104 Z.1, September 17, 2009

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

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

2003 2004 2005 2006 2007 2008 2009

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Assets 56744.9 63506.2 70987.5 76749.0 78228.8 75868.6 74945.9 72339.4 67134.0 65244.0 67207.9 1

 2 Tangible assets 21437.7 24270.7 27719.1 28724.2 27525.6 26863.9 26541.9 26051.2 25177.0 24660.1 24847.1 2

 3 Real estate 17599.0 20214.4 23458.4 24259.6 22880.2 22154.7 21785.0 21261.5 20397.7 19869.0 20025.9 3

 4 Households (2,3) 16170.3 18629.4 21427.7 21948.2 20477.4 19803.5 19538.7 19036.3 18317.1 17948.6 18272.0 4

 5 Nonprofit organizations 1428.7 1585.0 2030.7 2311.4 2402.8 2351.2 2246.2 2225.3 2080.5 1920.4 1753.9 5

 Equipment and software owned by

 6 nonprofit organizations (4) 160.7 173.2 183.7 196.5 207.9 210.4 214.0 218.1 220.9 221.0 220.5 6

 7 Consumer durable goods (4) 3678.0 3883.1 4077.0 4268.1 4437.5 4498.9 4542.9 4571.5 4558.5 4570.1 4600.8 7

 8 Financial assets 35307.2 39235.5 43268.4 48024.8 50703.1 49004.7 48404.0 46288.2 41957.0 40583.8 42360.8 8

 9 Deposits 5350.4 5742.5 6153.6 6779.0 7381.3 7579.1 7420.3 7566.4 7827.4 7848.9 7760.2 9

10 Foreign deposits 52.1 57.5 59.9 65.2 81.0 74.5 68.3 63.9 59.8 55.7 50.6 10

11 Checkable deposits and currency 399.1 370.3 256.8 236.4 156.9 87.8 98.5 64.7 236.7 241.7 300.1 11

12 Time and savings deposits 3939.0 4410.6 4887.6 5363.0 5796.7 5958.9 5859.8 5991.7 5949.2 5988.8 5913.8 12

13 Money market fund shares 960.2 904.1 949.2 1114.5 1346.8 1457.9 1393.7 1446.1 1581.7 1562.7 1495.7 13

14 Credit market instruments 2755.2 3075.8 3426.8 3553.5 4113.4 4077.9 4138.8 4218.5 4054.5 4536.2 4326.6 14

15 Open market paper 105.9 136.1 164.2 187.7 149.7 117.5 82.7 39.1 10.4 7.3 8.9 15

16 Treasury securities 438.6 532.2 507.5 433.1 252.3 322.1 368.1 386.8 240.0 576.4 605.9 16

17 Savings bonds 203.8 204.4 205.1 202.4 196.4 195.3 194.9 194.2 194.0 193.9 193.5 17

18 Other Treasury 234.8 327.8 302.4 230.7 55.9 126.8 173.2 192.6 46.0 382.5 412.4 18

19 Agency- and GSE-backed securities 421.2 390.0 488.3 412.6 689.8 657.0 675.5 820.1 711.3 439.6 129.5 19

20 Municipal securities 703.8 742.4 821.0 871.8 895.9 883.3 894.5 910.1 938.0 954.5 996.8 20

21 Corporate and foreign bonds 964.2 1135.6 1294.1 1517.7 2001.7 1971.0 1979.9 1919.2 2010.9 2415.4 2443.6 21

22 Other loans and advances (5) 3.1 5.9 8.7 8.3 17.4 20.1 22.3 27.5 27.9 28.5 29.2 22

23 Mortgages 118.5 133.6 143.0 122.4 106.5 107.0 115.8 115.7 116.0 114.5 112.7 23

24 Corporate equities (2) 6749.9 7491.0 7999.5 9488.0 9453.0 8759.6 8449.1 7442.0 5878.7 5150.3 6266.3 24

25 Mutual fund shares (6) 2904.3 3417.4 3839.3 4387.6 4832.0 4575.2 4662.8 4111.1 3444.7 3254.7 3740.5 25

26 Security credit 475.4 578.3 575.3 655.7 866.4 984.5 992.1 998.6 742.7 667.0 649.2 26

27 Life insurance reserves 1013.2 1060.4 1082.6 1163.7 1201.5 1187.2 1196.4 1197.7 1179.8 1181.1 1197.6 27

28 Pension fund reserves 9718.9 10635.5 11373.7 12696.2 13375.9 12566.7 12476.1 11832.5 10442.6 9913.8 10656.3 28

29 Equity in noncorporate business (7) 5838.7 6680.9 8208.9 8655.0 8767.3 8548.5 8335.1 8170.3 7618.4 7266.7 6995.7 29

30 Miscellaneous assets 501.3 553.8 608.7 646.1 712.2 725.9 733.5 751.3 768.2 765.1 768.4 30

31 Liabilities 9842.8 11012.1 12164.2 13414.0 14318.1 14416.4 14368.2 14514.8 14216.9 14102.5 14068.0 31

32 Credit market instruments 9482.6 10552.4 11723.1 12899.2 13754.2 13807.5 13828.9 13860.9 13794.8 13709.6 13661.8 32

33 Home mortgages (8) 6871.9 7819.3 8855.3 9832.8 10485.2 10547.9 10544.3 10503.5 10430.7 10431.0 10401.7 33

34 Consumer credit 2102.5 2219.5 2319.8 2415.0 2551.9 2529.6 2555.6 2588.0 2592.1 2517.0 2475.5 34

35 Municipal securities (9) 178.3 188.6 205.1 226.9 249.5 252.3 261.6 265.2 269.6 273.0 281.9 35

36 Bank loans n.e.c. 49.8 26.7 36.4 86.4 99.7 104.9 89.2 121.4 117.7 104.0 118.5 36

37 Other loans and advances 118.7 119.0 119.0 123.8 127.0 128.0 129.7 130.7 133.2 133.5 134.0 37

38 Commercial mortgages (9) 161.4 179.2 187.4 214.3 240.8 244.9 248.4 252.1 251.5 251.0 250.1 38

39 Security credit 182.5 264.0 232.4 292.1 325.5 365.3 291.5 402.3 164.8 134.6 147.6 39

40 Trade payables (9) 156.8 173.3 186.3 199.9 214.5 218.4 222.2 226.2 230.2 231.8 233.8 40

 Deferred and unpaid

41 life insurance premiums 20.9 22.5 22.4 22.8 23.9 25.2 25.5 25.3 27.0 26.5 24.8 41

42 Net worth 46902.1 52494.0 58823.3 63334.9 63910.6 61452.2 60577.8 57824.7 52917.1 51141.5 53139.9 42

 Memo:

 Replacement-cost value of structures:

43 Residential 10679.9 12030.3 13475.1 14440.6 14643.0 14587.2 14523.6 14359.8 13981.2 13776.4 13831.2 43

44 Households 10513.7 11848.9 13275.9 14229.3 14430.3 14375.4 14313.0 14151.6 13778.7 13577.1 13631.3 44

45 Nonprofit organizations 166.1 181.4 199.3 211.3 212.7 211.7 210.6 208.2 202.5 199.4 199.9 45

46 Nonresidential (nonprofits) 955.5 1058.3 1174.8 1279.5 1352.6 1356.9 1368.9 1394.2 1424.0 1412.1 1379.2 46

47 Disposable personal income 8377.8 8889.4 9277.3 9915.7 10403.1 10610.4 10966.7 10849.3 10799.1 10765.4 10902.9 47

 Household net worth as percentage of

48 disposable personal income 559.8 590.5 634.1 638.7 614.3 579.2 552.4 533.0 490.0 475.1 487.4 48

 Owners’ equity in household real

49 estate (10) 9298.4 10810.1 12572.5 12115.4 9992.2 9255.6 8994.4 8532.8 7886.4 7517.7 7870.4 49

 Owners’ equity as percentage of

50 household real estate (11) 57.5 58.0 58.7 55.2 48.8 46.7 46.0 44.8 43.1 41.9 43.1 50

(1) Sector includes farm households and domestic hedge funds.

(2) At market value.

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

(4) At replacement (current) cost.

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

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

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

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

(9) Liabilities of nonprofit organizations.

(10) Line 4 less line 33.

(11) Line 49 divided by line 4.
Z.1, September 17, 2009 105

B.102 Balance Sheet of Nonfarm Nonfinancial Corporate Business

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

2003 2004 2005 2006 2007 2008 2009

 Q1 Q2 Q3 Q4 Q1 Q2

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

 1 Assets 20071.7 21648.7 24505.9 26842.5 28689.1 28619.7 28399.7 28423.2 27806.0 27121.4 26572.4 1

 2 Tangible assets 9962.9 10717.2 12596.9 14157.7 14938.1 14833.0 14522.9 14523.4 13928.9 13244.1 12538.0 2

 3 Real estate (1) 5286.6 5787.2 7388.5 8602.7 9065.7 8880.7 8456.2 8403.9 7896.3 7248.1 6562.3 3

 4 Equipment and software (2) 3351.3 3481.8 3651.0 3890.5 4084.3 4119.7 4176.4 4241.4 4287.0 4308.7 4321.8 4

 5 Inventories (2) 1324.9 1448.1 1557.5 1664.4 1788.1 1832.7 1890.3 1878.1 1745.6 1687.3 1653.9 5

 6 Financial assets 10108.8 10931.6 11909.0 12684.8 13751.0 13786.7 13876.8 13899.8 13877.1 13877.3 14034.4 6

 7 Foreign deposits 38.1 53.7 60.6 49.3 50.8 53.7 20.5 28.6 30.8 22.2 38.7 7

 8 Checkable deposits and currency 190.9 178.4 252.4 133.8 132.1 153.0 105.6 121.4 119.4 121.7 165.0 8

 9 Time and savings deposits 362.8 400.5 450.4 497.0 443.2 399.2 447.7 429.2 405.6 405.0 433.2 9

10 Money market fund shares 299.0 324.3 366.5 433.4 564.1 619.4 651.6 647.3 685.7 697.5 687.5 10

11 Security RPs 6.0 6.4 14.6 15.5 8.1 7.2 8.3 5.0 7.5 6.8 8.0 11

12 Commercial paper 75.7 95.0 111.0 122.7 69.7 23.9 22.5 9.7 10.4 10.9 17.4 12

13 Treasury securities 32.8 33.1 50.7 44.3 37.3 25.1 26.6 23.6 26.4 35.8 39.2 13

14 Agency- and GSE-backed securities 12.1 12.2 18.8 16.4 13.8 9.3 9.8 8.7 9.7 6.4 10.8 14

15 Municipal securities 35.4 31.8 32.1 28.1 29.8 8.2 5.6 6.3 5.3 14.5 14.2 15

16 Mortgages 51.8 66.6 68.3 59.8 40.9 36.2 31.5 26.8 22.1 17.4 12.6 16

17 Consumer credit 58.6 58.6 58.8 56.7 55.3 51.0 51.1 51.6 55.3 50.5 49.3 17

18 Trade receivables 1702.3 1831.3 2109.0 2090.9 2263.0 2302.5 2338.7 2308.3 2156.9 2125.4 2152.6 18

19 Mutual fund shares (1) 125.9 140.5 156.3 204.0 217.5 200.2 196.7 175.4 143.3 132.9 146.7 19

20 Miscellaneous assets 7117.4 7699.1 8159.7 8933.0 9825.4 9897.7 9960.7 10057.8 10198.6 10230.4 10259.2 20

21 Liabilities 9867.4 10349.3 11145.3 11781.9 12807.2 12919.4 13033.8 13075.1 13235.7 13297.0 13358.5 21

22 Credit market instruments 4968.4 5171.2 5501.4 5963.9 6813.2 6925.1 7066.8 7130.8 7176.9 7229.3 7268.8 22

23 Commercial paper 82.5 97.8 90.1 112.5 123.8 140.0 139.8 146.5 131.5 106.9 86.2 23

24 Municipal securities (3) 164.2 169.4 176.7 181.7 189.5 189.6 191.1 191.3 192.6 192.9 194.2 24

25 Corporate bonds (4) 2900.1 2975.5 3032.2 3247.8 3558.9 3604.2 3692.9 3716.0 3763.5 3908.3 4007.3 25

26 Bank loans n.e.c. 548.3 547.2 515.2 532.2 630.5 654.4 669.5 691.8 700.8 674.6 637.7 26

27 Other loans and advances 761.8 817.8 924.1 1037.1 1336.9 1349.6 1372.1 1383.8 1376.8 1340.3 1347.2 27

28 Mortgages 511.5 563.6 763.1 852.6 973.5 987.3 1001.3 1001.3 1011.6 1006.3 996.3 28

29 Trade payables 1402.7 1499.9 1699.4 1813.0 1918.3 1897.3 1869.6 1821.4 1749.7 1680.5 1641.7 29

30 Taxes payable 81.2 88.0 93.1 92.8 93.8 106.7 101.2 104.6 94.4 107.3 101.7 30

31 Miscellaneous liabilities 3415.1 3590.2 3851.4 3912.2 3981.9 3990.4 3996.4 4018.3 4214.7 4279.9 4346.2 31

32 Net worth (market value) 10204.4 11299.4 13360.6 15060.6 15881.9 15700.3 15365.9 15348.1 14570.2 13824.3 13213.9 32

 Memo:

 Replacement-cost value of structures:

33 Residential 122.9 136.0 152.3 164.8 168.0 167.4 166.7 164.9 160.6 158.2 158.9 33

34 Nonresidential 4634.0 5126.0 5714.1 6228.6 6588.9 6675.5 6801.6 6991.7 7209.7 7211.5 7103.8 34

 Market value of equities outstanding

35 (includes corporate farm equities) 10845.2 12086.2 12684.0 14590.0 15538.1 14232.4 14234.1 12636.9 9974.8 8934.1 10315.4 35

36 Debt/net worth (percent) (5) 48.7 45.8 41.2 39.6 42.9 44.1 46.0 46.5 49.3 52.3 55.0 36

37 Debt/equities (percent) (6) 45.8 42.8 43.4 40.9 43.8 48.7 49.6 56.4 72.0 80.9 70.5 37

38 Equities/net worth (percent) (7) 106.3 107.0 94.9 96.9 97.8 90.7 92.6 82.3 68.5 64.6 78.1 38

 With tangible assets stated at historical cost:

39 Assets (8) 17439.5 18575.5 19962.6 21216.9 22802.7 23028.9 23278.9 23433.2 23405.5 23443.4 23580.0 39

40 Tangible assets 7330.7 7643.9 8053.6 8532.0 9051.7 9242.2 9402.1 9533.4 9528.5 9566.1 9545.6 40

41 Real estate 2890.9 3007.7 3161.9 3371.5 3671.6 3750.2 3833.8 3914.5 3979.5 4043.2 4104.2 41

42 Equipment and software 3170.5 3246.6 3372.4 3546.4 3703.2 3740.3 3774.4 3803.9 3819.6 3816.9 3812.3 42

43 Inventories 1269.2 1389.6 1519.3 1614.2 1676.9 1751.8 1793.9 1815.1 1729.4 1706.0 1629.1 43

44 Net worth (historical cost) (9) 7572.1 8226.1 8817.3 9435.0 9995.6 10109.5 10245.0 10358.1 10169.8 10146.3 10221.5 44

 Memo:

 Historical-cost value of structures:

45 Residential 54.8 59.2 64.0 68.7 73.1 74.1 75.0 75.9 76.6 77.2 77.8 45

46 Nonresidential 2644.6 2758.5 2900.3 3106.1 3372.7 3446.7 3524.6 3603.9 3682.9 3746.8 3806.7 46

47 Debt/net worth (percent) (10) 65.6 62.9 62.4 63.2 68.2 68.5 69.0 68.8 70.6 71.3 71.1 47

 (1) At market value.

 (2) At replacement (current) cost.

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

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

 (5) Line 22 divided by line 32.

 (6) Line 22 divided by line 35.

 (7) Line 35 divided by line 32.

 (8) Sum of lines 6 and 40.

 (9) Line 39 less line 21.

 (10) Line 22 divided by line 44.
106 Z.1, September 17, 2009

B.103 Balance Sheet of Nonfarm Noncorporate Business

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

2003 2004 2005 2006 2007 2008 2009

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Assets 7861.5 8881.1 10781.0 11685.8 12210.4 12107.4 11957.7 11874.6 11363.5 10964.9 10641.6 1

 2 Tangible assets 6124.9 6775.5 8239.2 8628.7 8639.4 8447.6 8245.8 8109.6 7591.6 7247.8 6984.2 2

 3 Real estate (1) 5642.4 6263.3 7691.7 8042.4 8019.6 7831.3 7625.6 7480.7 6943.3 6586.3 6303.7 3

 4 Residential 4254.8 4758.2 5786.8 5836.5 5723.5 5594.1 5502.6 5372.4 4964.1 4781.7 4678.5 4

 5 Nonresidential 1387.6 1505.2 1904.9 2205.9 2296.2 2237.2 2123.0 2108.4 1979.2 1804.6 1625.2 5

 6 Equipment and software (2) 412.8 435.9 465.5 498.7 525.7 519.8 520.7 530.0 556.4 572.7 593.4 6

 7 Residential (3) 37.9 39.5 42.9 46.2 47.8 48.1 48.5 49.4 49.7 50.0 50.0 7

 8 Nonresidential 375.0 396.4 422.6 452.5 477.9 471.7 472.2 480.5 506.7 522.7 543.4 8

 9 Inventories (2) 69.7 76.2 82.0 87.6 94.1 96.5 99.5 98.8 91.9 88.8 87.0 9

10 Financial assets 1736.6 2105.6 2541.8 3057.2 3571.0 3659.8 3711.9 3765.0 3771.9 3717.1 3657.4 10

11 Checkable deposits and currency 172.9 259.2 323.1 381.6 435.3 444.4 448.4 452.0 452.9 446.1 438.6 11

12 Time and savings deposits 313.8 318.0 351.6 383.0 451.9 465.1 474.1 483.7 484.6 477.7 470.3 12

13 Money market fund shares 63.6 69.2 73.9 80.5 97.5 99.8 101.2 102.6 102.8 101.3 99.8 13

14 Treasury securities 44.9 50.2 56.2 56.3 65.7 67.4 68.3 69.3 69.4 68.4 67.3 14

15 Municipal securities 2.7 4.3 4.4 5.8 6.7 6.9 7.0 7.1 7.1 7.0 6.9 15

16 Mortgages 26.3 30.8 36.2 34.6 40.4 41.4 42.0 42.6 42.7 42.1 41.4 16

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

18 Trade receivables 337.7 364.3 430.9 470.9 549.5 563.2 571.2 579.4 580.4 572.0 562.8 18

19 Miscellaneous assets 774.7 1009.5 1265.5 1644.4 1923.9 1971.7 1999.7 2028.2 2031.9 2002.5 1970.4 19

20 Insurance receivables 56.9 60.5 65.3 66.9 68.6 69.3 70.0 71.4 70.7 70.5 70.4 20

21 Equity investment in GSEs (4) 2.1 2.0 1.8 1.9 2.2 2.2 2.3 2.4 2.5 2.5 2.6 21

22 Other 715.7 947.1 1198.4 1575.6 1853.1 1900.1 1927.4 1954.4 1958.7 1929.4 1897.4 22

23 Liabilities 3184.8 3529.9 4065.7 4648.7 5192.9 5297.4 5356.7 5412.8 5418.8 5354.3 5283.9 23

24 Credit market instruments 2210.2 2456.3 2788.4 3197.5 3601.1 3680.7 3728.3 3769.7 3778.2 3733.9 3665.5 24

25 Bank loans n.e.c. 441.7 468.9 623.4 728.5 863.1 900.5 921.2 951.8 964.1 928.1 877.6 25

26 Other loans and advances 143.1 145.3 149.5 163.9 174.9 181.9 186.9 184.9 187.8 188.2 185.0 26

27 Mortgages 1625.3 1842.1 2015.5 2305.1 2563.1 2598.3 2620.1 2633.1 2626.3 2617.5 2602.9 27

28 Trade payables 255.3 277.4 329.4 349.4 394.7 402.6 407.3 412.0 412.6 407.7 402.4 28

29 Taxes payable 69.7 78.0 86.7 95.7 103.1 104.4 105.1 105.9 106.0 105.2 104.3 29

30 Miscellaneous liabilities 649.7 718.2 861.2 1006.1 1094.0 1109.7 1116.1 1125.2 1122.0 1107.5 1111.7 30

31 Net worth (5) 4676.7 5351.1 6715.3 7037.1 7017.5 6810.0 6601.0 6461.8 5944.7 5610.6 5357.7 31

 Memo:

 Replacement-cost value of structures:

32 Residential 2392.8 2614.5 2854.7 3025.2 3040.4 3024.9 3007.5 2964.1 2882.0 2832.4 2837.4 32

33 Nonresidential 1052.2 1156.4 1278.0 1384.6 1455.2 1468.7 1486.5 1518.3 1560.1 1575.3 1570.0 33

34 Debt/net worth (percent) (6) 47.3 45.9 41.5 45.4 51.3 54.0 56.5 58.3 63.6 66.5 68.4 34

(1) At market value.

(2) At replacement (current) cost.

(3) Durable goods in rental properties.

(4) Equity in the Farm Credit System.

(5) Line 1 less line 23. Included in table B.100, line 29.

(6) Line 24 divided by line 31.
Z.1, September 17, 2009 107

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

Billions of dollars; not seasonally adjusted

2003 2004 2005 2006 2007 2008 2009

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Change in net worth (1) 5977.2 5592.0 6329.3 4511.6 575.7 -2458.4 -874.4 -2753.1 -4907.5 -1775.7 1998.5 1

 2 Net investment 465.2 652.8 320.7 199.0 719.1 290.5 290.1 219.4 277.0 247.7 30.3 2

 3 Net physical investment 621.0 705.2 768.8 729.0 589.2 70.4 101.3 109.8 82.2 -1.1 35.0 3

 4 Capital expenditures 1534.3 1678.3 1803.1 1821.3 1728.2 358.8 393.0 404.1 378.6 289.6 326.7 4

 5 - Consumption of fixed capital 913.3 973.0 1034.3 1092.3 1139.0 288.5 291.7 294.3 296.3 290.7 291.6 5

 6 Net financial investment -155.9 -52.4 -448.1 -530.0 130.0 220.1 188.8 109.6 194.8 248.8 -4.7 6

 7 Net acquisition of financial assets 873.3 1102.1 705.0 719.8 1034.1 318.3 140.6 251.2 -103.1 134.4 -39.3 7

 8 - Net increase in liabilities 1029.1 1154.5 1153.1 1249.9 904.1 98.2 -48.2 141.6 -297.9 -114.4 -34.5 8

 Holding gains on assets

 9 at market value (2) 5365.8 4905.0 6013.7 4298.6 -147.6 -2754.7 -1125.8 -2957.2 -5115.4 -2386.9 1955.4 9

10 Real estate 1394.6 2185.1 2791.9 306.0 -1700.2 -737.9 -419.5 -590.2 -944.3 -506.6 139.2 10

11 Corporate equities 1730.2 1011.1 919.7 2086.8 759.3 -700.6 -331.4 -1031.9 -1559.2 -828.5 1040.6 11

12 Mutual fund shares 411.5 296.7 193.8 342.4 200.0 -304.7 -32.0 -488.8 -558.0 -160.2 319.7 12

13 Equity in noncorporate business 556.5 785.3 1617.2 459.4 82.3 -201.6 -222.6 -165.6 -563.1 -353.4 -280.3 13

 Life insurance and

14 pension fund reserves 1272.9 626.8 491.1 1104.0 511.1 -809.9 -120.2 -680.8 -1490.7 -538.1 736.2 14

 Holding gains on assets

15 at current cost (2) -85.2 -36.8 -44.9 -35.0 -51.5 11.4 3.1 -0.5 -24.9 -8.0 15.4 15

16 Consumer durable goods -85.0 -37.1 -45.1 -36.5 -52.2 11.9 2.3 -2.0 -26.1 -7.9 15.8 16

17 Equipment and software -0.2 0.2 0.3 1.5 0.7 -0.5 0.8 1.6 1.2 -0.1 -0.4 17

18 Other volume changes (3) 231.4 71.0 39.8 49.1 55.6 -5.6 -41.8 -14.9 -44.3 371.5 -2.6 18

 Memo:

19 Net worth outstanding (4) 46902.1 52494.0 58823.3 63334.9 63910.6 61452.2 60577.8 57824.7 52917.1 51141.5 53139.9 19

20 Disposable personal income 8377.8 8889.4 9277.3 9915.7 10403.1 10610.4 10966.7 10849.3 10799.1 10765.4 10902.9 20

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

(2) Calculated as change in amount outstanding less net purchases during period less disaster-related losses to fixed assets.

(3) Consists of statistical discontinuities and disaster-related losses to fixed assets. Also includes the difference between series for consumption of fixed capital published by BEA.

(4) Table B.100, line 42.
108 Z.1, September 17, 2009

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

Billions of dollars; not seasonally adjusted

2003 2004 2005 2006 2007 2008 2009

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Change in net worth (1) 646.1 1095.0 2061.2 1700.0 821.3 -181.6 -334.4 -17.8 -777.8 -745.9 -610.4 1

 2 Net investment 189.0 286.9 -56.0 -309.8 -565.0 -71.9 1.4 -24.0 -27.7 -71.2 35.9 2

 3 Net physical investment 159.4 235.5 290.6 381.3 392.6 112.8 104.2 85.7 21.5 -21.5 -23.5 3

 4 Capital expenditures 803.2 882.5 989.8 1143.5 1182.5 303.2 297.7 296.4 290.0 231.5 205.0 4

 5 - Consumption of fixed capital 664.7 690.9 738.0 795.9 844.0 218.5 221.6 224.7 227.8 227.7 224.3 5

 6 - Inventory valuation adjustment -11.3 -34.3 -30.7 -38.0 -44.0 -27.4 -31.4 -13.0 33.7 21.2 6.5 6

 7 - Nonproduced nonfinancial assets -9.7 -9.7 -8.1 4.4 -10.1 -0.7 3.4 -0.9 7.1 4.2 -2.2 7

 8 Net financial investment 69.2 174.1 -3.4 -123.4 -167.6 -76.8 -48.1 -24.2 37.6 -19.0 37.4 8

 9 Net acquisition of financial assets 82.6 783.1 957.8 713.1 1044.2 91.2 100.2 70.1 82.5 39.2 106.8 9

10 - Net increase in liabilities 13.4 609.0 961.2 836.5 1211.8 168.0 148.3 94.3 44.9 58.2 69.4 10

11 Net corporate equity issues -39.6 -122.7 -343.1 -567.7 -790.1 -108.0 -54.7 -85.5 -86.8 -30.7 22.0 11

 Holding gains on assets

12 at market value (2) 301.8 469.8 1547.4 1127.6 273.2 -252.0 -482.1 -120.6 -575.3 -691.8 -702.8 12

13 Real estate 282.6 456.7 1538.3 1110.5 261.7 -236.4 -480.3 -101.1 -544.9 -683.0 -718.2 13

14 Mutual fund shares 19.1 13.1 9.1 17.1 11.5 -15.6 -1.9 -19.5 -30.4 -8.7 15.5 14

 Holding gains on assets less

15 liabilities at current cost (2) 11.1 154.5 126.9 121.7 141.8 19.8 66.4 25.8 -119.7 25.4 40.9 15

16 Equipment and software -0.2 53.7 50.3 79.6 57.3 4.3 29.3 44.1 37.7 32.5 25.8 16

17 Inventories (3) 12.6 35.6 31.3 8.6 60.6 15.8 37.1 -18.3 -89.1 -7.1 15.0 17

18 Direct investment abroad 7.9 77.2 86.3 15.9 61.9 0 0 0 -59.4 0 0 18

19 - Foreign direct investment in U.S. 9.2 12.1 41.0 -17.7 38.0 0.4 -0.0 0.0 8.9 -0.0 -0.0 19

20 Other volume changes (4) 144.2 183.8 442.8 760.5 971.4 122.5 79.9 101.1 -55.2 -8.3 15.7 20

 Memo:

21 Net worth outstanding (5) 10204.4 11299.4 13360.6 15060.6 15881.9 15700.3 15365.9 15348.1 14570.2 13824.3 13213.9 21

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

(2) Calculated as change in amount outstanding less net purchases during period less disaster-related losses to fixed assets.

(3) Before inventory valuation adjustment.

(4) Consists of statistical discontinuities and disaster-related losses to fixed assets.

(5) Table B.102, line 32.
Z.1, September 17, 2009 109

R.103 Change in Net Worth of Nonfarm Noncorporate Business

Billions of dollars; not seasonally adjusted

2003 2004 2005 2006 2007 2008 2009

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Change in net worth (1) 464.9 674.4 1364.2 321.8 -19.6 -207.5 -209.0 -139.1 -517.2 -334.0 -252.9 1

 2 Proprietor’s net investment (2) 28.8 59.2 -83.0 -8.9 28.4 -12.2 14.6 3.7 10.8 -4.7 14.9 2

 3 Net capital transfers paid 0 -13.9 -38.7 0 0 0 0 -8.5 0 -0.9 -1.8 3

 4 Net investment 28.8 73.1 -44.4 -8.9 28.4 -12.2 14.6 12.2 10.8 -3.8 16.7 4

 5 Net physical investment 37.6 49.6 55.0 58.6 59.2 3.8 21.8 15.2 10.0 -13.5 6.0 5

 6 Capital expenditures 168.5 188.1 205.5 220.8 231.4 47.3 65.8 59.5 54.5 30.9 48.8 6

 7 - Consumption of fixed capital 130.9 138.5 150.5 162.2 172.2 43.5 44.0 44.4 44.6 44.5 42.9 7

 8 Net acquisition of financial assets 79.6 369.0 436.2 515.3 513.9 88.8 52.0 53.1 6.9 -54.8 -59.7 8

 - Net increase in liabilities from:

 9 Credit market instruments 91.5 246.1 332.1 409.1 403.7 79.5 47.6 41.4 8.6 -44.4 -68.4 9

10 Trade payables -25.7 22.2 52.0 20.0 45.3 7.9 4.6 4.7 0.6 -4.9 -5.3 10

11 Taxes payable -0.5 8.4 8.7 9.0 7.4 1.3 0.8 0.8 0.1 -0.8 -0.9 11

12 Miscellaneous liabilities 23.0 68.9 142.8 144.8 88.4 16.1 6.3 9.2 -3.3 -14.5 4.2 12

13 Holding gains on real estate (3) 430.4 596.3 1419.9 314.3 -65.4 -194.4 -218.1 -154.3 -546.7 -355.2 -285.4 13

14 Residential 357.9 478.4 1017.5 22.6 -134.2 -134.5 -95.2 -129.4 -408.8 -181.0 -101.8 14

15 Nonresidential 72.5 117.9 402.4 291.7 68.8 -59.9 -122.9 -24.9 -137.8 -174.1 -183.6 15

16 Holding gains on assets at current cost (3) 6.3 12.6 14.3 17.8 16.4 -0.9 -5.3 7.2 19.1 25.4 17.8 16

17 Residential equipment and software 3.2 4.6 6.6 6.4 5.0 1.1 1.1 1.7 1.0 1.1 0.9 17

18 Nonresidential equipment and software 1.9 4.4 4.4 8.9 5.9 -4.3 -10.0 5.7 24.6 25.8 16.5 18

19 Inventories 1.3 3.7 3.3 2.5 5.5 2.3 3.6 -0.3 -6.5 -1.5 0.5 19

20 Other volume changes (4) -0.7 6.2 13.1 -1.3 1.0 0.0 -0.2 4.3 -0.4 0.4 -0.2 20

 Memo:

21 Net worth outstanding (5) 4676.7 5351.1 6715.3 7037.1 7017.5 6810.0 6601.0 6461.8 5944.7 5610.6 5357.7 21

(1) Sum of proprietor’s net investment (line 2), holding gains (lines 13 and 16), and other volume changes (line 20).

(2) Shown on table F.103, line 30.

(3) Calculated as change in amount outstanding less net investment during period less disaster-related losses to fixed assets.

(4) Consists of statistical discontinuities and disaster-related losses to fixed assets.

(5) Table B.103, line 31.