102 Z.1, March 12, 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

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Assets 62909.7 70286.3 75730.7 76913.8 78267.3 78394.0 77018.8 74623.1 73689.1 71137.4 65718.9 1

 2 Tangible assets 23969.3 27391.2 28360.1 28396.3 28325.6 27898.8 27264.8 26573.3 26358.4 25786.3 24904.7 2

 3 Real estate 20205.3 23451.1 24251.8 24246.5 24131.8 23667.1 22993.1 22243.8 21990.5 21382.1 20511.5 3

 4 Households (2,3) 18619.3 21380.7 21887.2 21821.7 21603.6 21131.7 20488.4 19803.5 19660.7 19074.4 18334.8 4

 5 Nonprofit organizations 1586.0 2070.4 2364.6 2424.8 2528.2 2535.4 2504.7 2440.3 2329.7 2307.7 2176.7 5

 Equipment and software owned by

 6 nonprofit organizations (4) 199.3 214.2 230.8 234.9 238.9 242.2 246.2 249.6 254.2 258.0 262.3 6

 7 Consumer durable goods (4) 3564.8 3725.8 3877.4 3914.9 3954.9 3989.5 4025.5 4080.0 4113.8 4146.2 4130.9 7

 8 Financial assets 38940.3 42895.1 47370.7 48517.5 49941.7 50495.2 49754.1 48049.8 47330.6 45351.1 40814.2 8

 9 Deposits 5742.6 6153.8 6779.0 7033.5 7055.8 7131.6 7330.0 7541.3 7392.9 7473.3 7685.4 9

10 Foreign deposits 57.5 59.9 65.2 69.6 75.1 78.6 78.2 72.6 67.0 64.6 59.9 10

11 Checkable deposits and currency 370.3 256.8 236.4 247.6 183.9 87.4 101.3 57.1 42.8 12.1 156.2 11

12 Time and savings deposits 4410.7 4887.8 5363.0 5602.6 5627.1 5716.8 5803.8 5942.7 5872.2 5950.2 5891.4 12

13 Money market fund shares 904.1 949.2 1114.5 1113.6 1169.7 1248.8 1346.7 1468.9 1411.0 1446.4 1577.9 13

14 Credit market instruments 3102.4 3452.1 3625.6 3753.7 3718.0 3912.0 3942.5 3880.3 3845.3 3945.4 3876.4 14

15 Open market paper 136.1 164.2 187.7 191.2 197.9 167.4 149.7 117.5 82.7 39.1 10.4 15

16 Treasury securities 535.4 511.3 440.5 423.0 398.4 363.0 191.2 257.1 274.8 312.0 273.2 16

17 Savings bonds 204.4 205.1 202.4 200.3 198.6 197.1 196.4 195.3 194.9 194.2 194.0 17

18 Other Treasury 331.0 306.2 238.1 222.8 199.8 166.0 -5.2 61.8 79.9 117.9 79.2 18

19 Agency- and GSE-backed securities 405.4 501.1 434.2 486.1 542.3 664.2 739.7 736.2 706.6 870.7 920.4 19

20 Municipal securities 742.4 821.0 873.6 877.6 911.3 907.0 906.8 900.5 918.4 921.4 959.8 20

21 Corporate and foreign bonds 1145.1 1303.7 1563.9 1655.9 1547.9 1694.7 1842.0 1759.3 1747.8 1689.0 1600.9 21

22 Other loans and advances (5) 5.9 8.7 8.3 10.7 13.1 14.6 16.1 16.4 16.7 17.3 17.5 22

23 Mortgages 132.1 142.2 117.4 109.2 107.1 101.1 97.0 93.3 98.1 95.9 94.2 23

24 Corporate equities (2) 7495.9 8004.4 9198.6 9530.0 9856.9 9805.0 9158.2 8406.8 7980.4 7168.8 5502.4 24

25 Mutual fund shares (6) 3417.4 3839.3 4410.1 4594.4 4885.8 4992.2 4873.4 4605.4 4685.1 4111.0 3254.1 25

26 Security credit 578.3 575.3 655.7 690.1 745.3 757.8 866.4 984.5 992.1 998.6 742.7 26

27 Life insurance reserves 1060.4 1082.6 1163.7 1172.7 1191.1 1199.6 1201.5 1187.2 1196.4 1184.7 1156.4 27

28 Pension fund reserves 10632.6 11368.9 12612.6 12758.3 13278.6 13427.1 13247.4 12437.7 12341.5 11672.5 10280.0 28

29 Equity in noncorporate business (7) 6369.3 7827.6 8294.2 8341.0 8536.6 8576.9 8436.3 8283.7 8157.3 8030.0 7537.7 29

30 Miscellaneous assets 541.5 591.1 631.2 643.8 673.5 693.1 698.4 722.8 739.7 766.9 779.1 30

31 Liabilities 11035.7 12188.2 13431.2 13598.6 13905.6 14109.0 14329.0 14427.9 14381.1 14550.9 14242.0 31

32 Credit market instruments 10576.0 11747.1 12916.3 13092.7 13341.0 13577.8 13765.1 13819.0 13841.8 13897.1 13821.0 32

33 Home mortgages (8) 7838.6 8879.3 9843.4 10033.1 10232.9 10370.0 10494.9 10558.5 10558.2 10523.4 10453.7 33

34 Consumer credit 2219.4 2313.9 2418.3 2399.0 2432.2 2502.2 2551.9 2529.8 2555.9 2592.3 2596.2 34

35 Municipal securities (9) 188.6 205.1 226.9 232.0 238.6 242.2 249.5 252.5 261.8 265.9 270.6 35

36 Bank loans n.e.c. 35.5 48.3 96.3 92.0 91.8 103.5 107.7 112.0 94.5 139.6 124.3 36

37 Other loans and advances 119.0 119.0 123.8 124.4 125.6 126.9 127.0 128.0 129.7 130.7 131.9 37

38 Commercial mortgages (9) 174.9 181.5 207.7 212.1 219.9 233.0 234.0 238.3 241.7 245.1 244.3 38

39 Security credit 264.0 232.4 292.1 279.0 334.0 296.5 325.5 365.3 291.5 402.3 164.8 39

40 Trade payables (9) 173.3 186.3 199.9 203.5 207.1 210.8 214.5 218.4 222.2 226.2 230.2 40

 Deferred and unpaid

41 life insurance premiums 22.5 22.4 22.8 23.4 23.4 23.8 23.9 25.2 25.5 25.3 26.0 41

42 Net worth 51873.9 58098.0 62299.6 63315.2 64361.7 64285.0 62689.8 60195.3 59308.0 56586.4 51476.9 42

 Memo:

 Replacement-cost value of structures:

43 Residential 11997.5 13431.2 14387.2 14520.8 14521.5 14568.7 14593.2 14515.6 14400.6 14281.5 13926.3 43

44 Households 11545.1 12942.0 13877.9 14009.5 14012.5 14060.0 14085.3 14011.9 13902.3 13788.7 13447.1 44

45 Farm households 281.0 302.5 312.5 313.6 312.0 311.6 310.9 308.2 304.7 301.1 292.7 45

46 Nonprofit organizations 171.4 186.7 196.8 197.7 197.0 197.0 196.9 195.5 193.6 191.6 186.5 46

47 Nonresidential (nonprofits) 1062.1 1179.0 1284.8 1306.3 1319.5 1332.5 1358.7 1379.3 1403.2 1440.1 1479.1 47

48 Disposable personal income 8680.9 9062.0 9640.7 10013.5 10088.0 10228.8 10351.5 10425.5 10806.0 10699.7 10652.0 48

 Household net worth as percentage of

49 disposable personal income 597.6 641.1 646.2 632.3 638.0 628.5 605.6 577.4 548.8 528.9 483.3 49

 Owners’ equity in household real

50 estate (10) 10780.7 12501.4 12043.8 11788.6 11370.7 10761.7 9993.5 9245.0 9102.6 8551.0 7881.2 50

 Owners’ equity as percentage of

51 household real estate (11) 57.9 58.5 55.0 54.0 52.6 50.9 48.8 46.7 46.3 44.8 43.0 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, March 12, 2009 103

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

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

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

 1 Assets 21697.8 24750.5 27107.9 27675.6 28483.1 28898.0 29112.6 29066.5 28785.1 28747.8 28277.3 1

 2 Tangible assets 10766.2 12841.5 14423.1 14781.0 15288.3 15341.8 15332.0 15170.2 14821.2 14786.7 14228.0 2

 3 Real estate (1) 5934.5 7738.1 9010.3 9298.0 9732.8 9737.7 9634.4 9378.1 8908.8 8843.7 8397.0 3

 4 Equipment and software (2) 3351.4 3501.0 3715.1 3765.5 3813.3 3848.0 3895.6 3931.9 3984.6 4036.5 4082.7 4

 5 Inventories (2) 1480.3 1602.3 1697.7 1717.5 1742.1 1756.1 1802.0 1860.1 1927.8 1906.5 1748.4 5

 6 Financial assets 10931.6 11909.0 12684.8 12894.5 13194.9 13556.2 13780.6 13896.4 13963.9 13961.2 14049.3 6

 7 Foreign deposits 53.7 60.6 49.3 45.0 55.1 55.9 48.7 46.8 46.2 25.4 22.9 7

 8 Checkable deposits and currency 178.4 252.4 133.8 114.1 149.8 167.8 185.4 180.1 159.6 171.3 166.1 8

 9 Time and savings deposits 400.5 450.4 497.0 438.8 438.4 439.2 442.5 464.6 473.4 496.2 466.6 9

10 Money market fund shares 324.3 366.5 433.4 435.0 452.5 521.1 566.5 607.5 624.9 607.9 674.8 10

11 Security RPs 6.4 14.6 15.5 14.0 8.8 7.8 8.4 5.5 6.4 3.2 7.2 11

12 Commercial paper 95.0 111.0 122.7 109.9 116.4 67.2 58.7 7.5 7.7 5.1 4.7 12

13 Treasury securities 33.1 50.7 44.3 51.7 43.7 51.5 49.2 36.7 39.7 37.2 41.5 13

14 Agency- and GSE-backed securities 12.2 18.8 16.4 19.1 16.2 19.0 18.2 13.6 14.7 13.7 15.3 14

15 Municipal securities 31.8 32.1 28.1 38.8 30.3 31.8 30.3 8.5 6.5 7.5 11.1 15

16 Mortgages 66.6 68.3 59.8 57.7 55.6 53.5 51.4 49.3 47.2 45.1 42.9 16

17 Consumer credit 58.6 58.8 56.8 53.0 53.5 53.8 55.2 51.2 51.3 51.9 55.6 17

18 Trade receivables 1831.3 2109.0 2090.8 2182.9 2277.7 2323.8 2293.1 2385.9 2536.2 2456.9 2385.1 18

19 Mutual fund shares (1) 140.5 156.3 204.0 209.7 222.0 228.1 224.8 211.1 211.6 192.9 159.6 19

20 Miscellaneous assets 7699.1 8159.7 8933.0 9124.6 9274.9 9535.7 9748.1 9828.0 9738.5 9846.8 9995.8 20

21 Liabilities 10349.3 11145.3 11781.9 11944.4 12120.6 12394.4 12553.3 12691.3 12794.7 12785.9 12887.5 21

22 Credit market instruments 5178.4 5510.9 5977.1 6150.8 6393.4 6573.2 6784.9 6886.1 7017.8 7054.5 7103.7 22

23 Commercial paper 97.8 90.1 112.5 126.2 154.3 131.4 123.8 140.0 139.9 146.5 131.6 23

24 Municipal securities (3) 169.4 176.7 181.7 182.3 185.3 186.6 189.5 189.7 191.1 191.2 192.6 24

25 Corporate bonds (4) 2975.5 3032.2 3247.8 3319.3 3414.7 3469.7 3558.9 3604.2 3692.9 3716.0 3763.5 25

26 Bank loans n.e.c. 547.2 515.2 532.2 544.7 557.2 597.0 630.5 654.4 669.5 691.8 703.6 26

27 Other loans and advances 805.4 911.2 1023.7 1071.6 1139.7 1219.9 1283.9 1284.0 1294.9 1280.7 1271.9 27

28 Mortgages 583.2 785.5 879.2 906.8 942.2 968.4 998.2 1013.9 1029.4 1028.3 1040.5 28

29 Trade payables 1499.9 1699.4 1813.0 1847.7 1882.0 1912.1 1999.2 2053.4 2152.7 2079.9 2105.7 29

30 Taxes payable 88.0 93.1 92.8 105.7 99.7 104.3 94.1 106.7 101.1 105.3 94.7 30

31 Miscellaneous liabilities 3583.0 3842.0 3899.0 3840.2 3745.4 3804.9 3675.1 3645.1 3523.1 3546.1 3583.4 31

32 Net worth (market value) 11348.4 13605.2 15326.0 15731.2 16362.6 16503.6 16559.2 16375.3 15990.4 15961.9 15389.8 32

 Memo:

 Replacement-cost value of structures:

33 Residential 126.9 140.8 151.4 152.6 152.6 153.0 153.3 152.6 151.4 150.2 146.5 33

34 Nonresidential 5001.8 5578.1 6077.5 6165.0 6215.1 6265.6 6379.0 6466.1 6568.4 6732.7 6903.5 34

 Market value of equities outstanding

35 (includes corporate farm equities) 12086.2 12684.1 14327.5 14836.7 15750.8 15857.6 15252.2 13867.3 13891.0 12465.7 9554.1 35

36 Debt/net worth (percent) (5) 45.6 40.5 39.0 39.1 39.1 39.8 41.0 42.1 43.9 44.2 46.2 36

37 Debt/equities (percent) (6) 42.8 43.4 41.7 41.5 40.6 41.5 44.5 49.7 50.5 56.6 74.4 37

38 Equities/net worth (percent) (7) 106.5 93.2 93.5 94.3 96.3 96.1 92.1 84.7 86.9 78.1 62.1 38

 With tangible assets stated at historical cost:

39 Assets (8) 18403.7 19763.8 20984.6 21341.5 21765.9 22267.5 22587.5 22879.4 23078.4 23186.6 23351.7 39

40 Tangible assets 7472.1 7854.8 8299.7 8447.0 8571.0 8711.2 8806.9 8983.0 9114.5 9225.5 9302.4 40

41 Real estate 2978.3 3123.0 3320.1 3377.9 3454.8 3517.9 3586.2 3654.5 3725.1 3796.6 3872.5 41

42 Equipment and software 3104.2 3212.4 3365.5 3399.8 3435.3 3469.8 3502.8 3533.3 3559.4 3575.9 3581.1 42

43 Inventories 1389.6 1519.3 1614.2 1669.2 1680.9 1723.6 1717.9 1795.2 1830.0 1853.0 1848.8 43

44 Net worth (historical cost) (9) 8054.4 8618.5 9202.7 9397.1 9645.4 9873.0 10034.2 10188.2 10283.7 10400.7 10464.2 44

 Memo:

 Historical-cost value of structures:

45 Residential 52.6 55.8 59.2 60.0 60.8 61.6 62.3 62.9 63.5 64.0 64.4 45

46 Nonresidential 2735.7 2869.7 3064.2 3118.6 3175.9 3236.5 3299.1 3363.7 3432.6 3504.1 3576.3 46

47 Debt/net worth (percent) (10) 64.3 63.9 64.9 65.5 66.3 66.6 67.6 67.6 68.2 67.8 67.9 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, March 12, 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

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Assets 8541.0 10353.2 11211.9 11315.2 11598.7 11778.2 11752.0 11649.1 11538.0 11441.0 10944.0 1

 2 Tangible assets 6435.4 7811.4 8154.8 8153.4 8322.7 8333.2 8172.2 7981.7 7818.3 7669.3 7168.0 2

 3 Real estate (1) 5931.7 7273.2 7581.5 7572.5 7733.9 7739.1 7569.3 7370.8 7197.1 7041.7 6543.2 3

 4 Residential 4619.6 5594.3 5654.8 5595.2 5673.8 5687.5 5549.8 5415.3 5341.8 5198.2 4791.9 4

 5 Nonresidential 1312.1 1678.9 1926.7 1977.3 2060.2 2051.6 2019.5 1955.6 1855.3 1843.6 1751.3 5

 6 Equipment and software (2) 425.7 453.9 483.9 490.5 497.0 501.7 508.0 513.0 519.7 527.2 532.8 6

 7 Residential (3) 41.8 45.2 48.4 48.9 49.6 49.8 49.9 50.1 50.3 51.0 51.2 7

 8 Nonresidential 383.9 408.7 435.6 441.6 447.4 451.9 458.1 462.9 469.5 476.2 481.6 8

 9 Inventories (2) 77.9 84.3 89.4 90.4 91.7 92.4 94.8 97.9 101.5 100.3 92.0 9

10 Financial assets 2105.6 2541.8 3057.2 3161.8 3276.1 3445.1 3579.8 3667.4 3719.7 3771.7 3775.9 10

11 Checkable deposits and currency 259.2 323.1 381.6 389.7 399.6 419.6 436.4 445.4 449.4 452.9 453.4 11

12 Time and savings deposits 318.0 351.6 383.0 396.1 411.0 436.2 453.0 466.0 475.1 484.6 485.1 12

13 Money market fund shares 69.2 73.9 80.5 83.3 86.4 94.2 97.7 100.0 101.4 102.8 102.9 13

14 Treasury securities 50.2 56.2 56.3 58.3 60.5 63.4 65.9 67.5 68.5 69.4 69.5 14

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

16 Mortgages 30.8 36.2 34.6 35.8 37.2 39.0 40.5 41.5 42.1 42.7 42.7 16

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

18 Trade receivables 364.3 430.9 470.9 487.0 505.4 530.1 550.9 564.3 572.4 580.4 581.1 18

19 Miscellaneous assets 1009.5 1265.5 1644.4 1705.6 1769.8 1856.1 1928.6 1975.7 2003.9 2031.8 2034.1 19

20 Insurance receivables 60.5 65.3 66.9 67.6 68.2 68.9 68.6 69.3 70.0 71.4 71.8 20

21 Equity investment in GSEs (4) 2.0 1.8 1.9 2.0 2.1 2.1 2.2 2.2 2.3 2.4 2.5 21

22 Other 947.1 1198.4 1575.6 1636.1 1699.5 1785.1 1857.8 1904.2 1931.6 1958.0 1959.7 22

23 Liabilities 3516.8 4051.8 4634.6 4733.5 4855.1 5032.6 5190.1 5293.9 5352.5 5406.1 5409.2 23

24 Credit market instruments 2443.8 2775.4 3184.1 3257.0 3349.4 3479.9 3594.9 3673.7 3720.7 3760.1 3766.8 24

25 Bank loans n.e.c. 468.9 623.4 728.5 745.6 762.7 817.3 863.1 900.5 921.2 951.8 967.9 25

26 Other loans and advances 132.8 136.5 150.5 153.6 157.4 156.6 161.5 168.8 172.9 169.8 173.1 26

27 Mortgages 1842.1 2015.5 2305.1 2357.8 2429.3 2506.0 2570.3 2604.5 2626.5 2638.5 2625.8 27

28 Trade payables 277.4 329.4 349.4 358.7 369.3 383.6 395.5 403.3 407.9 412.6 412.9 28

29 Taxes payable 78.0 86.7 95.7 97.2 98.9 101.3 103.2 104.5 105.2 106.0 106.0 29

30 Miscellaneous liabilities 717.6 860.3 1005.4 1020.6 1037.4 1067.9 1096.5 1112.3 1118.7 1127.5 1123.4 30

31 Net worth (5) 5024.1 6301.4 6577.4 6581.6 6743.7 6745.7 6561.9 6355.2 6185.5 6034.9 5534.7 31

 Memo:

 Replacement-cost value of structures:

32 Residential 2678.0 2925.7 3102.4 3124.1 3117.7 3122.0 3122.5 3100.9 3070.8 3042.2 2959.3 32

33 Nonresidential 1097.7 1201.3 1292.3 1308.2 1316.1 1324.0 1345.2 1360.7 1379.0 1410.3 1442.7 33

34 Debt/net worth (percent) (6) 48.6 44.0 48.4 49.5 49.7 51.6 54.8 57.8 60.2 62.3 68.1 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, March 12, 2009 105

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

Billions of dollars; not seasonally adjusted

2004 2005 2006 2007 2008

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Change in net worth (1) 5501.2 6224.1 4201.6 1015.7 1046.5 -76.7 -1595.2 -2494.6 -887.3 -2721.6 -5109.6 1

 2 Net investment 573.2 188.5 118.1 205.5 -205.4 259.6 215.7 322.3 236.7 106.4 234.6 2

 3 Net physical investment 641.1 666.0 676.5 112.6 151.9 172.2 138.8 73.9 107.3 109.2 89.4 3

 4 Capital expenditures 1581.7 1702.9 1717.2 378.5 420.6 443.9 413.5 343.6 379.8 390.5 364.5 4

 5 - Consumption of fixed capital 940.6 1036.8 1040.7 266.0 268.6 271.7 274.7 269.8 272.5 281.2 275.1 5

 6 Net financial investment -67.9 -477.5 -558.4 92.9 -357.3 87.4 76.9 248.4 129.5 -2.9 145.2 6

 7 Net acquisition of financial assets 1092.7 676.1 684.6 260.3 -50.3 290.8 296.9 347.3 82.7 162.0 -163.7 7

 8 - Net increase in liabilities 1160.6 1153.6 1242.9 167.4 307.0 203.4 220.1 98.8 -46.8 164.9 -308.9 8

 Holding gains on assets

 9 at market value (2) 4867.1 5985.2 4078.9 701.2 1284.2 -316.7 -1668.1 -2816.2 -1076.3 -2822.7 -5310.3 9

10 Real estate 2196.9 2812.5 332.0 -58.1 -190.3 -579.5 -754.5 -764.7 -309.5 -681.2 -937.1 10

11 Corporate equities 966.4 923.4 1860.2 525.2 617.1 22.7 -399.5 -794.6 -477.1 -820.4 -1676.1 11

12 Mutual fund shares 296.7 193.8 348.4 65.2 191.5 79.0 -131.2 -306.3 -30.5 -496.2 -730.4 12

13 Equity in noncorporate business 771.2 1551.3 476.4 39.4 186.7 42.3 -130.9 -140.8 -141.2 -140.8 -509.7 13

 Life insurance and

14 pension fund reserves 635.9 504.2 1062.0 129.5 479.2 118.7 -252.0 -809.8 -118.1 -684.2 -1457.1 14

 Holding gains on assets

15 at current cost (2) -22.2 -39.7 -43.3 -13.1 -11.0 -15.4 -10.7 5.0 -9.1 1.7 -28.1 15

16 Consumer durable goods -22.1 -40.0 -44.8 -13.7 -11.4 -15.0 -11.2 5.0 -10.4 -0.2 -30.4 16

17 Equipment and software -0.1 0.2 1.5 0.5 0.3 -0.4 0.5 0.0 1.3 1.9 2.3 17

18 Other volume changes (3) 83.1 90.1 47.8 122.1 -21.3 -4.2 -132.1 -5.6 -38.7 -6.9 -5.9 18

 Memo:

19 Net worth outstanding (4) 51873.9 58098.0 62299.6 63315.2 64361.7 64285.0 62689.8 60195.3 59308.0 56586.4 51476.9 19

20 Disposable personal income 8680.9 9062.0 9640.7 10013.5 10088.0 10228.8 10351.5 10425.5 10806.0 10699.7 10652.0 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 42.
106 Z.1, March 12, 2009

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

Billions of dollars; not seasonally adjusted

2004 2005 2006 2007 2008

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Change in net worth (1) 1141.7 2256.7 1720.8 405.2 631.4 141.0 55.6 -184.0 -384.9 -28.4 -572.1 1

 2 Net investment 246.4 -134.2 -401.1 -84.6 -80.2 -103.3 -153.3 -59.1 -45.9 -42.0 -46.6 2

 3 Net physical investment 196.8 230.0 325.0 65.9 74.2 74.7 76.8 83.5 81.4 63.6 23.4 3

 4 Capital expenditures 825.7 922.0 1059.4 252.3 261.0 271.0 263.0 266.7 280.1 266.4 255.7 4

 5 - Consumption of fixed capital 682.6 738.9 770.0 199.8 202.7 205.6 208.8 211.7 215.7 225.9 223.2 5

 6 - Inventory valuation adjustment -43.1 -37.8 -39.5 -11.1 -13.7 -6.1 -20.3 -27.8 -37.5 -22.1 11.4 6

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

 8 Net financial investment 174.1 -3.4 -123.4 -8.8 45.4 38.2 43.3 -23.8 -61.9 -7.2 42.4 8

 9 Net acquisition of financial assets 783.1 957.8 713.1 204.7 269.4 353.9 245.8 171.3 77.5 44.4 193.4 9

10 - Net increase in liabilities 609.0 961.2 836.5 213.5 224.0 315.7 202.5 195.1 139.4 51.7 150.9 10

11 Net corporate equity issues -124.4 -360.7 -602.7 -141.7 -199.8 -216.2 -273.5 -118.8 -65.5 -98.3 -112.5 11

 Holding gains on assets

12 at market value (2) 531.1 1754.8 1193.7 259.3 394.2 -28.0 -150.7 -313.7 -514.3 -128.7 -529.6 12

13 Real estate 518.0 1745.7 1176.6 256.0 384.3 -31.7 -145.1 -297.6 -512.4 -107.7 -494.0 13

14 Mutual fund shares 13.1 9.1 17.1 3.3 10.0 3.8 -5.6 -16.0 -1.9 -21.0 -35.7 14

 Holding gains on assets less

15 liabilities at current cost (2) 153.2 190.8 98.9 7.3 30.4 9.4 42.7 49.7 81.3 10.6 -91.0 15

16 Equipment and software 51.6 55.9 80.3 22.0 18.6 6.9 21.9 13.2 34.1 43.2 48.7 16

17 Inventories (3) 43.9 43.3 5.3 12.0 11.8 2.4 31.9 36.5 47.2 -32.6 -139.7 17

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

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

20 Other volume changes (4) 211.1 445.3 829.3 223.1 286.9 262.9 316.9 139.1 94.0 131.6 95.1 20

 Memo:

21 Net worth outstanding (5) 11348.4 13605.2 15326.0 15731.2 16362.6 16503.6 16559.2 16375.3 15990.4 15961.9 15389.8 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, March 12, 2009 107

R.103 Change in Net Worth of Nonfarm Noncorporate Business

Billions of dollars; not seasonally adjusted

2004 2005 2006 2007 2008

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Change in net worth (1) 617.7 1277.3 276.0 4.2 162.1 2.0 -183.8 -206.7 -169.7 -150.6 -500.2 1

 2 Net investment (2) 45.4 -83.5 -10.8 6.4 10.0 -1.6 -15.7 -17.6 13.4 8.3 13.1 2

 3 Net physical investment 20.9 15.2 56.2 0.8 17.2 6.9 7.0 -1.4 19.7 9.9 12.0 3

 4 Capital expenditures 197.5 226.9 252.2 51.6 69.2 59.3 59.7 51.3 73.2 66.8 65.6 4

 5 - Consumption of fixed capital 176.7 211.6 196.0 50.8 52.0 52.4 52.7 52.8 53.5 56.9 53.5 5

 6 Net acquisition of financial assets 369.0 436.2 515.3 104.6 114.3 169.0 134.7 87.6 52.4 52.0 4.2 6

 - Net increase in liabilities from:

 7 Credit market instruments 245.2 331.6 408.7 72.9 92.5 130.4 115.0 78.9 46.9 39.4 6.8 7

 8 Trade payables 22.2 52.0 20.0 9.3 10.6 14.2 12.0 7.8 4.6 4.6 0.4 8

 9 Taxes payable 8.4 8.7 9.0 1.5 1.7 2.3 2.0 1.3 0.8 0.8 0.1 9

10 Miscellaneous liabilities 68.8 142.7 144.7 15.3 16.7 30.5 28.5 15.8 6.3 8.8 -4.0 10

11 Holding gains on real estate (3) 577.5 1373.4 283.2 -10.6 157.1 4.3 -169.0 -196.5 -180.5 -163.1 -504.1 11

12 Residential 462.4 984.8 22.3 -67.1 72.7 9.9 -139.3 -134.1 -71.3 -141.7 -400.3 12

13 Nonresidential 115.1 388.6 260.9 56.5 84.4 -5.5 -29.7 -62.4 -109.2 -21.4 -103.8 13

14 Holding gains on assets at current cost (3) 0.2 -8.3 9.6 9.7 -4.3 -0.1 2.9 9.9 -0.3 6.5 -6.3 14

15 Residential equipment and software -0.3 1.5 1.2 0.1 0.3 -0.2 -0.2 -0.1 -0.1 0.7 0.0 15

16 Nonresidential equipment and software -4.0 -14.0 6.0 8.3 -5.9 -0.3 0.3 6.6 -4.6 6.4 1.6 16

17 Inventories 4.6 4.3 2.4 1.2 1.3 0.4 2.7 3.4 4.5 -0.6 -8.0 17

18 Other volume changes (4) -5.4 -4.3 -6.0 -1.2 -0.7 -0.7 -2.0 -2.4 -2.3 -2.3 -2.8 18

 Memo:

19 Net worth outstanding (5) 5024.1 6301.4 6577.4 6581.6 6743.7 6745.7 6561.9 6355.2 6185.5 6034.9 5534.7 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.