10 Z.1, September 17, 2009

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

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2004 2005 2006 2007 2008 2008 2009

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total net borrowing 3132.1 3560.3 4022.9 4501.7 2651.1 2944.1 2116.2 3296.1 2247.9 -224.0 -241.1 1

 2 Domestic nonfinancial sectors 1997.0 2328.9 2399.7 2539.1 1888.2 1723.9 1066.3 2645.4 2117.3 1371.2 1646.3 2

 3 Household sector 1055.0 1170.7 1176.1 855.0 35.6 406.3 41.7 -73.1 -232.3 -155.9 -233.2 3

 4 Nonfinancial corporate business 202.8 330.2 465.8 842.8 368.7 463.4 464.6 397.6 149.1 153.6 72.3 4

 5 Nonfarm noncorporate business 246.1 332.1 409.1 403.7 177.1 318.9 189.4 170.2 29.9 -176.7 -274.5 5

 6 Farm business 15.8 17.3 14.2 14.6 26.0 44.2 40.2 -1.0 20.4 1.2 -0.6 6

 7 State and local governments 115.4 171.7 151.2 185.9 41.7 78.5 20.2 73.0 -5.1 109.4 187.0 7

 8 Federal government 361.9 306.9 183.4 237.1 1239.2 412.7 310.4 2078.5 2155.2 1439.6 1895.3 8

 9 Rest of the world 155.3 113.0 332.6 170.3 -129.5 325.3 103.8 -517.5 -429.8 179.7 192.0 9

10 Financial sectors 979.8 1118.5 1290.6 1792.3 892.4 894.9 946.1 1168.2 560.4 -1774.9 -2079.4 10

11 Commercial banking 78.4 85.1 177.4 263.2 161.1 228.8 299.2 259.2 -142.7 -298.7 -42.4 11

12 U.S.-chartered commercial banks 18.7 36.9 107.5 131.8 79.1 92.0 9.2 512.3 -297.3 -307.7 -59.4 12

13 Foreign banking offices in U.S. 0.1 0.0 -0.3 0.0 -0.2 -0.6 -0.1 0.0 0.0 0.0 0.0 13

14 Bank holding companies 59.5 48.2 70.2 131.3 82.3 137.4 290.1 -253.1 154.7 9.1 17.0 14

15 Savings institutions 91.4 22.5 -108.2 104.1 -65.8 103.5 -77.7 -203.8 -85.5 -70.2 -350.5 15

16 Credit unions 2.3 3.3 4.2 13.4 8.3 -15.2 27.6 32.4 -11.6 -41.2 -7.2 16

17 Life insurance companies 3.0 0.4 2.7 14.5 26.2 9.6 9.2 38.0 48.0 -9.6 -8.0 17

18 Government-sponsored enterprises 75.0 -84.0 35.6 282.4 274.3 119.9 655.3 203.3 118.5 -264.2 -673.3 18

19 Agency- and GSE-backed mortgage pools 47.9 167.3 295.4 626.3 497.3 533.7 666.4 503.4 285.5 304.4 555.9 19

20 ABS issuers 440.7 730.2 798.3 335.6 -425.1 -255.2 -454.1 -384.7 -606.5 -613.9 -499.2 20

21 Finance companies 134.3 33.5 34.8 34.9 -79.4 129.7 0.8 -169.9 -278.0 -168.3 -165.0 21

22 REITs 94.6 55.4 15.5 10.2 -48.6 -69.8 -24.9 -30.5 -69.2 -34.3 -46.2 22

23 Brokers and dealers 15.2 0.1 6.4 -4.0 77.7 221.2 -136.7 762.9 -536.4 -159.9 -0.6 23

24 Funding corporations -2.9 104.7 28.3 111.6 466.4 -111.4 -19.0 157.8 1838.3 -419.1 -842.9 24

25 Total net lending 3132.1 3560.3 4022.9 4501.7 2651.1 2944.1 2116.2 3296.1 2247.9 -224.0 -241.1 25

26 Domestic nonfinancial sectors 357.0 448.7 202.7 451.5 -110.8 -865.1 306.3 394.6 -279.2 409.4 -428.3 26

27 Household sector 239.7 241.9 89.9 468.3 11.6 -477.1 394.2 413.1 -283.6 59.2 -647.6 27

28 Nonfinancial corporate business 31.0 42.3 -11.8 -81.0 -117.6 -295.9 -50.8 -112.6 -11.3 100.0 4.5 28

29 Nonfarm noncorporate business 11.5 11.4 -0.1 16.1 6.4 11.2 6.6 6.7 0.9 -6.9 -7.6 29

30 State and local governments 72.4 154.0 118.5 41.5 -98.6 -114.5 -69.5 56.2 -266.5 -41.2 -83.3 30

31 Federal government 2.3 -0.9 6.1 6.6 87.4 11.2 25.8 31.2 281.4 298.3 305.6 31

32 Rest of the world 854.4 749.0 974.7 947.9 398.2 517.2 694.5 103.3 277.7 230.9 169.7 32

33 Financial sectors 1920.7 2362.6 2845.4 3102.2 2363.7 3292.0 1115.4 2798.2 2249.3 -864.3 17.4 33

34 Monetary authority 51.2 26.4 34.7 -38.3 245.4 -416.7 -495.2 1084.4 809.2 751.6 1196.1 34

35 Commercial banking 610.3 657.1 765.4 757.7 649.8 610.6 215.5 1712.9 60.2 -507.0 -121.5 35

36 U.S.-chartered commercial banks 573.5 506.6 660.0 535.7 531.1 429.2 192.4 1756.8 -254.0 -131.5 256.1 36

37 Foreign banking offices in U.S. 23.0 144.5 103.7 201.7 106.6 177.5 -79.7 -5.9 334.3 -287.9 -394.1 37

38 Bank holding companies -0.0 -4.2 3.3 23.1 13.9 4.1 97.7 -36.3 -9.7 -79.8 16.0 38

39 Banks in U.S.-affiliated areas 13.9 10.2 -1.7 -2.9 -1.8 -0.1 5.2 -1.8 -10.4 -7.8 0.5 39

40 Savings institutions 103.5 199.4 -97.9 65.7 -274.7 44.5 14.5 -1211.9 54.2 -3.1 -449.2 40

41 Credit unions 39.8 36.2 30.1 35.3 40.0 41.7 50.8 45.9 21.4 17.0 46.7 41

42 Property-casualty insurance companies 73.6 66.9 47.7 26.4 -16.4 -13.0 -6.3 -34.6 -11.6 1.3 70.7 42

43 Life insurance companies 173.0 110.3 75.6 82.4 30.7 109.6 48.5 -69.4 34.0 243.0 114.0 43

44 Private pension funds 1.1 45.3 58.4 102.4 90.7 59.4 82.6 72.6 148.3 86.0 30.8 44

45 State and local govt. retirement funds 17.8 18.1 132.0 30.2 -4.5 7.3 -5.7 -7.2 -12.6 -26.7 -16.5 45

46 Federal government retirement funds 4.7 7.7 8.4 11.7 24.2 40.1 7.9 28.0 20.8 16.8 1.0 46

47 Money market mutual funds -124.9 -5.5 220.0 375.6 738.6 1273.0 123.0 -10.3 1568.6 -325.7 -480.0 47

48 Mutual funds 116.6 124.1 184.9 271.1 73.3 203.4 404.3 -66.7 -247.7 159.9 461.8 48

49 Closed-end funds 11.0 2.2 6.0 -1.2 -39.4 -19.2 -23.4 -42.2 -72.7 0.9 15.8 49

50 Exchange-traded funds 3.8 6.8 5.7 12.7 21.3 17.5 20.7 26.6 20.2 44.9 42.3 50

51 Government-sponsored enterprises 48.9 -69.1 46.6 239.0 203.0 327.7 435.1 130.8 -81.7 -137.5 -533.5 51

52 Agency- and GSE-backed mortgage pools 47.9 167.3 295.4 626.3 497.3 533.7 666.4 503.4 285.5 304.4 555.9 52

53 ABS issuers 431.1 733.7 790.4 332.7 -408.6 -281.6 -401.2 -341.9 -609.7 -576.0 -464.9 53

54 Finance companies 207.2 64.7 71.0 16.6 -72.3 153.5 -25.5 -93.1 -324.2 -130.1 -178.7 54

55 REITs 87.5 41.0 26.1 -21.2 -63.9 -82.5 -2.8 -54.0 -116.1 -1.4 31.3 55

56 Brokers and dealers -29.2 82.3 106.2 219.7 -85.7 122.6 -400.2 373.6 -438.7 -607.1 321.9 56

57 Funding corporations 45.9 47.8 38.7 -42.8 715.0 560.3 406.5 751.3 1141.9 -175.5 -626.8 57

(1) Excludes corporate equities and mutual fund shares.
Z.1, September 17, 2009 11

F.2 Credit Market Borrowing by Nonfinancial Sectors

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2004 2005 2006 2007 2008 2008 2009

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Domestic 1997.0 2328.9 2399.7 2539.1 1888.2 1723.9 1066.3 2645.4 2117.3 1371.2 1646.3 1

 2 By instrument 1997.0 2328.9 2399.7 2539.1 1888.2 1723.9 1066.3 2645.4 2117.3 1371.2 1646.3 2

 3 Commercial paper 15.3 -7.7 22.4 11.3 7.7 42.9 -77.3 62.8 2.2 -151.9 -145.9 3

 4 Treasury securities 362.5 307.3 183.7 237.5 1239.0 411.4 310.1 2080.2 2154.2 1442.8 1896.4 4

 5 Agency- and GSE-backed securities -0.6 -0.4 -0.3 -0.4 0.2 1.3 0.3 -1.7 1.0 -3.2 -1.1 5

 6 Municipal securities 130.5 195.0 177.4 215.6 64.1 95.5 57.6 97.9 5.3 129.5 221.8 6

 7 Corporate bonds 75.5 56.7 215.6 311.2 204.6 181.0 354.9 92.4 190.1 579.2 395.9 7

 8 Bank loans n.e.c. 5.2 134.5 175.3 242.1 192.5 256.2 85.5 367.9 60.3 -353.8 -296.6 8

 9 Other loans and advances 60.0 117.1 143.5 322.4 64.6 118.7 103.3 76.0 -39.5 -131.2 -8.5 9

10 Mortgages 1231.6 1426.1 1386.8 1062.5 75.5 502.0 126.6 -146.8 -180.0 -44.9 -248.9 10

11 Home 1020.0 1111.2 1059.9 689.2 -117.1 246.8 -103.7 -339.4 -272.1 -47.7 -200.2 11

12 Multifamily residential 49.6 70.9 55.1 101.3 55.7 66.9 65.5 59.2 31.2 8.9 19.3 12

13 Commercial 149.5 235.0 268.5 267.3 118.9 170.5 147.0 115.3 42.9 -6.0 -68.1 13

14 Farm 12.5 9.1 3.3 4.6 18.0 17.9 17.9 18.1 18.1 0.0 0.0 14

15 Consumer credit 117.0 100.3 95.3 136.9 40.2 115.0 105.4 16.6 -76.4 -95.3 -166.8 15

16 By sector 1997.0 2328.9 2399.7 2539.1 1888.2 1723.9 1066.3 2645.4 2117.3 1371.2 1646.3 16

17 Household sector 1055.0 1170.7 1176.1 855.0 35.6 406.3 41.7 -73.1 -232.3 -155.9 -233.2 17

18 Nonfinancial business 464.7 679.6 889.0 1261.0 571.8 826.5 694.1 566.9 199.5 -21.9 -202.8 18

19 Corporate 202.8 330.2 465.8 842.8 368.7 463.4 464.6 397.6 149.1 153.6 72.3 19

20 Nonfarm noncorporate 246.1 332.1 409.1 403.7 177.1 318.9 189.4 170.2 29.9 -176.7 -274.5 20

21 Farm 15.8 17.3 14.2 14.6 26.0 44.2 40.2 -1.0 20.4 1.2 -0.6 21

22 State and local governments 115.4 171.7 151.2 185.9 41.7 78.5 20.2 73.0 -5.1 109.4 187.0 22

23 Federal government 361.9 306.9 183.4 237.1 1239.2 412.7 310.4 2078.5 2155.2 1439.6 1895.3 23

24 Foreign borrowing in U.S. 155.3 113.0 332.6 170.3 -129.5 325.3 103.8 -517.5 -429.8 179.7 192.0 24

25 Commercial paper 69.2 38.6 98.4 -69.3 -71.0 212.0 41.7 -276.4 -261.5 63.1 -23.5 25

26 Bonds 85.8 64.5 227.8 218.7 -62.1 79.9 73.2 -261.8 -139.7 137.5 220.7 26

27 Bank loans n.e.c. 3.8 14.5 13.8 24.1 5.1 35.4 -9.0 21.5 -27.4 -19.4 -6.0 27

28 Other loans and advances -3.6 -4.6 -7.4 -3.2 -1.5 -2.0 -2.1 -0.8 -1.3 -1.5 0.7 28

29 Domestic and foreign 2152.2 2441.9 2732.3 2709.4 1758.7 2049.3 1170.2 2127.9 1687.5 1550.9 1838.3 29

F.3 Credit Market Borrowing by Financial Sectors

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 By instrument 979.8 1118.5 1290.6 1792.3 892.4 894.9 946.1 1168.2 560.4 -1774.9 -2079.4 1

 2 Open market paper 21.7 214.2 196.3 -111.4 -125.6 -231.5 -232.6 -380.6 342.3 -573.7 -565.8 2

 3 GSE issues 75.0 -84.0 35.6 282.4 274.3 119.9 655.3 203.3 118.5 -264.2 -673.3 3

 4 Agency- and GSE-backed mortgage pool sec. 47.9 167.3 295.4 626.3 497.3 533.7 666.4 503.4 285.5 304.4 555.9 4

 5 Corporate bonds 669.6 743.8 797.9 693.7 -291.0 83.5 -109.6 -540.4 -597.6 -427.6 -385.9 5

 6 Bank loans n.e.c. 66.0 18.8 -62.3 70.9 496.1 180.8 10.2 986.6 806.7 -484.1 -628.8 6

 7 Other loans and advances 74.1 44.4 21.2 225.8 34.6 188.0 -41.0 390.0 -398.5 -335.3 -391.0 7

 8 Mortgages 25.5 14.1 6.6 4.7 6.8 20.4 -2.6 5.9 3.4 5.6 9.4 8

 9 By sector 979.8 1118.5 1290.6 1792.3 892.4 894.9 946.1 1168.2 560.4 -1774.9 -2079.4 9

10 Commercial banking 78.4 85.1 177.4 263.2 161.1 228.8 299.2 259.2 -142.7 -298.7 -42.4 10

11 U.S.-chartered commercial banks 18.7 36.9 107.5 131.8 79.1 92.0 9.2 512.3 -297.3 -307.7 -59.4 11

12 Foreign banking offices in U.S. 0.1 0.0 -0.3 0.0 -0.2 -0.6 -0.1 0.0 0.0 0.0 0.0 12

13 Bank holding companies 59.5 48.2 70.2 131.3 82.3 137.4 290.1 -253.1 154.7 9.1 17.0 13

14 Savings institutions 91.4 22.5 -108.2 104.1 -65.8 103.5 -77.7 -203.8 -85.5 -70.2 -350.5 14

15 Credit unions 2.3 3.3 4.2 13.4 8.3 -15.2 27.6 32.4 -11.6 -41.2 -7.2 15

16 Life insurance companies 3.0 0.4 2.7 14.5 26.2 9.6 9.2 38.0 48.0 -9.6 -8.0 16

17 Government-sponsored enterprises 75.0 -84.0 35.6 282.4 274.3 119.9 655.3 203.3 118.5 -264.2 -673.3 17

18 Agency- and GSE-backed mortgage pools 47.9 167.3 295.4 626.3 497.3 533.7 666.4 503.4 285.5 304.4 555.9 18

19 ABS issuers 440.7 730.2 798.3 335.6 -425.1 -255.2 -454.1 -384.7 -606.5 -613.9 -499.2 19

20 Finance companies 134.3 33.5 34.8 34.9 -79.4 129.7 0.8 -169.9 -278.0 -168.3 -165.0 20

21 REITs 94.6 55.4 15.5 10.2 -48.6 -69.8 -24.9 -30.5 -69.2 -34.3 -46.2 21

22 Brokers and dealers 15.2 0.1 6.4 -4.0 77.7 221.2 -136.7 762.9 -536.4 -159.9 -0.6 22

23 Funding corporations -2.9 104.7 28.3 111.6 466.4 -111.4 -19.0 157.8 1838.3 -419.1 -842.9 23
12 Z.1, September 17, 2009

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

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2004 2005 2006 2007 2008 2008 2009

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total 3132.1 3560.3 4022.9 4501.7 2651.1 2944.1 2116.2 3296.1 2247.9 -224.0 -241.1 1

 2 Open market paper 106.2 245.1 317.1 -169.4 -189.0 23.4 -268.2 -594.2 83.0 -662.5 -735.2 2

 3 Treasury securities 362.5 307.3 183.7 237.5 1239.0 411.4 310.1 2080.2 2154.2 1442.8 1896.4 3

 4 Agency- and GSE-backed securities 122.3 82.8 330.6 908.3 771.7 654.9 1322.0 705.0 405.0 37.0 -118.5 4

 5 Municipal securities 130.5 195.0 177.4 215.6 64.1 95.5 57.6 97.9 5.3 129.5 221.8 5

 6 Corporate and foreign bonds 830.9 865.0 1241.2 1223.6 -148.5 344.4 318.4 -709.7 -547.3 289.1 230.7 6

 7 Bank loans n.e.c. 75.1 167.8 126.8 337.0 693.7 472.4 86.7 1376.0 839.7 -857.2 -931.3 7

 8 Other loans and advances 130.5 156.9 157.3 545.0 97.7 304.7 60.2 465.2 -439.2 -468.1 -398.7 8

 9 Mortgages 1257.1 1440.2 1393.4 1067.2 82.2 522.5 124.0 -140.9 -176.6 -39.3 -239.5 9

10 Consumer credit 117.0 100.3 95.3 136.9 40.2 115.0 105.4 16.6 -76.4 -95.3 -166.8 10

 Memo:

 Funds raised through corporate equities and mutual fund shares

11 Total net issues 378.8 182.3 -33.9 -99.6 356.1 194.3 855.9 -129.8 504.1 342.4 1205.4 11

12 Corporate equities 80.5 -77.9 -370.7 -464.3 324.0 29.8 263.5 67.1 935.5 440.8 440.9 12

13 Nonfinancial -122.7 -343.1 -567.7 -790.1 -334.9 -431.8 -218.7 -341.9 -347.1 -122.9 88.0 13

 Foreign shares purchased by

14 U.S. residents 84.8 186.7 137.3 147.8 1.3 111.6 89.1 -55.0 -140.4 7.3 148.9 14

15 Financial 118.5 78.5 59.7 178.0 657.6 350.0 393.2 464.0 1423.0 556.4 204.0 15

16 Mutual fund shares 298.2 260.2 336.8 364.7 32.1 164.5 592.4 -196.9 -431.5 -98.4 764.5 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) 3132.1 3560.3 4022.9 4501.7 2651.1 2944.1 2116.2 3296.1 2247.9 -224.0 -241.1 1

 2 Official foreign exchange -3.2 -9.6 -2.6 -0.0 4.7 1.0 5.0 0.6 12.4 3.9 14.5 2

 3 SDR certificates 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3

 4 Treasury currency 0.7 0.8 0.6 -0.7 -0.8 -0.9 -0.5 -1.2 -0.8 -0.0 -0.0 4

 5 Foreign deposits 89.9 40.8 87.2 264.1 -352.9 -435.1 -413.0 -294.7 -268.8 -273.4 -340.6 5

 6 Net interbank transactions 19.4 -12.4 -11.2 -97.6 1768.5 -103.9 258.4 1697.1 5222.3 -827.4 -1953.4 6

 7 Checkable deposits and currency 85.4 4.4 -19.9 35.0 568.8 26.6 -13.6 1756.9 505.5 -474.0 392.9 7

 8 Small time and savings deposits 281.6 314.4 347.0 317.1 524.7 462.8 286.7 490.1 859.1 496.7 256.1 8

 9 Large time deposits 252.9 284.4 261.2 284.1 -190.7 364.6 -194.3 -172.4 -760.8 -92.7 -41.3 9

10 Money market fund shares -136.5 127.0 305.3 720.9 724.2 1565.9 -145.8 82.4 1394.3 100.3 -497.9 10

11 Security RPs 85.8 307.6 403.0 9.8 -882.9 -72.1 -1052.7 -1014.9 -1392.0 -782.9 820.5 11

12 Corporate equities 80.5 -77.9 -370.7 -464.3 324.0 29.8 263.5 67.1 935.5 440.8 440.9 12

13 Mutual fund shares 298.2 260.2 336.8 364.7 32.1 164.5 592.4 -196.9 -431.5 -98.4 764.5 13

14 Trade payables 194.4 339.7 188.5 237.4 -138.8 54.3 -63.2 -131.2 -415.0 -115.7 -127.8 14

15 Security credit 179.4 0.2 211.5 276.5 -397.9 433.0 -309.0 485.5 -2201.3 -491.7 -89.5 15

16 Life insurance reserves 33.1 16.1 65.6 34.2 67.0 36.2 52.9 83.0 96.0 72.4 9.4 16

17 Pension fund reserves 303.8 253.3 234.1 172.1 79.6 -1.3 121.1 51.1 147.5 59.5 103.1 17

18 Taxes payable 20.5 2.3 25.2 -11.1 -127.2 -47.6 -100.0 -88.1 -273.1 10.0 30.8 18

19 Noncorporate proprietors’ equity 56.9 -89.2 -13.3 30.0 3.9 -18.5 5.6 -13.0 41.3 64.8 2.0 19

20 Miscellaneous 1565.1 1254.3 1809.9 2242.0 2211.8 2931.0 1350.6 1927.7 2637.9 -76.9 -205.4 20

21 Total financial sources 6540.0 6576.8 7881.1 8916.0 6869.1 8334.5 2760.3 8025.1 8356.6 -2208.8 -662.3 21

 - Liabilities not identified as assets:

22 Treasury currency -0.3 0.7 -1.1 -1.2 -0.8 -0.9 -0.5 -1.2 -0.8 -14.4 -0.7 22

23 Foreign deposits 61.9 15.3 103.8 203.6 -313.7 -486.6 -245.7 -327.5 -194.8 -24.5 -439.4 23

24 Net interbank liabilities 14.9 -3.7 -1.9 1.7 51.8 3.7 -26.3 -60.9 290.7 70.0 89.4 24

25 Security RPs -141.0 89.8 199.5 -334.4 -283.7 -205.1 -455.8 -639.2 165.4 -637.8 1292.4 25

26 Taxes payable -26.6 -63.1 -14.9 -27.2 -78.0 -13.0 -21.0 -55.0 -223.0 -30.0 -126.0 26

27 Miscellaneous -105.8 -83.2 -541.8 -31.3 586.4 490.0 1.0 444.5 1410.2 935.0 -428.4 27

 - Floats not included in assets:

28 Checkable deposits: Federal govt. 27.9 -6.6 -3.0 1.2 -3.3 19.6 -9.2 -1.0 -22.4 19.5 5.0 28

29 Other -0.8 -0.9 -0.5 -1.0 2.3 12.6 -7.2 6.4 -2.5 1.4 -0.6 29

30 Trade credit 10.9 -31.4 133.2 -46.1 -50.6 -60.0 55.4 -59.5 -138.1 235.3 78.7 30

 Totals identified to sectors

31 as assets 6699.0 6660.0 8007.6 9150.7 6958.6 8574.2 3469.7 8718.6 7071.8 -2763.5 -1132.7 31
Z.1, September 17, 2009 13

F.6 Distribution of Gross Domestic Product (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2004 2005 2006 2007 2008 2008 2009

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Gross Domestic Product (GDP) 11867.8 12638.4 13398.9 14077.6 14441.4 14373.9 14497.8 14546.7 14347.3 14178.0 14143.3 1

 2 Personal consumption expenditures (2) 8285.1 8819.0 9322.7 9826.4 10129.9 10095.1 10194.7 10220.1 10009.8 9987.7 9996.6 2

 3 Durable goods 1061.6 1105.5 1133.0 1160.5 1095.2 1145.8 1126.5 1088.5 1019.9 1025.2 1011.0 3

 4 Nondurable goods 1830.7 1968.4 2088.7 2204.5 2308.0 2301.4 2348.4 2374.5 2207.6 2172.4 2180.2 4

 5 Services 5392.8 5745.1 6100.9 6461.4 6726.8 6647.9 6719.8 6757.1 6782.3 6790.0 6805.3 5

 6 Gross private domestic investment 1968.6 2172.2 2327.2 2288.5 2136.1 2214.8 2164.6 2142.7 2022.1 1689.9 1558.6 6

 7 Fixed investment 1903.6 2122.3 2267.2 2269.1 2170.8 2223.0 2214.0 2179.7 2066.6 1817.2 1733.6 7

 8 Nonresidential 1223.0 1347.3 1505.3 1640.2 1693.6 1705.0 1719.7 1711.0 1638.7 1442.6 1387.3 8

 9 Household sector (nonprofit organizations) 90.8 93.0 99.3 106.7 111.5 111.1 112.8 112.8 109.2 95.6 92.2 9

10 Nonfinancial corporate business 833.3 941.1 1070.3 1153.0 1194.9 1199.9 1212.1 1207.9 1159.7 1022.0 988.8 10

11 Nonfarm noncorporate business 110.2 121.8 137.9 154.7 162.3 167.1 166.3 163.0 152.9 133.4 120.5 11

12 Farm business 33.6 36.2 35.1 36.8 39.1 39.0 39.6 39.7 38.0 33.8 32.8 12

13 Financial institutions 155.1 155.3 162.7 189.0 185.8 187.9 188.9 187.6 178.9 157.9 153.0 13

14 Residential 680.6 774.9 761.9 629.0 477.2 518.1 494.2 468.6 427.8 374.6 346.2 14

15 Household sector 594.4 681.9 670.1 541.9 401.1 436.0 415.5 393.7 359.1 313.6 289.0 15

16 Nonfinancial corporate business 5.6 9.4 8.5 20.6 9.9 10.1 9.0 9.3 10.9 7.2 8.1 16

17 Nonfarm noncorporate business 75.1 81.2 79.8 75.7 66.2 71.3 68.5 65.2 59.8 52.8 49.5 17

18 REITs 5.5 2.5 3.5 -9.3 0.1 0.7 1.2 0.4 -2.0 1.1 -0.3 18

19 Change in private inventories 64.9 50.0 60.0 19.4 -34.8 -8.2 -49.3 -37.0 -44.5 -127.4 -175.0 19

20 Nonfinancial corporate business 53.3 47.3 60.4 19.0 -26.3 5.4 -43.8 -27.9 -38.8 -119.8 -168.0 20

21 Nonfarm noncorporate business 2.8 2.5 3.2 1.0 -1.4 0.3 -2.3 -1.5 -2.0 -6.3 -8.8 21

22 Farm business 8.8 0.1 -3.6 -0.6 -7.1 -13.9 -3.2 -7.5 -3.7 -1.3 1.8 22

23 Net U.S. exports of goods and services -618.7 -722.7 -769.3 -713.8 -707.8 -744.4 -738.7 -757.5 -590.5 -378.5 -338.7 23

24 Exports 1180.2 1305.1 1471.0 1655.9 1831.1 1803.6 1901.5 1913.1 1706.2 1509.3 1492.2 24

25 - Imports 1798.9 2027.8 2240.3 2369.7 2538.9 2548.1 2640.2 2670.5 2296.7 1887.9 1830.8 25

 Government consumption expenditures and

26 gross investment 2232.8 2369.9 2518.4 2676.5 2883.2 2808.4 2877.1 2941.4 2905.9 2879.0 2926.8 26

27 Consumption expenditures (3) 1860.4 1977.9 2093.3 2214.9 2386.9 2332.5 2381.5 2436.4 2397.1 2378.6 2409.7 27

28 Federal 721.4 765.8 811.0 848.8 934.4 903.2 923.2 956.0 955.4 954.2 979.6 28

29 State and local 1139.1 1212.0 1282.3 1366.1 1452.4 1429.3 1458.3 1480.4 1441.7 1424.4 1430.2 29

30 Gross investment (3) 372.4 392.0 425.1 461.6 496.3 475.9 495.5 505.0 508.9 500.4 517.1 30

31 Federal 103.3 110.5 120.7 127.9 148.2 135.1 146.3 152.4 158.9 152.4 157.4 31

32 State and local 269.1 281.6 304.4 333.7 348.2 340.8 349.2 352.7 350.0 347.9 359.7 32

 Memo:

33 Net U.S. income receipts from rest of the world 91.2 97.1 72.4 115.7 141.9 171.0 128.9 160.8 107.0 99.9 107.8 33

34 U.S. income receipts 448.6 573.0 721.1 861.8 809.2 856.3 840.5 825.6 714.4 579.6 562.5 34

35 - U.S. income payments 357.4 475.9 648.6 746.0 667.3 685.3 711.6 664.8 607.4 479.7 454.6 35

 Gross National Product (GNP) =

36 GDP + net U.S. income receipts 11959.0 12735.5 13471.3 14193.3 14583.3 14544.9 14626.6 14707.5 14454.3 14277.9 14251.1 36

 Acquisition of nonproduced nonfinancial assets (net)

37 Nonfinancial corporate business -9.7 -8.1 4.4 -10.1 8.9 -2.9 13.6 -3.6 28.3 16.6 -8.9 37

38 State and local governments 11.4 10.3 11.1 13.1 12.9 13.1 12.9 12.9 12.9 13.1 13.2 38

39 Federal governments 0.0 -0.5 -13.3 -1.3 -19.2 -7.7 -23.9 -6.6 -38.4 -26.9 -2.6 39

40 Rest of the world -1.7 -1.7 -2.2 -1.8 -2.7 -2.5 -2.7 -2.7 -2.8 -2.8 -1.7 40

(1) This table is based on NIPA table 1.1.5 in the Survey of Current Business, Department of Commerce.

(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, 2009

F.7 Distribution of National Income (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2004 2005 2006 2007 2008 2008 2009

 Q1 Q2 Q3 Q4 Q1 Q2

 1 National Income 10534.1 11273.8 12031.2 12448.2 12635.2 12661.5 12664.4 12781.0 12433.9 12208.9 12161.9 1

 2 Compensation of employees 6693.4 7065.0 7477.0 7856.5 8037.4 8017.5 8032.8 8069.1 8030.3 7825.8 7726.4 2

 3 Wages and other labor income 6300.3 6632.6 7029.0 7401.9 7569.8 7547.0 7560.9 7594.4 7576.7 7345.6 7271.6 3

 4 Employer social insurance contributions 408.1 427.5 446.7 460.8 472.7 470.5 471.8 474.7 473.6 460.2 454.8 4

 5 Wage accruals less disbursements -15.0 5.0 1.3 -6.3 -5.0 0.0 0.0 0.0 -20.0 20.0 0.0 5

 Proprietors’ income with inventory

 6 valuation and capital consumption adjustments 1033.8 1069.8 1133.0 1096.3 1106.3 1115.2 1111.9 1114.4 1083.6 1037.8 1029.4 6

 7 Nonfarm 984.1 1025.9 1103.6 1056.9 1057.5 1057.9 1062.5 1065.1 1044.5 1010.5 999.2 7

 8 Farm 49.7 43.9 29.3 39.4 48.7 57.2 49.4 49.3 39.0 27.3 30.2 8

 Rental income of persons (with capital

 9 consumption adjustment) 198.4 178.2 146.5 144.9 210.4 179.9 202.8 222.2 236.7 245.9 259.4 9

 Corporate profits with inventory

10 valuation and capital consumption adjustments 1246.9 1456.1 1608.3 1541.7 1360.4 1459.7 1403.7 1454.6 1123.6 1182.7 1250.3 10

 Corporate profits with inventory

11 valuation adjustment 1195.1 1609.5 1784.7 1730.4 1424.5 1512.9 1463.8 1522.2 1199.3 1327.6 1379.1 11

12 Profits before tax 1229.4 1640.2 1822.7 1774.4 1462.7 1620.8 1593.5 1576.6 1060.1 1246.5 1360.9 12

13 Domestic nonfinancial 659.9 954.1 1115.1 1056.4 805.0 850.0 894.1 880.7 595.0 675.1 752.6 13

14 Farm 2.1 3.0 2.8 2.4 1.7 1.6 1.5 1.3 2.4 1.8 1.3 14

15 Rest of the world 205.0 239.4 256.8 347.8 377.2 412.3 367.0 397.2 332.4 315.8 315.2 15

16 Domestic financial 362.3 443.6 448.0 367.8 278.9 357.0 330.8 297.5 130.3 253.9 291.8 16

 Less:

17 Taxes on corporate income 306.1 412.4 473.3 451.5 292.2 323.2 317.5 304.8 223.3 270.3 311.1 17

18 Domestic nonfinancial 186.2 271.0 306.9 298.6 237.2 255.2 262.4 253.9 177.3 197.4 217.2 18

19 Farm 0.8 0.9 0.7 0.7 0.6 0.7 0.7 0.6 0.5 0.6 0.6 19

20 Domestic financial 119.1 140.5 165.6 152.2 54.4 67.3 54.4 50.3 45.5 72.4 93.3 20

 Equals:

21 Profits after tax 923.3 1227.8 1349.5 1322.8 1170.6 1297.6 1276.0 1271.9 836.8 976.1 1049.8 21

22 Net dividends 550.3 557.3 704.8 767.8 689.9 719.4 693.7 676.6 669.9 618.1 571.1 22

23 Domestic nonfinancial 361.7 168.0 465.8 462.2 406.8 406.2 392.7 380.9 447.4 370.9 360.7 23

24 Farm 2.8 2.9 5.3 3.0 2.5 2.6 2.5 2.5 2.4 2.2 2.1 24

25 Rest of the world 62.3 260.9 77.9 126.2 146.6 170.9 163.8 161.8 90.0 102.8 115.6 25

26 Domestic financial 123.5 125.6 155.7 176.4 134.0 139.7 134.7 131.4 130.1 142.2 92.8 26

27 Undistributed profits 373.0 670.5 644.7 555.1 480.7 578.2 582.3 595.3 166.9 358.0 478.7 27

28 Domestic nonfinancial 112.0 515.1 342.3 295.6 160.9 188.5 239.0 245.9 -29.7 106.8 174.7 28

29 Farm -1.4 -0.7 -3.2 -1.3 -1.4 -1.7 -1.7 -1.7 -0.5 -1.0 -1.4 29

30 Rest of the world 142.7 -21.4 178.9 221.6 230.6 241.4 203.2 235.3 242.4 212.9 199.6 30

31 Domestic financial 119.7 177.4 126.6 39.2 90.6 150.0 141.8 115.8 -45.3 39.3 105.7 31

32 Inventory valuation adjustment -34.3 -30.7 -38.0 -44.0 -38.2 -107.9 -129.6 -54.5 139.2 81.1 18.2 32

33 Capital consumption adjustment 51.8 -153.4 -176.4 -188.7 -64.1 -53.2 -60.1 -67.6 -75.6 -144.9 -128.8 33

34 Domestic nonfinancial 49.7 -128.8 -156.0 -167.9 -56.8 -47.0 -53.2 -60.0 -67.2 -128.7 -114.4 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 2.0 -24.6 -20.4 -20.8 -7.3 -6.3 -6.9 -7.6 -8.4 -16.1 -14.3 36

37 Net interest and miscellaneous payments 461.6 543.1 652.2 739.2 815.1 790.7 809.0 806.1 854.7 826.2 797.5 37

38 Taxes on production and imports 863.4 930.2 986.8 1028.7 1047.3 1042.5 1050.8 1058.5 1037.3 1018.8 1017.8 38

39 Less: Subsidies 46.4 60.9 51.4 54.8 53.5 53.1 52.9 52.9 55.2 55.5 55.1 39

40 Business current transfer payments (net) 81.7 95.9 83.0 102.2 118.8 114.8 112.6 116.0 131.8 137.9 145.2 40

41 Current surplus of government enterprises 1.2 -3.5 -4.2 -6.6 -6.9 -5.6 -6.3 -6.9 -8.9 -10.7 -9.0 41

 Memo:

 Calculation of Gross Domestic Product

 from National Income: (2)

42 National Income, from line 1 above 10534.1 11273.8 12031.2 12448.2 12635.2 12661.5 12664.4 12781.0 12433.9 12208.9 12161.9 42

 Plus:

43 Private consumption of fixed capital 1200.9 1290.8 1391.4 1469.6 1536.2 1510.6 1527.0 1544.4 1562.6 1561.3 1541.1 43

44 Government consumption of fixed capital 231.9 250.6 269.3 290.4 310.9 303.0 308.5 313.8 318.4 322.3 323.4 44

45 Statistical discrepancy -7.9 -79.7 -220.6 -14.8 101.0 69.8 126.7 68.3 139.4 185.4 224.8 45

 Less:

46 Net U.S. income receipts from rest of the world 91.2 97.1 72.4 115.7 141.9 171.0 128.9 160.8 107.0 99.9 107.8 46

 Equals:

47 Gross Domestic Product 11867.8 12638.4 13398.9 14077.6 14441.4 14373.9 14497.8 14546.7 14347.3 14178.0 14143.3 47

(1) This table corresponds to NIPA table 1.12 in the Survey of Current Business, Department of Commerce.

(2) The relationship of National Income to Gross Domestic Product is shown on NIPA table 1.7.5 in the Survey of Current Business, Department of Commerce.
Z.1, September 17, 2009 15

F.8 Saving and Investment (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2004 2005 2006 2007 2008 2008 2009

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Gross saving 1724.2 1903.4 2174.4 2040.2 1824.1 1903.5 1780.1 1842.4 1770.5 1595.3 1472.3 1

 2 Net saving 291.4 362.0 513.7 280.2 -23.0 89.9 -55.5 -15.8 -110.5 -288.3 -392.2 2

 3 Net private saving 679.2 619.1 666.5 495.0 659.8 543.4 767.0 709.0 619.7 717.4 913.6 3

 4 Personal saving 303.7 127.7 235.0 178.9 286.4 126.3 374.4 235.7 409.2 403.1 545.5 4

 5 Undistributed corporate profits w/IVA & CCA 390.5 486.4 430.3 322.4 378.3 417.1 392.6 473.2 230.5 294.2 368.0 5

 6 Undistributed profits 373.0 670.5 644.7 555.1 480.7 578.2 582.3 595.3 166.9 358.0 478.7 6

 7 Inventory valuation adjustment -34.3 -30.7 -38.0 -44.0 -38.2 -107.9 -129.6 -54.5 139.2 81.1 18.2 7

 8 Capital consumption adjustment 51.8 -153.4 -176.4 -188.7 -64.1 -53.2 -60.1 -67.6 -75.6 -144.9 -128.8 8

 9 Wage accruals less disbursements -15.0 5.0 1.3 -6.3 -5.0 0.0 0.0 0.0 -20.0 20.0 0.0 9

10 Net government saving -387.8 -257.1 -152.7 -214.8 -682.7 -453.5 -822.5 -724.8 -730.2 -1005.7 -1305.8 10

11 Federal -379.5 -283.0 -203.8 -236.5 -642.6 -433.5 -796.9 -665.7 -674.1 -969.1 -1294.9 11

12 State and local -8.4 25.9 51.0 21.7 -40.2 -20.1 -25.5 -59.0 -56.1 -36.6 -10.9 12

13 Consumption of fixed captal 1432.8 1541.4 1660.7 1760.0 1847.1 1813.6 1835.6 1858.2 1881.0 1883.6 1864.5 13

14 Private 1200.9 1290.8 1391.4 1469.6 1536.2 1510.6 1527.0 1544.4 1562.6 1561.3 1541.1 14

15 Domestic business 978.7 1045.7 1123.3 1188.5 1252.3 1228.1 1244.1 1260.3 1276.8 1277.0 1259.7 15

16 Households and institutions 222.2 245.1 268.1 281.1 283.9 282.6 282.9 284.0 285.8 284.4 281.4 16

17 Government 231.9 250.6 269.3 290.4 310.9 303.0 308.5 313.8 318.4 322.3 323.4 17

18 Federal 94.8 100.4 106.6 112.6 119.8 117.2 119.6 121.0 121.2 122.5 124.0 18

19 State and local 137.1 150.1 162.7 177.9 191.2 185.8 188.9 192.8 197.2 199.8 199.5 19

 Gross domestic investment, capital account

20 transactions, and net lending, NIPAs 1716.3 1823.7 1953.8 2025.4 1925.2 1973.2 1906.8 1910.6 1909.9 1780.8 1697.0 20

21 Gross domestic investment 2340.9 2564.2 2752.2 2750.0 2632.4 2690.7 2660.2 2647.8 2530.9 2190.3 2075.6 21

22 Gross private domestic investment 1968.6 2172.2 2327.2 2288.5 2136.1 2214.8 2164.6 2142.7 2022.1 1689.9 1558.6 22

23 Fixed investment 1903.6 2122.3 2267.2 2269.1 2170.8 2223.0 2214.0 2179.7 2066.6 1817.2 1733.6 23

24 Nonresidential 1223.0 1347.3 1505.3 1640.2 1693.6 1705.0 1719.7 1711.0 1638.7 1442.6 1387.3 24

25 Residential 680.6 774.9 761.9 629.0 477.2 518.1 494.2 468.6 427.8 374.6 346.2 25

26 Change in private inventories 64.9 50.0 60.0 19.4 -34.8 -8.2 -49.3 -37.0 -44.5 -127.4 -175.0 26

27 Gross government investment 372.4 392.0 425.1 461.6 496.3 475.9 495.5 505.0 508.9 500.4 517.1 27

28 Capital account transactions (net) -1.1 -11.1 4.2 2.2 -0.4 2.8 3.0 -11.6 4.0 3.1 2.0 28

29 Net lending or net borrowing (-), NIPAs -623.5 -729.5 -802.6 -726.8 -706.8 -720.3 -756.4 -725.5 -625.1 -412.6 -380.6 29

30 Statistical discrepancy (line 20 less line 1) -7.9 -79.7 -220.6 -14.8 101.0 69.8 126.7 68.3 139.4 185.4 224.8 30

 Addenda:

31 Disaster losses 29.4 110.4 0.0 0.0 17.4 0.0 0.0 69.6 0.0 0.0 0.0 31

32 Private 29.4 99.2 0.0 0.0 17.4 0.0 0.0 69.6 0.0 0.0 0.0 32

33 Domestic business 17.4 48.8 0.0 0.0 9.9 0.0 0.0 39.8 0.0 0.0 0.0 33

34 Households and institutions 12.0 50.4 0.0 0.0 7.5 0.0 0.0 29.8 0.0 0.0 0.0 34

35 Government 0.0 11.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 35

36 Federal 0.0 0.5 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 36

37 State and local 0.0 10.7 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 37

(1) This table corresponds to NIPA table 5.1 in the Survey of Current Business, Department of Commerce.
16 Z.1, September 17, 2009

F.9 Net Capital Transfers (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2004 2005 2006 2007 2008 2008 2009

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Capital transfers paid, by sector 119.3 165.8 103.6 114.7 207.3 121.9 125.4 185.2 396.5 345.6 273.2 1

 2 By private business 17.3 28.9 0.0 0.0 8.0 0.0 0.0 31.8 0.0 0.0 0.0 2

 3 Financial corporations 17.3 28.9 0.0 0.0 8.0 0.0 0.0 31.8 0.0 0.0 0.0 3

 4 Disaster-related insurance benefits 17.3 28.9 0.0 0.0 8.0 0.0 0.0 31.8 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 0.0 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 68.1 91.3 70.5 82.9 161.6 87.2 90.0 105.1 364.3 314.8 241.8 8

 9 Federal 63.6 84.8 70.5 82.9 161.6 87.2 90.0 105.1 364.3 314.8 241.8 9

10 Investment grants to state and local govts. 46.3 48.9 52.1 53.7 56.1 52.3 55.0 58.5 58.4 50.6 55.8 10

11 Disaster-related insurance benefits 0.0 17.3 0.0 0.0 2.8 0.0 0.0 11.2 0.0 0.0 0.0 11

12 Financial stabilization payments 0.0 0.0 0.0 0.0 67.7 0.0 0.0 0.0 270.7 222.9 137.3 12

13 Other capital transfers paid to business 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 3.6 7.3 13

14 Other capital transfers paid to persons 16.1 15.9 16.4 28.7 34.3 34.5 34.5 34.5 33.8 33.8 33.8 14

15 Capital transfers paid to the rest of the world (net) 0.9 2.6 2.0 0.4 0.7 0.3 0.4 0.8 1.3 0.3 0.3 15

16 State and local 4.5 6.4 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16

17 Disaster-related insurance benefits 4.5 6.4 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 17

18 By persons 30.3 30.3 33.1 31.8 33.9 34.7 35.4 33.2 32.2 30.8 31.4 18

19 Estate and gift taxes, federal 24.6 25.0 27.8 26.5 28.3 29.1 29.8 27.6 26.5 25.1 25.6 19

20 Estate and gift taxes, state and local 5.6 5.3 5.3 5.4 5.6 5.5 5.6 5.7 5.7 5.7 5.7 20

21 By the rest of the world 3.7 15.4 0.0 0.0 3.8 0.0 0.0 15.0 0.0 0.0 0.0 21

22 Disaster-related insurance benefits 3.7 15.4 0.0 0.0 3.8 0.0 0.0 15.0 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 119.2 165.7 103.6 114.7 207.2 121.8 125.4 185.2 396.5 342.0 265.9 24

25 By private business 21.7 55.3 0.0 0.0 79.8 0.0 0.0 48.2 270.7 226.6 144.6 25

26 Financial corporations 1.1 1.1 0.0 0.0 68.0 0.0 0.0 1.4 270.7 222.9 137.3 26

27 Disaster-related insurance benefits 1.1 1.1 0.0 0.0 0.4 0.0 0.0 1.4 0.0 0.0 0.0 27

28 Other 0.0 0.0 0.0 0.0 67.7 0.0 0.0 0.0 270.7 222.9 137.3 28

29 Nonfinancial corporations 6.7 15.5 0.0 0.0 3.2 0.0 0.0 12.7 0.1 0.1 0.1 29

30 Disaster-related insurance benefits 6.5 15.5 0.0 0.0 3.2 0.0 0.0 12.7 0.0 0.0 0.0 30

31 Other 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.1 31

32 Noncorporate business 13.9 38.7 0.0 0.0 8.5 0.0 0.0 34.1 0.0 3.6 7.3 32

33 Disaster-related insurance benefits 13.9 38.7 0.0 0.0 8.5 0.0 0.0 34.1 0.0 0.0 0.0 33

34 Other 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3.6 7.3 34

35 By government 76.6 81.2 85.2 85.5 90.0 87.0 90.4 91.7 90.7 81.4 87.2 35

36 Federal 24.6 25.0 27.8 26.5 28.3 29.1 29.8 27.6 26.5 25.1 25.6 36

37 Estate and gift taxes paid by persons 24.6 25.0 27.8 26.5 28.3 29.1 29.8 27.6 26.5 25.1 25.6 37

38 State and local 52.0 56.2 57.4 59.1 61.7 57.8 60.7 64.1 64.1 56.3 61.6 38

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

40 Estate and gift taxes paid by persons 5.6 5.3 5.3 5.4 5.6 5.5 5.6 5.7 5.7 5.7 5.7 40

41 Investment grants paid by federal government 46.3 48.9 52.1 53.7 56.1 52.3 55.0 58.5 58.4 50.6 55.8 41

42 By persons 20.0 26.6 16.4 28.7 36.8 34.5 34.5 44.4 33.8 33.8 33.8 42

43 Disaster-related insurance benefits 3.9 10.7 0.0 0.0 2.5 0.0 0.0 9.9 0.0 0.0 0.0 43

44 Other 16.1 15.9 16.4 28.7 34.3 34.5 34.5 34.5 33.8 33.8 33.8 44

45 By the rest of the world 0.9 2.6 2.0 0.4 0.7 0.3 0.4 0.8 1.3 0.3 0.3 45

46 Capital transfers paid by U.S. government 0.9 2.6 2.0 0.4 0.7 0.3 0.4 0.8 1.3 0.3 0.3 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) -4.4 -26.5 -0.0 -0.0 -71.8 -0.0 -0.0 -16.4 -270.7 -226.6 -144.6 48

49 Financial corporations (lines 3-26) 16.2 27.7 0.0 0.0 -60.1 0.0 0.0 30.4 -270.7 -222.9 -137.3 49

50 Property-casualty insurance companies (line 4) 17.3 28.9 0.0 0.0 8.0 0.0 0.0 31.8 0.0 0.0 0.0 50

51 U.S.-chartered commercial banks -1.1 -1.1 0.0 0.0 -29.6 0.0 0.0 -1.4 -117.1 -57.3 -12.3 51

52 Financial stabilization payments (2) 0.0 0.0 0.0 0.0 -29.3 0.0 0.0 0.0 -117.1 -57.3 -12.3 52

53 Other (lines 5-27) -1.1 -1.1 0.0 0.0 -0.4 0.0 0.0 -1.4 0.0 0.0 0.0 53

54 Bank holding companies (GMAC) (2) 0.0 0.0 0.0 0.0 -3.2 0.0 0.0 0.0 -13.0 0.0 -30.0 54

55 Government-sponsored enterprises (2) 0.0 0.0 0.0 0.0 -6.9 0.0 0.0 0.0 -27.6 -165.6 -90.4 55

56 Funding corporations (AIG) (2) 0.0 0.0 0.0 0.0 -28.3 0.0 0.0 0.0 -113.0 0.0 -4.6 56

57 Nonfinancial corporations (lines 6-29) -6.7 -15.5 -0.0 -0.0 -3.2 -0.0 -0.0 -12.7 -0.1 -0.1 -0.1 57

58 Noncorporate business (lines 7-32) -13.9 -38.7 0.0 0.0 -8.5 0.0 0.0 -34.1 0.0 -3.6 -7.3 58

59 By government (lines 8-35) -8.5 10.0 -14.7 -2.7 4.0 0.2 -0.4 13.4 2.9 10.5 17.3 59

60 Federal (lines 9-36) 39.0 59.8 42.7 56.4 133.4 58.1 60.2 77.5 337.7 289.7 216.2 60

61 State and local (lines 16-38) -47.5 -49.8 -57.4 -59.1 -61.7 -57.8 -60.7 -64.1 -64.1 -56.3 -61.6 61

62 By persons (lines 18-42) 10.2 3.7 16.8 3.1 -2.9 0.2 0.9 -11.2 -1.5 -3.0 -2.4 62

63 By the rest of the world (lines 21-45) 2.8 12.8 -2.0 -0.4 3.1 -0.3 -0.4 14.2 -1.3 -0.3 -0.3 63

(1) This table is based on NIPA table 5.10 in the Survey of Current Business, Department of Commerce.

(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, 2009 17

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

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2004 2005 2006 2007 2008 2008 2009

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Net acquisition of financial assets 1413.1 1231.2 1247.9 1525.5 818.4 1476.2 1114.6 1370.1 -687.6 47.4 -23.9 1

 2 Foreign deposits 5.4 2.4 5.2 15.8 -21.2 -26.1 -24.8 -17.7 -16.1 -16.4 -20.4 2

 3 Checkable deposits and currency 58.6 -48.9 33.0 -13.1 119.9 -242.9 180.6 7.3 534.4 -20.3 187.9 3

 4 Time and savings deposits 450.3 510.5 506.8 491.6 185.2 559.8 -247.0 575.0 -147.1 -15.1 -213.1 4

 5 Money market fund shares -50.6 50.0 171.8 249.3 240.2 621.9 -140.1 149.4 329.5 92.9 -154.1 5

 6 Securities 175.2 52.7 -280.1 -64.3 40.9 -272.9 921.2 240.8 -725.5 325.6 323.0 6

 7 Open market paper 30.2 28.1 23.4 -38.0 -139.2 -128.9 -138.9 -174.6 -114.5 -12.5 6.4 7

 8 U.S. savings bonds 0.6 0.7 -2.7 -6.0 -2.4 -4.2 -1.1 -1.3 -3.0 -0.3 -1.0 8

 9 Other Treasury securities 31.5 -93.7 -80.2 -80.4 153.7 56.0 378.1 157.6 23.2 1070.8 339.6 9

10 Agency- and GSE-backed securities 30.6 101.6 -49.0 347.1 84.6 -167.1 99.1 566.4 -159.8 -1100.7 -1216.0 10

11 Municipal securities 40.3 78.7 52.2 25.1 42.5 -40.1 -28.1 132.1 105.9 74.9 95.3 11

12 Corporate and foreign bonds 95.6 120.4 168.6 237.6 -143.5 -198.1 45.2 -283.3 -137.6 26.4 127.7 12

13 Corporate equities (2) -269.9 -411.2 -598.3 -794.2 48.9 123.6 75.7 47.0 -50.6 501.2 288.1 13

14 Mutual fund shares 216.4 228.1 205.9 244.4 -3.8 85.9 491.2 -203.2 -389.0 -234.2 683.0 14

15 Life insurance reserves 33.1 16.1 65.6 34.2 67.0 36.2 52.9 83.0 96.0 72.4 9.4 15

16 Pension fund reserves 303.8 253.3 234.1 172.1 79.6 -1.3 121.1 51.1 147.5 59.5 103.1 16

17 Miscellaneous and other assets 437.2 395.2 511.4 639.8 106.8 801.5 250.7 281.2 -906.3 -451.1 -259.6 17

18 Gross investment in tangible assets 1908.8 2044.9 2073.7 1995.8 1793.6 1879.9 1848.3 1781.0 1665.0 1578.2 1517.0 18

19 Residential fixed investment 669.5 763.1 749.9 617.6 467.3 507.3 483.9 458.9 418.9 366.4 338.4 19

20 Other fixed assets (3) 234.7 251.0 272.3 298.2 312.9 317.1 318.7 315.5 300.1 262.7 245.5 20

21 Consumer durables 993.1 1028.2 1051.9 1079.6 1021.9 1069.1 1051.2 1015.7 951.7 956.7 940.0 21

22 Inventories (3) 11.6 2.6 -0.4 0.4 -8.5 -13.6 -5.5 -9.0 -5.7 -7.6 -7.0 22

23 Consumption of fixed capital 1138.9 1214.3 1285.8 1344.1 1381.9 1361.7 1377.2 1389.5 1399.0 1376.1 1373.3 23

24 Residential fixed investment 214.6 236.8 258.9 269.7 268.3 263.8 266.7 269.7 272.9 272.7 270.8 24

25 Other fixed assets (3) 174.8 188.8 203.9 215.8 227.7 227.9 227.3 227.4 228.2 226.9 229.8 25

26 Consumer durables 750.9 789.2 824.2 858.0 886.9 871.2 883.9 893.2 899.5 878.5 880.8 26

27 Net investment in tangible assets (4) 770.0 830.6 787.9 651.7 411.7 518.2 471.1 391.5 266.0 202.1 143.7 27

28 Residential fixed investment 454.9 526.3 491.0 347.9 199.0 243.4 217.2 189.2 146.0 93.7 67.7 28

29 Other fixed assets (3) 59.8 62.2 68.5 82.4 85.2 89.3 91.4 88.1 71.9 35.8 15.7 29

30 Consumer durables 242.2 239.0 227.6 221.7 135.0 197.9 167.3 122.5 52.2 78.2 59.3 30

31 Inventories (3) 11.6 2.6 -0.4 0.4 -8.5 -13.6 -5.5 -9.0 -5.7 -7.6 -7.0 31

32 Net increase in liabilities 1517.7 1703.2 1839.9 1459.3 146.0 1030.3 26.5 640.2 -1113.1 -537.9 -466.6 32

33 Mortgage debt on nonfarm homes 1015.3 1103.5 1051.7 686.3 -106.9 249.8 -93.0 -326.7 -257.6 -36.9 -187.2 33

34 Other mortgage debt (3) 164.2 123.1 245.6 255.3 139.3 175.5 166.4 139.0 76.2 -8.6 -20.2 34

35 Consumer credit 117.0 100.3 95.3 136.9 40.2 115.0 105.4 16.6 -76.4 -95.3 -166.8 35

36 Policy loans 1.6 0.8 3.3 3.6 5.9 4.8 4.4 4.4 10.1 1.5 2.2 36

37 Security credit 81.5 -31.6 59.7 33.4 -160.7 159.2 -295.4 443.4 -949.9 -121.1 52.1 37

38 Other liabilities (3) 138.0 407.0 384.4 343.7 228.2 326.1 138.7 363.4 84.6 -277.5 -146.7 38

39 Net capital transfers paid (5) -3.7 -35.0 16.8 3.1 -11.5 0.2 0.9 -45.3 -1.5 -6.5 -9.7 39

40 Personal saving, with consumer durables (FOF) 661.7 323.7 212.6 721.0 1072.7 964.3 1560.1 1076.2 690.0 780.8 576.7 40

41 Less net investment in consumer durables 242.2 239.0 227.6 221.7 135.0 197.9 167.3 122.5 52.2 78.2 59.3 41

42 = Personal saving, without consumer durables (FOF) (6) 419.5 84.7 -15.1 499.3 937.7 766.5 1392.8 953.7 637.8 702.7 517.4 42

43 Personal saving (NIPA, excludes consumer durables) 303.7 127.7 235.0 178.9 286.4 126.3 374.4 235.7 409.2 403.1 545.5 43

44 Difference 115.7 -43.0 -250.0 320.5 651.3 640.1 1018.3 718.0 228.6 299.5 -28.1 44

 Memo:

45 Disposable personal income 8889.4 9277.3 9915.7 10403.1 10806.4 10610.4 10966.7 10849.3 10799.1 10765.4 10902.9 45

 Personal saving as a percentage of disposable personal income:

46 With consumer durables (FOF) (line 40) 7.4 3.5 2.1 6.9 9.9 9.1 14.2 9.9 6.4 7.3 5.3 46

47 Without consumer durables (FOF) (line 42) 4.7 0.9 -0.2 4.8 8.7 7.2 12.7 8.8 5.9 6.5 4.7 47

48 Without consumer durables (NIPA) (line 43) 3.4 1.4 2.4 1.7 2.7 1.2 3.4 2.2 3.8 3.7 5.0 48

49 Difference (line 44) 1.3 -0.5 -2.5 3.1 6.0 6.0 9.3 6.6 2.1 2.8 -0.3 49

(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, 2009

F.100 Households and Nonprofit Organizations (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2004 2005 2006 2007 2008 2008 2009

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Personal income 9937.2 10485.9 11268.1 11894.1 12238.8 12142.2 12292.9 12286.6 12233.5 11952.7 11986.8 1

 2 - Personal current taxes 1047.8 1208.6 1352.4 1490.9 1432.4 1531.8 1326.2 1437.3 1434.3 1187.3 1083.9 2

 3 = Disposable personal income 8889.4 9277.3 9915.7 10403.1 10806.4 10610.4 10966.7 10849.3 10799.1 10765.4 10902.9 3

 4 - Personal outlays 8585.7 9149.6 9680.7 10224.3 10520.0 10484.1 10592.2 10613.6 10389.9 10362.3 10357.3 4

 5 = Personal saving, NIPA (2) 303.7 127.7 235.0 178.9 286.4 126.3 374.4 235.7 409.2 403.1 545.5 5

 6 + Government insurance and pension reserves (3) 0.0 0.7 0.1 0.1 -0.6 -2.7 0.5 -1.6 1.4 0.8 -0.2 6

 7 + Net investment in consumer durables 242.2 239.0 227.6 221.7 135.0 197.9 167.3 122.5 52.2 78.2 59.3 7

 8 + Consumption of fixed capital 973.0 1034.3 1092.3 1139.0 1170.8 1153.8 1166.8 1177.2 1185.3 1162.9 1166.5 8

 9 - Net capital transfers paid (4) 10.2 3.7 16.8 3.1 -2.9 0.2 0.9 -11.2 -1.5 -3.0 -2.4 9

10 = Gross saving less net capital transfers paid 1508.7 1398.0 1538.3 1536.6 1594.5 1475.2 1708.2 1545.0 1649.6 1647.9 1773.4 10

11 Gross investment 1625.9 1355.0 1291.3 1858.2 2247.8 2119.7 2727.7 2266.3 1877.4 1947.7 1746.9 11

12 Capital expenditures 1678.3 1803.1 1821.3 1728.2 1534.5 1616.1 1579.5 1522.2 1420.0 1365.8 1321.2 12

13 Residential 594.4 681.9 670.1 541.9 401.1 436.0 415.5 393.7 359.1 313.6 289.0 13

14 Consumer durable goods 993.1 1028.2 1051.9 1079.6 1021.9 1069.1 1051.2 1015.7 951.7 956.7 940.0 14

15 Nonprofit nonresidential 90.8 93.0 99.3 106.7 111.5 111.1 112.8 112.8 109.2 95.6 92.2 15

16 Net financial investment -52.4 -448.1 -530.0 130.0 713.3 503.5 1148.3 744.1 457.4 581.9 425.8 16

17 Net acquisition of financial assets 1102.1 705.0 719.8 1034.1 607.1 1089.5 911.6 1129.4 -702.1 309.3 245.9 17

18 Foreign deposits 5.4 2.4 5.2 15.8 -21.2 -26.1 -24.8 -17.7 -16.1 -16.4 -20.4 18

19 Checkable deposits and currency -28.8 -113.5 -27.7 -68.5 101.3 -280.2 163.7 -8.1 530.1 6.7 217.3 19

20 Time and savings deposits 446.2 477.0 475.4 422.7 152.5 507.3 -283.1 536.4 -150.5 12.3 -183.2 20

21 Money market fund shares -56.1 45.2 165.2 232.3 234.9 612.6 -145.6 143.8 328.8 98.6 -147.8 21

22 Credit market instruments 239.7 241.9 89.9 468.3 11.6 -477.1 394.2 413.1 -283.6 59.2 -647.6 22

23 Open market paper 30.2 28.1 23.4 -38.0 -139.2 -128.9 -138.9 -174.6 -114.5 -12.5 6.4 23

24 Treasury securities 26.8 -99.0 -83.0 -95.8 147.6 45.3 373.1 152.4 19.7 1074.5 342.9 24

25 Savings bonds 0.6 0.7 -2.7 -6.0 -2.4 -4.2 -1.1 -1.3 -3.0 -0.3 -1.0 25

26 Other 26.2 -99.7 -80.3 -89.8 150.0 49.4 374.3 153.7 22.7 1074.9 344.0 26

27 Agency- and GSE-backed securities 30.6 101.6 -49.0 347.1 84.6 -167.1 99.1 566.4 -159.8 -1100.7 -1216.0 27

28 Municipal securities 38.6 78.6 50.8 24.1 42.1 -40.8 -28.5 131.7 105.8 75.3 95.7 28

29 Corporate and foreign bonds 95.6 120.4 168.6 237.6 -143.5 -198.1 45.2 -283.3 -137.6 26.4 127.7 29

30 Other loans and advances (5) 2.8 2.7 -0.3 9.1 10.4 10.7 8.7 20.8 1.5 2.5 2.8 30

31 Mortgages 15.1 9.4 -20.6 -15.9 9.5 1.9 35.4 -0.4 1.3 -6.3 -7.1 31

32 Corporate equities (6) -269.9 -411.2 -598.3 -794.2 48.9 123.6 75.7 47.0 -50.6 501.2 288.1 32

33 Mutual fund shares 216.4 228.1 205.9 244.4 -3.8 85.9 491.2 -203.2 -389.0 -234.2 683.0 33

34 Security credit 103.0 -3.0 80.4 210.8 -123.8 472.4 30.2 25.9 -1023.6 -302.6 -71.1 34

35 Life insurance reserves 33.1 16.1 65.6 34.2 67.0 36.2 52.9 83.0 96.0 72.4 9.4 35

36 Pension fund reserves 303.8 253.3 234.1 172.1 79.6 -1.3 121.1 51.1 147.5 59.5 103.1 36

37 Equity in noncorporate business 56.9 -89.2 -13.3 30.0 3.9 -18.5 5.6 -13.0 41.3 64.8 2.0 37

38 Miscellaneous assets 52.5 58.0 37.4 66.1 56.0 54.6 30.5 71.2 67.7 -12.3 13.2 38

39 Net increase in liabilities 1154.5 1153.1 1249.9 904.1 -106.2 585.9 -236.7 385.3 -1159.5 -272.6 -179.8 39

40 Credit market instruments 1055.0 1170.7 1176.1 855.0 35.6 406.3 41.7 -73.1 -232.3 -155.9 -233.2 40

41 Home mortgages (7) 932.5 1036.0 977.5 652.4 -59.5 252.4 -47.6 -267.7 -174.9 -6.2 -147.0 41

42 Consumer credit 117.0 100.3 95.3 136.9 40.2 115.0 105.4 16.6 -76.4 -95.3 -166.8 42

43 Municipal securities 10.3 16.5 21.8 22.6 20.1 13.7 33.5 23.4 9.7 16.8 31.6 43

44 Bank loans n.e.c. (8) -23.0 9.7 49.9 13.4 18.0 6.9 -72.4 140.4 -3.0 -68.4 49.1 44

45 Other loans and advances 0.3 0.0 4.8 3.2 6.2 4.0 6.9 3.9 9.9 1.4 1.9 45

46 Commercial mortgages 17.8 8.1 26.9 26.6 10.7 14.1 15.9 10.3 2.5 -4.1 -2.0 46

47 Security credit 81.5 -31.6 59.7 33.4 -160.7 159.2 -295.4 443.4 -949.9 -121.1 52.1 47

48 Trade payables 16.5 13.0 13.6 14.6 15.7 15.3 15.6 15.8 16.1 6.4 7.9 48

 Deferred and unpaid

49 life insurance premiums 1.6 1.0 0.5 1.0 3.2 5.2 1.6 -0.8 6.7 -2.0 -6.7 49

50 Discrepancy -117.1 43.0 247.0 -321.6 -653.3 -644.5 -1019.6 -721.4 -227.7 -299.8 26.5 50

(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 33) and life insurance and pension reserves (lines 35 and 36).

(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, 2009 19

F.101 Nonfinancial Business (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2004 2005 2006 2007 2008 2008 2009

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Income before taxes 1752.5 2084.2 2311.2 2226.5 1997.7 2039.1 2089.4 2086.5 1775.9 1814.0 1888.6 1

 2 Gross saving less net capital transfers paid 1123.8 1309.5 1283.3 1312.5 1367.2 1310.1 1316.5 1478.9 1363.5 1359.3 1351.5 2

 3 Gross investment 1234.9 1204.3 1210.4 1218.7 1294.1 1241.9 1193.5 1356.7 1384.3 1200.3 1169.6 3

 4 Capital expenditures 1113.1 1231.5 1395.9 1450.1 1446.5 1476.4 1459.8 1444.5 1405.2 1138.4 1015.8 4

 5 Fixed investment 1057.8 1189.7 1331.5 1440.8 1472.3 1487.5 1495.5 1485.1 1421.4 1249.1 1199.7 5

 6 Residential 80.7 90.6 88.2 96.3 76.0 81.4 77.5 74.5 70.8 60.0 57.5 6

 7 Nonresidential 977.2 1099.1 1243.3 1344.5 1396.3 1406.0 1418.0 1410.6 1350.6 1189.2 1142.2 7

 8 Change in inventories 64.9 50.0 60.0 19.4 -34.8 -8.2 -49.3 -37.0 -44.5 -127.4 -175.0 8

 9 Nonproduced nonfinancial assets -9.7 -8.1 4.4 -10.1 8.9 -2.9 13.6 -3.6 28.3 16.6 -8.9 9

10 Net financial investment 121.9 -27.2 -185.4 -231.4 -152.4 -234.5 -266.2 -87.8 -20.9 61.9 153.8 10

11 Net acquisition of financial assets 1155.2 1396.0 1234.6 1563.3 547.6 853.0 597.9 518.7 220.9 73.4 176.8 11

12 Foreign deposits 15.6 6.9 -11.2 1.5 -20.0 11.5 -132.7 32.2 8.8 -34.3 65.9 12

13 Checkable deposits and currency 74.8 138.6 -58.0 53.8 5.8 120.7 -172.6 78.5 -3.3 -17.9 143.5 13

14 Time and savings deposits 41.8 83.5 78.1 15.1 -4.9 -123.3 230.1 -35.3 -91.2 -29.8 83.0 14

15 Money market fund shares 30.9 46.9 73.6 147.6 126.9 230.8 134.3 -11.8 154.4 41.3 -46.1 15

16 Security RPs 0.4 8.1 1.0 -7.5 -0.6 -3.5 4.3 -13.3 10.2 -3.0 5.1 16

17 Credit market instruments 42.5 53.7 -11.8 -64.9 -111.3 -284.6 -44.2 -105.8 -10.5 93.0 -3.0 17

18 Commercial paper 19.3 16.0 11.7 -53.0 -59.3 -142.8 -21.1 -48.0 -25.4 43.7 9.1 18

19 Treasury securities 5.6 23.6 -6.3 2.5 -7.3 -42.4 9.6 -8.1 11.7 33.7 9.1 19

20 Agency- and GSE-backed securities 0.1 6.5 -2.4 -2.6 -4.1 -18.1 2.1 -4.4 4.1 -13.4 17.6 20

21 Municipal securities -1.9 0.4 -2.7 2.6 -24.1 -85.7 -9.8 3.3 -4.0 36.5 -1.8 21

22 Mortgages 19.4 7.0 -10.0 -13.1 -16.6 -14.8 -16.5 -16.5 -18.6 -21.3 -21.6 22

23 Consumer credit 0.0 0.2 -2.2 -1.4 0.0 19.2 -8.5 -32.2 21.6 14.0 -15.5 23

24 Mutual fund shares 1.4 6.7 30.7 2.0 -6.8 -6.8 -6.8 -6.8 -6.8 -6.8 -6.8 24

25 Trade receivables 155.6 344.3 21.8 250.7 -75.1 40.8 -81.3 -42.6 -217.4 -315.4 -214.1 25

26 Miscellaneous assets 792.0 707.3 1110.5 1164.9 633.6 867.3 666.9 623.6 376.6 346.2 149.4 26

27 Net increase in liabilities 1033.3 1423.2 1420.0 1794.6 700.0 1087.5 864.2 606.6 241.8 11.5 23.0 27

28 Credit market instruments 464.7 679.6 889.0 1261.0 571.8 826.5 694.1 566.9 199.5 -21.9 -202.8 28

29 Commercial paper 15.3 -7.7 22.4 11.3 7.7 42.9 -77.3 62.8 2.2 -151.9 -145.9 29

30 Municipal securities 5.1 7.4 5.0 7.8 3.2 3.6 4.8 2.5 1.7 4.0 4.0 30

31 Corporate bonds 75.5 56.7 215.6 311.2 204.6 181.0 354.9 92.4 190.1 579.2 395.9 31

32 Bank loans n.e.c. 28.2 124.8 125.4 228.7 174.5 249.3 157.9 227.5 63.3 -285.4 -345.7 32

33 Other loans and advances 59.4 116.5 138.2 318.6 57.6 114.2 95.5 71.0 -50.3 -133.2 -11.1 33

34 Mortgages 281.3 382.0 382.4 383.5 124.2 235.5 158.3 110.6 -7.5 -34.5 -100.0 34

35 Corporate equities -122.7 -343.1 -567.7 -790.1 -334.9 -431.8 -218.7 -341.9 -347.1 -122.9 88.0 35

36 Trade payables 121.4 248.7 123.4 146.5 -150.8 -9.0 -140.0 -140.4 -313.7 -239.1 -219.7 36

37 Taxes payable 15.1 13.8 8.7 8.4 3.6 9.7 -1.9 3.1 3.4 -0.9 -5.9 37

38 Miscellaneous liabilities 493.7 912.4 973.2 1141.1 618.0 720.9 522.8 544.3 684.0 352.4 331.3 38

39 Proprietors’ net investment 61.1 -88.0 -6.5 27.6 -7.6 -28.7 7.9 -25.4 15.7 43.9 32.1 39

40 Discrepancy -111.1 105.2 72.9 93.8 73.1 68.2 122.9 122.2 -20.8 158.9 181.9 40

(1) Combined statement for nonfarm nonfinancial corporate business, nonfarm noncorporate business, and farm business.
20 Z.1, September 17, 2009

F.102 Nonfarm Nonfinancial Corporate Business

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2004 2005 2006 2007 2008 2008 2009

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Profits before tax (book) 659.9 954.1 1115.1 1056.4 805.0 850.0 894.1 880.7 595.0 675.1 752.6 1

 2 - Taxes on corporate income 186.2 271.0 306.9 298.6 237.2 255.2 262.4 253.9 177.3 197.4 217.2 2

 3 - Net dividends 361.7 168.0 465.8 462.2 406.8 406.2 392.7 380.9 447.4 370.9 360.7 3

 4 + Capital consumption allowance (1) 740.7 609.1 639.9 676.0 835.8 827.2 833.2 838.8 843.9 782.0 782.9 4

 5 = U.S. internal funds, book 852.7 1124.2 982.2 971.6 996.7 1015.7 1072.2 1084.7 814.2 888.8 957.6 5

 6 + Foreign earnings retained abroad 120.4 -17.5 148.9 181.1 187.3 196.0 165.1 191.3 196.9 173.5 163.0 6

 7 + Inventory valuation adjustment (IVA) -34.3 -30.7 -38.0 -44.0 -38.2 -107.9 -129.6 -54.5 139.2 81.1 18.2 7

 8 - Net capital transfers paid (2) -6.7 -15.5 -0.0 -0.0 -3.2 -0.0 -0.0 -12.7 -0.1 -0.1 -0.1 8

 9 = Total internal funds + IVA 945.5 1091.6 1093.0 1108.8 1149.0 1103.8 1107.8 1234.2 1150.3 1143.5 1138.8 9

10 Gross investment 1056.6 986.3 1020.1 1015.0 1075.9 1035.7 984.8 1112.0 1171.2 984.6 956.9 10

11 Capital expenditures 882.5 989.8 1143.5 1182.5 1187.4 1212.6 1190.9 1185.7 1160.2 926.0 820.0 11

12 Fixed investment (3) 838.9 950.5 1078.8 1173.6 1204.8 1210.1 1221.1 1217.2 1170.7 1029.2 996.9 12

13 Inventory change + IVA 53.3 47.3 60.4 19.0 -26.3 5.4 -43.8 -27.9 -38.8 -119.8 -168.0 13

14 Nonproduced nonfinancial assets -9.7 -8.1 4.4 -10.1 8.9 -2.9 13.6 -3.6 28.3 16.6 -8.9 14

15 Net financial investment 174.1 -3.4 -123.4 -167.6 -111.4 -176.9 -206.1 -73.7 11.0 58.5 136.9 15

16 Net acquisition of financial assets 783.1 957.8 713.1 1044.2 344.0 494.9 387.0 303.4 190.7 291.5 414.6 16

17 Foreign deposits 15.6 6.9 -11.2 1.5 -20.0 11.5 -132.7 32.2 8.8 -34.3 65.9 17

18 Checkable deposits and currency -12.5 74.0 -118.7 -1.7 -12.7 83.4 -189.5 63.1 -7.7 9.1 172.9 18

19 Time and savings deposits 37.7 49.9 46.6 -53.8 -37.6 -175.8 194.0 -73.9 -94.7 -2.3 112.9 19

20 Money market fund shares 25.3 42.1 67.0 130.6 121.6 221.4 128.8 -17.4 153.7 47.0 -39.9 20

21 Security RPs 0.4 8.1 1.0 -7.5 -0.6 -3.5 4.3 -13.3 10.2 -3.0 5.1 21

22 Credit market instruments 31.0 42.3 -11.8 -81.0 -117.6 -295.9 -50.8 -112.6 -11.3 100.0 4.5 22

23 Commercial paper 19.3 16.0 11.7 -53.0 -59.3 -142.8 -21.1 -48.0 -25.4 43.7 9.1 23

24 Treasury securities 0.3 17.6 -6.5 -6.9 -11.0 -48.9 5.8 -12.0 11.2 37.7 13.5 24

25 Agency- and GSE-backed securities 0.1 6.5 -2.4 -2.6 -4.1 -18.1 2.1 -4.4 4.1 -13.4 17.6 25

26 Municipal securities -3.6 0.3 -4.0 1.6 -24.4 -86.4 -10.2 2.9 -4.1 36.9 -1.3 26

27 Mortgages 14.8 1.7 -8.4 -18.9 -18.9 -18.9 -18.9 -18.9 -18.9 -18.9 -18.9 27

28 Consumer credit 0.0 0.2 -2.2 -1.4 0.0 19.2 -8.5 -32.2 21.6 14.0 -15.5 28

29 Mutual fund shares 1.4 6.7 30.7 2.0 -6.8 -6.8 -6.8 -6.8 -6.8 -6.8 -6.8 29

30 Trade receivables 129.0 277.7 -18.1 172.1 -106.1 -13.9 -113.4 -75.4 -221.7 -281.6 -177.4 30

31 Miscellaneous assets 555.2 450.0 727.6 881.9 523.7 674.3 553.1 507.5 360.0 463.3 277.2 31

32 U.S. direct investment abroad (4) 272.4 24.7 219.2 297.4 264.4 303.0 342.3 169.7 242.8 169.0 171.6 32

33 Insurance receivables 18.9 20.7 6.6 7.4 9.9 11.6 17.7 23.8 -13.6 -3.2 -2.0 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. 2.6 64.4 22.9 -54.8 -2.1 7.3 -8.9 5.0 -12.0 -10.0 -18.4 35

36 Other 261.2 340.2 478.9 632.0 251.5 352.4 202.0 309.0 142.7 307.5 126.0 36

37 Net increase in liabilities 609.0 961.2 836.5 1211.8 455.4 671.8 593.1 377.1 179.7 232.9 277.6 37

38 Net funds raised in markets 80.2 -12.9 -102.0 52.7 33.8 31.6 245.8 55.7 -198.0 30.7 160.3 38

39 Net new equity issues -122.7 -343.1 -567.7 -790.1 -334.9 -431.8 -218.7 -341.9 -347.1 -122.9 88.0 39

40 Credit market instruments 202.8 330.2 465.8 842.8 368.7 463.4 464.6 397.6 149.1 153.6 72.3 40

41 Commercial paper 15.3 -7.7 22.4 11.3 7.7 42.9 -77.3 62.8 2.2 -151.9 -145.9 41

42 Municipal securities (5) 5.1 7.4 5.0 7.8 3.2 3.6 4.8 2.5 1.7 4.0 4.0 42

43 Corporate bonds (4) 75.5 56.7 215.6 311.2 204.6 181.0 354.9 92.4 190.1 579.2 395.9 43

44 Bank loans n.e.c. -1.2 -31.9 17.0 91.8 70.3 98.3 67.9 104.6 10.5 -139.7 -142.0 44

45 Other loans and advances (6) 56.0 106.3 116.2 299.9 39.9 60.8 61.1 94.4 -56.8 -138.6 1.8 45

46 Mortgages 52.1 199.5 89.6 120.9 43.1 76.8 53.2 40.9 1.4 0.6 -41.5 46

47 Trade payables 97.3 199.4 110.3 105.3 -168.6 -20.7 -145.2 -186.1 -322.4 -210.4 -195.0 47

48 Taxes payable 6.8 5.1 -0.3 1.0 0.6 4.5 -4.9 0.0 3.0 2.3 -2.5 48

49 Miscellaneous liabilities 424.9 769.6 828.4 1052.8 589.6 656.4 497.4 507.6 697.0 410.4 314.7 49

50 Foreign direct investment in U.S. 95.7 98.7 191.0 280.7 213.3 123.0 295.8 148.1 286.1 111.1 47.8 50

51 Pension fund contributions payable -3.1 -1.9 -2.0 4.4 0.7 1.8 1.9 -0.9 0.1 3.5 4.2 51

52 Other 332.3 672.8 639.4 767.6 375.6 531.6 199.6 360.4 410.9 295.8 262.8 52

53 Discrepancy -111.1 105.2 72.9 93.8 73.1 68.2 122.9 122.2 -20.8 158.9 181.9 53

 Memo:

54 Financing gap (7) 64.1 -103.8 199.4 254.9 228.9 304.8 248.4 155.5 206.8 -43.9 -155.8 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, 2009 21

F.103 Nonfarm Noncorporate Business

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2004 2005 2006 2007 2008 2008 2009

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Net income with IVA and CCAdj 1042.9 1086.3 1166.8 1130.7 1144.0 1131.9 1145.9 1156.5 1141.9 1111.6 1105.8 1

 2 Gross saving = capital consumption 138.5 150.5 162.2 172.2 176.4 174.0 176.0 177.4 178.2 177.8 171.5 2

 3 Gross saving less net capital transfers paid (1) 152.4 189.2 162.2 172.2 184.9 174.0 176.0 211.5 178.2 181.4 178.7 3

 4 Gross investment 152.4 189.2 162.2 172.2 184.9 174.0 176.0 211.5 178.2 181.4 178.7 4

 5 Capital expenditures 188.1 205.5 220.8 231.4 227.1 238.7 232.4 226.6 210.7 179.9 161.1 5

 6 Fixed investment (2) 185.3 203.0 217.6 230.4 228.5 238.4 234.8 228.1 212.7 186.2 170.0 6

 7 Change in inventories 2.8 2.5 3.2 1.0 -1.4 0.3 -2.3 -1.5 -2.0 -6.3 -8.8 7

 8 Net financial investment -35.7 -16.3 -58.6 -59.2 -42.2 -64.7 -56.4 -15.1 -32.5 1.5 17.6 8

 9 Net acquisition of financial assets 369.0 436.2 515.3 513.9 200.9 355.3 208.2 212.5 27.4 -219.0 -238.7 9

10 Checkable deposits and currency 86.3 63.9 58.6 53.7 17.6 36.4 16.0 14.5 3.4 -27.3 -29.8 10

11 Time and savings deposits 4.1 33.6 31.4 68.9 32.7 52.5 36.1 38.6 3.4 -27.4 -29.9 11

12 Money market mutual funds 5.6 4.8 6.6 16.9 5.3 9.4 5.5 5.6 0.7 -5.8 -6.3 12

13 Treasury securities 5.3 6.0 0.2 9.4 3.7 6.5 3.8 3.9 0.5 -4.0 -4.4 13

14 Municipal securities 1.7 0.1 1.3 1.0 0.4 0.7 0.4 0.4 0.1 -0.4 -0.5 14

15 Mortgages 4.6 5.3 -1.5 5.8 2.3 4.0 2.4 2.4 0.3 -2.5 -2.7 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 26.6 66.6 40.0 78.6 30.9 54.7 32.1 32.7 4.2 -33.7 -36.8 17

18 Miscellaneous assets 234.9 256.0 378.9 279.5 108.0 191.1 112.0 114.3 14.8 -117.8 -128.4 18

19 Insurance receivables 3.5 4.9 1.6 1.7 2.1 2.7 2.8 5.6 -2.8 -0.7 -0.5 19

20 Equity investment in GSEs (3) -0.1 -0.1 0.1 0.3 0.3 0.2 0.2 0.6 0.3 0.3 0.1 20

21 Other 231.4 251.2 377.2 277.5 105.6 188.2 109.0 108.1 17.2 -117.3 -128.1 21

22 Net increase in liabilities 404.7 452.5 573.9 573.1 243.0 420.0 264.6 227.6 59.9 -220.5 -256.3 22

23 Credit market instruments 246.1 332.1 409.1 403.7 177.1 318.9 189.4 170.2 29.9 -176.7 -274.5 23

24 Bank loans n.e.c. 27.2 154.5 105.2 134.6 101.0 149.6 83.0 122.0 49.4 -143.9 -202.1 24

25 Other loans and advances 2.2 4.2 14.4 11.1 12.9 28.4 19.2 -3.5 7.5 2.3 -13.9 25

26 Mortgages 216.7 173.4 289.6 258.0 63.2 140.9 87.2 51.7 -27.0 -35.2 -58.5 26

27 Trade payables 22.2 52.0 20.0 45.3 17.8 31.5 18.5 18.9 2.4 -19.4 -21.2 27

28 Taxes payable 8.4 8.7 9.0 7.4 2.9 5.1 3.0 3.1 0.4 -3.2 -3.5 28

29 Miscellaneous liabilities 68.9 142.8 144.8 88.4 28.4 64.4 25.4 36.7 -13.0 -58.0 16.6 29

30 Proprietors’ net investment 59.2 -83.0 -8.9 28.4 16.8 0.0 28.3 -1.3 40.2 36.8 26.2 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 49.7 43.9 29.3 39.4 48.7 57.2 49.4 49.3 39.0 27.3 30.2 1

 2 Net saving (corporate) -1.4 -0.7 -3.2 -1.3 -1.4 -1.7 -1.7 -1.7 -0.5 -1.0 -1.4 2

 3 Consumption of fixed capital 27.4 29.5 31.3 32.8 34.6 33.9 34.4 34.9 35.4 35.4 35.3 3

 4 Corporate 4.6 5.0 5.1 5.5 5.8 5.7 5.8 5.9 6.0 6.0 5.9 4

 5 Noncorporate 22.7 24.5 26.2 27.4 28.8 28.2 28.6 29.0 29.4 29.4 29.4 5

 6 Gross saving 26.0 28.8 28.1 31.6 33.2 32.2 32.7 33.1 34.9 34.4 33.9 6

 7 Gross investment 26.0 28.8 28.1 31.6 33.2 32.2 32.7 33.1 34.9 34.4 33.9 7

 8 Capital expenditures 42.5 36.3 31.5 36.2 32.0 25.1 36.4 32.2 34.3 32.5 34.7 8

 9 Fixed investment (2) 33.6 36.2 35.1 36.8 39.1 39.0 39.6 39.7 38.0 33.8 32.8 9

10 Change in inventories 8.8 0.1 -3.6 -0.6 -7.1 -13.9 -3.2 -7.5 -3.7 -1.3 1.8 10

11 Net financial investment -16.5 -7.5 -3.4 -4.6 1.2 7.1 -3.7 1.0 0.6 1.9 -0.7 11

12 Net acquisition of financial assets 3.1 2.0 6.2 5.2 2.8 2.7 2.8 2.8 2.8 1.0 1.0 12

13 Checkable deposits and currency 1.0 0.7 2.1 1.8 0.9 0.9 0.9 0.9 0.9 0.3 0.3 13

14 Miscellaneous assets 2.0 1.3 4.1 3.4 1.8 1.8 1.8 1.8 1.8 0.6 0.6 14

15 Insurance receivables 1.8 1.2 3.9 2.9 1.5 1.5 1.6 1.2 1.8 0.4 0.4 15

16 Equity investment in GSEs (3) 0.2 0.1 0.2 0.5 0.3 0.4 0.2 0.7 -0.0 0.2 0.2 16

17 Net increase in liabilities 19.5 9.5 9.6 9.7 1.5 -4.4 6.5 1.8 2.2 -0.9 1.7 17

18 Credit market instruments 15.8 17.3 14.2 14.6 26.0 44.2 40.2 -1.0 20.4 1.2 -0.6 18

19 Bank loans n.e.c. 2.2 2.2 3.3 2.3 3.2 1.3 7.1 0.9 3.4 -1.9 -1.6 19

20 Other loans and advances 1.1 5.9 7.6 7.6 4.8 25.0 15.2 -19.9 -1.1 3.1 1.0 20

21 Mortgages 12.5 9.1 3.3 4.6 18.0 17.9 17.9 18.1 18.1 0.0 0.0 21

22 Trade payables 1.9 -2.8 -7.0 -4.1 0.0 -19.8 -13.3 26.9 6.2 -9.2 -3.6 22

23 Proprietors’ net investment 1.8 -5.0 2.4 -0.8 -24.4 -28.7 -20.4 -24.2 -24.4 7.1 5.9 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, 2009

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

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2004 2005 2006 2007 2008 2008 2009

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Current receipts, NIPA basis 1601.0 1730.4 1829.7 1927.3 1974.2 1963.7 1994.2 1987.5 1951.4 1961.4 2003.5 1

 2 Personal current taxes 248.6 276.7 302.5 322.8 330.0 336.4 342.0 327.2 314.1 287.0 267.7 2

 3 Taxes on production and imports 769.1 831.4 887.4 934.0 955.3 949.8 957.7 966.7 947.1 933.0 926.4 3

 4 Taxes on corporate income 41.7 54.9 59.2 56.5 51.0 51.9 57.2 57.1 37.7 52.2 58.6 4

 5 Contributions for govt. social insurance 24.1 24.8 21.8 19.8 21.1 20.3 20.8 21.4 22.0 21.8 21.7 5

 6 Income receipts on assets 77.1 88.3 103.5 114.2 113.9 114.4 114.0 112.7 114.5 115.8 115.3 6

 7 Current transfer receipts 439.4 454.3 456.7 483.9 506.1 493.9 505.4 505.5 519.5 555.7 617.4 7

 8 Current surplus of government enterprises 1.0 0.1 -1.3 -3.9 -3.2 -3.1 -2.9 -3.1 -3.5 -4.0 -3.6 8

 9 Current expenditures, NIPA basis 1609.3 1704.5 1778.6 1905.6 2014.4 1983.8 2019.8 2046.5 2007.5 1998.0 2014.4 9

10 Consumption expenditures 1139.1 1212.0 1282.3 1366.1 1452.4 1429.3 1458.3 1480.4 1441.7 1424.4 1430.2 10

11 Govt. social benefit payments to persons 384.3 404.8 402.9 433.7 455.0 448.2 454.0 459.7 458.3 465.7 477.5 11

12 Interest payments 85.6 87.3 93.0 98.7 103.9 102.4 104.5 104.3 104.7 106.0 105.4 12

13 Subsidies 0.4 0.4 0.4 7.1 3.0 4.0 2.9 2.1 2.8 2.0 1.4 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 -8.4 25.9 51.0 21.7 -40.2 -20.1 -25.5 -59.0 -56.1 -36.6 -10.9 15

16 + Consumption of fixed capital 137.1 150.1 162.7 177.9 191.2 185.8 188.9 192.8 197.2 199.8 199.5 16

17 - Net capital transfers paid (2) -47.5 -49.8 -57.4 -59.1 -61.7 -57.8 -60.7 -64.1 -64.1 -56.3 -61.6 17

18 = Gross saving less net capital transfers paid 176.2 225.8 271.2 258.6 212.7 223.5 224.0 197.9 205.3 219.5 250.1 18

19 Gross investment 247.7 299.4 325.9 292.1 261.2 230.5 254.3 247.1 312.9 250.3 274.5 19

20 Fixed investment 269.1 281.6 304.4 333.7 348.2 340.8 349.2 352.7 350.0 347.9 359.7 20

21 Nonproduced nonfinancial assets 11.4 10.3 11.1 13.1 12.9 13.1 12.9 12.9 12.9 13.1 13.2 21

22 Net financial investment -32.8 7.6 10.4 -54.7 -99.9 -123.3 -107.8 -118.4 -50.0 -110.7 -98.4 22

23 Net acq. of financial assets 112.8 211.4 196.1 168.5 -18.2 -5.6 -47.2 -4.2 -15.9 36.8 127.3 23

24 Checkable deposits and currency -6.2 10.3 5.2 -1.7 9.3 -16.1 15.3 11.5 26.6 -15.4 116.1 24

25 Time and savings deposits 11.6 12.8 26.2 36.2 19.1 13.3 1.2 4.8 57.1 63.1 -24.7 25

26 Money market fund shares 3.9 5.1 6.8 4.9 2.1 -1.1 -1.2 1.1 9.7 -13.0 8.9 26

27 Security RPs 7.7 10.0 13.5 9.7 -15.4 -2.2 -21.3 -87.9 49.6 -40.0 91.6 27

28 Credit market instruments 72.4 154.0 118.5 41.5 -98.6 -114.5 -69.5 56.2 -266.5 -41.2 -83.3 28

29 Open market paper 10.1 13.1 17.6 -7.3 -71.4 -66.9 -17.8 -77.2 -123.6 -24.7 -16.9 29

30 Treasury securities 24.9 92.3 35.5 14.5 -8.7 -36.8 -28.8 83.2 -52.5 7.9 -16.1 30

31 Agency- and GSE-backed securities 21.9 28.4 38.3 14.6 -10.5 -6.3 -11.9 46.0 -69.5 -28.5 -59.8 31

32 Municipal securities 0.3 0.4 0.5 0.3 -0.1 -0.1 0.0 0.1 -0.4 0.1 0.6 32

33 Corporate and foreign bonds 6.9 9.0 12.1 8.8 -3.6 -2.0 -5.0 1.9 -9.4 3.6 5.9 33

34 Mortgages 8.3 10.8 14.5 10.5 -4.3 -2.4 -5.9 2.3 -11.2 0.3 3.0 34

35 Corporate equities -4.2 2.5 -4.4 2.4 16.8 43.7 -2.6 -8.4 34.3 18.4 21.1 35

36 Mutual fund shares -1.3 0.8 -1.3 0.7 8.0 13.4 12.1 -6.1 12.7 27.7 3.3 36

37 Trade receivables 7.9 10.2 13.8 10.0 -4.4 -2.3 -6.8 2.2 -10.6 4.1 18.1 37

38 Taxes receivable 24.8 40.1 46.4 44.0 35.8 38.3 41.9 42.3 20.6 32.0 38.6 38

39 Miscellaneous assets -3.9 -34.2 -28.7 20.8 9.1 22.1 -16.4 -19.8 50.4 1.1 -62.6 39

40 Net increase in liabilities 145.6 203.9 185.6 223.2 81.6 117.7 60.6 114.2 34.1 147.6 225.7 40

41 Credit market instruments 115.4 171.7 151.2 185.9 41.7 78.5 20.2 73.0 -5.1 109.4 187.0 41

42 Municipal securities 115.1 171.1 150.6 185.3 40.8 78.1 19.3 71.9 -6.1 108.8 186.2 42

43 Short-term -5.9 5.7 -3.1 17.3 12.0 -4.6 8.8 28.9 14.7 -6.5 3.1 43

44 Other 121.0 165.3 153.7 168.0 28.9 82.7 10.6 43.0 -20.8 115.3 183.1 44

45 U.S. government loans 0.3 0.6 0.6 0.7 0.8 0.4 0.8 1.1 1.0 0.6 0.8 45

46 Trade payables 30.2 32.1 34.4 37.2 40.0 39.2 40.4 41.1 39.2 38.2 38.7 46

47 Discrepancy -71.4 -73.5 -54.8 -33.5 -48.5 -7.0 -30.3 -49.3 -107.6 -30.8 -24.4 47

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

(2) Table F.9, line 61.
Z.1, September 17, 2009 23

F.106 Federal Government

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2004 2005 2006 2007 2008 2008 2009

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Current receipts, NIPA basis 2013.9 2290.1 2524.5 2660.8 2475.0 2590.7 2372.1 2489.5 2447.8 2251.3 2214.7 1

 2 Personal current taxes 799.2 931.9 1049.9 1168.1 1102.5 1195.3 984.2 1110.1 1120.2 900.3 816.2 2

 3 Taxes on production and imports 94.3 98.8 99.4 94.7 92.0 92.7 93.1 91.8 90.2 85.7 91.4 3

 4 Taxes on corporate income 250.3 341.0 395.0 370.2 212.3 243.1 231.2 218.5 156.5 192.0 227.7 4

 5 Taxes from the rest of the world 10.0 12.1 14.0 14.2 15.0 14.9 14.3 14.7 15.9 13.5 11.1 5

 6 Contributions for govt. social insurance 807.6 852.6 904.6 944.4 974.5 970.0 973.0 978.5 976.4 953.0 942.9 6

 7 Income receipts on assets 23.2 23.7 26.1 29.1 30.3 29.3 31.2 30.6 30.0 40.7 50.9 7

 8 Current transfer receipts 29.0 33.6 38.3 42.7 52.3 47.9 48.4 49.0 64.0 72.7 79.8 8

 9 Current surplus of government enterprises 0.3 -3.5 -2.9 -2.7 -3.8 -2.5 -3.4 -3.9 -5.4 -6.7 -5.4 9

10 Current expenditures, NIPA basis 2393.4 2573.1 2728.3 2897.2 3117.6 3024.2 3169.0 3155.2 3121.9 3220.3 3509.6 10

11 Consumption expenditures 721.4 765.8 811.0 848.8 934.4 903.2 923.2 956.0 955.4 954.2 979.6 11

12 Government social benefits 1024.9 1089.2 1193.1 1267.5 1404.1 1327.0 1472.5 1396.0 1421.1 1504.1 1645.3 12

13 Other current transfer payments 380.1 402.1 394.0 421.1 436.5 432.5 432.0 433.0 448.4 477.2 553.5 13

14 Interest payments 221.0 255.4 279.2 312.2 292.0 312.3 291.4 319.5 244.6 231.3 277.4 14

15 Subsidies 46.0 60.5 51.0 47.6 50.6 49.2 49.9 50.7 52.4 53.6 53.7 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 -379.5 -283.0 -203.8 -236.5 -642.6 -433.5 -796.9 -665.7 -674.1 -969.1 -1294.9 17

18 + Consumption of fixed capital 94.8 100.4 106.6 112.6 119.8 117.2 119.6 121.0 121.2 122.5 124.0 18

19 - Insurance and pension reserves (1) 0.0 0.7 0.1 0.1 -0.6 -2.7 0.5 -1.6 1.4 0.8 -0.2 19

20 - Contr. for govt. soc. insur., U.S.-affiliated areas 4.4 4.7 4.6 4.8 5.0 5.0 5.0 5.1 5.1 5.1 5.1 20

21 - Net capital transfers paid (2) 39.0 59.8 42.7 56.4 65.7 58.1 60.2 77.5 67.1 66.8 78.9 21

22 = Gross saving less net capital transfers paid -328.0 -247.8 -144.6 -185.2 -592.9 -376.6 -743.0 -625.6 -626.4 -919.2 -1254.7 22

23 Gross investment -333.2 -270.5 -147.3 -211.1 -604.2 -370.0 -448.2 -700.0 -898.5 -936.5 -1402.4 23

24 Fixed investment 103.3 110.5 120.7 127.9 148.2 135.1 146.3 152.4 158.9 152.4 157.4 24

25 Nonproduced nonfinancial assets 0.0 -0.5 -13.3 -1.3 -19.2 -7.7 -23.9 -6.6 -38.4 -26.9 -2.6 25

26 Net financial investment -436.5 -380.5 -254.6 -337.7 -733.2 -497.4 -570.5 -845.7 -1019.0 -1062.0 -1557.2 26

27 Net acq. of financial assets 1.6 28.9 -4.0 5.5 586.6 -48.2 -150.2 1276.4 1268.4 320.2 403.6 27

28 Gold, SDRs, and official foreign exchange -3.1 -14.4 -2.7 -0.4 4.2 0.4 4.5 -0.3 12.3 3.5 14.3 28

29 Checkable deposits and currency -31.0 12.2 -2.7 25.1 313.1 9.3 -48.1 1256.8 34.4 -338.3 105.9 29

30 Time and savings deposits -0.0 -1.0 0.2 1.2 -1.3 3.8 -8.0 4.3 -5.1 0.6 -0.5 30

31 Credit market instruments 2.3 -0.9 6.1 6.6 87.4 11.2 25.8 31.2 281.4 298.3 305.6 31

32 Agency- and GSE-backed securities 0.0 0.0 0.0 0.0 54.4 0.0 0.0 13.2 204.5 209.1 174.6 32

33 Corporate and foreign bonds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1.5 33

34 Other loans and advances -3.0 -7.0 0.6 -2.2 6.9 -1.4 3.8 1.7 23.6 55.5 96.3 34

35 Mortgages 1.6 2.4 3.7 2.1 13.5 2.1 11.9 12.0 27.8 3.6 21.8 35

36 Consumer credit (3) 3.7 3.7 1.9 6.7 12.6 10.6 10.1 4.2 25.5 30.1 11.4 36

37 Corporate equities (4) 0.0 0.0 0.0 0.0 256.3 0.0 0.0 0.0 1025.4 347.5 -127.9 37

38 Trade receivables 10.5 9.1 0.4 0.2 0.1 2.1 -4.5 3.5 -0.6 4.4 -6.5 38

39 Taxes receivable 22.3 25.3 -6.3 -28.0 -85.0 -72.8 -120.8 -75.5 -70.7 8.0 118.2 39

40 Miscellaneous assets 0.6 -1.4 1.0 0.7 11.6 -2.1 0.9 56.3 -8.6 -3.9 -5.5 40

41 Net increase in liabilities 438.1 409.4 250.6 343.2 1319.8 449.2 420.3 2122.1 2287.3 1382.2 1960.7 41

42 SDR certificates 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 42

43 Treasury currency 0.7 0.8 0.6 -0.7 -0.8 -0.9 -0.5 -1.2 -0.8 -0.0 -0.0 43

44 Credit market instruments 361.9 306.9 183.4 237.1 1239.2 412.7 310.4 2078.5 2155.2 1439.6 1895.3 44

45 Savings bonds 0.6 0.7 -2.7 -6.0 -2.4 -4.2 -1.1 -1.3 -3.0 -0.3 -1.0 45

46 Other Treasury securities 361.9 306.6 186.4 243.4 1241.4 415.6 311.3 2081.6 2157.2 1443.1 1897.4 46

47 Budget agency securities -0.6 -0.4 -0.3 -0.4 0.2 1.3 0.3 -1.7 1.0 -3.2 -1.1 47

48 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 48

49 Trade payables 15.1 32.6 5.7 29.0 -9.2 28.5 43.0 -22.1 -86.2 -18.5 0.8 49

50 Insurance reserves 1.1 1.1 1.5 1.2 1.0 -0.3 2.0 -0.4 2.8 -0.2 2.1 50

51 Miscellaneous liabilities (5) 59.3 68.0 59.4 76.6 89.6 9.2 65.4 67.3 216.4 -38.7 62.6 51

52 Nonmarketable securities held by pension plans 40.9 40.0 35.8 33.3 63.3 29.0 45.3 55.3 123.7 0.9 39.0 52

53 Other 18.4 28.1 23.6 43.3 26.3 -19.8 20.2 12.0 92.7 -39.6 23.5 53

54 Discrepancy 5.2 22.8 2.6 25.8 11.3 -6.5 -294.9 74.3 272.1 17.3 147.8 54

 Memo:

55 Change in cash balance (6) -3.1 4.6 -5.5 27.5 308.6 32.7 -65.3 1260.1 6.9 -318.1 110.4 55

(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, 2009

F.107 Rest of the World

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2004 2005 2006 2007 2008 2008 2009

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Foreign income from U.S. 2253.4 2618.6 2990.5 3242.4 3347.5 3377.4 3495.3 3475.8 3041.7 2498.5 2433.2 1

 2 U.S. imports 1798.9 2027.8 2240.3 2369.7 2538.9 2548.1 2640.2 2670.5 2296.7 1887.9 1830.8 2

 3 U.S. income payments to rest of world 357.4 475.9 648.6 746.0 667.3 685.3 711.6 664.8 607.4 479.7 454.6 3

 4 Current taxes and trans. payments to rest of world 97.1 115.0 101.5 126.6 141.4 144.0 143.6 140.4 137.5 130.9 147.8 4

 5 Foreign outlays to U.S. 1628.8 1878.1 2192.1 2517.7 2640.3 2660.0 2742.0 2738.6 2420.7 2089.0 2054.6 5

 6 U.S. exports 1180.2 1305.1 1471.0 1655.9 1831.1 1803.6 1901.5 1913.1 1706.2 1509.3 1492.2 6

 7 U.S. income receipts from rest of world 448.6 573.0 721.1 861.8 809.2 856.3 840.5 825.6 714.4 579.6 562.5 7

 8 - Net capital transfers paid (1) 2.8 12.8 -2.0 -0.4 3.1 -0.3 -0.4 14.2 -1.3 -0.3 -0.3 8

 9 Gross saving less net capital transfers paid (2) 621.8 727.8 800.4 725.0 704.2 717.8 753.7 722.9 622.3 409.8 378.9 9

10 Gross investment 531.9 710.4 803.0 659.9 503.4 661.3 422.6 581.8 347.8 135.9 228.6 10

11 Nonproduced nonfinancial assets -1.7 -1.7 -2.2 -1.8 -2.7 -2.5 -2.7 -2.7 -2.8 -2.8 -1.7 11

12 Net financial investment 533.7 712.1 805.2 661.7 506.0 663.8 425.2 584.4 350.6 138.7 230.3 12

13 Net acquisition of financial assets 1404.0 1076.0 1835.1 1757.5 649.1 1064.9 398.1 971.5 162.1 -462.4 -133.6 13

14 Gold and SDRs (3) -0.4 4.5 -0.2 -0.2 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.0 14

15 Net interbank assets 8.8 -12.3 -9.4 -153.6 365.1 -363.1 3.9 476.4 1343.5 -617.8 -692.2 15

16 U.S. checkable deposits and currency 22.4 14.9 11.4 -5.4 68.8 39.4 -13.4 59.9 189.3 -25.0 -7.8 16

17 U.S. time deposits 34.1 6.7 11.5 40.3 45.2 86.1 11.9 -21.3 104.2 -97.1 -11.8 17

18 Money market fund shares 4.1 0.1 4.1 19.0 16.7 28.7 28.7 4.8 4.8 4.8 4.8 18

19 Security RPs 204.9 48.2 109.4 80.2 -525.0 -5.8 -466.6 -376.0 -1251.5 -6.8 3.4 19

20 Credit market instruments 854.4 749.0 974.7 947.9 398.2 517.2 694.5 103.3 277.7 230.9 169.7 20

21 Open market paper 37.0 9.9 48.0 -9.6 -45.1 11.0 -16.0 -94.1 -81.5 -62.4 -72.4 21

22 Treasury securities 366.9 245.1 150.3 165.2 674.3 488.5 380.7 786.1 1041.8 688.1 403.0 22

23 Official 273.3 112.8 208.6 98.4 477.7 424.0 304.9 465.9 715.8 473.2 494.0 23

24 Private 93.6 132.3 -58.2 66.8 196.6 64.5 75.8 320.2 326.0 214.9 -91.0 24

25 Agency- and GSE-backed securities 178.2 134.3 222.7 250.3 -218.1 94.7 100.0 -381.5 -685.7 -236.4 -34.1 25

26 Official 93.5 88.5 202.6 237.0 -8.6 271.9 326.4 -86.5 -546.0 -27.8 -29.7 26

27 Private 84.7 45.8 20.0 13.3 -209.6 -177.3 -226.4 -295.0 -139.7 -208.6 -4.4 27

28 Municipal securities 6.5 3.0 5.4 10.7 -4.1 12.7 12.7 -53.6 12.0 -4.0 22.3 28

29 U.S. corporate bonds (4) 259.5 328.5 541.0 424.6 40.0 -4.3 272.3 -94.2 -13.8 -46.7 -109.9 29

30 Loans to U.S. corporate business 6.3 28.3 7.4 106.7 -48.7 -85.3 -55.1 -59.4 4.9 -107.8 -39.3 30

31 U.S. corporate equities 25.0 56.9 96.2 218.5 88.3 226.8 89.4 17.9 19.2 26.1 114.6 31

32 Mutual fund shares 32.7 32.2 45.2 38.2 5.4 21.5 34.7 -11.8 -22.9 0.8 36.0 32

33 Trade receivables -1.1 7.9 5.9 20.8 6.1 43.4 23.1 7.7 -49.9 -9.4 22.5 33

34 Security credit 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 34

35 Miscellaneous assets 219.0 167.8 586.4 551.9 180.4 471.0 -8.0 710.8 -452.3 31.1 227.2 35

36 Foreign direct investment in U.S. (5) 146.0 112.6 243.2 275.8 319.7 237.9 402.8 251.0 387.2 95.4 104.5 36

37 Other 73.1 55.2 343.3 276.2 -139.4 233.1 -410.9 459.8 -839.5 -64.3 122.7 37

38 Net increase in liabilities 870.3 363.9 1029.9 1095.8 143.1 401.1 -27.2 387.0 -188.5 -601.1 -363.9 38

 U.S. official foreign exchange

39 and net IMF position -3.2 -9.6 -2.6 -0.0 4.7 1.0 5.0 0.6 12.4 3.9 14.5 39

40 U.S. private deposits 89.9 40.8 87.2 264.1 -352.9 -435.1 -413.0 -294.7 -268.8 -273.4 -340.6 40

41 Credit market instruments 155.3 113.0 332.6 170.3 -129.5 325.3 103.8 -517.5 -429.8 179.7 192.0 41

42 Commercial paper 69.2 38.6 98.4 -69.3 -71.0 212.0 41.7 -276.4 -261.5 63.1 -23.5 42

43 Bonds 85.8 64.5 227.8 218.7 -62.1 79.9 73.2 -261.8 -139.7 137.5 220.7 43

44 Bank loans n.e.c. 3.8 14.5 13.8 24.1 5.1 35.4 -9.0 21.5 -27.4 -19.4 -6.0 44

45 Official 1.0 -2.9 -0.7 -0.0 0.7 0.4 4.6 -3.2 1.1 -0.1 1.4 45

46 Banks 4.5 4.7 3.8 8.3 2.8 30.6 -4.0 16.1 -31.5 -14.9 -10.1 46

47 Other -1.7 12.7 10.7 15.8 1.6 4.4 -9.6 8.6 3.0 -4.4 2.8 47

48 U.S. government loans -3.7 -4.6 -7.4 -3.3 -1.5 -1.7 -1.8 -1.4 -1.3 -1.5 0.7 48

49 Acceptance liabilities to banks 0.1 -0.0 -0.1 0.1 0.0 -0.3 -0.2 0.6 0.0 0.0 0.0 49

50 Foreign corporate equities (6) 84.8 186.7 137.3 147.8 1.3 111.6 89.1 -55.0 -140.4 7.3 148.9 50

51 Trade payables 3.5 6.3 6.2 12.4 -9.9 -10.4 -4.5 -6.8 -17.6 -9.5 17.8 51

52 Security debt 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 52

53 Miscellaneous liabilities 540.1 26.7 469.2 501.3 629.3 408.6 192.6 1260.4 655.7 -509.1 -396.4 53

54 U.S. equity in IBRD, etc. 2.0 1.3 2.0 1.7 1.4 0.4 4.3 0.5 0.3 0.6 5.2 54

55 Nonofficial foreign currencies -0.0 -2.2 -0.0 23.9 529.8 -11.8 163.9 904.9 1062.1 -975.4 -781.4 55

56 U.S. direct investment abroad (4,5) 316.2 36.2 244.9 398.6 332.0 359.2 414.5 216.5 337.9 161.0 179.4 56

57 Other 222.0 -8.6 222.2 77.1 -233.8 60.9 -390.1 138.5 -744.7 304.7 200.3 57

58 Discrepancy (FOF basis) (7) 89.9 17.4 -2.7 65.2 200.8 56.5 331.1 141.1 274.5 273.9 150.3 58

 Memo:

59 Net U.S. exports, NIPA basis -618.7 -722.7 -769.3 -713.8 -707.8 -744.4 -738.7 -757.5 -590.5 -378.5 -338.7 59

60 + Net U.S. income receipts (8) 91.2 97.1 72.4 115.7 141.9 171.0 128.9 160.8 107.0 99.9 107.8 60

61 - Current taxes and trans. payments to rest of world 97.1 115.0 101.5 126.6 141.4 144.0 143.6 140.4 137.5 130.9 147.8 61

62 = Balance on current account, NIPAs -624.6 -740.5 -798.4 -724.7 -707.2 -717.4 -753.3 -737.1 -621.0 -409.5 -378.6 62

(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, 2009 25

F.108 Monetary Authority (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2004 2005 2006 2007 2008 2008 2009

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Gross saving 3.3 6.3 5.9 4.2 5.1 5.0 4.5 5.0 5.7 3.5 5.5 1

 2 Fixed nonresidential investment 3.1 1.9 2.8 3.4 3.3 3.3 3.3 3.3 3.2 2.8 2.7 2

 3 Net acquisition of financial assets 44.4 37.4 29.6 43.1 1319.3 -8.3 52.0 2381.6 2851.9 -571.1 -243.9 3

 4 Gold and foreign exchange 0.3 0.3 0.3 0.5 0.6 0.7 0.6 1.0 0.2 0.4 0.3 4

 5 SDR certificates 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5

 6 Treasury currency 1.0 0.1 1.7 0.5 -0.0 -0.0 -0.0 -0.0 -0.0 14.3 0.7 6

 7 Federal Reserve float 1.2 -0.0 -1.2 0.3 -1.5 -2.1 -0.3 -1.3 -2.2 -6.3 1.0 7

 8 Federal Reserve loans to domestic banks -0.0 0.0 -0.0 48.6 511.1 250.6 251.6 503.5 1038.6 -56.8 -767.5 8

 9 Discount window (2) -0.0 0.0 -0.0 48.6 495.4 250.6 251.6 103.3 1376.0 -11.8 -789.1 9

10 AMLF (3) 0.0 0.0 0.0 0.0 15.7 0.0 0.0 400.1 -337.4 -44.9 21.6 10

11 Security RPs -10.8 13.8 -6.0 5.8 33.5 163.6 135.4 -99.3 -65.8 -320.0 0.0 11

12 Credit market instruments 51.2 26.4 34.7 -38.3 245.4 -416.7 -495.2 1084.4 809.2 751.6 1196.1 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 51.2 26.4 34.7 -38.3 -264.7 -575.7 -457.4 -11.7 -14.0 88.9 647.4 14

15 Agency- and GSE-backed securities 0.0 0.0 0.0 0.0 19.7 0.0 0.0 58.0 20.8 1069.3 1088.1 15

16 Bank loans n.e.c. 0.0 0.0 0.0 0.0 490.4 159.0 -37.8 1038.1 802.4 -406.6 -539.3 16

17 Households (TALF) (4) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 18.8 81.7 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 0.0 45.5 159.0 -153.2 793.1 -617.0 -100.3 -61.4 19

20 Funding corporations (Maiden Lane) (6) 0.0 0.0 0.0 0.0 29.1 0.0 115.3 0.7 0.4 0.1 0.1 20

21 Funding corporations (AIG) 0.0 0.0 0.0 0.0 38.9 0.0 0.0 244.3 -88.7 28.2 -10.0 21

22 Funding corporations (Maiden Lane II) (7) 0.0 0.0 0.0 0.0 19.5 0.0 0.0 0.0 78.1 -3.5 -3.7 22

23 Funding corporations (Maiden Lane III) (8) 0.0 0.0 0.0 0.0 24.4 0.0 0.0 0.0 97.5 -0.9 -6.2 23

24 Funding corporations (CPFF) (9) 0.0 0.0 0.0 0.0 333.0 0.0 0.0 0.0 1332.1 -349.0 -539.8 24

25 Miscellaneous assets 1.5 -3.2 0.1 25.8 530.2 -4.4 160.0 893.3 1071.8 -954.4 -674.4 25

26 Nonofficial foreign currencies (10) 0.0 0.0 0.0 24.0 529.7 -12.0 164.0 905.1 1061.9 -975.2 -781.3 26

27 Other 1.5 -3.2 0.1 1.8 0.4 7.6 -4.0 -11.8 10.0 20.8 106.9 27

28 Net increase in liabilities 41.7 36.1 27.2 39.9 1316.7 -21.6 53.9 2379.3 2855.2 -582.4 -245.6 28

29 Depository institution reserves 1.0 -5.0 -0.3 2.1 839.2 8.0 39.2 755.6 2554.2 -224.4 -576.2 29

30 Vault cash of commercial banks -6.4 8.6 1.6 3.3 2.7 -0.9 -9.6 23.8 -2.4 7.8 -7.8 30

31 Checkable deposits and currency 37.7 30.1 23.5 17.8 428.2 -41.9 39.1 1467.5 248.1 -286.3 212.6 31

32 Due to federal government 0.1 -1.4 0.2 11.4 349.3 -42.1 -0.9 1309.9 130.4 -393.0 197.4 32

33 Treasury cash holdings -0.1 -0.1 0.1 0.0 0.0 0.3 -0.2 -0.0 -0.0 0.2 0.0 33

34 Treasury general deposit account 0.2 -1.3 0.1 11.4 90.0 -42.4 -0.7 112.0 291.1 -155.6 197.3 34

35 Treasury temporary supplementary financing account 0.0 0.0 0.0 0.0 259.3 0.0 0.0 1198.0 -160.7 -237.6 0.0 35

36 Due to rest of the world -0.1 0.0 0.0 -0.0 1.3 0.0 0.5 -0.4 5.0 -0.9 2.4 36

37 Due to government-sponsored enterprises 0.6 0.9 -1.2 0.9 19.4 -6.4 0.2 104.2 -20.4 -0.8 -3.6 37

38 Currency outside banks 37.1 30.6 24.5 5.5 58.2 6.5 39.4 53.8 133.2 108.3 16.4 38

39 Security RPs 5.1 -0.3 -0.9 14.4 44.4 0.5 -1.1 136.5 41.7 -71.0 8.3 39

40 Miscellaneous liabilities 4.2 2.8 3.2 2.5 2.1 12.8 -13.7 -4.0 13.5 -8.5 117.4 40

41 Federal Reserve Bank stock 3.1 1.6 1.8 3.1 2.6 4.4 1.3 1.8 3.1 5.9 6.8 41

42 Other 1.2 1.1 1.4 -0.7 -0.5 8.4 -15.0 -5.8 10.5 -14.5 110.7 42

43 Discrepancy -2.5 3.1 0.7 -2.3 -0.8 -11.6 3.1 -0.7 5.8 -10.6 1.0 43

(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) Reciprocal currency arrangements (swap lines) with foreign central banks.
26 Z.1, September 17, 2009

F.109 Commercial Banking (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2004 2005 2006 2007 2008 2008 2009

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Gross saving less net capital transfers paid 88.8 108.8 93.6 56.0 141.1 163.8 156.7 173.1 70.9 101.3 88.6 1

 2 Fixed nonresidential investment 58.7 59.0 62.6 73.3 74.3 74.8 75.5 75.1 72.0 63.3 61.3 2

 3 Net acquisition of financial assets 850.6 783.1 985.3 930.3 2071.3 990.6 841.0 2979.6 3473.8 -1024.4 -648.2 3

 4 Vault cash -6.4 8.6 1.6 3.3 2.7 -0.9 -9.6 23.8 -2.4 7.8 -7.8 4

 5 Reserves at Federal Reserve 1.1 -4.5 0.4 1.5 819.3 8.5 38.6 752.2 2478.0 -323.4 -634.7 5

 6 Checkable deposits and currency 1.0 -0.5 -0.1 -0.6 0.7 -0.1 0.2 0.1 2.6 4.2 -3.9 6

 7 Total bank credit 604.4 690.3 841.7 795.1 537.0 411.4 170.3 1717.1 -150.8 -495.4 -218.7 7

 8 Open market paper 0.0 0.0 0.0 0.0 15.7 0.0 0.0 400.1 -337.4 -44.9 21.6 8

 9 Treasury securities -24.5 -10.7 -1.9 17.3 -16.7 -31.3 -47.9 91.1 -78.8 63.1 25.4 9

10 Agency- and GSE-backed securities 95.0 -5.5 45.7 -112.9 146.7 -47.4 313.0 -35.4 356.6 5.1 184.8 10

11 Municipal securities 8.1 16.9 22.6 12.2 23.2 41.4 7.2 78.5 -34.2 -9.5 29.3 11

12 Corporate and foreign bonds 82.4 123.4 93.3 198.4 6.0 98.4 -112.1 -65.4 103.0 -107.6 -80.8 12

13 Bank loans n.e.c. 75.1 167.8 126.8 337.0 203.3 313.5 124.5 337.9 37.2 -450.6 -392.0 13

14 Mortgages 339.8 362.4 445.0 242.7 197.3 156.6 -152.5 828.9 -43.8 34.6 126.1 14

15 Consumer credit 34.9 2.8 34.2 62.9 74.5 80.2 83.4 77.1 57.5 2.7 -35.7 15

16 Security credit -5.1 34.8 71.5 32.3 -113.5 -198.6 -43.8 16.2 -227.8 -68.0 -70.5 16

17 Corporate equities -0.3 0.1 0.7 1.6 -0.8 -0.2 0.6 -3.2 -0.5 13.3 -11.6 17

18 Mutual fund shares -0.9 -1.8 3.9 3.6 1.3 -1.0 -2.2 -8.8 17.3 66.3 -15.0 18

19 Customers’ liab. on acceptances (2) -0.4 0.0 -0.3 0.0 -0.2 -0.6 -0.1 0.0 0.0 0.0 0.0 19

20 Miscellaneous assets 250.9 89.2 142.1 130.9 711.7 572.3 641.6 486.5 1146.3 -217.7 216.9 20

21 Net increase in liabilities 880.0 645.3 764.7 813.8 1928.6 939.0 578.7 2201.4 3995.4 -938.5 -620.6 21

22 Net interbank liabilities 24.9 -16.0 -12.5 -102.9 926.5 -110.9 228.8 917.7 2670.5 -610.9 -1369.4 22

23 To monetary authority 1.2 -0.0 -1.2 48.9 509.6 248.5 251.3 502.2 1036.4 -63.1 -766.5 23

24 To domestic banks (3) 14.9 -3.7 -1.9 1.7 51.8 3.7 -26.3 -60.9 290.7 70.0 89.4 24

25 To foreign banks 8.8 -12.3 -9.4 -153.6 365.1 -363.1 3.9 476.4 1343.5 -617.8 -692.2 25

26 Checkable deposits 39.5 -36.4 -35.9 11.6 141.9 59.0 -74.4 319.2 263.8 -209.1 197.9 26

27 Federal government -3.2 7.0 -5.9 14.9 -39.5 71.0 -56.4 -54.1 -118.3 74.2 -86.5 27

28 Rest of the world 9.2 6.4 9.2 5.2 24.8 12.4 -14.8 36.9 64.9 -71.3 -2.5 28

29 Private domestic 33.6 -49.8 -39.2 -8.5 156.5 -24.4 -3.3 336.4 317.2 -212.0 286.9 29

30 Small time and savings deposits 280.6 268.3 287.6 263.7 541.3 365.6 85.1 899.4 814.9 436.0 205.6 30

31 Large time deposits 192.5 243.1 264.0 298.3 -97.7 307.9 -90.8 229.3 -837.2 -200.3 -2.0 31

32 Federal funds and security RPs (net) 13.1 90.3 70.5 -49.7 -355.7 -253.7 -138.7 -250.7 -779.8 -109.5 613.2 32

33 Credit market instruments 78.4 85.1 177.4 263.2 161.1 228.8 299.2 259.2 -142.7 -298.7 -42.4 33

34 Open market paper 10.6 4.0 21.4 37.9 -39.2 -4.4 58.1 -57.9 -152.6 -91.1 -17.0 34

35 Corporate bonds 59.0 56.7 76.0 118.6 129.3 140.7 228.9 -194.2 341.7 44.0 21.9 35

36 Other loans and advances 8.8 24.4 80.0 106.7 71.0 92.5 12.1 511.3 -331.7 -251.5 -47.3 36

37 Corporate equity issues 17.6 -13.8 -10.5 -23.7 331.9 212.9 230.1 103.5 780.9 230.3 18.8 37

38 Taxes payable (net) -1.4 -7.9 -1.1 -13.6 -85.7 -43.8 -49.9 -69.5 -179.5 8.0 -33.1 38

39 Miscellaneous liabilities 234.8 32.5 25.2 167.0 365.1 173.2 89.2 -206.6 1404.5 -184.3 -209.3 39

40 Discrepancy 59.5 -88.0 -189.7 -133.7 -75.8 37.4 -181.0 -680.2 520.6 123.8 54.8 40

 Memo:

41 Credit market funds advanced (4) 610.3 657.1 765.4 757.7 649.8 610.6 215.5 1712.9 60.2 -507.0 -121.5 41

42 Consumer leases not included above (5) 0.0 0.0 0.0 -1.8 -1.7 -0.0 -1.8 -3.5 -1.3 -1.5 -4.3 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, 2009 27

F.110 U.S.-Chartered Commercial Banks

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2004 2005 2006 2007 2008 2008 2009

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Gross saving less net capital transfers paid (1) -1.4 -8.1 -24.5 -56.8 58.3 71.2 64.3 88.7 9.0 24.9 0.1 1

 2 Fixed nonresidential investment 17.0 16.0 17.6 16.8 16.6 16.7 16.9 16.8 16.1 14.1 13.7 2

 3 Net acquisition of financial assets 676.3 529.7 787.7 595.9 1266.5 350.8 452.1 2803.4 1459.5 -756.7 238.4 3

 4 Vault cash and reserves at Federal Reserve -5.2 3.9 2.3 4.4 584.1 7.0 30.7 642.4 1656.2 -214.3 -369.8 4

 5 Total bank credit 583.4 498.4 685.4 570.3 544.4 478.3 189.5 1827.4 -317.6 -130.0 156.5 5

 6 Open market paper 0.0 0.0 0.0 0.0 15.7 0.0 0.0 400.1 -337.4 -44.9 21.6 6

 7 Treasury securities -19.2 -10.1 -2.2 11.1 -19.6 -64.5 -57.7 107.5 -63.8 40.7 46.7 7

 8 Agency- and GSE-backed securities 89.7 -3.3 47.5 -111.4 139.7 -23.1 250.1 22.5 309.5 67.1 205.4 8

 9 Mortgage pass-through securities 90.3 -2.7 68.8 -54.9 152.0 95.9 239.6 84.6 187.9 -58.6 139.7 9

10 CMOs and other structured MBS -4.8 -4.4 -5.1 -4.4 14.3 21.4 -8.7 1.7 42.6 39.3 26.5 10

11 Other 4.2 3.8 -16.1 -52.0 -26.6 -140.4 19.2 -63.9 78.9 86.4 39.2 11

12 Municipal securities 8.3 16.7 21.7 12.0 23.2 41.4 7.1 78.0 -33.6 -11.5 31.3 12

13 Corporate and foreign bonds 58.8 47.0 59.1 101.7 -30.4 -1.6 -22.7 -24.7 -72.5 123.6 123.4 13

14 Private mortgage pass-through securities 6.7 5.1 8.8 15.5 -24.4 7.4 -26.2 -19.5 -59.3 -5.4 13.4 14

15 Private CMOs and other structured MBS 15.4 38.2 12.7 64.8 -1.5 68.5 -13.9 34.1 -94.6 -32.6 -16.8 15

16 Other 36.7 3.8 37.6 21.4 -4.5 -77.5 17.5 -39.4 81.3 161.6 126.8 16

17 Bank loans n.e.c. 67.6 98.7 62.9 233.7 137.9 247.0 90.0 271.6 -57.0 -343.2 -266.8 17

18 Mortgages 334.0 354.8 436.8 225.7 190.0 149.9 -157.9 824.7 -56.6 34.0 130.2 18

19 Consumer credit 34.9 2.8 34.2 62.9 74.5 80.2 83.4 77.1 57.5 2.7 -35.7 19

20 Security credit 10.7 -6.6 20.9 29.3 12.8 50.3 -1.3 82.5 -80.5 -78.1 -73.0 20

21 Corporate equities -0.3 0.1 0.7 1.6 -0.8 -0.3 0.6 -3.1 -0.5 13.3 -11.6 21

22 Mutual fund shares -0.9 -1.8 3.9 3.6 1.3 -1.0 -2.2 -8.8 17.3 66.3 -15.0 22

23 Customers’ liab. on acceptances (2) -0.5 -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 23

24 Miscellaneous assets 98.5 27.4 100.0 21.3 138.0 -134.5 231.9 333.7 120.9 -412.5 451.8 24

25 Net increase in liabilities 757.0 467.2 640.9 545.8 1156.5 343.4 231.2 2059.0 1992.5 -643.6 302.6 25

26 Net interbank liabilities 90.0 16.6 72.6 141.4 711.2 72.3 550.4 379.8 1842.4 -434.0 -512.3 26

27 Federal Reserve float 1.2 -0.0 -1.2 0.3 -1.5 -2.1 -0.3 -1.3 -2.2 -6.3 1.0 27

28 Borrowing from Federal Reserve banks -0.0 0.0 -0.0 48.6 511.1 250.6 251.6 503.5 1038.6 -56.8 -767.5 28

29 To domestic banking 33.0 0.5 -36.6 34.5 32.9 -31.5 -37.8 -65.5 266.5 92.4 72.8 29

30 To foreign banks 55.8 16.1 110.5 58.0 168.7 -144.7 336.9 -56.9 539.6 -463.3 181.4 30

31 Checkable deposits 38.8 -36.8 -36.6 9.0 140.8 48.3 -72.8 327.6 260.1 -211.8 190.6 31

32 Federal government -3.2 7.0 -5.9 14.9 -39.5 71.0 -56.4 -54.1 -118.3 74.2 -86.5 32

33 Rest of the world 9.7 6.2 9.4 5.0 22.5 -9.0 -7.4 46.4 59.9 -70.3 -3.1 33

34 Private domestic 32.3 -49.9 -40.1 -10.9 157.8 -13.7 -9.1 335.3 318.5 -215.7 280.2 34

35 Small time and savings deposits 279.7 262.9 277.8 255.0 540.2 342.4 90.7 923.9 803.9 439.6 216.5 35

36 Large time deposits 115.6 166.8 129.9 23.1 24.6 123.8 -211.4 409.8 -224.0 -101.5 -270.1 36

37 Federal funds and security RPs (net) 14.6 57.0 21.4 -36.1 -259.0 -225.8 -63.2 -175.5 -571.5 -150.0 483.9 37

38 Acceptance liabilities -0.4 -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 38

39 Corporate bonds 10.4 12.5 27.5 25.1 8.0 -0.5 -2.9 1.0 34.4 -56.2 -12.1 39

40 Other loans and advances 8.8 24.4 80.0 106.7 71.0 92.5 12.1 511.3 -331.7 -251.5 -47.3 40

41 Corporate equity issues 5.9 6.2 9.3 4.3 10.4 8.2 6.6 7.9 18.8 12.7 13.7 41

42 Taxes payable (net) -1.4 -7.9 -1.1 -13.6 -85.7 -43.8 -49.9 -69.5 -179.5 8.0 -33.1 42

43 Miscellaneous liabilities 195.2 -34.6 60.0 30.9 -5.1 -74.1 -28.3 -257.4 339.6 101.1 272.9 43

44 Investment by bank holding companies 167.2 40.0 110.0 126.1 48.2 101.5 -39.8 34.9 96.3 7.7 61.7 44

45 Other 28.0 -74.5 -50.0 -95.2 -53.3 -175.6 11.5 -292.3 243.3 93.3 211.1 45

46 Discrepancy 62.4 -86.6 -188.9 -123.7 -68.3 47.0 -173.6 -672.5 526.0 123.9 50.6 46

 Memo:

47 Credit market funds advanced (3) 573.5 506.6 660.0 535.7 531.1 429.2 192.4 1756.8 -254.0 -131.5 256.1 47

48 Consumer leases not included above (4) 0.0 0.0 0.0 -1.8 -1.7 -0.0 -1.8 -3.5 -1.3 -1.5 -4.3 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, 2009

F.111 Foreign Banking Offices in U.S. (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2004 2005 2006 2007 2008 2008 2009

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Gross saving 7.5 8.2 8.8 9.0 9.0 8.9 9.0 9.1 9.2 9.2 9.2 1

 2 Fixed nonresidential investment 9.9 9.9 11.4 10.7 10.0 10.1 10.2 10.1 9.7 8.5 8.3 2

 3 Net acquisition of financial assets -117.4 148.8 3.6 216.3 564.8 425.1 -73.6 296.3 1611.1 -422.8 -891.0 3

 4 Reserves at Federal Reserve -0.1 0.2 -0.3 0.4 238.0 0.5 -1.7 133.6 819.5 -101.3 -272.6 4

 5 Total bank credit 7.1 185.9 154.6 204.6 -19.5 -70.8 -122.1 -72.2 187.0 -277.8 -391.6 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 -5.9 0.2 -0.8 3.5 7.5 37.9 -11.5 -23.6 27.2 34.1 -46.9 7

 8 Agency- and GSE-backed securities -1.2 -0.9 3.9 2.1 -7.0 -31.6 -8.0 -9.7 21.3 -17.5 -27.5 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 22.4 80.6 29.8 77.0 35.9 100.4 -96.3 -45.2 184.7 -198.5 -197.6 10

11 Bank loans n.e.c. 8.2 60.7 67.1 105.0 65.1 67.9 31.4 69.9 91.4 -106.3 -117.6 11

12 Mortgages -0.6 4.0 4.1 14.1 5.2 3.4 4.8 2.7 9.8 0.3 -4.5 12

13 Security credit -15.8 41.4 50.6 3.0 -126.3 -248.9 -42.5 -66.3 -147.3 10.1 2.5 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 0.1 -0.3 0.0 -0.2 -0.6 -0.1 0.0 0.0 0.0 0.0 15

16 Miscellaneous assets -124.5 -37.3 -150.4 11.2 346.5 496.0 50.3 235.0 604.7 -43.7 -226.8 16

17 Net increase in liabilities -112.2 154.5 9.8 222.9 571.8 432.0 -66.6 303.5 1618.3 -415.5 -883.6 17

18 Net interbank liabilities -66.8 -6.0 -71.3 -191.1 239.6 -135.6 -318.2 330.6 1081.7 -241.4 -777.7 18

19 To foreign banks -72.6 -8.8 -78.6 -169.4 243.8 -198.7 -276.1 440.9 1009.1 -191.7 -849.4 19

20 To domestic banks 5.7 2.8 7.3 -21.8 -4.2 63.1 -42.1 -110.3 72.6 -49.8 71.7 20

21 Checkable deposits -0.8 0.5 -0.0 2.6 1.7 12.2 -3.1 -7.1 4.8 1.0 4.8 21

22 Small time and savings deposits -0.7 0.5 8.6 6.9 0.1 24.4 -8.7 -29.4 14.0 2.5 -8.3 22

23 Large time deposits 75.4 71.4 132.8 273.4 -123.2 185.2 117.6 -185.5 -610.1 -92.8 270.8 23

24 Federal funds and security RPs (net) -0.2 33.4 49.0 -13.6 -96.3 -27.1 -74.7 -73.0 -210.3 40.7 152.5 24

25 Acceptance liabilities 0.1 0.0 -0.3 0.0 -0.2 -0.6 -0.1 0.0 0.0 0.0 0.0 25

26 Miscellaneous liabilities -119.2 54.6 -109.0 144.8 550.1 373.5 220.7 267.8 1338.3 -125.5 -525.7 26

27 Foreign direct investment in U.S. 17.9 9.4 13.8 -4.8 20.7 31.5 23.9 8.7 18.8 -9.9 5.6 27

28 Due to affiliates 33.0 21.0 8.6 43.7 35.6 -2.3 -12.6 -178.7 336.1 -29.2 -179.5 28

29 Other -170.1 24.2 -131.3 105.9 493.7 344.2 209.4 437.8 983.4 -86.4 -351.7 29

30 Discrepancy 2.9 4.1 3.5 4.9 6.1 5.6 5.8 6.1 6.7 8.0 8.3 30

 Memo:

31 Credit market funds advanced (3) 23.0 144.5 103.7 201.7 106.6 177.5 -79.7 -5.9 334.3 -287.9 -394.1 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, 2009 29

F.112 Bank Holding Companies

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2004 2005 2006 2007 2008 2008 2009

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Gross saving 82.5 108.5 109.1 103.7 73.6 83.5 83.3 75.2 52.6 67.0 79.2 1

 2 Fixed nonresidential investment 31.7 32.9 33.4 45.6 47.5 47.8 48.3 48.0 46.1 40.5 39.2 2

 3 Net acquisition of financial assets 275.8 94.8 195.2 118.0 243.1 213.9 454.7 -114.1 417.8 161.6 13.4 3

 4 Credit market instruments -0.0 -4.2 3.3 23.1 13.9 4.1 97.7 -36.3 -9.7 -79.8 16.0 4

 5 Treasury securities -0.8 -0.9 1.4 4.6 -4.0 -3.0 22.1 7.2 -42.2 -10.3 25.9 5

 6 Agency- and GSE-backed securities 1.9 -2.3 -0.0 -1.3 15.9 12.3 61.4 -46.7 36.7 -39.0 3.0 6

 7 Corporate and foreign bonds 1.3 -3.7 4.9 19.1 -0.0 -3.7 9.6 6.0 -12.0 -30.0 -9.9 7

 8 Bank loans n.e.c. -2.5 2.7 -2.9 0.7 2.0 -1.6 4.7 -2.8 7.8 -0.5 -3.0 8

 9 Miscellaneous assets 275.9 99.0 191.8 94.9 229.2 209.9 357.0 -77.8 427.6 241.4 -2.6 9

10 Investment in bank subsidiaries 167.2 40.0 110.0 126.1 48.2 101.5 -39.8 34.9 96.3 7.7 61.7 10

11 Investment in nonbank subsidiaries 76.2 42.7 46.3 -63.0 86.4 36.0 124.4 82.1 103.1 -119.2 -11.8 11

12 Other 32.4 16.2 35.6 31.7 94.5 72.4 272.3 -194.8 228.2 352.8 -52.5 12

13 Net increase in liabilities 219.6 14.3 115.3 45.4 203.2 163.6 404.9 -155.3 399.7 129.1 -31.6 13

14 Net interbank liabilities 1.7 -26.5 -13.9 -53.2 -24.3 -47.6 -3.3 207.3 -253.6 64.6 -79.4 14

15 To domestic banks -23.8 -6.9 27.4 -11.0 23.1 -28.0 53.6 114.9 -48.4 27.4 -55.1 15

16 To foreign banks 25.6 -19.6 -41.3 -42.2 -47.4 -19.6 -56.9 92.4 -205.2 37.1 -24.3 16

17 Federal funds and security RPs (net) -1.3 -0.2 0.1 0.1 -0.4 -0.8 -0.8 -2.2 2.0 -0.3 -23.1 17

18 Credit market instruments 59.5 48.2 70.2 131.3 82.3 137.4 290.1 -253.1 154.7 9.1 17.0 18

19 Commercial paper 10.8 4.0 21.7 37.9 -39.0 -3.8 58.3 -57.9 -152.6 -91.1 -17.0 19

20 Corporate bonds 48.7 44.2 48.5 93.5 121.3 141.2 231.8 -195.3 307.3 100.2 34.0 20

21 Corporate equity issues 11.7 -20.0 -19.9 -28.0 321.5 204.7 223.5 95.5 762.1 217.6 5.1 21

22 Miscellaneous liabilities 148.0 12.8 78.7 -4.8 -175.7 -130.1 -104.6 -202.8 -265.5 -161.7 48.9 22

23 Equity, etc. 129.4 48.4 -13.8 -66.6 52.7 70.9 20.2 -112.3 231.9 118.6 33.4 23

24 Other 18.6 -35.6 92.5 61.9 -228.4 -201.0 -124.8 -90.5 -497.4 -280.3 15.5 24

25 Discrepancy -5.3 -4.9 -4.2 -14.5 -13.8 -14.7 -14.7 -14.1 -11.7 -6.0 -4.9 25

F.113 Banks in U.S.-Affiliated Areas (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Gross saving 0.1 0.1 0.2 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 1

 2 Fixed nonresidential investment 0.2 0.2 0.2 0.2 0.1 0.1 0.1 0.1 0.1 0.1 0.1 2

 3 Net acquisition of financial assets 15.9 9.8 -1.2 0.1 -3.1 0.7 7.7 -6.0 -14.7 -6.5 -8.9 3

 4 Checkable deposits and currency 1.0 -0.5 -0.1 -0.6 0.7 -0.1 0.2 0.1 2.6 4.2 -3.9 4

 5 Credit market instruments 13.9 10.2 -1.7 -2.9 -1.8 -0.1 5.2 -1.8 -10.4 -7.8 0.5 5

 6 Treasury securities 1.4 0.1 -0.2 -1.9 -0.6 -1.7 -0.8 -0.1 -0.0 -1.4 -0.3 6

 7 Agency- and GSE-backed securities 4.7 1.2 -5.8 -2.4 -1.9 -5.0 9.6 -1.5 -10.9 -5.5 3.8 7

 8 Municipal securities -0.2 0.2 0.8 0.2 0.0 -0.0 0.1 0.5 -0.5 2.0 -2.1 8

 9 Corporate and foreign bonds -0.2 -0.5 -0.4 0.6 0.5 3.3 -2.8 -1.5 2.9 -2.6 3.3 9

10 Bank loans n.e.c. 1.8 5.6 -0.3 -2.3 -1.8 0.1 -1.6 -0.8 -4.9 -0.6 -4.6 10

11 Home mortgages 3.4 0.7 0.9 0.7 1.3 1.4 0.1 1.0 2.6 0.8 0.3 11

12 Commercial mortgages 3.1 2.9 3.2 2.2 0.8 1.8 0.5 0.4 0.5 -0.5 0.1 12

13 Miscellaneous assets 0.9 0.1 0.6 3.6 -2.0 0.9 2.4 -4.3 -6.9 -2.9 -5.5 13

14 Net increase in liabilities 15.5 9.3 -1.3 -0.3 -2.9 0.1 9.2 -5.7 -15.1 -8.6 -8.1 14

15 Checkable deposits 1.6 -0.2 0.7 0.0 -0.6 -1.6 1.5 -1.3 -1.1 1.7 2.5 15

16 Small time and savings deposits 1.6 4.9 1.2 1.8 1.0 -1.2 3.1 5.0 -3.0 -6.1 -2.6 16

17 Large time deposits 1.6 4.9 1.2 1.8 1.0 -1.2 3.1 5.0 -3.0 -6.1 -2.6 17

18 Miscellaneous liabilities 10.8 -0.3 -4.4 -3.9 -4.2 4.0 1.4 -14.3 -7.9 1.9 -5.4 18

19 Discrepancy -0.5 -0.5 -0.1 -0.4 0.2 -0.7 1.4 0.3 -0.4 -2.1 0.8 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, 2009

F.114 Savings Institutions (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2004 2005 2006 2007 2008 2008 2009

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Gross saving 6.0 9.5 5.8 9.8 10.5 13.7 11.0 8.4 9.0 4.9 7.6 1

 2 Fixed nonresidential investment 3.2 2.9 3.2 3.0 2.3 2.4 2.4 2.4 2.3 2.0 1.9 2

 3 Net acquisition of financial assets 184.8 140.9 -74.4 99.6 -290.4 62.3 -65.8 -1281.1 123.1 64.9 -585.7 3

 4 Reserves at Federal Reserve -0.1 -0.5 -0.7 0.6 16.1 -2.9 0.4 2.4 64.6 44.6 39.4 4

 5 Checkable deposits and currency -3.5 2.4 -3.3 -0.5 3.1 18.6 -7.3 -0.6 1.6 -6.6 -35.0 5

 6 Time and savings deposits 0.6 -0.5 3.9 3.3 4.4 1.4 5.8 1.1 9.4 15.7 -0.4 6

 7 Federal funds and security RPs -3.2 -0.1 9.3 27.3 -10.9 -25.9 -28.7 -13.3 24.3 -20.8 -76.9 7

 8 Credit market instruments 103.5 199.4 -97.9 65.7 -274.7 44.5 14.5 -1211.9 54.2 -3.1 -449.2 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 -3.9 4.0 0.1 -5.4 -4.1 -3.9 -4.3 -7.9 -0.0 2.9 3.7 10

11 Agency- and GSE-backed securities -82.3 55.8 -23.0 -0.6 -0.8 -12.1 17.6 -26.2 17.5 32.2 14.0 11

12 Mortgage pass-through securities 0.9 25.6 -19.7 5.2 3.0 13.6 3.7 -22.0 16.4 -4.2 -15.0 12

13 CMOs and other structured MBS -45.3 7.4 -3.3 -2.2 7.3 1.7 34.4 -14.2 7.0 20.7 12.5 13

14 Other -38.0 22.9 -0.1 -3.6 -11.0 -27.5 -20.6 10.0 -5.9 15.7 16.5 14

15 Municipal securities 0.8 1.5 2.2 -0.1 -2.7 -2.2 2.6 -10.6 -0.4 0.9 2.9 15

16 Corporate and foreign bonds -12.7 21.0 9.2 49.2 -34.0 5.1 -2.0 -101.0 -38.1 33.2 -36.2 16

17 Private mortgage pass-through securities -2.5 -0.6 3.1 -4.5 -1.4 7.4 -7.5 -2.0 -3.4 -4.6 -1.4 17

18 Private CMOs and other structured MBS -11.0 18.1 6.8 39.3 -41.8 -30.8 -36.6 -74.2 -25.5 -83.1 -38.8 18

19 Other 0.8 3.5 -0.7 14.3 9.2 28.5 42.1 -24.7 -9.3 120.8 4.0 19

20 Other loans and advances 1.3 3.9 6.0 6.2 6.4 17.2 -7.6 -8.4 24.2 2.6 -16.2 20

21 Mortgages 186.8 95.3 -78.8 21.3 -235.1 53.6 -1.7 -1015.0 22.9 -49.7 -400.8 21

22 Consumer credit 13.4 17.8 -13.5 -4.8 -4.5 -13.1 10.0 -42.9 28.2 -25.1 -16.6 22

23 Corporate equities -1.1 -1.0 -1.0 -0.1 -1.5 2.1 -2.6 -10.2 4.7 1.5 -2.0 23

24 Miscellaneous assets 88.6 -58.8 15.4 3.4 -26.9 24.4 -47.8 -48.5 -35.7 33.6 -61.7 24

25 Net increase in liabilities 164.9 126.4 -82.6 116.7 -251.8 74.3 -34.0 -1191.8 144.1 -0.2 -559.7 25

26 Deposits 40.0 76.6 24.6 13.2 -156.0 84.1 65.6 -825.6 52.0 67.2 -80.2 26

27 Checkable 0.5 3.8 0.9 4.5 -2.9 -10.8 28.8 -19.8 -9.6 -0.5 -2.3 27

28 Small time and savings -14.4 34.0 28.9 27.6 -59.6 56.7 144.8 -427.1 -12.8 -8.4 -28.5 28

29 Large time 54.0 38.8 -5.2 -19.0 -93.5 38.2 -108.1 -378.6 74.4 76.0 -49.4 29

30 Security RPs 2.4 -2.3 -19.2 -24.1 -0.0 -58.6 0.3 -9.5 67.7 7.2 -33.9 30

31 Credit market instruments 91.4 22.5 -108.2 104.1 -65.8 103.5 -77.7 -203.8 -85.5 -70.2 -350.5 31

32 Corporate bonds 2.5 1.0 2.0 -0.3 -8.0 1.2 0.9 -34.0 -0.0 -1.9 0.9 32

33 Bank loans n.e.c. 28.9 5.2 -44.5 13.3 13.0 1.2 11.3 22.0 17.7 -30.2 -21.6 33

34 Other loans and advances 60.0 16.2 -65.7 91.1 -70.9 101.1 -89.9 -191.8 -103.1 -38.1 -329.8 34

35 Corporate equities -0.3 2.2 0.8 3.3 1.7 0.5 1.4 2.5 2.5 0.9 2.3 35

36 Taxes payable 1.0 0.1 -0.4 -2.0 -0.3 1.1 -2.3 0.1 -0.2 1.4 -2.3 36

37 Miscellaneous liabilities 30.5 27.3 19.7 22.2 -31.4 -56.3 -21.3 -155.6 107.6 -6.7 -95.2 37

38 Investment by parent 1.2 1.3 1.4 1.6 1.7 1.7 1.7 1.7 1.8 1.8 1.8 38

39 Other 29.4 26.0 18.3 20.6 -33.1 -57.9 -23.0 -157.3 105.8 -8.5 -97.0 39

40 Discrepancy -17.1 -7.9 -5.7 23.9 46.7 23.5 40.5 95.3 27.7 -62.2 31.7 40

(1) Savings and loan associations, mutual savings banks, and federal savings banks.
Z.1, September 17, 2009 31

F.115 Credit Unions

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2004 2005 2006 2007 2008 2008 2009

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Gross saving 8.2 8.5 9.0 8.2 6.0 6.9 6.3 5.7 5.1 5.3 7.0 1

 2 Fixed nonresidential investment 2.8 2.7 3.1 2.9 2.8 2.8 2.8 2.8 2.7 2.3 2.3 2

 3 Net acquisition of financial assets 37.5 30.9 30.5 42.5 53.8 93.0 56.4 3.0 62.7 128.0 100.6 3

 4 Reserves at Federal Reserve 0.0 0.0 0.0 0.0 3.8 2.4 0.2 1.0 11.6 54.4 19.0 4

 5 Checkable deposits and currency -1.4 -2.0 6.2 -1.1 -4.8 33.7 -18.5 -34.4 -0.2 -12.2 -13.7 5

 6 Time and savings deposits -0.7 -4.5 -4.9 -0.0 11.4 21.7 11.8 -0.2 12.1 21.5 6.0 6

 7 Federal funds and security RPs (net) 2.6 2.6 -1.6 -2.6 -4.8 -7.4 2.6 -22.3 7.8 -3.0 13.2 7

 8 Credit market instruments 39.8 36.2 30.1 35.3 40.0 41.7 50.8 45.9 21.4 17.0 46.7 8

 9 Open market paper 0.1 -0.0 0.2 -0.5 -0.4 9.3 -8.0 -3.0 0.0 0.0 0.0 9

10 Treasury securities 0.1 -1.1 -0.3 3.0 -1.6 -3.4 2.7 -1.3 -4.2 -2.3 28.5 10

11 Agency- and GSE-backed securities -1.1 -6.8 -13.9 -4.1 14.4 8.1 20.1 18.7 10.9 23.6 21.9 11

12 Corporate and foreign bonds 0.6 -1.5 7.2 3.9 -8.9 -6.7 -2.3 -10.2 -16.3 -32.2 1.4 12

13 Other loans and advances 1.9 1.0 0.9 0.0 2.6 -2.8 7.2 8.6 -2.8 7.8 2.9 13

14 Home mortgages 28.7 31.3 30.1 31.8 34.5 49.8 31.9 23.9 32.4 11.3 -9.6 14

15 Consumer credit 9.5 13.2 5.9 1.2 -0.7 -12.6 -0.7 9.2 1.4 8.7 1.6 15

16 Mutual fund shares -0.9 -1.0 -0.1 -0.0 -0.0 1.5 -0.1 -1.5 0.0 -1.1 0.1 16

17 Miscellaneous assets -1.8 -0.3 0.8 11.0 8.4 -0.6 9.6 14.5 9.9 51.3 29.2 17

18 Net increase in liabilities 33.7 27.5 26.0 39.5 54.5 88.3 59.6 2.7 67.4 154.3 100.1 18

19 Shares/deposits 29.5 21.6 24.5 31.7 45.1 79.3 54.2 -15.2 62.1 122.6 73.8 19

20 Checkable 7.6 7.0 -8.5 1.1 1.6 20.3 -7.1 -10.0 3.2 21.9 -15.3 20

21 Small time and savings 15.5 12.1 30.5 25.8 43.0 40.5 56.7 17.9 57.0 69.1 79.1 21

22 Large time 6.4 2.5 2.5 4.8 0.5 18.5 4.6 -23.1 2.0 31.6 10.1 22

23 Other loans and advances 2.3 3.3 4.2 13.4 8.3 -15.2 27.6 32.4 -11.6 -41.2 -7.2 23

24 Miscellaneous liabilities 1.9 2.6 -2.7 -5.6 1.1 24.2 -22.1 -14.5 16.8 72.9 33.4 24

25 Discrepancy 1.6 2.3 1.4 2.2 4.0 -0.6 6.8 2.6 7.1 29.3 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) 40.3 24.3 63.8 49.2 64.3 77.1 73.5 29.9 76.9 32.4 64.7 1

 2 Fixed nonresidential investment 11.4 10.2 10.3 11.5 11.3 11.5 11.5 11.4 10.7 9.5 9.3 2

 3 Net acquisition of financial assets 81.0 75.4 64.5 38.2 30.0 46.4 8.2 23.6 41.8 -22.6 57.8 3

 4 Checkable deposits and currency -8.7 -4.8 8.9 12.8 -14.8 -3.4 -5.0 11.4 -62.0 -7.8 18.1 4

 5 Security RPs 10.2 5.9 -2.9 -12.2 13.4 38.7 -6.1 -19.8 40.7 0.7 -45.6 5

 6 Credit market instruments 73.6 66.9 47.7 26.4 -16.4 -13.0 -6.3 -34.6 -11.6 1.3 70.7 6

 7 Treasury securities 6.6 -2.0 6.6 -20.7 -0.3 -0.1 0.4 -1.4 -0.0 0.1 4.7 7

 8 Agency- and GSE-backed securities -3.3 5.8 4.1 3.8 -11.5 -11.1 -10.1 -13.9 -10.9 -9.8 -0.4 8

 9 Municipal securities 43.6 45.4 22.1 36.1 10.6 12.3 15.0 3.0 12.2 10.5 43.1 9

10 Corporate and foreign bonds 26.4 17.5 14.2 5.9 -15.4 -14.4 -12.2 -20.9 -14.1 0.4 23.0 10

11 Commercial mortgages 0.3 0.3 0.7 1.3 0.2 0.4 0.6 -1.4 1.2 0.2 0.3 11

12 Corporate equities -3.9 -6.1 2.3 0.5 35.1 13.1 4.3 52.8 70.3 -17.6 -0.0 12

13 Mutual fund shares 0.5 0.3 0.5 -0.5 -0.4 -0.0 -0.0 -0.4 -1.1 0.0 0.1 13

14 Trade receivables 0.3 2.4 4.9 -1.6 1.3 3.4 3.5 0.0 -1.9 2.8 7.6 14

15 Miscellaneous assets 9.1 10.8 3.1 12.8 11.8 7.5 17.9 14.2 7.4 -2.1 7.0 15

16 Net increase in liabilities 39.5 46.3 42.2 5.4 15.9 21.7 57.9 66.3 -82.5 -53.5 -1.7 16

17 Corporate equity issues -4.0 -2.8 -8.5 -13.2 0.4 -5.3 18.8 -10.9 -1.1 -1.4 -2.1 17

18 Taxes payable (net) 0.5 -3.1 11.0 -2.4 -28.1 -4.2 -35.8 1.1 -73.6 -12.5 0.0 18

19 Miscellaneous liabilities 43.0 52.2 39.7 21.1 43.6 31.2 74.9 76.2 -7.9 -39.5 0.4 19

20 Discrepancy -12.6 -15.0 31.3 4.9 38.9 40.9 111.7 61.3 -58.2 -7.9 -4.1 20

(1) Net capital transfers paid from table F.9, line 50.
32 Z.1, September 17, 2009

F.117 Life Insurance Companies

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2004 2005 2006 2007 2008 2008 2009

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Gross saving 13.0 11.0 4.0 3.7 9.7 7.1 18.6 9.6 3.3 10.3 10.2 1

 2 Fixed nonresidential investment 10.7 9.9 10.8 11.6 11.4 11.6 11.6 11.4 10.8 9.6 9.3 2

 3 Net acquisition of financial assets 264.4 185.3 225.0 240.5 167.1 334.7 146.3 -85.1 272.5 101.1 130.7 3

 4 Checkable deposits and currency 6.0 -5.5 8.3 2.3 24.4 19.0 35.0 8.1 35.6 -49.9 -29.4 4

 5 Money market fund shares -30.7 -7.1 48.7 64.3 33.3 69.6 11.9 11.6 40.0 14.5 -11.1 5

 6 Credit market instruments 173.0 110.3 75.6 82.4 30.7 109.6 48.5 -69.4 34.0 243.0 114.0 6

 7 Open market paper -7.6 -8.0 12.9 8.4 28.3 23.1 -8.9 -38.6 137.4 54.3 3.7 7

 8 Treasury securities 6.6 12.7 -8.0 -14.9 22.5 24.4 24.1 21.8 19.5 36.8 25.1 8

 9 Agency- and GSE-backed securities 8.2 11.4 8.8 5.5 -16.7 -5.9 -9.2 -22.0 -29.7 -22.6 -19.5 9

10 Municipal securities 4.0 2.4 4.1 4.8 5.7 7.1 6.7 5.1 3.8 7.9 3.5 10

11 Corporate and foreign bonds 145.9 74.7 32.9 40.0 -43.9 17.6 3.3 -85.0 -111.3 170.9 112.1 11

12 Other loans and advances 3.5 5.0 6.6 16.3 18.6 17.8 15.0 29.7 11.9 4.6 5.6 12

13 Mortgages 12.4 12.1 18.3 22.4 16.3 25.5 17.4 19.6 2.5 -8.9 -16.4 13

14 Corporate equities 51.5 65.9 71.4 84.1 81.8 82.8 82.0 97.9 64.6 20.2 15.4 14

15 Mutual fund shares 12.8 -9.9 26.9 31.3 -10.7 0.4 4.0 -12.0 -35.4 -4.0 2.0 15

16 Miscellaneous assets 51.9 31.7 -6.0 -23.8 7.7 53.3 -35.2 -121.3 133.8 -122.7 39.8 16

17 Net increase in liabilities 228.0 173.9 202.5 198.7 166.9 288.0 146.0 -82.0 315.6 110.4 128.8 17

18 Corporate equity issues -17.3 -8.0 -20.0 -30.6 -10.7 -32.0 -10.1 -8.2 7.6 -6.9 8.5 18

19 Other loans and advances 3.0 0.4 2.7 14.5 26.2 9.6 9.2 38.0 48.0 -9.6 -8.0 19

20 Life insurance reserves 32.0 14.9 64.1 33.0 66.0 36.5 51.0 83.4 93.2 72.5 7.3 20

21 Pension fund reserves (1) 200.4 159.3 107.9 119.1 74.9 85.7 65.4 92.9 55.8 103.2 72.9 21

22 Taxes payable (net) 3.1 -2.6 4.0 -3.4 -19.7 -12.4 -15.1 -25.4 -25.8 10.2 62.1 22

23 Miscellaneous liabilities 6.7 9.8 43.8 66.0 30.1 200.6 45.7 -262.7 136.8 -59.0 -14.0 23

24 Discrepancy -34.0 -10.4 -29.2 -49.7 -1.9 -51.2 6.8 1.2 35.6 10.0 -1.1 24

(1) Annuity reserves held by life insurance companies, excluding unallocated contracts held by private pension funds, which are included in miscellaneous liabilities (line 23).

F.118 Private Pension Funds (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Gross saving 0.5 0.5 0.5 0.5 0.6 0.6 0.6 0.6 0.6 0.6 0.6 1

 2 Fixed nonresidential investment 1.2 1.0 0.9 1.0 1.1 1.1 1.1 1.1 1.1 1.0 0.9 2

 3 Net acquisition of financial assets 23.4 32.8 14.1 4.6 -68.9 -88.1 -33.8 -85.2 -68.4 -37.8 -19.2 3

 4 Checkable deposits and currency 0.1 0.3 0.4 0.6 0.5 0.2 -0.2 10.2 -8.2 -0.1 -1.2 4

 5 Time and savings deposits -4.8 6.3 0.8 4.6 0.3 4.6 -0.2 3.9 -7.2 6.7 -1.0 5

 6 Money market fund shares 0.6 1.9 3.4 3.4 2.3 2.6 2.6 2.0 1.8 1.4 0.5 6

 7 Security RPs 0.3 1.0 0.8 3.4 7.3 2.5 -17.0 6.3 37.4 11.9 6.9 7

 8 Credit market instruments 1.1 45.3 58.4 102.4 90.7 59.4 82.6 72.6 148.3 86.0 30.8 8

 9 Open market paper 1.0 3.0 0.2 -4.8 10.2 6.5 1.7 -32.5 65.3 1.6 2.0 9

10 Treasury securities -3.9 3.5 14.3 38.7 15.4 17.7 15.7 35.0 -6.7 17.3 25.2 10

11 Agency- and GSE-backed securities 11.8 16.8 16.6 28.2 21.3 14.6 6.3 33.1 31.5 29.8 -18.8 11

12 Corporate and foreign bonds -7.5 22.2 27.7 39.7 42.8 19.7 57.8 36.2 57.5 35.3 20.6 12

13 Mortgages -0.2 -0.2 -0.3 0.7 0.9 1.0 1.1 0.8 0.7 2.0 1.9 13

14 Corporate equities 24.7 -4.6 -72.3 -217.0 -256.7 -251.7 -227.3 -216.0 -332.1 -203.1 -170.6 14

15 Mutual fund shares 36.1 10.2 28.6 50.2 39.9 56.5 55.0 56.2 -8.1 51.7 61.2 15

16 Miscellaneous assets -34.7 -27.6 -6.0 57.0 46.9 37.8 70.7 -20.5 99.6 7.6 54.2 16

17 Unallocated insurance contracts (2) -35.2 -18.6 -8.8 25.8 28.8 36.5 44.8 -7.7 41.4 -2.7 18.3 17

18 Contributions receivable -3.1 -1.9 -2.0 4.4 0.7 1.8 1.9 -0.9 0.1 3.5 4.2 18

19 Other 3.6 -7.1 4.8 26.8 17.4 -0.5 24.1 -11.9 58.1 6.9 31.7 19

20 Pension fund reserves (liabilities) (3) 24.1 33.3 14.4 5.1 -68.3 -87.5 -33.3 -84.6 -67.9 -37.5 -18.9 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, 2009 33

F.119 State and Local Government Employee Retirement Funds

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2004 2005 2006 2007 2008 2008 2009

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Gross saving 0.5 0.5 0.6 0.8 0.9 0.9 0.9 0.9 1.0 1.0 1.0 1

 2 Fixed nonresidential investment 1.3 1.0 1.1 1.9 2.3 2.3 2.3 2.3 2.3 2.0 1.9 2

 3 Net acquisition of financial assets 23.8 5.4 60.9 -1.0 -7.2 -43.4 27.3 -29.0 16.2 -21.7 -8.5 3

 4 Checkable deposits and currency 2.5 -0.4 -1.7 2.5 -0.1 0.4 -0.3 -0.5 -0.1 -0.6 -0.4 4

 5 Time and savings deposits 0.6 -0.1 -0.4 0.2 -0.0 0.0 -0.0 -0.0 0.0 -0.0 -0.0 5

 6 Money market fund shares -1.9 0.1 2.1 2.5 2.5 0.3 -0.3 -0.5 10.6 -0.6 2.8 6

 7 Security RPs -3.2 -0.6 4.4 4.3 2.4 0.6 -0.6 -0.9 10.5 -1.0 2.5 7

 8 Credit market instruments 17.8 18.1 132.0 30.2 -4.5 7.3 -5.7 -7.2 -12.6 -26.7 -16.5 8

 9 Open market paper -6.5 0.1 7.4 7.6 -16.4 1.1 -1.0 -22.8 -42.7 -1.1 -17.9 9

10 Treasury securities 2.4 2.8 3.3 11.8 5.7 2.0 -1.0 10.0 11.8 -5.6 18.2 10

11 Agency- and GSE-backed securities 23.7 -0.4 52.4 23.3 6.4 4.0 -1.9 10.0 13.6 -11.0 -13.5 11

12 Municipal securities -2.6 -0.2 1.9 -1.7 -0.8 -2.5 -0.0 0.1 -0.6 0.0 -0.1 12

13 Corporate and foreign bonds 6.0 14.5 68.9 -9.1 0.8 2.8 -1.2 -3.6 5.2 -8.6 -2.7 13

14 Mortgages -5.3 1.3 -1.9 -1.7 -0.3 -0.1 -0.5 -0.8 -0.0 -0.4 -0.4 14

15 Corporate equities 1.9 -5.6 -73.0 -35.3 -6.7 -45.8 29.8 -16.6 5.8 6.9 2.8 15

16 Mutual fund shares 1.5 -5.5 -3.4 -5.3 -0.8 -6.8 4.4 -2.5 1.7 1.0 0.7 16

17 Miscellaneous assets 4.6 -0.6 1.0 -0.1 -0.0 0.5 0.0 -0.9 0.3 -0.6 -0.3 17

18 Pension fund reserves (liabilities) (1) 24.6 6.0 61.4 0.1 -5.9 -42.1 28.7 -27.7 17.6 -20.6 -7.5 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 54.7 50.4 47.8 78.9 42.6 60.3 70.5 142.1 14.5 56.6 1

 2 Credit market instruments 4.7 7.7 8.4 11.7 24.2 40.1 7.9 28.0 20.8 16.8 1.0 2

 3 Treasury securities 5.4 7.8 8.3 11.3 24.2 34.2 9.1 28.2 25.5 17.5 0.8 3

 4 Agency- and GSE-backed securities -0.5 0.0 0.1 0.3 0.0 3.8 -0.6 -0.0 -3.0 -0.3 0.3 4

 5 Corporate and foreign bonds -0.3 -0.0 -0.0 0.1 -0.1 2.1 -0.5 -0.2 -1.7 -0.4 -0.1 5

 6 Corporate equities 9.1 7.0 6.3 2.7 -8.6 -26.5 7.1 -12.7 -2.4 -3.2 16.6 6

 7 Miscellaneous assets(2) 40.9 40.0 35.8 33.3 63.3 29.0 45.3 55.3 123.7 0.9 39.0 7

 8 Pension fund reserves (liabilities) (3) 54.7 54.7 50.4 47.8 78.9 42.6 60.3 70.5 142.1 14.5 56.6 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, 2009

F.121 Money Market Mutual Funds (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2004 2005 2006 2007 2008 2008 2009

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Net acquisition of financial assets -136.5 127.0 305.3 720.9 724.2 1565.9 -145.8 82.4 1394.3 100.3 -497.9 1

 2 Foreign deposits 7.0 16.2 -10.6 43.2 2.0 66.2 -9.8 18.3 -66.7 -198.2 53.4 2

 3 Checkable deposits and currency 2.7 -1.4 7.5 -4.8 5.6 -20.5 38.2 14.4 -9.7 49.2 -80.6 3

 4 Time and savings deposits 0.4 15.7 23.7 63.9 84.6 325.3 76.0 -179.2 116.3 423.9 329.6 4

 5 Security RPs -18.7 112.0 48.7 211.3 -63.5 0.7 -293.7 288.4 -249.4 141.7 -320.7 5

 6 Credit market instruments -124.9 -5.5 220.0 375.6 738.6 1273.0 123.0 -10.3 1568.6 -325.7 -480.0 6

 7 Open market paper -54.1 86.3 116.1 66.3 -56.1 9.7 -52.3 -582.4 400.8 -93.0 -196.4 7

 8 Treasury securities -33.9 -9.6 -5.9 95.5 399.5 452.7 5.2 696.5 443.8 -253.6 -64.4 8

 9 Agency- and GSE-backed securities -61.1 -107.4 -28.7 104.5 520.3 655.4 165.8 361.7 898.3 122.5 -150.7 9

10 Municipal securities 21.8 23.0 33.5 100.7 23.6 69.7 70.0 -103.3 57.8 -60.9 -68.8 10

11 Corporate and foreign bonds 2.3 2.2 105.1 8.5 -148.8 85.5 -65.7 -382.8 -232.1 -40.8 0.5 11

12 Miscellaneous assets -2.9 -10.0 15.9 31.8 -43.1 -78.8 -79.4 -49.3 35.2 9.4 0.4 12

13 Net share issues (liabilities) -136.5 127.0 305.3 720.9 724.2 1565.9 -145.8 82.4 1394.3 100.3 -497.9 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 3.6 21.1 11.4 21.6 20.6 22.1 20.8 19.9 19.4 7.8 20.9 1

 2 Net acquisition of financial assets 298.2 260.2 336.8 364.7 32.1 164.5 592.4 -196.9 -431.5 -98.4 764.5 2

 3 Security RPs 18.1 2.8 17.4 -0.6 -7.4 15.1 54.6 -21.9 -77.6 -84.7 77.0 3

 4 Credit market instruments 116.6 124.1 184.9 271.1 73.3 203.4 404.3 -66.7 -247.7 159.9 461.8 4

 5 Open market paper 18.0 2.9 17.4 -0.4 -62.5 3.4 58.9 -172.5 -139.8 -93.1 79.3 5

 6 Treasury securities 4.8 6.6 5.0 18.5 8.7 14.0 22.5 12.1 -13.7 20.6 34.4 6

 7 Agency- and GSE-backed securities 15.2 20.8 15.7 66.2 27.3 43.8 70.6 37.9 -43.0 -18.3 107.9 7

 8 Municipal securities 4.1 17.4 32.7 27.8 17.4 31.8 52.9 22.9 -38.0 68.7 94.0 8

 9 Corporate and foreign bonds 64.9 65.9 106.2 121.6 74.6 102.5 192.9 17.4 -14.2 180.1 144.1 9

10 Other loans and advances 9.6 10.5 7.9 37.4 7.7 7.9 6.5 15.4 1.1 1.9 2.1 10

11 Corporate equities 158.5 129.6 131.3 91.3 -36.9 -67.3 144.6 -114.7 -110.4 -157.9 225.7 11

12 Miscellaneous assets 5.1 3.7 3.3 2.8 3.2 13.3 -11.2 6.5 4.2 -15.8 -0.0 12

13 Net share issues (liabilities) 298.2 260.2 336.8 364.7 32.1 164.5 592.4 -196.9 -431.5 -98.4 764.5 13

14 Discrepancy 3.6 21.1 11.4 21.6 20.6 22.1 20.8 19.9 19.4 7.8 20.9 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 32.7 20.7 8.2 17.5 -57.2 -14.4 -42.3 -90.2 -81.8 5.8 7.9 1

 2 Credit market instruments 11.0 2.2 6.0 -1.2 -39.4 -19.2 -23.4 -42.2 -72.7 0.9 15.8 2

 3 Treasury securities 2.3 0.3 0.2 -1.7 -2.4 -0.9 -0.8 -1.8 -6.2 0.3 1.6 3

 4 Municipal securities -0.1 0.2 0.0 1.6 -12.7 -8.1 -9.9 -17.1 -15.8 4.4 4.6 4

 5 Corporate and foreign bonds 8.9 1.7 5.7 -1.0 -24.2 -10.2 -12.6 -23.3 -50.8 -3.9 9.6 5

 6 Corporate equities 21.7 18.5 2.2 18.7 -17.8 4.9 -18.9 -48.0 -9.0 4.8 -7.9 6

 7 Net share issues (liabilities) 32.7 20.7 8.2 17.5 -57.2 -14.4 -42.3 -90.2 -81.8 5.8 7.9 7

 Exchange-traded funds

 8 Net acquisition of financial assets 56.4 56.7 74.0 149.9 175.5 33.2 52.9 325.0 290.8 -13.2 149.0 8

 9 Credit market instruments 3.8 6.8 5.7 12.7 21.3 17.5 20.7 26.6 20.2 44.9 42.3 9

10 Treasury securities 2.8 4.8 3.4 6.6 7.4 5.5 6.3 15.9 1.9 18.4 15.7 10

11 Corporate and foreign bonds 1.0 1.9 2.4 6.2 13.9 12.0 14.5 10.7 18.3 26.4 26.6 11

12 Corporate equities 52.6 50.0 68.3 137.2 154.2 15.7 32.1 298.4 270.7 -58.0 106.7 12

13 Net share issues (liabilities) 56.4 56.7 74.0 149.9 175.5 33.2 52.9 325.0 290.8 -13.2 149.0 13
Z.1, September 17, 2009 35

F.124 Government-Sponsored Enterprises (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2004 2005 2006 2007 2008 2008 2009

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Gross saving 3.8 4.2 4.0 4.7 6.3 5.6 6.1 5.6 8.0 3.5 6.3 1

 2 Fixed nonresidential investment 0.6 0.7 0.7 1.3 2.0 2.0 2.1 2.0 2.0 1.7 1.7 2

 3 Net acquisition of financial assets 88.5 -63.5 53.5 301.4 212.7 183.4 666.0 84.9 -83.5 -69.2 -581.5 3

 4 Checkable deposits and currency 10.4 -24.5 1.8 -2.7 39.7 -10.3 49.0 143.3 -23.3 -17.0 -12.3 4

 5 Time and savings deposits 6.5 12.1 -1.5 12.8 21.9 -22.1 47.6 6.0 55.9 -20.5 12.9 5

 6 Federal funds and security RPs (net) 18.3 14.1 9.7 25.3 -28.2 -43.7 40.2 -15.7 -93.8 179.4 -228.5 6

 7 Credit market instruments 48.9 -69.1 46.6 239.0 203.0 327.7 435.1 130.8 -81.7 -137.5 -533.5 7

 8 Open market paper -0.9 8.0 18.5 -4.7 13.5 47.8 18.2 -10.1 -2.0 11.3 1.4 8

 9 Treasury securities -0.6 0.2 1.2 1.3 1.1 1.4 1.4 1.6 0.2 3.5 6.8 9

10 Agency- and GSE-backed securities -147.8 -135.4 -37.1 -11.1 206.6 57.4 500.1 -67.8 336.6 183.7 -22.8 10

11 Municipal securities 0.3 -4.9 -3.6 -2.8 -2.8 -3.9 -4.3 -2.9 -0.2 -1.4 -1.9 11

12 Corporate and foreign bonds 137.4 50.9 16.1 -17.4 -118.4 -58.8 -116.1 -136.9 -162.0 -66.1 -69.0 12

13 Other loans and advances 73.5 52.4 33.1 237.7 44.0 225.8 -16.1 360.7 -394.3 -335.8 -391.9 13

14 Sallie Mae -0.3 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 -0.2 8.1 11.9 11.9 9.4 37.9 25.0 -29.2 4.2 4.6 0.4 15

16 FHLB loans 74.1 44.4 21.2 225.8 34.6 188.0 -41.0 390.0 -398.5 -340.4 -392.3 16

17 Mortgages 7.5 -40.2 18.4 35.9 59.0 57.9 51.9 -13.7 140.0 67.3 -56.2 17

18 Home -8.5 -52.9 2.5 -10.2 13.0 12.2 5.5 -64.9 99.3 54.8 -69.2 18

19 Multifamily residential 14.3 10.5 12.4 42.3 40.4 40.1 40.8 46.0 34.8 12.9 13.1 19

20 Farm 1.8 2.2 3.5 3.8 5.6 5.5 5.6 5.2 6.0 -0.5 -0.1 20

21 Consumer credit (2) -20.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 21

22 Miscellaneous assets 4.5 4.0 -3.2 27.0 -23.6 -68.3 94.1 -179.6 59.3 -73.5 179.8 22

23 Net increase in liabilities 80.1 -77.0 46.3 320.2 298.2 194.5 646.9 204.1 147.3 59.3 -550.5 23

24 Credit market instruments 75.0 -84.0 35.6 282.4 274.3 119.9 655.3 203.3 118.5 -264.2 -673.3 24

25 GSE issues (3) 75.0 -84.0 35.6 282.4 274.3 119.9 655.3 203.3 118.5 -264.2 -673.3 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 9.3 4.2 1.1 25.5 43.0 11.5 17.9 94.7 47.7 182.2 101.9 27

28 Miscellaneous liabilities -4.1 2.8 9.6 12.2 -19.0 63.1 -26.3 -94.0 -18.9 141.3 20.8 28

29 Discrepancy -5.2 -10.0 -3.8 22.2 89.8 14.7 -15.0 122.7 237.0 130.2 35.7 29

(1) Federal Home Loan Banks, Fannie Mae, Freddie Mac, Federal Agricultural Mortgage Corporation, 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.

(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 47.9 167.3 295.4 626.3 497.3 533.7 666.4 503.4 285.5 304.4 555.9 1

 2 Home mortgages 45.0 163.4 290.9 609.2 483.5 520.4 654.0 491.3 268.3 298.6 544.6 2

 3 Multifamily residential mortgages 2.9 3.9 2.1 15.7 13.6 13.7 13.0 10.4 17.4 6.0 11.5 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 -0.1 2.3 1.4 0.1 -0.4 -0.6 1.7 -0.2 -0.2 -0.2 5

 6 Net increase in pool securities (liabilities)(2) 47.9 167.3 295.4 626.3 497.3 533.7 666.4 503.4 285.5 304.4 555.9 6

(1) GNMA, Fannie Mae, Freddie Mac, FAMC, and Farmers Home Administration pools. 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, 2009

F.126 Issuers of Asset-Backed Securities (ABS)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2004 2005 2006 2007 2008 2008 2009

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Gross saving 1.0 0.9 0.8 0.7 0.6 0.6 0.6 0.5 0.5 0.5 0.5 1

 2 Fixed nonresidential investment 0.3 0.3 0.2 0.2 0.1 0.1 0.1 0.1 0.1 0.1 0.1 2

 3 Net acquisition of financial assets 441.4 730.9 798.9 336.1 -424.7 -254.8 -453.7 -384.3 -606.1 -613.6 -498.8 3

 4 Treasury securities 5.2 19.7 28.7 21.0 -12.3 -2.8 -11.4 -15.7 -19.4 -14.8 -19.3 4

 5 Agency- and GSE-backed securities (1) -5.6 -32.9 18.4 20.0 -22.6 -3.8 -19.3 -19.5 -47.7 -133.8 -41.6 5

 6 Other loans and advances 20.2 21.0 55.8 89.1 20.4 19.4 9.1 51.7 1.5 -17.3 39.3 6

 7 Mortgages (2) 434.5 687.5 636.3 180.1 -360.5 -289.2 -376.9 -347.9 -428.0 -348.8 -402.5 7

 8 Home 382.2 573.3 519.4 30.9 -319.4 -269.5 -345.7 -311.0 -351.5 -329.5 -359.8 8

 9 Multifamily residential 6.5 16.6 14.0 22.1 -11.0 -10.3 -11.5 -9.8 -12.2 -6.2 -4.6 9

10 Commercial 45.8 97.6 102.9 127.0 -30.1 -9.4 -19.7 -27.1 -64.4 -13.0 -38.2 10

11 Consumer credit -23.2 38.4 51.2 22.5 -33.6 -5.1 -2.7 -10.5 -116.0 -61.3 -40.8 11

12 Trade credit 10.3 -2.8 8.5 3.4 -16.1 26.8 -52.5 -42.4 3.5 -37.6 -33.9 12

13 Net increase in liabilities 440.7 730.2 798.3 335.6 -425.1 -255.2 -454.1 -384.7 -606.5 -613.9 -499.2 13

14 Commercial paper -3.9 148.3 162.9 -194.2 -83.9 -135.8 -145.5 -121.9 67.8 -213.0 -282.2 14

15 Corporate bonds (net) (5) 444.6 581.9 635.4 529.9 -341.3 -119.4 -308.6 -262.8 -674.3 -400.9 -216.9 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) -0.7 -0.6 -0.5 -0.5 -0.4 -0.4 -0.4 -0.4 -0.4 -0.4 -0.4 17

18 REIT assets (4) 59.6 17.3 2.8 -17.9 -41.7 -79.7 -22.1 -28.9 -36.1 -15.2 -10.6 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 62.8 60.7 60.4 67.3 57.2 66.0 75.4 53.2 34.0 52.1 76.1 1

 2 Fixed nonresidential investment 42.2 45.9 44.6 47.7 42.6 43.5 43.5 43.0 40.6 36.0 35.0 2

 3 Net acquisition of financial assets 178.5 99.0 34.3 19.9 -59.5 218.1 -4.4 -113.0 -338.7 -46.1 -108.0 3

 4 Checkable deposits and currency -0.8 -8.9 -1.6 0.4 0.3 3.1 -0.2 -0.9 -0.9 2.5 1.7 4

 5 Time and savings deposits -1.8 -9.1 -4.8 1.2 0.8 9.2 -0.6 -2.8 -2.8 7.5 5.1 5

 6 Credit market instruments 207.2 64.7 71.0 16.6 -72.3 153.5 -25.5 -93.1 -324.2 -130.1 -178.7 6

 7 Corporate and foreign bonds -7.7 -52.5 -18.7 4.5 3.0 36.0 -2.3 -10.8 -10.8 29.3 19.8 7

 8 Other loans and advances 9.8 27.6 18.9 24.9 16.9 83.0 78.2 18.9 -112.4 -85.1 -103.7 8

 9 Mortgages 105.8 65.4 53.0 -62.5 -84.0 -1.4 -115.2 -112.9 -106.4 -9.9 -23.6 9

10 Consumer credit 99.3 24.2 17.8 49.7 -8.3 35.9 13.8 11.7 -94.6 -64.4 -71.2 10

11 Miscellaneous assets -26.1 52.2 -30.2 1.7 11.8 52.3 21.9 -16.2 -10.8 74.0 63.9 11

12 Net increase in liabilities 189.4 63.5 48.5 26.5 -69.1 232.1 6.3 -128.0 -386.8 -115.5 -253.2 12

13 Credit market instruments 134.3 33.5 34.8 34.9 -79.4 129.7 0.8 -169.9 -278.0 -168.3 -165.0 13

14 Open market paper 30.2 -15.3 5.3 -15.1 -22.6 -8.5 6.3 -49.8 -38.6 -82.0 -10.3 14

15 Corporate bonds 74.1 43.6 42.4 -2.8 -49.6 121.6 -60.9 -35.0 -224.4 -70.5 -197.4 15

16 Bank loans n.e.c. 30.0 5.2 -12.9 52.8 -7.1 16.5 55.4 -85.1 -15.1 -20.5 41.4 16

17 Other loans and advances 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4.7 1.3 17

18 Taxes payable 1.8 2.0 2.3 2.5 2.7 2.6 2.7 2.8 2.8 2.9 2.9 18

19 Miscellaneous liabilities 53.2 28.0 11.4 -10.9 7.6 99.8 2.8 39.2 -111.6 49.9 -91.1 19

20 Foreign direct investment in U.S. 13.0 6.3 5.2 -5.1 17.4 26.2 15.9 20.5 7.0 0.6 15.1 20

21 Investment by parent 54.9 25.5 26.2 -13.4 -8.4 28.9 -35.0 19.6 -47.1 -39.5 -72.5 21

22 Other -14.7 -3.8 -20.0 7.6 -1.5 44.7 21.9 -1.0 -71.4 88.8 -33.8 22

23 Discrepancy 31.5 -20.7 29.9 26.1 4.9 36.5 42.7 -4.8 -54.7 -53.2 -104.1 23

 Memo:

24 Consumer leases not included above (2) -4.9 11.2 20.6 16.9 -11.8 8.1 -12.1 -13.6 -29.7 -37.2 -31.1 24

(1) Includes retail captive finance companies and mortgage companies.

(2) See footnote (3), table F.126.
Z.1, September 17, 2009 37

F.128 Real Estate Investment Trusts (REITs)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2004 2005 2006 2007 2008 2008 2009

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Gross saving -3.0 -18.3 -10.6 -20.0 -32.3 -31.1 -31.2 -25.6 -41.3 -31.2 -31.8 1

 2 Fixed nonresidential investment 6.9 7.5 6.6 9.0 9.6 9.3 9.7 9.8 9.8 8.4 8.0 2

 3 Multifamily residential investment 5.5 2.5 3.5 -9.3 0.1 0.7 1.2 0.4 -2.0 1.1 -0.3 3

 4 Net acquisition of financial assets 101.6 53.9 38.8 -27.3 -62.7 -64.0 1.4 -30.9 -157.5 -8.0 33.5 4

 5 Checkable deposits and currency 3.0 1.4 4.9 -1.8 1.8 11.1 -5.8 16.7 -14.8 -3.7 18.2 5

 6 Credit market instruments 87.5 41.0 26.1 -21.2 -63.9 -82.5 -2.8 -54.0 -116.1 -1.4 31.3 6

 7 Agency- and GSE-backed securities 15.8 -4.0 24.8 23.5 1.6 13.7 28.0 -24.6 -10.5 19.2 28.6 7

 8 Corporate and foreign bonds 17.1 17.0 11.6 -30.2 -20.0 -44.0 -7.4 -6.0 -22.7 -2.9 12.9 8

 9 Mortgages 54.6 28.1 -10.3 -14.5 -45.5 -52.1 -23.4 -23.3 -82.9 -17.6 -10.3 9

10 Home 50.9 24.6 -23.7 -24.5 -42.5 -53.0 -22.4 -20.8 -73.9 -12.1 -3.5 10

11 Multifamily residential 0.1 0.3 3.1 0.2 -1.3 -0.1 -0.5 -2.7 -1.8 -1.0 -1.6 11

12 Commercial 3.5 3.2 10.3 9.9 -1.7 1.0 -0.5 0.1 -7.3 -4.6 -5.2 12

13 Miscellaneous assets 11.1 11.6 7.8 -4.4 -0.7 7.4 10.0 6.3 -26.5 -2.9 -15.9 13

14 Net increase in liabilities 152.8 88.9 59.9 24.5 -50.7 -57.9 -9.6 -19.9 -115.3 -62.5 33.2 14

15 Security RPs 28.7 13.2 14.4 -6.2 -11.2 -7.4 7.1 -8.2 -36.3 10.8 9.2 15

16 Credit market instruments 94.6 55.4 15.5 10.2 -48.6 -69.8 -24.9 -30.5 -69.2 -34.3 -46.2 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 61.9 32.8 13.9 0.7 -55.1 -94.4 -3.7 -48.0 -74.3 -31.8 -28.1 18

19 Bank loans n.e.c. 7.2 8.4 -5.0 4.8 -0.3 4.1 -18.7 11.6 1.7 -8.0 -27.6 19

20 Mortgages 25.5 14.1 6.6 4.7 6.8 20.4 -2.6 5.9 3.4 5.6 9.4 20

21 Corporate equity issues 21.5 16.1 22.2 17.1 12.8 21.1 14.9 11.0 4.3 9.2 55.6 21

22 Miscellaneous liabilities 8.1 4.3 7.8 3.4 -3.7 -1.8 -6.6 7.8 -14.1 -48.2 14.6 22

23 Discrepancy 35.8 6.7 0.4 32.0 -29.9 -35.0 -53.0 -24.8 -6.9 -95.2 -39.8 23

 Memo:

24 Securitized assets included above 59.6 17.3 2.8 -17.9 -41.7 -79.7 -22.1 -28.9 -36.1 -15.2 -10.6 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 57.9 15.7 -9.8 -20.2 -35.6 -63.5 -22.7 -25.5 -30.9 -12.9 -4.6 26

27 Multifamily residential mortgages -0.0 0.1 0.3 -0.0 -0.0 -0.0 0.0 -0.0 0.0 -0.0 -0.0 27

28 Commercial mortgages 1.7 1.6 12.3 2.4 -6.1 -16.2 0.6 -3.5 -5.3 -2.2 -6.0 28
38 Z.1, September 17, 2009

F.129 Security Brokers and Dealers

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2004 2005 2006 2007 2008 2008 2009

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Gross saving 20.9 11.1 21.0 -8.3 -23.0 -3.4 -23.8 -15.7 -49.4 23.5 22.1 1

 2 Fixed nonresidential investment 12.8 12.3 15.8 22.2 22.6 23.1 23.1 22.8 21.5 19.1 18.6 2

 3 Net acquisition of financial assets 231.9 282.2 614.7 350.3 -874.8 661.0 -912.0 88.2 -3336.5 -1088.0 513.5 3

 4 Checkable deposits and currency 15.7 -6.4 24.0 24.5 15.1 69.6 -27.1 185.3 -167.4 -63.1 -48.0 4

 5 Credit market instruments -29.2 82.3 106.2 219.7 -85.7 122.6 -400.2 373.6 -438.7 -607.1 321.9 5

 6 Open market paper -1.3 12.2 4.1 22.8 -21.4 81.5 -18.3 204.1 -353.0 -63.0 45.5 6

 7 Treasury securities -82.4 -20.0 -2.4 7.1 250.6 23.1 11.0 194.3 773.9 -354.7 403.6 7

 8 Agency- and GSE-backed securities 23.5 -6.3 37.0 152.2 -47.5 31.5 52.5 155.4 -429.6 -82.7 -179.0 8

 9 Municipal securities 7.1 10.9 8.0 -0.7 -11.4 63.8 -57.1 40.6 -92.8 0.8 -1.6 9

10 Corporate and foreign bonds 18.7 77.7 44.8 22.6 -266.1 -87.7 -396.9 -241.2 -338.7 -109.9 50.7 10

11 Other loans and advances 5.2 7.7 14.7 15.8 10.2 10.5 8.5 20.4 1.4 2.5 2.7 11

12 Corporate equities 15.2 20.1 -0.2 25.4 -28.5 -91.5 49.2 -17.2 -54.4 -59.3 -30.1 12

13 Security credit 81.5 -31.6 59.7 33.4 -160.7 159.2 -295.4 443.4 -949.9 -121.1 52.1 13

14 Miscellaneous assets 148.6 217.7 425.1 47.3 -615.1 401.1 -238.5 -897.0 -1726.0 -237.4 217.6 14

15 Net increase in liabilities 227.1 273.9 585.9 385.3 -699.5 829.7 -798.9 200.5 -3029.3 -943.3 261.9 15

16 Security RPs (net) 36.5 206.7 338.3 75.5 -560.3 247.1 -920.2 -883.0 -685.3 -620.3 223.6 16

17 Credit market instruments 15.2 0.1 6.4 -4.0 77.7 221.2 -136.7 762.9 -536.4 -159.9 -0.6 17

18 Corporate bonds 15.2 0.1 6.4 -4.0 32.3 62.3 16.4 -30.2 80.6 -59.6 60.7 18

19 Bank loans n.e.c. (1) 0.0 0.0 0.0 0.0 45.5 159.0 -153.2 793.1 -617.0 -100.3 -61.4 19

20 Corporate equity issues 2.6 3.3 -7.6 32.3 120.2 122.5 109.6 36.7 212.0 149.6 -142.6 20

21 Trade payables 7.8 7.0 5.2 -2.4 -24.7 -9.4 -17.6 -18.9 -52.8 106.8 26.7 21

22 Security credit 97.9 31.8 151.8 243.0 -237.3 273.8 -13.6 42.1 -1251.4 -370.6 -141.7 22

23 Customer credit balances (HH) 103.0 -3.0 80.4 210.8 -123.8 472.4 30.2 25.9 -1023.6 -302.6 -71.1 23

24 From banks -5.1 34.8 71.5 32.3 -113.5 -198.6 -43.8 16.2 -227.8 -68.0 -70.5 24

25 Taxes payable 0.4 -0.1 0.7 -0.6 0.3 -0.6 2.3 -0.3 -0.2 0.9 7.1 25

26 Miscellaneous liabilities 70.8 26.2 97.8 39.1 -87.0 -35.3 179.7 248.5 -740.9 -70.8 319.5 26

27 Foreign direct investment in U.S. 3.1 -2.6 -5.1 1.9 39.5 35.6 30.7 49.2 42.4 5.4 1.8 27

28 Due to affiliates 46.8 129.3 70.7 -42.6 117.1 -0.9 181.1 163.0 125.0 19.8 9.0 28

29 Other 20.9 -100.4 32.3 79.8 -243.5 -70.0 -32.0 36.3 -908.3 -96.0 308.8 29

30 Proprietors’ net investment -4.2 -1.2 -6.8 2.4 11.5 10.2 -2.4 12.5 25.6 20.9 -30.1 30

31 Discrepancy 3.4 -9.5 -23.6 4.5 129.7 142.2 66.3 73.8 236.4 149.1 -248.1 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 18.2 162.5 80.5 316.6 1069.7 1164.0 247.1 580.2 2287.5 -145.7 -1131.1 1

 2 Money market fund shares -87.3 35.0 1.4 247.0 305.5 622.5 -176.3 -68.6 844.2 -46.8 -309.9 2

 3 Security RPs 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.4 0.0 3

 4 Credit market instruments 45.9 47.8 38.7 -42.8 715.0 560.3 406.5 751.3 1141.9 -175.5 -626.8 4

 5 Open market paper 60.8 73.5 39.7 -156.3 215.2 168.7 -64.7 57.5 699.4 -378.7 -600.4 5

 6 Corporate and foreign bonds -14.5 -29.4 -7.1 109.6 497.3 388.9 469.1 688.8 442.2 202.6 -27.1 6

 7 Other loans and advances -0.3 3.6 6.1 3.9 2.5 2.6 2.1 5.0 0.3 0.6 0.7 7

 8 Miscellaneous assets (2) 59.6 79.7 40.3 112.4 49.3 -18.7 16.8 -102.6 301.4 76.2 -194.4 8

 9 Investment in foreign banking offices 33.0 21.0 8.6 43.7 35.6 -2.3 -12.6 -178.7 336.1 -29.2 -179.5 9

10 Investment in brokers and dealers 26.5 58.7 31.8 68.8 13.6 -16.4 29.4 76.1 -34.7 105.4 -14.9 10

11 Net increase in liabilities 18.2 162.5 80.5 316.6 1069.7 1164.0 247.1 580.2 2287.5 -145.7 -1131.1 11

12 Credit market instruments -2.9 104.7 28.3 111.6 466.4 -111.4 -19.0 157.8 1838.3 -419.1 -842.9 12

13 Open market paper -15.2 77.1 6.7 60.1 20.1 -82.8 -151.5 -151.1 465.7 -187.7 -256.2 13

14 Corporate bonds 12.2 27.6 21.6 51.5 1.4 -28.6 17.2 63.9 -46.9 93.2 -27.1 14

15 Bank loans n.e.c. (3) 0.0 0.0 0.0 0.0 444.9 0.0 115.3 245.0 1419.4 -325.1 -559.6 15

16 Other loans and advances (4) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.4 0.0 16

17 Corporate equities (5) 0.0 0.0 0.0 0.0 40.0 0.0 0.0 0.0 160.0 0.0 4.6 17

18 Miscellaneous liabilities 21.1 57.7 52.1 205.0 563.3 1275.5 266.1 422.4 289.2 273.4 -292.8 18

19 Foreign direct investment in U.S. 0.3 0.6 0.6 1.2 1.5 1.3 0.7 0.0 4.0 2.8 5.7 19

20 Securities loaned (net) 86.9 174.9 302.6 -2.1 -353.2 515.4 -37.7 -891.2 -999.4 -332.5 134.3 20

21 Other (net) -66.0 -117.8 -251.1 205.9 915.0 758.8 303.1 1313.5 1284.6 603.1 -432.9 21

(1) Funding subsidiaries, nonbank financial holding companies, custodial accounts for reinvested collateral of securities lending operations, and Federal Reserve lending facilities.

(2) Due from affiliated companies.

(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.

(5) Preferred shares issued by AIG to the federal goverment under the Troubled Assets Relief Program (TARP) program.
Z.1, September 17, 2009 39

F.200 Gold and Official Foreign Exchange Holdings (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2004 2005 2006 2007 2008 2008 2009

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total U.S. reserves -2.8 -14.1 -2.4 0.1 4.8 1.1 5.1 0.7 12.5 3.9 14.5 1

 2 U.S. gold stock and SDRs 0.4 -4.5 0.2 0.2 0.1 0.1 0.1 0.1 0.1 0.1 0.0 2

 3 Federal govt.: Exchange Stab. Fund 0.4 -4.5 0.2 0.2 0.1 0.1 0.1 0.1 0.1 0.1 0.0 3

 4 Monetary authority (2) 0.0 -0.0 -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 U.S. foreign exchange position -3.2 -9.6 -2.6 -0.0 4.7 1.0 5.0 0.6 12.4 3.9 14.5 5

 6 Official foreign currency holdings 0.6 0.6 0.7 1.0 1.3 1.4 1.2 1.6 0.9 0.9 0.6 6

 7 Treasury 0.3 0.3 0.4 0.5 0.6 0.7 0.6 0.8 0.4 0.4 0.3 7

 8 Monetary authority 0.3 0.3 0.4 0.5 0.6 0.7 0.6 0.8 0.4 0.4 0.3 8

 9 Net IMF position -3.8 -10.2 -3.3 -1.0 3.5 -0.4 3.8 -1.0 11.5 3.0 13.9 9

10 Federal government -3.8 -10.2 -3.3 -1.0 3.5 -0.5 3.8 -1.2 11.7 3.0 14.0 10

11 Monetary authority -0.0 0.0 -0.0 0.0 -0.0 0.0 -0.0 0.2 -0.2 0.0 -0.0 11

(1) Lines 1, 2, and 3 exclude increases in SDRs through allocations, which have occurred at various dates beginning January 1970. Transactions in SDRs are included. Also excluded from the table

 are revaluations of foreign currency holdings, gold, SDRs, and IMF position. Allocations and revaluations are included in tables on outstandings.

(2) Treasury gold stock.

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 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1

 2 Asset: Monetary authority 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2

 Treasury currency:

 3 Liab: Federal government 0.7 0.8 0.6 -0.7 -0.8 -0.9 -0.5 -1.2 -0.8 -0.0 -0.0 3

 4 Asset: Monetary authority 1.0 0.1 1.7 0.5 -0.0 -0.0 -0.0 -0.0 -0.0 14.3 0.7 4

 5 Discrepancy (seigniorage) -0.3 0.7 -1.1 -1.2 -0.8 -0.9 -0.5 -1.2 -0.8 -14.4 -0.7 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 89.9 40.8 87.2 264.1 -352.9 -435.1 -413.0 -294.7 -268.8 -273.4 -340.6 1

 Held by:

 2 Household sector 5.4 2.4 5.2 15.8 -21.2 -26.1 -24.8 -17.7 -16.1 -16.4 -20.4 2

 3 Nonfinancial corporate business 15.6 6.9 -11.2 1.5 -20.0 11.5 -132.7 32.2 8.8 -34.3 65.9 3

 4 Money market mutual funds 7.0 16.2 -10.6 43.2 2.0 66.2 -9.8 18.3 -66.7 -198.2 53.4 4

 5 Discrepancy--unallocated assets 61.9 15.3 103.8 203.6 -313.7 -486.6 -245.7 -327.5 -194.8 -24.5 -439.4 5
40 Z.1, September 17, 2009

F.203 Net Interbank Transactions

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2004 2005 2006 2007 2008 2008 2009

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Net change in liabilities 19.4 -12.4 -11.2 -97.6 1768.5 -103.9 258.4 1697.1 5222.3 -827.4 -1953.4 1

 2 Monetary authority -5.4 3.6 1.3 5.4 842.0 7.1 29.6 779.3 2551.8 -216.5 -584.0 2

 3 Depository institution reserves 1.0 -5.0 -0.3 2.1 839.2 8.0 39.2 755.6 2554.2 -224.4 -576.2 3

 4 Vault cash -6.4 8.6 1.6 3.3 2.7 -0.9 -9.6 23.8 -2.4 7.8 -7.8 4

 5 Commercial banking 24.9 -16.0 -12.5 -102.9 926.5 -110.9 228.8 917.7 2670.5 -610.9 -1369.4 5

 6 To monetary authority 1.2 -0.0 -1.2 48.9 509.6 248.5 251.3 502.2 1036.4 -63.1 -766.5 6

 7 To banks in foreign countries 8.8 -12.3 -9.4 -153.6 365.1 -363.1 3.9 476.4 1343.5 -617.8 -692.2 7

 8 Liabilities, net 14.0 -24.7 -9.1 -147.0 371.3 -348.0 -8.6 472.6 1369.2 -642.1 -707.4 8

 9 U.S.-chartered commercial banks 60.7 3.5 111.4 63.9 175.3 -136.1 329.9 -59.6 567.0 -487.6 166.3 9

10 Due to foreign affiliates 33.8 20.2 98.8 64.2 131.2 12.2 -89.3 251.3 350.7 -240.0 3.4 10

11 - Due from foreign affiliates -26.8 16.8 -12.6 0.3 -44.1 148.4 -419.3 310.9 -216.3 247.6 -162.9 11

12 Foreign banking offices in U.S. -72.2 -8.6 -79.2 -168.8 243.4 -192.3 -281.6 439.9 1007.5 -191.6 -849.4 12

13 Due to foreign affiliates 77.0 59.6 190.6 4.5 6.8 -20.5 -205.1 2.7 250.2 -81.8 -239.5 13

14 - Due from foreign affiliates 149.2 68.2 269.8 173.3 -236.5 171.8 76.5 -437.2 -757.3 109.8 610.0 14

15 Bank holding companies 25.6 -19.6 -41.3 -42.2 -47.4 -19.6 -56.9 92.4 -205.2 37.1 -24.3 15

16 Due to foreign affiliates 19.8 9.2 -22.6 31.9 -7.0 14.5 22.7 -67.3 2.1 -24.5 41.6 16

17 - Due from foreign affiliates -5.8 28.9 18.7 74.1 40.4 34.1 79.7 -159.7 207.3 -61.6 65.8 17

18 Less: Deposits at foreign banks 5.2 -12.4 0.3 6.6 6.2 15.1 -12.5 -3.7 25.8 -24.3 -15.2 18

19 U.S.-chartered commercial banks 4.9 -12.6 0.9 6.0 6.6 8.6 -7.0 -2.8 27.4 -24.3 -15.1 19

20 Foreign banking offices in U.S. 0.3 0.2 -0.6 0.6 -0.4 6.5 -5.5 -1.0 -1.7 0.1 -0.0 20

21 To U.S. banking, net 14.9 -3.7 -1.9 1.7 51.8 3.7 -26.3 -60.9 290.7 70.0 89.4 21

22 U.S.-chartered commercial banks 33.0 0.5 -36.6 34.5 32.9 -31.5 -37.8 -65.5 266.5 92.4 72.8 22

23 Liabilities 33.6 -11.2 12.8 16.5 4.3 66.8 -136.4 -14.3 101.0 53.5 71.5 23

24 To foreign offices in U.S. 18.4 -7.1 14.8 15.4 -47.4 64.3 -109.9 46.3 -190.4 -16.7 -13.5 24

25 To bank holding companies 0.2 -0.4 -0.1 -0.7 -0.1 -1.3 -0.2 0.2 0.8 0.2 -4.4 25

26 Unallocated 14.9 -3.7 -1.9 1.7 51.8 3.7 -26.3 -60.9 290.7 70.0 89.4 26

 Less, due from:

27 Foreign offices in U.S. 24.2 -4.3 22.1 -6.3 -51.6 127.5 -152.1 -63.9 -117.9 -66.5 58.2 27

28 Bank holding companies -23.6 -7.4 27.3 -11.7 22.9 -29.2 53.4 115.1 -47.6 27.6 -59.5 28

29 Foreign banking offices in U.S. 5.7 2.8 7.3 -21.8 -4.2 63.1 -42.1 -110.3 72.6 -49.8 71.7 29

30 Due to U.S. banks 24.2 -4.3 22.1 -6.3 -51.6 127.5 -152.1 -63.9 -117.9 -66.5 58.2 30

31 - Due from U.S. banks 18.4 -7.1 14.8 15.4 -47.4 64.3 -109.9 46.3 -190.4 -16.7 -13.5 31

32 Bank holding companies -23.8 -6.9 27.4 -11.0 23.1 -28.0 53.6 114.9 -48.4 27.4 -55.1 32

33 Due to U.S. banks -23.6 -7.4 27.3 -11.7 22.9 -29.2 53.4 115.1 -47.6 27.6 -59.5 33

34 - Due from U.S. banks 0.2 -0.4 -0.1 -0.7 -0.1 -1.3 -0.2 0.2 0.8 0.2 -4.4 34

35 Net change in assets 4.6 -8.8 -9.3 -99.3 1716.7 -107.6 284.7 1757.9 4931.7 -897.4 -2042.8 35

36 Rest of the world 8.8 -12.3 -9.4 -153.6 365.1 -363.1 3.9 476.4 1343.5 -617.8 -692.2 36

37 Domestic -4.2 3.5 0.1 54.2 1351.5 255.5 280.9 1281.5 3588.2 -279.6 -1350.6 37

38 Monetary authority 1.2 -0.0 -1.2 48.9 509.6 248.5 251.3 502.2 1036.4 -63.1 -766.5 38

39 Federal Reserve float 1.2 -0.0 -1.2 0.3 -1.5 -2.1 -0.3 -1.3 -2.2 -6.3 1.0 39

40 Loans to member banks -0.0 0.0 -0.0 48.6 511.1 250.6 251.6 503.5 1038.6 -56.8 -767.5 40

41 Commercial banking -5.3 4.1 2.0 4.8 822.0 7.6 29.0 776.0 2475.6 -315.6 -642.5 41

42 Reserves at Federal Reserve 1.1 -4.5 0.4 1.5 819.3 8.5 38.6 752.2 2478.0 -323.4 -634.7 42

43 Vault cash -6.4 8.6 1.6 3.3 2.7 -0.9 -9.6 23.8 -2.4 7.8 -7.8 43

44 Savings insts.: Reserves at Fed. Res. -0.1 -0.5 -0.7 0.6 16.1 -2.9 0.4 2.4 64.6 44.6 39.4 44

45 Credit unions: Reserves at Fed. Res. 0.0 0.0 0.0 0.0 3.8 2.4 0.2 1.0 11.6 54.4 19.0 45

46 Discrepancy--floats, etc. 14.9 -3.7 -1.9 1.7 51.8 3.7 -26.3 -60.9 290.7 70.0 89.4 46
Z.1, September 17, 2009 41

F.204 Checkable Deposits and Currency

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2004 2005 2006 2007 2008 2008 2009

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Net change in liabilities 85.4 4.4 -19.9 35.0 568.8 26.6 -13.6 1756.9 505.5 -474.0 392.9 1

 2 Monetary authority 37.7 30.1 23.5 17.8 428.2 -41.9 39.1 1467.5 248.1 -286.3 212.6 2

 3 Federal government cash and deposits 0.1 -1.4 0.2 11.4 349.3 -42.1 -0.9 1309.9 130.4 -393.0 197.4 3

 4 Due to government-sponsored enterprises 0.6 0.9 -1.2 0.9 19.4 -6.4 0.2 104.2 -20.4 -0.8 -3.6 4

 5 Deposits due to foreign -0.1 0.0 0.0 -0.0 1.3 0.0 0.5 -0.4 5.0 -0.9 2.4 5

 6 Currency outside banks 37.1 30.6 24.5 5.5 58.2 6.5 39.4 53.8 133.2 108.3 16.4 6

 7 Commercial banking 39.5 -36.4 -35.9 11.6 141.9 59.0 -74.4 319.2 263.8 -209.1 197.9 7

 8 Federal government deposits -3.2 7.0 -5.9 14.9 -39.5 71.0 -56.4 -54.1 -118.3 74.2 -86.5 8

 9 Deposits due to foreign 9.2 6.4 9.2 5.2 24.8 12.4 -14.8 36.9 64.9 -71.3 -2.5 9

10 Private domestic deposits 33.6 -49.8 -39.2 -8.5 156.5 -24.4 -3.3 336.4 317.2 -212.0 286.9 10

11 Savings institutions 0.5 3.8 0.9 4.5 -2.9 -10.8 28.8 -19.8 -9.6 -0.5 -2.3 11

12 Credit unions 7.6 7.0 -8.5 1.1 1.6 20.3 -7.1 -10.0 3.2 21.9 -15.3 12

13 Net change in assets 85.4 4.4 -19.9 35.0 568.8 26.6 -13.6 1756.9 505.5 -474.0 392.9 13

14 Household sector -28.8 -113.5 -27.7 -68.5 101.3 -280.2 163.7 -8.1 530.1 6.7 217.3 14

15 Nonfinancial business 74.8 138.6 -58.0 53.8 5.8 120.7 -172.6 78.5 -3.3 -17.9 143.5 15

16 Corporate -12.5 74.0 -118.7 -1.7 -12.7 83.4 -189.5 63.1 -7.7 9.1 172.9 16

17 Nonfarm noncorporate 86.3 63.9 58.6 53.7 17.6 36.4 16.0 14.5 3.4 -27.3 -29.8 17

18 Farm 1.0 0.7 2.1 1.8 0.9 0.9 0.9 0.9 0.9 0.3 0.3 18

19 State and local governments -6.2 10.3 5.2 -1.7 9.3 -16.1 15.3 11.5 26.6 -15.4 116.1 19

20 Federal government -31.0 12.2 -2.7 25.1 313.1 9.3 -48.1 1256.8 34.4 -338.3 105.9 20

21 Rest of the world 22.4 14.9 11.4 -5.4 68.8 39.4 -13.4 59.9 189.3 -25.0 -7.8 21

22 Checkable deposits 9.1 6.4 9.2 5.2 26.1 12.4 -14.3 36.5 69.9 -72.2 -0.1 22

23 Currency 13.3 8.4 2.2 -10.7 42.7 27.0 0.9 23.4 119.4 47.3 -7.7 23

24 Financial sectors 27.1 -50.5 55.3 31.6 71.4 121.4 57.9 353.0 -246.9 -105.1 -186.4 24

25 Commercial banking 1.0 -0.5 -0.1 -0.6 0.7 -0.1 0.2 0.1 2.6 4.2 -3.9 25

26 Savings institutions -3.5 2.4 -3.3 -0.5 3.1 18.6 -7.3 -0.6 1.6 -6.6 -35.0 26

27 Credit unions -1.4 -2.0 6.2 -1.1 -4.8 33.7 -18.5 -34.4 -0.2 -12.2 -13.7 27

28 Property-casualty insurance companies -8.7 -4.8 8.9 12.8 -14.8 -3.4 -5.0 11.4 -62.0 -7.8 18.1 28

29 Life insurance companies 6.0 -5.5 8.3 2.3 24.4 19.0 35.0 8.1 35.6 -49.9 -29.4 29

30 Private pension funds 0.1 0.3 0.4 0.6 0.5 0.2 -0.2 10.2 -8.2 -0.1 -1.2 30

31 State and local govt. retirement funds 2.5 -0.4 -1.7 2.5 -0.1 0.4 -0.3 -0.5 -0.1 -0.6 -0.4 31

32 Money market mutual funds 2.7 -1.4 7.5 -4.8 5.6 -20.5 38.2 14.4 -9.7 49.2 -80.6 32

33 Government-sponsored enterprises 10.4 -24.5 1.8 -2.7 39.7 -10.3 49.0 143.3 -23.3 -17.0 -12.3 33

34 Finance companies -0.8 -8.9 -1.6 0.4 0.3 3.1 -0.2 -0.9 -0.9 2.5 1.7 34

35 REITs 3.0 1.4 4.9 -1.8 1.8 11.1 -5.8 16.7 -14.8 -3.7 18.2 35

36 Brokers and dealers 15.7 -6.4 24.0 24.5 15.1 69.6 -27.1 185.3 -167.4 -63.1 -48.0 36

37 Mail float 27.1 -7.5 -3.5 0.1 -0.9 32.2 -16.4 5.3 -24.9 20.9 4.4 37
42 Z.1, September 17, 2009

F.205 Time and Savings Deposits

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2004 2005 2006 2007 2008 2008 2009

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Net change in liabilities 534.4 598.9 608.2 601.3 334.0 827.4 92.4 317.7 98.4 404.0 214.8 1

 2 Small time and savings deposits 281.6 314.4 347.0 317.1 524.7 462.8 286.7 490.1 859.1 496.7 256.1 2

 3 Commercial banking 280.6 268.3 287.6 263.7 541.3 365.6 85.1 899.4 814.9 436.0 205.6 3

 4 U.S.-chartered commercial banks 279.7 262.9 277.8 255.0 540.2 342.4 90.7 923.9 803.9 439.6 216.5 4

 5 Foreign banking offices in U.S. -0.7 0.5 8.6 6.9 0.1 24.4 -8.7 -29.4 14.0 2.5 -8.3 5

 6 Banks in U.S.-affiliated areas 1.6 4.9 1.2 1.8 1.0 -1.2 3.1 5.0 -3.0 -6.1 -2.6 6

 7 Savings institutions -14.4 34.0 28.9 27.6 -59.6 56.7 144.8 -427.1 -12.8 -8.4 -28.5 7

 8 Credit unions 15.5 12.1 30.5 25.8 43.0 40.5 56.7 17.9 57.0 69.1 79.1 8

 9 Large time deposits (1) 252.9 284.4 261.2 284.1 -190.7 364.6 -194.3 -172.4 -760.8 -92.7 -41.3 9

10 Commercial banking 192.5 243.1 264.0 298.3 -97.7 307.9 -90.8 229.3 -837.2 -200.3 -2.0 10

11 U.S.-chartered commercial banks 115.6 166.8 129.9 23.1 24.6 123.8 -211.4 409.8 -224.0 -101.5 -270.1 11

12 Foreign banking offices in U.S. 75.4 71.4 132.8 273.4 -123.2 185.2 117.6 -185.5 -610.1 -92.8 270.8 12

13 Banks in U.S.-affiliated areas 1.6 4.9 1.2 1.8 1.0 -1.2 3.1 5.0 -3.0 -6.1 -2.6 13

14 Savings institutions 54.0 38.8 -5.2 -19.0 -93.5 38.2 -108.1 -378.6 74.4 76.0 -49.4 14

15 Credit unions 6.4 2.5 2.5 4.8 0.5 18.5 4.6 -23.1 2.0 31.6 10.1 15

16 Net change in assets 534.4 598.9 608.2 601.3 334.0 827.4 92.4 317.7 98.4 404.0 214.8 16

17 Household sector 446.2 477.0 475.4 422.7 152.5 507.3 -283.1 536.4 -150.5 12.3 -183.2 17

18 Nonfinancial business 41.8 83.5 78.1 15.1 -4.9 -123.3 230.1 -35.3 -91.2 -29.8 83.0 18

19 Corporate 37.7 49.9 46.6 -53.8 -37.6 -175.8 194.0 -73.9 -94.7 -2.3 112.9 19

20 Nonfarm noncorporate 4.1 33.6 31.4 68.9 32.7 52.5 36.1 38.6 3.4 -27.4 -29.9 20

21 State and local governments 11.6 12.8 26.2 36.2 19.1 13.3 1.2 4.8 57.1 63.1 -24.7 21

22 Federal government -0.0 -1.0 0.2 1.2 -1.3 3.8 -8.0 4.3 -5.1 0.6 -0.5 22

23 Rest of the world 34.1 6.7 11.5 40.3 45.2 86.1 11.9 -21.3 104.2 -97.1 -11.8 23

24 Financial sectors 0.7 19.9 16.9 85.9 123.3 340.1 140.3 -171.1 183.8 454.8 352.0 24

25 Savings institutions 0.6 -0.5 3.9 3.3 4.4 1.4 5.8 1.1 9.4 15.7 -0.4 25

26 Credit unions -0.7 -4.5 -4.9 -0.0 11.4 21.7 11.8 -0.2 12.1 21.5 6.0 26

27 Private pension funds -4.8 6.3 0.8 4.6 0.3 4.6 -0.2 3.9 -7.2 6.7 -1.0 27

28 State and local govt. retirement funds 0.6 -0.1 -0.4 0.2 -0.0 0.0 -0.0 -0.0 0.0 -0.0 -0.0 28

29 Money market mutual funds 0.4 15.7 23.7 63.9 84.6 325.3 76.0 -179.2 116.3 423.9 329.6 29

30 Government-sponsored enterprises 6.5 12.1 -1.5 12.8 21.9 -22.1 47.6 6.0 55.9 -20.5 12.9 30

31 Finance companies -1.8 -9.1 -4.8 1.2 0.8 9.2 -0.6 -2.8 -2.8 7.5 5.1 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 -136.5 127.0 305.3 720.9 724.2 1565.9 -145.8 82.4 1394.3 100.3 -497.9 1

 2 Net purchases -136.5 127.0 305.3 720.9 724.2 1565.9 -145.8 82.4 1394.3 100.3 -497.9 2

 3 Household sector -56.1 45.2 165.2 232.3 234.9 612.6 -145.6 143.8 328.8 98.6 -147.8 3

 4 Nonfinancial corporate business 25.3 42.1 67.0 130.6 121.6 221.4 128.8 -17.4 153.7 47.0 -39.9 4

 5 Nonfarm noncorporate business 5.6 4.8 6.6 16.9 5.3 9.4 5.5 5.6 0.7 -5.8 -6.3 5

 6 State and local governments 3.9 5.1 6.8 4.9 2.1 -1.1 -1.2 1.1 9.7 -13.0 8.9 6

 7 Rest of the world 4.1 0.1 4.1 19.0 16.7 28.7 28.7 4.8 4.8 4.8 4.8 7

 8 Life insurance companies -30.7 -7.1 48.7 64.3 33.3 69.6 11.9 11.6 40.0 14.5 -11.1 8

 9 Private pension funds 0.6 1.9 3.4 3.4 2.3 2.6 2.6 2.0 1.8 1.4 0.5 9

10 State and local govt. retirement funds -1.9 0.1 2.1 2.5 2.5 0.3 -0.3 -0.5 10.6 -0.6 2.8 10

11 Funding corporations -87.3 35.0 1.4 247.0 305.5 622.5 -176.3 -68.6 844.2 -46.8 -309.9 11
Z.1, September 17, 2009 43

F.207 Federal Funds and Security Repurchase Agreements

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2004 2005 2006 2007 2008 2008 2009

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Net change in liabilities 85.8 307.6 403.0 9.8 -882.9 -72.1 -1052.7 -1014.9 -1392.0 -782.9 820.5 1

 2 Monetary authority 5.1 -0.3 -0.9 14.4 44.4 0.5 -1.1 136.5 41.7 -71.0 8.3 2

 3 Commercial banking (net) 13.1 90.3 70.5 -49.7 -355.7 -253.7 -138.7 -250.7 -779.8 -109.5 613.2 3

 4 U.S.-chartered commercial banks 14.6 57.0 21.4 -36.1 -259.0 -225.8 -63.2 -175.5 -571.5 -150.0 483.9 4

 5 Foreign banking offices in U.S. -0.2 33.4 49.0 -13.6 -96.3 -27.1 -74.7 -73.0 -210.3 40.7 152.5 5

 6 Bank holding companies -1.3 -0.2 0.1 0.1 -0.4 -0.8 -0.8 -2.2 2.0 -0.3 -23.1 6

 7 Savings institutions 2.4 -2.3 -19.2 -24.1 -0.0 -58.6 0.3 -9.5 67.7 7.2 -33.9 7

 8 REITs 28.7 13.2 14.4 -6.2 -11.2 -7.4 7.1 -8.2 -36.3 10.8 9.2 8

 9 Brokers and dealers (net) 36.5 206.7 338.3 75.5 -560.3 247.1 -920.2 -883.0 -685.3 -620.3 223.6 9

10 Net change in assets 226.8 217.8 203.5 344.3 -599.3 133.0 -596.9 -375.7 -1557.5 -145.1 -471.9 10

11 Nonfinancial corporate business 0.4 8.1 1.0 -7.5 -0.6 -3.5 4.3 -13.3 10.2 -3.0 5.1 11

12 State and local governments 7.7 10.0 13.5 9.7 -15.4 -2.2 -21.3 -87.9 49.6 -40.0 91.6 12

13 Rest of the world 204.9 48.2 109.4 80.2 -525.0 -5.8 -466.6 -376.0 -1251.5 -6.8 3.4 13

14 Financial sectors 13.7 151.5 79.7 261.9 -58.3 144.4 -113.3 101.5 -365.8 -95.4 -572.1 14

15 Monetary authority -10.8 13.8 -6.0 5.8 33.5 163.6 135.4 -99.3 -65.8 -320.0 0.0 15

16 Savings institutions -3.2 -0.1 9.3 27.3 -10.9 -25.9 -28.7 -13.3 24.3 -20.8 -76.9 16

17 Credit unions (net) 2.6 2.6 -1.6 -2.6 -4.8 -7.4 2.6 -22.3 7.8 -3.0 13.2 17

18 Property-casualty insurance companies 10.2 5.9 -2.9 -12.2 13.4 38.7 -6.1 -19.8 40.7 0.7 -45.6 18

19 Private pension funds 0.3 1.0 0.8 3.4 7.3 2.5 -17.0 6.3 37.4 11.9 6.9 19

20 State and local govt. retirement funds -3.2 -0.6 4.4 4.3 2.4 0.6 -0.6 -0.9 10.5 -1.0 2.5 20

21 Money market mutual funds -18.7 112.0 48.7 211.3 -63.5 0.7 -293.7 288.4 -249.4 141.7 -320.7 21

22 Mutual funds 18.1 2.8 17.4 -0.6 -7.4 15.1 54.6 -21.9 -77.6 -84.7 77.0 22

23 Government-sponsored enterprises (net) 18.3 14.1 9.7 25.3 -28.2 -43.7 40.2 -15.7 -93.8 179.4 -228.5 23

24 Funding corporations 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.4 0.0 24

25 Discrepancy--unallocated assets -141.0 89.8 199.5 -334.4 -283.7 -205.1 -455.8 -639.2 165.4 -637.8 1292.4 25

F.208 Open Market Paper

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Total net issues, all types 106.2 245.1 317.1 -169.4 -189.0 23.4 -268.2 -594.2 83.0 -662.5 -735.2 1

 2 Commercial paper 106.5 245.1 317.4 -169.4 -188.8 24.0 -268.0 -594.2 83.0 -662.5 -735.2 2

 3 Nonfinancial corporate business 15.3 -7.7 22.4 11.3 7.7 42.9 -77.3 62.8 2.2 -151.9 -145.9 3

 4 Foreign issues in U.S. 69.2 38.6 98.4 -69.3 -71.0 212.0 41.7 -276.4 -261.5 63.1 -23.5 4

 5 Nonfinancial -2.2 15.7 -1.9 2.0 20.7 -10.6 32.0 12.8 48.5 24.3 -20.9 5

 6 Financial 71.5 22.9 100.3 -71.3 -91.7 222.6 9.7 -289.1 -310.0 38.8 -2.6 6

 7 Financial sectors 21.9 214.2 196.6 -111.4 -125.4 -230.9 -232.4 -380.6 342.3 -573.7 -565.8 7

 8 Commercial banking 10.8 4.0 21.7 37.9 -39.0 -3.8 58.3 -57.9 -152.6 -91.1 -17.0 8

 9 ABS issuers -3.9 148.3 162.9 -194.2 -83.9 -135.8 -145.5 -121.9 67.8 -213.0 -282.2 9

10 Finance companies 30.2 -15.3 5.3 -15.1 -22.6 -8.5 6.3 -49.8 -38.6 -82.0 -10.3 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 -15.2 77.1 6.7 60.1 20.1 -82.8 -151.5 -151.1 465.7 -187.7 -256.2 12

13 Bankers acceptances (1) -0.3 0.0 -0.3 0.0 -0.2 -0.6 -0.1 0.0 0.0 0.0 0.0 13

14 Net purchases, by sector 106.2 245.1 317.1 -169.4 -189.0 23.4 -268.2 -594.2 83.0 -662.5 -735.2 14

15 Household sector 30.2 28.1 23.4 -38.0 -139.2 -128.9 -138.9 -174.6 -114.5 -12.5 6.4 15

16 Nonfinancial corporate business 19.3 16.0 11.7 -53.0 -59.3 -142.8 -21.1 -48.0 -25.4 43.7 9.1 16

17 State and local governments 10.1 13.1 17.6 -7.3 -71.4 -66.9 -17.8 -77.2 -123.6 -24.7 -16.9 17

18 Rest of the world 37.0 9.9 48.0 -9.6 -45.1 11.0 -16.0 -94.1 -81.5 -62.4 -72.4 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 0.0 15.7 0.0 0.0 400.1 -337.4 -44.9 21.6 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 0.1 -0.0 0.2 -0.5 -0.4 9.3 -8.0 -3.0 0.0 0.0 0.0 22

23 Life insurance companies -7.6 -8.0 12.9 8.4 28.3 23.1 -8.9 -38.6 137.4 54.3 3.7 23

24 Private pension funds 1.0 3.0 0.2 -4.8 10.2 6.5 1.7 -32.5 65.3 1.6 2.0 24

25 State and local govt. retirement funds -6.5 0.1 7.4 7.6 -16.4 1.1 -1.0 -22.8 -42.7 -1.1 -17.9 25

26 Money market mutual funds -54.1 86.3 116.1 66.3 -56.1 9.7 -52.3 -582.4 400.8 -93.0 -196.4 26

27 Mutual funds 18.0 2.9 17.4 -0.4 -62.5 3.4 58.9 -172.5 -139.8 -93.1 79.3 27

28 Government-sponsored enterprises -0.9 8.0 18.5 -4.7 13.5 47.8 18.2 -10.1 -2.0 11.3 1.4 28

29 Brokers and dealers -1.3 12.2 4.1 22.8 -21.4 81.5 -18.3 204.1 -353.0 -63.0 45.5 29

30 Funding corporations 60.8 73.5 39.7 -156.3 215.2 168.7 -64.7 57.5 699.4 -378.7 -600.4 30

(1) Excludes banks’ holdings of own acceptances.
44 Z.1, September 17, 2009

F.209 Treasury Securities

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2004 2005 2006 2007 2008 2008 2009

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Net issues 362.5 307.3 183.7 237.5 1239.0 411.4 310.1 2080.2 2154.2 1442.8 1896.4 1

 2 Savings bonds 0.6 0.7 -2.7 -6.0 -2.4 -4.2 -1.1 -1.3 -3.0 -0.3 -1.0 2

 3 Other Treasury issues 361.9 306.6 186.4 243.4 1241.4 415.6 311.3 2081.6 2157.2 1443.1 1897.4 3

 4 Net purchases 362.5 307.3 183.7 237.5 1239.0 411.4 310.1 2080.2 2154.2 1442.8 1896.4 4

 5 Household sector 26.8 -99.0 -83.0 -95.8 147.6 45.3 373.1 152.4 19.7 1074.5 342.9 5

 6 Savings bonds 0.6 0.7 -2.7 -6.0 -2.4 -4.2 -1.1 -1.3 -3.0 -0.3 -1.0 6

 7 Other Treasury issues 26.2 -99.7 -80.3 -89.8 150.0 49.4 374.3 153.7 22.7 1074.9 344.0 7

 8 Nonfinancial corporate business 0.3 17.6 -6.5 -6.9 -11.0 -48.9 5.8 -12.0 11.2 37.7 13.5 8

 9 Nonfarm noncorporate business 5.3 6.0 0.2 9.4 3.7 6.5 3.8 3.9 0.5 -4.0 -4.4 9

10 State and local governments 24.9 92.3 35.5 14.5 -8.7 -36.8 -28.8 83.2 -52.5 7.9 -16.1 10

11 Rest of the world 366.9 245.1 150.3 165.2 674.3 488.5 380.7 786.1 1041.8 688.1 403.0 11

12 Monetary authority 51.2 26.4 34.7 -38.3 -264.7 -575.7 -457.4 -11.7 -14.0 88.9 647.4 12

13 Commercial banking -24.5 -10.7 -1.9 17.3 -16.7 -31.3 -47.9 91.1 -78.8 63.1 25.4 13

14 U.S.-chartered commercial banks -19.2 -10.1 -2.2 11.1 -19.6 -64.5 -57.7 107.5 -63.8 40.7 46.7 14

15 Foreign banking offices in U.S. -5.9 0.2 -0.8 3.5 7.5 37.9 -11.5 -23.6 27.2 34.1 -46.9 15

16 Bank holding companies -0.8 -0.9 1.4 4.6 -4.0 -3.0 22.1 7.2 -42.2 -10.3 25.9 16

17 Banks in U.S.-affiliated areas 1.4 0.1 -0.2 -1.9 -0.6 -1.7 -0.8 -0.1 -0.0 -1.4 -0.3 17

18 Savings institutions -3.9 4.0 0.1 -5.4 -4.1 -3.9 -4.3 -7.9 -0.0 2.9 3.7 18

19 Credit unions 0.1 -1.1 -0.3 3.0 -1.6 -3.4 2.7 -1.3 -4.2 -2.3 28.5 19

20 Property-casualty insurance companies 6.6 -2.0 6.6 -20.7 -0.3 -0.1 0.4 -1.4 -0.0 0.1 4.7 20

21 Life insurance companies 6.6 12.7 -8.0 -14.9 22.5 24.4 24.1 21.8 19.5 36.8 25.1 21

22 Private pension funds -3.9 3.5 14.3 38.7 15.4 17.7 15.7 35.0 -6.7 17.3 25.2 22

23 State and local govt. retirement funds 2.4 2.8 3.3 11.8 5.7 2.0 -1.0 10.0 11.8 -5.6 18.2 23

24 Federal government retirement funds 5.4 7.8 8.3 11.3 24.2 34.2 9.1 28.2 25.5 17.5 0.8 24

25 Money market mutual funds -33.9 -9.6 -5.9 95.5 399.5 452.7 5.2 696.5 443.8 -253.6 -64.4 25

26 Mutual funds 4.8 6.6 5.0 18.5 8.7 14.0 22.5 12.1 -13.7 20.6 34.4 26

27 Closed-end funds 2.3 0.3 0.2 -1.7 -2.4 -0.9 -0.8 -1.8 -6.2 0.3 1.6 27

28 Exchange-traded funds 2.8 4.8 3.4 6.6 7.4 5.5 6.3 15.9 1.9 18.4 15.7 28

29 Government-sponsored enterprises -0.6 0.2 1.2 1.3 1.1 1.4 1.4 1.6 0.2 3.5 6.8 29

30 ABS issuers 5.2 19.7 28.7 21.0 -12.3 -2.8 -11.4 -15.7 -19.4 -14.8 -19.3 30

31 Brokers and dealers -82.4 -20.0 -2.4 7.1 250.6 23.1 11.0 194.3 773.9 -354.7 403.6 31

 Memo:

32 Federal government borrowing (1) 361.9 306.9 183.4 237.1 1239.2 412.7 310.4 2078.5 2155.2 1439.6 1895.3 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, 2009 45

F.210 Agency- and GSE-backed Securities (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2004 2005 2006 2007 2008 2008 2009

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Net issues 122.3 82.8 330.6 908.3 771.7 654.9 1322.0 705.0 405.0 37.0 -118.5 1

 2 Budget agencies -0.6 -0.4 -0.3 -0.4 0.2 1.3 0.3 -1.7 1.0 -3.2 -1.1 2

 3 Government-sponsored enterprises 75.0 -84.0 35.6 282.4 274.3 119.9 655.3 203.3 118.5 -264.2 -673.3 3

 4 Agency- and GSE-backed mortgage pools 47.9 167.3 295.4 626.3 497.3 533.7 666.4 503.4 285.5 304.4 555.9 4

 5 Net purchases 122.3 82.8 330.6 908.3 771.7 654.9 1322.0 705.0 405.0 37.0 -118.5 5

 6 Household sector 30.6 101.6 -49.0 347.1 84.6 -167.1 99.1 566.4 -159.8 -1100.7 -1216.0 6

 7 Nonfinancial corporate business 0.1 6.5 -2.4 -2.6 -4.1 -18.1 2.1 -4.4 4.1 -13.4 17.6 7

 8 State and local governments 21.9 28.4 38.3 14.6 -10.5 -6.3 -11.9 46.0 -69.5 -28.5 -59.8 8

 9 Federal government 0.0 0.0 0.0 0.0 54.4 0.0 0.0 13.2 204.5 209.1 174.6 9

10 Rest of the world 178.2 134.3 222.7 250.3 -218.1 94.7 100.0 -381.5 -685.7 -236.4 -34.1 10

11 Monetary authority 0.0 0.0 0.0 0.0 19.7 0.0 0.0 58.0 20.8 1069.3 1088.1 11

12 Commercial banking 95.0 -5.5 45.7 -112.9 146.7 -47.4 313.0 -35.4 356.6 5.1 184.8 12

13 U.S.-chartered commercial banks 89.7 -3.3 47.5 -111.4 139.7 -23.1 250.1 22.5 309.5 67.1 205.4 13

14 Foreign banking offices in U.S. -1.2 -0.9 3.9 2.1 -7.0 -31.6 -8.0 -9.7 21.3 -17.5 -27.5 14

15 Bank holding companies 1.9 -2.3 -0.0 -1.3 15.9 12.3 61.4 -46.7 36.7 -39.0 3.0 15

16 Banks in U.S.-affiliated areas 4.7 1.2 -5.8 -2.4 -1.9 -5.0 9.6 -1.5 -10.9 -5.5 3.8 16

17 Savings institutions -82.3 55.8 -23.0 -0.6 -0.8 -12.1 17.6 -26.2 17.5 32.2 14.0 17

18 Credit unions -1.1 -6.8 -13.9 -4.1 14.4 8.1 20.1 18.7 10.9 23.6 21.9 18

19 Property-casualty insurance companies -3.3 5.8 4.1 3.8 -11.5 -11.1 -10.1 -13.9 -10.9 -9.8 -0.4 19

20 Life insurance companies 8.2 11.4 8.8 5.5 -16.7 -5.9 -9.2 -22.0 -29.7 -22.6 -19.5 20

21 Private pension funds 11.8 16.8 16.6 28.2 21.3 14.6 6.3 33.1 31.5 29.8 -18.8 21

22 State and local govt. retirement funds 23.7 -0.4 52.4 23.3 6.4 4.0 -1.9 10.0 13.6 -11.0 -13.5 22

23 Federal government retirement funds -0.5 0.0 0.1 0.3 0.0 3.8 -0.6 -0.0 -3.0 -0.3 0.3 23

24 Money market mutual funds -61.1 -107.4 -28.7 104.5 520.3 655.4 165.8 361.7 898.3 122.5 -150.7 24

25 Mutual funds 15.2 20.8 15.7 66.2 27.3 43.8 70.6 37.9 -43.0 -18.3 107.9 25

26 Government-sponsored enterprises -147.8 -135.4 -37.1 -11.1 206.6 57.4 500.1 -67.8 336.6 183.7 -22.8 26

27 ABS issuers -5.6 -32.9 18.4 20.0 -22.6 -3.8 -19.3 -19.5 -47.7 -133.8 -41.6 27

28 REITs 15.8 -4.0 24.8 23.5 1.6 13.7 28.0 -24.6 -10.5 19.2 28.6 28

29 Brokers and dealers 23.5 -6.3 37.0 152.2 -47.5 31.5 52.5 155.4 -429.6 -82.7 -179.0 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, 2009

F.211 Municipal Securities and Loans

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2004 2005 2006 2007 2008 2008 2009

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Net change in liabilities 130.5 195.0 177.4 215.6 64.1 95.5 57.6 97.9 5.3 129.5 221.8 1

 2 State and local governments 115.1 171.1 150.6 185.3 40.8 78.1 19.3 71.9 -6.1 108.8 186.2 2

 3 Short-term (1) -5.9 5.7 -3.1 17.3 12.0 -4.6 8.8 28.9 14.7 -6.5 3.1 3

 4 Long-term 121.0 165.3 153.7 168.0 28.9 82.7 10.6 43.0 -20.8 115.3 183.1 4

 5 Nonprofit organizations (2) 10.3 16.5 21.8 22.6 20.1 13.7 33.5 23.4 9.7 16.8 31.6 5

 Nonfinancial corporate business

 6 (industrial revenue bonds) 5.1 7.4 5.0 7.8 3.2 3.6 4.8 2.5 1.7 4.0 4.0 6

 7 Net change in assets 130.5 195.0 177.4 215.6 64.1 95.5 57.6 97.9 5.3 129.5 221.8 7

 8 Household sector 38.6 78.6 50.8 24.1 42.1 -40.8 -28.5 131.7 105.8 75.3 95.7 8

 9 Nonfinancial corporate business -3.6 0.3 -4.0 1.6 -24.4 -86.4 -10.2 2.9 -4.1 36.9 -1.3 9

10 Nonfarm noncorporate business 1.7 0.1 1.3 1.0 0.4 0.7 0.4 0.4 0.1 -0.4 -0.5 10

11 State and local governments 0.3 0.4 0.5 0.3 -0.1 -0.1 0.0 0.1 -0.4 0.1 0.6 11

12 Rest of the world 6.5 3.0 5.4 10.7 -4.1 12.7 12.7 -53.6 12.0 -4.0 22.3 12

13 Commercial banking 8.1 16.9 22.6 12.2 23.2 41.4 7.2 78.5 -34.2 -9.5 29.3 13

14 Savings institutions 0.8 1.5 2.2 -0.1 -2.7 -2.2 2.6 -10.6 -0.4 0.9 2.9 14

15 Property-casualty insurance companies 43.6 45.4 22.1 36.1 10.6 12.3 15.0 3.0 12.2 10.5 43.1 15

16 Life insurance companies 4.0 2.4 4.1 4.8 5.7 7.1 6.7 5.1 3.8 7.9 3.5 16

17 State and local govt. retirement funds -2.6 -0.2 1.9 -1.7 -0.8 -2.5 -0.0 0.1 -0.6 0.0 -0.1 17

18 Money market mutual funds 21.8 23.0 33.5 100.7 23.6 69.7 70.0 -103.3 57.8 -60.9 -68.8 18

19 Mutual funds 4.1 17.4 32.7 27.8 17.4 31.8 52.9 22.9 -38.0 68.7 94.0 19

20 Closed-end funds -0.1 0.2 0.0 1.6 -12.7 -8.1 -9.9 -17.1 -15.8 4.4 4.6 20

21 Government-sponsored enterprises 0.3 -4.9 -3.6 -2.8 -2.8 -3.9 -4.3 -2.9 -0.2 -1.4 -1.9 21

22 Brokers and dealers 7.1 10.9 8.0 -0.7 -11.4 63.8 -57.1 40.6 -92.8 0.8 -1.6 22

(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 830.9 865.0 1241.2 1223.6 -148.5 344.4 318.4 -709.7 -547.3 289.1 230.7 1

 2 Nonfinancial corporate business 75.5 56.7 215.6 311.2 204.6 181.0 354.9 92.4 190.1 579.2 395.9 2

 3 Rest of the world (1) 85.8 64.5 227.8 218.7 -62.1 79.9 73.2 -261.8 -139.7 137.5 220.7 3

 4 Financial sectors 669.6 743.8 797.9 693.7 -291.0 83.5 -109.6 -540.4 -597.6 -427.6 -385.9 4

 5 Commercial banking 59.0 56.7 76.0 118.6 129.3 140.7 228.9 -194.2 341.7 44.0 21.9 5

 6 Savings institutions 2.5 1.0 2.0 -0.3 -8.0 1.2 0.9 -34.0 -0.0 -1.9 0.9 6

 7 ABS issuers (net) (3) 444.6 581.9 635.4 529.9 -341.3 -119.4 -308.6 -262.8 -674.3 -400.9 -216.9 7

 8 Finance companies 74.1 43.6 42.4 -2.8 -49.6 121.6 -60.9 -35.0 -224.4 -70.5 -197.4 8

 9 REITs 61.9 32.8 13.9 0.7 -55.1 -94.4 -3.7 -48.0 -74.3 -31.8 -28.1 9

10 Brokers and dealers 15.2 0.1 6.4 -4.0 32.3 62.3 16.4 -30.2 80.6 -59.6 60.7 10

11 Funding corporations 12.2 27.6 21.6 51.5 1.4 -28.6 17.2 63.9 -46.9 93.2 -27.1 11

12 Net purchases 830.9 865.0 1241.2 1223.6 -148.5 344.4 318.4 -709.7 -547.3 289.1 230.7 12

13 Household sector 95.6 120.4 168.6 237.6 -143.5 -198.1 45.2 -283.3 -137.6 26.4 127.7 13

14 State and local governments 6.9 9.0 12.1 8.8 -3.6 -2.0 -5.0 1.9 -9.4 3.6 5.9 14

15 Federal government 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1.5 15

16 Rest of the world (2) 259.5 328.5 541.0 424.6 40.0 -4.3 272.3 -94.2 -13.8 -46.7 -109.9 16

17 Commercial banking 82.4 123.4 93.3 198.4 6.0 98.4 -112.1 -65.4 103.0 -107.6 -80.8 17

18 Savings institutions -12.7 21.0 9.2 49.2 -34.0 5.1 -2.0 -101.0 -38.1 33.2 -36.2 18

19 Credit unions 0.6 -1.5 7.2 3.9 -8.9 -6.7 -2.3 -10.2 -16.3 -32.2 1.4 19

20 Property-casualty insurance companies 26.4 17.5 14.2 5.9 -15.4 -14.4 -12.2 -20.9 -14.1 0.4 23.0 20

21 Life insurance companies 145.9 74.7 32.9 40.0 -43.9 17.6 3.3 -85.0 -111.3 170.9 112.1 21

22 Private pension funds -7.5 22.2 27.7 39.7 42.8 19.7 57.8 36.2 57.5 35.3 20.6 22

23 State and local govt. retirement funds 6.0 14.5 68.9 -9.1 0.8 2.8 -1.2 -3.6 5.2 -8.6 -2.7 23

24 Federal government retirement funds -0.3 -0.0 -0.0 0.1 -0.1 2.1 -0.5 -0.2 -1.7 -0.4 -0.1 24

25 Money market mutual funds 2.3 2.2 105.1 8.5 -148.8 85.5 -65.7 -382.8 -232.1 -40.8 0.5 25

26 Mutual funds 64.9 65.9 106.2 121.6 74.6 102.5 192.9 17.4 -14.2 180.1 144.1 26

27 Closed-end funds 8.9 1.7 5.7 -1.0 -24.2 -10.2 -12.6 -23.3 -50.8 -3.9 9.6 27

28 Exchange-traded funds 1.0 1.9 2.4 6.2 13.9 12.0 14.5 10.7 18.3 26.4 26.6 28

29 Government-sponsored enterprises 137.4 50.9 16.1 -17.4 -118.4 -58.8 -116.1 -136.9 -162.0 -66.1 -69.0 29

30 Finance companies -7.7 -52.5 -18.7 4.5 3.0 36.0 -2.3 -10.8 -10.8 29.3 19.8 30

31 REITs 17.1 17.0 11.6 -30.2 -20.0 -44.0 -7.4 -6.0 -22.7 -2.9 12.9 31

32 Brokers and dealers 18.7 77.7 44.8 22.6 -266.1 -87.7 -396.9 -241.2 -338.7 -109.9 50.7 32

33 Funding corporations -14.5 -29.4 -7.1 109.6 497.3 388.9 469.1 688.8 442.2 202.6 -27.1 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, 2009 47

F.213 Corporate Equities (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2004 2005 2006 2007 2008 2008 2009

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Net issues 80.5 -77.9 -370.7 -464.3 324.0 29.8 263.5 67.1 935.5 440.8 440.9 1

 2 Nonfinancial corporate business -122.7 -343.1 -567.7 -790.1 -334.9 -431.8 -218.7 -341.9 -347.1 -122.9 88.0 2

 3 Rest of the world (2) 84.8 186.7 137.3 147.8 1.3 111.6 89.1 -55.0 -140.4 7.3 148.9 3

 4 Financial sectors 118.5 78.5 59.7 178.0 657.6 350.0 393.2 464.0 1423.0 556.4 204.0 4

 5 Commercial banking 17.6 -13.8 -10.5 -23.7 331.9 212.9 230.1 103.5 780.9 230.3 18.8 5

 6 Savings institutions -0.3 2.2 0.8 3.3 1.7 0.5 1.4 2.5 2.5 0.9 2.3 6

 7 Property-casualty insurance companies -4.0 -2.8 -8.5 -13.2 0.4 -5.3 18.8 -10.9 -1.1 -1.4 -2.1 7

 8 Life insurance companies -17.3 -8.0 -20.0 -30.6 -10.7 -32.0 -10.1 -8.2 7.6 -6.9 8.5 8

 9 Closed-end funds 32.7 20.7 8.2 17.5 -57.2 -14.4 -42.3 -90.2 -81.8 5.8 7.9 9

10 Exchange-traded funds 56.4 56.7 74.0 149.9 175.5 33.2 52.9 325.0 290.8 -13.2 149.0 10

11 REITs 21.5 16.1 22.2 17.1 12.8 21.1 14.9 11.0 4.3 9.2 55.6 11

12 Government-sponsored enterprises 9.3 4.2 1.1 25.5 43.0 11.5 17.9 94.7 47.7 182.2 101.9 12

13 Brokers and dealers 2.6 3.3 -7.6 32.3 120.2 122.5 109.6 36.7 212.0 149.6 -142.6 13

14 Funding corporations (3) 0.0 0.0 0.0 0.0 40.0 0.0 0.0 0.0 160.0 0.0 4.6 14

15 Net purchases 80.5 -77.9 -370.7 -464.3 324.0 29.8 263.5 67.1 935.5 440.8 440.9 15

16 Household sector -269.9 -411.2 -598.3 -794.2 48.9 123.6 75.7 47.0 -50.6 501.2 288.1 16

17 State and local governments -4.2 2.5 -4.4 2.4 16.8 43.7 -2.6 -8.4 34.3 18.4 21.1 17

18 Federal government 0.0 0.0 0.0 0.0 256.3 0.0 0.0 0.0 1025.4 347.5 -127.9 18

19 Rest of the world (4) 25.0 56.9 96.2 218.5 88.3 226.8 89.4 17.9 19.2 26.1 114.6 19

20 Commercial banking -0.3 0.1 0.7 1.6 -0.8 -0.2 0.6 -3.2 -0.5 13.3 -11.6 20

21 Savings institutions -1.1 -1.0 -1.0 -0.1 -1.5 2.1 -2.6 -10.2 4.7 1.5 -2.0 21

22 Property-casualty insurance companies -3.9 -6.1 2.3 0.5 35.1 13.1 4.3 52.8 70.3 -17.6 -0.0 22

23 Life insurance companies 51.5 65.9 71.4 84.1 81.8 82.8 82.0 97.9 64.6 20.2 15.4 23

24 Private pension funds 24.7 -4.6 -72.3 -217.0 -256.7 -251.7 -227.3 -216.0 -332.1 -203.1 -170.6 24

25 State and local govt. retirement funds 1.9 -5.6 -73.0 -35.3 -6.7 -45.8 29.8 -16.6 5.8 6.9 2.8 25

26 Federal government retirement funds 9.1 7.0 6.3 2.7 -8.6 -26.5 7.1 -12.7 -2.4 -3.2 16.6 26

27 Mutual funds 158.5 129.6 131.3 91.3 -36.9 -67.3 144.6 -114.7 -110.4 -157.9 225.7 27

28 Closed-end funds 21.7 18.5 2.2 18.7 -17.8 4.9 -18.9 -48.0 -9.0 4.8 -7.9 28

29 Exchange-traded funds 52.6 50.0 68.3 137.2 154.2 15.7 32.1 298.4 270.7 -58.0 106.7 29

30 Brokers and dealers 15.2 20.1 -0.2 25.4 -28.5 -91.5 49.2 -17.2 -54.4 -59.3 -30.1 30

(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.

(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 298.2 260.2 336.8 364.7 32.1 164.5 592.4 -196.9 -431.5 -98.4 764.5 1

 2 Net purchases 298.2 260.2 336.8 364.7 32.1 164.5 592.4 -196.9 -431.5 -98.4 764.5 2

 3 Household sector 216.4 228.1 205.9 244.4 -3.8 85.9 491.2 -203.2 -389.0 -234.2 683.0 3

 4 Nonfinancial corporate business 1.4 6.7 30.7 2.0 -6.8 -6.8 -6.8 -6.8 -6.8 -6.8 -6.8 4

 5 State and local governments -1.3 0.8 -1.3 0.7 8.0 13.4 12.1 -6.1 12.7 27.7 3.3 5

 6 Rest of the world 32.7 32.2 45.2 38.2 5.4 21.5 34.7 -11.8 -22.9 0.8 36.0 6

 7 Commercial banking -0.9 -1.8 3.9 3.6 1.3 -1.0 -2.2 -8.8 17.3 66.3 -15.0 7

 8 Credit unions -0.9 -1.0 -0.1 -0.0 -0.0 1.5 -0.1 -1.5 0.0 -1.1 0.1 8

 9 Property-casualty insurance companies 0.5 0.3 0.5 -0.5 -0.4 -0.0 -0.0 -0.4 -1.1 0.0 0.1 9

10 Life insurance companies 12.8 -9.9 26.9 31.3 -10.7 0.4 4.0 -12.0 -35.4 -4.0 2.0 10

11 Private pension funds 36.1 10.2 28.6 50.2 39.9 56.5 55.0 56.2 -8.1 51.7 61.2 11

12 State and local govt. retirement funds 1.5 -5.5 -3.4 -5.3 -0.8 -6.8 4.4 -2.5 1.7 1.0 0.7 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, 2009

F.215 Bank Loans Not Elsewhere Classified

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2004 2005 2006 2007 2008 2008 2009

 Q1 Q2 Q3 Q4 Q1 Q2

 Total loans by commercial

 1 banking, flow of funds basis 444.7 567.8 677.5 674.9 377.3 351.6 11.7 1660.2 -514.3 -526.3 -350.6 1

 - Loans elsewhere classified:

 2 Open market paper 0.0 0.0 0.0 0.0 15.7 0.0 0.0 400.1 -337.4 -44.9 21.6 2

 3 Mortgages 339.8 362.4 445.0 242.7 197.3 156.6 -152.5 828.9 -43.8 34.6 126.1 3

 4 Consumer credit 34.9 2.8 34.2 62.9 74.5 80.2 83.4 77.1 57.5 2.7 -35.7 4

 5 Security credit -5.1 34.8 71.5 32.3 -113.5 -198.6 -43.8 16.2 -227.8 -68.0 -70.5 5

 6 = Banking sector total bank loans n.e.c. 75.1 167.8 126.8 337.0 203.3 313.5 124.5 337.9 37.2 -450.6 -392.0 6

 7 U.S.-chartered commercial banks 67.6 98.7 62.9 233.7 137.9 247.0 90.0 271.6 -57.0 -343.2 -266.8 7

 8 Foreign banking offices in U.S. 8.2 60.7 67.1 105.0 65.1 67.9 31.4 69.9 91.4 -106.3 -117.6 8

 9 Bank holding companies -2.5 2.7 -2.9 0.7 2.0 -1.6 4.7 -2.8 7.8 -0.5 -3.0 9

10 Banks in U.S.-affiliated areas 1.8 5.6 -0.3 -2.3 -1.8 0.1 -1.6 -0.8 -4.9 -0.6 -4.6 10

11 + Loans from Federal Reserve banks 0.0 0.0 0.0 0.0 490.4 159.0 -37.8 1038.1 802.4 -406.6 -539.3 11

12 = Total bank loans n.e.c. 75.1 167.8 126.8 337.0 693.7 472.4 86.7 1376.0 839.7 -857.2 -931.3 12

13 Net change in liabilities 75.1 167.8 126.8 337.0 693.7 472.4 86.7 1376.0 839.7 -857.2 -931.3 13

14 Nonfinancial sectors 9.0 149.0 189.2 266.1 197.6 291.6 76.5 389.4 32.9 -373.2 -302.6 14

15 Household sector -23.0 9.7 49.9 13.4 18.0 6.9 -72.4 140.4 -3.0 -68.4 49.1 15

16 Corporate business -1.2 -31.9 17.0 91.8 70.3 98.3 67.9 104.6 10.5 -139.7 -142.0 16

17 Nonfarm noncorporate business 27.2 154.5 105.2 134.6 101.0 149.6 83.0 122.0 49.4 -143.9 -202.1 17

18 Farm business 2.2 2.2 3.3 2.3 3.2 1.3 7.1 0.9 3.4 -1.9 -1.6 18

19 Rest of the world 3.8 14.5 13.8 24.1 5.1 35.4 -9.0 21.5 -27.4 -19.4 -6.0 19

20 Foreign official institutions 1.0 -2.9 -0.7 -0.0 0.7 0.4 4.6 -3.2 1.1 -0.1 1.4 20

21 Foreign banks 4.5 4.7 3.8 8.3 2.8 30.6 -4.0 16.1 -31.5 -14.9 -10.1 21

22 Other foreign -1.7 12.7 10.7 15.8 1.6 4.4 -9.6 8.6 3.0 -4.4 2.8 22

23 Financial sectors 66.0 18.8 -62.3 70.9 496.1 180.8 10.2 986.6 806.7 -484.1 -628.8 23

24 Savings institutions 28.9 5.2 -44.5 13.3 13.0 1.2 11.3 22.0 17.7 -30.2 -21.6 24

25 Finance companies 30.0 5.2 -12.9 52.8 -7.1 16.5 55.4 -85.1 -15.1 -20.5 41.4 25

26 REITs 7.2 8.4 -5.0 4.8 -0.3 4.1 -18.7 11.6 1.7 -8.0 -27.6 26

27 Brokers and dealers 0.0 0.0 0.0 0.0 45.5 159.0 -153.2 793.1 -617.0 -100.3 -61.4 27

28 Funding corporations 0.0 0.0 0.0 0.0 444.9 0.0 115.3 245.0 1419.4 -325.1 -559.6 28
Z.1, September 17, 2009 49

F.216 Other Loans and Advances

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2004 2005 2006 2007 2008 2008 2009

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total other loans and advances 130.5 156.9 157.3 545.0 97.7 304.7 60.2 465.2 -439.2 -468.1 -398.7 1

 2 U.S. government loans -3.0 -7.0 0.6 -2.2 7.0 -1.4 3.8 1.8 23.6 55.5 96.3 2

 3 Liab.: Household sector -0.9 -0.7 1.4 -0.4 0.3 -0.7 2.6 -0.4 -0.2 -0.2 -0.3 3

 4 Nonfinancial corporate business 0.3 0.8 1.2 -0.3 5.2 0.6 0.4 -1.3 21.2 47.4 90.1 4

 5 Nonfarm noncorporate business 1.3 -2.9 4.8 1.2 2.1 0.3 1.6 3.5 3.1 4.3 3.2 5

 6 Farm business -0.3 -0.2 -0.1 -0.0 0.0 -0.3 0.2 0.3 -0.3 -0.2 0.5 6

 7 State and local governments 0.3 0.6 0.6 0.7 0.8 0.4 0.8 1.1 1.0 0.6 0.8 7

 8 Rest of the world -3.7 -4.6 -7.4 -3.3 -1.5 -1.7 -1.8 -1.4 -1.3 -1.5 0.7 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 0.0 0.0 0.0 0.0 4.7 1.3 10

11 Funding corporations 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.4 0.0 11

12 Foreign loans to U.S. corporate business 6.3 28.3 7.4 106.7 -48.7 -85.3 -55.1 -59.4 4.9 -107.8 -39.3 12

13 Liab.: Nonfinancial corporate business 6.3 28.3 7.4 106.7 -48.7 -85.3 -55.1 -59.4 4.9 -107.8 -39.3 13

 Customers liability on acceptances

14 outstanding (Commercial banking asset) -0.4 0.0 -0.3 0.0 -0.2 -0.6 -0.1 0.0 0.0 0.0 0.0 14

15 Liab.: Nonfinancial corporate business -0.4 0.0 -0.3 -0.1 -0.2 -0.3 0.1 -0.6 0.0 0.0 0.0 15

16 Rest of the world 0.1 -0.0 -0.1 0.1 0.0 -0.3 -0.2 0.6 0.0 0.0 0.0 16

17 Savings institution loans to business 1.3 3.9 6.0 6.2 6.4 17.2 -7.6 -8.4 24.2 2.6 -16.2 17

18 Liab.: Nonfinancial corporate business 0.7 1.9 3.0 3.1 3.2 8.6 -3.8 -4.2 12.1 1.3 -8.1 18

19 Nonfarm noncorporate business 0.7 1.9 3.0 3.1 3.2 8.6 -3.8 -4.2 12.1 1.3 -8.1 19

20 Credit unions loans to business 1.9 1.0 0.9 0.0 2.6 -2.8 7.2 8.6 -2.8 7.8 2.9 20

21 Liab.: Nonfinancial corporate business 1.0 0.5 0.4 0.0 1.3 -1.4 3.6 4.3 -1.4 3.9 1.5 21

22 Nonfarm noncorporate business 1.0 0.5 0.4 0.0 1.3 -1.4 3.6 4.3 -1.4 3.9 1.5 22

23 Policy loans (Household liability) 1.6 0.8 3.3 3.6 5.9 4.8 4.4 4.4 10.1 1.5 2.2 23

24 Asset: Federal government -0.1 -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 1.6 0.8 3.4 3.6 5.9 4.8 4.4 4.4 10.1 1.6 2.2 25

26 Govt.-sponsored enterprises loans (1) 73.5 52.4 33.1 237.7 44.0 225.8 -16.1 360.7 -394.3 -335.8 -391.9 26

27 Liab.: Household sector (SLMA) -0.3 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) -1.7 1.9 4.2 4.3 4.6 12.6 10.0 -9.0 4.9 1.4 -0.1 28

29 Farm business (FCS) 1.5 6.1 7.7 7.7 4.8 25.3 15.0 -20.3 -0.8 3.3 0.5 29

30 Commercial banks (FHLB and SLMA) 8.8 24.4 80.0 106.7 71.0 92.5 12.1 511.3 -331.7 -251.5 -47.3 30

31 Savings institutions (FHLB and SLMA) 60.0 16.2 -65.7 91.1 -70.9 101.1 -89.9 -191.8 -103.1 -38.1 -329.8 31

32 Credit unions (FHLB) 2.3 3.3 4.2 13.4 8.3 -15.2 27.6 32.4 -11.6 -41.2 -7.2 32

33 Life insurance companies (FHLB) 3.0 0.4 2.7 14.5 26.2 9.6 9.2 38.0 48.0 -9.6 -8.0 33

34 Securitized loans held by ABS issuers 1.4 -16.8 1.0 -8.2 -10.8 -12.7 -17.1 -10.7 -2.9 -24.9 30.9 34

35 Liab.: Nonfinancial corporate business 1.4 -16.8 1.0 -8.2 -10.8 -12.7 -17.1 -10.7 -2.9 -24.9 30.9 35

36 Finance company loans to business 9.8 27.6 18.9 24.9 16.9 83.0 78.2 18.9 -112.4 -85.1 -103.7 36

37 Liab.: Nonfinancial corporate business 8.8 24.9 17.0 22.4 15.2 74.7 70.4 17.0 -101.2 -76.6 -93.3 37

38 Nonfarm noncorporate business 1.0 2.8 1.9 2.5 1.7 8.3 7.8 1.9 -11.2 -8.5 -10.4 38

39 Loans to nonfinancial corporate business (2) 38.1 66.6 86.5 176.2 74.7 76.6 62.6 149.2 10.5 18.0 20.0 39

40 Asset: Household sector 2.8 2.7 -0.3 9.1 10.4 10.7 8.7 20.8 1.5 2.5 2.8 40

41 Life insurance companies 1.9 4.2 3.2 12.6 12.7 13.0 10.6 25.3 1.8 3.0 3.4 41

42 Mutual funds 9.6 10.5 7.9 37.4 7.7 7.9 6.5 15.4 1.1 1.9 2.1 42

43 ABS issuers 18.9 37.8 54.9 97.3 31.2 32.0 26.2 62.4 4.4 7.5 8.4 43

44 Brokers and dealers 5.2 7.7 14.7 15.8 10.2 10.5 8.5 20.4 1.4 2.5 2.7 44

45 Funding corporations -0.3 3.6 6.1 3.9 2.5 2.6 2.1 5.0 0.3 0.6 0.7 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, 2009

F.217 Total Mortgages

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2004 2005 2006 2007 2008 2008 2009

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Net change in mortgages 1257.1 1440.2 1393.4 1067.2 82.2 522.5 124.0 -140.9 -176.6 -39.3 -239.5 1

 2 Home 1020.0 1111.2 1059.9 689.2 -117.1 246.8 -103.7 -339.4 -272.1 -47.7 -200.2 2

 3 Multifamily residential 53.2 70.7 55.4 99.0 58.0 71.8 65.3 61.4 33.6 11.2 25.6 3

 4 Commercial 171.5 249.2 274.8 274.3 123.3 186.0 144.5 119.0 43.9 -2.8 -64.9 4

 5 Farm 12.5 9.1 3.3 4.6 18.0 17.9 17.9 18.1 18.1 0.0 0.0 5

 6 Net borrowing 1257.1 1440.2 1393.4 1067.2 82.2 522.5 124.0 -140.9 -176.6 -39.3 -239.5 6

 7 Household sector 950.4 1044.1 1004.4 679.0 -48.8 266.5 -31.7 -257.4 -172.5 -10.4 -148.9 7

 8 Nonfinancial business 281.3 382.0 382.4 383.5 124.2 235.5 158.3 110.6 -7.5 -34.5 -100.0 8

 9 Corporate 52.1 199.5 89.6 120.9 43.1 76.8 53.2 40.9 1.4 0.6 -41.5 9

10 Nonfarm noncorporate 216.7 173.4 289.6 258.0 63.2 140.9 87.2 51.7 -27.0 -35.2 -58.5 10

11 Farm 12.5 9.1 3.3 4.6 18.0 17.9 17.9 18.1 18.1 0.0 0.0 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 25.5 14.1 6.6 4.7 6.8 20.4 -2.6 5.9 3.4 5.6 9.4 13

14 Net change in assets 1257.1 1440.2 1393.4 1067.2 82.2 522.5 124.0 -140.9 -176.6 -39.3 -239.5 14

15 Household sector 15.1 9.4 -20.6 -15.9 9.5 1.9 35.4 -0.4 1.3 -6.3 -7.1 15

16 Nonfinancial corporate business 14.8 1.7 -8.4 -18.9 -18.9 -18.9 -18.9 -18.9 -18.9 -18.9 -18.9 16

17 Nonfarm noncorporate business 4.6 5.3 -1.5 5.8 2.3 4.0 2.4 2.4 0.3 -2.5 -2.7 17

18 State and local governments 8.3 10.8 14.5 10.5 -4.3 -2.4 -5.9 2.3 -11.2 0.3 3.0 18

19 Federal government 1.6 2.4 3.7 2.1 13.5 2.1 11.9 12.0 27.8 3.6 21.8 19

20 Commercial banking 339.8 362.4 445.0 242.7 197.3 156.6 -152.5 828.9 -43.8 34.6 126.1 20

21 Savings institutions (1) 186.8 95.3 -78.8 21.3 -235.1 53.6 -1.7 -1015.0 22.9 -49.7 -400.8 21

22 Credit unions 28.7 31.3 30.1 31.8 34.5 49.8 31.9 23.9 32.4 11.3 -9.6 22

23 Property-casualty insurance companies 0.3 0.3 0.7 1.3 0.2 0.4 0.6 -1.4 1.2 0.2 0.3 23

24 Life insurance companies 12.4 12.1 18.3 22.4 16.3 25.5 17.4 19.6 2.5 -8.9 -16.4 24

25 Private pension funds -0.2 -0.2 -0.3 0.7 0.9 1.0 1.1 0.8 0.7 2.0 1.9 25

26 State and local govt. retirement funds -5.3 1.3 -1.9 -1.7 -0.3 -0.1 -0.5 -0.8 -0.0 -0.4 -0.4 26

27 Government-sponsored enterprises (1) 7.5 -40.2 18.4 35.9 59.0 57.9 51.9 -13.7 140.0 67.3 -56.2 27

28 Agency- and GSE-backed mortgage pools 47.9 167.3 295.4 626.3 497.3 533.7 666.4 503.4 285.5 304.4 555.9 28

29 ABS issuers 434.5 687.5 636.3 180.1 -360.5 -289.2 -376.9 -347.9 -428.0 -348.8 -402.5 29

30 Finance companies 105.8 65.4 53.0 -62.5 -84.0 -1.4 -115.2 -112.9 -106.4 -9.9 -23.6 30

31 REITs 54.6 28.1 -10.3 -14.5 -45.5 -52.1 -23.4 -23.3 -82.9 -17.6 -10.3 31

(1) FHLB loans to savings institutions are included in other loans and advances.
Z.1, September 17, 2009 51

F.218 Home Mortgages (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2004 2005 2006 2007 2008 2008 2009

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Net borrowing 1020.0 1111.2 1059.9 689.2 -117.1 246.8 -103.7 -339.4 -272.1 -47.7 -200.2 1

 2 Household sector 932.5 1036.0 977.5 652.4 -59.5 252.4 -47.6 -267.7 -174.9 -6.2 -147.0 2

 3 Nonfinancial corporate business 4.7 7.6 8.2 2.9 -10.2 -3.0 -10.7 -12.7 -14.5 -10.8 -13.0 3

 4 Nonfarm noncorporate business 82.8 67.6 74.2 33.9 -47.4 -2.7 -45.4 -59.0 -82.7 -30.7 -40.3 4

 5 Net change in assets 1020.0 1111.2 1059.9 689.2 -117.1 246.8 -103.7 -339.4 -272.1 -47.7 -200.2 5

 6 Household sector 6.6 5.0 -15.0 -12.1 0.4 -8.0 25.6 -8.0 -8.0 -8.0 -8.0 6

 7 Nonfinancial corporate business 13.8 1.0 -5.1 -11.3 -11.3 -11.3 -11.3 -11.3 -11.3 -11.3 -11.3 7

 8 Nonfarm noncorporate business 1.6 1.9 -0.6 2.1 0.8 1.5 0.9 0.9 0.1 -0.9 -1.0 8

 9 State and local governments 4.2 5.5 7.4 5.3 -2.2 -1.2 -3.0 1.2 -5.7 -1.8 -6.3 9

10 Federal government -0.5 -0.4 0.2 0.3 1.5 0.5 3.4 -1.4 3.4 5.0 10.2 10

11 Commercial banking 225.2 211.2 289.5 123.7 33.8 30.2 -296.7 541.5 -139.9 8.1 138.7 11

12 Savings institutions 171.4 79.6 -86.0 11.1 -212.6 11.1 -18.1 -859.0 15.6 -53.6 -404.6 12

13 Credit unions 28.7 31.3 30.1 31.8 34.5 49.8 31.9 23.9 32.4 11.3 -9.6 13

14 Life insurance companies -0.4 -0.6 2.9 -0.9 0.8 0.3 0.5 0.3 1.9 -1.1 -0.8 14

15 Private pension funds -0.2 -0.0 -0.1 -0.1 0.1 0.2 0.1 0.3 -0.2 0.2 0.1 15

16 State and local govt. retirement funds -1.9 0.5 -0.7 -0.6 -0.1 -0.0 -0.2 -0.3 -0.0 -0.1 -0.1 16

17 Government-sponsored enterprises -8.5 -52.9 2.5 -10.2 13.0 12.2 5.5 -64.9 99.3 54.8 -69.2 17

18 Agency- and GSE-backed mortgage pools 45.0 163.4 290.9 609.2 483.5 520.4 654.0 491.3 268.3 298.6 544.6 18

19 ABS issuers 382.2 573.3 519.4 30.9 -319.4 -269.5 -345.7 -311.0 -351.5 -329.5 -359.8 19

20 Finance companies 101.8 67.8 48.3 -65.4 -97.3 -36.3 -128.3 -121.9 -102.7 -7.3 -19.6 20

21 REITs 50.9 24.6 -23.7 -24.5 -42.5 -53.0 -22.4 -20.8 -73.9 -12.1 -3.5 21

 Memo:

22 Home equity loans included above (2) 182.2 139.2 151.1 64.0 -17.6 -12.8 -0.5 -47.2 -9.8 -70.0 -87.7 22

23 Commercial banking 117.6 65.5 104.6 38.6 82.6 22.9 52.6 229.7 25.2 -25.5 46.2 23

24 Savings institutions 25.6 30.4 -14.1 42.9 -61.0 0.3 -0.8 -242.4 -1.1 -14.0 -103.8 24

25 Credit unions 12.2 12.0 11.0 7.2 4.6 1.5 3.2 7.4 6.0 -6.7 -4.6 25

26 ABS issuers 7.1 17.1 39.8 -11.7 -24.2 -25.7 -25.5 -21.8 -24.0 -18.1 -15.6 26

27 Finance companies 19.7 14.3 9.7 -13.1 -19.5 -11.8 -30.0 -20.2 -15.8 -5.6 -9.9 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 53.2 70.7 55.4 99.0 58.0 71.8 65.3 61.4 33.6 11.2 25.6 1

 2 Nonfinancial corporate business 0.0 1.4 1.0 6.0 2.0 1.9 1.6 1.8 2.6 1.1 1.5 2

 3 Nonfarm noncorporate business 49.6 69.5 54.1 95.4 53.7 65.0 63.9 57.4 28.6 7.7 17.8 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 3.6 -0.1 0.3 -2.3 2.3 4.9 -0.2 2.2 2.4 2.3 6.2 5

 6 Net change in assets 53.2 70.7 55.4 99.0 58.0 71.8 65.3 61.4 33.6 11.2 25.6 6

 7 Household sector 0.0 0.0 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 7

 8 Nonfinancial corporate business 0.0 0.0 -0.1 -0.3 -0.3 -0.3 -0.3 -0.3 -0.3 -0.3 -0.3 8

 9 Nonfarm noncorporate business 1.6 1.9 -0.5 2.0 0.8 1.4 0.8 0.8 0.1 -0.8 -0.9 9

10 State and local governments 3.3 4.3 5.8 4.2 -1.7 -1.0 -2.4 0.9 -4.5 1.7 7.6 10

11 Federal government 0.4 -0.0 -0.2 -0.3 1.8 -0.5 1.1 2.7 3.7 -7.3 -0.1 11

12 Commercial banking 14.2 20.0 18.9 10.9 42.2 18.1 12.8 136.3 1.6 6.6 0.1 12

13 Savings institutions 9.6 10.8 -2.6 -3.1 -27.5 7.5 9.3 -126.9 -0.0 2.1 2.5 13

14 Life insurance companies 1.9 2.0 3.6 5.8 -0.1 0.3 0.2 0.2 -1.0 -2.3 -1.7 14

15 Private pension funds 0.0 -0.0 -0.1 0.1 0.3 0.9 0.4 1.0 -1.2 0.6 0.5 15

16 State and local govt. retirement funds -1.6 0.4 -0.6 -0.5 -0.1 -0.0 -0.1 -0.2 -0.0 -0.1 -0.1 16

17 Government-sponsored enterprises 14.3 10.5 12.4 42.3 40.4 40.1 40.8 46.0 34.8 12.9 13.1 17

18 Agency- and GSE-backed mortgage pools 2.9 3.9 2.1 15.7 13.6 13.7 13.0 10.4 17.4 6.0 11.5 18

19 ABS issuers 6.5 16.6 14.0 22.1 -11.0 -10.3 -11.5 -9.8 -12.2 -6.2 -4.6 19

20 Finance companies -0.1 0.0 -0.5 -0.1 0.8 1.8 1.7 2.8 -3.3 -0.8 -0.4 20

21 REITs 0.1 0.3 3.1 0.2 -1.3 -0.1 -0.5 -2.7 -1.8 -1.0 -1.6 21
52 Z.1, September 17, 2009

F.220 Commercial Mortgages

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2004 2005 2006 2007 2008 2008 2009

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Net borrowing 171.5 249.2 274.8 274.3 123.3 186.0 144.5 119.0 43.9 -2.8 -64.9 1

 2 Household sector 17.8 8.1 26.9 26.6 10.7 14.1 15.9 10.3 2.5 -4.1 -2.0 2

 3 Nonfinancial corporate business 47.4 190.4 80.4 112.0 51.3 77.9 62.3 51.7 13.4 10.3 -30.1 3

 4 Nonfarm noncorporate business 84.4 36.4 161.3 128.7 56.9 78.5 68.7 53.2 27.1 -12.2 -36.0 4

 5 REITs 21.9 14.2 6.3 7.0 4.5 15.5 -2.4 3.7 1.0 3.2 3.2 5

 6 Net change in assets 171.5 249.2 274.8 274.3 123.3 186.0 144.5 119.0 43.9 -2.8 -64.9 6

 7 Household sector 0.6 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.8 0.8 0.8 7

 8 Nonfinancial corporate business 1.0 0.6 -3.2 -7.3 -7.3 -7.3 -7.3 -7.3 -7.3 -7.3 -7.3 8

 9 Nonfarm noncorporate business 1.2 1.4 -0.4 1.6 0.6 1.1 0.6 0.7 0.1 -0.7 -0.7 9

10 State and local governments 0.7 0.9 1.2 0.8 -0.3 -0.2 -0.5 0.2 -0.9 0.3 1.5 10

11 Federal government 1.8 2.8 3.7 2.0 10.0 2.2 7.2 10.0 20.6 6.0 11.6 11

12 Commercial banking 98.1 128.7 133.8 105.3 118.3 105.2 128.4 148.1 91.5 19.9 -12.7 12

13 Savings institutions 5.9 4.9 9.7 13.1 5.0 34.9 7.0 -29.0 7.2 1.8 1.3 13

14 Property-casualty insurance companies 0.3 0.3 0.7 1.3 0.2 0.4 0.6 -1.4 1.2 0.2 0.3 14

15 Life insurance companies 10.1 10.2 11.1 16.8 14.9 24.2 16.0 18.5 0.9 -5.6 -13.9 15

16 Private pension funds 0.0 -0.1 -0.2 0.7 0.5 -0.1 0.6 -0.5 2.0 1.3 1.4 16

17 State and local govt. retirement funds -1.8 0.5 -0.7 -0.6 -0.1 -0.0 -0.2 -0.3 -0.0 -0.1 -0.1 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 45.8 97.6 102.9 127.0 -30.1 -9.4 -19.7 -27.1 -64.4 -13.0 -38.2 19

20 Finance companies 4.1 -2.4 5.2 2.9 12.6 33.1 11.4 6.3 -0.4 -1.8 -3.7 20

21 REITs 3.5 3.2 10.3 9.9 -1.7 1.0 -0.5 0.1 -7.3 -4.6 -5.2 21

F.221 Farm Mortgages (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net borrowing (Farm business) 12.5 9.1 3.3 4.6 18.0 17.9 17.9 18.1 18.1 0.0 0.0 1

 2 Net change in assets 12.5 9.1 3.3 4.6 18.0 17.9 17.9 18.1 18.1 0.0 0.0 2

 3 Household sector 7.9 3.7 -6.3 -4.6 8.3 9.1 9.0 6.7 8.5 0.9 0.0 3

 4 Nonfarm noncorporate business 0.1 0.1 -0.0 0.1 0.0 0.1 0.0 0.0 0.0 -0.0 -0.1 4

 5 State and local governments 0.1 0.1 0.1 0.1 -0.0 -0.0 -0.1 0.0 -0.1 0.0 0.2 5

 6 Federal government -0.2 -0.0 -0.0 0.1 0.2 -0.2 0.2 0.8 0.1 -0.1 0.1 6

 7 Commercial banking 2.3 2.6 2.8 2.9 3.0 3.0 3.0 3.0 3.0 0.0 0.0 7

 8 Savings institutions -0.0 0.0 0.1 0.1 0.0 0.1 0.0 -0.1 0.1 -0.0 0.0 8

 9 Life insurance companies 0.7 0.6 0.7 0.7 0.7 0.6 0.6 0.7 0.7 0.0 0.0 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 1.8 2.2 3.5 3.8 5.6 5.5 5.6 5.2 6.0 -0.5 -0.1 11

12 Agency- and GSE-backed mortgage pools -0.1 -0.1 2.3 1.4 0.1 -0.4 -0.6 1.7 -0.2 -0.2 -0.2 12

(1) Excludes mortgages on farm houses.
Z.1, September 17, 2009 53

F.222 Consumer Credit

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2004 2005 2006 2007 2008 2008 2009

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Net change in liabilities (Households) 117.0 100.3 95.3 136.9 40.2 115.0 105.4 16.6 -76.4 -95.3 -166.8 1

 2 Net change in assets 117.0 100.3 95.3 136.9 40.2 115.0 105.4 16.6 -76.4 -95.3 -166.8 2

 3 Nonfinancial corporate business 0.0 0.2 -2.2 -1.4 0.0 19.2 -8.5 -32.2 21.6 14.0 -15.5 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 3.7 1.9 6.7 12.6 10.6 10.1 4.2 25.5 30.1 11.4 5

 6 Commercial banking 34.9 2.8 34.2 62.9 74.5 80.2 83.4 77.1 57.5 2.7 -35.7 6

 7 Savings institutions 13.4 17.8 -13.5 -4.8 -4.5 -13.1 10.0 -42.9 28.2 -25.1 -16.6 7

 8 Credit unions 9.5 13.2 5.9 1.2 -0.7 -12.6 -0.7 9.2 1.4 8.7 1.6 8

 9 Government-sponsored enterprises -20.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

10 ABS issuers -23.2 38.4 51.2 22.5 -33.6 -5.1 -2.7 -10.5 -116.0 -61.3 -40.8 10

11 Finance companies 99.3 24.2 17.8 49.7 -8.3 35.9 13.8 11.7 -94.6 -64.4 -71.2 11

F.223 Trade Credit

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net change in trade payables 194.4 339.7 188.5 237.4 -138.8 54.3 -63.2 -131.2 -415.0 -115.7 -127.8 1

 2 Household sector 16.5 13.0 13.6 14.6 15.7 15.3 15.6 15.8 16.1 6.4 7.9 2

 3 Nonfinancial corporate business 97.3 199.4 110.3 105.3 -168.6 -20.7 -145.2 -186.1 -322.4 -210.4 -195.0 3

 4 Nonfarm noncorporate business 22.2 52.0 20.0 45.3 17.8 31.5 18.5 18.9 2.4 -19.4 -21.2 4

 5 Farm business 1.9 -2.8 -7.0 -4.1 0.0 -19.8 -13.3 26.9 6.2 -9.2 -3.6 5

 6 State and local governments 30.2 32.1 34.4 37.2 40.0 39.2 40.4 41.1 39.2 38.2 38.7 6

 7 Federal government 15.1 32.6 5.7 29.0 -9.2 28.5 43.0 -22.1 -86.2 -18.5 0.8 7

 8 Rest of the world 3.5 6.3 6.2 12.4 -9.9 -10.4 -4.5 -6.8 -17.6 -9.5 17.8 8

 9 Brokers and dealers 7.8 7.0 5.2 -2.4 -24.7 -9.4 -17.6 -18.9 -52.8 106.8 26.7 9

10 Net change in trade receivables 183.5 371.2 55.3 283.5 -88.2 114.3 -118.6 -71.7 -276.9 -351.0 -206.4 10

11 Nonfinancial corporate business 129.0 277.7 -18.1 172.1 -106.1 -13.9 -113.4 -75.4 -221.7 -281.6 -177.4 11

12 Nonfarm noncorporate business 26.6 66.6 40.0 78.6 30.9 54.7 32.1 32.7 4.2 -33.7 -36.8 12

13 State and local governments 7.9 10.2 13.8 10.0 -4.4 -2.3 -6.8 2.2 -10.6 4.1 18.1 13

14 Federal government 10.5 9.1 0.4 0.2 0.1 2.1 -4.5 3.5 -0.6 4.4 -6.5 14

15 Rest of the world -1.1 7.9 5.9 20.8 6.1 43.4 23.1 7.7 -49.9 -9.4 22.5 15

16 Property-casualty insurance companies 0.3 2.4 4.9 -1.6 1.3 3.4 3.5 0.0 -1.9 2.8 7.6 16

17 ABS issuers 10.3 -2.8 8.5 3.4 -16.1 26.8 -52.5 -42.4 3.5 -37.6 -33.9 17

18 Discrepancy 10.9 -31.4 133.2 -46.1 -50.6 -60.0 55.4 -59.5 -138.1 235.3 78.7 18

F.224 Security Credit

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net change in liabilities 179.4 0.2 211.5 276.5 -397.9 433.0 -309.0 485.5 -2201.3 -491.7 -89.5 1

 2 Household sector 81.5 -31.6 59.7 33.4 -160.7 159.2 -295.4 443.4 -949.9 -121.1 52.1 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 97.9 31.8 151.8 243.0 -237.3 273.8 -13.6 42.1 -1251.4 -370.6 -141.7 4

 5 Customer credit balances (HH) 103.0 -3.0 80.4 210.8 -123.8 472.4 30.2 25.9 -1023.6 -302.6 -71.1 5

 6 From U.S.-chartered commercial banks 10.7 -6.6 20.9 29.3 12.8 50.3 -1.3 82.5 -80.5 -78.1 -73.0 6

 7 From foreign banking offices in U.S. -15.8 41.4 50.6 3.0 -126.3 -248.9 -42.5 -66.3 -147.3 10.1 2.5 7

 8 Net change in assets 179.4 0.2 211.5 276.5 -397.9 433.0 -309.0 485.5 -2201.3 -491.7 -89.5 8

 9 Household sector 103.0 -3.0 80.4 210.8 -123.8 472.4 30.2 25.9 -1023.6 -302.6 -71.1 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 -5.1 34.8 71.5 32.3 -113.5 -198.6 -43.8 16.2 -227.8 -68.0 -70.5 11

12 Brokers and dealers 81.5 -31.6 59.7 33.4 -160.7 159.2 -295.4 443.4 -949.9 -121.1 52.1 12
54 Z.1, September 17, 2009

F.225 Life Insurance and Pension Fund Reserves

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2004 2005 2006 2007 2008 2008 2009

 Q1 Q2 Q3 Q4 Q1 Q2

 Life insurance reserves:

 1 Net change in liabilities 33.1 16.1 65.6 34.2 67.0 36.2 52.9 83.0 96.0 72.4 9.4 1

 2 Federal government 1.1 1.1 1.5 1.2 1.0 -0.3 2.0 -0.4 2.8 -0.2 2.1 2

 3 Life insurance companies 32.0 14.9 64.1 33.0 66.0 36.5 51.0 83.4 93.2 72.5 7.3 3

 4 Net change in assets (Households) 33.1 16.1 65.6 34.2 67.0 36.2 52.9 83.0 96.0 72.4 9.4 4

 Pension fund reserves:

 5 Net change in liabilities 303.8 253.3 234.1 172.1 79.6 -1.3 121.1 51.1 147.5 59.5 103.1 5

 6 Life insurance companies 200.4 159.3 107.9 119.1 74.9 85.7 65.4 92.9 55.8 103.2 72.9 6

 7 Private pension funds (1) 24.1 33.3 14.4 5.1 -68.3 -87.5 -33.3 -84.6 -67.9 -37.5 -18.9 7

 8 State and local govt. retirement funds 24.6 6.0 61.4 0.1 -5.9 -42.1 28.7 -27.7 17.6 -20.6 -7.5 8

 9 Federal government retirement funds (2) 54.7 54.7 50.4 47.8 78.9 42.6 60.3 70.5 142.1 14.5 56.6 9

10 Net change in assets (Households) (3) 303.8 253.3 234.1 172.1 79.6 -1.3 121.1 51.1 147.5 59.5 103.1 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 20.5 2.3 25.2 -11.1 -127.2 -47.6 -100.0 -88.1 -273.1 10.0 30.8 1

 businesses

 2 Nonfinancial corporate business 6.8 5.1 -0.3 1.0 0.6 4.5 -4.9 0.0 3.0 2.3 -2.5 2

 3 Nonfarm noncorporate business 8.4 8.7 9.0 7.4 2.9 5.1 3.0 3.1 0.4 -3.2 -3.5 3

 4 U.S.-chartered commercial banks (net) -1.4 -7.9 -1.1 -13.6 -85.7 -43.8 -49.9 -69.5 -179.5 8.0 -33.1 4

 5 Savings institutions 1.0 0.1 -0.4 -2.0 -0.3 1.1 -2.3 0.1 -0.2 1.4 -2.3 5

 6 Property-casualty insurance companies (net) 0.5 -3.1 11.0 -2.4 -28.1 -4.2 -35.8 1.1 -73.6 -12.5 0.0 6

 7 Life insurance companies (net) 3.1 -2.6 4.0 -3.4 -19.7 -12.4 -15.1 -25.4 -25.8 10.2 62.1 7

 8 Finance companies 1.8 2.0 2.3 2.5 2.7 2.6 2.7 2.8 2.8 2.9 2.9 8

 9 Brokers and dealers 0.4 -0.1 0.7 -0.6 0.3 -0.6 2.3 -0.3 -0.2 0.9 7.1 9

10 Net change in business taxes receivable 47.1 65.4 40.1 16.0 -49.2 -34.6 -78.9 -33.1 -50.1 40.1 156.8 10

11 State and local governments 24.8 40.1 46.4 44.0 35.8 38.3 41.9 42.3 20.6 32.0 38.6 11

12 Federal government 22.3 25.3 -6.3 -28.0 -85.0 -72.8 -120.8 -75.5 -70.7 8.0 118.2 12

13 Discrepancy -26.6 -63.1 -14.9 -27.2 -78.0 -13.0 -21.0 -55.0 -223.0 -30.0 -126.0 13

F.227 Proprietors’ Equity in Noncorporate Business

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Total household investment 56.9 -89.2 -13.3 30.0 3.9 -18.5 5.6 -13.0 41.3 64.8 2.0 1

 2 Nonfarm noncorporate business 59.2 -83.0 -8.9 28.4 16.8 0.0 28.3 -1.3 40.2 36.8 26.2 2

 3 Farm business 1.8 -5.0 2.4 -0.8 -24.4 -28.7 -20.4 -24.2 -24.4 7.1 5.9 3

 4 Brokers and dealers -4.2 -1.2 -6.8 2.4 11.5 10.2 -2.4 12.5 25.6 20.9 -30.1 4
Z.1, September 17, 2009 55

F.228 Total Miscellaneous Financial Claims

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2004 2005 2006 2007 2008 2008 2009

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Net change in liabilities 1565.1 1254.3 1809.9 2242.0 2211.8 2931.0 1350.6 1927.7 2637.9 -76.9 -205.4 1

 2 Household sector 1.6 1.0 0.5 1.0 3.2 5.2 1.6 -0.8 6.7 -2.0 -6.7 2

 3 Nonfinancial corporate business 424.9 769.6 828.4 1052.8 589.6 656.4 497.4 507.6 697.0 410.4 314.7 3

 4 Nonfarm noncorporate business 68.9 142.8 144.8 88.4 28.4 64.4 25.4 36.7 -13.0 -58.0 16.6 4

 5 Federal government 59.3 68.0 59.4 76.6 89.6 9.2 65.4 67.3 216.4 -38.7 62.6 5

 6 Rest of the world 540.1 26.7 469.2 501.3 629.3 408.6 192.6 1260.4 655.7 -509.1 -396.4 6

 7 Monetary authority 4.2 2.8 3.2 2.5 2.1 12.8 -13.7 -4.0 13.5 -8.5 117.4 7

 8 Commercial banking 234.8 32.5 25.2 167.0 365.1 173.2 89.2 -206.6 1404.5 -184.3 -209.3 8

 9 Savings institutions 30.5 27.3 19.7 22.2 -31.4 -56.3 -21.3 -155.6 107.6 -6.7 -95.2 9

10 Credit unions 1.9 2.6 -2.7 -5.6 1.1 24.2 -22.1 -14.5 16.8 72.9 33.4 10

11 Property-casualty insurance companies 43.0 52.2 39.7 21.1 43.6 31.2 74.9 76.2 -7.9 -39.5 0.4 11

12 Life insurance companies 6.7 9.8 43.8 66.0 30.1 200.6 45.7 -262.7 136.8 -59.0 -14.0 12

13 Government-sponsored enterprises -4.1 2.8 9.6 12.2 -19.0 63.1 -26.3 -94.0 -18.9 141.3 20.8 13

14 Finance companies 53.2 28.0 11.4 -10.9 7.6 99.8 2.8 39.2 -111.6 49.9 -91.1 14

15 REITs 8.1 4.3 7.8 3.4 -3.7 -1.8 -6.6 7.8 -14.1 -48.2 14.6 15

16 Brokers and dealers 70.8 26.2 97.8 39.1 -87.0 -35.3 179.7 248.5 -740.9 -70.8 319.5 16

17 Funding corporations 21.1 57.7 52.1 205.0 563.3 1275.5 266.1 422.4 289.2 273.4 -292.8 17

18 Net change in assets 1671.0 1337.6 2351.7 2273.4 1625.4 2440.9 1349.7 1483.2 1227.7 -1012.0 222.9 18

19 Household sector 52.5 58.0 37.4 66.1 56.0 54.6 30.5 71.2 67.7 -12.3 13.2 19

20 Nonfinancial corporate business 555.2 450.0 727.6 881.9 523.7 674.3 553.1 507.5 360.0 463.3 277.2 20

21 Nonfarm noncorporate business 234.9 256.0 378.9 279.5 108.0 191.1 112.0 114.3 14.8 -117.8 -128.4 21

22 Farm business 2.0 1.3 4.1 3.4 1.8 1.8 1.8 1.8 1.8 0.6 0.6 22

23 State and local governments -3.9 -34.2 -28.7 20.8 9.1 22.1 -16.4 -19.8 50.4 1.1 -62.6 23

24 Federal government 0.6 -1.4 1.0 0.7 11.6 -2.1 0.9 56.3 -8.6 -3.9 -5.5 24

25 Rest of the world 219.0 167.8 586.4 551.9 180.4 471.0 -8.0 710.8 -452.3 31.1 227.2 25

26 Monetary authority 1.5 -3.2 0.1 25.8 530.2 -4.4 160.0 893.3 1071.8 -954.4 -674.4 26

27 Commercial banking 250.9 89.2 142.1 130.9 711.7 572.3 641.6 486.5 1146.3 -217.7 216.9 27

28 Savings institutions 88.6 -58.8 15.4 3.4 -26.9 24.4 -47.8 -48.5 -35.7 33.6 -61.7 28

29 Credit unions -1.8 -0.3 0.8 11.0 8.4 -0.6 9.6 14.5 9.9 51.3 29.2 29

30 Property-casualty insurance companies 9.1 10.8 3.1 12.8 11.8 7.5 17.9 14.2 7.4 -2.1 7.0 30

31 Life insurance companies 51.9 31.7 -6.0 -23.8 7.7 53.3 -35.2 -121.3 133.8 -122.7 39.8 31

32 Private pension funds -34.7 -27.6 -6.0 57.0 46.9 37.8 70.7 -20.5 99.6 7.6 54.2 32

33 State and local govt. retirement funds 4.6 -0.6 1.0 -0.1 -0.0 0.5 0.0 -0.9 0.3 -0.6 -0.3 33

34 Federal government retirement funds 40.9 40.0 35.8 33.3 63.3 29.0 45.3 55.3 123.7 0.9 39.0 34

35 Money market mutual funds -2.9 -10.0 15.9 31.8 -43.1 -78.8 -79.4 -49.3 35.2 9.4 0.4 35

36 Mutual funds 5.1 3.7 3.3 2.8 3.2 13.3 -11.2 6.5 4.2 -15.8 -0.0 36

37 Government-sponsored enterprises 4.5 4.0 -3.2 27.0 -23.6 -68.3 94.1 -179.6 59.3 -73.5 179.8 37

38 Finance companies -26.1 52.2 -30.2 1.7 11.8 52.3 21.9 -16.2 -10.8 74.0 63.9 38

39 REITs 11.1 11.6 7.8 -4.4 -0.7 7.4 10.0 6.3 -26.5 -2.9 -15.9 39

40 Brokers and dealers 148.6 217.7 425.1 47.3 -615.1 401.1 -238.5 -897.0 -1726.0 -237.4 217.6 40

41 Funding corporations 59.6 79.7 40.3 112.4 49.3 -18.7 16.8 -102.6 301.4 76.2 -194.4 41

42 Discrepancy -105.8 -83.2 -541.8 -31.3 586.4 490.0 1.0 444.5 1410.2 935.0 -428.4 42
56 Z.1, September 17, 2009

F.229 Identified Miscellaneous Financial Claims - Part I

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2004 2005 2006 2007 2008 2008 2009

 Q1 Q2 Q3 Q4 Q1 Q2

 U.S. direct investment abroad (1):

 1 Liab.: Rest of the world 316.2 36.2 244.9 398.6 332.0 359.2 414.5 216.5 337.9 161.0 179.4 1

 2 Equity 133.3 61.9 49.0 174.9 90.2 98.7 65.9 38.0 158.4 14.8 -7.0 2

 3 Reinvested earnings 162.9 -10.3 217.3 239.0 251.5 255.1 274.9 259.9 216.1 148.5 196.6 3

 4 Intercompany accounts 20.0 -15.4 -21.4 -15.3 -9.7 5.4 73.6 -81.4 -36.6 -2.3 -10.1 4

 5 Asset: Nonfinancial corporate business 272.4 24.7 219.2 297.4 264.4 303.0 342.3 169.7 242.8 169.0 171.6 5

 6 Commercial banking 8.2 0.5 -1.7 29.6 18.7 -0.2 8.2 6.9 60.0 -7.8 -19.1 6

 7 Property-casualty insurance companies 9.1 10.8 3.1 12.8 11.8 7.5 17.9 14.2 7.4 -2.1 7.0 7

 8 Life insurance companies 1.8 1.4 0.8 5.4 3.6 3.7 3.4 7.2 0.2 -4.0 6.0 8

 9 Finance companies -8.9 4.5 8.0 4.2 6.9 11.5 8.0 5.5 2.5 2.8 7.9 9

10 Brokers and dealers 33.6 -5.7 15.6 49.2 26.6 33.7 34.7 13.0 25.1 3.2 6.1 10

 Foreign direct investment in U.S. (1):

11 Liab.: Nonfinancial corporate business 95.7 98.7 191.0 280.7 213.3 123.0 295.8 148.1 286.1 111.1 47.8 11

12 Nonfarm noncorporate business 0.1 0.1 0.2 0.4 0.1 0.1 0.1 0.3 -0.3 0.1 0.0 12

13 Commercial banking 17.9 9.4 13.8 -4.8 20.7 31.5 23.9 8.7 18.8 -9.9 5.6 13

14 Property-casualty insurance companies -4.8 -0.1 23.1 2.4 18.2 1.8 33.2 16.0 21.8 -31.5 5.3 14

15 Life insurance companies 20.8 0.4 14.4 -0.9 9.1 18.3 2.5 8.2 7.4 16.8 23.3 15

16 Finance companies 13.0 6.3 5.2 -5.1 17.4 26.2 15.9 20.5 7.0 0.6 15.1 16

17 Brokers and dealers 3.1 -2.6 -5.1 1.9 39.5 35.6 30.7 49.2 42.4 5.4 1.8 17

18 Funding corporations 0.3 0.6 0.6 1.2 1.5 1.3 0.7 0.0 4.0 2.8 5.7 18

19 Asset: Rest of the world 146.0 112.6 243.2 275.8 319.7 237.9 402.8 251.0 387.2 95.4 104.5 19

20 Equity 92.9 70.7 115.0 155.4 250.2 168.8 176.9 215.6 439.5 79.6 67.8 20

21 Reinvested earnings 49.5 41.7 69.1 49.4 54.6 46.9 105.3 58.4 7.7 -46.9 13.7 21

22 Intercompany accounts 3.5 0.2 59.0 71.0 15.0 22.2 120.6 -23.0 -60.0 62.7 23.0 22

 Federal government equity in IBRD, etc.:

23 Liab.: Rest of the world 2.0 1.3 2.0 1.7 1.4 0.4 4.3 0.5 0.3 0.6 5.2 23

24 Asset: Federal government 2.0 1.3 2.0 1.7 1.4 0.4 4.3 0.5 0.3 0.6 5.2 24

 Federal Reserve Bank stock:

25 Liab.: Monetary authority 3.1 1.6 1.8 3.1 2.6 4.4 1.3 1.8 3.1 5.9 6.8 25

26 Asset: Commercial banking 3.1 1.6 1.8 3.1 2.6 4.4 1.3 1.8 3.1 5.9 6.8 26

 Equity in govt.-sponsored enterprises:

27 Liab.: Government-sponsored enterprises 2.5 1.9 0.2 9.1 -0.1 9.8 3.1 3.0 -16.2 -8.7 7.2 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 (BC) -0.1 -0.1 0.1 0.3 0.3 0.2 0.2 0.6 0.3 0.3 0.1 29

30 Farm business (FICB and FLB) 0.2 0.1 0.2 0.5 0.3 0.4 0.2 0.7 -0.0 0.2 0.2 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) 0.6 0.8 2.7 3.8 2.1 7.7 0.8 9.2 -9.2 -1.2 7.2 32

33 Savings institutions (FHLB) 1.0 1.1 -2.9 3.3 -4.8 1.3 -0.1 -11.0 -9.3 -7.2 0.1 33

34 Credit unions (FHLB) 0.2 0.1 0.2 0.6 0.6 -0.4 1.2 1.6 0.0 -1.2 0.0 34

35 Life insurance companies (FHLB) 0.6 -0.1 0.0 0.6 1.4 0.7 0.8 2.0 2.0 0.4 -0.4 35

 BHC investment in subsidiaries:

36 Liab.: Commercial banking 167.2 40.0 110.0 126.1 48.2 101.5 -39.8 34.9 96.3 7.7 61.7 36

37 Savings institutions 1.2 1.3 1.4 1.6 1.7 1.7 1.7 1.7 1.8 1.8 1.8 37

38 Life insurance companies 2.5 9.7 2.7 5.3 -12.5 -2.7 -2.8 -21.2 -23.2 -5.8 16.6 38

39 Finance companies 52.3 -38.9 3.2 41.5 -6.3 21.6 -26.1 14.7 -35.2 -29.5 -54.1 39

40 Brokers and dealers 20.3 70.6 38.9 -111.4 103.4 15.5 151.6 86.9 159.7 -85.7 23.8 40

41 Asset: Bank holding companies 243.5 82.7 156.2 63.1 134.6 137.5 84.6 117.0 199.4 -111.4 49.9 41

 NFC investment in finance company subs.:

42 Liab.: Finance companies 2.6 64.4 22.9 -54.8 -2.1 7.3 -8.9 5.0 -12.0 -10.0 -18.4 42

43 Asset: Nonfinancial corporate business 2.6 64.4 22.9 -54.8 -2.1 7.3 -8.9 5.0 -12.0 -10.0 -18.4 43

 Funding corp. investment in subs.:

44 Liab.: Foreign banking offices in U.S. 33.0 21.0 8.6 43.7 35.6 -2.3 -12.6 -178.7 336.1 -29.2 -179.5 44

45 Brokers and dealers 26.5 58.7 31.8 68.8 13.6 -16.4 29.4 76.1 -34.7 105.4 -14.9 45

46 Asset: Funding corporations 59.6 79.7 40.3 112.4 49.3 -18.7 16.8 -102.6 301.4 76.2 -194.4 46

(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.
Z.1, September 17, 2009 57

F.230 Identified Miscellaneous Financial Claims - Part II

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2004 2005 2006 2007 2008 2008 2009

 Q1 Q2 Q3 Q4 Q1 Q2

 Nonofficial foreign currencies:

 1 Liab.: Rest of the world -0.0 -2.2 -0.0 23.9 529.8 -11.8 163.9 904.9 1062.1 -975.4 -781.4 1

 2 Asset: Federal government -0.0 -2.2 -0.0 -0.1 0.0 0.2 -0.1 -0.2 0.2 -0.2 -0.0 2

 3 Monetary authority (1) 0.0 0.0 0.0 24.0 529.7 -12.0 164.0 905.1 1061.9 -975.2 -781.3 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 -2.1 0.8 -0.2 1.9 -5.4 23.2 -26.2 27.9 -46.4 14.0 -3.3 6

 7 Asset: Savings institutions -2.1 0.8 -0.2 1.9 -5.4 23.2 -26.2 27.9 -46.4 14.0 -3.3 7

 Deferred and unpaid life insurance premiums:

 8 Liab.: Household sector 1.6 1.0 0.5 1.0 3.2 5.2 1.6 -0.8 6.7 -2.0 -6.7 8

 9 Asset: Life insurance companies 1.6 1.0 0.5 1.0 3.2 5.2 1.6 -0.8 6.7 -2.0 -6.7 9

 Life insurance company reserves:

10 Liab.: Life insurance companies 11.4 9.5 14.8 15.5 17.6 42.7 4.5 15.6 7.6 9.0 11.4 10

11 Health 9.8 7.9 11.5 13.5 19.5 33.6 1.3 13.5 29.4 8.8 14.3 11

12 Policy dividend accumulation 1.2 1.0 0.8 0.2 -3.4 1.9 2.1 0.1 -17.6 6.7 -3.4 12

13 Policy and contract claims 0.5 0.6 2.5 1.8 1.5 7.2 1.0 2.0 -4.2 -6.5 0.5 13

14 Asset: Household sector 11.4 9.5 14.8 15.5 17.6 42.7 4.5 15.6 7.6 9.0 11.4 14

 Policy payables:

15 Liab.: Property-casualty insurance companies 47.9 52.3 16.6 18.7 25.4 29.4 41.7 60.2 -29.7 -8.0 -4.9 15

16 Asset: Household sector 23.6 25.6 4.6 6.7 11.9 13.6 19.6 29.6 -15.2 -4.5 -2.9 16

17 Nonfinancial corporate business 18.9 20.7 6.6 7.4 9.9 11.6 17.7 23.8 -13.6 -3.2 -2.0 17

18 Nonfarm noncorporate business 3.5 4.9 1.6 1.7 2.1 2.7 2.8 5.6 -2.8 -0.7 -0.5 18

19 Farm business 1.8 1.2 3.9 2.9 1.5 1.5 1.6 1.2 1.8 0.4 0.4 19

 Unallocated insurance company contracts:

20 Liab.: Life insurance companies -35.2 -18.6 -8.8 25.8 28.8 36.5 44.8 -7.7 41.4 -2.7 18.3 20

21 Asset: Private pension funds -35.2 -18.6 -8.8 25.8 28.8 36.5 44.8 -7.7 41.4 -2.7 18.3 21

 Pension fund contributions payable:

22 Liab.: Nonfinancial corporate business -3.1 -1.9 -2.0 4.4 0.7 1.8 1.9 -0.9 0.1 3.5 4.2 22

23 Asset: Private pension funds -3.1 -1.9 -2.0 4.4 0.7 1.8 1.9 -0.9 0.1 3.5 4.2 23

 Securities borrowed (net):

24 Liab.: Funding corporations 86.9 174.9 302.6 -2.1 -353.2 515.4 -37.7 -891.2 -999.4 -332.5 134.3 24

25 Asset: Brokers and dealers 86.9 174.9 302.6 -2.1 -353.2 515.4 -37.7 -891.2 -999.4 -332.5 134.3 25

 Nonmarketable government securities:

26 Liab.: Federal government 40.9 40.0 35.8 33.3 63.3 29.0 45.3 55.3 123.7 0.9 39.0 26

27 Asset: Federal government retirement funds 40.9 40.0 35.8 33.3 63.3 29.0 45.3 55.3 123.7 0.9 39.0 27

 Retiree Health Care Funds (2):

28 Liab.: Federal government 17.4 23.0 18.1 43.9 26.5 -1.7 6.4 26.0 75.3 -16.8 4.7 28

29 Asset: Household sector 17.4 23.0 18.1 43.9 26.5 -1.7 6.4 26.0 75.3 -16.8 4.7 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, 2009

F.231 Unidentified Miscellaneous Financial Claims

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2004 2005 2006 2007 2008 2008 2009

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Net change in liabilities 624.2 595.0 721.1 1266.6 1037.9 1523.6 186.0 1246.4 1195.5 1024.1 238.6 1

 2 Nonfinancial corporate business 332.3 672.8 639.4 767.6 375.6 531.6 199.6 360.4 410.9 295.8 262.8 2

 3 Nonfarm noncorporate business 68.8 142.7 144.6 88.0 28.3 64.3 25.3 36.4 -12.7 -58.2 16.6 3

 4 Federal government 1.0 5.0 5.6 -0.6 -0.2 -18.1 13.7 -13.9 17.3 -22.8 18.9 4

 5 Rest of the world 222.0 -8.6 222.2 77.1 -233.8 60.9 -390.1 138.5 -744.7 304.7 200.3 5

 6 Monetary authority 1.2 1.1 1.4 -0.7 -0.5 8.4 -15.0 -5.8 10.5 -14.5 110.7 6

 7 Commercial banking 16.6 -37.8 -107.1 2.0 260.5 42.5 117.7 -71.6 953.3 -152.9 -97.1 7

 8 U.S.-chartered commercial banks 28.0 -74.5 -50.0 -95.2 -53.3 -175.6 11.5 -292.3 243.3 93.3 211.1 8

 9 Foreign banking offices in U.S. -170.1 24.2 -131.3 105.9 493.7 344.2 209.4 437.8 983.4 -86.4 -351.7 9

10 Bank holding companies 148.0 12.8 78.7 -4.8 -175.7 -130.1 -104.6 -202.8 -265.5 -161.7 48.9 10

11 Banks in U.S.-affiliated areas 10.8 -0.3 -4.4 -3.9 -4.2 4.0 1.4 -14.3 -7.9 1.9 -5.4 11

12 Savings institutions 29.4 26.0 18.3 20.6 -33.1 -57.9 -23.0 -157.3 105.8 -8.5 -97.0 12

13 Credit unions 1.9 2.6 -2.7 -5.6 1.1 24.2 -22.1 -14.5 16.8 72.9 33.4 13

14 Life insurance companies 7.2 8.8 20.8 20.2 -12.8 105.8 -3.3 -257.6 103.6 -76.3 -83.6 14

15 Government-sponsored enterprises -4.5 0.2 9.7 1.2 -13.5 30.1 -3.2 -124.9 43.8 136.0 16.9 15

16 Finance companies -14.7 -3.8 -20.0 7.6 -1.5 44.7 21.9 -1.0 -71.4 88.8 -33.8 16

17 REITs 8.1 4.3 7.8 3.4 -3.7 -1.8 -6.6 7.8 -14.1 -48.2 14.6 17

18 Brokers and dealers 20.9 -100.4 32.3 79.8 -243.5 -70.0 -32.0 36.3 -908.3 -96.0 308.8 18

19 Funding corporations -66.0 -117.8 -251.1 205.9 915.0 758.8 303.1 1313.5 1284.6 603.1 -432.9 19

20 Net change in assets 730.0 678.3 1262.9 1298.0 451.4 1033.5 185.1 801.9 -214.7 89.1 667.0 20

21 Nonfinancial corporate business 261.2 340.2 478.9 632.0 251.5 352.4 202.0 309.0 142.7 307.5 126.0 21

22 Nonfarm noncorporate business 231.4 251.2 377.2 277.5 105.6 188.2 109.0 108.1 17.2 -117.3 -128.1 22

23 State and local governments -3.9 -34.2 -28.7 20.8 9.1 22.1 -16.4 -19.8 50.4 1.1 -62.6 23

24 Federal government -1.4 -0.5 -1.0 -0.8 10.2 -2.7 -3.3 56.0 -9.2 -4.3 -10.6 24

25 Rest of the world 73.1 55.2 343.3 276.2 -139.4 233.1 -410.9 459.8 -839.5 -64.3 122.7 25

26 Monetary authority 1.5 -3.2 0.1 1.8 0.4 7.6 -4.0 -11.8 10.0 20.8 106.9 26

27 Commercial banking -4.4 3.4 -17.0 31.3 553.6 423.0 546.6 351.7 893.1 -103.2 172.1 27

28 U.S.-chartered commercial banks 86.7 24.4 97.2 -15.3 114.5 -146.4 221.6 315.9 67.1 -409.4 457.0 28

29 Foreign banking offices in U.S. -124.5 -37.3 -150.4 11.2 346.5 496.0 50.3 235.0 604.7 -43.7 -226.8 29

30 Bank holding companies 32.4 16.2 35.6 31.7 94.5 72.4 272.3 -194.8 228.2 352.8 -52.5 30

31 Banks in U.S.-affiliated areas 0.9 0.1 0.6 3.6 -2.0 0.9 2.4 -4.3 -6.9 -2.9 -5.5 31

32 Savings institutions 89.7 -60.6 18.5 -1.8 -16.7 -0.1 -21.5 -65.3 20.0 26.8 -58.4 32

33 Credit unions -2.1 -0.5 0.6 10.4 7.8 -0.2 8.4 12.9 9.9 52.5 29.2 33

34 Life insurance companies 47.9 29.5 -7.3 -30.9 -0.5 43.8 -40.9 -129.6 124.9 -117.1 41.0 34

35 Private pension funds 3.6 -7.1 4.8 26.8 17.4 -0.5 24.1 -11.9 58.1 6.9 31.7 35

36 State and local govt. retirement funds 4.6 -0.6 1.0 -0.1 -0.0 0.5 0.0 -0.9 0.3 -0.6 -0.3 36

37 Money market mutual funds -2.9 -10.0 15.9 31.8 -43.1 -78.8 -79.4 -49.3 35.2 9.4 0.4 37

38 Mutual funds 5.1 3.7 3.3 2.8 3.2 13.3 -11.2 6.5 4.2 -15.8 -0.0 38

39 Government-sponsored enterprises 4.5 4.0 -3.2 27.0 -23.6 -68.3 94.1 -179.6 59.3 -73.5 179.8 39

40 Finance companies -17.2 47.7 -38.2 -2.5 5.0 40.8 13.9 -21.7 -13.2 71.2 56.0 40

41 REITs 11.1 11.6 7.8 -4.4 -0.7 7.4 10.0 6.3 -26.5 -2.9 -15.9 41

42 Brokers and dealers 28.1 48.5 106.9 0.1 -288.5 -148.0 -235.4 -18.8 -751.7 91.9 77.1 42

43 Discrepancy -105.8 -83.2 -541.8 -31.3 586.4 490.0 1.0 444.5 1410.2 935.0 -428.4 43
Z.1, September 17, 2009 59

F.11 Sector Discrepancies

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2004 2005 2006 2007 2008 2008 2009

 Q1 Q2 Q3 Q4 Q1 Q2

 1 All sectors -140.6 -13.3 88.2 -218.5 -190.5 -314.5 -841.2 -766.8 1160.3 340.5 233.2 1

 2 Household sector -117.1 43.0 247.0 -321.6 -653.3 -644.5 -1019.6 -721.4 -227.7 -299.8 26.5 2

 3 Nonfinancial corporate business -111.1 105.2 72.9 93.8 73.1 68.2 122.9 122.2 -20.8 158.9 181.9 3

 4 State and local governments -71.4 -73.5 -54.8 -33.5 -48.5 -7.0 -30.3 -49.3 -107.6 -30.8 -24.4 4

 5 Federal government 5.2 22.8 2.6 25.8 11.3 -6.5 -294.9 74.3 272.1 17.3 147.8 5

 6 Rest of the world 89.9 17.4 -2.7 65.2 200.8 56.5 331.1 141.1 274.5 273.9 150.3 6

 7 Financial sectors 64.0 -128.2 -176.9 -48.2 226.1 218.9 49.5 -333.8 969.8 221.1 -248.9 7

 8 Monetary authority -2.5 3.1 0.7 -2.3 -0.8 -11.6 3.1 -0.7 5.8 -10.6 1.0 8

 9 Commercial banking 59.5 -88.0 -189.7 -133.7 -75.8 37.4 -181.0 -680.2 520.6 123.8 54.8 9

10 Savings institutions -17.1 -7.9 -5.7 23.9 46.7 23.5 40.5 95.3 27.7 -62.2 31.7 10

11 Credit unions 1.6 2.3 1.4 2.2 4.0 -0.6 6.8 2.6 7.1 29.3 4.3 11

12 Property-casualty insurance companies -12.6 -15.0 31.3 4.9 38.9 40.9 111.7 61.3 -58.2 -7.9 -4.1 12

13 Life insurance companies -34.0 -10.4 -29.2 -49.7 -1.9 -51.2 6.8 1.2 35.6 10.0 -1.1 13

14 Mutual funds 3.6 21.1 11.4 21.6 20.6 22.1 20.8 19.9 19.4 7.8 20.9 14

15 Government-sponsored enterprises -5.2 -10.0 -3.8 22.2 89.8 14.7 -15.0 122.7 237.0 130.2 35.7 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 31.5 -20.7 29.9 26.1 4.9 36.5 42.7 -4.8 -54.7 -53.2 -104.1 17

18 REITs 35.8 6.7 0.4 32.0 -29.9 -35.0 -53.0 -24.8 -6.9 -95.2 -39.8 18

19 Brokers and dealers 3.4 -9.5 -23.6 4.5 129.7 142.2 66.3 73.8 236.4 149.1 -248.1 19

F.12 Instrument Discrepancies

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 All types -140.6 -13.3 88.2 -218.5 -190.5 -314.5 -841.2 -766.8 1160.3 340.5 233.2 1

 2 Treasury currency -0.3 0.7 -1.1 -1.2 -0.8 -0.9 -0.5 -1.2 -0.8 -14.4 -0.7 2

 3 Foreign deposits 61.9 15.3 103.8 203.6 -313.7 -486.6 -245.7 -327.5 -194.8 -24.5 -439.4 3

 4 Net interbank transactions 14.9 -3.7 -1.9 1.7 51.8 3.7 -26.3 -60.9 290.7 70.0 89.4 4

 5 Security RPs -141.0 89.8 199.5 -334.4 -283.7 -205.1 -455.8 -639.2 165.4 -637.8 1292.4 5

 Mail floats:

 6 Federal government 27.9 -6.6 -3.0 1.2 -3.3 19.6 -9.2 -1.0 -22.4 19.5 5.0 6

 7 Other -0.8 -0.9 -0.5 -1.0 2.3 12.6 -7.2 6.4 -2.5 1.4 -0.6 7

 8 Trade credit 10.9 -31.4 133.2 -46.1 -50.6 -60.0 55.4 -59.5 -138.1 235.3 78.7 8

 9 Taxes payable -26.6 -63.1 -14.9 -27.2 -78.0 -13.0 -21.0 -55.0 -223.0 -30.0 -126.0 9

10 Miscellaneous -105.8 -83.2 -541.8 -31.3 586.4 490.0 1.0 444.5 1410.2 935.0 -428.4 10

11 Nonfinancial 18.4 70.0 214.7 16.2 -101.1 -74.8 -131.8 -73.4 -124.5 -214.2 -237.2 11

 Nonfinancial components (sign reversed):

12 Statistical discrepancy (NIPA) -7.9 -79.7 -220.6 -14.8 101.0 69.8 126.7 68.3 139.4 185.4 224.8 12

13 Private wage accruals less disbursements -15.0 5.0 1.3 -6.3 -5.0 0.0 0.0 0.0 -20.0 20.0 0.0 13

14 Contr. for govt. soc. insur., U.S. affiliated areas 4.4 4.7 4.6 4.8 5.0 5.0 5.0 5.1 5.1 5.1 5.1 14