104 Z.1, December 9, 2010

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

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

2005 2006 2007 2008 2009 2010

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Assets 71641.4 77575.8 78597.8 65761.0 63057.4 64778.4 67254.9 67860.8 69102.5 67653.2 68833.5 1

 2 Tangible assets 28353.4 29511.6 27972.6 24326.4 23197.8 23313.9 23465.8 23522.2 23637.8 23832.5 23151.7 2

 3 Real estate 24068.6 25019.4 23297.5 19530.3 18407.9 18506.9 18663.2 18687.6 18791.8 18964.3 18266.0 3

 4 Households (2,3) 22026.2 22692.8 20879.0 17446.1 16477.6 16714.1 16923.1 17038.4 17110.3 17200.8 16552.0 4

 5 Nonprofit organizations 2042.4 2326.7 2418.5 2084.3 1930.3 1792.9 1740.1 1649.2 1681.5 1763.5 1714.0 5

 Equipment and software owned by

 6 nonprofit organizations (4) 207.8 224.1 240.4 262.9 265.9 268.6 271.1 274.0 277.1 282.7 289.1 6

 7 Consumer durable goods (4) 4077.0 4268.1 4434.6 4533.1 4524.0 4538.4 4531.5 4560.6 4568.9 4585.5 4596.6 7

 8 Financial assets 43288.0 48064.3 50625.2 41434.6 39859.5 41464.5 43789.2 44338.6 45464.7 43820.6 45681.9 8

 9 Deposits 6139.9 6753.1 7406.1 7959.8 7941.4 7829.0 7667.9 7774.5 7698.0 7623.3 7659.2 9

10 Foreign deposits 59.9 65.2 80.6 56.5 52.8 49.2 47.6 46.2 46.7 51.0 58.8 10

11 Checkable deposits and currency 216.9 173.1 90.3 270.8 255.6 284.6 248.8 268.6 162.3 137.0 126.8 11

12 Time and savings deposits 4913.9 5400.4 5888.5 6050.7 6077.7 6011.2 6012.9 6146.5 6290.4 6295.3 6347.0 12

13 Money market fund shares 949.2 1114.5 1346.7 1581.8 1555.3 1484.0 1358.6 1313.2 1198.7 1140.1 1126.6 13

14 Credit market instruments 3323.5 3470.4 4065.8 3956.1 4404.9 4098.5 4186.1 4089.2 4196.9 4296.0 4190.9 14

15 Open market paper 98.4 117.5 107.3 6.0 5.6 15.1 24.9 34.6 44.6 54.2 64.0 15

16 Treasury securities 464.3 394.1 260.4 243.3 474.3 468.9 609.9 764.4 907.6 1080.7 1083.2 16

17 Savings bonds 205.1 202.4 196.4 194.0 193.9 193.5 192.4 191.2 190.2 189.6 188.7 17

18 Other Treasury 259.2 191.7 64.0 49.4 280.4 275.4 417.5 573.2 717.4 891.1 894.5 18

19 Agency- and GSE-backed securities 493.4 403.6 670.1 718.8 506.5 208.1 208.6 94.1 19.9 22.0 36.6 19

20 Municipal securities 820.9 872.0 896.0 902.5 933.2 964.7 982.7 1018.3 1056.0 1064.5 1058.8 20

21 Corporate and foreign bonds 1298.5 1552.0 2005.4 1945.1 2349.2 2309.7 2232.0 2052.0 2044.1 1952.5 1828.5 21

22 Other loans and advances (5) 8.7 9.1 17.6 29.7 27.4 25.6 24.1 24.5 24.9 25.6 26.4 22

23 Mortgages 139.4 122.1 109.1 110.7 108.7 106.5 103.9 101.3 99.8 96.5 93.5 23

24 Corporate equities (2) 8093.0 9643.7 9625.6 5776.1 5004.2 6049.7 7145.0 7301.0 7726.2 6883.8 7823.0 24

25 Mutual fund shares (6) 3669.1 4188.1 4596.4 3325.9 3125.0 3557.2 3967.7 4175.1 4351.4 4044.7 4422.6 25

26 Security credit 575.3 655.7 866.4 742.7 666.3 657.3 671.7 668.6 680.0 686.0 698.2 26

27 Life insurance reserves 1082.6 1163.7 1201.5 1179.8 1183.0 1204.5 1227.3 1242.1 1263.7 1265.4 1300.0 27

28 Pension fund reserves 11460.1 12750.6 13390.7 10408.5 9885.9 10656.1 11547.9 11926.6 12304.4 11607.8 12261.9 28

29 Equity in noncorporate business (7) 8335.8 8792.9 8760.5 7319.3 6885.7 6647.2 6603.9 6374.5 6456.2 6614.9 6513.3 29

30 Miscellaneous assets 608.7 646.1 712.2 766.4 763.1 765.0 771.6 787.1 787.9 798.7 812.8 30

31 Liabilities 12184.0 13444.4 14366.8 14265.8 14153.1 14118.3 14108.1 14070.0 13980.0 13950.0 13942.4 31

32 Credit market instruments 11742.9 12929.5 13802.9 13843.7 13760.5 13712.0 13671.9 13603.7 13512.7 13456.2 13430.3 32

33 Home mortgages (8) 8874.3 9865.0 10539.5 10497.9 10502.4 10464.0 10397.1 10336.7 10237.5 10189.1 10124.7 33

34 Consumer credit 2320.6 2416.0 2555.3 2594.1 2517.9 2487.9 2496.7 2478.9 2406.9 2386.5 2408.8 34

35 Municipal securities (9) 205.2 224.1 241.2 249.3 251.5 258.0 260.8 264.2 266.1 267.0 266.3 35

36 Bank loans n.e.c. 36.4 86.4 99.7 117.7 104.0 118.3 137.1 147.7 226.3 237.4 257.9 36

37 Other loans and advances 119.0 123.8 127.0 133.2 133.5 134.0 133.0 133.7 134.3 134.7 135.9 37

38 Commercial mortgages (9) 187.4 214.3 240.1 251.6 251.0 249.9 247.3 242.5 241.7 241.5 236.7 38

39 Security credit 232.4 292.1 325.5 164.8 134.3 147.7 173.8 203.0 196.4 217.0 234.6 39

40 Trade payables (9) 186.3 199.9 214.5 230.2 231.8 233.8 237.9 241.2 246.3 251.3 254.9 40

 Deferred and unpaid

41 life insurance premiums 22.4 22.8 23.9 27.0 26.5 24.8 24.5 22.1 24.6 25.5 22.6 41

42 Net worth 59457.4 64131.5 64231.0 51495.2 48904.3 50660.1 53146.9 53790.8 55122.6 53703.2 54891.2 42

 Memo:

 Replacement-cost value of structures:

43 Residential 13475.1 14440.6 14660.2 14406.2 14291.7 14059.5 13940.4 14091.7 14108.2 13989.5 13966.3 43

44 Households 13275.9 14229.3 14445.1 14191.1 14078.5 13849.8 13732.6 13881.7 13898.0 13781.2 13758.4 44

45 Nonprofit organizations 199.3 211.3 215.1 215.0 213.2 209.7 207.8 210.0 210.2 208.3 207.9 45

46 Nonresidential (nonprofits) 1177.5 1284.3 1353.6 1424.3 1420.5 1390.3 1366.7 1372.5 1388.6 1408.7 1430.5 46

47 Disposable personal income (SAAR) 9277.3 9915.7 10423.6 10952.9 10879.8 11090.9 11047.0 11121.7 11215.6 11368.0 11421.8 47

 Household net worth as percentage of

48 disposable personal income (SAAR) 640.9 646.8 616.2 470.1 449.5 456.8 481.1 483.7 491.5 472.4 480.6 48

 Owners’ equity in household real

49 estate (10) 13151.9 12827.7 10339.5 6948.2 5975.2 6250.0 6526.0 6701.7 6872.8 7011.7 6427.3 49

 Owners’ equity as percentage of

50 household real estate (11) 59.7 56.5 49.5 39.8 36.3 37.4 38.6 39.3 40.2 40.8 38.8 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, December 9, 2010 105

B.102 Balance Sheet of Nonfarm Nonfinancial Corporate Business

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

2005 2006 2007 2008 2009 2010

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

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

 1 Assets 24618.5 26974.6 28758.7 26790.6 26037.3 25499.5 25424.1 25274.9 25554.8 26145.8 26208.0 1

 2 Tangible assets 12745.0 14344.9 15040.4 13904.9 13192.2 12533.1 12243.3 11896.1 12006.4 12457.8 12254.8 2

 3 Real estate (1) 7595.7 8859.8 9285.1 8056.4 7420.4 6819.6 6566.1 6206.3 6312.6 6748.9 6471.3 3

 4 Equipment and software (2) 3591.8 3820.7 3960.6 4103.1 4088.8 4071.2 4050.7 4032.9 4016.1 4030.6 4050.7 4

 5 Inventories (2) 1557.5 1664.4 1794.7 1745.3 1683.1 1642.3 1626.5 1656.8 1677.7 1678.2 1732.8 5

 6 Financial assets 11873.5 12629.7 13718.3 12885.8 12845.1 12966.4 13180.8 13378.8 13548.4 13688.1 13953.2 6

 7 Foreign deposits 63.6 49.3 50.3 24.7 26.2 27.2 27.6 33.3 40.9 51.4 62.2 7

 8 Checkable deposits and currency 267.8 150.9 141.9 32.7 59.2 123.1 188.3 266.6 358.5 398.3 436.3 8

 9 Time and savings deposits 450.4 497.0 441.3 381.9 396.2 406.1 521.7 529.8 497.5 475.2 522.5 9

10 Money market fund shares 348.2 416.3 544.4 702.6 707.4 692.2 650.3 630.8 563.3 527.7 533.0 10

11 Security RPs 14.6 15.5 8.1 7.2 7.5 7.9 9.0 9.7 10.9 11.2 11.0 11

12 Commercial paper 111.0 122.7 69.5 57.3 35.0 41.1 34.5 42.1 43.1 48.6 52.6 12

13 Treasury securities 52.1 45.5 38.3 30.5 38.5 44.2 44.3 46.0 52.3 52.5 51.8 13

14 Agency- and GSE-backed securities 17.4 15.2 12.8 10.2 6.2 11.4 11.4 12.0 14.1 14.2 13.9 14

15 Municipal securities 32.1 28.1 29.2 26.2 22.0 21.4 23.1 25.7 24.7 22.0 25.7 15

16 Mortgages 68.3 59.8 41.4 33.6 31.7 29.8 27.9 25.9 24.0 22.1 20.1 16

17 Consumer credit 59.6 57.6 58.6 59.8 55.0 53.8 53.0 57.2 53.5 52.8 52.5 17

18 Trade receivables 2108.2 2090.0 2253.0 2081.1 2060.0 2100.2 2113.9 2044.8 2151.4 2219.2 2265.7 18

19 Mutual fund shares (1) 140.0 180.7 191.1 125.8 128.1 152.2 178.0 189.7 204.4 198.7 222.9 19

20 Miscellaneous assets 8140.4 8901.1 9838.7 9312.3 9272.1 9255.8 9297.5 9465.3 9509.8 9594.1 9683.0 20

21 Liabilities 11145.3 11781.9 12872.6 13173.3 13134.3 13156.0 13219.5 13287.7 13346.7 13500.7 13635.7 21

22 Credit market instruments 5490.2 5955.2 6714.0 7073.3 7109.2 7116.2 7084.6 7083.5 7171.7 7220.6 7323.1 22

23 Commercial paper 90.1 112.5 123.8 131.5 106.9 86.2 73.0 59.1 74.6 82.2 98.1 23

24 Municipal securities (3) 176.8 182.2 190.3 192.9 193.3 194.9 196.9 198.3 198.7 199.5 202.0 24

25 Corporate bonds (4) 3031.1 3246.7 3557.9 3762.5 3907.3 4006.4 4073.9 4144.1 4252.2 4309.4 4431.1 25

26 Bank loans n.e.c. 508.7 517.9 609.4 677.5 652.9 618.7 580.6 553.5 546.0 535.1 528.8 26

27 Other loans and advances 932.5 1061.7 1350.2 1405.0 1349.4 1314.8 1278.2 1261.1 1250.6 1271.0 1256.0 27

28 Mortgages 751.0 834.2 882.4 903.9 899.4 895.3 881.9 867.4 849.6 823.4 807.2 28

29 Trade payables 1699.4 1813.0 1898.9 1669.0 1589.9 1576.9 1571.8 1607.0 1639.1 1691.2 1730.1 29

30 Taxes payable 86.2 85.4 35.8 39.0 40.2 34.6 41.6 36.3 51.9 46.1 59.3 30

31 Miscellaneous liabilities 3869.5 3928.3 4223.8 4392.1 4395.0 4428.3 4521.4 4560.8 4484.0 4542.9 4523.2 31

32 Net worth (market value) 13473.2 15192.7 15886.1 13617.3 12903.0 12343.5 12204.7 11987.2 12208.1 12645.1 12572.3 32

 Memo:

 Replacement-cost value of structures:

33 Residential 152.3 164.8 170.8 172.7 171.4 168.8 167.4 169.4 169.7 168.4 168.2 33

34 Nonresidential 5654.1 6150.9 6544.1 7089.7 7069.1 6916.5 6796.6 6822.7 6899.9 6996.6 7101.9 34

 Market value of equities outstanding

35 (includes corporate farm equities) 12686.6 14602.3 15725.8 10037.1 8909.7 10239.2 11759.4 12365.4 12987.6 11478.3 12938.8 35

36 Debt/net worth (percent) (5) 40.7 39.2 42.3 51.9 55.1 57.7 58.0 59.1 58.7 57.1 58.2 36

37 Debt/equities (percent) (6) 43.3 40.8 42.7 70.5 79.8 69.5 60.2 57.3 55.2 62.9 56.6 37

38 Equities/net worth (percent) (7) 94.2 96.1 99.0 73.7 69.1 83.0 96.4 103.2 106.4 90.8 102.9 38

 With tangible assets stated at historical cost:

39 Assets (8) 20001.0 21243.3 22816.4 22343.3 22316.9 22394.6 22612.5 22833.7 23077.1 23405.0 23705.6 39

40 Tangible assets 8127.5 8613.6 9098.1 9457.5 9471.8 9428.2 9431.7 9455.0 9528.7 9716.9 9752.4 40

41 Real estate 3294.1 3520.5 3801.3 4089.4 4143.4 4180.8 4226.4 4266.4 4305.6 4463.0 4472.2 41

42 Equipment and software 3314.1 3478.9 3633.2 3738.7 3731.2 3724.2 3718.2 3715.1 3718.4 3729.5 3746.0 42

43 Inventories 1519.3 1614.2 1663.6 1629.5 1597.3 1523.2 1487.1 1473.5 1504.7 1524.5 1534.2 43

44 Net worth (historical cost) (9) 8855.7 9461.4 9943.8 9170.0 9182.5 9238.6 9393.0 9546.1 9730.4 9904.3 10070.0 44

 Memo:

 Historical-cost value of structures:

45 Residential 64.0 68.7 73.1 76.6 77.2 77.7 78.2 78.8 79.3 79.9 80.3 45

46 Nonresidential 2854.3 3047.0 3290.4 3568.3 3623.7 3671.5 3714.2 3749.7 3782.3 3814.9 3846.8 46

47 Debt/net worth (percent) (10) 62.0 62.9 67.5 77.1 77.4 77.0 75.4 74.2 73.7 72.9 72.7 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, December 9, 2010

B.103 Balance Sheet of Nonfarm Nonfinancial Noncorporate Business

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

2005 2006 2007 2008 2009 2010

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Assets 11012.5 11948.6 12389.3 11329.9 10844.2 10526.6 10381.7 10052.3 10034.0 10100.8 9913.7 1

 2 Tangible assets 8470.6 8891.5 8856.2 7567.4 7135.9 6902.1 6858.3 6623.0 6693.2 6842.4 6713.2 2

 3 Real estate (1) 7889.6 8264.7 8195.4 6885.5 6456.3 6223.9 6182.9 5953.8 6052.3 6239.7 6154.8 3

 4 Residential 6038.9 6113.6 5952.3 4952.6 4686.5 4600.2 4621.8 4483.7 4566.7 4678.7 4650.3 4

 5 Nonresidential 1850.8 2151.1 2243.1 1932.9 1769.8 1623.6 1561.0 1470.1 1485.6 1561.0 1504.5 5

 6 Equipment and software (2) 499.0 539.2 566.4 590.0 591.0 591.8 589.8 581.9 552.6 514.4 467.2 6

 7 Residential (3) 42.9 46.2 47.4 48.8 48.9 48.7 47.3 46.3 46.0 45.6 45.2 7

 8 Nonresidential 456.1 493.0 518.9 541.2 542.1 543.2 542.5 535.6 506.6 468.8 422.0 8

 9 Inventories (2) 82.0 87.6 94.5 91.9 88.6 86.4 85.6 87.2 88.3 88.3 91.2 9

10 Financial assets 2541.8 3057.2 3533.1 3762.5 3708.3 3624.5 3523.4 3429.3 3340.8 3258.3 3200.6 10

11 Checkable deposits and currency 355.5 428.6 494.3 518.9 511.3 499.6 485.4 472.3 459.9 448.3 440.3 11

12 Time and savings deposits 324.1 344.4 359.3 390.2 384.6 376.1 365.8 356.3 347.3 338.9 333.0 12

13 Money market fund shares 69.0 72.2 74.3 79.2 78.0 76.3 74.1 72.1 70.3 68.5 67.3 13

14 Treasury securities 56.2 56.3 59.3 63.2 62.3 60.9 59.2 57.6 56.1 54.7 53.8 14

15 Municipal securities 4.4 5.8 5.3 5.6 5.5 5.4 5.3 5.1 5.0 4.9 4.8 15

16 Mortgages 36.2 34.6 42.1 44.8 44.2 43.2 42.0 40.8 39.8 38.8 38.1 16

17 Consumer credit 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 17

18 Trade receivables 430.9 470.9 525.6 559.8 551.7 539.2 524.2 510.2 497.0 484.8 476.2 18

19 Miscellaneous assets 1265.5 1644.4 1972.8 2100.9 2070.7 2023.9 1967.4 1914.9 1865.4 1819.4 1787.1 19

20 Insurance receivables 65.3 66.9 68.6 70.7 70.5 70.5 70.6 71.0 70.9 71.5 71.9 20

21 Equity investment in GSEs (4) 1.8 1.9 2.2 4.1 4.1 4.3 4.6 4.8 4.8 5.0 5.0 21

22 Other 1198.4 1575.6 1902.0 2026.1 1996.1 1949.1 1892.3 1839.2 1789.8 1742.9 1710.2 22

23 Liabilities 4064.3 4646.8 5228.4 5536.3 5486.6 5402.9 5298.6 5202.0 5119.2 5035.2 4980.9 23

24 Credit market instruments 2786.9 3195.6 3650.3 3861.7 3818.5 3747.2 3656.4 3571.0 3492.3 3425.2 3384.0 24

25 Bank loans n.e.c. 629.9 742.8 882.3 985.6 948.1 894.9 836.7 793.6 746.5 719.6 704.5 25

26 Other loans and advances 149.5 163.9 174.9 208.1 207.0 204.7 200.1 199.5 197.3 198.0 201.7 26

27 Mortgages 2007.5 2288.9 2593.1 2668.0 2663.4 2647.6 2619.6 2577.9 2548.5 2507.5 2477.8 27

28 Trade payables 329.4 349.4 378.7 398.8 394.1 386.7 377.9 369.7 362.0 354.8 349.7 28

29 Taxes payable 86.7 95.7 99.5 102.3 101.6 100.6 99.4 98.2 97.1 96.1 95.4 29

30 Miscellaneous liabilities 861.2 1006.1 1099.9 1173.6 1172.4 1168.4 1164.9 1163.1 1167.9 1159.2 1151.8 30

31 Net worth (5) 6948.2 7301.8 7160.9 5793.5 5357.6 5123.7 5083.1 4850.3 4914.8 5065.6 4932.8 31

 Memo:

 Replacement-cost value of structures:

32 Residential 2854.7 3025.2 3072.5 3047.3 3019.3 2967.1 2938.9 2968.2 2969.3 2941.4 2934.0 32

33 Nonresidential 1323.3 1445.1 1530.3 1638.1 1615.1 1570.7 1538.9 1550.4 1577.2 1609.6 1646.6 33

34 Debt/net worth (percent) (6) 40.1 43.8 51.0 66.7 71.3 73.1 71.9 73.6 71.1 67.6 68.6 34

(1) At market value.

(2) At replacement (current) cost.

(3) Durable goods in rental properties.

(4) Equity in the Farm Credit System.

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

(6) Line 24 divided by line 31.
Z.1, December 9, 2010 107

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

Billions of dollars; not seasonally adjusted

2005 2006 2007 2008 2009 2010

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Change in net worth (1) 6665.1 4674.1 99.5 -12735.8 -2590.9 1755.8 2486.8 644.0 1331.7 -1419.4 1188.0 1

 2 Net investment 342.9 211.3 654.4 970.2 146.7 -117.1 179.1 238.6 188.9 202.2 191.9 2

 3 Net physical investment 762.7 723.5 584.0 351.1 -7.9 32.6 73.0 75.8 -6.9 53.4 84.7 3

 4 Capital expenditures 1799.9 1819.3 1726.3 1526.8 288.7 328.6 369.7 372.8 285.1 345.5 378.0 4

 5 - Consumption of fixed capital 1037.2 1095.7 1142.3 1175.7 296.6 296.0 296.6 297.1 292.0 292.1 293.3 5

 6 Net financial investment -419.8 -512.2 70.5 619.1 154.6 -149.7 106.1 162.8 195.9 148.8 107.2 6

 7 Net acquisition of financial assets 736.0 748.1 992.9 513.1 41.8 -184.5 95.8 124.7 75.7 118.8 99.6 7

 8 - Net increase in liabilities 1155.8 1260.4 922.4 -106.0 -112.7 -34.8 -10.3 -38.1 -120.1 -30.0 -7.6 8

 Holding gains on assets

 9 at market value (2) 6313.1 4441.1 -595.3 -13591.4 -3096.7 1866.8 2334.4 359.9 1128.8 -1599.8 1020.5 9

10 Real estate 3070.8 457.2 -2072.4 -3975.8 -1107.1 77.4 105.5 -28.8 144.0 166.9 -747.4 10

11 Corporate equities 981.5 2135.8 834.8 -3738.5 -879.3 975.8 1115.6 225.4 452.0 -854.1 977.6 11

12 Mutual fund shares 67.9 353.5 201.2 -1285.6 -173.1 278.0 296.5 86.4 49.7 -305.9 277.2 12

13 Equity in noncorporate business 1637.4 439.2 -1.9 -1407.7 -421.6 -240.2 -44.7 -232.8 95.1 139.2 -111.4 13

14 Life insurance and pension fund reserves 555.4 1055.4 443.0 -3183.7 -515.8 775.8 861.4 309.9 388.4 -745.6 624.6 14

15 Equity investment under PPIP 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.3 -0.5 -0.3 -0.1 15

 Holding gains on assets

16 at current cost (2) -44.5 -34.4 -52.3 -27.3 -21.2 3.6 -27.3 8.9 -21.9 -14.3 -21.6 16

17 Consumer durable goods -45.1 -36.5 -52.4 -30.0 -21.8 3.3 -26.5 9.9 -20.3 -14.7 -22.5 17

18 Equipment and software 0.7 2.1 0.1 2.7 0.6 0.3 -0.9 -1.0 -1.6 0.4 0.9 18

19 Other volume changes (3) 53.6 56.2 92.6 -87.4 380.4 2.6 0.5 36.7 35.8 -7.5 -2.8 19

 Memo:

20 Net worth outstanding (4) 59457.4 64131.5 64231.0 51495.2 48904.3 50660.1 53146.9 53790.8 55122.6 53703.2 54891.2 20

21 Disposable personal income 9277.3 9915.7 10423.6 10952.9 10879.8 11090.9 11047.0 11121.7 11215.6 11368.0 11421.8 21

(1) Sum of net investment (line 2), holding gains (lines 9 and 16), and other volume changes (line 19).

(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, December 9, 2010

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

Billions of dollars; not seasonally adjusted

2005 2006 2007 2008 2009 2010

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Change in net worth (1) 2088.6 1719.5 693.4 -2268.8 -714.4 -559.4 -138.9 -217.5 220.9 437.0 -72.8 1

 2 Net investment -97.1 -357.3 -619.8 -1007.2 -32.1 36.0 57.3 3.1 12.2 -9.3 13.5 2

 3 Net physical investment 262.2 346.6 373.7 272.1 -38.2 -38.9 -19.8 16.9 28.9 34.6 60.7 3

 4 Capital expenditures 965.8 1112.8 1156.5 1112.7 212.6 187.9 192.3 211.1 234.2 251.2 266.4 4

 5 - Consumption of fixed capital 735.0 791.7 831.8 868.0 220.5 217.1 214.8 214.7 213.9 215.0 216.2 5

 6 - Inventory valuation adjustment -30.7 -38.0 -47.2 -44.1 24.1 9.6 -1.7 -20.1 -8.1 1.9 -9.4 6

 7 - Nonproduced nonfinancial assets -0.6 12.5 -1.7 16.7 6.2 0.1 -1.0 -0.4 -0.5 -0.4 -1.0 7

 8 Net financial investment -17.5 -138.2 -206.6 -943.3 39.4 43.3 60.7 65.5 33.5 9.8 44.9 8

 9 Net acquisition of financial assets 943.7 698.3 1070.6 -612.6 -2.0 70.5 155.9 173.4 144.2 196.7 218.8 9

10 - Net increase in liabilities 961.2 836.5 1277.3 330.7 -41.4 27.2 95.1 107.9 110.8 186.9 173.9 10

11 Net corporate equity issues -341.8 -565.7 -786.8 -336.0 -33.3 31.6 16.4 -79.3 -50.1 -53.7 -92.1 11

 Holding gains on assets

12 at market value (2) 1580.2 1154.8 255.4 -1462.6 -670.8 -598.7 -258.7 -374.1 97.1 287.9 -246.8 12

13 Real estate 1571.7 1139.0 245.2 -1403.4 -663.1 -612.8 -274.6 -375.8 92.4 303.6 -260.9 13

14 Mutual fund shares 8.4 15.8 10.1 -59.2 -7.7 14.1 15.9 1.7 4.7 -15.7 14.2 14

 Holding gains on assets less

15 liabilities at current cost (2) 142.3 138.5 203.0 -80.1 -4.8 7.6 6.6 41.0 -12.8 -6.7 24.7 15

16 Equipment and software 65.6 96.4 8.1 62.6 -1.1 -5.4 -9.8 -10.5 -15.9 7.7 7.9 16

17 Inventories (3) 31.3 8.6 54.7 -52.8 -3.9 13.0 16.3 22.4 3.1 -14.4 16.8 17

18 Direct investment abroad 86.3 15.9 145.0 -162.7 0.0 0.0 0.0 5.5 0.0 0.0 0.0 18

19 - Foreign direct investment in U.S. 41.0 -17.7 4.8 -72.8 -0.2 -0.0 -0.0 -23.5 0.0 -0.0 -0.0 19

20 Other volume changes (4) 463.3 783.5 854.9 281.1 -6.6 -4.4 55.9 112.5 124.4 165.1 135.8 20

 Memo:

21 Net worth outstanding (5) 13473.2 15192.7 15886.1 13617.3 12903.0 12343.5 12204.7 11987.2 12208.1 12645.1 12572.3 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, December 9, 2010 109

R.103 Change in Net Worth of Nonfarm Nonfinancial Noncorporate Business

Billions of dollars; not seasonally adjusted

2005 2006 2007 2008 2009 2010

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Change in net worth (1) 1460.0 353.6 -140.9 -1367.3 -435.9 -233.9 -40.6 -232.8 64.5 150.8 -132.7 1

 2 Proprietor’s net investment (2) -30.9 22.3 -31.6 -29.1 -18.7 5.2 3.8 2.9 -17.6 13.0 6.2 2

 3 Net capital transfers paid -13.1 0.0 0.0 -3.3 -0.9 -1.8 -1.7 -1.5 -1.1 -4.0 -2.0 3

 4 Net investment -17.8 22.3 -31.6 -25.8 -17.8 7.0 5.5 4.5 -16.5 17.0 8.2 4

 5 Net physical investment 81.0 89.5 74.5 53.0 -13.6 7.1 2.3 2.2 -11.8 15.4 11.7 5

 6 Capital expenditures 230.7 251.4 260.5 246.0 35.1 55.3 50.0 49.9 35.7 62.9 59.4 6

 7 - Consumption of fixed capital 149.7 162.0 186.0 193.0 48.6 48.1 47.7 47.7 47.5 47.5 47.7 7

 8 Net acquisition of financial assets 436.2 515.3 475.9 229.4 -54.1 -83.8 -101.1 -94.1 -88.6 -82.4 -57.8 8

 - Net increase in liabilities from:

 9 Credit market instruments 331.6 408.6 454.8 211.4 -43.2 -71.3 -90.8 -85.4 -79.8 -67.2 -41.2 9

10 Trade payables 52.0 20.0 29.3 20.0 -4.7 -7.3 -8.8 -8.2 -7.7 -7.2 -5.0 10

11 Taxes payable 8.7 9.0 3.8 2.8 -0.7 -1.0 -1.2 -1.2 -1.1 -1.0 -0.7 11

12 Miscellaneous liabilities 142.8 144.8 94.1 74.1 -1.3 -4.0 -3.4 -1.6 4.8 -8.7 -7.4 12

13 Holding gains on real estate (3) 1505.0 331.6 -116.9 -1343.9 -426.0 -235.2 -45.0 -229.7 105.9 185.9 -87.7 13

14 Residential 1115.8 47.6 -182.3 -1006.1 -265.0 -84.9 22.5 -137.6 83.6 112.5 -27.1 14

15 Nonresidential 389.2 284.0 65.4 -337.8 -161.0 -150.3 -67.5 -92.1 22.3 73.5 -60.6 15

16 Holding gains on assets at current cost (3) -1.9 -0.2 7.2 6.6 8.0 -5.7 -1.1 -7.8 -23.8 -52.1 -53.2 16

17 Residential equipment and software 1.3 1.2 -0.3 0.2 -0.0 -0.3 -1.5 -1.0 -0.5 -0.6 -0.5 17

18 Nonresidential equipment and software -6.5 -3.8 2.2 6.8 9.5 -5.6 -0.6 -9.0 -23.9 -50.7 -54.1 18

19 Inventories 3.3 2.5 5.4 -0.5 -1.5 0.2 0.9 2.2 0.6 -0.9 1.4 19

20 Other volume changes (4) -12.2 -0.1 0.4 -0.9 0.7 1.8 1.7 1.8 -0.0 4.0 2.0 20

 Memo:

21 Net worth outstanding (5) 6948.2 7301.8 7160.9 5793.5 5357.6 5123.7 5083.1 4850.3 4914.8 5065.6 4932.8 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.