 8.9 12.8 7.2 5.1 48.8 -10.0 -3.4 -5.0 27.2 4

 5 Security RPs 10.2 5.9 -2.9 -12.2 0.0 -37.0 -13.6 1.6 38.7 -6.1 -20.2 5

 6 Credit market instruments 73.6 66.9 47.7 26.4 32.8 34.7 34.0 3.9 -13.0 -6.3 28.3 6

 7 Treasury securities 6.6 -2.0 6.6 -20.7 -19.3 -19.9 -20.6 -23.1 -0.9 -0.6 14.9 7

 8 Agency- and GSE-backed securities -3.3 5.8 4.1 3.8 4.9 4.9 5.0 0.4 -2.0 -1.2 5.2 8

 9 Municipal securities 43.6 45.4 22.1 36.1 35.7 36.5 37.4 34.6 -5.9 -2.9 22.6 9

10 Corporate and foreign bonds 26.4 17.5 14.2 5.9 11.1 11.2 11.3 -9.9 -4.5 -2.3 -14.9 10

11 Commercial mortgages 0.3 0.3 0.7 1.3 0.4 2.0 1.0 1.9 0.4 0.6 0.5 11

12 Corporate equities -3.9 -6.1 2.3 0.5 0.4 4.9 10.4 -13.7 13.0 4.3 2.8 12

13 Mutual fund shares 0.5 0.3 0.5 -0.5 -0.5 -0.5 -0.5 -0.5 0.1 0.1 0.1 13

14 Trade receivables 0.3 2.4 4.9 -1.6 0.0 10.4 -3.6 -13.1 3.4 3.5 0.5 14

15 Miscellaneous assets 8.4 8.2 0.2 2.9 -3.4 4.4 2.9 7.6 18.8 10.4 11.6 15

16 Net increase in liabilities 43.2 54.0 36.9 6.9 -47.6 61.0 23.9 -9.9 31.8 108.2 57.8 16

17 Corporate equity issues -4.0 -2.8 -8.5 -13.2 -13.8 -8.6 -20.4 -10.0 -5.3 18.8 -7.8 17

18 Taxes payable 4.2 4.7 5.2 5.7 5.5 5.6 5.7 5.9 6.0 6.1 6.2 18

19 Miscellaneous liabilities 43.0 52.2 40.2 14.4 -39.2 64.0 38.6 -5.7 31.1 83.3 59.4 19

20 Discrepancy -13.0 -7.7 21.1 23.4 -42.5 84.4 -11.6 63.6 15.2 140.7 30.7 20
30 Z.1, December 11, 2008

F.117 Life Insurance Companies

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2004 2005 2006 2007 2007 2008

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Gross saving 3.3 0.0 21.9 25.4 26.2 25.7 25.2 24.6 21.5 18.3 14.3 1

 2 Fixed nonresidential investment 2.7 2.2 2.4 2.6 2.5 2.5 2.6 2.6 2.6 2.6 2.6 2

 3 Net acquisition of financial assets 264.4 185.3 225.0 240.5 192.0 242.1 329.9 197.9 334.1 146.2 239.4 3

 4 Checkable deposits and currency 6.0 -5.5 8.3 2.3 11.8 -8.8 26.3 -20.2 46.0 -4.3 18.4 4

 5 Money market fund shares -30.7 -7.1 48.7 64.3 66.6 57.7 66.8 66.0 69.6 11.9 -8.4 5

 6 Credit market instruments 173.0 110.3 75.6 82.4 98.6 97.1 106.9 27.2 101.7 76.3 67.3 6

 7 Open market paper -7.6 -8.0 12.9 8.4 -5.5 16.0 -5.7 28.6 24.2 30.7 -14.3 7

 8 Treasury securities 6.6 12.7 -8.0 -14.9 -13.7 -14.6 -14.1 -17.3 1.1 0.6 11.4 8

 9 Agency- and GSE-backed securities 8.2 11.4 8.8 5.5 9.8 6.4 11.3 -5.4 6.7 3.9 18.9 9

10 Municipal securities 4.0 2.4 4.1 4.8 5.4 4.9 5.5 3.4 0.9 0.5 3.5 10

11 Corporate and foreign bonds 145.9 74.7 32.9 42.4 70.6 47.0 74.2 -22.1 35.1 21.1 29.3 11

12 Other loans and advances 3.5 5.0 6.6 13.9 14.9 17.8 14.3 8.5 6.8 5.9 7.3 12

13 Mortgages 12.4 12.1 18.3 22.4 17.1 19.5 21.3 31.5 27.0 13.5 11.0 13

14 Corporate equities 51.5 65.9 71.4 84.1 74.4 98.7 105.9 57.1 54.7 72.4 76.4 14

15 Mutual fund shares 12.8 -9.9 26.9 31.3 31.3 31.3 31.3 31.3 28.0 28.0 28.0 15

16 Miscellaneous assets 51.9 31.7 -6.0 -23.8 -90.7 -33.9 -7.3 36.5 34.1 -38.1 57.8 16

17 Net increase in liabilities 228.0 173.9 202.5 198.7 159.0 201.7 286.3 147.6 288.0 146.0 200.6 17

18 Corporate equity issues -17.3 -8.0 -20.0 -30.6 -20.8 -21.6 -29.7 -50.5 -32.0 -10.1 -8.1 18

19 Other loans and advances 3.0 0.4 2.7 14.5 4.9 12.6 26.9 13.7 9.6 9.2 38.0 19

20 Life insurance reserves 32.0 14.9 64.1 33.0 28.5 34.1 29.0 40.4 60.6 47.1 19.8 20

21 Pension fund reserves (1) 200.4 159.3 78.3 115.6 60.4 173.5 129.6 99.1 139.9 105.0 61.0 21

22 Taxes payable 3.2 3.6 4.0 4.4 4.2 4.3 4.4 4.6 4.7 4.8 4.9 22

23 Miscellaneous liabilities 6.7 3.6 73.4 61.7 81.8 -1.3 126.1 40.4 105.2 -10.0 85.0 23

24 Discrepancy -35.7 -13.7 -3.0 -18.9 -9.3 -17.2 -20.9 -28.2 -27.3 15.5 -27.2 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 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.6 0.7 0.7 0.7 1

 2 Fixed nonresidential investment 0.3 0.3 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 9.8 19.4 10.2 -2.6 -28.1 -109.5 21.8 105.2 -61.9 6.5 -20.8 3

 4 Checkable deposits and currency 0.1 0.3 0.4 0.6 0.5 0.5 0.4 1.0 0.2 -0.2 0.2 4

 5 Time and savings deposits -4.6 6.2 1.1 2.7 3.2 3.6 2.2 1.7 2.0 4.1 1.8 5

 6 Money market fund shares 0.6 1.9 3.4 3.4 3.2 3.5 3.4 3.4 2.6 2.6 2.0 6

 7 Security RPs 1.6 1.7 3.2 10.3 1.7 26.1 2.4 11.1 -4.3 -14.4 -2.0 7

 8 Credit market instruments -0.3 44.5 51.0 121.3 126.7 83.6 130.1 144.8 109.1 75.8 34.1 8

 9 Open market paper 0.3 2.2 3.1 -5.7 2.7 5.6 -6.3 -24.9 7.2 2.4 15.6 9

10 Treasury securities -4.1 3.0 14.6 40.1 34.9 26.9 38.0 60.4 36.1 26.6 4.6 10

11 Agency- and GSE-backed securities 11.3 18.6 10.7 38.9 41.9 21.5 48.1 44.2 12.3 7.8 2.0 11

12 Corporate and foreign bonds -7.7 20.9 22.9 47.4 47.9 29.1 49.2 63.3 52.5 37.9 11.0 12

13 Mortgages -0.2 -0.2 -0.3 0.7 -0.7 0.5 1.0 1.8 1.0 1.1 0.8 13

14 Corporate equities 11.2 -18.5 -118.3 -243.7 -276.0 -311.9 -239.8 -147.3 -250.9 -140.4 -121.2 14

15 Mutual fund shares 36.1 10.2 41.4 39.2 45.2 37.3 46.8 27.6 42.3 34.9 36.3 15

16 Miscellaneous assets -34.8 -26.9 28.0 63.6 67.2 48.0 76.3 63.0 37.1 44.1 27.8 16

17 Unallocated insurance contracts (2) -35.2 -18.6 20.8 29.3 42.7 24.9 34.6 14.9 20.1 27.0 30.6 17

18 Contributions receivable -3.1 -1.9 -2.0 4.4 -1.9 8.6 10.7 0.3 1.8 1.9 -0.9 18

19 Other 3.5 -6.4 9.2 29.9 26.4 14.5 31.0 47.7 15.2 15.2 -1.9 19

20 Pension fund reserves (liabilities) (3) 9.4 18.9 9.9 -3.0 -28.5 -109.8 21.5 104.9 -62.2 6.2 -21.1 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 11, 2008 31

F.119 State and Local Government Employee Retirement Funds

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2004 2005 2006 2007 2007 2008

 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 23.8 5.4 37.3 17.3 16.7 44.6 -20.7 28.4 -38.3 11.4 3.2 3

 4 Checkable deposits and currency 2.5 -0.4 -2.6 2.4 12.7 -0.1 0.2 -3.3 0.3 -0.3 -0.3 4

 5 Time and savings deposits 0.6 -0.1 -0.5 0.1 0.8 -0.0 0.0 -0.2 0.0 -0.0 -0.0 5

 6 Money market fund shares -1.9 0.1 1.3 2.3 12.5 -0.1 0.2 -3.2 0.3 -0.3 -0.3 6

 7 Security RPs -3.2 -0.6 3.0 4.1 21.7 -0.2 0.3 -5.6 0.6 -0.5 -20.6 7

 8 Credit market instruments 17.8 18.1 76.3 30.2 -8.4 18.6 61.3 49.1 8.0 -5.4 36.6 8

 9 Open market paper -6.5 0.1 4.9 7.2 38.6 -0.4 0.6 -10.0 1.0 -1.0 -41.0 9

10 Treasury securities 2.4 2.8 -0.8 11.5 8.4 3.9 21.1 12.5 2.0 -1.0 5.8 10

11 Agency- and GSE-backed securities 23.7 -0.4 36.7 22.1 16.2 7.6 40.6 24.0 3.8 -1.8 61.1 11

12 Municipal securities -2.6 -0.2 0.1 -0.8 -3.1 -0.0 -0.0 -0.1 -1.2 -0.0 4.6 12

13 Corporate and foreign bonds 6.0 14.5 37.6 -8.1 -62.8 7.3 -2.9 26.1 2.5 -1.1 6.3 13

14 Mortgages -5.3 1.3 -2.3 -1.7 -5.6 0.2 2.0 -3.4 -0.1 -0.5 -0.2 14

15 Corporate equities 1.9 -5.6 -41.2 -18.9 -21.6 22.7 -72.0 -4.5 -41.8 15.6 -14.4 15

16 Mutual fund shares 1.5 -5.5 1.3 -2.8 -3.2 3.4 -10.7 -0.7 -6.2 2.3 -2.2 16

17 Miscellaneous assets 4.6 -0.6 -0.3 -0.1 2.3 0.5 -0.0 -3.2 0.5 0.0 4.5 17

18 Pension fund reserves (liabilities) (1) 23.8 5.4 37.3 17.3 16.7 44.6 -20.7 28.4 -38.3 11.4 3.2 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 54.7 54.7 50.4 47.8 43.4 -13.5 59.8 101.5 42.7 60.3 70.5 1

 2 Credit market instruments 4.7 7.7 8.4 11.7 14.9 3.4 17.5 11.1 40.1 7.9 28.0 2

 3 Treasury securities 5.4 7.8 8.3 11.3 14.6 3.6 16.7 10.4 34.2 9.1 28.2 3

 4 Agency- and GSE-backed securities -0.5 0.0 0.0 0.3 0.3 -0.1 0.6 0.5 3.7 -0.6 -0.0 4

 5 Corporate and foreign bonds -0.3 -0.0 -0.0 0.1 0.1 -0.1 0.2 0.2 2.2 -0.5 -0.2 5

 6 Corporate equities 9.1 7.0 6.3 2.7 -0.0 10.0 -3.8 4.8 -26.4 7.1 -12.8 6

 7 Miscellaneous assets(2) 40.9 40.0 35.8 33.3 28.5 -26.9 46.0 85.6 29.0 45.3 55.3 7

 8 Pension fund reserves (liabilities) (3) 54.7 54.7 50.4 47.8 43.4 -13.5 59.8 101.5 42.7 60.3 70.5 8

(1) Includes the 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 11, 2008

F.121 Money Market Mutual Funds (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2004 2005 2006 2007 2007 2008

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Net acquisition of financial assets -136.5 127.0 305.3 741.0 462.8 491.8 1202.4 807.2 1577.2 -156.2 74.7 1

 2 Foreign deposits 7.0 16.2 -10.6 50.2 -10.9 -46.1 129.8 128.1 67.5 -39.4 15.8 2

 3 Checkable deposits and currency 2.7 -1.4 7.5 -3.9 -8.9 -9.6 14.7 -11.9 -9.2 30.3 15.3 3

 4 Time and savings deposits 0.4 15.7 23.7 60.0 -4.8 46.9 158.0 39.7 144.7 119.6 -120.5 4

 5 Security RPs -18.7 112.0 48.7 175.3 -32.1 153.3 384.1 195.8 131.1 -258.2 317.5 5

 6 Credit market instruments -124.9 -5.5 220.0 390.6 389.9 341.1 416.2 415.4 1242.6 69.7 -177.6 6

 7 Open market paper -54.1 86.3 116.1 102.9 227.0 50.9 30.5 103.0 245.0 -218.4 -486.3 7

 8 Treasury securities -33.9 -9.6 -5.9 95.2 15.2 45.6 146.0 174.1 375.3 18.1 608.0 8

 9 Agency- and GSE-backed securities -61.1 -107.4 -28.7 80.6 5.7 38.0 127.6 151.0 434.4 254.3 221.4 9

10 Municipal securities 21.8 23.0 33.5 103.2 58.7 74.4 136.7 142.9 73.9 71.1 -98.4 10

11 Corporate and foreign bonds 2.3 2.2 105.1 8.8 83.2 132.2 -24.6 -155.6 114.0 -55.5 -422.3 11

12 Miscellaneous assets -2.9 -10.0 15.9 68.9 129.7 6.2 99.7 40.1 0.6 -78.1 24.2 12

13 Net share issues (liabilities) -136.5 127.0 305.3 741.0 462.8 491.8 1202.4 807.2 1577.2 -156.2 74.7 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 3.2 20.5 4.0 10.1 8.7 9.7 10.6 11.5 6.2 4.9 3.4 1

 2 Net acquisition of financial assets 298.2 260.2 336.8 365.1 485.8 521.5 258.0 194.9 157.4 582.0 -206.0 2

 3 Security RPs 18.1 2.8 17.4 -0.6 -27.9 11.4 0.0 14.1 15.1 54.6 -124.9 3

 4 Credit market instruments 116.6 124.1 184.9 271.1 286.0 357.5 188.2 252.9 203.4 404.3 34.9 4

 5 Open market paper 18.0 2.9 17.4 -0.4 -35.1 17.0 -4.2 20.6 3.4 58.9 -128.1 5

 6 Treasury securities 4.8 6.6 5.0 18.5 22.0 21.3 3.3 27.4 14.0 22.5 25.4 6

 7 Agency- and GSE-backed securities 15.2 20.8 15.7 66.2 69.0 66.6 43.4 85.9 43.8 70.6 79.7 7

 8 Municipal securities 4.1 17.4 32.7 27.8 58.0 44.8 5.0 3.4 31.8 52.9 29.9 8

 9 Corporate and foreign bonds 64.9 65.9 106.2 139.5 148.7 182.9 125.3 101.2 106.8 196.5 21.5 9

10 Other loans and advances 9.6 10.5 7.9 19.5 23.4 24.9 15.4 14.3 3.6 2.9 6.4 10

11 Corporate equities 158.5 129.6 131.3 91.7 218.1 151.0 65.9 -68.1 -74.4 134.3 -116.1 11

12 Miscellaneous assets 5.1 3.7 3.3 2.8 9.7 1.6 4.0 -4.0 13.3 -11.2 0.1 12

13 Net share issues (liabilities) 298.2 260.2 336.8 365.1 485.8 521.5 258.0 194.9 157.4 582.0 -206.0 13

14 Discrepancy 3.2 20.5 4.0 10.1 8.7 9.7 10.6 11.5 6.2 4.9 3.4 14

(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 32.7 20.7 8.2 17.5 52.6 23.1 2.5 -8.0 -17.2 -36.0 -73.0 1

 2 Credit market instruments 11.0 2.2 6.0 -1.2 -0.9 13.9 -18.0 0.1 -20.2 -17.5 -32.5 2

 3 Treasury securities 2.3 0.3 0.2 -1.7 -0.8 -2.1 -0.7 -3.4 -0.9 -0.2 -1.6 3

 4 Municipal securities -0.1 0.2 0.0 1.6 -2.2 -0.9 -5.6 15.1 -7.6 -9.9 -12.3 4

 5 Corporate and foreign bonds 8.9 1.7 5.7 -1.0 2.1 16.9 -11.7 -11.5 -11.7 -7.4 -18.6 5

 6 Corporate equities 21.7 18.5 2.2 18.7 53.5 9.1 20.5 -8.2 3.0 -18.5 -40.5 6

 7 Net share issues (liabilities) 32.7 20.7 8.2 17.5 52.6 23.1 2.5 -8.0 -17.2 -36.0 -73.0 7

 Exchange-traded funds

 8 Net acquisition of financial assets 56.4 56.7 74.0 149.9 57.4 69.5 191.0 281.8 33.2 52.9 325.0 8

 9 Credit market instruments 3.8 6.8 5.7 12.7 6.8 15.6 9.6 18.9 17.5 20.7 26.6 9

10 Treasury securities 2.8 4.8 3.4 6.6 3.2 8.7 4.4 10.0 5.5 6.3 15.9 10

11 Corporate and foreign bonds 1.0 1.9 2.4 6.2 3.6 6.9 5.2 9.0 12.0 14.5 10.7 11

12 Corporate equities 52.6 50.0 68.3 137.2 50.5 53.9 181.4 262.9 15.7 32.1 298.4 12

13 Net share issues (liabilities) 56.4 56.7 74.0 149.9 57.4 69.5 191.0 281.8 33.2 52.9 325.0 13
Z.1, December 11, 2008 33

F.124 Government-Sponsored Enterprises (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2004 2005 2006 2007 2007 2008

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Gross saving 3.8 4.2 4.0 4.7 4.1 4.3 4.9 5.5 4.2 3.6 2.9 1

 2 Fixed nonresidential investment 0.6 0.6 0.7 1.2 1.0 1.1 1.2 1.4 1.4 1.4 1.4 2

 3 Net acquisition of financial assets 88.5 -63.5 53.5 301.4 60.2 204.9 580.1 360.2 183.4 666.0 84.9 3

 4 Checkable deposits and currency 10.4 -24.5 1.8 -2.7 -5.2 15.7 -4.0 -17.4 -10.3 49.0 143.3 4

 5 Time and savings deposits 6.5 12.1 -1.5 12.8 18.9 -7.1 42.3 -3.0 -22.1 47.6 6.0 5

 6 Federal funds and security RPs 18.3 14.1 9.7 25.3 139.6 -24.0 -87.4 73.1 -43.7 40.2 -15.7 6

 7 Credit market instruments 48.9 -69.1 46.6 239.0 -62.7 77.8 646.9 294.0 327.7 435.1 130.8 7

 8 Open market paper -0.9 8.0 18.5 -4.7 -58.3 49.2 -63.7 54.0 47.8 18.2 -10.1 8

 9 Treasury securities -0.6 0.2 1.2 1.3 1.1 1.2 0.9 2.0 1.4 1.4 1.6 9

10 Agency- and GSE-backed securities -147.8 -135.4 -38.1 -10.1 -62.7 -36.0 22.3 36.1 57.4 500.1 -67.8 10

11 Municipal securities 0.3 -4.9 -3.6 -2.8 -8.1 1.7 -3.5 -1.2 -3.9 -4.3 -2.9 11

12 Corporate and foreign bonds 137.4 50.9 17.1 -18.4 41.1 32.9 -82.7 -64.9 -58.8 -116.1 -136.9 12

13 Other loans and advances 73.5 52.4 33.1 237.7 7.9 -1.1 734.8 209.2 225.8 -16.1 360.7 13

14 Sallie Mae -0.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14

15 Farm Credit System -0.2 8.1 11.9 11.9 12.8 2.7 12.8 19.4 37.9 25.0 -29.2 15

16 FHLB loans 74.1 44.4 21.2 225.8 -4.9 -3.9 722.0 189.8 188.0 -41.0 390.0 16

17 Mortgages 7.5 -40.2 18.4 35.9 16.3 29.8 38.9 58.7 57.9 51.9 -13.7 17

18 Home -6.7 -53.1 5.2 -10.9 -11.7 -7.1 7.0 -31.7 16.4 9.6 -60.7 18

19 Multifamily residential 14.3 10.5 12.4 42.3 23.6 32.4 27.4 85.8 40.1 40.8 46.0 19

20 Farm -0.0 2.3 0.7 4.5 4.3 4.5 4.5 4.6 1.4 1.5 1.1 20

21 Consumer credit (2) -20.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 21

22 Miscellaneous assets 4.5 4.0 -3.2 27.0 -30.3 142.5 -17.8 13.6 -68.3 94.1 -179.6 22

23 Net increase in liabilities 70.9 -81.2 45.2 294.6 61.3 195.6 589.5 332.1 183.0 629.0 109.4 23

24 Credit market instruments 75.0 -84.0 35.6 282.4 66.7 161.4 556.6 344.8 119.9 655.3 203.3 24

25 GSE issues (3) 75.0 -84.0 35.6 282.4 66.7 161.4 556.6 344.8 119.9 655.3 203.3 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 -4.1 2.8 9.6 12.2 -5.4 34.2 32.9 -12.7 63.1 -26.3 -94.0 27

28 Discrepancy -14.4 -14.2 -4.9 -3.2 4.2 -6.2 13.1 -24.0 2.4 -34.7 25.9 28

(1) Federal Home Loan Banks, Fannie Mae, Freddie Mac, 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 47.9 167.3 295.4 626.3 455.0 519.0 644.0 887.1 533.6 672.2 508.3 1

 2 Home mortgages 45.0 163.4 290.9 609.2 444.4 503.0 628.2 861.1 520.2 659.8 496.2 2

 3 Multifamily residential mortgages 2.9 3.9 2.1 15.7 9.7 10.9 16.0 26.3 13.8 13.0 10.4 3

 4 Commercial mortgages 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 Farm mortgages -0.1 -0.1 2.3 1.4 0.9 5.1 -0.2 -0.3 -0.4 -0.6 1.7 5

 6 Net increase in pool securities (liabilities)(2) 47.9 167.3 295.4 626.3 455.0 519.0 644.0 887.1 533.6 672.2 508.3 6

(1) GNMA, Fannie Mae, Freddie Mac, 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 11, 2008

F.126 Issuers of Asset-Backed Securities (ABS)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2004 2005 2006 2007 2007 2008

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Gross saving 0.6 0.5 0.4 0.4 0.4 0.4 0.4 0.4 0.3 0.3 0.3 1

 2 Fixed nonresidential investment -0.2 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 2

 3 Net acquisition of financial assets 438.1 724.9 808.0 316.7 642.0 580.1 199.0 -154.3 -270.3 -470.7 -418.5 3

 4 Treasury securities 5.2 19.7 28.7 21.0 16.0 23.7 20.0 24.4 -2.8 -11.4 -21.7 4

 5 Agency- and GSE-backed securities (1) -4.4 -31.3 25.6 19.6 -2.4 -0.8 52.7 28.9 -3.0 -21.1 -24.8 5

 6 Other loans and advances 20.2 21.0 56.1 72.5 66.5 104.3 68.7 50.6 2.2 -5.2 16.0 6

 7 Mortgages (2) 432.1 685.9 629.0 180.5 520.5 463.2 -10.9 -250.7 -289.4 -377.6 -346.1 7

 8 Home 380.0 571.3 512.2 33.4 355.1 276.3 -232.3 -265.4 -266.4 -344.3 -312.1 8

 9 Multifamily residential 6.4 16.5 13.9 22.0 29.6 31.2 28.1 -1.0 -10.3 -11.5 -9.0 9

10 Commercial 45.7 98.1 102.9 125.1 135.7 155.6 193.3 15.6 -12.7 -21.8 -25.0 10

11 Consumer credit -25.3 32.5 60.2 19.5 28.5 0.2 85.7 -36.5 -5.0 -2.7 0.4 11

12 Trade credit 10.2 -2.9 8.4 3.6 13.0 -10.5 -17.2 29.0 27.7 -52.8 -42.4 12

13 Net increase in liabilities 437.3 724.3 807.5 316.2 641.5 579.6 198.5 -154.8 -270.8 -471.2 -419.0 13

14 Commercial paper -4.2 147.9 162.7 -193.6 55.3 278.8 -642.1 -466.4 -131.4 -147.0 -124.1 14

15 Corporate bonds (net) (5) 441.5 576.4 644.8 509.8 586.2 300.8 840.6 311.7 -139.4 -324.1 -294.9 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) -0.7 -0.6 -0.5 -0.5 -0.5 -0.5 -0.5 -0.5 -0.4 -0.4 -0.4 17

18 REIT assets (4) 60.7 17.5 2.4 -18.5 19.7 -17.6 -39.5 -36.5 -79.2 -19.4 -25.3 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.

(5) Net issuance less net acquisition of corporate bonds held as assets.

F.127 Finance Companies (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Gross saving 73.2 58.6 73.7 65.8 67.8 69.3 62.1 64.0 71.9 67.2 61.1 1

 2 Fixed nonresidential investment 37.0 40.5 40.7 41.5 40.6 41.4 41.8 42.1 42.1 42.1 41.9 2

 3 Net acquisition of financial assets 178.5 99.0 34.3 19.9 108.9 45.3 77.3 -151.8 218.1 -4.2 -113.1 3

 4 Checkable deposits and currency 3.5 3.7 -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 Credit market instruments 214.9 117.2 89.6 12.1 39.1 2.4 66.5 -59.6 117.0 -22.9 -83.2 5

 6 Other loans and advances 9.8 27.6 18.8 24.9 35.0 5.7 40.1 18.8 82.7 78.7 18.0 6

 7 Mortgages 105.8 65.4 53.0 -62.5 -33.4 -54.5 -25.8 -136.4 -1.4 -115.2 -112.4 7

 8 Consumer credit 99.3 24.2 17.8 49.7 37.5 51.2 52.2 57.9 35.7 13.7 11.1 8

 9 Miscellaneous assets -39.9 -21.9 -55.3 7.8 69.7 42.9 10.7 -92.2 101.1 18.7 -29.9 9

10 Net increase in liabilities 189.4 63.5 48.5 26.5 68.7 90.2 83.2 -136.2 232.1 6.6 -92.7 10

11 Credit market instruments 134.3 33.5 34.8 34.9 1.9 30.6 129.1 -22.1 130.0 1.2 -103.6 11

12 Open market paper 30.2 -15.3 5.3 -15.1 7.9 -12.5 -42.5 -13.3 -8.5 6.7 -49.5 12

13 Corporate bonds 74.1 43.6 42.4 -2.8 -53.3 -15.1 96.2 -39.1 121.6 -60.8 -10.2 13

14 Bank loans n.e.c. 30.0 5.2 -12.9 52.8 47.3 58.1 75.3 30.3 16.8 55.3 -43.9 14

15 Taxes payable 1.8 2.0 2.3 2.5 2.4 2.5 2.5 2.6 2.6 2.7 2.8 15

16 Miscellaneous liabilities 53.2 28.0 11.4 -10.9 64.4 57.2 -48.4 -116.7 99.5 2.7 8.2 16

17 Foreign direct investment in U.S. 16.1 3.7 -0.8 7.1 -20.5 2.9 25.1 20.8 42.6 41.0 55.9 17

18 Investment by parent 54.9 25.5 26.2 -13.4 -31.1 69.7 -66.6 -25.5 28.9 -35.0 27.8 18

19 Other -17.7 -1.2 -13.9 -4.6 115.9 -15.5 -6.9 -112.0 28.0 -3.4 -75.6 19

20 Discrepancy 47.1 -17.4 47.2 30.9 -13.0 72.9 26.2 37.5 43.8 35.8 39.6 20

 Memo:

21 Consumer leases not included above (2) -4.9 11.2 20.6 16.9 19.0 22.4 16.6 9.7 8.1 -12.1 -13.6 21

(1) Includes retail captive finance companies and mortgage companies.

(2) See footnote (3), table F.126.
Z.1, December 11, 2008 35

F.128 Real Estate Investment Trusts (REITs)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2004 2005 2006 2007 2007 2008

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Gross saving 3.0 -18.4 -8.2 -35.4 -21.4 -27.2 -38.9 -54.2 -18.2 -13.8 -4.2 1

 2 Fixed nonresidential investment 46.3 41.3 28.9 36.7 18.2 32.4 53.3 42.9 15.1 5.3 9.8 2

 3 Multifamily residential investment 7.7 -0.6 4.1 -7.1 21.9 -2.8 -48.6 1.1 0.7 1.2 0.4 3

 4 Net acquisition of financial assets 101.6 53.2 39.5 -27.3 84.2 -33.0 -133.3 -27.1 -64.0 4.4 -29.0 4

 5 Checkable deposits and currency 2.9 1.4 4.9 -1.8 12.6 -12.0 -0.5 -7.5 11.1 -5.8 16.6 5

 6 Credit market instruments 87.5 41.1 26.0 -21.5 91.3 -31.7 -130.5 -15.1 -81.2 0.2 -51.8 6

 7 Agency- and GSE-backed securities 15.8 -4.0 24.8 23.5 45.7 -2.5 9.9 40.9 13.7 28.1 -24.9 7

 8 Corporate and foreign bonds 17.2 16.9 11.8 -30.3 -3.6 7.6 -107.9 -17.4 -43.4 -7.4 -5.5 8

 9 Mortgages 54.5 28.3 -10.5 -14.7 49.2 -36.8 -32.4 -38.6 -51.4 -20.5 -21.3 9

10 Home 51.0 24.6 -23.7 -24.5 25.2 -43.7 -39.4 -40.2 -53.0 -19.6 -18.0 10

11 Multifamily residential 0.1 0.3 3.2 0.1 2.8 0.8 -2.2 -1.1 0.1 -0.5 -2.9 11

12 Commercial 3.4 3.5 10.0 9.8 21.2 6.1 9.1 2.8 1.4 -0.3 -0.4 12

13 Miscellaneous assets 11.2 10.6 8.6 -3.9 -19.6 10.8 -2.3 -4.6 6.1 10.0 6.2 13

14 Net increase in liabilities 151.8 89.0 61.3 24.4 99.9 14.8 -73.4 56.3 -58.0 -6.0 -17.6 14

15 Security RPs 27.5 13.0 14.8 -5.6 26.1 9.2 -82.3 24.6 -7.8 7.4 -8.9 15

16 Credit market instruments 95.1 56.1 15.6 9.7 70.2 -7.1 -16.9 -7.5 -67.2 -22.3 -29.8 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 67.6 36.9 11.6 -2.8 81.8 -16.8 -33.3 -42.8 -94.7 -1.6 -41.8 18

19 Bank loans n.e.c. 1.5 5.3 -3.1 6.8 3.6 0.8 3.4 19.2 7.6 -11.7 7.2 19

20 Mortgages 25.9 13.9 7.0 5.7 -15.2 9.0 12.9 16.1 19.9 -9.0 4.9 20

21 Corporate equity issues 21.5 16.1 22.2 17.1 22.1 17.4 9.1 19.8 21.1 14.9 11.0 21

22 Miscellaneous liabilities 7.8 3.8 8.7 3.2 -18.6 -4.8 16.7 19.4 -4.1 -5.9 10.0 22

23 Discrepancy -0.7 -23.2 -19.5 -13.4 -45.9 -9.1 16.3 -14.9 -28.0 -30.7 -3.0 23

 Memo:

24 Securitized assets included above 60.7 17.5 2.4 -18.5 19.7 -17.6 -39.5 -36.5 -79.2 -19.4 -25.3 24

25 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 25

26 Home mortgages 59.0 15.8 -10.2 -20.8 17.5 -26.4 -44.5 -29.7 -63.0 -20.0 -22.3 26

27 Multifamily residential mortgages -0.0 0.1 0.2 -0.0 -0.0 -0.0 -0.0 0.0 -0.0 0.0 0.0 27

28 Commercial mortgages 1.7 1.6 12.3 2.3 2.2 8.8 5.0 -6.7 -16.2 0.6 -3.1 28
36 Z.1, December 11, 2008

F.129 Security Brokers and Dealers

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2004 2005 2006 2007 2007 2008

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Gross saving 20.4 21.9 22.2 38.8 26.1 42.9 45.4 40.7 29.5 26.9 23.5 1

 2 Fixed nonresidential investment 12.5 12.2 15.8 17.2 16.7 17.1 17.4 17.7 17.7 17.7 17.7 2

 3 Net acquisition of financial assets 231.9 282.2 614.7 350.3 1158.1 826.0 41.9 -624.9 661.1 -912.6 12.6 3

 4 Checkable deposits and currency 15.7 -6.4 24.0 24.5 5.5 31.9 -14.1 74.7 69.6 -27.1 173.9 4

 5 Credit market instruments -29.2 82.3 106.2 219.7 246.1 -89.6 395.1 327.3 122.6 -400.2 411.4 5

 6 Open market paper -1.3 12.2 4.1 22.8 51.3 11.0 24.6 4.3 81.5 -18.3 191.6 6

 7 Treasury securities -82.4 -20.0 -2.4 7.1 -26.8 -107.4 33.2 129.3 23.1 11.0 247.3 7

 8 Agency- and GSE-backed securities 23.5 -6.3 37.0 152.2 39.0 -100.6 368.1 302.2 31.5 52.5 155.4 8

 9 Municipal securities 7.1 10.9 8.0 -0.7 -9.8 22.2 -35.3 20.0 63.8 -57.1 40.4 9

10 Corporate and foreign bonds 18.7 77.7 44.8 25.9 177.4 69.3 -5.4 -137.7 -79.6 -390.2 -227.5 10

11 Other loans and advances 5.2 7.7 14.7 12.5 15.1 16.0 9.9 9.2 2.3 1.8 4.1 11

12 Corporate equities 15.2 20.1 -0.2 25.4 52.8 30.8 -24.9 42.8 -91.4 49.2 -35.4 12

13 Security credit 81.5 -31.6 59.7 33.4 -52.5 220.3 -150.0 116.1 159.2 -295.4 436.4 13

14 Miscellaneous assets 148.6 217.7 425.1 47.3 906.3 632.7 -164.1 -1185.9 401.2 -239.0 -973.8 14

15 Net increase in liabilities 230.9 282.9 597.5 393.9 1167.8 812.4 76.7 -481.1 804.1 -823.3 81.2 15

16 Security RPs (net) 36.5 206.7 338.3 75.5 658.5 -40.0 293.5 -610.1 247.1 -920.2 -700.7 16

17 Credit market instruments 15.2 0.1 6.4 -4.0 59.5 39.9 -29.4 -85.9 221.3 -136.8 750.4 17

18 Corporate bonds 15.2 0.1 6.4 -4.0 59.5 39.9 -29.4 -85.9 62.3 16.4 -30.2 18

19 Bank loans n.e.c. (1) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 159.0 -153.2 780.6 19

20 Corporate equity issues 2.6 3.3 -7.6 32.3 29.3 2.9 28.0 69.0 122.6 109.6 34.5 20

21 Trade payables 7.8 7.0 5.2 -2.4 13.5 55.3 -13.4 -65.1 -9.4 -17.6 -19.0 21

22 Security credit 97.9 31.8 151.8 243.0 161.2 160.4 134.8 515.8 273.8 -13.6 -184.0 22

23 Customer credit balances (HH) 103.0 -3.0 80.4 210.8 137.9 220.7 50.0 434.4 472.4 30.2 -20.9 23

24 From banks -5.1 34.8 71.5 32.3 23.3 -60.3 84.8 81.4 -198.6 -43.8 -163.1 24

25 Taxes payable 0.4 -0.1 0.7 -0.6 3.0 -0.3 -0.1 -5.1 -0.6 2.3 -0.3 25

26 Miscellaneous liabilities 73.7 44.1 107.1 44.0 233.3 599.1 -337.4 -319.1 -65.9 151.1 190.5 26

27 Foreign direct investment in U.S. 6.0 15.3 4.1 6.7 5.7 0.8 -2.2 22.6 5.0 2.5 -1.0 27

28 Due to affiliates 37.0 136.3 126.7 95.3 -76.8 -53.1 403.3 107.7 -50.6 287.9 544.3 28

29 Other 30.7 -107.4 -23.7 -58.0 304.5 651.4 -738.5 -449.4 -20.3 -139.3 -352.8 29

30 Proprietors’ net investment -3.3 -10.1 -4.4 6.2 9.7 -4.8 0.7 19.5 15.0 1.9 9.8 30

31 Discrepancy 6.9 10.5 -10.8 65.2 19.1 12.2 62.7 166.9 154.7 98.5 74.4 31

(1) Loans extended through the Federal Reserve’s Primary Dealer Credit Facility and the Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility (AMLF).

F.130 Funding Corporations (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net acquisition of financial assets 18.9 226.7 142.3 400.5 297.1 91.0 994.6 219.3 1017.2 468.7 863.5 1

 2 Money market fund shares -87.3 35.0 0.7 269.6 205.6 17.0 542.0 313.6 714.2 -122.3 -8.1 2

 3 Credit market instruments 46.6 48.6 38.0 -64.0 -42.7 93.1 129.7 -435.9 321.5 421.2 586.0 3

 4 Open market paper 61.5 74.4 39.0 -179.2 -86.3 127.0 -378.2 -379.3 -68.4 -48.7 -104.7 4

 5 Corporate and foreign bonds -14.5 -29.4 -7.1 109.6 36.8 -41.0 503.5 -60.8 388.9 469.1 688.8 5

 6 Other loans and advances -0.3 3.6 6.1 5.6 6.8 7.2 4.4 4.1 1.0 0.8 1.8 6

 7 Miscellaneous assets (2) 59.6 143.1 103.6 194.9 134.2 -19.0 323.0 341.6 -18.5 169.7 285.6 7

 8 Investment in foreign banking offices 33.0 21.0 8.6 43.7 135.0 38.6 -61.8 62.9 -2.3 -12.6 -178.7 8

 9 Investment in brokers and dealers 26.5 122.1 95.0 151.3 -0.8 -57.7 384.8 278.7 -16.3 182.3 464.3 9

10 Net increase in liabilities 18.9 226.7 142.3 400.5 297.1 91.0 994.6 219.3 1017.2 468.7 863.5 10

11 Credit market instruments -2.2 105.6 29.9 109.0 98.8 10.0 128.4 198.8 -119.0 -15.8 158.1 11

12 Open market paper -14.4 78.0 8.2 57.5 111.4 9.8 31.8 76.9 -90.3 -148.4 -150.7 12

13 Corporate bonds 12.2 27.6 21.6 51.5 -12.5 0.2 96.5 121.9 -28.7 17.3 63.9 13

14 Bank loans n.e.c. (3) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 115.3 245.0 14

15 Miscellaneous liabilities 21.1 121.1 112.4 291.5 198.3 81.1 866.2 20.5 1136.1 484.5 705.4 15

16 Foreign direct investment in U.S. 61.4 41.2 79.8 91.5 42.1 -21.9 199.0 146.9 101.4 186.4 129.3 16

17 Securities loaned (net) 86.9 174.9 302.6 -2.1 539.3 237.4 -85.5 -699.5 515.4 -38.2 -924.9 17

18 Other -127.2 -94.9 -270.0 202.0 -383.2 -134.5 752.7 573.0 519.3 336.4 1501.0 18

(1) Funding subsidiaries, nonbank financial holding companies, and custodial accounts for reinvested collateral of securities lending operations.

(2) Due from affiliated companies.

(3) Loans extended by the Federal Reserve to Maiden Lane LLC to facilitate the arrangements associated with JPMorgan Chase & Co.’s acquisition of Bear Stearns Companies, Inc. and

 to American International Group (AIG).
Z.1, December 11, 2008 37

F.200 Gold and Official Foreign Exchange Holdings (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2004 2005 2006 2007 2007 2008

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total U.S. reserves -2.8 -14.1 -2.4 0.1 0.3 -0.1 0.2 0.1 1.1 5.1 -0.8 1

 2 U.S. gold stock and SDRs 0.4 -4.5 0.2 0.2 0.2 0.2 0.1 0.1 0.1 0.1 0.1 2

 3 Federal govt.: Exchange Stab. Fund 0.4 -4.5 0.2 0.2 0.2 0.2 0.1 0.1 0.1 0.1 0.1 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 -9.6 -2.6 -0.0 0.1 -0.3 0.1 -0.1 1.0 5.0 -0.8 5

 6 Official foreign currency holdings 0.6 0.6 0.7 1.0 1.0 0.9 1.0 1.1 1.4 1.2 1.1 6

 7 Treasury 0.3 0.3 0.4 0.5 0.5 0.5 0.5 0.5 0.7 0.6 0.6 7

 8 Monetary authority 0.3 0.3 0.4 0.5 0.5 0.5 0.5 0.5 0.7 0.6 0.6 8

 9 Net IMF position -3.8 -10.2 -3.3 -1.0 -0.8 -1.2 -0.9 -1.1 -0.4 3.8 -1.9 9

10 Federal government -3.8 -10.2 -3.3 -1.0 -0.8 -1.2 -0.9 -1.1 -0.4 3.8 -1.9 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 0.7 0.8 0.6 0.7 0.4 1.3 1.4 -0.4 -0.9 -0.5 -1.2 3

 4 Asset: Monetary authority 1.0 0.1 1.7 0.5 0.7 0.6 0.5 0.2 -0.0 -0.0 -0.0 4

 5 Discrepancy (seigniorage) -0.3 0.7 -1.1 0.2 -0.3 0.7 0.9 -0.6 -0.9 -0.5 -1.2 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 89.9 40.8 88.0 216.7 290.4 370.6 232.3 -26.5 -375.6 -271.7 -143.6 1

 Held by:

 2 Household sector 5.4 2.4 5.3 13.0 17.4 22.2 13.9 -1.6 -22.5 -16.3 -38.6 2

 3 Nonfinancial corporate business 15.6 6.9 -10.9 -0.6 -17.5 40.7 3.1 -28.8 -7.6 -2.4 -17.8 3

 4 Money market mutual funds 7.0 16.2 -10.6 50.2 -10.9 -46.1 129.8 128.1 67.5 -39.4 15.8 4

 5 Discrepancy--unallocated assets 61.9 15.3 104.2 154.1 301.4 353.8 85.5 -124.1 -413.0 -213.6 -103.0 5
38 Z.1, December 11, 2008

F.203 Net Interbank Transactions

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2004 2005 2006 2007 2007 2008

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Net change in liabilities 19.4 -12.4 -11.2 -64.7 -446.1 26.9 181.1 -20.6 -195.8 124.4 1676.6 1

 2 Monetary authority -5.4 3.6 1.3 5.4 -12.5 -4.0 29.4 8.5 7.1 29.6 779.4 2

 3 Depository institution reserves 1.0 -5.0 -0.3 2.1 -7.7 -3.1 24.6 -5.6 8.0 39.2 755.6 3

 4 Vault cash -6.4 8.6 1.6 3.3 -4.7 -1.0 4.7 14.1 -0.9 -9.6 23.8 4

 5 Commercial banking 24.9 -16.0 -12.5 -70.0 -433.7 31.0 151.7 -29.2 -202.9 94.8 897.2 5

 6 To monetary authority 1.2 -0.0 -1.2 48.9 -2.3 -1.0 2.3 196.5 248.5 251.3 514.7 6

 7 To banks in foreign countries 8.8 -12.3 -9.4 -120.7 -494.4 80.9 146.9 -216.1 -453.9 -130.5 443.0 7

 8 Liabilities, net 14.0 -24.7 -9.1 -114.1 -497.6 106.8 143.5 -209.2 -438.8 -143.0 439.2 8

 9 U.S.-chartered commercial banks 60.7 3.5 111.4 83.3 -171.3 215.8 256.8 31.9 -121.0 231.5 -109.5 9

10 Due to foreign affiliates 33.8 20.2 98.8 77.8 -53.2 203.4 92.6 68.4 30.2 -227.1 189.8 10

11 - Due from foreign affiliates -26.8 16.8 -12.6 -5.5 118.1 -12.4 -164.1 36.6 151.2 -458.6 299.3 11

12 Foreign banking offices in U.S. -72.2 -8.6 -79.2 -155.2 -302.8 -50.9 -32.9 -234.2 -244.0 -282.9 442.3 12

13 Due to foreign affiliates 77.0 59.6 190.6 15.7 -12.8 -0.6 -81.2 157.3 -73.6 -203.6 10.8 13

14 - Due from foreign affiliates 149.2 68.2 269.8 170.9 290.0 50.4 -48.4 391.5 170.4 79.2 -431.5 14

15 Bank holding companies 25.6 -19.6 -41.3 -42.2 -23.4 -58.0 -80.4 -6.8 -73.8 -91.6 106.4 15

16 Due to foreign affiliates 19.8 9.2 -22.6 31.9 10.3 11.5 29.2 76.6 14.5 22.7 -67.3 16

17 - Due from foreign affiliates -5.8 28.9 18.7 74.1 33.8 69.5 109.6 83.5 88.3 114.4 -173.7 17

18 Less: Deposits at foreign banks 5.2 -12.4 0.3 6.6 -3.2 25.9 -3.5 6.9 15.1 -12.5 -3.7 18

19 U.S.-chartered commercial banks 4.9 -12.6 0.9 6.0 -4.4 25.4 -4.2 7.1 8.6 -7.0 -2.8 19

20 Foreign banking offices in U.S. 0.3 0.2 -0.6 0.6 1.3 0.5 0.7 -0.2 6.5 -5.5 -1.0 20

21 To U.S. banking, net 14.9 -3.7 -1.9 1.7 63.0 -48.9 2.5 -9.6 2.6 -26.0 -60.4 21

22 U.S.-chartered commercial banks 33.0 0.5 -36.6 34.5 20.0 1.4 107.6 9.0 -32.6 -37.4 -61.1 22

23 Liabilities 33.6 -11.2 12.8 16.5 65.4 31.8 30.9 -62.1 65.6 -136.1 -13.9 23

24 To foreign offices in U.S. 18.4 -7.1 14.8 15.4 4.1 79.8 31.0 -53.1 64.3 -109.9 46.3 24

25 To bank holding companies 0.2 -0.4 -0.1 -0.7 -1.7 0.8 -2.5 0.7 -1.3 -0.2 0.2 25

26 Unallocated 14.9 -3.7 -1.9 1.7 63.0 -48.9 2.5 -9.6 2.6 -26.0 -60.4 26

 Less, due from:

27 Foreign offices in U.S. 24.2 -4.3 22.1 -6.3 53.0 -10.5 -63.6 -4.1 127.5 -152.1 -63.9 27

28 Bank holding companies -23.6 -7.4 27.3 -11.7 -7.6 40.9 -13.0 -67.0 -29.2 53.4 111.1 28

29 Foreign banking offices in U.S. 5.7 2.8 7.3 -21.8 48.9 -90.4 -94.6 49.0 63.1 -42.1 -110.3 29

30 Due to U.S. banks 24.2 -4.3 22.1 -6.3 53.0 -10.5 -63.6 -4.1 127.5 -152.1 -63.9 30

31 - Due from U.S. banks 18.4 -7.1 14.8 15.4 4.1 79.8 31.0 -53.1 64.3 -109.9 46.3 31

32 Bank holding companies -23.8 -6.9 27.4 -11.0 -5.9 40.0 -10.5 -67.6 -28.0 53.6 110.9 32

33 Due to U.S. banks -23.6 -7.4 27.3 -11.7 -7.6 40.9 -13.0 -67.0 -29.2 53.4 111.1 33

34 - Due from U.S. banks 0.2 -0.4 -0.1 -0.7 -1.7 0.8 -2.5 0.7 -1.3 -0.2 0.2 34

35 Net change in assets 4.6 -8.8 -9.3 -66.4 -509.2 75.8 178.6 -11.0 -198.4 150.4 1737.1 35

36 Rest of the world 8.8 -12.3 -9.4 -120.7 -494.4 80.9 146.9 -216.1 -453.9 -130.5 443.0 36

37 Domestic -4.2 3.5 0.1 54.2 -14.8 -5.0 31.7 205.1 255.5 280.9 1294.1 37

38 Monetary authority 1.2 -0.0 -1.2 48.9 -2.3 -1.0 2.3 196.5 248.5 251.3 514.7 38

39 Federal Reserve float 1.2 -0.0 -1.2 0.3 -2.1 -1.7 2.3 2.8 -2.1 -0.3 -1.3 39

40 Loans to member banks -0.0 0.0 -0.0 48.6 -0.2 0.7 -0.0 193.7 250.6 251.6 516.0 40

41 Commercial banking -5.3 4.1 2.0 4.8 -12.6 -5.1 28.7 8.1 6.4 29.3 776.7 41

42 Reserves at Federal Reserve 1.1 -4.5 0.4 1.5 -7.8 -4.1 23.9 -6.0 7.3 38.9 752.8 42

43 Vault cash -6.4 8.6 1.6 3.3 -4.7 -1.0 4.7 14.1 -0.9 -9.6 23.8 43

44 Savings insts.: Reserves at Fed. Res. -0.1 -0.5 -0.7 0.6 0.1 1.1 0.7 0.4 0.7 0.3 2.7 44

45 Discrepancy--floats, etc. 14.9 -3.7 -1.9 1.7 63.0 -48.9 2.5 -9.6 2.6 -26.0 -60.4 45
Z.1, December 11, 2008 39

F.204 Checkable Deposits and Currency

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2004 2005 2006 2007 2007 2008

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Net change in liabilities 85.4 4.4 -19.9 30.3 58.0 -80.8 125.0 19.0 44.6 -23.2 1725.1 1

 2 Monetary authority 37.7 30.0 23.5 17.8 1.4 18.6 18.6 32.5 -41.9 39.1 1467.3 2

 3 Federal government cash and deposits 0.1 -1.4 0.2 11.4 -2.0 2.5 3.6 41.6 -42.1 -0.9 1309.9 3

 4 Due to government-sponsored enterprises 0.6 0.9 -1.2 0.9 -2.9 -0.0 0.0 6.4 -6.4 0.2 104.2 4

 5 Deposits due to foreign -0.1 -0.0 0.0 -0.0 -0.1 0.4 -0.2 -0.1 0.0 0.5 -0.6 5

 6 Currency outside banks 37.1 30.6 24.5 5.5 6.4 15.7 15.2 -15.4 6.5 39.4 53.7 6

 7 Commercial banking 39.5 -36.4 -35.9 11.6 28.6 -90.8 120.2 -11.7 59.0 -74.4 321.5 7

 8 Federal government deposits -3.2 7.0 -5.9 14.9 -25.1 -11.8 181.0 -84.6 71.0 -56.4 -54.1 8

 9 Deposits due to foreign 9.2 6.4 9.2 5.0 4.7 16.9 -11.7 10.3 8.2 -13.4 37.2 9

10 Private domestic deposits 33.6 -49.8 -39.2 -8.3 49.0 -95.9 -49.1 62.7 -20.2 -4.6 338.4 10

11 Savings institutions 0.5 3.8 0.9 -0.2 13.8 -0.5 0.6 -14.6 7.2 19.2 -51.6 11

12 Credit unions 7.6 7.0 -8.5 1.1 14.1 -8.0 -14.4 12.7 20.3 -7.1 -12.0 12

13 Net change in assets 85.4 4.4 -19.9 30.3 58.0 -80.8 125.0 19.0 44.6 -23.2 1725.1 13

14 Household sector -33.0 -126.1 -35.0 -124.9 100.3 -277.4 -265.7 -56.7 -180.5 117.4 182.6 14

15 Nonfinancial business 74.8 138.6 -52.3 105.2 -33.1 191.6 152.5 109.8 39.7 -90.6 -151.2 15

16 Corporate -12.5 74.0 -112.9 48.3 -67.3 149.2 70.3 40.8 1.3 -108.3 -153.1 16

17 Nonfarm noncorporate 86.3 63.9 58.6 55.2 32.4 40.7 80.4 67.2 37.2 16.6 0.7 17

18 Farm 1.0 0.7 2.1 1.8 1.7 1.7 1.8 1.8 1.2 1.2 1.2 18

19 State and local governments -6.2 10.3 6.0 -1.5 -23.4 -12.2 12.2 17.3 -16.1 15.3 11.4 19

20 Federal government -31.0 12.2 -2.7 25.1 -45.3 -2.9 184.7 -36.0 9.3 -48.1 1257.1 20

21 Rest of the world 22.4 14.9 11.4 -5.6 -20.0 10.8 -9.3 -4.0 4.5 -12.1 60.0 21

22 Checkable deposits 9.1 6.4 9.2 5.0 4.6 17.3 -11.9 10.2 8.2 -13.0 36.6 22

23 Currency 13.3 8.4 2.2 -10.7 -24.7 -6.5 2.6 -14.1 -3.7 0.9 23.4 23

24 Financial sectors 31.3 -37.9 56.0 31.9 56.3 20.5 47.3 3.4 155.4 11.2 360.0 24

25 Commercial banking 1.0 -0.5 -0.1 -0.6 -0.8 -2.2 3.1 -2.4 -0.1 0.2 -0.1 25

26 Savings institutions -3.5 2.4 -3.3 -0.5 -4.8 -0.3 0.5 2.7 15.1 -7.2 -1.0 26

27 Credit unions -1.4 -2.0 6.2 -1.1 25.7 0.5 -27.9 -2.5 36.1 -18.2 -33.5 27

28 Property-casualty insurance companies -8.7 -4.8 8.9 12.8 7.2 5.1 48.8 -10.0 -3.4 -5.0 27.2 28

29 Life insurance companies 6.0 -5.5 8.3 2.3 11.8 -8.8 26.3 -20.2 46.0 -4.3 18.4 29

30 Private pension funds 0.1 0.3 0.4 0.6 0.5 0.5 0.4 1.0 0.2 -0.2 0.2 30

31 State and local govt. retirement funds 2.5 -0.4 -2.6 2.4 12.7 -0.1 0.2 -3.3 0.3 -0.3 -0.3 31

32 Money market mutual funds 2.7 -1.4 7.5 -3.9 -8.9 -9.6 14.7 -11.9 -9.2 30.3 15.3 32

33 Government-sponsored enterprises 10.4 -24.5 1.8 -2.7 -5.2 15.7 -4.0 -17.4 -10.3 49.0 143.3 33

34 Finance companies 3.5 3.7 -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 34

35 REITs 2.9 1.4 4.9 -1.8 12.6 -12.0 -0.5 -7.5 11.1 -5.8 16.6 35

36 Brokers and dealers 15.7 -6.4 24.0 24.5 5.5 31.9 -14.1 74.7 69.6 -27.1 173.9 36

37 Mail float 27.1 -7.5 -3.5 0.1 23.4 -11.3 3.3 -14.9 32.2 -16.4 5.1 37
40 Z.1, December 11, 2008

F.205 Time and Savings Deposits

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2004 2005 2006 2007 2007 2008

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Net change in liabilities 534.4 598.9 608.2 606.0 667.7 385.0 727.1 644.1 809.5 102.0 356.5 1

 2 Small time and savings deposits 281.6 314.4 347.0 286.4 356.4 295.2 228.5 265.4 450.4 267.2 516.0 2

 3 Commercial banking 280.6 268.3 287.6 263.7 257.8 225.1 244.9 327.2 365.6 85.1 897.7 3

 4 U.S.-chartered commercial banks 279.7 262.9 277.8 255.0 249.8 211.9 231.7 326.9 342.4 90.7 921.7 4

 5 Foreign banking offices in U.S. -0.7 0.5 8.6 6.9 7.8 10.0 8.3 1.5 24.4 -8.7 -29.4 5

 6 Banks in U.S.-affiliated areas 1.6 4.9 1.2 1.8 0.3 3.2 4.9 -1.2 -1.2 3.1 5.4 6

 7 Savings institutions -14.4 34.0 28.9 -3.1 77.2 30.2 -37.9 -82.1 44.3 125.3 -407.7 7

 8 Credit unions 15.5 12.1 30.5 25.8 21.4 39.9 21.5 20.2 40.5 56.7 26.0 8

 9 Large time deposits (1) 252.9 284.4 261.2 319.6 311.3 89.8 498.6 378.8 359.0 -165.2 -159.6 9

10 Commercial banking 192.5 243.1 264.0 298.3 93.6 86.7 490.9 521.8 307.9 -90.8 229.9 10

11 U.S.-chartered commercial banks 115.6 166.8 129.9 23.1 -276.6 -53.5 122.3 300.1 123.8 -211.4 410.0 11

12 Foreign banking offices in U.S. 75.4 71.4 132.8 273.4 370.0 137.0 363.7 222.9 185.2 117.6 -185.5 12

13 Banks in U.S.-affiliated areas 1.6 4.9 1.2 1.8 0.3 3.2 4.9 -1.2 -1.2 3.1 5.4 13

14 Savings institutions 54.0 38.8 -5.2 16.5 205.5 -3.5 3.1 -139.2 32.7 -79.0 -366.3 14

15 Credit unions 6.4 2.5 2.5 4.8 12.2 6.5 4.5 -3.8 18.5 4.6 -23.2 15

16 Net change in assets 534.4 598.9 608.2 606.0 667.7 385.0 727.1 644.1 809.5 102.0 356.5 16

17 Household sector 444.1 468.0 468.8 430.5 796.6 164.1 358.2 403.3 339.4 -2.5 248.9 17

18 Nonfinancial business 41.8 83.5 79.6 15.5 -181.3 59.0 104.1 80.3 141.7 71.3 166.8 18

19 Corporate 37.7 49.9 48.2 -54.9 -233.9 -1.9 3.4 12.8 88.3 34.6 142.0 19

20 Nonfarm noncorporate 4.1 33.6 31.4 70.4 52.6 60.9 100.7 67.4 53.4 36.6 24.8 20

21 State and local governments 11.6 12.8 26.2 36.2 25.5 23.0 41.3 54.8 13.3 1.2 4.5 21

22 Federal government -0.0 -1.0 0.2 1.2 -0.4 -0.5 -0.3 6.0 3.8 -8.0 4.3 22

23 Rest of the world 34.1 6.7 11.5 43.8 19.5 96.4 8.5 50.8 163.6 -148.9 49.7 23

24 Financial sectors 2.9 28.9 21.9 78.8 7.9 42.9 215.3 49.0 147.7 188.9 -117.7 24

25 Savings institutions 0.6 -0.5 3.9 3.3 -6.4 -1.9 13.0 8.3 1.4 5.8 1.1 25

26 Credit unions -0.7 -4.5 -4.9 -0.0 -3.7 1.4 -0.3 2.5 21.7 11.8 -6.1 26

27 Private pension funds -4.6 6.2 1.1 2.7 3.2 3.6 2.2 1.7 2.0 4.1 1.8 27

28 State and local govt. retirement funds 0.6 -0.1 -0.5 0.1 0.8 -0.0 0.0 -0.2 0.0 -0.0 -0.0 28

29 Money market mutual funds 0.4 15.7 23.7 60.0 -4.8 46.9 158.0 39.7 144.7 119.6 -120.5 29

30 Government-sponsored enterprises 6.5 12.1 -1.5 12.8 18.9 -7.1 42.3 -3.0 -22.1 47.6 6.0 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 -136.5 127.0 305.3 741.0 462.8 491.8 1202.4 807.2 1577.2 -156.2 74.7 1

 2 Net purchases -136.5 127.0 305.3 741.0 462.8 491.8 1202.4 807.2 1577.2 -156.2 74.7 2

 3 Household sector -56.1 45.2 168.2 239.0 146.9 318.1 271.4 219.4 609.9 -130.3 105.4 3

 4 Nonfinancial corporate business 25.3 42.1 67.0 133.1 6.2 70.0 274.6 181.8 163.9 69.6 -27.9 4

 5 Nonfarm noncorporate business 5.6 4.8 6.6 17.3 11.1 12.8 31.0 14.2 9.5 5.6 2.7 5

 6 State and local governments 3.9 5.1 6.8 4.9 4.4 6.6 4.9 3.9 -1.1 -1.2 1.1 6

 7 Rest of the world 4.1 0.1 2.6 7.2 6.3 6.3 8.2 8.2 8.2 8.2 8.2 7

 8 Life insurance companies -30.7 -7.1 48.7 64.3 66.6 57.7 66.8 66.0 69.6 11.9 -8.4 8

 9 Private pension funds 0.6 1.9 3.4 3.4 3.2 3.5 3.4 3.4 2.6 2.6 2.0 9

10 State and local govt. retirement funds -1.9 0.1 1.3 2.3 12.5 -0.1 0.2 -3.2 0.3 -0.3 -0.3 10

11 Funding corporations -87.3 35.0 0.7 269.6 205.6 17.0 542.0 313.6 714.2 -122.3 -8.1 11
Z.1, December 11, 2008 41

F.207 Federal Funds and Security Repurchase Agreements

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2004 2005 2006 2007 2007 2008

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Net change in liabilities 86.9 306.1 407.1 17.3 785.4 168.0 -121.7 -762.7 -67.0 -1047.5 -968.7 1

 2 Monetary authority 5.1 -0.3 -0.9 14.4 30.7 -19.7 13.4 33.2 0.5 -1.1 136.5 2

 3 Commercial banking (net) 13.1 90.3 70.5 -49.7 101.4 184.6 -284.7 -199.9 -253.7 -138.7 -394.0 3

 4 U.S.-chartered commercial banks 14.6 57.0 21.4 -36.1 63.2 214.7 -268.2 -154.2 -225.8 -63.2 -318.7 4

 5 Foreign banking offices in U.S. -0.2 33.4 49.0 -13.6 38.7 -30.5 -17.0 -45.7 -27.1 -74.7 -73.0 5

 6 Bank holding companies -1.3 -0.2 0.1 0.1 -0.5 0.3 0.5 -0.1 -0.8 -0.8 -2.2 6

 7 Savings institutions 4.7 -3.6 -15.5 -17.3 -31.3 33.9 -61.5 -10.4 -53.0 5.1 -1.6 7

 8 REITs 27.5 13.0 14.8 -5.6 26.1 9.2 -82.3 24.6 -7.8 7.4 -8.9 8

 9 Brokers and dealers (net) 36.5 206.7 338.3 75.5 658.5 -40.0 293.5 -610.1 247.1 -920.2 -700.7 9

10 Net change in assets 228.0 218.5 204.6 313.9 829.2 164.5 174.0 87.9 236.2 -556.0 -469.5 10

11 Nonfinancial corporate business 0.4 8.1 1.0 -7.2 -6.0 -20.8 -4.0 2.1 -11.7 3.9 -13.0 11

12 State and local governments 7.7 10.0 13.5 9.7 8.6 12.9 9.7 7.6 -2.2 -21.3 -87.9 12

13 Rest of the world 204.9 48.2 109.4 78.8 640.3 108.0 -265.9 -167.3 -17.8 -463.4 -367.9 13

14 Financial sectors 15.0 152.1 80.7 232.6 186.2 64.4 434.2 245.4 267.9 -75.2 -0.7 14

15 Monetary authority -10.8 13.8 -6.0 5.8 19.1 -48.4 98.8 -46.5 163.6 135.4 -99.3 15

16 Savings institutions -3.2 -0.1 9.3 27.3 54.2 -13.8 58.2 10.6 -25.9 -28.7 -13.3 16

17 Credit unions (net) 2.6 2.6 -1.6 -2.6 10.0 -3.0 -8.5 -8.8 -7.4 2.6 -22.3 17

18 Property-casualty insurance companies 10.2 5.9 -2.9 -12.2 0.0 -37.0 -13.6 1.6 38.7 -6.1 -20.2 18

19 Private pension funds 1.6 1.7 3.2 10.3 1.7 26.1 2.4 11.1 -4.3 -14.4 -2.0 19

20 State and local govt. retirement funds -3.2 -0.6 3.0 4.1 21.7 -0.2 0.3 -5.6 0.6 -0.5 -20.6 20

21 Money market mutual funds -18.7 112.0 48.7 175.3 -32.1 153.3 384.1 195.8 131.1 -258.2 317.5 21

22 Mutual funds 18.1 2.8 17.4 -0.6 -27.9 11.4 0.0 14.1 15.1 54.6 -124.9 22

23 Government-sponsored enterprises 18.3 14.1 9.7 25.3 139.6 -24.0 -87.4 73.1 -43.7 40.2 -15.7 23

24 Discrepancy--unallocated assets -141.1 87.6 202.5 -296.6 -43.8 3.5 -295.7 -850.6 -303.2 -491.5 -499.2 24

F.208 Open Market Paper

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Total net issues, all types 106.2 245.1 317.1 -169.4 188.7 357.3 -832.1 -391.5 34.6 -256.0 -580.3 1

 2 Commercial paper 106.5 245.1 317.4 -169.4 189.1 357.2 -831.5 -392.4 35.2 -255.8 -580.3 2

 3 Nonfinancial corporate business 15.3 -7.7 22.4 11.3 18.9 40.9 -30.6 16.0 54.6 -65.6 74.5 3

 4 Foreign issues in U.S. 68.7 38.2 97.1 -67.4 -19.8 22.4 -193.8 -78.3 214.6 40.2 -272.6 4

 5 Nonfinancial -2.2 15.7 -1.9 2.0 -3.0 31.8 2.4 -23.4 -11.1 31.5 12.3 5

 6 Financial 71.0 22.5 99.1 -69.3 -16.8 -9.4 -196.2 -54.9 225.6 8.7 -284.9 6

 7 Financial sectors 22.4 214.6 197.9 -113.4 189.9 293.9 -607.1 -330.1 -233.9 -230.4 -382.2 7

 8 Commercial banking 10.8 4.0 21.7 37.9 15.3 17.7 45.6 72.8 -3.8 58.3 -57.9 8

 9 ABS issuers -4.2 147.9 162.7 -193.6 55.3 278.8 -642.1 -466.4 -131.4 -147.0 -124.1 9

10 Finance companies 30.2 -15.3 5.3 -15.1 7.9 -12.5 -42.5 -13.3 -8.5 6.7 -49.5 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 -14.4 78.0 8.2 57.5 111.4 9.8 31.8 76.9 -90.3 -148.4 -150.7 12

13 Bankers acceptances (1) -0.3 0.0 -0.3 0.0 -0.3 0.1 -0.6 0.9 -0.6 -0.1 0.0 13

14 Net purchases, by sector 106.2 245.1 317.1 -169.4 188.7 357.3 -832.1 -391.5 34.6 -256.0 -580.3 14

15 Household sector 30.2 28.1 23.4 -38.0 14.1 26.8 -122.0 -70.7 -108.9 -118.9 -134.6 15

16 Nonfinancial corporate business 19.3 16.0 12.0 -64.1 -12.3 11.9 -197.0 -59.0 -164.0 -16.4 -6.7 16

17 State and local governments 10.1 13.1 17.6 -7.3 11.3 16.9 -27.3 -30.0 -66.9 -17.8 -77.2 17

18 Rest of the world 37.0 9.9 48.0 -10.7 38.7 24.7 -80.6 -25.7 23.6 81.2 -194.2 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 0.0 412.6 20

21 Savings institutions 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 21

22 Credit unions 0.1 -0.0 0.2 -0.5 2.5 0.6 -2.8 -2.5 9.3 -8.0 -3.0 22

23 Life insurance companies -7.6 -8.0 12.9 8.4 -5.5 16.0 -5.7 28.6 24.2 30.7 -14.3 23

24 Private pension funds 0.3 2.2 3.1 -5.7 2.7 5.6 -6.3 -24.9 7.2 2.4 15.6 24

25 State and local govt. retirement funds -6.5 0.1 4.9 7.2 38.6 -0.4 0.6 -10.0 1.0 -1.0 -41.0 25

26 Money market mutual funds -54.1 86.3 116.1 102.9 227.0 50.9 30.5 103.0 245.0 -218.4 -486.3 26

27 Mutual funds 18.0 2.9 17.4 -0.4 -35.1 17.0 -4.2 20.6 3.4 58.9 -128.1 27

28 Government-sponsored enterprises -0.9 8.0 18.5 -4.7 -58.3 49.2 -63.7 54.0 47.8 18.2 -10.1 28

29 Brokers and dealers -1.3 12.2 4.1 22.8 51.3 11.0 24.6 4.3 81.5 -18.3 191.6 29

30 Funding corporations 61.5 74.4 39.0 -179.2 -86.3 127.0 -378.2 -379.3 -68.4 -48.7 -104.7 30

(1) Excludes banks’ holdings of own acceptances.
42 Z.1, December 11, 2008

F.209 Treasury Securities

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2004 2005 2006 2007 2007 2008

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Net issues 362.5 307.3 183.7 237.5 269.1 14.6 398.6 267.5 411.4 310.1 2080.2 1

 2 Savings bonds 0.6 0.7 -2.7 -6.0 -8.2 -6.1 -4.5 -5.0 -4.2 -1.1 -1.3 2

 3 Other Treasury issues 361.9 306.6 186.4 243.4 277.3 20.8 403.2 272.4 415.6 311.3 2081.6 3

 4 Net purchases 362.5 307.3 183.7 237.5 269.1 14.6 398.6 267.5 411.4 310.1 2080.2 4

 5 Household sector 27.0 -98.4 -79.4 -159.1 -243.5 58.1 -61.2 -389.8 10.3 250.8 141.4 5

 6 Savings bonds 0.6 0.7 -2.7 -6.0 -8.2 -6.1 -4.5 -5.0 -4.2 -1.1 -1.3 6

 7 Other Treasury issues 26.4 -99.1 -76.7 -153.1 -235.2 64.3 -56.6 -384.8 14.5 251.9 142.7 7

 8 Nonfinancial corporate business 0.3 17.6 -6.4 5.0 29.9 -32.0 30.9 -9.1 -50.0 11.9 15.0 8

 9 Nonfarm noncorporate business 5.3 6.0 0.2 9.6 7.7 9.0 11.9 9.9 6.7 3.9 1.9 9

10 State and local governments 24.9 92.3 35.5 14.5 68.4 39.5 -9.3 -40.5 -36.8 -28.8 83.2 10

11 Rest of the world 366.9 245.1 150.4 215.7 332.9 -47.6 166.4 411.1 607.6 496.8 818.6 11

12 Monetary authority 51.2 26.4 34.7 -38.3 26.9 32.9 -43.7 -169.4 -575.7 -457.4 -11.7 12

13 Commercial banking -24.5 -10.7 -1.9 17.3 12.8 -36.4 47.8 45.0 -31.3 -47.9 91.1 13

14 U.S.-chartered commercial banks -19.2 -10.1 -2.2 11.1 4.4 -4.7 24.7 20.0 -64.5 -57.7 107.5 14

15 Foreign banking offices in U.S. -5.9 0.2 -0.8 3.5 17.6 -32.0 27.4 1.1 37.9 -11.5 -23.6 15

16 Bank holding companies -0.8 -0.9 1.4 4.6 -7.0 0.3 -0.5 25.5 -3.0 22.1 7.2 16

17 Banks in U.S.-affiliated areas 1.4 0.1 -0.2 -1.9 -2.2 0.1 -3.8 -1.5 -1.7 -0.8 -0.1 17

18 Savings institutions -3.9 4.0 0.1 -5.4 -19.2 -1.0 2.4 -4.0 -3.9 -4.3 0.7 18

19 Credit unions 0.1 -1.1 -0.3 3.0 -1.7 1.0 5.2 7.5 -3.4 2.7 0.2 19

20 Property-casualty insurance companies 6.6 -2.0 6.6 -20.7 -19.3 -19.9 -20.6 -23.1 -0.9 -0.6 14.9 20

21 Life insurance companies 6.6 12.7 -8.0 -14.9 -13.7 -14.6 -14.1 -17.3 1.1 0.6 11.4 21

22 Private pension funds -4.1 3.0 14.6 40.1 34.9 26.9 38.0 60.4 36.1 26.6 4.6 22

23 State and local govt. retirement funds 2.4 2.8 -0.8 11.5 8.4 3.9 21.1 12.5 2.0 -1.0 5.8 23

24 Federal government retirement funds 5.4 7.8 8.3 11.3 14.6 3.6 16.7 10.4 34.2 9.1 28.2 24

25 Money market mutual funds -33.9 -9.6 -5.9 95.2 15.2 45.6 146.0 174.1 375.3 18.1 608.0 25

26 Mutual funds 4.8 6.6 5.0 18.5 22.0 21.3 3.3 27.4 14.0 22.5 25.4 26

27 Closed-end funds 2.3 0.3 0.2 -1.7 -0.8 -2.1 -0.7 -3.4 -0.9 -0.2 -1.6 27

28 Exchange-traded funds 2.8 4.8 3.4 6.6 3.2 8.7 4.4 10.0 5.5 6.3 15.9 28

29 Government-sponsored enterprises -0.6 0.2 1.2 1.3 1.1 1.2 0.9 2.0 1.4 1.4 1.6 29

30 ABS issuers 5.2 19.7 28.7 21.0 16.0 23.7 20.0 24.4 -2.8 -11.4 -21.7 30

31 Brokers and dealers -82.4 -20.0 -2.4 7.1 -26.8 -107.4 33.2 129.3 23.1 11.0 247.3 31

 Memo:

32 Federal government borrowing (1) 361.9 306.9 183.4 237.1 267.8 14.5 397.8 268.2 412.7 310.4 2078.5 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 11, 2008 43

F.210 Agency- and GSE-backed Securities (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2004 2005 2006 2007 2007 2008

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Net issues 122.3 82.8 330.6 908.3 520.4 680.3 1199.8 1232.7 654.8 1327.8 710.0 1

 2 Budget agencies -0.6 -0.4 -0.3 -0.4 -1.3 -0.1 -0.8 0.7 1.3 0.3 -1.7 2

 3 Government-sponsored enterprises 75.0 -84.0 35.6 282.4 66.7 161.4 556.6 344.8 119.9 655.3 203.3 3

 4 Agency- and GSE-backed mortgage pools 47.9 167.3 295.4 626.3 455.0 519.0 644.0 887.1 533.6 672.2 508.3 4

 5 Net purchases 122.3 82.8 330.6 908.3 520.4 680.3 1199.8 1232.7 654.8 1327.8 710.0 5

 6 Household sector 29.8 98.2 -33.5 329.5 156.0 263.8 465.2 432.9 -59.6 -77.1 474.7 6

 7 Nonfinancial corporate business 0.1 6.5 -2.4 1.8 11.1 -11.8 11.4 -3.4 -18.5 4.4 5.6 7

 8 State and local governments 21.9 28.4 38.3 14.6 24.5 36.8 7.6 -10.3 -6.3 -11.9 46.0 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 178.2 134.3 222.7 277.3 202.6 405.2 238.9 262.3 188.4 169.1 -241.1 10

11 Monetary authority 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 58.0 11

12 Commercial banking 95.0 -5.5 45.7 -112.9 -35.6 -8.1 -256.6 -151.1 -47.4 313.0 -35.2 12

13 U.S.-chartered commercial banks 89.7 -3.3 47.5 -111.4 -38.8 -11.9 -261.7 -133.0 -23.1 250.1 22.7 13

14 Foreign banking offices in U.S. -1.2 -0.9 3.9 2.1 -2.3 8.4 6.2 -3.7 -31.6 -8.0 -9.7 14

15 Bank holding companies 1.9 -2.3 -0.0 -1.3 5.5 -3.9 4.6 -11.3 12.3 61.4 -46.7 15

16 Banks in U.S.-affiliated areas 4.7 1.2 -5.8 -2.4 0.0 -0.5 -5.7 -3.2 -5.0 9.6 -1.6 16

17 Savings institutions -82.3 55.8 -23.0 -0.6 7.4 -6.3 0.5 -4.1 -12.1 17.6 -34.7 17

18 Credit unions -1.1 -6.8 -13.9 -4.1 -12.9 -4.3 3.1 -2.5 8.1 20.1 10.6 18

19 Property-casualty insurance companies -3.3 5.8 4.1 3.8 4.9 4.9 5.0 0.4 -2.0 -1.2 5.2 19

20 Life insurance companies 8.2 11.4 8.8 5.5 9.8 6.4 11.3 -5.4 6.7 3.9 18.9 20

21 Private pension funds 11.3 18.6 10.7 38.9 41.9 21.5 48.1 44.2 12.3 7.8 2.0 21

22 State and local govt. retirement funds 23.7 -0.4 36.7 22.1 16.2 7.6 40.6 24.0 3.8 -1.8 61.1 22

23 Federal government retirement funds -0.5 0.0 0.0 0.3 0.3 -0.1 0.6 0.5 3.7 -0.6 -0.0 23

24 Money market mutual funds -61.1 -107.4 -28.7 80.6 5.7 38.0 127.6 151.0 434.4 254.3 221.4 24

25 Mutual funds 15.2 20.8 15.7 66.2 69.0 66.6 43.4 85.9 43.8 70.6 79.7 25

26 Government-sponsored enterprises -147.8 -135.4 -38.1 -10.1 -62.7 -36.0 22.3 36.1 57.4 500.1 -67.8 26

27 ABS issuers -4.4 -31.3 25.6 19.6 -2.4 -0.8 52.7 28.9 -3.0 -21.1 -24.8 27

28 REITs 15.8 -4.0 24.8 23.5 45.7 -2.5 9.9 40.9 13.7 28.1 -24.9 28

29 Brokers and dealers 23.5 -6.3 37.0 152.2 39.0 -100.6 368.1 302.2 31.5 52.5 155.4 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 Fannie Mae and FHLB;

 and agency- and GSE-backed mortgage pool securities issued by GNMA, Fannie Mae, Freddie Mac, 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 11, 2008

F.211 Municipal Securities and Loans

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2004 2005 2006 2007 2007 2008

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Net change in liabilities 130.5 195.0 177.3 215.4 247.0 238.0 181.5 195.1 92.5 55.0 92.1 1

 2 State and local governments 115.1 171.1 150.5 185.2 218.7 205.5 151.9 164.8 74.2 17.9 64.2 2

 3 Short-term (1) -5.9 5.7 -3.1 17.3 4.9 21.4 8.0 34.9 -4.8 7.5 26.8 3

 4 Long-term 121.0 165.3 153.6 167.9 213.8 184.1 143.9 129.8 78.9 10.5 37.4 4

 5 Nonprofit organizations (2) 10.3 16.5 21.8 22.6 23.0 22.5 22.7 22.2 14.5 32.8 25.6 5

 Nonfinancial corporate business

 6 (industrial revenue bonds) 5.1 7.4 5.0 7.6 5.3 10.0 6.9 8.2 3.8 4.3 2.3 6

 7 Net change in assets 130.5 195.0 177.3 215.4 247.0 238.0 181.5 195.1 92.5 55.0 92.1 7

 8 Household sector 38.6 78.6 52.6 32.1 27.4 60.2 50.1 -9.2 -13.6 -3.5 20.6 8

 9 Nonfinancial corporate business -3.6 0.3 -3.9 2.2 42.7 -34.1 6.0 -6.0 -87.4 -8.0 4.1 9

10 Nonfarm noncorporate business 1.7 0.1 1.3 1.0 0.8 0.9 1.2 1.0 0.7 0.4 0.2 10

11 State and local governments 0.3 0.4 0.5 0.3 0.3 0.5 0.3 0.3 -0.1 0.0 0.1 11

12 Rest of the world 6.5 3.0 5.4 -1.4 8.7 8.7 -24.9 2.0 2.0 6.0 12.0 12

13 Commercial banking 8.1 16.9 22.6 12.2 31.1 15.2 5.7 -3.3 41.4 7.2 78.4 13

14 Savings institutions 0.8 1.5 2.1 -0.1 1.4 3.0 3.0 -7.9 -2.2 2.5 -10.8 14

15 Property-casualty insurance companies 43.6 45.4 22.1 36.1 35.7 36.5 37.4 34.6 -5.9 -2.9 22.6 15

16 Life insurance companies 4.0 2.4 4.1 4.8 5.4 4.9 5.5 3.4 0.9 0.5 3.5 16

17 State and local govt. retirement funds -2.6 -0.2 0.1 -0.8 -3.1 -0.0 -0.0 -0.1 -1.2 -0.0 4.6 17

18 Money market mutual funds 21.8 23.0 33.5 103.2 58.7 74.4 136.7 142.9 73.9 71.1 -98.4 18

19 Mutual funds 4.1 17.4 32.7 27.8 58.0 44.8 5.0 3.4 31.8 52.9 29.9 19

20 Closed-end funds -0.1 0.2 0.0 1.6 -2.2 -0.9 -5.6 15.1 -7.6 -9.9 -12.3 20

21 Government-sponsored enterprises 0.3 -4.9 -3.6 -2.8 -8.1 1.7 -3.5 -1.2 -3.9 -4.3 -2.9 21

22 Brokers and dealers 7.1 10.9 8.0 -0.7 -9.8 22.2 -35.3 20.0 63.8 -57.1 40.4 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 833.6 863.6 1248.3 1152.0 1257.3 1057.2 1481.0 812.4 263.4 259.0 -754.7 1

 2 Nonfinancial corporate business 75.5 56.7 215.6 311.2 286.3 381.5 220.2 356.8 167.5 337.6 73.8 2

 3 Rest of the world (1) 85.8 64.5 227.8 170.7 223.2 231.7 173.8 54.1 32.9 44.5 -291.0 3

 4 Financial sectors 672.3 742.3 804.9 670.1 747.8 444.0 1087.0 401.5 63.1 -123.0 -537.5 4

 5 Commercial banking 59.0 56.7 76.0 118.6 84.9 135.1 119.4 135.0 140.7 228.9 -190.2 5

 6 Savings institutions 2.5 1.0 2.0 -0.3 1.3 -0.1 -3.1 0.7 1.2 0.9 -34.0 6

 7 ABS issuers (net) (3) 441.5 576.4 644.8 509.8 586.2 300.8 840.6 311.7 -139.4 -324.1 -294.9 7

 8 Finance companies 74.1 43.6 42.4 -2.8 -53.3 -15.1 96.2 -39.1 121.6 -60.8 -10.2 8

 9 REITs 67.6 36.9 11.6 -2.8 81.8 -16.8 -33.3 -42.8 -94.7 -1.6 -41.8 9

10 Brokers and dealers 15.2 0.1 6.4 -4.0 59.5 39.9 -29.4 -85.9 62.3 16.4 -30.2 10

11 Funding corporations 12.2 27.6 21.6 51.5 -12.5 0.2 96.5 121.9 -28.7 17.3 63.9 11

12 Net purchases 833.6 863.6 1248.3 1152.0 1257.3 1057.2 1481.0 812.4 263.4 259.0 -754.7 12

13 Household sector 90.7 67.9 192.0 138.8 -218.4 -406.0 560.6 619.1 -352.7 -56.9 -382.4 13

14 State and local governments 6.9 9.0 12.1 8.8 7.8 11.7 8.7 6.9 -2.0 -5.0 1.9 14

15 Rest of the world (2) 259.5 328.5 541.0 425.0 721.8 713.4 32.6 232.3 4.7 278.9 -126.3 15

16 Commercial banking 82.4 123.4 93.3 198.4 94.9 177.7 296.3 224.7 98.4 -112.1 -78.0 16

17 Savings institutions -12.7 21.0 9.0 49.1 71.1 61.2 47.8 16.2 5.6 -2.0 -101.5 17

18 Credit unions 0.6 -1.5 7.2 3.9 23.9 -2.7 1.1 -6.6 -6.7 -2.3 -10.2 18

19 Property-casualty insurance companies 26.4 17.5 14.2 5.9 11.1 11.2 11.3 -9.9 -4.5 -2.3 -14.9 19

20 Life insurance companies 145.9 74.7 32.9 42.4 70.6 47.0 74.2 -22.1 35.1 21.1 29.3 20

21 Private pension funds -7.7 20.9 22.9 47.4 47.9 29.1 49.2 63.3 52.5 37.9 11.0 21

22 State and local govt. retirement funds 6.0 14.5 37.6 -8.1 -62.8 7.3 -2.9 26.1 2.5 -1.1 6.3 22

23 Federal government retirement funds -0.3 -0.0 -0.0 0.1 0.1 -0.1 0.2 0.2 2.2 -0.5 -0.2 23

24 Money market mutual funds 2.3 2.2 105.1 8.8 83.2 132.2 -24.6 -155.6 114.0 -55.5 -422.3 24

25 Mutual funds 64.9 65.9 106.2 139.5 148.7 182.9 125.3 101.2 106.8 196.5 21.5 25

26 Closed-end funds 8.9 1.7 5.7 -1.0 2.1 16.9 -11.7 -11.5 -11.7 -7.4 -18.6 26

27 Exchange-traded funds 1.0 1.9 2.4 6.2 3.6 6.9 5.2 9.0 12.0 14.5 10.7 27

28 Government-sponsored enterprises 137.4 50.9 17.1 -18.4 41.1 32.9 -82.7 -64.9 -58.8 -116.1 -136.9 28

29 REITs 17.2 16.9 11.8 -30.3 -3.6 7.6 -107.9 -17.4 -43.4 -7.4 -5.5 29

30 Brokers and dealers 18.7 77.7 44.8 25.9 177.4 69.3 -5.4 -137.7 -79.6 -390.2 -227.5 30

31 Funding corporations -14.5 -29.4 -7.1 109.6 36.8 -41.0 503.5 -60.8 388.9 469.1 688.8 31

(1) Net purchases of foreign issues by U.S. residents.

(2) Net purchases of U.S. issues by foreign residents.

(3) Net issuance less net acquisition of corporate bonds held as assets.
Z.1, December 11, 2008 45

F.213 Corporate Equities (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2004 2005 2006 2007 2007 2008

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Net issues 70.4 -100.4 -406.9 -562.0 -307.4 -642.2 -484.4 -814.2 -56.8 198.8 -82.0 1

 2 Nonfinancial corporate business -124.4 -360.7 -602.7 -831.2 -566.7 -799.1 -864.9 -1093.9 -500.0 -268.3 -413.6 2

 3 Rest of the world (2) 84.8 186.7 137.4 118.0 175.0 107.0 227.4 -37.3 107.4 85.4 -56.6 3

 4 Financial sectors 110.1 73.6 58.4 151.1 84.4 49.9 153.0 317.0 335.8 381.7 388.2 4

 5 Commercial banking 17.6 -13.8 -10.5 -23.7 -42.9 -34.6 -30.4 12.9 212.9 230.1 103.5 5

 6 Savings institutions 0.6 1.4 0.7 1.9 0.6 2.0 2.9 2.0 0.5 1.5 3.1 6

 7 Property-casualty insurance companies -4.0 -2.8 -8.5 -13.2 -13.8 -8.6 -20.4 -10.0 -5.3 18.8 -7.8 7

 8 Life insurance companies -17.3 -8.0 -20.0 -30.6 -20.8 -21.6 -29.7 -50.5 -32.0 -10.1 -8.1 8

 9 Closed-end funds 32.7 20.7 8.2 17.5 52.6 23.1 2.5 -8.0 -17.2 -36.0 -73.0 9

10 Exchange-traded funds 56.4 56.7 74.0 149.9 57.4 69.5 191.0 281.8 33.2 52.9 325.0 10

11 REITs 21.5 16.1 22.2 17.1 22.1 17.4 9.1 19.8 21.1 14.9 11.0 11

12 Brokers and dealers 2.6 3.3 -7.6 32.3 29.3 2.9 28.0 69.0 122.6 109.6 34.5 12

13 Net purchases 70.4 -100.4 -406.9 -562.0 -307.4 -642.2 -484.4 -814.2 -56.8 198.8 -82.0 13

14 Household sector -266.6 -419.8 -643.1 -839.8 -597.5 -1093.0 -444.2 -1224.6 208.1 79.8 -139.3 14

15 State and local governments -4.2 2.5 -4.4 2.4 1.4 -15.1 2.3 21.0 43.7 -2.6 -8.4 15

16 Rest of the world (3) 25.0 56.9 119.0 176.3 142.2 393.8 -94.4 263.6 88.1 -32.3 41.8 16

17 Commercial banking -0.3 0.1 0.7 1.6 -3.5 2.5 6.6 0.6 -0.2 0.6 -3.4 17

18 Savings institutions -1.1 -1.0 -1.0 -0.1 -2.1 0.6 1.6 -0.6 2.1 -2.6 -9.8 18

19 Property-casualty insurance companies -3.9 -6.1 2.3 0.5 0.4 4.9 10.4 -13.7 13.0 4.3 2.8 19

20 Life insurance companies 51.5 65.9 71.4 84.1 74.4 98.7 105.9 57.1 54.7 72.4 76.4 20

21 Private pension funds 11.2 -18.5 -118.3 -243.7 -276.0 -311.9 -239.8 -147.3 -250.9 -140.4 -121.2 21

22 State and local govt. retirement funds 1.9 -5.6 -41.2 -18.9 -21.6 22.7 -72.0 -4.5 -41.8 15.6 -14.4 22

23 Federal government retirement funds 9.1 7.0 6.3 2.7 -0.0 10.0 -3.8 4.8 -26.4 7.1 -12.8 23

24 Mutual funds 158.5 129.6 131.3 91.7 218.1 151.0 65.9 -68.1 -74.4 134.3 -116.1 24

25 Closed-end funds 21.7 18.5 2.2 18.7 53.5 9.1 20.5 -8.2 3.0 -18.5 -40.5 25

26 Exchange-traded funds 52.6 50.0 68.3 137.2 50.5 53.9 181.4 262.9 15.7 32.1 298.4 26

27 Brokers and dealers 15.2 20.1 -0.2 25.4 52.8 30.8 -24.9 42.8 -91.4 49.2 -35.4 27

(1) Excludes mutual fund shares shown on table F.214.

(2) Net purchases of foreign issues by U.S. residents; includes American Depositary Receipts (ADRs).

(3) Net purchases of U.S. issues by foreign residents.

F.214 Mutual Fund Shares (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net issues 298.2 260.2 336.8 365.1 485.8 521.5 258.0 194.9 157.4 582.0 -206.0 1

 2 Net purchases 298.2 260.2 336.8 365.1 485.8 521.5 258.0 194.9 157.4 582.0 -206.0 2

 3 Household sector 216.4 228.1 209.6 270.1 390.5 423.6 158.2 108.3 59.1 474.0 -250.6 3

 4 Nonfinancial corporate business 1.4 6.7 30.7 9.4 9.4 9.4 9.4 9.4 9.4 9.4 9.4 4

 5 State and local governments -1.3 0.8 -1.3 0.7 0.4 -4.6 0.7 6.4 13.4 12.1 -6.1 5

 6 Rest of the world 32.7 32.2 24.0 14.0 21.7 19.2 8.6 6.4 10.9 23.6 -10.5 6

 7 Commercial banking -0.9 -1.8 3.9 3.6 -9.5 3.6 14.2 6.2 -1.0 -2.2 -9.0 7

 8 Credit unions -0.9 -1.0 -0.1 -0.0 0.4 -1.1 0.1 0.5 1.5 -0.1 -1.5 8

 9 Property-casualty insurance companies 0.5 0.3 0.5 -0.5 -0.5 -0.5 -0.5 -0.5 0.1 0.1 0.1 9

10 Life insurance companies 12.8 -9.9 26.9 31.3 31.3 31.3 31.3 31.3 28.0 28.0 28.0 10

11 Private pension funds 36.1 10.2 41.4 39.2 45.2 37.3 46.8 27.6 42.3 34.9 36.3 11

12 State and local govt. retirement funds 1.5 -5.5 1.3 -2.8 -3.2 3.4 -10.7 -0.7 -6.2 2.3 -2.2 12

(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 11, 2008

F.215 Bank Loans Not Elsewhere Classified

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2004 2005 2006 2007 2007 2008

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 Total loans by commercial

 1 banking, flow of funds basis 442.4 569.1 673.8 668.1 98.7 504.9 1007.3 1061.4 346.0 6.9 908.1 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 0.0 412.6 2

 3 Mortgages 339.8 362.4 445.0 242.7 -58.5 280.3 258.2 490.6 156.6 -152.5 668.3 3

 4 Consumer credit 34.9 2.8 34.2 62.9 34.5 76.0 93.7 47.3 80.2 83.4 77.2 4

 5 Security credit -5.1 34.8 71.5 32.3 23.3 -60.3 84.8 81.4 -198.6 -43.8 -163.1 5

 6 = Banking sector total bank loans n.e.c. 72.7 169.1 123.1 330.2 99.4 208.8 570.6 442.0 307.8 119.7 325.6 6

 7 U.S.-chartered commercial banks 65.2 100.0 59.3 226.9 54.6 111.6 402.8 338.4 241.4 85.1 255.9 7

 8 Foreign banking offices in U.S. 8.2 60.7 67.1 105.0 55.1 100.6 163.8 100.3 67.9 31.4 72.8 8

 9 Bank holding companies -2.5 2.7 -2.9 0.7 -6.6 0.9 1.8 6.6 -1.6 4.7 -2.7 9

10 Banks in U.S.-affiliated areas 1.8 5.6 -0.3 -2.3 -3.7 -4.3 2.2 -3.4 0.1 -1.6 -0.3 10

11 + Loans from Federal Reserve banks 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 159.0 -37.8 1025.6 11

12 = Total bank loans n.e.c. 72.7 169.1 123.1 330.2 99.4 208.8 570.6 442.0 466.8 81.8 1351.2 12

13 Net change in liabilities 72.7 169.1 123.1 330.2 99.4 208.8 570.6 442.0 466.8 81.8 1351.2 13

14 Nonfinancial sectors 14.7 152.1 187.2 264.2 54.4 157.7 474.7 369.8 287.8 69.6 348.3 14

15 Household sector -17.4 12.8 48.0 11.4 -29.0 -12.4 60.2 26.9 3.2 -79.3 100.1 15

16 Corporate business -1.2 -31.9 17.0 98.7 28.3 63.4 183.8 119.5 105.6 72.2 113.0 16

17 Nonfarm noncorporate business 27.2 154.5 105.2 127.7 64.7 64.9 207.1 173.9 142.3 78.7 118.2 17

18 Farm business 2.2 2.2 3.3 2.3 6.5 1.1 -2.6 4.2 1.3 7.1 1.4 18

19 Rest of the world 3.8 14.5 13.8 24.1 -16.0 40.7 26.3 45.3 35.4 -9.0 15.6 19

20 Foreign official institutions 1.0 -2.9 -0.7 -0.0 -0.5 0.4 -0.4 0.4 0.4 4.6 -3.2 20

21 Foreign banks 4.5 4.7 3.8 8.3 -14.0 30.6 7.6 8.8 30.6 -4.0 16.0 21

22 Other foreign -1.7 12.7 10.7 15.8 -1.6 9.7 19.1 36.1 4.4 -9.6 2.8 22

23 Financial sectors 58.1 17.0 -64.1 66.0 44.9 51.1 95.9 72.2 179.0 12.2 1002.9 23

24 Savings institutions 26.5 6.5 -48.2 6.5 -6.0 -7.8 17.1 22.7 -4.4 6.5 14.0 24

25 Finance companies 30.0 5.2 -12.9 52.8 47.3 58.1 75.3 30.3 16.8 55.3 -43.9 25

26 REITs 1.5 5.3 -3.1 6.8 3.6 0.8 3.4 19.2 7.6 -11.7 7.2 26

27 Brokers and dealers 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 159.0 -153.2 780.6 27

28 Funding corporations 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 115.3 245.0 28
Z.1, December 11, 2008 47

F.216 Other Loans and Advances

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2004 2005 2006 2007 2007 2008

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total other loans and advances 128.6 155.8 156.6 505.1 220.3 250.3 1111.6 438.4 254.1 -5.5 378.6 1

 2 U.S. government loans -3.0 -7.0 0.6 -2.2 1.5 1.0 -4.0 -7.1 -1.4 -6.0 12.2 2

 3 Liab.: Household sector -0.9 -0.7 1.4 -0.4 0.0 -0.2 -0.7 -0.7 -0.7 2.6 -0.4 3

 4 Nonfinancial corporate business 0.3 0.8 1.2 -0.3 0.2 -0.0 -0.8 -0.4 0.6 -8.2 7.7 4

 5 Nonfarm noncorporate business 1.3 -2.9 4.8 1.2 3.7 2.1 -0.4 -0.8 0.3 1.6 3.5 5

 6 Farm business -0.3 -0.2 -0.1 -0.0 -0.2 0.2 0.2 -0.4 -0.3 0.2 0.3 6

 7 State and local governments 0.3 0.6 0.6 0.7 0.8 0.7 0.6 0.5 0.4 0.8 1.1 7

 8 Rest of the world -3.7 -4.6 -7.4 -3.3 -3.1 -1.9 -2.8 -5.4 -1.6 -3.0 0.1 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 6.3 28.3 7.4 106.7 34.7 43.4 236.8 111.8 -87.1 -61.5 -42.2 10

11 Liab.: Nonfinancial corporate business 6.3 28.3 7.4 106.7 34.7 43.4 236.8 111.8 -87.1 -61.5 -42.2 11

 Customers liability on acceptances

12 outstanding (Commercial banking asset) -0.4 0.0 -0.3 0.0 -0.2 0.0 -0.5 0.9 -0.6 -0.1 0.0 12

13 Liab.: Nonfinancial corporate business -0.4 0.0 -0.3 -0.1 -0.3 0.0 -0.3 0.2 0.0 0.0 -0.6 13

14 Rest of the world 0.1 -0.0 -0.1 0.1 0.0 0.0 -0.3 0.8 -0.6 -0.2 0.6 14

15 Savings institution loans to business 1.3 3.9 6.0 6.2 5.6 21.2 -14.5 12.5 17.4 -7.8 -8.4 15

16 Liab.: Nonfinancial corporate business 0.7 1.9 3.0 3.1 2.8 10.6 -7.2 6.3 8.7 -3.9 -4.2 16

17 Nonfarm noncorporate business 0.7 1.9 3.0 3.1 2.8 10.6 -7.2 6.3 8.7 -3.9 -4.2 17

18 Policy loans (Household liability) 1.6 0.8 3.3 3.6 2.5 4.7 6.2 0.9 4.9 4.4 4.0 18

19 Asset: Federal government -0.1 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 19

20 Life insurance companies 1.6 0.8 3.4 3.6 2.6 4.8 6.2 1.0 4.9 4.4 4.0 20

21 Govt.-sponsored enterprises loans (1) 73.5 52.4 33.1 237.7 7.9 -1.1 734.8 209.2 225.8 -16.1 360.7 21

22 Liab.: Household sector (SLMA) -0.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 22

23 Noncorporate business (FCS) -1.7 1.9 4.2 4.3 2.9 1.2 5.0 8.0 12.6 10.0 -9.0 23

24 Farm business (FCS) 1.5 6.1 7.7 7.7 9.9 1.6 7.8 11.5 25.3 15.0 -20.3 24

25 Commercial banks (FHLB and SLMA) 8.8 24.4 80.0 106.7 -8.5 9.2 317.1 109.0 92.5 12.1 511.3 25

26 Savings institutions (FHLB and SLMA) 60.0 16.2 -65.7 91.1 9.2 -36.3 340.1 51.4 101.1 -89.9 -191.7 26

27 Credit unions (FHLB) 2.3 3.3 4.2 13.4 -10.5 10.6 37.9 15.7 -15.2 27.6 32.4 27

28 Life insurance companies (FHLB) 3.0 0.4 2.7 14.5 4.9 12.6 26.9 13.7 9.6 9.2 38.0 28

29 Securitized loans held by ABS issuers 1.4 -16.8 1.2 -8.5 -30.8 0.9 4.9 -8.9 -12.7 -17.1 -10.7 29

30 Liab.: Nonfinancial corporate business 1.4 -16.8 1.2 -8.5 -30.8 0.9 4.9 -8.9 -12.7 -17.1 -10.7 30

31 Finance company loans to business 9.8 27.6 18.8 24.9 35.0 5.7 40.1 18.8 82.7 78.7 18.0 31

32 Liab.: Nonfinancial corporate business 8.8 24.9 16.9 22.4 31.5 5.1 36.1 16.9 74.5 70.8 16.2 32

33 Nonfarm noncorporate business 1.0 2.8 1.9 2.5 3.5 0.6 4.0 1.9 8.3 7.9 1.8 33

34 Loans to nonfinancial corporate business (2) 38.1 66.6 86.5 136.6 164.0 174.4 107.7 100.3 25.0 20.0 45.0 34

35 Asset: Household sector 2.8 2.7 -0.3 7.7 9.3 9.9 6.1 5.7 1.4 1.1 2.5 35

36 Life insurance companies 1.9 4.2 3.2 10.2 12.3 13.1 8.1 7.5 1.9 1.5 3.4 36

37 Mutual funds 9.6 10.5 7.9 19.5 23.4 24.9 15.4 14.3 3.6 2.9 6.4 37

38 ABS issuers 18.9 37.8 54.9 81.0 97.2 103.4 63.8 59.5 14.8 11.9 26.7 38

39 Brokers and dealers 5.2 7.7 14.7 12.5 15.1 16.0 9.9 9.2 2.3 1.8 4.1 39

40 Funding corporations -0.3 3.6 6.1 5.6 6.8 7.2 4.4 4.1 1.0 0.8 1.8 40

(1) The Student Loan Marketing Association (Sallie Mae) was included until it was fully privatized in 2004:Q4.

(2) Syndicated loans from domestic entities, excluding banks and finance companies which are included elsewhere.
48 Z.1, December 11, 2008

F.217 Total Mortgages

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2004 2005 2006 2007 2007 2008

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Net change in mortgages 1249.3 1437.6 1409.9 1097.8 1155.4 1240.0 1004.7 991.2 538.7 146.5 -317.1 1

 2 Home 1022.3 1112.0 1075.7 712.1 871.3 813.1 531.2 632.8 270.3 -65.2 -327.5 2

 3 Multifamily residential 53.1 70.7 54.2 96.9 69.6 90.5 101.0 126.6 75.1 67.1 61.0 3

 4 Commercial 171.1 250.2 280.0 282.5 208.3 330.1 366.2 225.4 189.9 141.3 -53.9 4

 5 Farm 2.7 4.6 -0.0 6.3 6.2 6.3 6.4 6.4 3.3 3.3 3.4 5

 6 Net borrowing 1249.3 1437.6 1409.9 1097.8 1155.4 1240.0 1004.7 991.2 538.7 146.5 -317.1 6

 7 Household sector 949.8 1043.4 1019.8 705.4 823.4 802.3 546.4 649.6 294.0 16.9 -277.1 7

 8 Nonfinancial business 273.6 380.2 383.0 386.7 347.3 428.6 445.5 325.5 224.7 138.6 -44.9 8

 9 Corporate 54.1 202.2 93.5 100.6 118.1 120.2 114.9 49.1 65.0 38.5 -14.2 9

10 Nonfarm noncorporate 216.7 173.4 289.6 279.8 223.0 302.2 324.2 270.1 156.4 96.8 -34.0 10

11 Farm 2.7 4.6 -0.0 6.3 6.2 6.3 6.4 6.4 3.3 3.3 3.4 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 25.9 13.9 7.0 5.7 -15.2 9.0 12.9 16.1 19.9 -9.0 4.9 13

14 Net change in assets 1249.3 1437.6 1409.9 1097.8 1155.4 1240.0 1004.7 991.2 538.7 146.5 -317.1 14

15 Household sector 7.7 7.1 2.7 3.8 3.9 0.2 5.7 5.4 7.8 41.3 -28.1 15

16 Nonfinancial corporate business 14.8 1.7 -8.3 -8.3 -8.3 -8.3 -8.3 -8.3 -8.3 -8.3 -8.3 16

17 Nonfarm noncorporate business 4.6 5.3 -1.5 6.1 5.7 5.5 7.2 6.1 4.1 2.5 1.3 17

18 State and local governments 8.3 10.8 14.5 10.5 9.3 13.9 10.4 8.2 -2.4 -5.9 2.3 18

19 Federal government 1.6 2.4 3.7 1.9 3.3 3.2 -0.1 1.0 2.1 6.1 -3.4 19

20 Commercial banking 339.8 362.4 445.0 242.7 -58.5 280.3 258.2 490.6 156.6 -152.5 668.3 20

21 Savings institutions (1) 186.8 95.3 -78.8 21.3 155.6 -28.0 61.6 -104.1 54.0 -1.6 -1015.5 21

22 Credit unions 30.6 32.4 31.0 31.8 25.9 30.2 30.9 40.3 47.1 39.3 39.3 22

23 Property-casualty insurance companies 0.3 0.3 0.7 1.3 0.4 2.0 1.0 1.9 0.4 0.6 0.5 23

24 Life insurance companies 12.4 12.1 18.3 22.4 17.1 19.5 21.3 31.5 27.0 13.5 11.0 24

25 Private pension funds -0.2 -0.2 -0.3 0.7 -0.7 0.5 1.0 1.8 1.0 1.1 0.8 25

26 State and local govt. retirement funds -5.3 1.3 -2.3 -1.7 -5.6 0.2 2.0 -3.4 -0.1 -0.5 -0.2 26

27 Government-sponsored enterprises (1) 7.5 -40.2 18.4 35.9 16.3 29.8 38.9 58.7 57.9 51.9 -13.7 27

28 Agency- and GSE-backed mortgage pools 47.9 167.3 295.4 626.3 455.0 519.0 644.0 887.1 533.6 672.2 508.3 28

29 ABS issuers 432.1 685.9 629.0 180.5 520.5 463.2 -10.9 -250.7 -289.4 -377.6 -346.1 29

30 Finance companies 105.8 65.4 53.0 -62.5 -33.4 -54.5 -25.8 -136.4 -1.4 -115.2 -112.4 30

31 REITs 54.5 28.3 -10.5 -14.7 49.2 -36.8 -32.4 -38.6 -51.4 -20.5 -21.3 31

(1) FHLB loans to savings institutions are included in other loans and advances.
Z.1, December 11, 2008 49

F.218 Home Mortgages (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2004 2005 2006 2007 2007 2008

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Net borrowing 1022.3 1112.0 1075.7 712.1 871.3 813.1 531.2 632.8 270.3 -65.2 -327.5 1

 2 Household sector 934.8 1036.8 993.3 674.5 807.3 768.7 501.4 620.6 275.0 -10.5 -258.9 2

 3 Nonfinancial corporate business 4.7 7.6 8.2 2.9 6.6 0.4 3.3 1.2 -2.9 -10.7 -11.9 3

 4 Nonfarm noncorporate business 82.8 67.6 74.2 34.7 57.5 43.9 26.5 11.1 -1.8 -44.0 -56.6 4

 5 Net change in assets 1022.3 1112.0 1075.7 712.1 871.3 813.1 531.2 632.8 270.3 -65.2 -327.5 5

 6 Household sector 6.1 6.1 6.1 6.1 6.1 6.1 6.1 6.1 6.1 39.7 -27.5 6

 7 Nonfinancial corporate business 13.8 0.6 -9.3 -9.4 -9.4 -9.4 -9.4 -9.4 -9.4 -9.4 -9.4 7

 8 Nonfarm noncorporate business 1.6 1.9 -0.6 2.2 1.7 2.0 2.7 2.2 1.5 0.9 0.4 8

 9 State and local governments 4.2 5.5 7.4 5.3 4.7 7.1 5.3 4.2 -1.2 -3.0 1.2 9

10 Federal government -0.5 -0.4 0.2 0.3 -0.2 0.3 0.2 0.6 0.5 2.5 -3.9 10

11 Commercial banking 225.2 212.0 291.5 123.7 -106.0 140.5 134.7 325.7 31.9 -294.9 547.0 11

12 Savings institutions 171.4 79.6 -86.0 11.1 156.9 -34.9 38.3 -115.9 11.3 -18.4 -859.0 12

13 Credit unions 30.6 32.4 31.0 31.8 25.9 30.2 30.9 40.3 47.1 39.3 39.3 13

14 Life insurance companies 0.8 -0.1 3.6 -0.2 -1.0 0.0 -0.2 0.5 1.3 1.0 0.3 14

15 Private pension funds -0.2 -0.0 -0.1 -0.1 -0.1 -0.1 0.0 -0.3 0.2 0.1 0.3 15

16 State and local govt. retirement funds -1.9 0.5 -0.8 -0.6 -2.0 0.1 0.7 -1.2 -0.0 -0.2 -0.1 16

17 Government-sponsored enterprises -6.7 -53.1 5.2 -10.9 -11.7 -7.1 7.0 -31.7 16.4 9.6 -60.7 17

18 Agency- and GSE-backed mortgage pools 45.0 163.4 290.9 609.2 444.4 503.0 628.2 861.1 520.2 659.8 496.2 18

19 ABS issuers 380.0 571.3 512.2 33.4 355.1 276.3 -232.3 -265.4 -266.4 -344.3 -312.1 19

20 Finance companies 101.8 67.8 48.3 -65.4 -18.4 -57.4 -41.7 -144.0 -36.3 -128.3 -121.4 20

21 REITs 51.0 24.6 -23.7 -24.5 25.2 -43.7 -39.4 -40.2 -53.0 -19.6 -18.0 21

 Memo:

22 Home equity loans included above (2) 182.2 139.4 150.6 63.4 42.8 81.6 89.5 39.7 -11.7 -0.2 -45.6 22

23 Commercial banking 117.6 65.5 104.6 38.6 -62.7 71.3 84.6 61.3 22.9 52.6 229.6 23

24 Savings institutions 25.6 30.4 -14.1 42.9 88.4 30.9 27.3 25.1 0.3 -0.8 -242.4 24

25 Credit unions 12.2 12.0 11.0 7.2 0.3 7.8 13.0 7.8 1.5 3.2 9.0 25

26 ABS issuers 7.1 17.2 39.4 -12.3 25.4 -14.5 -29.9 -30.2 -24.6 -25.2 -21.6 26

27 Finance companies 19.7 14.3 9.7 -13.1 -8.6 -13.9 -5.4 -24.4 -11.8 -30.0 -20.2 27

(1) Mortgages on 1-4 family properties including mortages on farm houses.

(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 53.1 70.7 54.2 96.9 69.6 90.5 101.0 126.6 75.1 67.1 61.0 1

 2 Nonfinancial corporate business 1.8 1.9 2.0 1.9 1.9 1.9 1.9 1.8 1.7 1.6 1.5 2

 3 Nonfarm noncorporate business 46.6 70.7 51.4 97.2 63.2 94.5 106.8 124.3 68.6 65.7 57.3 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 4.7 -1.9 0.8 -2.1 4.4 -5.9 -7.7 0.6 4.9 -0.2 2.2 5

 6 Net change in assets 53.1 70.7 54.2 96.9 69.6 90.5 101.0 126.6 75.1 67.1 61.0 6

 7 Household sector 0.0 0.0 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 7

 8 Nonfinancial corporate business 0.0 0.0 0.0 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 8

 9 Nonfarm noncorporate business 1.6 1.9 -0.5 2.0 1.6 1.9 2.5 2.1 1.4 0.8 0.4 9

10 State and local governments 3.3 4.3 5.8 4.2 3.7 5.6 4.2 3.3 -1.0 -2.4 0.9 10

11 Federal government 0.4 -0.0 -0.2 -0.3 -0.4 0.3 -1.1 -0.2 -0.5 0.0 -0.2 11

12 Commercial banking 14.2 20.0 18.9 10.9 8.6 7.8 13.3 13.8 18.1 12.8 137.0 12

13 Savings institutions 9.6 10.8 -2.6 -3.1 -8.7 -4.2 8.8 -8.3 7.5 9.4 -126.9 13

14 Life insurance companies 1.9 2.0 2.3 3.6 1.8 3.7 3.1 5.7 3.0 2.7 1.3 14

15 Private pension funds 0.0 -0.0 -0.1 0.1 -0.0 0.1 0.3 0.0 0.9 0.4 1.0 15

16 State and local govt. retirement funds -1.6 0.4 -0.7 -0.5 -1.7 0.1 0.6 -1.0 -0.0 -0.1 -0.1 16

17 Government-sponsored enterprises 14.3 10.5 12.4 42.3 23.6 32.4 27.4 85.8 40.1 40.8 46.0 17

18 Agency- and GSE-backed mortgage pools 2.9 3.9 2.1 15.7 9.7 10.9 16.0 26.3 13.8 13.0 10.4 18

19 ABS issuers 6.4 16.5 13.9 22.0 29.6 31.2 28.1 -1.0 -10.3 -11.5 -9.0 19

20 Finance companies -0.1 0.0 -0.5 -0.1 -1.2 -0.2 0.0 1.2 1.8 1.7 2.8 20

21 REITs 0.1 0.3 3.2 0.1 2.8 0.8 -2.2 -1.1 0.1 -0.5 -2.9 21
50 Z.1, December 11, 2008

F.220 Commercial Mortgages

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2004 2005 2006 2007 2007 2008

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Net borrowing 171.1 250.2 280.0 282.5 208.3 330.1 366.2 225.4 189.9 141.3 -53.9 1

 2 Household sector 15.0 6.6 26.5 30.9 16.1 33.6 45.0 29.0 18.9 27.4 -18.1 2

 3 Nonfinancial corporate business 47.6 192.7 83.3 95.8 109.6 117.8 109.7 46.1 66.3 47.6 -3.8 3

 4 Nonfarm noncorporate business 87.3 35.2 164.0 147.9 102.2 163.8 190.8 134.7 89.7 75.1 -34.7 4

 5 REITs 21.2 15.8 6.3 7.8 -19.6 14.8 20.6 15.5 15.0 -8.8 2.8 5

 6 Net change in assets 171.1 250.2 280.0 282.5 208.3 330.1 366.2 225.4 189.9 141.3 -53.9 6

 7 Household sector 0.6 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.8 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 1.1 1.3 -0.4 1.5 1.2 1.4 1.9 1.6 1.0 0.6 0.3 9

10 State and local governments 0.7 0.9 1.2 0.8 0.7 1.1 0.8 0.7 -0.2 -0.5 0.2 10

11 Federal government 1.8 2.8 3.7 1.9 3.9 2.6 0.8 0.3 2.2 3.5 0.0 11

12 Commercial banking 98.1 128.7 133.8 105.3 36.2 129.2 107.4 148.3 105.2 128.4 -17.0 12

13 Savings institutions 5.9 4.9 9.7 13.1 7.2 11.1 14.3 19.9 35.0 7.4 -29.4 13

14 Property-casualty insurance companies 0.3 0.3 0.7 1.3 0.4 2.0 1.0 1.9 0.4 0.6 0.5 14

15 Life insurance companies 10.1 10.2 12.5 19.0 16.3 15.8 18.5 25.3 22.7 9.8 9.4 15

16 Private pension funds 0.0 -0.1 -0.2 0.7 -0.6 0.4 0.8 2.0 -0.1 0.6 -0.5 16

17 State and local govt. retirement funds -1.8 0.5 -0.8 -0.6 -1.9 0.1 0.7 -1.1 -0.0 -0.2 -0.1 17

18 Agency- and GSE-backed mortgage pools 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 18

19 ABS issuers 45.7 98.1 102.9 125.1 135.7 155.6 193.3 15.6 -12.7 -21.8 -25.0 19

20 Finance companies 4.1 -2.4 5.2 2.9 -13.8 3.1 15.9 6.5 33.1 11.4 6.3 20

21 REITs 3.4 3.5 10.0 9.8 21.2 6.1 9.1 2.8 1.4 -0.3 -0.4 21

F.221 Farm Mortgages (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net borrowing (Farm business) 2.7 4.6 -0.0 6.3 6.2 6.3 6.4 6.4 3.3 3.3 3.4 1

 2 Net change in assets 2.7 4.6 -0.0 6.3 6.2 6.3 6.4 6.4 3.3 3.3 3.4 2

 3 Household sector 1.0 0.3 -4.2 -3.1 -3.0 -6.6 -1.2 -1.5 0.9 0.8 -1.5 3

 4 Nonfarm noncorporate business 0.2 0.2 -0.1 0.4 1.1 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 0.1 0.1 0.1 -0.0 -0.1 0.0 5

 6 Federal government -0.2 -0.0 -0.0 0.1 -0.1 0.1 0.0 0.2 -0.2 0.2 0.8 6

 7 Commercial banking 2.3 1.7 0.8 2.8 2.8 2.8 2.8 2.8 1.3 1.3 1.3 7

 8 Savings institutions -0.0 0.0 0.1 0.1 0.2 0.1 0.2 0.1 0.1 0.0 -0.2 8

 9 Life insurance companies -0.5 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 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 -0.0 2.3 0.7 4.5 4.3 4.5 4.5 4.6 1.4 1.5 1.1 11

12 Agency- and GSE-backed mortgage pools -0.1 -0.1 2.3 1.4 0.9 5.1 -0.2 -0.3 -0.4 -0.6 1.7 12

(1) Excludes mortgages on farm houses.
Z.1, December 11, 2008 51

F.222 Consumer Credit

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2004 2005 2006 2007 2007 2008

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Net change in liabilities (Households) 115.0 94.5 104.4 133.6 119.7 132.1 178.4 104.3 120.3 99.7 30.5 1

 2 Net change in assets 115.0 94.5 104.4 133.6 119.7 132.1 178.4 104.3 120.3 99.7 30.5 2

 3 Nonfinancial corporate business 0.1 0.2 -2.1 -1.6 18.0 -7.8 -25.2 8.7 24.6 -13.8 -25.1 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 3.7 3.7 1.9 6.7 4.2 4.9 7.4 10.3 10.6 10.1 4.2 5

 6 Commercial banking 34.9 2.8 34.2 62.9 34.5 76.0 93.7 47.3 80.2 83.4 77.2 6

 7 Savings institutions 13.4 17.8 -13.5 -4.8 -3.9 10.3 -40.5 15.0 -13.1 10.0 -48.9 7

 8 Credit unions 9.5 13.2 5.9 1.2 0.8 -2.8 5.1 1.5 -12.7 -1.0 11.6 8

 9 Government-sponsored enterprises -20.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

10 ABS issuers -25.3 32.5 60.2 19.5 28.5 0.2 85.7 -36.5 -5.0 -2.7 0.4 10

11 Finance companies 99.3 24.2 17.8 49.7 37.5 51.2 52.2 57.9 35.7 13.7 11.1 11

F.223 Trade Credit

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net change in trade payables 194.5 340.4 213.8 318.0 342.0 302.6 289.3 338.1 377.8 413.8 -251.1 1

 2 Household sector 16.5 13.0 13.6 14.6 14.2 14.5 14.8 15.0 15.3 15.6 15.8 2

 3 Nonfinancial corporate business 97.3 199.4 134.6 188.7 213.4 88.3 133.8 319.2 306.3 336.6 -280.4 3

 4 Nonfarm noncorporate business 22.2 52.0 20.0 46.3 37.3 43.2 57.2 47.8 32.2 18.9 9.1 4

 5 Farm business 1.8 -2.5 -7.7 -1.1 -6.9 5.8 3.4 -6.8 -26.4 -20.7 18.8 5

 6 State and local governments 30.4 32.5 34.9 38.1 36.7 37.7 38.4 39.4 40.2 41.6 42.4 6

 7 Federal government 15.1 32.6 6.9 22.7 24.2 35.3 18.8 12.4 30.0 45.8 -20.5 7

 8 Rest of the world 3.5 6.3 6.2 11.2 9.7 22.5 36.3 -23.8 -10.4 -6.3 -17.2 8

 9 Brokers and dealers 7.8 7.0 5.2 -2.4 13.5 55.3 -13.4 -65.1 -9.4 -17.6 -19.0 9

10 Net change in trade receivables 183.3 371.1 69.8 317.1 302.0 291.6 344.5 330.1 361.4 341.2 -283.3 10

11 Nonfinancial corporate business 128.9 277.7 -3.5 203.7 206.9 160.2 233.6 214.2 231.3 346.8 -264.5 11

12 Nonfarm noncorporate business 26.6 66.6 40.0 80.4 64.7 74.9 99.2 82.9 55.8 32.8 15.7 12

13 State and local governments 7.9 10.2 13.8 10.0 8.8 13.3 9.9 7.8 -2.3 -6.8 2.2 13

14 Federal government 10.5 9.1 0.4 0.2 -1.3 -1.3 3.2 0.3 2.1 -4.5 3.5 14

15 Rest of the world -1.1 7.9 5.9 20.8 10.0 44.6 19.4 9.0 43.4 22.3 1.7 15

16 Property-casualty insurance companies 0.3 2.4 4.9 -1.6 0.0 10.4 -3.6 -13.1 3.4 3.5 0.5 16

17 ABS issuers 10.2 -2.9 8.4 3.6 13.0 -10.5 -17.2 29.0 27.7 -52.8 -42.4 17

18 Discrepancy 11.2 -30.7 144.0 0.9 40.0 11.0 -55.2 7.9 16.3 72.6 32.2 18

F.224 Security Credit

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net change in liabilities 179.4 0.2 211.5 276.5 108.6 380.7 -15.3 631.9 433.0 -309.0 252.4 1

 2 Household sector 81.5 -31.6 59.7 33.4 -52.5 220.3 -150.0 116.1 159.2 -295.4 436.4 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 97.9 31.8 151.8 243.0 161.2 160.4 134.8 515.8 273.8 -13.6 -184.0 4

 5 Customer credit balances (HH) 103.0 -3.0 80.4 210.8 137.9 220.7 50.0 434.4 472.4 30.2 -20.9 5

 6 From U.S.-chartered commercial banks 10.7 -6.6 20.9 29.3 21.7 -12.1 65.3 42.3 50.3 -1.3 82.4 6

 7 From foreign banking offices in U.S. -15.8 41.4 50.6 3.0 1.6 -48.2 19.5 39.1 -248.9 -42.5 -245.5 7

 8 Net change in assets 179.4 0.2 211.5 276.5 108.6 380.7 -15.3 631.9 433.0 -309.0 252.4 8

 9 Household sector 103.0 -3.0 80.4 210.8 137.9 220.7 50.0 434.4 472.4 30.2 -20.9 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 -5.1 34.8 71.5 32.3 23.3 -60.3 84.8 81.4 -198.6 -43.8 -163.1 11

12 Brokers and dealers 81.5 -31.6 59.7 33.4 -52.5 220.3 -150.0 116.1 159.2 -295.4 436.4 12
52 Z.1, December 11, 2008

F.225 Life Insurance and Pension Fund Reserves

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2004 2005 2006 2007 2007 2008

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 Life insurance reserves:

 1 Net change in liabilities 33.1 16.1 65.6 34.2 28.4 36.4 28.9 43.1 60.3 49.1 19.4 1

 2 Federal government 1.1 1.1 1.5 1.2 -0.1 2.3 -0.0 2.6 -0.3 2.0 -0.4 2

 3 Life insurance companies 32.0 14.9 64.1 33.0 28.5 34.1 29.0 40.4 60.6 47.1 19.8 3

 4 Net change in assets (Households) 33.1 16.1 65.6 34.2 28.4 36.4 28.9 43.1 60.3 49.1 19.4 4

 Pension fund reserves:

 5 Net change in liabilities 288.4 238.3 175.8 177.7 92.0 94.8 190.2 333.9 82.1 182.8 113.6 5

 6 Life insurance companies 200.4 159.3 78.3 115.6 60.4 173.5 129.6 99.1 139.9 105.0 61.0 6

 7 Private pension funds (1) 9.4 18.9 9.9 -3.0 -28.5 -109.8 21.5 104.9 -62.2 6.2 -21.1 7

 8 State and local govt. retirement funds 23.8 5.4 37.3 17.3 16.7 44.6 -20.7 28.4 -38.3 11.4 3.2 8

 9 Federal government retirement funds (2) 54.7 54.7 50.4 47.8 43.4 -13.5 59.8 101.5 42.7 60.3 70.5 9

10 Net change in assets (Households) (3) 288.4 238.3 175.8 177.7 92.0 94.8 190.2 333.9 82.1 182.8 113.6 10

(1) Includes unallocated insurance company contracts beginning 1985:Q4.

(2) Includes the Thrift Savings Plan, the National Railroad Retirement Investment Trust, and other 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 28.5 28.1 24.1 25.7 34.3 13.3 28.5 26.6 26.0 18.5 17.3 1

 businesses

 2 Nonfinancial corporate business 6.8 5.1 -0.3 1.3 9.0 -9.9 -0.0 5.9 4.5 -4.9 0.0 2

 3 Nonfarm noncorporate business 8.4 8.7 9.0 8.4 6.7 7.8 10.3 8.6 5.8 3.4 1.6 3

 4 U.S.-chartered commercial banks 3.2 3.4 3.7 4.0 3.9 3.9 4.0 4.1 4.1 4.2 4.3 4

 5 Savings institutions 0.6 0.7 -0.5 0.1 -0.4 -0.7 1.6 0.1 -1.1 -0.0 -2.1 5

 6 Property-casualty insurance companies 4.2 4.7 5.2 5.7 5.5 5.6 5.7 5.9 6.0 6.1 6.2 6

 7 Life insurance companies 3.2 3.6 4.0 4.4 4.2 4.3 4.4 4.6 4.7 4.8 4.9 7

 8 Finance companies 1.8 2.0 2.3 2.5 2.4 2.5 2.5 2.6 2.6 2.7 2.8 8

 9 Brokers and dealers 0.4 -0.1 0.7 -0.6 3.0 -0.3 -0.1 -5.1 -0.6 2.3 -0.3 9

10 Net change in business taxes receivable 48.7 67.2 34.6 20.0 41.7 3.5 30.1 4.6 52.1 17.4 63.6 10

11 State and local governments 26.1 41.4 48.0 49.3 47.0 51.4 51.5 47.5 40.3 39.5 36.1 11

12 Federal government 22.6 25.8 -13.4 -29.4 -5.3 -47.9 -21.3 -43.0 11.8 -22.1 27.5 12

13 Discrepancy -20.2 -39.1 -10.5 5.7 -7.3 9.8 -1.6 22.0 -26.1 1.1 -46.3 13

F.227 Proprietors’ Equity in Noncorporate Business

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Total household investment -18.0 -146.5 -114.3 -49.4 34.9 -45.3 -87.9 -99.2 -34.8 7.7 39.1 1

 2 Nonfarm noncorporate business -26.3 -137.0 -115.4 -54.9 31.2 -41.0 -86.6 -123.2 -58.5 3.8 29.8 2

 3 Farm business 11.6 0.6 5.5 -0.7 -6.0 0.5 -1.9 4.6 8.6 2.0 -0.5 3

 4 Brokers and dealers -3.3 -10.1 -4.4 6.2 9.7 -4.8 0.7 19.5 15.0 1.9 9.8 4
Z.1, December 11, 2008 53

F.228 Total Miscellaneous Financial Claims

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2004 2005 2006 2007 2007 2008

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Net change in liabilities 1641.6 1394.7 2092.4 2130.5 1325.1 3541.5 2696.8 958.5 2521.3 1106.8 1688.5 1

 2 Household sector 1.6 1.0 0.5 1.0 2.3 0.0 1.6 0.2 4.6 1.4 1.7 2

 3 Nonfinancial corporate business 425.5 785.0 940.8 818.0 543.4 777.5 1134.9 816.3 582.2 121.5 633.2 3

 4 Nonfarm noncorporate business 68.8 142.7 144.7 93.0 62.5 70.5 123.9 115.1 67.4 26.9 6.8 4

 5 Federal government 59.2 62.8 62.1 77.6 34.5 95.8 84.1 96.2 52.6 103.2 105.4 5

 6 Rest of the world 544.3 42.5 435.5 451.3 337.6 1097.8 313.0 56.8 395.5 73.8 912.0 6

 7 Monetary authority 4.2 2.8 3.2 2.5 18.1 -10.2 -4.2 6.2 12.8 -13.7 -32.1 7

 8 Commercial banking 291.3 60.3 118.6 275.1 -236.6 661.4 463.8 211.9 75.3 187.3 -639.7 8

 9 Savings institutions 43.3 39.3 26.9 1.4 36.7 32.1 -87.5 24.4 -58.4 -51.0 -248.9 9

10 Credit unions 1.9 2.6 -2.7 -5.6 12.2 -12.6 -27.5 5.5 24.2 -22.1 -14.5 10

11 Property-casualty insurance companies 43.0 52.2 40.2 14.4 -39.2 64.0 38.6 -5.7 31.1 83.3 59.4 11

12 Life insurance companies 6.7 3.6 73.4 61.7 81.8 -1.3 126.1 40.4 105.2 -10.0 85.0 12

13 Government-sponsored enterprises -4.1 2.8 9.6 12.2 -5.4 34.2 32.9 -12.7 63.1 -26.3 -94.0 13

14 Finance companies 53.2 28.0 11.4 -10.9 64.4 57.2 -48.4 -116.7 99.5 2.7 8.2 14

15 REITs 7.8 3.8 8.7 3.2 -18.6 -4.8 16.7 19.4 -4.1 -5.9 10.0 15

16 Brokers and dealers 73.7 44.1 107.1 44.0 233.3 599.1 -337.4 -319.1 -65.9 151.1 190.5 16

17 Funding corporations 21.1 121.1 112.4 291.5 198.3 81.1 866.2 20.5 1136.1 484.5 705.4 17

18 Net change in assets 1497.2 1242.2 2363.2 2225.0 2723.3 3158.0 3026.6 -8.1 2868.8 1131.8 1010.8 18

19 Household sector 52.4 52.8 40.1 67.2 50.1 118.8 78.6 21.3 94.9 67.7 94.1 19

20 Nonfinancial corporate business 555.2 450.0 862.7 827.4 980.8 767.3 1049.8 511.8 667.2 -7.4 332.7 20

21 Nonfarm noncorporate business 163.2 202.5 274.3 239.6 210.1 219.7 289.7 238.8 164.3 97.7 48.6 21

22 Farm business 2.0 1.3 4.1 3.4 3.4 3.4 3.4 3.4 2.3 2.3 2.3 22

23 State and local governments -5.2 -35.6 -31.1 15.3 16.1 15.4 15.3 14.5 20.0 -46.0 -53.2 23

24 Federal government 0.6 -1.4 1.0 1.0 0.1 5.3 -2.4 0.8 -2.2 6.6 73.5 24

25 Rest of the world 219.0 167.8 582.2 467.0 391.8 756.8 826.5 -107.3 571.5 265.6 363.1 25

26 Monetary authority 1.5 -3.2 0.1 25.8 0.0 1.6 2.4 99.1 -4.4 160.0 865.5 26

27 Commercial banking 164.8 67.4 57.7 143.3 -167.5 431.5 331.4 -22.1 777.7 597.1 11.8 27

28 Savings institutions 88.5 -58.7 15.7 3.4 52.7 7.4 41.4 -88.0 23.2 -47.5 -41.2 28

29 Credit unions -1.8 -0.3 0.8 11.0 -17.8 21.0 19.2 21.5 -0.6 9.6 23.9 29

30 Property-casualty insurance companies 8.4 8.2 0.2 2.9 -3.4 4.4 2.9 7.6 18.8 10.4 11.6 30

31 Life insurance companies 51.9 31.7 -6.0 -23.8 -90.7 -33.9 -7.3 36.5 34.1 -38.1 57.8 31

32 Private pension funds -34.8 -26.9 28.0 63.6 67.2 48.0 76.3 63.0 37.1 44.1 27.8 32

33 State and local govt. retirement funds 4.6 -0.6 -0.3 -0.1 2.3 0.5 -0.0 -3.2 0.5 0.0 4.5 33

34 Federal government retirement funds 40.9 40.0 35.8 33.3 28.5 -26.9 46.0 85.6 29.0 45.3 55.3 34

35 Money market mutual funds -2.9 -10.0 15.9 68.9 129.7 6.2 99.7 40.1 0.6 -78.1 24.2 35

36 Mutual funds 5.1 3.7 3.3 2.8 9.7 1.6 4.0 -4.0 13.3 -11.2 0.1 36

37 Government-sponsored enterprises 4.5 4.0 -3.2 27.0 -30.3 142.5 -17.8 13.6 -68.3 94.1 -179.6 37

38 Finance companies -39.9 -21.9 -55.3 7.8 69.7 42.9 10.7 -92.2 101.1 18.7 -29.9 38

39 REITs 11.2 10.6 8.6 -3.9 -19.6 10.8 -2.3 -4.6 6.1 10.0 6.2 39

40 Brokers and dealers 148.6 217.7 425.1 47.3 906.3 632.7 -164.1 -1185.9 401.2 -239.0 -973.8 40

41 Funding corporations 59.6 143.1 103.6 194.9 134.2 -19.0 323.0 341.6 -18.5 169.7 285.6 41

42 Discrepancy 144.3 152.5 -270.7 -94.5 -1398.2 383.5 -329.8 966.6 -347.5 -25.0 677.6 42
54 Z.1, December 11, 2008

F.229 Identified Miscellaneous Financial Claims - Part I

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2004 2005 2006 2007 2007 2008

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 U.S. direct investment abroad (1):

 1 Liab.: Rest of the world 316.2 36.2 241.2 333.3 266.8 374.5 248.2 443.6 356.4 262.2 281.9 1

 2 Equity 133.3 61.9 32.3 88.0 71.1 176.1 -10.9 115.6 88.0 31.3 65.2 2

 3 Reinvested earnings 162.9 -10.3 231.6 263.3 234.9 261.2 268.2 288.9 225.1 254.6 210.9 3

 4 Intercompany accounts 20.0 -15.4 -22.6 -18.0 -39.2 -62.9 -9.1 39.1 43.2 -23.8 5.8 4

 5 Asset: Nonfinancial corporate business 270.2 21.3 217.9 264.3 248.7 225.2 187.0 396.4 278.0 224.8 221.2 5

 6 Commercial banking 7.1 0.7 2.4 11.5 -9.9 27.5 19.6 8.9 2.4 4.0 4.9 6

 7 Property-casualty insurance companies 8.4 8.2 0.2 2.9 -3.4 4.4 2.9 7.6 18.8 10.4 11.6 7

 8 Life insurance companies 4.8 3.8 1.9 6.8 4.6 5.2 12.9 4.4 5.9 8.3 6.0 8

 9 Finance companies 24.4 -1.4 14.6 41.7 22.2 107.2 19.7 17.7 43.0 6.3 29.2 9

10 Brokers and dealers 1.3 3.6 4.3 6.0 4.6 5.0 6.0 8.6 8.2 8.3 9.0 10

 Foreign direct investment in U.S. (1):

11 Liab.: Nonfinancial corporate business 28.6 42.9 104.8 143.4 84.6 201.1 149.2 138.7 129.3 75.5 114.0 11

12 Nonfarm noncorporate business 0.1 0.0 0.1 0.6 -0.0 0.2 1.4 0.8 0.4 -0.1 -0.6 12

13 Commercial banking 17.9 9.4 15.3 -9.9 13.4 18.9 41.5 -113.5 33.6 22.4 26.0 13

14 Property-casualty insurance companies -4.8 -0.1 23.6 -4.3 -67.8 35.1 9.4 6.2 1.7 41.7 32.1 14

15 Life insurance companies 20.8 0.4 14.9 2.4 -1.4 10.3 0.2 0.4 7.7 5.6 11.4 15

16 Finance companies 16.1 3.7 -0.8 7.1 -20.5 2.9 25.1 20.8 42.6 41.0 55.9 16

17 Brokers and dealers 6.0 15.3 4.1 6.7 5.7 0.8 -2.2 22.6 5.0 2.5 -1.0 17

18 Funding corporations 61.4 41.2 79.8 91.5 42.1 -21.9 199.0 146.9 101.4 186.4 129.3 18

19 Asset: Rest of the world 146.0 112.6 242.0 237.5 56.1 247.4 423.6 223.0 321.7 375.1 367.2 19

20 Equity 92.9 70.7 117.8 147.4 70.4 146.6 276.1 96.6 182.8 188.9 185.5 20

21 Reinvested earnings 49.5 41.7 68.8 68.5 76.6 108.1 79.5 9.9 31.6 73.6 58.5 21

22 Intercompany accounts 3.5 0.2 55.3 21.6 -91.0 -7.3 68.1 116.5 107.4 112.6 123.3 22

 Federal government equity in IBRD, etc.:

23 Liab.: Rest of the world 2.0 1.3 2.0 1.7 1.1 4.7 0.4 0.4 0.4 4.3 3.8 23

24 Asset: Federal government 2.0 1.3 2.0 1.7 1.1 4.7 0.4 0.4 0.4 4.3 3.8 24

 Federal Reserve Bank stock:

25 Liab.: Monetary authority 3.1 1.6 1.8 3.1 2.1 1.0 4.7 4.7 4.4 1.3 1.8 25

26 Asset: Commercial banking 3.1 1.6 1.8 3.1 2.1 1.0 4.7 4.7 4.4 1.3 1.8 26

 Equity in govt.-sponsored enterprises:

27 Liab.: Government-sponsored enterprises 2.5 1.9 0.2 9.1 -0.0 0.4 27.4 8.6 9.8 3.1 3.0 27

28 Asset: Nonfin. corporate business (Fannie Mae) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 28

29 Nonfarm noncorporate (BC) -0.1 -0.1 0.1 0.3 0.5 0.5 0.1 0.1 0.2 0.2 0.6 29

30 Farm business (FICB and FLB) 0.2 0.1 0.2 0.5 0.8 0.9 0.3 0.2 0.4 0.2 0.7 30

31 Federal government 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 31

32 Commercial banks (FHLB) 0.6 0.8 2.7 3.8 -2.1 0.3 11.4 5.6 7.7 0.8 9.2 32

33 Savings institutions (FHLB) 1.0 1.1 -2.9 3.3 1.3 -2.3 12.6 1.5 1.3 -0.1 -11.0 33

34 Credit unions (FHLB) 0.2 0.1 0.2 0.6 -0.7 0.6 1.8 0.6 -0.4 1.2 1.6 34

35 Life insurance companies (FHLB) 0.6 -0.1 0.0 0.6 0.2 0.5 1.2 0.6 0.7 0.8 2.0 35

 BHC investment in subsidiaries:

36 Liab.: Commercial banking 167.2 40.0 110.0 126.1 44.0 89.1 184.8 186.6 101.5 -39.8 35.4 36

37 Savings institutions 1.2 1.3 1.4 1.6 1.5 1.6 1.6 1.6 1.7 1.7 1.7 37

38 Finance companies 64.5 27.3 13.1 -8.6 -23.0 34.9 -33.3 -12.7 14.5 -17.5 13.9 38

39 Brokers and dealers 10.5 14.2 31.7 -56.0 -76.0 4.6 18.5 -171.1 -34.3 105.5 80.0 39

40 Asset: Bank holding companies 243.5 82.7 156.2 63.1 -53.6 130.1 171.6 4.4 83.3 49.9 131.0 40

 NFC investment in finance company subs.:

41 Liab.: Finance companies -9.6 -1.7 13.0 -4.8 -8.0 34.9 -33.3 -12.7 14.5 -17.5 13.9 41

42 Asset: Nonfinancial corporate business -9.6 -1.7 13.0 -4.8 -8.0 34.9 -33.3 -12.7 14.5 -17.5 13.9 42

 Funding corp. investment in subs.:

43 Liab.: Foreign banking offices in U.S. 33.0 21.0 8.6 43.7 135.0 38.6 -61.8 62.9 -2.3 -12.6 -178.7 43

44 Brokers and dealers 26.5 122.1 95.0 151.3 -0.8 -57.7 384.8 278.7 -16.3 182.3 464.3 44

45 Asset: Funding corporations 59.6 143.1 103.6 194.9 134.2 -19.0 323.0 341.6 -18.5 169.7 285.6 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 11, 2008 55

F.230 Identified Miscellaneous Financial Claims - Part II

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2004 2005 2006 2007 2007 2008

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 Nonofficial foreign currencies:

 1 Liab.: Rest of the world -0.0 -2.2 -0.0 23.9 0.2 -0.5 -0.1 96.0 -11.8 163.8 903.0 1

 2 Asset: Federal government -0.0 -2.2 -0.0 -0.1 0.2 -0.5 -0.1 0.0 0.2 -0.2 -1.8 2

 3 Monetary authority (1) 0.0 0.0 0.0 24.0 0.0 0.0 0.0 96.0 -12.0 164.0 904.8 3

 Postal Savings System deposits:

 4 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 4

 5 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 5

 Deposits at Federal Home Loan Banks:

 6 Liab.: Government-sponsored enterprises -2.1 0.8 -0.2 1.9 15.1 -6.5 13.7 -14.6 23.2 -26.2 27.9 6

 7 Asset: Savings institutions -2.1 0.8 -0.2 1.9 15.1 -6.5 13.7 -14.6 23.2 -26.2 27.9 7

 Deferred and unpaid life insurance premiums:

 8 Liab.: Household sector 1.6 1.0 0.5 1.0 2.3 0.0 1.6 0.2 4.6 1.4 1.7 8

 9 Asset: Life insurance companies 1.6 1.0 0.5 1.0 2.3 0.0 1.6 0.2 4.6 1.4 1.7 9

 Life insurance company reserves:

10 Liab.: Life insurance companies 11.4 9.5 14.8 15.5 18.6 6.7 25.7 11.2 40.1 4.5 17.8 10

11 Health 9.8 7.9 11.5 13.5 9.3 4.5 18.6 21.5 31.7 1.4 14.5 11

12 Policy dividend accumulation 1.2 1.0 0.8 0.2 1.1 0.8 4.5 -5.4 1.6 2.1 0.8 12

13 Policy and contract claims 0.5 0.6 2.5 1.8 8.1 1.5 2.6 -4.9 6.9 1.0 2.5 13

14 Asset: Household sector 11.4 9.5 14.8 15.5 18.6 6.7 25.7 11.2 40.1 4.5 17.8 14

 Policy payables:

15 Liab.: Property-casualty insurance companies 47.9 52.3 16.6 18.7 28.6 28.9 29.2 -11.9 29.4 41.7 27.2 15

16 Asset: Household sector 23.6 25.6 4.6 6.7 12.1 12.3 11.8 -9.4 13.1 19.1 12.3 16

17 Nonfinancial corporate business 18.9 20.7 6.6 7.4 11.3 11.4 11.5 -4.7 11.6 17.7 10.8 17

18 Nonfarm noncorporate business 3.5 4.9 1.6 1.7 2.7 2.7 2.7 -1.1 2.7 2.8 2.5 18

19 Farm business 1.8 1.2 3.9 2.9 2.5 2.5 3.2 3.3 2.0 2.1 1.7 19

 Unallocated insurance company contracts:

20 Liab.: Life insurance companies -35.2 -18.6 20.8 29.3 42.7 24.9 34.6 14.9 20.1 27.0 30.6 20

21 Asset: Private pension funds -35.2 -18.6 20.8 29.3 42.7 24.9 34.6 14.9 20.1 27.0 30.6 21

 Pension fund contributions payable:

22 Liab.: Nonfinancial corporate business -3.1 -1.9 -2.0 4.4 -1.9 8.6 10.7 0.3 1.8 1.9 -0.9 22

23 Asset: Private pension funds -3.1 -1.9 -2.0 4.4 -1.9 8.6 10.7 0.3 1.8 1.9 -0.9 23

 Securities borrowed (net):

24 Liab.: Funding corporations 86.9 174.9 302.6 -2.1 539.3 237.4 -85.5 -699.5 515.4 -38.2 -924.9 24

25 Asset: Brokers and dealers 86.9 174.9 302.6 -2.1 539.3 237.4 -85.5 -699.5 515.4 -38.2 -924.9 25

 Nonmarketable government securities:

26 Liab.: Federal government 40.9 40.0 35.8 33.3 28.5 -26.9 46.0 85.6 29.0 45.3 55.3 26

27 Asset: Federal government retirement funds 40.9 40.0 35.8 33.3 28.5 -26.9 46.0 85.6 29.0 45.3 55.3 27

 Retiree Health Care Funds (2):

28 Liab.: Federal government 17.3 17.7 20.8 44.9 19.5 99.8 41.1 19.5 41.7 44.2 64.1 28

29 Asset: Household sector 17.3 17.7 20.8 44.9 19.5 99.8 41.1 19.5 41.7 44.2 64.1 29

(1) Reciprocal currency arrangements (swap lines) with foreign central banks.

(2) Includes Uniform Services Retiree Health Care Fund and Postal Service Retiree Health Benefits Fund.
56 Z.1, December 11, 2008

F.231 Unidentified Miscellaneous Financial Claims

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2004 2005 2006 2007 2007 2008

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Net change in liabilities 712.9 743.4 922.9 1121.6 233.7 2395.0 1414.3 443.3 1055.9 -6.7 398.5 1

 2 Nonfinancial corporate business 400.0 744.0 838.0 670.2 460.6 567.8 974.9 677.3 451.1 44.1 520.1 2

 3 Nonfarm noncorporate business 68.8 142.7 144.6 92.4 62.5 70.3 122.6 114.2 67.1 27.0 7.3 3

 4 Federal government 1.0 5.0 5.6 -0.6 -13.4 22.8 -3.0 -8.9 -18.1 13.7 -13.9 4

 5 Rest of the world 226.2 7.2 192.2 92.5 69.5 719.1 64.5 -483.2 50.5 -356.4 -276.7 5

 6 Monetary authority 1.2 1.1 1.4 -0.7 16.0 -11.3 -8.9 1.5 8.4 -15.0 -33.8 6

 7 Commercial banking 73.1 -10.1 -15.3 115.2 -429.0 514.7 299.3 75.9 -57.6 217.3 -522.4 7

 8 U.S.-chartered commercial banks 84.4 -46.8 43.3 24.0 -131.6 325.9 -155.4 57.2 -326.7 111.0 -417.3 8

 9 Foreign banking offices in U.S. -170.1 24.2 -132.8 99.9 -187.5 175.7 333.3 78.0 395.2 209.5 112.8 9

10 Bank holding companies 148.0 12.8 78.7 -4.8 -106.2 14.4 129.0 -56.2 -130.1 -104.6 -202.7 10

11 Banks in U.S.-affiliated areas 10.8 -0.3 -4.4 -3.9 -3.7 -1.3 -7.6 -3.0 4.0 1.4 -15.3 11

12 Savings institutions 42.2 38.0 25.5 -0.1 35.2 30.5 -89.1 22.7 -60.0 -52.7 -250.6 12

13 Credit unions 1.9 2.6 -2.7 -5.6 12.2 -12.6 -27.5 5.5 24.2 -22.1 -14.5 13

14 Life insurance companies 9.6 12.4 22.9 14.5 21.9 -43.3 65.6 13.9 37.3 -47.1 25.2 14

15 Government-sponsored enterprises -4.5 0.2 9.7 1.2 -20.4 40.2 -8.2 -6.7 30.1 -3.2 -124.9 15

16 Finance companies -17.7 -1.2 -13.9 -4.6 115.9 -15.5 -6.9 -112.0 28.0 -3.4 -75.6 16

17 REITs 7.8 3.8 8.7 3.2 -18.6 -4.8 16.7 19.4 -4.1 -5.9 10.0 17

18 Brokers and dealers 30.7 -107.4 -23.7 -58.0 304.5 651.4 -738.5 -449.4 -20.3 -139.3 -352.8 18

19 Funding corporations -127.2 -94.9 -270.0 202.0 -383.2 -134.5 752.7 573.0 519.3 336.4 1501.0 19

20 Net change in assets 568.6 590.9 1193.6 1216.0 1631.9 2011.5 1744.1 -523.3 1403.4 18.4 -279.1 20

21 Nonfinancial corporate business 275.6 409.8 625.2 560.5 728.8 495.9 884.5 132.8 363.1 -232.4 86.9 21

22 Nonfarm noncorporate business 159.7 197.8 272.7 237.5 207.0 216.5 286.9 239.8 161.3 94.8 45.5 22

23 State and local governments -5.2 -35.6 -31.1 15.3 16.1 15.4 15.3 14.5 20.0 -46.0 -53.2 23

24 Federal government -1.4 -0.5 -1.0 -0.6 -1.2 1.0 -2.6 0.4 -2.8 2.5 71.4 24

25 Rest of the world 73.1 55.2 340.2 229.4 335.7 509.4 402.9 -330.3 249.7 -109.4 -4.2 25

26 Monetary authority 1.5 -3.2 0.1 1.8 0.0 1.6 2.4 3.1 7.6 -4.0 -39.3 26

27 Commercial banking -89.5 -18.5 -105.4 61.8 -104.1 272.6 124.2 -45.7 679.9 541.1 -135.2 27

28 U.S.-chartered commercial banks 1.6 2.5 8.7 12.8 -110.2 185.2 -192.9 168.9 109.2 218.7 -209.1 28

29 Foreign banking offices in U.S. -124.5 -37.3 -150.4 13.7 -53.6 38.4 267.8 -197.9 497.4 47.6 272.9 29

30 Bank holding companies 32.4 16.2 35.6 31.7 58.0 39.9 49.6 -20.6 72.4 272.3 -194.9 30

31 Banks in U.S.-affiliated areas 0.9 0.1 0.6 3.6 1.7 9.1 -0.4 3.8 0.9 2.4 -4.1 31

32 Savings institutions 89.7 -60.6 18.8 -1.8 36.3 16.2 15.1 -74.8 -1.3 -21.1 -58.0 32

33 Credit unions -2.1 -0.5 0.6 10.4 -17.1 20.4 17.4 20.9 -0.2 8.4 22.3 33

34 Life insurance companies 45.0 27.1 -8.3 -32.3 -97.8 -39.6 -23.0 31.4 22.9 -48.7 48.1 34

35 Private pension funds 3.5 -6.4 9.2 29.9 26.4 14.5 31.0 47.7 15.2 15.2 -1.9 35

36 State and local govt. retirement funds 4.6 -0.6 -0.3 -0.1 2.3 0.5 -0.0 -3.2 0.5 0.0 4.5 36

37 Money market mutual funds -2.9 -10.0 15.9 68.9 129.7 6.2 99.7 40.1 0.6 -78.1 24.2 37

38 Mutual funds 5.1 3.7 3.3 2.8 9.7 1.6 4.0 -4.0 13.3 -11.2 0.1 38

39 Government-sponsored enterprises 4.5 4.0 -3.2 27.0 -30.3 142.5 -17.8 13.6 -68.3 94.1 -179.6 39

40 Finance companies -64.3 -20.6 -69.9 -33.9 47.5 -64.3 -9.0 -109.9 58.1 12.4 -59.1 40

41 REITs 11.2 10.6 8.6 -3.9 -19.6 10.8 -2.3 -4.6 6.1 10.0 6.2 41

42 Brokers and dealers 60.5 39.3 118.2 43.3 362.4 390.3 -84.6 -495.0 -122.5 -209.1 -57.8 42

43 Discrepancy 144.3 152.5 -270.7 -94.5 -1398.2 383.5 -329.8 966.6 -347.5 -25.0 677.6 43
Z.1, December 11, 2008 57

F.11 Sector Discrepancies

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2004 2005 2006 2007 2007 2008

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 All sectors 93.6 241.3 324.8 -140.5 -808.3 845.6 -582.2 -17.2 -1103.0 -835.9 -155.8 1

 2 Household sector -107.1 162.1 265.6 -141.9 -328.9 817.5 -946.1 -110.3 -819.9 -1092.0 -208.7 2

 3 Nonfinancial corporate business -71.3 146.5 97.4 -128.2 -82.0 -196.0 -200.6 -34.2 -65.7 144.0 222.8 3

 4 State and local governments -58.7 -68.3 -60.3 -48.5 -44.6 -43.9 -54.6 -51.0 -46.0 -46.2 -64.3 4

 5 Federal government 19.2 30.6 20.6 39.6 90.1 -85.4 18.3 135.5 66.5 -113.9 159.6 5

 6 Rest of the world 96.5 18.2 -59.7 -52.1 -279.8 -9.5 279.2 -198.1 -63.7 180.8 39.4 6

 7 Financial sectors 215.0 -47.8 61.1 190.6 -163.1 363.1 321.6 240.9 -174.1 91.3 -304.6 7

 8 Monetary authority -2.3 3.2 0.9 -1.7 -5.7 -0.1 -2.2 1.1 -11.5 3.3 -1.5 8

 9 Commercial banking 224.0 -14.3 22.5 103.1 -73.8 220.9 230.0 35.2 -336.3 -152.0 -441.6 9

10 Savings institutions -2.0 6.0 2.1 -7.0 -6.6 -5.2 -4.2 -12.0 6.8 3.2 -7.1 10

11 Credit unions 1.9 2.6 1.6 2.1 1.7 0.7 1.7 4.2 -0.2 6.7 1.8 11

12 Property-casualty insurance companies -13.0 -7.7 21.1 23.4 -42.5 84.4 -11.6 63.6 15.2 140.7 30.7 12

13 Life insurance companies -35.7 -13.7 -3.0 -18.9 -9.3 -17.2 -20.9 -28.2 -27.3 15.5 -27.2 13

14 Mutual funds 3.2 20.5 4.0 10.1 8.7 9.7 10.6 11.5 6.2 4.9 3.4 14

15 Government-sponsored enterprises -14.4 -14.2 -4.9 -3.2 4.2 -6.2 13.1 -24.0 2.4 -34.7 25.9 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 47.1 -17.4 47.2 30.9 -13.0 72.9 26.2 37.5 43.8 35.8 39.6 17

18 REITs -0.7 -23.2 -19.5 -13.4 -45.9 -9.1 16.3 -14.9 -28.0 -30.7 -3.0 18

19 Brokers and dealers 6.9 10.5 -10.8 65.2 19.1 12.2 62.7 166.9 154.7 98.5 74.4 19

F.12 Instrument Discrepancies

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 All types 93.6 241.3 324.8 -140.5 -808.3 845.6 -582.2 -17.2 -1103.0 -835.9 -155.8 1

 2 Treasury currency -0.3 0.7 -1.1 0.2 -0.3 0.7 0.9 -0.6 -0.9 -0.5 -1.2 2

 3 Foreign deposits 61.9 15.3 104.2 154.1 301.4 353.8 85.5 -124.1 -413.0 -213.6 -103.0 3

 4 Net interbank transactions 14.9 -3.7 -1.9 1.7 63.0 -48.9 2.5 -9.6 2.6 -26.0 -60.4 4

 5 Security RPs -141.1 87.6 202.5 -296.6 -43.8 3.5 -295.7 -850.6 -303.2 -491.5 -499.2 5

 Mail floats:

 6 Federal government 27.9 -6.6 -3.0 1.2 18.2 -6.4 -0.2 -7.0 19.6 -9.2 -1.3 6

 7 Other -0.8 -0.9 -0.5 -1.0 5.1 -4.9 3.5 -7.9 12.6 -7.2 6.4 7

 8 Trade credit 11.2 -30.7 144.0 0.9 40.0 11.0 -55.2 7.9 16.3 72.6 32.2 8

 9 Taxes payable -20.2 -39.1 -10.5 5.7 -7.3 9.8 -1.6 22.0 -26.1 1.1 -46.3 9

10 Miscellaneous 144.3 152.5 -270.7 -94.5 -1398.2 383.5 -329.8 966.6 -347.5 -25.0 677.6 10

11 Nonfinancial -4.2 66.2 161.8 87.7 213.4 143.4 7.8 -13.9 -63.4 -136.6 -160.5 11

 Nonfinancial components (sign reversed):

12 Statistical discrepancy (NIPA) 19.2 -71.2 -163.0 -81.4 -188.4 -143.4 -7.8 13.9 63.4 136.6 160.5 12

13 Private wage accruals less disbursements -15.0 5.0 1.3 -6.3 -25.0 0.0 0.0 0.0 0.0 0.0 0.0 13