104 Z.1, June 9, 2011

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

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

2004 2005 2006 2007 2008 2009 2010 2011

 Q1 Q2 Q3 Q4 Q1

 1 Assets 63657.9 71141.4 77605.1 78538.9 65635.7 68161.5 69253.8 67954.3 68645.9 71062.7 71932.4 1

 2 Nonfinancial assets 24590.5 28290.5 29523.2 27972.4 24397.3 23678.6 23850.7 23973.8 23381.1 23379.8 23085.3 2

 3 Real estate 20513.2 24005.8 25031.0 23297.4 19601.3 18844.0 19004.7 19105.6 18495.4 18465.8 18117.0 3

 4 Households (2,3) 18955.1 22051.1 22732.5 20895.0 17516.0 17114.9 17216.9 17174.7 16677.2 16450.6 16111.8 4

 5 Nonprofit organizations 1558.1 1954.7 2298.5 2402.4 2085.3 1729.1 1787.7 1930.8 1818.2 2015.3 2005.3 5

 Equipment and software owned by

 6 nonprofit organizations (4) 194.2 207.8 224.1 240.4 262.9 274.0 277.1 282.7 289.0 295.8 303.4 6

 7 Consumer durable goods (4) 3883.1 4077.0 4268.1 4434.6 4533.1 4560.6 4568.9 4585.5 4596.7 4618.1 4664.9 7

 8 Financial assets 39067.3 42850.9 48081.9 50566.5 41238.3 44482.9 45403.1 43980.5 45264.8 47682.9 48847.1 8

 9 Deposits 5732.4 6139.9 6753.1 7406.1 8013.1 7935.7 7867.6 7795.1 7815.1 7933.9 8038.1 9

10 Foreign deposits 57.5 59.9 65.2 80.6 56.5 46.2 46.7 49.2 49.9 51.3 51.9 10

11 Checkable deposits and currency 344.1 216.9 173.1 90.3 292.0 380.0 282.6 250.7 214.9 273.5 285.2 11

12 Time and savings deposits 4426.8 4913.9 5400.4 5888.5 6082.8 6211.2 6343.8 6350.6 6411.3 6458.0 6513.2 12

13 Money market fund shares 904.1 949.2 1114.5 1346.7 1581.8 1298.3 1194.5 1144.6 1139.0 1151.2 1187.7 13

14 Credit market instruments 2999.2 3326.5 3462.5 4072.8 3966.9 4119.2 4169.6 4253.0 4172.6 4254.7 4128.8 14

15 Open market paper 83.7 98.4 117.5 107.3 6.0 34.6 44.6 54.2 63.0 63.4 67.9 15

16 Treasury securities 492.6 464.3 384.1 255.6 247.7 776.2 928.0 1106.3 1123.4 1114.4 959.4 16

17 Savings bonds 204.4 205.1 202.4 196.4 194.0 191.2 190.2 189.6 188.7 187.9 186.8 17

18 Other Treasury 288.2 259.2 181.7 59.2 53.7 585.0 737.8 916.7 934.7 926.5 772.7 18

19 Agency- and GSE-backed securities 402.6 496.3 405.0 669.3 711.7 104.3 55.2 67.5 79.9 108.7 185.1 19

20 Municipal securities 742.3 820.9 872.0 896.0 903.8 1009.6 1041.4 1043.8 1037.6 1083.8 1078.2 20

21 Corporate and foreign bonds 1140.7 1298.5 1552.8 2017.1 1956.3 2067.5 1969.9 1853.7 1744.3 1763.1 1718.8 21

22 Other loans and advances (5) 5.9 8.7 9.1 17.6 29.7 24.5 29.6 29.6 29.7 29.7 29.7 22

23 Mortgages 131.3 139.4 122.1 109.8 111.8 102.5 101.0 97.7 94.8 91.6 89.7 23

24 Corporate equities (2) 7483.9 8093.0 9643.7 9627.0 5738.8 7429.3 7676.2 6955.9 7500.8 8239.9 8791.9 24

25 Mutual fund shares (6) 3427.7 3669.1 4188.1 4596.8 3325.9 4177.2 4359.0 4055.2 4412.6 4717.2 5050.4 25

26 Security credit 578.3 575.3 655.7 866.4 742.7 668.6 680.0 686.0 696.8 694.3 703.3 26

27 Life insurance reserves 1060.4 1082.6 1163.7 1201.5 1179.8 1242.1 1249.5 1235.7 1261.9 1278.3 1297.8 27

28 Pension fund reserves 10635.5 11460.1 12750.6 13390.7 10408.5 11914.5 12291.0 11610.2 12322.1 13092.4 13419.2 28

29 Equity in noncorporate business (7) 6596.2 7895.7 8818.5 8692.9 7096.2 6209.2 6322.2 6591.4 6271.5 6642.2 6585.3 29

30 Miscellaneous assets 553.8 608.7 646.1 712.2 766.4 787.1 788.0 798.1 811.5 830.0 832.3 30

31 Liabilities 11035.6 12204.8 13458.1 14369.6 14265.8 14077.4 13963.3 13930.8 13916.0 13948.4 13874.7 31

32 Credit market instruments 10575.9 11763.7 12943.2 13805.6 13843.8 13611.2 13496.1 13437.0 13404.9 13386.2 13271.4 32

33 Home mortgages (8) 7838.2 8877.3 9866.5 10540.2 10495.7 10342.1 10221.9 10173.7 10106.1 10055.4 9987.9 33

34 Consumer credit 2220.1 2320.6 2416.0 2555.3 2594.1 2478.9 2406.1 2387.5 2407.8 2434.7 2404.0 34

35 Municipal securities (9) 189.1 205.2 224.1 241.2 249.3 264.1 266.0 266.9 266.3 268.2 268.2 35

36 Bank loans n.e.c. 26.7 36.4 86.4 99.7 117.7 147.7 226.3 237.4 256.2 263.1 247.6 36

37 Other loans and advances 119.0 119.0 123.8 127.0 133.2 133.7 134.3 134.7 135.8 136.1 136.4 37

38 Commercial mortgages (9) 182.6 205.3 226.5 242.2 253.8 244.7 241.4 236.9 232.6 228.8 227.3 38

39 Security credit 264.0 232.4 292.1 325.5 164.8 203.0 196.4 217.0 233.7 278.2 315.7 39

40 Trade payables (9) 173.3 186.3 199.9 214.5 230.2 241.2 246.3 251.3 254.9 259.3 262.5 40

 Deferred and unpaid

41 life insurance premiums 22.5 22.4 22.8 23.9 27.0 22.1 24.6 25.5 22.6 24.7 25.2 41

42 Net worth 52622.3 58936.6 64147.1 64169.3 51369.8 54084.1 55290.4 54023.5 54729.8 57114.3 58057.7 42

 Memo:

 Replacement-cost value of structures:

43 Residential 12030.3 13475.1 14440.6 14660.2 14406.2 14091.7 14108.2 13989.5 13976.9 14070.8 14122.8 43

44 Households 11848.9 13275.9 14229.3 14445.1 14191.1 13881.7 13898.0 13781.2 13768.8 13861.4 13912.7 44

45 Nonprofit organizations 181.4 199.3 211.3 215.1 215.0 210.0 210.2 208.3 208.1 209.4 210.1 45

46 Nonresidential (nonprofits) 1059.9 1177.5 1284.3 1353.6 1424.3 1372.5 1388.6 1408.7 1432.1 1459.7 1488.3 46

47 Disposable personal income (SAAR) 8889.4 9277.3 9915.7 10423.6 10952.9 11034.9 11215.6 11368.0 11417.3 11497.8 11628.6 47

 Household net worth as percentage of

48 disposable personal income (SAAR) 592.0 635.3 646.9 615.6 469.0 490.1 493.0 475.2 479.4 496.7 499.3 48

 Owners’ equity in household real

49 estate (10) 11116.9 13173.8 12866.0 10354.8 7020.3 6772.8 6995.0 7001.0 6571.1 6395.2 6123.8 49

 Owners’ equity as percentage of

50 household real estate (11) 58.6 59.7 56.6 49.6 40.1 39.6 40.6 40.8 39.4 38.9 38.0 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, June 9, 2011 105

B.102 Balance Sheet of Nonfarm Nonfinancial Corporate Business

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

2004 2005 2006 2007 2008 2009 2010 2011

 Q1 Q2 Q3 Q4 Q1

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

 1 Assets 21595.3 24333.5 26770.6 28655.3 26734.3 25743.6 26121.8 26948.8 26834.9 28015.7 28195.7 1

 2 Nonfinancial assets 10683.5 12460.0 14140.9 14937.0 13848.6 12207.6 12436.1 13136.6 12738.8 13628.1 13661.0 2

 3 Real estate (1) 5805.9 7310.7 8655.8 9181.7 8000.1 6517.9 6742.3 7427.8 6953.1 7751.5 7676.2 3

 4 Equipment and software (2) 3429.5 3591.8 3820.7 3960.6 4103.1 4032.9 4016.1 4030.6 4050.0 4076.5 4109.2 4

 5 Inventories (2) 1448.1 1557.5 1664.4 1794.7 1745.3 1656.8 1677.7 1678.2 1735.7 1800.0 1875.6 5

 6 Financial assets 10911.8 11873.5 12629.7 13718.3 12885.8 13536.0 13685.8 13812.2 14096.0 14387.6 14534.7 6

 7 Foreign deposits 53.7 63.6 49.3 50.3 24.7 31.6 38.2 49.1 59.6 72.1 69.4 7

 8 Checkable deposits and currency 194.2 267.8 150.9 141.9 32.7 168.7 245.6 286.0 344.1 410.4 432.6 8

 9 Time and savings deposits 400.5 450.4 497.0 441.3 381.9 491.2 460.3 440.2 473.5 473.9 507.2 9

10 Money market fund shares 308.6 348.2 416.3 544.4 702.6 646.1 568.3 524.3 521.8 517.5 497.4 10

11 Security RPs 6.4 14.6 15.5 8.1 7.2 8.0 9.4 9.6 7.5 13.7 10.9 11

12 Commercial paper 95.0 111.0 122.7 69.5 57.3 56.9 58.2 65.3 74.2 73.3 67.8 12

13 Treasury securities 34.0 52.1 45.5 38.3 30.5 39.1 45.3 47.6 48.2 38.9 48.7 13

14 Agency- and GSE-backed securities 11.3 17.4 15.2 12.8 10.2 13.0 15.1 15.9 16.1 13.0 16.2 14

15 Municipal securities 31.8 32.1 28.1 29.2 26.2 27.3 26.1 23.4 24.6 23.7 26.5 15

16 Mortgages 66.6 68.3 59.8 41.4 33.6 30.3 29.5 28.7 27.8 27.0 26.2 16

17 Consumer credit 59.2 59.6 57.6 58.6 59.8 57.2 53.5 52.8 52.4 56.0 52.8 17

18 Trade receivables 1830.6 2108.2 2090.0 2253.0 2081.1 2114.6 2170.0 2267.7 2306.0 2257.1 2334.8 18

19 Mutual fund shares (1) 130.1 140.0 180.7 191.1 125.8 190.2 199.2 188.1 206.6 222.9 231.2 19

20 Miscellaneous assets 7689.6 8140.4 8901.1 9838.7 9312.3 9661.6 9767.2 9813.3 9933.8 10188.0 10213.1 20

21 Liabilities 10349.3 11145.3 11781.9 12872.6 13173.3 12964.6 13019.9 13121.7 13273.6 13395.9 13508.7 21

22 Credit market instruments 5163.1 5472.3 5943.4 6703.0 6950.6 6963.9 6999.2 7015.9 7099.9 7176.3 7293.3 22

23 Commercial paper 97.8 90.1 112.5 123.8 131.5 58.4 73.6 82.0 97.9 82.9 110.5 23

24 Municipal securities (3) 169.2 176.8 182.2 190.3 193.0 198.5 199.0 199.8 202.4 206.8 206.5 24

25 Corporate bonds (4) 2974.5 3031.1 3246.7 3557.9 3762.5 4139.7 4247.8 4305.7 4433.4 4559.6 4653.9 25

26 Bank loans n.e.c. 542.7 508.7 518.3 609.9 663.6 542.6 539.0 525.2 519.2 528.8 538.3 26

27 Other loans and advances 824.0 932.5 1061.7 1350.2 1405.0 1260.9 1189.9 1173.5 1136.2 1112.4 1116.5 27

28 Mortgages 555.0 733.1 822.0 870.9 795.1 763.8 749.9 729.8 710.7 685.8 667.5 28

29 Trade payables 1499.9 1699.4 1813.0 1898.9 1669.0 1579.0 1627.6 1685.5 1729.8 1776.7 1811.4 29

30 Taxes payable 88.0 86.2 85.4 35.8 39.0 35.7 49.3 44.2 49.4 39.2 51.6 30

31 Miscellaneous liabilities 3598.3 3887.4 3940.0 4234.8 4514.8 4386.0 4343.9 4376.2 4394.5 4403.7 4352.5 31

32 Net worth (market value) 11246.0 13188.2 14988.7 15782.7 13561.0 12778.9 13101.9 13827.0 13561.2 14619.8 14686.9 32

 Memo:

 Replacement-cost value of structures:

33 Residential 136.0 152.3 164.8 170.8 172.7 169.4 169.7 168.4 168.3 169.6 170.3 33

34 Nonresidential 5081.9 5654.1 6150.9 6544.1 7089.7 6822.7 6899.9 6996.6 7109.9 7244.2 7382.9 34

 Market value of equities outstanding

35 (includes corporate farm equities) 12088.6 12686.6 14602.3 15725.8 10014.2 12490.9 12949.9 11681.7 12793.9 14227.8 15087.9 35

36 Debt/net worth (percent) (5) 45.9 41.5 39.7 42.5 51.3 54.5 53.4 50.7 52.4 49.1 49.7 36

37 Debt/equities (percent) (6) 42.7 43.1 40.7 42.6 69.4 55.8 54.0 60.1 55.5 50.4 48.3 37

38 Equities/net worth (percent) (7) 107.5 96.2 97.4 99.6 73.8 97.7 98.8 84.5 94.3 97.3 102.7 38

 With nonfinancial assets stated at historical cost:

39 Assets (8) 18621.7 20001.0 21243.3 22816.4 22343.3 23037.6 23267.0 23583.3 23951.2 24337.1 24597.7 39

40 Nonfinancial assets 7709.9 8127.5 8613.6 9098.1 9457.5 9501.7 9581.3 9771.1 9855.2 9949.5 10063.0 40

41 Real estate 3126.1 3294.1 3520.5 3801.3 4089.4 4276.6 4314.3 4473.8 4493.3 4538.7 4560.2 41

42 Equipment and software 3194.2 3314.1 3478.9 3633.2 3738.7 3715.1 3718.4 3729.5 3745.5 3763.1 3783.7 42

43 Inventories 1389.6 1519.3 1614.2 1663.6 1629.5 1510.0 1548.6 1567.8 1616.4 1647.7 1719.2 43

44 Net worth (historical cost) (9) 8272.3 8855.7 9461.4 9943.8 9170.0 10073.0 10247.1 10461.5 10677.6 10941.2 11089.0 44

 Memo:

 Historical-cost value of structures:

45 Residential 59.2 64.0 68.7 73.1 76.6 78.8 79.3 79.9 80.3 80.8 81.3 45

46 Nonresidential 2721.7 2854.3 3047.0 3290.4 3568.3 3749.7 3782.3 3814.9 3847.3 3881.1 3912.3 46

47 Debt/net worth (percent) (10) 62.4 61.8 62.8 67.4 75.8 69.1 68.3 67.1 66.5 65.6 65.8 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, June 9, 2011

B.103 Balance Sheet of Nonfarm Nonfinancial Noncorporate Business

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

2004 2005 2006 2007 2008 2009 2010 2011

 Q1 Q2 Q3 Q4 Q1

 1 Assets 8877.9 10572.4 11974.2 12321.7 11229.4 10114.0 10157.6 10370.5 9978.4 10296.2 10202.7 1

 2 Nonfinancial assets 6772.3 8030.5 8917.0 8788.7 7600.4 6768.3 6865.1 7124.7 6775.7 7113.5 7031.2 2

 3 Real estate (1) 6231.7 7451.4 8293.4 8130.8 6922.3 6101.8 6226.6 6524.1 6218.4 6602.4 6571.9 3

 4 Residential 4869.1 5745.6 6279.7 6003.8 5079.7 4618.6 4700.8 4868.2 4664.6 4867.1 4858.9 4

 5 Nonresidential 1362.6 1705.8 2013.6 2127.0 1842.6 1483.2 1525.8 1655.9 1553.8 1735.3 1713.0 5

 6 Equipment and software (2) 464.4 497.2 536.0 563.4 586.2 579.4 550.3 512.3 466.0 416.4 360.6 6

 7 Residential (3) 39.5 42.9 46.2 47.4 48.8 46.3 46.0 45.6 45.2 44.4 43.9 7

 8 Nonresidential 424.8 454.2 489.9 515.9 537.5 533.0 504.3 466.8 420.8 372.0 316.7 8

 9 Inventories (2) 76.2 82.0 87.6 94.5 91.9 87.2 88.3 88.3 91.4 94.7 98.7 9

10 Financial assets 2105.6 2541.8 3057.2 3533.1 3629.0 3345.6 3292.5 3245.8 3202.6 3182.7 3171.5 10

11 Checkable deposits and currency 279.2 355.5 428.6 494.3 497.6 458.7 451.5 445.1 439.1 436.4 434.9 11

12 Time and savings deposits 300.6 324.1 344.4 359.3 358.1 330.1 324.9 320.3 316.0 314.1 312.9 12

13 Money market fund shares 66.5 69.0 72.2 74.3 75.4 69.5 68.4 67.4 66.5 66.1 65.9 13

14 Treasury securities 50.2 56.2 56.3 59.3 51.8 47.8 47.0 46.3 45.7 45.4 45.3 14

15 Municipal securities 4.3 4.4 5.8 5.3 4.9 4.5 4.5 4.4 4.3 4.3 4.3 15

16 Mortgages 30.8 36.2 34.6 42.1 39.1 36.1 35.5 35.0 34.5 34.3 34.2 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 364.3 430.9 470.9 525.6 522.7 481.9 474.2 467.5 461.3 458.4 456.8 18

19 Miscellaneous assets 1009.5 1265.5 1644.4 1972.8 2079.4 1917.1 1886.6 1859.9 1835.1 1823.7 1817.3 19

20 Insurance receivables 60.5 65.3 66.9 68.6 70.7 71.0 70.9 71.5 71.9 71.6 71.5 20

21 Equity investment in GSEs (4) 2.0 1.8 1.9 2.2 4.1 4.8 4.8 5.0 5.0 4.8 4.8 21

22 Other 947.1 1198.4 1575.6 1902.0 2004.7 1841.3 1811.0 1783.4 1758.2 1747.4 1741.0 22

23 Liabilities 3529.0 4064.3 4646.8 5228.4 5658.9 5428.9 5377.0 5329.3 5286.6 5276.4 5274.3 23

24 Credit market instruments 2455.3 2786.9 3195.6 3650.3 3972.1 3672.4 3584.1 3521.2 3481.2 3475.1 3462.1 24

25 Bank loans n.e.c. 473.4 629.9 742.8 882.3 1000.0 804.6 753.9 729.9 714.4 727.4 736.5 25

26 Other loans and advances 145.3 149.5 163.9 174.9 208.1 199.5 197.3 198.0 203.3 203.8 192.6 26

27 Mortgages 1836.6 2007.5 2288.9 2593.1 2764.0 2668.4 2632.9 2593.3 2563.6 2543.8 2533.1 27

28 Trade payables 277.4 329.4 349.4 378.7 366.8 332.8 326.4 320.8 315.6 313.2 311.9 28

29 Taxes payable 78.0 86.7 95.7 99.5 106.2 98.4 96.9 95.6 94.4 93.9 93.6 29

30 Miscellaneous liabilities 718.2 861.2 1006.1 1099.9 1213.9 1325.4 1369.6 1391.7 1395.4 1394.2 1406.7 30

31 Net worth (5) 5348.9 6508.1 7327.4 7093.3 5570.4 4685.0 4780.6 5041.2 4691.8 5019.8 4928.4 31

 Memo:

 Replacement-cost value of structures:

32 Residential 2614.5 2854.7 3025.2 3072.5 3047.3 2968.2 2969.3 2941.4 2936.2 2953.4 2961.5 32

33 Nonresidential 1065.6 1182.1 1286.0 1362.1 1450.2 1381.3 1408.9 1441.9 1480.4 1526.0 1578.4 33

34 Debt/net worth (percent) (6) 45.9 42.8 43.6 51.5 71.3 78.4 75.0 69.8 74.2 69.2 70.2 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, June 9, 2011 107

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

Billions of dollars; not seasonally adjusted

2004 2005 2006 2007 2008 2009 2010 2011

 Q1 Q2 Q3 Q4 Q1

 1 Change in net worth (1) 5483.9 6314.3 5210.5 22.3 -12799.5 2714.3 1206.3 -1267.0 706.4 2384.5 943.4 1

 2 Net investment 618.8 323.0 177.4 684.0 786.6 524.7 215.7 181.2 245.5 374.7 235.8 2

 3 Net physical investment 699.2 762.7 723.5 584.0 351.1 173.5 -6.9 53.4 84.8 105.7 2.9 3

 4 Capital expenditures 1674.7 1799.9 1819.3 1726.3 1526.8 1359.8 285.1 345.5 378.2 400.3 299.1 4

 5 - Consumption of fixed capital 975.5 1037.2 1095.7 1142.3 1175.7 1186.3 292.0 292.1 293.4 294.6 296.2 5

 6 Net lending (+) or net borrowing (-) -80.4 -439.8 -546.1 100.0 435.5 351.2 222.6 127.9 160.6 269.0 232.9 6

 7 Net acquisition of financial assets 1071.3 717.1 707.1 1011.5 326.8 162.8 70.7 95.4 145.8 301.4 159.2 7

 8 - Net increase in liabilities 1151.7 1156.9 1253.2 911.5 -108.7 -188.4 -151.8 -32.5 -14.8 32.4 -73.7 8

 Holding gains on assets

 9 at market value (2) 4824.5 5995.6 5010.0 -699.4 -13452.9 1811.9 1019.2 -1421.7 481.1 2032.1 706.4 9

10 Real estate 2199.8 3035.3 531.6 -2081.4 -3899.7 -861.0 201.6 96.9 -657.1 -84.4 -298.5 10

11 Corporate equities 966.3 981.5 2135.7 831.2 -3775.8 1579.3 270.1 -743.7 549.5 824.7 606.7 11

12 Mutual fund shares 345.6 67.9 353.5 200.1 -1286.0 488.1 53.9 -309.2 237.3 235.8 88.2 12

13 Equity in noncorporate business 737.3 1355.5 933.8 -92.3 -1307.7 -824.3 125.2 254.8 -327.0 374.2 -31.8 13

14 Life insurance and pension fund reserves 575.4 555.4 1055.4 443.0 -3183.7 1430.2 368.9 -720.3 678.5 681.9 341.9 14

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

 Holding gains on assets

16 at current cost (2) -36.3 -44.5 -34.4 -52.3 -27.3 -36.1 -21.9 -14.3 -21.6 -21.3 0.2 16

17 Consumer durable goods -37.1 -45.1 -36.5 -52.4 -30.0 -35.2 -20.3 -14.7 -22.5 -22.7 -1.8 17

18 Equipment and software 0.7 0.7 2.1 0.1 2.7 -1.0 -1.6 0.4 0.9 1.4 2.0 18

19 Other volume changes (3) 76.9 40.3 57.5 90.0 -105.9 413.8 -6.7 -12.3 1.4 -1.1 1.0 19

 Memo:

20 Net worth outstanding (4) 52622.3 58936.6 64147.1 64169.3 51369.8 54084.1 55290.4 54023.5 54729.8 57114.3 58057.7 20

21 Disposable personal income 8889.4 9277.3 9915.7 10423.6 10952.9 11034.9 11215.6 11368.0 11417.3 11497.8 11628.6 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, June 9, 2011

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

Billions of dollars; not seasonally adjusted

2004 2005 2006 2007 2008 2009 2010 2011

 Q1 Q2 Q3 Q4 Q1

 1 Change in net worth (1) 967.3 1942.2 1800.6 794.0 -2221.7 -782.1 322.9 725.1 -265.8 1058.6 67.2 1

 2 Net investment 253.2 -97.7 -344.8 -621.5 -990.5 552.0 -2.0 39.3 29.9 30.5 -52.2 2

 3 Net physical investment 208.3 261.6 359.1 372.0 288.8 -75.1 28.4 34.2 62.6 59.8 66.4 3

 4 Capital expenditures 861.6 965.8 1112.8 1156.5 1112.7 803.9 234.2 251.2 269.4 248.9 263.2 4

 5 - Consumption of fixed capital 687.5 735.0 791.7 831.8 868.0 867.1 213.9 215.0 216.1 218.5 221.1 5

 6 - Inventory valuation adjustment -34.3 -30.7 -38.0 -47.2 -44.1 11.9 -8.1 1.9 -9.3 -29.4 -24.3 6

 7 Net lending (+) or net borrowing (-) 167.5 -17.5 -138.2 -206.6 -943.3 691.7 19.6 58.8 51.9 61.5 -35.6 7

 8 Net acquisition of financial assets 776.6 943.7 698.3 1070.6 -612.6 555.0 124.4 183.4 237.5 241.2 118.1 8

 9 - Net increase in liabilities 609.0 961.2 836.5 1277.3 330.7 -136.7 104.8 124.6 185.6 179.7 153.7 9

10 Net corporate equity issues -122.7 -341.8 -565.7 -786.8 -336.0 -64.6 -50.1 -53.8 -84.6 -90.8 -83.0 10

 Holding gains on assets

11 at market value (2) 345.4 1435.4 1235.8 355.9 -1415.1 -1544.6 216.8 535.3 -453.9 790.0 -67.7 11

12 Real estate 333.0 1427.0 1220.0 345.8 -1355.9 -1568.6 212.0 550.6 -468.3 777.9 -71.7 12

13 Mutual fund shares 12.4 8.4 15.8 10.1 -59.2 23.9 4.9 -15.3 14.3 12.2 4.0 13

 Holding gains on assets less

14 liabilities at current cost (2) 168.1 142.7 138.5 203.0 -80.1 50.4 -12.9 -6.7 24.4 62.9 52.1 14

15 Equipment and software 67.3 66.0 96.4 8.1 62.6 -26.7 -15.9 7.7 7.7 13.3 16.6 15

16 Inventories (3) 35.6 31.3 8.6 54.7 -52.8 47.9 3.1 -14.4 16.7 31.0 35.5 16

17 Direct investment abroad 77.2 86.3 15.9 145.0 -162.7 5.5 0.0 0.0 0.0 -5.6 0.0 17

18 - Foreign direct investment in U.S. 12.1 41.0 -17.7 4.8 -72.8 -23.7 0.1 0.0 -0.0 -24.3 -0.0 18

19 Other volume changes (4) 200.7 461.8 771.0 856.6 264.0 160.2 121.1 157.3 133.7 175.0 134.9 19

 Memo:

20 Net worth outstanding (5) 11246.0 13188.2 14988.7 15782.7 13561.0 12778.9 13101.9 13827.0 13561.2 14619.8 14686.9 20

(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, June 9, 2011 109

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

Billions of dollars; not seasonally adjusted

2004 2005 2006 2007 2008 2009 2010 2011

 Q1 Q2 Q3 Q4 Q1

 1 Change in net worth (1) 664.3 1159.2 819.3 -234.1 -1522.8 -885.4 95.5 260.6 -349.4 328.1 -91.4 1

 2 Net capital transfers paid -5.0 -13.1 0.0 0.0 -3.3 -6.0 -1.1 -4.0 -2.0 -0.6 -0.6 2

 3 Net investment 96.7 -17.8 22.3 -31.6 -281.9 -55.4 -12.0 16.4 11.4 0.1 -15.3 3

 4 Net physical investment 72.3 81.0 89.5 74.5 53.0 -1.9 -11.8 15.4 11.9 9.8 -6.2 4

 5 Capital expenditures 210.9 230.7 251.4 260.5 246.0 190.2 35.7 62.9 59.5 57.8 42.2 5

 6 - Consumption of fixed capital 138.6 149.7 162.0 186.0 193.0 192.2 47.5 47.5 47.7 48.0 48.4 6

 7 Net lending (+) or net borrowing (-) -67.3 -68.0 -89.5 -74.5 -49.7 7.9 12.9 -11.4 -9.9 -9.1 6.8 7

 8 Net acquisition of financial assets 369.0 436.2 515.3 475.9 95.9 -283.4 -53.2 -46.7 -43.2 -19.9 -11.3 8

 9 - Net increase in liabilities 436.3 504.2 604.8 550.4 145.7 -291.3 -66.1 -35.3 -33.3 -10.8 -18.1 9

10 Proprietor’s net investment (2) 91.7 -30.9 22.3 -31.6 -285.2 -61.4 -13.1 12.4 9.4 -0.5 -15.9 10

11 Holding gains on real estate (3) 575.8 1203.4 798.5 -210.3 -1243.0 -824.6 132.2 296.1 -308.6 383.1 -22.6 11

12 Residential 500.1 865.4 507.0 -297.0 -930.5 -457.2 82.8 167.8 -202.4 203.7 -6.7 12

13 Nonresidential 75.7 338.0 291.6 86.7 -312.5 -367.4 49.4 128.3 -106.3 179.4 -15.9 13

14 Holding gains on assets at current cost (3) -2.1 -1.7 -1.5 7.4 6.1 -5.5 -23.5 -51.9 -52.2 -55.2 -53.5 14

15 Residential equipment and software -0.4 1.3 1.2 -0.3 0.2 -2.8 -0.5 -0.6 -0.5 -0.9 -0.6 15

16 Nonresidential equipment and software -5.4 -6.3 -5.1 2.3 6.3 -4.6 -23.7 -50.4 -53.1 -57.5 -56.0 16

17 Inventories 3.7 3.3 2.5 5.4 -0.5 1.9 0.6 -0.9 1.4 3.2 3.1 17

18 Other volume changes (4) -1.2 -11.6 -0.1 0.4 -0.7 6.1 0.1 4.0 2.0 0.6 0.6 18

 Memo:

19 Net worth outstanding (5) 5348.9 6508.1 7327.4 7093.3 5570.4 4685.0 4780.6 5041.2 4691.8 5019.8 4928.4 19

(1) Sum of net capital transfers paid (line 2), net investment (line 3), holding gains (lines 11 and 14), and other volume changes (line 18).

(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.