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

March 10, 2011 

FEDERAL RESERVE statistical release

Z.1 

 

Flow of Funds Accounts 

of the United States

Flows and Outstandings

Fourth Quarter 2010

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

Fourth Quarter 2010 

Debt of the domestic nonfinancial sectors is 

estimated to have expanded at a seasonally adjusted 

annual rate of about 5 percent in the fourth quarter of 

2010, after an increase of 41⁄4 percent in the previous 

quarter. Private debt edged up 11⁄4 percent at an 

annual rate in the fourth quarter, while government 

debt increased 123⁄4 percent. 

 

Household debt declined 1⁄2 percent in the fourth 

quarter; it has contracted each quarter since 2008:Q1. 

Home mortgage debt fell at an annual rate of 11⁄4 

percent in the fourth quarter, compared to an average 

decline of more than 21⁄2 percent during the previous 

four quarters. Consumer credit rose 2 percent at an 

annual rate, retracing the previous quarter’s decline. 

Nonfinancial business debt rose 31⁄2 percent in the 

fourth quarter, on the heels of a 21⁄4 percent increase 

in the third quarter. Corporate bonds outstanding 

posted strong increases in both the third and fourth 

quarters, more than offsetting declines in commercial 

mortgages and commercial paper outstanding. 

State and local government debt rose about 8 percent 

at an annual rate in the fourth quarter, after a 51⁄2 

percent increase in the third quarter. Federal 

government debt increased at an annual rate of 

141⁄2 percent in the fourth quarter; for 2010 as a 

whole, federal government debt grew a bit more than 

20 percent. 

At the end of the fourth quarter of 2010, the level of 

domestic nonfinancial debt outstanding was $36.3 

trillion; household debt was $13.4 trillion, 

nonfinancial business debt was $11.1 trillion, and 

total government debt was $11.9 trillion. 

Household net worth—the difference between the 

value of assets and liabilities—was an estimated 

$56.8 trillion at the end of the fourth quarter, up 

about $2.1 trillion from 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 11.8 2.3 8.3 10.9 

2004 8.8 11.0 6.2 7.3 9.0 

2005 9.5 11.1 8.6 10.2 7.0 

 

2006 9.0 10.1 10.5 8.3 3.9 

2007 8.6 6.8 13.0 9.5 4.9 

2008 6.0 -0.1 5.8 2.3 24.2 

2009 3.0 -1.7 -2.7 4.8 22.7 

2010 4.6 -1.8 1.5 4.4 20.2 

 

2009:Q1 4.6 -0.8 -0.2 5.6 24.4 

 Q2 4.5 -1.9 -2.2 4.2 28.9 

 Q3 2.1 -2.2 -4.4 5.7 19.0 

 Q4 0.8 -1.9 -4.0 3.6 11.9 

 

2010:Q1 4.3 -2.0 0.3 5.7 20.5 

 Q2 4.6 -2.5 -0.1 -1.4 24.4 

 Q3 4.2 -2.0 2.2 5.4 16.0 

 Q4 5.1 -0.6 3.6 7.9 14.6 

 

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

 
Table of Contents 

Title Table Page 

Flow of Funds Accounts, Fourth Quarter 2010 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, Fourth Quarter 2010 

This publication presents the Flow of Funds 

Accounts for 2010:Q4. 

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 is scheduled to be released 

on March 28, 2011. The tools and descriptions 

within this guide will help users explore the structure 

and content of the Z.1 and the Integrated 

Macroeconomic Accounts. Importantly, it will allow 

users to search for series, browse tables of data, and 

identify links among series within these accounts. It 

will also provide 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 will no longer be available for purchase. This 

new guide’s location will be announced at: 

www.federalreserve.gov/feeds/z1.html

2. All unpublished series that are necessary to 

compile the Flow of Funds Accounts are available for 

the first time through the Data Download Program 

(DDP) at the following location: 

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

3. Corporate farms have been removed from the 

personal sector (table F.10). In addition, complete 

detail on the difference between the flow of funds 

concept of personal saving and the National Income 

and Product Account concept is now shown on this 

table. 

4. In the nonfarm noncorporate business sector 

(tables F.103, L.103, B.103, and R.103), data have 

been revised from 2008:Q1 forward, owing to 

benchmark statistics available from the IRS/SOI for 

2008. 

5. The table for the farm sector (table F.104) has 

been redesigned to better show the split for gross 

saving between corporate and noncorporate farms. In 

addition, the sector now shows a corporate farm 

discrepancy. 

6. In the bank holding companies sector (tables 

F.112 and L.112), data have been revised from 

2006:Q2 forward, owing to the inclusion of bank 

holding companies with assets less than $500 million. 

7. The property-casualty insurance sector (tables 

F.116 and L.116) has been modified to show security 

RPs separately as an asset and a liability. Previously 

security RPs were shown only as a net amount on the 

asset side of the balance sheet. 

8. The life insurance sector (tables F.117 and 

L.117) has been modified to show security RPs 

separately as an asset and a liability. Previously 

security RPs were shown only as a net amount on the 

liability side of the balance sheet. 

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 

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

table D.1. 

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 is scheduled to be released on March 

28, 2011. The tools and descriptions within this 

guide will help users explore the structure and 

content of the Z.1 and the Integrated Macroeconomic 

Accounts. This new guide will be 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 2010:Q4. 

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 

2010:Q4. 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:Q3; 

Internal Revenue Service Statistics of 

Income (IRS/SOI) data through 2008; 

securities offerings, mortgages, bank 

loans, commercial paper, and other 

loans through 2010:Q4. 

Statistics of Income data since 

2008. QFR data for 2010:Q4. 

 4. Nonfarm noncorporate 

business 

 (tables F.103 and L.103) 

IRS/SOI data through 2008; bank and 

finance company loans and mortgage 

borrowing through 2010:Q4. 

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 2010:Q4; 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 2010:Q4. 

None. 

4 
 8. Rest of the world 

 (U.S. international 

transactions) 

 (tables F.107 and L.107) 

Balance of payments data through 

2010:Q3. NIPA estimates; data from 

bank Reports of Condition and from 

Treasury International Capital System 

through 2010:Q4. 

Balance of payments data for 

2010:Q4. 

 9. Monetary authority 

 (tables F.108 and L.108) 

All data through 2010:Q4. None. 

10. Commercial banking 

 (tables F.109 through F.113 

and tables L.109 through 

L.113) 

All data through 2010:Q4 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 2010:Q4. None. 

12. Credit unions 

 (tables F.115 and L.115) 

All data through 2010:Q4. None. 

13. Property-casualty insurance 

 companies 

 (tables F.116 and L.116) 

All data through 2010:Q3. Preliminary 

data for 2010:Q4. 

Final data for 2010:Q4. 

14. Life insurance companies 

 (tables F.117 and L.117) 

All data through 2010:Q3. Preliminary 

data for 2010:Q4. 

Final data for 2010:Q4. 

 

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 

2010:Q4 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 2010:Q4. 

None. 

18. Money market mutual 

funds 

 (tables F.121 and L.121) 

All data through 2010:Q4. None. 

19. Mutual funds 

 (tables F.122 and L.122) 

All data through 2010:Q4. None. 

20. Closed-end funds 

 (tables F.123 and L.123) 

All data through 2010:Q4. None. 

21. Exchange-traded funds 

 (tables F.123 and L.123) 

All data through 2010:Q4. None. 

22. Government-sponsored 

enterprises 

 (tables F.124 and L.124) 

Data for Fannie Mae, Freddie Mac, 

Farmer Mac, FICO, FCS, and 

REFCORP through 2010:Q4. Data for 

FHLBs for 2010:Q3 

Data for FHLBs for 2010:Q4. 

5 
23. Agency- and GSE-backed 

mortgage pools 

 (tables F.125 and L.125) 

Data for Fannie Mae, Freddie Mac, and 

Ginnie Mae through 2010:Q4. 

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 2010:Q4. 

None. 

25. Finance companies 

 (tables F.127 and L.127) 

All data through 2010:Q4. None. 

26. Real estate investment 

trusts (REITs) 

 (tables F.128 and L.128) 

Data from SNL Financial through 

2010:Q4. 

None. 

27. Security brokers and 

dealers 

 (tables F.129 and L.129) 

Data for firms filing FOCUS and FOGS 

reports through 2010:Q4. 

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