106 Z.1, December 8, 2011

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

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

2006 2007 2008 2009 2010 2011

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Assets 78596.0 79482.1 66645.2 69155.5 70330.5 69061.4 70238.4 72681.9 73737.0 73625.7 71119.6 1

 2 Nonfinancial assets 29552.2 27985.1 24449.5 23723.4 23878.1 23965.5 23413.2 23437.5 23216.6 23230.7 23382.8 2

 3 Real estate 25015.4 23254.7 19599.2 18857.7 19011.2 19095.1 18537.1 18546.2 18272.2 18209.8 18311.3 3

 4 Households (2,3) 22717.0 20870.3 17534.1 17136.6 17230.3 17167.1 16719.2 16531.1 16267.2 16230.0 16131.7 4

 5 Nonprofit organizations 2298.3 2384.5 2065.1 1721.1 1780.9 1928.0 1817.9 2015.2 2005.1 1979.8 2179.6 5

 Equipment and software owned by

 6 nonprofit organizations (4) 243.2 262.0 283.6 294.1 295.5 299.7 304.6 309.4 315.2 322.1 329.0 6

 7 Consumer durable goods (4) 4293.6 4468.3 4566.8 4571.6 4571.3 4570.7 4571.5 4581.8 4629.1 4698.7 4742.6 7

 8 Financial assets 49043.8 51497.0 42195.6 45432.1 46452.4 45095.9 46825.2 49244.5 50520.4 50395.0 47736.8 8

 9 Deposits 6759.0 7408.6 8016.6 7882.9 7806.4 7713.7 7718.1 7788.3 7781.9 7931.1 8028.7 9

10 Foreign deposits 65.2 80.5 56.9 50.5 50.6 52.8 53.3 54.8 57.5 57.0 56.8 10

11 Checkable deposits and currency 173.1 90.3 292.0 330.3 237.6 198.4 156.4 185.6 161.8 164.0 230.1 11

12 Time and savings deposits 5400.4 5888.5 6082.8 6190.0 6322.1 6324.8 6384.7 6420.6 6465.4 6615.3 6649.0 12

13 Money market fund shares 1120.3 1349.3 1584.8 1312.1 1196.2 1137.6 1123.6 1127.3 1097.2 1094.7 1092.8 13

14 Credit market instruments 4337.8 4931.3 4860.9 5091.4 5187.6 5306.0 5249.0 5316.4 5266.7 5035.1 4994.4 14

15 Open market paper 117.5 107.3 6.0 34.6 44.6 54.2 63.0 63.4 67.9 64.9 62.7 15

16 Treasury securities 399.6 264.6 256.5 815.5 972.5 1157.2 1180.8 1115.9 1019.1 849.7 938.3 16

17 Savings bonds 202.4 196.4 194.0 191.2 190.2 189.6 188.7 187.9 186.8 186.0 185.1 17

18 Other Treasury 197.2 68.3 62.6 624.3 782.3 967.6 992.1 928.0 832.3 663.7 753.2 18

19 Agency- and GSE-backed securities 439.9 684.7 729.9 134.1 103.2 144.4 177.8 215.4 301.4 271.8 230.9 19

20 Municipal securities 1681.4 1725.4 1767.2 1898.5 1932.5 1936.7 1917.6 1957.6 1959.2 1929.8 1904.1 20

21 Corporate and foreign bonds 1568.2 2021.9 1960.4 2080.4 2009.3 1891.2 1789.9 1847.7 1805.7 1809.6 1751.5 21

22 Other loans and advances (5) 9.1 17.6 29.7 26.8 25.7 25.9 26.4 26.2 25.8 24.9 24.7 22

23 Mortgages 122.2 109.8 111.2 101.5 99.9 96.5 93.4 90.2 87.6 84.3 82.4 23

24 Corporate equities (2) 9652.6 9636.8 5746.9 7369.7 7590.9 6840.7 7758.8 8527.6 9044.2 8942.3 7400.2 24

25 Mutual fund shares (6) 4190.5 4597.9 3327.2 4178.6 4359.8 4058.1 4415.8 4704.8 5080.1 5156.5 4477.7 25

26 Security credit 655.7 866.4 742.7 668.6 680.0 686.0 696.8 694.3 703.3 757.7 804.9 26

27 Life insurance reserves 1163.7 1201.5 1179.8 1242.1 1249.5 1235.7 1261.9 1278.3 1297.8 1311.2 1318.5 27

28 Pension fund reserves 12750.6 13390.7 10408.5 11914.5 12291.0 11610.2 12331.9 13102.3 13497.9 13427.5 12496.6 28

29 Equity in noncorporate business (7) 8887.8 8751.6 7146.8 6297.2 6499.1 6847.1 6581.1 7001.9 7016.1 6999.5 7363.6 29

30 Miscellaneous assets 646.1 712.2 766.3 787.1 788.1 798.4 811.9 830.6 832.3 834.1 852.3 30

31 Liabilities 13424.7 14341.1 14225.4 14042.6 13925.3 13887.1 13870.0 13901.1 13834.1 13827.7 13766.6 31

32 Credit market instruments 12909.8 13777.1 13796.8 13564.7 13446.3 13381.2 13345.0 13324.1 13214.0 13206.6 13204.3 32

33 Home mortgages (8) 9862.9 10540.4 10492.2 10345.7 10222.3 10170.2 10099.9 10046.4 9983.2 9935.9 9882.2 33

34 Consumer credit 2416.0 2555.3 2594.1 2478.9 2406.1 2387.5 2407.8 2434.7 2401.9 2423.5 2464.6 34

35 Municipal securities (9) 230.1 250.7 258.7 264.6 265.7 263.5 260.8 262.3 261.9 260.7 256.1 35

36 Bank loans n.e.c. 86.4 99.7 117.7 147.8 226.4 237.5 256.3 263.2 251.0 271.7 287.4 36

37 Other loans and advances 123.8 127.0 133.2 133.7 134.3 134.7 135.8 136.1 136.4 136.9 137.8 37

38 Commercial mortgages (9) 190.7 204.0 200.9 194.0 191.5 187.9 184.3 181.4 179.6 177.9 176.1 38

39 Security credit 292.1 325.5 164.8 203.0 196.4 217.0 233.7 278.2 315.7 312.8 251.9 39

40 Trade payables (9) 199.9 214.5 236.7 252.7 258.0 263.3 268.7 274.1 279.1 282.6 286.0 40

 Deferred and unpaid

41 life insurance premiums 22.8 23.9 27.0 22.1 24.6 25.5 22.6 24.7 25.2 25.6 24.4 41

42 Net worth 65171.3 65141.0 52419.8 55112.9 56405.2 55174.3 56368.4 58780.8 59902.9 59798.0 57353.0 42

 Memo:

 Replacement-cost value of structures:

43 Residential 14440.6 14660.2 14410.4 14130.1 14161.9 14066.3 14094.8 14194.4 14259.6 14336.6 14346.6 43

44 Households 14229.3 14445.1 14195.4 13918.3 13950.2 13856.4 13885.0 13983.6 14048.3 14124.7 14135.0 44

45 Nonprofit organizations 211.3 215.1 215.0 211.7 211.7 209.8 209.8 210.8 211.3 212.0 211.6 45

46 Nonresidential (nonprofits) 1318.9 1404.7 1489.5 1436.7 1435.7 1438.7 1442.4 1450.1 1462.5 1479.6 1495.5 46

47 Disposable personal income (SAAR) 9915.7 10423.6 11024.5 10788.8 10991.3 11150.2 11240.4 11336.7 11481.0 11559.2 11565.2 47

 Household net worth as percentage of

48 disposable personal income (SAAR) 657.3 624.9 475.5 510.8 513.2 494.8 501.5 518.5 521.8 517.3 495.9 48

 Owners’ equity in household real

49 estate (10) 12854.1 10329.8 7041.9 6790.8 7008.0 6996.9 6619.3 6484.7 6283.9 6294.1 6249.5 49

 Owners’ equity as percentage of

50 household real estate (11) 56.6 49.5 40.2 39.6 40.7 40.8 39.6 39.2 38.6 38.8 38.7 50

(1) Sector includes farm households, domestic hedge funds, private equity funds, and personal trusts.

(2) At market value.

(3) All types of owner-occupied housing including farm houses and mobile homes, as well as second homes that are not rented, vacant homes for sale, and vacant land.

(4) At replacement (current) cost.

(5) Syndicated loans to nonfinancial corporate business by nonprofits and domestic hedge funds.

(6) Value based on the market values of equities held and the book value of other assets held by mutual funds.

(7) Net worth of noncorporate business (table B.103, line 31) and owners’ equity in farm business and unincorporated security brokers and dealers.

(8) Includes loans made under home equity lines of credit and home equity loans secured by junior liens, shown on table L.218, line 22.

(9) Liabilities of nonprofit organizations.

(10) Line 4 less line 33.

(11) Line 49 divided by line 4.
Z.1, December 8, 2011 107

B.102 Balance Sheet of Nonfarm Nonfinancial Corporate Business

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

2006 2007 2008 2009 2010 2011

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

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

 1 Assets 26816.6 28643.4 26740.7 25495.3 25928.8 26784.0 26676.8 27833.9 28151.8 28322.0 29290.3 1

 2 Nonfinancial assets 14163.4 14897.3 13820.5 12173.1 12403.8 13132.5 12734.0 13610.8 13661.8 13602.3 14434.2 2

 3 Real estate (1) 8698.8 9145.5 7944.3 6494.0 6717.2 7425.1 6960.8 7762.1 7728.2 7611.1 8428.6 3

 4 Equipment and software (2) 3800.2 3957.1 4129.2 4054.1 4030.8 4039.6 4057.3 4072.5 4079.2 4108.7 4111.6 4

 5 Inventories (2) 1664.4 1794.7 1747.0 1625.0 1655.8 1667.8 1715.9 1776.3 1854.3 1882.5 1894.0 5

 6 Financial assets 12653.2 13746.1 12920.2 13322.2 13525.0 13651.5 13942.7 14223.1 14490.0 14719.7 14856.1 6

 7 Foreign deposits 49.3 50.3 24.7 31.5 38.6 49.4 59.8 72.0 79.0 84.2 89.4 7

 8 Checkable deposits and currency 150.9 141.9 32.7 159.6 233.0 281.0 344.3 438.2 495.1 551.6 608.0 8

 9 Time and savings deposits 497.0 441.3 381.9 488.8 458.0 438.3 471.3 471.6 522.0 546.1 572.4 9

10 Money market fund shares 416.3 544.4 702.6 646.1 568.3 524.3 521.8 517.5 497.4 481.0 458.7 10

11 Security RPs 15.5 8.1 7.2 7.9 9.0 9.2 6.5 12.2 12.8 12.1 11.5 11

12 Commercial paper 122.7 69.5 57.3 56.0 57.2 63.8 72.5 71.5 76.0 75.7 73.9 12

13 Treasury securities 45.5 38.3 30.5 43.0 49.7 52.2 53.4 43.4 42.8 50.2 50.0 13

14 Agency- and GSE-backed securities 15.2 12.8 10.2 14.3 16.6 17.4 17.8 14.5 14.3 16.7 16.7 14

15 Municipal securities 28.1 29.2 26.2 27.1 23.2 20.1 21.3 20.8 20.2 20.0 19.7 15

16 Mortgages 59.8 41.4 33.6 29.5 28.5 27.5 26.5 25.4 24.4 23.4 22.4 16

17 Consumer credit 57.6 58.6 59.8 57.2 53.5 52.8 52.4 56.0 52.8 53.1 53.1 17

18 Trade receivables 2090.0 2253.0 2081.1 2050.5 2104.5 2203.3 2241.4 2189.7 2275.9 2373.8 2407.6 18

19 Mutual fund shares (1) 180.7 191.1 125.8 190.2 199.2 188.1 206.6 222.9 234.8 236.5 214.7 19

20 Miscellaneous assets 8924.7 9866.4 9346.7 9520.6 9685.7 9724.1 9847.2 10067.3 10142.5 10195.4 10258.1 20

21 Liabilities 11781.9 12872.6 13173.3 12843.9 12931.0 12981.3 13128.5 13217.3 13360.4 13448.0 13528.4 21

22 Credit market instruments 6063.5 6889.2 7221.5 7004.0 7087.2 7121.3 7217.2 7300.4 7409.0 7532.5 7630.9 22

23 Commercial paper 112.5 123.8 131.5 58.4 73.6 82.0 97.9 82.9 110.5 106.9 124.7 23

24 Municipal securities (3) 272.4 341.5 409.7 447.5 456.4 466.9 470.3 482.3 485.4 491.4 490.3 24

25 Corporate bonds (4) 3246.7 3557.9 3762.5 4139.7 4247.8 4305.7 4433.4 4560.3 4658.3 4770.1 4843.5 25

26 Bank loans n.e.c. 518.3 609.9 663.6 462.8 462.5 451.1 446.6 454.9 463.5 472.8 487.2 26

27 Other loans and advances 1061.7 1350.2 1405.0 1167.2 1131.2 1119.4 1090.8 1066.8 1057.0 1078.1 1089.5 27

28 Mortgages 851.9 906.0 849.3 728.4 715.7 696.2 678.1 653.2 634.3 613.3 595.6 28

29 Trade payables 1813.0 1898.9 1669.0 1582.0 1628.0 1651.4 1707.6 1744.3 1790.8 1857.1 1919.2 29

30 Taxes payable 85.4 35.8 39.0 35.7 49.5 43.9 47.3 39.3 57.4 47.1 53.9 30

31 Miscellaneous liabilities 3819.9 4048.6 4243.9 4222.2 4166.4 4164.7 4156.5 4133.2 4103.2 4011.2 3924.3 31

32 Net worth (market value) 15034.7 15770.8 13567.4 12651.4 12997.7 13802.7 13548.2 14616.6 14791.4 14874.0 15761.9 32

 Memo:

 Replacement-cost value of structures:

33 Residential 164.8 170.8 172.7 171.4 171.6 170.2 170.4 171.4 172.0 172.7 172.6 33

34 Nonresidential 6218.9 6611.9 7168.5 6807.8 6833.7 6879.1 6929.0 6999.9 7092.4 7208.6 7320.0 34

 Market value of equities outstanding

35 (includes corporate farm equities) 14602.3 15730.7 10016.6 12494.7 12914.4 11488.3 12905.5 14422.3 15338.7 15247.7 12896.4 35

36 Debt/net worth (percent) (5) 40.3 43.7 53.2 55.4 54.5 51.6 53.3 49.9 50.1 50.6 48.4 36

37 Debt/equities (percent) (6) 41.5 43.8 72.1 56.1 54.9 62.0 55.9 50.6 48.3 49.4 59.2 37

38 Equities/net worth (percent) (7) 97.1 99.7 73.8 98.8 99.4 83.2 95.3 98.7 103.7 102.5 81.8 38

 With nonfinancial assets stated at historical cost:

39 Assets (8) 21233.8 22813.1 22358.9 22787.2 23059.9 23377.2 23754.1 24126.9 24574.2 24921.9 25182.8 39

40 Nonfinancial assets 8580.5 9067.0 9438.7 9465.0 9534.9 9725.6 9811.3 9903.8 10084.2 10202.2 10326.7 40

41 Real estate 3538.2 3822.9 4124.9 4311.9 4341.7 4503.4 4524.9 4572.1 4638.9 4689.7 4724.4 41

42 Equipment and software 3428.1 3580.5 3684.3 3660.3 3664.2 3675.4 3691.4 3709.0 3728.8 3749.7 3775.3 42

43 Inventories 1614.2 1663.6 1629.5 1492.7 1529.0 1546.8 1595.1 1622.7 1716.5 1762.8 1826.9 43

44 Net worth (historical cost) (9) 9451.9 9940.5 9185.6 9943.3 10128.8 10395.9 10625.5 10909.6 11213.8 11473.9 11654.4 44

 Memo:

 Historical-cost value of structures:

45 Residential 68.7 73.1 76.6 78.8 79.2 79.6 80.0 80.4 80.7 81.1 81.4 45

46 Nonresidential 3064.8 3312.0 3603.9 3786.8 3817.6 3850.2 3884.0 3920.2 3954.2 3992.4 4033.4 46

47 Debt/net worth (percent) (10) 64.2 69.3 78.6 70.4 70.0 68.5 67.9 66.9 66.1 65.6 65.5 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.
108 Z.1, December 8, 2011

B.103 Balance Sheet of Nonfarm Nonfinancial Noncorporate Business

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

2006 2007 2008 2009 2010 2011

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Assets 12051.1 12388.6 11287.0 10339.9 10416.7 10677.0 10340.4 10724.5 10701.7 10680.1 11049.1 1

 2 Nonfinancial assets 8993.9 8855.5 7658.0 6812.8 6950.7 7257.0 6953.9 7343.4 7321.7 7297.0 7656.2 2

 3 Real estate (1) 8386.9 8215.4 6994.6 6166.2 6291.1 6593.2 6290.5 6685.4 6664.4 6636.4 6998.6 3

 4 Residential 6278.7 6001.0 5084.4 4623.4 4702.1 4863.8 4667.2 4874.8 4879.7 4883.9 5049.9 4

 5 Nonresidential 2108.2 2214.4 1910.2 1542.8 1589.1 1729.3 1623.2 1810.6 1784.7 1752.5 1948.7 5

 6 Equipment and software (2) 519.4 545.7 571.4 561.1 572.4 576.1 573.1 564.5 559.7 561.6 557.9 6

 7 Residential (3) 46.2 47.4 48.7 46.1 45.6 45.2 45.1 44.4 44.0 44.3 45.2 7

 8 Nonresidential 473.2 498.2 522.7 514.9 526.8 530.9 528.0 520.1 515.7 517.3 512.7 8

 9 Inventories (2) 87.6 94.5 91.9 85.5 87.1 87.8 90.3 93.5 97.6 99.1 99.7 9

10 Financial assets 3057.2 3533.1 3629.0 3527.2 3466.1 3419.9 3386.5 3381.0 3380.0 3383.0 3392.9 10

11 Checkable deposits and currency 428.6 494.3 497.6 517.7 508.7 501.9 497.0 496.2 496.1 496.5 498.0 11

12 Time and savings deposits 344.4 359.3 358.1 353.3 347.2 342.6 339.2 338.7 338.6 338.9 339.9 12

13 Money market fund shares 72.2 74.3 75.4 73.7 72.4 71.5 70.8 70.7 70.6 70.7 70.9 13

14 Treasury securities 56.3 59.3 51.8 46.1 45.3 44.7 44.3 44.2 44.2 44.3 44.4 14

15 Municipal securities 5.8 5.3 4.9 5.1 5.0 4.9 4.9 4.9 4.9 4.9 4.9 15

16 Mortgages 34.6 42.1 39.1 37.9 37.2 36.8 36.4 36.3 36.3 36.4 36.5 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 470.9 525.6 522.7 496.3 487.7 481.2 476.5 475.8 475.6 476.1 477.4 18

19 Miscellaneous assets 1644.4 1972.8 2079.4 1997.0 1962.4 1936.3 1917.4 1914.3 1913.7 1915.4 1921.0 19

20 Insurance receivables 66.9 68.6 70.7 71.0 70.9 71.5 71.9 71.6 71.5 72.7 73.5 20

21 Equity investment in GSEs (4) 1.9 2.2 4.8 4.8 4.8 5.0 5.0 4.8 4.5 4.9 5.3 21

22 Other 1575.6 1902.0 2003.9 1921.3 1886.8 1859.8 1840.4 1837.9 1837.7 1837.8 1842.2 22

23 Liabilities 4646.8 5228.6 5659.4 5556.1 5462.7 5396.2 5355.1 5354.9 5359.3 5372.7 5403.2 23

24 Credit market instruments 3195.6 3650.3 3972.1 3839.4 3746.7 3679.1 3634.9 3627.3 3623.2 3626.1 3644.0 24

25 Bank loans n.e.c. 742.8 882.3 1000.0 884.4 830.4 804.0 786.9 801.3 811.2 826.5 850.0 25

26 Other loans and advances 163.9 174.9 208.1 199.5 197.3 198.0 203.3 203.8 201.2 199.7 202.9 26

27 Mortgages 2288.9 2593.1 2764.0 2755.5 2719.0 2677.1 2644.7 2622.2 2610.8 2599.9 2591.0 27

28 Trade payables 349.4 378.7 366.8 369.5 363.1 358.3 354.8 354.2 354.1 354.4 355.4 28

29 Taxes payable 95.7 99.5 106.2 99.9 97.7 96.1 94.9 94.7 94.7 94.8 95.2 29

30 Miscellaneous liabilities 1006.1 1100.0 1214.3 1247.4 1255.2 1262.7 1270.5 1278.7 1287.3 1297.3 1308.6 30

31 Net worth (5) 7404.3 7160.0 5627.6 4783.8 4954.1 5280.8 4985.3 5369.6 5342.4 5307.4 5645.9 31

 Memo:

 Replacement-cost value of structures:

32 Residential 3025.2 3072.5 3047.3 2993.2 2994.0 2967.1 2967.1 2982.0 2989.5 2999.0 2994.1 32

33 Nonresidential 1294.8 1369.9 1466.4 1384.6 1387.6 1391.5 1393.8 1396.1 1405.0 1412.5 1414.8 33

34 Debt/net worth (percent) (6) 43.2 51.0 70.6 80.3 75.6 69.7 72.9 67.6 67.8 68.3 64.5 34

(1) At market value.

(2) At replacement (current) cost.

(3) Durable goods in rental properties.

(4) Equity in the Farm Credit System.

(5) Line 1 less line 23. Included in table B.100, line 29.

(6) Line 24 divided by line 31.
Z.1, December 8, 2011 109

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

Billions of dollars; not seasonally adjusted

2006 2007 2008 2009 2010 2011

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Change in net worth (1) 5275.9 -30.3 -12721.2 2693.1 1292.3 -1230.9 1194.2 2412.3 1122.1 -104.9 -2445.0 1

 2 Net investment 263.5 699.2 845.5 558.5 214.1 177.1 248.4 325.0 220.3 9.4 339.2 2

 3 Net physical investment 733.1 595.6 358.1 164.0 -15.4 44.4 77.0 94.9 2.2 57.0 97.4 3

 4 Capital expenditures 1843.1 1757.4 1559.3 1373.7 286.3 346.3 379.9 398.9 299.3 357.0 401.2 4

 5 - Consumption of fixed capital 1110.0 1161.8 1201.2 1209.7 301.7 301.9 302.9 304.1 297.1 300.0 303.8 5

 6 Net lending (+) or net borrowing (-) -469.7 103.6 487.4 394.4 229.5 132.7 171.5 230.2 218.1 -47.6 241.8 6

 7 Net acquisition of financial assets 771.2 1020.0 366.7 211.6 74.6 94.5 154.3 261.4 151.1 -59.4 180.7 7

 8 - Net increase in liabilities 1240.9 916.4 -120.6 -182.8 -155.0 -38.2 -17.1 31.2 -67.1 -11.7 -61.1 8

 Holding gains on assets

 9 at market value (2) 4990.9 -767.3 -13428.4 1802.3 1072.5 -1372.7 968.4 2147.9 904.1 -136.9 -2788.4 9

10 Real estate 526.0 -2109.5 -3861.7 -850.8 192.3 79.0 -606.3 -46.7 -220.8 -70.8 50.6 10

11 Corporate equities 2138.0 830.1 -3781.5 1571.0 273.4 -742.4 923.6 852.0 543.6 8.7 -1543.9 11

12 Mutual fund shares 354.1 198.2 -1272.0 512.8 56.8 -300.4 244.6 234.7 144.3 -24.5 -592.4 12

13 Equity in noncorporate business 917.7 -128.8 -1316.6 -836.8 185.2 321.2 -273.2 425.5 35.7 -17.3 374.5 13

14 Life insurance and pension fund reserves 1055.1 442.7 -3196.6 1406.4 365.3 -729.8 679.9 682.5 401.3 -33.0 -1077.0 14

15 Equity investment under PPIP 0.0 0.0 0.0 -0.3 -0.5 -0.3 -0.1 -0.1 -0.0 -0.1 -0.1 15

 Holding gains on assets

16 at current cost (2) -35.9 -52.1 -32.5 -44.4 -21.9 -22.6 -23.9 -22.5 1.2 29.3 3.5 16

17 Consumer durable goods -43.2 -58.1 -36.3 -43.3 -19.7 -22.9 -24.7 -23.4 -0.9 26.2 0.6 17

18 Equipment and software 7.3 5.9 3.8 -1.2 -2.3 0.2 0.8 0.9 2.0 3.1 2.9 18

19 Other volume changes (3) 57.5 90.0 -105.8 376.8 27.5 -12.7 1.2 -38.2 -3.5 -6.7 0.6 19

 Memo:

20 Net worth outstanding (4) 65171.3 65141.0 52419.8 55112.9 56405.2 55174.3 56368.4 58780.8 59902.9 59798.0 57353.0 20

21 Disposable personal income 9915.7 10423.6 11024.5 10788.8 10991.3 11150.2 11240.4 11336.7 11481.0 11559.2 11565.2 21

(1) Sum of net investment (line 2), holding gains (lines 9 and 16), and other volume changes (line 19).

(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.
110 Z.1, December 8, 2011

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

Billions of dollars; not seasonally adjusted

2006 2007 2008 2009 2010 2011

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Change in net worth (1) 1746.2 736.1 -2203.5 -916.0 346.3 805.0 -254.5 1068.4 174.7 82.6 887.9 1

 2 Net investment -365.7 -641.1 -984.4 396.3 9.8 86.3 30.8 56.3 12.5 -1.5 -16.2 2

 3 Net physical investment 337.2 349.7 287.7 -103.8 19.5 31.4 53.9 61.9 68.8 55.1 48.6 3

 4 Capital expenditures 1091.2 1134.7 1097.3 747.6 222.9 243.2 256.9 249.0 256.9 262.4 257.0 4

 5 - Consumption of fixed capital 792.0 832.2 854.0 850.8 209.5 210.4 211.2 213.2 215.2 218.6 220.7 5

 6 - Inventory valuation adjustment -38.0 -47.2 -44.5 0.6 -6.1 1.4 -8.2 -26.2 -27.0 -11.4 -12.3 6

 7 Net lending (+) or net borrowing (-) -137.3 -204.0 -936.2 564.7 40.4 108.5 61.0 84.6 25.5 70.7 83.5 7

 8 Net acquisition of financial assets 699.2 1073.3 -605.5 307.3 176.6 182.5 244.1 228.4 236.9 233.0 222.4 8

 9 - Net increase in liabilities 836.5 1277.3 330.7 -257.4 136.2 74.0 183.1 143.8 211.4 162.3 138.9 9

10 Net corporate equity issues -565.7 -786.8 -336.0 -64.6 -50.1 -53.6 -84.1 -90.2 -81.8 -127.3 -148.3 10

 Holding gains on assets

11 at market value (2) 1162.5 271.3 -1446.0 -1512.7 223.6 555.1 -446.2 789.9 -69.1 -145.3 783.2 11

12 Real estate 1146.7 261.1 -1386.9 -1536.6 218.7 570.4 -460.5 777.7 -76.7 -142.8 809.2 12

13 Mutual fund shares 15.8 10.1 -59.2 23.9 4.9 -15.3 14.3 12.2 7.6 -2.5 -26.0 13

 Holding gains on assets less

14 liabilities at current cost (2) 178.2 222.1 5.8 148.3 -4.4 -0.3 21.8 33.4 27.8 17.3 -18.0 14

15 Equipment and software 136.3 49.9 100.7 -21.0 -20.1 4.6 8.7 4.3 -6.2 15.5 -15.7 15

16 Inventories (3) 8.3 54.7 -51.6 29.7 15.4 -4.9 13.1 23.5 34.0 1.7 -2.3 16

17 Direct investment abroad 15.9 145.1 -144.4 3.1 0.0 0.0 0.0 -30.9 0.0 0.0 0.0 17

18 - Foreign direct investment in U.S. -17.7 27.7 -101.2 -136.5 -0.3 -0.0 0.0 -36.5 0.0 0.0 -0.0 18

19 Other volume changes (4) 771.2 883.9 221.2 52.1 117.3 163.9 139.0 188.8 203.6 212.1 138.9 19

 Memo:

20 Net worth outstanding (5) 15034.7 15770.8 13567.4 12651.4 12997.7 13802.7 13548.2 14616.6 14791.4 14874.0 15761.9 20

(1) Sum of net investment (line 2), holding gains (lines 12 and 15), and other volume changes (line 20).

(2) Calculated as change in amount outstanding less net purchases during period less disaster-related losses to fixed assets.

(3) Before inventory valuation adjustment.

(4) Consists of statistical discontinuities and disaster-related losses to fixed assets.

(5) Table B.102, line 32.
Z.1, December 8, 2011 111

R.103 Change in Net Worth of Nonfarm Nonfinancial Noncorporate Business

Billions of dollars; not seasonally adjusted

2006 2007 2008 2009 2010 2011

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Change in net worth (1) 825.9 -244.2 -1532.4 -843.7 170.2 326.7 -295.4 384.2 -27.1 -35.1 338.5 1

 2 Net capital transfers paid 0.0 0.0 -3.3 -6.0 -1.1 -4.0 -2.0 -0.6 -0.6 -0.9 -0.1 2

 3 Net investment 68.4 18.2 -281.5 -4.7 17.1 29.9 12.8 -3.0 -19.2 2.1 -11.4 3

 4 Net physical investment 135.5 124.4 53.2 -6.1 -16.6 9.6 5.0 2.3 -13.8 12.5 9.3 4

 5 Capital expenditures 276.2 286.3 241.1 181.0 29.7 55.8 51.5 49.2 33.3 60.2 57.4 5

 6 - Consumption of fixed capital 140.7 161.9 187.9 187.1 46.3 46.3 46.5 46.8 47.2 47.7 48.2 6

 7 Net lending (+) or net borrowing (-) -135.5 -124.4 -49.9 12.1 17.7 -5.5 -3.0 -1.7 14.4 -11.6 -9.2 7

 8 Net acquisition of financial assets 515.3 475.9 95.9 -101.8 -61.1 -46.1 -33.4 -5.5 -1.0 3.0 9.9 8

 9 - Net increase in liabilities 650.8 600.3 145.9 -113.9 -78.9 -40.6 -30.4 -3.8 -15.4 14.6 19.1 9

10 Proprietor’s net investment (2) 68.4 18.2 -284.8 -10.7 16.0 25.9 10.8 -3.6 -19.8 1.2 -11.4 10

11 Holding gains on real estate (3) 793.5 -229.4 -1256.9 -833.5 134.3 303.0 -302.9 397.6 -10.0 -26.2 361.3 11

12 Residential 508.9 -298.8 -923.0 -457.6 81.0 164.1 -193.6 210.5 7.9 7.6 169.7 12

13 Nonresidential 284.7 69.4 -333.9 -375.9 53.2 139.0 -109.3 187.1 -17.9 -33.8 191.5 13

14 Holding gains on assets at current cost (3) -35.9 -33.4 10.5 -5.7 20.3 -6.3 -5.3 -10.4 2.1 -11.0 -11.4 14

15 Residential equipment and software 1.2 -0.4 0.2 -2.8 -0.7 -0.7 -0.3 -0.8 -0.6 0.2 0.7 15

16 Nonresidential equipment and software -39.8 -38.4 10.6 -4.4 19.9 -5.3 -6.1 -12.1 -0.6 -11.8 -12.6 16

17 Inventories 2.7 5.4 -0.4 1.5 1.1 -0.3 1.1 2.6 3.2 0.7 0.6 17

18 Other volume changes (4) -0.1 0.3 -1.3 6.1 -0.3 4.0 2.0 0.6 0.6 0.9 0.1 18

 Memo:

19 Net worth outstanding (5) 7404.3 7160.0 5627.6 4783.8 4954.1 5280.8 4985.3 5369.6 5342.4 5307.4 5645.9 19

(1) Sum of net capital transfers paid (line 2), net investment (line 3), holding gains (lines 11 and 14), and other volume changes (line 18).

(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.