102 Z.1, December 11, 2008

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

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Assets 56563.7 63153.4 69566.2 75045.0 76316.0 77542.3 77780.0 76549.1 74231.0 73799.9 71113.6 1

 2 Tangible assets 21159.4 23963.9 27124.7 28061.2 28102.5 28023.6 27680.3 27092.4 26503.2 26380.7 25842.3 2

 3 Real estate 17595.6 20199.8 23184.7 23952.9 23952.7 23829.8 23448.6 22820.8 22173.6 22012.7 21438.3 3

 4 Households (2,3) 16174.0 18616.9 21368.1 21890.6 21831.1 21629.3 21186.3 20487.9 19820.5 19657.5 19100.7 4

 5 Nonprofit organizations 1421.5 1582.9 1816.6 2062.3 2121.6 2200.5 2262.3 2332.8 2353.1 2355.2 2337.7 5

 Equipment and software owned by

 6 nonprofit organizations (4) 183.4 199.3 214.2 230.8 234.9 238.9 242.2 246.2 249.6 254.2 258.0 6

 7 Consumer durable goods (4) 3380.3 3564.8 3725.8 3877.4 3914.9 3954.9 3989.5 4025.5 4080.0 4113.8 4146.0 7

 8 Financial assets 35404.3 39189.5 42441.5 46983.9 48213.6 49518.7 50099.7 49456.7 47727.7 47419.2 45271.3 8

 9 Deposits 5403.8 5789.6 6179.2 6793.8 7052.4 7064.2 7138.9 7351.5 7534.0 7443.7 7548.0 9

10 Foreign deposits 52.1 57.5 59.9 65.2 69.6 75.1 78.6 78.2 72.6 68.5 58.9 10

11 Checkable deposits and currency 389.0 356.1 230.0 202.3 226.1 161.5 66.8 77.4 33.4 32.4 46.3 11

12 Time and savings deposits 4002.5 4472.0 4940.0 5408.8 5640.6 5655.9 5743.4 5839.4 5958.8 5931.7 5990.8 12

13 Money market fund shares 960.2 904.1 949.2 1117.5 1116.1 1171.7 1250.1 1356.4 1469.2 1411.1 1452.1 13

14 Credit market instruments 3047.5 3355.2 3648.6 3842.8 3977.6 3956.4 4153.8 4160.2 4116.7 4087.7 4086.9 14

15 Open market paper 105.9 136.1 164.2 187.7 191.2 197.9 167.4 149.7 122.5 92.7 59.1 15

16 Treasury securities 441.5 535.4 511.3 440.4 425.0 403.3 367.9 191.1 252.2 267.7 283.3 16

17 Savings bonds 203.8 204.4 205.1 202.4 200.3 198.6 197.1 196.4 195.3 194.9 194.2 17

18 Other Treasury 237.7 331.0 306.2 238.1 224.7 204.8 170.9 -5.3 56.9 72.8 89.2 18

19 Agency- and GSE-backed securities 437.9 405.7 501.2 439.4 488.2 548.0 665.0 737.7 733.0 707.0 828.4 19

20 Municipal securities 704.1 742.7 821.3 873.9 877.9 911.5 907.2 906.0 900.2 917.7 905.4 20

21 Corporate and foreign bonds 1234.2 1401.0 1506.4 1754.9 1845.5 1743.3 1891.0 2017.6 1948.5 1931.6 1846.1 21

22 Other loans and advances (5) 3.1 5.9 8.7 8.3 10.7 13.1 14.6 16.1 16.4 16.7 17.3 22

23 Mortgages 120.7 128.5 135.6 138.2 139.2 139.2 140.7 142.0 144.0 154.3 147.3 23

24 Corporate equities (2) 6787.7 7495.9 8007.0 9275.4 9634.0 9994.4 9975.0 9300.2 8418.0 8193.5 7250.0 24

25 Mutual fund shares (6) 2904.3 3417.4 3839.3 4465.1 4671.4 4976.8 5100.2 4972.4 4716.4 4806.1 4208.7 25

26 Security credit 475.4 578.3 575.3 655.7 690.1 745.3 757.8 866.4 984.5 992.1 986.9 26

27 Life insurance reserves 1013.2 1060.4 1082.6 1163.7 1172.7 1191.1 1199.6 1201.5 1194.0 1202.2 1187.7 27

28 Pension fund reserves 9722.4 10632.6 11368.9 12483.6 12575.3 13023.6 13158.1 13007.4 12196.2 12109.2 11508.7 28

29 Equity in noncorporate business (7) 5560.9 6318.5 7149.4 7672.6 7796.2 7893.4 7923.3 7898.7 7845.7 7845.7 7731.8 29

30 Miscellaneous assets 489.1 541.5 591.1 631.2 643.8 673.5 693.1 698.4 722.1 739.1 762.6 30

31 Liabilities 9860.3 11032.7 12181.4 13453.8 13630.9 13939.2 14149.8 14379.2 14484.8 14446.3 14573.7 31

32 Credit market instruments 9500.1 10573.0 11740.3 12939.0 13125.0 13374.7 13618.7 13815.3 13876.1 13907.2 13921.2 32

33 Home mortgages (8) 6886.0 7835.6 8872.5 9865.8 10065.1 10266.2 10410.5 10540.3 10609.6 10614.8 10570.7 33

34 Consumer credit 2104.4 2219.4 2313.9 2418.3 2399.0 2432.2 2502.2 2551.9 2529.9 2555.8 2590.5 34

35 Municipal securities (9) 178.3 188.6 205.1 226.9 232.0 238.6 242.2 249.5 252.5 261.7 265.8 35

36 Bank loans n.e.c. 52.8 35.5 48.3 96.3 92.0 91.8 103.5 107.7 112.0 94.5 116.2 36

37 Other loans and advances 118.7 119.0 119.0 123.8 124.4 125.6 126.9 127.0 128.0 129.8 130.7 37

38 Commercial mortgages (9) 159.9 174.9 181.5 208.0 212.4 220.3 233.4 238.9 244.1 250.5 247.4 38

39 Security credit 182.5 264.0 232.4 292.1 279.0 334.0 296.5 325.5 365.3 291.5 400.6 39

40 Trade payables (9) 156.8 173.3 186.3 199.9 203.5 207.1 210.8 214.5 218.4 222.2 226.2 40

 Deferred and unpaid

41 life insurance premiums 20.9 22.5 22.4 22.8 23.4 23.4 23.8 23.9 25.0 25.4 25.8 41

42 Net worth 46703.3 52120.6 57384.8 61591.2 62685.2 63603.0 63630.2 62169.9 59746.2 59353.7 56539.9 42

 Memo:

 Replacement-cost value of structures:

43 Residential 10657.4 11997.5 13431.2 14387.2 14520.8 14521.5 14568.7 14593.2 14515.6 14400.6 14347.4 43

44 Households 10239.3 11545.1 12942.0 13877.9 14009.5 14012.5 14060.0 14085.3 14011.9 13902.3 13852.4 44

45 Farm households 259.7 281.0 302.5 312.5 313.6 312.0 311.6 310.9 308.2 304.7 302.5 45

46 Nonprofit organizations 158.5 171.4 186.7 196.8 197.7 197.0 197.0 196.9 195.5 193.6 192.5 46

47 Nonresidential (nonprofits) 957.8 1062.1 1179.0 1284.8 1306.3 1319.5 1332.5 1358.7 1379.3 1403.2 1441.3 47

48 Disposable personal income 8162.5 8680.9 9062.0 9640.7 10013.5 10088.0 10228.8 10351.5 10425.5 10806.0 10683.3 48

 Household net worth as percentage of

49 disposable personal income 572.2 600.4 633.3 638.9 626.0 630.5 622.1 600.6 573.1 549.3 529.2 49

 Owners’ equity in household real

50 estate (10) 9288.0 10781.3 12495.7 12024.8 11766.0 11363.1 10775.9 9947.6 9210.9 9042.7 8530.0 50

 Owners’ equity as percentage of

51 household real estate (11) 57.4 57.9 58.5 54.9 53.9 52.5 50.9 48.6 46.5 46.0 44.7 51

(1) Sector includes farm households.

(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 50 divided by line 4.
Z.1, December 11, 2008 103

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

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

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

 1 Assets 20074.1 21681.2 23754.1 25963.4 26491.4 27223.9 27909.1 28560.9 28884.4 29094.9 29031.6 1

 2 Tangible assets 9965.3 10749.7 11845.1 13120.5 13435.4 13861.0 14179.6 14602.0 14804.5 14943.9 14935.1 2

 3 Real estate (1) 5369.7 5918.0 6741.7 7707.8 7952.3 8305.5 8575.5 8904.4 9012.5 9031.4 8987.8 3

 4 Equipment and software (2) 3250.3 3351.4 3501.0 3715.1 3765.5 3813.3 3848.0 3895.6 3931.9 3984.6 4037.7 4

 5 Inventories (2) 1345.3 1480.3 1602.3 1697.7 1717.5 1742.1 1756.1 1802.0 1860.1 1927.8 1909.6 5

 6 Financial assets 10108.8 10931.6 11909.0 12842.9 13056.0 13362.9 13729.5 13959.0 14079.9 14151.0 14096.5 6

 7 Foreign deposits 38.1 53.7 60.6 49.7 45.3 55.5 56.3 49.0 47.1 46.6 42.1 7

 8 Checkable deposits and currency 190.9 178.4 252.4 139.5 122.7 160.0 177.6 187.8 188.1 161.0 122.7 8

 9 Time and savings deposits 362.8 400.5 450.4 498.6 440.1 439.6 440.5 443.7 465.8 474.4 509.9 9

10 Money market fund shares 299.0 324.3 366.5 433.4 435.0 452.5 521.1 566.5 607.5 624.9 618.0 10

11 Security RPs 6.0 6.4 14.6 15.6 14.1 8.9 7.9 8.4 5.5 6.4 3.2 11

12 Commercial paper 75.7 95.0 111.0 123.0 110.2 116.7 67.5 58.9 7.7 7.8 5.3 12

13 Treasury securities 32.8 33.1 50.7 44.3 51.8 43.8 51.5 49.2 36.7 39.7 43.5 13

14 Agency- and GSE-backed securities 12.1 12.2 18.8 16.4 19.1 16.2 19.0 18.2 13.6 14.7 16.1 14

15 Municipal securities 35.4 31.8 32.1 28.2 38.9 30.3 31.8 30.4 8.5 6.5 7.5 15

16 Mortgages 51.8 66.6 68.3 59.9 57.8 55.7 53.7 51.6 49.5 47.4 45.3 16

17 Consumer credit 58.5 58.6 58.8 56.8 53.0 53.5 53.8 55.2 51.2 51.3 51.9 17

18 Trade receivables 1702.4 1831.3 2109.0 2105.5 2198.2 2294.0 2340.4 2309.2 2402.6 2553.9 2474.1 18

19 Mutual fund shares (1) 125.9 140.5 156.3 204.0 209.7 222.0 228.1 224.8 211.2 211.6 192.2 19

20 Miscellaneous assets 7117.4 7699.1 8159.7 9068.1 9260.2 9414.3 9680.4 9906.0 9984.9 9904.7 9964.6 20

21 Liabilities 9867.4 10349.3 11145.3 11887.3 12050.8 12229.9 12507.1 12669.3 12811.7 12918.7 12908.2 21

22 Credit market instruments 4973.9 5177.9 5510.3 5976.5 6147.9 6387.2 6565.6 6772.4 6867.7 6989.2 7016.9 22

23 Commercial paper 82.5 97.8 90.1 112.5 126.2 154.3 131.4 123.8 140.0 139.9 146.5 23

24 Municipal securities (3) 164.2 169.4 176.7 181.7 182.3 185.1 186.4 189.3 189.5 190.9 191.0 24

25 Corporate bonds (4) 2900.1 2975.6 3032.3 3247.9 3319.5 3414.8 3469.9 3559.1 3600.9 3685.3 3703.8 25

26 Bank loans n.e.c. 548.3 547.2 515.2 532.2 545.5 558.9 601.6 637.4 663.1 679.3 703.7 26

27 Other loans and advances 750.3 805.4 911.2 1023.9 1071.6 1139.7 1219.9 1283.9 1284.0 1292.9 1281.0 27

28 Mortgages 528.6 582.6 784.8 878.3 902.9 934.4 956.5 978.9 990.2 1000.9 990.9 28

29 Trade payables 1402.7 1499.9 1699.4 1837.3 1871.8 1907.3 1937.7 2026.0 2080.9 2182.2 2107.8 29

30 Taxes payable 81.2 88.0 93.1 92.8 105.7 99.7 104.3 94.1 106.7 101.1 105.3 30

31 Miscellaneous liabilities 3409.5 3583.5 3842.5 3980.8 3925.5 3835.7 3899.5 3776.9 3756.5 3646.2 3678.1 31

32 Net worth (market value) 10206.7 11331.9 12608.8 14076.0 14440.6 14994.0 15402.0 15891.7 16072.7 16176.1 16123.4 32

 Memo:

 Replacement-cost value of structures:

33 Residential 116.1 126.9 140.8 151.4 152.6 152.6 153.0 153.3 152.6 151.4 150.9 33

34 Nonresidential 4519.2 5001.8 5578.1 6077.5 6165.0 6215.1 6265.6 6379.0 6466.1 6568.4 6738.0 34

 Market value of equities outstanding

35 (includes corporate farm equities) 10845.4 12086.2 12686.8 14340.3 14848.1 15738.4 15833.1 15242.9 13733.3 13778.7 12267.6 35

36 Debt/net worth (percent) (5) 48.7 45.7 43.7 42.5 42.6 42.6 42.6 42.6 42.7 43.2 43.5 36

37 Debt/equities (percent) (6) 45.9 42.8 43.4 41.7 41.4 40.6 41.5 44.4 50.0 50.7 57.2 37

38 Equities/net worth (percent) (7) 106.3 106.7 100.6 101.9 102.8 105.0 102.8 95.9 85.4 85.2 76.1 38

 With tangible assets stated at historical cost:

39 Assets (8) 17293.0 18403.7 19763.8 21147.2 21507.7 21938.8 22445.6 22770.7 23068.0 23270.7 23327.4 39

40 Tangible assets 7184.1 7472.1 7854.8 8304.3 8451.7 8575.8 8716.1 8811.8 8988.1 9119.7 9231.0 40

41 Real estate 2864.7 2978.3 3123.0 3320.1 3377.9 3454.8 3517.9 3586.2 3654.5 3725.1 3796.0 41

42 Equipment and software 3050.3 3104.2 3212.4 3365.5 3399.8 3435.3 3469.8 3502.8 3533.3 3559.4 3576.7 42

43 Inventories 1269.2 1389.6 1519.3 1618.7 1673.9 1685.7 1728.5 1722.8 1800.3 1835.2 1858.3 43

44 Net worth (historical cost) (9) 7425.6 8054.4 8618.5 9259.8 9456.9 9708.9 9938.5 10101.5 10256.3 10352.0 10419.2 44

 Memo:

 Historical-cost value of structures:

45 Residential 49.6 52.6 55.8 59.2 60.0 60.8 61.6 62.3 62.9 63.5 64.0 45

46 Nonresidential 2623.4 2735.7 2869.7 3064.2 3118.6 3175.9 3236.5 3299.1 3363.7 3432.6 3503.5 46

47 Debt/net worth (percent) (10) 67.0 64.3 63.9 64.5 65.0 65.8 66.1 67.0 67.0 67.5 67.3 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.
104 Z.1, December 11, 2008

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

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Assets 7595.3 8490.2 9675.0 10590.4 10773.0 10962.6 11134.1 11225.3 11226.6 11243.6 11134.6 1

 2 Tangible assets 5842.9 6440.4 7242.5 7747.1 7833.4 7917.0 7933.1 7902.5 7820.8 7788.8 7655.8 2

 3 Real estate (1) 5367.1 5936.7 6704.3 7173.8 7252.5 7328.2 7339.0 7299.6 7210.0 7167.5 7027.9 3

 4 Residential 4130.4 4628.6 5251.3 5541.4 5579.3 5590.4 5552.8 5452.3 5348.4 5301.7 5169.9 4

 5 Nonresidential 1236.7 1308.2 1452.9 1632.4 1673.3 1737.8 1786.2 1847.3 1861.6 1865.8 1858.0 5

 6 Equipment and software (2) 405.0 425.7 453.9 483.9 490.5 497.0 501.7 508.0 513.0 519.7 527.4 6

 7 Residential (3) 40.3 41.8 45.2 48.4 48.9 49.6 49.8 49.9 50.1 50.3 51.0 7

 8 Nonresidential 364.7 383.9 408.7 435.6 441.6 447.4 451.9 458.1 462.9 469.5 476.3 8

 9 Inventories (2) 70.8 77.9 84.3 89.4 90.4 91.7 92.4 94.8 97.9 101.5 100.5 9

10 Financial assets 1752.5 2049.8 2432.6 2843.4 2939.6 3045.7 3201.0 3322.9 3405.8 3454.8 3478.8 10

11 Checkable deposits and currency 172.9 259.2 323.1 381.6 389.7 399.9 420.0 436.8 446.1 450.2 450.4 11

12 Time and savings deposits 313.8 318.0 351.6 383.0 396.1 411.4 436.5 453.4 466.7 475.9 482.1 12

13 Money market fund shares 63.6 69.2 73.9 80.5 83.3 86.5 94.3 97.8 100.2 101.6 102.3 13

14 Treasury securities 44.9 50.2 56.2 56.3 58.3 60.5 63.5 65.9 67.6 68.6 69.1 14

15 Municipal securities 2.7 4.3 4.4 5.8 6.0 6.2 6.5 6.7 6.9 7.0 7.1 15

16 Mortgages 26.3 30.8 36.2 34.6 36.1 37.4 39.2 40.7 41.8 42.4 42.7 16

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

18 Trade receivables 337.7 364.3 430.9 470.9 487.1 505.8 530.6 551.3 565.2 573.4 577.4 18

19 Miscellaneous assets 790.6 953.7 1156.2 1430.6 1483.1 1538.0 1610.5 1670.1 1711.2 1735.6 1747.8 19

20 Insurance receivables 56.9 60.5 65.3 66.9 67.6 68.2 68.9 68.6 69.3 70.0 70.7 20

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

22 Other 731.6 891.3 1089.1 1361.8 1413.6 1467.7 1539.4 1599.3 1639.7 1663.4 1674.7 22

23 Liabilities 3172.4 3516.8 4051.8 4634.6 4736.2 4862.2 5042.1 5201.0 5309.3 5369.6 5391.9 23

24 Credit market instruments 2198.7 2443.8 2775.4 3184.1 3259.1 3354.7 3486.7 3602.6 3684.6 3732.6 3750.5 24

25 Bank loans n.e.c. 441.7 468.9 623.4 728.5 744.7 760.9 812.7 856.2 891.8 911.4 941.0 25

26 Other loans and advances 131.6 132.8 136.5 150.5 153.6 157.4 156.6 161.5 168.8 172.9 169.8 26

27 Mortgages 1625.3 1842.1 2015.5 2305.1 2360.8 2436.4 2517.4 2584.9 2624.0 2648.2 2639.7 27

28 Trade payables 255.3 277.4 329.4 349.4 358.8 369.5 383.8 395.8 403.8 408.5 410.8 28

29 Taxes payable 69.7 78.0 86.7 95.7 97.4 99.3 101.9 104.1 105.5 106.4 106.8 29

30 Miscellaneous liabilities 648.8 717.6 860.3 1005.4 1021.0 1038.6 1069.6 1098.5 1115.4 1122.1 1123.8 30

31 Net worth (5) 4422.9 4973.3 5623.2 5955.9 6036.8 6100.5 6092.0 6024.3 5917.3 5873.9 5742.7 31

 Memo:

 Replacement-cost value of structures:

32 Residential 2451.2 2678.0 2925.7 3102.4 3124.1 3117.7 3122.0 3122.5 3100.9 3070.8 3056.4 32

33 Nonresidential 1008.0 1097.7 1201.3 1292.3 1308.2 1316.1 1324.0 1345.2 1360.7 1379.0 1411.5 33

34 Debt/net worth (percent) (6) 49.7 49.1 49.4 53.5 54.0 55.0 57.2 59.8 62.3 63.5 65.3 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 28.

(6) Line 24 divided by line 31.
Z.1, December 11, 2008 105

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

Billions of dollars; not seasonally adjusted

2003 2004 2005 2006 2007 2008

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Change in net worth (1) 5938.2 5417.3 5264.2 4206.3 1094.0 917.9 27.1 -1460.3 -2423.7 -392.5 -2813.8 1

 2 Net investment 506.0 479.3 56.0 -17.0 203.0 -224.5 236.9 178.1 310.9 286.0 58.6 2

 3 Net physical investment 585.8 641.1 666.0 676.5 112.6 151.9 172.2 138.8 73.9 107.3 108.7 3

 4 Capital expenditures 1459.0 1581.7 1702.9 1717.2 378.5 420.6 443.9 413.5 343.6 379.8 390.2 4

 5 - Consumption of fixed capital 873.2 940.6 1036.8 1040.7 266.0 268.6 271.7 274.7 269.8 272.5 281.5 5

 6 Net financial investment -79.8 -161.8 -610.1 -693.5 90.5 -376.5 64.7 39.4 237.1 178.7 -50.1 6

 7 Net acquisition of financial assets 944.3 995.8 539.6 578.9 267.5 -68.1 275.3 268.7 342.6 140.3 77.4 7

 8 - Net increase in liabilities 1024.1 1157.6 1149.7 1272.5 177.0 308.4 210.6 229.4 105.6 -38.5 127.4 8

 Holding gains on assets

 9 at market value (2) 5298.9 4877.2 5157.9 4218.9 782.0 1174.7 -190.2 -1495.4 -2734.0 -630.8 -2872.2 9

10 Real estate 1412.7 2194.1 2551.6 299.5 -53.0 -198.5 -495.9 -708.4 -662.4 -217.1 -646.9 10

11 Corporate equities 1709.5 974.8 930.9 1911.4 530.4 632.9 78.2 -377.0 -910.5 -246.5 -921.8 11

12 Mutual fund shares 411.5 296.7 193.8 416.2 84.4 201.5 96.2 -144.9 -297.3 -25.5 -522.6 12

13 Equity in noncorporate business 473.9 775.6 977.4 637.5 127.1 101.0 47.9 -0.6 -31.9 -9.8 -127.6 13

 Life insurance and

14 pension fund reserves 1291.3 635.9 504.2 954.3 93.0 437.8 83.4 -264.5 -831.9 -132.0 -653.3 14

 Holding gains on assets

15 at current cost (2) -98.2 -22.2 -39.7 -43.3 -13.1 -11.0 -15.4 -10.7 5.0 -9.1 1.8 15

16 Consumer durable goods -98.4 -22.1 -40.0 -44.8 -13.7 -11.4 -15.0 -11.2 5.0 -10.4 -0.2 16

17 Equipment and software 0.2 -0.1 0.2 1.5 0.5 0.3 -0.4 0.5 0.0 1.3 1.9 17

18 Other volume changes (3) 231.4 83.1 90.1 47.8 122.1 -21.3 -4.2 -132.3 -5.6 -38.7 -2.0 18

 Memo:

19 Net worth outstanding (4) 46703.3 52120.6 57384.8 61591.2 62685.2 63603.0 63630.2 62169.9 59746.2 59353.7 56539.9 19

20 Disposable personal income 8162.5 8680.9 9062.0 9640.7 10013.5 10088.0 10228.8 10351.5 10425.5 10806.0 10683.3 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.

(3) Consists of the difference between series for consumption of fixed capital published by BEA and statistical discontinuities.

(4) Table B.100, line 41.
106 Z.1, December 11, 2008

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

Billions of dollars; not seasonally adjusted

2003 2004 2005 2006 2007 2008

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Change in net worth (1) 650.8 1125.1 1276.9 1467.2 364.5 553.5 408.0 489.7 181.0 103.5 -52.8 1

 2 Net investment 149.4 246.4 -134.2 -348.5 -82.1 -76.5 -101.5 -151.5 -64.7 -47.4 -95.5 2

 3 Net physical investment 121.2 196.8 230.0 325.0 65.9 74.2 74.7 76.8 83.5 81.4 65.3 3

 4 Capital expenditures 749.9 825.7 922.0 1059.4 252.3 261.0 271.0 263.0 266.7 280.1 267.9 4

 5 - Consumption of fixed capital 653.1 682.6 738.9 770.0 199.8 202.7 205.6 208.8 211.7 215.7 226.0 5

 6 - Inventory valuation adjustment -13.6 -43.1 -37.8 -39.5 -11.1 -13.7 -6.1 -20.3 -27.8 -37.5 -22.5 6

 7 - Nonproduced nonfinancial assets -10.8 -10.6 -9.0 3.8 -2.3 -2.2 -3.3 -2.3 -0.7 20.6 -0.9 7

 8 Net financial investment 69.2 174.1 -3.4 -70.8 -6.3 49.1 40.0 45.2 -23.2 -61.8 -57.4 8

 9 Net acquisition of financial assets 82.6 783.1 957.8 871.1 208.2 275.9 359.1 251.0 176.4 81.2 -7.4 9

10 - Net increase in liabilities 13.4 609.0 961.2 941.9 214.5 226.8 319.0 205.8 199.6 143.0 49.9 10

11 Net corporate equity issues -41.1 -124.4 -360.7 -602.7 -141.7 -199.8 -216.2 -273.5 -125.0 -67.1 -103.4 11

 Holding gains on assets

12 at market value (2) 306.5 514.5 775.0 887.5 216.2 312.6 237.2 281.5 50.7 -26.0 -107.3 12

13 Real estate 287.3 501.4 765.9 870.4 212.9 302.6 233.4 287.1 66.7 -24.1 -85.6 13

14 Mutual fund shares 19.1 13.1 9.1 17.1 3.3 10.0 3.8 -5.6 -16.0 -1.9 -21.7 14

 Holding gains on assets less

15 liabilities at current cost (2) 42.1 153.2 190.8 98.9 7.3 30.4 9.4 42.7 49.7 81.3 12.5 15

16 Equipment and software 20.2 51.6 55.9 80.3 22.0 18.6 6.9 21.9 13.2 34.1 43.7 16

17 Inventories (3) 15.1 43.9 43.3 5.3 12.0 11.8 2.4 31.9 36.5 47.2 -31.1 17

18 Direct investment abroad 12.0 67.8 87.1 22.4 0 0 0 42.8 0 0 -0.0 18

19 - Foreign direct investment in U.S. 5.2 10.2 -4.5 9.1 26.6 -0.0 -0.0 53.9 -0.0 0.0 0.0 19

20 Other volume changes (4) 152.9 211.1 445.3 829.3 223.1 286.9 262.9 316.9 145.3 95.6 137.4 20

 Memo:

21 Net worth outstanding (5) 10206.7 11331.9 12608.8 14076.0 14440.6 14994.0 15402.0 15891.7 16072.7 16176.1 16123.4 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.

(3) Before inventory valuation adjustment.

(4) Consists of statistical discontinuities.

(5) Table B.102, line 32.
Z.1, December 11, 2008 107

R.103 Change in Net Worth of Nonfarm Noncorporate Business

Billions of dollars; not seasonally adjusted

2003 2004 2005 2006 2007 2008

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Change in net worth (1) 441.4 550.4 649.9 332.6 81.0 63.7 -8.4 -67.7 -107.0 -43.4 -131.3 1

 2 Net investment (2) 38.5 -26.3 -137.0 -115.4 -4.6 -2.7 -17.7 -29.9 -26.9 8.4 11.5 2

 3 Net physical investment 31.5 20.9 15.2 56.2 0.8 17.2 6.9 7.0 -1.4 19.7 9.8 3

 4 Capital expenditures 192.9 197.5 226.9 252.2 51.6 69.2 59.3 59.7 51.3 73.2 67.2 4

 5 - Consumption of fixed capital 161.4 176.7 211.6 196.0 50.8 52.0 52.4 52.7 52.8 53.5 57.4 5

 6 Net acquisition of financial assets 95.5 297.3 382.8 410.8 96.2 106.1 155.3 121.9 82.9 49.0 24.0 6

 - Net increase in liabilities from:

 7 Credit market instruments 91.6 245.2 331.6 408.6 75.0 95.6 132.0 115.9 82.0 48.0 17.9 7

 8 Trade payables -25.7 22.2 52.0 20.0 9.3 10.8 14.3 11.9 8.0 4.7 2.3 8

 9 Taxes payable -0.5 8.4 8.7 9.0 1.7 1.9 2.6 2.2 1.5 0.9 0.4 9

10 Miscellaneous liabilities 23.2 68.8 142.7 144.7 15.6 17.6 31.0 28.8 16.9 6.7 1.7 10

11 Holding gains on real estate (3) 415.6 581.9 799.5 444.3 77.2 71.4 10.0 -38.7 -87.6 -49.2 -147.7 11

12 Residential 350.1 470.7 632.9 251.8 30.4 5.3 -41.5 -102.1 -103.4 -44.5 -130.0 12

13 Nonresidential 65.5 111.2 166.5 192.5 46.8 66.1 51.5 63.4 15.8 -4.6 -17.7 13

14 Holding gains on assets at current cost (3) -8.0 0.2 -8.3 9.6 9.7 -4.3 -0.1 2.9 9.9 -0.3 6.7 14

15 Residential equipment and software -1.4 -0.3 1.5 1.2 0.1 0.3 -0.2 -0.2 -0.1 -0.1 0.7 15

16 Nonresidential equipment and software -8.1 -4.0 -14.0 6.0 8.3 -5.9 -0.3 0.3 6.6 -4.6 6.5 16

17 Inventories 1.5 4.6 4.3 2.4 1.2 1.3 0.4 2.7 3.4 4.5 -0.5 17

18 Other volume changes (4) -4.7 -5.4 -4.3 -6.0 -1.2 -0.7 -0.7 -2.0 -2.4 -2.3 -1.8 18

 Memo:

19 Net worth outstanding (5) 4422.9 4973.3 5623.2 5955.9 6036.8 6100.5 6092.0 6024.3 5917.3 5873.9 5742.7 19

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

(2) Also equal to proprietor’s net investment shown on table F.103, line 29.

(3) Calculated as change in amount outstanding less net investment during period.

(4) Consists of statistical discontinuities.

(5) Table B.103, line 31.