10 Z.1, September 17, 2010

F.1 Total Net Borrowing and Lending in Credit Markets (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2005 2006 2007 2008 2009 2009 2010

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total net borrowing 3552.7 4043.4 4483.0 2586.2 -618.0 -146.2 -590.2 -783.3 -952.2 498.8 567.1 1

 2 Domestic nonfinancial sectors 2324.7 2413.6 2523.0 1906.9 1015.0 1547.9 1499.3 716.1 296.8 1562.3 1671.4 2

 3 Household sector 1173.3 1186.6 873.4 36.2 -241.8 -123.0 -259.9 -304.3 -280.2 -231.6 -309.0 3

 4 Nonfinancial corporate business 323.7 467.1 752.2 363.0 -2.1 180.4 2.8 -121.5 -70.1 369.4 272.8 4

 5 Nonfarm noncorporate business 331.6 408.6 454.8 212.8 -294.1 -187.5 -288.7 -359.3 -340.9 -302.3 -255.6 5

 6 Farm business 17.3 14.2 14.6 4.0 -2.0 2.4 -3.4 -3.8 -3.2 -8.6 -8.2 6

 7 State and local governments 172.0 153.7 191.0 51.6 111.2 125.6 97.1 133.6 88.4 133.6 -31.5 7

 8 Federal government 306.9 183.4 237.1 1239.2 1443.9 1550.0 1951.5 1371.5 902.6 1601.9 2003.0 8

 9 Rest of the world 113.0 332.6 170.3 -226.3 191.8 163.1 179.3 275.0 149.9 115.3 -34.6 9

10 Financial sectors 1114.9 1297.3 1789.6 905.5 -1824.8 -1857.2 -2268.8 -1774.4 -1398.9 -1178.7 -1069.7 10

11 Commercial banking 85.1 177.4 263.2 161.1 -179.9 -238.0 -27.7 -170.3 -283.5 -118.4 -228.8 11

12 U.S.-chartered commercial banks 36.9 107.5 131.8 79.1 -152.6 -247.0 -44.7 -249.1 -69.4 -115.0 -110.4 12

13 Foreign banking offices in U.S. 0.0 -0.3 0.0 -0.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13

14 Bank holding companies 48.2 70.2 131.3 82.3 -27.3 9.1 17.0 78.8 -214.1 -3.4 -118.3 14

15 Savings institutions 22.5 -108.2 104.1 -67.1 -169.6 -148.6 -282.5 -178.3 -68.8 -68.2 -35.0 15

16 Credit unions 3.3 4.2 13.4 8.3 -14.1 -41.2 -7.2 -0.8 -7.2 -4.4 -1.6 16

17 Life insurance companies 0.4 2.7 14.5 26.2 -6.6 -9.6 -8.0 -12.0 3.2 -10.8 0.0 17

18 Government-sponsored enterprises -84.0 35.6 282.4 271.7 -475.3 -254.5 -680.9 -590.3 -375.7 -173.2 -334.7 18

19 Agency- and GSE-backed mortgage pools 164.5 292.6 623.3 497.0 415.0 340.0 507.9 465.6 346.3 132.1 244.8 19

20 ABS issuers 729.4 807.8 336.0 -407.9 -721.9 -771.7 -701.6 -748.8 -665.4 -502.7 -451.5 20

21 Finance companies 33.5 34.8 34.9 -79.4 -156.2 -159.5 -205.4 -112.0 -147.9 -301.3 -140.5 21

22 REITs 55.4 15.5 10.2 -48.6 -33.7 -34.3 -46.2 -18.9 -35.4 17.8 7.2 22

23 Brokers and dealers 0.1 6.4 -4.0 77.7 -49.7 -160.4 -1.0 7.4 -44.8 -2.4 34.6 23

24 Funding corporations 104.7 28.3 111.6 466.4 -432.8 -379.5 -816.1 -415.9 -119.7 -147.2 -164.2 24

25 Total net lending 3552.7 4043.4 4483.0 2586.2 -618.0 -146.2 -590.2 -783.3 -952.2 498.8 567.1 25

26 Domestic nonfinancial sectors 424.9 215.6 495.8 -120.2 -33.8 142.9 -839.1 316.0 244.9 -64.9 353.6 26

27 Household sector 218.0 102.6 504.2 -44.6 -311.3 -168.7 -1104.5 22.8 5.4 -259.2 417.2 27

28 Nonfinancial corporate business 42.4 -11.6 -79.1 -27.9 -8.0 -52.6 5.8 -12.4 27.1 95.1 -65.3 28

29 Nonfarm noncorporate business 11.4 -0.1 10.0 7.0 -10.2 -7.1 -10.2 -12.1 -11.3 -10.0 -10.0 29

30 State and local governments 154.0 118.5 54.1 -141.2 -29.6 44.5 -119.6 -19.6 -23.7 14.8 -85.0 30

31 Federal government -0.9 6.1 6.6 86.5 325.2 326.8 389.4 337.4 247.4 94.4 96.8 31

32 Rest of the world 752.0 973.6 943.8 355.8 208.1 265.9 278.2 112.3 176.1 583.5 782.5 32

33 Financial sectors 2375.7 2854.2 3043.4 2350.6 -792.3 -555.0 -29.2 -1211.6 -1373.3 -19.7 -569.0 33

34 Monetary authority 26.4 34.7 -38.3 245.4 1001.6 821.0 1200.2 1158.1 827.2 762.0 133.5 34

35 Commercial banking 657.1 765.4 754.1 643.8 -432.2 -278.6 -131.2 -885.0 -434.0 -329.8 -574.8 35

36 U.S.-chartered commercial banks 506.6 660.0 535.7 531.1 -132.2 67.4 221.0 -732.9 -84.2 -316.9 -481.6 36

37 Foreign banking offices in U.S. 144.5 103.7 201.7 100.7 -281.0 -259.4 -369.2 -161.9 -333.5 -9.8 17.2 37

38 Bank holding companies -4.2 3.3 23.1 13.9 -16.3 -79.8 16.0 4.0 -5.3 14.3 -64.1 38

39 Banks in U.S.-affiliated areas 10.2 -1.7 -6.4 -1.9 -2.8 -6.8 1.0 5.8 -11.1 -17.4 -46.2 39

40 Savings institutions 199.4 -78.0 63.0 -276.1 -240.8 -175.1 -356.2 -166.7 -265.1 -170.8 5.7 40

41 Credit unions 36.2 30.1 35.3 40.0 33.1 16.9 48.7 30.4 36.5 39.0 43.5 41

42 Property-casualty insurance companies 72.8 44.8 5.3 -15.9 34.1 8.9 30.3 39.8 57.4 -13.6 -11.0 42

43 Life insurance companies 116.2 67.5 84.8 11.6 178.5 252.9 118.1 180.2 162.8 95.5 72.3 43

44 Private pension funds 45.3 58.4 102.5 90.6 111.6 146.0 68.8 130.3 101.1 108.2 76.8 44

45 State and local govt. retirement funds 18.1 114.6 12.3 13.3 -15.4 -26.0 -12.8 -18.6 -4.3 1.8 0.6 45

46 Federal government retirement funds 7.7 8.4 11.7 24.2 7.4 16.8 1.0 4.1 7.9 6.5 17.0 46

47 Money market mutual funds -5.5 220.0 375.6 738.6 -643.7 -304.7 -408.9 -959.5 -901.7 -687.4 -242.4 47

48 Mutual funds 124.1 184.9 271.1 73.3 380.7 172.4 436.3 421.8 492.5 510.3 188.2 48

49 Closed-end funds 2.2 6.0 -0.9 -39.7 10.3 1.1 17.5 13.6 9.1 11.9 -6.5 49

50 Exchange-traded funds 6.8 5.7 13.3 23.0 46.0 48.1 45.9 44.0 45.8 41.2 45.4 50

51 Government-sponsored enterprises -69.1 46.6 239.0 239.1 -344.9 -190.5 -287.4 -488.7 -412.9 -163.0 -321.4 51

52 Agency- and GSE-backed mortgage pools 164.5 292.6 623.3 497.0 415.0 340.0 507.9 465.6 346.3 132.1 244.8 52

53 ABS issuers 732.9 799.8 333.1 -391.4 -687.1 -733.7 -667.3 -708.9 -638.3 -475.8 -449.5 53

54 Finance companies 64.7 71.0 16.6 -72.3 -223.3 -162.0 -194.4 -223.1 -313.7 -230.1 -101.7 54

55 REITs 41.0 26.1 -21.2 -63.9 1.9 -1.4 31.4 2.3 -24.9 16.3 17.7 55

56 Brokers and dealers 82.3 106.2 219.7 -85.7 -192.1 -413.8 134.2 -250.5 -238.3 188.6 54.4 56

57 Funding corporations 52.7 49.5 -57.0 655.9 -233.0 -93.2 -611.3 -1.0 -226.5 137.4 238.3 57

(1) Excludes corporate equities and mutual fund shares.
Z.1, September 17, 2010 11

F.2 Credit Market Borrowing by Nonfinancial Sectors

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2005 2006 2007 2008 2009 2009 2010

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Domestic 2324.7 2413.6 2523.0 1906.9 1015.0 1547.9 1499.3 716.1 296.8 1562.3 1671.4 1

 2 By instrument 2324.7 2413.6 2523.0 1906.9 1015.0 1547.9 1499.3 716.1 296.8 1562.3 1671.4 2

 3 Commercial paper -7.7 22.4 11.3 7.7 -72.4 -138.4 -132.4 2.4 -21.2 54.6 67.1 3

 4 Treasury securities 307.3 183.7 237.5 1239.0 1443.7 1553.2 1952.6 1367.7 901.5 1601.5 2001.9 4

 5 Agency- and GSE-backed securities -0.4 -0.3 -0.4 0.2 0.1 -3.2 -1.1 3.7 1.2 0.3 1.1 5

 6 Municipal securities 195.0 177.4 215.6 61.4 130.9 145.4 116.2 162.5 99.3 152.5 -38.1 6

 7 Corporate bonds 56.7 215.6 311.2 204.6 381.6 579.2 396.5 270.0 280.7 432.4 229.0 7

 8 Bank loans n.e.c. 134.5 175.3 240.2 192.6 -295.7 -236.0 -240.0 -377.0 -329.7 -3.1 -67.5 8

 9 Other loans and advances 119.3 159.8 311.0 74.9 -153.9 -195.3 -185.1 -156.7 -78.6 -21.6 50.1 9

10 Mortgages 1419.7 1384.2 1057.3 87.8 -304.1 -60.0 -283.0 -457.8 -415.6 -607.7 -511.4 10

11 Home 1114.2 1073.2 711.3 -103.4 -212.5 -72.4 -245.0 -355.3 -177.2 -507.1 -292.2 11

12 Multifamily residential 62.4 40.4 84.1 44.6 2.2 11.6 18.8 8.6 -30.5 14.0 -21.5 12

13 Commercial 234.0 267.4 257.4 125.7 -94.7 -0.2 -57.9 -112.1 -208.9 -110.2 -193.3 13

14 Farm 9.1 3.3 4.6 20.9 0.9 0.9 0.9 0.9 0.9 -4.4 -4.4 14

15 Consumer credit 100.4 95.4 139.3 38.8 -115.3 -96.9 -124.4 -98.9 -140.8 -46.8 -60.8 15

16 By sector 2324.7 2413.6 2523.0 1906.9 1015.0 1547.9 1499.3 716.1 296.8 1562.3 1671.4 16

17 Household sector 1173.3 1186.6 873.4 36.2 -241.8 -123.0 -259.9 -304.3 -280.2 -231.6 -309.0 17

18 Nonfinancial business 672.6 889.9 1221.6 579.9 -298.2 -4.7 -289.4 -484.6 -414.1 58.4 9.0 18

19 Corporate 323.7 467.1 752.2 363.0 -2.1 180.4 2.8 -121.5 -70.1 369.4 272.8 19

20 Nonfarm noncorporate 331.6 408.6 454.8 212.8 -294.1 -187.5 -288.7 -359.3 -340.9 -302.3 -255.6 20

21 Farm 17.3 14.2 14.6 4.0 -2.0 2.4 -3.4 -3.8 -3.2 -8.6 -8.2 21

22 State and local governments 172.0 153.7 191.0 51.6 111.2 125.6 97.1 133.6 88.4 133.6 -31.5 22

23 Federal government 306.9 183.4 237.1 1239.2 1443.9 1550.0 1951.5 1371.5 902.6 1601.9 2003.0 23

24 Foreign borrowing in U.S. 113.0 332.6 170.3 -226.3 191.8 163.1 179.3 275.0 149.9 115.3 -34.6 24

25 Commercial paper 38.6 98.4 -69.3 -71.0 57.8 64.6 -22.0 201.9 -13.3 -27.1 -41.3 25

26 Bonds 64.5 227.8 218.7 -158.9 144.9 119.4 206.3 82.9 170.9 141.4 -6.0 26

27 Bank loans n.e.c. 14.5 13.8 24.1 5.1 -11.2 -19.4 -6.0 -9.8 -9.6 -0.5 13.8 27

28 Other loans and advances -4.6 -7.4 -3.2 -1.5 0.3 -1.5 0.9 0.0 1.8 1.5 -1.1 28

29 Domestic and foreign 2437.8 2746.2 2693.4 1680.7 1206.9 1711.1 1678.5 991.2 446.6 1677.6 1636.8 29

F.3 Credit Market Borrowing by Financial Sectors

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 By instrument 1114.9 1297.3 1789.6 905.5 -1824.8 -1857.2 -2268.8 -1774.4 -1398.9 -1178.7 -1069.7 1

 2 Open market paper 214.2 196.3 -111.4 -125.6 -446.7 -555.5 -568.2 -354.6 -308.7 -160.1 -276.8 2

 3 GSE issues -84.0 35.6 282.4 271.7 -475.3 -254.5 -680.9 -590.3 -375.7 -173.2 -334.7 3

 4 Agency- and GSE-backed mortgage pool sec. 164.5 292.6 623.3 497.0 415.0 340.0 507.9 465.6 346.3 132.1 244.8 4

 5 Corporate bonds 743.0 807.3 694.0 -273.8 -571.1 -556.7 -579.6 -450.8 -697.4 -737.0 -482.2 5

 6 Bank loans n.e.c. 18.8 -62.3 70.9 496.1 -467.4 -483.2 -648.7 -490.8 -246.9 -91.2 -82.5 6

 7 Other loans and advances 44.4 21.2 225.8 33.3 -282.6 -353.0 -308.8 -352.2 -116.3 -150.2 -140.3 7

 8 Mortgages 14.1 6.6 4.7 6.8 3.4 5.6 9.5 -1.4 -0.1 0.8 2.0 8

 9 By sector 1114.9 1297.3 1789.6 905.5 -1824.8 -1857.2 -2268.8 -1774.4 -1398.9 -1178.7 -1069.7 9

10 Commercial banking 85.1 177.4 263.2 161.1 -179.9 -238.0 -27.7 -170.3 -283.5 -118.4 -228.8 10

11 U.S.-chartered commercial banks 36.9 107.5 131.8 79.1 -152.6 -247.0 -44.7 -249.1 -69.4 -115.0 -110.4 11

12 Foreign banking offices in U.S. 0.0 -0.3 0.0 -0.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12

13 Bank holding companies 48.2 70.2 131.3 82.3 -27.3 9.1 17.0 78.8 -214.1 -3.4 -118.3 13

14 Savings institutions 22.5 -108.2 104.1 -67.1 -169.6 -148.6 -282.5 -178.3 -68.8 -68.2 -35.0 14

15 Credit unions 3.3 4.2 13.4 8.3 -14.1 -41.2 -7.2 -0.8 -7.2 -4.4 -1.6 15

16 Life insurance companies 0.4 2.7 14.5 26.2 -6.6 -9.6 -8.0 -12.0 3.2 -10.8 0.0 16

17 Government-sponsored enterprises -84.0 35.6 282.4 271.7 -475.3 -254.5 -680.9 -590.3 -375.7 -173.2 -334.7 17

18 Agency- and GSE-backed mortgage pools 164.5 292.6 623.3 497.0 415.0 340.0 507.9 465.6 346.3 132.1 244.8 18

19 ABS issuers 729.4 807.8 336.0 -407.9 -721.9 -771.7 -701.6 -748.8 -665.4 -502.7 -451.5 19

20 Finance companies 33.5 34.8 34.9 -79.4 -156.2 -159.5 -205.4 -112.0 -147.9 -301.3 -140.5 20

21 REITs 55.4 15.5 10.2 -48.6 -33.7 -34.3 -46.2 -18.9 -35.4 17.8 7.2 21

22 Brokers and dealers 0.1 6.4 -4.0 77.7 -49.7 -160.4 -1.0 7.4 -44.8 -2.4 34.6 22

23 Funding corporations 104.7 28.3 111.6 466.4 -432.8 -379.5 -816.1 -415.9 -119.7 -147.2 -164.2 23
12 Z.1, September 17, 2010

F.4 Credit Market Borrowing, All Sectors, by Instrument

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2005 2006 2007 2008 2009 2009 2010

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total 3552.7 4043.4 4483.0 2586.2 -618.0 -146.2 -590.2 -783.3 -952.2 498.8 567.1 1

 2 Open market paper 245.1 317.1 -169.4 -189.0 -461.3 -629.2 -722.5 -150.3 -343.2 -132.7 -251.1 2

 3 Treasury securities 307.3 183.7 237.5 1239.0 1443.7 1553.2 1952.6 1367.7 901.5 1601.5 2001.9 3

 4 Agency- and GSE-backed securities 80.0 327.9 905.3 768.9 -60.2 82.3 -174.1 -120.9 -28.2 -40.8 -88.8 4

 5 Municipal securities 195.0 177.4 215.6 61.4 130.9 145.4 116.2 162.5 99.3 152.5 -38.1 5

 6 Corporate and foreign bonds 864.2 1250.6 1223.9 -228.1 -44.6 141.9 23.3 -97.8 -245.7 -163.1 -259.2 6

 7 Bank loans n.e.c. 167.8 126.8 335.1 693.8 -774.3 -738.6 -894.7 -877.6 -586.2 -94.8 -136.2 7

 8 Other loans and advances 159.1 173.6 533.6 106.7 -436.2 -549.8 -493.1 -508.9 -193.1 -170.3 -91.3 8

 9 Mortgages 1433.8 1390.8 1062.0 94.6 -300.8 -54.5 -273.6 -459.2 -415.8 -606.8 -509.4 9

10 Consumer credit 100.4 95.4 139.3 38.8 -115.3 -96.9 -124.4 -98.9 -140.8 -46.8 -60.8 10

 Memo:

 Funds raised through corporate equities and mutual fund shares

11 Total net issues 183.6 -31.9 -95.5 299.5 804.2 359.0 1166.1 983.3 708.5 447.4 322.2 11

12 Corporate equities -76.6 -368.7 -460.2 268.5 314.1 414.8 484.5 305.8 51.3 -116.7 273.3 12

13 Nonfinancial -341.8 -565.7 -786.8 -336.0 -64.7 -133.1 126.4 65.7 -318.0 -200.8 -182.6 13

 Foreign shares purchased by

14 U.S. residents 186.7 137.3 147.8 -39.0 63.3 -2.7 140.6 104.4 11.0 43.1 88.6 14

15 Financial 78.5 59.7 178.9 643.5 315.5 550.6 217.5 135.7 358.3 40.9 367.3 15

16 Mutual fund shares 260.2 336.8 364.7 31.0 490.1 -55.8 681.6 677.5 657.1 564.1 48.9 16

F.5 Net Increase in Liabilities and Its Relation to Net Acquisition of Financial Assets

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 Net flows through credit markets

 1 (from table F.4, line 1) 3552.7 4043.4 4483.0 2586.2 -618.0 -146.2 -590.2 -783.3 -952.2 498.8 567.1 1

 2 U.S. official reserve assets -14.1 -2.4 0.1 4.8 99.9 3.9 14.5 386.5 -5.5 3.1 0.7 2

 3 SDR certificates 0.0 0.0 0.0 0.0 3.0 0.0 0.0 12.0 0.0 0.0 0.0 3

 4 Treasury currency 0.8 0.6 -0.7 -0.8 -0.4 -0.0 -0.0 -1.0 -0.4 0.0 -0.0 4

 5 Foreign deposits 40.8 87.2 257.0 -402.1 -171.6 -244.6 -240.6 -104.2 -97.0 35.7 283.5 5

 6 Net interbank transactions -12.4 -11.3 -97.5 1801.9 -607.9 -954.1 -2276.1 781.2 17.3 -244.4 -564.2 6

 7 Checkable deposits and currency 4.4 -19.9 36.7 568.4 -7.9 -408.4 448.3 7.5 -79.1 29.4 420.5 7

 8 Small time and savings deposits 314.4 347.0 316.4 524.8 517.2 320.1 257.1 828.5 663.0 137.7 129.0 8

 9 Large time deposits 284.4 261.2 283.4 -190.6 -141.8 -22.2 -17.8 -545.9 18.7 -268.5 -355.3 9

10 Money market fund shares 127.0 305.3 720.9 724.2 -498.7 109.1 -494.4 -957.0 -652.3 -1118.8 -552.7 10

11 Security RPs 316.0 403.4 8.6 -895.4 208.8 -753.5 897.7 65.4 625.6 69.1 -500.6 11

12 Corporate equities -76.6 -368.7 -460.2 268.5 314.1 414.8 484.5 305.8 51.3 -116.7 273.3 12

13 Mutual fund shares 260.2 336.8 364.7 31.0 490.1 -55.8 681.6 677.5 657.1 564.1 48.9 13

14 Trade payables 340.8 189.1 202.0 -65.4 11.9 -196.6 -60.5 140.7 163.9 243.8 186.0 14

15 Security credit 0.2 211.5 276.5 -397.9 -95.9 -487.7 -53.6 44.8 112.9 27.3 163.0 15

16 Life insurance reserves 16.1 65.6 34.2 67.0 27.8 66.4 8.0 0.8 36.1 56.2 67.7 16

17 Pension fund reserves 275.4 250.6 200.8 112.7 133.0 22.1 98.4 208.8 202.9 121.0 167.0 17

18 Taxes payable -4.7 22.5 -69.3 -127.6 -0.7 -26.6 -38.9 102.4 -39.8 10.2 -16.0 18

19 Noncorporate proprietors’ equity -37.1 18.0 -30.5 -33.7 -5.1 11.1 -26.0 -11.5 6.1 6.9 20.5 19

20 Miscellaneous 1265.0 1859.0 2543.0 2331.7 -84.0 737.9 -1042.0 746.1 -778.1 1330.2 1440.9 20

21 Total financial sources 6653.4 7998.9 9069.3 6907.6 -426.1 -1610.3 -1950.1 1905.1 -49.2 1385.1 1779.3 21

 - Liabilities not identified as assets:

22 Treasury currency 0.7 -1.1 -1.2 -0.8 -4.4 -14.4 -0.7 -1.5 -0.9 -0.2 -1.8 22

23 Foreign deposits 12.3 106.8 197.5 -354.9 -152.9 -37.8 -321.3 -163.7 -88.5 21.1 296.1 23

24 Net interbank liabilities -3.6 -1.9 1.8 30.6 34.4 -84.8 -30.1 -2.9 255.5 -227.1 -164.4 24

25 Security RPs 106.3 304.5 -227.1 -585.4 407.6 -313.5 1176.6 221.4 546.0 248.1 -215.7 25

26 Taxes payable -45.6 17.3 -34.6 -58.8 -8.5 27.0 -93.1 94.7 -62.6 -0.8 -74.5 26

27 Miscellaneous -90.2 -729.4 -55.1 1549.6 345.6 1367.6 105.3 788.8 -879.4 392.2 1034.6 27

 - Floats not included in assets:

28 Checkable deposits: State and local govt. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 28

29 Federal govt. -6.6 -3.0 1.2 -3.3 0.7 19.3 3.5 -9.0 -10.9 20.2 -1.5 29

30 Private domestic 1.7 -0.0 -0.1 -2.0 -1.0 -0.4 -1.4 -2.3 -0.1 -3.7 0.0 30

31 Trade credit -30.4 145.9 -48.5 35.9 117.3 159.3 28.4 126.1 155.2 135.1 57.8 31

 Totals identified to sectors

32 as assets 6708.9 8159.7 9235.4 6296.8 -1165.1 -2732.7 -2817.4 853.3 36.4 800.2 848.7 32
Z.1, September 17, 2010 13

F.6 Distribution of Gross Domestic Product (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2005 2006 2007 2008 2009 2009 2010

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Gross Domestic Product (GDP) 12638.4 13398.9 14061.8 14369.1 14119.0 14049.7 14034.5 14114.7 14277.3 14446.4 14575.0 1

 2 Personal consumption expenditures (2) 8819.0 9322.7 9806.3 10104.5 10001.3 9913.0 9920.1 10040.7 10131.5 10230.8 10279.6 2

 3 Durable goods 1105.5 1133.0 1159.4 1083.5 1026.5 1012.2 1004.7 1045.2 1043.9 1060.7 1074.2 3

 4 Nondurable goods 1968.4 2088.7 2198.2 2296.0 2204.2 2146.2 2170.7 2231.0 2269.0 2319.3 2304.1 4

 5 Services 5745.1 6100.9 6448.6 6725.0 6770.6 6754.6 6744.7 6764.6 6818.6 6850.9 6901.3 5

 6 Gross private domestic investment 2172.2 2327.2 2295.2 2096.7 1589.2 1640.4 1530.2 1548.5 1637.7 1739.7 1838.7 6

 7 Fixed investment 2122.3 2267.2 2266.1 2137.8 1716.4 1782.3 1709.8 1691.8 1681.9 1689.8 1764.2 7

 8 Nonresidential 1347.3 1505.3 1637.5 1665.3 1364.4 1415.2 1367.5 1343.8 1330.9 1349.6 1406.1 8

 9 Household sector (nonprofit organizations) 99.1 107.5 120.2 129.4 118.9 121.7 116.5 119.6 117.6 119.4 120.8 9

10 Nonfinancial corporate business 915.0 1036.7 1114.2 1131.1 919.1 959.1 923.2 903.4 890.5 902.2 939.0 10

11 Nonfarm noncorporate business 141.8 163.2 178.5 178.5 142.8 147.8 143.3 138.8 141.3 145.7 157.8 11

12 Farm business 36.3 35.2 37.1 43.1 36.9 37.5 36.8 36.6 36.9 37.8 39.6 12

13 Financial institutions 155.3 162.7 187.5 183.3 146.7 149.1 147.7 145.4 144.7 144.5 148.9 13

14 Residential 774.9 761.9 628.6 472.5 352.1 367.0 342.2 348.0 351.0 340.2 358.1 14

15 Household sector 681.9 670.1 541.7 397.2 293.8 306.8 285.5 290.2 292.7 283.2 298.8 15

16 Nonfinancial corporate business 4.1 3.2 15.7 5.5 4.4 3.4 4.6 5.2 4.4 -2.0 1.1 16

17 Nonfarm noncorporate business 86.4 85.0 80.5 69.6 54.0 55.8 52.7 53.5 53.9 52.8 55.2 17

18 REITs 2.5 3.5 -9.3 0.1 -0.1 1.1 -0.6 -0.9 0.0 6.2 3.0 18

19 Change in private inventories 50.0 60.0 29.1 -41.1 -127.2 -141.9 -179.5 -143.3 -44.2 50.0 74.5 19

20 Nonfinancial corporate business 47.3 60.4 28.3 -40.6 -124.5 -137.0 -176.8 -135.5 -48.7 38.6 59.8 20

21 Nonfarm noncorporate business 2.5 3.2 1.5 -2.1 -6.6 -7.2 -9.3 -7.1 -2.6 2.0 3.1 21

22 Farm business 0.1 -3.6 -0.7 1.6 3.8 2.4 6.6 -0.7 7.1 9.3 11.6 22

23 Net U.S. exports of goods and services -722.7 -769.3 -714.0 -710.5 -386.4 -375.7 -335.2 -408.3 -426.4 -479.9 -536.0 23

24 Exports 1305.1 1471.0 1661.7 1843.4 1578.4 1521.2 1520.2 1582.1 1689.9 1757.8 1817.6 24

25 - Imports 2027.8 2240.3 2375.7 2553.8 1964.7 1896.9 1855.3 1990.5 2116.3 2237.6 2353.6 25

 Government consumption expenditures and

26 gross investment 2369.9 2518.4 2674.2 2878.3 2914.9 2872.0 2919.3 2933.8 2934.5 2955.7 2992.6 26

27 Consumption expenditures (3) 1977.9 2093.3 2217.8 2382.8 2411.5 2373.8 2413.0 2425.3 2434.0 2464.7 2484.3 27

28 Federal 765.8 811.0 848.9 934.6 987.1 958.1 989.0 999.7 1001.8 1017.3 1038.3 28

29 State and local 1212.0 1282.3 1368.9 1448.2 1424.4 1415.7 1424.0 1425.6 1432.2 1447.4 1446.0 29

30 Gross investment (3) 392.0 425.1 456.5 495.5 503.4 498.2 506.3 508.5 500.5 491.0 508.3 30

31 Federal 110.5 120.7 127.4 145.3 152.4 145.1 150.8 155.7 158.1 160.8 168.2 31

32 State and local 281.6 304.4 329.0 350.3 351.0 353.0 355.5 352.8 342.4 330.2 340.2 32

 Memo:

33 Net U.S. income receipts from rest of the world 97.1 72.4 123.3 174.5 146.3 122.5 129.7 167.2 165.5 191.2 193.7 33

34 U.S. income receipts 573.0 721.1 871.0 839.2 629.8 615.6 611.7 627.4 664.7 693.7 709.2 34

35 - U.S. income payments 475.9 648.6 747.7 664.7 483.6 493.1 482.0 460.1 499.1 502.6 515.5 35

 Gross National Product (GNP) =

36 GDP + net U.S. income receipts 12735.5 13471.3 14185.1 14543.6 14265.3 14172.2 14164.2 14281.9 14442.8 14637.6 14768.6 36

 Acquisition of nonproduced nonfinancial assets (net)

37 Household sector -9.2 -10.2 -11.3 -11.5 -11.3 -11.3 -11.2 -11.2 -11.4 -11.7 -11.9 37

38 Nonfinancial corporate business -0.6 12.5 -1.7 16.7 5.0 24.9 0.6 -3.9 -1.7 -2.0 -1.5 38

39 State and local governments 10.3 11.1 13.8 13.9 13.4 13.4 13.3 13.3 13.5 13.8 14.1 39

40 Federal governments -0.5 -13.3 -1.3 -19.2 -7.0 -26.9 -2.6 1.8 -0.4 -0.1 -0.7 40

41 Rest of the world 0.1 -0.1 0.5 -0.0 0.0 0.0 0.0 0.0 0.0 -0.0 0.0 41

(1) This table is based on NIPA table 1.1.5 in the Survey of Current Business, Bureau of Economic Analysis (www.bea.gov).

(2) Component of personal outlays, found on table F.100, line 4.

(3) Government inventory investment is included in consumption expenditures.
14 Z.1, September 17, 2010

F.7 Distribution of National Income (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2005 2006 2007 2008 2009 2009 2010

 Q1 Q2 Q3 Q4 Q1 Q2

 1 National Income 11273.8 12031.2 12396.4 12557.8 12225.1 12150.3 12129.7 12204.8 12415.5 12621.0 12766.8 1

 2 Compensation of employees 7065.0 7477.0 7855.9 8060.8 7811.7 7797.7 7819.0 7798.7 7831.4 7858.1 7918.6 2

 3 Wages and other labor income 6632.6 7029.0 7402.2 7595.7 7346.1 7320.3 7357.5 7337.9 7368.9 7387.2 7444.0 3

 4 Employer social insurance contributions 427.5 446.7 459.9 470.1 460.6 457.4 461.5 460.8 462.5 470.9 474.6 4

 5 Wage accruals less disbursements 5.0 1.3 -6.3 -5.0 5.0 20.0 0.0 0.0 0.0 0.0 0.0 5

 Proprietors’ income with inventory

 6 valuation and capital consumption adjustments 1069.8 1133.0 1090.4 1102.0 1011.9 1018.7 1000.5 1006.4 1022.1 1030.7 1048.4 6

 7 Nonfarm 1025.9 1103.6 1052.6 1051.2 981.5 989.0 972.5 978.4 985.9 994.0 1012.7 7

 8 Farm 43.9 29.3 37.8 50.8 30.5 29.6 28.0 28.0 36.2 36.8 35.7 8

 Rental income of persons (with capital

 9 consumption adjustment) 178.2 146.5 143.7 222.0 274.0 264.7 269.4 279.1 282.8 292.7 300.7 9

 Corporate profits with inventory

10 valuation and capital consumption adjustments 1456.1 1608.3 1510.6 1262.8 1258.0 1138.2 1178.0 1297.5 1418.2 1566.6 1639.3 10

 Corporate profits with inventory

11 valuation adjustment 1609.5 1784.7 1691.1 1289.1 1328.6 1223.0 1249.8 1360.5 1481.2 1736.5 1810.4 11

12 Profits before tax 1640.2 1822.7 1738.4 1333.2 1316.7 1130.0 1219.2 1369.2 1548.4 1772.9 1813.9 12

13 Domestic nonfinancial 954.1 1115.1 1037.6 778.6 703.4 636.2 639.6 701.8 836.0 1018.4 1054.3 13

14 Farm 3.0 2.8 4.4 3.4 3.0 3.1 3.0 3.0 3.1 3.3 3.5 14

15 Rest of the world 239.4 256.8 350.9 411.3 352.3 349.1 333.2 364.2 362.6 388.5 393.8 15

16 Domestic financial 443.6 448.0 345.5 139.9 258.0 141.6 243.4 300.2 346.7 362.7 362.4 16

 Less:

17 Taxes on corporate income 412.4 473.3 445.5 308.4 254.9 222.0 222.8 255.7 319.1 403.2 442.2 17

18 Domestic nonfinancial 271.0 306.9 293.0 225.7 169.7 160.3 154.5 163.0 201.0 264.2 298.2 18

19 Farm 0.9 0.7 0.8 0.7 0.7 0.6 0.6 0.7 0.8 1.0 1.1 19

20 Domestic financial 140.5 165.6 151.7 82.0 84.5 61.1 67.7 92.0 117.3 138.0 142.8 20

 Equals:

21 Profits after tax 1227.8 1349.5 1292.9 1024.8 1061.8 908.0 996.5 1113.5 1229.3 1369.7 1371.7 21

22 Net dividends 557.3 704.8 794.5 797.7 718.9 747.8 719.7 699.6 708.5 720.3 724.8 22

23 Domestic nonfinancial 168.0 465.8 480.4 479.8 508.9 543.5 530.0 467.4 494.9 513.0 507.0 23

24 Farm 2.9 5.3 4.2 3.0 2.5 2.6 2.5 2.4 2.5 2.5 2.5 24

25 Rest of the world 260.9 77.9 144.8 186.1 107.3 97.5 86.9 132.2 112.4 99.1 122.4 25

26 Domestic financial 125.6 155.7 165.2 128.8 100.2 104.2 100.3 97.5 98.7 105.7 92.9 26

27 Undistributed profits 670.5 644.7 498.4 227.2 342.9 160.2 276.7 413.9 520.8 649.4 646.9 27

28 Domestic nonfinancial 515.1 342.3 264.2 73.1 24.8 -67.6 -44.9 71.4 140.2 241.2 249.1 28

29 Farm -0.7 -3.2 -0.5 -0.3 -0.1 -0.0 -0.1 -0.1 -0.2 -0.2 -0.2 29

30 Rest of the world -21.4 178.9 206.1 225.1 245.0 251.7 246.3 232.0 250.1 289.4 271.4 30

31 Domestic financial 177.4 126.6 28.7 -70.8 73.2 -23.8 75.4 110.7 130.7 119.0 126.6 31

32 Inventory valuation adjustment -30.7 -38.0 -47.2 -44.1 11.9 93.0 30.6 -8.7 -67.2 -36.4 -3.5 32

33 Capital consumption adjustment -153.4 -176.4 -180.5 -26.3 -70.6 -84.8 -71.8 -63.0 -63.0 -169.9 -171.1 33

34 Domestic nonfinancial -128.8 -156.0 -158.8 -14.4 -55.1 -66.9 -55.9 -48.9 -48.7 -144.9 -145.9 34

35 Farm 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 35

36 Domestic financial -24.6 -20.4 -21.7 -12.0 -15.6 -17.9 -15.9 -14.1 -14.2 -25.0 -25.2 36

37 Net interest and miscellaneous payments 543.1 652.2 731.6 812.8 784.3 847.4 773.4 750.7 765.6 765.9 743.3 37

38 Taxes on production and imports 930.2 986.8 1027.2 1045.1 1024.7 1016.7 1018.7 1028.2 1035.2 1045.9 1057.1 38

39 Less: Subsidies 60.9 51.4 54.6 52.8 60.3 56.8 57.2 69.1 58.4 57.4 58.4 39

40 Business current transfer payments (net) 95.9 83.0 103.3 121.7 134.0 139.7 141.8 124.9 129.8 130.5 131.1 40

41 Current surplus of government enterprises -3.5 -4.2 -11.8 -16.7 -13.2 -15.8 -14.2 -11.7 -11.3 -12.1 -13.1 41

 Memo:

 Calculation of Gross Domestic Product

 from National Income: (2)

42 National Income, from line 1 above 11273.8 12031.2 12396.4 12557.8 12225.1 12150.3 12129.7 12204.8 12415.5 12621.0 12766.8 42

 Plus:

43 Private consumption of fixed capital 1290.8 1391.4 1476.2 1536.9 1535.8 1557.2 1537.5 1523.1 1525.5 1522.8 1527.7 43

44 Government consumption of fixed capital 250.6 269.3 291.3 312.3 325.3 324.3 324.9 325.1 326.8 329.6 333.0 44

45 Statistical discrepancy -79.7 -220.6 21.1 136.6 179.1 140.4 172.2 228.9 175.2 164.2 141.1 45

 Less:

46 Net U.S. income receipts from rest of the world 97.1 72.4 123.3 174.5 146.3 122.5 129.7 167.2 165.5 191.2 193.7 46

 Equals:

47 Gross Domestic Product 12638.4 13398.9 14061.8 14369.1 14119.0 14049.7 14034.5 14114.7 14277.3 14446.4 14575.0 47

(1) This table corresponds to NIPA table 1.12 in the Survey of Current Business, Bureau of Economic Analysis (www.bea.gov).

(2) The relationship of National Income to Gross Domestic Product is shown on NIPA table 1.7.5 in the Survey of Current Business, Bureau of Economic Analysis.
Z.1, September 17, 2010 15

F.8 Saving and Investment by Sector (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2005 2006 2007 2008 2009 2009 2010

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Gross saving 1903.4 2174.4 2013.6 1785.2 1533.8 1613.4 1521.1 1438.0 1562.5 1621.5 1715.7 1

 2 Net saving 362.0 513.7 246.1 -64.0 -327.4 -268.1 -341.3 -410.3 -289.8 -230.9 -145.0 2

 3 Net private saving 619.1 666.5 479.1 599.6 944.5 776.7 1029.0 965.6 1006.7 1054.8 1159.1 3

 4 Domestic business 486.4 430.3 270.7 156.7 284.2 168.5 235.5 342.2 390.6 443.0 472.2 4

 5 Nonfinancial corporate business 338.6 295.4 226.3 196.7 178.2 204.5 169.7 172.6 166.1 156.1 149.9 5

 6 Financial business 147.7 134.8 44.3 -40.0 106.0 -36.1 65.9 169.5 224.5 287.0 322.3 6

 7 Households and institutions 132.7 236.2 208.4 442.9 660.3 608.2 793.5 623.4 616.0 611.7 686.9 7

 8 Net government saving -257.1 -152.7 -233.0 -663.6 -1271.8 -1044.8 -1370.3 -1375.9 -1296.4 -1285.7 -1304.1 8

 9 Federal -283.0 -203.8 -245.2 -616.2 -1251.7 -1003.2 -1336.8 -1356.7 -1310.3 -1314.2 -1325.3 9

10 State and local 25.9 51.0 12.2 -47.4 -20.1 -41.6 -33.6 -19.2 13.9 28.6 21.2 10

11 Consumption of fixed capital 1541.4 1660.7 1767.5 1849.2 1861.1 1881.6 1862.3 1848.3 1852.2 1852.4 1860.7 11

12 Private 1290.8 1391.4 1476.2 1536.9 1535.8 1557.2 1537.5 1523.1 1525.5 1522.8 1527.7 12

13 Domestic business 1045.7 1123.3 1190.7 1244.5 1245.2 1264.8 1247.0 1234.3 1234.7 1231.1 1237.3 13

14 Nonfinancial corporate business (2) 743.0 800.9 840.1 878.8 879.0 894.0 880.1 871.0 870.7 868.2 873.4 14

15 Nonfinancial noncorporate business (3) 175.5 189.6 210.1 218.3 217.7 220.9 218.4 215.9 215.6 214.8 214.8 15

16 Financial business 127.3 132.8 140.6 147.4 148.5 149.9 148.5 147.4 148.4 148.1 149.1 16

17 Households and institutions 245.1 268.1 285.5 292.4 290.6 292.4 290.4 288.8 290.8 291.7 290.4 17

18 Government 250.6 269.3 291.3 312.3 325.3 324.3 324.9 325.1 326.8 329.6 333.0 18

19 Federal 100.4 106.6 112.6 119.8 124.4 123.0 123.8 124.7 125.9 127.3 128.8 19

20 State and local 150.1 162.7 178.7 192.6 200.9 201.3 201.1 200.5 200.8 202.3 204.2 20

 Gross domestic investment, capital account

21 transactions, and net lending, NIPAs 1823.7 1953.8 2034.8 1921.8 1712.9 1753.8 1693.3 1666.9 1737.6 1785.7 1856.8 21

22 Gross domestic investment 2564.2 2752.2 2751.7 2592.2 2092.6 2138.6 2036.5 2057.0 2138.2 2230.7 2347.0 22

23 Gross private domestic investment 2172.2 2327.2 2295.2 2096.7 1589.2 1640.4 1530.2 1548.5 1637.7 1739.7 1838.7 23

24 Domestic business 1391.2 1549.5 1633.3 1570.1 1176.5 1211.9 1128.2 1138.6 1227.4 1337.2 1419.1 24

25 Nonfinancial corporate business (2) 998.0 1138.9 1162.1 1112.2 813.3 837.0 765.2 784.9 866.2 969.0 1034.8 25

26 Nonfinancial noncorporate business (3) 238.0 248.0 283.7 274.7 216.5 225.8 215.3 208.4 216.6 223.7 235.4 26

27 Financial business 155.3 162.7 187.5 183.3 146.7 149.1 147.7 145.4 144.7 144.5 148.9 27

28 Households and institutions 781.0 777.7 661.9 526.6 412.7 428.5 402.0 409.8 410.3 402.6 419.5 28

29 Gross government investment 392.0 425.1 456.5 495.5 503.4 498.2 506.3 508.5 500.5 491.0 508.3 29

30 Federal 110.5 120.7 127.4 145.3 152.4 145.1 150.8 155.7 158.1 160.8 168.2 30

31 State and local 281.6 304.4 329.0 350.3 351.0 353.0 355.5 352.8 342.4 330.2 340.2 31

32 Capital account transactions (net) (4) -12.9 2.1 -0.1 -5.4 0.6 0.5 0.5 0.6 0.7 0.4 0.5 32

33 Private -32.6 19.0 -10.0 -70.9 -142.2 -213.4 -159.0 -79.6 -116.9 -94.0 -126.3 33

34 Domestic business -1.5 12.5 -1.7 -50.7 -125.0 -201.7 -144.0 -63.7 -90.4 -72.7 -102.0 34

35 Nonfinancial corporate business (2) -16.1 12.5 -1.7 13.1 3.0 24.8 0.5 -8.1 -5.4 -5.3 -8.9 35

36 Nonfinancial noncorporate business (3) -13.1 0.0 0.0 -3.3 -6.0 -3.6 -7.3 -7.0 -6.2 -4.4 -15.8 36

37 Financial business 27.7 0.0 0.0 -60.5 -121.9 -222.9 -137.3 -48.6 -78.9 -63.0 -77.2 37

38 Households and institutions -31.2 6.5 -8.3 -20.2 -17.3 -11.7 -15.0 -15.9 -26.4 -21.3 -24.3 38

39 Government 19.8 -17.0 10.0 65.4 142.8 213.8 159.5 80.2 117.6 94.4 127.0 39

40 Federal 59.3 29.3 55.0 113.5 196.8 257.2 208.1 142.5 179.4 135.9 176.1 40

41 State and local -39.5 -46.3 -45.1 -48.0 -54.0 -43.4 -48.6 -62.3 -61.8 -41.5 -49.1 41

42 Net lending or net borrowing (-), NIPAs (5) -727.7 -800.5 -716.8 -665.0 -380.3 -385.2 -343.8 -390.7 -401.3 -445.4 -490.7 42

43 Private -309.4 -508.9 -308.7 247.3 1212.5 1047.2 1367.5 1248.7 1186.5 1096.0 1115.8 43

44 Domestic business 62.7 -229.0 -149.0 18.4 657.0 563.4 670.5 730.4 663.5 573.8 533.8 44

45 Nonfinancial corporate business (2) (5) 20.1 -275.5 -72.9 86.9 420.1 377.2 456.2 495.7 351.2 224.7 138.8 45

46 Nonfinancial noncorporate business (3) -49.4 -58.4 -73.6 -53.1 7.2 -1.3 10.4 14.5 5.1 -4.4 -4.7 46

47 Financial business 92.0 104.9 -2.6 -15.4 229.7 187.5 203.9 220.2 307.2 353.5 399.7 47

48 Households and institutions -372.0 -279.9 -159.7 228.9 555.5 483.8 696.9 518.3 523.0 522.1 582.0 48

49 Government -418.3 -291.6 -408.1 -912.3 -1592.7 -1432.4 -1711.2 -1639.4 -1587.8 -1541.4 -1606.5 49

50 Federal -352.4 -247.2 -315.0 -755.2 -1476.6 -1282.4 -1571.9 -1530.1 -1521.9 -1483.6 -1540.8 50

51 State and local -66.0 -44.3 -93.1 -157.1 -116.1 -150.0 -139.4 -109.3 -65.9 -57.7 -65.7 51

52 Statistical discrepancy (line 21 less line 1) -79.7 -220.6 21.1 136.6 179.1 140.4 172.2 228.9 175.2 164.2 141.1 52

 Addenda:

53 Disaster losses 110.4 0.0 0.0 19.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 53

54 Private 99.2 0.0 0.0 19.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 54

55 Domestic business 48.8 0.0 0.0 10.8 0.0 0.0 0.0 0.0 0.0 0.0 0.0 55

56 Households and institutions 50.4 0.0 0.0 8.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 56

57 Government 11.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 57

58 Federal 0.5 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 58

59 State and local 10.7 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 59

(1) This table is based on NIPA table 5.1 in the Survey of Current Business, Bureau of Economic Analysis (www.bea.gov). It is consistent with the Integrated Macroeconomic Accounts of the

 United States jointly compiled by the Federal Reserve Board and the Bureau of Economic Analysis.

(2) Includes corporate farms.

(3) Includes noncorporate farms.

(4) Consists of net capital transfers shown on table F.9 and the acquisition of nonproduced nonfinancial assets (net) shown on table F.6.

(5) Differs from net lending or net borrowing in the Integrated Macroeconomic Accounts of the United States by the statistical discrepancy (line 52).
16 Z.1, September 17, 2010

F.9 Net Capital Transfers (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2005 2006 2007 2008 2009 2009 2010

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Capital transfers paid, by sector 165.7 103.6 114.5 208.5 249.9 337.8 258.0 186.4 217.2 184.5 220.1 1

 2 By private business 28.9 0.0 0.0 7.6 0.0 0.0 0.0 0.0 0.0 0.0 0.2 2

 3 Financial corporations 28.9 0.0 0.0 7.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3

 4 Disaster-related insurance benefits 28.9 0.0 0.0 7.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 Other 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5

 6 Nonfinancial corporations 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.2 6

 7 Noncorporate business 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 7

 8 By government 91.2 70.5 82.8 160.8 224.6 308.4 232.0 161.3 196.4 158.3 196.4 8

 9 Federal 84.8 70.5 82.8 160.8 224.6 308.4 232.0 161.3 196.4 158.3 196.4 9

10 Investment grants to state and local govts. 48.9 52.1 53.7 56.2 62.8 51.7 57.1 71.2 71.2 51.4 59.1 10

11 Disaster-related insurance benefits 17.3 0.0 0.0 2.8 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11

12 Financial stabilization payments 0.0 0.0 0.0 67.7 121.9 222.9 137.3 48.6 78.9 63.0 77.2 12

13 Other capital transfers paid to business 0.0 0.0 0.0 0.0 8.0 3.6 7.3 11.2 9.8 7.6 23.7 13

14 Other capital transfers paid to persons 15.9 16.4 28.7 33.3 31.3 29.8 29.8 29.8 35.8 35.8 35.8 14

15 Capital transfers paid to the rest of the world (net) 2.6 2.0 0.4 0.8 0.6 0.5 0.5 0.6 0.7 0.4 0.5 15

16 State and local 6.4 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16

17 Disaster-related insurance benefits 6.4 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 17

18 By persons 30.3 33.1 31.7 33.9 25.3 29.4 26.0 25.1 20.8 26.2 23.5 18

19 Estate and gift taxes, federal 25.0 27.8 26.5 28.2 20.7 24.3 21.3 20.7 16.6 22.2 19.6 19

20 Estate and gift taxes, state and local 5.3 5.3 5.3 5.7 4.6 5.1 4.7 4.4 4.2 4.0 3.9 20

21 By the rest of the world 15.4 0.0 0.0 6.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 21

22 Disaster-related insurance benefits 15.4 0.0 0.0 6.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 22

23 Other 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 23

24 Capital transfers received, by sector 165.7 103.6 114.5 208.5 249.9 337.8 258.0 186.4 217.2 184.5 219.9 24

25 By private business 29.7 0.0 0.0 75.0 129.9 226.5 144.6 59.8 88.7 70.7 100.7 25

26 Financial corporations 1.1 0.0 0.0 68.1 121.9 222.9 137.3 48.6 78.9 63.0 77.2 26

27 Disaster-related insurance benefits 1.1 0.0 0.0 0.4 0.0 0.0 0.0 0.0 0.0 0.0 0.0 27

28 Other 0.0 0.0 0.0 67.7 121.9 222.9 137.3 48.6 78.9 63.0 77.2 28

29 Nonfinancial corporations 15.5 0.0 0.0 3.6 2.0 0.0 0.0 4.3 3.7 3.2 7.6 29

30 Disaster-related insurance benefits 15.5 0.0 0.0 3.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 30

31 Other 0.0 0.0 0.0 0.0 2.0 0.0 0.0 4.3 3.7 3.2 7.6 31

32 Noncorporate business 13.1 0.0 0.0 3.3 6.0 3.6 7.3 7.0 6.2 4.4 15.8 32

33 Disaster-related insurance benefits 13.1 0.0 0.0 3.3 0.0 0.0 0.0 0.0 0.0 0.0 -0.2 33

34 Other 0.0 0.0 0.0 0.0 6.0 3.6 7.3 7.0 6.2 4.4 16.1 34

35 By government 81.2 85.2 85.4 90.1 88.1 81.0 83.1 96.3 91.9 77.6 82.8 35

36 Federal 25.0 27.8 26.5 28.2 20.7 24.3 21.3 20.7 16.6 22.2 19.6 36

37 Estate and gift taxes paid by persons 25.0 27.8 26.5 28.2 20.7 24.3 21.3 20.7 16.6 22.2 19.6 37

38 State and local 56.2 57.4 58.9 61.9 67.4 56.7 61.8 75.6 75.3 55.4 63.2 38

39 Disaster-related insurance benefits 2.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.2 39

40 Estate and gift taxes paid by persons 5.3 5.3 5.3 5.7 4.6 5.1 4.7 4.4 4.2 4.0 3.9 40

41 Investment grants paid by federal government 48.9 52.1 53.7 56.2 62.8 51.7 57.1 71.2 71.2 51.4 59.1 41

42 By persons 52.2 16.4 28.7 42.6 31.3 29.8 29.8 29.8 35.8 35.8 35.8 42

43 Disaster-related insurance benefits 36.3 0.0 0.0 9.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 43

44 Other 15.9 16.4 28.7 33.3 31.3 29.8 29.8 29.8 35.8 35.8 35.8 44

45 By the rest of the world 2.6 2.0 0.4 0.8 0.6 0.5 0.5 0.6 0.7 0.4 0.5 45

46 Capital transfers paid by U.S. government 2.6 2.0 0.4 0.8 0.6 0.5 0.5 0.6 0.7 0.4 0.5 46

47 Other 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 47

 Addenda: Net capital transfers paid by sector

48 By private business (lines 2-25) -0.9 -0.0 -0.0 -67.4 -129.9 -226.5 -144.6 -59.8 -88.7 -70.7 -100.5 48

49 Financial corporations (lines 3-26) 27.7 0.0 0.0 -60.5 -121.9 -222.9 -137.3 -48.6 -78.9 -63.0 -77.2 49

50 Property-casualty insurance companies (line 4) 28.9 0.0 0.0 7.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 50

51 U.S.-chartered commercial banks -1.1 0.0 0.0 -29.7 -18.2 -57.3 -12.3 -1.9 -1.3 6.9 0.4 51

52 Financial stabilization payments (2) 0.0 0.0 0.0 -29.3 -18.2 -57.3 -12.3 -1.9 -1.3 6.9 0.4 52

53 Other (lines 5-27) -1.1 0.0 0.0 -0.4 0.0 0.0 0.0 0.0 0.0 0.0 0.0 53

54 Bank holding companies (GMAC) (2) 0.0 0.0 0.0 -3.2 -11.3 0.0 -30.0 0.0 -15.2 0.0 -1.6 54

55 Government-sponsored enterprises (2) 0.0 0.0 0.0 -6.9 -87.1 -165.6 -90.4 -38.5 -54.0 -61.2 -76.0 55

56 Funding corporations (AIG) (2) 0.0 0.0 0.0 -28.3 -5.3 0.0 -4.6 -8.1 -8.5 -8.7 0.0 56

57 Nonfinancial corporations (lines 6-29) -15.5 -0.0 -0.0 -3.6 -2.0 -0.0 -0.0 -4.3 -3.7 -3.2 -7.4 57

58 Noncorporate business (lines 7-32) -13.1 0.0 0.0 -3.3 -6.0 -3.6 -7.3 -7.0 -6.2 -4.4 -15.8 58

59 By government (lines 8-35) 10.0 -14.7 -2.6 70.7 136.5 227.4 148.9 65.1 104.5 80.7 113.6 59

60 Federal (lines 9-36) 59.8 42.7 56.3 132.6 203.8 284.1 210.7 140.7 179.8 136.1 176.8 60

61 State and local (lines 16-38) -49.8 -57.4 -58.9 -61.9 -67.4 -56.7 -61.8 -75.6 -75.3 -55.4 -63.2 61

62 By persons (lines 18-42) -21.9 16.8 3.0 -8.7 -6.0 -0.4 -3.8 -4.7 -15.0 -9.6 -12.4 62

63 By the rest of the world (lines 21-45) 12.8 -2.0 -0.4 5.4 -0.6 -0.5 -0.5 -0.6 -0.7 -0.4 -0.5 63

(1) This table is based on NIPA table 5.10 in the Survey of Current Business, Bureau of Economic Analysis (www.bea.gov).

(2) Sum of lines 52, 54, 55, and 56 equals the negative of line 12. Series treated as capital losses rather than as capital transfers in the Flow of Funds Accounts.
Z.1, September 17, 2010 17

F.10 Derivation of Measures of Personal Saving (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2005 2006 2007 2008 2009 2009 2010

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Net acquisition of financial assets 1210.0 1244.9 1507.3 756.7 -322.8 -350.3 -659.9 -438.6 157.8 -234.5 437.5 1

 2 Foreign deposits 2.4 5.2 15.4 -24.1 -10.3 -14.7 -14.4 -6.3 -5.8 2.1 17.0 2

 3 Checkable deposits and currency -50.2 31.5 -4.4 208.1 -41.5 -36.8 155.7 -104.4 -180.2 -408.5 81.7 3

 4 Time and savings deposits 510.5 506.8 492.1 187.9 60.0 -84.1 -127.4 -106.8 558.3 360.4 -64.5 4

 5 Money market fund shares 47.6 168.4 234.9 230.2 -279.0 60.5 -201.0 -565.7 -409.7 -265.7 -192.0 5

 6 Securities 14.4 -298.7 -134.5 -150.1 99.5 116.3 -271.6 364.1 189.0 92.6 534.1 6

 7 Open market paper 14.7 19.0 -10.2 -101.3 28.7 -1.6 38.0 39.2 39.0 39.8 38.5 7

 8 U.S. savings bonds 0.7 -2.7 -6.0 -2.4 -2.8 -0.2 -1.7 -3.4 -5.8 -3.8 -2.8 8

 9 Other Treasury securities -97.3 -80.2 -39.7 153.8 343.7 409.7 216.6 383.5 365.0 151.2 977.5 9

10 Agency- and GSE-backed securities 97.0 -65.0 336.5 101.8 -650.9 -804.5 -1312.8 -113.7 -372.4 -368.4 -264.2 10

11 Municipal securities 78.7 52.1 23.5 6.6 105.0 148.1 59.5 124.8 87.8 131.4 -66.7 11

12 Corporate and foreign bonds 119.6 197.6 207.3 -212.7 -126.5 92.8 -94.3 -398.6 -105.9 -210.8 -260.1 12

13 Corporate equities (2) -372.5 -585.1 -852.8 -111.0 41.3 459.5 275.5 -173.7 -396.0 -75.8 157.8 13

14 Mutual fund shares 173.5 165.4 207.0 15.2 360.9 -187.4 547.6 506.2 577.2 428.9 -46.1 14

15 Life insurance reserves 16.1 65.6 34.2 67.0 27.8 66.4 8.0 0.8 36.1 56.2 67.7 15

16 Pension fund reserves 275.4 250.6 200.8 112.7 133.0 22.1 98.4 208.8 202.9 121.0 167.0 16

17 Miscellaneous and other assets 393.8 515.4 668.8 124.8 -312.4 -480.0 -307.6 -229.1 -232.8 -192.6 -173.5 17

18 Gross investment in tangible assets 2067.0 2102.3 2023.2 1817.5 1590.8 1598.6 1559.0 1595.6 1610.2 1628.9 1677.9 18

19 Residential fixed investment 768.3 755.2 622.2 466.9 347.8 362.6 338.2 343.7 346.6 336.0 353.9 19

20 Nonresidential fixed investment (3) 277.1 305.9 335.8 351.0 298.6 307.0 296.6 295.0 295.8 302.8 318.2 20

21 Consumer durables 1028.2 1051.9 1075.8 1011.7 958.5 945.1 938.1 975.9 974.7 990.4 1003.0 21

22 Nonproduced nonfinancial assets -9.2 -10.2 -11.3 -11.5 -11.3 -11.3 -11.2 -11.2 -11.4 -11.7 -11.9 22

23 Inventories (3) 2.6 -0.4 0.8 -0.5 -2.7 -4.8 -2.7 -7.8 4.5 11.3 14.7 23

24 Consumption of fixed capital 1216.4 1289.1 1361.3 1403.7 1414.4 1417.0 1412.4 1413.0 1415.2 1393.9 1394.0 24

25 Residential fixed investment 236.8 258.9 269.8 272.1 265.8 269.6 266.1 263.7 264.1 263.6 264.4 25

26 Nonresidential fixed investment (3) 190.4 205.9 234.6 248.3 252.8 253.4 252.7 251.7 253.6 254.1 251.9 26

27 Consumer durables 789.2 824.2 856.9 883.2 895.7 894.1 893.6 897.7 897.6 876.1 877.7 27

28 Net investment in tangible assets (4) 850.6 813.3 662.0 413.9 176.4 181.6 146.6 182.6 194.9 235.1 283.9 28

29 Residential fixed investment 531.6 496.3 352.4 194.8 81.9 93.0 72.1 80.1 82.5 72.4 89.5 29

30 Nonresidential fixed investment (3) 86.7 100.0 101.2 102.7 45.8 53.6 44.0 43.3 42.2 48.7 66.3 30

31 Consumer durables 239.0 227.6 218.9 128.4 62.7 51.1 44.5 78.2 77.1 114.3 125.3 31

32 Nonproduced nonfinancial assets -9.2 -10.2 -11.3 -11.5 -11.3 -11.3 -11.2 -11.2 -11.4 -11.7 -11.9 32

33 Inventories (3) 2.6 -0.4 0.8 -0.5 -2.7 -4.8 -2.7 -7.8 4.5 11.3 14.7 33

34 Net increase in liabilities 1705.3 1850.0 1514.9 233.4 -534.2 -459.2 -541.5 -594.9 -541.3 -548.3 -536.9 34

35 Mortgage debt on nonfarm homes 1106.5 1064.9 708.4 -93.1 -200.1 -61.6 -232.0 -341.4 -165.3 -499.3 -282.3 35

36 Other mortgage debt (3) 120.6 237.3 300.8 155.5 -64.6 -13.7 -37.1 -42.8 -164.9 -35.5 -147.1 36

37 Consumer credit 100.4 95.4 139.3 38.8 -115.3 -96.9 -124.4 -98.9 -140.8 -46.8 -60.8 37

38 Policy loans 0.8 3.3 3.6 5.9 0.7 1.5 2.0 -3.4 2.7 2.5 2.8 38

39 Security credit -31.6 59.7 33.4 -160.7 38.1 -122.3 53.6 104.4 116.9 -26.4 82.5 39

40 Other liabilities (3) 408.5 389.4 329.3 287.0 -193.1 -166.2 -203.6 -212.8 -189.9 57.2 -132.1 40

41 Net capital transfers paid (5) -35.0 16.8 3.0 -12.0 -12.0 -4.0 -11.0 -11.7 -21.2 -14.0 -28.2 41

42 Personal saving, with consumer durables (FOF) 320.3 224.9 657.4 925.1 375.9 286.5 17.1 327.2 872.8 534.8 1230.1 42

43 Less net investment in consumer durables 239.0 227.6 218.9 128.4 62.7 51.1 44.5 78.2 77.1 114.3 125.3 43

44 = Personal saving, without consumer durables (FOF) (6) 81.3 -2.7 438.5 796.7 313.2 235.4 -27.4 249.0 795.7 420.6 1104.8 44

45 Personal saving (NIPA, excludes consumer durables) 127.7 235.0 214.7 447.9 655.3 588.2 793.5 623.4 616.0 611.8 686.9 45

46 Difference -46.4 -237.7 223.8 348.8 -342.1 -352.8 -820.9 -374.5 179.7 -191.2 417.9 46

 Memo:

47 Disposable personal income 9277.3 9915.7 10423.6 10952.9 11034.9 10879.8 11090.9 11047.0 11121.7 11215.6 11335.1 47

 Personal saving as a percentage of disposable personal income:

48 With consumer durables (FOF) (line 40) 3.5 2.3 6.3 8.4 3.4 2.6 0.2 3.0 7.8 4.8 10.9 48

49 Without consumer durables (FOF) (line 42) 0.9 -0.0 4.2 7.3 2.8 2.2 -0.2 2.3 7.2 3.7 9.7 49

50 Without consumer durables (NIPA) (line 43) 1.4 2.4 2.1 4.1 5.9 5.4 7.2 5.6 5.5 5.5 6.1 50

51 Difference (line 44) -0.5 -2.4 2.1 3.2 -3.1 -3.2 -7.4 -3.4 1.6 -1.7 3.7 51

(1) Consolidated statement for households and nonprofit organizations, nonfarm noncorporate business, and farm business.

(2) Directly held and those in closed-end and exchange-traded funds. Other equities are included in mutual fund shares (line 14) and life insurance and pension reserves (lines 15 and 16)).

(3) Includes corporate farms.

(4) Line 18 less line 23.

(5) Table F.9, line 58 plus line 62.

(6) Line 42 and 43 are conceptually equivalent but measure saving using different data. Line 42 is net acquisition of financial assets (line 1) plus net investment in tangible assets net of consumer durables

 (line 27 less line 41) less net increase in liabilities (line 32) plus net capital transfers paid (line 39). Line 43 is disposable personal income (line 45) less personal outlays (table F.100, line 4).
18 Z.1, September 17, 2010

F.100 Households and Nonprofit Organizations (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2005 2006 2007 2008 2009 2009 2010

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Personal income 10485.9 11268.1 11912.3 12391.1 12174.9 12093.2 12203.4 12164.0 12239.0 12350.3 12471.2 1

 2 - Personal current taxes 1208.6 1352.4 1488.7 1438.2 1140.0 1213.4 1112.5 1117.0 1117.2 1134.7 1136.2 2

 3 = Disposable personal income 9277.3 9915.7 10423.6 10952.9 11034.9 10879.8 11090.9 11047.0 11121.7 11215.6 11335.1 3

 4 - Personal outlays 9149.6 9680.7 10208.9 10505.0 10379.6 10291.6 10297.4 10423.6 10505.7 10603.9 10648.1 4

 5 = Personal saving, NIPA (2) 127.7 235.0 214.7 447.9 655.3 588.2 793.5 623.4 616.0 611.8 686.9 5

 6 + Government insurance and pension reserves (3) 0.7 0.1 0.1 -0.6 0.5 1.0 -0.4 -1.4 2.7 -4.0 -0.8 6

 7 + Net investment in consumer durables 239.0 227.6 218.9 128.4 62.7 51.1 44.5 78.2 77.1 114.3 125.3 7

 8 + Consumption of fixed capital 1037.2 1095.7 1142.3 1175.7 1186.3 1186.5 1184.1 1186.5 1188.4 1167.8 1168.1 8

 9 - Net capital transfers paid (4) -21.9 16.8 3.0 -8.7 -6.0 -0.4 -3.8 -4.7 -15.0 -9.6 -12.4 9

10 = Gross saving less net capital transfers paid 1426.5 1541.7 1573.0 1760.1 1910.8 1827.2 2025.4 1891.4 1899.2 1899.5 1991.9 10

11 Gross investment 1380.1 1307.1 1797.2 2109.8 1568.3 1473.4 1205.0 1518.5 2076.4 1712.5 2410.8 11

12 Capital expenditures 1799.9 1819.3 1726.3 1526.8 1359.8 1362.4 1328.9 1374.5 1373.6 1381.3 1410.6 12

13 Residential 681.9 670.1 541.7 397.2 293.8 306.8 285.5 290.2 292.7 283.2 298.8 13

14 Consumer durable goods 1028.2 1051.9 1075.8 1011.7 958.5 945.1 938.1 975.9 974.7 990.4 1003.0 14

15 Nonprofit nonresidential 99.1 107.5 120.2 129.4 118.9 121.7 116.5 119.6 117.6 119.4 120.8 15

16 Nonproduced nonfinancial assets -9.2 -10.2 -11.3 -11.5 -11.3 -11.3 -11.2 -11.2 -11.4 -11.7 -11.9 16

17 Net financial investment -419.8 -512.2 70.9 583.0 208.5 111.1 -123.9 144.0 702.8 331.1 1000.1 17

18 Net acquisition of financial assets 736.0 748.1 993.3 477.4 10.8 -129.7 -329.1 -40.9 542.9 103.6 797.5 18

19 Foreign deposits 2.4 5.2 15.4 -24.1 -10.3 -14.7 -14.4 -6.3 -5.8 2.1 17.0 19

20 Checkable deposits and currency -127.2 -43.8 -71.8 182.3 4.9 -4.9 202.1 -49.0 -128.6 -362.4 128.0 20

21 Time and savings deposits 487.1 486.5 477.2 156.9 94.3 -60.2 -93.1 -65.9 596.5 394.0 -30.7 21

22 Money market fund shares 45.2 165.2 232.8 225.4 -271.9 65.4 -193.9 -557.3 -401.8 -258.7 -185.0 22

23 Credit market instruments 218.0 102.6 504.2 -44.6 -311.3 -168.7 -1104.5 22.8 5.4 -259.2 417.2 23

24 Open market paper 14.7 19.0 -10.2 -101.3 28.7 -1.6 38.0 39.2 39.0 39.8 38.5 24

25 Treasury securities -102.6 -83.1 -48.7 147.5 346.6 413.4 220.6 386.8 365.5 152.9 980.4 25

26 Savings bonds 0.7 -2.7 -6.0 -2.4 -2.8 -0.2 -1.7 -3.4 -5.8 -3.8 -2.8 26

27 Other -103.3 -80.3 -42.8 150.0 349.4 413.6 222.3 390.2 371.3 156.8 983.1 27

28 Agency- and GSE-backed securities 97.0 -65.0 336.5 101.8 -650.9 -804.5 -1312.8 -113.7 -372.4 -368.4 -264.2 28

29 Municipal securities 78.6 50.8 23.9 6.2 105.5 148.4 60.0 125.4 88.4 131.9 -66.2 29

30 Corporate and foreign bonds 119.6 197.6 207.3 -212.7 -126.5 92.8 -94.3 -398.6 -105.9 -210.8 -260.1 30

31 Other loans and advances (5) 2.7 0.4 8.5 12.2 -5.3 -9.4 -7.2 -5.7 1.3 1.6 1.8 31

32 Mortgages 8.1 -17.3 -13.0 1.6 -9.4 -7.8 -8.8 -10.5 -10.5 -6.3 -13.1 32

33 Corporate equities (6) -372.5 -585.1 -852.8 -111.0 41.3 459.5 275.5 -173.7 -396.0 -75.8 157.8 33

34 Mutual fund shares 173.5 165.4 207.0 15.2 360.9 -187.4 547.6 506.2 577.2 428.9 -46.1 34

35 Security credit -3.0 80.4 210.8 -123.8 -74.1 -305.2 -36.2 57.7 -12.6 45.7 22.6 35

36 Life insurance reserves 16.1 65.6 34.2 67.0 27.8 66.4 8.0 0.8 36.1 56.2 67.7 36

37 Pension fund reserves 275.4 250.6 200.8 112.7 133.0 22.1 98.4 208.8 202.9 121.0 167.0 37

38 Equity in noncorporate business -37.1 18.0 -30.5 -33.7 -5.1 11.1 -26.0 -11.5 6.1 6.9 20.5 38

39 Miscellaneous assets 58.0 37.4 66.1 55.2 21.1 -13.1 7.5 26.5 63.4 4.9 61.4 39

40 Net increase in liabilities 1155.8 1260.4 922.4 -105.6 -197.7 -240.8 -205.2 -184.9 -159.8 -227.5 -202.6 40

41 Credit market instruments 1173.3 1186.6 873.4 36.2 -241.8 -123.0 -259.9 -304.3 -280.2 -231.6 -309.0 41

42 Home mortgages (7) 1039.0 990.7 674.5 -46.2 -163.1 -31.2 -190.5 -272.9 -157.7 -445.5 -233.4 42

43 Consumer credit 100.4 95.4 139.3 38.8 -115.3 -96.9 -124.4 -98.9 -140.8 -46.8 -60.8 43

44 Municipal securities 16.0 18.9 17.1 8.1 15.1 14.7 16.7 19.1 9.9 13.6 -5.8 44

45 Bank loans n.e.c. (8) 9.7 49.9 13.4 18.0 30.0 2.1 50.9 54.1 13.0 230.3 17.4 45

46 Other loans and advances 0.0 4.8 3.2 6.2 0.5 1.4 1.7 -3.9 2.9 2.3 1.7 46

47 Commercial mortgages 8.1 26.9 25.9 11.4 -9.1 -12.9 -14.4 -1.7 -7.4 14.5 -28.1 47

48 Security credit -31.6 59.7 33.4 -160.7 38.1 -122.3 53.6 104.4 116.9 -26.4 82.5 48

49 Trade payables 13.0 13.6 14.6 15.7 10.9 6.4 7.9 16.5 12.9 20.4 20.0 49

 Deferred and unpaid

50 life insurance premiums 1.0 0.5 1.0 3.2 -4.9 -2.0 -6.7 -1.5 -9.5 10.1 3.8 50

51 Discrepancy 46.4 234.6 -224.2 -349.7 342.5 353.7 820.4 373.0 -177.1 187.0 -418.9 51

(1) Sector includes farm households and domestic hedge funds. Supplementary tables (tables F.100.a and L.100.a) show estimates of annual flows and year-end outstandings of nonprofit organizations.

(2) See table F.10 for derivation of alternative measures of personal saving.

(3) Railroad Retirement Board, the National Railroad Retirement Investment Trust, and federal government life insurance reserves.

(4) Table F.9, line 62.

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

(6) Directly held and those in closed-end and exchange-traded funds. Other equities are included in mutual fund shares (line 34) and life insurance and pension reserves (lines 36 and 37).

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

(8) Includes loans extended by the Federal Reserve to financial institutions such as domestic hedge funds through the Term Asset-Backed Securities Loan Facility (TALF), shown on table F.108, line 17.
Z.1, September 17, 2010 19

F.101 Nonfinancial Business (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2005 2006 2007 2008 2009 2009 2010

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Income before taxes 2084.2 2311.2 2203.6 1971.8 1819.4 1755.4 1742.5 1814.3 1965.5 2160.3 2217.0 1

 2 Gross saving less net capital transfers paid 1280.2 1279.0 1276.8 1300.2 1282.5 1277.4 1233.1 1298.4 1321.1 1382.8 1428.8 2

 3 Gross investment 1140.0 1164.8 1168.3 775.8 1203.4 929.3 1198.1 1431.8 1254.5 1467.7 1300.7 3

 4 Capital expenditures 1232.9 1395.8 1453.4 1403.5 1034.9 1086.5 981.7 990.4 1081.0 1184.4 1265.7 4

 5 Fixed investment 1183.6 1323.3 1425.9 1427.9 1157.2 1203.5 1160.7 1137.5 1127.0 1136.4 1192.7 5

 6 Residential 90.6 88.2 96.2 75.2 58.4 59.2 57.4 58.7 58.3 50.8 56.3 6

 7 Nonresidential 1093.0 1235.1 1329.8 1352.7 1098.8 1144.3 1103.3 1078.8 1068.7 1085.7 1136.4 7

 8 Change in inventories 50.0 60.0 29.1 -41.1 -127.2 -141.9 -179.5 -143.3 -44.2 50.0 74.5 8

 9 Nonproduced nonfinancial assets -0.6 12.5 -1.7 16.7 5.0 24.9 0.6 -3.9 -1.7 -2.0 -1.5 9

10 Net financial investment -92.9 -231.1 -285.1 -627.6 168.5 -157.2 216.4 441.4 173.5 283.3 35.0 10

11 Net acquisition of financial assets 1381.9 1219.8 1551.7 253.2 87.4 -132.7 -23.6 304.5 201.6 448.4 480.7 11

12 Foreign deposits 9.9 -14.2 0.9 -25.1 23.7 6.2 64.1 1.6 23.1 31.2 -29.7 12

13 Checkable deposits and currency 150.5 -41.6 58.4 -64.0 179.3 82.1 157.9 212.6 264.6 321.4 -33.2 13

14 Time and savings deposits 73.4 66.9 -40.7 -23.3 114.9 35.1 9.7 426.6 -11.7 -164.7 147.9 14

15 Money market fund shares 42.0 71.3 130.2 163.1 -78.9 14.5 -67.9 -176.3 -85.9 -277.0 -149.2 15

16 Security RPs 8.1 1.0 -7.5 -0.5 2.6 1.3 1.9 4.7 2.7 5.0 1.4 16

17 Credit market instruments 53.8 -11.7 -69.1 -20.9 -18.2 -59.7 -4.4 -24.5 15.8 85.1 -75.3 17

18 Commercial paper 16.0 11.7 -53.2 -9.4 -15.2 -49.2 -9.6 -15.2 13.0 47.7 -16.8 18

19 Treasury securities 24.1 -6.5 -4.1 -3.7 9.9 28.4 16.9 -6.0 0.2 20.2 -22.0 19

20 Agency- and GSE-backed securities 6.0 -2.2 -2.4 -2.5 1.9 -15.9 20.9 0.3 2.2 8.6 -5.5 20

21 Municipal securities 0.4 -2.7 0.6 -2.3 -1.0 -17.2 -2.9 6.3 9.8 -4.5 -11.4 21

22 Mortgages 7.0 -10.0 -11.0 -4.3 -11.1 -9.9 -11.1 -11.9 -11.6 -11.0 -11.0 22

23 Consumer credit 0.4 -2.0 1.0 1.2 -2.6 4.0 -18.6 1.9 2.2 24.3 -8.7 23

24 Mutual fund shares 1.5 24.9 0.2 -6.1 39.9 39.9 39.9 39.9 39.9 39.9 39.9 24

25 Trade receivables 344.2 21.7 217.8 -92.1 -87.3 -312.7 -85.7 16.1 32.9 91.6 110.6 25

26 Miscellaneous assets 698.5 1101.5 1261.5 322.1 -88.6 60.6 -139.2 -196.1 -79.7 316.0 468.3 26

27 Net increase in liabilities 1474.9 1450.8 1836.8 880.9 -81.1 24.5 -240.0 -137.0 28.2 165.1 445.7 27

28 Credit market instruments 672.6 889.9 1221.6 579.9 -298.2 -4.7 -289.4 -484.6 -414.1 58.4 9.0 28

29 Commercial paper -7.7 22.4 11.3 7.7 -72.4 -138.4 -132.4 2.4 -21.2 54.6 67.1 29

30 Municipal securities 7.6 5.4 8.1 2.6 5.4 5.7 3.2 10.6 2.2 5.8 -0.3 30

31 Corporate bonds 56.7 215.6 311.2 204.6 381.6 579.2 396.5 270.0 280.7 432.4 229.0 31

32 Bank loans n.e.c. 124.8 125.4 226.8 174.6 -325.7 -238.1 -290.9 -431.0 -342.7 -233.4 -84.9 32

33 Other loans and advances 118.7 154.5 307.2 67.9 -155.3 -197.3 -187.7 -153.5 -82.6 -24.4 48.0 33

34 Mortgages 372.6 366.6 357.0 122.6 -131.9 -15.9 -78.2 -183.1 -250.5 -176.6 -249.9 34

35 Corporate equities -341.8 -565.7 -786.8 -336.0 -64.7 -133.1 126.4 65.7 -318.0 -200.8 -182.6 35

36 Trade payables 248.7 123.4 111.1 -113.1 -89.6 -291.5 -135.8 -14.2 82.9 183.7 116.5 36

37 Taxes payable 6.9 8.2 -45.8 6.0 -6.8 -34.3 -23.1 16.4 13.7 22.7 -24.3 37

38 Miscellaneous liabilities 924.4 970.3 1369.7 789.4 379.8 499.5 86.3 281.8 651.6 93.0 499.1 38

39 Proprietors’ net investment -35.9 24.7 -32.9 -45.2 -1.4 -11.4 -4.4 -2.0 12.1 8.2 28.1 39

40 Discrepancy 140.2 114.2 108.6 524.3 79.0 348.0 35.0 -133.4 66.6 -84.9 128.1 40

(1) Combined statement for nonfarm nonfinancial corporate business, nonfarm noncorporate business, and farm business.
20 Z.1, September 17, 2010

F.102 Nonfarm Nonfinancial Corporate Business

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2005 2006 2007 2008 2009 2009 2010

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Profits before tax (book) 954.1 1115.1 1037.6 778.6 703.4 636.2 639.6 701.8 836.0 1018.4 1054.3 1

 2 - Taxes on corporate income 271.0 306.9 293.0 225.7 169.7 160.3 154.5 163.0 201.0 264.2 298.2 2

 3 - Net dividends 168.0 465.8 480.4 479.8 508.9 543.5 530.0 467.4 494.9 513.0 507.0 3

 4 + Capital consumption allowance (1) 606.1 635.7 673.0 853.6 812.0 815.0 812.5 810.2 810.2 710.5 714.6 4

 5 = U.S. internal funds, book 1121.3 978.0 937.1 926.8 836.7 747.4 767.6 881.6 950.3 951.8 963.7 5

 6 + Foreign earnings retained abroad -17.5 148.9 168.5 182.9 197.9 202.8 199.4 187.8 201.4 234.0 219.6 6

 7 + Inventory valuation adjustment (IVA) -30.7 -38.0 -47.2 -44.1 11.9 93.0 30.6 -8.7 -67.2 -36.4 -3.5 7

 8 - Net capital transfers paid (2) -15.5 -0.0 -0.0 -3.6 -2.0 -0.0 -0.0 -4.3 -3.7 -3.2 -7.4 8

 9 = Total internal funds + IVA 1088.6 1088.8 1058.4 1069.2 1048.5 1043.3 997.6 1065.0 1088.2 1152.5 1187.2 9

10 Gross investment 948.4 974.6 949.9 544.8 969.5 695.3 962.5 1198.4 1021.6 1237.5 1059.1 10

11 Capital expenditures 965.8 1112.8 1156.5 1112.7 803.9 850.3 751.6 769.3 844.5 936.8 998.4 11

12 Fixed investment (3) 919.1 1039.9 1129.8 1136.6 923.5 962.5 927.9 908.6 894.9 900.1 940.1 12

13 Inventory change + IVA 47.3 60.4 28.3 -40.6 -124.5 -137.0 -176.8 -135.5 -48.7 38.6 59.8 13

14 Nonproduced nonfinancial assets -0.6 12.5 -1.7 16.7 5.0 24.9 0.6 -3.9 -1.7 -2.0 -1.5 14

15 Net financial investment -17.5 -138.2 -206.6 -567.9 165.6 -155.0 211.0 429.2 177.1 300.7 60.7 15

16 Net acquisition of financial assets 943.7 698.3 1070.6 19.2 422.4 99.3 311.7 704.2 574.6 778.3 812.6 16

17 Foreign deposits 9.9 -14.2 0.9 -25.1 23.7 6.2 64.1 1.6 23.1 31.2 -29.7 17

18 Checkable deposits and currency 73.6 -116.9 -9.0 -89.8 225.7 114.1 204.3 268.1 316.3 367.4 13.1 18

19 Time and savings deposits 49.9 46.6 -55.7 -54.3 149.2 59.0 44.1 467.5 26.5 -131.1 181.8 19

20 Money market fund shares 39.6 68.1 128.1 158.2 -71.8 19.4 -60.8 -167.9 -78.0 -270.0 -142.2 20

21 Security RPs 8.1 1.0 -7.5 -0.5 2.6 1.3 1.9 4.7 2.7 5.0 1.4 21

22 Credit market instruments 42.4 -11.6 -79.1 -27.9 -8.0 -52.6 5.8 -12.4 27.1 95.1 -65.3 22

23 Commercial paper 16.0 11.7 -53.2 -9.4 -15.2 -49.2 -9.6 -15.2 13.0 47.7 -16.8 23

24 Treasury securities 18.1 -6.7 -7.1 -7.5 15.6 32.4 22.6 0.8 6.5 25.7 -16.4 24

25 Agency- and GSE-backed securities 6.0 -2.2 -2.4 -2.5 1.9 -15.9 20.9 0.3 2.2 8.6 -5.5 25

26 Municipal securities 0.3 -4.0 1.1 -2.6 -0.5 -16.8 -2.4 6.9 10.3 -4.0 -10.9 26

27 Mortgages 1.7 -8.4 -18.4 -7.1 -7.1 -7.1 -7.1 -7.1 -7.1 -7.1 -7.1 27

28 Consumer credit 0.4 -2.0 1.0 1.2 -2.6 4.0 -18.6 1.9 2.2 24.3 -8.7 28

29 Mutual fund shares 1.5 24.9 0.2 -6.1 39.9 39.9 39.9 39.9 39.9 39.9 39.9 29

30 Trade receivables 277.6 -18.3 163.1 -126.5 -37.1 -277.8 -35.4 75.9 88.8 140.8 160.1 30

31 Miscellaneous assets 441.2 718.6 929.6 191.1 98.2 189.9 47.8 26.8 128.3 500.1 653.5 31

32 U.S. direct investment abroad (4) 24.7 219.2 307.0 276.2 249.9 186.9 236.7 253.5 322.4 389.9 256.7 32

33 Insurance receivables 20.7 6.6 7.4 9.9 -1.8 -3.2 -0.8 1.3 -4.7 -1.4 10.7 33

34 Equity in GSEs 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 34

35 Investment in finance co. subs. 64.4 22.9 -54.8 -1.1 -9.3 -14.0 -18.4 -5.9 1.2 -3.2 -3.7 35

36 Other 331.4 469.9 670.1 -93.9 -140.5 20.3 -169.7 -222.1 -190.6 114.9 389.8 36

37 Net increase in liabilities 961.2 836.5 1277.3 587.1 256.9 254.3 100.7 275.0 397.5 477.6 751.9 37

38 Net funds raised in markets -18.1 -98.6 -34.6 27.1 -66.9 47.3 129.2 -55.8 -388.1 168.6 90.2 38

39 Net new equity issues -341.8 -565.7 -786.8 -336.0 -64.7 -133.1 126.4 65.7 -318.0 -200.8 -182.6 39

40 Credit market instruments 323.7 467.1 752.2 363.0 -2.1 180.4 2.8 -121.5 -70.1 369.4 272.8 40

41 Commercial paper -7.7 22.4 11.3 7.7 -72.4 -138.4 -132.4 2.4 -21.2 54.6 67.1 41

42 Municipal securities (5) 7.6 5.4 8.1 2.6 5.4 5.7 3.2 10.6 2.2 5.8 -0.3 42

43 Corporate bonds (4) 56.7 215.6 311.2 204.6 381.6 579.2 396.5 270.0 280.7 432.4 229.0 43

44 Bank loans n.e.c. -33.9 9.1 85.1 68.1 -133.6 -86.0 -76.5 -202.2 -169.6 -41.8 9.4 44

45 Other loans and advances (6) 108.5 132.5 288.5 54.8 -143.8 -195.5 -174.1 -128.8 -76.7 -8.8 49.6 45

46 Mortgages 192.6 82.0 48.1 25.4 -39.4 15.3 -13.9 -73.5 -85.5 -72.9 -82.0 46

47 Trade payables 199.4 110.3 85.9 -157.9 -64.9 -271.1 -112.5 14.5 109.6 214.4 147.5 47

48 Taxes payable -1.8 -0.8 -49.6 3.1 -2.7 -31.4 -19.0 21.3 18.3 26.8 -20.2 48

49 Miscellaneous liabilities 781.7 825.5 1275.6 714.8 391.3 509.4 103.0 295.0 657.7 67.9 534.5 49

50 Foreign direct investment in U.S. 98.7 191.0 287.0 234.9 100.7 43.8 70.6 173.5 114.8 163.5 91.6 50

51 Pension fund contributions payable -1.9 -2.0 4.4 0.7 2.5 3.5 18.2 -7.0 -4.6 -2.2 -1.3 51

52 Other 684.9 636.5 984.1 479.3 288.1 462.1 14.3 128.5 547.6 -93.4 444.2 52

53 Discrepancy 140.2 114.2 108.6 524.3 79.0 348.0 35.0 -133.4 66.6 -84.9 128.1 53

 Memo:

54 Financing gap (7) -124.7 172.8 266.6 230.0 -44.7 9.9 -46.6 -103.6 -38.7 21.4 38.2 54

(1) Consumption of fixed capital plus capital consumption adjustment.

(2) Table F.9, line 57.

(3) Nonresidential fixed investment plus residential fixed investment, shown in table F.6, lines 10 and 16 respectively.

(4) Through 1992:Q4, corporate bonds include net issues by Netherlands Antillean financial subsidiaries, and U.S. direct investment abroad excludes net inflows from those bond issues.

(5) 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.

(6) Loans from rest of the world, U.S. government, and nonbank financial institutions. Detail can be found on table F.216.

(7) Capital expenditures (line 11) less the sum of U.S. internal funds (line 5) and inventory valuation adjustment (line 7).
Z.1, September 17, 2010 21

F.103 Nonfarm Noncorporate Business

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2005 2006 2007 2008 2009 2009 2010

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Net income with IVA and CCAdj 1086.3 1166.8 1128.2 1142.4 1085.5 1089.6 1074.9 1084.4 1093.3 1105.1 1126.9 1

 2 Gross saving = capital consumption 149.7 162.0 186.0 193.0 192.2 194.5 192.5 190.7 190.8 190.1 190.0 2

 3 Gross saving less net capital transfers paid (1) 162.7 162.0 186.0 196.3 198.1 198.1 199.8 197.7 197.0 194.5 205.9 3

 4 Gross investment 162.7 162.0 186.0 196.3 198.1 198.1 199.8 197.7 197.0 194.5 205.9 4

 5 Capital expenditures 230.7 251.4 260.5 246.0 190.2 196.4 186.8 185.2 192.6 200.5 216.1 5

 6 Fixed investment (2) 228.2 248.3 259.0 248.2 196.8 203.6 196.1 192.3 195.2 198.5 213.0 6

 7 Change in inventories 2.5 3.2 1.5 -2.1 -6.6 -7.2 -9.3 -7.1 -2.6 2.0 3.1 7

 8 Net financial investment -68.0 -89.5 -74.5 -49.7 7.9 1.7 13.0 12.5 4.4 -6.0 -10.3 8

 9 Net acquisition of financial assets 436.2 515.3 475.9 231.3 -337.5 -234.5 -337.8 -402.3 -375.6 -330.7 -332.6 9

10 Checkable deposits and currency 76.3 73.1 65.7 24.9 -47.2 -32.8 -47.3 -56.3 -52.5 -46.3 -46.5 10

11 Time and savings deposits 23.5 20.3 14.9 31.0 -34.3 -23.8 -34.4 -40.9 -38.2 -33.6 -33.8 11

12 Money market mutual funds 2.4 3.2 2.2 4.9 -7.1 -4.9 -7.1 -8.5 -7.9 -7.0 -7.0 12

13 Treasury securities 6.0 0.2 3.0 3.9 -5.7 -3.9 -5.7 -6.8 -6.3 -5.6 -5.6 13

14 Municipal securities 0.1 1.3 -0.5 0.3 -0.5 -0.3 -0.5 -0.6 -0.6 -0.5 -0.5 14

15 Mortgages 5.3 -1.5 7.4 2.8 -4.0 -2.8 -4.0 -4.8 -4.5 -3.9 -4.0 15

16 Consumer credit 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16

17 Trade receivables 66.6 40.0 54.7 34.4 -50.2 -34.9 -50.3 -59.9 -55.9 -49.2 -49.5 17

18 Miscellaneous assets 256.0 378.9 328.4 129.2 -188.5 -130.9 -188.6 -224.6 -209.7 -184.7 -185.7 18

19 Insurance receivables 4.9 1.6 1.7 2.1 0.2 -0.7 -0.2 0.3 1.5 -0.3 2.6 19

20 Equity investment in GSEs (3) -0.1 0.1 0.3 0.9 0.7 0.0 0.8 1.4 0.7 -0.1 0.8 20

21 Other 251.2 377.2 326.4 126.2 -189.4 -130.2 -189.2 -226.3 -211.9 -184.2 -189.1 21

22 Net increase in liabilities 504.2 604.8 550.4 281.0 -345.4 -236.2 -350.8 -414.8 -379.9 -324.7 -322.3 22

23 Credit market instruments 331.6 408.6 454.8 212.8 -294.1 -187.5 -288.7 -359.3 -340.9 -302.3 -255.6 23

24 Bank loans n.e.c. 156.5 113.0 139.4 103.4 -192.0 -150.0 -212.7 -232.9 -172.3 -188.5 -94.9 24

25 Other loans and advances 4.2 14.4 11.1 33.2 -8.7 -5.4 -10.8 -15.8 -2.6 -14.5 2.7 25

26 Mortgages 170.9 281.3 304.3 76.3 -93.4 -32.1 -65.1 -110.5 -166.0 -99.4 -163.4 26

27 Trade payables 52.0 20.0 29.3 20.2 -29.5 -20.5 -29.5 -35.1 -32.8 -28.9 -29.0 27

28 Taxes payable 8.7 9.0 3.8 2.8 -4.2 -2.9 -4.2 -5.0 -4.6 -4.1 -4.1 28

29 Miscellaneous liabilities 142.8 144.8 94.1 74.5 -11.5 -10.0 -16.7 -13.2 -6.1 25.1 -35.4 29

30 Proprietors’ net investment -30.9 22.3 -31.6 -29.4 -6.2 -15.4 -11.7 -2.2 4.5 -14.5 1.8 30

(1) Net capital transfers paid from table F.9, line 58.

(2) Nonresidential fixed investment plus residential fixed investment, shown in table F.6, lines 11 and 17 respectively.

(3) Equity in the Farm Credit System.

F.104 Farm Business (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Proprietors’ net income with IVA and CCAdj 43.9 29.3 37.8 50.8 30.5 29.6 28.0 28.0 36.2 36.8 35.7 1

 2 Net saving (corporate) -0.7 -3.2 -0.5 -0.3 -0.1 -0.0 -0.1 -0.1 -0.2 -0.2 -0.2 2

 3 Consumption of fixed capital 29.6 31.3 32.9 35.0 35.9 36.0 35.9 35.8 36.0 35.9 35.9 3

 4 Corporate 7.5 8.1 8.8 9.8 10.4 10.1 10.3 10.4 10.7 10.6 10.5 4

 5 Noncorporate 22.0 23.3 24.1 25.2 25.5 25.9 25.6 25.3 25.4 25.3 25.4 5

 6 Gross saving 28.9 28.2 32.4 34.7 35.8 36.0 35.8 35.7 35.9 35.7 35.7 6

 7 Gross investment 28.9 28.2 32.4 34.7 35.8 36.0 35.8 35.7 35.9 35.7 35.7 7

 8 Capital expenditures 36.4 31.6 36.4 44.7 40.8 39.9 43.4 35.9 43.9 47.1 51.2 8

 9 Fixed investment (2) 36.3 35.2 37.1 43.1 36.9 37.5 36.8 36.6 36.9 37.8 39.6 9

10 Change in inventories 0.1 -3.6 -0.7 1.6 3.8 2.4 6.6 -0.7 7.1 9.3 11.6 10

11 Net financial investment -7.5 -3.4 -4.0 -10.0 -4.9 -3.9 -7.6 -0.2 -8.0 -11.4 -15.4 11

12 Net acquisition of financial assets 2.0 6.2 5.2 2.8 2.5 2.5 2.5 2.6 2.5 0.7 0.8 12

13 Checkable deposits and currency 0.7 2.1 1.8 0.9 0.9 0.8 0.9 0.9 0.9 0.3 0.3 13

14 Miscellaneous assets 1.3 4.1 3.4 1.8 1.7 1.6 1.7 1.7 1.7 0.5 0.5 14

15 Insurance receivables 1.2 3.9 2.9 2.3 1.7 1.2 2.1 2.4 1.1 0.3 1.1 15

16 Equity investment in GSEs (3) 0.1 0.2 0.5 -0.5 -0.0 0.5 -0.4 -0.8 0.5 0.2 -0.6 16

17 Net increase in liabilities 9.5 9.6 9.1 12.8 7.5 6.4 10.1 2.8 10.6 12.1 16.2 17

18 Credit market instruments 17.3 14.2 14.6 4.0 -2.0 2.4 -3.4 -3.8 -3.2 -8.6 -8.2 18

19 Bank loans n.e.c. 2.2 3.3 2.3 3.2 -0.1 -2.2 -1.7 4.1 -0.9 -3.2 0.5 19

20 Other loans and advances 5.9 7.6 7.6 -20.1 -2.8 3.6 -2.7 -8.9 -3.2 -1.1 -4.3 20

21 Mortgages 9.1 3.3 4.6 20.9 0.9 0.9 0.9 0.9 0.9 -4.4 -4.4 21

22 Trade payables -2.8 -7.0 -4.1 24.6 4.7 0.1 6.2 6.4 6.1 -1.9 -1.9 22

23 Proprietors’ net investment -5.0 2.4 -1.4 -15.8 4.8 4.0 7.3 0.2 7.7 22.6 26.3 23

(1) Corporate and noncorporate farms.

(2) Nonresidential fixed investment, shown in table F.6, line 12.

(3) Equity in the Farm Credit System.
22 Z.1, September 17, 2010

F.105 State and Local Governments, Excluding Employee Retirement Funds (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2005 2006 2007 2008 2009 2009 2010

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Current receipts, NIPA basis 1730.4 1829.7 1923.1 1967.2 2005.8 1964.8 1986.6 2017.2 2054.4 2095.7 2112.8 1

 2 Personal current taxes 276.7 302.5 323.1 335.4 287.3 300.6 264.7 290.0 293.8 291.5 279.6 2

 3 Taxes on production and imports 831.4 887.4 932.7 949.1 930.3 929.5 922.3 931.3 938.0 945.3 950.4 3

 4 Taxes on corporate income 54.9 59.2 57.8 48.0 49.4 43.1 44.4 48.7 61.3 82.0 91.1 4

 5 Contributions for govt. social insurance 24.8 21.8 18.9 19.7 21.6 21.0 21.5 21.8 22.1 22.3 22.4 5

 6 Income receipts on assets 88.3 103.5 114.5 115.2 116.0 115.6 115.3 116.1 116.9 117.5 118.4 6

 7 Current transfer receipts 454.3 456.7 485.1 512.7 610.2 565.9 627.7 617.5 629.9 645.8 659.8 7

 8 Current surplus of government enterprises 0.1 -1.3 -9.1 -13.0 -9.0 -10.9 -9.4 -8.2 -7.7 -8.7 -8.9 8

 9 Current expenditures, NIPA basis 1704.5 1778.6 1910.8 2014.6 2025.9 2006.4 2020.2 2036.4 2040.6 2067.2 2091.6 9

10 Consumption expenditures 1212.0 1282.3 1368.9 1448.2 1424.4 1415.7 1424.0 1425.6 1432.2 1447.4 1446.0 10

11 Govt. social benefit payments to persons 404.8 402.9 433.7 455.2 492.1 479.6 487.9 501.5 499.4 509.4 532.6 11

12 Interest payments 87.3 93.0 101.1 108.2 108.0 109.1 107.0 108.1 107.7 108.7 111.0 12

13 Subsidies 0.4 0.4 7.1 3.0 1.4 2.0 1.2 1.2 1.2 1.6 2.1 13

14 - Wage accruals less disbursements 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14

15 Net state and local govt. saving, NIPA basis 25.9 51.0 12.2 -47.4 -20.1 -41.6 -33.6 -19.2 13.9 28.6 21.2 15

16 + Consumption of fixed capital 150.1 162.7 178.7 192.6 200.9 201.3 201.1 200.5 200.8 202.3 204.2 16

17 - Net capital transfers paid (2) -49.8 -57.4 -58.9 -61.9 -67.4 -56.7 -61.8 -75.6 -75.3 -55.4 -63.2 17

18 = Gross saving less net capital transfers paid 225.8 271.2 249.8 207.1 248.2 216.4 229.4 256.9 290.0 286.2 288.6 18

19 Gross investment 299.1 391.6 341.2 226.8 279.3 226.7 280.1 297.4 312.7 296.0 309.2 19

20 Fixed investment 281.6 304.4 329.0 350.3 351.0 353.0 355.5 352.8 342.4 330.2 340.2 20

21 Nonproduced nonfinancial assets 10.3 11.1 13.8 13.9 13.4 13.4 13.3 13.3 13.5 13.8 14.1 21

22 Net financial investment 7.3 76.1 -1.7 -137.4 -85.1 -139.6 -88.6 -68.7 -43.2 -47.9 -45.1 22

23 Net acq. of financial assets 211.4 264.2 226.4 -46.2 64.5 24.0 46.8 103.4 83.8 124.3 -37.6 23

24 Checkable deposits and currency 9.5 5.4 -4.8 8.5 19.4 -3.7 109.3 -45.8 17.7 3.3 13.2 24

25 Time and savings deposits 12.8 26.2 36.4 19.1 10.8 64.0 -13.9 19.2 -26.0 36.9 -36.7 25

26 Money market fund shares 5.1 6.8 4.4 -2.4 4.5 0.7 5.4 7.5 4.5 6.9 -2.7 26

27 Security RPs 10.0 13.5 8.7 -4.7 8.9 1.3 10.7 14.8 8.9 13.5 -5.3 27

28 Credit market instruments 154.0 118.5 54.1 -141.2 -29.6 44.5 -119.6 -19.6 -23.7 14.8 -85.0 28

29 Open market paper 13.1 17.6 -8.7 -66.2 -53.3 -78.3 -86.0 -20.6 -28.3 -22.3 -47.0 29

30 Treasury securities 92.3 35.5 20.7 -52.1 20.4 116.5 -25.4 -11.0 1.3 -8.8 7.7 30

31 Agency- and GSE-backed securities 28.4 38.3 24.6 -13.4 -14.6 3.7 -29.6 -17.9 -14.6 18.5 -35.1 31

32 Municipal securities 0.4 0.5 0.3 -0.2 0.3 0.0 0.4 0.5 0.3 0.5 -0.2 32

33 Corporate and foreign bonds 9.0 12.1 7.8 -4.2 8.0 1.2 9.6 13.3 8.0 12.2 -4.8 33

34 Mortgages 10.8 14.5 9.3 -5.1 9.6 1.4 11.5 15.9 9.6 14.6 -5.7 34

35 Corporate equities 2.5 -4.4 7.6 22.9 17.7 -62.1 27.6 40.7 64.5 -49.0 20.7 35

36 Mutual fund shares 0.8 -1.3 2.0 14.3 -7.2 14.5 -19.3 -18.3 -5.6 -5.3 -4.5 36

37 Trade receivables 10.2 13.8 8.9 -4.8 9.1 1.3 10.9 15.2 9.1 13.9 -5.4 37

38 Taxes receivable 15.5 11.5 0.8 -7.3 -12.6 -12.5 -15.2 -13.1 -9.4 11.7 17.9 38

39 Miscellaneous assets -8.9 74.2 108.4 49.5 43.3 -24.0 50.9 102.7 43.7 77.5 50.2 39

40 Net increase in liabilities 204.1 188.1 228.1 91.2 149.6 163.6 135.5 172.1 127.0 172.2 7.5 40

41 Credit market instruments 172.0 153.7 191.0 51.6 111.2 125.6 97.1 133.6 88.4 133.6 -31.5 41

42 Municipal securities 171.3 153.1 190.4 50.8 110.4 125.0 96.3 132.9 87.2 133.0 -31.9 42

43 Short-term 5.7 -3.1 17.3 12.5 2.8 6.7 -11.7 45.2 -29.0 2.9 -30.0 43

44 Other 165.6 156.2 173.1 38.3 107.5 118.3 108.1 87.7 116.2 130.1 -1.9 44

45 U.S. government loans 0.6 0.6 0.7 0.8 0.8 0.6 0.8 0.7 1.2 0.6 0.4 45

46 Trade payables 32.1 34.4 37.0 39.6 38.4 38.1 38.4 38.5 38.5 38.6 39.0 46

47 Discrepancy -73.3 -120.4 -91.4 -19.7 -31.1 -10.4 -50.7 -40.6 -22.7 -9.8 -20.6 47

(1) Data for retirement funds are shown in table F.119.

(2) Table F.9, line 61.
Z.1, September 17, 2010 23

F.106 Federal Government

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2005 2006 2007 2008 2009 2009 2010

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Current receipts, NIPA basis 2290.1 2524.5 2654.7 2503.1 2205.8 2223.9 2191.2 2176.3 2231.7 2322.8 2378.3 1

 2 Personal current taxes 931.9 1049.9 1165.6 1102.8 852.7 912.8 847.7 827.0 823.4 843.2 856.6 2

 3 Taxes on production and imports 98.8 99.4 94.5 96.0 94.4 87.2 96.4 97.0 97.1 100.6 106.6 3

 4 Taxes on corporate income 341.0 395.0 362.8 232.2 182.1 154.9 155.7 184.4 233.2 297.1 325.6 4

 5 Taxes from the rest of the world 12.1 14.0 14.7 16.8 13.2 14.2 13.2 12.9 12.4 12.6 12.6 5

 6 Contributions for govt. social insurance 852.6 904.6 945.3 972.4 953.5 948.0 954.9 953.5 957.4 970.6 978.1 6

 7 Income receipts on assets 23.7 26.1 29.8 31.7 46.2 40.4 48.6 46.0 50.0 41.8 43.9 7

 8 Current transfer receipts 33.6 38.3 44.8 55.0 67.9 71.3 79.4 58.9 61.8 60.2 59.1 8

 9 Current surplus of government enterprises -3.5 -2.9 -2.7 -3.7 -4.2 -4.9 -4.8 -3.5 -3.6 -3.4 -4.2 9

10 Current expenditures, NIPA basis 2573.1 2728.3 2900.0 3119.3 3457.5 3227.1 3527.9 3532.9 3542.0 3637.1 3703.6 10

11 Consumption expenditures 765.8 811.0 848.9 934.6 987.1 958.1 989.0 999.7 1001.8 1017.3 1038.3 11

12 Government social benefits 1089.2 1193.1 1267.5 1402.7 1620.2 1522.6 1651.7 1637.6 1668.8 1715.2 1736.2 12

13 Other current transfer payments 402.1 394.0 423.0 441.1 537.3 487.2 560.1 554.0 547.9 577.1 577.8 13

14 Interest payments 255.4 279.2 313.2 291.2 254.0 204.4 271.3 273.8 266.4 271.6 294.9 14

15 Subsidies 60.5 51.0 47.4 49.8 58.9 54.8 56.0 67.9 57.2 55.8 56.3 15

16 - Wage accruals less disbursements 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16

17 Net federal government saving, NIPA basis -283.0 -203.8 -245.2 -616.2 -1251.7 -1003.2 -1336.8 -1356.7 -1310.3 -1314.2 -1325.3 17

18 + Consumption of fixed capital 100.4 106.6 112.6 119.8 124.4 123.0 123.8 124.7 125.9 127.3 128.8 18

19 - Insurance and pension reserves (1) 0.7 0.1 0.1 -0.6 0.5 1.0 -0.4 -1.4 2.7 -4.0 -0.8 19

20 - Contr. for govt. soc. insur., U.S.-affiliated areas 4.7 4.6 4.7 4.9 4.8 4.8 4.8 4.7 4.8 5.1 5.2 20

21 - Net capital transfers paid (2) 59.8 42.7 56.3 65.0 81.9 61.2 73.4 92.1 100.9 73.0 99.6 21

22 = Gross saving less net capital transfers paid -247.7 -144.6 -193.8 -565.7 -1214.5 -947.1 -1290.8 -1327.5 -1292.7 -1261.1 -1300.5 22

23 Gross investment -270.4 -157.7 -217.2 -656.1 -1169.3 -1038.6 -1409.8 -1130.5 -1098.3 -1245.8 -1592.3 23

24 Fixed investment 110.5 120.7 127.4 145.3 152.4 145.1 150.8 155.7 158.1 160.8 168.2 24

25 Nonproduced nonfinancial assets -0.5 -13.3 -1.3 -19.2 -7.0 -26.9 -2.6 1.8 -0.4 -0.1 -0.7 25

26 Net financial investment -380.4 -265.0 -343.3 -782.2 -1314.7 -1156.9 -1557.9 -1288.0 -1256.0 -1406.4 -1759.7 26

27 Net acq. of financial assets 30.2 -14.0 0.2 573.7 267.4 326.4 434.8 383.6 -75.4 248.0 320.9 27

28 U.S. official reserve assets -14.4 -2.7 -0.4 4.2 51.9 3.5 14.3 195.3 -5.4 2.7 0.5 28

29 Checkable deposits and currency 12.2 -2.7 25.1 313.1 -174.2 -338.3 105.9 -183.5 -281.0 151.4 197.3 29

30 Time and savings deposits -1.0 0.2 1.2 -1.3 0.3 0.6 -0.5 1.2 -0.0 0.4 -0.7 30

31 Credit market instruments -0.9 6.1 6.6 86.5 325.2 326.8 389.4 337.4 247.4 94.4 96.8 31

32 Agency- and GSE-backed securities 0.0 0.0 0.0 54.4 171.1 227.8 213.2 123.9 119.5 0.0 0.0 32

33 Corporate and foreign bonds 0.0 0.0 0.0 0.0 0.6 0.0 1.5 0.7 0.1 0.1 0.3 33

34 Other loans and advances -7.0 0.6 -2.2 6.0 66.0 59.0 96.0 94.9 14.2 15.0 34.1 34

35 Mortgages 2.4 3.7 2.1 13.5 12.6 3.6 21.8 31.1 -6.3 -5.2 5.2 35

36 Consumer credit (3) 3.7 1.9 6.7 12.6 75.0 36.4 57.0 86.7 119.9 84.6 57.2 36

37 Corporate equities (4) 0.0 0.0 0.0 256.3 0.6 363.6 -127.9 53.7 -287.1 -14.4 65.7 37

38 Trade receivables 9.2 -11.6 1.2 4.2 7.9 0.2 2.7 4.0 24.5 6.8 -13.1 38

39 Taxes receivable 25.3 -6.3 -35.5 -61.4 20.3 -41.2 69.4 20.8 32.2 -0.7 40.6 39

40 Miscellaneous assets -0.3 3.1 1.9 -28.0 35.4 11.1 -18.4 -45.3 194.0 7.3 -66.1 40

41 Net increase in liabilities 410.5 251.1 343.5 1355.9 1582.0 1483.3 1992.7 1671.6 1180.7 1654.4 2080.6 41

42 SDR allocations 0.0 0.0 0.0 0.0 47.6 0.0 0.0 190.4 0.0 0.0 0.0 42

43 SDR certificates 0.0 0.0 0.0 0.0 3.0 0.0 0.0 12.0 0.0 0.0 0.0 43

44 Treasury currency 0.8 0.6 -0.7 -0.8 -0.4 -0.0 -0.0 -1.0 -0.4 0.0 -0.0 44

45 Credit market instruments 306.9 183.4 237.1 1239.2 1443.9 1550.0 1951.5 1371.5 902.6 1601.9 2003.0 45

46 Savings bonds 0.7 -2.7 -6.0 -2.4 -2.8 -0.2 -1.7 -3.4 -5.8 -3.8 -2.8 46

47 Other Treasury securities 306.6 186.4 243.4 1241.4 1446.5 1553.4 1954.3 1371.2 907.3 1605.4 2004.6 47

48 Budget agency securities -0.4 -0.3 -0.4 0.2 0.1 -3.2 -1.1 3.7 1.2 0.3 1.1 48

49 Multifamily residential mortgages 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 49

50 Trade payables 33.7 6.2 29.3 27.0 5.4 -44.5 -29.6 43.0 52.5 31.7 4.4 50

51 Insurance reserves 1.1 1.5 1.2 1.0 1.1 -0.2 2.1 0.2 2.4 -0.3 0.7 51

52 Miscellaneous liabilities (5) 68.0 59.4 76.6 89.5 81.4 -22.0 68.8 55.5 223.5 21.1 72.5 52

53 Nonmarketable securities held by pension plans 40.0 35.8 33.3 63.3 61.9 17.3 45.2 57.3 127.9 42.2 47.2 53

54 Other 28.1 23.6 43.3 26.2 19.5 -39.3 23.5 -1.8 95.6 -21.1 25.3 54

55 Discrepancy 22.7 13.1 23.4 90.4 -45.2 91.6 118.9 -197.0 -194.4 -15.3 291.7 55

 Memo:

56 Change in cash balance (6) 4.6 -5.5 27.5 308.6 -173.2 -318.3 108.9 -191.3 -291.9 172.0 195.0 56

(1) Railroad Retirement Board, the National Railroad Retirement Investment Trust, and federal government life insurance reserves.

(2) Table F.9, line 60 less line 12.

(3) Student loans.

(4) Corporate equities purchased from financial businesses under the Troubled Assets Relief Program (TARP) and from GSEs at issuance price.

(5) Includes nonmarketable government securities held by the civil service retirement and disability fund, Railroad Retirement Board, judicial retirement fund, military

 retirement fund, and foreign service retirement and disability fund.

(6) Time and savings deposits (line 30) plus checkable deposit and currency liabilities of the monetary authority and commercial banking sectors (table F.204, lines 3 and 8).
24 Z.1, September 17, 2010

F.107 Rest of the World

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2005 2006 2007 2008 2009 2009 2010

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Foreign income from U.S. 2618.6 2990.5 3249.6 3353.0 2587.9 2521.6 2475.1 2599.6 2755.2 2896.5 3017.0 1

 2 U.S. imports 2027.8 2240.3 2375.7 2553.8 1964.7 1896.9 1855.3 1990.5 2116.3 2237.6 2353.6 2

 3 U.S. income payments to rest of world 475.9 648.6 747.7 664.7 483.6 493.1 482.0 460.1 499.1 502.6 515.5 3

 4 Current taxes and trans. payments to rest of world 115.0 101.5 126.2 134.5 139.5 131.6 137.8 149.0 139.7 156.3 147.9 4

 5 Foreign outlays to U.S. 1878.1 2192.1 2532.6 2682.6 2208.2 2136.8 2131.9 2209.5 2354.6 2451.5 2526.8 5

 6 U.S. exports 1305.1 1471.0 1661.7 1843.4 1578.4 1521.2 1520.2 1582.1 1689.9 1757.8 1817.6 6

 7 U.S. income receipts from rest of world 573.0 721.1 871.0 839.2 629.8 615.6 611.7 627.4 664.7 693.7 709.2 7

 8 - Net capital transfers paid (1) 12.8 -2.0 -0.4 5.4 -0.6 -0.5 -0.5 -0.6 -0.7 -0.4 -0.5 8

 9 Gross saving less net capital transfers paid (2) 727.8 800.4 717.3 665.0 380.3 385.2 343.8 390.7 401.3 445.4 490.7 9

10 Gross investment 713.9 807.3 639.0 583.9 215.9 32.0 58.5 310.4 462.7 138.7 146.3 10

11 Nonproduced nonfinancial assets 0.1 -0.1 0.5 -0.0 0.0 0.0 0.0 0.0 0.0 -0.0 0.0 11

12 Net financial investment 713.8 807.4 638.5 583.9 215.9 32.0 58.5 310.4 462.7 138.7 146.3 12

13 Net acquisition of financial assets 1071.4 1835.4 1735.9 524.7 151.7 -572.0 -176.4 1216.4 138.8 813.1 971.8 13

14 Monetary gold (3) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14

15 SDR allocations 0.0 0.0 0.0 0.0 47.6 0.0 0.0 190.4 0.0 0.0 0.0 15

16 Net interbank assets -12.3 -9.4 -153.6 419.8 -292.9 -578.1 -820.4 515.9 -288.9 -13.7 -36.4 16

17 U.S. checkable deposits and currency 14.9 11.4 -5.4 77.5 -9.4 -27.0 -14.3 1.3 2.4 9.9 11.7 17

18 U.S. time deposits 6.7 11.5 40.3 65.5 -43.0 -102.7 -27.7 -47.3 5.6 -41.5 10.4 18

19 Money market fund shares 0.1 4.1 19.0 23.7 0.3 18.7 18.7 -18.2 -18.2 -18.2 -18.2 19

20 Security RPs (net) 45.5 2.4 -35.2 -231.5 -84.8 -327.8 67.1 -262.2 183.6 -244.2 -359.0 20

21 Credit market instruments 752.0 973.6 943.8 355.8 208.1 265.9 278.2 112.3 176.1 583.5 782.5 21

22 Open market paper 9.9 46.7 -8.3 -45.1 -43.3 -51.8 -76.1 -16.1 -29.3 9.5 -31.4 22

23 Treasury securities 245.1 150.3 165.3 710.1 583.9 752.1 672.0 498.5 413.0 676.7 709.0 23

24 Official 112.8 208.6 98.4 548.7 561.1 597.3 691.3 545.7 410.2 300.2 197.5 24

25 Private 132.3 -58.2 66.8 161.4 22.8 154.9 -19.3 -47.2 2.8 376.6 511.5 25

26 Agency- and GSE-backed securities 134.3 224.0 248.8 -228.6 -175.0 -275.3 -86.6 -215.6 -122.5 -46.2 146.6 26

27 Official 88.5 203.6 236.1 -31.3 -157.0 -102.5 -127.4 -276.0 -121.9 -36.5 105.3 27

28 Private 45.8 20.4 12.7 -197.3 -18.0 -172.7 40.8 60.4 -0.6 -9.7 41.3 28

29 Municipal securities 3.0 5.4 10.7 5.4 10.1 -1.8 -1.8 15.7 28.3 45.5 44.3 29

30 U.S. corporate bonds (4) 328.5 541.0 424.6 -21.8 -143.0 -147.7 -196.0 -120.1 -108.0 -151.7 -119.7 30

31 Loans to U.S. corporate business 31.3 6.2 102.7 -64.1 -24.6 -9.7 -33.3 -50.1 -5.3 49.6 33.6 31

32 U.S. corporate equities 56.9 96.2 218.5 104.7 142.5 54.8 152.3 213.7 149.3 129.0 29.7 32

33 Mutual fund shares 32.2 45.2 38.2 -2.0 17.7 -13.0 29.0 28.9 26.0 29.6 5.9 33

34 Trade receivables 7.9 5.9 20.8 6.3 3.1 -10.0 17.5 26.6 -21.5 15.4 30.1 34

35 Security credit 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 35

36 Miscellaneous assets 167.5 694.5 649.5 -295.1 162.4 147.2 123.3 455.0 -75.8 363.2 515.1 36

37 Foreign direct investment in U.S. (5) 112.6 243.2 271.2 328.3 134.7 23.5 126.1 223.2 166.1 206.3 108.7 37

38 Other 54.9 451.4 378.3 -623.4 27.7 123.7 -2.8 231.7 -241.9 156.9 406.4 38

39 Net increase in liabilities 357.6 1028.0 1097.3 -59.1 -64.2 -604.0 -234.9 906.0 -323.9 674.4 825.4 39

40 U.S. official reserve assets -14.1 -2.4 0.1 4.8 52.3 3.9 14.5 196.1 -5.5 3.1 0.7 40

41 U.S. private deposits 40.8 87.2 257.0 -402.1 -171.6 -244.6 -240.6 -104.2 -97.0 35.7 283.5 41

42 Credit market instruments 113.0 332.6 170.3 -226.3 191.8 163.1 179.3 275.0 149.9 115.3 -34.6 42

43 Commercial paper 38.6 98.4 -69.3 -71.0 57.8 64.6 -22.0 201.9 -13.3 -27.1 -41.3 43

44 Bonds 64.5 227.8 218.7 -158.9 144.9 119.4 206.3 82.9 170.9 141.4 -6.0 44

45 Bank loans n.e.c. 14.5 13.8 24.1 5.1 -11.2 -19.4 -6.0 -9.8 -9.6 -0.5 13.8 45

46 Official -2.9 -0.7 -0.0 0.7 0.6 -0.1 1.4 2.0 -0.9 -0.7 1.1 46

47 Banks 4.7 3.8 8.3 2.8 -5.1 -14.9 -10.1 4.8 -0.2 10.2 10.7 47

48 Other 12.7 10.7 15.8 1.6 -6.6 -4.4 2.8 -16.5 -8.4 -9.9 2.0 48

49 U.S. government loans -4.6 -7.4 -3.3 -1.5 0.3 -1.5 0.9 0.0 1.8 1.5 -1.1 49

50 Acceptance liabilities to banks -0.0 -0.1 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 50

51 Foreign corporate equities (6) 186.7 137.3 147.8 -39.0 63.3 -2.7 140.6 104.4 11.0 43.1 88.6 51

52 Trade payables 6.3 6.2 12.4 -9.9 -2.0 -11.6 31.8 7.3 -35.6 0.7 47.1 52

53 Security debt 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 53

54 Miscellaneous liabilities 24.9 467.0 509.7 613.3 -198.0 -512.3 -360.4 427.4 -346.7 476.5 440.1 54

55 U.S. equity in IBRD, etc. 1.3 2.0 1.7 1.4 1.7 0.6 5.2 0.3 0.6 1.9 5.3 55

56 Nonofficial foreign currencies -2.2 -0.0 23.9 529.8 -543.3 -975.4 -781.1 -231.3 -185.3 -41.1 5.2 56

57 U.S. direct investment abroad (4,5) 36.2 244.9 414.0 351.1 268.7 180.6 248.3 313.3 332.6 411.8 325.9 57

58 Other -10.4 220.1 70.1 -269.0 74.9 282.0 167.2 345.1 -494.5 103.9 103.7 58

59 Discrepancy (FOF basis) (7) 13.9 -6.9 78.3 81.1 164.3 353.2 285.2 80.3 -61.4 306.8 344.3 59

 Memo:

60 Net U.S. exports, NIPA basis -722.7 -769.3 -714.0 -710.5 -386.4 -375.7 -335.2 -408.3 -426.4 -479.9 -536.0 60

61 + Net U.S. income receipts (8) 97.1 72.4 123.3 174.5 146.3 122.5 129.7 167.2 165.5 191.2 193.7 61

62 - Current taxes and trans. payments to rest of world 115.0 101.5 126.2 134.5 139.5 131.6 137.8 149.0 139.7 156.3 147.9 62

63 = Balance on current account, NIPAs -740.5 -798.4 -716.9 -670.4 -379.7 -384.8 -343.3 -390.1 -400.6 -445.0 -490.2 63

(1) Table F.9, line 63.

(2) Line 1 minus line 5 minus line 8; equals net lending or net borrowing (-), NIPAs, with the sign reversed. Also equal to line 62 with the sign reversed minus line 8.

(3) U.S. net sales, sign reversed.

(4) Through 1992:Q4, corporate bonds include net issues by Netherlands Antillean financial subsidiaries; U.S. direct investment abroad excludes net inflows from those bond issues.

(5) Direct investment is valued on a current-cost basis. Excludes capital gains and losses.

(6) Includes American Depositary Receipts (ADRs).

(7) Balance of payments discrepancy adjusted to NIPA concepts.

(8) Consists of net receipts from foreigners of interest, corporate profits, and employee compensation. Equals difference between GNP and GDP.
Z.1, September 17, 2010 25

F.108 Monetary Authority (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2005 2006 2007 2008 2009 2009 2010

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Gross saving 6.3 5.9 2.5 4.3 0.5 20.6 15.7 -7.0 -27.2 2.1 2.2 1

 2 Fixed nonresidential investment 1.9 2.8 2.9 2.1 1.7 1.7 1.7 1.7 1.7 1.7 1.8 2

 3 Net acquisition of financial assets 37.4 29.6 43.1 1319.3 -3.4 -520.4 -321.4 496.4 331.8 391.2 90.6 3

 4 U.S. official reserve assets 0.3 0.3 0.5 0.6 0.3 0.4 0.3 0.8 -0.1 0.4 0.2 4

 5 SDR certificates 0.0 0.0 0.0 0.0 3.0 0.0 0.0 12.0 0.0 0.0 0.0 5

 6 Treasury currency 0.1 1.7 0.5 -0.0 4.0 14.3 0.7 0.5 0.5 0.2 1.8 6

 7 Federal Reserve float -0.0 -1.2 0.3 -1.5 -0.6 -6.3 1.0 1.2 1.8 1.9 -1.3 7

 8 Federal Reserve loans to domestic banks 0.0 -0.0 48.6 511.1 -463.1 -75.5 -849.2 -485.1 -442.5 -340.4 -43.4 8

 9 Discount window (2) 0.0 -0.0 48.6 495.4 -447.4 -30.6 -870.8 -446.0 -442.2 -340.4 -43.4 9

10 AMLF (3) 0.0 0.0 0.0 15.7 -15.7 -44.9 21.6 -39.2 -0.2 0.0 0.0 10

11 Security RPs 13.8 -6.0 5.8 33.5 -80.0 -320.0 0.0 0.0 0.0 0.0 0.0 11

12 Credit market instruments 26.4 34.7 -38.3 245.4 1001.6 821.0 1200.2 1158.1 827.2 762.0 133.5 12

13 Open market paper 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13

14 Treasury securities 26.4 34.7 -38.3 -264.7 300.7 158.3 651.5 380.2 12.7 105.9 -7.4 14

15 Agency- and GSE-backed securities 0.0 0.0 0.0 19.7 1048.5 1069.3 1088.1 1058.0 978.8 677.7 180.8 15

16 Bank loans n.e.c. 0.0 0.0 0.0 490.4 -347.6 -406.6 -539.3 -280.1 -164.4 -21.6 -39.9 16

17 Households (TALF) (4) 0.0 0.0 0.0 0.0 47.5 18.8 81.7 70.4 19.3 -1.2 -19.0 17

18 Rest of world 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 18

19 Brokers and dealers (5) 0.0 0.0 0.0 45.5 -45.5 -100.3 -61.4 -20.2 -0.1 0.0 0.0 19

20 Funding corporations (Maiden Lane) (6) 0.0 0.0 0.0 29.1 0.1 0.1 0.1 0.1 0.1 0.2 0.2 20

21 Funding corporations (AIG) 0.0 0.0 0.0 38.9 -16.7 28.2 -10.0 -18.9 -66.2 12.8 -2.8 21

22 Funding corporations (Maiden Lane II) (7) 0.0 0.0 0.0 19.5 -3.5 -3.5 -3.7 -3.6 -3.2 -2.9 -2.4 22

23 Funding corporations (Maiden Lane III) (8) 0.0 0.0 0.0 24.4 -5.9 -0.9 -6.2 -11.0 -5.4 -4.7 -4.1 23

24 Funding corporations (CPFF) (9) 0.0 0.0 0.0 333.0 -323.6 -349.0 -539.8 -296.9 -108.8 -25.7 -11.8 24

25 Corporate equities (10) 0.0 0.0 0.0 0.0 25.1 0.0 0.0 0.0 100.4 1.2 1.3 25

26 Miscellaneous assets -3.2 0.1 25.8 530.2 -493.8 -954.4 -674.4 -191.1 -155.4 -34.1 -1.6 26

27 Nonofficial foreign currencies (11) 0.0 0.0 24.0 529.7 -543.5 -975.2 -781.3 -231.3 -185.9 -41.1 5.0 27

28 Other -3.2 0.1 1.8 0.5 49.6 20.9 107.0 40.2 30.5 7.0 -6.5 28

29 Net increase in liabilities 36.1 27.2 39.9 1316.7 -8.0 -531.8 -323.2 489.0 334.0 389.8 76.2 29

30 Depository institution reserves -5.0 -0.3 2.1 839.2 117.0 -219.1 -578.7 750.2 515.6 307.6 -326.2 30

31 Vault cash of commercial banks 8.6 1.6 3.3 2.7 -2.8 9.8 1.2 2.0 -24.2 27.4 7.5 31

32 Checkable deposits and currency 30.1 23.5 17.8 428.2 -117.6 -287.3 212.2 -145.4 -249.9 94.0 345.9 32

33 Due to federal government -1.4 0.2 11.4 349.3 -173.8 -393.0 197.4 -170.8 -328.9 100.0 287.0 33

34 Treasury cash holdings -0.1 0.1 0.0 0.0 -0.0 0.2 0.0 -0.1 -0.2 -0.1 0.0 34

35 Treasury general deposit account -1.3 0.1 11.4 90.0 80.5 -155.6 197.3 -30.8 311.1 -379.8 -13.0 35

36 Treasury temporary supplementary financing account 0.0 0.0 0.0 259.3 -254.3 -237.6 0.0 -140.0 -639.8 479.9 299.9 36

37 Due to rest of the world 0.0 0.0 -0.0 1.3 1.0 -0.9 2.4 0.6 2.0 -3.0 -1.8 37

38 Due to government-sponsored enterprises 0.9 -1.2 0.9 19.4 14.0 -0.8 -3.6 -16.5 77.0 -63.2 32.2 38

39 Currency outside banks 30.6 24.5 5.5 58.2 41.2 107.3 16.1 41.3 -0.1 60.1 28.5 39

40 Security RPs -0.3 -0.9 14.4 44.4 -10.6 -71.0 8.3 -15.0 35.3 -79.9 37.8 40

41 Miscellaneous liabilities 2.8 3.2 2.5 2.2 6.1 36.0 33.8 -102.7 57.2 40.8 11.1 41

42 Federal Reserve Bank stock 1.6 1.8 3.1 2.6 4.6 5.9 6.8 2.7 2.9 2.5 1.5 42

43 Other 1.1 1.4 -0.7 -0.5 1.5 30.0 27.0 -105.4 54.4 38.4 9.7 43

44 Discrepancy 3.1 0.7 -3.5 -0.5 -5.8 7.5 12.2 -16.0 -26.7 -1.0 -14.0 44

(1) Assets and liabilities of Federal Reserve Banks and Treasury monetary accounts that supply or absorb bank reserves. Excludes the accounts of the Federal Reserve Board.

(2) Loans extended to domestic banks through term auction credit, primary credit, secondary credit, and seasonal credit.

(3) Loans extended to domestic banks through the Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility (AMLF).

(4) Loans extended to financial institutions such as domestic hedge funds through the Term Asset-Backed Securities Loan Facility (TALF).

(5) Loans extended through the Federal Reserve’s Primary Dealer Credit Facility (PDCF) and AMLF.

(6) Loan extended by the Federal Reserve to Maiden Lane LLC to facilitate the arrangements associated with JPMorgan Chase & Co.’s acquisition of Bear Stearns Companies, Inc.

(7) Loan extended by the Federal Reserve to Maiden Lane II LLC to purchase residential mortgage-backed securities from the U.S. securities lending reinvestment portfolio of AIG subsidiaries.

(8) Loan extended by the Federal Reserve to Maiden Lane III LLC to purchase CDOs on which AIG has written credit default swap contracts.

(9) Loan extended by the Federal Reserve to Commercial Paper Funding Facility LLC.

(10) Preferred interests in AIA Aurora LLC and ALICO Holdings LLC, two limited liability companies created to hold all the outstanding common stock of American International Assurance

 Company Ltd (AIA) and American Life Insurance Company (ALICO), two life insurance subsidiaries of AIG.

(11) Reciprocal currency arrangements (swap lines) with foreign central banks.
26 Z.1, September 17, 2010

F.109 Commercial Banking (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2005 2006 2007 2008 2009 2009 2010

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Gross saving less net capital transfers paid 108.4 93.0 65.1 99.8 118.0 120.3 115.7 105.0 130.8 156.5 183.7 1

 2 Fixed nonresidential investment 58.6 61.8 73.2 87.3 72.3 73.3 73.5 71.8 70.5 68.6 69.3 2

 3 Net acquisition of financial assets 788.2 991.8 933.1 2020.0 -464.0 -227.0 -1012.0 -381.1 -235.9 289.4 -497.6 3

 4 Vault cash 8.6 1.6 3.3 2.7 -2.8 9.8 1.2 2.0 -24.2 27.4 7.5 4

 5 Reserves at Federal Reserve -4.5 0.4 1.5 798.1 92.4 -338.4 -589.5 822.6 474.8 219.5 -298.9 5

 6 Checkable deposits and currency -0.5 -0.1 -0.3 0.6 1.0 4.3 -4.1 -1.9 5.5 -1.3 6.0 6

 7 Total bank credit 690.3 841.7 791.6 534.2 -470.5 -256.5 -231.6 -973.9 -420.1 -334.6 -519.0 7

 8 Open market paper 0.0 0.0 0.0 15.7 -15.7 -44.9 21.6 -39.2 -0.2 0.0 0.0 8

 9 Treasury securities -10.7 -2.1 17.4 -19.2 92.2 76.0 48.4 205.1 39.4 244.7 2.7 9

10 Agency- and GSE-backed securities -5.4 45.9 -113.3 147.1 102.0 2.1 183.7 -142.0 364.0 -29.0 -31.3 10

11 Municipal securities 16.9 22.6 12.7 23.7 1.9 -11.4 10.9 -7.6 15.8 -1.2 -7.2 11

12 Corporate and foreign bonds 123.4 93.3 197.9 1.7 -112.7 -104.8 -73.5 41.5 -313.8 -242.4 -71.5 12

13 Bank loans n.e.c. 167.8 126.8 335.1 203.4 -426.7 -332.0 -355.3 -597.5 -421.9 -73.1 -96.3 13

14 Mortgages 362.4 445.0 241.4 197.0 -22.7 131.2 72.0 -272.0 -22.2 -249.2 -329.6 14

15 Consumer credit 2.8 34.2 62.9 74.5 -50.6 5.3 -38.8 -73.4 -95.3 20.4 -41.6 15

16 Security credit 34.8 71.5 32.3 -113.5 -59.9 -60.2 -70.9 -117.3 8.6 8.0 57.9 16

17 Corporate equities 0.1 0.7 1.6 2.4 6.8 16.0 -14.5 -1.9 27.6 5.7 -6.8 17

18 Mutual fund shares -1.8 3.9 3.6 1.3 14.8 66.3 -15.0 30.3 -22.3 -18.5 4.7 18

19 Customers’ liab. on acceptances (2) 0.0 -0.3 0.0 -0.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19

20 Miscellaneous assets 94.3 148.6 137.0 684.5 -84.0 353.8 -188.1 -229.9 -271.8 378.4 306.8 20

21 Net increase in liabilities 645.4 764.7 806.5 1961.0 -326.3 -307.7 -1070.6 354.5 -281.3 166.8 -216.5 21

22 Net interbank liabilities -15.9 -12.5 -102.9 960.0 -722.1 -744.8 -1698.6 29.0 -474.1 -579.3 -245.5 22

23 To monetary authority -0.0 -1.2 48.9 509.6 -463.7 -81.9 -848.2 -483.9 -440.7 -338.5 -44.7 23

24 To domestic banks (3) -3.6 -1.9 1.8 30.6 34.4 -84.8 -30.1 -2.9 255.5 -227.1 -164.4 24

25 To foreign banks -12.3 -9.4 -153.6 419.8 -292.9 -578.1 -820.4 515.9 -288.9 -13.7 -36.4 25

26 Checkable deposits -36.4 -35.9 13.3 141.4 85.0 -142.5 239.7 99.2 143.4 -72.4 79.2 26

27 Federal government 7.0 -5.9 14.9 -39.5 0.3 74.0 -88.0 -21.6 37.0 71.6 -91.2 27

28 Rest of the world 6.4 9.2 5.2 33.6 -23.1 -73.4 -9.0 -16.0 6.1 3.8 5.1 28

29 Private domestic -49.8 -39.2 -6.9 147.3 107.7 -143.1 336.6 136.9 100.3 -147.9 165.3 29

30 Small time and savings deposits 268.3 287.6 263.0 541.4 384.4 453.3 263.9 352.2 468.1 342.4 127.4 30

31 Large time deposits 243.1 264.0 297.6 -97.6 -3.0 -129.9 21.5 16.7 79.8 -283.7 -369.8 31

32 Federal funds and security RPs (net) 90.3 70.5 -49.7 -355.7 265.2 -45.9 675.3 -144.7 576.2 254.6 -128.6 32

33 Credit market instruments 85.1 177.4 263.2 161.1 -179.9 -238.0 -27.7 -170.3 -283.5 -118.4 -228.8 33

34 Open market paper 4.0 21.4 37.9 -39.2 -18.1 -91.1 -17.0 14.9 20.6 52.7 -28.0 34

35 Corporate bonds 56.7 76.0 118.6 129.3 -37.5 44.0 21.9 35.7 -251.6 -82.0 -75.0 35

36 Other loans and advances 24.4 80.0 106.7 71.0 -124.2 -190.8 -32.6 -221.0 -52.6 -89.1 -125.8 36

37 Corporate equity issues -13.8 -10.5 -23.7 331.9 78.7 230.3 18.8 90.8 -25.0 16.2 39.2 37

38 Taxes payable (net) -7.9 -1.1 -13.6 -85.7 7.1 8.0 -33.1 59.7 -6.4 -24.3 36.1 38

39 Miscellaneous liabilities 32.5 25.2 159.3 364.3 -241.7 301.7 -530.3 21.8 -759.8 631.8 474.4 39

40 Discrepancy -93.2 -195.9 -134.7 -46.5 183.4 -33.7 -16.4 768.8 14.9 -34.6 395.5 40

 Memo:

41 Credit market funds advanced (4) 657.1 765.4 754.1 643.8 -432.2 -278.6 -131.2 -885.0 -434.0 -329.8 -574.8 41

42 Consumer leases not included above (5) 0.0 0.0 -1.8 -1.7 -2.6 -1.5 -4.3 -3.1 -1.4 2.4 -1.0 42

(1) U.S.-chartered commercial banks, foreign banking offices in U.S., bank holding companies, and banks in U.S.-affiliated areas. IBFs are excluded from domestic banking and treated the

 same as branches in foreign countries.

(2) Included in other loans and advances (table F.216).

(3) Floats and discrepancies in interbank transactions.

(4) Total bank credit (line 7) less security credit (line 16) less corporate equities (line 17) less mutual fund shares (line 18) plus customers’ liability on acceptances (line 19).

(5) Receivables from operating leases, such as consumer automobile leases, are booked as current income when payments are received and are not included in financial assets (or household liabilities).

 The leased automobile is a tangible asset; depreciation flows are included in line 1, and fixed investment flows are included in line 2.
Z.1, September 17, 2010 27

F.110 U.S.-Chartered Commercial Banks

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2005 2006 2007 2008 2009 2009 2010

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Gross saving less net capital transfers paid (1) -3.9 -19.8 -42.6 21.6 33.8 47.5 33.6 11.7 42.4 86.9 42.2 1

 2 Fixed nonresidential investment 20.9 23.5 22.0 23.5 17.9 17.2 19.1 18.2 17.3 14.4 12.8 2

 3 Net acquisition of financial assets 529.7 787.7 595.9 1245.3 -81.9 -144.1 -132.3 -432.7 381.8 -162.7 -783.1 3

 4 Vault cash and reserves at Federal Reserve 3.9 2.3 4.4 562.9 44.4 -227.3 -315.7 488.9 231.8 57.5 -161.9 4

 5 Total bank credit 498.4 685.4 570.3 547.6 -169.7 71.6 118.6 -794.0 -75.0 -321.6 -466.2 5

 6 Open market paper 0.0 0.0 0.0 15.7 -15.7 -44.9 21.6 -39.2 -0.2 0.0 0.0 6

 7 Treasury securities -10.1 -2.2 11.1 -19.6 64.3 50.6 69.0 123.9 13.7 236.6 21.7 7

 8 Agency- and GSE-backed securities -3.3 47.5 -111.4 139.7 131.3 67.1 205.4 -121.1 373.9 -11.1 -16.4 8

 9 Mortgage pass-through securities -2.7 68.8 -54.9 152.0 -11.3 -58.6 139.7 -258.6 132.4 -148.1 -141.1 9

10 CMOs and other structured MBS -4.4 -5.1 -4.4 14.3 58.2 39.3 26.5 73.7 93.5 180.1 98.9 10

11 Other 3.8 -16.1 -52.0 -26.6 84.4 86.4 39.2 63.8 148.1 -43.1 25.8 11

12 Municipal securities 16.7 21.7 12.0 23.2 1.0 -13.2 13.2 -12.1 15.9 0.4 -2.8 12

13 Corporate and foreign bonds 47.0 59.1 101.7 -30.4 51.7 123.6 123.4 81.6 -121.9 -219.8 -69.7 13

14 Private mortgage pass-through securities 5.1 8.8 15.5 -24.4 2.0 -5.4 13.4 5.3 -5.2 -5.9 -28.8 14

15 Private CMOs and other structured MBS 38.2 12.7 64.8 -1.5 -27.3 -32.6 -16.8 -15.5 -44.1 -119.9 -48.8 15

16 Other 3.8 37.6 21.4 -4.5 76.9 161.6 126.8 91.8 -72.6 -94.0 7.8 16

17 Bank loans n.e.c. 98.7 62.9 233.7 137.9 -298.1 -251.6 -249.1 -430.5 -261.3 -96.6 -69.9 17

18 Mortgages 354.8 436.8 225.7 190.0 -16.1 130.6 76.3 -262.1 -9.1 -246.6 -302.8 18

19 Consumer credit 2.8 34.2 62.9 74.5 -50.6 5.3 -38.8 -73.4 -95.3 20.4 -41.6 19

20 Security credit -6.6 20.9 29.3 12.8 -59.2 -78.1 -73.0 -89.5 3.9 8.0 17.6 20

21 Corporate equities 0.1 0.7 1.6 2.4 6.8 16.0 -14.5 -1.9 27.6 5.7 -6.8 21

22 Mutual fund shares -1.8 3.9 3.6 1.3 14.8 66.3 -15.0 30.3 -22.3 -18.5 4.7 22

23 Customers’ liab. on acceptances (2) -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 23

24 Miscellaneous assets 27.4 100.0 21.3 134.8 43.4 11.5 64.8 -127.6 225.0 101.5 -155.0 24

25 Net increase in liabilities 467.2 640.9 545.8 1232.0 91.5 -191.8 -155.8 327.8 385.6 -258.2 -399.4 25

26 Net interbank liabilities 16.6 72.6 141.4 786.7 -559.3 -730.2 -841.6 8.4 -673.9 -1006.7 -251.5 26

27 Federal Reserve float -0.0 -1.2 0.3 -1.5 -0.6 -6.3 1.0 1.2 1.8 1.9 -1.3 27

28 Borrowing from Federal Reserve banks 0.0 -0.0 48.6 511.1 -463.1 -75.5 -849.2 -485.1 -442.5 -340.4 -43.4 28

29 To domestic banking 0.5 -36.6 34.5 110.8 -2.3 -182.8 -106.1 155.8 123.8 -300.9 -134.8 29

30 To foreign banks 16.1 110.5 58.0 166.3 -93.3 -465.5 112.7 336.5 -357.0 -367.4 -72.1 30

31 Checkable deposits -36.8 -36.6 9.0 140.8 80.9 -144.8 232.4 99.1 137.0 -74.1 76.8 31

32 Federal government 7.0 -5.9 14.9 -39.5 0.3 74.0 -88.0 -21.6 37.0 71.6 -91.2 32

33 Rest of the world 6.2 9.4 5.0 31.2 -28.9 -72.4 -9.6 -37.2 3.7 2.4 6.4 33

34 Private domestic -49.9 -40.1 -10.9 149.1 109.4 -146.4 330.0 157.9 96.3 -148.1 161.6 34

35 Small time and savings deposits 262.9 277.8 255.0 540.2 382.9 456.6 274.8 341.4 458.9 342.2 140.4 35

36 Large time deposits 166.8 129.9 23.1 24.6 -174.0 -31.4 -246.6 -241.6 -176.4 -67.3 -78.7 36

37 Federal funds and security RPs (net) 57.0 21.4 -36.1 -259.0 244.9 -69.7 568.6 -143.7 624.3 160.7 -160.5 37

38 Open market paper -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13.0 38

39 Corporate bonds 12.5 27.5 25.1 8.0 -28.3 -56.2 -12.1 -28.2 -16.8 -25.9 2.4 39

40 Other loans and advances 24.4 80.0 106.7 71.0 -124.2 -190.8 -32.6 -221.0 -52.6 -89.1 -125.8 40

41 Corporate equity issues 6.2 9.3 4.3 10.4 10.1 12.7 13.7 7.7 6.4 15.6 10.7 41

42 Taxes payable (net) -7.9 -1.1 -13.6 -85.7 7.1 8.0 -33.1 59.7 -6.4 -24.3 36.1 42

43 Miscellaneous liabilities -34.6 60.0 30.9 -5.1 251.4 554.0 -79.2 445.9 85.0 510.6 -62.2 43

44 Investment by bank holding companies 40.0 110.0 126.1 48.2 102.8 7.7 61.7 240.1 101.7 -14.4 97.3 44

45 Other -74.5 -50.0 -95.2 -53.3 148.6 546.3 -141.0 205.8 -16.7 525.0 -159.4 45

46 Discrepancy -87.4 -190.1 -114.8 -15.2 189.2 -17.4 -8.9 754.1 29.0 -23.0 413.1 46

 Memo:

47 Credit market funds advanced (3) 506.6 660.0 535.7 531.1 -132.2 67.4 221.0 -732.9 -84.2 -316.9 -481.6 47

48 Consumer leases not included above (4) 0.0 0.0 -1.8 -1.7 -2.6 -1.5 -4.3 -3.1 -1.4 2.4 -1.0 48

(1) Net capital transfers paid from table F.9, line 53.

(2) Included in other loans and advances (table F.216).

(3) Total bank credit (line 5) less security credit (line 20) less corporate equities (line 21) less mutual fund shares (line 22) plus customers’ liability on acceptances (line 23).

(4) Receivables from operating leases, such as consumer automobile leases, are booked as current income when payments are received and are not included in financial assets (or household liabilities).

 The leased automobile is a tangible asset; depreciation flows are included in line 1, and fixed investment flows are included in line 2.
28 Z.1, September 17, 2010

F.111 Foreign Banking Offices in U.S. (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2005 2006 2007 2008 2009 2009 2010

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Gross saving 3.4 3.2 3.5 2.5 2.4 2.5 2.5 2.4 2.4 2.4 2.4 1

 2 Fixed nonresidential investment 4.1 4.2 4.2 2.9 2.2 2.2 2.2 2.1 2.1 2.1 2.2 2

 3 Net acquisition of financial assets 153.9 10.1 219.8 576.5 -356.8 -302.4 -869.8 35.4 -290.4 350.7 195.4 3

 4 Reserves at Federal Reserve 0.2 -0.3 0.4 238.0 45.1 -101.3 -272.6 335.7 218.7 189.4 -129.5 4

 5 Total bank credit 185.9 154.6 204.6 -25.4 -281.8 -241.5 -367.1 -189.6 -328.8 -9.8 57.5 5

 6 Open market paper 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 6

 7 Treasury securities 0.1 -1.0 3.6 5.1 25.9 37.0 -46.2 93.0 19.9 6.5 -17.4 7

 8 Agency- and GSE-backed securities -0.9 4.2 2.0 -6.6 -18.4 -19.7 -27.5 -14.1 -12.5 -2.5 -4.2 8

 9 Municipal securities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

10 Corporate and foreign bonds 80.6 29.8 77.0 32.1 -156.7 -197.1 -192.2 -58.0 -179.6 -33.1 66.5 10

11 Bank loans n.e.c. 60.7 67.1 105.0 65.1 -125.4 -79.9 -98.9 -172.4 -150.4 19.0 -21.1 11

12 Mortgages 4.0 4.1 14.1 5.2 -6.4 0.3 -4.5 -10.4 -10.8 0.3 -6.7 12

13 Security credit 41.4 50.6 3.0 -126.3 -0.8 17.9 2.1 -27.7 4.7 -0.0 40.3 13

14 Corporate equities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14

15 Customers’ liab. on acceptances (2) 0.1 -0.3 0.0 -0.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15

16 Miscellaneous assets -32.2 -143.9 14.7 364.1 -120.2 40.5 -230.1 -110.8 -180.3 171.2 267.4 16

17 Net increase in liabilities 154.6 9.8 222.9 571.8 -355.4 -302.1 -865.0 38.7 -293.2 349.3 194.4 17

18 Net interbank liabilities -6.0 -71.3 -191.1 240.2 -158.6 -143.8 -761.2 208.3 62.5 409.2 -55.5 18

19 To foreign banks -8.8 -78.6 -169.4 244.4 -176.0 -114.6 -843.0 221.1 32.5 384.8 -100.2 19

20 To domestic banks 2.8 7.2 -21.7 -4.3 17.5 -29.2 81.8 -12.8 30.1 24.4 44.8 20

21 Checkable deposits 0.5 -0.0 2.6 1.7 2.6 1.0 4.8 -0.6 5.2 1.0 0.2 21

22 Small time and savings deposits 0.5 8.6 6.9 0.1 4.4 2.5 -8.3 11.4 11.8 1.2 5.3 22

23 Large time deposits 71.4 132.8 273.4 -123.2 173.9 -92.8 270.8 258.9 258.8 -215.5 -272.8 23

24 Federal funds and security RPs (net) 33.4 49.0 -13.6 -96.3 40.3 24.1 129.8 20.4 -13.2 108.8 62.2 24

25 Acceptance liabilities 0.0 -0.3 0.0 -0.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 25

26 Miscellaneous liabilities 54.6 -109.0 144.8 549.5 -418.0 -93.0 -500.9 -459.8 -618.3 44.5 454.9 26

27 Foreign direct investment in U.S. 9.4 13.8 -1.2 23.2 9.0 -5.4 3.5 15.6 22.3 14.5 12.3 27

28 Due to affiliates 21.0 8.6 43.7 35.6 -75.7 -29.2 -179.5 -101.3 7.2 -56.2 -145.9 28

29 Other 24.2 -131.3 102.3 490.7 -351.3 -58.4 -324.8 -374.1 -647.8 86.2 588.4 29

30 Discrepancy -0.1 -1.3 2.5 -5.1 1.7 0.5 5.1 3.6 -2.5 -1.2 -0.8 30

 Memo:

31 Credit market funds advanced (3) 144.5 103.7 201.7 100.7 -281.0 -259.4 -369.2 -161.9 -333.5 -9.8 17.2 31

(1) Branches and agencies of foreign banks, Edge Act and Agreement corporations, New York investment companies (through 1996:Q2), and American Express Bank.

(2) Included in other loans and advances (table F.216).

(3) Total bank credit (line 5) less security credit (line 13) less corporate equities (line 14) plus customers’ liability on acceptances (line 15).
Z.1, September 17, 2010 29

F.112 Bank Holding Companies

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2005 2006 2007 2008 2009 2009 2010

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Gross saving 108.7 109.4 104.1 75.6 81.6 70.2 79.4 90.8 85.9 67.1 139.0 1

 2 Fixed nonresidential investment 33.4 33.8 46.9 60.8 52.0 53.7 52.1 51.3 51.1 51.9 54.2 2

 3 Net acquisition of financial assets 94.8 195.2 118.0 200.5 -19.0 226.3 -3.0 16.7 -315.8 116.3 107.0 3

 4 Credit market instruments -4.2 3.3 23.1 13.9 -16.3 -79.8 16.0 4.0 -5.3 14.3 -64.1 4

 5 Treasury securities -0.9 1.4 4.6 -4.0 2.7 -10.3 25.9 -11.5 6.6 -0.1 -3.1 5

 6 Agency- and GSE-backed securities -2.3 -0.0 -1.3 15.9 -7.0 -39.0 3.0 -0.1 8.0 -7.0 -1.8 6

 7 Corporate and foreign bonds -3.7 4.9 19.1 -0.0 -9.1 -30.0 -9.9 14.5 -11.0 12.9 -64.8 7

 8 Bank loans n.e.c. 2.7 -2.9 0.7 2.0 -2.8 -0.5 -3.0 1.0 -8.9 8.5 5.6 8

 9 Miscellaneous assets 99.0 191.8 94.9 186.6 -2.7 306.1 -19.0 12.7 -310.6 102.0 171.1 9

10 Investment in bank subsidiaries 40.0 110.0 126.1 48.2 102.8 7.7 61.7 240.1 101.7 -14.4 97.3 10

11 Investment in nonbank subsidiaries 42.7 46.3 -63.0 43.8 -145.5 -54.5 -28.2 -186.4 -313.1 188.1 27.5 11

12 Other 16.2 35.6 31.7 94.5 40.0 352.8 -52.5 -40.9 -99.2 -71.7 46.4 12

13 Net increase in liabilities 14.3 115.3 45.4 160.6 -61.3 195.8 -43.1 -35.1 -362.6 88.2 7.3 13

14 Net interbank liabilities -26.5 -13.9 -53.2 -66.9 -4.2 129.3 -95.7 -187.7 137.3 18.2 61.5 14

15 To domestic banks -6.9 27.4 -11.0 -76.0 19.3 127.2 -5.7 -145.9 101.6 49.4 -74.4 15

16 To foreign banks -19.6 -41.3 -42.2 9.1 -23.5 2.0 -90.0 -41.8 35.7 -31.1 135.8 16

17 Federal funds and security RPs (net) -0.2 0.1 0.1 -0.4 -19.9 -0.3 -23.1 -21.4 -34.9 -15.0 -30.3 17

18 Credit market instruments 48.2 70.2 131.3 82.3 -27.3 9.1 17.0 78.8 -214.1 -3.4 -118.3 18

19 Commercial paper 4.0 21.7 37.9 -39.0 -18.1 -91.1 -17.0 14.9 20.6 52.7 -41.0 19

20 Corporate bonds 44.2 48.5 93.5 121.3 -9.2 100.2 34.0 63.8 -234.7 -56.2 -77.3 20

21 Corporate equity issues -20.0 -19.9 -28.0 321.5 68.6 217.6 5.1 83.1 -31.4 0.5 28.5 21

22 Miscellaneous liabilities 12.8 78.7 -4.8 -175.7 -78.4 -159.8 53.8 12.1 -219.5 87.8 65.9 22

23 Equity, etc. 48.4 -13.8 -66.6 52.7 5.4 120.5 38.3 22.1 -159.2 13.7 86.7 23

24 Other -35.6 92.5 61.9 -228.4 -83.8 -280.3 15.5 -10.0 -60.3 74.1 -20.7 24

25 Discrepancy -5.2 -4.3 -15.4 -25.1 -12.8 -14.0 -12.7 -12.4 -12.0 -12.9 -14.9 25

F.113 Banks in U.S.-Affiliated Areas (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Gross saving 0.2 0.2 0.1 0.2 0.1 0.2 0.2 0.1 0.1 0.1 0.1 1

 2 Fixed nonresidential investment 0.2 0.3 0.1 0.2 0.1 0.1 0.1 0.1 0.1 0.1 0.1 2

 3 Net acquisition of financial assets 9.8 -1.2 -0.6 -2.3 -6.4 -6.8 -6.8 -0.4 -11.5 -14.9 -16.8 3

 4 Checkable deposits and currency -0.5 -0.1 -0.3 0.6 1.0 4.3 -4.1 -1.9 5.5 -1.3 6.0 4

 5 Credit market instruments 10.2 -1.7 -6.4 -1.9 -2.8 -6.8 1.0 5.8 -11.1 -17.4 -46.2 5

 6 Treasury securities 0.1 -0.2 -1.9 -0.6 -0.7 -1.4 -0.3 -0.3 -0.8 1.6 1.5 6

 7 Agency- and GSE-backed securities 1.2 -5.8 -2.7 -2.0 -3.9 -6.3 2.7 -6.7 -5.3 -8.4 -8.8 7

 8 Municipal securities 0.2 0.8 0.7 0.5 0.9 1.8 -2.4 4.4 -0.1 -1.5 -4.4 8

 9 Corporate and foreign bonds -0.5 -0.4 0.1 0.0 1.5 -1.3 5.1 3.5 -1.3 -2.3 -3.5 9

10 Bank loans n.e.c. 5.6 -0.3 -4.2 -1.7 -0.3 0.0 -4.4 4.4 -1.3 -4.0 -10.8 10

11 Home mortgages 0.7 0.9 4.3 1.4 -0.3 0.5 -0.3 0.0 -1.3 -1.5 -5.6 11

12 Commercial mortgages 2.9 3.2 -2.7 0.4 -0.0 -0.2 0.6 0.4 -1.0 -1.4 -14.5 12

13 Miscellaneous assets 0.1 0.6 6.1 -1.0 -4.5 -4.3 -3.8 -4.2 -5.9 3.7 23.3 13

14 Net increase in liabilities 9.3 -1.3 -7.7 -3.4 -1.1 -9.6 -6.7 23.1 -11.0 -12.5 -18.8 14

15 Checkable deposits -0.2 0.7 1.7 -1.1 1.4 1.4 2.5 0.7 1.2 0.7 2.1 15

16 Small time and savings deposits 4.9 1.2 1.1 1.1 -2.9 -5.8 -2.6 -0.6 -2.6 -1.0 -18.3 16

17 Large time deposits 4.9 1.2 1.1 1.1 -2.9 -5.8 -2.6 -0.6 -2.6 -1.0 -18.3 17

18 Miscellaneous liabilities -0.3 -4.4 -11.6 -4.5 3.3 0.5 -4.0 23.6 -7.0 -11.2 15.7 18

19 Discrepancy -0.5 -0.1 -7.1 -1.1 5.3 -2.8 0.1 23.5 0.4 2.5 -2.0 19

(1) Commercial banks and branches of U.S.-chartered commercial banks located in Puerto Rico, the U.S. Virgin Islands, American Samoa, Guam, and other U.S.-affiliated insular areas.
30 Z.1, September 17, 2010

F.114 Savings Institutions (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2005 2006 2007 2008 2009 2009 2010

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Gross saving 10.2 6.6 11.1 18.8 26.4 22.3 18.3 31.8 33.2 26.4 27.4 1

 2 Fixed nonresidential investment 3.8 4.3 3.9 3.3 2.2 2.3 2.2 2.2 2.1 2.2 2.3 2

 3 Net acquisition of financial assets 140.9 -74.4 99.6 -290.4 -269.8 -137.9 -518.6 -257.8 -164.9 -202.6 -28.3 3

 4 Reserves at Federal Reserve -0.5 -0.7 0.6 36.4 6.5 40.0 20.0 -46.0 11.9 39.2 -28.2 4

 5 Checkable deposits and currency 2.4 -3.3 -0.5 -11.2 -4.2 6.0 -15.5 6.3 -13.5 -14.8 24.3 5

 6 Time and savings deposits -0.5 3.9 3.3 -1.6 7.0 7.7 -0.4 29.8 -9.2 15.4 -3.9 6

 7 Federal funds and security RPs -0.1 9.3 27.3 -10.9 -22.7 -20.8 -76.9 35.9 -28.8 -10.1 -6.8 7

 8 Credit market instruments 199.4 -78.0 63.0 -276.1 -240.8 -175.1 -356.2 -166.7 -265.1 -170.8 5.7 8

 9 Open market paper 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

10 Treasury securities 4.0 4.5 -5.4 -4.1 3.8 2.7 3.9 5.6 3.0 1.5 -1.8 10

11 Agency- and GSE-backed securities 55.8 -13.4 0.3 -3.5 27.8 8.3 47.0 38.9 17.1 32.9 -13.6 11

12 Mortgage pass-through securities 25.6 -16.3 5.8 1.9 -10.6 -10.9 -7.8 -23.6 -0.1 6.2 1.8 12

13 CMOs and other structured MBS 7.4 2.8 -1.5 5.6 16.1 3.4 38.2 11.3 11.4 12.5 -16.3 13

14 Other 22.9 0.1 -4.0 -11.0 22.3 15.7 16.5 51.2 5.8 14.1 0.9 14

15 Municipal securities 1.5 2.5 -0.1 -3.3 1.5 3.4 0.4 2.0 0.2 1.4 1.8 15

16 Corporate and foreign bonds 21.0 13.2 49.5 -33.7 -23.3 17.3 -16.7 -11.2 -82.7 -13.6 -1.0 16

17 Private mortgage pass-through securities -0.6 3.1 -4.5 -1.4 -2.4 -5.7 -0.1 -4.2 0.5 0.3 -0.4 17

18 Private CMOs and other structured MBS 18.1 7.7 39.5 -41.9 -30.4 -85.0 -33.0 -1.9 -1.8 -9.1 -1.4 18

19 Other 3.5 2.5 14.5 9.5 9.5 108.0 16.3 -5.1 -81.4 -4.8 0.8 19

20 Other loans and advances 3.9 6.0 6.2 6.4 -14.5 2.6 -24.8 -34.6 -1.2 -1.2 -3.8 20

21 Mortgages 95.3 -77.2 17.2 -233.4 -227.3 -184.3 -349.3 -176.2 -199.2 -177.6 13.6 21

22 Consumer credit 17.8 -13.5 -4.8 -4.5 -8.8 -25.1 -16.6 8.9 -2.3 -14.2 10.5 22

23 Corporate equities -1.0 -1.0 -0.1 -1.5 -0.5 1.5 -2.0 -6.3 4.7 -9.0 -1.5 23

24 Miscellaneous assets -58.8 -4.5 6.2 -25.4 -15.1 2.7 -87.5 -110.7 135.2 -52.5 -17.8 24

25 Net increase in liabilities 126.4 -82.6 116.7 -251.8 -269.8 -203.1 -492.1 -263.4 -120.6 -218.9 -36.8 25

26 Deposits 76.6 24.6 13.2 -156.0 -53.3 -104.1 -107.7 -93.9 92.5 -186.5 -22.5 26

27 Checkable 3.8 0.9 4.5 -2.9 13.1 -0.5 -2.4 58.6 -3.2 1.5 -3.6 27

28 Small time and savings 34.0 28.9 27.6 -59.6 89.4 -179.7 -55.9 427.4 165.7 -200.0 -32.9 28

29 Large time 38.8 -5.2 -19.0 -93.5 -155.8 76.0 -49.4 -579.9 -70.0 12.0 14.0 29

30 Security RPs -2.3 -19.2 -24.1 -0.0 1.8 7.2 -33.9 100.5 -66.5 1.0 -14.8 30

31 Credit market instruments 22.5 -108.2 104.1 -67.1 -169.6 -148.6 -282.5 -178.3 -68.8 -68.2 -35.0 31

32 Corporate bonds 1.0 2.0 -0.3 -8.0 -0.2 -1.9 0.9 0.7 -0.3 -12.4 -0.8 32

33 Bank loans n.e.c. 5.2 -44.5 13.3 13.0 -29.8 -30.2 -21.6 -66.0 -1.3 1.4 -10.2 33

34 Other loans and advances 16.2 -65.7 91.1 -72.2 -139.6 -116.4 -261.8 -113.0 -67.3 -57.3 -24.0 34

35 Corporate equities 2.2 0.8 3.3 1.7 1.5 0.9 2.3 1.4 1.4 0.7 0.3 35

36 Taxes payable 0.1 -0.4 -2.0 -0.3 0.3 1.4 -2.3 2.3 -0.2 1.0 -2.0 36

37 Miscellaneous liabilities 27.3 19.7 22.2 -30.1 -50.5 40.2 -68.1 -95.2 -78.9 33.0 37.3 37

38 Investment by parent 3.7 2.1 0.6 6.3 -9.5 -30.4 1.1 -1.5 -7.0 3.7 -0.7 38

39 Other 23.6 17.6 21.6 -36.4 -41.1 70.6 -69.2 -93.7 -71.9 29.3 38.0 39

40 Discrepancy -8.1 -6.0 24.1 54.0 24.2 -45.2 42.6 24.0 75.3 7.9 16.6 40

(1) Savings and loan associations, mutual savings banks, and federal savings banks.
Z.1, September 17, 2010 31

F.115 Credit Unions

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2005 2006 2007 2008 2009 2009 2010

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Gross saving 9.2 9.8 9.0 6.9 6.7 6.5 6.6 6.7 6.9 10.6 11.1 1

 2 Fixed nonresidential investment 3.6 4.2 3.8 3.9 2.8 3.0 2.9 2.8 2.8 2.8 2.9 2

 3 Net acquisition of financial assets 30.9 30.5 42.5 53.8 70.3 100.2 67.6 56.2 57.1 -25.1 44.3 3

 4 Reserves at Federal Reserve 0.0 0.0 0.0 4.7 18.1 79.2 -9.2 -26.4 28.9 48.9 0.9 4

 5 Checkable deposits and currency -2.0 6.2 -1.1 -5.7 1.4 -58.4 18.2 49.4 -3.5 -65.5 13.7 5

 6 Time and savings deposits -4.5 -4.9 -0.0 11.4 9.5 17.7 5.6 7.4 7.3 7.3 -11.7 6

 7 Federal funds and security RPs (net) 2.6 -1.6 -2.6 -4.8 2.4 -3.2 7.9 1.3 3.6 -10.5 4.8 7

 8 Credit market instruments 36.2 30.1 35.3 40.0 33.1 16.9 48.7 30.4 36.5 39.0 43.5 8

 9 Open market paper -0.0 0.2 -0.5 -0.4 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

10 Treasury securities -1.1 -0.3 3.0 -1.6 5.3 -2.3 16.6 2.3 4.5 6.9 4.3 10

11 Agency- and GSE-backed securities -6.8 -13.9 -4.1 14.4 27.9 22.2 26.8 29.0 33.6 36.7 45.5 11

12 Corporate and foreign bonds -1.5 7.2 3.9 -8.9 -7.0 -32.2 1.4 -0.4 3.1 -0.6 -0.4 12

13 Other loans and advances 1.0 0.9 0.0 2.7 2.7 7.1 3.4 -1.5 1.8 -4.1 7.5 13

14 Home mortgages 31.3 30.1 31.8 33.2 3.2 18.8 -2.6 -4.7 1.4 21.0 -12.6 14

15 Consumer credit 13.2 5.9 1.2 0.5 1.0 3.2 3.0 5.7 -8.0 -20.9 -0.8 15

16 Mutual fund shares -1.0 -0.1 -0.0 -0.0 -0.7 -1.1 0.1 -1.0 -0.9 0.9 0.0 16

17 Miscellaneous assets -0.3 0.8 11.0 8.4 6.4 49.0 -3.7 -5.0 -14.8 -45.2 -6.9 17

18 Net increase in liabilities 27.5 26.0 39.5 54.5 72.6 126.5 51.9 52.1 59.9 -29.3 40.4 18

19 Shares/deposits 21.6 24.5 31.7 45.1 72.0 100.0 57.9 61.2 68.9 4.9 34.1 19

20 Checkable 7.0 -8.5 1.1 1.6 11.6 21.9 -1.2 -4.9 30.8 6.3 -0.9 20

21 Small time and savings 12.1 30.5 25.8 43.0 43.4 46.5 49.1 48.8 29.1 -4.8 34.5 21

22 Large time 2.5 2.5 4.8 0.5 17.0 31.6 10.1 17.3 9.0 3.3 0.6 22

23 Other loans and advances 3.3 4.2 13.4 8.3 -14.1 -41.2 -7.2 -0.8 -7.2 -4.4 -1.6 23

24 Miscellaneous liabilities 2.6 -2.7 -5.6 1.1 14.7 67.7 1.1 -8.3 -1.7 -29.8 7.9 24

25 Discrepancy 2.2 1.1 2.1 3.7 6.2 29.8 -12.0 -0.2 7.0 3.6 4.3 25

F.116 Property-Casualty Insurance Companies

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Gross saving less net capital transfers paid (1) 24.5 64.0 49.8 26.1 20.7 18.5 19.8 21.0 23.4 20.2 19.7 1

 2 Fixed nonresidential investment 10.4 10.5 11.6 10.3 8.4 8.6 8.4 8.4 8.4 8.7 9.1 2

 3 Net acquisition of financial assets 75.3 64.6 43.7 23.2 37.7 -14.7 61.6 59.0 45.1 -59.0 39.9 3

 4 Checkable deposits and currency -4.8 8.9 12.8 -14.8 -0.3 -7.8 31.8 -1.3 -23.9 2.6 35.5 4

 5 Money market fund shares -0.7 0.7 7.2 12.1 -3.7 0.2 -16.4 -3.5 4.9 -17.1 -2.7 5

 6 Security RPs (net) 0.5 -0.6 2.4 -1.1 -2.0 -8.2 0.0 0.0 0.0 0.0 0.0 6

 7 Credit market instruments 72.8 44.8 5.3 -15.9 34.1 8.9 30.3 39.8 57.4 -13.6 -11.0 7

 8 Open market paper 3.5 0.6 -3.1 5.8 -2.1 0.2 -9.5 -2.0 2.9 -10.0 -1.6 8

 9 Treasury securities 0.3 3.1 -38.7 -5.6 16.6 15.4 12.4 17.2 21.2 -5.4 -1.6 9

10 Agency- and GSE-backed securities 5.8 4.1 3.8 -11.5 1.9 -2.0 3.0 2.7 4.1 0.4 -1.2 10

11 Municipal securities 45.4 22.1 36.1 10.6 -12.6 -24.8 -8.6 -10.2 -6.6 1.2 -3.7 11

12 Corporate and foreign bonds 17.5 14.2 5.9 -15.4 30.8 20.0 32.9 33.1 37.2 0.9 -3.0 12

13 Commercial mortgages 0.3 0.7 1.3 0.2 -0.5 0.2 0.2 -1.0 -1.4 -0.7 -0.1 13

14 Corporate equities -6.1 2.3 0.5 35.1 -2.4 -17.6 9.5 9.7 -11.3 -46.6 0.1 14

15 Mutual fund shares 0.3 0.5 -0.5 -0.4 0.1 0.0 0.1 0.1 0.1 -0.0 -0.0 15

16 Trade receivables 2.4 4.9 -1.6 1.3 -3.7 2.8 -0.4 -7.7 -9.7 7.4 7.8 16

17 Miscellaneous assets 10.8 3.1 17.6 6.8 15.7 6.9 6.6 21.8 27.6 8.2 10.2 17

18 Net increase in liabilities 46.3 42.2 -3.3 5.0 -5.1 -54.9 18.0 39.7 -23.3 -12.5 3.7 18

19 Corporate equity issues -2.8 -8.5 -13.2 0.4 -5.3 -1.4 -2.2 -6.6 -10.9 -23.6 -3.8 19

20 Taxes payable (net) -3.1 11.0 -2.4 -28.1 5.3 -12.5 14.8 24.2 -5.2 12.6 -25.8 20

21 Miscellaneous liabilities 52.2 39.7 12.3 32.8 -5.2 -40.9 5.4 22.1 -7.2 -1.5 33.2 21

22 Discrepancy -14.9 31.1 -8.8 -2.4 -30.6 -30.2 -32.2 -6.7 -53.4 58.1 -25.6 22

(1) Net capital transfers paid from table F.9, line 50.
32 Z.1, September 17, 2010

F.117 Life Insurance Companies

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2005 2006 2007 2008 2009 2009 2010

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Gross saving 11.1 4.1 2.8 -46.6 27.9 -11.4 35.2 44.3 43.4 34.7 24.7 1

 2 Fixed nonresidential investment 10.0 10.9 11.7 11.8 9.9 9.9 9.8 9.8 10.0 10.4 10.9 2

 3 Net acquisition of financial assets 184.4 224.9 240.6 172.3 105.7 155.1 -1.1 172.8 96.2 220.7 236.4 3

 4 Checkable deposits and currency -5.5 8.3 2.3 24.4 -30.3 -49.9 -18.4 -6.2 -46.5 -14.8 35.2 4

 5 Money market fund shares -3.7 9.7 -1.6 17.5 -5.5 14.4 -6.6 -12.8 -17.0 -18.0 -2.8 5

 6 Credit market instruments 116.2 67.5 84.8 11.6 178.5 252.9 118.1 180.2 162.8 95.5 72.3 6

 7 Open market paper -3.0 4.3 13.1 -3.4 20.7 24.1 16.4 16.6 25.8 -59.8 -4.3 7

 8 Treasury securities 13.5 -7.6 -17.3 35.1 70.6 141.7 29.6 76.9 34.0 -6.7 26.8 8

 9 Agency- and GSE-backed securities 11.4 8.8 5.5 -16.7 -10.2 -29.7 4.4 -12.2 -3.4 25.6 -12.7 9

10 Municipal securities 2.4 4.1 4.8 5.7 26.3 25.5 24.9 26.7 28.1 5.3 2.7 10

11 Corporate and foreign bonds 74.7 29.7 43.1 -45.5 100.1 122.4 75.2 102.5 100.3 136.5 61.4 11

12 Other loans and advances 5.0 9.8 13.2 20.3 -12.6 -22.2 -16.3 -17.8 5.9 6.5 13.4 12

13 Mortgages 12.1 18.3 22.4 16.3 -16.3 -8.7 -16.1 -12.6 -27.9 -12.0 -15.0 13

14 Corporate equities 65.9 71.4 84.1 81.8 78.1 69.1 87.6 62.2 93.6 83.9 75.7 14

15 Mutual fund shares -9.9 26.9 31.3 -10.7 0.0 -4.0 2.0 1.0 1.0 1.0 1.0 15

16 Miscellaneous assets 21.4 41.1 39.9 47.7 -115.1 -127.4 -183.8 -51.4 -97.6 73.1 55.0 16

17 Net increase in liabilities 174.9 202.6 198.5 161.7 25.3 48.8 -26.5 103.6 -24.9 124.1 167.8 17

18 Security RPs (net) 8.4 0.4 -1.2 -12.5 -4.8 -22.9 3.9 -3.8 3.8 0.8 4.1 18

19 Corporate equity issues -8.0 -20.0 -30.6 -10.7 -0.9 -6.9 8.5 -0.9 -4.5 -7.6 -13.3 19

20 Other loans and advances 0.4 2.7 14.5 26.2 -6.6 -9.6 -8.0 -12.0 3.2 -10.8 0.0 20

21 Life insurance reserves 14.9 64.1 33.0 66.0 26.7 66.5 6.0 0.6 33.7 56.5 67.0 21

22 Pension fund reserves (1) 142.1 100.5 118.6 65.5 35.7 50.1 2.2 43.1 47.3 53.2 104.1 22

23 Taxes payable (net) -2.6 4.0 -3.4 -19.7 -7.0 10.2 0.7 -4.0 -35.0 4.0 -0.2 23

24 Miscellaneous liabilities 19.5 50.9 67.6 46.8 -17.8 -38.6 -39.8 80.7 -73.4 28.0 6.2 24

25 Discrepancy -8.4 -29.1 -51.1 -69.0 -62.5 -127.7 0.0 -34.7 -87.7 -72.2 -54.8 25

(1) Annuity reserves held by life insurance companies, excluding unallocated contracts held by private pension funds, which are included in miscellaneous liabilities (line 24).

F.118 Private Pension Funds (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Gross saving 0.4 0.4 0.5 0.8 1.1 1.1 1.1 1.1 1.1 1.1 1.1 1

 2 Fixed nonresidential investment 0.8 0.7 1.2 2.2 1.8 1.8 1.8 1.8 1.8 1.9 2.0 2

 3 Net acquisition of financial assets 72.4 53.5 31.7 -51.8 35.0 -39.9 45.2 96.9 37.7 30.5 27.7 3

 4 Checkable deposits and currency 0.3 0.4 0.6 0.5 4.2 0.1 -1.4 10.1 7.9 10.0 11.8 4

 5 Time and savings deposits 6.3 0.8 4.6 0.3 4.7 6.7 -1.0 8.0 5.3 4.0 5.0 5

 6 Money market fund shares 1.9 3.4 3.4 2.3 0.6 1.4 0.5 0.3 0.3 0.2 0.0 6

 7 Security RPs 1.0 0.8 3.4 7.3 3.1 14.9 3.9 16.9 -23.3 0.3 -19.9 7

 8 Credit market instruments 45.3 58.4 102.5 90.6 111.6 146.0 68.8 130.3 101.1 108.2 76.8 8

 9 Open market paper 3.0 0.2 -4.8 10.2 -10.5 1.6 2.0 -26.5 -19.2 -19.7 -14.2 9

10 Treasury securities 3.5 14.3 38.7 15.4 125.8 117.3 89.1 176.7 120.1 123.6 263.0 10

11 Agency- and GSE-backed securities 16.8 16.6 28.2 21.3 -49.0 -30.2 -64.8 -62.3 -38.9 -38.1 -214.5 11

12 Corporate and foreign bonds 22.2 27.7 39.8 42.7 42.8 55.3 40.6 39.5 35.7 38.5 38.0 12

13 Mortgages -0.2 -0.3 0.7 0.9 2.6 2.0 1.9 2.9 3.4 3.9 4.5 13

14 Corporate equities -42.0 -86.5 -188.3 -184.6 -175.6 -234.6 -188.5 -168.2 -111.0 -134.8 -111.1 14

15 Mutual fund shares 70.0 74.9 88.1 20.5 64.8 27.9 97.5 88.4 45.3 90.3 52.0 15

16 Miscellaneous assets -10.4 1.3 17.5 11.3 21.6 -2.2 65.5 11.2 12.1 -47.6 13.1 16

17 Unallocated insurance contracts (2) -1.4 -1.5 26.3 38.2 10.1 14.6 20.1 -3.8 9.6 -28.1 14.6 17

18 Contributions receivable -1.9 -2.0 4.4 0.7 2.5 3.5 18.2 -7.0 -4.6 -2.2 -1.3 18

19 Other -7.1 4.8 -13.2 -27.6 9.0 -20.3 27.2 21.9 7.1 -17.3 -0.2 19

20 Pension fund reserves (liabilities) (3) 72.8 53.8 32.4 -50.4 35.7 -39.2 45.9 97.6 38.4 31.3 28.6 20

(1) Private defined benefit plans and defined contribution plans (including 401(k) type plans).

(2) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4.

(3) Equal to the net acquisition of tangible and financial assets less gross saving (line 2 + line 3 - line 1). These liabilities are assets of the household sector.
Z.1, September 17, 2010 33

F.119 State and Local Government Employee Retirement Funds

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2005 2006 2007 2008 2009 2009 2010

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Gross saving 0.4 0.5 0.7 1.0 1.3 1.4 1.4 1.3 1.3 1.3 1.3 1

 2 Fixed nonresidential investment 0.8 0.9 1.9 2.7 2.2 2.2 2.2 2.1 2.1 2.2 2.3 2

 3 Net acquisition of financial assets 5.4 45.5 0.8 17.0 -17.3 -20.5 -13.4 -2.5 -32.9 -21.5 -31.3 3

 4 Checkable deposits and currency -0.4 -2.7 4.8 -0.2 -0.2 -0.6 0.2 0.1 -0.3 -0.4 -0.2 4

 5 Time and savings deposits -0.1 -0.5 -0.1 -0.0 -0.0 -0.0 0.0 0.0 -0.0 -0.0 -0.0 5

 6 Money market fund shares 0.1 2.1 -1.4 1.9 -0.1 -0.5 0.2 0.1 -0.3 -0.3 -0.1 6

 7 Security RPs -0.6 4.5 -2.5 1.8 -0.2 -0.8 0.3 0.1 -0.5 -0.5 -0.2 7

 8 Credit market instruments 18.1 114.6 12.3 13.3 -15.4 -26.0 -12.8 -18.6 -4.3 1.8 0.6 8

 9 Open market paper 0.1 7.6 -4.4 -12.5 -3.2 -0.9 -7.4 0.1 -4.5 -0.5 -0.2 9

10 Treasury securities 2.8 2.4 -14.6 4.8 28.1 15.3 38.6 29.5 28.9 0.6 -0.5 10

11 Agency- and GSE-backed securities -0.4 49.4 23.3 6.3 -37.6 -30.9 -43.1 -37.8 -38.5 1.1 -0.8 11

12 Municipal securities -0.2 1.6 -0.8 -1.0 0.0 0.1 0.0 0.0 0.1 0.0 -0.0 12

13 Corporate and foreign bonds 14.5 55.5 13.6 15.9 -2.7 -9.3 -1.1 -10.3 9.9 0.4 2.2 13

14 Mortgages 1.3 -2.0 -4.7 -0.3 -0.1 -0.3 0.1 -0.2 -0.2 0.1 -0.0 14

15 Corporate equities -5.6 -70.0 -6.4 1.2 -1.7 7.0 -1.4 12.2 -24.6 -19.5 -27.8 15

16 Mutual fund shares -5.5 -3.4 -5.2 -1.1 -0.2 1.0 -0.2 1.9 -3.6 -2.9 -4.1 16

17 Miscellaneous assets -0.6 1.0 -0.6 -0.0 0.5 -0.6 0.4 1.8 0.7 0.4 0.5 17

18 Pension fund reserves (liabilities) (1) 5.8 45.9 2.0 18.7 -16.5 -19.6 -12.6 -1.7 -32.1 -20.7 -30.3 18

(1) Equal to the net acquisition of tangible and financial assets less gross saving (line 2 + line 3 - line 1). These liabilities are assets of the household sector.

F.120 Federal Government Retirement Funds (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net acquisition of financial assets 54.7 50.4 47.8 78.9 78.2 30.8 62.9 69.7 149.3 57.1 64.7 1

 2 Credit market instruments 7.7 8.4 11.7 24.2 7.4 16.8 1.0 4.1 7.9 6.5 17.0 2

 3 Treasury securities 7.8 8.3 11.3 24.2 6.8 17.5 0.8 2.2 6.7 5.8 15.7 3

 4 Agency- and GSE-backed securities 0.0 0.1 0.3 0.0 0.6 -0.3 0.3 1.3 1.0 0.5 1.0 4

 5 Corporate and foreign bonds -0.0 -0.0 0.1 -0.1 0.1 -0.4 -0.1 0.5 0.2 0.2 0.3 5

 6 Corporate equities 7.0 6.3 2.7 -8.6 8.8 -3.2 16.6 8.3 13.5 8.4 0.6 6

 7 Miscellaneous assets(2) 40.0 35.8 33.3 63.3 61.9 17.3 45.2 57.3 127.9 42.2 47.2 7

 8 Pension fund reserves (liabilities) (3) 54.7 50.4 47.8 78.9 78.2 30.8 62.9 69.7 149.3 57.1 64.7 8

(1) Includes the Thrift Savings Plan, the National Railroad Retirement Investment Trust, and nonmarketable government securities held by federal government retirement funds.

(2) Includes nonmarketable government securities held by the civil service retirement and disability fund, Railroad Retirement Board, judicial retirement fund, military

 retirement fund, and foreign service retirement and disability fund.

(3) Liabilities of the sector are assets of the household sector.
34 Z.1, September 17, 2010

F.121 Money Market Mutual Funds (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2005 2006 2007 2008 2009 2009 2010

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Net acquisition of financial assets 127.0 305.3 720.9 724.2 -498.7 109.1 -494.4 -957.0 -652.3 -1118.8 -552.7 1

 2 Foreign deposits 16.2 -10.6 43.2 2.0 -32.2 -198.2 31.1 64.2 -25.7 -18.7 0.1 2

 3 Checkable deposits and currency -1.4 7.5 -4.8 5.6 10.4 56.7 -88.5 19.1 54.5 -13.7 -1.2 3

 4 Time and savings deposits 15.7 23.7 63.9 84.6 218.0 342.0 342.5 54.1 133.3 -351.2 -319.2 4

 5 Security RPs 112.0 48.7 211.3 -63.5 -62.5 128.2 -137.5 -82.8 -157.8 -108.0 271.9 5

 6 Credit market instruments -5.5 220.0 375.6 738.6 -643.7 -304.7 -408.9 -959.5 -901.7 -687.4 -242.4 6

 7 Open market paper 86.3 116.1 66.3 -56.1 -107.8 -123.9 -131.9 -47.0 -128.6 -214.6 -165.9 7

 8 Treasury securities -9.6 -5.9 95.5 399.5 -171.3 -168.2 -77.6 -262.8 -176.7 -45.0 -55.8 8

 9 Agency- and GSE-backed securities -107.4 -28.7 104.5 520.3 -213.2 80.2 -52.9 -400.6 -479.5 -317.1 36.6 9

10 Municipal securities 23.0 33.5 100.7 23.6 -93.3 -52.1 -67.8 -128.9 -124.4 -133.4 -29.2 10

11 Corporate and foreign bonds 2.2 105.1 8.5 -148.8 -58.1 -40.8 -78.7 -120.2 7.3 22.7 -28.1 11

12 Miscellaneous assets -10.0 15.9 31.8 -43.1 11.3 85.1 -233.0 -52.1 245.1 60.2 -262.0 12

13 Net share issues (liabilities) 127.0 305.3 720.9 724.2 -498.7 109.1 -494.4 -957.0 -652.3 -1118.8 -552.7 13

(1) Open-end investment companies; excludes funding vehicles for variable annuities, which are included in the life insurance companies sector (table F.117).

F.122 Mutual Funds (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Gross saving 21.1 11.4 13.4 -2.9 11.5 11.4 10.5 10.7 13.4 6.7 7.1 1

 2 Net acquisition of financial assets 260.2 336.8 364.7 31.0 490.1 -55.8 681.6 677.5 657.1 564.1 48.9 2

 3 Security RPs 2.8 17.4 -0.6 -7.4 28.6 -84.7 72.2 59.0 67.7 -12.9 -121.5 3

 4 Credit market instruments 124.1 184.9 271.1 73.3 380.7 172.4 436.3 421.8 492.5 510.3 188.2 4

 5 Open market paper 2.9 17.4 -0.4 -62.5 28.6 -80.7 42.1 64.2 88.8 -11.5 -149.6 5

 6 Treasury securities 6.6 5.0 18.5 8.7 67.6 20.6 36.8 49.5 163.5 57.7 46.8 6

 7 Agency- and GSE-backed securities 20.8 15.7 66.2 27.3 46.4 -18.3 115.2 72.5 16.3 180.7 146.6 7

 8 Municipal securities 17.4 32.7 27.8 17.4 90.6 68.7 95.8 113.2 84.6 85.2 51.5 8

 9 Corporate and foreign bonds 65.9 104.3 123.0 69.9 146.2 179.7 144.6 121.0 139.6 198.6 91.8 9

10 Other loans and advances 10.5 9.8 36.1 12.4 1.3 2.3 1.8 1.4 -0.3 -0.4 1.1 10

11 Corporate equities 129.6 131.3 91.3 -38.1 85.9 -127.8 168.2 189.7 113.4 93.1 -17.9 11

12 Miscellaneous assets 3.7 3.3 2.8 3.2 -5.1 -15.8 4.9 7.0 -16.5 -26.4 0.0 12

13 Net share issues (liabilities) 260.2 336.8 364.7 31.0 490.1 -55.8 681.6 677.5 657.1 564.1 48.9 13

14 Discrepancy 21.1 11.4 13.4 -2.9 11.5 11.4 10.5 10.7 13.4 6.7 7.1 14

(1) Open-end investment companies; excludes funding vehicles for variable annuities, which are included in the life insurance companies sector (table F.117).

F.123 Closed-End and Exchange-Traded Funds

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 Closed-end funds

 1 Net acquisition of financial assets 20.7 8.2 17.8 -57.6 6.8 7.2 12.4 -1.0 8.7 0.4 8.1 1

 2 Credit market instruments 2.2 6.0 -0.9 -39.7 10.3 1.1 17.5 13.6 9.1 11.9 -6.5 2

 3 Treasury securities 0.3 0.2 -1.7 -2.4 1.2 0.3 1.6 0.9 2.0 2.5 -0.5 3

 4 Municipal securities 0.2 0.0 1.9 -12.8 3.3 4.8 5.1 3.6 -0.2 2.4 1.2 4

 5 Corporate and foreign bonds 1.7 5.7 -1.0 -24.5 5.8 -4.0 10.8 9.2 7.3 7.0 -7.2 5

 6 Corporate equities 18.5 2.2 18.7 -17.8 -3.5 6.0 -5.1 -14.6 -0.4 -11.5 14.5 6

 7 Net share issues (liabilities) 20.7 8.2 17.8 -57.6 6.8 7.2 12.4 -1.0 8.7 0.4 8.1 7

 Exchange-traded funds

 8 Net acquisition of financial assets 56.7 74.0 150.5 177.2 116.5 -9.9 152.6 108.4 214.7 27.9 123.5 8

 9 Credit market instruments 6.8 5.7 13.3 23.0 46.0 48.1 45.9 44.0 45.8 41.2 45.4 9

10 Treasury securities 4.8 3.4 6.6 7.4 14.7 18.4 15.7 12.2 12.5 18.4 22.2 10

11 Municipal securities 0.0 0.0 0.6 1.7 3.6 3.3 3.6 4.4 3.3 2.6 2.9 11

12 Corporate and foreign bonds 1.9 2.4 6.2 13.9 27.6 26.4 26.6 27.4 30.1 20.2 20.3 12

13 Corporate equities 50.0 68.3 137.2 154.2 70.5 -58.0 106.7 64.4 168.9 -13.3 78.1 13

14 Net share issues (liabilities) 56.7 74.0 150.5 177.2 116.5 -9.9 152.6 108.4 214.7 27.9 123.5 14
Z.1, September 17, 2010 35

F.124 Government-Sponsored Enterprises (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2005 2006 2007 2008 2009 2009 2010

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Gross saving 4.2 4.0 4.7 6.6 9.5 8.7 11.3 9.0 9.2 6.9 7.2 1

 2 Fixed nonresidential investment 0.7 0.7 1.2 1.7 1.7 1.7 1.7 1.6 1.6 1.6 1.7 2

 3 Net acquisition of financial assets -63.5 53.5 301.4 225.7 -386.2 -19.4 -460.3 -662.2 -402.7 -159.9 -395.8 3

 4 Checkable deposits and currency -24.5 1.8 -2.7 39.7 11.1 -17.0 -12.3 26.1 47.5 -1.6 0.4 4

 5 Time and savings deposits 12.1 -1.5 12.8 21.9 -42.8 -20.5 12.9 -145.4 -18.0 -18.0 9.8 5

 6 Federal funds and security RPs (net) 14.1 9.7 25.3 -28.2 7.6 179.4 -228.5 56.2 23.4 188.4 -50.4 6

 7 Credit market instruments -69.1 46.6 239.0 239.1 -344.9 -190.5 -287.4 -488.7 -412.9 -163.0 -321.4 7

 8 Open market paper 8.0 18.5 -4.7 14.1 3.0 17.8 3.2 -9.5 0.3 -4.5 7.3 8

 9 Treasury securities 0.2 1.2 1.3 1.2 5.1 3.2 6.8 9.0 1.4 153.0 48.3 9

10 Agency- and GSE-backed securities -135.4 -37.1 -11.1 207.0 -27.4 175.9 -19.8 -118.3 -147.5 -180.4 -117.1 10

11 Municipal securities -4.9 -3.6 -2.8 -2.0 -2.2 -1.4 -1.9 -2.9 -2.5 -4.2 -3.5 11

12 Corporate and foreign bonds 50.9 16.1 -17.4 -77.7 -33.8 -76.6 67.3 3.4 -129.3 55.8 -47.0 12

13 Other loans and advances 52.4 33.1 237.7 38.1 -284.8 -358.7 -305.0 -351.3 -124.1 -171.5 -152.2 13

14 Sallie Mae 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14

15 Farm Credit System 8.1 11.9 11.9 4.8 -0.2 -0.6 4.5 -4.6 -0.2 -10.0 -0.8 15

16 FHLB loans 44.4 21.2 225.8 33.3 -284.6 -358.0 -309.6 -346.7 -123.9 -161.6 -151.4 16

17 Mortgages -40.2 18.4 35.9 58.3 -4.7 49.3 -37.9 -19.0 -11.2 -11.2 -57.3 17

18 Home -54.7 3.7 -9.7 8.0 -16.1 35.7 -52.3 -33.9 -13.9 -27.7 -54.3 18

19 Multifamily residential 10.5 12.4 42.3 40.0 10.1 12.7 13.1 13.3 1.3 20.1 -1.8 19

20 Farm 4.0 2.2 3.3 10.3 1.3 0.8 1.2 1.6 1.4 -3.5 -1.3 20

21 Consumer credit (2) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 21

22 Miscellaneous assets 4.0 -3.2 27.0 -46.7 -17.2 29.3 55.0 -110.4 -42.8 -165.8 -34.2 22

23 Net increase in liabilities -81.7 48.3 325.6 340.3 -321.0 59.3 -570.1 -485.1 -288.2 -49.0 -295.7 23

24 Credit market instruments -84.0 35.6 282.4 271.7 -475.3 -254.5 -680.9 -590.3 -375.7 -173.2 -334.7 24

25 GSE issues (3) -84.0 35.6 282.4 271.7 -475.3 -254.5 -680.9 -590.3 -375.7 -173.2 -334.7 25

26 U.S. government loans 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 26

27 Corporate equities 4.2 1.1 25.5 27.6 96.0 182.2 101.9 41.7 58.2 58.6 94.9 27

28 Miscellaneous liabilities -1.9 11.6 17.7 41.0 58.3 131.6 8.8 63.5 29.3 65.6 -55.9 28

29 Discrepancy -14.8 -1.8 27.7 119.5 73.0 85.7 -100.1 184.5 122.1 116.2 105.6 29

(1) Federal Home Loan Banks, Fannie Mae, Freddie Mac, Farmer Mac, Farm Credit System, the Financing Corporation, and the Resolution Funding

 Corporation. The Student Loan Marketing Association (Sallie Mae) was included until it was fully privatized in 2004:Q4. Beginning 2010:Q1, almost all Fannie Mae and

 Freddie Mac mortgage pools (table F.125) are consolidated on Fannie Mae’s and Freddie Mac’s balance sheets.

(2) Sallie Mae student loans.

(3) Such issues are classified as agency- and GSE-backed securities.

F.125 Agency- and GSE-backed Mortgage Pools (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net acquisition of financial assets 164.5 292.6 623.3 497.0 415.0 340.0 507.9 465.6 346.3 132.1 244.8 1

 2 Home mortgages 169.0 302.8 622.6 492.2 402.5 336.0 493.2 452.5 328.4 131.4 235.0 2

 3 Multifamily residential mortgages -4.5 -12.5 -0.7 4.6 12.6 4.2 14.9 13.4 18.0 3.3 7.9 3

 4 Commercial mortgages 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 Farm mortgages -0.1 2.3 1.4 0.1 -0.2 -0.2 -0.2 -0.3 -0.1 -2.6 1.9 5

 6 Net increase in pool securities (liabilities)(2) 164.5 292.6 623.3 497.0 415.0 340.0 507.9 465.6 346.3 132.1 244.8 6

(1) GNMA, Fannie Mae, Freddie Mac, Farmer Mac, and Farmers Home Administration pools. Beginning 2010:Q1, almost all Fannie Mae and Freddie Mac mortgage pools are consolidated

 on Fannie Mae’s and Freddie Mac’s balance sheets (table F.124). Also includes agency- and GSE-backed mortgage pool securities that are used as collateral for agency-

 and GSE-backed CMOs and privately issued CMOs. Excludes Federal Financing Bank holdings of pool securities, which are included with federal government mortgages and

 other loans.

(2) Such issues are classified as agency- and GSE-backed securities.
36 Z.1, September 17, 2010

F.126 Issuers of Asset-Backed Securities (ABS)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2005 2006 2007 2008 2009 2009 2010

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Gross saving 0.9 0.8 0.6 0.5 0.5 0.5 0.5 0.5 0.4 0.4 0.4 1

 2 Fixed nonresidential investment 0.3 0.2 0.2 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 2

 3 Net acquisition of financial assets 730.1 808.3 336.5 -407.5 -721.5 -771.3 -701.3 -748.5 -665.1 -502.3 -451.2 3

 4 Treasury securities 19.7 28.7 21.0 -12.3 -16.5 -14.8 -19.3 -16.8 -15.1 -15.8 -13.1 4

 5 Agency- and GSE-backed securities (1) -30.6 23.4 18.4 -28.7 -193.9 -236.6 -122.6 -201.9 -214.5 -126.9 -110.0 5

 6 Other loans and advances 20.2 65.0 88.6 37.9 -51.1 -79.3 -65.8 -70.1 10.8 -9.8 10.5 6

 7 Mortgages (2) 685.2 631.5 182.5 -350.9 -384.3 -349.0 -423.7 -375.2 -389.4 -244.1 -291.7 7

 8 Home 573.3 518.9 35.0 -310.0 -335.0 -335.5 -388.0 -332.3 -284.2 -219.1 -233.2 8

 9 Multifamily residential 16.6 14.0 22.1 -11.0 -6.2 -6.2 -3.0 -7.0 -8.6 -3.9 -6.9 9

10 Commercial 95.3 98.7 125.4 -30.0 -43.1 -7.3 -32.7 -35.9 -96.7 -21.1 -51.7 10

11 Consumer credit 38.4 51.2 22.6 -37.3 -41.3 -54.1 -36.0 -44.9 -30.0 -79.3 -45.1 11

12 Trade credit -2.8 8.5 3.4 -16.1 -34.5 -37.6 -33.9 -39.6 -26.8 -26.5 -1.6 12

13 Net increase in liabilities 729.4 807.8 336.0 -407.9 -721.9 -771.7 -701.6 -748.8 -665.4 -502.7 -451.5 13

14 Commercial paper 148.3 162.9 -194.2 -83.9 -266.7 -241.6 -295.4 -243.3 -286.6 -85.4 -89.0 14

15 Corporate bonds (net) (5) 581.1 644.8 530.2 -324.0 -455.2 -530.1 -406.2 -505.5 -378.8 -417.2 -362.5 15

16 Discrepancy 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16

 Memo:

 Securitized assets not included above

17 Consumer leases (3) -0.6 -0.5 -0.5 -0.4 -0.4 -0.4 -0.4 -0.4 -0.3 -0.3 -0.3 17

18 REIT assets (4) 17.3 2.8 -17.9 -45.5 -7.8 -13.1 -9.1 -17.1 8.1 0.5 -13.6 18

(1) Agency- and GSE-backed mortgage pool securities backing privately issued CMOs.

(2) Mortgages backing privately issued pool securities and privately issued CMOs.

(3) Receivables from operating leases, such as consumer automobile leases, are booked as current income when payments are received and are not included in financial assets (or household liabilities).

 The leased automobile is a tangible asset; depreciation flows are included in line 1, and fixed investment flows are included in line 2.

(4) Included in table F.128.

(5) Net issuance less net acquisition of corporate bonds held as assets.

F.127 Finance Companies (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Gross saving 60.7 60.4 65.2 79.1 90.4 70.4 86.3 105.3 99.8 84.8 86.5 1

 2 Fixed nonresidential investment 46.0 44.6 46.6 33.7 23.7 23.9 23.6 23.5 23.9 24.6 25.8 2

 3 Net acquisition of financial assets 99.0 34.3 19.9 -59.5 -189.2 -144.3 -154.5 -229.6 -228.5 -376.3 -87.3 3

 4 Checkable deposits and currency -8.9 -1.6 0.4 0.3 0.5 2.5 1.7 -1.7 -0.4 -4.4 1.1 4

 5 Time and savings deposits -9.1 -4.8 1.2 0.8 1.6 7.5 5.2 -5.0 -1.3 -13.3 3.4 5

 6 Credit market instruments 64.7 71.0 16.6 -72.3 -223.3 -162.0 -194.4 -223.1 -313.7 -230.1 -101.7 6

 7 Corporate and foreign bonds -52.5 -18.7 4.5 3.0 6.3 29.3 20.2 -19.4 -5.1 -51.9 13.3 7

 8 Other loans and advances 27.6 18.9 24.9 16.9 -91.0 -101.4 -111.0 -50.1 -101.6 -62.7 -48.5 8

 9 Mortgages 65.4 53.0 -62.5 -84.0 -50.5 -23.3 -29.3 -69.7 -79.8 -53.8 -34.3 9

10 Consumer credit 24.2 17.8 49.7 -8.3 -88.0 -66.6 -74.3 -83.9 -127.2 -61.7 -32.3 10

11 Miscellaneous assets 52.2 -30.2 1.7 11.8 31.9 7.7 33.0 0.1 87.0 -128.4 9.8 11

12 Net increase in liabilities 63.5 48.5 26.5 -69.1 -250.2 -213.6 -305.8 -265.4 -216.0 -383.9 -120.0 12

13 Credit market instruments 33.5 34.8 34.9 -79.4 -156.2 -159.5 -205.4 -112.0 -147.9 -301.3 -140.5 13

14 Open market paper -15.3 5.3 -15.1 -22.6 -38.8 -74.1 -26.0 -34.4 -20.7 46.9 -6.5 14

15 Corporate bonds 43.6 42.4 -2.8 -49.6 -87.0 -70.5 -200.8 -9.4 -67.2 -284.6 -89.5 15

16 Bank loans n.e.c. 5.2 -12.9 52.8 -7.1 -30.4 -19.6 20.7 -62.7 -60.0 -63.6 -44.6 16

17 Other loans and advances 0.0 0.0 0.0 0.0 0.0 4.7 0.8 -5.5 0.0 0.0 0.0 17

18 Taxes payable 1.9 0.0 -1.5 -0.1 -2.8 -0.3 -3.2 -3.1 -4.5 -0.4 0.1 18

19 Miscellaneous liabilities 28.2 13.7 -6.9 10.4 -91.2 -53.8 -97.3 -150.2 -63.6 -82.2 20.4 19

20 Foreign direct investment in U.S. 6.3 5.2 -9.4 23.0 7.6 13.4 17.6 5.1 -5.6 6.6 -1.3 20

21 Investment by parent 25.5 26.2 -13.4 -8.4 -32.6 -39.5 -72.6 -23.1 4.7 -12.4 -14.7 21

22 Other -3.7 -17.8 15.8 -4.2 -66.3 -27.8 -42.3 -132.3 -62.8 -76.3 36.5 22

23 Discrepancy -20.7 29.9 25.1 35.8 5.7 -22.9 -88.7 46.0 88.4 52.5 28.0 23

 Memo:

24 Consumer leases not included above (2) 11.2 20.6 16.9 -11.8 -25.7 -37.2 -31.1 -15.1 -19.4 -30.8 -14.1 24

(1) Includes retail captive finance companies and mortgage companies.

(2) See footnote (3), table F.126.
Z.1, September 17, 2010 37

F.128 Real Estate Investment Trusts (REITs)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2005 2006 2007 2008 2009 2009 2010

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Gross saving -18.5 -10.9 -18.2 -12.4 6.4 0.3 14.0 7.0 4.5 -2.0 -1.8 1

 2 Fixed nonresidential investment 6.1 5.3 7.5 6.5 4.8 5.2 4.9 4.7 4.5 4.4 4.5 2

 3 Multifamily residential investment 2.5 3.5 -9.3 0.1 -0.1 1.1 -0.6 -0.9 0.0 6.2 3.0 3

 4 Net acquisition of financial assets 53.9 38.8 -27.3 -62.7 1.6 -8.0 33.5 25.4 -44.6 22.2 23.0 4

 5 Checkable deposits and currency 1.4 4.9 -1.8 1.8 8.1 -3.7 18.2 23.6 -5.7 -4.6 -4.3 5

 6 Credit market instruments 41.0 26.1 -21.2 -63.9 1.9 -1.4 31.4 2.3 -24.9 16.3 17.7 6

 7 Agency- and GSE-backed securities -4.0 24.8 23.5 1.6 15.3 19.2 34.7 17.4 -10.1 16.0 22.5 7

 8 Corporate and foreign bonds 17.0 11.6 -30.2 -20.0 3.2 -2.9 6.9 6.6 2.2 7.7 2.2 8

 9 Mortgages 28.1 -10.3 -14.5 -45.5 -16.6 -17.6 -10.2 -21.7 -17.0 -7.3 -7.0 9

10 Home 24.6 -23.7 -24.5 -42.5 -9.1 -12.1 -3.5 -5.2 -15.7 -8.6 -10.5 10

11 Multifamily residential 0.3 3.1 0.2 -1.3 -2.1 -1.0 -1.6 -5.2 -0.4 -0.4 0.1 11

12 Commercial 3.2 10.3 9.9 -1.7 -5.5 -4.6 -5.1 -11.3 -0.9 1.7 3.4 12

13 Miscellaneous assets 11.6 7.8 -4.4 -0.7 -8.4 -2.9 -16.1 -0.5 -14.0 10.4 9.5 13

14 Net increase in liabilities 88.9 59.9 24.5 -50.7 -17.7 -62.5 22.8 11.4 -42.4 64.5 38.2 14

15 Security RPs 13.2 14.4 -6.2 -11.2 14.6 10.8 9.2 30.8 7.7 -3.3 24.2 15

16 Credit market instruments 55.4 15.5 10.2 -48.6 -33.7 -34.3 -46.2 -18.9 -35.4 17.8 7.2 16

17 Open market paper 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 17

18 Corporate bonds 32.8 13.9 0.7 -55.1 -25.0 -31.8 -29.0 -5.9 -33.3 25.6 11.9 18

19 Bank loans n.e.c. 8.4 -5.0 4.8 -0.3 -12.1 -8.0 -26.7 -11.6 -2.0 -8.6 -6.8 19

20 Mortgages 14.1 6.6 4.7 6.8 3.4 5.6 9.5 -1.4 -0.1 0.8 2.0 20

21 Corporate equity issues 16.1 22.2 17.1 12.8 24.2 9.2 55.6 22.9 9.2 10.9 33.2 21

22 Miscellaneous liabilities 4.3 7.8 3.4 -3.7 -22.8 -48.2 4.2 -23.3 -23.9 39.1 -26.4 22

23 Discrepancy 7.9 1.4 35.3 -6.9 -17.5 -60.5 -0.9 -10.7 2.3 29.7 6.0 23

 Memo:

24 Securitized assets included above 17.3 2.8 -17.9 -45.5 -7.8 -13.1 -9.1 -17.1 8.1 0.5 -13.6 24

25 Agency- and GSE-backed securities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 25

26 Home mortgages 15.7 -9.8 -20.2 -39.4 -8.2 -10.9 -3.1 -4.7 -14.2 -7.8 -9.5 26

27 Multifamily residential mortgages 0.1 0.3 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 0.0 -0.0 27

28 Commercial mortgages 1.6 12.3 2.4 -6.1 0.4 -2.2 -6.0 -12.4 22.3 8.2 -4.1 28
38 Z.1, September 17, 2010

F.129 Security Brokers and Dealers

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2005 2006 2007 2008 2009 2009 2010

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Gross saving 11.1 21.0 -22.6 -81.1 -66.0 -110.9 -79.5 -47.3 -26.3 -51.0 -66.7 1

 2 Fixed nonresidential investment 12.3 15.8 21.7 17.6 15.1 15.4 15.1 14.9 15.1 15.5 16.2 2

 3 Net acquisition of financial assets 282.2 614.7 350.3 -874.8 -133.0 -958.5 386.6 241.6 -201.5 246.0 -457.4 3

 4 Checkable deposits and currency -6.4 24.0 24.5 15.1 -29.4 -67.7 -44.5 -40.4 35.2 -2.2 -17.3 4

 5 Credit market instruments 82.3 106.2 219.7 -85.7 -192.1 -413.8 134.2 -250.5 -238.3 188.6 54.4 5

 6 Open market paper 12.2 4.1 22.8 -21.4 -24.2 -63.3 45.5 -46.9 -32.0 -12.2 -21.6 6

 7 Treasury securities -20.0 -2.4 7.1 250.6 -67.6 -158.9 213.5 -188.4 -136.9 112.7 -22.4 7

 8 Agency- and GSE-backed securities -6.3 37.0 152.2 -47.5 -131.8 -82.7 -179.0 -142.6 -122.8 66.5 137.5 8

 9 Municipal securities 10.9 8.0 -0.7 -11.4 -3.3 -0.0 -1.7 14.3 -25.9 19.6 -21.3 9

10 Corporate and foreign bonds 77.7 39.8 27.3 -259.0 47.5 -86.2 73.3 126.8 76.1 -1.9 -23.0 10

11 Other loans and advances 7.7 19.8 11.1 3.1 -12.7 -22.7 -17.5 -13.7 3.0 3.8 5.3 11

12 Corporate equities 20.1 -0.2 25.4 -28.5 -4.6 -59.5 -20.1 16.0 45.3 -65.4 -7.2 12

13 Security credit -31.6 59.7 33.4 -160.7 38.1 -122.3 53.6 104.4 116.9 -26.4 82.5 13

14 Miscellaneous assets 217.7 425.1 47.3 -615.1 54.9 -295.3 263.5 412.1 -160.6 151.4 -569.9 14

15 Net increase in liabilities 273.9 585.9 384.4 -712.9 -199.0 -825.4 147.6 73.9 -192.3 177.3 -383.9 15

16 Security RPs (net) 206.7 338.3 75.5 -560.3 -57.5 -631.5 234.8 97.7 69.2 -104.1 -423.2 16

17 Credit market instruments 0.1 6.4 -4.0 77.7 -49.7 -160.4 -1.0 7.4 -44.8 -2.4 34.6 17

18 Corporate bonds 0.1 6.4 -4.0 32.3 -4.2 -60.1 60.4 27.6 -44.7 -2.4 34.6 18

19 Bank loans n.e.c. (1) 0.0 0.0 0.0 45.5 -45.5 -100.3 -61.4 -20.2 -0.1 0.0 0.0 19

20 Corporate equity issues 3.3 -7.6 32.3 120.2 -32.4 139.1 -137.1 -129.2 -2.5 -52.7 83.9 20

21 Trade payables 7.0 5.2 -2.4 -24.7 48.9 106.5 26.9 49.6 12.6 -31.4 -41.0 21

22 Security credit 31.8 151.8 243.0 -237.3 -134.0 -365.4 -107.1 -59.6 -3.9 53.7 80.5 22

23 Customer credit balances (HH) -3.0 80.4 210.8 -123.8 -74.1 -305.2 -36.2 57.7 -12.6 45.7 22.6 23

24 From banks 34.8 71.5 32.3 -113.5 -59.9 -60.2 -70.9 -117.3 8.6 8.0 57.9 24

25 Taxes payable -0.1 0.7 -0.6 0.3 3.2 0.8 7.3 7.0 -2.1 -5.3 -0.1 25

26 Miscellaneous liabilities 26.2 97.8 38.2 -100.4 26.1 63.0 145.5 110.5 -214.7 320.8 -111.1 26

27 Foreign direct investment in U.S. -2.6 -5.1 1.0 26.1 9.8 -6.8 11.8 -0.1 34.4 12.9 -3.8 27

28 Due to affiliates 115.1 61.5 -37.1 63.7 -115.2 71.5 -71.1 -239.9 -221.5 183.6 -12.3 28

29 Other -86.2 41.4 74.4 -190.2 131.5 -1.7 204.8 350.5 -27.6 124.3 -95.0 29

30 Proprietors’ net investment -1.2 -6.8 2.4 11.5 -3.6 22.5 -21.6 -9.5 -6.1 -1.3 -7.6 30

31 Discrepancy -9.5 -23.6 -10.1 63.2 -147.2 6.9 -333.5 -230.0 -32.1 -135.2 -9.4 31

(1) Loans extended through the Federal Reserve’s Primary Dealer Credit Facility (PDCF) and the Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility (AMLF).

F.130 Funding Corporations (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net acquisition of financial assets 157.6 123.2 387.0 978.5 -420.7 -63.4 -1104.7 -343.5 -171.1 -453.3 -134.8 1

 2 Money market fund shares 37.1 41.9 327.1 280.6 -144.0 -5.7 -234.5 -196.8 -138.8 -536.6 -192.1 2

 3 Security RPs 0.0 0.0 0.0 0.0 0.1 0.4 0.0 0.0 0.0 0.0 0.0 3

 4 Credit market instruments 52.7 49.5 -57.0 655.9 -233.0 -93.2 -611.3 -1.0 -226.5 137.4 238.3 4

 5 Open market paper 78.4 53.1 -173.3 143.5 -266.8 -178.4 -570.8 -47.4 -270.8 125.5 155.6 5

 6 Corporate and foreign bonds -29.4 -7.1 109.6 497.3 43.6 102.6 -27.1 57.0 42.0 9.0 76.7 6

 7 Other loans and advances 3.6 3.4 6.7 15.1 -9.8 -17.4 -13.4 -10.5 2.3 2.9 6.0 7

 8 Corporate equities (2) 0.0 0.0 0.0 0.0 25.1 0.0 0.0 0.0 100.4 1.2 1.3 8

 9 Miscellaneous assets 67.9 31.9 116.9 42.1 -68.9 35.2 -258.9 -145.7 93.8 -55.3 -182.3 9

10 Investment in foreign banking offices 21.0 8.6 43.7 35.6 -75.7 -29.2 -179.5 -101.3 7.2 -56.2 -145.9 10

11 Investment in brokers and dealers 46.9 23.3 73.2 6.4 6.8 64.4 -79.4 -44.4 86.6 0.9 -36.4 11

12 Net increase in liabilities 157.6 123.2 387.0 978.5 -420.7 -63.4 -1104.7 -343.5 -171.1 -453.3 -134.8 12

13 Credit market instruments 104.7 28.3 111.6 466.4 -432.8 -379.5 -816.1 -415.9 -119.7 -147.2 -164.2 13

14 Open market paper 77.1 6.7 60.1 20.1 -123.1 -148.7 -229.8 -91.8 -22.1 -174.2 -153.4 14

15 Corporate bonds 27.6 21.6 51.5 1.4 37.9 93.8 -26.7 6.1 78.4 36.1 -0.9 15

16 Bank loans n.e.c. (3) 0.0 0.0 0.0 444.9 -349.6 -325.1 -559.6 -330.3 -183.5 -20.4 -20.9 16

17 Other loans and advances (4) 0.0 0.0 0.0 0.0 2.0 0.4 0.0 0.0 7.6 11.3 11.1 17

18 Corporate equities (5) 0.0 0.0 0.0 40.0 30.5 0.0 4.6 8.2 109.0 10.0 1.3 18

19 Miscellaneous liabilities 52.9 94.9 275.4 472.1 -18.3 316.1 -293.2 64.2 -160.4 -316.1 28.1 19

20 Foreign direct investment in U.S. 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 20

21 Securities loaned (net) 174.9 302.6 -2.1 -353.2 -30.2 -339.3 165.9 182.2 -129.6 -54.1 -342.7 21

22 Equity interest under PPIP 0.0 0.0 0.0 0.0 2.4 0.0 0.0 0.0 9.6 13.4 10.2 22

23 Other (net) -122.6 -208.3 276.9 824.7 8.9 654.8 -459.7 -118.6 -40.9 -276.0 360.1 23

(1) Funding subsidiaries, nonbank financial holding companies, custodial accounts for reinvested collateral of securities lending operations, Federal Reserve lending facilities,

 and funds associated with the Public-Private Investment Program (PPIP).

(2) Common stock of American International Assurance Company Ltd. (AIA) and American Life Insurance Company (ALICO), two life insurance subsidiaries of AIG.

(3) Loans extended by the Federal Reserve to Maiden Lane LLC, Maiden Lane II LLC, Maiden Lane III LLC, Commercial Paper Funding Facility LLC, and American International Group (AIG).

(4) Loans extended by the federal government to the Term Asset-Backed Securities Loan Facility (TALF) LLC and to funds associated with PPIP.

(5) Preferred shares issued by AIG to the federal goverment under the Troubled Assets Relief Program (TARP) program and the monetary authority sector’s preferred interest in

 AIA Aurora LLC and ALICO Holdings LLC.
Z.1, September 17, 2010 39

F.200 U.S. Official Reserve Assets (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2005 2006 2007 2008 2009 2009 2010

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total liabilities -14.1 -2.4 0.1 4.8 99.9 3.9 14.5 386.5 -5.5 3.1 0.7 1

 2 Federal government: SDR allocations 0.0 0.0 0.0 0.0 47.6 0.0 0.0 190.4 0.0 0.0 0.0 2

 3 Rest of the world -14.1 -2.4 0.1 4.8 52.3 3.9 14.5 196.1 -5.5 3.1 0.7 3

 4 SDR holdings -4.5 0.2 0.2 0.1 48.2 0.1 0.0 190.9 1.9 0.0 0.0 4

 5 Reserve position in IMF (net) -10.2 -3.3 -1.0 3.5 3.4 3.0 13.9 4.4 -7.9 2.3 0.3 5

 6 Foreign currency holdings 0.6 0.7 1.0 1.3 0.7 0.9 0.6 0.8 0.5 0.7 0.3 6

 7 Total assets -14.1 -2.4 0.1 4.8 99.9 3.9 14.5 386.5 -5.5 3.1 0.7 7

 8 Federal government -14.4 -2.7 -0.4 4.2 51.9 3.5 14.3 195.3 -5.4 2.7 0.5 8

 9 Monetary gold (2) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

10 SDR holdings -4.5 0.2 0.2 0.1 48.2 0.1 0.0 190.9 1.9 0.0 0.0 10

11 Reserve position in IMF (net) -10.2 -3.3 -1.0 3.5 3.4 3.0 14.0 4.0 -7.6 2.3 0.3 11

12 Foreign currency holdings 0.3 0.4 0.5 0.6 0.3 0.4 0.3 0.4 0.2 0.4 0.2 12

13 Rest of the world 0.0 0.0 0.0 0.0 47.6 0.0 0.0 190.4 0.0 0.0 0.0 13

14 Monetary gold (2) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14

15 SDR allocations 0.0 0.0 0.0 0.0 47.6 0.0 0.0 190.4 0.0 0.0 0.0 15

16 Monetary authority 0.3 0.3 0.5 0.6 0.3 0.4 0.3 0.8 -0.1 0.4 0.2 16

17 Monetary gold (2) -0.0 -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 17

18 Reserve position in IMF (net) 0.0 -0.0 0.0 -0.0 0.0 0.0 -0.0 0.4 -0.4 0.0 0.0 18

19 Foreign currency holdings 0.3 0.4 0.5 0.6 0.3 0.4 0.3 0.4 0.2 0.4 0.2 19

(1) Includes federal government liability to IMF for special drawing rights (SDRs) allocations and accrued interest.

(2) By international accounting standards, transactions in monetary gold are recorded in the financial account of the domestic sectors as increases (decreases) in assets,

 and the counterparts are recorded as decreases (increases) in assets of the rest of the world.

F.201 SDR Certificates and Treasury Currency

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 SDR certificates:

 1 Liab: Federal government 0.0 0.0 0.0 0.0 3.0 0.0 0.0 12.0 0.0 0.0 0.0 1

 2 Asset: Monetary authority 0.0 0.0 0.0 0.0 3.0 0.0 0.0 12.0 0.0 0.0 0.0 2

 Treasury currency:

 3 Liab: Federal government 0.8 0.6 -0.7 -0.8 -0.4 -0.0 -0.0 -1.0 -0.4 0.0 -0.0 3

 4 Asset: Monetary authority 0.1 1.7 0.5 -0.0 4.0 14.3 0.7 0.5 0.5 0.2 1.8 4

 5 Discrepancy (seigniorage) 0.7 -1.1 -1.2 -0.8 -4.4 -14.4 -0.7 -1.5 -0.9 -0.2 -1.8 5

F.202 U.S. Deposits in Foreign Countries

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Total rest of the world liability 40.8 87.2 257.0 -402.1 -171.6 -244.6 -240.6 -104.2 -97.0 35.7 283.5 1

 Held by:

 2 Household sector 2.4 5.2 15.4 -24.1 -10.3 -14.7 -14.4 -6.3 -5.8 2.1 17.0 2

 3 Nonfinancial corporate business 9.9 -14.2 0.9 -25.1 23.7 6.2 64.1 1.6 23.1 31.2 -29.7 3

 4 Money market mutual funds 16.2 -10.6 43.2 2.0 -32.2 -198.2 31.1 64.2 -25.7 -18.7 0.1 4

 5 Discrepancy--unallocated assets 12.3 106.8 197.5 -354.9 -152.9 -37.8 -321.3 -163.7 -88.5 21.1 296.1 5
40 Z.1, September 17, 2010

F.203 Net Interbank Transactions

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2005 2006 2007 2008 2009 2009 2010

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Net change in liabilities -12.4 -11.3 -97.5 1801.9 -607.9 -954.1 -2276.1 781.2 17.3 -244.4 -564.2 1

 2 Monetary authority 3.6 1.3 5.4 842.0 114.2 -209.4 -577.5 752.2 491.4 334.9 -318.7 2

 3 Depository institution reserves -5.0 -0.3 2.1 839.2 117.0 -219.1 -578.7 750.2 515.6 307.6 -326.2 3

 4 Vault cash 8.6 1.6 3.3 2.7 -2.8 9.8 1.2 2.0 -24.2 27.4 7.5 4

 5 Commercial banking -15.9 -12.5 -102.9 960.0 -722.1 -744.8 -1698.6 29.0 -474.1 -579.3 -245.5 5

 6 To monetary authority -0.0 -1.2 48.9 509.6 -463.7 -81.9 -848.2 -483.9 -440.7 -338.5 -44.7 6

 7 To banks in foreign countries -12.3 -9.4 -153.6 419.8 -292.9 -578.1 -820.4 515.9 -288.9 -13.7 -36.4 7

 8 Liabilities, net -24.7 -9.1 -147.0 426.0 -303.0 -602.4 -835.5 510.5 -284.4 4.1 -21.0 8

 9 U.S.-chartered commercial banks 3.5 111.4 63.9 172.9 -108.5 -489.9 97.6 310.1 -351.9 -358.2 -57.1 9

10 Due to foreign affiliates 20.2 98.8 64.2 131.5 -20.0 -234.2 5.3 276.4 -127.3 6.7 71.5 10

11 - Due from foreign affiliates 16.8 -12.6 0.3 -41.4 88.5 255.6 -92.3 -33.7 224.6 365.0 128.6 11

12 Foreign banking offices in U.S. -8.6 -79.2 -168.8 244.0 -170.9 -114.6 -843.0 242.2 31.8 393.5 -99.8 12

13 Due to foreign affiliates 59.6 190.6 4.5 7.4 2.3 -83.6 -238.7 311.7 19.9 152.5 -4.1 13

14 - Due from foreign affiliates 68.2 269.8 173.3 -236.6 173.2 30.9 604.3 69.5 -11.9 -241.0 95.7 14

15 Bank holding companies -19.6 -41.3 -42.2 9.1 -23.5 2.0 -90.0 -41.8 35.7 -31.1 135.8 15

16 Due to foreign affiliates 9.2 -22.6 31.9 92.0 -15.7 -124.3 -7.8 69.7 -0.3 -33.9 74.6 16

17 - Due from foreign affiliates 28.9 18.7 74.1 83.0 7.8 -126.3 82.2 111.4 -35.9 -2.7 -61.2 17

18 Less: Deposits at foreign banks -12.4 0.3 6.6 6.2 -10.1 -24.3 -15.2 -5.4 4.5 17.8 15.4 18

19 U.S.-chartered commercial banks -12.6 0.9 6.0 6.6 -15.2 -24.3 -15.1 -26.4 5.2 9.1 14.9 19

20 Foreign banking offices in U.S. 0.2 -0.6 0.6 -0.4 5.1 0.1 -0.0 21.0 -0.7 8.7 0.5 20

21 To U.S. banking, net -3.6 -1.9 1.8 30.6 34.4 -84.8 -30.1 -2.9 255.5 -227.1 -164.4 21

22 U.S.-chartered commercial banks 0.5 -36.6 34.5 110.8 -2.3 -182.8 -106.1 155.8 123.8 -300.9 -134.8 22

23 Due to: -11.2 12.8 16.5 -16.9 7.8 -135.9 -60.9 47.9 180.2 -248.0 -220.0 23

24 Foreign offices in U.S. -7.2 14.8 15.4 -47.3 -22.2 -51.3 -26.5 -20.7 9.7 -24.2 -38.0 24

25 Bank holding companies -0.4 -0.1 -0.7 -0.1 -4.4 0.2 -4.4 71.5 -85.0 3.2 -17.6 25

26 Unallocated -3.6 -1.9 1.8 30.6 34.4 -84.8 -30.1 -2.9 255.5 -227.1 -164.4 26

27 Less, due from: -11.7 49.4 -18.0 -127.7 10.2 46.9 45.2 -107.9 56.4 52.9 -85.3 27

28 Foreign offices in U.S. -4.3 22.1 -6.3 -51.6 -4.7 -80.5 55.3 -33.5 39.7 0.3 6.7 28

29 Bank holding companies -7.4 27.3 -11.7 -76.1 14.9 127.4 -10.1 -74.4 16.6 52.6 -92.0 29

30 Foreign banking offices in U.S. 2.8 7.2 -21.7 -4.3 17.5 -29.2 81.8 -12.8 30.1 24.4 44.8 30

31 Due to U.S. banks -4.3 22.1 -6.3 -51.6 -4.7 -80.5 55.3 -33.5 39.7 0.3 6.7 31

32 - Due from U.S. banks -7.2 14.8 15.4 -47.3 -22.2 -51.3 -26.5 -20.7 9.7 -24.2 -38.0 32

33 Bank holding companies -6.9 27.4 -11.0 -76.0 19.3 127.2 -5.7 -145.9 101.6 49.4 -74.4 33

34 Due to U.S. banks -7.4 27.3 -11.7 -76.1 14.9 127.4 -10.1 -74.4 16.6 52.6 -92.0 34

35 - Due from U.S. banks -0.4 -0.1 -0.7 -0.1 -4.4 0.2 -4.4 71.5 -85.0 3.2 -17.6 35

36 Net change in assets -8.8 -9.3 -99.3 1771.4 -642.4 -869.3 -2246.1 784.1 -238.2 -17.3 -399.8 36

37 Rest of the world -12.3 -9.4 -153.6 419.8 -292.9 -578.1 -820.4 515.9 -288.9 -13.7 -36.4 37

38 Domestic 3.5 0.1 54.2 1351.5 -349.5 -291.2 -1425.7 268.2 50.7 -3.6 -363.4 38

39 Monetary authority -0.0 -1.2 48.9 509.6 -463.7 -81.9 -848.2 -483.9 -440.7 -338.5 -44.7 39

40 Federal Reserve float -0.0 -1.2 0.3 -1.5 -0.6 -6.3 1.0 1.2 1.8 1.9 -1.3 40

41 Loans to member banks 0.0 -0.0 48.6 511.1 -463.1 -75.5 -849.2 -485.1 -442.5 -340.4 -43.4 41

42 Commercial banking 4.1 2.0 4.8 800.9 89.6 -328.6 -588.3 824.6 450.5 246.9 -291.4 42

43 Reserves at Federal Reserve -4.5 0.4 1.5 798.1 92.4 -338.4 -589.5 822.6 474.8 219.5 -298.9 43

44 Vault cash 8.6 1.6 3.3 2.7 -2.8 9.8 1.2 2.0 -24.2 27.4 7.5 44

45 Savings insts.: Reserves at Fed. Res. -0.5 -0.7 0.6 36.4 6.5 40.0 20.0 -46.0 11.9 39.2 -28.2 45

46 Credit unions: Reserves at Fed. Res. 0.0 0.0 0.0 4.7 18.1 79.2 -9.2 -26.4 28.9 48.9 0.9 46

47 Discrepancy--floats, etc. -3.6 -1.9 1.8 30.6 34.4 -84.8 -30.1 -2.9 255.5 -227.1 -164.4 47
Z.1, September 17, 2010 41

F.204 Checkable Deposits and Currency

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2005 2006 2007 2008 2009 2009 2010

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Net change in liabilities 4.4 -19.9 36.7 568.4 -7.9 -408.4 448.3 7.5 -79.1 29.4 420.5 1

 2 Monetary authority 30.1 23.5 17.8 428.2 -117.6 -287.3 212.2 -145.4 -249.9 94.0 345.9 2

 3 Federal government cash and deposits -1.4 0.2 11.4 349.3 -173.8 -393.0 197.4 -170.8 -328.9 100.0 287.0 3

 4 Due to government-sponsored enterprises 0.9 -1.2 0.9 19.4 14.0 -0.8 -3.6 -16.5 77.0 -63.2 32.2 4

 5 Deposits due to foreign 0.0 0.0 -0.0 1.3 1.0 -0.9 2.4 0.6 2.0 -3.0 -1.8 5

 6 Currency outside banks 30.6 24.5 5.5 58.2 41.2 107.3 16.1 41.3 -0.1 60.1 28.5 6

 7 Commercial banking -36.4 -35.9 13.3 141.4 85.0 -142.5 239.7 99.2 143.4 -72.4 79.2 7

 8 Federal government deposits 7.0 -5.9 14.9 -39.5 0.3 74.0 -88.0 -21.6 37.0 71.6 -91.2 8

 9 Deposits due to foreign 6.4 9.2 5.2 33.6 -23.1 -73.4 -9.0 -16.0 6.1 3.8 5.1 9

10 Private domestic deposits -49.8 -39.2 -6.9 147.3 107.7 -143.1 336.6 136.9 100.3 -147.9 165.3 10

11 Savings institutions 3.8 0.9 4.5 -2.9 13.1 -0.5 -2.4 58.6 -3.2 1.5 -3.6 11

12 Credit unions 7.0 -8.5 1.1 1.6 11.6 21.9 -1.2 -4.9 30.8 6.3 -0.9 12

13 Net change in assets 4.4 -19.9 36.7 568.4 -7.9 -408.4 448.3 7.5 -79.1 29.4 420.5 13

14 Household sector -127.2 -43.8 -71.8 182.3 4.9 -4.9 202.1 -49.0 -128.6 -362.4 128.0 14

15 Nonfinancial business 150.5 -41.6 58.4 -64.0 179.3 82.1 157.9 212.6 264.6 321.4 -33.2 15

16 Corporate 73.6 -116.9 -9.0 -89.8 225.7 114.1 204.3 268.1 316.3 367.4 13.1 16

17 Nonfarm noncorporate 76.3 73.1 65.7 24.9 -47.2 -32.8 -47.3 -56.3 -52.5 -46.3 -46.5 17

18 Farm 0.7 2.1 1.8 0.9 0.9 0.8 0.9 0.9 0.9 0.3 0.3 18

19 State and local governments 9.5 5.4 -4.8 8.5 19.4 -3.7 109.3 -45.8 17.7 3.3 13.2 19

20 Federal government 12.2 -2.7 25.1 313.1 -174.2 -338.3 105.9 -183.5 -281.0 151.4 197.3 20

21 Rest of the world 14.9 11.4 -5.4 77.5 -9.4 -27.0 -14.3 1.3 2.4 9.9 11.7 21

22 Checkable deposits 6.4 9.2 5.2 34.8 -22.0 -74.3 -6.5 -15.4 8.1 0.9 3.3 22

23 Currency 8.4 2.2 -10.7 42.7 12.6 47.3 -7.7 16.7 -5.7 9.1 8.4 23

24 Financial sectors -50.5 54.3 34.2 56.1 -27.6 -135.5 -114.7 83.1 56.8 -110.7 105.1 24

25 Commercial banking -0.5 -0.1 -0.3 0.6 1.0 4.3 -4.1 -1.9 5.5 -1.3 6.0 25

26 Savings institutions 2.4 -3.3 -0.5 -11.2 -4.2 6.0 -15.5 6.3 -13.5 -14.8 24.3 26

27 Credit unions -2.0 6.2 -1.1 -5.7 1.4 -58.4 18.2 49.4 -3.5 -65.5 13.7 27

28 Property-casualty insurance companies -4.8 8.9 12.8 -14.8 -0.3 -7.8 31.8 -1.3 -23.9 2.6 35.5 28

29 Life insurance companies -5.5 8.3 2.3 24.4 -30.3 -49.9 -18.4 -6.2 -46.5 -14.8 35.2 29

30 Private pension funds 0.3 0.4 0.6 0.5 4.2 0.1 -1.4 10.1 7.9 10.0 11.8 30

31 State and local govt. retirement funds -0.4 -2.7 4.8 -0.2 -0.2 -0.6 0.2 0.1 -0.3 -0.4 -0.2 31

32 Money market mutual funds -1.4 7.5 -4.8 5.6 10.4 56.7 -88.5 19.1 54.5 -13.7 -1.2 32

33 Government-sponsored enterprises -24.5 1.8 -2.7 39.7 11.1 -17.0 -12.3 26.1 47.5 -1.6 0.4 33

34 Finance companies -8.9 -1.6 0.4 0.3 0.5 2.5 1.7 -1.7 -0.4 -4.4 1.1 34

35 REITs 1.4 4.9 -1.8 1.8 8.1 -3.7 18.2 23.6 -5.7 -4.6 -4.3 35

36 Brokers and dealers -6.4 24.0 24.5 15.1 -29.4 -67.7 -44.5 -40.4 35.2 -2.2 -17.3 36

37 Mail float -4.9 -3.0 1.0 -5.2 -0.3 18.9 2.1 -11.2 -10.9 16.6 -1.5 37
42 Z.1, September 17, 2010

F.205 Time and Savings Deposits

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2005 2006 2007 2008 2009 2009 2010

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Net change in liabilities 598.9 608.2 599.9 334.2 375.4 297.9 239.3 282.6 681.7 -130.8 -226.3 1

 2 Small time and savings deposits 314.4 347.0 316.4 524.8 517.2 320.1 257.1 828.5 663.0 137.7 129.0 2

 3 Commercial banking 268.3 287.6 263.0 541.4 384.4 453.3 263.9 352.2 468.1 342.4 127.4 3

 4 U.S.-chartered commercial banks 262.9 277.8 255.0 540.2 382.9 456.6 274.8 341.4 458.9 342.2 140.4 4

 5 Foreign banking offices in U.S. 0.5 8.6 6.9 0.1 4.4 2.5 -8.3 11.4 11.8 1.2 5.3 5

 6 Banks in U.S.-affiliated areas 4.9 1.2 1.1 1.1 -2.9 -5.8 -2.6 -0.6 -2.6 -1.0 -18.3 6

 7 Savings institutions 34.0 28.9 27.6 -59.6 89.4 -179.7 -55.9 427.4 165.7 -200.0 -32.9 7

 8 Credit unions 12.1 30.5 25.8 43.0 43.4 46.5 49.1 48.8 29.1 -4.8 34.5 8

 9 Large time deposits (1) 284.4 261.2 283.4 -190.6 -141.8 -22.2 -17.8 -545.9 18.7 -268.5 -355.3 9

10 Commercial banking 243.1 264.0 297.6 -97.6 -3.0 -129.9 21.5 16.7 79.8 -283.7 -369.8 10

11 U.S.-chartered commercial banks 166.8 129.9 23.1 24.6 -174.0 -31.4 -246.6 -241.6 -176.4 -67.3 -78.7 11

12 Foreign banking offices in U.S. 71.4 132.8 273.4 -123.2 173.9 -92.8 270.8 258.9 258.8 -215.5 -272.8 12

13 Banks in U.S.-affiliated areas 4.9 1.2 1.1 1.1 -2.9 -5.8 -2.6 -0.6 -2.6 -1.0 -18.3 13

14 Savings institutions 38.8 -5.2 -19.0 -93.5 -155.8 76.0 -49.4 -579.9 -70.0 12.0 14.0 14

15 Credit unions 2.5 2.5 4.8 0.5 17.0 31.6 10.1 17.3 9.0 3.3 0.6 15

16 Net change in assets 598.9 608.2 599.9 334.2 375.4 297.9 239.3 282.6 681.7 -130.8 -226.3 16

17 Household sector 487.1 486.5 477.2 156.9 94.3 -60.2 -93.1 -65.9 596.5 394.0 -30.7 17

18 Nonfinancial business 73.4 66.9 -40.7 -23.3 114.9 35.1 9.7 426.6 -11.7 -164.7 147.9 18

19 Corporate 49.9 46.6 -55.7 -54.3 149.2 59.0 44.1 467.5 26.5 -131.1 181.8 19

20 Nonfarm noncorporate 23.5 20.3 14.9 31.0 -34.3 -23.8 -34.4 -40.9 -38.2 -33.6 -33.8 20

21 State and local governments 12.8 26.2 36.4 19.1 10.8 64.0 -13.9 19.2 -26.0 36.9 -36.7 21

22 Federal government -1.0 0.2 1.2 -1.3 0.3 0.6 -0.5 1.2 -0.0 0.4 -0.7 22

23 Rest of the world 6.7 11.5 40.3 65.5 -43.0 -102.7 -27.7 -47.3 5.6 -41.5 10.4 23

24 Financial sectors 19.9 16.8 85.6 117.3 198.0 361.1 364.8 -51.2 117.3 -355.9 -316.5 24

25 Savings institutions -0.5 3.9 3.3 -1.6 7.0 7.7 -0.4 29.8 -9.2 15.4 -3.9 25

26 Credit unions -4.5 -4.9 -0.0 11.4 9.5 17.7 5.6 7.4 7.3 7.3 -11.7 26

27 Private pension funds 6.3 0.8 4.6 0.3 4.7 6.7 -1.0 8.0 5.3 4.0 5.0 27

28 State and local govt. retirement funds -0.1 -0.5 -0.1 -0.0 -0.0 -0.0 0.0 0.0 -0.0 -0.0 -0.0 28

29 Money market mutual funds 15.7 23.7 63.9 84.6 218.0 342.0 342.5 54.1 133.3 -351.2 -319.2 29

30 Government-sponsored enterprises 12.1 -1.5 12.8 21.9 -42.8 -20.5 12.9 -145.4 -18.0 -18.0 9.8 30

31 Finance companies -9.1 -4.8 1.2 0.8 1.6 7.5 5.2 -5.0 -1.3 -13.3 3.4 31

(1) Large time deposits are those issued in amounts of $100,000 or more.

F.206 Money Market Mutual Fund Shares

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net issues 127.0 305.3 720.9 724.2 -498.7 109.1 -494.4 -957.0 -652.3 -1118.8 -552.7 1

 2 Net purchases 127.0 305.3 720.9 724.2 -498.7 109.1 -494.4 -957.0 -652.3 -1118.8 -552.7 2

 3 Household sector 45.2 165.2 232.8 225.4 -271.9 65.4 -193.9 -557.3 -401.8 -258.7 -185.0 3

 4 Nonfinancial corporate business 39.6 68.1 128.1 158.2 -71.8 19.4 -60.8 -167.9 -78.0 -270.0 -142.2 4

 5 Nonfarm noncorporate business 2.4 3.2 2.2 4.9 -7.1 -4.9 -7.1 -8.5 -7.9 -7.0 -7.0 5

 6 State and local governments 5.1 6.8 4.4 -2.4 4.5 0.7 5.4 7.5 4.5 6.9 -2.7 6

 7 Rest of the world 0.1 4.1 19.0 23.7 0.3 18.7 18.7 -18.2 -18.2 -18.2 -18.2 7

 8 Property-casualty insurance companies -0.7 0.7 7.2 12.1 -3.7 0.2 -16.4 -3.5 4.9 -17.1 -2.7 8

 9 Life insurance companies -3.7 9.7 -1.6 17.5 -5.5 14.4 -6.6 -12.8 -17.0 -18.0 -2.8 9

10 Private pension funds 1.9 3.4 3.4 2.3 0.6 1.4 0.5 0.3 0.3 0.2 0.0 10

11 State and local govt. retirement funds 0.1 2.1 -1.4 1.9 -0.1 -0.5 0.2 0.1 -0.3 -0.3 -0.1 11

12 Funding corporations 37.1 41.9 327.1 280.6 -144.0 -5.7 -234.5 -196.8 -138.8 -536.6 -192.1 12
Z.1, September 17, 2010 43

F.207 Federal Funds and Security Repurchase Agreements

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2005 2006 2007 2008 2009 2009 2010

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Net change in liabilities 316.0 403.4 8.6 -895.4 208.8 -753.5 897.7 65.4 625.6 69.1 -500.6 1

 2 Monetary authority -0.3 -0.9 14.4 44.4 -10.6 -71.0 8.3 -15.0 35.3 -79.9 37.8 2

 3 Commercial banking (net) 90.3 70.5 -49.7 -355.7 265.2 -45.9 675.3 -144.7 576.2 254.6 -128.6 3

 4 U.S.-chartered commercial banks 57.0 21.4 -36.1 -259.0 244.9 -69.7 568.6 -143.7 624.3 160.7 -160.5 4

 5 Foreign banking offices in U.S. 33.4 49.0 -13.6 -96.3 40.3 24.1 129.8 20.4 -13.2 108.8 62.2 5

 6 Bank holding companies -0.2 0.1 0.1 -0.4 -19.9 -0.3 -23.1 -21.4 -34.9 -15.0 -30.3 6

 7 Savings institutions -2.3 -19.2 -24.1 -0.0 1.8 7.2 -33.9 100.5 -66.5 1.0 -14.8 7

 8 Life insurance companies (net) 8.4 0.4 -1.2 -12.5 -4.8 -22.9 3.9 -3.8 3.8 0.8 4.1 8

 9 REITs 13.2 14.4 -6.2 -11.2 14.6 10.8 9.2 30.8 7.7 -3.3 24.2 9

10 Brokers and dealers (net) 206.7 338.3 75.5 -560.3 -57.5 -631.5 234.8 97.7 69.2 -104.1 -423.2 10

11 Net change in assets 209.8 98.9 235.7 -310.0 -198.8 -440.0 -279.0 -156.1 79.7 -179.0 -284.9 11

12 Nonfinancial corporate business 8.1 1.0 -7.5 -0.5 2.6 1.3 1.9 4.7 2.7 5.0 1.4 12

13 State and local governments 10.0 13.5 8.7 -4.7 8.9 1.3 10.7 14.8 8.9 13.5 -5.3 13

14 Rest of the world (net) 45.5 2.4 -35.2 -231.5 -84.8 -327.8 67.1 -262.2 183.6 -244.2 -359.0 14

15 Financial sectors 146.1 82.1 269.7 -73.3 -125.6 -114.8 -358.7 86.6 -115.5 46.7 78.0 15

16 Monetary authority 13.8 -6.0 5.8 33.5 -80.0 -320.0 0.0 0.0 0.0 0.0 0.0 16

17 Savings institutions -0.1 9.3 27.3 -10.9 -22.7 -20.8 -76.9 35.9 -28.8 -10.1 -6.8 17

18 Credit unions (net) 2.6 -1.6 -2.6 -4.8 2.4 -3.2 7.9 1.3 3.6 -10.5 4.8 18

19 Property-casualty insurance companies (net) 0.5 -0.6 2.4 -1.1 -2.0 -8.2 0.0 0.0 0.0 0.0 0.0 19

20 Private pension funds 1.0 0.8 3.4 7.3 3.1 14.9 3.9 16.9 -23.3 0.3 -19.9 20

21 State and local govt. retirement funds -0.6 4.5 -2.5 1.8 -0.2 -0.8 0.3 0.1 -0.5 -0.5 -0.2 21

22 Money market mutual funds 112.0 48.7 211.3 -63.5 -62.5 128.2 -137.5 -82.8 -157.8 -108.0 271.9 22

23 Mutual funds 2.8 17.4 -0.6 -7.4 28.6 -84.7 72.2 59.0 67.7 -12.9 -121.5 23

24 Government-sponsored enterprises (net) 14.1 9.7 25.3 -28.2 7.6 179.4 -228.5 56.2 23.4 188.4 -50.4 24

25 Funding corporations 0.0 0.0 0.0 0.0 0.1 0.4 0.0 0.0 0.0 0.0 0.0 25

26 Discrepancy--unallocated assets 106.3 304.5 -227.1 -585.4 407.6 -313.5 1176.6 221.4 546.0 248.1 -215.7 26

F.208 Open Market Paper

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Total net issues, all types 245.1 317.1 -169.4 -189.0 -461.3 -629.2 -722.5 -150.3 -343.2 -132.7 -251.1 1

 2 Commercial paper 245.1 317.4 -169.4 -188.8 -461.3 -629.2 -722.5 -150.3 -343.2 -132.7 -251.1 2

 3 Nonfinancial corporate business -7.7 22.4 11.3 7.7 -72.4 -138.4 -132.4 2.4 -21.2 54.6 67.1 3

 4 Foreign issues in U.S. 38.6 98.4 -69.3 -71.0 57.8 64.6 -22.0 201.9 -13.3 -27.1 -41.3 4

 5 Nonfinancial 15.7 -1.9 2.0 20.7 -15.2 25.8 -19.4 -35.4 -31.8 34.5 -21.3 5

 6 Financial 22.9 100.3 -71.3 -91.7 73.0 38.8 -2.6 237.2 18.5 -61.6 -20.0 6

 7 Financial sectors 214.2 196.6 -111.4 -125.4 -446.7 -555.5 -568.2 -354.6 -308.7 -160.1 -276.8 7

 8 Commercial banking 4.0 21.7 37.9 -39.0 -18.1 -91.1 -17.0 14.9 20.6 52.7 -28.0 8

 9 ABS issuers 148.3 162.9 -194.2 -83.9 -266.7 -241.6 -295.4 -243.3 -286.6 -85.4 -89.0 9

10 Finance companies -15.3 5.3 -15.1 -22.6 -38.8 -74.1 -26.0 -34.4 -20.7 46.9 -6.5 10

11 REITs 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11

12 Funding corporations 77.1 6.7 60.1 20.1 -123.1 -148.7 -229.8 -91.8 -22.1 -174.2 -153.4 12

13 Bankers’ acceptances (1) 0.0 -0.3 0.0 -0.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13

14 Net purchases, by sector 245.1 317.1 -169.4 -189.0 -461.3 -629.2 -722.5 -150.3 -343.2 -132.7 -251.1 14

15 Household sector 14.7 19.0 -10.2 -101.3 28.7 -1.6 38.0 39.2 39.0 39.8 38.5 15

16 Nonfinancial corporate business 16.0 11.7 -53.2 -9.4 -15.2 -49.2 -9.6 -15.2 13.0 47.7 -16.8 16

17 State and local governments 13.1 17.6 -8.7 -66.2 -53.3 -78.3 -86.0 -20.6 -28.3 -22.3 -47.0 17

18 Rest of the world 9.9 46.7 -8.3 -45.1 -43.3 -51.8 -76.1 -16.1 -29.3 9.5 -31.4 18

19 Monetary authority 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19

20 Commercial banking (1) 0.0 0.0 0.0 15.7 -15.7 -44.9 21.6 -39.2 -0.2 0.0 0.0 20

21 Savings institutions 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 21

22 Credit unions -0.0 0.2 -0.5 -0.4 0.0 0.0 0.0 0.0 0.0 0.0 0.0 22

23 Property-casualty insurance companies 3.5 0.6 -3.1 5.8 -2.1 0.2 -9.5 -2.0 2.9 -10.0 -1.6 23

24 Life insurance companies -3.0 4.3 13.1 -3.4 20.7 24.1 16.4 16.6 25.8 -59.8 -4.3 24

25 Private pension funds 3.0 0.2 -4.8 10.2 -10.5 1.6 2.0 -26.5 -19.2 -19.7 -14.2 25

26 State and local govt. retirement funds 0.1 7.6 -4.4 -12.5 -3.2 -0.9 -7.4 0.1 -4.5 -0.5 -0.2 26

27 Money market mutual funds 86.3 116.1 66.3 -56.1 -107.8 -123.9 -131.9 -47.0 -128.6 -214.6 -165.9 27

28 Mutual funds 2.9 17.4 -0.4 -62.5 28.6 -80.7 42.1 64.2 88.8 -11.5 -149.6 28

29 Government-sponsored enterprises 8.0 18.5 -4.7 14.1 3.0 17.8 3.2 -9.5 0.3 -4.5 7.3 29

30 Brokers and dealers 12.2 4.1 22.8 -21.4 -24.2 -63.3 45.5 -46.9 -32.0 -12.2 -21.6 30

31 Funding corporations 78.4 53.1 -173.3 143.5 -266.8 -178.4 -570.8 -47.4 -270.8 125.5 155.6 31

(1) Excludes banks’ holdings of own acceptances.
44 Z.1, September 17, 2010

F.209 Treasury Securities

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2005 2006 2007 2008 2009 2009 2010

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Net issues 307.3 183.7 237.5 1239.0 1443.7 1553.2 1952.6 1367.7 901.5 1601.5 2001.9 1

 2 Savings bonds 0.7 -2.7 -6.0 -2.4 -2.8 -0.2 -1.7 -3.4 -5.8 -3.8 -2.8 2

 3 Other Treasury issues 306.6 186.4 243.4 1241.4 1446.5 1553.4 1954.3 1371.2 907.3 1605.4 2004.6 3

 4 Net purchases 307.3 183.7 237.5 1239.0 1443.7 1553.2 1952.6 1367.7 901.5 1601.5 2001.9 4

 5 Household sector -102.6 -83.1 -48.7 147.5 346.6 413.4 220.6 386.8 365.5 152.9 980.4 5

 6 Savings bonds 0.7 -2.7 -6.0 -2.4 -2.8 -0.2 -1.7 -3.4 -5.8 -3.8 -2.8 6

 7 Other Treasury issues -103.3 -80.3 -42.8 150.0 349.4 413.6 222.3 390.2 371.3 156.8 983.1 7

 8 Nonfinancial corporate business 18.1 -6.7 -7.1 -7.5 15.6 32.4 22.6 0.8 6.5 25.7 -16.4 8

 9 Nonfarm noncorporate business 6.0 0.2 3.0 3.9 -5.7 -3.9 -5.7 -6.8 -6.3 -5.6 -5.6 9

10 State and local governments 92.3 35.5 20.7 -52.1 20.4 116.5 -25.4 -11.0 1.3 -8.8 7.7 10

11 Rest of the world 245.1 150.3 165.3 710.1 583.9 752.1 672.0 498.5 413.0 676.7 709.0 11

12 Monetary authority 26.4 34.7 -38.3 -264.7 300.7 158.3 651.5 380.2 12.7 105.9 -7.4 12

13 Commercial banking -10.7 -2.1 17.4 -19.2 92.2 76.0 48.4 205.1 39.4 244.7 2.7 13

14 U.S.-chartered commercial banks -10.1 -2.2 11.1 -19.6 64.3 50.6 69.0 123.9 13.7 236.6 21.7 14

15 Foreign banking offices in U.S. 0.1 -1.0 3.6 5.1 25.9 37.0 -46.2 93.0 19.9 6.5 -17.4 15

16 Bank holding companies -0.9 1.4 4.6 -4.0 2.7 -10.3 25.9 -11.5 6.6 -0.1 -3.1 16

17 Banks in U.S.-affiliated areas 0.1 -0.2 -1.9 -0.6 -0.7 -1.4 -0.3 -0.3 -0.8 1.6 1.5 17

18 Savings institutions 4.0 4.5 -5.4 -4.1 3.8 2.7 3.9 5.6 3.0 1.5 -1.8 18

19 Credit unions -1.1 -0.3 3.0 -1.6 5.3 -2.3 16.6 2.3 4.5 6.9 4.3 19

20 Property-casualty insurance companies 0.3 3.1 -38.7 -5.6 16.6 15.4 12.4 17.2 21.2 -5.4 -1.6 20

21 Life insurance companies 13.5 -7.6 -17.3 35.1 70.6 141.7 29.6 76.9 34.0 -6.7 26.8 21

22 Private pension funds 3.5 14.3 38.7 15.4 125.8 117.3 89.1 176.7 120.1 123.6 263.0 22

23 State and local govt. retirement funds 2.8 2.4 -14.6 4.8 28.1 15.3 38.6 29.5 28.9 0.6 -0.5 23

24 Federal government retirement funds 7.8 8.3 11.3 24.2 6.8 17.5 0.8 2.2 6.7 5.8 15.7 24

25 Money market mutual funds -9.6 -5.9 95.5 399.5 -171.3 -168.2 -77.6 -262.8 -176.7 -45.0 -55.8 25

26 Mutual funds 6.6 5.0 18.5 8.7 67.6 20.6 36.8 49.5 163.5 57.7 46.8 26

27 Closed-end funds 0.3 0.2 -1.7 -2.4 1.2 0.3 1.6 0.9 2.0 2.5 -0.5 27

28 Exchange-traded funds 4.8 3.4 6.6 7.4 14.7 18.4 15.7 12.2 12.5 18.4 22.2 28

29 Government-sponsored enterprises 0.2 1.2 1.3 1.2 5.1 3.2 6.8 9.0 1.4 153.0 48.3 29

30 ABS issuers 19.7 28.7 21.0 -12.3 -16.5 -14.8 -19.3 -16.8 -15.1 -15.8 -13.1 30

31 Brokers and dealers -20.0 -2.4 7.1 250.6 -67.6 -158.9 213.5 -188.4 -136.9 112.7 -22.4 31

 Memo:

32 Federal government borrowing (1) 306.9 183.4 237.1 1239.2 1443.9 1550.0 1951.5 1371.5 902.6 1601.9 2003.0 32

(1) Total issues of Treasury securities (table F.209, line 1) plus budget agency securities (table F.210, line 2) and federal mortgage borrowing (table F.217, line 12).
Z.1, September 17, 2010 45

F.210 Agency- and GSE-backed Securities (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2005 2006 2007 2008 2009 2009 2010

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Net issues 80.0 327.9 905.3 768.9 -60.2 82.3 -174.1 -120.9 -28.2 -40.8 -88.8 1

 2 Budget agencies -0.4 -0.3 -0.4 0.2 0.1 -3.2 -1.1 3.7 1.2 0.3 1.1 2

 3 Government-sponsored enterprises -84.0 35.6 282.4 271.7 -475.3 -254.5 -680.9 -590.3 -375.7 -173.2 -334.7 3

 4 Agency- and GSE-backed mortgage pools 164.5 292.6 623.3 497.0 415.0 340.0 507.9 465.6 346.3 132.1 244.8 4

 5 Net purchases 80.0 327.9 905.3 768.9 -60.2 82.3 -174.1 -120.9 -28.2 -40.8 -88.8 5

 6 Household sector 97.0 -65.0 336.5 101.8 -650.9 -804.5 -1312.8 -113.7 -372.4 -368.4 -264.2 6

 7 Nonfinancial corporate business 6.0 -2.2 -2.4 -2.5 1.9 -15.9 20.9 0.3 2.2 8.6 -5.5 7

 8 State and local governments 28.4 38.3 24.6 -13.4 -14.6 3.7 -29.6 -17.9 -14.6 18.5 -35.1 8

 9 Federal government 0.0 0.0 0.0 54.4 171.1 227.8 213.2 123.9 119.5 0.0 0.0 9

10 Rest of the world 134.3 224.0 248.8 -228.6 -175.0 -275.3 -86.6 -215.6 -122.5 -46.2 146.6 10

11 Monetary authority 0.0 0.0 0.0 19.7 1048.5 1069.3 1088.1 1058.0 978.8 677.7 180.8 11

12 Commercial banking -5.4 45.9 -113.3 147.1 102.0 2.1 183.7 -142.0 364.0 -29.0 -31.3 12

13 U.S.-chartered commercial banks -3.3 47.5 -111.4 139.7 131.3 67.1 205.4 -121.1 373.9 -11.1 -16.4 13

14 Foreign banking offices in U.S. -0.9 4.2 2.0 -6.6 -18.4 -19.7 -27.5 -14.1 -12.5 -2.5 -4.2 14

15 Bank holding companies -2.3 -0.0 -1.3 15.9 -7.0 -39.0 3.0 -0.1 8.0 -7.0 -1.8 15

16 Banks in U.S.-affiliated areas 1.2 -5.8 -2.7 -2.0 -3.9 -6.3 2.7 -6.7 -5.3 -8.4 -8.8 16

17 Savings institutions 55.8 -13.4 0.3 -3.5 27.8 8.3 47.0 38.9 17.1 32.9 -13.6 17

18 Credit unions -6.8 -13.9 -4.1 14.4 27.9 22.2 26.8 29.0 33.6 36.7 45.5 18

19 Property-casualty insurance companies 5.8 4.1 3.8 -11.5 1.9 -2.0 3.0 2.7 4.1 0.4 -1.2 19

20 Life insurance companies 11.4 8.8 5.5 -16.7 -10.2 -29.7 4.4 -12.2 -3.4 25.6 -12.7 20

21 Private pension funds 16.8 16.6 28.2 21.3 -49.0 -30.2 -64.8 -62.3 -38.9 -38.1 -214.5 21

22 State and local govt. retirement funds -0.4 49.4 23.3 6.3 -37.6 -30.9 -43.1 -37.8 -38.5 1.1 -0.8 22

23 Federal government retirement funds 0.0 0.1 0.3 0.0 0.6 -0.3 0.3 1.3 1.0 0.5 1.0 23

24 Money market mutual funds -107.4 -28.7 104.5 520.3 -213.2 80.2 -52.9 -400.6 -479.5 -317.1 36.6 24

25 Mutual funds 20.8 15.7 66.2 27.3 46.4 -18.3 115.2 72.5 16.3 180.7 146.6 25

26 Government-sponsored enterprises -135.4 -37.1 -11.1 207.0 -27.4 175.9 -19.8 -118.3 -147.5 -180.4 -117.1 26

27 ABS issuers -30.6 23.4 18.4 -28.7 -193.9 -236.6 -122.6 -201.9 -214.5 -126.9 -110.0 27

28 REITs -4.0 24.8 23.5 1.6 15.3 19.2 34.7 17.4 -10.1 16.0 22.5 28

29 Brokers and dealers -6.3 37.0 152.2 -47.5 -131.8 -82.7 -179.0 -142.6 -122.8 66.5 137.5 29

(1) Agency- and GSE-backed securities include: issues of federal budget agencies (line 2) such as those for the TVA; issues of government-sponsored enterprises (line 3) such as Fannie Mae and FHLB;

 and agency- and GSE-backed mortgage pool securities issued by GNMA, Fannie Mae, Freddie Mac, and the Farmers Home Administration (line 4). Only the budget agency issues are considered

 officially to be part of the total borrowing of the federal government, which is shown in table F.209, line 32.
46 Z.1, September 17, 2010

F.211 Municipal Securities and Loans

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2005 2006 2007 2008 2009 2009 2010

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Net change in liabilities 195.0 177.4 215.6 61.4 130.9 145.4 116.2 162.5 99.3 152.5 -38.1 1

 2 State and local governments 171.3 153.1 190.4 50.8 110.4 125.0 96.3 132.9 87.2 133.0 -31.9 2

 3 Short-term (1) 5.7 -3.1 17.3 12.5 2.8 6.7 -11.7 45.2 -29.0 2.9 -30.0 3

 4 Long-term 165.6 156.2 173.1 38.3 107.5 118.3 108.1 87.7 116.2 130.1 -1.9 4

 5 Nonprofit organizations (2) 16.0 18.9 17.1 8.1 15.1 14.7 16.7 19.1 9.9 13.6 -5.8 5

 Nonfinancial corporate business

 6 (industrial revenue bonds) 7.6 5.4 8.1 2.6 5.4 5.7 3.2 10.6 2.2 5.8 -0.3 6

 7 Net change in assets 195.0 177.4 215.6 61.4 130.9 145.4 116.2 162.5 99.3 152.5 -38.1 7

 8 Household sector 78.6 50.8 23.9 6.2 105.5 148.4 60.0 125.4 88.4 131.9 -66.2 8

 9 Nonfinancial corporate business 0.3 -4.0 1.1 -2.6 -0.5 -16.8 -2.4 6.9 10.3 -4.0 -10.9 9

10 Nonfarm noncorporate business 0.1 1.3 -0.5 0.3 -0.5 -0.3 -0.5 -0.6 -0.6 -0.5 -0.5 10

11 State and local governments 0.4 0.5 0.3 -0.2 0.3 0.0 0.4 0.5 0.3 0.5 -0.2 11

12 Rest of the world 3.0 5.4 10.7 5.4 10.1 -1.8 -1.8 15.7 28.3 45.5 44.3 12

13 Commercial banking 16.9 22.6 12.7 23.7 1.9 -11.4 10.9 -7.6 15.8 -1.2 -7.2 13

14 Savings institutions 1.5 2.5 -0.1 -3.3 1.5 3.4 0.4 2.0 0.2 1.4 1.8 14

15 Property-casualty insurance companies 45.4 22.1 36.1 10.6 -12.6 -24.8 -8.6 -10.2 -6.6 1.2 -3.7 15

16 Life insurance companies 2.4 4.1 4.8 5.7 26.3 25.5 24.9 26.7 28.1 5.3 2.7 16

17 State and local govt. retirement funds -0.2 1.6 -0.8 -1.0 0.0 0.1 0.0 0.0 0.1 0.0 -0.0 17

18 Money market mutual funds 23.0 33.5 100.7 23.6 -93.3 -52.1 -67.8 -128.9 -124.4 -133.4 -29.2 18

19 Mutual funds 17.4 32.7 27.8 17.4 90.6 68.7 95.8 113.2 84.6 85.2 51.5 19

20 Closed-end funds 0.2 0.0 1.9 -12.8 3.3 4.8 5.1 3.6 -0.2 2.4 1.2 20

21 Exchange-traded funds 0.0 0.0 0.6 1.7 3.6 3.3 3.6 4.4 3.3 2.6 2.9 21

22 Government-sponsored enterprises -4.9 -3.6 -2.8 -2.0 -2.2 -1.4 -1.9 -2.9 -2.5 -4.2 -3.5 22

23 Brokers and dealers 10.9 8.0 -0.7 -11.4 -3.3 -0.0 -1.7 14.3 -25.9 19.6 -21.3 23

(1) Debt with original maturity of 13 months or less.

(2) Liability of the households and nonprofit organizations sector (tables F.100 and L.100).

F.212 Corporate and Foreign Bonds

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net issues 864.2 1250.6 1223.9 -228.1 -44.6 141.9 23.3 -97.8 -245.7 -163.1 -259.2 1

 2 Nonfinancial corporate business 56.7 215.6 311.2 204.6 381.6 579.2 396.5 270.0 280.7 432.4 229.0 2

 3 Rest of the world (1) 64.5 227.8 218.7 -158.9 144.9 119.4 206.3 82.9 170.9 141.4 -6.0 3

 4 Financial sectors 743.0 807.3 694.0 -273.8 -571.1 -556.7 -579.6 -450.8 -697.4 -737.0 -482.2 4

 5 Commercial banking 56.7 76.0 118.6 129.3 -37.5 44.0 21.9 35.7 -251.6 -82.0 -75.0 5

 6 Savings institutions 1.0 2.0 -0.3 -8.0 -0.2 -1.9 0.9 0.7 -0.3 -12.4 -0.8 6

 7 ABS issuers (net) (3) 581.1 644.8 530.2 -324.0 -455.2 -530.1 -406.2 -505.5 -378.8 -417.2 -362.5 7

 8 Finance companies 43.6 42.4 -2.8 -49.6 -87.0 -70.5 -200.8 -9.4 -67.2 -284.6 -89.5 8

 9 REITs 32.8 13.9 0.7 -55.1 -25.0 -31.8 -29.0 -5.9 -33.3 25.6 11.9 9

10 Brokers and dealers 0.1 6.4 -4.0 32.3 -4.2 -60.1 60.4 27.6 -44.7 -2.4 34.6 10

11 Funding corporations 27.6 21.6 51.5 1.4 37.9 93.8 -26.7 6.1 78.4 36.1 -0.9 11

12 Net purchases 864.2 1250.6 1223.9 -228.1 -44.6 141.9 23.3 -97.8 -245.7 -163.1 -259.2 12

13 Household sector 119.6 197.6 207.3 -212.7 -126.5 92.8 -94.3 -398.6 -105.9 -210.8 -260.1 13

14 State and local governments 9.0 12.1 7.8 -4.2 8.0 1.2 9.6 13.3 8.0 12.2 -4.8 14

15 Federal government 0.0 0.0 0.0 0.0 0.6 0.0 1.5 0.7 0.1 0.1 0.3 15

16 Rest of the world (2) 328.5 541.0 424.6 -21.8 -143.0 -147.7 -196.0 -120.1 -108.0 -151.7 -119.7 16

17 Commercial banking 123.4 93.3 197.9 1.7 -112.7 -104.8 -73.5 41.5 -313.8 -242.4 -71.5 17

18 Savings institutions 21.0 13.2 49.5 -33.7 -23.3 17.3 -16.7 -11.2 -82.7 -13.6 -1.0 18

19 Credit unions -1.5 7.2 3.9 -8.9 -7.0 -32.2 1.4 -0.4 3.1 -0.6 -0.4 19

20 Property-casualty insurance companies 17.5 14.2 5.9 -15.4 30.8 20.0 32.9 33.1 37.2 0.9 -3.0 20

21 Life insurance companies 74.7 29.7 43.1 -45.5 100.1 122.4 75.2 102.5 100.3 136.5 61.4 21

22 Private pension funds 22.2 27.7 39.8 42.7 42.8 55.3 40.6 39.5 35.7 38.5 38.0 22

23 State and local govt. retirement funds 14.5 55.5 13.6 15.9 -2.7 -9.3 -1.1 -10.3 9.9 0.4 2.2 23

24 Federal government retirement funds -0.0 -0.0 0.1 -0.1 0.1 -0.4 -0.1 0.5 0.2 0.2 0.3 24

25 Money market mutual funds 2.2 105.1 8.5 -148.8 -58.1 -40.8 -78.7 -120.2 7.3 22.7 -28.1 25

26 Mutual funds 65.9 104.3 123.0 69.9 146.2 179.7 144.6 121.0 139.6 198.6 91.8 26

27 Closed-end funds 1.7 5.7 -1.0 -24.5 5.8 -4.0 10.8 9.2 7.3 7.0 -7.2 27

28 Exchange-traded funds 1.9 2.4 6.2 13.9 27.6 26.4 26.6 27.4 30.1 20.2 20.3 28

29 Government-sponsored enterprises 50.9 16.1 -17.4 -77.7 -33.8 -76.6 67.3 3.4 -129.3 55.8 -47.0 29

30 Finance companies -52.5 -18.7 4.5 3.0 6.3 29.3 20.2 -19.4 -5.1 -51.9 13.3 30

31 REITs 17.0 11.6 -30.2 -20.0 3.2 -2.9 6.9 6.6 2.2 7.7 2.2 31

32 Brokers and dealers 77.7 39.8 27.3 -259.0 47.5 -86.2 73.3 126.8 76.1 -1.9 -23.0 32

33 Funding corporations -29.4 -7.1 109.6 497.3 43.6 102.6 -27.1 57.0 42.0 9.0 76.7 33

(1) Net purchases of foreign issues by U.S. residents.

(2) Net purchases of U.S. issues by foreign residents.

(3) Net issuance less net acquisition of corporate bonds held as assets.
Z.1, September 17, 2010 47

F.213 Corporate Equities (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2005 2006 2007 2008 2009 2009 2010

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Net issues -76.6 -368.7 -460.2 268.5 314.1 414.8 484.5 305.8 51.3 -116.7 273.3 1

 2 Nonfinancial corporate business -341.8 -565.7 -786.8 -336.0 -64.7 -133.1 126.4 65.7 -318.0 -200.8 -182.6 2

 3 Rest of the world (2) 186.7 137.3 147.8 -39.0 63.3 -2.7 140.6 104.4 11.0 43.1 88.6 3

 4 Financial sectors 78.5 59.7 178.9 643.5 315.5 550.6 217.5 135.7 358.3 40.9 367.3 4

 5 Commercial banking -13.8 -10.5 -23.7 331.9 78.7 230.3 18.8 90.8 -25.0 16.2 39.2 5

 6 Savings institutions 2.2 0.8 3.3 1.7 1.5 0.9 2.3 1.4 1.4 0.7 0.3 6

 7 Property-casualty insurance companies -2.8 -8.5 -13.2 0.4 -5.3 -1.4 -2.2 -6.6 -10.9 -23.6 -3.8 7

 8 Life insurance companies -8.0 -20.0 -30.6 -10.7 -0.9 -6.9 8.5 -0.9 -4.5 -7.6 -13.3 8

 9 Closed-end funds 20.7 8.2 17.8 -57.6 6.8 7.2 12.4 -1.0 8.7 0.4 8.1 9

10 Exchange-traded funds 56.7 74.0 150.5 177.2 116.5 -9.9 152.6 108.4 214.7 27.9 123.5 10

11 REITs 16.1 22.2 17.1 12.8 24.2 9.2 55.6 22.9 9.2 10.9 33.2 11

12 Government-sponsored enterprises 4.2 1.1 25.5 27.6 96.0 182.2 101.9 41.7 58.2 58.6 94.9 12

13 Brokers and dealers 3.3 -7.6 32.3 120.2 -32.4 139.1 -137.1 -129.2 -2.5 -52.7 83.9 13

14 Funding corporations (3) 0.0 0.0 0.0 40.0 30.5 0.0 4.6 8.2 109.0 10.0 1.3 14

15 Net purchases -76.6 -368.7 -460.2 268.5 314.1 414.8 484.5 305.8 51.3 -116.7 273.3 15

16 Household sector -372.5 -585.1 -852.8 -111.0 41.3 459.5 275.5 -173.7 -396.0 -75.8 157.8 16

17 State and local governments 2.5 -4.4 7.6 22.9 17.7 -62.1 27.6 40.7 64.5 -49.0 20.7 17

18 Federal government 0.0 0.0 0.0 256.3 0.6 363.6 -127.9 53.7 -287.1 -14.4 65.7 18

19 Rest of the world (4) 56.9 96.2 218.5 104.7 142.5 54.8 152.3 213.7 149.3 129.0 29.7 19

20 Monetary authority 0.0 0.0 0.0 0.0 25.1 0.0 0.0 0.0 100.4 1.2 1.3 20

21 Commercial banking 0.1 0.7 1.6 2.4 6.8 16.0 -14.5 -1.9 27.6 5.7 -6.8 21

22 Savings institutions -1.0 -1.0 -0.1 -1.5 -0.5 1.5 -2.0 -6.3 4.7 -9.0 -1.5 22

23 Property-casualty insurance companies -6.1 2.3 0.5 35.1 -2.4 -17.6 9.5 9.7 -11.3 -46.6 0.1 23

24 Life insurance companies 65.9 71.4 84.1 81.8 78.1 69.1 87.6 62.2 93.6 83.9 75.7 24

25 Private pension funds -42.0 -86.5 -188.3 -184.6 -175.6 -234.6 -188.5 -168.2 -111.0 -134.8 -111.1 25

26 State and local govt. retirement funds -5.6 -70.0 -6.4 1.2 -1.7 7.0 -1.4 12.2 -24.6 -19.5 -27.8 26

27 Federal government retirement funds 7.0 6.3 2.7 -8.6 8.8 -3.2 16.6 8.3 13.5 8.4 0.6 27

28 Mutual funds 129.6 131.3 91.3 -38.1 85.9 -127.8 168.2 189.7 113.4 93.1 -17.9 28

29 Closed-end funds 18.5 2.2 18.7 -17.8 -3.5 6.0 -5.1 -14.6 -0.4 -11.5 14.5 29

30 Exchange-traded funds 50.0 68.3 137.2 154.2 70.5 -58.0 106.7 64.4 168.9 -13.3 78.1 30

31 Brokers and dealers 20.1 -0.2 25.4 -28.5 -4.6 -59.5 -20.1 16.0 45.3 -65.4 -7.2 31

32 Funding corporations 0.0 0.0 0.0 0.0 25.1 0.0 0.0 0.0 100.4 1.2 1.3 32

(1) Excludes mutual fund shares shown on table F.214.

(2) Net purchases of foreign issues by U.S. residents; includes American Depositary Receipts (ADRs).

(3) Preferred shares issued by AIG to the federal goverment under the TARP program and the monetary authority sector’s preferred interest in AIA Aurora LLC and ALICO Holdings LLC.

(4) Net purchases of U.S. issues by foreign residents.

F.214 Mutual Fund Shares (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net issues 260.2 336.8 364.7 31.0 490.1 -55.8 681.6 677.5 657.1 564.1 48.9 1

 2 Net purchases 260.2 336.8 364.7 31.0 490.1 -55.8 681.6 677.5 657.1 564.1 48.9 2

 3 Household sector 173.5 165.4 207.0 15.2 360.9 -187.4 547.6 506.2 577.2 428.9 -46.1 3

 4 Nonfinancial corporate business 1.5 24.9 0.2 -6.1 39.9 39.9 39.9 39.9 39.9 39.9 39.9 4

 5 State and local governments 0.8 -1.3 2.0 14.3 -7.2 14.5 -19.3 -18.3 -5.6 -5.3 -4.5 5

 6 Rest of the world 32.2 45.2 38.2 -2.0 17.7 -13.0 29.0 28.9 26.0 29.6 5.9 6

 7 Commercial banking -1.8 3.9 3.6 1.3 14.8 66.3 -15.0 30.3 -22.3 -18.5 4.7 7

 8 Credit unions -1.0 -0.1 -0.0 -0.0 -0.7 -1.1 0.1 -1.0 -0.9 0.9 0.0 8

 9 Property-casualty insurance companies 0.3 0.5 -0.5 -0.4 0.1 0.0 0.1 0.1 0.1 -0.0 -0.0 9

10 Life insurance companies -9.9 26.9 31.3 -10.7 0.0 -4.0 2.0 1.0 1.0 1.0 1.0 10

11 Private pension funds 70.0 74.9 88.1 20.5 64.8 27.9 97.5 88.4 45.3 90.3 52.0 11

12 State and local govt. retirement funds -5.5 -3.4 -5.2 -1.1 -0.2 1.0 -0.2 1.9 -3.6 -2.9 -4.1 12

(1) Shares of open-end investment companies; excludes shares of money market mutual funds, exchange-traded funds, and funding vehicles for variable annuities.
48 Z.1, September 17, 2010

F.215 Bank Loans Not Elsewhere Classified

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2005 2006 2007 2008 2009 2009 2010

 Q1 Q2 Q3 Q4 Q1 Q2

 Total loans by commercial

 1 banking, flow of funds basis 567.8 677.5 671.6 377.1 -575.6 -300.6 -371.5 -1099.3 -530.9 -294.0 -409.6 1

 - Loans elsewhere classified:

 2 Open market paper 0.0 0.0 0.0 15.7 -15.7 -44.9 21.6 -39.2 -0.2 0.0 0.0 2

 3 Mortgages 362.4 445.0 241.4 197.0 -22.7 131.2 72.0 -272.0 -22.2 -249.2 -329.6 3

 4 Consumer credit 2.8 34.2 62.9 74.5 -50.6 5.3 -38.8 -73.4 -95.3 20.4 -41.6 4

 5 Security credit 34.8 71.5 32.3 -113.5 -59.9 -60.2 -70.9 -117.3 8.6 8.0 57.9 5

 6 = Banking sector total bank loans n.e.c. 167.8 126.8 335.1 203.4 -426.7 -332.0 -355.3 -597.5 -421.9 -73.1 -96.3 6

 7 U.S.-chartered commercial banks 98.7 62.9 233.7 137.9 -298.1 -251.6 -249.1 -430.5 -261.3 -96.6 -69.9 7

 8 Foreign banking offices in U.S. 60.7 67.1 105.0 65.1 -125.4 -79.9 -98.9 -172.4 -150.4 19.0 -21.1 8

 9 Bank holding companies 2.7 -2.9 0.7 2.0 -2.8 -0.5 -3.0 1.0 -8.9 8.5 5.6 9

10 Banks in U.S.-affiliated areas 5.6 -0.3 -4.2 -1.7 -0.3 0.0 -4.4 4.4 -1.3 -4.0 -10.8 10

11 + Loans from Federal Reserve banks 0.0 0.0 0.0 490.4 -347.6 -406.6 -539.3 -280.1 -164.4 -21.6 -39.9 11

12 = Total bank loans n.e.c. 167.8 126.8 335.1 693.8 -774.3 -738.6 -894.7 -877.6 -586.2 -94.8 -136.2 12

13 Net change in liabilities 167.8 126.8 335.1 693.8 -774.3 -738.6 -894.7 -877.6 -586.2 -94.8 -136.2 13

14 Nonfinancial sectors 149.0 189.2 264.2 197.7 -306.9 -255.4 -246.0 -386.8 -339.3 -3.6 -53.7 14

15 Household sector 9.7 49.9 13.4 18.0 30.0 2.1 50.9 54.1 13.0 230.3 17.4 15

16 Corporate business -33.9 9.1 85.1 68.1 -133.6 -86.0 -76.5 -202.2 -169.6 -41.8 9.4 16

17 Nonfarm noncorporate business 156.5 113.0 139.4 103.4 -192.0 -150.0 -212.7 -232.9 -172.3 -188.5 -94.9 17

18 Farm business 2.2 3.3 2.3 3.2 -0.1 -2.2 -1.7 4.1 -0.9 -3.2 0.5 18

19 Rest of the world 14.5 13.8 24.1 5.1 -11.2 -19.4 -6.0 -9.8 -9.6 -0.5 13.8 19

20 Foreign official institutions -2.9 -0.7 -0.0 0.7 0.6 -0.1 1.4 2.0 -0.9 -0.7 1.1 20

21 Foreign banks 4.7 3.8 8.3 2.8 -5.1 -14.9 -10.1 4.8 -0.2 10.2 10.7 21

22 Other foreign 12.7 10.7 15.8 1.6 -6.6 -4.4 2.8 -16.5 -8.4 -9.9 2.0 22

23 Financial sectors 18.8 -62.3 70.9 496.1 -467.4 -483.2 -648.7 -490.8 -246.9 -91.2 -82.5 23

24 Savings institutions 5.2 -44.5 13.3 13.0 -29.8 -30.2 -21.6 -66.0 -1.3 1.4 -10.2 24

25 Finance companies 5.2 -12.9 52.8 -7.1 -30.4 -19.6 20.7 -62.7 -60.0 -63.6 -44.6 25

26 REITs 8.4 -5.0 4.8 -0.3 -12.1 -8.0 -26.7 -11.6 -2.0 -8.6 -6.8 26

27 Brokers and dealers 0.0 0.0 0.0 45.5 -45.5 -100.3 -61.4 -20.2 -0.1 0.0 0.0 27

28 Funding corporations 0.0 0.0 0.0 444.9 -349.6 -325.1 -559.6 -330.3 -183.5 -20.4 -20.9 28
Z.1, September 17, 2010 49

F.216 Other Loans and Advances

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2005 2006 2007 2008 2009 2009 2010

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total other loans and advances 159.1 173.6 533.6 106.7 -436.2 -549.8 -493.1 -508.9 -193.1 -170.3 -91.3 1

 2 U.S. government loans -7.0 0.6 -2.2 6.1 66.1 59.0 96.0 94.9 14.3 15.0 34.1 2

 3 Liab.: Household sector -0.7 1.4 -0.4 0.3 -0.2 -0.2 -0.3 -0.5 0.2 -0.2 -1.2 3

 4 Nonfinancial corporate business 0.8 1.2 -0.3 4.4 59.4 50.9 90.1 97.3 -0.6 -1.4 22.7 4

 5 Nonfarm noncorporate business -2.9 4.8 1.2 2.1 3.3 4.3 3.2 1.5 4.0 2.9 1.3 5

 6 Farm business -0.2 -0.1 -0.0 0.0 0.5 -0.2 0.5 1.4 0.1 0.4 0.9 6

 7 State and local governments 0.6 0.6 0.7 0.8 0.8 0.6 0.8 0.7 1.2 0.6 0.4 7

 8 Rest of the world -4.6 -7.4 -3.3 -1.5 0.3 -1.5 0.9 0.0 1.8 1.5 -1.1 8

 9 Government-sponsored enterprises 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

10 Finance companies 0.0 0.0 0.0 0.0 0.0 4.7 0.8 -5.5 0.0 0.0 0.0 10

11 Funding corporations 0.0 0.0 0.0 0.0 2.0 0.4 0.0 0.0 7.6 11.3 11.1 11

12 Foreign loans to U.S. corporate business 31.3 6.2 102.7 -64.1 -24.6 -9.7 -33.3 -50.1 -5.3 49.6 33.6 12

13 Liab.: Nonfinancial corporate business 31.3 6.2 102.7 -64.1 -24.6 -9.7 -33.3 -50.1 -5.3 49.6 33.6 13

 Customers’ liability on acceptances

14 outstanding (Commercial banking asset) 0.0 -0.3 0.0 -0.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14

15 Liab.: Nonfinancial corporate business 0.0 -0.3 -0.1 -0.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15

16 Rest of the world -0.0 -0.1 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16

17 Savings institution loans to business 3.9 6.0 6.2 6.4 -14.5 2.6 -24.8 -34.6 -1.2 -1.2 -3.8 17

18 Liab.: Nonfinancial corporate business 1.9 3.0 3.1 3.2 -7.2 1.3 -12.4 -17.3 -0.6 -0.6 -1.9 18

19 Nonfarm noncorporate business 1.9 3.0 3.1 3.2 -7.2 1.3 -12.4 -17.3 -0.6 -0.6 -1.9 19

20 Credit unions loans to business 1.0 0.9 0.0 2.7 2.7 7.1 3.4 -1.5 1.8 -4.1 7.5 20

21 Liab.: Nonfinancial corporate business 0.5 0.4 0.0 1.4 1.4 3.5 1.7 -0.8 0.9 -2.0 3.8 21

22 Nonfarm noncorporate business 0.5 0.4 0.0 1.4 1.4 3.5 1.7 -0.8 0.9 -2.0 3.8 22

23 Policy loans (Household liability) 0.8 3.3 3.6 5.9 0.7 1.5 2.0 -3.4 2.7 2.5 2.8 23

24 Asset: Federal government -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 24

25 Life insurance companies 0.8 3.4 3.6 5.9 0.7 1.6 2.1 -3.4 2.7 2.5 2.9 25

26 Govt.-sponsored enterprises loans (1) 52.4 33.1 237.7 38.1 -284.8 -358.7 -305.0 -351.3 -124.1 -171.5 -152.2 26

27 Liab.: Household sector (SLMA) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 27

28 Noncorporate business (FCS) 1.9 4.2 4.3 24.8 3.1 -4.4 7.8 5.7 3.2 -8.5 4.4 28

29 Farm business (FCS) 6.1 7.7 7.7 -20.1 -3.3 3.8 -3.2 -10.3 -3.4 -1.5 -5.2 29

30 Commercial banks (FHLB and SLMA) 24.4 80.0 106.7 71.0 -124.2 -190.8 -32.6 -221.0 -52.6 -89.1 -125.8 30

31 Savings institutions (FHLB and SLMA) 16.2 -65.7 91.1 -72.2 -139.6 -116.4 -261.8 -113.0 -67.3 -57.3 -24.0 31

32 Credit unions (FHLB) 3.3 4.2 13.4 8.3 -14.1 -41.2 -7.2 -0.8 -7.2 -4.4 -1.6 32

33 Life insurance companies (FHLB) 0.4 2.7 14.5 26.2 -6.6 -9.6 -8.0 -12.0 3.2 -10.8 0.0 33

34 Securitized loans held by ABS issuers -17.6 3.8 -4.0 -15.6 -23.7 -30.4 -28.2 -40.6 4.2 -18.0 -1.9 34

35 Liab.: Nonfinancial corporate business -17.6 3.8 -4.0 -15.6 -23.7 -30.4 -28.2 -40.6 4.2 -18.0 -1.9 35

36 Finance company loans to business 27.6 18.9 24.9 16.9 -91.0 -101.4 -111.0 -50.1 -101.6 -62.7 -48.5 36

37 Liab.: Nonfinancial corporate business 24.9 17.0 22.4 15.2 -81.9 -91.3 -99.9 -45.0 -91.4 -56.4 -43.7 37

38 Nonfarm noncorporate business 2.8 1.9 2.5 1.7 -9.1 -10.1 -11.1 -5.0 -10.2 -6.3 -4.9 38

39 Loans to nonfinancial corporate business (2) 66.6 101.1 164.6 110.5 -67.1 -119.9 -92.2 -72.4 16.0 20.0 37.0 39

40 Asset: Household sector 2.7 0.4 8.5 12.2 -5.3 -9.4 -7.2 -5.7 1.3 1.6 1.8 40

41 Life insurance companies 4.2 6.5 9.6 14.3 -13.3 -23.8 -18.3 -14.4 3.2 4.0 10.5 41

42 Mutual funds 10.5 9.8 36.1 12.4 1.3 2.3 1.8 1.4 -0.3 -0.4 1.1 42

43 ABS issuers 37.8 61.2 92.6 53.4 -27.4 -48.9 -37.6 -29.5 6.5 8.2 12.4 43

44 Brokers and dealers 7.7 19.8 11.1 3.1 -12.7 -22.7 -17.5 -13.7 3.0 3.8 5.3 44

45 Funding corporations 3.6 3.4 6.7 15.1 -9.8 -17.4 -13.4 -10.5 2.3 2.9 6.0 45

(1) The Student Loan Marketing Association (Sallie Mae) was included until it was fully privatized in 2004:Q4.

(2) Syndicated loans from domestic entities, excluding banks and finance companies which are included elsewhere.
50 Z.1, September 17, 2010

F.217 Total Mortgages

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2005 2006 2007 2008 2009 2009 2010

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Net change in mortgages 1433.8 1390.8 1062.0 94.6 -300.8 -54.5 -273.6 -459.2 -415.8 -606.8 -509.4 1

 2 Home 1114.2 1073.2 711.3 -103.4 -212.5 -72.4 -245.0 -355.3 -177.2 -507.1 -292.2 2

 3 Multifamily residential 62.3 40.7 81.7 46.9 3.9 14.0 24.9 8.9 -32.1 15.0 -21.5 3

 4 Commercial 248.2 273.7 264.4 130.1 -93.1 3.0 -54.5 -113.7 -207.3 -110.4 -191.2 4

 5 Farm 9.1 3.3 4.6 20.9 0.9 0.9 0.9 0.9 0.9 -4.4 -4.4 5

 6 Net borrowing 1433.8 1390.8 1062.0 94.6 -300.8 -54.5 -273.6 -459.2 -415.8 -606.8 -509.4 6

 7 Household sector 1047.1 1017.6 700.3 -34.8 -172.2 -44.2 -204.9 -274.6 -165.1 -431.0 -261.5 7

 8 Nonfinancial business 372.6 366.6 357.0 122.6 -131.9 -15.9 -78.2 -183.1 -250.5 -176.6 -249.9 8

 9 Corporate 192.6 82.0 48.1 25.4 -39.4 15.3 -13.9 -73.5 -85.5 -72.9 -82.0 9

10 Nonfarm noncorporate 170.9 281.3 304.3 76.3 -93.4 -32.1 -65.1 -110.5 -166.0 -99.4 -163.4 10

11 Farm 9.1 3.3 4.6 20.9 0.9 0.9 0.9 0.9 0.9 -4.4 -4.4 11

12 Federal government 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12

13 REITs 14.1 6.6 4.7 6.8 3.4 5.6 9.5 -1.4 -0.1 0.8 2.0 13

14 Net change in assets 1433.8 1390.8 1062.0 94.6 -300.8 -54.5 -273.6 -459.2 -415.8 -606.8 -509.4 14

15 Household sector 8.1 -17.3 -13.0 1.6 -9.4 -7.8 -8.8 -10.5 -10.5 -6.3 -13.1 15

16 Nonfinancial corporate business 1.7 -8.4 -18.4 -7.1 -7.1 -7.1 -7.1 -7.1 -7.1 -7.1 -7.1 16

17 Nonfarm noncorporate business 5.3 -1.5 7.4 2.8 -4.0 -2.8 -4.0 -4.8 -4.5 -3.9 -4.0 17

18 State and local governments 10.8 14.5 9.3 -5.1 9.6 1.4 11.5 15.9 9.6 14.6 -5.7 18

19 Federal government 2.4 3.7 2.1 13.5 12.6 3.6 21.8 31.1 -6.3 -5.2 5.2 19

20 Commercial banking 362.4 445.0 241.4 197.0 -22.7 131.2 72.0 -272.0 -22.2 -249.2 -329.6 20

21 Savings institutions (1) 95.3 -77.2 17.2 -233.4 -227.3 -184.3 -349.3 -176.2 -199.2 -177.6 13.6 21

22 Credit unions 31.3 30.1 31.8 33.2 3.2 18.8 -2.6 -4.7 1.4 21.0 -12.6 22

23 Property-casualty insurance companies 0.3 0.7 1.3 0.2 -0.5 0.2 0.2 -1.0 -1.4 -0.7 -0.1 23

24 Life insurance companies 12.1 18.3 22.4 16.3 -16.3 -8.7 -16.1 -12.6 -27.9 -12.0 -15.0 24

25 Private pension funds -0.2 -0.3 0.7 0.9 2.6 2.0 1.9 2.9 3.4 3.9 4.5 25

26 State and local govt. retirement funds 1.3 -2.0 -4.7 -0.3 -0.1 -0.3 0.1 -0.2 -0.2 0.1 -0.0 26

27 Government-sponsored enterprises (1) -40.2 18.4 35.9 58.3 -4.7 49.3 -37.9 -19.0 -11.2 -11.2 -57.3 27

28 Agency- and GSE-backed mortgage pools 164.5 292.6 623.3 497.0 415.0 340.0 507.9 465.6 346.3 132.1 244.8 28

29 ABS issuers 685.2 631.5 182.5 -350.9 -384.3 -349.0 -423.7 -375.2 -389.4 -244.1 -291.7 29

30 Finance companies 65.4 53.0 -62.5 -84.0 -50.5 -23.3 -29.3 -69.7 -79.8 -53.8 -34.3 30

31 REITs 28.1 -10.3 -14.5 -45.5 -16.6 -17.6 -10.2 -21.7 -17.0 -7.3 -7.0 31

(1) FHLB loans to savings institutions are included in other loans and advances.
Z.1, September 17, 2010 51

F.218 Home Mortgages (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2005 2006 2007 2008 2009 2009 2010

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Net borrowing 1114.2 1073.2 711.3 -103.4 -212.5 -72.4 -245.0 -355.3 -177.2 -507.1 -292.2 1

 2 Household sector 1039.0 990.7 674.5 -46.2 -163.1 -31.2 -190.5 -272.9 -157.7 -445.5 -233.4 2

 3 Nonfinancial corporate business 7.6 8.2 2.9 -10.2 -12.4 -10.8 -13.0 -13.8 -12.0 -7.8 -9.8 3

 4 Nonfarm noncorporate business 67.6 74.2 33.9 -46.9 -37.0 -30.4 -41.5 -68.5 -7.5 -53.8 -48.9 4

 5 Net change in assets 1114.2 1073.2 711.3 -103.4 -212.5 -72.4 -245.0 -355.3 -177.2 -507.1 -292.2 5

 6 Household sector 5.0 -15.0 -12.1 0.4 -8.0 -8.0 -8.0 -8.0 -8.0 -8.0 -8.0 6

 7 Nonfinancial corporate business 1.0 -5.1 -10.9 -4.4 -4.3 -4.3 -4.3 -4.2 -4.3 -4.2 -4.2 7

 8 Nonfarm noncorporate business 1.9 -0.6 2.7 1.0 -1.5 -1.0 -1.5 -1.7 -1.6 -1.4 -1.4 8

 9 State and local governments 5.5 7.4 4.8 -2.6 4.9 0.7 5.9 8.1 4.9 7.4 -2.9 9

10 Federal government -0.4 0.2 0.3 2.7 5.7 -0.2 10.2 15.6 -2.9 4.6 2.6 10

11 Commercial banking 210.5 290.1 128.4 29.1 13.2 103.8 83.6 -214.0 79.5 -169.4 -206.8 11

12 Savings institutions 79.6 -86.0 11.1 -212.6 -217.7 -186.7 -352.3 -159.0 -172.8 -177.9 30.0 12

13 Credit unions 31.3 30.1 31.8 33.2 3.2 18.8 -2.6 -4.7 1.4 21.0 -12.6 13

14 Life insurance companies -0.6 2.9 -0.9 -0.6 -3.3 -0.6 -0.5 -0.2 -11.8 -0.7 -0.4 14

15 Private pension funds -0.0 -0.1 -0.1 0.1 0.7 1.6 0.3 0.4 0.5 0.1 0.3 15

16 State and local govt. retirement funds 0.5 -0.7 -1.7 -0.1 -0.0 -0.1 0.1 -0.1 -0.1 0.0 -0.0 16

17 Government-sponsored enterprises -54.7 3.7 -9.7 8.0 -16.1 35.7 -52.3 -33.9 -13.9 -27.7 -54.3 17

18 Agency- and GSE-backed mortgage pools 169.0 302.8 622.6 492.2 402.5 336.0 493.2 452.5 328.4 131.4 235.0 18

19 ABS issuers 573.3 518.9 35.0 -310.0 -335.0 -335.5 -388.0 -332.3 -284.2 -219.1 -233.2 19

20 Finance companies 67.8 48.3 -65.4 -97.3 -47.8 -20.7 -25.2 -68.5 -76.7 -54.5 -25.7 20

21 REITs 24.6 -23.7 -24.5 -42.5 -9.1 -12.1 -3.5 -5.2 -15.7 -8.6 -10.5 21

 Memo:

22 Home equity loans included above (2) 139.2 151.3 64.8 -17.8 -82.2 -70.9 -87.4 -93.2 -77.1 -107.5 -68.9 22

23 Commercial banking 65.5 104.6 38.6 82.6 -14.3 -25.5 46.2 -57.9 -20.0 -73.6 -39.2 23

24 Savings institutions 30.4 -14.1 42.9 -61.0 -39.5 -14.0 -103.8 -8.4 -31.8 -6.2 -7.3 24

25 Credit unions 12.0 11.0 7.2 4.6 -4.1 -6.7 -3.7 -4.5 -1.5 -7.5 -3.1 25

26 ABS issuers 17.1 40.1 -10.9 -24.5 -14.7 -19.1 -16.2 -13.6 -9.7 -11.6 -8.5 26

27 Finance companies 14.3 9.7 -13.1 -19.5 -9.6 -5.6 -9.9 -8.7 -14.0 -8.5 -10.9 27

(1) Mortgages on 1-4 family properties including mortages on farm houses.

(2) Loans made under home equity lines of credit and home equity loans secured by junior liens. Excludes home equity loans held by individuals.

F.219 Multifamily Residential Mortgages

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net borrowing 62.3 40.7 81.7 46.9 3.9 14.0 24.9 8.9 -32.1 15.0 -21.5 1

 2 Nonfinancial corporate business 1.4 1.0 6.0 1.9 1.5 1.1 1.6 1.8 1.5 -1.1 0.2 2

 3 Nonfarm noncorporate business 61.0 39.4 78.1 42.6 0.6 10.5 17.2 6.8 -32.0 15.1 -21.7 3

 4 Federal government 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 REITs -0.1 0.3 -2.3 2.3 1.8 2.3 6.1 0.2 -1.6 1.0 -0.0 5

 6 Net change in assets 62.3 40.7 81.7 46.9 3.9 14.0 24.9 8.9 -32.1 15.0 -21.5 6

 7 Household sector 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 7

 8 Nonfinancial corporate business 0.0 -0.1 -0.3 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 8

 9 Nonfarm noncorporate business 1.9 -0.5 2.6 0.9 -1.4 -0.9 -1.4 -1.6 -1.5 -1.3 -1.3 9

10 State and local governments 4.3 5.8 3.7 -2.0 3.8 0.6 4.6 6.4 3.8 5.8 -2.3 10

11 Federal government -0.0 -0.2 -0.3 0.1 0.1 -0.4 -0.1 0.0 1.1 -0.8 0.2 11

12 Commercial banking 20.0 18.9 10.9 42.2 -4.1 6.6 0.1 0.9 -23.9 -6.0 -9.3 12

13 Savings institutions 10.8 -2.6 -3.1 -27.5 -5.3 2.1 0.5 -9.3 -14.5 1.6 -6.5 13

14 Life insurance companies 2.0 3.6 5.8 -0.1 -3.2 -2.3 -2.1 -1.5 -7.1 -2.8 -2.0 14

15 Private pension funds -0.0 -0.1 0.1 0.3 0.3 -0.3 0.4 0.6 0.7 1.1 1.2 15

16 State and local govt. retirement funds 0.4 -0.6 -1.4 -0.1 -0.0 -0.1 0.0 -0.0 -0.1 0.0 -0.0 16

17 Government-sponsored enterprises 10.5 12.4 42.3 40.0 10.1 12.7 13.1 13.3 1.3 20.1 -1.8 17

18 Agency- and GSE-backed mortgage pools -4.5 -12.5 -0.7 4.6 12.6 4.2 14.9 13.4 18.0 3.3 7.9 18

19 ABS issuers 16.6 14.0 22.1 -11.0 -6.2 -6.2 -3.0 -7.0 -8.6 -3.9 -6.9 19

20 Finance companies 0.0 -0.5 -0.1 0.8 -0.7 -0.8 -0.4 -0.8 -0.9 -1.6 -0.9 20

21 REITs 0.3 3.1 0.2 -1.3 -2.1 -1.0 -1.6 -5.2 -0.4 -0.4 0.1 21
52 Z.1, September 17, 2010

F.220 Commercial Mortgages

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2005 2006 2007 2008 2009 2009 2010

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Net borrowing 248.2 273.7 264.4 130.1 -93.1 3.0 -54.5 -113.7 -207.3 -110.4 -191.2 1

 2 Household sector 8.1 26.9 25.9 11.4 -9.1 -12.9 -14.4 -1.7 -7.4 14.5 -28.1 2

 3 Nonfinancial corporate business 183.5 72.8 39.3 33.7 -28.5 25.0 -2.6 -61.5 -75.0 -64.0 -72.4 3

 4 Nonfarm noncorporate business 42.3 167.7 192.3 80.6 -57.1 -12.3 -40.9 -48.8 -126.5 -60.7 -92.7 4

 5 REITs 14.2 6.3 7.0 4.5 1.6 3.2 3.4 -1.7 1.5 -0.1 2.1 5

 6 Net change in assets 248.2 273.7 264.4 130.1 -93.1 3.0 -54.5 -113.7 -207.3 -110.4 -191.2 6

 7 Household sector 1.9 2.2 2.1 0.9 -0.7 -0.2 -0.4 -0.9 -1.4 -1.8 -2.3 7

 8 Nonfinancial corporate business 0.6 -3.2 -7.3 -2.6 -2.7 -2.7 -2.7 -2.7 -2.7 -2.7 -2.7 8

 9 Nonfarm noncorporate business 1.4 -0.4 2.0 0.8 -1.1 -0.8 -1.1 -1.3 -1.2 -1.1 -1.1 9

10 State and local governments 0.9 1.2 0.7 -0.4 0.8 0.1 0.9 1.3 0.8 1.2 -0.5 10

11 Federal government 2.8 3.7 2.1 10.4 6.4 4.4 11.6 14.4 -5.0 -9.4 2.3 11

12 Commercial banking 128.7 133.8 100.4 117.9 -32.5 20.2 -12.3 -59.5 -78.5 -72.1 -111.9 12

13 Savings institutions 4.9 11.3 9.1 6.7 -4.2 0.3 2.5 -7.9 -11.8 -1.3 -9.9 13

14 Property-casualty insurance companies 0.3 0.7 1.3 0.2 -0.5 0.2 0.2 -1.0 -1.4 -0.7 -0.1 14

15 Life insurance companies 10.2 11.1 16.8 14.9 -9.3 -5.4 -13.0 -10.4 -8.5 -8.1 -12.1 15

16 Private pension funds -0.1 -0.2 0.7 0.5 1.5 0.7 1.2 1.9 2.2 2.7 3.0 16

17 State and local govt. retirement funds 0.5 -0.7 -1.6 -0.1 -0.0 -0.1 0.0 -0.0 -0.1 0.0 -0.0 17

18 Agency- and GSE-backed mortgage pools 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 18

19 ABS issuers 95.3 98.7 125.4 -30.0 -43.1 -7.3 -32.7 -35.9 -96.7 -21.1 -51.7 19

20 Finance companies -2.4 5.2 2.9 12.6 -2.0 -1.8 -3.7 -0.4 -2.2 2.3 -7.7 20

21 REITs 3.2 10.3 9.9 -1.7 -5.5 -4.6 -5.1 -11.3 -0.9 1.7 3.4 21

F.221 Farm Mortgages (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net borrowing (Farm business) 9.1 3.3 4.6 20.9 0.9 0.9 0.9 0.9 0.9 -4.4 -4.4 1

 2 Net change in assets 9.1 3.3 4.6 20.9 0.9 0.9 0.9 0.9 0.9 -4.4 -4.4 2

 3 Household sector 1.1 -4.5 -3.0 0.3 -0.7 0.4 -0.4 -1.6 -1.1 3.5 -2.8 3

 4 Nonfarm noncorporate business 0.1 -0.0 0.1 0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 4

 5 State and local governments 0.1 0.1 0.1 -0.1 0.1 0.0 0.1 0.2 0.1 0.1 -0.1 5

 6 Federal government -0.0 -0.0 0.1 0.2 0.4 -0.1 0.1 1.0 0.6 0.3 0.0 6

 7 Commercial banking 3.3 2.2 1.7 7.8 0.6 0.6 0.6 0.6 0.6 -1.6 -1.7 7

 8 Savings institutions 0.0 0.1 0.1 0.0 -0.0 -0.0 0.0 -0.0 -0.1 -0.1 0.0 8

 9 Life insurance companies 0.6 0.7 0.7 2.0 -0.5 -0.5 -0.5 -0.5 -0.5 -0.5 -0.5 9

10 State and local govt. retirement funds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10

11 Government-sponsored enterprises 4.0 2.2 3.3 10.3 1.3 0.8 1.2 1.6 1.4 -3.5 -1.3 11

12 Agency- and GSE-backed mortgage pools -0.1 2.3 1.4 0.1 -0.2 -0.2 -0.2 -0.3 -0.1 -2.6 1.9 12

(1) Excludes mortgages on farm houses.
Z.1, September 17, 2010 53

F.222 Consumer Credit

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2005 2006 2007 2008 2009 2009 2010

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Net change in liabilities (Households) 100.4 95.4 139.3 38.8 -115.3 -96.9 -124.4 -98.9 -140.8 -46.8 -60.8 1

 2 Net change in assets 100.4 95.4 139.3 38.8 -115.3 -96.9 -124.4 -98.9 -140.8 -46.8 -60.8 2

 3 Nonfinancial corporate business 0.4 -2.0 1.0 1.2 -2.6 4.0 -18.6 1.9 2.2 24.3 -8.7 3

 4 Nonfarm noncorporate business 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 Federal government 3.7 1.9 6.7 12.6 75.0 36.4 57.0 86.7 119.9 84.6 57.2 5

 6 Commercial banking 2.8 34.2 62.9 74.5 -50.6 5.3 -38.8 -73.4 -95.3 20.4 -41.6 6

 7 Savings institutions 17.8 -13.5 -4.8 -4.5 -8.8 -25.1 -16.6 8.9 -2.3 -14.2 10.5 7

 8 Credit unions 13.2 5.9 1.2 0.5 1.0 3.2 3.0 5.7 -8.0 -20.9 -0.8 8

 9 Government-sponsored enterprises 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

10 ABS issuers 38.4 51.2 22.6 -37.3 -41.3 -54.1 -36.0 -44.9 -30.0 -79.3 -45.1 10

11 Finance companies 24.2 17.8 49.7 -8.3 -88.0 -66.6 -74.3 -83.9 -127.2 -61.7 -32.3 11

F.223 Trade Credit

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net change in trade payables 340.8 189.1 202.0 -65.4 11.9 -196.6 -60.5 140.7 163.9 243.8 186.0 1

 2 Household sector 13.0 13.6 14.6 15.7 10.9 6.4 7.9 16.5 12.9 20.4 20.0 2

 3 Nonfinancial corporate business 199.4 110.3 85.9 -157.9 -64.9 -271.1 -112.5 14.5 109.6 214.4 147.5 3

 4 Nonfarm noncorporate business 52.0 20.0 29.3 20.2 -29.5 -20.5 -29.5 -35.1 -32.8 -28.9 -29.0 4

 5 Farm business -2.8 -7.0 -4.1 24.6 4.7 0.1 6.2 6.4 6.1 -1.9 -1.9 5

 6 State and local governments 32.1 34.4 37.0 39.6 38.4 38.1 38.4 38.5 38.5 38.6 39.0 6

 7 Federal government 33.7 6.2 29.3 27.0 5.4 -44.5 -29.6 43.0 52.5 31.7 4.4 7

 8 Rest of the world 6.3 6.2 12.4 -9.9 -2.0 -11.6 31.8 7.3 -35.6 0.7 47.1 8

 9 Brokers and dealers 7.0 5.2 -2.4 -24.7 48.9 106.5 26.9 49.6 12.6 -31.4 -41.0 9

10 Net change in trade receivables 371.2 43.1 250.6 -101.2 -105.4 -355.9 -88.9 14.6 8.7 108.6 128.3 10

11 Nonfinancial corporate business 277.6 -18.3 163.1 -126.5 -37.1 -277.8 -35.4 75.9 88.8 140.8 160.1 11

12 Nonfarm noncorporate business 66.6 40.0 54.7 34.4 -50.2 -34.9 -50.3 -59.9 -55.9 -49.2 -49.5 12

13 State and local governments 10.2 13.8 8.9 -4.8 9.1 1.3 10.9 15.2 9.1 13.9 -5.4 13

14 Federal government 9.2 -11.6 1.2 4.2 7.9 0.2 2.7 4.0 24.5 6.8 -13.1 14

15 Rest of the world 7.9 5.9 20.8 6.3 3.1 -10.0 17.5 26.6 -21.5 15.4 30.1 15

16 Property-casualty insurance companies 2.4 4.9 -1.6 1.3 -3.7 2.8 -0.4 -7.7 -9.7 7.4 7.8 16

17 ABS issuers -2.8 8.5 3.4 -16.1 -34.5 -37.6 -33.9 -39.6 -26.8 -26.5 -1.6 17

18 Discrepancy -30.4 145.9 -48.5 35.9 117.3 159.3 28.4 126.1 155.2 135.1 57.8 18

F.224 Security Credit

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net change in liabilities 0.2 211.5 276.5 -397.9 -95.9 -487.7 -53.6 44.8 112.9 27.3 163.0 1

 2 Household sector -31.6 59.7 33.4 -160.7 38.1 -122.3 53.6 104.4 116.9 -26.4 82.5 2

 3 Rest of the world 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3

 4 Brokers and dealers 31.8 151.8 243.0 -237.3 -134.0 -365.4 -107.1 -59.6 -3.9 53.7 80.5 4

 5 Customer credit balances (HH) -3.0 80.4 210.8 -123.8 -74.1 -305.2 -36.2 57.7 -12.6 45.7 22.6 5

 6 From U.S.-chartered commercial banks -6.6 20.9 29.3 12.8 -59.2 -78.1 -73.0 -89.5 3.9 8.0 17.6 6

 7 From foreign banking offices in U.S. 41.4 50.6 3.0 -126.3 -0.8 17.9 2.1 -27.7 4.7 -0.0 40.3 7

 8 Net change in assets 0.2 211.5 276.5 -397.9 -95.9 -487.7 -53.6 44.8 112.9 27.3 163.0 8

 9 Household sector -3.0 80.4 210.8 -123.8 -74.1 -305.2 -36.2 57.7 -12.6 45.7 22.6 9

10 Rest of the world 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10

11 Commercial banking 34.8 71.5 32.3 -113.5 -59.9 -60.2 -70.9 -117.3 8.6 8.0 57.9 11

12 Brokers and dealers -31.6 59.7 33.4 -160.7 38.1 -122.3 53.6 104.4 116.9 -26.4 82.5 12
54 Z.1, September 17, 2010

F.225 Life Insurance and Pension Fund Reserves

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2005 2006 2007 2008 2009 2009 2010

 Q1 Q2 Q3 Q4 Q1 Q2

 Life insurance reserves:

 1 Net change in liabilities 16.1 65.6 34.2 67.0 27.8 66.4 8.0 0.8 36.1 56.2 67.7 1

 2 Federal government 1.1 1.5 1.2 1.0 1.1 -0.2 2.1 0.2 2.4 -0.3 0.7 2

 3 Life insurance companies 14.9 64.1 33.0 66.0 26.7 66.5 6.0 0.6 33.7 56.5 67.0 3

 4 Net change in assets (Households) 16.1 65.6 34.2 67.0 27.8 66.4 8.0 0.8 36.1 56.2 67.7 4

 Pension fund reserves:

 5 Net change in liabilities 275.4 250.6 200.8 112.7 133.0 22.1 98.4 208.8 202.9 121.0 167.0 5

 6 Life insurance companies 142.1 100.5 118.6 65.5 35.7 50.1 2.2 43.1 47.3 53.2 104.1 6

 7 Private pension funds (1) 72.8 53.8 32.4 -50.4 35.7 -39.2 45.9 97.6 38.4 31.3 28.6 7

 8 State and local govt. retirement funds 5.8 45.9 2.0 18.7 -16.5 -19.6 -12.6 -1.7 -32.1 -20.7 -30.3 8

 9 Federal government retirement funds (2) 54.7 50.4 47.8 78.9 78.2 30.8 62.9 69.7 149.3 57.1 64.7 9

10 Net change in assets (Households) (3) 275.4 250.6 200.8 112.7 133.0 22.1 98.4 208.8 202.9 121.0 167.0 10

(1) Includes unallocated insurance company contracts beginning 1985:Q4.

(2) Includes the Thrift Savings Plan, the National Railroad Retirement Investment Trust, and other federal government retirement funds.

(3) Excludes all individual retirement accounts (IRAs) (table F.225.i), except those at life insurance companies.

F.226 Taxes Payable by Businesses

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net change in taxes payable by all -4.7 22.5 -69.3 -127.6 -0.7 -26.6 -38.9 102.4 -39.8 10.2 -16.0 1

 businesses

 2 Nonfinancial corporate business -1.8 -0.8 -49.6 3.1 -2.7 -31.4 -19.0 21.3 18.3 26.8 -20.2 2

 3 Nonfarm noncorporate business 8.7 9.0 3.8 2.8 -4.2 -2.9 -4.2 -5.0 -4.6 -4.1 -4.1 3

 4 U.S.-chartered commercial banks -7.9 -1.1 -13.6 -85.7 7.1 8.0 -33.1 59.7 -6.4 -24.3 36.1 4

 5 Savings institutions 0.1 -0.4 -2.0 -0.3 0.3 1.4 -2.3 2.3 -0.2 1.0 -2.0 5

 6 Property-casualty insurance companies -3.1 11.0 -2.4 -28.1 5.3 -12.5 14.8 24.2 -5.2 12.6 -25.8 6

 7 Life insurance companies -2.6 4.0 -3.4 -19.7 -7.0 10.2 0.7 -4.0 -35.0 4.0 -0.2 7

 8 Finance companies 1.9 0.0 -1.5 -0.1 -2.8 -0.3 -3.2 -3.1 -4.5 -0.4 0.1 8

 9 Brokers and dealers -0.1 0.7 -0.6 0.3 3.2 0.8 7.3 7.0 -2.1 -5.3 -0.1 9

10 Net change in business taxes receivable 40.9 5.1 -34.7 -68.8 7.7 -53.7 54.2 7.7 22.8 11.0 58.5 10

11 State and local governments 15.5 11.5 0.8 -7.3 -12.6 -12.5 -15.2 -13.1 -9.4 11.7 17.9 11

12 Federal government 25.3 -6.3 -35.5 -61.4 20.3 -41.2 69.4 20.8 32.2 -0.7 40.6 12

13 Discrepancy -45.6 17.3 -34.6 -58.8 -8.5 27.0 -93.1 94.7 -62.6 -0.8 -74.5 13

F.227 Proprietors’ Equity in Noncorporate Business

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Total household investment -37.1 18.0 -30.5 -33.7 -5.1 11.1 -26.0 -11.5 6.1 6.9 20.5 1

 2 Nonfarm noncorporate business -30.9 22.3 -31.6 -29.4 -6.2 -15.4 -11.7 -2.2 4.5 -14.5 1.8 2

 3 Farm business -5.0 2.4 -1.4 -15.8 4.8 4.0 7.3 0.2 7.7 22.6 26.3 3

 4 Brokers and dealers -1.2 -6.8 2.4 11.5 -3.6 22.5 -21.6 -9.5 -6.1 -1.3 -7.6 4
Z.1, September 17, 2010 55

F.228 Total Miscellaneous Financial Claims

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2005 2006 2007 2008 2009 2009 2010

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Net change in liabilities 1265.0 1859.0 2543.0 2331.7 -84.0 737.9 -1042.0 746.1 -778.1 1330.2 1440.9 1

 2 Household sector 1.0 0.5 1.0 3.2 -4.9 -2.0 -6.7 -1.5 -9.5 10.1 3.8 2

 3 Nonfinancial corporate business 781.7 825.5 1275.6 714.8 391.3 509.4 103.0 295.0 657.7 67.9 534.5 3

 4 Nonfarm noncorporate business 142.8 144.8 94.1 74.5 -11.5 -10.0 -16.7 -13.2 -6.1 25.1 -35.4 4

 5 Federal government 68.0 59.4 76.6 89.5 81.4 -22.0 68.8 55.5 223.5 21.1 72.5 5

 6 Rest of the world 24.9 467.0 509.7 613.3 -198.0 -512.3 -360.4 427.4 -346.7 476.5 440.1 6

 7 Monetary authority 2.8 3.2 2.5 2.2 6.1 36.0 33.8 -102.7 57.2 40.8 11.1 7

 8 Commercial banking 32.5 25.2 159.3 364.3 -241.7 301.7 -530.3 21.8 -759.8 631.8 474.4 8

 9 Savings institutions 27.3 19.7 22.2 -30.1 -50.5 40.2 -68.1 -95.2 -78.9 33.0 37.3 9

10 Credit unions 2.6 -2.7 -5.6 1.1 14.7 67.7 1.1 -8.3 -1.7 -29.8 7.9 10

11 Property-casualty insurance companies 52.2 39.7 12.3 32.8 -5.2 -40.9 5.4 22.1 -7.2 -1.5 33.2 11

12 Life insurance companies 19.5 50.9 67.6 46.8 -17.8 -38.6 -39.8 80.7 -73.4 28.0 6.2 12

13 Government-sponsored enterprises -1.9 11.6 17.7 41.0 58.3 131.6 8.8 63.5 29.3 65.6 -55.9 13

14 Finance companies 28.2 13.7 -6.9 10.4 -91.2 -53.8 -97.3 -150.2 -63.6 -82.2 20.4 14

15 REITs 4.3 7.8 3.4 -3.7 -22.8 -48.2 4.2 -23.3 -23.9 39.1 -26.4 15

16 Brokers and dealers 26.2 97.8 38.2 -100.4 26.1 63.0 145.5 110.5 -214.7 320.8 -111.1 16

17 Funding corporations 52.9 94.9 275.4 472.1 -18.3 316.1 -293.2 64.2 -160.4 -316.1 28.1 17

18 Net change in assets 1355.2 2588.4 2598.1 782.1 -429.6 -629.7 -1147.3 -42.8 101.3 938.1 406.3 18

19 Household sector 58.0 37.4 66.1 55.2 21.1 -13.1 7.5 26.5 63.4 4.9 61.4 19

20 Nonfinancial corporate business 441.2 718.6 929.6 191.1 98.2 189.9 47.8 26.8 128.3 500.1 653.5 20

21 Nonfarm noncorporate business 256.0 378.9 328.4 129.2 -188.5 -130.9 -188.6 -224.6 -209.7 -184.7 -185.7 21

22 Farm business 1.3 4.1 3.4 1.8 1.7 1.6 1.7 1.7 1.7 0.5 0.5 22

23 State and local governments -8.9 74.2 108.4 49.5 43.3 -24.0 50.9 102.7 43.7 77.5 50.2 23

24 Federal government -0.3 3.1 1.9 -28.0 35.4 11.1 -18.4 -45.3 194.0 7.3 -66.1 24

25 Rest of the world 167.5 694.5 649.5 -295.1 162.4 147.2 123.3 455.0 -75.8 363.2 515.1 25

26 Monetary authority -3.2 0.1 25.8 530.2 -493.8 -954.4 -674.4 -191.1 -155.4 -34.1 -1.6 26

27 Commercial banking 94.3 148.6 137.0 684.5 -84.0 353.8 -188.1 -229.9 -271.8 378.4 306.8 27

28 Savings institutions -58.8 -4.5 6.2 -25.4 -15.1 2.7 -87.5 -110.7 135.2 -52.5 -17.8 28

29 Credit unions -0.3 0.8 11.0 8.4 6.4 49.0 -3.7 -5.0 -14.8 -45.2 -6.9 29

30 Property-casualty insurance companies 10.8 3.1 17.6 6.8 15.7 6.9 6.6 21.8 27.6 8.2 10.2 30

31 Life insurance companies 21.4 41.1 39.9 47.7 -115.1 -127.4 -183.8 -51.4 -97.6 73.1 55.0 31

32 Private pension funds -10.4 1.3 17.5 11.3 21.6 -2.2 65.5 11.2 12.1 -47.6 13.1 32

33 State and local govt. retirement funds -0.6 1.0 -0.6 -0.0 0.5 -0.6 0.4 1.8 0.7 0.4 0.5 33

34 Federal government retirement funds 40.0 35.8 33.3 63.3 61.9 17.3 45.2 57.3 127.9 42.2 47.2 34

35 Money market mutual funds -10.0 15.9 31.8 -43.1 11.3 85.1 -233.0 -52.1 245.1 60.2 -262.0 35

36 Mutual funds 3.7 3.3 2.8 3.2 -5.1 -15.8 4.9 7.0 -16.5 -26.4 0.0 36

37 Government-sponsored enterprises 4.0 -3.2 27.0 -46.7 -17.2 29.3 55.0 -110.4 -42.8 -165.8 -34.2 37

38 Finance companies 52.2 -30.2 1.7 11.8 31.9 7.7 33.0 0.1 87.0 -128.4 9.8 38

39 REITs 11.6 7.8 -4.4 -0.7 -8.4 -2.9 -16.1 -0.5 -14.0 10.4 9.5 39

40 Brokers and dealers 217.7 425.1 47.3 -615.1 54.9 -295.3 263.5 412.1 -160.6 151.4 -569.9 40

41 Funding corporations 67.9 31.9 116.9 42.1 -68.9 35.2 -258.9 -145.7 93.8 -55.3 -182.3 41

42 Discrepancy -90.2 -729.4 -55.1 1549.6 345.6 1367.6 105.3 788.8 -879.4 392.2 1034.6 42
56 Z.1, September 17, 2010

F.229 Identified Miscellaneous Financial Claims - Part I

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2005 2006 2007 2008 2009 2009 2010

 Q1 Q2 Q3 Q4 Q1 Q2

 U.S. direct investment abroad (1):

 1 Liab.: Rest of the world 36.2 244.9 414.0 351.1 268.7 180.6 248.3 313.3 332.6 411.8 325.9 1

 2 Equity 61.9 49.0 200.9 145.5 18.4 8.4 -2.1 38.0 29.4 120.7 43.1 2

 3 Reinvested earnings -10.3 217.3 230.5 239.5 239.9 179.0 237.0 240.8 302.8 322.5 291.4 3

 4 Intercompany accounts -15.4 -21.4 -17.3 -33.9 10.3 -6.8 13.4 34.4 0.4 -31.5 -8.6 4

 5 Asset: Nonfinancial corporate business 24.7 219.2 307.0 276.2 249.9 186.9 236.7 253.5 322.4 389.9 256.7 5

 6 Commercial banking 0.5 -1.7 32.8 18.6 -8.9 -7.7 -15.6 17.2 -29.4 -4.6 30.8 6

 7 Property-casualty insurance companies 10.8 3.1 17.6 6.8 15.7 6.9 6.6 21.8 27.6 8.2 10.2 7

 8 Life insurance companies 1.4 0.8 5.8 4.5 0.9 -3.2 9.0 2.7 -5.0 2.4 4.4 8

 9 Finance companies 4.5 8.0 26.4 22.8 5.7 -2.2 6.6 9.4 9.0 2.2 16.4 9

10 Brokers and dealers -5.7 15.6 24.4 22.2 5.4 -0.1 4.9 8.7 8.2 13.7 7.5 10

 Foreign direct investment in U.S. (1):

11 Liab.: Nonfinancial corporate business 98.7 191.0 287.0 234.9 100.7 43.8 70.6 173.5 114.8 163.5 91.6 11

12 Nonfarm noncorporate business 0.1 0.2 0.2 0.1 0.3 0.3 0.1 0.2 0.4 0.1 0.1 12

13 Commercial banking 9.4 13.8 -1.2 23.2 9.0 -5.4 3.5 15.6 22.3 14.5 12.3 13

14 Property-casualty insurance companies -0.1 23.1 -6.4 7.4 -0.2 -32.9 7.3 18.9 6.1 2.2 6.1 14

15 Life insurance companies 0.4 14.4 -0.6 13.1 6.9 10.4 14.7 9.4 -7.1 6.0 3.2 15

16 Finance companies 6.3 5.2 -9.4 23.0 7.6 13.4 17.6 5.1 -5.6 6.6 -1.3 16

17 Brokers and dealers -2.6 -5.1 1.0 26.1 9.8 -6.8 11.8 -0.1 34.4 12.9 -3.8 17

18 Funding corporations 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 18

19 Asset: Rest of the world 112.6 243.2 271.2 328.3 134.7 23.5 126.1 223.2 166.1 206.3 108.7 19

20 Equity 70.7 115.0 152.8 261.6 94.8 78.2 101.5 108.6 90.8 66.7 79.2 20

21 Reinvested earnings 41.7 69.1 55.2 47.0 28.5 -39.3 24.3 42.5 86.4 73.8 77.7 21

22 Intercompany accounts 0.2 59.0 63.2 19.8 11.5 -15.4 0.3 72.1 -11.1 65.8 -48.1 22

 Federal government equity in IBRD, etc.:

23 Liab.: Rest of the world 1.3 2.0 1.7 1.4 1.7 0.6 5.2 0.3 0.6 1.9 5.3 23

24 Asset: Federal government 1.3 2.0 1.7 1.4 1.7 0.6 5.2 0.3 0.6 1.9 5.3 24

 Federal Reserve Bank stock:

25 Liab.: Monetary authority 1.6 1.8 3.1 2.6 4.6 5.9 6.8 2.7 2.9 2.5 1.5 25

26 Asset: Commercial banking 1.6 1.8 3.1 2.6 4.6 5.9 6.8 2.7 2.9 2.5 1.5 26

 Equity in govt.-sponsored enterprises:

27 Liab.: Government-sponsored enterprises 1.9 0.2 9.1 -0.3 -3.9 -8.7 7.2 -2.8 -11.3 -3.1 -1.9 27

28 Asset: Nonfin. corporate business (Fannie Mae) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 28

29 Nonfarm noncorporate (Farm Credit System) -0.1 0.1 0.3 0.9 0.7 0.0 0.8 1.4 0.7 -0.1 0.8 29

30 Farm business (Farm Credit System) 0.1 0.2 0.5 -0.5 -0.0 0.5 -0.4 -0.8 0.5 0.2 -0.6 30

31 Federal government 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 31

32 Commercial banks (FHLB) 0.8 2.7 3.8 -1.0 -0.9 -3.8 10.0 -1.5 -8.2 -2.6 -1.7 32

33 Savings institutions (FHLB) 1.1 -2.9 3.3 -0.9 -3.0 -4.0 -3.6 -1.5 -2.7 -0.2 -0.7 33

34 Credit unions (FHLB) 0.1 0.2 0.6 0.3 -0.4 -1.3 0.4 -0.0 -0.5 -0.0 0.0 34

35 Life insurance companies (FHLB) -0.1 0.0 0.6 1.0 -0.3 -0.0 0.1 -0.4 -1.0 -0.4 0.3 35

 BHC investment in subsidiaries:

36 Liab.: Commercial banking 40.0 110.0 126.1 48.2 102.8 7.7 61.7 240.1 101.7 -14.4 97.3 36

37 Savings institutions 3.7 2.1 0.6 6.3 -9.5 -30.4 1.1 -1.5 -7.0 3.7 -0.7 37

38 Life insurance companies 9.7 2.7 5.3 -12.5 9.3 -5.8 16.6 27.9 -1.6 10.9 15.0 38

39 Finance companies -38.9 3.2 41.5 -7.3 -23.3 -25.4 -54.2 -17.2 3.5 -9.3 -11.0 39

40 Brokers and dealers 68.2 38.3 -110.3 57.3 -122.1 7.2 8.3 -195.6 -308.1 182.8 24.1 40

41 Asset: Bank holding companies 82.7 156.2 63.1 92.0 -42.7 -46.8 33.5 53.7 -211.4 173.7 124.7 41

 NFC investment in finance company subs.:

42 Liab.: Finance companies 64.4 22.9 -54.8 -1.1 -9.3 -14.0 -18.4 -5.9 1.2 -3.2 -3.7 42

43 Asset: Nonfinancial corporate business 64.4 22.9 -54.8 -1.1 -9.3 -14.0 -18.4 -5.9 1.2 -3.2 -3.7 43

 Funding corp. investment in subs.:

44 Liab.: Foreign banking offices in U.S. 21.0 8.6 43.7 35.6 -75.7 -29.2 -179.5 -101.3 7.2 -56.2 -145.9 44

45 Brokers and dealers 46.9 23.3 73.2 6.4 6.8 64.4 -79.4 -44.4 86.6 0.9 -36.4 45

46 Asset: Funding corporations 67.9 31.9 116.9 42.1 -68.9 35.2 -258.9 -145.7 93.8 -55.3 -182.3 46

 Equity investment under Public-Private Inv. Program:

47 Liab.: Funding corporations 0.0 0.0 0.0 0.0 2.4 0.0 0.0 0.0 9.6 13.4 10.2 47

48 Asset: Households (2) 0.0 0.0 0.0 0.0 1.2 0.0 0.0 0.0 4.8 6.7 5.1 48

49 Federal government 0.0 0.0 0.0 0.0 1.2 0.0 0.0 0.0 4.8 6.7 5.1 49

(1) Direct investment is valued on a current-cost basis. Excludes capital gains and losses. Components of direct investment--equity, reinvested earnings, intercompany accounts--

 are not available before 1982.

(2) Funds invested by financial institutions such as domestic hedge funds through the Public-Private Investment Program (PPIP).
Z.1, September 17, 2010 57

F.230 Identified Miscellaneous Financial Claims - Part II

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2005 2006 2007 2008 2009 2009 2010

 Q1 Q2 Q3 Q4 Q1 Q2

 Nonofficial foreign currencies:

 1 Liab.: Rest of the world -2.2 -0.0 23.9 529.8 -543.3 -975.4 -781.1 -231.3 -185.3 -41.1 5.2 1

 2 Asset: Federal government -2.2 -0.0 -0.1 0.0 0.2 -0.2 0.3 0.0 0.6 -0.0 0.2 2

 3 Monetary authority (1) 0.0 0.0 24.0 529.7 -543.5 -975.2 -781.3 -231.3 -185.9 -41.1 5.0 3

 Postal Savings System deposits:

 4 Liab.: Federal government 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 Asset: Household sector 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5

 Deposits at Federal Home Loan Banks:

 6 Liab.: Government-sponsored enterprises 0.8 -0.2 1.9 -5.4 0.4 14.0 -3.3 -14.0 5.0 21.0 -13.3 6

 7 Asset: Savings institutions 0.8 -0.2 1.9 -5.4 0.4 14.0 -3.3 -14.0 5.0 21.0 -13.3 7

 Deferred and unpaid life insurance premiums:

 8 Liab.: Household sector 1.0 0.5 1.0 3.2 -4.9 -2.0 -6.7 -1.5 -9.5 10.1 3.8 8

 9 Asset: Life insurance companies 1.0 0.5 1.0 3.2 -4.9 -2.0 -6.7 -1.5 -9.5 10.1 3.8 9

 Life insurance company reserves:

10 Liab.: Life insurance companies 9.5 14.8 15.5 17.6 8.4 9.0 5.9 22.8 -4.0 4.7 39.0 10

11 Health 7.9 11.5 13.5 19.5 9.7 8.8 9.0 22.8 -1.8 4.2 18.2 11

12 Policy dividend accumulation 1.0 0.8 0.2 -3.4 -1.1 6.7 -3.7 -2.4 -5.2 -3.6 24.9 12

13 Policy and contract claims 0.6 2.5 1.8 1.5 -0.1 -6.5 0.5 2.3 3.1 4.1 -4.1 13

14 Asset: Household sector 9.5 14.8 15.5 17.6 8.4 9.0 5.9 22.8 -4.0 4.7 39.0 14

 Policy payables:

15 Liab.: Property-casualty insurance companies 52.3 16.6 18.7 25.4 -5.0 -8.0 -1.9 3.2 -13.3 -3.6 27.2 15

16 Asset: Household sector 25.6 4.6 6.7 11.1 -5.1 -5.3 -3.1 -0.8 -11.3 -2.1 12.7 16

17 Nonfinancial corporate business 20.7 6.6 7.4 9.9 -1.8 -3.2 -0.8 1.3 -4.7 -1.4 10.7 17

18 Nonfarm noncorporate business 4.9 1.6 1.7 2.1 0.2 -0.7 -0.2 0.3 1.5 -0.3 2.6 18

19 Farm business 1.2 3.9 2.9 2.3 1.7 1.2 2.1 2.4 1.1 0.3 1.1 19

 Unallocated insurance company contracts:

20 Liab.: Life insurance companies -1.4 -1.5 26.3 38.2 10.1 14.6 20.1 -3.8 9.6 -28.1 14.6 20

21 Asset: Private pension funds -1.4 -1.5 26.3 38.2 10.1 14.6 20.1 -3.8 9.6 -28.1 14.6 21

 Pension fund contributions payable:

22 Liab.: Nonfinancial corporate business -1.9 -2.0 4.4 0.7 2.5 3.5 18.2 -7.0 -4.6 -2.2 -1.3 22

23 Asset: Private pension funds -1.9 -2.0 4.4 0.7 2.5 3.5 18.2 -7.0 -4.6 -2.2 -1.3 23

 Securities borrowed (net):

24 Liab.: Funding corporations 174.9 302.6 -2.1 -353.2 -30.2 -339.3 165.9 182.2 -129.6 -54.1 -342.7 24

25 Asset: Brokers and dealers 174.9 302.6 -2.1 -353.2 -30.2 -339.3 165.9 182.2 -129.6 -54.1 -342.7 25

 Nonmarketable government securities:

26 Liab.: Federal government 40.0 35.8 33.3 63.3 61.9 17.3 45.2 57.3 127.9 42.2 47.2 26

27 Asset: Federal government retirement funds 40.0 35.8 33.3 63.3 61.9 17.3 45.2 57.3 127.9 42.2 47.2 27

 Retiree health care funds (2):

28 Liab.: Federal government 23.0 18.1 43.9 26.5 16.6 -16.8 4.7 4.5 73.9 -4.3 4.6 28

29 Asset: Household sector 23.0 18.1 43.9 26.5 16.6 -16.8 4.7 4.5 73.9 -4.3 4.6 29

(1) Reciprocal currency arrangements (swap lines) with foreign central banks.

(2) Includes Uniform Services Retiree Health Care Fund and Postal Service Retiree Health Benefits Fund.
58 Z.1, September 17, 2010

F.231 Unidentified Miscellaneous Financial Claims

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2005 2006 2007 2008 2009 2009 2010

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Net change in liabilities 600.3 771.3 1551.8 1169.5 112.2 1844.9 -658.8 294.8 -1032.2 637.7 1268.3 1

 2 Nonfinancial corporate business 684.9 636.5 984.1 479.3 288.1 462.1 14.3 128.5 547.6 -93.4 444.2 2

 3 Nonfarm noncorporate business 142.7 144.6 93.9 74.5 -11.8 -10.3 -16.8 -13.4 -6.5 25.0 -35.5 3

 4 Federal government 5.0 5.6 -0.6 -0.3 2.9 -22.5 18.9 -6.3 21.7 -16.8 20.8 4

 5 Rest of the world -10.4 220.1 70.1 -269.0 74.9 282.0 167.2 345.1 -494.5 103.9 103.7 5

 6 Monetary authority 1.1 1.4 -0.7 -0.5 1.5 30.0 27.0 -105.4 54.4 38.4 9.7 6

 7 Commercial banking -37.8 -107.1 -9.2 257.2 -277.7 328.6 -416.0 -132.6 -891.0 688.0 510.7 7

 8 U.S.-chartered commercial banks -74.5 -50.0 -95.2 -53.3 148.6 546.3 -141.0 205.8 -16.7 525.0 -159.4 8

 9 Foreign banking offices in U.S. 24.2 -131.3 102.3 490.7 -351.3 -58.4 -324.8 -374.1 -647.8 86.2 588.4 9

10 Bank holding companies 12.8 78.7 -4.8 -175.7 -78.4 -159.8 53.8 12.1 -219.5 87.8 65.9 10

11 Banks in U.S.-affiliated areas -0.3 -4.4 -11.6 -4.5 3.3 0.5 -4.0 23.6 -7.0 -11.2 15.7 11

12 Savings institutions 23.6 17.6 21.6 -36.4 -41.1 70.6 -69.2 -93.7 -71.9 29.3 38.0 12

13 Credit unions 2.6 -2.7 -5.6 1.1 14.7 67.7 1.1 -8.3 -1.7 -29.8 7.9 13

14 Life insurance companies 1.4 20.5 21.1 -9.6 -52.5 -66.8 -97.1 24.4 -70.5 34.4 -65.6 14

15 Government-sponsored enterprises -4.6 11.6 6.7 46.7 61.8 126.3 4.9 80.3 35.6 47.7 -40.7 15

16 Finance companies -3.7 -17.8 15.8 -4.2 -66.3 -27.8 -42.3 -132.3 -62.8 -76.3 36.5 16

17 REITs 4.3 7.8 3.4 -3.7 -22.8 -48.2 4.2 -23.3 -23.9 39.1 -26.4 17

18 Brokers and dealers -86.2 41.4 74.4 -190.2 131.5 -1.7 204.8 350.5 -27.6 124.3 -95.0 18

19 Funding corporations -122.6 -208.3 276.9 824.7 8.9 654.8 -459.7 -118.6 -40.9 -276.0 360.1 19

20 Net change in assets 690.5 1500.7 1607.0 -380.1 -233.4 477.3 -764.1 -494.0 -152.8 245.5 233.7 20

21 Nonfinancial corporate business 331.4 469.9 670.1 -93.9 -140.5 20.3 -169.7 -222.1 -190.6 114.9 389.8 21

22 Nonfarm noncorporate business 251.2 377.2 326.4 126.2 -189.4 -130.2 -189.2 -226.3 -211.9 -184.2 -189.1 22

23 State and local governments -8.9 74.2 108.4 49.5 43.3 -24.0 50.9 102.7 43.7 77.5 50.2 23

24 Federal government 0.6 1.0 0.4 -29.4 32.3 10.8 -23.9 -45.6 188.1 -1.3 -76.8 24

25 Rest of the world 54.9 451.4 378.3 -623.4 27.7 123.7 -2.8 231.7 -241.9 156.9 406.4 25

26 Monetary authority -3.2 0.1 1.8 0.5 49.6 20.9 107.0 40.2 30.5 7.0 -6.5 26

27 Commercial banking 8.6 -10.5 34.2 572.3 -36.0 406.1 -222.8 -301.8 -25.7 209.5 151.5 27

28 U.S.-chartered commercial banks 24.4 97.2 -18.4 114.6 48.6 17.1 63.6 -145.9 259.7 106.3 -185.6 28

29 Foreign banking offices in U.S. -32.2 -143.9 14.7 364.1 -120.2 40.5 -230.1 -110.8 -180.3 171.2 267.4 29

30 Bank holding companies 16.2 35.6 31.7 94.5 40.0 352.8 -52.5 -40.9 -99.2 -71.7 46.4 30

31 Banks in U.S.-affiliated areas 0.1 0.6 6.1 -1.0 -4.5 -4.3 -3.8 -4.2 -5.9 3.7 23.3 31

32 Savings institutions -60.6 -1.4 1.0 -19.2 -12.5 -7.2 -80.6 -95.1 132.9 -73.3 -3.8 32

33 Credit unions -0.5 0.6 10.4 8.1 6.8 50.4 -4.0 -5.0 -14.2 -45.2 -6.9 33

34 Life insurance companies 19.2 39.8 32.5 39.1 -110.7 -122.2 -186.2 -52.3 -82.1 61.0 46.4 34

35 Private pension funds -7.1 4.8 -13.2 -27.6 9.0 -20.3 27.2 21.9 7.1 -17.3 -0.2 35

36 State and local govt. retirement funds -0.6 1.0 -0.6 -0.0 0.5 -0.6 0.4 1.8 0.7 0.4 0.5 36

37 Money market mutual funds -10.0 15.9 31.8 -43.1 11.3 85.1 -233.0 -52.1 245.1 60.2 -262.0 37

38 Mutual funds 3.7 3.3 2.8 3.2 -5.1 -15.8 4.9 7.0 -16.5 -26.4 0.0 38

39 Government-sponsored enterprises 4.0 -3.2 27.0 -46.7 -17.2 29.3 55.0 -110.4 -42.8 -165.8 -34.2 39

40 Finance companies 47.7 -38.2 -24.7 -11.0 26.2 9.9 26.4 -9.3 78.0 -130.6 -6.5 40

41 REITs 11.6 7.8 -4.4 -0.7 -8.4 -2.9 -16.1 -0.5 -14.0 10.4 9.5 41

42 Brokers and dealers 48.5 106.9 24.9 -284.1 79.7 44.1 92.7 221.2 -39.2 191.7 -234.6 42

43 Discrepancy -90.2 -729.4 -55.1 1549.6 345.6 1367.6 105.3 788.8 -879.4 392.2 1034.6 43
Z.1, September 17, 2010 59

F.11 Sector Discrepancies

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2005 2006 2007 2008 2009 2009 2010

 Q1 Q2 Q3 Q4 Q1 Q2

 1 All sectors 14.6 54.0 -185.8 474.4 550.0 957.2 690.4 818.1 -265.6 415.6 784.0 1

 2 Household sector 46.4 234.6 -224.2 -349.7 342.5 353.7 820.4 373.0 -177.1 187.0 -418.9 2

 3 Nonfinancial corporate business 140.2 114.2 108.6 524.3 79.0 348.0 35.0 -133.4 66.6 -84.9 128.1 3

 4 State and local governments -73.3 -120.4 -91.4 -19.7 -31.1 -10.4 -50.7 -40.6 -22.7 -9.8 -20.6 4

 5 Federal government 22.7 13.1 23.4 90.4 -45.2 91.6 118.9 -197.0 -194.4 -15.3 291.7 5

 6 Rest of the world 13.9 -6.9 78.3 81.1 164.3 353.2 285.2 80.3 -61.4 306.8 344.3 6

 7 Financial sectors -135.2 -180.7 -80.4 148.0 40.5 -178.9 -518.5 735.8 123.5 31.8 459.2 7

 8 Monetary authority 3.1 0.7 -3.5 -0.5 -5.8 7.5 12.2 -16.0 -26.7 -1.0 -14.0 8

 9 Commercial banking -93.2 -195.9 -134.7 -46.5 183.4 -33.7 -16.4 768.8 14.9 -34.6 395.5 9

10 Savings institutions -8.1 -6.0 24.1 54.0 24.2 -45.2 42.6 24.0 75.3 7.9 16.6 10

11 Credit unions 2.2 1.1 2.1 3.7 6.2 29.8 -12.0 -0.2 7.0 3.6 4.3 11

12 Property-casualty insurance companies -14.9 31.1 -8.8 -2.4 -30.6 -30.2 -32.2 -6.7 -53.4 58.1 -25.6 12

13 Life insurance companies -8.4 -29.1 -51.1 -69.0 -62.5 -127.7 0.0 -34.7 -87.7 -72.2 -54.8 13

14 Mutual funds 21.1 11.4 13.4 -2.9 11.5 11.4 10.5 10.7 13.4 6.7 7.1 14

15 Government-sponsored enterprises -14.8 -1.8 27.7 119.5 73.0 85.7 -100.1 184.5 122.1 116.2 105.6 15

16 Issuers of asset-backed securities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16

17 Finance companies -20.7 29.9 25.1 35.8 5.7 -22.9 -88.7 46.0 88.4 52.5 28.0 17

18 REITs 7.9 1.4 35.3 -6.9 -17.5 -60.5 -0.9 -10.7 2.3 29.7 6.0 18

19 Brokers and dealers -9.5 -23.6 -10.1 63.2 -147.2 6.9 -333.5 -230.0 -32.1 -135.2 -9.4 19

F.12 Instrument Discrepancies

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 All types 14.6 54.0 -185.8 474.4 550.0 957.2 690.4 818.1 -265.6 415.6 784.0 1

 2 Treasury currency 0.7 -1.1 -1.2 -0.8 -4.4 -14.4 -0.7 -1.5 -0.9 -0.2 -1.8 2

 3 Foreign deposits 12.3 106.8 197.5 -354.9 -152.9 -37.8 -321.3 -163.7 -88.5 21.1 296.1 3

 4 Net interbank transactions -3.6 -1.9 1.8 30.6 34.4 -84.8 -30.1 -2.9 255.5 -227.1 -164.4 4

 5 Security RPs 106.3 304.5 -227.1 -585.4 407.6 -313.5 1176.6 221.4 546.0 248.1 -215.7 5

 6 Mail floats -4.9 -3.0 1.0 -5.2 -0.3 18.9 2.1 -11.2 -10.9 16.6 -1.5 6

 7 State and local governments 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 7

 8 Federal government -6.6 -3.0 1.2 -3.3 0.7 19.3 3.5 -9.0 -10.9 20.2 -1.5 8

 9 Private domestic 1.7 -0.0 -0.1 -2.0 -1.0 -0.4 -1.4 -2.3 -0.1 -3.7 0.0 9

10 Trade credit -30.4 145.9 -48.5 35.9 117.3 159.3 28.4 126.1 155.2 135.1 57.8 10

11 Taxes payable -45.6 17.3 -34.6 -58.8 -8.5 27.0 -93.1 94.7 -62.6 -0.8 -74.5 11

12 Miscellaneous -90.2 -729.4 -55.1 1549.6 345.6 1367.6 105.3 788.8 -879.4 392.2 1034.6 12

13 Nonfinancial 70.0 214.7 -19.6 -136.4 -188.9 -165.2 -176.9 -233.6 -180.0 -169.3 -146.5 13

 Nonfinancial components (sign reversed):

14 Statistical discrepancy (NIPA) -79.7 -220.6 21.1 136.6 179.1 140.4 172.2 228.9 175.2 164.2 141.1 14

15 Private wage accruals less disbursements 5.0 1.3 -6.3 -5.0 5.0 20.0 0.0 0.0 0.0 0.0 0.0 15

16 Contr. for govt. soc. insur., U.S. affiliated areas 4.7 4.6 4.7 4.9 4.8 4.8 4.8 4.7 4.8 5.1 5.2 16