104 Z.1, September 17, 2010

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

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

2004 2005 2006 2007 2008 2009 2010

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Assets 63817.4 71623.9 77553.3 78608.7 65693.1 62947.0 64647.6 67140.0 67710.1 68967.8 67412.8 1

 2 Tangible assets 24599.9 28317.7 29464.3 27946.0 24261.7 23126.9 23236.8 23421.3 23449.9 23526.4 23675.2 2

 3 Real estate 20522.6 24032.9 24972.1 23271.0 19465.6 18336.9 18429.8 18618.7 18615.3 18680.4 18806.9 3

 4 Households (2,3) 18946.3 22013.6 22676.8 20891.9 17424.3 16448.4 16677.0 16919.0 17006.7 17072.2 17118.3 4

 5 Nonprofit organizations 1576.3 2019.3 2295.3 2379.1 2041.4 1888.5 1752.8 1699.6 1608.7 1608.2 1688.6 5

 Equipment and software owned by

 6 nonprofit organizations (4) 194.2 207.8 224.1 240.4 262.9 265.9 268.6 271.1 274.0 277.1 282.8 6

 7 Consumer durable goods (4) 3883.1 4077.0 4268.1 4434.6 4533.1 4524.0 4538.4 4531.5 4560.6 4568.9 4585.5 7

 8 Financial assets 39217.5 43306.2 48089.0 50662.8 41431.4 39820.2 41410.8 43718.7 44260.2 45441.3 43737.6 8

 9 Deposits 5732.4 6139.9 6753.1 7406.6 7925.6 7902.8 7794.6 7634.2 7742.6 7667.9 7559.1 9

10 Foreign deposits 57.5 59.9 65.2 80.6 56.5 52.8 49.2 47.6 46.2 46.7 51.0 10

11 Checkable deposits and currency 344.1 216.9 173.1 90.3 251.1 234.5 276.4 238.8 256.0 148.9 170.0 11

12 Time and savings deposits 4426.8 4913.9 5400.4 5888.5 6045.4 6072.4 6004.9 6005.2 6139.7 6284.4 6228.7 12

13 Money market fund shares 904.1 949.2 1114.5 1347.2 1572.6 1543.1 1464.1 1342.5 1300.7 1187.9 1109.5 13

14 Credit market instruments 2997.4 3324.6 3471.5 4066.7 3956.4 4386.7 4079.0 4153.0 4054.0 4257.1 4329.6 14

15 Open market paper 83.7 98.4 117.5 107.3 6.0 5.6 15.1 24.9 34.6 44.6 54.2 15

16 Treasury securities 492.6 464.3 394.1 260.4 243.0 454.4 447.4 575.1 727.6 886.7 1063.6 16

17 Savings bonds 204.4 205.1 202.4 196.4 194.0 193.9 193.5 192.4 191.2 190.2 189.6 17

18 Other Treasury 288.2 259.2 191.7 64.0 49.0 260.5 254.0 382.8 536.4 696.5 874.1 18

19 Agency- and GSE-backed securities 399.8 493.4 403.6 670.0 718.6 499.4 193.3 185.6 64.4 63.3 23.6 19

20 Municipal securities 742.4 820.9 872.0 896.0 902.2 932.9 964.3 978.8 1007.8 1034.3 1033.3 20

21 Corporate and foreign bonds 1141.7 1299.5 1553.1 2006.4 1946.2 2358.4 2326.7 2260.5 2093.8 2103.6 2033.1 21

22 Other loans and advances (5) 5.9 8.7 9.1 17.6 29.7 27.4 25.6 24.1 24.5 24.9 25.3 22

23 Mortgages 131.3 139.4 122.1 109.1 110.7 108.7 106.5 103.9 101.3 99.7 96.4 23

24 Corporate equities (2) 7483.9 8093.0 9643.7 9626.1 5776.3 4989.8 6017.8 7098.7 7247.4 7680.0 6767.9 24

25 Mutual fund shares (6) 3427.7 3669.1 4188.1 4596.4 3325.9 3125.0 3557.2 3967.7 4175.1 4351.4 4056.2 25

26 Security credit 578.3 575.3 655.7 866.4 742.7 666.3 657.3 671.7 668.6 680.0 685.7 26

27 Life insurance reserves 1060.4 1082.6 1163.7 1201.5 1179.8 1183.0 1204.5 1227.3 1242.1 1263.7 1266.6 27

28 Pension fund reserves 10635.5 11460.1 12750.6 13390.7 10408.5 9888.0 10661.1 11557.9 11941.6 12304.4 11653.8 28

29 Equity in noncorporate business (7) 6748.1 8352.9 8816.6 8796.1 7349.9 6915.4 6674.3 6636.7 6401.7 6448.9 6615.8 29

30 Miscellaneous assets 553.8 608.7 646.1 712.2 766.4 763.1 765.0 771.6 787.1 787.9 803.0 30

31 Liabilities 11029.3 12184.0 13444.4 14366.8 14266.2 14151.4 14117.9 14107.5 14068.5 13946.6 13912.7 31

32 Credit market instruments 10569.6 11742.9 12929.5 13802.9 13844.1 13758.8 13711.6 13671.4 13602.2 13479.4 13418.9 32

33 Home mortgages (8) 7835.3 8874.3 9865.0 10539.5 10498.3 10500.7 10463.6 10396.5 10335.2 10199.6 10150.4 33

34 Consumer credit 2220.1 2320.6 2416.0 2555.3 2594.1 2517.9 2487.9 2496.7 2478.9 2419.2 2403.7 34

35 Municipal securities (9) 189.1 205.2 224.1 241.2 249.3 251.5 258.0 260.9 264.3 266.2 267.1 35

36 Bank loans n.e.c. 26.7 36.4 86.4 99.7 117.7 104.0 118.3 137.1 147.7 209.1 216.5 36

37 Other loans and advances 119.0 119.0 123.8 127.0 133.2 133.5 134.0 133.0 133.7 134.3 134.7 37

38 Commercial mortgages (9) 179.2 187.4 214.3 240.1 251.6 251.0 249.8 247.3 242.5 251.0 246.5 38

39 Security credit 264.0 232.4 292.1 325.5 164.8 134.3 147.7 173.8 203.0 196.4 217.0 39

40 Trade payables (9) 173.3 186.3 199.9 214.5 230.2 231.8 233.8 237.9 241.2 246.3 251.3 40

 Deferred and unpaid

41 life insurance premiums 22.5 22.4 22.8 23.9 27.0 26.5 24.8 24.5 22.1 24.6 25.6 41

42 Net worth 52788.1 59439.9 64108.9 64242.0 51426.9 48795.6 50529.7 53032.5 53641.6 55021.2 53500.1 42

 Memo:

 Replacement-cost value of structures:

43 Residential 12030.3 13475.1 14440.6 14660.2 14406.2 14291.7 14059.5 13940.4 14091.7 14108.2 13981.8 43

44 Households 11848.9 13275.9 14229.3 14445.1 14191.1 14078.5 13849.8 13732.6 13881.7 13898.0 13773.6 44

45 Nonprofit organizations 181.4 199.3 211.3 215.1 215.0 213.2 209.7 207.8 210.0 210.2 208.2 45

46 Nonresidential (nonprofits) 1059.9 1177.5 1284.3 1353.6 1424.3 1420.5 1390.3 1366.7 1372.5 1388.6 1410.8 46

47 Disposable personal income (SAAR) 8889.4 9277.3 9915.7 10423.6 10952.9 10879.8 11090.9 11047.0 11121.7 11215.6 11335.1 47

 Household net worth as percentage of

48 disposable personal income (SAAR) 593.8 640.7 646.5 616.3 469.5 448.5 455.6 480.1 482.3 490.6 472.0 48

 Owners’ equity in household real

49 estate (10) 11111.0 13139.3 12811.8 10352.4 6926.0 5947.7 6213.4 6522.6 6671.5 6872.6 6968.0 49

 Owners’ equity as percentage of

50 household real estate (11) 58.6 59.7 56.5 49.6 39.7 36.2 37.3 38.6 39.2 40.3 40.7 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, September 17, 2010 105

B.102 Balance Sheet of Nonfarm Nonfinancial Corporate Business

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

2004 2005 2006 2007 2008 2009 2010

 Q1 Q2 Q3 Q4 Q1 Q2

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

 1 Assets 21733.9 24618.4 26974.4 28758.5 27418.8 26655.4 26132.7 26066.1 25926.5 26058.6 26525.6 1

 2 Tangible assets 10822.1 12744.8 14344.7 15040.2 13901.2 13187.1 12534.8 12242.4 11891.2 11839.8 12159.9 2

 3 Real estate (1) 5944.4 7595.6 8859.6 9284.9 8052.7 7415.2 6821.3 6565.2 6201.5 6166.0 6497.2 3

 4 Equipment and software (2) 3429.5 3591.8 3820.7 3960.6 4103.1 4088.8 4071.2 4050.7 4032.9 3996.1 3986.1 4

 5 Inventories (2) 1448.1 1557.5 1664.4 1794.7 1745.3 1683.1 1642.3 1626.5 1656.8 1677.7 1676.5 5

 6 Financial assets 10911.8 11873.5 12629.7 13718.3 13517.6 13468.3 13597.9 13823.7 14035.2 14218.8 14365.6 6

 7 Foreign deposits 53.7 63.6 49.3 50.3 25.2 26.7 42.8 43.2 48.9 56.7 49.3 7

 8 Checkable deposits and currency 194.2 267.8 150.9 141.9 52.1 80.6 131.7 198.7 277.8 369.6 372.9 8

 9 Time and savings deposits 400.5 450.4 497.0 441.3 387.0 401.7 412.8 529.6 536.2 503.5 548.9 9

10 Money market fund shares 308.6 348.2 416.3 544.4 702.6 707.4 692.2 650.3 630.8 563.3 527.7 10

11 Security RPs 6.4 14.6 15.5 8.1 7.5 7.8 8.3 9.5 10.2 11.4 11.7 11

12 Commercial paper 95.0 111.0 122.7 69.5 60.1 37.4 43.6 37.1 44.8 46.0 51.7 12

13 Treasury securities 34.0 52.1 45.5 38.3 30.8 38.9 44.5 44.7 46.3 52.8 48.7 13

14 Agency- and GSE-backed securities 11.3 17.4 15.2 12.8 10.3 6.3 11.5 11.6 12.1 14.3 12.9 14

15 Municipal securities 31.8 32.1 28.1 29.2 26.6 22.3 21.8 23.5 26.1 25.1 22.4 15

16 Mortgages 66.6 68.3 59.8 41.4 34.3 32.5 30.7 29.0 27.2 25.4 23.7 16

17 Consumer credit 59.2 59.6 57.6 58.6 59.8 55.0 53.8 53.0 57.2 53.5 53.0 17

18 Trade receivables 1830.6 2108.2 2090.0 2253.0 2126.6 2103.9 2144.5 2159.5 2089.4 2173.3 2267.8 18

19 Mutual fund shares (1) 130.1 140.0 180.7 191.1 125.8 128.1 152.1 178.0 189.7 204.4 199.1 19

20 Miscellaneous assets 7689.6 8140.4 8901.1 9838.7 9869.0 9819.6 9807.5 9856.1 10038.5 10119.6 10175.8 20

21 Liabilities 10349.3 11145.3 11781.9 12872.6 13429.7 13495.7 13515.3 13552.4 13612.1 13679.7 13834.9 21

22 Credit market instruments 5167.6 5491.3 5956.3 6715.0 7073.1 7108.4 7115.0 7082.5 7080.6 7163.4 7213.8 22

23 Commercial paper 97.8 90.1 112.5 123.8 131.5 106.9 86.2 73.0 59.1 74.6 82.2 23

24 Municipal securities (3) 169.2 176.8 182.2 190.3 192.9 193.3 194.9 196.9 198.3 198.7 199.5 24

25 Corporate bonds (4) 2975.5 3032.2 3247.8 3558.9 3763.5 3908.3 4007.4 4075.0 4145.1 4253.3 4310.5 25

26 Bank loans n.e.c. 542.7 508.7 517.9 609.4 677.5 652.9 618.7 580.6 553.5 551.3 537.1 26

27 Other loans and advances 824.0 932.5 1061.7 1350.2 1405.0 1349.4 1314.8 1278.2 1261.2 1250.7 1271.4 27

28 Mortgages 558.4 751.0 834.2 882.3 902.7 897.5 893.0 878.8 863.3 834.8 813.1 28

29 Trade payables 1499.9 1699.4 1813.0 1898.9 1740.9 1655.2 1642.5 1639.4 1676.1 1710.6 1765.0 29

30 Taxes payable 88.0 86.2 85.4 35.8 39.0 40.2 34.6 41.6 36.3 51.9 46.1 30

31 Miscellaneous liabilities 3593.8 3868.4 3927.2 4222.9 4576.7 4691.8 4723.1 4788.9 4819.1 4753.8 4810.0 31

32 Net worth (market value) 11384.5 13473.1 15192.5 15885.9 13989.1 13159.8 12617.5 12513.7 12314.4 12378.9 12690.7 32

 Memo:

 Replacement-cost value of structures:

33 Residential 136.0 152.3 164.8 170.8 172.7 171.4 168.8 167.4 169.4 169.7 168.3 33

34 Nonresidential 5081.9 5654.1 6150.9 6544.1 7089.7 7069.1 6916.5 6796.6 6822.7 6899.9 7006.9 34

 Market value of equities outstanding

35 (includes corporate farm equities) 12088.6 12686.6 14602.3 15725.8 10037.1 8909.3 10232.6 11757.7 12361.2 12983.2 11453.6 35

36 Debt/net worth (percent) (5) 45.4 40.8 39.2 42.3 50.6 54.0 56.4 56.6 57.5 57.9 56.8 36

37 Debt/equities (percent) (6) 42.7 43.3 40.8 42.7 70.5 79.8 69.5 60.2 57.3 55.2 63.0 37

38 Equities/net worth (percent) (7) 106.2 94.2 96.1 99.0 71.7 67.7 81.1 94.0 100.4 104.9 90.3 38

 With tangible assets stated at historical cost:

39 Assets (8) 18621.7 20001.0 21243.3 22816.4 23004.6 22969.1 23053.7 23282.3 23517.0 23774.8 24110.7 39

40 Tangible assets 7709.9 8127.5 8613.6 9098.1 9487.0 9500.7 9455.8 9458.7 9481.7 9556.0 9745.0 40

41 Real estate 3126.1 3294.1 3520.5 3801.3 4090.2 4144.2 4181.7 4227.2 4267.3 4306.5 4464.3 41

42 Equipment and software 3194.2 3314.1 3478.9 3633.2 3738.7 3731.2 3724.2 3718.2 3715.1 3718.4 3729.5 42

43 Inventories 1389.6 1519.3 1614.2 1663.6 1658.2 1625.3 1549.9 1513.2 1499.4 1531.1 1551.3 43

44 Net worth (historical cost) (9) 8272.3 8855.7 9461.4 9943.8 9574.9 9473.4 9538.4 9729.9 9904.9 10095.1 10275.8 44

 Memo:

 Historical-cost value of structures:

45 Residential 59.2 64.0 68.7 73.1 76.6 77.2 77.7 78.2 78.8 79.3 79.9 45

46 Nonresidential 2721.7 2854.3 3047.0 3290.4 3568.3 3623.7 3671.5 3714.2 3749.7 3782.3 3815.1 46

47 Debt/net worth (percent) (10) 62.5 62.0 63.0 67.5 73.9 75.0 74.6 72.8 71.5 71.0 70.2 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, September 17, 2010

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 2010

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Assets 9029.8 11029.6 11972.3 12424.9 11362.5 10871.0 10550.1 10411.4 10076.6 10030.6 10110.2 1

 2 Tangible assets 6924.2 8487.7 8915.1 8891.8 7598.2 7165.3 6928.8 6890.7 6649.8 6686.4 6849.2 2

 3 Real estate (1) 6382.4 7906.7 8288.3 8231.0 6916.3 6485.7 6250.6 6215.3 5980.7 6025.6 6201.6 3

 4 Residential 4911.3 6036.0 6110.2 5953.9 4947.6 4681.4 4594.1 4621.1 4477.9 4537.5 4635.0 4

 5 Nonresidential 1471.1 1870.8 2178.2 2277.0 1968.7 1804.4 1656.5 1594.2 1502.8 1488.1 1566.5 5

 6 Equipment and software (2) 465.6 499.0 539.2 566.4 590.0 591.0 591.8 589.8 581.9 572.6 559.4 6

 7 Residential (3) 39.5 42.9 46.2 47.4 48.8 48.9 48.7 47.3 46.3 46.0 45.6 7

 8 Nonresidential 426.0 456.1 493.0 518.9 541.2 542.1 543.2 542.5 535.6 526.6 513.9 8

 9 Inventories (2) 76.2 82.0 87.6 94.5 91.9 88.6 86.4 85.6 87.2 88.3 88.2 9

10 Financial assets 2105.6 2541.8 3057.2 3533.1 3764.3 3705.7 3621.3 3520.7 3426.8 3344.1 3261.0 10

11 Checkable deposits and currency 279.2 355.5 428.6 494.3 519.1 510.9 499.1 485.0 471.9 460.3 448.7 11

12 Time and savings deposits 300.6 324.1 344.4 359.3 390.3 384.4 375.8 365.6 356.0 347.6 339.2 12

13 Money market fund shares 66.5 69.0 72.2 74.3 79.2 78.0 76.2 74.1 72.1 70.4 68.6 13

14 Treasury securities 50.2 56.2 56.3 59.3 63.2 62.2 60.8 59.1 57.6 56.2 54.8 14

15 Municipal securities 4.3 4.4 5.8 5.3 5.6 5.5 5.4 5.3 5.1 5.0 4.9 15

16 Mortgages 30.8 36.2 34.6 42.1 44.8 44.1 43.1 41.9 40.8 39.8 38.8 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 364.3 430.9 470.9 525.6 560.0 551.3 538.8 523.8 509.8 497.5 485.2 18

19 Miscellaneous assets 1009.5 1265.5 1644.4 1972.8 2102.0 2069.2 2022.1 1965.9 1913.5 1867.3 1820.9 19

20 Insurance receivables 60.5 65.3 66.9 68.6 70.7 70.5 70.5 70.6 71.0 70.9 71.5 20

21 Equity investment in GSEs (4) 2.0 1.8 1.9 2.2 4.1 4.1 4.3 4.6 4.8 4.8 5.0 21

22 Other 947.1 1198.4 1575.6 1902.0 2027.2 1994.6 1947.3 1890.7 1837.7 1791.7 1744.4 22

23 Liabilities 3529.0 4064.3 4646.8 5228.4 5538.5 5483.7 5399.3 5295.5 5199.2 5123.0 5042.4 23

24 Credit market instruments 2455.3 2786.9 3195.6 3650.3 3863.2 3816.5 3744.7 3654.3 3569.1 3494.9 3431.4 24

25 Bank loans n.e.c. 473.4 629.9 742.8 882.3 985.6 948.1 894.9 836.7 793.6 746.5 722.8 25

26 Other loans and advances 145.3 149.5 163.9 174.9 208.1 207.0 204.7 200.1 199.5 197.3 198.3 26

27 Mortgages 1836.6 2007.5 2288.9 2593.1 2669.4 2661.4 2645.1 2617.5 2576.0 2551.1 2510.3 27

28 Trade payables 277.4 329.4 349.4 378.7 398.9 393.8 386.4 377.7 369.5 362.2 355.0 28

29 Taxes payable 78.0 86.7 95.7 99.5 102.3 101.6 100.6 99.3 98.2 97.1 96.1 29

30 Miscellaneous liabilities 718.2 861.2 1006.1 1099.9 1174.0 1171.7 1167.6 1164.2 1162.5 1168.7 1159.9 30

31 Net worth (5) 5500.8 6965.3 7325.5 7196.4 5824.1 5387.4 5150.8 5115.9 4877.5 4907.6 5067.8 31

 Memo:

 Replacement-cost value of structures:

32 Residential 2614.5 2854.7 3025.2 3072.5 3047.3 3019.3 2967.1 2938.9 2968.2 2969.3 2939.7 32

33 Nonresidential 1184.2 1323.3 1445.1 1530.3 1638.1 1615.1 1570.7 1538.9 1550.4 1577.2 1611.8 33

34 Debt/net worth (percent) (6) 44.6 40.0 43.6 50.7 66.3 70.8 72.7 71.4 73.2 71.2 67.7 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, September 17, 2010 107

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

Billions of dollars; not seasonally adjusted

2004 2005 2006 2007 2008 2009 2010

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Change in net worth (1) 5602.0 6651.8 4669.1 133.0 -12815.1 -2631.3 1734.1 2502.7 609.1 1379.5 -1521.1 1

 2 Net investment 635.9 342.9 211.3 654.9 934.2 114.6 -122.9 155.0 235.2 173.7 169.9 2

 3 Net physical investment 699.2 762.7 723.5 584.0 351.1 -7.9 32.6 73.0 75.8 -6.9 53.8 3

 4 Capital expenditures 1674.7 1799.9 1819.3 1726.3 1526.8 288.7 328.6 369.7 372.8 285.1 345.8 4

 5 - Consumption of fixed capital 975.5 1037.2 1095.7 1142.3 1175.7 296.6 296.0 296.6 297.1 292.0 292.0 5

 6 Net financial investment -63.2 -419.8 -512.2 70.9 583.0 122.5 -155.4 81.9 159.4 180.6 116.1 6

 7 Net acquisition of financial assets 1086.0 736.0 748.1 993.3 477.4 7.8 -189.0 71.6 120.4 75.5 82.2 7

 8 - Net increase in liabilities 1149.3 1155.8 1260.4 922.4 -105.6 -114.7 -33.6 -10.3 -39.1 -105.1 -33.9 8

 Holding gains on assets

 9 at market value (2) 4925.4 6299.7 4436.3 -561.8 -13634.0 -3098.5 1851.5 2374.5 328.8 1053.3 -1668.8 9

10 Real estate 2236.4 3053.1 445.8 -2051.2 -4013.5 -1106.8 71.9 138.2 -56.4 104.9 120.7 10

11 Corporate equities 966.3 981.5 2135.8 835.2 -3738.7 -882.7 969.4 1112.9 230.1 470.9 -940.4 11

12 Mutual fund shares 345.6 67.9 353.5 201.2 -1285.6 -173.1 278.0 296.7 86.6 49.7 -303.6 12

13 Equity in noncorporate business 801.7 1641.9 445.7 10.0 -1412.5 -422.9 -242.8 -38.9 -238.5 60.4 153.3 13

 Life insurance and

14 pension fund reserves 575.4 555.4 1055.4 443.0 -3183.7 -513.1 775.0 865.6 307.0 367.4 -698.8 14

 Holding gains on assets

15 at current cost (2) -36.3 -44.5 -34.4 -52.3 -27.3 -21.2 3.6 -27.3 8.9 -21.9 -14.3 15

16 Consumer durable goods -37.1 -45.1 -36.5 -52.4 -30.0 -21.8 3.3 -26.5 9.9 -20.3 -14.7 16

17 Equipment and software 0.7 0.7 2.1 0.1 2.7 0.6 0.3 -0.9 -1.0 -1.6 0.4 17

18 Other volume changes (3) 76.9 53.6 55.9 92.2 -87.9 373.8 1.9 0.5 36.3 174.4 -7.9 18

 Memo:

19 Net worth outstanding (4) 52788.1 59439.9 64108.9 64242.0 51426.9 48795.6 50529.7 53032.5 53641.6 55021.2 53500.1 19

20 Disposable personal income 8889.4 9277.3 9915.7 10423.6 10952.9 10879.8 11090.9 11047.0 11121.7 11215.6 11335.1 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, September 17, 2010

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

Billions of dollars; not seasonally adjusted

2004 2005 2006 2007 2008 2009 2010

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Change in net worth (1) 1103.8 2088.5 1719.5 693.3 -1896.8 -829.3 -542.3 -103.8 -199.3 64.5 311.8 1

 2 Net investment 255.8 -97.1 -357.3 -619.8 -631.8 -145.6 46.2 95.1 25.1 17.5 3.2 2

 3 Net physical investment 211.0 262.2 346.6 373.7 272.1 -38.2 -38.9 -19.8 16.9 28.9 32.9 3

 4 Capital expenditures 861.6 965.8 1112.8 1156.5 1112.7 212.6 187.9 192.3 211.1 234.2 249.6 4

 5 - Consumption of fixed capital 687.5 735.0 791.7 831.8 868.0 220.5 217.1 214.8 214.7 213.9 215.1 5

 6 - Inventory valuation adjustment -34.3 -30.7 -38.0 -47.2 -44.1 24.1 9.6 -1.7 -20.1 -8.1 1.9 6

 7 - Nonproduced nonfinancial assets -2.7 -0.6 12.5 -1.7 16.7 6.2 0.1 -1.0 -0.4 -0.5 -0.4 7

 8 Net financial investment 167.5 -17.5 -138.2 -206.6 -567.9 -74.1 53.5 98.5 87.6 38.8 15.9 8

 9 Net acquisition of financial assets 776.6 943.7 698.3 1070.6 19.2 -10.5 78.6 167.3 187.0 158.2 203.9 9

10 - Net increase in liabilities 609.0 961.2 836.5 1277.3 587.1 63.6 25.2 68.8 99.4 119.4 188.0 10

11 Net corporate equity issues -122.7 -341.8 -565.7 -786.8 -336.0 -33.3 31.6 16.4 -79.5 -50.2 -45.7 11

 Holding gains on assets

12 at market value (2) 481.9 1580.1 1154.7 255.3 -1466.9 -672.3 -591.8 -261.4 -378.0 -44.7 182.8 12

13 Real estate 469.5 1571.6 1138.9 245.2 -1407.7 -664.6 -605.9 -277.3 -379.7 -49.4 198.1 13

14 Mutual fund shares 12.4 8.4 15.8 10.1 -59.2 -7.7 14.1 15.9 1.7 4.7 -15.2 14

 Holding gains on assets less

15 liabilities at current cost (2) 168.2 142.3 138.5 203.0 -80.1 -4.8 7.6 6.6 41.0 -32.8 -30.9 15

16 Equipment and software 67.4 65.6 96.4 8.1 62.6 -1.1 -5.4 -9.8 -10.5 -35.9 -16.8 16

17 Inventories (3) 35.6 31.3 8.6 54.7 -52.8 -3.9 13.0 16.3 22.4 3.1 -14.1 17

18 Direct investment abroad 77.2 86.3 15.9 145.0 -162.7 0.0 0.0 0.0 5.5 0.0 0.0 18

19 - Foreign direct investment in U.S. 12.1 41.0 -17.7 4.8 -72.8 -0.2 -0.0 -0.0 -23.5 0.0 -0.0 19

20 Other volume changes (4) 197.8 463.3 783.5 854.9 281.9 -6.6 -4.4 55.9 112.7 124.5 156.8 20

 Memo:

21 Net worth outstanding (5) 11384.5 13473.1 15192.5 15885.9 13989.1 13159.8 12617.5 12513.7 12314.4 12378.9 12690.7 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, September 17, 2010 109

R.103 Change in Net Worth of Nonfarm Noncorporate Business

Billions of dollars; not seasonally adjusted

2004 2005 2006 2007 2008 2009 2010

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Change in net worth (1) 746.1 1464.5 360.2 -129.0 -1372.4 -436.7 -236.6 -34.9 -238.4 30.1 160.3 1

 2 Proprietor’s net investment (2) 91.7 -30.9 22.3 -31.6 -29.4 -18.1 5.2 3.7 3.0 -18.4 8.8 2

 3 Net capital transfers paid -5.0 -13.1 0.0 0.0 -3.3 -0.9 -1.8 -1.7 -1.5 -1.1 -4.0 3

 4 Net investment 96.7 -17.8 22.3 -31.6 -26.1 -17.2 7.0 5.4 4.5 -17.3 12.8 4

 5 Net physical investment 72.3 81.0 89.5 74.5 53.0 -13.6 7.1 2.2 2.3 -11.9 15.3 5

 6 Capital expenditures 210.9 230.7 251.4 260.5 246.0 35.0 55.2 49.9 50.0 35.6 62.8 6

 7 - Consumption of fixed capital 138.6 149.7 162.0 186.0 193.0 48.6 48.1 47.7 47.7 47.5 47.5 7

 8 Net acquisition of financial assets 369.0 436.2 515.3 475.9 231.3 -58.6 -84.4 -100.6 -93.9 -82.7 -83.2 8

 - Net increase in liabilities from:

 9 Credit market instruments 245.2 331.6 408.6 454.8 212.8 -46.7 -71.8 -90.4 -85.2 -75.3 -63.5 9

10 Trade payables 22.2 52.0 20.0 29.3 20.2 -5.1 -7.4 -8.8 -8.2 -7.2 -7.3 10

11 Taxes payable 8.4 8.7 9.0 3.8 2.8 -0.7 -1.0 -1.2 -1.2 -1.0 -1.0 11

12 Miscellaneous liabilities 68.9 142.8 144.8 94.1 74.5 -2.5 -4.2 -3.3 -1.5 6.3 -8.9 12

13 Holding gains on real estate (3) 657.6 1509.5 338.1 -105.1 -1348.7 -427.3 -237.9 -39.3 -235.3 52.3 174.5 13

14 Residential 540.7 1113.6 47.0 -177.3 -1012.7 -265.2 -85.9 27.9 -142.7 60.2 98.0 14

15 Nonresidential 114.6 393.1 287.2 66.2 -343.4 -164.0 -153.2 -68.9 -94.0 -9.6 76.8 15

16 Holding gains on assets at current cost (3) -1.9 -1.9 -0.2 7.2 6.6 8.1 -5.7 -1.1 -7.9 -3.8 -27.1 16

17 Residential equipment and software -0.4 1.3 1.2 -0.3 0.2 -0.0 -0.3 -1.5 -1.0 -0.5 -0.6 17

18 Nonresidential equipment and software -5.2 -6.5 -3.8 2.2 6.8 9.5 -5.6 -0.6 -9.1 -3.9 -25.6 18

19 Inventories 3.7 3.3 2.5 5.4 -0.5 -1.5 0.2 0.9 2.2 0.6 -0.8 19

20 Other volume changes (4) -1.3 -12.2 -0.1 0.4 -0.9 0.7 1.8 1.7 1.8 -0.0 4.0 20

 Memo:

21 Net worth outstanding (5) 5500.8 6965.3 7325.5 7196.4 5824.1 5387.4 5150.8 5115.9 4877.5 4907.6 5067.8 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.