Z.1, March 6, 2008 9

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

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2003 2004 2005 2006 2007 2006 2007

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total net borrowing 2774.9 3059.1 3413.4 3863.5 4011.1 3451.6 3808.5 3684.9 3744.7 4964.4 3650.6 1

 2 Domestic nonfinancial sectors 1669.4 1959.0 2244.8 2319.6 2344.1 2001.3 2287.8 2292.9 2102.6 2625.6 2355.3 2

 3 Household sector 980.5 1063.8 1178.7 1194.2 877.1 1096.4 944.9 884.5 952.9 912.0 759.1 3

 4 Nonfinancial corporate business 82.2 167.2 243.4 425.7 627.4 229.9 631.1 527.3 618.0 641.0 723.2 4

 5 Nonfarm noncorporate business 92.1 244.7 331.6 346.8 403.2 342.5 334.6 304.9 379.0 488.6 440.2 5

 6 Farm business -1.6 6.1 12.7 18.4 15.1 13.9 22.6 25.6 11.1 12.6 11.1 6

 7 State and local governments 120.3 115.3 171.6 151.2 184.2 147.2 218.2 224.4 212.4 136.4 163.8 7

 8 Federal government 396.0 361.9 306.9 183.4 237.1 171.4 136.3 326.2 -70.8 435.0 257.8 8

 9 Rest of the world 36.9 124.8 102.8 250.4 97.8 518.1 227.7 160.5 236.2 -0.4 -5.2 9

10 Financial sectors 1068.5 975.3 1065.8 1293.6 1569.3 932.3 1293.0 1231.5 1406.0 2339.1 1300.5 10

11 Commercial banking 48.5 78.4 85.1 177.4 259.0 51.6 400.6 90.7 147.3 496.2 301.7 11

12 U.S.-chartered commercial banks 13.2 18.7 36.9 107.5 131.7 14.9 307.6 8.6 22.4 355.4 140.4 12

13 Foreign banking offices in U.S. -0.1 0.1 0.0 -0.3 0.0 -0.2 -0.9 -0.4 0.2 -0.7 0.9 13

14 Bank holding companies 35.4 59.5 48.2 70.2 127.2 36.9 94.0 82.4 124.7 141.5 160.5 14

15 Savings institutions 34.5 89.0 23.8 -111.9 103.1 17.1 -463.3 -20.5 -24.9 363.6 94.1 15

16 Credit unions 2.2 2.3 3.3 4.2 13.5 2.0 8.4 -10.5 10.6 37.9 16.0 16

17 Life insurance companies 2.9 3.0 0.4 2.7 14.5 2.4 4.3 4.9 12.6 26.9 13.6 17

18 Government-sponsored enterprises 250.9 75.0 -84.0 35.6 282.1 -83.5 40.7 66.7 161.4 556.6 343.6 18

19 Agency- and GSE-backed mortgage pools 330.6 47.9 167.3 295.4 605.8 284.4 278.9 482.5 534.9 622.2 783.8 19

20 ABS issuers 242.4 425.7 670.0 772.4 176.9 701.9 906.3 438.5 472.9 78.5 -282.2 20

21 Finance companies 111.1 134.3 33.5 34.8 30.0 -36.6 69.0 13.9 9.3 119.6 -22.9 21

22 REITs 31.5 98.3 59.8 41.1 -4.5 32.8 14.0 2.2 -9.9 -6.0 -4.2 22

23 Brokers and dealers 6.4 15.2 0.1 6.4 -4.0 5.0 -20.9 59.5 39.9 -29.4 -85.9 23

24 Funding corporations 7.6 6.1 106.5 35.4 92.9 -44.8 55.0 103.6 51.9 73.0 142.9 24

25 Total net lending 2774.9 3059.1 3413.4 3863.5 4011.1 3451.6 3808.5 3684.9 3744.7 4964.4 3650.6 25

26 Domestic nonfinancial sectors 171.4 382.3 252.4 283.2 388.5 149.3 399.1 118.0 124.1 851.5 460.5 26

27 Household sector 116.9 264.5 77.3 167.5 340.7 118.5 202.1 -137.4 -19.0 983.8 535.4 27

28 Nonfinancial corporate business -3.2 31.1 42.3 14.8 -23.0 -49.4 53.6 78.0 -29.4 -106.7 -33.9 28

29 Nonfarm noncorporate business 1.5 11.5 11.4 12.3 12.1 12.9 11.6 12.0 13.9 17.2 5.5 29

30 State and local governments 58.3 72.4 124.1 84.6 48.2 81.3 122.9 145.0 144.9 -40.1 -57.0 30

31 Federal government -2.1 2.7 -2.7 4.0 10.4 -14.0 8.9 20.3 13.6 -2.6 10.5 31

32 Rest of the world 573.3 765.7 780.6 856.8 791.6 841.8 911.7 991.4 891.2 238.9 1044.9 32

33 Financial sectors 2030.2 1911.1 2380.3 2723.5 2831.0 2460.5 2497.7 2575.6 2729.4 3874.0 2145.2 33

34 Monetary authority 37.2 51.2 26.4 34.7 -38.3 21.4 21.4 13.0 44.7 -33.7 -177.2 34

35 Commercial banking 332.9 608.0 658.4 761.7 750.3 154.5 1274.7 194.5 688.0 963.4 1155.5 35

36 U.S.-chartered commercial banks 352.2 571.1 507.9 656.3 527.4 57.3 1165.9 29.7 499.3 704.5 876.2 36

37 Foreign banking offices in U.S. -38.5 23.0 144.5 103.7 201.7 94.0 100.3 188.2 194.9 238.1 185.7 37

38 Bank holding companies 8.6 -0.0 -4.2 3.3 23.1 6.6 8.0 -16.8 -5.3 21.4 93.1 38

39 Banks in U.S.-affiliated areas 10.6 13.9 10.2 -1.7 -1.9 -3.3 0.5 -6.5 -0.9 -0.7 0.5 39

40 Savings institutions 127.3 103.5 199.3 -98.1 65.8 258.1 -859.7 189.1 67.4 136.8 -130.1 40

41 Credit unions 51.2 39.8 36.2 30.1 36.7 7.9 27.7 39.8 24.6 46.1 36.5 41

42 Property-casualty insurance companies 67.0 73.6 66.9 47.7 38.1 31.8 50.6 32.8 34.7 34.0 50.7 42

43 Life insurance companies 180.6 173.0 110.3 75.6 101.8 48.6 7.7 85.0 89.4 160.8 72.0 43

44 Private pension funds 69.2 -0.3 44.5 14.0 34.7 38.9 41.6 30.7 39.6 50.1 18.3 44

45 State and local govt. retirement funds 18.8 17.8 18.1 76.3 26.1 14.4 43.7 -8.4 18.6 61.3 32.8 45

46 Federal government retirement funds 6.0 4.7 7.7 8.4 11.7 7.7 2.5 14.9 3.4 17.5 11.1 46

47 Money market mutual funds -95.9 -124.9 -5.5 220.0 390.6 362.1 216.5 370.7 350.8 444.2 396.9 47

48 Mutual funds 138.0 116.6 124.1 184.9 262.5 130.8 232.6 285.2 365.6 179.8 219.4 48

49 Closed-end funds 35.5 11.0 1.5 6.7 0.2 -4.9 5.5 -0.9 13.9 -18.0 5.9 49

50 Exchange-traded funds 0.7 3.8 6.8 5.7 13.0 2.8 7.9 6.8 15.6 9.6 19.9 50

51 Government-sponsored enterprises 241.0 48.9 -69.1 46.6 240.9 -30.4 51.7 -86.9 81.0 673.3 296.1 51

52 Agency- and GSE-backed mortgage pools 330.6 47.9 167.3 295.4 605.8 284.4 278.9 482.5 534.9 622.2 783.8 52

53 ABS issuers 233.2 416.2 673.5 727.7 244.2 720.9 734.2 585.5 483.3 148.1 -240.0 53

54 Finance companies 122.9 214.9 117.2 89.7 6.2 158.1 -5.8 56.5 -34.7 99.5 -96.4 54

55 REITs 25.7 87.9 66.9 57.5 -65.7 44.5 87.1 -36.2 -30.4 -117.4 -78.9 55

56 Brokers and dealers 79.6 -29.2 82.3 106.2 231.9 162.5 218.5 281.1 -167.2 471.7 341.9 56

57 Funding corporations 28.6 47.0 47.5 32.8 -125.6 46.4 60.4 39.9 106.1 -75.3 -572.9 57

(1) Excludes corporate equities and mutual fund shares.
10 Z.1, March 6, 2008

F.2 Credit Market Borrowing by Nonfinancial Sectors

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2003 2004 2005 2006 2007 2006 2007

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Domestic 1669.4 1959.0 2244.8 2319.6 2344.1 2001.3 2287.8 2292.9 2102.6 2625.6 2355.3 1

 2 By instrument 1669.4 1959.0 2244.8 2319.6 2344.1 2001.3 2287.8 2292.9 2102.6 2625.6 2355.3 2

 3 Commercial paper -35.1 16.8 -7.9 23.4 10.5 -37.7 95.6 14.2 47.2 -32.8 13.5 3

 4 Treasury securities 398.4 362.5 307.3 183.7 237.5 172.4 135.8 327.5 -70.7 435.9 257.1 4

 5 Agency- and GSE-backed securities -2.4 -0.6 -0.4 -0.3 -0.4 -1.0 0.5 -1.3 -0.1 -0.8 0.7 5

 6 Municipal securities 137.6 130.5 195.0 177.3 214.6 169.2 252.8 249.1 246.6 164.3 198.3 6

 7 Corporate bonds 150.4 74.4 53.6 213.4 314.1 133.8 315.9 282.2 377.5 225.2 371.6 7

 8 Bank loans n.e.c. -77.0 10.8 137.6 173.4 263.3 163.1 223.2 115.7 99.0 423.8 414.6 8

 9 Other loans and advances 5.5 20.4 47.7 47.3 119.0 -30.0 60.1 69.7 64.1 198.6 143.7 9

10 Mortgages 987.6 1229.1 1417.5 1397.1 1053.2 1311.9 1095.0 1119.0 1199.4 1040.7 853.6 10

11 Home 798.3 1027.9 1103.7 1069.7 691.8 988.7 739.6 774.6 780.5 670.5 541.7 11

12 Multifamily residential 71.2 48.3 71.7 52.1 94.1 35.9 67.1 60.1 93.4 103.6 119.1 12

13 Commercial 119.4 150.2 237.4 267.7 258.8 279.7 280.7 276.0 317.1 258.1 184.3 13

14 Farm -1.3 2.7 4.6 7.5 8.5 7.6 7.6 8.3 8.4 8.5 8.5 14

15 Consumer credit 104.4 115.0 94.5 104.4 132.3 119.7 108.9 116.8 139.5 170.7 102.2 15

16 By sector 1669.4 1959.0 2244.8 2319.6 2344.1 2001.3 2287.8 2292.9 2102.6 2625.6 2355.3 16

17 Household sector 980.5 1063.8 1178.7 1194.2 877.1 1096.4 944.9 884.5 952.9 912.0 759.1 17

18 Nonfinancial business 172.6 418.0 587.7 790.8 1045.7 586.3 988.3 857.9 1008.0 1142.2 1174.5 18

19 Corporate 82.2 167.2 243.4 425.7 627.4 229.9 631.1 527.3 618.0 641.0 723.2 19

20 Nonfarm noncorporate 92.1 244.7 331.6 346.8 403.2 342.5 334.6 304.9 379.0 488.6 440.2 20

21 Farm -1.6 6.1 12.7 18.4 15.1 13.9 22.6 25.6 11.1 12.6 11.1 21

22 State and local governments 120.3 115.3 171.6 151.2 184.2 147.2 218.2 224.4 212.4 136.4 163.8 22

23 Federal government 396.0 361.9 306.9 183.4 237.1 171.4 136.3 326.2 -70.8 435.0 257.8 23

24 Foreign borrowing in U.S. 36.9 124.8 102.8 250.4 97.8 518.1 227.7 160.5 236.2 -0.4 -5.2 24

25 Commercial paper 12.9 62.8 38.5 93.1 -66.0 357.8 -17.2 11.1 24.7 -197.0 -102.9 25

26 Bonds 28.7 61.8 54.5 150.9 141.9 180.2 218.0 174.8 167.3 172.6 52.7 26

27 Bank loans n.e.c. -2.5 3.8 14.5 13.8 24.2 -12.2 31.6 -22.5 47.1 26.3 45.9 27

28 Other loans and advances -2.1 -3.6 -4.6 -7.4 -2.3 -7.7 -4.6 -3.0 -2.9 -2.3 -0.8 28

29 Domestic and foreign 1706.3 2083.8 2347.7 2569.9 2441.9 2519.4 2515.5 2453.4 2338.7 2625.2 2350.1 29

F.3 Credit Market Borrowing by Financial Sectors

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 By instrument 1068.5 975.3 1065.8 1293.6 1569.3 932.3 1293.0 1231.5 1406.0 2339.1 1300.5 1

 2 Open market paper -59.7 26.6 214.5 200.7 -113.9 80.7 199.6 206.5 357.0 -681.7 -337.2 2

 3 GSE issues 250.9 75.0 -84.0 35.6 282.1 -83.5 40.7 66.7 161.4 556.6 343.6 3

 4 Agency- and GSE-backed mortgage pool sec. 330.6 47.9 167.3 295.4 605.8 284.4 278.9 482.5 534.9 622.2 783.8 4

 5 Corporate bonds 486.0 667.7 692.8 797.8 506.0 655.7 1000.3 470.6 294.6 982.6 276.1 5

 6 Bank loans n.e.c. 21.4 58.1 17.0 -64.1 54.3 -42.8 -216.8 51.0 48.8 103.4 13.8 6

 7 Other loans and advances 31.2 74.1 44.4 21.2 231.4 29.9 -3.9 -30.5 0.4 746.2 209.7 7

 8 Mortgages 8.2 25.9 13.9 7.0 3.6 7.8 -5.8 -15.2 9.0 9.7 10.7 8

 9 By sector 1068.5 975.3 1065.8 1293.6 1569.3 932.3 1293.0 1231.5 1406.0 2339.1 1300.5 9

10 Commercial banking 48.5 78.4 85.1 177.4 259.0 51.6 400.6 90.7 147.3 496.2 301.7 10

11 U.S.-chartered commercial banks 13.2 18.7 36.9 107.5 131.7 14.9 307.6 8.6 22.4 355.4 140.4 11

12 Foreign banking offices in U.S. -0.1 0.1 0.0 -0.3 0.0 -0.2 -0.9 -0.4 0.2 -0.7 0.9 12

13 Bank holding companies 35.4 59.5 48.2 70.2 127.2 36.9 94.0 82.4 124.7 141.5 160.5 13

14 Savings institutions 34.5 89.0 23.8 -111.9 103.1 17.1 -463.3 -20.5 -24.9 363.6 94.1 14

15 Credit unions 2.2 2.3 3.3 4.2 13.5 2.0 8.4 -10.5 10.6 37.9 16.0 15

16 Life insurance companies 2.9 3.0 0.4 2.7 14.5 2.4 4.3 4.9 12.6 26.9 13.6 16

17 Government-sponsored enterprises 250.9 75.0 -84.0 35.6 282.1 -83.5 40.7 66.7 161.4 556.6 343.6 17

18 Agency- and GSE-backed mortgage pools 330.6 47.9 167.3 295.4 605.8 284.4 278.9 482.5 534.9 622.2 783.8 18

19 ABS issuers 242.4 425.7 670.0 772.4 176.9 701.9 906.3 438.5 472.9 78.5 -282.2 19

20 Finance companies 111.1 134.3 33.5 34.8 30.0 -36.6 69.0 13.9 9.3 119.6 -22.9 20

21 REITs 31.5 98.3 59.8 41.1 -4.5 32.8 14.0 2.2 -9.9 -6.0 -4.2 21

22 Brokers and dealers 6.4 15.2 0.1 6.4 -4.0 5.0 -20.9 59.5 39.9 -29.4 -85.9 22

23 Funding corporations 7.6 6.1 106.5 35.4 92.9 -44.8 55.0 103.6 51.9 73.0 142.9 23
Z.1, March 6, 2008 11

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

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2003 2004 2005 2006 2007 2006 2007

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total 2774.9 3059.1 3413.4 3863.5 4011.1 3451.6 3808.5 3684.9 3744.7 4964.4 3650.6 1

 2 Open market paper -82.0 106.2 245.1 317.1 -169.4 400.8 278.0 231.8 428.8 -911.5 -426.7 2

 3 Treasury securities 398.4 362.5 307.3 183.7 237.5 172.4 135.8 327.5 -70.7 435.9 257.1 3

 4 Agency- and GSE-backed securities 579.1 122.3 82.8 330.6 887.6 199.9 320.1 547.9 696.2 1178.0 1128.2 4

 5 Municipal securities 137.6 130.5 195.0 177.3 214.6 169.2 252.8 249.1 246.6 164.3 198.3 5

 6 Corporate and foreign bonds 665.1 803.9 800.9 1162.1 961.9 969.7 1534.1 927.6 839.3 1380.5 700.3 6

 7 Bank loans n.e.c. -58.1 72.7 169.1 123.1 341.8 108.1 38.0 144.2 195.0 553.6 474.3 7

 8 Other loans and advances 34.6 90.9 87.4 61.1 348.2 -7.8 51.6 36.2 61.6 942.5 352.5 8

 9 Mortgages 995.8 1255.0 1431.4 1404.1 1056.7 1319.7 1089.2 1103.7 1208.4 1050.4 864.4 9

10 Consumer credit 104.4 115.0 94.5 104.4 132.3 119.7 108.9 116.8 139.5 170.7 102.2 10

 Memo:

 Funds raised through corporate equities and mutual fund shares

11 Total net issues 427.5 366.0 110.9 -80.4 -199.3 -274.8 16.6 190.5 -36.1 -304.0 -647.4 11

12 Corporate equities 138.9 67.7 -149.3 -417.2 -567.1 -512.6 -349.1 -314.9 -560.8 -538.5 -854.4 12

13 Nonfinancial -42.0 -126.6 -363.4 -614.1 -836.6 -534.0 -751.2 -572.8 -770.0 -846.0 -1157.6 13

 Foreign shares purchased by

14 U.S. residents 118.0 84.8 142.6 138.5 110.2 41.8 251.0 174.0 161.5 142.7 -37.5 14

15 Financial 62.9 109.5 71.5 58.4 159.3 -20.4 151.2 83.9 47.7 164.8 340.7 15

16 Mutual fund shares 288.6 298.2 260.2 336.8 367.9 237.8 365.6 505.4 524.7 234.5 206.9 16

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

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 Net flows through credit markets

 1 (from table F.4, line 1) 2774.9 3059.1 3413.4 3863.5 4011.1 3451.6 3808.5 3684.9 3744.7 4964.4 3650.6 1

 2 Official foreign exchange -0.9 -3.2 -9.6 -2.6 0.0 -4.2 -5.9 0.1 -0.3 0.1 0.1 2

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

 4 Treasury currency 0.6 0.7 0.8 0.6 0.7 1.0 -0.0 0.4 1.3 1.4 -0.4 4

 5 Foreign deposits 36.0 89.9 67.8 98.8 265.9 -38.7 -64.4 284.6 395.3 170.9 212.8 5

 6 Net interbank transactions -14.5 19.4 -12.4 -11.2 -53.2 43.9 116.3 -490.2 24.4 149.1 104.0 6

 7 Checkable deposits and currency 85.0 84.8 3.5 -18.7 25.5 -73.0 -75.2 91.7 -99.0 115.9 -6.5 7

 8 Small time and savings deposits 307.4 281.6 314.4 347.0 286.8 336.8 578.7 371.2 218.1 336.8 221.1 8

 9 Large time deposits 55.8 252.9 284.4 261.2 321.3 344.7 -3.6 291.3 95.7 526.1 372.1 9

10 Money market fund shares -207.5 -136.5 127.0 305.3 741.0 418.0 378.8 442.3 441.5 1260.4 819.9 10

11 Security RPs 218.7 88.1 350.8 496.0 77.5 602.2 619.1 699.5 128.4 227.1 -745.2 11

12 Corporate equities 138.9 67.7 -149.3 -417.2 -567.1 -512.6 -349.1 -314.9 -560.8 -538.5 -854.4 12

13 Mutual fund shares 288.6 298.2 260.2 336.8 367.9 237.8 365.6 505.4 524.7 234.5 206.9 13

14 Trade payables 22.4 194.4 336.6 166.5 175.1 69.1 187.7 184.3 243.8 197.3 75.0 14

15 Security credit 120.0 179.4 0.2 211.5 264.0 173.0 274.2 113.5 357.4 -18.9 604.1 15

16 Life insurance reserves 66.8 33.1 16.1 65.6 27.4 76.3 75.4 23.6 16.7 32.4 37.1 16

17 Pension fund reserves 258.5 288.4 238.3 198.2 124.4 161.8 216.9 133.8 2.2 145.6 216.1 17

18 Taxes payable -1.1 28.5 28.1 19.9 24.0 21.4 28.0 33.0 11.8 26.0 24.9 18

19 Noncorporate proprietors’ equity 45.0 -18.0 -137.8 -51.5 -57.1 -35.0 -50.1 18.3 -59.5 -78.0 -109.2 19

20 Miscellaneous 460.0 1620.5 1389.1 1133.1 1780.8 1466.7 831.3 680.5 3353.8 1853.1 1246.4 20

21 Total financial sources 4654.5 6429.0 6521.6 7002.9 7816.1 6740.9 6932.4 6753.2 8840.3 9605.9 6075.4 21

 - Liabilities not identified as assets:

22 Treasury currency -0.3 -0.3 0.7 -1.1 0.1 0.6 -0.5 -0.3 0.7 0.9 -1.1 22

23 Foreign deposits 52.8 61.9 40.6 99.8 206.1 40.5 -141.2 359.8 377.4 12.3 74.8 23

24 Net interbank liabilities -4.3 14.9 -3.7 -1.9 1.7 48.1 -71.8 48.8 -53.8 -11.6 23.3 24

25 Security RPs -33.9 -139.9 134.2 298.0 -229.9 144.6 601.9 -132.0 13.4 109.3 -910.2 25

26 Taxes payable -42.6 -20.2 -18.1 1.9 -31.4 24.1 23.7 -29.2 -23.0 -24.3 -48.9 26

27 Miscellaneous -42.1 106.3 208.4 -304.2 183.1 -56.3 -317.0 -843.1 692.5 -446.6 1340.0 27

 - Floats not included in assets:

28 Checkable deposits: Federal govt. -8.9 27.9 -6.6 -3.0 1.2 16.4 -19.1 -5.9 -0.5 13.5 -2.5 28

29 Other -0.0 -0.8 -0.9 -0.5 -1.0 -0.9 -0.8 -0.8 -1.3 -0.8 -1.2 29

30 Trade credit 22.4 11.1 -32.6 -61.6 42.8 -51.2 -92.7 183.2 17.0 25.3 -54.4 30

 Totals identified to sectors

31 as assets 4711.4 6368.1 6199.6 6975.6 7643.5 6574.8 6950.0 7172.7 7817.9 9927.9 5655.6 31
12 Z.1, March 6, 2008

F.6 Distribution of Gross Domestic Product (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2003 2004 2005 2006 2007 2006 2007

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Gross Domestic Product (GDP) 10960.8 11685.9 12433.9 13194.7 13843.8 13266.9 13392.3 13551.9 13768.8 13970.5 14084.1 1

 2 Personal consumption expenditures (2) 7703.6 8195.9 8707.8 9224.5 9732.7 9305.7 9373.7 9540.5 9674.0 9785.7 9930.7 2

 3 Durable goods 942.7 983.9 1023.9 1048.9 1078.4 1053.8 1056.5 1074.0 1074.7 1081.6 1083.3 3

 4 Nondurable goods 2190.2 2343.7 2516.2 2688.0 2833.5 2732.4 2705.4 2759.4 2822.7 2846.3 2905.7 4

 5 Services 4570.8 4868.3 5167.8 5487.6 5820.8 5519.5 5611.8 5707.1 5776.5 5857.8 5941.7 5

 6 Gross private domestic investment 1664.1 1888.6 2077.2 2209.2 2129.1 2224.1 2152.4 2117.3 2139.1 2162.9 2096.9 6

 7 Fixed investment 1649.8 1830.0 2040.3 2162.5 2123.5 2161.3 2132.4 2118.9 2133.9 2127.5 2113.7 7

 8 Nonresidential 1077.4 1154.5 1272.1 1397.7 1482.7 1415.2 1417.1 1431.4 1469.1 1500.1 1530.0 8

 9 Household sector (nonprofit organizations) 91.2 98.3 101.8 109.8 117.3 111.0 110.7 112.2 116.0 119.0 122.1 9

10 Nonfinancial corporate business 743.5 783.9 885.1 980.3 1040.9 993.2 995.9 1005.5 1031.6 1053.0 1073.6 10

11 Nonfarm noncorporate business 116.2 105.9 121.9 151.5 159.3 155.8 161.2 167.6 158.6 150.2 160.7 11

12 Farm business 28.4 31.5 33.3 32.9 32.8 32.8 31.8 32.0 32.5 33.1 33.5 12

13 Financial corporations 98.1 134.9 130.1 123.3 132.4 122.4 117.6 114.1 130.4 144.9 140.1 13

14 Residential 572.4 675.5 768.2 764.8 640.8 746.1 715.3 687.5 664.8 627.3 583.7 14

15 Household sector 492.7 574.3 661.7 639.8 519.4 610.7 588.3 536.8 535.7 536.1 468.9 15

16 Nonfinancial corporate business 4.0 4.4 4.7 5.0 4.3 4.9 4.8 4.6 4.5 4.2 3.9 16

17 Nonfarm noncorporate business 76.0 89.1 102.5 115.9 129.2 117.5 120.9 124.2 127.6 130.9 134.3 17

18 REITs -0.4 7.7 -0.6 4.1 -12.0 13.0 1.3 21.9 -2.8 -43.9 -23.4 18

19 Change in private inventories 14.3 58.6 36.9 46.6 5.6 62.8 20.0 -1.6 5.1 35.4 -16.8 19

20 Nonfinancial corporate business 13.2 48.0 35.5 45.4 2.0 63.2 14.6 -6.7 1.0 30.0 -16.5 20

21 Nonfarm noncorporate business 0.7 2.5 1.9 2.4 0.1 3.3 0.8 -0.4 0.1 1.6 -0.9 21

22 Farm business 0.4 8.0 -0.5 -1.2 3.5 -3.7 4.7 5.5 4.0 3.8 0.6 22

23 Net U.S. exports of goods and services -499.4 -615.4 -714.6 -762.0 -708.6 -799.1 -705.3 -714.2 -714.2 -694.7 -711.3 23

24 Exports 1040.8 1182.4 1309.4 1467.6 1641.4 1484.5 1531.9 1549.9 1598.7 1685.7 1731.4 24

25 - Imports 1540.2 1797.8 2023.9 2229.6 2350.0 2283.6 2237.2 2264.0 2312.9 2380.4 2442.7 25

 Government consumption expenditures and

26 gross investment 2092.5 2216.8 2363.4 2523.0 2690.6 2536.1 2571.4 2608.3 2670.0 2716.5 2767.8 26

27 Consumption expenditures (3) 1736.5 1844.0 1965.7 2089.3 2222.2 2101.0 2127.2 2156.5 2205.7 2242.1 2284.7 27

28 Federal 662.7 723.7 768.5 812.8 856.0 813.3 826.4 829.8 849.8 867.7 876.9 28

29 State and local 1073.8 1120.3 1197.2 1276.5 1366.2 1287.7 1300.8 1326.7 1355.9 1374.3 1407.8 29

30 Gross investment (3) 356.0 372.8 397.8 433.8 468.4 435.1 444.2 451.8 464.3 474.4 483.1 30

31 Federal 93.7 101.9 109.9 119.7 120.1 118.7 123.3 116.8 119.8 122.6 121.5 31

32 State and local 262.2 270.9 287.8 314.0 348.3 316.4 320.9 335.0 344.5 351.9 361.6 32

 Memo:

33 Net U.S. income receipts from rest of the world 56.8 76.2 68.5 58.0 84.8 45.0 60.1 63.2 70.7 101.2 104.1 33

34 U.S. income receipts 336.8 437.5 544.1 691.4 831.4 709.7 733.8 752.2 814.2 855.6 903.8 34

35 - U.S. income payments 280.0 361.3 475.5 633.4 746.6 664.7 673.7 689.0 743.5 754.4 799.6 35

 Gross National Product (GNP) =

36 GDP + net U.S. income receipts 11017.6 11762.1 12502.4 13252.7 13928.6 13311.9 13452.4 13615.1 13839.4 14071.6 14188.2 36

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

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

(3) Government inventory investment is included in consumption expenditures.
Z.1, March 6, 2008 13

F.7 Distribution of National Income (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2003 2004 2005 2006 2007 2006 2007

 Q3 Q4 Q1 Q2 Q3 Q4

 1 National Income 9632.3 10306.8 10887.6 11655.6 12221.7 11685.6 11844.6 12010.5 12196.8 12296.0 12383.4 1

 2 Compensation of employees 6325.4 6656.4 7029.6 7448.3 7866.1 7442.5 7649.9 7764.9 7826.9 7907.7 7964.7 2

 3 Wages and other labor income 5928.3 6263.1 6595.5 6988.9 7368.2 6991.3 7139.7 7293.6 7329.7 7405.5 7444.1 3

 4 Employer social insurance contributions 382.1 408.3 429.1 451.8 475.3 451.3 460.2 471.3 472.1 477.3 480.6 4

 5 Wage accruals less disbursements 15.0 -15.0 5.0 7.5 22.5 0.0 50.0 0.0 25.0 25.0 40.0 5

 Proprietors’ income with inventory

 6 valuation and capital consumption adjustments 811.3 911.6 969.9 1006.7 1042.3 1003.6 1009.8 1027.4 1038.4 1048.7 1054.9 6

 7 Nonfarm 782.1 874.3 939.1 987.4 1006.1 985.5 985.8 998.3 1005.3 1010.0 1010.9 7

 8 Farm 29.2 37.3 30.8 19.4 36.2 18.1 23.9 29.1 33.1 38.6 44.0 8

 Rental income of persons (with capital

 9 consumption adjustment) 133.0 118.4 42.9 54.5 64.6 52.9 50.9 53.2 62.1 68.4 74.7 9

 Corporate profits with inventory

10 valuation and capital consumption adjustments 993.1 1231.2 1372.8 1553.7 1604.0 1592.5 1531.2 1547.7 1642.4 1621.9 1604.2 10

 Corporate profits with inventory

11 valuation adjustment 894.5 1161.6 1543.4 1769.5 1839.5 1816.2 1768.2 1775.6 1876.8 1859.4 1846.3 11

12 Profits before tax 908.1 1204.7 1579.6 1805.8 1877.1 1851.4 1789.2 1815.8 1931.5 1879.7 1881.3 12

13 Domestic nonfinancial 424.3 660.1 935.5 1040.6 1036.8 1098.6 987.5 1021.8 1067.4 1021.2 1036.7 13

14 Farm 1.1 2.3 2.3 2.7 3.2 2.7 2.9 3.0 3.1 3.3 3.4 14

15 Rest of the world 165.5 193.4 218.2 257.3 326.0 249.8 277.8 297.9 314.6 341.0 350.3 15

16 Domestic financial 317.3 348.9 423.6 505.3 511.1 500.3 521.0 493.0 546.4 514.2 490.9 16

 Less:

17 Taxes on corporate income 243.3 307.4 392.9 453.9 470.4 470.4 452.4 452.5 490.1 469.4 469.6 17

18 Domestic nonfinancial 135.1 190.2 262.7 287.4 311.0 299.8 284.3 297.8 320.8 309.2 316.4 18

19 Farm 0.5 0.8 0.7 0.8 0.9 0.8 0.8 0.8 0.9 0.8 0.9 19

20 Domestic financial 107.6 116.4 129.5 165.7 158.5 169.8 167.3 153.9 168.5 159.5 152.3 20

 Equals:

21 Profits after tax 664.8 897.3 1186.7 1351.9 1406.6 1381.0 1336.8 1363.3 1441.4 1410.2 1411.7 21

22 Net dividends 424.7 539.5 601.4 698.9 795.2 711.1 736.4 759.4 784.2 807.7 829.4 22

23 Domestic nonfinancial 290.6 364.2 196.4 445.4 491.0 460.0 528.8 480.2 487.5 474.3 522.1 23

24 Farm 2.1 2.8 2.7 3.2 3.6 3.3 3.4 3.5 3.6 3.7 3.8 24

25 Rest of the world 32.0 47.8 255.8 75.8 135.4 70.4 20.4 108.6 123.4 164.7 144.8 25

26 Domestic financial 100.1 124.7 146.3 174.5 165.2 177.5 183.8 167.1 169.6 165.1 158.8 26

27 Undistributed profits 240.0 357.8 585.4 653.0 611.5 670.0 600.3 603.9 657.2 602.5 582.3 27

28 Domestic nonfinancial -1.4 105.7 476.4 307.7 234.7 338.9 174.3 243.8 259.1 237.7 198.3 28

29 Farm -1.5 -1.3 -1.2 -1.3 -1.3 -1.4 -1.2 -1.2 -1.3 -1.2 -1.3 29

30 Rest of the world 133.5 145.6 -37.7 181.5 190.6 179.4 257.3 189.3 191.2 176.3 205.5 30

31 Domestic financial 109.6 107.8 147.8 165.1 187.4 153.0 169.9 172.0 208.3 189.7 179.8 31

32 Inventory valuation adjustment -13.6 -43.1 -36.2 -36.3 -37.6 -35.2 -21.0 -40.2 -54.7 -20.3 -35.0 32

33 Capital consumption adjustment 98.7 69.7 -170.6 -215.8 -235.4 -223.7 -237.0 -227.9 -234.4 -237.4 -242.0 33

34 Domestic nonfinancial 80.3 62.4 -152.5 -192.7 -210.3 -199.7 -211.6 -203.6 -209.4 -212.1 -216.1 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 18.3 7.3 -18.1 -23.1 -25.1 -24.0 -25.4 -24.3 -25.0 -25.3 -25.9 36

37 Net interest and miscellaneous payments 524.7 491.2 558.0 598.5 603.2 594.2 596.0 599.6 592.4 599.3 621.3 37

38 Taxes on production and imports 807.2 863.8 921.6 967.3 1008.9 971.2 978.9 990.8 1004.1 1014.4 1026.5 38

39 Less: Subsidies 47.9 44.6 58.5 49.7 47.1 48.3 47.8 47.0 47.3 46.6 47.5 39

40 Business current transfer payments (net) 83.8 83.0 66.5 90.2 94.2 91.4 91.8 91.8 92.8 94.4 97.6 40

41 Current surplus of government enterprises 1.7 -4.2 -15.1 -13.9 -14.5 -14.5 -16.0 -17.8 -15.0 -12.2 -13.1 41

 Memo:

 Calculation of Gross Domestic Product

 from National Income: (2)

42 National Income, from line 1 above 9632.3 10306.8 10887.6 11655.6 12221.7 11685.6 11844.6 12010.5 12196.8 12296.0 12383.4 42

 Plus:

43 Private consumption of fixed capital 1118.3 1206.0 1357.0 1347.5 1398.9 1358.7 1379.3 1389.6 1397.4 1400.9 1407.6 43

44 Government consumption of fixed capital 218.2 230.2 252.4 267.7 287.9 270.1 275.1 281.3 286.0 290.0 294.4 44

45 Statistical discrepancy 48.8 19.2 5.4 -18.1 12.4 -2.5 -46.6 -66.3 -40.8 84.8 71.7 45

 Less:

46 Net U.S. income receipts from rest of the world 56.8 76.2 68.5 58.0 84.8 45.0 60.1 63.2 70.7 101.2 104.1 46

 Equals:

47 Gross Domestic Product 10960.8 11685.9 12433.9 13194.7 13843.8 13266.9 13392.3 13551.9 13768.8 13970.5 14084.1 47

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

(2) The relationship of National Income to Gross Domestic Product is shown on NIPA table 1.7.5 in the Survey of Current Business, Department of Commerce.
14 Z.1, March 6, 2008

F.8 Saving and Investment (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2003 2004 2005 2006 2007 2006 2007

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Gross saving 1459.0 1618.1 1734.6 1866.9 1861.8 1811.6 1914.9 1879.4 1913.6 1861.7 1792.5 1

 2 Net saving 122.5 182.0 125.1 251.7 175.0 182.8 260.5 208.5 230.2 170.9 90.5 2

 3 Net private saving 515.0 551.1 428.2 447.2 403.7 409.7 434.4 432.8 423.5 414.1 344.3 3

 4 Personal saving 174.9 181.7 44.6 38.8 42.7 -1.4 42.0 97.0 30.5 44.4 -0.9 4

 5 Undistributed corporate profits w/IVA & CCA 325.1 384.4 378.6 400.9 338.5 411.1 342.4 335.8 368.0 344.7 305.3 5

 6 Undistributed profits 240.0 357.8 585.4 653.0 611.5 670.0 600.3 603.9 657.2 602.5 582.3 6

 7 Inventory valuation adjustment -13.6 -43.1 -36.2 -36.3 -37.6 -35.2 -21.0 -40.2 -54.7 -20.3 -35.0 7

 8 Capital consumption adjustment 98.7 69.7 -170.6 -215.8 -235.4 -223.7 -237.0 -227.9 -234.4 -237.4 -242.0 8

 9 Wage accruals less disbursements 15.0 -15.0 5.0 7.5 22.5 0.0 50.0 0.0 25.0 25.0 40.0 9

10 Net government saving -392.5 -369.1 -303.1 -195.4 -228.7 -226.9 -173.9 -224.3 -193.4 -243.2 -253.8 10

11 Federal -372.1 -370.6 -318.3 -220.1 -219.7 -239.2 -181.5 -218.5 -206.8 -230.3 -223.2 11

12 State and local -20.4 1.5 15.2 24.6 -9.0 12.3 7.6 -5.8 13.4 -13.0 -30.7 12

13 Consumption of fixed captal 1336.5 1436.1 1609.5 1615.2 1686.8 1628.8 1654.4 1670.9 1683.4 1690.9 1702.0 13

14 Private 1118.3 1206.0 1357.0 1347.5 1398.9 1358.7 1379.3 1389.6 1397.4 1400.9 1407.6 14

15 Domestic business 916.6 970.2 1060.4 1081.4 1119.2 1090.1 1104.8 1112.6 1118.3 1120.6 1125.4 15

16 Households and institutions 201.7 235.8 296.6 266.1 279.6 268.6 274.5 277.1 279.1 280.3 282.1 16

17 Government 218.2 230.2 252.4 267.7 287.9 270.1 275.1 281.3 286.0 290.0 294.4 17

18 Federal 90.4 94.0 99.0 105.4 110.4 106.3 107.5 108.6 110.2 110.9 112.1 18

19 State and local 127.8 136.1 153.4 162.3 177.5 163.8 167.6 172.7 175.9 179.0 182.4 19

 Gross domestic investment, capital account

20 transactions, and net lending, NIPAs 1507.8 1637.3 1739.9 1848.8 1874.2 1809.1 1868.3 1813.1 1872.8 1946.5 1864.2 20

21 Gross domestic investment 2020.0 2261.4 2475.0 2642.9 2597.5 2659.2 2596.7 2569.2 2603.4 2637.4 2580.0 21

22 Gross private domestic investment 1664.1 1888.6 2077.2 2209.2 2129.1 2224.1 2152.4 2117.3 2139.1 2162.9 2096.9 22

23 Fixed investment 1649.8 1830.0 2040.3 2162.5 2123.5 2161.3 2132.4 2118.9 2133.9 2127.5 2113.7 23

24 Nonresidential 1077.4 1154.5 1272.1 1397.7 1482.7 1415.2 1417.1 1431.4 1469.1 1500.1 1530.0 24

25 Residential 572.4 675.5 768.2 764.8 640.8 746.1 715.3 687.5 664.8 627.3 583.7 25

26 Change in private inventories 14.3 58.6 36.9 46.6 5.6 62.8 20.0 -1.6 5.1 35.4 -16.8 26

27 Gross government investment 356.0 372.8 397.8 433.8 468.4 435.1 444.2 451.8 464.3 474.4 483.1 27

28 Capital account transactions (net) 3.2 2.4 4.1 3.9 1.6 2.2 2.5 1.6 1.7 1.6 1.6 28

29 Net lending or net borrowing (-), NIPAs -515.5 -626.5 -739.1 -798.0 -724.9 -852.2 -730.9 -757.7 -732.3 -692.4 -717.4 29

30 Statistical discrepancy (line 20 less line 1) 48.8 19.2 5.4 -18.1 12.4 -2.5 -46.6 -66.3 -40.8 84.8 71.7 30

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

F.9 Net Capital Transfers (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Capital transfers received by government (net) 11.2 13.6 12.1 14.6 1.5 15.4 15.8 0.5 7.1 3.5 -5.1 1

 2 Federal -40.4 -38.4 -42.1 -42.3 -56.5 -43.7 -41.2 -50.2 -51.0 -59.6 -65.2 2

 3 Estate and gift taxes paid by persons 22.0 24.6 25.0 27.8 26.1 27.1 27.4 21.9 28.6 25.8 28.2 3

 4 - Capital transfers paid to persons 14.8 16.1 15.9 16.4 29.1 16.4 16.3 26.0 25.9 26.8 37.8 4

 5 - Capital transfers paid to the rest of the world (net) 1.9 0.7 2.3 1.7 0.0 0.0 0.0 0.0 0.1 0.0 0.0 5

 6 - Federal investment grants to state and local govts. 45.5 46.3 48.8 52.1 53.5 54.4 52.3 46.0 53.6 58.6 55.7 6

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

 8 State and local 51.6 52.1 54.1 56.9 58.0 59.1 56.9 50.6 58.1 63.1 60.1 8

 9 Estate and gift taxes paid by persons 6.1 5.8 5.3 4.8 4.5 4.7 4.6 4.6 4.5 4.5 4.5 9

10 + Federal investment grants to state and local govts. 45.5 46.3 48.8 52.1 53.5 54.4 52.3 46.0 53.6 58.6 55.7 10

11 Capital transfers received by rest of the world (net) 3.4 2.4 4.1 3.8 2.0 2.1 2.1 2.0 2.1 2.0 2.0 11

12 Capital transfers received from U.S. government (net) 1.9 0.7 2.3 1.7 0.0 0.0 0.0 0.0 0.1 0.0 0.0 12

13 - Migrants’ transfers received by persons (net) -1.5 -1.7 -1.8 -2.1 -2.0 -2.1 -2.1 -2.0 -2.0 -2.0 -2.0 13

 Memo:

 Acquisition of nonproduced nonfinancial assets (net)

14 Nonfinancial corporate business -10.8 -10.6 -10.2 2.2 -11.0 -12.1 41.1 -10.4 -9.4 -14.0 -10.1 14

15 State and local governments 10.9 10.5 10.6 11.2 11.4 11.3 11.4 11.4 11.4 11.4 11.4 15

16 Federal governments -0.2 0.0 -0.5 -13.3 -0.8 0.8 -52.1 -1.3 -2.3 2.2 -1.7 16

17 Rest of the world 0.2 0.0 0.1 -0.1 0.4 -0.0 -0.4 0.4 0.4 0.4 0.4 17

(1) This table is based on NIPA table 5.10 in the Survey of Current Business, Department of Commerce.
Z.1, March 6, 2008 15

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

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2003 2004 2005 2006 2007 2006 2007

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net acquisition of financial assets 980.8 1338.1 908.9 969.0 1092.1 786.0 928.7 979.6 236.0 2105.2 1047.6 1

 2 Foreign deposits 2.2 5.4 4.1 5.9 19.0 -2.3 -3.9 17.1 23.7 10.3 24.8 2

 3 Checkable deposits and currency -41.1 52.0 -73.2 -17.9 -23.3 -18.9 -67.4 93.2 -181.3 -72.5 67.5 3

 4 Time and savings deposits 341.2 443.3 503.7 552.1 510.0 650.3 511.4 695.6 207.4 657.8 479.1 4

 5 Money market fund shares -109.2 -50.6 50.0 174.6 243.7 113.5 228.2 137.3 279.1 357.4 201.1 5

 6 Securities 302.0 211.0 -162.4 -352.1 -339.9 -501.8 -260.5 -552.4 -684.6 544.7 -667.2 6

 7 Open market paper -4.5 30.2 28.1 23.4 -28.0 21.8 25.6 14.1 26.8 -102.0 -50.7 7

 8 U.S. savings bonds 8.9 0.6 0.7 -2.7 -6.0 -4.9 -7.4 -8.3 -5.8 -4.5 -5.3 8

 9 Other Treasury securities 22.4 51.2 -90.5 -58.7 -169.4 -87.6 -499.6 -224.7 -1.8 -19.2 -431.9 9

10 Agency- and GSE-backed securities 153.4 97.7 84.3 -28.8 428.3 83.9 189.9 210.6 336.5 640.0 526.1 10

11 Municipal securities 24.8 40.3 78.8 45.2 50.7 50.9 13.9 100.9 90.3 25.7 -14.2 11

12 Corporate and foreign bonds -91.4 43.9 -24.9 193.9 66.0 61.9 483.3 -229.5 -458.2 447.2 504.4 12

13 Corporate equities (2) -86.0 -269.3 -467.4 -761.0 -988.6 -745.0 -755.8 -872.0 -1164.7 -602.5 -1315.0 13

14 Mutual fund shares 274.4 216.4 228.5 236.7 307.1 117.1 289.5 456.7 492.3 160.0 119.4 14

15 Life insurance reserves 66.8 33.1 16.1 65.6 27.4 76.3 75.4 23.6 16.7 32.4 37.1 15

16 Pension fund reserves 258.5 288.4 238.3 198.2 124.4 161.8 216.9 133.8 2.2 145.6 216.1 16

17 Miscellaneous and other assets 160.4 355.5 332.3 342.5 530.7 307.1 228.6 431.4 572.8 429.4 689.2 17

18 Gross investment in tangible assets 1680.7 1818.8 1961.7 2009.7 1945.8 1990.2 1982.6 1958.1 1955.4 1961.9 1907.9 18

19 Residential fixed investment 568.7 663.4 764.2 755.7 648.6 728.2 709.2 661.0 663.2 667.0 603.1 19

20 Other fixed assets (3) 235.8 235.7 256.9 294.1 309.4 299.7 303.7 311.8 307.1 302.2 316.3 20

21 Consumer durables 875.1 909.1 939.3 958.7 984.3 962.7 964.3 980.2 980.9 987.2 988.7 21

22 Inventories (3) 1.1 10.6 1.4 1.2 3.6 -0.4 5.4 5.1 4.1 5.4 -0.3 22

23 Consumption of fixed capital 1057.6 1141.7 1274.1 1258.7 1289.2 1269.0 1289.2 1271.8 1285.4 1294.8 1305.1 23

24 Residential fixed investment 195.8 233.4 340.7 257.8 271.2 260.0 265.8 265.4 271.1 274.1 274.1 24

25 Other fixed assets (3) 192.3 205.8 195.8 233.3 244.9 236.3 242.2 245.3 245.2 243.1 245.9 25

26 Consumer durables 669.4 702.5 737.5 767.6 773.2 772.7 781.2 761.1 769.1 777.5 785.1 26

27 Net investment in tangible assets (4) 623.2 677.1 687.6 751.0 656.6 721.2 693.5 686.4 670.0 667.1 602.8 27

28 Residential fixed investment 372.9 430.0 423.5 497.9 377.4 468.2 443.4 395.7 392.1 392.9 329.1 28

29 Other fixed assets (3) 43.5 29.9 61.1 60.8 64.5 63.3 61.5 66.5 61.9 59.1 70.4 29

30 Consumer durables 205.7 206.6 201.7 191.1 211.1 190.1 183.1 219.1 211.9 209.7 203.6 30

31 Inventories (3) 1.1 10.6 1.4 1.2 3.6 -0.4 5.4 5.1 4.1 5.4 -0.3 31

32 Net increase in liabilities 1107.4 1515.1 1702.4 1699.2 1418.9 1586.6 1522.4 1236.1 1654.7 1360.7 1424.2 32

33 Mortgage debt on nonfarm homes 796.4 1023.2 1096.1 1061.5 689.7 980.7 733.9 770.5 780.6 667.5 540.4 33

34 Other mortgage debt (3) 130.0 153.9 134.7 229.0 265.8 202.1 248.9 215.5 307.3 286.5 253.8 34

35 Consumer credit 104.4 115.0 94.5 104.4 132.3 119.7 108.9 116.8 139.5 170.7 102.2 35

36 Policy loans -0.7 1.6 0.8 3.3 4.9 5.4 -1.0 2.6 4.7 6.3 6.1 36

37 Security credit 34.3 81.5 -31.6 59.7 32.8 42.7 150.3 -52.6 220.3 -150.0 113.3 37

38 Other liabilities (3) 43.0 139.9 408.0 241.4 293.4 236.1 281.5 183.3 202.3 379.7 408.3 38

39 Net capital transfers (5) -14.8 -16.0 -16.2 -18.4 -3.5 -17.6 -17.9 -2.4 -9.2 -5.6 3.1 39

40 Personal saving, with consumer durables (FOF) 511.3 516.1 -89.7 39.2 333.3 -61.9 117.6 432.2 -739.4 1417.1 223.1 40

41 Less net investment in consumer durables 205.7 206.6 201.7 191.1 211.1 190.1 183.1 219.1 211.9 209.7 203.6 41

42 = Personal saving, without consumer durables (FOF) (6) 305.6 309.5 -291.4 -151.9 122.2 -251.9 -65.5 213.1 -951.3 1207.4 19.5 42

43 Personal saving (NIPA, excludes consumer durables) 174.9 181.7 44.6 38.8 42.7 -1.4 42.0 97.0 30.5 44.4 -0.9 43

44 Difference 130.7 127.8 -336.0 -190.7 79.4 -250.6 -107.5 116.1 -981.8 1163.0 20.4 44

 Memo:

45 Disposable personal income 8162.5 8680.9 9092.0 9629.1 10175.2 9675.8 9799.2 10014.5 10099.7 10245.2 10341.3 45

 Personal saving as a percentage of disposable personal income:

46 With consumer durables (FOF) (line 40) 6.3 5.9 -1.0 0.4 3.3 -0.6 1.2 4.3 -7.3 13.8 2.2 46

47 Without consumer durables (FOF) (line 42) 3.7 3.6 -3.2 -1.6 1.2 -2.6 -0.7 2.1 -9.4 11.8 0.2 47

48 Without consumer durables (NIPA) (line 43) 2.1 2.1 0.5 0.4 0.4 -0.0 0.4 1.0 0.3 0.4 -0.0 48

49 Difference (line 44) 1.6 1.5 -3.7 -2.0 0.8 -2.6 -1.1 1.2 -9.7 11.4 0.2 49

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

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

(3) Includes corporate farms.

(4) Line 18 less line 23.

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

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

 (line 27 less line 41) less net increase in liabilities (line 32) less net capital transfers (line 39). Line 43 is disposable personal income (line 45) less personal outlays (table F.100, line 4).
16 Z.1, March 6, 2008

F.100 Households and Nonprofit Organizations (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2003 2004 2005 2006 2007 2006 2007

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Personal income 9163.6 9727.2 10301.1 10983.4 11658.8 11030.9 11200.2 11469.2 11577.3 11735.0 11853.5 1

 2 - Personal current taxes 1001.1 1046.3 1209.1 1354.3 1483.6 1355.2 1401.0 1454.7 1477.6 1489.8 1512.2 2

 3 = Disposable personal income 8162.5 8680.9 9092.0 9629.1 10175.2 9675.8 9799.2 10014.5 10099.7 10245.2 10341.3 3

 4 - Personal outlays 7987.7 8499.2 9047.4 9590.3 10132.4 9677.1 9757.2 9917.5 10069.2 10200.9 10342.2 4

 5 = Personal saving, NIPA (2) 174.9 181.7 44.6 38.8 42.7 -1.4 42.0 97.0 30.5 44.4 -0.9 5

 6 + Government insurance and pension reserves (3) -0.6 0.0 0.7 0.1 0.1 -1.5 0.9 1.1 0.0 -1.9 1.3 6

 7 + Net investment in consumer durables 205.7 206.6 201.7 191.1 211.1 190.1 183.1 219.1 211.9 209.7 203.6 7

 8 + Consumption of fixed capital 873.2 940.6 1036.6 1036.3 1055.5 1043.9 1058.4 1040.9 1050.9 1060.5 1069.9 8

 9 + Net capital transfers (4) -14.8 -16.0 -16.2 -18.4 -3.5 -17.6 -17.9 -2.4 -9.2 -5.6 3.1 9

10 = Gross saving and net capital transfers 1238.5 1312.9 1267.4 1247.9 1305.9 1213.5 1266.5 1355.7 1284.0 1307.1 1277.0 10

11 Gross investment 1371.4 1441.9 931.9 1058.4 1386.6 965.8 1159.3 1471.9 303.6 2473.3 1297.4 11

12 Capital expenditures 1459.0 1581.7 1702.7 1708.3 1620.9 1684.5 1663.3 1629.2 1632.6 1642.3 1579.7 12

13 Residential 492.7 574.3 661.7 639.8 519.4 610.7 588.3 536.8 535.7 536.1 468.9 13

14 Consumer durable goods 875.1 909.1 939.3 958.7 984.3 962.7 964.3 980.2 980.9 987.2 988.7 14

15 Nonprofit nonresidential 91.2 98.3 101.8 109.8 117.3 111.0 110.7 112.2 116.0 119.0 122.1 15

16 Net financial investment -87.7 -139.8 -770.8 -649.9 -234.4 -718.7 -504.0 -157.3 -1329.0 831.0 -282.3 16

17 Net acquisition of financial assets 932.8 1023.5 386.3 613.4 685.7 429.4 600.8 685.9 -146.6 1603.4 600.0 17

18 Foreign deposits 2.2 5.4 4.1 5.9 19.0 -2.3 -3.9 17.1 23.7 10.3 24.8 18

19 Checkable deposits and currency -47.5 -35.3 -137.7 -41.1 -43.9 -44.1 -88.3 71.5 -209.4 -91.8 54.0 19

20 Time and savings deposits 296.5 439.1 470.1 507.4 451.8 603.5 469.3 652.2 156.9 575.2 422.8 20

21 Money market fund shares -111.5 -56.1 45.2 165.2 229.0 103.7 219.3 128.2 268.5 330.2 189.2 21

22 Credit market instruments 116.9 264.5 77.3 167.5 340.7 118.5 202.1 -137.4 -19.0 983.8 535.4 22

23 Open market paper -4.5 30.2 28.1 23.4 -28.0 21.8 25.6 14.1 26.8 -102.0 -50.7 23

24 Treasury securities 29.3 46.5 -95.7 -68.6 -181.4 -99.9 -513.8 -240.0 -15.7 -33.7 -436.2 24

25 Savings bonds 8.9 0.6 0.7 -2.7 -6.0 -4.9 -7.4 -8.3 -5.8 -4.5 -5.3 25

26 Other 20.4 45.9 -96.4 -65.9 -175.4 -95.1 -506.4 -231.7 -9.8 -29.2 -430.9 26

27 Agency- and GSE-backed securities 153.4 97.7 84.3 -28.8 428.3 83.9 189.9 210.6 336.5 640.0 526.1 27

28 Municipal securities 25.4 38.6 78.7 44.6 50.0 50.3 13.4 100.3 89.7 24.9 -14.9 28

29 Corporate and foreign bonds -91.4 43.9 -24.9 193.9 66.0 61.9 483.3 -229.5 -458.2 447.2 504.4 29

30 Mortgages 4.7 7.5 6.8 3.0 5.8 0.5 3.7 7.1 1.9 7.4 6.7 30

31 Corporate equities (5) -86.0 -269.3 -467.4 -761.0 -988.6 -745.0 -755.8 -872.0 -1164.7 -602.5 -1315.0 31

32 Mutual fund shares 274.4 216.4 228.5 236.7 307.1 117.1 289.5 456.7 492.3 160.0 119.4 32

33 Security credit 62.7 103.0 -3.0 80.4 197.8 33.9 3.5 137.9 220.7 50.0 382.6 33

34 Life insurance reserves 66.8 33.1 16.1 65.6 27.4 76.3 75.4 23.6 16.7 32.4 37.1 34

35 Pension fund reserves 258.5 288.4 238.3 198.2 124.4 161.8 216.9 133.8 2.2 145.6 216.1 35

36 Equity in noncorporate business 45.0 -18.0 -137.8 -51.5 -57.1 -35.0 -50.1 18.3 -59.5 -78.0 -109.2 36

37 Miscellaneous assets 55.0 52.4 52.8 40.1 78.1 40.9 22.7 56.1 125.2 88.2 42.8 37

38 Net increase in liabilities 1020.5 1163.3 1157.1 1263.3 920.1 1148.0 1104.8 843.2 1182.4 772.4 882.2 38

39 Credit market instruments 980.5 1063.8 1178.7 1194.2 877.1 1096.4 944.9 884.5 952.9 912.0 759.1 39

40 Home mortgages (6) 856.1 940.4 1028.5 987.8 654.8 910.1 683.7 726.9 739.4 638.5 514.2 40

41 Consumer credit 104.4 115.0 94.5 104.4 132.3 119.7 108.9 116.8 139.5 170.7 102.2 41

42 Municipal securities 14.1 10.3 16.5 21.8 23.3 18.8 29.8 20.4 24.0 22.1 26.8 42

43 Bank loans n.e.c. 11.3 -17.4 12.8 48.0 34.4 30.5 80.3 -9.9 4.2 44.8 98.5 43

44 Other loans and advances -1.6 0.4 -0.0 3.7 5.3 5.9 0.3 3.7 5.5 6.5 5.7 44

45 Commercial mortgages -3.9 15.0 26.4 28.5 26.9 11.5 42.0 26.5 40.3 29.4 11.7 45

46 Security credit 34.3 81.5 -31.6 59.7 32.8 42.7 150.3 -52.6 220.3 -150.0 113.3 46

47 Trade payables 4.8 16.5 9.0 9.0 9.0 9.0 9.0 9.0 9.0 9.0 9.0 47

 Deferred and unpaid

48 life insurance premiums 0.9 1.6 1.0 0.5 1.2 -0.1 0.6 2.3 0.2 1.4 0.8 48

49 Discrepancy -132.9 -129.1 335.5 189.5 -80.6 247.7 107.2 -116.3 980.4 -1166.2 -20.5 49

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

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

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

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

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

(6) Includes loans made under home equity lines of credit and home equity loans secured by junior liens, shown on table F.218, line 22.
Z.1, March 6, 2008 17

F.101 Nonfinancial Business (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2003 2004 2005 2006 2007 2006 2007

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Income before taxes 1289.7 1623.1 1950.1 2104.2 2146.5 2157.4 2050.3 2104.7 2170.6 2141.1 2169.5 1

 2 Gross saving and net capital transfers 1014.0 1128.3 1231.3 1214.9 1168.7 1247.6 1165.4 1174.3 1177.2 1177.0 1146.1 2

 3 Gross investment 1001.9 1199.6 1147.9 1437.2 1384.9 1494.9 1430.9 1390.2 1344.9 1424.9 1379.8 3

 4 Capital expenditures 971.6 1062.8 1174.0 1334.3 1361.0 1355.0 1375.7 1321.9 1350.4 1392.8 1379.1 4

 5 Fixed investment 968.1 1014.8 1147.3 1285.5 1366.5 1304.2 1314.5 1333.9 1354.7 1371.3 1406.0 5

 6 Residential 80.0 93.5 107.1 120.8 133.5 122.4 125.7 128.8 132.0 135.1 138.2 6

 7 Nonresidential 888.1 921.3 1040.2 1164.6 1232.9 1181.8 1188.9 1205.0 1222.7 1236.2 1267.8 7

 8 Change in inventories 14.3 58.6 36.9 46.6 5.6 62.8 20.0 -1.6 5.1 35.4 -16.8 8

 9 Nonproduced nonfinancial assets -10.8 -10.6 -10.2 2.2 -11.0 -12.1 41.1 -10.4 -9.4 -14.0 -10.1 9

10 Net financial investment 30.3 136.8 -26.1 102.9 23.9 140.0 55.2 68.3 -5.6 32.1 0.7 10

11 Net acquisition of financial assets 180.1 1083.1 1343.0 683.4 882.3 653.4 568.1 694.9 939.3 928.9 966.0 11

12 Foreign deposits 17.6 15.6 6.9 3.7 -9.3 -40.6 26.2 -81.3 40.4 18.6 -14.8 12

13 Checkable deposits and currency 56.3 74.8 138.6 -56.1 8.4 -0.2 -26.8 42.1 82.5 -68.8 -22.1 13

14 Time and savings deposits 116.1 41.8 83.5 39.5 5.1 68.4 97.7 -44.0 62.0 -7.8 10.3 14

15 Money market fund shares -34.4 30.9 46.9 74.1 175.9 94.5 145.2 37.6 104.2 331.7 229.9 15

16 Security RPs -0.2 0.4 8.1 0.9 -1.4 2.0 11.3 -16.8 7.9 2.1 1.3 16

17 Credit market instruments -1.7 42.6 53.7 27.1 -10.9 -36.5 65.2 90.0 -15.5 -89.5 -28.4 17

18 Commercial paper 10.9 19.3 16.0 15.5 -31.4 -17.2 9.0 -4.6 15.4 -111.1 -25.3 18

19 Treasury securities 3.5 5.6 23.6 0.8 12.3 7.2 14.3 39.9 -22.0 33.9 -2.7 19

20 Agency- and GSE-backed securities -4.8 0.1 6.5 -2.3 2.3 -0.1 2.8 12.2 -11.1 8.8 -0.6 20

21 Municipal securities 2.6 -1.9 0.4 8.9 0.4 -1.0 16.5 3.5 -2.6 3.8 -3.2 21

22 Mortgages 2.3 19.4 7.0 6.2 7.1 6.5 6.0 6.2 6.9 8.1 7.4 22

23 Consumer credit -16.2 0.1 0.2 -2.1 -1.5 -31.7 16.6 32.8 -2.0 -32.9 -4.0 23

24 Mutual fund shares 11.0 1.4 6.7 32.9 32.9 32.9 32.9 32.9 32.9 32.9 32.9 24

25 Trade receivables -42.4 155.5 344.3 161.1 171.0 130.9 93.5 134.7 171.1 210.5 167.8 25

26 Miscellaneous assets 57.7 719.9 654.3 400.3 510.5 402.0 122.8 499.7 453.8 499.4 589.2 26

27 Net increase in liabilities 149.7 946.2 1369.1 580.5 858.4 513.4 512.9 626.6 944.8 896.8 965.3 27

28 Credit market instruments 172.6 418.0 587.7 790.8 1045.7 586.3 988.3 857.9 1008.0 1142.2 1174.5 28

29 Commercial paper -35.1 16.8 -7.9 23.4 10.5 -37.7 95.6 14.2 47.2 -32.8 13.5 29

30 Municipal securities 3.5 5.1 7.4 5.0 7.7 3.8 5.4 5.1 11.0 6.5 8.3 30

31 Corporate bonds 150.4 74.4 53.6 213.4 314.1 133.8 315.9 282.2 377.5 225.2 371.6 31

32 Bank loans n.e.c. -88.3 28.2 124.8 125.4 228.9 132.6 143.0 125.5 94.7 379.0 316.2 32

33 Other loans and advances 6.8 19.8 47.2 42.9 113.0 -36.5 59.2 65.3 57.9 191.5 137.4 33

34 Mortgages 135.4 273.7 362.6 380.7 371.4 390.3 369.3 365.5 419.7 372.8 327.8 34

35 Corporate equities -42.0 -126.6 -363.4 -614.1 -836.6 -534.0 -751.2 -572.8 -770.0 -846.0 -1157.6 35

36 Trade payables -80.9 121.1 249.0 98.6 107.4 47.9 113.4 93.4 107.1 116.4 112.8 36

37 Taxes payable -12.2 15.1 13.8 4.6 7.9 4.1 17.1 14.5 -3.5 7.8 13.0 37

38 Miscellaneous liabilities 62.8 533.2 1019.4 347.7 591.2 441.8 183.5 226.7 657.3 554.6 926.0 38

39 Proprietors’ net investment 49.5 -14.7 -137.4 -47.1 -57.2 -32.6 -38.3 7.0 -54.2 -78.2 -103.4 39

40 Discrepancy 12.1 -71.3 83.4 -222.3 -216.3 -247.3 -265.5 -215.9 -167.7 -247.9 -233.6 40

(1) Combined statement for nonfarm nonfinancial corporate business, nonfarm noncorporate business, and farm business.
18 Z.1, March 6, 2008

F.102 Nonfarm Nonfinancial Corporate Business

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2003 2004 2005 2006 2007 2006 2007

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Profits before tax (book) 424.3 660.1 935.5 1040.6 1036.8 1098.6 987.5 1021.8 1067.4 1021.2 1036.7 1

 2 - Taxes on corporate income 135.1 190.2 262.7 287.4 311.0 299.8 284.3 297.8 320.8 309.2 316.4 2

 3 - Net dividends 290.6 364.2 196.4 445.4 491.0 460.0 528.8 480.2 487.5 474.3 522.1 3

 4 + Capital consumption allowance (1) 733.4 745.0 584.9 574.9 585.1 574.5 572.9 586.7 585.3 584.4 584.1 4

 5 = U.S. internal funds, book 732.0 850.7 1061.3 882.7 819.9 913.4 747.2 830.5 844.4 822.2 782.4 5

 6 + Foreign earnings retained abroad 112.7 120.9 -30.1 147.4 153.9 145.7 209.5 154.4 154.4 142.1 164.9 6

 7 + Inventory valuation adjustment (IVA) -13.6 -43.1 -36.2 -36.3 -37.6 -35.2 -21.0 -40.2 -54.7 -20.3 -35.0 7

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

 9 = Total internal funds + IVA 831.3 928.4 995.0 993.8 936.2 1023.9 935.8 944.7 944.0 944.0 912.3 9

10 Gross investment 819.1 999.8 911.6 1216.1 1152.5 1271.2 1201.3 1160.5 1111.7 1191.8 1145.9 10

11 Capital expenditures 749.9 825.7 915.0 1032.9 1036.2 1049.2 1056.3 993.0 1027.6 1073.2 1050.9 11

12 Fixed investment (3) 747.5 788.3 889.7 985.3 1045.2 998.1 1000.6 1010.1 1036.0 1057.2 1077.5 12

13 Inventory change + IVA 13.2 48.0 35.5 45.4 2.0 63.2 14.6 -6.7 1.0 30.0 -16.5 13

14 Nonproduced nonfinancial assets -10.8 -10.6 -10.2 2.2 -11.0 -12.1 41.1 -10.4 -9.4 -14.0 -10.1 14

15 Net financial investment 69.2 174.1 -3.4 183.2 116.3 222.0 145.0 167.5 84.1 118.6 95.0 15

16 Net acquisition of financial assets 82.6 783.1 957.8 374.9 533.0 329.4 278.6 394.3 610.8 505.3 621.7 16

17 Foreign deposits 17.6 15.6 6.9 3.7 -9.3 -40.6 26.2 -81.3 40.4 18.6 -14.8 17

18 Checkable deposits and currency 49.9 -12.5 74.0 -79.3 -12.3 -25.3 -47.7 20.4 54.3 -88.2 -35.6 18

19 Time and savings deposits 71.5 37.7 49.9 -5.2 -53.1 21.6 55.5 -87.5 11.5 -90.5 -46.0 19

20 Money market fund shares -36.7 25.3 42.1 64.7 161.2 84.7 136.4 28.5 93.6 304.5 218.1 20

21 Security RPs -0.2 0.4 8.1 0.9 -1.4 2.0 11.3 -16.8 7.9 2.1 1.3 21

22 Commercial paper 10.9 19.3 16.0 15.5 -31.4 -17.2 9.0 -4.6 15.4 -111.1 -25.3 22

23 Treasury securities 1.4 0.3 17.6 -6.3 6.3 -0.3 7.6 33.0 -30.0 23.8 -1.7 23

24 Agency- and GSE-backed securities -4.8 0.1 6.5 -2.3 2.3 -0.1 2.8 12.2 -11.1 8.8 -0.6 24

25 Municipal securities 3.3 -3.6 0.3 8.3 -0.3 -1.6 15.9 3.0 -3.3 3.0 -3.9 25

26 Mortgages 2.2 14.8 1.7 1.7 1.7 1.7 1.7 1.7 1.7 1.7 1.7 26

27 Consumer credit -16.2 0.1 0.2 -2.1 -1.5 -31.7 16.6 32.8 -2.0 -32.9 -4.0 27

28 Trade receivables -17.2 128.9 277.7 106.3 105.8 73.6 41.9 81.4 109.1 133.7 98.8 28

29 Mutual fund shares 11.0 1.4 6.7 32.9 32.9 32.9 32.9 32.9 32.9 32.9 32.9 29

30 Miscellaneous assets -10.0 555.2 450.0 236.1 332.3 230.1 -31.6 338.6 290.6 299.0 401.0 30

31 U.S. direct investment abroad (4) 122.6 242.0 -15.8 212.0 190.6 150.7 263.5 277.7 159.5 153.8 171.3 31

32 Insurance receivables 18.4 18.9 20.7 6.6 10.0 11.2 -1.6 11.3 11.4 11.5 5.9 32

33 Equity in GSEs 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 33

34 Investment in finance co. subs. 14.0 -9.6 -1.7 13.0 -6.3 18.5 3.7 -15.5 35.5 -33.8 -11.5 34

35 Other -165.0 303.9 446.8 4.5 138.0 49.7 -297.1 65.1 84.2 167.5 235.2 35

36 Net increase in liabilities 13.4 609.0 961.2 191.7 416.7 107.4 133.6 226.7 526.7 386.7 526.7 36

37 Net funds raised in markets 40.2 40.7 -120.0 -188.4 -209.2 -304.1 -120.1 -45.5 -152.0 -205.0 -434.4 37

38 Net new equity issues -42.0 -126.6 -363.4 -614.1 -836.6 -534.0 -751.2 -572.8 -770.0 -846.0 -1157.6 38

39 Credit market instruments 82.2 167.2 243.4 425.7 627.4 229.9 631.1 527.3 618.0 641.0 723.2 39

40 Commercial paper -35.1 16.8 -7.9 23.4 10.5 -37.7 95.6 14.2 47.2 -32.8 13.5 40

41 Municipal securities (5) 3.5 5.1 7.4 5.0 7.7 3.8 5.4 5.1 11.0 6.5 8.3 41

42 Corporate bonds (4) 150.4 74.4 53.6 213.4 314.1 133.8 315.9 282.2 377.5 225.2 371.6 42

43 Bank loans n.e.c. -99.2 1.8 -35.6 55.2 99.2 54.5 65.3 52.8 29.4 176.8 137.9 43

44 Other loans and advances 1.5 17.2 39.1 22.1 98.2 -53.5 36.8 40.0 41.4 178.6 132.6 44

45 Savings institutions 5.0 0.7 1.9 3.0 3.1 3.8 -0.6 2.8 10.6 -7.2 6.2 45

46 Finance companies -2.1 8.8 24.9 17.0 19.3 23.7 -21.3 42.4 0.6 45.1 -10.9 46

47 U.S. government 0.7 0.5 0.8 0.8 0.5 -0.6 2.4 1.0 0.8 0.5 -0.3 47

48 Acceptance liabilities to banks -0.2 -0.4 0.0 -0.3 -0.1 -0.2 -1.1 -0.3 0.3 -0.5 0.2 48

49 Rest of the world -0.8 6.3 28.3 -0.2 85.1 -64.8 43.9 27.1 27.0 137.1 149.3 49

50 ABS issuers -1.1 1.4 -16.8 1.8 -9.8 -15.4 13.6 -32.9 2.2 3.6 -12.0 50

51 Mortgages 61.2 52.0 186.8 106.6 97.6 129.1 112.2 133.0 111.5 86.7 59.4 51

52 Trade payables -54.7 97.3 199.4 72.8 72.6 15.1 92.6 72.8 72.3 73.0 72.4 52

53 Taxes payable -11.7 6.8 5.1 -1.0 1.3 -1.8 11.9 9.1 -9.9 0.0 5.9 53

54 Miscellaneous liabilities 39.6 464.3 876.7 308.4 552.0 398.2 149.2 190.3 616.3 518.7 882.8 54

55 Foreign direct investment in U.S. 23.9 28.6 42.9 104.8 154.9 61.2 156.6 84.6 201.1 149.2 184.9 55

56 Pension fund contributions payable -0.2 -3.1 -1.9 -2.0 7.0 -1.9 -1.9 -1.9 8.6 10.7 10.5 56

57 Other 15.8 438.9 835.7 205.5 390.1 338.9 -5.5 107.6 406.6 358.8 687.4 57

58 Discrepancy 12.1 -71.3 83.4 -222.3 -216.3 -247.3 -265.5 -215.9 -167.7 -247.9 -233.6 58

 Memo:

59 Financing gap (6) 31.5 18.1 -110.1 186.6 253.9 171.0 330.1 202.7 238.0 271.4 303.5 59

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

(2) Table F.9, line 7.

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

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

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

(6) Capital expenditures (line 11) less the sum of U.S. internal funds (line 5) and inventory valuation adjustment (line 7).
Z.1, March 6, 2008 19

F.103 Nonfarm Noncorporate Business

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2003 2004 2005 2006 2007 2006 2007

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net income with IVA and CCAdj 836.2 925.7 983.8 1044.2 1073.5 1040.7 1038.9 1053.8 1070.1 1081.3 1088.7 1

 2 Gross saving = capital consumption 161.4 176.7 211.5 197.0 207.5 199.5 205.0 204.9 208.3 208.0 208.8 2

 3 Gross investment 161.4 176.7 211.5 197.0 207.5 199.5 205.0 204.9 208.3 208.0 208.8 3

 4 Capital expenditures 192.9 197.5 226.2 269.7 288.6 276.7 282.9 291.5 286.2 282.7 294.1 4

 5 Fixed investment (1) 192.2 195.0 224.3 267.3 288.5 273.4 282.1 291.8 286.2 281.1 295.0 5

 6 Change in inventories 0.7 2.5 1.9 2.4 0.1 3.3 0.8 -0.4 0.1 1.6 -0.9 6

 7 Net financial investment -31.5 -20.9 -14.7 -72.8 -81.1 -77.2 -77.9 -86.6 -77.9 -74.6 -85.4 7

 8 Net acquisition of financial assets 95.5 296.9 383.2 302.3 344.1 317.8 283.3 295.5 323.3 418.4 339.1 8

 9 Checkable deposits and currency 5.8 86.3 63.9 21.1 18.9 23.0 18.7 19.9 26.4 17.6 11.7 9

10 Time and savings deposits 44.7 4.1 33.6 44.7 58.2 46.8 42.2 43.5 50.5 82.7 56.3 10

11 Money market mutual funds 2.3 5.6 4.8 9.4 14.7 9.8 8.9 9.1 10.6 27.2 11.8 11

12 Treasury securities 2.1 5.3 6.0 7.1 6.0 7.5 6.7 6.9 8.1 10.0 -1.0 12

13 Municipal securities -0.7 1.7 0.1 0.6 0.7 0.6 0.5 0.5 0.6 0.8 0.7 13

14 Mortgages 0.1 4.6 5.3 4.6 5.5 4.8 4.4 4.5 5.2 6.4 5.8 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 -25.1 26.6 66.6 54.8 65.3 57.4 51.7 53.3 62.0 76.8 69.0 16

17 Miscellaneous assets 66.3 162.7 203.0 160.1 174.8 167.8 150.3 157.8 159.8 196.9 184.8 17

18 Insurance receivables 4.4 3.5 4.9 1.6 2.1 2.7 -0.4 2.7 2.7 2.7 0.4 18

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

20 Other 61.6 159.3 198.2 158.5 172.4 165.0 150.6 154.6 156.6 194.1 184.4 20

21 Net increase in liabilities 127.0 317.7 397.9 375.0 425.2 395.0 361.2 382.1 401.2 493.0 424.5 21

22 Credit market instruments 92.1 244.7 331.6 346.8 403.2 342.5 334.6 304.9 379.0 488.6 440.2 22

23 Bank loans n.e.c. 11.3 24.3 158.1 66.9 127.3 74.9 75.5 65.8 63.8 205.6 174.2 23

24 Other loans and advances 5.2 1.5 2.3 13.3 10.5 13.9 9.6 14.9 15.4 5.4 6.2 24

25 Mortgages 75.5 219.0 171.2 266.6 265.3 253.7 249.6 224.2 299.8 277.6 259.8 25

26 Trade payables -25.7 22.2 52.0 30.1 35.8 31.5 28.4 29.2 34.0 42.1 37.9 26

27 Taxes payable -0.5 8.4 8.7 5.6 6.6 5.8 5.3 5.4 6.3 7.8 7.0 27

28 Miscellaneous liabilities 23.2 68.8 142.8 39.3 39.1 43.6 34.3 36.4 41.0 35.9 43.2 28

29 Proprietors’ net investment 38.0 -26.3 -137.1 -46.8 -59.6 -28.4 -41.4 6.1 -59.1 -81.4 -103.9 29

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

(2) Equity in the Farm Credit System.

F.104 Farm Business (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Proprietors’ net income with IVA and CCAdj 29.2 37.3 30.8 19.4 36.2 18.1 23.9 29.1 33.1 38.6 44.0 1

 2 Net saving (corporate) -1.5 -1.3 -1.2 -1.3 -1.3 -1.4 -1.2 -1.2 -1.3 -1.2 -1.3 2

 3 Consumption of fixed capital 22.9 24.4 26.0 25.5 26.2 25.6 25.8 26.0 26.2 26.2 26.4 3

 4 Corporate 4.4 4.8 4.9 5.2 5.4 5.2 5.3 5.4 5.4 5.4 5.5 4

 5 Noncorporate 18.5 19.6 21.1 20.3 20.8 20.4 20.4 20.6 20.7 20.8 21.0 5

 6 Gross saving 21.4 23.1 24.8 24.2 24.9 24.2 24.6 24.8 24.8 25.0 25.1 6

 7 Gross investment 21.4 23.1 24.8 24.2 24.9 24.2 24.6 24.8 24.8 25.0 25.1 7

 8 Capital expenditures 28.8 39.5 32.8 31.7 36.2 29.1 36.4 37.4 36.6 36.9 34.1 8

 9 Fixed investment (2) 28.4 31.5 33.3 32.9 32.8 32.8 31.8 32.0 32.5 33.1 33.5 9

10 Change in inventories 0.4 8.0 -0.5 -1.2 3.5 -3.7 4.7 5.5 4.0 3.8 0.6 10

11 Net financial investment -7.4 -16.4 -8.0 -7.6 -11.3 -4.8 -11.9 -12.7 -11.8 -11.9 -9.0 11

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

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

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

15 Insurance receivables 0.9 1.8 1.2 3.9 2.9 3.8 3.9 2.5 2.5 3.2 3.4 15

16 Equity investment in GSEs (3) 0.4 0.2 0.1 0.2 0.5 0.3 0.2 0.8 0.9 0.3 0.0 16

17 Net increase in liabilities 9.4 19.5 10.0 13.7 16.5 11.1 18.1 17.7 16.9 17.1 14.2 17

18 Credit market instruments -1.6 6.1 12.7 18.4 15.1 13.9 22.6 25.6 11.1 12.6 11.1 18

19 Bank loans n.e.c. -0.4 2.2 2.2 3.3 2.3 3.2 2.2 7.0 1.6 -3.3 4.0 19

20 Other loans and advances 0.1 1.2 5.9 7.6 4.3 3.1 12.8 10.3 1.1 7.4 -1.4 20

21 Mortgages -1.3 2.7 4.6 7.5 8.5 7.6 7.6 8.3 8.4 8.5 8.5 21

22 Trade payables -0.4 1.7 -2.5 -4.3 -1.0 1.3 -7.6 -8.7 0.9 1.2 2.5 22

23 Proprietors’ net investment 11.5 11.6 -0.3 -0.4 2.4 -4.1 3.1 0.8 4.9 3.2 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, March 6, 2008

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

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2003 2004 2005 2006 2007 2006 2007

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Current receipts, NIPA basis 1494.2 1594.3 1706.9 1797.7 1889.4 1806.7 1812.4 1856.6 1889.9 1892.8 1918.4 1

 2 Personal current taxes 226.6 249.0 276.7 301.2 321.4 297.7 301.3 315.9 325.9 319.1 324.7 2

 3 Taxes on production and imports 717.5 769.2 822.6 868.8 909.0 872.0 881.6 893.0 905.8 913.0 924.1 3

 4 Taxes on corporate income 35.3 43.0 56.7 62.4 65.4 64.8 62.4 61.8 67.4 64.1 68.4 4

 5 Contributions for govt. social insurance 19.8 23.6 25.5 26.0 25.9 26.0 25.9 25.8 25.9 25.9 26.0 5

 6 Income receipts on assets 72.9 75.4 81.0 87.1 89.5 87.8 88.3 88.3 88.9 90.0 90.9 6

 7 Current transfer receipts 422.7 437.2 454.8 462.9 490.4 469.6 464.7 483.6 487.9 493.1 497.0 7

 8 Current surplus of government enterprises -0.6 -3.0 -10.3 -10.7 -12.2 -11.1 -11.7 -11.8 -12.0 -12.4 -12.7 8

 9 Current expenditures, NIPA basis 1514.5 1592.8 1691.7 1773.0 1898.4 1794.4 1804.8 1862.4 1876.5 1905.8 1949.1 9

10 Consumption expenditures 1073.8 1120.3 1197.2 1276.5 1366.2 1287.7 1300.8 1326.7 1355.9 1374.3 1407.8 10

11 Govt. social benefit payments to persons 353.0 383.8 403.8 400.8 433.1 409.9 407.5 438.1 421.5 431.7 440.9 11

12 Interest payments 87.7 88.4 90.4 95.4 98.8 96.4 96.1 97.3 98.6 99.3 100.0 12

13 Subsidies 0.1 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4 13

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

15 Net state and local govt. saving, NIPA basis -20.4 1.5 15.2 24.6 -9.0 12.3 7.6 -5.8 13.4 -13.0 -30.7 15

16 + Consumption of fixed capital 127.8 136.1 153.4 162.3 177.5 163.8 167.6 172.7 175.9 179.0 182.4 16

17 + Net capital transfers (2) 51.6 52.1 54.1 56.9 58.0 59.1 56.9 50.6 58.1 63.1 60.1 17

18 = Gross saving and net capital transfers 159.0 189.7 222.7 243.8 226.5 235.3 232.2 217.5 247.4 229.2 211.8 18

19 Gross investment 202.7 248.6 282.4 274.9 269.8 271.6 267.4 251.3 291.7 280.6 255.7 19

20 Fixed investment 262.2 270.9 287.8 314.0 348.3 316.4 320.9 335.0 344.5 351.9 361.6 20

21 Nonproduced nonfinancial assets 10.9 10.5 10.6 11.2 11.4 11.3 11.4 11.4 11.4 11.4 11.4 21

22 Net financial investment -70.4 -32.9 -16.1 -50.3 -89.8 -56.1 -64.9 -95.1 -64.2 -82.7 -117.3 22

23 Net acq. of financial assets 79.1 112.8 188.2 136.3 133.2 127.0 189.3 166.5 186.6 92.8 87.0 23

24 Checkable deposits and currency 7.0 -6.2 10.3 6.0 -3.0 10.3 1.6 -22.9 -16.6 13.9 13.7 24

25 Time and savings deposits 20.3 11.6 12.8 26.2 35.9 30.4 36.4 21.2 21.8 43.7 56.9 25

26 Money market fund shares 4.0 3.9 4.1 5.1 3.7 5.4 5.5 3.0 5.8 11.5 -5.6 26

27 Security RPs 7.9 7.7 8.1 7.1 0.5 10.7 -1.1 5.8 11.4 -3.6 -11.8 27

28 Credit market instruments 58.3 72.4 124.1 84.6 48.2 81.3 122.9 145.0 144.9 -40.1 -57.0 28

29 Open market paper 10.3 10.1 10.6 13.2 -7.8 13.9 14.3 7.6 14.9 -25.0 -28.6 29

30 Treasury securities 9.5 24.9 74.0 34.6 27.2 21.6 81.5 109.0 74.6 -36.7 -38.3 30

31 Agency- and GSE-backed securities 22.5 21.9 23.1 20.6 12.4 30.3 11.1 16.6 32.4 8.7 -8.2 31

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

33 Corporate and foreign bonds 7.1 6.9 7.3 8.1 6.8 9.6 9.8 5.3 10.3 11.6 -0.1 33

34 Mortgages 8.5 8.3 8.7 7.8 9.4 5.5 5.8 6.3 12.3 1.0 18.0 34

35 Corporate equities -17.0 -4.2 1.2 -6.4 0.8 -8.0 -19.9 -0.5 -15.3 1.5 17.5 35

36 Mutual fund shares -5.2 -1.3 0.4 -2.0 0.2 -2.4 -6.1 -0.2 -4.7 0.5 5.2 36

37 Trade receivables 8.1 7.9 8.3 10.3 7.5 10.9 11.2 6.0 11.7 8.6 3.8 37

38 Taxes receivable 7.7 26.1 41.8 46.3 52.1 49.1 46.6 46.6 53.5 52.2 56.2 38

39 Miscellaneous assets -12.0 -5.2 -23.0 -41.0 -12.7 -60.8 -7.8 -37.7 -25.9 4.7 8.0 39

40 Net increase in liabilities 149.4 145.7 204.3 186.6 223.0 183.0 254.2 261.6 250.8 175.5 204.3 40

41 Credit market instruments 120.3 115.3 171.6 151.2 184.2 147.2 218.2 224.4 212.4 136.4 163.8 41

42 Municipal securities 120.0 115.1 171.1 150.5 183.5 146.6 217.6 223.6 211.7 135.7 163.2 42

43 Short-term 10.4 -5.9 5.7 -3.1 17.3 -5.5 -5.0 4.9 23.7 5.5 35.0 43

44 Other 109.6 121.0 165.3 153.6 166.3 152.1 222.6 218.7 187.9 130.2 128.2 44

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

46 Trade payables 29.2 30.4 32.7 35.5 38.8 35.8 36.0 37.2 38.4 39.1 40.5 46

47 Discrepancy -43.7 -58.8 -59.7 -31.1 -43.3 -36.3 -35.2 -33.7 -44.3 -51.4 -43.9 47

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

(2) Table F.9, line 8.
Z.1, March 6, 2008 21

F.106 Federal Government

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2003 2004 2005 2006 2007 2006 2007

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Current receipts, NIPA basis 1879.9 2008.9 2243.4 2495.8 2680.4 2513.1 2561.9 2619.7 2670.1 2689.4 2742.3 1

 2 Personal current taxes 774.5 797.4 932.4 1053.2 1162.2 1057.4 1099.8 1138.8 1151.7 1170.7 1187.5 2

 3 Taxes on production and imports 89.7 94.6 99.0 98.6 100.0 99.3 97.2 97.9 98.3 101.4 102.4 3

 4 Taxes on corporate income 197.8 250.3 319.8 373.1 390.6 387.1 370.1 370.3 401.3 382.5 408.2 4

 5 Taxes from the rest of the world 8.9 10.0 11.5 12.6 12.4 11.4 18.3 12.0 12.0 12.6 13.0 5

 6 Contributions for govt. social insurance 758.9 805.2 849.3 901.6 953.1 900.9 918.8 944.0 946.3 957.3 964.8 6

 7 Income receipts on assets 22.9 23.8 24.5 24.7 25.1 24.8 25.4 24.6 25.1 25.3 25.4 7

 8 Current transfer receipts 25.0 28.8 11.6 35.2 39.4 35.5 36.7 38.1 38.5 39.4 41.4 8

 9 Current surplus of government enterprises 2.3 -1.2 -4.8 -3.2 -2.3 -3.3 -4.3 -6.1 -3.0 0.2 -0.4 9

10 Current expenditures, NIPA basis 2252.1 2379.5 2561.6 2715.8 2900.1 2752.3 2743.4 2838.2 2876.9 2919.7 2965.5 10

11 Consumption expenditures 662.7 723.7 768.5 812.8 856.0 813.3 826.4 829.8 849.8 867.7 876.9 11

12 Government social benefits 966.5 1015.3 1082.4 1187.9 1274.2 1196.6 1214.0 1248.5 1271.4 1286.3 1290.7 12

13 Other current transfer payments 362.2 375.2 396.7 388.2 412.1 397.6 385.6 417.0 399.5 410.2 421.8 13

14 Interest payments 212.9 221.0 255.9 277.5 311.0 296.7 270.0 296.3 309.4 309.3 329.0 14

15 Subsidies 47.8 44.2 58.2 49.4 46.7 47.9 47.4 46.6 46.9 46.2 47.1 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 -372.1 -370.6 -318.3 -220.1 -219.7 -239.2 -181.5 -218.5 -206.8 -230.3 -223.2 17

18 + Consumption of fixed capital 90.4 94.0 99.0 105.4 110.4 106.3 107.5 108.6 110.2 110.9 112.1 18

19 - Insurance and pension reserves (1) -0.6 0.0 0.7 0.1 0.1 -1.5 0.9 1.1 0.0 -1.9 1.3 19

20 + Net capital transfers (2) -40.4 -38.4 -42.1 -42.3 -56.5 -43.7 -41.2 -50.2 -51.0 -59.6 -65.2 20

21 = Gross saving and net capital transfers -321.5 -315.1 -262.0 -157.1 -165.9 -175.2 -116.1 -161.2 -147.7 -177.0 -177.6 21

22 Gross investment -382.4 -333.8 -288.4 -181.2 -170.0 -169.1 -252.2 -273.6 77.3 -217.8 -266.0 22

23 Fixed investment 93.7 101.9 109.9 119.7 120.1 118.7 123.3 116.8 119.8 122.6 121.5 23

24 Nonproduced nonfinancial assets -0.2 0.0 -0.5 -13.3 -0.8 0.8 -52.1 -1.3 -2.3 2.2 -1.7 24

25 Net financial investment -475.9 -435.7 -397.9 -287.6 -289.4 -288.6 -323.4 -389.1 -40.1 -342.6 -385.7 25

26 Net acq. of financial assets 34.5 2.3 6.2 -28.1 41.6 -44.2 -93.5 -3.4 -3.3 189.4 -16.2 26

27 Gold, SDRs, and official foreign exchange -1.8 -3.1 -14.4 -2.7 -0.3 -4.5 -6.1 -0.2 -0.6 -0.3 -0.2 27

28 Checkable deposits and currency 9.3 -31.0 12.2 -2.7 25.2 10.6 -43.1 -34.5 -1.4 190.3 -53.8 28

29 Time and savings deposits -25.2 -0.0 -1.0 0.2 1.2 13.0 -12.6 -0.4 -0.5 -0.3 6.0 29

30 Credit market instruments -2.1 2.7 -2.7 4.0 10.4 -14.0 8.9 20.3 13.6 -2.6 10.5 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 -1.5 -2.6 -8.8 -1.5 2.1 -2.8 4.3 4.2 2.9 1.8 -0.4 32

33 Mortgages -2.5 1.6 2.4 3.7 1.9 3.6 2.6 3.3 3.2 -0.1 1.0 33

34 Consumer credit (3) 1.9 3.7 3.7 1.9 6.5 -14.8 2.0 12.8 7.6 -4.3 9.9 34

35 Trade receivables 19.1 10.5 9.1 0.4 0.2 3.6 2.2 -4.4 -1.1 6.4 -0.1 35

36 Taxes receivable 33.9 22.6 4.4 -28.3 3.2 -51.7 -42.3 15.6 -18.7 -1.8 17.6 36

37 Miscellaneous assets 1.4 0.6 -1.4 1.0 1.8 -1.2 -0.4 0.1 5.4 -2.2 3.8 37

38 Net increase in liabilities 510.4 438.0 404.1 259.5 331.0 244.4 229.9 385.6 36.8 532.0 369.5 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 0.6 0.7 0.8 0.6 0.7 1.0 -0.0 0.4 1.3 1.4 -0.4 40

41 Credit market instruments 396.0 361.9 306.9 183.4 237.1 171.4 136.3 326.2 -70.8 435.0 257.8 41

42 Savings bonds 8.9 0.6 0.7 -2.7 -6.0 -4.9 -7.4 -8.3 -5.8 -4.5 -5.3 42

43 Other Treasury securities 389.5 361.9 306.6 186.4 243.4 177.3 143.2 335.8 -64.8 440.4 262.4 43

44 Budget agency securities -2.4 -0.6 -0.4 -0.3 -0.4 -1.0 0.5 -1.3 -0.1 -0.8 0.7 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 72.4 15.1 32.6 12.0 10.4 5.3 9.0 21.5 11.4 8.9 -0.4 46

47 Insurance reserves 1.1 1.1 1.1 1.5 1.2 0.5 2.9 -0.1 2.3 -0.0 2.6 47

48 Miscellaneous liabilities (4) 40.3 59.2 62.8 62.1 81.7 66.2 81.7 37.7 92.5 86.7 109.8 48

49 Nonmarketable securities held by pension plans 24.7 40.9 40.0 35.8 33.3 41.5 46.2 27.6 -34.1 44.6 95.2 49

50 Other 15.6 18.3 22.8 26.3 48.3 24.7 35.4 10.1 126.6 42.1 14.6 50

51 Discrepancy 60.9 18.8 26.5 24.2 4.1 -6.0 136.1 112.4 -225.0 40.8 88.3 51

 Memo:

52 Change in cash balance (5) -24.8 -3.1 4.6 -5.5 27.5 40.1 -74.9 -40.8 -2.4 203.4 -50.3 52

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

(2) Table F.9, line 2.

(3) Student loans.

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

 retirement fund, and foreign service retirement and disability fund.

(5) Time and savings deposits (line 29) plus checkable deposit and currency liabilities of the monetary authority and commercial banking sectors (table F.204, lines 3 and 7).
22 Z.1, March 6, 2008

F.107 Rest of the World

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2003 2004 2005 2006 2007 2006 2007

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Foreign income from U.S. 1889.8 2244.0 2588.5 2953.2 3196.1 3044.3 2994.1 3058.1 3143.4 3232.2 3350.9 1

 2 U.S. imports 1540.2 1797.8 2023.9 2229.6 2350.0 2283.6 2237.2 2264.0 2312.9 2380.4 2442.7 2

 3 U.S. income payments to rest of world 280.0 361.3 475.5 633.4 746.6 664.7 673.7 689.0 743.5 754.4 799.6 3

 4 Current taxes and trans. payments to rest of world 69.7 84.9 89.0 90.1 99.5 96.0 83.2 105.1 86.9 97.4 108.6 4

 5 Foreign outlays to U.S. 1377.6 1619.9 1853.5 2159.0 2472.8 2194.3 2265.7 2302.0 2412.9 2541.3 2635.1 5

 6 U.S. exports 1040.8 1182.4 1309.4 1467.6 1641.4 1484.5 1531.9 1549.9 1598.7 1685.7 1731.4 6

 7 U.S. income receipts from rest of world 336.8 437.5 544.1 691.4 831.4 709.7 733.8 752.2 814.2 855.6 903.8 7

 8 Net capital transfers (1) 3.4 2.4 4.1 3.8 2.0 2.1 2.1 2.0 2.1 2.0 2.0 8

 9 Gross saving and net capital transfers (2) 515.6 626.5 739.2 797.9 725.3 852.2 730.5 758.0 732.6 692.9 717.8 9

10 Gross investment 535.6 554.4 773.4 829.2 591.6 1017.8 897.9 725.9 609.2 371.8 649.1 10

11 Nonproduced nonfinancial assets 0.2 0.0 0.1 -0.1 0.4 -0.0 -0.4 0.4 0.4 0.4 0.4 11

12 Net financial investment 535.4 554.4 773.3 829.3 591.2 1017.8 898.3 725.6 608.8 371.3 648.7 12

13 Net acquisition of financial assets 823.2 1332.5 1032.8 1629.6 1583.8 1928.3 1796.5 1479.4 2517.5 1053.6 1284.6 13

14 Gold and SDRs (3) 0.6 -0.4 4.5 -0.2 -0.2 -0.2 -0.2 -0.2 -0.2 -0.1 -0.1 14

15 Net interbank assets -10.1 8.8 -12.3 -9.4 -109.1 7.8 159.8 -518.1 89.8 126.7 -134.6 15

16 U.S. checkable deposits and currency 20.6 23.9 25.4 21.8 15.6 12.9 45.0 -1.9 28.8 7.5 28.0 16

17 U.S. time deposits 12.6 39.0 4.6 12.9 33.2 -25.1 -4.3 26.0 43.4 13.3 50.2 17

18 Money market fund shares 2.6 4.1 0.1 3.0 7.1 7.1 7.1 7.1 7.1 7.1 7.1 18

19 Security RPs 270.1 204.9 48.2 109.4 70.7 279.2 -101.9 640.3 108.0 -347.5 -118.2 19

20 Credit market instruments 573.3 765.7 780.6 856.8 791.6 841.8 911.7 991.4 891.2 238.9 1044.9 20

21 Open market paper 66.2 37.0 9.9 48.0 4.7 83.5 -11.8 43.3 34.1 -47.2 -11.3 21

22 Treasury securities 276.0 347.4 260.7 139.7 209.0 158.6 231.6 310.2 5.4 92.6 427.9 22

23 Official 184.9 273.3 112.8 189.2 49.5 211.0 188.2 150.8 -52.5 -46.1 145.7 23

24 Private 91.0 74.1 147.9 -49.5 159.6 -52.4 43.4 159.4 57.9 138.7 282.2 24

25 Agency- and GSE-backed securities 3.1 109.0 150.3 228.5 189.4 242.9 166.7 147.9 342.0 52.4 215.1 25

26 Official 39.9 41.7 100.5 191.6 220.0 220.9 191.0 292.3 225.6 117.4 244.7 26

27 Private -36.8 67.4 49.8 36.9 -30.6 22.0 -24.3 -144.4 116.4 -65.0 -29.7 27

28 Municipal securities 8.0 6.5 3.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 28

29 U.S. corporate bonds (4) 220.8 259.5 328.5 438.9 301.4 419.5 479.3 460.9 480.7 1.9 262.0 29

30 Loans to U.S. corporate business -0.8 6.3 28.3 -0.2 85.1 -64.8 43.9 27.1 27.0 137.1 149.3 30

31 U.S. corporate equities 5.2 25.0 56.9 120.2 182.1 129.5 73.0 143.1 389.2 -89.2 285.4 31

32 Mutual fund shares 26.2 32.7 32.2 25.3 15.4 8.4 14.2 24.2 21.5 8.3 7.5 32

33 Trade receivables 1.3 -1.1 7.9 6.2 16.9 -3.3 -6.4 11.2 44.6 19.3 -7.5 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 -79.1 229.8 84.6 483.6 560.4 670.3 698.5 156.2 893.9 1069.3 122.0 35

36 Foreign direct investment in U.S. (5) 63.8 145.8 109.0 180.6 235.1 171.9 182.3 47.6 186.2 325.0 381.6 36

37 Other -142.8 84.0 -24.4 303.0 325.3 498.3 516.2 108.6 707.7 744.3 -259.6 37

38 Net increase in liabilities 287.7 778.2 259.5 800.3 992.6 910.5 898.2 753.8 1908.7 682.3 636.0 38

 U.S. official foreign exchange

39 and net IMF position -0.9 -3.2 -9.6 -2.6 0.0 -4.2 -5.9 0.1 -0.3 0.1 0.1 39

40 U.S. private deposits 36.0 89.9 67.8 98.8 265.9 -38.7 -64.4 284.6 395.3 170.9 212.8 40

41 Credit market instruments 36.9 124.8 102.8 250.4 97.8 518.1 227.7 160.5 236.2 -0.4 -5.2 41

42 Commercial paper 12.9 62.8 38.5 93.1 -66.0 357.8 -17.2 11.1 24.7 -197.0 -102.9 42

43 Bonds 28.7 61.8 54.5 150.9 141.9 180.2 218.0 174.8 167.3 172.6 52.7 43

44 Bank loans n.e.c. -2.5 3.8 14.5 13.8 24.2 -12.2 31.6 -22.5 47.1 26.3 45.9 44

45 Official -0.6 1.0 -2.9 -0.7 -0.0 -1.1 -1.6 -0.5 0.4 -0.4 0.4 45

46 Banks 3.8 4.5 4.7 3.8 8.3 -11.8 22.4 -14.3 30.9 7.6 8.8 46

47 Other -5.7 -1.7 12.7 10.7 16.0 0.6 10.8 -7.7 15.9 19.1 36.7 47

48 U.S. government loans -2.1 -3.7 -4.6 -7.4 -2.4 -7.7 -4.7 -3.1 -2.9 -2.1 -1.5 48

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

50 Foreign corporate equities (6) 118.0 84.8 142.6 138.5 110.2 41.8 251.0 174.0 161.5 142.7 -37.5 50

51 Trade payables 6.1 3.5 6.3 6.2 12.1 -6.4 0.5 9.7 22.5 37.3 -21.3 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 91.6 478.4 -50.3 308.9 506.7 400.1 489.3 124.9 1093.4 331.7 487.0 53

54 U.S. equity in IBRD, etc. 1.4 2.0 1.3 2.0 2.5 1.3 0.9 1.1 4.7 0.4 3.7 54

55 U.S. government deposits 0.2 -0.0 -2.2 -0.0 -0.1 0.0 -0.1 0.2 -0.4 0.1 -0.3 55

56 U.S. direct investment abroad (4,5) 149.6 279.1 -7.7 235.4 280.5 196.1 264.4 325.6 311.9 225.3 259.0 56

57 Other -59.6 197.4 -41.8 71.6 223.9 202.6 224.0 -202.0 777.2 106.0 224.6 57

58 Discrepancy (FOF basis) (7) -20.0 72.1 -34.2 -31.3 133.8 -165.6 -167.4 32.1 123.5 321.1 68.8 58

 Memo:

59 Net U.S. exports, NIPA basis -499.4 -615.4 -714.6 -762.0 -708.6 -799.1 -705.3 -714.2 -714.2 -694.7 -711.3 59

60 + Net U.S. income receipts (8) 56.8 76.2 68.5 58.0 84.8 45.0 60.1 63.2 70.7 101.2 104.1 60

61 - Current taxes and trans. payments to rest of world 69.7 84.9 89.0 90.1 99.5 96.0 83.2 105.1 86.9 97.4 108.6 61

62 = Balance on current account, NIPAs -512.3 -624.1 -735.1 -794.1 -723.3 -850.1 -728.4 -756.0 -730.5 -690.9 -715.8 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, March 6, 2008 23

F.108 Monetary Authority (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2003 2004 2005 2006 2007 2006 2007

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Gross saving -0.8 1.8 -0.2 1.2 8.3 3.1 3.0 7.5 8.7 8.6 8.5 1

 2 Fixed nonresidential investment 2.1 2.6 1.9 2.1 2.3 2.1 2.2 2.2 2.2 2.3 2.3 2

 3 Net acquisition of financial assets 43.2 44.4 37.4 29.6 43.2 -3.0 49.9 32.7 -9.8 70.4 79.4 3

 4 Gold and foreign exchange 0.3 0.3 0.3 0.4 0.5 0.4 0.4 0.5 0.5 0.5 0.5 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 0.9 1.0 0.1 1.7 0.6 0.4 0.5 0.7 0.6 0.5 0.7 6

 7 Federal Reserve float -0.7 1.2 -0.0 -1.2 0.3 -0.2 3.1 -2.1 -1.7 2.3 2.9 7

 8 Fed. Res. loans to domestic banks 0.0 -0.0 0.0 -0.0 48.6 0.1 -1.0 -0.2 0.7 -0.0 193.7 8

 9 Security RPs 4.3 -10.8 13.8 -6.0 5.8 -24.2 26.9 20.9 -56.1 98.5 -40.3 9

10 Credit market instruments 37.2 51.2 26.4 34.7 -38.3 21.4 21.4 13.0 44.7 -33.7 -177.2 10

11 Acceptances 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11

12 Treasury securities 37.3 51.2 26.4 34.7 -38.3 21.4 21.4 13.0 44.7 -33.7 -177.2 12

13 Agency- and GSE-backed securities -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13

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

15 Miscellaneous assets 1.3 1.5 -3.2 0.1 25.7 -0.9 -1.4 0.0 1.5 2.3 99.1 15

16 Net increase in liabilities 42.8 41.7 36.1 27.2 40.1 -4.3 50.0 25.5 -11.4 66.9 79.2 16

17 Depository institution reserves 0.5 1.0 -5.0 -0.3 2.1 -10.6 13.7 -10.4 -8.7 28.8 -1.4 17

18 Vault cash of commercial banks 0.1 -6.4 8.6 1.6 3.3 -1.2 12.5 -8.1 -1.9 3.0 20.1 18

19 Checkable deposits and currency 37.9 37.2 29.2 24.8 17.1 1.4 30.3 7.7 18.9 21.4 20.2 19

20 Due to federal government 1.3 0.1 -1.4 0.2 11.4 -0.9 -2.1 -1.8 3.4 3.0 41.1 20

21 Due to rest of the world 0.1 -0.1 -0.0 0.0 -0.0 -0.2 0.0 -0.1 0.4 -0.2 -0.1 21

22 Currency outside banks 36.5 37.1 30.6 24.5 5.6 2.4 32.3 9.6 15.1 18.6 -20.7 22

23 Miscellaneous liabilities 4.3 9.9 3.4 1.1 17.7 6.2 -6.6 36.3 -19.7 13.7 40.3 23

24 Federal Reserve Bank stock 0.5 3.1 1.6 1.8 3.1 0.4 1.0 2.1 1.0 4.7 4.7 24

25 Other 3.8 6.9 1.7 -0.7 14.6 5.8 -7.6 34.2 -20.7 9.1 35.6 25

26 Discrepancy -3.4 -3.6 -3.3 -3.3 2.9 -0.3 1.0 -1.8 4.9 2.7 6.0 26

(1) Assets and liabilities of Federal Reserve Banks and Treasury monetary accounts that supply or absorb bank reserves. Excludes the accounts of the Federal Reserve Board.
24 Z.1, March 6, 2008

F.109 Commercial Banking (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2003 2004 2005 2006 2007 2006 2007

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Gross saving 86.3 64.1 92.7 87.6 84.9 77.3 94.7 80.8 90.1 84.9 83.9 1

 2 Fixed nonresidential investment 19.0 22.3 20.8 22.5 24.1 22.8 23.0 23.2 23.9 24.4 24.9 2

 3 Net acquisition of financial assets 495.2 762.2 762.6 897.3 936.3 198.7 1666.7 -96.8 1015.3 1586.1 1240.4 3

 4 Vault cash 0.1 -6.4 8.6 1.6 3.3 -1.2 12.5 -8.1 -1.9 3.0 20.1 4

 5 Reserves at Federal Reserve -0.0 1.1 -4.5 0.4 1.5 -9.9 14.8 -10.5 -9.7 28.1 -1.8 5

 6 Checkable deposits and currency -0.0 1.0 -0.5 -0.1 -0.5 -0.7 1.8 -0.8 -2.2 3.1 -2.1 6

 7 Total bank credit 352.3 602.0 691.6 838.0 789.0 260.5 1405.0 207.9 612.5 1066.0 1269.6 7

 8 Treasury securities 2.5 -24.5 -10.7 -1.9 17.3 2.4 -2.6 12.3 -38.3 47.0 48.3 8

 9 Agency- and GSE-backed securities 84.2 95.0 -5.5 45.7 -112.9 -247.2 113.3 -37.5 -6.2 -256.7 -151.5 9

10 Municipal securities 11.0 8.1 16.9 22.6 12.0 23.8 47.2 33.2 10.3 5.6 -1.0 10

11 Corporate and foreign bonds 43.4 82.4 123.4 93.3 198.5 60.8 122.3 94.8 177.7 296.4 225.2 11

12 Total loans 215.2 442.4 569.1 673.8 668.9 411.3 1115.9 120.0 460.8 952.9 1141.8 12

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

14 Bank loans n.e.c. -58.1 72.7 169.1 123.1 341.8 108.1 38.0 144.2 195.0 553.6 474.3 14

15 Mortgages 197.5 339.8 362.4 445.0 230.2 164.8 916.4 -63.7 266.8 207.4 510.3 15

16 Consumer credit 52.8 34.9 2.8 34.2 63.4 42.1 41.1 11.4 82.5 110.8 48.9 16

17 Security credit 23.0 -5.1 34.8 71.5 33.5 96.3 120.4 28.2 -83.6 81.1 108.2 17

18 Corporate equities 2.4 -0.3 0.1 0.7 1.6 0.6 3.0 -3.5 2.5 6.6 0.6 18

19 Mutual fund shares -6.2 -0.9 -1.8 3.9 3.7 8.9 5.9 -11.5 5.7 14.2 6.2 19

20 Customers’ liab. on acceptances (2) -0.2 -0.4 0.0 -0.3 0.0 -0.3 -1.0 -0.2 0.2 -0.7 0.8 20

21 Miscellaneous assets 142.9 164.8 67.4 57.7 143.0 -49.8 233.5 -285.0 416.4 486.7 -46.2 21

22 Net increase in liabilities 455.5 949.8 708.8 942.8 1100.4 581.0 1731.6 -241.1 1142.2 2073.1 1427.5 22

23 Net interbank liabilities -15.2 24.9 -16.0 -12.5 -58.5 55.7 90.0 -471.6 35.0 117.4 85.3 23

24 To monetary authority -0.7 1.2 -0.0 -1.2 48.9 -0.1 2.0 -2.3 -1.0 2.3 196.6 24

25 To domestic banks (3) -4.3 14.9 -3.7 -1.9 1.7 48.1 -71.8 48.8 -53.8 -11.6 23.3 25

26 To foreign banks -10.1 8.8 -12.3 -9.4 -109.1 7.8 159.8 -518.1 89.8 126.7 -134.6 26

27 Checkable deposits 35.7 39.5 -36.4 -35.9 12.4 -40.8 -87.4 56.0 -109.3 116.5 -13.7 27

28 Federal government -0.9 -3.2 7.0 -5.9 14.9 27.9 -60.2 -38.6 -5.4 200.8 -97.3 28

29 Rest of the world 3.9 9.2 6.4 9.2 4.7 8.5 11.4 4.7 15.0 -11.2 10.2 29

30 Private domestic 32.7 33.6 -49.8 -39.2 -7.2 -77.2 -38.7 89.8 -119.0 -73.1 73.5 30

31 Small time and savings deposits 231.7 280.6 268.3 287.6 262.1 249.5 619.0 254.8 148.3 337.3 307.9 31

32 Large time deposits 12.8 192.5 243.1 264.0 299.2 271.9 146.1 73.6 92.6 518.5 512.1 32

33 Federal funds and security RPs (net) 46.5 21.9 114.7 150.5 56.9 78.0 252.1 101.9 105.8 74.5 -54.5 33

34 Credit market instruments 48.5 78.4 85.1 177.4 259.0 51.6 400.6 90.7 147.3 496.2 301.7 34

35 Open market paper -6.3 10.6 4.0 21.4 34.2 5.1 26.4 15.0 18.0 44.9 58.8 35

36 Corporate bonds 46.2 59.0 56.7 76.0 118.2 45.1 121.3 84.9 135.1 119.4 133.5 36

37 Other loans and advances 8.6 8.8 24.4 80.0 106.6 1.4 252.9 -9.2 -5.8 331.9 109.5 37

38 Corporate equity issues -2.1 17.6 -13.8 -10.5 -23.8 -10.6 8.6 -42.9 -34.8 -30.4 12.8 38

39 Taxes payable 2.9 3.2 3.4 3.7 4.0 3.7 3.8 3.9 3.9 4.0 4.1 39

40 Miscellaneous liabilities 94.7 291.3 60.3 118.6 289.3 -78.1 298.9 -307.3 753.4 439.2 271.8 40

41 Discrepancy 27.7 229.5 18.0 110.6 225.0 436.8 136.6 -86.8 193.1 547.5 246.1 41

 Memo:

42 Credit market funds advanced (4) 332.9 608.0 658.4 761.7 750.3 154.5 1274.7 194.5 688.0 963.4 1155.5 42

43 Consumer leases not included above (5) 0.0 0.0 0.0 0.0 -1.8 0.0 0.0 0.1 -1.7 -3.3 -2.4 43

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

 same as branches in foreign countries.

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

(3) Floats and discrepancies in interbank transactions.

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

(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, March 6, 2008 25

F.110 U.S.-Chartered Commercial Banks

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2003 2004 2005 2006 2007 2006 2007

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Gross saving 13.9 1.1 4.7 0.1 4.7 -6.9 -17.6 -17.2 3.2 -19.8 52.5 1

 2 Fixed nonresidential investment 12.2 14.1 12.8 13.7 14.6 13.9 13.9 14.1 14.5 14.8 15.1 2

 3 Net acquisition of financial assets 410.4 587.8 509.2 699.6 598.7 111.8 1416.5 -195.8 637.5 827.2 1125.9 3

 4 Vault cash and reserves at Federal Reserve 0.5 -5.2 3.9 2.3 4.4 -10.1 27.6 -19.2 -12.7 31.9 17.5 4

 5 Total bank credit 360.8 581.1 499.7 681.7 563.1 134.8 1199.5 44.4 487.2 790.9 930.1 5

 6 Treasury securities 7.1 -19.2 -10.1 -2.2 11.1 -6.0 7.3 3.9 -6.7 23.8 23.4 6

 7 Agency- and GSE-backed securities 85.1 89.7 -3.3 47.5 -111.4 -241.1 118.9 -40.6 -10.0 -261.8 -133.3 7

 8 Mortgage pass-through securities 56.6 90.3 -2.7 68.8 -54.9 -248.5 182.7 17.6 -18.0 -210.7 -8.6 8

 9 CMOs and other structured MBS 2.4 -4.8 -4.4 -5.1 -4.4 4.2 -33.4 17.1 -27.9 0.2 -7.0 9

10 Other 26.1 4.2 3.8 -16.1 -52.1 3.2 -30.5 -75.3 35.9 -51.2 -117.8 10

11 Municipal securities 10.9 8.3 16.7 21.7 11.9 22.7 46.0 33.1 11.3 4.6 -1.4 11

12 Corporate and foreign bonds 41.5 58.8 47.0 59.1 101.8 47.3 78.9 13.1 46.4 263.3 84.6 12

13 Private mortgage pass-through securities 0.2 6.7 5.1 8.8 17.3 8.2 19.1 -5.7 -12.6 34.1 53.6 13

14 Private CMOs and other structured MBS 25.2 15.4 38.2 12.7 63.0 -33.2 33.5 -29.9 33.2 62.4 186.3 14

15 Other 16.1 36.7 3.8 37.6 21.5 72.3 26.3 48.7 25.7 166.8 -155.3 15

16 Total loans 220.0 444.8 451.1 551.1 544.6 302.4 939.6 49.9 438.1 740.2 950.1 16

17 Open market paper 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 17

18 Bank loans n.e.c. -39.8 65.2 100.0 59.3 238.0 24.5 -31.3 82.9 122.7 381.7 364.7 18

19 Mortgages 194.9 334.0 354.8 436.8 212.6 167.7 905.1 -74.0 253.2 182.2 489.3 19

20 Consumer credit 52.8 34.9 2.8 34.2 63.4 42.1 41.1 11.4 82.5 110.8 48.9 20

21 Security credit 12.2 10.7 -6.6 20.9 30.5 68.1 24.7 29.7 -20.3 65.5 47.1 21

22 Corporate equities 2.4 -0.3 0.1 0.7 1.6 0.6 3.0 -3.5 2.5 6.6 0.6 22

23 Mutual fund shares -6.2 -0.9 -1.8 3.9 3.7 8.9 5.9 -11.5 5.7 14.2 6.2 23

24 Customers’ liab. on acceptances (1) -0.2 -0.5 -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 24

25 Miscellaneous assets 49.2 12.4 5.6 15.6 31.2 -12.8 189.4 -221.0 163.0 4.4 178.3 25

26 Net increase in liabilities 433.1 826.9 530.7 818.9 829.2 566.1 1579.7 -255.2 836.1 1405.3 1330.4 26

27 Net interbank liabilities -9.4 90.0 16.6 72.6 182.0 135.4 183.9 -171.4 178.0 380.5 341.0 27

28 Federal Reserve float -0.7 1.2 -0.0 -1.2 0.3 -0.2 3.1 -2.1 -1.7 2.3 2.9 28

29 Borrowing from Federal Reserve banks 0.0 -0.0 0.0 -0.0 48.6 0.1 -1.0 -0.2 0.7 -0.0 193.7 29

30 To domestic banking -54.9 33.0 0.5 -36.6 30.8 -20.2 -126.5 9.2 -16.8 134.2 -3.5 30

31 To foreign banks 46.2 55.8 16.1 110.5 102.4 155.7 308.3 -178.3 195.8 244.0 147.9 31

32 Checkable deposits 33.1 38.8 -36.8 -36.6 9.5 -33.2 -97.0 54.7 -120.5 129.6 -25.7 32

33 Federal government -0.9 -3.2 7.0 -5.9 14.9 27.9 -60.2 -38.6 -5.4 200.8 -97.3 33

34 Rest of the world 4.3 9.7 6.2 9.4 4.4 9.4 11.0 4.9 11.2 -8.3 9.8 34

35 Private domestic 29.7 32.3 -49.9 -40.1 -9.7 -70.6 -47.8 88.4 -126.3 -62.9 61.8 35

36 Small time and savings deposits 229.6 279.7 262.9 277.8 253.0 225.3 612.7 246.7 135.1 324.1 306.2 36

37 Large time deposits 3.0 115.6 166.8 129.9 23.7 73.7 71.0 -296.6 -47.6 149.9 289.0 37

38 Federal funds and security RPs (net) 51.3 23.4 81.4 101.4 70.5 -36.4 146.6 74.3 160.2 74.3 -26.8 38

39 Acceptance liabilities -0.2 -0.4 -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 39

40 Corporate bonds 4.8 10.4 12.5 27.5 25.1 13.4 54.6 17.8 28.2 23.5 30.9 40

41 Other loans and advances 8.6 8.8 24.4 80.0 106.6 1.4 252.9 -9.2 -5.8 331.9 109.5 41

42 Corporate equity issues 7.5 5.9 6.2 9.3 4.4 6.2 17.8 5.4 5.1 1.6 5.5 42

43 Taxes payable 2.9 3.2 3.4 3.7 4.0 3.7 3.8 3.9 3.9 4.0 4.1 43

44 Miscellaneous liabilities 102.0 251.7 -6.8 153.3 150.4 176.4 333.4 -180.8 499.6 -14.0 296.8 44

45 Investment by bank holding companies 50.5 167.2 40.0 110.0 126.3 133.1 175.7 44.0 89.1 184.8 187.4 45

46 Other 51.5 84.4 -46.8 43.3 24.1 43.3 157.7 -224.8 410.5 -198.8 109.4 46

47 Discrepancy 24.4 226.0 13.3 105.7 220.5 433.5 131.7 -90.7 187.3 543.5 241.9 47

 Memo:

48 Credit market funds advanced (2) 352.2 571.1 507.9 656.3 527.4 57.3 1165.9 29.7 499.3 704.5 876.2 48

49 Consumer leases not included above (3) 0.0 0.0 0.0 0.0 -1.8 0.0 0.0 0.1 -1.7 -3.3 -2.4 49

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

(2) Total bank credit (line 5) less security credit (line 21) less corporate equities (line 22) less mutual fund shares (line 23) plus customers’ liability on acceptances (line 24).

(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, March 6, 2008

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

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2003 2004 2005 2006 2007 2006 2007

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Gross saving 5.7 6.5 7.1 7.3 7.5 7.3 7.3 7.4 7.4 7.5 7.5 1

 2 Fixed nonresidential investment 6.3 7.9 7.6 8.4 9.1 8.6 8.7 8.8 9.0 9.2 9.4 2

 3 Net acquisition of financial assets -50.9 -117.4 148.8 3.7 219.0 -86.2 -117.1 117.0 207.0 571.3 -19.4 3

 4 Reserves at Federal Reserve -0.4 -0.1 0.2 -0.3 0.4 -1.0 -0.3 0.5 1.0 -0.8 0.8 4

 5 Total bank credit -27.7 7.1 185.9 154.6 204.6 122.5 197.0 186.8 131.4 254.3 245.9 5

 6 Treasury securities -7.0 -5.9 0.2 -0.8 3.5 11.5 -12.4 17.6 -32.0 27.4 1.1 6

 7 Agency- and GSE-backed securities -6.5 -1.2 -0.9 3.9 2.1 0.9 12.8 -2.3 8.4 6.2 -3.7 7

 8 Municipal securities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8

 9 Corporate and foreign bonds 0.2 22.4 80.6 29.8 77.0 3.8 33.4 90.5 133.4 16.3 67.7 9

10 Total loans -14.3 -8.2 106.1 121.8 122.0 106.2 163.1 81.1 21.7 204.4 180.9 10

11 Open market paper 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11

12 Bank loans n.e.c. -23.6 8.2 60.7 67.1 105.0 77.4 60.9 71.7 75.6 167.9 104.7 12

13 Mortgages -1.5 -0.6 4.0 4.1 14.1 0.6 6.5 11.0 9.3 20.9 15.1 13

14 Security credit 10.8 -15.8 41.4 50.6 3.0 28.2 95.7 -1.5 -63.2 15.6 61.0 14

15 Corporate equities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15

16 Customers’ liab. on acceptances (2) -0.0 0.1 0.1 -0.3 0.0 -0.3 -1.0 -0.2 0.2 -0.7 0.8 16

17 Miscellaneous assets -22.8 -124.5 -37.3 -150.4 13.9 -207.4 -312.8 -70.2 74.3 318.5 -266.9 17

18 Net increase in liabilities -46.1 -112.2 154.5 9.8 225.6 -80.0 -110.8 123.4 213.6 578.0 -12.7 18

19 Net interbank liabilities -17.4 -66.8 -6.0 -71.3 -191.0 -46.2 -101.4 -270.9 -125.0 -115.2 -252.8 19

20 To foreign banks -12.2 -72.6 -8.8 -78.5 -169.2 -103.1 -129.3 -316.4 -47.9 20.1 -332.7 20

21 To domestic banks -5.2 5.7 2.8 7.3 -21.8 56.9 27.9 45.5 -77.1 -135.3 79.9 21

22 Checkable deposits 1.1 -0.8 0.5 -0.0 2.6 -4.1 4.0 4.8 9.4 -12.1 8.2 22

23 Small time and savings deposits 0.8 -0.7 0.5 8.6 6.9 24.3 5.8 7.8 10.0 8.3 1.5 23

24 Large time deposits 8.5 75.4 71.4 132.8 273.4 198.4 74.6 370.0 137.0 363.7 222.9 24

25 Federal funds and security RPs (net) -5.7 -0.2 33.4 49.0 -13.6 115.6 100.9 28.1 -54.7 -0.3 -27.6 25

26 Acceptance liabilities -0.1 0.1 0.0 -0.3 0.0 -0.2 -0.9 -0.4 0.2 -0.7 0.9 26

27 Miscellaneous liabilities -33.4 -119.2 54.6 -109.0 147.3 -367.8 -193.8 -15.9 236.6 334.2 34.4 27

28 Foreign direct investment in U.S. 4.2 17.9 9.8 15.4 33.1 19.1 8.6 14.8 20.0 47.4 50.2 28

29 Due to affiliates 7.2 32.7 21.0 8.6 43.7 -12.7 -57.9 135.0 38.6 -61.8 62.9 29

30 Other -44.8 -169.8 23.7 -133.0 70.6 -374.1 -144.5 -165.7 178.0 348.6 -78.7 30

31 Discrepancy 4.3 3.9 5.2 5.0 4.9 4.9 5.0 5.0 4.9 4.9 4.8 31

 Memo:

32 Credit market funds advanced (3) -38.5 23.0 144.5 103.7 201.7 94.0 100.3 188.2 194.9 238.1 185.7 32

(1) Branches and agencies of foreign banks, Edge Act and Agreement corporations, New York investment companies (through 1996:Q2), and American Express Bank.

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

(3) Total bank credit (line 5) less security credit (line 14) less corporate equities (line 15) plus customers’ liability on acceptances (line 16).
Z.1, March 6, 2008 27

F.112 Bank Holding Companies

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2003 2004 2005 2006 2007 2006 2007

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Gross saving 66.6 56.4 80.7 80.1 72.7 76.8 104.8 90.5 79.3 97.1 23.7 1

 2 Fixed nonresidential investment 0.3 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 127.3 275.8 94.8 195.2 117.7 186.3 365.7 -12.3 164.8 185.6 132.9 3

 4 Credit market instruments 8.6 -0.0 -4.2 3.3 23.1 6.6 8.0 -16.8 -5.3 21.4 93.1 4

 5 Treasury securities 1.4 -0.8 -0.9 1.4 4.6 -1.4 0.9 -7.0 0.3 -0.5 25.5 5

 6 Agency- and GSE-backed securities 0.9 1.9 -2.3 -0.0 -1.3 -2.1 -5.6 5.5 -3.9 4.6 -11.3 6

 7 Corporate and foreign bonds 1.3 1.3 -3.7 4.9 19.1 9.7 8.9 -8.6 -2.5 15.6 72.1 7

 8 Bank loans n.e.c. 5.0 -2.5 2.7 -2.9 0.7 0.4 3.7 -6.6 0.9 1.8 6.7 8

 9 Miscellaneous assets 118.7 275.9 99.0 191.8 94.6 179.8 357.7 4.4 170.0 164.2 39.8 9

10 Investment in bank subsidiaries 50.5 167.2 40.0 110.0 126.3 133.1 175.7 44.0 89.1 184.8 187.4 10

11 Investment in nonbank subsidiaries 45.7 76.2 42.7 46.3 -63.4 36.2 138.1 -97.6 41.0 -70.2 -126.9 11

12 Other 22.4 32.4 16.2 35.6 31.7 10.5 43.9 58.0 39.9 49.6 -20.7 12

13 Net increase in liabilities 61.0 219.6 14.3 115.3 45.3 109.7 261.0 -102.6 85.6 88.7 109.4 13

14 Net interbank liabilities 11.6 1.7 -26.5 -13.9 -49.5 -33.5 7.5 -29.3 -18.0 -147.9 -2.9 14

15 To domestic banks 55.8 -23.8 -6.9 27.4 -7.3 11.4 26.7 -5.9 40.0 -10.5 -53.0 15

16 To foreign banks -44.1 25.6 -19.6 -41.3 -42.2 -44.9 -19.2 -23.4 -58.0 -137.4 50.1 16

17 Federal funds and security RPs (net) 0.9 -1.3 -0.2 0.1 0.1 -1.2 4.6 -0.5 0.3 0.5 -0.1 17

18 Credit market instruments 35.4 59.5 48.2 70.2 127.2 36.9 94.0 82.4 124.7 141.5 160.5 18

19 Commercial paper -6.0 10.8 4.0 21.7 34.1 5.3 27.3 15.3 17.7 45.6 57.9 19

20 Corporate bonds 41.4 48.7 44.2 48.5 93.1 31.6 66.7 67.1 106.9 95.9 102.5 20

21 Corporate equity issues -9.6 11.7 -20.0 -19.9 -28.2 -16.8 -9.2 -48.2 -39.9 -32.0 7.4 21

22 Miscellaneous liabilities 22.6 148.0 12.8 78.7 -4.3 124.3 164.2 -107.0 18.5 126.6 -55.5 22

23 Equity, etc. -37.5 129.4 48.4 -13.8 -66.3 71.3 -60.2 -108.2 -67.7 44.4 -133.8 23

24 Other 60.1 18.6 -35.6 92.5 62.0 52.9 224.4 1.2 86.2 82.2 78.3 24

25 Discrepancy -0.1 -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 0.1 0.1 0.2 0.2 0.2 0.2 0.2 0.2 0.2 2

 3 Net acquisition of financial assets 8.4 15.9 9.8 -1.2 0.9 -13.3 1.6 -5.6 6.0 2.0 1.0 3

 4 Checkable deposits and currency -0.0 1.0 -0.5 -0.1 -0.5 -0.7 1.8 -0.8 -2.2 3.1 -2.1 4

 5 Credit market instruments 10.6 13.9 10.2 -1.7 -1.9 -3.3 0.5 -6.5 -0.9 -0.7 0.5 5

 6 Treasury securities 1.0 1.4 0.1 -0.2 -1.9 -1.7 1.6 -2.2 0.1 -3.8 -1.6 6

 7 Agency- and GSE-backed securities 4.7 4.7 1.2 -5.8 -2.4 -4.9 -12.8 0.0 -0.5 -5.7 -3.2 7

 8 Municipal securities 0.1 -0.2 0.2 0.8 0.2 1.1 1.3 0.2 -1.0 1.0 0.4 8

 9 Corporate and foreign bonds 0.4 -0.2 -0.5 -0.4 0.6 -0.0 1.1 -0.1 0.4 1.3 0.8 9

10 Bank loans n.e.c. 0.3 1.8 5.6 -0.3 -1.9 5.8 4.6 -3.7 -4.3 2.2 -1.9 10

11 Home mortgages 2.5 3.4 0.7 0.9 1.0 -4.3 0.8 -2.1 3.0 1.4 1.7 11

12 Commercial mortgages 1.6 3.1 2.9 3.2 2.5 0.8 4.1 1.4 1.4 2.9 4.3 12

13 Miscellaneous assets -2.2 0.9 0.1 0.6 3.3 -9.3 -0.7 1.7 9.1 -0.4 2.6 13

14 Net increase in liabilities 7.5 15.5 9.3 -1.3 0.4 -14.8 1.6 -6.7 6.9 1.1 0.4 14

15 Checkable deposits 1.5 1.6 -0.2 0.7 0.3 -3.5 5.5 -3.5 1.7 -1.0 3.9 15

16 Small time and savings deposits 1.3 1.6 4.9 1.2 2.1 -0.1 0.5 0.3 3.2 4.9 0.2 16

17 Large time deposits 1.3 1.6 4.9 1.2 2.1 -0.1 0.5 0.3 3.2 4.9 0.2 17

18 Miscellaneous liabilities 3.4 10.8 -0.3 -4.4 -4.1 -11.1 -4.9 -3.7 -1.3 -7.6 -3.8 18

19 Discrepancy -0.9 -0.4 -0.5 -0.1 -0.4 -1.5 0.0 -1.1 0.9 -0.9 -0.7 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, March 6, 2008

F.114 Savings Institutions (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2003 2004 2005 2006 2007 2006 2007

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Gross saving 9.7 9.6 11.6 7.8 7.9 7.0 6.9 7.6 8.8 7.9 7.4 1

 2 Fixed nonresidential investment 2.2 2.6 2.2 2.4 2.5 2.4 2.4 2.4 2.5 2.5 2.6 2

 3 Net acquisition of financial assets 114.1 184.8 140.9 -74.2 99.6 253.8 -862.8 282.1 82.9 214.9 -181.6 3

 4 Reserves at Federal Reserve 0.5 -0.1 -0.5 -0.7 0.6 -0.8 -1.1 0.1 1.1 0.7 0.4 4

 5 Checkable deposits and currency 0.0 -3.5 2.4 -3.3 -0.5 1.0 -2.0 -4.8 -0.3 0.5 2.7 5

 6 Time and savings deposits 0.0 0.6 -0.5 3.9 3.3 6.5 0.0 -6.4 -1.9 13.0 8.3 6

 7 Federal funds and security RPs -7.7 -3.2 -0.1 9.3 27.3 18.8 -8.6 54.2 -13.8 58.2 10.6 7

 8 Credit market instruments 127.3 103.5 199.3 -98.1 65.8 258.1 -859.7 189.1 67.4 136.8 -130.1 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 3.0 -3.9 4.0 0.1 -5.4 -0.0 18.1 -19.2 -1.0 2.4 -4.0 10

11 Agency- and GSE-backed securities 22.6 -82.3 55.8 -23.0 -0.6 120.3 -179.8 7.4 -6.3 0.5 -4.1 11

12 Mortgage pass-through securities -18.9 0.9 25.6 -19.7 5.2 63.0 -110.1 3.6 -3.7 7.6 13.3 12

13 CMOs and other structured MBS 24.3 -45.3 7.4 -3.3 -2.2 57.7 -71.1 6.6 -1.4 -16.4 2.6 13

14 Other 17.2 -38.0 22.9 -0.1 -3.7 -0.4 1.3 -2.8 -1.3 9.4 -20.0 14

15 Municipal securities 0.8 0.8 1.5 2.1 -0.1 3.3 0.8 1.4 3.0 3.0 -7.8 15

16 Corporate and foreign bonds -8.0 -12.7 21.0 9.0 49.1 -0.2 1.2 71.1 61.2 47.8 16.2 16

17 Private mortgage pass-through securities 0.1 -2.5 -0.6 3.1 -4.5 -1.0 6.7 -7.1 13.2 -1.3 -22.8 17

18 Private CMOs and other structured MBS 5.7 -11.0 18.1 6.8 39.3 4.1 -5.1 61.0 42.3 3.3 50.6 18

19 Other -13.8 0.8 3.5 -0.8 14.3 -3.3 -0.4 17.3 5.6 45.8 -11.6 19

20 Other loans and advances 10.1 1.3 3.9 6.0 6.2 7.6 -1.2 5.6 21.2 -14.5 12.5 20

21 Mortgages 89.6 186.8 95.3 -78.8 21.3 109.9 -656.0 126.7 -21.1 138.0 -158.6 21

22 Consumer credit 9.2 13.4 17.8 -13.5 -4.6 17.2 -42.7 -3.9 10.3 -40.5 15.6 22

23 Corporate equities -1.0 -1.1 -1.0 -1.0 -0.1 -0.8 0.5 -2.1 0.6 1.6 -0.6 23

24 Miscellaneous assets -5.1 88.5 -58.7 15.7 3.2 -29.2 8.0 51.8 29.9 4.2 -72.9 24

25 Net increase in liabilities 106.2 178.2 138.4 -75.7 95.1 267.2 -866.6 275.6 77.1 213.0 -185.5 25

26 Deposits 84.8 40.0 76.6 24.6 13.2 100.9 -246.1 310.9 27.9 -20.1 -266.1 26

27 Checkable 5.4 0.5 3.8 0.9 -0.2 -2.2 -9.0 13.8 -0.5 0.6 -14.8 27

28 Small time and savings 47.2 -14.4 34.0 28.9 -3.3 37.3 -83.1 91.6 31.9 -23.9 -112.7 28

29 Large time 32.2 54.0 38.8 -5.2 16.7 65.7 -154.0 205.5 -3.5 3.1 -138.6 29

30 Security RPs 20.1 4.7 -3.6 -15.5 -17.3 -5.5 -74.8 -31.3 33.9 -61.5 -10.5 30

31 Credit market instruments 34.5 89.0 23.8 -111.9 103.1 17.1 -463.3 -20.5 -24.9 363.6 94.1 31

32 Corporate bonds 1.7 2.5 1.0 2.0 -0.3 3.4 0.8 1.3 -0.1 -3.1 0.7 32

33 Bank loans n.e.c. 15.2 26.5 6.5 -48.2 6.5 -10.4 -194.6 -6.0 -7.8 17.1 22.7 33

34 Other loans and advances 17.6 60.0 16.2 -65.7 96.9 24.1 -269.5 -15.8 -17.0 349.6 70.7 34

35 Taxes payable -0.2 0.6 0.7 -0.5 0.1 0.3 -2.9 -0.4 -0.7 1.6 0.1 35

36 Miscellaneous liabilities -33.0 43.9 40.8 27.6 -4.0 154.4 -79.5 16.8 40.9 -70.5 -3.1 36

37 Investment by parent 1.0 1.2 1.3 1.4 1.6 1.4 1.5 1.5 1.6 1.6 1.6 37

38 Other -34.0 42.7 39.5 26.2 -5.6 152.9 -81.0 15.3 39.3 -72.1 -4.8 38

39 Discrepancy -0.3 0.4 6.9 4.1 0.9 18.0 0.6 -1.3 0.6 3.5 0.8 39

(1) Savings and loan associations, mutual savings banks, and federal savings banks.
Z.1, March 6, 2008 29

F.115 Credit Unions

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2003 2004 2005 2006 2007 2006 2007

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Gross saving 7.5 7.6 8.0 8.0 9.8 8.1 8.1 9.1 10.6 9.9 9.5 1

 2 Fixed nonresidential investment 1.8 2.2 2.1 2.3 2.5 2.4 2.4 2.4 2.5 2.5 2.6 2

 3 Net acquisition of financial assets 53.2 37.5 30.9 30.5 43.3 34.6 46.6 54.7 38.9 21.6 58.2 3

 4 Checkable deposits and currency 3.2 -1.4 -2.0 6.2 -1.1 7.3 14.9 22.5 7.1 -33.3 -1.0 4

 5 Time and savings deposits 2.5 -0.7 -4.5 -4.9 0.2 -4.5 -2.9 -3.3 1.0 -0.2 3.2 5

 6 Federal funds and security RPs -0.1 2.6 2.6 -1.6 -2.6 -8.1 -0.4 14.6 -4.5 -9.6 -10.8 6

 7 Credit market instruments 51.2 39.8 36.2 30.1 36.7 7.9 27.7 39.8 24.6 46.1 36.5 7

 8 Open market paper -0.8 0.1 -0.0 0.2 -0.5 2.1 -0.9 2.5 0.6 -2.8 -2.5 8

 9 Treasury securities 1.2 0.1 -1.1 -0.3 -0.5 0.3 -1.6 -1.7 1.0 -0.5 -0.7 9

10 Agency- and GSE-backed securities 15.2 -1.1 -6.8 -13.9 -5.1 -26.6 -25.4 -10.0 -2.7 2.7 -10.3 10

11 Corporate and foreign bonds 2.3 0.6 -1.5 7.2 3.9 -1.7 22.0 23.9 -2.7 1.1 -6.6 11

12 Home mortgages 23.2 30.6 32.4 31.0 34.1 24.5 26.9 25.5 34.3 31.2 45.5 12

13 Consumer credit 10.1 9.5 13.2 5.9 4.8 9.2 6.7 -0.4 -5.9 14.4 11.1 13

14 Mutual fund shares 0.5 -0.9 -1.0 -0.1 -0.0 0.0 0.2 0.4 -1.1 0.1 0.5 14

15 Miscellaneous assets -4.1 -1.8 -0.3 0.8 10.2 32.1 7.0 -19.4 11.8 18.6 29.7 15

16 Net increase in liabilities 49.2 33.7 27.5 26.0 39.4 29.2 41.3 51.0 34.5 16.7 55.4 16

17 Shares/deposits 45.3 29.5 21.6 24.5 29.8 25.6 38.1 51.2 36.4 5.4 26.2 17

18 Checkable 6.0 7.6 7.0 -8.5 -3.7 -31.4 -9.0 14.1 -8.0 -22.6 1.8 18

19 Small time and savings 28.5 15.5 12.1 30.5 28.0 50.0 42.8 24.9 37.9 23.4 25.9 19

20 Large time 10.8 6.4 2.5 2.5 5.5 7.0 4.3 12.2 6.5 4.5 -1.4 20

21 Other loans and advances 2.2 2.3 3.3 4.2 13.5 2.0 8.4 -10.5 10.6 37.9 16.0 21

22 Miscellaneous liabilities 1.7 1.9 2.6 -2.7 -3.9 1.6 -5.2 10.3 -12.5 -26.6 13.2 22

23 Discrepancy 1.8 1.6 2.5 1.2 3.3 0.2 0.5 3.0 3.8 2.5 4.1 23

F.116 Property-Casualty Insurance Companies

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Gross saving 28.1 30.2 11.4 36.0 40.6 36.9 27.7 40.4 42.3 39.8 39.9 1

 2 Fixed nonresidential investment 4.4 6.0 6.0 6.2 6.3 6.2 6.2 6.2 6.3 6.4 6.4 2

 3 Net acquisition of financial assets 88.3 79.0 70.7 61.6 42.7 88.8 0.6 52.4 29.5 84.2 4.9 3

 4 Checkable deposits and currency 8.6 -8.7 -4.8 8.9 4.0 19.0 -45.8 7.2 5.1 48.8 -45.0 4

 5 Security RPs 8.5 10.2 5.9 -2.9 -19.4 11.5 23.1 0.0 -37.0 -13.6 -27.2 5

 6 Credit market instruments 67.0 73.6 66.9 47.7 38.1 31.8 50.6 32.8 34.7 34.0 50.7 6

 7 Treasury securities 3.5 6.6 -2.0 6.6 2.5 5.2 6.9 3.0 3.1 3.1 0.7 7

 8 Agency- and GSE-backed securities 2.2 -3.3 5.8 4.1 5.7 1.7 4.1 4.9 4.9 5.0 8.1 8

 9 Municipal securities 41.2 43.6 45.4 22.1 16.4 15.8 22.8 13.4 13.5 13.7 24.9 9

10 Corporate and foreign bonds 20.0 26.4 17.5 14.2 12.4 8.9 14.6 11.1 11.2 11.3 15.9 10

11 Commercial mortgages 0.1 0.3 0.3 0.7 1.1 0.2 2.2 0.4 2.0 1.0 1.0 11

12 Corporate equities -3.4 -3.9 -6.1 2.3 3.9 4.4 0.0 -0.5 4.0 9.5 2.5 12

13 Mutual fund shares 0.7 0.5 0.3 0.5 0.4 0.5 0.5 0.4 0.4 0.4 0.4 13

14 Trade receivables 4.5 0.3 2.4 4.9 3.5 -3.4 7.3 0.0 10.4 -3.6 7.1 14

15 Miscellaneous assets 2.3 7.1 6.1 0.2 12.4 25.0 -35.1 12.5 11.8 8.7 16.4 15

16 Net increase in liabilities 57.4 43.2 53.5 20.8 23.4 35.7 -2.0 -5.5 48.5 36.9 13.5 16

17 Corporate equity issues 4.1 -4.0 -2.8 -8.5 -11.8 -10.9 -10.4 -13.8 -8.6 -14.0 -10.7 17

18 Taxes payable 3.7 4.2 4.7 5.2 5.7 5.2 5.4 5.5 5.6 5.7 5.9 18

19 Miscellaneous liabilities 49.6 43.0 51.6 24.2 29.5 41.3 3.0 2.8 51.6 45.2 18.3 19

20 Discrepancy -7.1 -11.6 -11.8 -11.0 14.9 -22.5 18.9 -23.7 55.1 -13.8 42.1 20
30 Z.1, March 6, 2008

F.117 Life Insurance Companies

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2003 2004 2005 2006 2007 2006 2007

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Gross saving -7.5 3.3 1.3 2.0 1.8 1.5 3.4 1.3 2.1 1.8 2.2 1

 2 Fixed nonresidential investment 2.6 2.7 2.2 2.3 2.5 2.4 2.4 2.4 2.4 2.5 2.5 2

 3 Net acquisition of financial assets 258.2 264.4 185.3 225.0 229.8 239.2 158.0 224.4 141.5 337.0 216.1 3

 4 Checkable deposits and currency 12.0 6.0 -5.5 8.3 1.3 2.3 20.2 8.2 -12.3 22.1 -12.9 4

 5 Money market fund shares -8.3 -30.7 -7.1 48.7 64.3 63.7 48.0 66.6 57.7 66.8 66.0 5

 6 Credit market instruments 180.6 173.0 110.3 75.6 101.8 48.6 7.7 85.0 89.4 160.8 72.0 6

 7 Open market paper -18.2 -7.6 -8.0 12.9 -11.3 9.2 31.6 -19.7 9.0 -15.0 -19.4 7

 8 Treasury securities -6.6 6.6 12.7 -8.0 2.9 -7.8 -13.2 3.8 3.0 5.6 -0.7 8

 9 Agency- and GSE-backed securities 18.0 8.2 11.4 8.8 15.9 7.9 -18.4 15.1 10.6 24.0 13.7 9

10 Municipal securities 6.2 4.0 2.4 4.1 1.7 4.3 1.1 1.2 0.7 2.2 2.5 10

11 Corporate and foreign bonds 171.0 147.8 78.9 36.1 68.4 10.8 -1.4 65.1 41.0 113.0 54.5 11

12 Policy loans -0.7 1.6 0.8 3.4 5.0 5.4 -1.0 2.6 4.8 6.4 6.1 12

13 Mortgages 10.9 12.4 12.1 18.3 19.3 18.8 8.9 16.8 20.4 24.7 15.4 13

14 Corporate equities 45.5 51.5 65.9 71.4 88.6 79.3 60.7 101.4 62.0 96.8 94.2 14

15 Mutual fund shares 0.5 12.8 -9.9 26.9 8.0 26.9 26.9 8.0 8.0 8.0 8.0 15

16 Miscellaneous assets 27.9 51.9 31.7 -6.0 -34.2 18.4 -5.4 -44.8 -63.2 -17.5 -11.2 16

17 Net increase in liabilities 230.0 228.0 173.9 202.5 203.8 223.6 119.4 185.2 128.1 300.3 201.8 17

18 Corporate equity issues -3.9 -17.3 -8.0 -20.0 -23.5 -13.0 -14.7 -20.8 -21.6 -24.6 -27.1 18

19 Other loans and advances 2.9 3.0 0.4 2.7 14.5 2.4 4.3 4.9 12.6 26.9 13.6 19

20 Life insurance reserves 65.7 32.0 14.9 64.1 26.3 75.8 72.4 23.7 14.4 32.4 34.5 20

21 Pension fund reserves (1) 144.2 200.4 159.3 103.7 132.1 93.3 98.3 138.1 75.4 173.7 141.3 21

22 Taxes payable 2.8 3.2 3.6 4.0 4.4 4.0 4.1 4.2 4.3 4.4 4.6 22

23 Miscellaneous liabilities 18.4 6.7 3.6 47.9 50.1 61.0 -45.1 35.0 42.9 87.4 35.0 23

24 Discrepancy -38.4 -35.8 -12.4 -22.8 -26.6 -16.5 -37.6 -40.4 -13.8 -37.5 -14.6 24

(1) Annuity reserves held by life insurance companies, excluding unallocated contracts held by private pension funds, which are included in miscellaneous liabilities (line 23).

F.118 Private Pension Funds (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Gross saving 0.6 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 1

 2 Fixed nonresidential investment 0.2 0.3 0.2 0.2 0.3 0.3 0.2 0.3 0.3 0.3 0.3 2

 3 Net acquisition of financial assets 26.6 9.8 19.4 7.2 -67.6 27.1 48.1 -63.1 -96.6 -65.3 -45.4 3

 4 Checkable deposits and currency 0.2 0.1 0.3 0.4 0.5 0.5 -0.2 0.5 0.5 0.4 0.5 4

 5 Time and savings deposits 3.0 -4.6 6.2 1.1 2.9 2.8 2.1 3.2 3.6 2.2 2.7 5

 6 Money market fund shares -0.2 0.6 1.9 3.4 4.0 3.5 3.5 3.2 3.5 3.4 6.0 6

 7 Security RPs 1.4 1.6 1.7 3.2 9.5 1.3 23.3 1.7 26.1 2.4 7.8 7

 8 Credit market instruments 69.2 -0.3 44.5 14.0 34.7 38.9 41.6 30.7 39.6 50.1 18.3 8

 9 Open market paper -3.2 0.3 2.2 3.1 1.2 2.7 3.0 2.7 5.6 -6.3 2.7 9

10 Treasury securities 13.3 -4.1 3.0 3.6 2.9 4.5 5.4 6.9 10.9 -2.0 -4.4 10

11 Agency- and GSE-backed securities 38.3 11.3 18.6 -1.3 14.4 21.4 20.4 9.9 5.5 28.1 14.0 11

12 Corporate and foreign bonds 20.9 -7.7 20.9 8.9 16.1 10.6 13.1 11.9 17.1 29.2 6.3 12

13 Mortgages -0.1 -0.2 -0.2 -0.3 0.1 -0.3 -0.3 -0.7 0.5 1.0 -0.3 13

14 Corporate equities -24.1 11.2 -18.5 -9.9 -100.2 -54.1 5.9 -55.0 -111.2 -122.2 -112.2 14

15 Mutual fund shares -3.8 36.1 10.2 11.4 4.1 48.8 6.2 -2.4 -33.6 21.0 31.2 15

16 Miscellaneous assets -19.1 -34.8 -26.9 -16.4 -23.1 -14.7 -34.5 -45.1 -25.0 -22.6 0.3 16

17 Unallocated insurance contracts (2) -18.1 -35.2 -18.6 -4.7 -26.4 -3.6 -23.7 -37.6 -24.1 -28.3 -15.7 17

18 Contributions receivable -0.2 -3.1 -1.9 -2.0 7.0 -1.9 -1.9 -1.9 8.6 10.7 10.5 18

19 Other -0.8 3.5 -6.4 -9.8 -3.7 -9.1 -8.9 -5.6 -9.5 -5.0 5.5 19

20 Pension fund reserves (liabilities) (3) 26.2 9.4 18.9 6.8 -68.1 26.7 47.7 -63.6 -97.1 -65.7 -45.8 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, March 6, 2008 31

F.119 State and Local Government Employee Retirement Funds

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2003 2004 2005 2006 2007 2006 2007

 Q3 Q4 Q1 Q2 Q3 Q4

 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 39.9 23.8 5.4 37.3 12.6 -14.8 10.3 16.7 44.6 -20.7 9.5 3

 4 Checkable deposits and currency 0.8 2.5 -0.4 -2.6 3.9 -1.4 0.3 12.7 -0.1 0.2 2.6 4

 5 Time and savings deposits -0.9 0.6 -0.1 -0.5 0.2 -0.1 0.0 0.8 -0.0 0.0 0.2 5

 6 Money market fund shares -2.1 -1.9 0.1 1.3 3.8 -1.4 0.3 12.5 -0.1 0.2 2.6 6

 7 Security RPs -3.6 -3.2 -0.6 3.0 6.6 -2.4 0.6 21.7 -0.2 0.3 4.5 7

 8 Credit market instruments 18.8 17.8 18.1 76.3 26.1 14.4 43.7 -8.4 18.6 61.3 32.8 8

 9 Open market paper -6.4 -6.5 0.1 4.9 11.7 -4.2 1.0 38.6 -0.4 0.6 7.9 9

10 Treasury securities -10.3 2.4 2.8 -0.8 8.8 2.6 5.9 8.4 3.9 21.1 1.9 10

11 Agency- and GSE-backed securities 42.5 23.7 -0.4 36.7 24.3 5.1 11.3 16.2 7.6 40.6 32.9 11

12 Municipal securities 3.5 -2.6 -0.2 0.1 -1.0 -0.3 -0.2 -3.1 -0.0 -0.0 -0.7 12

13 Corporate and foreign bonds -9.9 6.0 14.5 37.6 -16.9 9.5 24.2 -62.8 7.3 -2.9 -9.1 13

14 Mortgages -0.7 -5.3 1.3 -2.3 -0.9 1.8 1.5 -5.6 0.2 2.0 -0.1 14

15 Corporate equities 35.4 1.9 -5.6 -41.2 -25.1 -21.7 -31.1 -21.6 22.7 -72.0 -29.4 15

16 Mutual fund shares -9.5 1.5 -5.5 1.3 -3.7 -3.2 -4.6 -3.2 3.4 -10.7 -4.4 16

17 Miscellaneous assets 0.9 4.6 -0.6 -0.3 0.9 0.9 1.2 2.3 0.5 -0.0 0.7 17

18 Pension fund reserves (liabilities) (1) 39.9 23.8 5.4 37.3 12.6 -14.8 10.3 16.7 44.6 -20.7 9.5 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 48.2 54.7 54.7 50.4 47.8 56.6 60.6 42.5 -20.8 58.3 111.1 1

 2 Credit market instruments 6.0 4.7 7.7 8.4 11.7 7.7 2.5 14.9 3.4 17.5 11.1 2

 3 Treasury securities 5.1 5.4 7.8 8.3 11.3 6.9 2.3 14.6 3.6 16.7 10.4 3

 4 Agency- and GSE-backed securities 0.5 -0.5 0.0 0.1 0.3 0.5 0.2 0.3 -0.1 0.6 0.5 4

 5 Corporate and foreign bonds 0.4 -0.3 -0.0 -0.0 0.1 0.2 0.0 0.0 -0.1 0.2 0.2 5

 6 Corporate equities 17.5 9.1 7.0 6.3 2.7 7.5 11.9 -0.0 10.0 -3.8 4.8 6

 7 Miscellaneous assets(2) 24.7 40.9 40.0 35.8 33.3 41.5 46.2 27.6 -34.1 44.6 95.2 7

 8 Pension fund reserves (liabilities) (3) 48.2 54.7 54.7 50.4 47.8 56.6 60.6 42.5 -20.8 58.3 111.1 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, March 6, 2008

F.121 Money Market Mutual Funds (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2003 2004 2005 2006 2007 2006 2007

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net acquisition of financial assets -207.5 -136.5 127.0 305.3 741.0 418.0 378.8 442.3 441.5 1260.4 819.9 1

 2 Foreign deposits -36.6 7.0 16.2 -10.6 50.2 -36.3 54.4 -10.9 -46.1 129.8 128.1 2

 3 Checkable deposits and currency -0.7 2.7 -1.4 7.5 -3.9 -35.3 8.8 -12.6 -14.6 28.0 -16.5 3

 4 Time and savings deposits -53.3 0.4 15.7 23.7 60.0 9.1 -3.2 -5.7 34.6 181.6 29.3 4

 5 Security RPs -20.8 -18.7 112.0 48.7 175.3 117.7 65.2 -22.7 85.8 425.1 212.9 5

 6 Credit market instruments -95.9 -124.9 -5.5 220.0 390.6 362.1 216.5 370.7 350.8 444.2 396.9 6

 7 Open market paper -125.2 -54.1 86.3 116.1 102.9 217.7 137.0 187.1 90.4 30.1 103.8 7

 8 Treasury securities -10.2 -33.9 -9.6 -5.9 95.2 -27.7 11.6 13.4 38.7 161.5 167.3 8

 9 Agency- and GSE-backed securities -4.6 -61.1 -107.4 -28.7 80.6 -70.8 -87.9 28.8 31.1 128.2 134.3 9

10 Municipal securities 13.6 21.8 23.0 33.5 103.2 58.8 46.2 58.1 58.4 149.1 147.1 10

11 Corporate and foreign bonds 30.5 2.3 2.2 105.1 8.8 184.0 109.6 83.3 132.2 -24.7 -155.7 11

12 Miscellaneous assets -0.2 -2.9 -10.0 15.9 68.9 0.7 37.1 123.6 31.1 51.8 69.3 12

13 Net share issues (liabilities) -207.5 -136.5 127.0 305.3 741.0 418.0 378.8 442.3 441.5 1260.4 819.9 13

(1) Open-end investment companies; excludes funding vehicles for variable annuities, which are included in the life insurance companies sector (table F.117).

F.122 Mutual Funds (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Gross saving 2.5 3.2 15.8 29.5 35.5 30.6 36.2 33.5 38.5 35.7 34.3 1

 2 Net acquisition of financial assets 288.6 298.2 260.2 336.8 367.9 237.8 365.6 505.4 524.7 234.5 206.9 2

 3 Security RPs 12.9 18.1 2.8 17.4 9.9 21.0 -24.9 -27.9 11.4 -7.1 63.3 3

 4 Credit market instruments 138.0 116.6 124.1 184.9 262.5 130.8 232.6 285.2 365.6 179.8 219.4 4

 5 Open market paper 13.1 18.0 2.9 17.4 10.0 13.6 -23.4 -35.9 25.2 -15.0 65.7 5

 6 Treasury securities 9.3 4.8 6.6 5.0 14.0 -1.5 14.2 22.0 21.2 3.9 8.9 6

 7 Agency- and GSE-backed securities 25.2 15.2 20.8 15.7 52.1 -4.8 44.4 69.0 66.5 45.2 27.9 7

 8 Municipal securities 12.9 4.1 17.4 32.7 27.4 19.9 45.3 58.0 44.9 5.2 1.5 8

 9 Corporate and foreign bonds 77.4 74.5 76.4 114.1 159.0 103.7 152.2 172.1 207.8 140.6 115.4 9

10 Corporate equities 136.8 158.5 129.6 131.3 91.7 78.4 163.8 238.4 145.9 58.0 -75.7 10

11 Miscellaneous assets 1.0 5.1 3.7 3.3 3.8 7.6 -6.0 9.7 1.7 3.9 -0.0 11

12 Net share issues (liabilities) 288.6 298.2 260.2 336.8 367.9 237.8 365.6 505.4 524.7 234.5 206.9 12

13 Discrepancy 2.5 3.2 15.8 29.5 35.5 30.6 36.2 33.5 38.5 35.7 34.3 13

(1) Open-end investment companies; excludes funding vehicles for variable annuities, which are included in the life insurance companies sector (table F.117).

F.123 Closed-End and Exchange-Traded Funds

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 Closed-end funds

 1 Net acquisition of financial assets 43.7 32.7 20.0 8.9 19.7 -4.9 16.0 52.6 23.1 2.5 0.7 1

 2 Credit market instruments 35.5 11.0 1.5 6.7 0.2 -4.9 5.5 -0.9 13.9 -18.0 5.9 2

 3 Treasury securities 0.6 2.3 0.3 0.2 -1.5 0.1 0.9 -0.8 -2.1 -0.7 -2.3 3

 4 Municipal securities 3.2 -0.1 0.2 0.0 2.2 -2.5 1.6 -2.2 -0.9 -5.4 17.3 4

 5 Corporate and foreign bonds 31.6 8.9 1.0 6.4 -0.5 -2.5 3.1 2.1 16.9 -11.9 -9.1 5

 6 Corporate equities 8.3 21.7 18.5 2.2 19.5 0.1 10.4 53.5 9.1 20.5 -5.2 6

 7 Net share issues (liabilities) 43.7 32.7 20.0 8.9 19.7 -4.9 16.0 52.6 23.1 2.5 0.7 7

 Exchange-traded funds

 8 Net acquisition of financial assets 15.8 56.4 56.7 74.0 150.2 21.3 136.3 57.5 69.4 191.2 282.8 8

 9 Credit market instruments 0.7 3.8 6.8 5.7 13.0 2.8 7.9 6.8 15.6 9.6 19.9 9

10 Treasury securities 0.1 2.8 4.8 3.4 6.6 1.1 3.9 3.2 8.7 4.4 10.0 10

11 Corporate and foreign bonds 0.6 1.0 1.9 2.4 6.4 1.7 4.0 3.6 6.9 5.2 9.9 11

12 Corporate equities 15.1 52.6 50.0 68.3 137.2 18.5 128.4 50.7 53.7 181.6 262.9 12

13 Net share issues (liabilities) 15.8 56.4 56.7 74.0 150.2 21.3 136.3 57.5 69.4 191.2 282.8 13
Z.1, March 6, 2008 33

F.124 Government-Sponsored Enterprises (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2003 2004 2005 2006 2007 2006 2007

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Gross saving 3.1 3.4 3.4 3.4 4.8 3.5 4.2 4.4 5.2 4.9 4.7 1

 2 Fixed nonresidential investment 0.5 0.6 0.6 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 2

 3 Net acquisition of financial assets 245.0 88.5 -63.5 53.5 310.5 -66.5 13.0 60.2 204.9 580.1 396.6 3

 4 Checkable deposits and currency 14.0 10.4 -24.5 1.8 -2.6 -61.4 3.1 -5.2 15.7 -4.0 -16.9 4

 5 Time and savings deposits -8.5 6.5 12.1 -1.5 14.4 -22.5 -7.4 18.9 -7.1 42.3 3.4 5

 6 Federal funds and security RPs -20.0 18.3 14.1 9.7 25.3 30.2 3.6 139.6 -24.0 -87.4 73.0 6

 7 Credit market instruments 241.0 48.9 -69.1 46.6 240.9 -30.4 51.7 -86.9 81.0 673.3 296.1 7

 8 Open market paper -3.7 -0.9 8.0 18.5 -4.1 10.9 26.7 -58.3 49.2 -63.7 56.2 8

 9 Treasury securities -12.3 -0.6 0.2 1.2 1.1 0.9 1.1 1.1 1.2 0.9 1.0 9

10 Agency- and GSE-backed securities 85.1 -147.8 -135.4 -38.1 -6.8 -75.0 -44.0 -62.7 -36.0 22.3 49.0 10

11 Municipal securities 5.0 0.3 -4.9 -3.6 -2.8 -7.6 5.9 -8.1 1.7 -3.5 -1.2 11

12 Corporate and foreign bonds 50.3 137.4 50.9 17.1 -17.9 -8.9 21.3 41.1 32.9 -82.7 -62.9 12

13 Other loans and advances 31.1 73.5 52.4 33.1 238.1 36.2 16.7 -17.3 2.7 758.7 208.3 13

14 Sallie Mae -0.1 -0.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14

15 Farm Credit System 0.0 -0.2 8.1 11.9 6.7 6.3 20.6 13.3 2.3 12.5 -1.4 15

16 FHLB loans 31.2 74.1 44.4 21.2 231.4 29.9 -3.9 -30.5 0.4 746.2 209.7 16

17 Mortgages 101.7 7.5 -40.2 18.4 33.3 13.1 23.9 17.2 29.1 41.3 45.6 17

18 Home 89.7 -6.7 -53.1 2.3 -12.3 -0.0 3.5 -9.6 -6.7 10.6 -43.6 18

19 Multifamily residential 12.1 14.3 10.5 12.4 42.3 9.5 16.6 23.6 32.4 27.4 85.8 19

20 Farm -0.1 -0.0 2.3 3.7 3.4 3.7 3.8 3.2 3.4 3.4 3.4 20

21 Consumer credit (2) -16.3 -20.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 21

22 Miscellaneous assets 18.5 4.5 4.0 -3.2 32.5 17.6 -38.1 -6.1 139.3 -44.1 41.0 22

23 Net increase in liabilities 227.5 70.9 -81.2 45.2 301.6 -99.2 43.4 61.3 195.6 589.5 360.1 23

24 Credit market instruments 250.9 75.0 -84.0 35.6 282.1 -83.5 40.7 66.7 161.4 556.6 343.6 24

25 GSE issues (3) 250.9 75.0 -84.0 35.6 282.1 -83.5 40.7 66.7 161.4 556.6 343.6 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 -23.3 -4.1 2.8 9.6 19.5 -15.7 2.7 -5.4 34.2 32.9 16.5 27

28 Discrepancy -14.8 -14.8 -14.9 -5.4 -4.7 -29.8 34.0 4.8 -4.8 13.6 -32.5 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 330.6 47.9 167.3 295.4 605.8 284.4 278.9 482.5 534.9 622.2 783.8 1

 2 Home mortgages 303.5 45.0 163.4 290.9 591.9 276.9 276.7 471.9 518.8 606.5 770.4 2

 3 Multifamily residential mortgages 26.5 2.9 3.9 2.1 12.5 2.3 1.9 9.7 10.9 16.0 13.4 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 0.6 -0.1 -0.1 2.3 1.4 5.2 0.3 0.9 5.1 -0.2 0.0 5

 6 Net increase in pool securities (liabilities)(2) 330.6 47.9 167.3 295.4 605.8 284.4 278.9 482.5 534.9 622.2 783.8 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, March 6, 2008

F.126 Issuers of Asset-Backed Securities (ABS)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2003 2004 2005 2006 2007 2006 2007

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Gross saving 0.7 0.6 0.5 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4 1

 2 Fixed nonresidential investment 0.4 -0.2 -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 242.6 426.4 670.7 772.9 177.4 702.5 906.8 439.1 473.4 79.0 -281.8 3

 4 Treasury securities 1.9 5.2 19.7 33.4 25.0 31.0 40.1 17.6 28.5 23.0 31.0 4

 5 Agency- and GSE-backed securities (1) 84.5 -3.1 -31.6 40.9 38.8 56.1 149.9 48.2 12.2 64.0 30.9 5

 6 Other loans and advances -1.1 1.4 -16.8 1.8 -9.8 -15.4 13.6 -32.9 2.2 3.6 -12.0 6

 7 Mortgages (2) 170.5 438.1 669.8 591.4 172.2 589.2 473.2 525.0 448.5 -23.3 -261.2 7

 8 Home 120.0 385.8 558.0 484.4 24.5 483.5 336.8 328.1 272.4 -234.6 -268.1 8

 9 Multifamily residential 7.9 6.4 16.6 13.0 21.3 9.4 22.7 29.3 30.2 27.6 -1.7 9

10 Commercial 42.6 45.8 95.2 94.0 126.4 96.3 113.7 167.6 145.9 183.6 8.6 10

11 Consumer credit -22.5 -25.3 32.5 60.2 17.9 60.1 57.4 27.6 -8.1 80.9 -28.8 11

12 Trade credit 9.4 10.2 -2.9 45.2 -66.8 -18.5 172.6 -146.4 -9.9 -69.1 -41.7 12

13 Net increase in liabilities 242.4 425.7 670.0 772.4 176.9 701.9 906.3 438.5 472.9 78.5 -282.2 13

14 Commercial paper -43.0 -8.0 146.8 160.3 -182.0 99.1 184.1 61.6 299.6 -664.9 -424.3 14

15 Corporate bonds (net) (5) 285.4 433.7 523.2 612.1 358.9 602.9 722.2 377.0 173.3 743.4 142.0 15

16 Discrepancy 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.0 0.0 16

 Memo:

 Securitized assets not included above

17 Consumer leases (3) -0.2 -0.7 -0.6 -0.5 -0.5 -0.5 -0.5 -0.5 -0.5 -0.5 -0.5 17

18 REIT assets (4) 15.7 51.9 32.8 21.6 -28.4 4.9 42.7 -37.4 -16.2 -31.8 -28.2 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 78.5 78.7 61.4 75.9 78.0 75.0 83.1 74.7 82.7 77.0 77.4 1

 2 Fixed nonresidential investment 32.2 37.0 40.5 42.6 43.8 42.9 42.4 42.7 43.5 44.2 44.8 2

 3 Net acquisition of financial assets 233.9 178.5 99.0 34.4 19.9 54.2 -47.8 131.7 32.6 103.7 -188.6 3

 4 Checkable deposits and currency 3.3 3.5 3.7 -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 Credit market instruments 122.9 214.9 117.2 89.7 6.2 158.1 -5.8 56.5 -34.7 99.5 -96.4 5

 6 Other loans and advances -2.3 9.8 27.6 18.9 21.4 26.3 -23.7 47.1 0.6 50.1 -12.1 6

 7 Mortgages 39.7 105.8 65.4 53.0 -61.1 94.3 -9.9 -27.0 -90.4 6.9 -133.8 7

 8 Consumer credit 85.5 99.3 24.2 17.8 45.9 37.5 27.8 36.4 55.1 42.4 49.5 8

 9 Miscellaneous assets 107.7 -39.9 -21.9 -55.3 13.6 -103.8 -42.0 75.2 67.2 4.3 -92.2 9

10 Net increase in liabilities 239.8 189.4 63.5 48.5 16.0 41.8 -11.8 91.6 75.5 91.2 -194.5 10

11 Credit market instruments 111.1 134.3 33.5 34.8 30.0 -36.6 69.0 13.9 9.3 119.6 -22.9 11

12 Open market paper -2.7 30.2 -15.3 5.3 -7.4 30.0 -24.0 13.8 -12.4 -38.2 7.2 12

13 Corporate bonds 107.9 74.1 43.6 42.4 -6.6 -34.4 102.5 -53.3 -34.2 76.7 -15.7 13

14 Bank loans n.e.c. 5.8 30.0 5.2 -12.9 44.0 -32.1 -9.5 53.4 55.9 81.1 -14.4 14

15 Taxes payable 1.6 1.8 2.0 2.3 2.5 2.3 2.4 2.4 2.5 2.5 2.6 15

16 Miscellaneous liabilities 127.1 53.2 28.0 11.5 -16.5 76.0 -83.2 75.2 63.7 -30.9 -174.1 16

17 Foreign direct investment in U.S. 21.7 16.1 4.2 2.6 3.8 -0.6 9.2 -24.1 10.5 12.8 15.9 17

18 Investment by parent 23.4 54.9 25.5 26.2 -12.7 37.0 7.3 -31.1 71.0 -67.7 -23.0 18

19 Other 82.1 -17.7 -1.7 -17.3 -7.6 39.6 -99.7 130.4 -17.8 24.0 -167.1 19

20 Discrepancy 52.2 52.6 -14.6 47.5 30.3 19.6 76.7 -8.1 82.1 20.3 26.8 20

 Memo:

21 Consumer leases not included above (2) -10.7 -4.9 11.2 20.6 16.9 17.4 15.3 19.1 22.4 16.6 9.7 21

(1) Includes retail captive finance companies and mortgage companies.

(2) See footnote (3), table F.126.
Z.1, March 6, 2008 35

F.128 Real Estate Investment Trusts (REITs)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2003 2004 2005 2006 2007 2006 2007

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Gross saving 2.1 3.0 -12.2 -8.7 -18.8 -20.2 -6.1 -19.1 -17.1 -18.8 -20.2 1

 2 Fixed nonresidential investment 22.3 46.3 41.3 28.9 33.7 27.0 22.4 18.2 32.4 45.2 38.8 2

 3 Multifamily residential investment -0.4 7.7 -0.6 4.1 -12.0 13.0 1.3 21.9 -2.8 -43.9 -23.4 3

 4 Net acquisition of financial assets 34.3 102.4 76.9 73.6 -65.6 56.2 105.6 -23.3 -38.1 -119.8 -81.2 4

 5 Checkable deposits and currency 3.9 3.2 1.6 5.7 0.0 10.0 12.4 10.8 -11.5 0.5 0.5 5

 6 Credit market instruments 25.7 87.9 66.9 57.5 -65.7 44.5 87.1 -36.2 -30.4 -117.4 -78.9 6

 7 Agency- and GSE-backed securities -0.7 15.8 -0.5 28.6 9.0 30.9 53.0 32.9 -2.2 2.6 2.7 7

 8 Corporate and foreign bonds 6.6 17.6 26.8 17.3 -51.7 10.7 28.5 -53.1 13.0 -101.7 -65.2 8

 9 Mortgages 19.8 54.5 40.6 11.6 -23.0 3.0 5.6 -16.1 -41.2 -18.4 -16.3 9

10 Home 17.7 51.1 30.8 -3.7 -26.9 -13.3 -29.4 -11.3 -47.1 -25.3 -24.0 10

11 Multifamily residential 0.1 -0.0 0.2 3.3 -0.0 1.5 10.3 2.3 0.8 -1.7 -1.6 11

12 Commercial 2.0 3.5 9.5 11.9 4.0 14.8 24.7 -7.0 5.1 8.7 9.2 12

13 Miscellaneous assets 4.7 11.3 8.4 10.5 0.1 1.6 6.1 2.2 3.8 -2.8 -2.8 13

14 Net increase in liabilities 52.3 152.5 110.4 92.9 -21.1 83.4 94.6 3.4 10.6 -58.9 -39.4 14

15 Security RPs 5.9 25.0 33.0 22.8 -41.2 19.4 47.0 -24.4 9.4 -81.9 -67.9 15

16 Credit market instruments 31.5 98.3 59.8 41.1 -4.5 32.8 14.0 2.2 -9.9 -6.0 -4.2 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 23.0 70.9 40.6 37.2 -11.8 25.2 32.5 13.8 -19.6 -20.9 -20.5 18

19 Bank loans n.e.c. 0.3 1.5 5.3 -3.1 3.8 -0.2 -12.7 3.6 0.8 5.2 5.5 19

20 Mortgages 8.2 25.9 13.9 7.0 3.6 7.8 -5.8 -15.2 9.0 9.7 10.7 20

21 Corporate equity issues 13.3 21.5 16.1 22.2 16.6 15.6 37.8 22.1 17.4 12.3 14.8 21

22 Miscellaneous liabilities 1.6 7.7 1.6 6.7 8.0 15.6 -4.1 3.5 -6.4 16.7 17.9 22

23 Discrepancy -1.8 -0.8 -19.3 -22.5 4.1 -32.9 -40.7 -32.6 2.0 40.7 6.2 23

 Memo:

24 Securitized assets included above 15.7 51.9 32.8 21.6 -28.4 4.9 42.7 -37.4 -16.2 -31.8 -28.2 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 15.9 50.4 28.5 3.9 -26.2 -4.5 1.3 -9.5 -25.1 -36.8 -33.5 26

27 Multifamily residential mortgages -0.0 -0.0 0.1 0.3 -0.0 -0.1 0.7 -0.0 -0.0 -0.0 -0.0 27

28 Commercial mortgages -0.1 1.5 4.3 17.4 -2.2 9.5 40.8 -27.9 8.8 5.0 5.3 28
36 Z.1, March 6, 2008

F.129 Security Brokers and Dealers

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2003 2004 2005 2006 2007 2006 2007

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Gross saving 14.9 17.8 10.8 20.9 32.5 27.0 16.7 30.0 33.5 33.0 33.4 1

 2 Fixed nonresidential investment 10.5 12.5 12.3 13.3 13.9 13.4 13.4 13.5 13.8 14.0 14.2 2

 3 Net acquisition of financial assets 277.6 231.9 282.2 614.7 353.5 670.8 511.8 1140.3 750.8 223.7 -700.8 3

 4 Checkable deposits and currency 2.9 15.7 -6.4 24.0 22.2 -19.5 42.8 5.5 31.9 -14.1 65.5 4

 5 Credit market instruments 79.6 -29.2 82.3 106.2 231.9 162.5 218.5 281.1 -167.2 471.7 341.9 5

 6 Open market paper 5.9 -1.3 12.2 4.1 18.5 25.5 -38.8 51.3 11.0 24.6 -13.0 6

 7 Treasury securities 41.7 -82.4 -20.0 -2.4 28.4 45.8 207.9 10.7 -240.4 127.3 216.1 7

 8 Agency- and GSE-backed securities -8.1 23.5 -6.3 37.0 139.5 23.4 -91.5 38.1 -88.6 360.8 247.7 8

 9 Municipal securities 3.8 7.1 10.9 8.0 2.9 2.0 49.9 -8.9 25.5 -36.4 31.3 9

10 Corporate and foreign bonds 36.4 23.9 85.4 59.5 42.5 65.8 90.9 189.8 125.3 -4.7 -140.2 10

11 Corporate equities 4.1 15.2 20.1 -0.2 18.7 -1.5 -0.0 53.3 30.8 -24.9 15.8 11

12 Security credit 34.3 81.5 -31.6 59.7 32.8 42.7 150.3 -52.6 220.3 -150.0 113.3 12

13 Miscellaneous assets 156.6 148.6 217.7 425.1 48.0 486.4 100.3 853.1 635.1 -58.9 -1237.3 13

14 Net increase in liabilities 257.6 230.9 277.0 588.2 389.4 630.1 486.2 1145.4 740.9 261.4 -590.1 14

15 Security RPs (net) 146.2 36.5 206.7 338.3 79.1 510.3 394.8 653.3 -20.7 296.1 -612.3 15

16 Corporate bonds 6.4 15.2 0.1 6.4 -4.0 5.0 -20.9 59.5 39.9 -29.4 -85.9 16

17 Corporate equity issues -8.0 2.6 3.3 -7.6 31.9 -18.0 -22.4 29.3 2.9 28.0 67.5 17

18 Trade payables -9.2 7.8 7.0 5.2 -2.6 -22.4 19.8 13.5 55.3 -13.4 -65.6 18

19 Security credit 85.7 97.9 31.8 151.8 231.3 130.2 123.9 166.1 137.2 131.2 490.8 19

20 Customer credit balances (HH) 62.7 103.0 -3.0 80.4 197.8 33.9 3.5 137.9 220.7 50.0 382.6 20

21 From banks 23.0 -5.1 34.8 71.5 33.5 96.3 120.4 28.2 -83.6 81.1 108.2 21

22 Taxes payable 0.4 0.4 -0.1 0.7 -0.6 1.8 -1.9 3.0 -0.3 -0.1 -5.2 22

23 Miscellaneous liabilities 40.7 73.7 28.6 97.8 54.2 25.7 4.6 209.5 532.2 -151.2 -373.5 23

24 Foreign direct investment in U.S. 4.8 6.0 -0.3 -5.1 2.9 -11.6 1.0 0.3 5.1 1.2 5.0 24

25 Due to affiliates 47.2 45.2 149.3 92.9 19.1 67.2 226.3 -126.8 -53.8 185.3 71.8 25

26 Other -11.3 22.6 -120.4 10.0 32.2 -29.9 -222.8 336.0 580.9 -337.7 -450.3 26

27 Proprietors’ net investment -4.5 -3.3 -0.4 -4.4 0.1 -2.5 -11.8 11.3 -5.4 0.2 -5.8 27

28 Discrepancy -15.6 4.3 -6.7 -18.9 54.4 -27.0 -22.4 21.6 9.8 56.6 129.8 28

F.130 Funding Corporations (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net acquisition of financial assets -9.7 27.0 239.5 107.0 249.1 226.0 45.7 315.7 81.9 595.6 3.3 1

 2 Money market fund shares -57.5 -87.3 35.9 4.4 253.3 141.4 -50.2 184.2 -5.1 509.6 324.7 2

 3 Credit market instruments 28.6 47.0 47.5 32.8 -125.6 46.4 60.4 39.9 106.1 -75.3 -572.9 3

 4 Open market paper -26.4 61.5 76.8 39.9 -235.2 21.2 104.6 3.0 147.1 -578.8 -512.2 4

 5 Corporate and foreign bonds 54.9 -14.5 -29.4 -7.1 109.6 25.1 -44.2 36.8 -41.0 503.5 -60.8 5

 6 Miscellaneous assets (2) 19.2 67.3 156.1 69.8 121.4 38.3 35.5 91.7 -19.1 161.4 251.6 6

 7 Investment in foreign banking offices 7.2 32.7 21.0 8.6 43.7 -12.7 -57.9 135.0 38.6 -61.8 62.9 7

 8 Investment in brokers and dealers 12.0 34.6 135.1 61.2 77.7 51.0 93.4 -43.3 -57.7 223.2 188.7 8

 9 Net increase in liabilities -9.7 27.0 239.5 107.0 249.1 226.0 45.7 315.7 81.9 595.6 3.3 9

10 Credit market instruments 7.6 6.1 106.5 35.4 92.9 -44.8 55.0 103.6 51.9 73.0 142.9 10

11 Open market paper -7.8 -6.1 78.9 13.8 41.3 -53.4 13.2 116.1 51.7 -23.5 21.0 11

12 Corporate bonds 15.4 12.2 27.6 21.6 51.5 8.6 41.9 -12.5 0.2 96.6 121.9 12

13 Miscellaneous liabilities -17.3 20.9 133.0 71.6 156.3 270.8 -9.4 212.1 30.0 522.6 -139.6 13

14 Foreign direct investment in U.S. 11.6 61.2 49.6 34.4 28.5 83.0 -19.5 -11.9 -71.0 88.4 108.7 14

15 Securities loaned (net) 102.6 86.9 174.9 302.6 -7.7 361.0 87.2 536.9 246.0 -83.7 -730.2 15

16 Other -131.5 -127.2 -91.5 -265.4 135.5 -173.3 -77.0 -312.9 -145.0 517.9 482.0 16

(1) Funding subsidiaries, nonbank financial holding companies, and custodial accounts for reinvested collateral of securities lending operations.

(2) Due from affiliated companies.
Z.1, March 6, 2008 37

F.200 Gold and Official Foreign Exchange Holdings (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2003 2004 2005 2006 2007 2006 2007

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total U.S. reserves -1.5 -2.8 -14.1 -2.4 0.2 -4.0 -5.7 0.3 -0.1 0.2 0.3 1

 2 U.S. gold stock and SDRs -0.6 0.4 -4.5 0.2 0.2 0.2 0.2 0.2 0.2 0.1 0.1 2

 3 Federal govt.: Exchange Stab. Fund -0.6 0.4 -4.5 0.2 0.2 0.2 0.2 0.2 0.2 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 -0.9 -3.2 -9.6 -2.6 0.0 -4.2 -5.9 0.1 -0.3 0.1 0.1 5

 6 Official foreign currency holdings 0.6 0.6 0.6 0.7 1.0 0.9 0.8 1.0 0.9 1.0 1.0 6

 7 Treasury 0.3 0.3 0.3 0.4 0.5 0.4 0.4 0.5 0.5 0.5 0.5 7

 8 Monetary authority 0.3 0.3 0.3 0.4 0.5 0.4 0.4 0.5 0.5 0.5 0.5 8

 9 Net IMF position -1.5 -3.8 -10.2 -3.3 -1.0 -5.1 -6.7 -0.8 -1.2 -0.9 -0.9 9

10 Federal government -1.5 -3.8 -10.2 -3.3 -1.0 -5.1 -6.7 -0.8 -1.2 -0.9 -0.9 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 0.6 0.7 0.8 0.6 0.7 1.0 -0.0 0.4 1.3 1.4 -0.4 3

 4 Asset: Monetary authority 0.9 1.0 0.1 1.7 0.6 0.4 0.5 0.7 0.6 0.5 0.7 4

 5 Discrepancy (seigniorage) -0.3 -0.3 0.7 -1.1 0.1 0.6 -0.5 -0.3 0.7 0.9 -1.1 5

F.202 U.S. Deposits in Foreign Countries

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Total rest of the world liability 36.0 89.9 67.8 98.8 265.9 -38.7 -64.4 284.6 395.3 170.9 212.8 1

 Held by:

 2 Household sector 2.2 5.4 4.1 5.9 19.0 -2.3 -3.9 17.1 23.7 10.3 24.8 2

 3 Nonfinancial corporate business 17.6 15.6 6.9 3.7 -9.3 -40.6 26.2 -81.3 40.4 18.6 -14.8 3

 4 Money market mutual funds -36.6 7.0 16.2 -10.6 50.2 -36.3 54.4 -10.9 -46.1 129.8 128.1 4

 5 Discrepancy--unallocated assets 52.8 61.9 40.6 99.8 206.1 40.5 -141.2 359.8 377.4 12.3 74.8 5
38 Z.1, March 6, 2008

F.203 Net Interbank Transactions

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2003 2004 2005 2006 2007 2006 2007

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net change in liabilities -14.5 19.4 -12.4 -11.2 -53.2 43.9 116.3 -490.2 24.4 149.1 104.0 1

 2 Monetary authority 0.7 -5.4 3.6 1.3 5.3 -11.8 26.2 -18.5 -10.6 31.7 18.7 2

 3 Depository institution reserves 0.5 1.0 -5.0 -0.3 2.1 -10.6 13.7 -10.4 -8.7 28.8 -1.4 3

 4 Vault cash 0.1 -6.4 8.6 1.6 3.3 -1.2 12.5 -8.1 -1.9 3.0 20.1 4

 5 Commercial banking -15.2 24.9 -16.0 -12.5 -58.5 55.7 90.0 -471.6 35.0 117.4 85.3 5

 6 To monetary authority -0.7 1.2 -0.0 -1.2 48.9 -0.1 2.0 -2.3 -1.0 2.3 196.6 6

 7 To banks in foreign countries -10.1 8.8 -12.3 -9.4 -109.1 7.8 159.8 -518.1 89.8 126.7 -134.6 7

 8 Liabilities, net -12.7 14.0 -24.7 -9.0 -102.5 7.4 155.9 -521.3 115.8 123.3 -127.8 8

 9 U.S.-chartered commercial banks 43.6 60.7 3.5 111.4 108.3 155.2 304.6 -182.7 221.2 239.9 155.0 9

10 Due to foreign affiliates 109.7 33.8 20.2 98.8 77.8 37.0 196.9 -53.2 203.4 92.6 68.2 10

11 - Due from foreign affiliates 66.0 -26.8 16.8 -12.6 -30.6 -118.1 -107.7 129.5 -17.8 -147.2 -86.8 11

12 Foreign banking offices in U.S. -12.2 -72.2 -8.6 -79.1 -168.7 -102.9 -129.5 -315.1 -47.4 20.8 -332.9 12

13 Due to foreign affiliates 21.1 77.0 59.6 190.6 2.1 224.9 314.1 -12.8 -0.6 -81.2 102.9 13

14 - Due from foreign affiliates 33.3 149.2 68.2 269.7 170.7 327.8 443.6 302.3 46.8 -102.0 435.8 14

15 Bank holding companies -44.1 25.6 -19.6 -41.3 -42.2 -44.9 -19.2 -23.4 -58.0 -137.4 50.1 15

16 Due to foreign affiliates -40.2 19.8 9.2 -22.6 31.9 -12.5 -24.5 10.3 11.5 29.2 76.6 16

17 - Due from foreign affiliates 3.9 -5.8 28.9 18.7 74.1 32.3 -5.3 33.8 69.5 166.6 26.5 17

18 Less: Deposits at foreign banks -2.5 5.2 -12.4 0.3 6.6 -0.4 -3.9 -3.2 26.0 -3.5 6.9 18

19 U.S.-chartered commercial banks -2.6 4.9 -12.6 0.9 6.0 -0.6 -3.7 -4.4 25.4 -4.2 7.1 19

20 Foreign banking offices in U.S. 0.0 0.3 0.2 -0.6 0.6 0.2 -0.2 1.3 0.5 0.7 -0.2 20

21 To U.S. banking, net -4.3 14.9 -3.7 -1.9 1.7 48.1 -71.8 48.8 -53.8 -11.6 23.3 21

22 U.S.-chartered commercial banks -54.9 33.0 0.5 -36.6 30.8 -20.2 -126.5 9.2 -16.8 134.2 -3.5 22

23 Liabilities 8.5 33.6 -11.2 12.8 16.4 67.5 -51.4 41.9 34.2 19.7 -30.2 23

24 To foreign offices in U.S. 12.9 18.4 -7.1 14.8 15.4 21.9 19.8 -5.1 87.2 33.8 -54.2 24

25 To bank holding companies -0.1 0.2 -0.4 -0.1 -0.7 -2.5 0.6 -1.7 0.8 -2.5 0.7 25

26 Unallocated -4.3 14.9 -3.7 -1.9 1.7 48.1 -71.8 48.8 -53.8 -11.6 23.3 26

 Less, due from:

27 Foreign offices in U.S. 7.8 24.2 -4.3 22.1 -6.3 78.8 47.7 40.3 10.1 -101.5 25.7 27

28 Bank holding companies 55.7 -23.6 -7.4 27.3 -8.0 8.8 27.4 -7.6 40.9 -13.0 -52.3 28

29 Foreign banking offices in U.S. -5.2 5.7 2.8 7.3 -21.8 56.9 27.9 45.5 -77.1 -135.3 79.9 29

30 Due to U.S. banks 7.8 24.2 -4.3 22.1 -6.3 78.8 47.7 40.3 10.1 -101.5 25.7 30

31 - Due from U.S. banks 12.9 18.4 -7.1 14.8 15.4 21.9 19.8 -5.1 87.2 33.8 -54.2 31

32 Bank holding companies 55.8 -23.8 -6.9 27.4 -7.3 11.4 26.7 -5.9 40.0 -10.5 -53.0 32

33 Due to U.S. banks 55.7 -23.6 -7.4 27.3 -8.0 8.8 27.4 -7.6 40.9 -13.0 -52.3 33

34 - Due from U.S. banks -0.1 0.2 -0.4 -0.1 -0.7 -2.5 0.6 -1.7 0.8 -2.5 0.7 34

35 Net change in assets -10.2 4.6 -8.8 -9.3 -54.8 -4.2 188.1 -538.9 78.2 160.7 80.6 35

36 Rest of the world -10.1 8.8 -12.3 -9.4 -109.1 7.8 159.8 -518.1 89.8 126.7 -134.6 36

37 Domestic -0.1 -4.2 3.5 0.1 54.2 -12.0 28.3 -20.8 -11.6 34.0 215.3 37

38 Monetary authority -0.7 1.2 -0.0 -1.2 48.9 -0.1 2.0 -2.3 -1.0 2.3 196.6 38

39 Federal Reserve float -0.7 1.2 -0.0 -1.2 0.3 -0.2 3.1 -2.1 -1.7 2.3 2.9 39

40 Loans to member banks 0.0 -0.0 0.0 -0.0 48.6 0.1 -1.0 -0.2 0.7 -0.0 193.7 40

41 Commercial banking 0.1 -5.3 4.1 2.0 4.8 -11.1 27.3 -18.7 -11.7 31.0 18.3 41

42 Reserves at Federal Reserve -0.0 1.1 -4.5 0.4 1.5 -9.9 14.8 -10.5 -9.7 28.1 -1.8 42

43 Vault cash 0.1 -6.4 8.6 1.6 3.3 -1.2 12.5 -8.1 -1.9 3.0 20.1 43

44 Savings insts.: Reserves at Fed. Res. 0.5 -0.1 -0.5 -0.7 0.6 -0.8 -1.1 0.1 1.1 0.7 0.4 44

45 Discrepancy--floats, etc. -4.3 14.9 -3.7 -1.9 1.7 48.1 -71.8 48.8 -53.8 -11.6 23.3 45
Z.1, March 6, 2008 39

F.204 Checkable Deposits and Currency

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2003 2004 2005 2006 2007 2006 2007

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net change in liabilities 85.0 84.8 3.5 -18.7 25.5 -73.0 -75.2 91.7 -99.0 115.9 -6.5 1

 2 Monetary authority 37.9 37.2 29.2 24.8 17.1 1.4 30.3 7.7 18.9 21.4 20.2 2

 3 Federal government cash and deposits 1.3 0.1 -1.4 0.2 11.4 -0.9 -2.1 -1.8 3.4 3.0 41.1 3

 4 Deposits due to foreign 0.1 -0.1 -0.0 0.0 -0.0 -0.2 0.0 -0.1 0.4 -0.2 -0.1 4

 5 Currency outside banks 36.5 37.1 30.6 24.5 5.6 2.4 32.3 9.6 15.1 18.6 -20.7 5

 6 Commercial banking 35.7 39.5 -36.4 -35.9 12.4 -40.8 -87.4 56.0 -109.3 116.5 -13.7 6

 7 Federal government deposits -0.9 -3.2 7.0 -5.9 14.9 27.9 -60.2 -38.6 -5.4 200.8 -97.3 7

 8 Deposits due to foreign 3.9 9.2 6.4 9.2 4.7 8.5 11.4 4.7 15.0 -11.2 10.2 8

 9 Private domestic deposits 32.7 33.6 -49.8 -39.2 -7.2 -77.2 -38.7 89.8 -119.0 -73.1 73.5 9

10 Savings institutions 5.4 0.5 3.8 0.9 -0.2 -2.2 -9.0 13.8 -0.5 0.6 -14.8 10

11 Credit unions 6.0 7.6 7.0 -8.5 -3.7 -31.4 -9.0 14.1 -8.0 -22.6 1.8 11

12 Net change in assets 85.0 84.8 3.5 -18.7 25.5 -73.0 -75.2 91.7 -99.0 115.9 -6.5 12

13 Household sector -47.5 -35.3 -137.7 -41.1 -43.9 -44.1 -88.3 71.5 -209.4 -91.8 54.0 13

14 Nonfinancial business 56.3 74.8 138.6 -56.1 8.4 -0.2 -26.8 42.1 82.5 -68.8 -22.1 14

15 Corporate 49.9 -12.5 74.0 -79.3 -12.3 -25.3 -47.7 20.4 54.3 -88.2 -35.6 15

16 Nonfarm noncorporate 5.8 86.3 63.9 21.1 18.9 23.0 18.7 19.9 26.4 17.6 11.7 16

17 Farm 0.7 1.0 0.7 2.1 1.8 2.1 2.1 1.7 1.7 1.8 1.8 17

18 State and local governments 7.0 -6.2 10.3 6.0 -3.0 10.3 1.6 -22.9 -16.6 13.9 13.7 18

19 Federal government 9.3 -31.0 12.2 -2.7 25.2 10.6 -43.1 -34.5 -1.4 190.3 -53.8 19

20 Rest of the world 20.6 23.9 25.4 21.8 15.6 12.9 45.0 -1.9 28.8 7.5 28.0 20

21 Checkable deposits 4.0 9.1 6.4 9.2 4.7 8.4 11.4 4.6 15.4 -11.4 10.1 21

22 Currency 16.6 14.8 19.0 12.6 10.9 4.5 33.5 -6.5 13.4 19.0 17.9 22

23 Financial sectors 48.2 31.5 -37.7 56.9 23.2 -78.1 56.4 44.1 19.1 52.1 -22.6 23

24 Commercial banking -0.0 1.0 -0.5 -0.1 -0.5 -0.7 1.8 -0.8 -2.2 3.1 -2.1 24

25 Savings institutions 0.0 -3.5 2.4 -3.3 -0.5 1.0 -2.0 -4.8 -0.3 0.5 2.7 25

26 Credit unions 3.2 -1.4 -2.0 6.2 -1.1 7.3 14.9 22.5 7.1 -33.3 -1.0 26

27 Property-casualty insurance companies 8.6 -8.7 -4.8 8.9 4.0 19.0 -45.8 7.2 5.1 48.8 -45.0 27

28 Life insurance companies 12.0 6.0 -5.5 8.3 1.3 2.3 20.2 8.2 -12.3 22.1 -12.9 28

29 Private pension funds 0.2 0.1 0.3 0.4 0.5 0.5 -0.2 0.5 0.5 0.4 0.5 29

30 State and local govt. retirement funds 0.8 2.5 -0.4 -2.6 3.9 -1.4 0.3 12.7 -0.1 0.2 2.6 30

31 Money market mutual funds -0.7 2.7 -1.4 7.5 -3.9 -35.3 8.8 -12.6 -14.6 28.0 -16.5 31

32 Government-sponsored enterprises 14.0 10.4 -24.5 1.8 -2.6 -61.4 3.1 -5.2 15.7 -4.0 -16.9 32

33 Finance companies 3.3 3.5 3.7 -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 33

34 REITs 3.9 3.2 1.6 5.7 0.0 10.0 12.4 10.8 -11.5 0.5 0.5 34

35 Brokers and dealers 2.9 15.7 -6.4 24.0 22.2 -19.5 42.8 5.5 31.9 -14.1 65.5 35

36 Mail float -8.9 27.1 -7.5 -3.5 0.1 15.6 -20.0 -6.7 -1.8 12.7 -3.7 36
40 Z.1, March 6, 2008

F.205 Time and Savings Deposits

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2003 2004 2005 2006 2007 2006 2007

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net change in liabilities 363.2 534.4 598.9 608.2 608.1 681.5 575.1 662.5 313.8 863.0 593.2 1

 2 Small time and savings deposits 307.4 281.6 314.4 347.0 286.8 336.8 578.7 371.2 218.1 336.8 221.1 2

 3 Commercial banking 231.7 280.6 268.3 287.6 262.1 249.5 619.0 254.8 148.3 337.3 307.9 3

 4 U.S.-chartered commercial banks 229.6 279.7 262.9 277.8 253.0 225.3 612.7 246.7 135.1 324.1 306.2 4

 5 Foreign banking offices in U.S. 0.8 -0.7 0.5 8.6 6.9 24.3 5.8 7.8 10.0 8.3 1.5 5

 6 Banks in U.S.-affiliated areas 1.3 1.6 4.9 1.2 2.1 -0.1 0.5 0.3 3.2 4.9 0.2 6

 7 Savings institutions 47.2 -14.4 34.0 28.9 -3.3 37.3 -83.1 91.6 31.9 -23.9 -112.7 7

 8 Credit unions 28.5 15.5 12.1 30.5 28.0 50.0 42.8 24.9 37.9 23.4 25.9 8

 9 Large time deposits (1) 55.8 252.9 284.4 261.2 321.3 344.7 -3.6 291.3 95.7 526.1 372.1 9

10 Commercial banking 12.8 192.5 243.1 264.0 299.2 271.9 146.1 73.6 92.6 518.5 512.1 10

11 U.S.-chartered commercial banks 3.0 115.6 166.8 129.9 23.7 73.7 71.0 -296.6 -47.6 149.9 289.0 11

12 Foreign banking offices in U.S. 8.5 75.4 71.4 132.8 273.4 198.4 74.6 370.0 137.0 363.7 222.9 12

13 Banks in U.S.-affiliated areas 1.3 1.6 4.9 1.2 2.1 -0.1 0.5 0.3 3.2 4.9 0.2 13

14 Savings institutions 32.2 54.0 38.8 -5.2 16.7 65.7 -154.0 205.5 -3.5 3.1 -138.6 14

15 Credit unions 10.8 6.4 2.5 2.5 5.5 7.0 4.3 12.2 6.5 4.5 -1.4 15

16 Net change in assets 363.2 534.4 598.9 608.2 608.1 681.5 575.1 662.5 313.8 863.0 593.2 16

17 Household sector 296.5 439.1 470.1 507.4 451.8 603.5 469.3 652.2 156.9 575.2 422.8 17

18 Nonfinancial business 116.1 41.8 83.5 39.5 5.1 68.4 97.7 -44.0 62.0 -7.8 10.3 18

19 Corporate 71.5 37.7 49.9 -5.2 -53.1 21.6 55.5 -87.5 11.5 -90.5 -46.0 19

20 Nonfarm noncorporate 44.7 4.1 33.6 44.7 58.2 46.8 42.2 43.5 50.5 82.7 56.3 20

21 State and local governments 20.3 11.6 12.8 26.2 35.9 30.4 36.4 21.2 21.8 43.7 56.9 21

22 Federal government -25.2 -0.0 -1.0 0.2 1.2 13.0 -12.6 -0.4 -0.5 -0.3 6.0 22

23 Rest of the world 12.6 39.0 4.6 12.9 33.2 -25.1 -4.3 26.0 43.4 13.3 50.2 23

24 Financial sectors -57.2 2.9 28.9 21.9 80.9 -8.7 -11.3 7.5 30.2 238.9 47.0 24

25 Savings institutions 0.0 0.6 -0.5 3.9 3.3 6.5 0.0 -6.4 -1.9 13.0 8.3 25

26 Credit unions 2.5 -0.7 -4.5 -4.9 0.2 -4.5 -2.9 -3.3 1.0 -0.2 3.2 26

27 Private pension funds 3.0 -4.6 6.2 1.1 2.9 2.8 2.1 3.2 3.6 2.2 2.7 27

28 State and local govt. retirement funds -0.9 0.6 -0.1 -0.5 0.2 -0.1 0.0 0.8 -0.0 0.0 0.2 28

29 Money market mutual funds -53.3 0.4 15.7 23.7 60.0 9.1 -3.2 -5.7 34.6 181.6 29.3 29

30 Government-sponsored enterprises -8.5 6.5 12.1 -1.5 14.4 -22.5 -7.4 18.9 -7.1 42.3 3.4 30

(1) Large time deposits are those issued in amounts of $100,000 or more.

F.206 Money Market Mutual Fund Shares

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net issues -207.5 -136.5 127.0 305.3 741.0 418.0 378.8 442.3 441.5 1260.4 819.9 1

 2 Net purchases -207.5 -136.5 127.0 305.3 741.0 418.0 378.8 442.3 441.5 1260.4 819.9 2

 3 Household sector -111.5 -56.1 45.2 165.2 229.0 103.7 219.3 128.2 268.5 330.2 189.2 3

 4 Nonfinancial corporate business -36.7 25.3 42.1 64.7 161.2 84.7 136.4 28.5 93.6 304.5 218.1 4

 5 Nonfarm noncorporate business 2.3 5.6 4.8 9.4 14.7 9.8 8.9 9.1 10.6 27.2 11.8 5

 6 State and local governments 4.0 3.9 4.1 5.1 3.7 5.4 5.5 3.0 5.8 11.5 -5.6 6

 7 Rest of the world 2.6 4.1 0.1 3.0 7.1 7.1 7.1 7.1 7.1 7.1 7.1 7

 8 Life insurance companies -8.3 -30.7 -7.1 48.7 64.3 63.7 48.0 66.6 57.7 66.8 66.0 8

 9 Private pension funds -0.2 0.6 1.9 3.4 4.0 3.5 3.5 3.2 3.5 3.4 6.0 9

10 State and local govt. retirement funds -2.1 -1.9 0.1 1.3 3.8 -1.4 0.3 12.5 -0.1 0.2 2.6 10

11 Funding corporations -57.5 -87.3 35.9 4.4 253.3 141.4 -50.2 184.2 -5.1 509.6 324.7 11
Z.1, March 6, 2008 41

F.207 Federal Funds and Security Repurchase Agreements

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2003 2004 2005 2006 2007 2006 2007

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net change in liabilities 218.7 88.1 350.8 496.0 77.5 602.2 619.1 699.5 128.4 227.1 -745.2 1

 2 Commercial banking (net) 46.5 21.9 114.7 150.5 56.9 78.0 252.1 101.9 105.8 74.5 -54.5 2

 3 U.S.-chartered commercial banks 51.3 23.4 81.4 101.4 70.5 -36.4 146.6 74.3 160.2 74.3 -26.8 3

 4 Foreign banking offices in U.S. -5.7 -0.2 33.4 49.0 -13.6 115.6 100.9 28.1 -54.7 -0.3 -27.6 4

 5 Bank holding companies 0.9 -1.3 -0.2 0.1 0.1 -1.2 4.6 -0.5 0.3 0.5 -0.1 5

 6 Savings institutions 20.1 4.7 -3.6 -15.5 -17.3 -5.5 -74.8 -31.3 33.9 -61.5 -10.5 6

 7 REITs 5.9 25.0 33.0 22.8 -41.2 19.4 47.0 -24.4 9.4 -81.9 -67.9 7

 8 Brokers and dealers (net) 146.2 36.5 206.7 338.3 79.1 510.3 394.8 653.3 -20.7 296.1 -612.3 8

 9 Net change in assets 252.6 228.0 216.6 198.0 307.3 457.6 17.3 831.5 115.0 117.8 165.0 9

10 Nonfinancial corporate business -0.2 0.4 8.1 0.9 -1.4 2.0 11.3 -16.8 7.9 2.1 1.3 10

11 State and local governments 7.9 7.7 8.1 7.1 0.5 10.7 -1.1 5.8 11.4 -3.6 -11.8 11

12 Rest of the world 270.1 204.9 48.2 109.4 70.7 279.2 -101.9 640.3 108.0 -347.5 -118.2 12

13 Financial sectors -25.2 15.0 152.1 80.7 237.6 165.8 108.9 202.1 -12.3 466.7 293.7 13

14 Monetary authority 4.3 -10.8 13.8 -6.0 5.8 -24.2 26.9 20.9 -56.1 98.5 -40.3 14

15 Savings institutions -7.7 -3.2 -0.1 9.3 27.3 18.8 -8.6 54.2 -13.8 58.2 10.6 15

16 Credit unions -0.1 2.6 2.6 -1.6 -2.6 -8.1 -0.4 14.6 -4.5 -9.6 -10.8 16

17 Property-casualty insurance companies 8.5 10.2 5.9 -2.9 -19.4 11.5 23.1 0.0 -37.0 -13.6 -27.2 17

18 Private pension funds 1.4 1.6 1.7 3.2 9.5 1.3 23.3 1.7 26.1 2.4 7.8 18

19 State and local govt. retirement funds -3.6 -3.2 -0.6 3.0 6.6 -2.4 0.6 21.7 -0.2 0.3 4.5 19

20 Money market mutual funds -20.8 -18.7 112.0 48.7 175.3 117.7 65.2 -22.7 85.8 425.1 212.9 20

21 Mutual funds 12.9 18.1 2.8 17.4 9.9 21.0 -24.9 -27.9 11.4 -7.1 63.3 21

22 Government-sponsored enterprises -20.0 18.3 14.1 9.7 25.3 30.2 3.6 139.6 -24.0 -87.4 73.0 22

23 Discrepancy--unallocated assets -33.9 -139.9 134.2 298.0 -229.9 144.6 601.9 -132.0 13.4 109.3 -910.2 23

F.208 Open Market Paper

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Total net issues, all types -82.0 106.2 245.1 317.1 -169.4 400.8 278.0 231.8 428.8 -911.5 -426.7 1

 2 Commercial paper -81.7 106.5 245.1 317.4 -169.4 401.0 278.9 232.2 428.6 -910.9 -427.6 2

 3 Nonfinancial corporate business -35.1 16.8 -7.9 23.4 10.5 -37.7 95.6 14.2 47.2 -32.8 13.5 3

 4 Foreign issues in U.S. 12.9 62.8 38.5 93.1 -66.0 357.8 -17.2 11.1 24.7 -197.0 -102.9 4

 5 Nonfinancial -3.7 -2.2 15.7 -1.9 11.5 1.5 3.3 -1.6 33.2 6.2 8.2 5

 6 Financial 16.5 65.0 22.8 95.0 -77.6 356.3 -20.6 12.7 -8.5 -203.3 -111.1 6

 7 Financial sectors -59.5 26.9 214.5 201.0 -113.9 80.9 200.5 206.8 356.7 -681.0 -338.1 7

 8 Commercial banking -6.0 10.8 4.0 21.7 34.1 5.3 27.3 15.3 17.7 45.6 57.9 8

 9 ABS issuers -43.0 -8.0 146.8 160.3 -182.0 99.1 184.1 61.6 299.6 -664.9 -424.3 9

10 Finance companies -2.7 30.2 -15.3 5.3 -7.4 30.0 -24.0 13.8 -12.4 -38.2 7.2 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 -7.8 -6.1 78.9 13.8 41.3 -53.4 13.2 116.1 51.7 -23.5 21.0 12

13 Bankers acceptances (1) -0.2 -0.3 0.0 -0.3 0.0 -0.2 -0.9 -0.4 0.2 -0.7 0.9 13

14 Net purchases, by sector -82.0 106.2 245.1 317.1 -169.4 400.8 278.0 231.8 428.8 -911.5 -426.7 14

15 Household sector -4.5 30.2 28.1 23.4 -28.0 21.8 25.6 14.1 26.8 -102.0 -50.7 15

16 Nonfinancial corporate business 10.9 19.3 16.0 15.5 -31.4 -17.2 9.0 -4.6 15.4 -111.1 -25.3 16

17 State and local governments 10.3 10.1 10.6 13.2 -7.8 13.9 14.3 7.6 14.9 -25.0 -28.6 17

18 Rest of the world 66.2 37.0 9.9 48.0 4.7 83.5 -11.8 43.3 34.1 -47.2 -11.3 18

19 Monetary authority 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19

20 Commercial banking (1) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 20

21 Savings institutions 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 21

22 Credit unions -0.8 0.1 -0.0 0.2 -0.5 2.1 -0.9 2.5 0.6 -2.8 -2.5 22

23 Life insurance companies -18.2 -7.6 -8.0 12.9 -11.3 9.2 31.6 -19.7 9.0 -15.0 -19.4 23

24 Private pension funds -3.2 0.3 2.2 3.1 1.2 2.7 3.0 2.7 5.6 -6.3 2.7 24

25 State and local govt. retirement funds -6.4 -6.5 0.1 4.9 11.7 -4.2 1.0 38.6 -0.4 0.6 7.9 25

26 Money market mutual funds -125.2 -54.1 86.3 116.1 102.9 217.7 137.0 187.1 90.4 30.1 103.8 26

27 Mutual funds 13.1 18.0 2.9 17.4 10.0 13.6 -23.4 -35.9 25.2 -15.0 65.7 27

28 Government-sponsored enterprises -3.7 -0.9 8.0 18.5 -4.1 10.9 26.7 -58.3 49.2 -63.7 56.2 28

29 Brokers and dealers 5.9 -1.3 12.2 4.1 18.5 25.5 -38.8 51.3 11.0 24.6 -13.0 29

30 Funding corporations -26.4 61.5 76.8 39.9 -235.2 21.2 104.6 3.0 147.1 -578.8 -512.2 30

(1) Excludes banks’ holdings of own acceptances.
42 Z.1, March 6, 2008

F.209 Treasury Securities

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2003 2004 2005 2006 2007 2006 2007

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net issues 398.4 362.5 307.3 183.7 237.5 172.4 135.8 327.5 -70.7 435.9 257.1 1

 2 Savings bonds 8.9 0.6 0.7 -2.7 -6.0 -4.9 -7.4 -8.3 -5.8 -4.5 -5.3 2

 3 Other Treasury issues 389.5 361.9 306.6 186.4 243.4 177.3 143.2 335.8 -64.8 440.4 262.4 3

 4 Net purchases 398.4 362.5 307.3 183.7 237.5 172.4 135.8 327.5 -70.7 435.9 257.1 4

 5 Household sector 29.3 46.5 -95.7 -68.6 -181.4 -99.9 -513.8 -240.0 -15.7 -33.7 -436.2 5

 6 Savings bonds 8.9 0.6 0.7 -2.7 -6.0 -4.9 -7.4 -8.3 -5.8 -4.5 -5.3 6

 7 Other Treasury issues 20.4 45.9 -96.4 -65.9 -175.4 -95.1 -506.4 -231.7 -9.8 -29.2 -430.9 7

 8 Nonfinancial corporate business 1.4 0.3 17.6 -6.3 6.3 -0.3 7.6 33.0 -30.0 23.8 -1.7 8

 9 Nonfarm noncorporate business 2.1 5.3 6.0 7.1 6.0 7.5 6.7 6.9 8.1 10.0 -1.0 9

10 State and local governments 9.5 24.9 74.0 34.6 27.2 21.6 81.5 109.0 74.6 -36.7 -38.3 10

11 Rest of the world 276.0 347.4 260.7 139.7 209.0 158.6 231.6 310.2 5.4 92.6 427.9 11

12 Monetary authority 37.3 51.2 26.4 34.7 -38.3 21.4 21.4 13.0 44.7 -33.7 -177.2 12

13 Commercial banking 2.5 -24.5 -10.7 -1.9 17.3 2.4 -2.6 12.3 -38.3 47.0 48.3 13

14 U.S.-chartered commercial banks 7.1 -19.2 -10.1 -2.2 11.1 -6.0 7.3 3.9 -6.7 23.8 23.4 14

15 Foreign banking offices in U.S. -7.0 -5.9 0.2 -0.8 3.5 11.5 -12.4 17.6 -32.0 27.4 1.1 15

16 Bank holding companies 1.4 -0.8 -0.9 1.4 4.6 -1.4 0.9 -7.0 0.3 -0.5 25.5 16

17 Banks in U.S.-affiliated areas 1.0 1.4 0.1 -0.2 -1.9 -1.7 1.6 -2.2 0.1 -3.8 -1.6 17

18 Savings institutions 3.0 -3.9 4.0 0.1 -5.4 -0.0 18.1 -19.2 -1.0 2.4 -4.0 18

19 Credit unions 1.2 0.1 -1.1 -0.3 -0.5 0.3 -1.6 -1.7 1.0 -0.5 -0.7 19

20 Property-casualty insurance companies 3.5 6.6 -2.0 6.6 2.5 5.2 6.9 3.0 3.1 3.1 0.7 20

21 Life insurance companies -6.6 6.6 12.7 -8.0 2.9 -7.8 -13.2 3.8 3.0 5.6 -0.7 21

22 Private pension funds 13.3 -4.1 3.0 3.6 2.9 4.5 5.4 6.9 10.9 -2.0 -4.4 22

23 State and local govt. retirement funds -10.3 2.4 2.8 -0.8 8.8 2.6 5.9 8.4 3.9 21.1 1.9 23

24 Federal government retirement funds 5.1 5.4 7.8 8.3 11.3 6.9 2.3 14.6 3.6 16.7 10.4 24

25 Money market mutual funds -10.2 -33.9 -9.6 -5.9 95.2 -27.7 11.6 13.4 38.7 161.5 167.3 25

26 Mutual funds 9.3 4.8 6.6 5.0 14.0 -1.5 14.2 22.0 21.2 3.9 8.9 26

27 Closed-end funds 0.6 2.3 0.3 0.2 -1.5 0.1 0.9 -0.8 -2.1 -0.7 -2.3 27

28 Exchange-traded funds 0.1 2.8 4.8 3.4 6.6 1.1 3.9 3.2 8.7 4.4 10.0 28

29 Government-sponsored enterprises -12.3 -0.6 0.2 1.2 1.1 0.9 1.1 1.1 1.2 0.9 1.0 29

30 ABS issuers 1.9 5.2 19.7 33.4 25.0 31.0 40.1 17.6 28.5 23.0 31.0 30

31 Brokers and dealers 41.7 -82.4 -20.0 -2.4 28.4 45.8 207.9 10.7 -240.4 127.3 216.1 31

 Memo:

32 Federal government borrowing (1) 396.0 361.9 306.9 183.4 237.1 171.4 136.3 326.2 -70.8 435.0 257.8 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, March 6, 2008 43

F.210 Agency- and GSE-backed Securities (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2003 2004 2005 2006 2007 2006 2007

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net issues 579.1 122.3 82.8 330.6 887.6 199.9 320.1 547.9 696.2 1178.0 1128.2 1

 2 Budget agencies -2.4 -0.6 -0.4 -0.3 -0.4 -1.0 0.5 -1.3 -0.1 -0.8 0.7 2

 3 Government-sponsored enterprises 250.9 75.0 -84.0 35.6 282.1 -83.5 40.7 66.7 161.4 556.6 343.6 3

 4 Agency- and GSE-backed mortgage pools 330.6 47.9 167.3 295.4 605.8 284.4 278.9 482.5 534.9 622.2 783.8 4

 5 Net purchases 579.1 122.3 82.8 330.6 887.6 199.9 320.1 547.9 696.2 1178.0 1128.2 5

 6 Household sector 153.4 97.7 84.3 -28.8 428.3 83.9 189.9 210.6 336.5 640.0 526.1 6

 7 Nonfinancial corporate business -4.8 0.1 6.5 -2.3 2.3 -0.1 2.8 12.2 -11.1 8.8 -0.6 7

 8 State and local governments 22.5 21.9 23.1 20.6 12.4 30.3 11.1 16.6 32.4 8.7 -8.2 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 3.1 109.0 150.3 228.5 189.4 242.9 166.7 147.9 342.0 52.4 215.1 10

11 Monetary authority -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11

12 Commercial banking 84.2 95.0 -5.5 45.7 -112.9 -247.2 113.3 -37.5 -6.2 -256.7 -151.5 12

13 U.S.-chartered commercial banks 85.1 89.7 -3.3 47.5 -111.4 -241.1 118.9 -40.6 -10.0 -261.8 -133.3 13

14 Foreign banking offices in U.S. -6.5 -1.2 -0.9 3.9 2.1 0.9 12.8 -2.3 8.4 6.2 -3.7 14

15 Bank holding companies 0.9 1.9 -2.3 -0.0 -1.3 -2.1 -5.6 5.5 -3.9 4.6 -11.3 15

16 Banks in U.S.-affiliated areas 4.7 4.7 1.2 -5.8 -2.4 -4.9 -12.8 0.0 -0.5 -5.7 -3.2 16

17 Savings institutions 22.6 -82.3 55.8 -23.0 -0.6 120.3 -179.8 7.4 -6.3 0.5 -4.1 17

18 Credit unions 15.2 -1.1 -6.8 -13.9 -5.1 -26.6 -25.4 -10.0 -2.7 2.7 -10.3 18

19 Property-casualty insurance companies 2.2 -3.3 5.8 4.1 5.7 1.7 4.1 4.9 4.9 5.0 8.1 19

20 Life insurance companies 18.0 8.2 11.4 8.8 15.9 7.9 -18.4 15.1 10.6 24.0 13.7 20

21 Private pension funds 38.3 11.3 18.6 -1.3 14.4 21.4 20.4 9.9 5.5 28.1 14.0 21

22 State and local govt. retirement funds 42.5 23.7 -0.4 36.7 24.3 5.1 11.3 16.2 7.6 40.6 32.9 22

23 Federal government retirement funds 0.5 -0.5 0.0 0.1 0.3 0.5 0.2 0.3 -0.1 0.6 0.5 23

24 Money market mutual funds -4.6 -61.1 -107.4 -28.7 80.6 -70.8 -87.9 28.8 31.1 128.2 134.3 24

25 Mutual funds 25.2 15.2 20.8 15.7 52.1 -4.8 44.4 69.0 66.5 45.2 27.9 25

26 Government-sponsored enterprises 85.1 -147.8 -135.4 -38.1 -6.8 -75.0 -44.0 -62.7 -36.0 22.3 49.0 26

27 ABS issuers 84.5 -3.1 -31.6 40.9 38.8 56.1 149.9 48.2 12.2 64.0 30.9 27

28 REITs -0.7 15.8 -0.5 28.6 9.0 30.9 53.0 32.9 -2.2 2.6 2.7 28

29 Brokers and dealers -8.1 23.5 -6.3 37.0 139.5 23.4 -91.5 38.1 -88.6 360.8 247.7 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, March 6, 2008

F.211 Municipal Securities and Loans

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2003 2004 2005 2006 2007 2006 2007

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net change in liabilities 137.6 130.5 195.0 177.3 214.6 169.2 252.8 249.1 246.6 164.3 198.3 1

 2 State and local governments 120.0 115.1 171.1 150.5 183.5 146.6 217.6 223.6 211.7 135.7 163.2 2

 3 Short-term (1) 10.4 -5.9 5.7 -3.1 17.3 -5.5 -5.0 4.9 23.7 5.5 35.0 3

 4 Long-term 109.6 121.0 165.3 153.6 166.3 152.1 222.6 218.7 187.9 130.2 128.2 4

 5 Nonprofit organizations (2) 14.1 10.3 16.5 21.8 23.3 18.8 29.8 20.4 24.0 22.1 26.8 5

 Nonfinancial corporate business

 6 (industrial revenue bonds) 3.5 5.1 7.4 5.0 7.7 3.8 5.4 5.1 11.0 6.5 8.3 6

 7 Net change in assets 137.6 130.5 195.0 177.3 214.6 169.2 252.8 249.1 246.6 164.3 198.3 7

 8 Household sector 25.4 38.6 78.7 44.6 50.0 50.3 13.4 100.3 89.7 24.9 -14.9 8

 9 Nonfinancial corporate business 3.3 -3.6 0.3 8.3 -0.3 -1.6 15.9 3.0 -3.3 3.0 -3.9 9

10 Nonfarm noncorporate business -0.7 1.7 0.1 0.6 0.7 0.6 0.5 0.5 0.6 0.8 0.7 10

11 State and local governments 0.3 0.3 0.3 0.4 0.3 0.4 0.4 0.2 0.4 0.3 0.2 11

12 Rest of the world 8.0 6.5 3.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 12

13 Commercial banking 11.0 8.1 16.9 22.6 12.0 23.8 47.2 33.2 10.3 5.6 -1.0 13

14 Savings institutions 0.8 0.8 1.5 2.1 -0.1 3.3 0.8 1.4 3.0 3.0 -7.8 14

15 Property-casualty insurance companies 41.2 43.6 45.4 22.1 16.4 15.8 22.8 13.4 13.5 13.7 24.9 15

16 Life insurance companies 6.2 4.0 2.4 4.1 1.7 4.3 1.1 1.2 0.7 2.2 2.5 16

17 State and local govt. retirement funds 3.5 -2.6 -0.2 0.1 -1.0 -0.3 -0.2 -3.1 -0.0 -0.0 -0.7 17

18 Money market mutual funds 13.6 21.8 23.0 33.5 103.2 58.8 46.2 58.1 58.4 149.1 147.1 18

19 Mutual funds 12.9 4.1 17.4 32.7 27.4 19.9 45.3 58.0 44.9 5.2 1.5 19

20 Closed-end funds 3.2 -0.1 0.2 0.0 2.2 -2.5 1.6 -2.2 -0.9 -5.4 17.3 20

21 Government-sponsored enterprises 5.0 0.3 -4.9 -3.6 -2.8 -7.6 5.9 -8.1 1.7 -3.5 -1.2 21

22 Brokers and dealers 3.8 7.1 10.9 8.0 2.9 2.0 49.9 -8.9 25.5 -36.4 31.3 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 665.1 803.9 800.9 1162.1 961.9 969.7 1534.1 927.6 839.3 1380.5 700.3 1

 2 Nonfinancial corporate business 150.4 74.4 53.6 213.4 314.1 133.8 315.9 282.2 377.5 225.2 371.6 2

 3 Rest of the world (1) 28.7 61.8 54.5 150.9 141.9 180.2 218.0 174.8 167.3 172.6 52.7 3

 4 Financial sectors 486.0 667.7 692.8 797.8 506.0 655.7 1000.3 470.6 294.6 982.6 276.1 4

 5 Commercial banking 46.2 59.0 56.7 76.0 118.2 45.1 121.3 84.9 135.1 119.4 133.5 5

 6 Savings institutions 1.7 2.5 1.0 2.0 -0.3 3.4 0.8 1.3 -0.1 -3.1 0.7 6

 7 ABS issuers (net) (3) 285.4 433.7 523.2 612.1 358.9 602.9 722.2 377.0 173.3 743.4 142.0 7

 8 Finance companies 107.9 74.1 43.6 42.4 -6.6 -34.4 102.5 -53.3 -34.2 76.7 -15.7 8

 9 REITs 23.0 70.9 40.6 37.2 -11.8 25.2 32.5 13.8 -19.6 -20.9 -20.5 9

10 Brokers and dealers 6.4 15.2 0.1 6.4 -4.0 5.0 -20.9 59.5 39.9 -29.4 -85.9 10

11 Funding corporations 15.4 12.2 27.6 21.6 51.5 8.6 41.9 -12.5 0.2 96.6 121.9 11

12 Net purchases 665.1 803.9 800.9 1162.1 961.9 969.7 1534.1 927.6 839.3 1380.5 700.3 12

13 Household sector -91.4 43.9 -24.9 193.9 66.0 61.9 483.3 -229.5 -458.2 447.2 504.4 13

14 State and local governments 7.1 6.9 7.3 8.1 6.8 9.6 9.8 5.3 10.3 11.6 -0.1 14

15 Rest of the world (2) 220.8 259.5 328.5 438.9 301.4 419.5 479.3 460.9 480.7 1.9 262.0 15

16 Commercial banking 43.4 82.4 123.4 93.3 198.5 60.8 122.3 94.8 177.7 296.4 225.2 16

17 Savings institutions -8.0 -12.7 21.0 9.0 49.1 -0.2 1.2 71.1 61.2 47.8 16.2 17

18 Credit unions 2.3 0.6 -1.5 7.2 3.9 -1.7 22.0 23.9 -2.7 1.1 -6.6 18

19 Property-casualty insurance companies 20.0 26.4 17.5 14.2 12.4 8.9 14.6 11.1 11.2 11.3 15.9 19

20 Life insurance companies 171.0 147.8 78.9 36.1 68.4 10.8 -1.4 65.1 41.0 113.0 54.5 20

21 Private pension funds 20.9 -7.7 20.9 8.9 16.1 10.6 13.1 11.9 17.1 29.2 6.3 21

22 State and local govt. retirement funds -9.9 6.0 14.5 37.6 -16.9 9.5 24.2 -62.8 7.3 -2.9 -9.1 22

23 Federal government retirement funds 0.4 -0.3 -0.0 -0.0 0.1 0.2 0.0 0.0 -0.1 0.2 0.2 23

24 Money market mutual funds 30.5 2.3 2.2 105.1 8.8 184.0 109.6 83.3 132.2 -24.7 -155.7 24

25 Mutual funds 77.4 74.5 76.4 114.1 159.0 103.7 152.2 172.1 207.8 140.6 115.4 25

26 Closed-end funds 31.6 8.9 1.0 6.4 -0.5 -2.5 3.1 2.1 16.9 -11.9 -9.1 26

27 Exchange-traded funds 0.6 1.0 1.9 2.4 6.4 1.7 4.0 3.6 6.9 5.2 9.9 27

28 Government-sponsored enterprises 50.3 137.4 50.9 17.1 -17.9 -8.9 21.3 41.1 32.9 -82.7 -62.9 28

29 REITs 6.6 17.6 26.8 17.3 -51.7 10.7 28.5 -53.1 13.0 -101.7 -65.2 29

30 Brokers and dealers 36.4 23.9 85.4 59.5 42.5 65.8 90.9 189.8 125.3 -4.7 -140.2 30

31 Funding corporations 54.9 -14.5 -29.4 -7.1 109.6 25.1 -44.2 36.8 -41.0 503.5 -60.8 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, March 6, 2008 45

F.213 Corporate Equities (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2003 2004 2005 2006 2007 2006 2007

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net issues 138.9 67.7 -149.3 -417.2 -567.1 -512.6 -349.1 -314.9 -560.8 -538.5 -854.4 1

 2 Nonfinancial corporate business -42.0 -126.6 -363.4 -614.1 -836.6 -534.0 -751.2 -572.8 -770.0 -846.0 -1157.6 2

 3 Rest of the world (2) 118.0 84.8 142.6 138.5 110.2 41.8 251.0 174.0 161.5 142.7 -37.5 3

 4 Financial sectors 62.9 109.5 71.5 58.4 159.3 -20.4 151.2 83.9 47.7 164.8 340.7 4

 5 Commercial banking -2.1 17.6 -13.8 -10.5 -23.8 -10.6 8.6 -42.9 -34.8 -30.4 12.8 5

 6 Property-casualty insurance companies 4.1 -4.0 -2.8 -8.5 -11.8 -10.9 -10.4 -13.8 -8.6 -14.0 -10.7 6

 7 Life insurance companies -3.9 -17.3 -8.0 -20.0 -23.5 -13.0 -14.7 -20.8 -21.6 -24.6 -27.1 7

 8 Closed-end funds 43.7 32.7 20.0 8.9 19.7 -4.9 16.0 52.6 23.1 2.5 0.7 8

 9 Exchange-traded funds 15.8 56.4 56.7 74.0 150.2 21.3 136.3 57.5 69.4 191.2 282.8 9

10 REITs 13.3 21.5 16.1 22.2 16.6 15.6 37.8 22.1 17.4 12.3 14.8 10

11 Brokers and dealers -8.0 2.6 3.3 -7.6 31.9 -18.0 -22.4 29.3 2.9 28.0 67.5 11

12 Net purchases 138.9 67.7 -149.3 -417.2 -567.1 -512.6 -349.1 -314.9 -560.8 -538.5 -854.4 12

13 Household sector -86.0 -269.3 -467.4 -761.0 -988.6 -745.0 -755.8 -872.0 -1164.7 -602.5 -1315.0 13

14 State and local governments -17.0 -4.2 1.2 -6.4 0.8 -8.0 -19.9 -0.5 -15.3 1.5 17.5 14

15 Rest of the world (3) 5.2 25.0 56.9 120.2 182.1 129.5 73.0 143.1 389.2 -89.2 285.4 15

16 Commercial banking 2.4 -0.3 0.1 0.7 1.6 0.6 3.0 -3.5 2.5 6.6 0.6 16

17 Savings institutions -1.0 -1.1 -1.0 -1.0 -0.1 -0.8 0.5 -2.1 0.6 1.6 -0.6 17

18 Property-casualty insurance companies -3.4 -3.9 -6.1 2.3 3.9 4.4 0.0 -0.5 4.0 9.5 2.5 18

19 Life insurance companies 45.5 51.5 65.9 71.4 88.6 79.3 60.7 101.4 62.0 96.8 94.2 19

20 Private pension funds -24.1 11.2 -18.5 -9.9 -100.2 -54.1 5.9 -55.0 -111.2 -122.2 -112.2 20

21 State and local govt. retirement funds 35.4 1.9 -5.6 -41.2 -25.1 -21.7 -31.1 -21.6 22.7 -72.0 -29.4 21

22 Federal government retirement funds 17.5 9.1 7.0 6.3 2.7 7.5 11.9 -0.0 10.0 -3.8 4.8 22

23 Mutual funds 136.8 158.5 129.6 131.3 91.7 78.4 163.8 238.4 145.9 58.0 -75.7 23

24 Closed-end funds 8.3 21.7 18.5 2.2 19.5 0.1 10.4 53.5 9.1 20.5 -5.2 24

25 Exchange-traded funds 15.1 52.6 50.0 68.3 137.2 18.5 128.4 50.7 53.7 181.6 262.9 25

26 Brokers and dealers 4.1 15.2 20.1 -0.2 18.7 -1.5 -0.0 53.3 30.8 -24.9 15.8 26

(1) Excludes mutual fund shares shown on table F.214.

(2) Net purchases of foreign issues by U.S. residents; includes American Depositary Receipts (ADRs).

(3) Net purchases of U.S. issues by foreign residents.

F.214 Mutual Fund Shares (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net issues 288.6 298.2 260.2 336.8 367.9 237.8 365.6 505.4 524.7 234.5 206.9 1

 2 Net purchases 288.6 298.2 260.2 336.8 367.9 237.8 365.6 505.4 524.7 234.5 206.9 2

 3 Household sector 274.4 216.4 228.5 236.7 307.1 117.1 289.5 456.7 492.3 160.0 119.4 3

 4 Nonfinancial corporate business 11.0 1.4 6.7 32.9 32.9 32.9 32.9 32.9 32.9 32.9 32.9 4

 5 State and local governments -5.2 -1.3 0.4 -2.0 0.2 -2.4 -6.1 -0.2 -4.7 0.5 5.2 5

 6 Rest of the world 26.2 32.7 32.2 25.3 15.4 8.4 14.2 24.2 21.5 8.3 7.5 6

 7 Commercial banking -6.2 -0.9 -1.8 3.9 3.7 8.9 5.9 -11.5 5.7 14.2 6.2 7

 8 Credit unions 0.5 -0.9 -1.0 -0.1 -0.0 0.0 0.2 0.4 -1.1 0.1 0.5 8

 9 Property-casualty insurance companies 0.7 0.5 0.3 0.5 0.4 0.5 0.5 0.4 0.4 0.4 0.4 9

10 Life insurance companies 0.5 12.8 -9.9 26.9 8.0 26.9 26.9 8.0 8.0 8.0 8.0 10

11 Private pension funds -3.8 36.1 10.2 11.4 4.1 48.8 6.2 -2.4 -33.6 21.0 31.2 11

12 State and local govt. retirement funds -9.5 1.5 -5.5 1.3 -3.7 -3.2 -4.6 -3.2 3.4 -10.7 -4.4 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, March 6, 2008

F.215 Bank Loans Not Elsewhere Classified

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2003 2004 2005 2006 2007 2006 2007

 Q3 Q4 Q1 Q2 Q3 Q4

 Total loans by commercial

 1 banking, flow of funds basis 215.2 442.4 569.1 673.8 668.9 411.3 1115.9 120.0 460.8 952.9 1141.8 1

 - Loans elsewhere classified:

 2 Open market paper 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2

 3 Mortgages 197.5 339.8 362.4 445.0 230.2 164.8 916.4 -63.7 266.8 207.4 510.3 3

 4 Consumer credit 52.8 34.9 2.8 34.2 63.4 42.1 41.1 11.4 82.5 110.8 48.9 4

 5 Security credit 23.0 -5.1 34.8 71.5 33.5 96.3 120.4 28.2 -83.6 81.1 108.2 5

 6 = Banking sector total bank loans n.e.c. -58.1 72.7 169.1 123.1 341.8 108.1 38.0 144.2 195.0 553.6 474.3 6

 7 U.S.-chartered commercial banks -39.8 65.2 100.0 59.3 238.0 24.5 -31.3 82.9 122.7 381.7 364.7 7

 8 Foreign banking offices in U.S. -23.6 8.2 60.7 67.1 105.0 77.4 60.9 71.7 75.6 167.9 104.7 8

 9 Bank holding companies 5.0 -2.5 2.7 -2.9 0.7 0.4 3.7 -6.6 0.9 1.8 6.7 9

10 Banks in U.S.-affiliated areas 0.3 1.8 5.6 -0.3 -1.9 5.8 4.6 -3.7 -4.3 2.2 -1.9 10

11 + Loans from Federal Reserve banks 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11

12 = Total bank loans n.e.c. -58.1 72.7 169.1 123.1 341.8 108.1 38.0 144.2 195.0 553.6 474.3 12

13 Net change in liabilities -58.1 72.7 169.1 123.1 341.8 108.1 38.0 144.2 195.0 553.6 474.3 13

14 Nonfinancial sectors -79.5 14.7 152.1 187.2 287.5 150.9 254.8 93.2 146.1 450.1 460.5 14

15 Household sector 11.3 -17.4 12.8 48.0 34.4 30.5 80.3 -9.9 4.2 44.8 98.5 15

16 Corporate business -99.2 1.8 -35.6 55.2 99.2 54.5 65.3 52.8 29.4 176.8 137.9 16

17 Nonfarm noncorporate business 11.3 24.3 158.1 66.9 127.3 74.9 75.5 65.8 63.8 205.6 174.2 17

18 Farm business -0.4 2.2 2.2 3.3 2.3 3.2 2.2 7.0 1.6 -3.3 4.0 18

19 Rest of the world -2.5 3.8 14.5 13.8 24.2 -12.2 31.6 -22.5 47.1 26.3 45.9 19

20 Foreign official institutions -0.6 1.0 -2.9 -0.7 -0.0 -1.1 -1.6 -0.5 0.4 -0.4 0.4 20

21 Foreign banks 3.8 4.5 4.7 3.8 8.3 -11.8 22.4 -14.3 30.9 7.6 8.8 21

22 Other foreign -5.7 -1.7 12.7 10.7 16.0 0.6 10.8 -7.7 15.9 19.1 36.7 22

23 Financial sectors 21.4 58.1 17.0 -64.1 54.3 -42.8 -216.8 51.0 48.8 103.4 13.8 23

24 Savings institutions 15.2 26.5 6.5 -48.2 6.5 -10.4 -194.6 -6.0 -7.8 17.1 22.7 24

25 Finance companies 5.8 30.0 5.2 -12.9 44.0 -32.1 -9.5 53.4 55.9 81.1 -14.4 25

26 REITs 0.3 1.5 5.3 -3.1 3.8 -0.2 -12.7 3.6 0.8 5.2 5.5 26
Z.1, March 6, 2008 47

F.216 Other Loans and Advances

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2003 2004 2005 2006 2007 2006 2007

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total other loans and advances 34.6 90.9 87.4 61.1 348.2 -7.8 51.6 36.2 61.6 942.5 352.5 1

 2 U.S. government loans -1.4 -2.6 -8.8 -1.5 2.1 -2.8 4.4 4.2 2.9 1.8 -0.4 2

 3 Liab.: Household sector -0.7 -0.9 -0.8 0.4 0.4 0.6 1.3 1.1 0.8 0.2 -0.4 3

 4 Nonfinancial corporate business 0.7 0.5 0.8 0.8 0.5 -0.6 2.4 1.0 0.8 0.5 -0.3 4

 5 Nonfarm noncorporate business 0.7 1.5 -4.4 4.2 3.0 4.4 4.8 4.5 3.6 2.6 1.2 5

 6 Farm business -0.2 -0.3 -0.3 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.0 -0.0 6

 7 State and local governments 0.3 0.2 0.5 0.6 0.7 0.6 0.6 0.7 0.7 0.7 0.7 7

 8 Rest of the world -2.1 -3.7 -4.6 -7.4 -2.4 -7.7 -4.7 -3.1 -2.9 -2.1 -1.5 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 -0.8 6.3 28.3 -0.2 85.1 -64.8 43.9 27.1 27.0 137.1 149.3 10

11 Liab.: Nonfinancial corporate business -0.8 6.3 28.3 -0.2 85.1 -64.8 43.9 27.1 27.0 137.1 149.3 11

 Customers liability on acceptances

12 outstanding (Commercial banking asset) -0.2 -0.4 0.0 -0.3 0.0 -0.3 -1.0 -0.2 0.2 -0.7 0.8 12

13 Liab.: Nonfinancial corporate business -0.2 -0.4 0.0 -0.3 -0.1 -0.2 -1.1 -0.3 0.3 -0.5 0.2 13

14 Rest of the world 0.0 0.1 -0.0 -0.1 0.1 -0.1 0.1 0.1 -0.1 -0.2 0.6 14

15 Savings institution loans to business 10.1 1.3 3.9 6.0 6.2 7.6 -1.2 5.6 21.2 -14.5 12.5 15

16 Liab.: Nonfinancial corporate business 5.0 0.7 1.9 3.0 3.1 3.8 -0.6 2.8 10.6 -7.2 6.2 16

17 Nonfarm noncorporate business 5.0 0.7 1.9 3.0 3.1 3.8 -0.6 2.8 10.6 -7.2 6.2 17

18 Policy loans (Household liability) -0.7 1.6 0.8 3.3 4.9 5.4 -1.0 2.6 4.7 6.3 6.1 18

19 Asset: Federal government -0.1 -0.1 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 19

20 Life insurance companies -0.7 1.6 0.8 3.4 5.0 5.4 -1.0 2.6 4.8 6.4 6.1 20

21 Govt.-sponsored enterprises loans 31.1 73.5 52.4 33.1 238.1 36.2 16.7 -17.3 2.7 758.7 208.3 21

22 Liab.: Household sector (SLMA) -0.1 -0.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 22

23 Noncorporate business (FCS) -0.3 -1.7 1.9 4.2 2.3 3.1 7.7 2.9 1.2 5.0 0.0 23

24 Farm business (FCS) 0.3 1.5 6.1 7.7 4.4 3.2 12.9 10.4 1.2 7.5 -1.4 24

25 Commercial banks (FHLB and SLMA) 8.6 8.8 24.4 80.0 106.6 1.4 252.9 -9.2 -5.8 331.9 109.5 25

26 Savings institutions (FHLB and SLMA) 17.6 60.0 16.2 -65.7 96.9 24.1 -269.5 -15.8 -17.0 349.6 70.7 26

27 Credit unions (FHLB) 2.2 2.3 3.3 4.2 13.5 2.0 8.4 -10.5 10.6 37.9 16.0 27

28 Life insurance companies (FHLB) 2.9 3.0 0.4 2.7 14.5 2.4 4.3 4.9 12.6 26.9 13.6 28

29 Securitized loans held by ABS issuers -1.1 1.4 -16.8 1.8 -9.8 -15.4 13.6 -32.9 2.2 3.6 -12.0 29

30 Liab.: Nonfinancial corporate business -1.1 1.4 -16.8 1.8 -9.8 -15.4 13.6 -32.9 2.2 3.6 -12.0 30

31 Finance company loans to business -2.3 9.8 27.6 18.9 21.4 26.3 -23.7 47.1 0.6 50.1 -12.1 31

32 Liab.: Nonfinancial corporate business -2.1 8.8 24.9 17.0 19.3 23.7 -21.3 42.4 0.6 45.1 -10.9 32

33 Nonfarm noncorporate business -0.2 1.0 2.8 1.9 2.1 2.6 -2.4 4.7 0.1 5.0 -1.2 33
48 Z.1, March 6, 2008

F.217 Total Mortgages

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2003 2004 2005 2006 2007 2006 2007

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net change in mortgages 995.8 1255.0 1431.4 1404.1 1056.7 1319.7 1089.2 1103.7 1208.4 1050.4 864.4 1

 2 Home 798.3 1027.9 1103.7 1069.7 691.8 988.7 739.6 774.6 780.5 670.5 541.7 2

 3 Multifamily residential 71.8 53.0 69.8 52.9 90.5 42.6 65.4 64.5 87.5 97.0 112.9 3

 4 Commercial 127.0 171.3 253.2 274.0 266.0 280.8 276.7 256.3 331.9 274.5 201.2 4

 5 Farm -1.3 2.7 4.6 7.5 8.5 7.6 7.6 8.3 8.4 8.5 8.5 5

 6 Net borrowing 995.8 1255.0 1431.4 1404.1 1056.7 1319.7 1089.2 1103.7 1208.4 1050.4 864.4 6

 7 Household sector 852.2 955.4 1054.9 1016.4 681.7 921.5 725.7 753.4 779.7 667.9 525.9 7

 8 Nonfinancial business 135.4 273.7 362.6 380.7 371.4 390.3 369.3 365.5 419.7 372.8 327.8 8

 9 Corporate 61.2 52.0 186.8 106.6 97.6 129.1 112.2 133.0 111.5 86.7 59.4 9

10 Nonfarm noncorporate 75.5 219.0 171.2 266.6 265.3 253.7 249.6 224.2 299.8 277.6 259.8 10

11 Farm -1.3 2.7 4.6 7.5 8.5 7.6 7.6 8.3 8.4 8.5 8.5 11

12 Federal government 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12

13 REITs 8.2 25.9 13.9 7.0 3.6 7.8 -5.8 -15.2 9.0 9.7 10.7 13

14 Net change in assets 995.8 1255.0 1431.4 1404.1 1056.7 1319.7 1089.2 1103.7 1208.4 1050.4 864.4 14

15 Household sector 4.7 7.5 6.8 3.0 5.8 0.5 3.7 7.1 1.9 7.4 6.7 15

16 Nonfinancial corporate business 2.2 14.8 1.7 1.7 1.7 1.7 1.7 1.7 1.7 1.7 1.7 16

17 Nonfarm noncorporate business 0.1 4.6 5.3 4.6 5.5 4.8 4.4 4.5 5.2 6.4 5.8 17

18 State and local governments 8.5 8.3 8.7 7.8 9.4 5.5 5.8 6.3 12.3 1.0 18.0 18

19 Federal government -2.5 1.6 2.4 3.7 1.9 3.6 2.6 3.3 3.2 -0.1 1.0 19

20 Commercial banking 197.5 339.8 362.4 445.0 230.2 164.8 916.4 -63.7 266.8 207.4 510.3 20

21 Savings institutions (1) 89.6 186.8 95.3 -78.8 21.3 109.9 -656.0 126.7 -21.1 138.0 -158.6 21

22 Credit unions 23.2 30.6 32.4 31.0 34.1 24.5 26.9 25.5 34.3 31.2 45.5 22

23 Property-casualty insurance companies 0.1 0.3 0.3 0.7 1.1 0.2 2.2 0.4 2.0 1.0 1.0 23

24 Life insurance companies 10.9 12.4 12.1 18.3 19.3 18.8 8.9 16.8 20.4 24.7 15.4 24

25 Private pension funds -0.1 -0.2 -0.2 -0.3 0.1 -0.3 -0.3 -0.7 0.5 1.0 -0.3 25

26 State and local govt. retirement funds -0.7 -5.3 1.3 -2.3 -0.9 1.8 1.5 -5.6 0.2 2.0 -0.1 26

27 Government-sponsored enterprises (1) 101.7 7.5 -40.2 18.4 33.3 13.1 23.9 17.2 29.1 41.3 45.6 27

28 Agency- and GSE-backed mortgage pools 330.6 47.9 167.3 295.4 605.8 284.4 278.9 482.5 534.9 622.2 783.8 28

29 ABS issuers 170.5 438.1 669.8 591.4 172.2 589.2 473.2 525.0 448.5 -23.3 -261.2 29

30 Finance companies 39.7 105.8 65.4 53.0 -61.1 94.3 -9.9 -27.0 -90.4 6.9 -133.8 30

31 REITs 19.8 54.5 40.6 11.6 -23.0 3.0 5.6 -16.1 -41.2 -18.4 -16.3 31

(1) FHLB loans to savings institutions are included in other loans and advances.
Z.1, March 6, 2008 49

F.218 Home Mortgages (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2003 2004 2005 2006 2007 2006 2007

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net borrowing 798.3 1027.9 1103.7 1069.7 691.8 988.7 739.6 774.6 780.5 670.5 541.7 1

 2 Household sector 856.1 940.4 1028.5 987.8 654.8 910.1 683.7 726.9 739.4 638.5 514.2 2

 3 Nonfinancial corporate business 1.9 4.7 7.6 8.2 2.1 8.0 5.7 4.1 -0.1 3.0 1.3 3

 4 Nonfarm noncorporate business -59.7 82.8 67.6 73.7 35.0 70.6 50.3 43.5 41.2 28.9 26.2 4

 5 Net change in assets 798.3 1027.9 1103.7 1069.7 691.8 988.7 739.6 774.6 780.5 670.5 541.7 5

 6 Household sector 6.1 6.1 6.1 6.1 6.1 6.1 6.1 6.1 6.1 6.1 6.1 6

 7 Nonfinancial corporate business 1.2 13.8 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 7

 8 Nonfarm noncorporate business 0.0 1.6 1.9 1.7 2.0 1.8 1.6 1.6 1.9 2.4 2.1 8

 9 State and local governments 4.3 4.2 4.5 4.0 4.8 2.8 2.9 3.2 6.3 0.5 9.2 9

10 Federal government -0.9 -0.5 -0.4 0.2 0.3 -0.1 -0.1 -0.2 0.3 0.2 0.6 10

11 Commercial banking 128.7 225.2 212.0 288.7 119.6 26.7 743.9 -155.5 114.5 165.5 353.7 11

12 Savings institutions 71.8 171.4 79.6 -86.0 11.1 85.1 -619.7 128.1 -28.0 114.7 -170.4 12

13 Credit unions 23.2 30.6 32.4 31.0 34.1 24.5 26.9 25.5 34.3 31.2 45.5 13

14 Life insurance companies -0.3 0.6 -0.4 2.1 0.6 1.9 3.0 0.2 0.4 0.4 1.3 14

15 Private pension funds -1.1 -0.2 -0.0 -0.1 -0.1 -0.0 -0.1 -0.1 -0.1 0.0 -0.3 15

16 State and local govt. retirement funds -0.3 -1.9 0.5 -0.8 -0.3 0.6 0.5 -2.0 0.1 0.7 -0.0 16

17 Government-sponsored enterprises 89.7 -6.7 -53.1 2.3 -12.3 -0.0 3.5 -9.6 -6.7 10.6 -43.6 17

18 Agency- and GSE-backed mortgage pools 303.5 45.0 163.4 290.9 591.9 276.9 276.7 471.9 518.8 606.5 770.4 18

19 ABS issuers 120.0 385.8 558.0 484.4 24.5 483.5 336.8 328.1 272.4 -234.6 -268.1 19

20 Finance companies 34.6 101.8 67.8 48.3 -64.0 91.5 -13.7 -12.0 -93.3 -9.1 -141.4 20

21 REITs 17.7 51.1 30.8 -3.7 -26.9 -13.3 -29.4 -11.3 -47.1 -25.3 -24.0 21

 Memo:

22 Home equity loans included above (2) 92.2 180.5 138.2 147.5 60.5 145.9 122.3 38.1 80.1 97.6 26.0 22

23 Commercial banking 62.7 117.6 65.5 104.6 38.6 25.2 260.3 -65.4 70.2 88.3 61.1 23

24 Savings institutions 17.1 25.6 30.4 -14.1 39.4 55.8 -185.0 88.4 30.9 27.3 10.9 24

25 Credit unions 3.7 12.2 12.0 11.0 6.6 16.4 3.9 0.3 7.8 10.7 7.6 25

26 ABS issuers 0.6 5.4 16.1 36.3 -11.3 33.4 41.8 23.4 -14.9 -23.3 -30.4 26

27 Finance companies 8.0 19.7 14.3 9.7 -12.8 15.1 1.4 -8.6 -13.9 -5.4 -23.2 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 71.8 53.0 69.8 52.9 90.5 42.6 65.4 64.5 87.5 97.0 112.9 1

 2 Nonfinancial corporate business 1.6 1.8 1.9 2.0 1.7 2.0 1.9 1.8 1.8 1.7 1.6 2

 3 Nonfarm noncorporate business 69.6 46.5 69.8 50.1 92.3 34.0 65.2 58.3 91.6 101.9 117.5 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 0.6 4.7 -1.9 0.8 -3.6 6.7 -1.7 4.4 -5.9 -6.7 -6.2 5

 6 Net change in assets 71.8 53.0 69.8 52.9 90.5 42.6 65.4 64.5 87.5 97.0 112.9 6

 7 Household sector 0.0 0.0 0.0 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 0.0 0.1 0.0 0.0 0.1 0.1 0.1 0.1 8

 9 Nonfarm noncorporate business 0.0 1.6 1.9 1.6 1.9 1.6 1.5 1.5 1.8 2.2 2.0 9

10 State and local governments 3.4 3.3 3.5 3.1 3.8 2.2 2.3 2.5 4.9 0.4 7.2 10

11 Federal government 0.2 0.4 -0.0 -0.2 -0.3 0.2 0.4 -0.4 0.3 -1.1 -0.2 11

12 Commercial banking 10.3 14.2 20.0 18.9 9.5 8.1 39.5 5.9 7.0 12.7 12.3 12

13 Savings institutions 9.3 9.6 10.8 -2.6 -3.1 5.2 -31.8 -8.7 -4.2 8.8 -8.3 13

14 Life insurance companies 1.7 1.9 2.0 2.3 2.8 2.6 1.3 1.5 3.3 3.7 2.7 14

15 Private pension funds 0.3 0.0 -0.0 -0.1 0.1 -0.1 -0.2 -0.0 0.1 0.3 0.0 15

16 State and local govt. retirement funds -0.2 -1.6 0.4 -0.7 -0.3 0.5 0.4 -1.7 0.1 0.6 -0.0 16

17 Government-sponsored enterprises 12.1 14.3 10.5 12.4 42.3 9.5 16.6 23.6 32.4 27.4 85.8 17

18 Agency- and GSE-backed mortgage pools 26.5 2.9 3.9 2.1 12.5 2.3 1.9 9.7 10.9 16.0 13.4 18

19 ABS issuers 7.9 6.4 16.6 13.0 21.3 9.4 22.7 29.3 30.2 27.6 -1.7 19

20 Finance companies 0.0 -0.1 0.0 -0.5 -0.1 -0.4 0.4 -1.2 -0.2 0.0 1.2 20

21 REITs 0.1 -0.0 0.2 3.3 -0.0 1.5 10.3 2.3 0.8 -1.7 -1.6 21
50 Z.1, March 6, 2008

F.220 Commercial Mortgages

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2003 2004 2005 2006 2007 2006 2007

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net borrowing 127.0 171.3 253.2 274.0 266.0 280.8 276.7 256.3 331.9 274.5 201.2 1

 2 Household sector -3.9 15.0 26.4 28.5 26.9 11.5 42.0 26.5 40.3 29.4 11.7 2

 3 Nonfinancial corporate business 57.6 45.5 177.3 96.4 93.9 119.1 104.6 127.0 109.9 82.0 56.5 3

 4 Nonfarm noncorporate business 65.7 89.7 33.8 142.8 138.0 149.1 134.1 122.4 166.9 146.7 116.1 4

 5 REITs 7.6 21.2 15.8 6.3 7.1 1.1 -4.0 -19.6 14.8 16.4 16.9 5

 6 Net change in assets 127.0 171.3 253.2 274.0 266.0 280.8 276.7 256.3 331.9 274.5 201.2 6

 7 Household sector 0.6 0.6 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 7

 8 Nonfinancial corporate business 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 8

 9 Nonfarm noncorporate business 0.0 1.1 1.3 1.2 1.4 1.2 1.1 1.1 1.3 1.6 1.5 9

10 State and local governments 0.7 0.7 0.7 0.6 0.8 0.4 0.5 0.5 1.0 0.1 1.4 10

11 Federal government -1.6 1.8 2.8 3.7 1.9 3.6 2.2 3.9 2.6 0.8 0.3 11

12 Commercial banking 58.6 98.1 128.7 133.8 98.0 126.3 129.4 82.7 142.1 26.1 141.1 12

13 Savings institutions 8.4 5.9 4.9 9.7 13.1 19.3 -4.4 7.2 11.1 14.3 19.9 13

14 Property-casualty insurance companies 0.1 0.3 0.3 0.7 1.1 0.2 2.2 0.4 2.0 1.0 1.0 14

15 Life insurance companies 8.9 10.1 10.2 12.5 14.8 13.4 1.9 14.6 15.5 19.2 10.0 15

16 Private pension funds 0.8 0.0 -0.1 -0.2 0.2 -0.2 -0.0 -0.6 0.4 0.8 0.0 16

17 State and local govt. retirement funds -0.2 -1.8 0.5 -0.8 -0.3 0.6 0.5 -1.9 0.1 0.7 -0.0 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 42.6 45.8 95.2 94.0 126.4 96.3 113.7 167.6 145.9 183.6 8.6 19

20 Finance companies 5.1 4.1 -2.4 5.2 2.9 3.1 3.4 -13.8 3.1 15.9 6.5 20

21 REITs 2.0 3.5 9.5 11.9 4.0 14.8 24.7 -7.0 5.1 8.7 9.2 21

F.221 Farm Mortgages (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net borrowing (Farm business) -1.3 2.7 4.6 7.5 8.5 7.6 7.6 8.3 8.4 8.5 8.5 1

 2 Net change in assets -1.3 2.7 4.6 7.5 8.5 7.6 7.6 8.3 8.4 8.5 8.5 2

 3 Household sector -2.1 0.8 0.0 -3.9 -1.1 -6.3 -3.1 0.3 -4.9 0.5 -0.2 3

 4 Nonfarm noncorporate business 0.0 0.2 0.2 0.2 0.2 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 0.1 0.0 0.2 5

 6 Federal government -0.3 -0.2 -0.0 -0.0 0.1 -0.1 0.1 -0.1 0.1 0.0 0.2 6

 7 Commercial banking -0.1 2.3 1.7 3.6 3.1 3.6 3.6 3.1 3.1 3.2 3.2 7

 8 Savings institutions 0.1 -0.0 0.0 0.1 0.1 0.3 -0.1 0.2 0.1 0.2 0.1 8

 9 Life insurance companies 0.5 -0.3 0.4 1.4 1.1 0.9 2.7 0.5 1.2 1.3 1.3 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 -0.1 -0.0 2.3 3.7 3.4 3.7 3.8 3.2 3.4 3.4 3.4 11

12 Agency- and GSE-backed mortgage pools 0.6 -0.1 -0.1 2.3 1.4 5.2 0.3 0.9 5.1 -0.2 0.0 12

(1) Excludes mortgages on farm houses.
Z.1, March 6, 2008 51

F.222 Consumer Credit

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2003 2004 2005 2006 2007 2006 2007

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net change in liabilities (Households) 104.4 115.0 94.5 104.4 132.3 119.7 108.9 116.8 139.5 170.7 102.2 1

 2 Net change in assets 104.4 115.0 94.5 104.4 132.3 119.7 108.9 116.8 139.5 170.7 102.2 2

 3 Nonfinancial corporate business -16.2 0.1 0.2 -2.1 -1.5 -31.7 16.6 32.8 -2.0 -32.9 -4.0 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 1.9 3.7 3.7 1.9 6.5 -14.8 2.0 12.8 7.6 -4.3 9.9 5

 6 Commercial banking 52.8 34.9 2.8 34.2 63.4 42.1 41.1 11.4 82.5 110.8 48.9 6

 7 Savings institutions 9.2 13.4 17.8 -13.5 -4.6 17.2 -42.7 -3.9 10.3 -40.5 15.6 7

 8 Credit unions 10.1 9.5 13.2 5.9 4.8 9.2 6.7 -0.4 -5.9 14.4 11.1 8

 9 Government-sponsored enterprises -16.3 -20.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

10 ABS issuers -22.5 -25.3 32.5 60.2 17.9 60.1 57.4 27.6 -8.1 80.9 -28.8 10

11 Finance companies 85.5 99.3 24.2 17.8 45.9 37.5 27.8 36.4 55.1 42.4 49.5 11

F.223 Trade Credit

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net change in trade payables 22.4 194.4 336.6 166.5 175.1 69.1 187.7 184.3 243.8 197.3 75.0 1

 2 Household sector 4.8 16.5 9.0 9.0 9.0 9.0 9.0 9.0 9.0 9.0 9.0 2

 3 Nonfinancial corporate business -54.7 97.3 199.4 72.8 72.6 15.1 92.6 72.8 72.3 73.0 72.4 3

 4 Nonfarm noncorporate business -25.7 22.2 52.0 30.1 35.8 31.5 28.4 29.2 34.0 42.1 37.9 4

 5 Farm business -0.4 1.7 -2.5 -4.3 -1.0 1.3 -7.6 -8.7 0.9 1.2 2.5 5

 6 State and local governments 29.2 30.4 32.7 35.5 38.8 35.8 36.0 37.2 38.4 39.1 40.5 6

 7 Federal government 72.4 15.1 32.6 12.0 10.4 5.3 9.0 21.5 11.4 8.9 -0.4 7

 8 Rest of the world 6.1 3.5 6.3 6.2 12.1 -6.4 0.5 9.7 22.5 37.3 -21.3 8

 9 Brokers and dealers -9.2 7.8 7.0 5.2 -2.6 -22.4 19.8 13.5 55.3 -13.4 -65.6 9

10 Net change in trade receivables -0.0 183.3 369.2 228.1 132.3 120.3 280.5 1.0 226.8 172.0 129.4 10

11 Nonfinancial corporate business -17.2 128.9 277.7 106.3 105.8 73.6 41.9 81.4 109.1 133.7 98.8 11

12 Nonfarm noncorporate business -25.1 26.6 66.6 54.8 65.3 57.4 51.7 53.3 62.0 76.8 69.0 12

13 State and local governments 8.1 7.9 8.3 10.3 7.5 10.9 11.2 6.0 11.7 8.6 3.8 13

14 Federal government 19.1 10.5 9.1 0.4 0.2 3.6 2.2 -4.4 -1.1 6.4 -0.1 14

15 Rest of the world 1.3 -1.1 7.9 6.2 16.9 -3.3 -6.4 11.2 44.6 19.3 -7.5 15

16 Property-casualty insurance companies 4.5 0.3 2.4 4.9 3.5 -3.4 7.3 0.0 10.4 -3.6 7.1 16

17 ABS issuers 9.4 10.2 -2.9 45.2 -66.8 -18.5 172.6 -146.4 -9.9 -69.1 -41.7 17

18 Discrepancy 22.4 11.1 -32.6 -61.6 42.8 -51.2 -92.7 183.2 17.0 25.3 -54.4 18

F.224 Security Credit

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net change in liabilities 120.0 179.4 0.2 211.5 264.0 173.0 274.2 113.5 357.4 -18.9 604.1 1

 2 Household sector 34.3 81.5 -31.6 59.7 32.8 42.7 150.3 -52.6 220.3 -150.0 113.3 2

 3 Rest of the world 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3

 4 Brokers and dealers 85.7 97.9 31.8 151.8 231.3 130.2 123.9 166.1 137.2 131.2 490.8 4

 5 Customer credit balances (HH) 62.7 103.0 -3.0 80.4 197.8 33.9 3.5 137.9 220.7 50.0 382.6 5

 6 From U.S.-chartered commercial banks 12.2 10.7 -6.6 20.9 30.5 68.1 24.7 29.7 -20.3 65.5 47.1 6

 7 From foreign banking offices in U.S. 10.8 -15.8 41.4 50.6 3.0 28.2 95.7 -1.5 -63.2 15.6 61.0 7

 8 Net change in assets 120.0 179.4 0.2 211.5 264.0 173.0 274.2 113.5 357.4 -18.9 604.1 8

 9 Household sector 62.7 103.0 -3.0 80.4 197.8 33.9 3.5 137.9 220.7 50.0 382.6 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 23.0 -5.1 34.8 71.5 33.5 96.3 120.4 28.2 -83.6 81.1 108.2 11

12 Brokers and dealers 34.3 81.5 -31.6 59.7 32.8 42.7 150.3 -52.6 220.3 -150.0 113.3 12
52 Z.1, March 6, 2008

F.225 Life Insurance and Pension Fund Reserves

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2003 2004 2005 2006 2007 2006 2007

 Q3 Q4 Q1 Q2 Q3 Q4

 Life insurance reserves:

 1 Net change in liabilities 66.8 33.1 16.1 65.6 27.4 76.3 75.4 23.6 16.7 32.4 37.1 1

 2 Federal government 1.1 1.1 1.1 1.5 1.2 0.5 2.9 -0.1 2.3 -0.0 2.6 2

 3 Life insurance companies 65.7 32.0 14.9 64.1 26.3 75.8 72.4 23.7 14.4 32.4 34.5 3

 4 Net change in assets (Households) 66.8 33.1 16.1 65.6 27.4 76.3 75.4 23.6 16.7 32.4 37.1 4

 Pension fund reserves:

 5 Net change in liabilities 258.5 288.4 238.3 198.2 124.4 161.8 216.9 133.8 2.2 145.6 216.1 5

 6 Life insurance companies 144.2 200.4 159.3 103.7 132.1 93.3 98.3 138.1 75.4 173.7 141.3 6

 7 Private pension funds (1) 26.2 9.4 18.9 6.8 -68.1 26.7 47.7 -63.6 -97.1 -65.7 -45.8 7

 8 State and local govt. retirement funds 39.9 23.8 5.4 37.3 12.6 -14.8 10.3 16.7 44.6 -20.7 9.5 8

 9 Federal government retirement funds (2) 48.2 54.7 54.7 50.4 47.8 56.6 60.6 42.5 -20.8 58.3 111.1 9

10 Net change in assets (Households) (3) 258.5 288.4 238.3 198.2 124.4 161.8 216.9 133.8 2.2 145.6 216.1 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 -1.1 28.5 28.1 19.9 24.0 21.4 28.0 33.0 11.8 26.0 24.9 1

 businesses

 2 Nonfinancial corporate business -11.7 6.8 5.1 -1.0 1.3 -1.8 11.9 9.1 -9.9 0.0 5.9 2

 3 Nonfarm noncorporate business -0.5 8.4 8.7 5.6 6.6 5.8 5.3 5.4 6.3 7.8 7.0 3

 4 U.S.-chartered commercial banks 2.9 3.2 3.4 3.7 4.0 3.7 3.8 3.9 3.9 4.0 4.1 4

 5 Savings institutions -0.2 0.6 0.7 -0.5 0.1 0.3 -2.9 -0.4 -0.7 1.6 0.1 5

 6 Property-casualty insurance companies 3.7 4.2 4.7 5.2 5.7 5.2 5.4 5.5 5.6 5.7 5.9 6

 7 Life insurance companies 2.8 3.2 3.6 4.0 4.4 4.0 4.1 4.2 4.3 4.4 4.6 7

 8 Finance companies 1.6 1.8 2.0 2.3 2.5 2.3 2.4 2.4 2.5 2.5 2.6 8

 9 Brokers and dealers 0.4 0.4 -0.1 0.7 -0.6 1.8 -1.9 3.0 -0.3 -0.1 -5.2 9

10 Net change in business taxes receivable 41.6 48.7 46.3 18.0 55.3 -2.6 4.3 62.3 34.8 50.4 73.8 10

11 State and local governments 7.7 26.1 41.8 46.3 52.1 49.1 46.6 46.6 53.5 52.2 56.2 11

12 Federal government 33.9 22.6 4.4 -28.3 3.2 -51.7 -42.3 15.6 -18.7 -1.8 17.6 12

13 Discrepancy -42.6 -20.2 -18.1 1.9 -31.4 24.1 23.7 -29.2 -23.0 -24.3 -48.9 13

F.227 Proprietors’ Equity in Noncorporate Business

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Total household investment 45.0 -18.0 -137.8 -51.5 -57.1 -35.0 -50.1 18.3 -59.5 -78.0 -109.2 1

 2 Nonfarm noncorporate business 38.0 -26.3 -137.1 -46.8 -59.6 -28.4 -41.4 6.1 -59.1 -81.4 -103.9 2

 3 Farm business 11.5 11.6 -0.3 -0.4 2.4 -4.1 3.1 0.8 4.9 3.2 0.5 3

 4 Brokers and dealers -4.5 -3.3 -0.4 -4.4 0.1 -2.5 -11.8 11.3 -5.4 0.2 -5.8 4
Z.1, March 6, 2008 53

F.228 Total Miscellaneous Financial Claims

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2003 2004 2005 2006 2007 2006 2007

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net change in liabilities 460.0 1620.5 1389.1 1133.1 1780.8 1466.7 831.3 680.5 3353.8 1853.1 1246.4 1

 2 Household sector 0.9 1.6 1.0 0.5 1.2 -0.1 0.6 2.3 0.2 1.4 0.8 2

 3 Nonfinancial corporate business 39.6 464.3 876.7 308.4 552.0 398.2 149.2 190.3 616.3 518.7 882.8 3

 4 Nonfarm noncorporate business 23.2 68.8 142.8 39.3 39.1 43.6 34.3 36.4 41.0 35.9 43.2 4

 5 Federal government 40.3 59.2 62.8 62.1 81.7 66.2 81.7 37.7 92.5 86.7 109.8 5

 6 Rest of the world 91.6 478.4 -50.3 308.9 506.7 400.1 489.3 124.9 1093.4 331.7 487.0 6

 7 Monetary authority 4.3 9.9 3.4 1.1 17.7 6.2 -6.6 36.3 -19.7 13.7 40.3 7

 8 Commercial banking 94.7 291.3 60.3 118.6 289.3 -78.1 298.9 -307.3 753.4 439.2 271.8 8

 9 Savings institutions -33.0 43.9 40.8 27.6 -4.0 154.4 -79.5 16.8 40.9 -70.5 -3.1 9

10 Credit unions 1.7 1.9 2.6 -2.7 -3.9 1.6 -5.2 10.3 -12.5 -26.6 13.2 10

11 Property-casualty insurance companies 49.6 43.0 51.6 24.2 29.5 41.3 3.0 2.8 51.6 45.2 18.3 11

12 Life insurance companies 18.4 6.7 3.6 47.9 50.1 61.0 -45.1 35.0 42.9 87.4 35.0 12

13 Government-sponsored enterprises -23.3 -4.1 2.8 9.6 19.5 -15.7 2.7 -5.4 34.2 32.9 16.5 13

14 Finance companies 127.1 53.2 28.0 11.5 -16.5 76.0 -83.2 75.2 63.7 -30.9 -174.1 14

15 REITs 1.6 7.7 1.6 6.7 8.0 15.6 -4.1 3.5 -6.4 16.7 17.9 15

16 Brokers and dealers 40.7 73.7 28.6 97.8 54.2 25.7 4.6 209.5 532.2 -151.2 -373.5 16

17 Funding corporations -17.3 20.9 133.0 71.6 156.3 270.8 -9.4 212.1 30.0 522.6 -139.6 17

18 Net change in assets 502.2 1514.2 1180.7 1437.4 1597.7 1523.0 1148.3 1523.6 2661.3 2299.7 -93.6 18

19 Household sector 55.0 52.4 52.8 40.1 78.1 40.9 22.7 56.1 125.2 88.2 42.8 19

20 Nonfinancial corporate business -10.0 555.2 450.0 236.1 332.3 230.1 -31.6 338.6 290.6 299.0 401.0 20

21 Nonfarm noncorporate business 66.3 162.7 203.0 160.1 174.8 167.8 150.3 157.8 159.8 196.9 184.8 21

22 Farm business 1.3 2.0 1.3 4.1 3.4 4.1 4.1 3.4 3.4 3.4 3.4 22

23 State and local governments -12.0 -5.2 -23.0 -41.0 -12.7 -60.8 -7.8 -37.7 -25.9 4.7 8.0 23

24 Federal government 1.4 0.6 -1.4 1.0 1.8 -1.2 -0.4 0.1 5.4 -2.2 3.8 24

25 Rest of the world -79.1 229.8 84.6 483.6 560.4 670.3 698.5 156.2 893.9 1069.3 122.0 25

26 Monetary authority 1.3 1.5 -3.2 0.1 25.7 -0.9 -1.4 0.0 1.5 2.3 99.1 26

27 Commercial banking 142.9 164.8 67.4 57.7 143.0 -49.8 233.5 -285.0 416.4 486.7 -46.2 27

28 Savings institutions -5.1 88.5 -58.7 15.7 3.2 -29.2 8.0 51.8 29.9 4.2 -72.9 28

29 Credit unions -4.1 -1.8 -0.3 0.8 10.2 32.1 7.0 -19.4 11.8 18.6 29.7 29

30 Property-casualty insurance companies 2.3 7.1 6.1 0.2 12.4 25.0 -35.1 12.5 11.8 8.7 16.4 30

31 Life insurance companies 27.9 51.9 31.7 -6.0 -34.2 18.4 -5.4 -44.8 -63.2 -17.5 -11.2 31

32 Private pension funds -19.1 -34.8 -26.9 -16.4 -23.1 -14.7 -34.5 -45.1 -25.0 -22.6 0.3 32

33 State and local govt. retirement funds 0.9 4.6 -0.6 -0.3 0.9 0.9 1.2 2.3 0.5 -0.0 0.7 33

34 Federal government retirement funds 24.7 40.9 40.0 35.8 33.3 41.5 46.2 27.6 -34.1 44.6 95.2 34

35 Money market mutual funds -0.2 -2.9 -10.0 15.9 68.9 0.7 37.1 123.6 31.1 51.8 69.3 35

36 Mutual funds 1.0 5.1 3.7 3.3 3.8 7.6 -6.0 9.7 1.7 3.9 -0.0 36

37 Government-sponsored enterprises 18.5 4.5 4.0 -3.2 32.5 17.6 -38.1 -6.1 139.3 -44.1 41.0 37

38 Finance companies 107.7 -39.9 -21.9 -55.3 13.6 -103.8 -42.0 75.2 67.2 4.3 -92.2 38

39 REITs 4.7 11.3 8.4 10.5 0.1 1.6 6.1 2.2 3.8 -2.8 -2.8 39

40 Brokers and dealers 156.6 148.6 217.7 425.1 48.0 486.4 100.3 853.1 635.1 -58.9 -1237.3 40

41 Funding corporations 19.2 67.3 156.1 69.8 121.4 38.3 35.5 91.7 -19.1 161.4 251.6 41

42 Discrepancy -42.1 106.3 208.4 -304.2 183.1 -56.3 -317.0 -843.1 692.5 -446.6 1340.0 42
54 Z.1, March 6, 2008

F.229 Identified Miscellaneous Financial Claims - Part I

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2003 2004 2005 2006 2007 2006 2007

 Q3 Q4 Q1 Q2 Q3 Q4

 U.S. direct investment abroad (1):

 1 Liab.: Rest of the world 149.6 279.1 -7.7 235.4 280.5 196.1 264.4 325.6 311.9 225.3 259.0 1

 2 Equity 35.5 110.0 43.4 30.2 52.2 18.6 40.3 76.2 103.7 11.5 17.1 2

 3 Reinvested earnings 120.7 165.7 -20.4 220.1 253.9 233.9 241.0 222.5 249.9 260.3 282.9 3

 4 Intercompany accounts -6.6 3.4 -30.7 -15.0 -25.6 -56.5 -16.9 26.9 -41.7 -46.5 -41.0 4

 5 Asset: Nonfinancial corporate business 122.6 242.0 -15.8 212.0 190.6 150.7 263.5 277.7 159.5 153.8 171.3 5

 6 Commercial banking 6.4 3.8 0.3 2.4 23.8 -1.7 3.6 8.0 29.7 24.5 33.1 6

 7 Property-casualty insurance companies 2.3 7.1 6.1 0.2 12.4 25.0 -35.1 12.5 11.8 8.7 16.4 7

 8 Life insurance companies 3.1 3.2 3.8 1.9 7.2 5.0 5.1 5.7 6.9 7.5 8.6 8

 9 Finance companies 13.0 18.5 -5.8 14.6 37.4 13.9 20.0 15.4 99.5 16.5 18.3 9

10 Brokers and dealers 2.1 4.5 3.7 4.3 9.1 3.3 7.3 6.4 4.5 14.3 11.3 10

 Foreign direct investment in U.S. (1):

11 Liab.: Nonfinancial corporate business 23.9 28.6 42.9 104.8 154.9 61.2 156.6 84.6 201.1 149.2 184.9 11

12 Nonfarm noncorporate business -0.2 0.1 0.1 0.1 0.4 0.1 0.2 -0.3 0.1 0.9 0.9 12

13 Commercial banking 4.2 17.9 9.8 15.4 33.1 19.1 8.6 14.8 20.0 47.4 50.2 13

14 Property-casualty insurance companies 3.0 -4.8 -0.7 7.6 4.4 13.0 7.2 -25.8 22.6 16.0 4.8 14

15 Life insurance companies -5.2 20.8 3.4 20.8 7.0 7.7 19.0 9.9 -2.2 9.1 11.2 15

16 Finance companies 21.7 16.1 4.2 2.6 3.8 -0.6 9.2 -24.1 10.5 12.8 15.9 16

17 Brokers and dealers 4.8 6.0 -0.3 -5.1 2.9 -11.6 1.0 0.3 5.1 1.2 5.0 17

18 Funding corporations 11.6 61.2 49.6 34.4 28.5 83.0 -19.5 -11.9 -71.0 88.4 108.7 18

19 Asset: Rest of the world 63.8 145.8 109.0 180.6 235.1 171.9 182.3 47.6 186.2 325.0 381.6 19

20 Equity 93.4 92.9 56.6 98.0 169.9 54.2 146.2 60.6 150.1 221.4 247.5 20

21 Reinvested earnings 14.3 49.4 47.7 70.6 83.1 86.7 16.2 74.7 59.6 85.1 113.1 21

22 Intercompany accounts -44.0 3.5 4.7 12.0 -17.9 31.1 19.9 -87.6 -23.5 18.5 21.0 22

 Federal government equity in IBRD, etc.:

23 Liab.: Rest of the world 1.4 2.0 1.3 2.0 2.5 1.3 0.9 1.1 4.7 0.4 3.7 23

24 Asset: Federal government 1.4 2.0 1.3 2.0 2.5 1.3 0.9 1.1 4.7 0.4 3.7 24

 Federal Reserve Bank stock:

25 Liab.: Monetary authority 0.5 3.1 1.6 1.8 3.1 0.4 1.0 2.1 1.0 4.7 4.7 25

26 Asset: Commercial banking 0.5 3.1 1.6 1.8 3.1 0.4 1.0 2.1 1.0 4.7 4.7 26

 Equity in govt.-sponsored enterprises:

27 Liab.: Government-sponsored enterprises 3.2 2.5 1.9 0.2 9.0 0.4 -2.1 -0.0 0.4 27.4 8.3 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) 0.3 -0.1 -0.1 0.1 0.3 0.2 0.1 0.5 0.5 0.1 0.0 29

30 Farm business (FICB and FLB) 0.4 0.2 0.1 0.2 0.5 0.3 0.2 0.8 0.9 0.3 0.0 30

31 Federal government 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 31

32 Commercial banks (FHLB) 1.2 0.6 0.8 2.7 3.8 -2.6 11.6 -2.1 0.3 11.4 5.6 32

33 Savings institutions (FHLB) 0.4 1.0 1.1 -2.9 3.3 2.3 -14.7 1.3 -2.3 12.6 1.5 33

34 Credit unions (FHLB) 0.2 0.2 0.1 0.2 0.6 0.2 0.3 -0.7 0.6 1.8 0.6 34

35 Life insurance companies (FHLB) 0.7 0.6 -0.1 0.0 0.6 0.0 0.5 0.2 0.5 1.2 0.6 35

 BHC investment in subsidiaries:

36 Liab.: Commercial banking 50.5 167.2 40.0 110.0 126.3 133.1 175.7 44.0 89.1 184.8 187.4 36

37 Savings institutions 1.0 1.2 1.3 1.4 1.6 1.4 1.5 1.5 1.6 1.6 1.6 37

38 Finance companies 9.4 64.5 27.3 13.1 -6.3 18.5 3.7 -15.5 35.5 -33.8 -11.5 38

39 Brokers and dealers 35.2 10.5 14.2 31.7 -58.6 16.2 132.9 -83.5 3.9 -37.9 -117.0 39

40 Asset: Bank holding companies 96.2 243.5 82.7 156.2 62.9 169.3 313.7 -53.6 130.1 114.6 60.5 40

 NFC investment in finance company subs.:

41 Liab.: Finance companies 14.0 -9.6 -1.7 13.0 -6.3 18.5 3.7 -15.5 35.5 -33.8 -11.5 41

42 Asset: Nonfinancial corporate business 14.0 -9.6 -1.7 13.0 -6.3 18.5 3.7 -15.5 35.5 -33.8 -11.5 42

 Funding corp. investment in subs.:

43 Liab.: Foreign banking offices in U.S. 7.2 32.7 21.0 8.6 43.7 -12.7 -57.9 135.0 38.6 -61.8 62.9 43

44 Brokers and dealers 12.0 34.6 135.1 61.2 77.7 51.0 93.4 -43.3 -57.7 223.2 188.7 44

45 Asset: Funding corporations 19.2 67.3 156.1 69.8 121.4 38.3 35.5 91.7 -19.1 161.4 251.6 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, March 6, 2008 55

F.230 Identified Miscellaneous Financial Claims - Part II

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2003 2004 2005 2006 2007 2006 2007

 Q3 Q4 Q1 Q2 Q3 Q4

 Nonofficial foreign currencies:

 1 Liab.: Rest of the world 0.2 -0.0 -2.2 -0.0 -0.1 0.0 -0.1 0.2 -0.4 0.1 -0.3 1

 2 Asset: Federal government 0.2 -0.0 -2.2 -0.0 -0.1 0.0 -0.1 0.2 -0.4 0.1 -0.3 2

 Postal Savings System deposits:

 3 Liab.: Federal government 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3

 4 Asset: Household sector 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 Deposits at Federal Home Loan Banks:

 5 Liab.: Government-sponsored enterprises -7.1 -2.1 0.8 -0.2 3.1 -1.6 3.0 15.1 -6.5 13.7 -9.9 5

 6 Asset: Savings institutions -7.1 -2.1 0.8 -0.2 3.1 -1.6 3.0 15.1 -6.5 13.7 -9.9 6

 Deferred and unpaid life insurance premiums:

 7 Liab.: Household sector 0.9 1.6 1.0 0.5 1.2 -0.1 0.6 2.3 0.2 1.4 0.8 7

 8 Asset: Life insurance companies 0.9 1.6 1.0 0.5 1.2 -0.1 0.6 2.3 0.2 1.4 0.8 8

 Life insurance company reserves:

 9 Liab.: Life insurance companies 13.9 11.4 9.5 14.8 19.1 10.3 5.3 20.6 9.1 31.3 15.5 9

10 Health 10.9 9.8 7.9 11.5 12.5 7.5 11.3 11.4 4.2 22.8 11.7 10

11 Policy dividend accumulation -0.0 1.2 1.0 0.8 2.5 2.2 -2.1 1.1 2.7 4.8 1.6 11

12 Policy and contract claims 3.0 0.5 0.6 2.5 4.0 0.6 -3.9 8.1 2.1 3.8 2.1 12

13 Asset: Household sector 13.9 11.4 9.5 14.8 19.1 10.3 5.3 20.6 9.1 31.3 15.5 13

 Policy payables:

14 Liab.: Property-casualty insurance companies 46.6 47.9 52.3 16.6 25.1 28.4 -4.2 28.6 28.9 29.2 13.6 14

15 Asset: Household sector 22.9 23.6 25.6 4.6 10.0 10.7 -6.0 12.1 12.3 11.8 3.8 15

16 Nonfinancial corporate business 18.4 18.9 20.7 6.6 10.0 11.2 -1.6 11.3 11.4 11.5 5.9 16

17 Nonfarm noncorporate business 4.4 3.5 4.9 1.6 2.1 2.7 -0.4 2.7 2.7 2.7 0.4 17

18 Farm business 0.9 1.8 1.2 3.9 2.9 3.8 3.9 2.5 2.5 3.2 3.4 18

 Unallocated insurance company contracts:

19 Liab.: Life insurance companies -18.1 -35.2 -18.6 -4.7 -26.4 -3.6 -23.7 -37.6 -24.1 -28.3 -15.7 19

20 Asset: Private pension funds -18.1 -35.2 -18.6 -4.7 -26.4 -3.6 -23.7 -37.6 -24.1 -28.3 -15.7 20

 Pension fund contributions payable:

21 Liab.: Nonfinancial corporate business -0.2 -3.1 -1.9 -2.0 7.0 -1.9 -1.9 -1.9 8.6 10.7 10.5 21

22 Asset: Private pension funds -0.2 -3.1 -1.9 -2.0 7.0 -1.9 -1.9 -1.9 8.6 10.7 10.5 22

 Securities borrowed (net):

23 Liab.: Funding corporations 102.6 86.9 174.9 302.6 -7.7 361.0 87.2 536.9 246.0 -83.7 -730.2 23

24 Asset: Brokers and dealers 102.6 86.9 174.9 302.6 -7.7 361.0 87.2 536.9 246.0 -83.7 -730.2 24

 Nonmarketable government securities:

25 Liab.: Federal government 24.7 40.9 40.0 35.8 33.3 41.5 46.2 27.6 -34.1 44.6 95.2 25

26 Asset: Federal government retirement funds 24.7 40.9 40.0 35.8 33.3 41.5 46.2 27.6 -34.1 44.6 95.2 26

 Retiree Health Care Funds (1):

27 Liab.: Federal government 18.2 17.3 17.7 20.8 49.0 19.9 23.5 23.5 103.8 45.1 23.5 27

28 Asset: Household sector 18.2 17.3 17.7 20.8 49.0 19.9 23.5 23.5 103.8 45.1 23.5 28

(1) Includes Uniform Services Retiree Health Care Fund and Postal Service Retiree Health Benefits Fund.
56 Z.1, March 6, 2008

F.231 Unidentified Miscellaneous Financial Claims

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2003 2004 2005 2006 2007 2006 2007

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net change in liabilities -69.4 721.3 772.4 90.1 969.2 416.6 -104.2 -333.7 2371.4 964.1 885.5 1

 2 Nonfinancial corporate business 15.8 438.9 835.7 205.5 390.1 338.9 -5.5 107.6 406.6 358.8 687.4 2

 3 Nonfarm noncorporate business 23.4 68.8 142.7 39.2 38.8 43.4 34.1 36.7 40.9 35.1 42.3 3

 4 Federal government -2.6 1.0 5.0 5.6 -0.6 4.8 11.9 -13.4 22.8 -3.0 -8.9 4

 5 Rest of the world -59.6 197.4 -41.8 71.6 223.9 202.6 224.0 -202.0 777.2 106.0 224.6 5

 6 Monetary authority 3.8 6.9 1.7 -0.7 14.6 5.8 -7.6 34.2 -20.7 9.1 35.6 6

 7 Commercial banking 32.7 73.4 -10.5 -15.4 86.2 -217.6 172.5 -501.1 605.7 268.8 -28.6 7

 8 U.S.-chartered commercial banks 51.5 84.4 -46.8 43.3 24.1 43.3 157.7 -224.8 410.5 -198.8 109.4 8

 9 Foreign banking offices in U.S. -44.8 -169.8 23.7 -133.0 70.6 -374.1 -144.5 -165.7 178.0 348.6 -78.7 9

10 Bank holding companies 22.6 148.0 12.8 78.7 -4.3 124.3 164.2 -107.0 18.5 126.6 -55.5 10

11 Banks in U.S.-affiliated areas 3.4 10.8 -0.3 -4.4 -4.1 -11.1 -4.9 -3.7 -1.3 -7.6 -3.8 11

12 Savings institutions -34.0 42.7 39.5 26.2 -5.6 152.9 -81.0 15.3 39.3 -72.1 -4.8 12

13 Credit unions 1.7 1.9 2.6 -2.7 -3.9 1.6 -5.2 10.3 -12.5 -26.6 13.2 13

14 Life insurance companies 27.8 9.6 9.3 17.1 50.4 46.6 -45.6 42.2 60.2 75.3 24.0 14

15 Government-sponsored enterprises -19.4 -4.5 0.2 9.7 7.4 -14.5 1.7 -20.4 40.2 -8.2 18.1 15

16 Finance companies 82.1 -17.7 -1.7 -17.3 -7.6 39.6 -99.7 130.4 -17.8 24.0 -167.1 16

17 REITs 1.6 7.7 1.6 6.7 8.0 15.6 -4.1 3.5 -6.4 16.7 17.9 17

18 Brokers and dealers -11.3 22.6 -120.4 10.0 32.2 -29.9 -222.8 336.0 580.9 -337.7 -450.3 18

19 Funding corporations -131.5 -127.2 -91.5 -265.4 135.5 -173.3 -77.0 -312.9 -145.0 517.9 482.0 19

20 Net change in assets -27.3 615.1 564.0 394.3 786.1 472.9 212.8 509.4 1678.9 1410.7 -454.5 20

21 Nonfinancial corporate business -165.0 303.9 446.8 4.5 138.0 49.7 -297.1 65.1 84.2 167.5 235.2 21

22 Nonfarm noncorporate business 61.6 159.3 198.2 158.5 172.4 165.0 150.6 154.6 156.6 194.1 184.4 22

23 State and local governments -12.0 -5.2 -23.0 -41.0 -12.7 -60.8 -7.8 -37.7 -25.9 4.7 8.0 23

24 Federal government -0.2 -1.4 -0.5 -1.0 -0.6 -2.6 -1.3 -1.2 1.0 -2.6 0.4 24

25 Rest of the world -142.8 84.0 -24.4 303.0 325.3 498.3 516.2 108.6 707.7 744.3 -259.6 25

26 Monetary authority 1.3 1.5 -3.2 0.1 25.7 -0.9 -1.4 0.0 1.5 2.3 99.1 26

27 Commercial banking 38.6 -86.2 -18.1 -105.4 49.3 -215.2 -96.4 -239.5 255.4 331.6 -150.1 27

28 U.S.-chartered commercial banks 41.2 4.9 2.9 8.7 0.4 -8.9 173.2 -229.0 132.0 -36.2 134.9 28

29 Foreign banking offices in U.S. -22.8 -124.5 -37.3 -150.4 13.9 -207.4 -312.8 -70.2 74.3 318.5 -266.9 29

30 Bank holding companies 22.4 32.4 16.2 35.6 31.7 10.5 43.9 58.0 39.9 49.6 -20.7 30

31 Banks in U.S.-affiliated areas -2.2 0.9 0.1 0.6 3.3 -9.3 -0.7 1.7 9.1 -0.4 2.6 31

32 Savings institutions 1.6 89.7 -60.6 18.8 -3.1 -29.9 19.6 35.5 38.7 -22.1 -64.5 32

33 Credit unions -4.3 -2.1 -0.5 0.6 9.6 31.8 6.7 -18.7 11.3 16.7 29.1 33

34 Life insurance companies 23.3 46.5 27.1 -8.3 -43.2 13.5 -11.6 -53.0 -70.9 -27.7 -21.2 34

35 Private pension funds -0.8 3.5 -6.4 -9.8 -3.7 -9.1 -8.9 -5.6 -9.5 -5.0 5.5 35

36 State and local govt. retirement funds 0.9 4.6 -0.6 -0.3 0.9 0.9 1.2 2.3 0.5 -0.0 0.7 36

37 Money market mutual funds -0.2 -2.9 -10.0 15.9 68.9 0.7 37.1 123.6 31.1 51.8 69.3 37

38 Mutual funds 1.0 5.1 3.7 3.3 3.8 7.6 -6.0 9.7 1.7 3.9 -0.0 38

39 Government-sponsored enterprises 18.5 4.5 4.0 -3.2 32.5 17.6 -38.1 -6.1 139.3 -44.1 41.0 39

40 Finance companies 94.7 -58.4 -16.2 -69.9 -23.8 -117.7 -62.0 59.8 -32.3 -12.2 -110.5 40

41 REITs 4.7 11.3 8.4 10.5 0.1 1.6 6.1 2.2 3.8 -2.8 -2.8 41

42 Brokers and dealers 51.9 57.2 39.1 118.2 46.6 122.1 5.8 309.7 384.6 10.4 -518.4 42

43 Discrepancy -42.1 106.3 208.4 -304.2 183.1 -56.3 -317.0 -843.1 692.5 -446.6 1340.0 43
Z.1, March 6, 2008 57

F.11 Sector Discrepancies

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2003 2004 2005 2006 2007 2006 2007

 Q3 Q4 Q1 Q2 Q3 Q4

 1 All sectors -120.7 56.7 311.7 37.9 137.7 168.5 -21.0 -353.3 1038.1 -431.7 308.1 1

 2 Household sector -132.9 -129.1 335.5 189.5 -80.6 247.7 107.2 -116.3 980.4 -1166.2 -20.5 2

 3 Nonfinancial corporate business 12.1 -71.3 83.4 -222.3 -216.3 -247.3 -265.5 -215.9 -167.7 -247.9 -233.6 3

 4 State and local governments -43.7 -58.8 -59.7 -31.1 -43.3 -36.3 -35.2 -33.7 -44.3 -51.4 -43.9 4

 5 Federal government 60.9 18.8 26.5 24.2 4.1 -6.0 136.1 112.4 -225.0 40.8 88.3 5

 6 Rest of the world -20.0 72.1 -34.2 -31.3 133.8 -165.6 -167.4 32.1 123.5 321.1 68.8 6

 7 Financial sectors 2.8 225.0 -39.9 109.0 340.1 376.1 203.9 -131.9 371.2 671.9 449.0 7

 8 Monetary authority -3.4 -3.6 -3.3 -3.3 2.9 -0.3 1.0 -1.8 4.9 2.7 6.0 8

 9 Commercial banking 27.7 229.5 18.0 110.6 225.0 436.8 136.6 -86.8 193.1 547.5 246.1 9

10 Savings institutions -0.3 0.4 6.9 4.1 0.9 18.0 0.6 -1.3 0.6 3.5 0.8 10

11 Credit unions 1.8 1.6 2.5 1.2 3.3 0.2 0.5 3.0 3.8 2.5 4.1 11

12 Property-casualty insurance companies -7.1 -11.6 -11.8 -11.0 14.9 -22.5 18.9 -23.7 55.1 -13.8 42.1 12

13 Life insurance companies -38.4 -35.8 -12.4 -22.8 -26.6 -16.5 -37.6 -40.4 -13.8 -37.5 -14.6 13

14 Mutual funds 2.5 3.2 15.8 29.5 35.5 30.6 36.2 33.5 38.5 35.7 34.3 14

15 Government-sponsored enterprises -14.8 -14.8 -14.9 -5.4 -4.7 -29.8 34.0 4.8 -4.8 13.6 -32.5 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 52.2 52.6 -14.6 47.5 30.3 19.6 76.7 -8.1 82.1 20.3 26.8 17

18 REITs -1.8 -0.8 -19.3 -22.5 4.1 -32.9 -40.7 -32.6 2.0 40.7 6.2 18

19 Brokers and dealers -15.6 4.3 -6.7 -18.9 54.4 -27.0 -22.4 21.6 9.8 56.6 129.8 19

F.12 Instrument Discrepancies

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 All types -120.7 56.7 311.7 37.9 137.7 168.5 -21.0 -353.3 1038.1 -431.7 308.1 1

 2 Treasury currency -0.3 -0.3 0.7 -1.1 0.1 0.6 -0.5 -0.3 0.7 0.9 -1.1 2

 3 Foreign deposits 52.8 61.9 40.6 99.8 206.1 40.5 -141.2 359.8 377.4 12.3 74.8 3

 4 Net interbank transactions -4.3 14.9 -3.7 -1.9 1.7 48.1 -71.8 48.8 -53.8 -11.6 23.3 4

 5 Security RPs -33.9 -139.9 134.2 298.0 -229.9 144.6 601.9 -132.0 13.4 109.3 -910.2 5

 Mail floats:

 6 Federal government -8.9 27.9 -6.6 -3.0 1.2 16.4 -19.1 -5.9 -0.5 13.5 -2.5 6

 7 Other -0.0 -0.8 -0.9 -0.5 -1.0 -0.9 -0.8 -0.8 -1.3 -0.8 -1.2 7

 8 Trade credit 22.4 11.1 -32.6 -61.6 42.8 -51.2 -92.7 183.2 17.0 25.3 -54.4 8

 9 Taxes payable -42.6 -20.2 -18.1 1.9 -31.4 24.1 23.7 -29.2 -23.0 -24.3 -48.9 9

10 Miscellaneous -42.1 106.3 208.4 -304.2 183.1 -56.3 -317.0 -843.1 692.5 -446.6 1340.0 10

11 Nonfinancial -63.8 -4.2 -10.4 10.6 -34.9 2.5 -3.4 66.3 15.8 -109.8 -111.7 11

 Nonfinancial components (sign reversed):

12 Statistical discrepancy (NIPA) 48.8 19.2 5.4 -18.1 12.4 -2.5 -46.6 -66.3 -40.8 84.8 71.7 12

13 Private wage accruals less disbursements 15.0 -15.0 5.0 7.5 22.5 0.0 50.0 0.0 25.0 25.0 40.0 13