For use at 12:00 p.m., eastern time 

June 9, 2011 

FEDERAL RESERVE statistical release

Z.1 

 

Flow of Funds Accounts 

of the United States

Flows and Outstandings

First Quarter 2011

Board of Governors of the Federal Reserve System, Washington DC 20551
CFlow of Funds Summary Statistics 

First Quarter 2011 

Debt of the domestic nonfinancial sectors expanded 

at a seasonally adjusted annual rate of 21⁄4 percent in 

the first quarter of 2011, about two percentage points 

less than the pace registered in 2010. 

 

Household debt declined at an annual rate of 2 

percent in the first quarter; it has contracted in each 

quarter since the first quarter of 2008. Home 

mortgage debt fell at an annual rate of 31⁄2 percent in 

the first quarter, 3⁄4 percentage point more than the 

decline posted last year. Consumer credit rose 21⁄2 

percent at an annual rate in the first quarter, the 

second consecutive quarterly increase. 

Nonfinancial business debt rose 4 percent in the first 

quarter, following an increase of nearly 2 percent in 

the fourth quarter of last year. The changes in 

corporate bonds outstanding and in business loans 

more than accounted for the increase in nonfinancial 

business debt; commercial paper outstanding posted a 

small increase, but commercial mortgage debt 

continued to decline, albeit at a more moderate pace 

than during the previous year and a half. 

State and local government debt fell about 3 percent 

at an annual rate in the first quarter, partially 

retracing an 8 percent increase in the fourth quarter. 

Federal government debt increased at an annual rate 

of 73⁄4 percent in the first quarter. 

At the end of the first quarter of 2011, the level of 

domestic nonfinancial debt outstanding was $36.3 

trillion; household debt was $13.3 trillion, 

nonfinancial business debt was just under $11 

trillion, and total government debt was $12 trillion. 

Household net worth—the difference between the 

value of assets and liabilities—was $58.1 trillion at 

the end of the first quarter, about $950 billion more 

than at the end of the previous quarter. 

Growth of Domestic Nonfinancial DebtP

1

P

Percentage changes; quarterly data are seasonally adjusted annual rates 

 Total Households Business State and 

local govts. Federal 

2001 6.3 9.6 5.7 8.8 -0.2 

2002 7.4 10.8 2.8 11.1 7.6 

2003 8.1 11.9 2.2 8.3 10.9 

2004 8.8 11.1 6.2 7.3 9.0 

2005 9.5 11.1 8.6 10.2 7.0 

 

2006 9.0 10.0 10.6 8.3 3.9 

2007 8.6 6.7 13.1 9.5 4.9 

2008 6.0 0.2 5.5 2.3 24.2 

2009 3.0 -1.7 -2.7 4.8 22.7 

2010 4.2 -1.9 0.3 4.4 20.2 

 

2010:Q1 3.7 -3.0 -0.4 5.7 20.5 

 Q2 4.4 -2.2 -1.3 -1.4 24.4 

 Q3 3.9 -2.0 1.1 5.4 16.0 

 Q4 4.6 -0.6 1.9 7.9 14.6 

 

2011:Q1 2.3 -2.0 4.0 -2.9 7.8 

1. Changes shown are on an end-of-period basis. 
Table of Contents 

Title Table Page 

Flow of Funds Accounts, First Quarter 2011 1 

Availability of Data for Latest Quarter 4 

Credit Market Debt Growth by Sector D.1 7 

Credit Market Borrowing by Sector D.2 8 

Credit Market Debt Outstanding by Sector D.3 9 

Flows Levels

Title Table Page Table Page 

Summaries 

Total Credit Market Borrowing and Lending F.1 10 L.1 60 

Credit Market Borrowing by Nonfinancial Sectors F.2 11 L.2 61 

Credit Market Borrowing by Financial Sectors F.3 11 L.3 61 

Credit Market Borrowing, All Sectors, by Instrument F.4 12 L.4 62 

Total Liabilities and Its Relation to Total Financial Assets F.5 12 L.5 62 

Distribution of Gross Domestic Product F.6 13 

Distribution of National Income F.7 14 

Saving and Investment F.8 15 

Net Capital Transfers F.9 16 

Derivation of Measures of Personal Saving F.10 17 L.10 63 

 
Flows Levels

Title Table Page Table Page

Sectors 

Households and Nonprofit Organizations F.100 18 L.100 64 

Nonfinancial Business F.101 19 L.101 65 

Nonfarm Nonfinancial Corporate Business F.102 20 L.102 66 

Nonfarm Noncorporate Business F.103 21 L.103 67 

Farm Business F.104 21 L.104 67 

State and Local Governments F.105 22 L.105 68 

Federal Government F.106 23 L.106 68 

Rest of the World F.107 24 L.107 69 

Monetary Authority F.108 25 L.108 70 

Commercial Banking F.109 26 L.109 71 

U.S.-Chartered Commercial Banks F.110 27 L.110 72 

Foreign Banking Offices in U.S. F.111 28 L.111 73 

Bank Holding Companies F.112 29 L.112 74 

Banks in U.S.-Affiliated Areas F.113 29 L.113 74 

Savings Institutions F.114 30 L.114 75 

Credit Unions F.115 31 L.115 76 

Property-Casualty Insurance Companies F.116 31 L.116 76 

Life Insurance Companies F.117 32 L.117 77 

Private Pension Funds F.118 32 L.118 77 

State and Local Government Employee Retirement Funds F.119 33 L.119 78 

Federal Government Retirement Funds F.120 33 L.120 78 

Money Market Mutual Funds F.121 34 L.121 79 

Mutual Funds F.122 34 L.122 79 
Flows Levels

Title Table Page Table Page

Closed-End and Exchange-Traded Funds F.123 34 L.123 79 

Government-Sponsored Enterprises F.124 35 L.124 80 

Agency- and GSE-Backed Mortgage Pools F.125 35 L.125 80 

Issuers of Asset-Backed Securities F.126 36 L.126 81 

Finance Companies F.127 36 L.127 81 

Real Estate Investment Trusts F.128 37 L.128 82 

Security Brokers and Dealers F.129 38 L.129 83 

Funding Corporations F.130 38 L.130 83 

 

Instruments 

U.S. Official Reserve Assets F.200 39 L.200 84 

Special Drawing Rights (SDRs) Certificates and Treasury Currency F.201 39 L.201 84 

U.S. Deposits in Foreign Countries F.202 39 L.202 84 

Net Interbank Transactions F.203 40 L.203 85 

Checkable Deposits and Currency F.204 41 L.204 86 

Time and Savings Deposits F.205 42 L.205 87 

Money Market Mutual Fund Shares F.206 42 L.206 87 

Federal Funds and Security Repurchase Agreements F.207 43 L.207 88 

Open Market Paper F.208 43 L.208 88 

Treasury Securities F.209 44 L.209 89 
 Flows Levels

Title Table Page Table Page

Agency- and GSE-Backed Securities F.210 45 L.210 90 

Municipal Securities and Loans F.211 46 L.211 91 

Corporate and Foreign Bonds F.212 46 L.212 91 

Corporate Equities F.213 47 L.213 92 

Mutual Fund Shares F.214 47 L.214 92 

Bank Loans Not Elsewhere Classified F.215 48 L.215 93 

Other Loans and Advances F.216 49 L.216 94 

Total Mortgages F.217 50 L.217 95 

Home Mortgages F.218 51 L.218 96 

Multifamily Residential Mortgages F.219 51 L.219 96 

Commercial Mortgages F.220 52 L.220 97 

Farm Mortgages F.221 52 L.221 97 

Consumer Credit F.222 53 L.222 98 

Trade Credit F.223 53 L.223 98 

Security Credit F.224 53 L.224 98 

Life Insurance and Pension Fund Reserves F.225 54 L.225 99 

Taxes Payable by Businesses F.226 54 L.226 99 

Proprietors' Equity in Noncorporate Business F.227 54 L.227 99 

Total Miscellaneous Financial Claims F.228 55 L.228 100 

 Identified Miscellaneous Financial Claims - Part I F.229 56 L.229 101 

Identified Miscellaneous Financial Claims - Part II F.230 57 L.230 102 

Unidentified Miscellaneous Financial Claims F.231 58 L.231 103 

Sector Discrepancies F.11 59 

Instrument Discrepancies F.12 59 
Balance Reconciliation

Sheet

Title Table Page Table Page 

Balance Sheet and Reconciliation Tables

Households and Nonprofit Organizations B.100 104 R.100 107 

Nonfinancial Corporate Business B.102 105 R.102 108 

Nonfarm Noncorporate Business B.103 106 R.103 109 

Flows Levels

Title Table Page Table Page

Supplementary Tables 

Nonprofit Organizations F.100.a 110 L.100.a 111 

Consolidated Statement for Federal, State, and Local Governments F.106.c 112 L.106.c 113 

Private Pension Funds: Defined Benefit Plans F.118.b 114 L.118.b 115 

Private Pension Funds: Defined Contribution Plans F.118.c 114 L.118.c 115 

Individual Retirement Accounts (IRAs) F.225.i 114 L.225.i 115 

Flow of Funds Matrix for 2010 116 117 

Balance Sheet of Households and Nonprofit Organizations 

 with Equity Detail B.100.e 118 
Flow of Funds Accounts, First Quarter 2011 

This publication presents the Flow of Funds 

Accounts for 2011:Q1. 

Data revisions and other changes. The statistics in 

the attached tables reflect the use of new or revised 

source data. Most significant revisions appear in 

recent quarters; however, new source information 

resulted in changes to data for earlier periods. 

1. A new interactive, web-based guide to the 

Flow of Funds Accounts was released on March 28, 

2011. The tools and descriptions within this guide 

are designed to help users explore the structure and 

content of the Z.1 and the Integrated Macroeconomic 

Accounts. Importantly, it allows users to search for 

series, browse tables of data, and identify links 

among series within these accounts. It also provides 

descriptions of each of the published tables and 

information on the source data underlying each 

series. Although this guide is separate from the 

release of the quarterly Z.1 data, it will also be 

updated quarterly and will be consistent with the 

most recently published data. The hardcopy Guide to 

the Flow of Funds Accounts published in 2000 is no 

longer available for purchase. This new guide is 

located at: 

http://www.federalreserve.gov/apps/fof/

2. Assets of the nonfarm nonfinancial corporate 

business sector (tables F.102, L.102, B.102, and 

R.102) have been revised from 2009:Q1 forward, to 

reflect advance data from the Internal Revenue 

Service (IRS) Statistics of Income (SOI) for 2009. 

3. The U.S.-chartered commercial banks sector 

(tables F.110 and L.110) and the savings institutions 

sector (tables F.114 and L.114) have been modified 

to show additional detail for agency- and GSEbacked securities and corporate and foreign bonds 

beginning in 2009q2. Residential and commercial 

mortgage pass-through securities and CMOs and 

other structured MBS are now shown separately. 

4. Beginning in 2010, in response to new 

accounting rules (FAS 166 and 167), Freddie Mac 

and Fannie Mae moved most of the securitized 

mortgages they had held in special purpose vehicles 

onto their consolidated balance sheets. In response to 

this shift, the government-sponsored enterprises’ 

(GSE) sector table (F.124 and L.124) has been 

modified to show detail for home and multifamily 

mortgages held in consolidated trusts and other 

mortgages. 

5. In the nonfarm nonfinancial corporate business 

sector (tables F.102 and L.102) syndicated loans from 

domestic entities outside the banking and finance 

company sectors have been revised from 2010:Q1 

forward due to newly available 2010 benchmark 

statistics from the Shared National Credit Program 

(SNC). These loans are included in the liability 

category other loans and advances. Revised holdings 

of the lenders are shown on the other loans and 

advances tables (F.216 and L.216). 

 

6. The market value of nonresidential and the 

apartment component of residential real estate owned 

by the households and nonprofit organizations, the 

nonfinancial corporate business, and the nonfarm 

nonfinancial noncorporate business sectors (tables 

B.100, B.102, and B.103) have been revised from 

2004:Q4 forward due to revisions in the real estate 

price indices from the National Council of Real 

Estate Investment Fiduciaries (NCREIF). 

Explanatory notes for tables D.1, D.2, and D.3. 

Domestic debt comprises credit market funds 

borrowed by U.S. entities from both domestic and 

foreign sources, while foreign debt represents 

amounts borrowed by foreign financial and 

nonfinancial entities in U.S. markets only. Financial 

sectors consist of government-sponsored enterprises, 

agency- and GSE-backed mortgage pools, the 

monetary authority, and private financial institutions. 

Credit market debt consists of debt securities, 

mortgages, bank loans, commercial paper, consumer 

credit, U.S. government loans, and other loans and 

advances; it excludes trade debt, loans for the 

purpose of carrying securities, and funds raised from 

equity sources. This definition is consistent with the 

presentation of credit market borrowing and lending 

on tables F.1 through F.4. Net lending (+) or net 

borrowing (-) on the individual sector tables and the 

matrix is defined as net acquisition of financial assets 

less net increase in liabilities. 

Growth rates in table D.1 are calculated by dividing 

seasonally adjusted flows from table D.2 by 

seasonally adjusted levels at the end of the previous 

period from table D.3. Seasonally adjusted levels in 

flow of funds statistics are derived by carrying 

forward year-end levels by seasonally adjusted flows. 

Growth rates calculated from changes in unadjusted 

1 
levels printed in table L.2 can differ from those in 

table D.1. 

Relation of Flows to Outstandings. Estimates of 

financial assets and liabilities outstanding are linked 

to data on flows. However, figures on outstandings 

contain discontinuities or breaks in series that could 

affect analysis of particular relationships over time. 

Specifically, outstandings in the Flow of Funds 

Accounts are related to flows in the following way: 

Outstanding B

tB = Outstanding Bt-1B+ Flow BtB+ DiscontinuityBtB

where “t” is the time period. 

Discontinuities result from changes in valuation, 

breaks in source data, and changes in definitions. For 

most series, the value of the discontinuity is zero for 

nearly all time periods. However, in a few instances, 

the discontinuity is nonzero for almost all time 

periods, or is quite large in a particular quarter, such 

as a period when there is a sharp increase or decrease 

in equity prices or a major break in source data. 

The discontinuities in a series can distort estimated 

rates of growth in assets and liabilities between 

periods. In order to minimize these distortions, 

percentage changes in assets and liabilities in flow of 

funds releases should be calculated as: 

Percentage change B

tB = (Flow BtB / Outstanding Bt-1B) * 100 

Preliminary Estimates. Figures shown for the most 

recent quarter in these tables are based on 

preliminary and incomplete information. A summary 

list of the principal sources of information available 

when the latest quarter's data were compiled is 

provided in a table following this introduction. The 

distinction between “available” data and “missing” 

data is not between final and preliminary versions of 

data, but rather between those source estimates that 

are fully ready when the latest quarterly publication 

is compiled and those that are not yet completed. 

However, the items that are shown as available are, in 

general, also preliminary in the sense that they are 

subject to revision by source agencies. 

Margins of Uncertainty. Flow of funds statistics are 

subject to uncertainties resulting from measurement 

errors in source data, incompatibilities among data 

from different sources, potential revisions in both 

financial and nonfinancial series, and incomplete data 

in parts of the accounts. The size of these 

uncertainties cannot be quantified in precise 

statistical terms, but allowance for them is explicitly 

made throughout the accounts by the inclusion of 

“discrepancies” for various sectors and instrument 

types. A discrepancy for a sector is the difference 

between its measured sources of funds and its 

measured uses of funds. For an instrument category, 

a discrepancy is the difference between measured 

funds borrowed through the financial instrument and 

measured funds lent through that instrument. The size 

of such discrepancies relative to the main asset or 

liability components is one indication of the quality 

of source data, especially on an annual basis. For 

quarterly data, differences in seasonal adjustment 

procedures for financial and nonfinancial components 

of the accounts sometimes result in discrepancies that 

cancel in annual data. 

Availability of Data. Flow of funds statistics are 

updated about ten weeks following the end of a 

quarter. This publication — the Z.1 release — is 

available from the Board's Publications Services. 

Flow of funds data are also available electronically 

through the Internet at the following location: 

www.federalreserve.gov/releases/Z1

This Internet site also provides coded tables and 

historical annual tables beginning in 1945 that 

correspond to the tables published in this release. 

There are also compressed ASCII files of quarterly 

data for seasonally adjusted flows, unadjusted flows, 

outstandings, balance sheets, debt (tables D.1, D.2, 

and D.3), and supplementary tables. 

In addition, these data, as well as data for the 

quarterly and annual Integrated Macroeconomic 

Accounts for the United States tables, are available as 

customizable download datasets through the Data 

Download Program (DDP) at the following location: 

www.federalreserve.gov/datadownload/Choose.aspx?rel=Z.1 

A new interactive, web-based guide to the Flow of 

Funds Accounts was released on March 28, 2011. 

The tools and descriptions within this guide are 

designed to help users explore the structure and 

content of the Z.1 and the Integrated Macroeconomic 

Accounts. This new guide is available through the 

Z.1 release page. 

Subscription Information. The Federal Reserve 

Board charges for subscriptions to all statistical 

releases. Inquiries for releases should be directed to: 

Publications Services, Stop 127 

Board of Governors 

of the Federal Reserve System 

20th Street and Constitution Avenue, N.W. 

Washington, DC 20551 

(202) 452-3244 

2 
[THIS PAGE INTENTIONALLY LEFT BLANK] 

3 
Availability of Data for Latest Quarter 

UAvailable at time of publicationU Major items missing U U

1. National income and 

product accounts (NIPA) 

Second estimate, seasonally adjusted, 

for 2011:Q1. 

Unadjusted flows since 2006. 

 2. Households and nonprofit 

organizations sector 

 (tables F.100 and L.100) 

Estimates for this sector are largely residuals and are derived from data for 

other sectors. Availability of data depends on schedules for other sectors. 

Data for consumer credit, which are estimated directly, are available through 

2011:Q1. The source for nonprofit organizations data (tables F.100.a and 

L.100.a) is the Internal Revenue Service Statistics of Income. Data for 

nonprofit organizations are available for 1987 through 2000. 

 3. Nonfarm nonfinancial 

corporate business 

 (tables F.102 and L.102) 

Quarterly Financial Report (QFR) of 

the Census Bureau through 2010:Q4; 

Internal Revenue Service Statistics of 

Income (IRS/SOI) data through 2009; 

securities offerings, mortgages, bank 

loans, commercial paper, and other 

loans through 2011:Q1. 

Statistics of Income data since 

2009. QFR data for 2011:Q1. 

 4. Nonfarm noncorporate 

business 

 (tables F.103 and L.103) 

IRS/SOI data through 2008; bank and 

finance company loans and mortgage 

borrowing through 2011:Q1. 

Statistics of Income data since 

2008. 

 5. Farm business 

 (tables F.104 and L.104) 

Mortgages, bank loans, loans from 

government-sponsored enterprises, U.S. 

government loans to farms, and equity 

in government-sponsored enterprises 

through 2010:Q4; preliminary data for 

checkable deposits and currency and 

trade payables through 2009. 

Consumption of fixed capital and 

undistributed profits since 2008. 

6. State and local governments 

 (tables F.105 and L.105) 

Gross offerings and retirements of 

municipal securities, deposits at banks, 

and nonmarketable U.S. government 

security issues through 2011:Q1; total 

financial assets through 2008:Q2 from 

the Census Bureau; breakdown of 

financial assets through 2004:Q2 from 

the comprehensive annual financial 

reports of state and local governments. 

Total financial assets since 

2008:Q2 and selected financial 

asset detail since 2004:Q2. 

7. Federal government 

(tables F.106 and L.106) 

Data from the Monthly Treasury 

Statement of Receipts and Outlays and 

Treasury data for loan programs and the 

Troubled Assets Relief Program 

(TARP) through 2011:Q1. 

None. 

4 
 8. Rest of the world 

 (U.S. international 

transactions) 

 (tables F.107 and L.107) 

Balance of payments data through 

2010:Q4. NIPA estimates; data from 

bank Reports of Condition and from 

Treasury International Capital System 

through 2011:Q1. 

Balance of payments data for 

2011:Q1. 

 9. Monetary authority 

 (tables F.108 and L.108) 

All data through 2011:Q1. None. 

10. Commercial banking 

 (tables F.109 through F.113 

and tables L.109 through 

L.113) 

All data through 2011:Q1 for 

U.S.-chartered commercial banks, 

foreign banking offices in the U.S., bank 

holding companies, and commercial 

banks in U.S.-affiliated areas. 

Data since 2009 for branches of 

domestic commercial banks 

located in U.S.-affiliated areas. 

11. Savings institutions 

 (tables F.114 and L.114) 

All data through 2011:Q1. None. 

12. Credit unions 

 (tables F.115 and L.115) 

All data through 2011:Q1. None. 

13. Property-casualty insurance 

 companies 

 (tables F.116 and L.116) 

All data through 2010:Q4. Preliminary 

data for 2011:Q1. 

Final data for 2011:Q1. 

14. Life insurance companies 

 (tables F.117 and L.117) 

All data through 2010:Q4. Preliminary 

data for 2011:Q1. 

Final data for 2011:Q1. 

 

15. Private pension funds 

 (tables F.118 and L.118) 

Internal Revenue Service/Department of 

Labor/Pension Benefit Guaranty 

Corporation Form 5500 data through 

2007. 

Form 5500 data since 2007. 

16. State and local government 

employee retirement funds 

 (tables F.119 and L.119) 

Detailed data through 2008:Q2 from the 

Census Bureau; sample data through 

2011:Q1 from the Census Bureau. 

Detailed data since 2008:Q2. 

17. Federal government retirement 

funds 

(tables F.120 and L.120) 

Data from the Monthly Treasury 

Statement of Receipts and Outlays, the 

Thrift Savings Plan, and the National 

Railroad Retirement Investment Trust 

through 2011:Q1. 

None. 

18. Money market mutual 

funds 

 (tables F.121 and L.121) 

All data through 2011:Q1. None. 

19. Mutual funds 

 (tables F.122 and L.122) 

All data through 2011:Q1. None. 

20. Closed-end funds 

 (tables F.123 and L.123) 

All data through 2011:Q1. None. 

21. Exchange-traded funds 

 (tables F.123 and L.123) 

All data through 2011:Q1. None. 

22. Government-sponsored 

enterprises 

 (tables F.124 and L.124) 

Data for Fannie Mae, Freddie Mac, 

Farmer Mac, FHLB, FICO, FCS, and 

REFCORP through 2011:Q1. 

None. 

5 
23. Agency- and GSE-backed 

mortgage pools 

 (tables F.125 and L.125) 

Data for Fannie Mae, Freddie Mac, and 

Ginnie Mae through 2011:Q1. 

None.

24. Issuers of asset-backed 

securities (ABSs) 

 (tables F.126 and L.126) 

All data for private mortgage pools, 

consumer credit, business loans, student 

loans, consumer leases, and trade credit 

securitization through 2011:Q1. 

None. 

25. Finance companies 

 (tables F.127 and L.127) 

All data through 2011:Q1. None. 

26. Real estate investment 

trusts (REITs) 

 (tables F.128 and L.128) 

Data from SNL Financial through 

2011:Q1. 

None. 

27. Security brokers and 

dealers 

 (tables F.129 and L.129) 

Data for firms filing FOCUS and FOGS 

reports through 2011:Q1. 

None. 

28. Funding corporations 

 (tables F.130 and L.130) 

Estimates for this sector are largely residuals and are derived from data for 

other sectors. 

6