104 Z.1, December 10, 2009

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

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Assets 63928.6 71786.2 77927.6 78824.7 76020.7 74376.0 71332.8 65597.2 62577.6 64830.8 67484.5 1

 2 Tangible assets 24631.1 28388.4 29735.3 28036.8 27007.1 26073.2 25178.1 23891.6 22384.7 22775.8 23069.4 2

 3 Real estate 20574.8 24127.7 25270.7 23391.4 22297.8 21316.2 20388.5 19112.3 17593.5 17953.0 18248.3 3

 4 Households (2,3) 18981.9 22084.5 22943.5 20977.9 19938.7 19068.5 18166.1 17039.5 15685.8 16189.0 16536.8 4

 5 Nonprofit organizations 1593.0 2043.2 2327.2 2413.4 2359.1 2247.7 2222.4 2072.7 1907.7 1763.9 1711.5 5

 Equipment and software owned by

 6 nonprofit organizations (4) 173.2 183.7 196.5 207.9 210.4 214.0 218.1 220.9 221.0 220.7 219.8 6

 7 Consumer durable goods (4) 3883.1 4077.0 4268.1 4437.5 4498.9 4542.9 4571.5 4558.5 4570.1 4602.1 4601.3 7

 8 Financial assets 39297.5 43397.8 48192.3 50787.8 49013.6 48302.8 46154.6 41705.5 40193.0 42055.0 44415.0 8

 9 Deposits 5741.3 6152.4 6776.8 7437.7 7636.2 7477.5 7652.2 7901.9 7923.5 7834.9 7740.8 9

10 Foreign deposits 57.5 59.9 65.2 81.0 74.5 68.3 63.9 59.8 55.7 50.6 44.7 10

11 Checkable deposits and currency 370.3 256.8 235.4 172.1 103.8 114.5 83.0 263.4 273.6 345.3 332.8 11

12 Time and savings deposits 4409.4 4886.4 5361.8 5837.9 6000.0 5901.0 6059.2 5996.8 6038.9 5955.1 6004.6 12

13 Money market fund shares 904.1 949.2 1114.5 1346.7 1457.9 1393.7 1446.1 1581.8 1555.3 1483.8 1358.7 13

14 Credit market instruments 3072.0 3420.4 3547.0 4117.8 4074.6 4131.2 4252.3 4055.9 4538.6 4250.7 4360.2 14

15 Open market paper 136.1 164.2 187.7 149.7 117.5 82.7 39.1 10.4 7.3 8.9 8.5 15

16 Treasury securities 532.2 507.6 433.3 257.9 332.2 385.0 429.8 272.9 607.3 633.6 801.6 16

17 Savings bonds 204.4 205.1 202.4 196.4 195.3 194.9 194.2 194.0 193.9 193.5 192.4 17

18 Other Treasury 327.8 302.5 231.0 61.5 136.9 190.1 235.6 78.9 413.4 440.1 609.2 18

19 Agency- and GSE-backed securities 390.0 488.2 409.9 690.2 648.6 665.3 840.2 730.3 460.2 135.6 68.0 19

20 Municipal securities 742.4 821.0 871.8 896.9 882.7 894.1 909.6 937.0 950.7 969.5 979.5 20

21 Corporate and foreign bonds 1135.6 1294.1 1518.1 2002.2 1971.8 1972.7 1899.2 1971.9 2380.8 2371.5 2371.7 21

22 Other loans and advances (5) 5.9 8.7 8.3 17.4 20.1 22.3 27.5 27.9 28.2 29.3 30.7 22

23 Mortgages 129.8 136.6 117.9 103.5 101.7 109.1 107.0 105.4 104.0 102.4 100.3 23

24 Corporate equities (2) 7483.9 7993.0 9480.6 9447.4 8757.2 8444.2 7419.0 5851.7 5120.4 6325.2 7388.3 24

25 Mutual fund shares (6) 3417.4 3839.3 4387.6 4832.0 4575.2 4663.9 4107.5 3442.5 3257.2 3710.5 4205.8 25

26 Security credit 578.3 575.3 655.7 866.4 984.5 992.1 998.6 742.7 667.0 658.3 672.6 26

27 Life insurance reserves 1060.4 1082.6 1163.7 1201.5 1187.2 1196.4 1197.7 1179.8 1181.1 1201.3 1229.6 27

28 Pension fund reserves 10635.5 11373.7 12696.2 13375.9 12566.9 12476.1 11831.8 10442.6 9914.8 10662.6 11527.2 28

29 Equity in noncorporate business (7) 6755.0 8352.5 8838.6 8796.9 8507.2 8189.2 7946.1 7322.2 6827.1 6645.9 6521.2 29

30 Miscellaneous assets 553.8 608.7 646.1 712.2 724.7 732.2 749.5 766.4 763.4 765.6 769.3 30

31 Liabilities 11008.3 12157.8 13407.5 14317.9 14422.4 14371.8 14521.1 14218.0 14102.4 14072.9 14061.0 31

32 Credit market instruments 10548.6 11716.7 12892.7 13754.0 13813.6 13832.5 13867.3 13795.9 13709.5 13666.3 13624.5 32

33 Home mortgages (8) 7815.5 8848.9 9826.3 10485.2 10554.2 10548.2 10510.1 10432.1 10429.0 10393.6 10323.5 33

34 Consumer credit 2219.5 2319.8 2415.0 2551.9 2529.6 2555.6 2588.0 2592.1 2518.6 2488.6 2496.1 34

35 Municipal securities (9) 188.6 205.1 226.9 249.5 252.3 261.4 265.0 269.3 273.4 282.3 288.3 35

36 Bank loans n.e.c. 26.7 36.4 86.4 99.7 104.9 89.2 121.4 117.7 104.0 118.3 136.5 36

37 Other loans and advances 119.0 119.0 123.8 127.0 128.0 129.7 130.7 133.2 133.5 134.0 133.1 37

38 Commercial mortgages (9) 179.2 187.4 214.3 240.7 244.7 248.3 252.0 251.5 250.9 249.5 246.9 38

39 Security credit 264.0 232.4 292.1 325.5 365.3 291.5 402.3 164.8 134.5 147.9 174.1 39

40 Trade payables (9) 173.3 186.3 199.9 214.5 218.4 222.2 226.2 230.2 231.8 233.8 237.9 40

 Deferred and unpaid

41 life insurance premiums 22.5 22.4 22.8 23.9 25.2 25.5 25.3 27.0 26.5 24.8 24.5 41

42 Net worth 52920.3 59628.4 64520.1 64506.8 61598.2 60004.2 56811.6 51379.2 48475.3 50757.9 53423.5 42

 Memo:

 Replacement-cost value of structures:

43 Residential 12030.3 13475.1 14440.6 14643.0 14587.2 14523.6 14359.8 13981.2 13776.4 13557.8 13448.3 43

44 Households 11848.9 13275.9 14229.3 14430.3 14375.4 14313.0 14151.6 13778.7 13577.1 13361.8 13254.1 44

45 Nonprofit organizations 181.4 199.3 211.3 212.7 211.7 210.6 208.2 202.5 199.4 196.0 194.2 45

46 Nonresidential (nonprofits) 1058.3 1174.8 1279.5 1352.6 1356.9 1368.9 1394.2 1424.0 1412.1 1374.6 1337.9 46

47 Disposable personal income 8889.4 9277.3 9915.7 10403.1 10610.4 10966.7 10849.3 10799.1 10765.4 10966.2 10999.6 47

 Household net worth as percentage of

48 disposable personal income 595.3 642.7 650.7 620.1 580.5 547.2 523.6 475.8 450.3 462.9 485.7 48

 Owners’ equity in household real

49 estate (10) 11166.4 13235.6 13117.2 10492.8 9384.6 8520.2 7656.0 6607.4 5256.8 5795.4 6213.3 49

 Owners’ equity as percentage of

50 household real estate (11) 58.8 59.9 57.2 50.0 47.1 44.7 42.1 38.8 33.5 35.8 37.6 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 10, 2009 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

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

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

 1 Assets 21802.0 24714.3 27106.3 28983.5 28908.1 28665.8 28676.0 28012.6 27296.9 26797.6 26666.8 1

 2 Tangible assets 10900.9 12852.6 14489.6 15278.8 15172.1 14846.1 14841.4 14208.0 13489.7 12829.4 12555.7 2

 3 Real estate (1) 5971.0 7644.2 8934.7 9406.4 9219.8 8779.5 8722.1 8175.4 7514.6 6894.6 6654.2 3

 4 Equipment and software (2) 3481.8 3651.0 3890.5 4084.3 4119.6 4176.3 4241.3 4287.0 4287.8 4281.3 4262.5 4

 5 Inventories (2) 1448.1 1557.5 1664.4 1788.1 1832.7 1890.3 1878.1 1745.6 1687.3 1653.6 1639.0 5

 6 Financial assets 10901.1 11861.7 12616.7 13704.8 13736.0 13819.7 13834.5 13804.6 13807.2 13968.2 14111.1 6

 7 Foreign deposits 53.7 60.6 49.3 50.3 53.1 20.3 28.3 30.5 22.0 38.0 40.4 7

 8 Checkable deposits and currency 178.4 252.4 134.8 122.1 142.0 94.6 111.8 111.3 112.0 128.2 167.4 8

 9 Time and savings deposits 400.5 450.4 497.0 441.3 397.4 445.7 427.5 403.5 402.7 434.8 494.5 9

10 Money market fund shares 324.3 366.5 432.4 564.1 619.4 651.6 647.3 685.7 697.5 687.9 700.1 10

11 Security RPs 6.4 14.6 15.5 8.1 7.2 8.3 4.9 7.5 6.7 8.0 9.2 11

12 Commercial paper 95.0 111.0 122.7 69.5 23.7 22.3 9.5 10.2 10.7 17.2 16.0 12

13 Treasury securities 33.1 50.7 44.3 38.3 25.8 27.2 24.2 27.0 36.6 41.9 42.8 13

14 Agency- and GSE-backed securities 12.2 18.8 16.4 12.8 8.6 9.1 8.1 9.0 5.5 10.6 10.9 14

15 Municipal securities 31.8 32.1 28.1 29.2 7.8 5.3 6.0 5.0 14.3 13.9 16.9 15

16 Mortgages 66.6 68.3 59.8 41.4 36.8 32.2 27.5 22.9 18.3 13.7 9.1 16

17 Consumer credit 58.6 58.8 56.7 55.3 51.0 51.1 51.6 55.3 50.5 49.3 48.5 17

18 Trade receivables 1831.3 2109.0 2090.9 2256.3 2295.6 2331.4 2301.2 2150.8 2119.5 2146.6 2077.7 18

19 Mutual fund shares (1) 140.5 156.3 204.1 217.5 200.2 196.7 175.4 143.3 132.9 145.8 160.2 19

20 Miscellaneous assets 7668.6 8112.4 8864.8 9798.7 9867.4 9924.0 10011.1 10142.3 10178.0 10232.1 10317.5 20

21 Liabilities 10349.3 11145.3 11781.9 12872.6 12986.7 13101.9 13142.6 13301.1 13361.9 13423.9 13448.1 21

22 Credit market instruments 5172.2 5505.8 5967.7 6757.1 6870.1 7010.9 7077.0 7099.9 7174.0 7209.6 7201.2 22

23 Commercial paper 97.8 90.1 112.5 123.8 140.0 139.8 146.5 131.5 106.9 86.2 73.0 23

24 Municipal securities (3) 169.4 176.7 181.7 189.5 189.6 191.0 191.2 192.6 192.8 194.2 196.1 24

25 Corporate bonds (4) 2975.5 3032.2 3247.8 3558.9 3604.2 3692.9 3716.0 3763.5 3908.3 4007.3 4072.8 25

26 Bank loans n.e.c. 548.1 516.7 534.1 634.0 658.3 674.8 697.2 705.0 679.3 643.6 604.2 26

27 Other loans and advances 817.8 927.1 1038.9 1334.8 1349.1 1370.0 1384.0 1355.4 1339.3 1336.0 1326.5 27

28 Mortgages 563.6 763.1 852.6 916.1 929.0 942.3 942.0 952.0 947.3 942.3 928.6 28

29 Trade payables 1499.9 1699.4 1813.0 1898.9 1877.3 1848.1 1801.2 1732.3 1664.5 1625.6 1567.1 29

30 Taxes payable 88.0 93.1 85.4 35.8 55.0 37.9 43.8 38.5 39.8 33.0 31.2 30

31 Miscellaneous liabilities 3589.2 3847.0 3915.8 4180.7 4184.3 4205.0 4220.7 4430.5 4483.6 4555.7 4648.6 31

32 Net worth (market value) 11452.7 13569.0 15324.4 16111.0 15921.4 15563.9 15533.4 14711.5 13934.9 13373.7 13218.7 32

 Memo:

 Replacement-cost value of structures:

33 Residential 136.0 152.3 164.8 168.0 167.4 166.7 164.9 160.6 158.2 155.7 154.5 33

34 Nonresidential 5126.0 5714.1 6228.6 6588.9 6675.5 6801.6 6991.7 7209.7 7211.5 7079.0 6946.3 34

 Market value of equities outstanding

35 (includes corporate farm equities) 12088.6 12686.6 14592.9 15542.8 14237.1 14242.9 12641.3 9975.0 8934.4 10374.1 12081.3 35

36 Debt/net worth (percent) (5) 45.2 40.6 38.9 41.9 43.1 45.0 45.6 48.3 51.5 53.9 54.5 36

37 Debt/equities (percent) (6) 42.8 43.4 40.9 43.5 48.3 49.2 56.0 71.2 80.3 69.5 59.6 37

38 Equities/net worth (percent) (7) 105.6 93.5 95.2 96.5 89.4 91.5 81.4 67.8 64.1 77.6 91.4 38

 With tangible assets stated at historical cost:

39 Assets (8) 18700.2 20093.5 21356.7 22955.3 23179.8 23427.5 23574.0 23525.9 23565.6 23707.1 23873.5 39

40 Tangible assets 7799.1 8231.8 8740.0 9250.5 9443.8 9607.8 9739.5 9721.3 9758.4 9738.9 9762.4 40

41 Real estate 3162.9 3340.1 3579.5 3883.7 3965.7 4053.8 4135.0 4186.1 4249.1 4308.3 4367.5 41

42 Equipment and software 3246.6 3372.4 3546.4 3703.2 3740.3 3774.4 3803.9 3819.6 3816.9 3814.5 3813.7 42

43 Inventories 1389.6 1519.3 1614.2 1663.6 1737.9 1779.6 1800.6 1715.7 1692.4 1616.1 1581.2 43

44 Net worth (historical cost) (9) 8350.9 8948.2 9574.8 10082.7 10193.2 10325.6 10431.4 10224.8 10203.7 10283.3 10425.4 44

 Memo:

 Historical-cost value of structures:

45 Residential 59.2 64.0 68.7 73.1 74.1 75.0 75.9 76.6 77.2 77.8 78.4 45

46 Nonresidential 2758.5 2900.3 3106.1 3372.7 3446.7 3524.6 3603.9 3682.9 3746.8 3804.4 3856.4 46

47 Debt/net worth (percent) (10) 61.9 61.5 62.3 67.0 67.4 67.9 67.8 69.4 70.3 70.1 69.1 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, December 10, 2009

B.103 Balance Sheet of Nonfarm Noncorporate Business

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

2004 2005 2006 2007 2008 2009

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Assets 8954.2 10923.1 11867.5 12275.5 12118.2 11866.0 11710.4 11131.5 10582.5 10334.6 10094.1 1

 2 Tangible assets 6848.6 8381.3 8810.4 8742.4 8489.8 8182.5 7970.1 7380.7 6893.4 6720.1 6594.3 2

 3 Real estate (1) 6336.5 7833.8 8224.1 8122.6 7873.4 7562.1 7341.1 6732.4 6212.3 6002.1 5841.3 3

 4 Residential 4905.6 6026.5 6134.5 5953.1 5760.1 5558.1 5352.2 4867.3 4509.7 4447.6 4345.1 4

 5 Nonresidential 1430.9 1807.3 2089.6 2169.5 2113.2 2004.0 1988.9 1865.1 1702.6 1554.5 1496.2 5

 6 Equipment and software (2) 435.9 465.5 498.7 525.7 520.0 521.0 530.2 556.4 592.3 631.0 666.7 6

 7 Residential (3) 39.5 42.9 46.2 47.8 48.1 48.5 49.4 49.7 50.0 50.0 48.8 7

 8 Nonresidential 396.4 422.6 452.5 477.9 471.9 472.5 480.7 506.7 542.4 581.0 617.9 8

 9 Inventories (2) 76.2 82.0 87.6 94.1 96.5 99.5 98.8 91.9 88.8 87.0 86.3 9

10 Financial assets 2105.6 2541.8 3057.2 3533.1 3628.4 3683.5 3740.3 3750.8 3689.1 3614.4 3499.8 10

11 Checkable deposits and currency 259.2 323.1 381.6 431.4 441.1 445.3 449.2 450.5 443.0 433.9 419.9 11

12 Time and savings deposits 318.0 351.6 383.0 409.9 423.0 431.9 441.5 442.7 435.6 426.9 413.6 12

13 Money market fund shares 69.2 73.9 80.5 86.6 88.9 90.2 91.6 91.9 90.4 88.5 85.7 13

14 Treasury securities 50.2 56.2 56.3 59.3 60.9 61.9 62.8 63.0 62.0 60.7 58.8 14

15 Municipal securities 4.3 4.4 5.8 5.3 5.4 5.5 5.6 5.6 5.5 5.4 5.2 15

16 Mortgages 30.8 36.2 34.6 42.1 43.2 43.9 44.6 44.7 43.9 43.1 41.7 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 364.3 430.9 470.9 525.6 539.8 548.0 556.5 558.0 548.8 537.7 520.7 18

19 Miscellaneous assets 1009.5 1265.5 1644.4 1972.8 2026.0 2056.8 2088.5 2094.4 2059.9 2018.2 1954.2 19

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

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

22 Other 947.1 1198.4 1575.6 1902.0 1954.5 1984.5 2014.8 2021.4 1987.1 1945.5 1881.7 22

23 Liabilities 3529.0 4064.3 4646.8 5228.4 5349.5 5410.9 5472.7 5483.0 5412.0 5330.7 5196.6 23

24 Credit market instruments 2455.3 2786.9 3195.6 3650.3 3745.3 3794.5 3841.0 3852.5 3803.6 3728.8 3635.6 24

25 Bank loans n.e.c. 468.0 621.9 726.6 857.7 894.7 914.1 944.5 958.2 921.7 870.0 813.3 25

26 Other loans and advances 145.3 149.5 163.9 174.9 195.9 202.3 204.6 208.0 207.0 205.8 201.5 26

27 Mortgages 1842.1 2015.5 2305.1 2617.7 2654.7 2678.2 2691.9 2686.3 2674.8 2653.0 2620.7 27

28 Trade payables 277.4 329.4 349.4 378.7 387.1 391.9 396.8 397.8 392.4 385.9 375.8 28

29 Taxes payable 78.0 86.7 95.7 99.5 100.6 101.3 102.0 102.2 101.4 100.5 99.1 29

30 Miscellaneous liabilities 718.2 861.2 1006.1 1099.9 1116.5 1123.2 1132.9 1130.5 1114.7 1115.5 1086.1 30

31 Net worth (5) 5425.2 6858.9 7220.7 7047.1 6768.6 6455.1 6237.7 5648.5 5170.5 5003.9 4897.5 31

 Memo:

 Replacement-cost value of structures:

32 Residential 2614.5 2854.7 3025.2 3040.4 3024.9 3007.5 2964.1 2882.0 2832.4 2780.5 2751.2 32

33 Nonresidential 1156.4 1278.0 1384.6 1455.2 1469.2 1487.1 1518.7 1560.1 1574.6 1566.3 1562.6 33

34 Debt/net worth (percent) (6) 45.3 40.6 44.3 51.8 55.3 58.8 61.6 68.2 73.6 74.5 74.2 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, December 10, 2009 107

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

Billions of dollars; not seasonally adjusted

2004 2005 2006 2007 2008 2009

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Change in net worth (1) 5779.2 6708.2 4891.6 -13.3 -2908.5 -1594.0 -3192.6 -5432.5 -2903.9 2282.6 2665.6 1

 2 Net investment 656.4 323.6 198.7 701.7 264.5 287.1 243.7 235.2 241.9 -29.5 346.4 2

 3 Net physical investment 705.2 768.8 729.0 589.2 70.4 101.3 109.8 82.2 -1.1 37.0 77.0 3

 4 Capital expenditures 1678.3 1803.1 1821.3 1728.2 358.8 393.0 404.1 378.6 289.6 327.5 368.4 4

 5 - Consumption of fixed capital 973.0 1034.3 1092.3 1139.0 288.5 291.7 294.3 296.3 290.7 290.5 291.4 5

 6 Net financial investment -48.9 -445.2 -530.3 112.5 194.1 185.8 134.0 152.9 243.0 -66.5 269.4 6

 7 Net acquisition of financial assets 1100.3 705.4 719.4 1022.9 298.6 135.2 278.3 -150.2 127.4 -96.0 257.5 7

 8 - Net increase in liabilities 1149.2 1150.6 1249.7 910.4 104.5 -50.7 144.4 -303.1 -115.6 -29.5 -11.9 8

 Holding gains on assets

 9 at market value (2) 5091.4 6385.1 4682.6 -744.8 -3181.7 -1846.2 -3421.4 -5586.6 -3508.7 2298.6 2347.2 9

10 Real estate 2319.4 3096.2 651.6 -2225.9 -1108.8 -1035.3 -994.8 -1344.7 -1496.0 340.5 244.7 10

11 Corporate equities 1004.0 920.2 2086.0 765.1 -696.7 -331.3 -1017.0 -1560.7 -822.3 1102.3 1041.1 11

12 Mutual fund shares 296.7 193.8 342.4 201.4 -304.7 -32.0 -487.8 -557.1 -158.6 288.7 334.8 12

13 Equity in noncorporate business 844.6 1683.7 498.7 3.4 -261.7 -327.4 -240.9 -633.2 -493.7 -186.5 -138.9 13

 Life insurance and

14 pension fund reserves 626.8 491.1 1104.0 511.1 -809.9 -120.2 -680.8 -1490.7 -538.1 753.6 865.4 14

 Holding gains on assets

15 at current cost (2) -36.8 -44.9 -35.0 -51.5 11.4 3.1 -0.5 -24.9 -8.0 15.7 -25.3 15

16 Consumer durable goods -37.1 -45.1 -36.5 -52.2 11.9 2.3 -2.0 -26.1 -7.9 16.2 -24.1 16

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

18 Other volume changes (3) 68.2 44.3 45.4 81.3 -2.7 -37.9 -14.5 -56.2 370.9 -2.1 -2.7 18

 Memo:

19 Net worth outstanding (4) 52920.3 59628.4 64520.1 64506.8 61598.2 60004.2 56811.6 51379.2 48475.3 50757.9 53423.5 19

20 Disposable personal income 8889.4 9277.3 9915.7 10403.1 10610.4 10966.7 10849.3 10799.1 10765.4 10966.2 10999.6 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, December 10, 2009

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

Billions of dollars; not seasonally adjusted

2004 2005 2006 2007 2008 2009

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Change in net worth (1) 1118.8 2116.3 1755.5 786.5 -189.5 -357.5 -30.5 -821.9 -776.5 -561.2 -155.1 1

 2 Net investment 276.8 -73.5 -325.9 -605.7 -78.9 -4.4 -28.8 -30.3 -67.5 50.2 86.3 2

 3 Net physical investment 232.9 288.1 381.0 392.4 113.4 104.8 86.6 22.8 -19.9 -22.6 -9.6 3

 4 Capital expenditures 878.4 986.8 1142.0 1182.8 303.5 298.3 297.1 290.9 232.5 205.7 205.1 4

 5 - Consumption of fixed capital 689.5 737.5 794.7 844.5 218.3 221.5 224.5 227.3 227.1 223.8 221.7 5

 6 - Inventory valuation adjustment -34.3 -30.7 -38.0 -44.0 -27.4 -31.4 -13.0 33.7 21.2 6.4 -3.8 6

 7 - Nonproduced nonfinancial assets -9.7 -8.1 4.4 -10.1 -0.7 3.4 -0.9 7.1 4.2 -2.0 -3.1 7

 8 Net financial investment 166.6 -18.6 -139.2 -208.0 -84.3 -54.6 -29.9 33.9 -16.9 39.5 73.1 8

 9 Net acquisition of financial assets 775.6 942.6 697.3 1069.2 85.5 94.5 63.9 76.7 40.8 109.4 82.9 9

10 - Net increase in liabilities 609.0 961.2 836.5 1277.3 169.8 149.1 93.7 42.8 57.7 69.9 9.8 10

11 Net corporate equity issues -122.7 -343.1 -567.7 -790.1 -108.0 -54.7 -85.5 -87.0 -30.7 33.3 22.8 11

 Holding gains on assets

12 at market value (2) 485.4 1594.0 1170.3 272.5 -258.5 -504.1 -128.0 -602.3 -705.5 -638.3 -257.4 12

13 Real estate 472.3 1584.9 1153.2 261.0 -242.9 -502.2 -108.4 -571.9 -696.8 -652.9 -273.5 13

14 Mutual fund shares 13.1 9.1 17.1 11.4 -15.6 -1.9 -19.5 -30.4 -8.7 14.6 16.1 14

 Holding gains on assets less

15 liabilities at current cost (2) 159.4 132.2 127.0 146.8 20.9 67.5 26.9 -118.6 5.3 19.5 8.4 15

16 Equipment and software 58.6 55.5 84.9 62.2 5.4 30.4 45.1 38.8 12.5 4.9 -9.2 16

17 Inventories (3) 35.6 31.3 8.6 60.6 15.8 37.1 -18.3 -89.1 -7.1 14.6 17.6 17

18 Direct investment abroad 77.2 86.3 15.9 61.9 0.0 0.0 0.0 -59.4 0.0 0.0 0.0 18

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

20 Other volume changes (4) 197.2 463.6 784.1 973.0 127.0 83.5 99.4 -70.7 -8.8 7.4 7.8 20

 Memo:

21 Net worth outstanding (5) 11452.7 13569.0 15324.4 16111.0 15921.4 15563.9 15533.4 14711.5 13934.9 13373.7 13218.7 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 10, 2009 109

R.103 Change in Net Worth of Nonfarm Noncorporate Business

Billions of dollars; not seasonally adjusted

2004 2005 2006 2007 2008 2009

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Change in net worth (1) 737.2 1433.7 361.9 -173.7 -278.4 -313.5 -217.4 -589.2 -478.0 -166.6 -106.4 1

 2 Proprietor’s net investment (2) 62.8 -80.1 -8.2 -46.7 -23.1 14.9 0.7 8.9 -6.7 10.0 18.3 2

 3 Net capital transfers paid -13.9 -38.7 0.0 0.0 0.0 0.0 -8.5 0.0 -0.9 -1.8 -1.7 3

 4 Net investment 76.7 -41.4 -8.2 -46.7 -23.1 14.9 9.3 8.9 -5.9 11.8 20.1 4

 5 Net physical investment 52.2 57.4 58.9 59.5 3.1 21.1 14.3 8.6 -15.1 5.1 0.6 5

 6 Capital expenditures 192.2 208.4 222.3 231.1 46.9 65.3 58.8 53.6 29.9 49.7 44.8 6

 7 - Consumption of fixed capital 139.9 151.0 163.4 171.7 43.8 44.1 44.6 45.0 45.0 44.6 44.2 7

 8 Net acquisition of financial assets 369.0 436.2 515.3 475.9 95.3 55.1 56.8 10.6 -61.7 -74.7 -114.6 8

 - Net increase in liabilities from:

 9 Credit market instruments 245.2 331.6 408.6 454.8 95.0 49.2 46.4 11.6 -49.0 -74.7 -93.2 9

10 Trade payables 22.2 52.0 20.0 29.3 8.3 4.8 5.0 0.9 -5.4 -6.5 -10.0 10

11 Taxes payable 8.4 8.7 9.0 3.8 1.2 0.7 0.7 0.1 -0.8 -0.9 -1.4 11

12 Miscellaneous liabilities 68.9 142.8 144.8 94.3 17.0 6.7 9.7 -2.4 -15.8 0.8 -29.4 12

13 Holding gains on real estate (3) 659.0 1491.2 357.6 -138.8 -253.8 -322.1 -228.8 -616.1 -516.4 -212.6 -165.3 13

14 Residential 547.1 1109.8 80.8 -202.5 -198.2 -205.7 -205.1 -485.5 -356.3 -60.0 -101.1 14

15 Nonresidential 111.9 381.3 276.8 63.7 -55.7 -116.4 -23.6 -130.6 -160.1 -152.6 -64.3 15

16 Holding gains on assets at current cost (3) 7.7 9.0 12.5 11.4 -1.9 -6.4 6.1 18.0 44.2 34.2 38.8 16

17 Residential equipment and software -0.4 1.3 1.2 -0.0 -0.0 -0.0 0.7 0.1 0.2 -0.0 -1.3 17

18 Nonresidential equipment and software 4.4 4.4 8.9 5.9 -4.1 -10.0 5.7 24.4 45.5 33.8 39.0 18

19 Inventories 3.7 3.3 2.5 5.5 2.3 3.6 -0.3 -6.5 -1.5 0.4 1.1 19

20 Other volume changes (4) 7.6 13.6 -0.1 0.5 0.4 -0.0 4.5 -0.0 0.9 1.8 1.7 20

 Memo:

21 Net worth outstanding (5) 5425.2 6858.9 7220.7 7047.1 6768.6 6455.1 6237.7 5648.5 5170.5 5003.9 4897.5 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.