flow of fund accounts

7/31/2019 Flow of Fund Accounts

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

March 8, 2012

FEDERAL RESERVE statistical release

Z.1

Flow of Funds Accountsof the United States

Flows and Outstandings

Fourth Quarter 2011

Board of Governors of the Federal Reserve System, Washington DC 20551


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CCFlow of Funds Summary Statistics

Fourth Quarter 2011

Debt of the domestic nonfinancial sectors expandedat a seasonally adjusted annual rate of 5 percent inthe fourth quarter of 2011, about percentage point

more than the pace registered in the third quarter.

Household debt increased at an annual rate of percent in the fourth quarter, the first increase sincethe second quarter of 2008. Consumer credit rose atan annual rate of 7 percent in the fourth quarter, thefifth consecutive quarterly increase. Home mortgagedebt declined 1 percent in the fourth quarter, thesmallest decline since the end of 2009.

Nonfinancial business debt rose at an annual rate of4 percent in the fourth quarter, 1 percentage pointhigher than its third-quarter pace. Corporate bondsoutstanding and business loans increased whilecommercial mortgage debt continued to decline.

State and local government debt declined at an

annual rate of 1 percent in the fourth quarter. For2011 as a whole, state and local debt declined almost2 percent, its first annual decrease since 1996.

Federal government debt rose at an annual rate of 13percent in the fourth quarter. For all of 2011, federaldebt rose 11 percent, the smallest annual increasesince 2007.

At the end of 2011, the level of domesticnonfinancial debt outstanding was $38.3 trillion, ofwhich household debt was $13.2 trillion, nonfinancialbusiness debt was $11.6 trillion, and totalgovernment debt was $13.5 trillion.

Household net worththe difference between thevalue of assets and liabilitieswas $58.5 trillion atthe end of 2011, about $1.2 trillion more than at theend of the third quarter. For 2011 as a whole,household net worth fell close to percent, the firstannual decrease since 2008.

Growth of Domestic Nonfinancial Debt P1

PPercentage changes; quarterly data are seasonally adjusted annual rates

Total Households BusinessState and

local govts.Federal

2002 7.4 10.6 3.0 11.1 7.62003 8.1 12.0 2.2 8.3 10.92004 9.2 11.0 6.5 11.9 9.02005 9.2 11.1 9.0 5.5 7.02006 8.7 10.0 11.1 3.7 3.9

2007 8.5 6.7 13.6 5.4 4.92008 6.0 0.1 6.2 0.7 24.22009 3.1 -1.7 -2.4 3.9 22.72010 4.1 -2.1 0.7 2.2 20.22011 3.7 -0.9 4.2 -1.9 11.4

2010:Q1 3.5 -3.1 -0.1 2.4 20.6Q2 3.9 -2.2 -1.3 -0.5 22.5Q3 3.7 -2.2 1.8 2.1 16.0Q4 4.9 -0.7 2.5 4.8 16.4

2011:Q1 2.3 -1.9 4.1 -3.3 7.9Q2 3.0 -0.6 4.4 -3.5 8.6Q3 4.4 -1.2 3.6 0.0 14.1Q4 4.9 0.3 4.6 -1.0 13.1

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


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Table of Contents

Title Table Page

Flow of Funds Accounts, Fourth Quarter 2011 1

Availability of Data for Latest Quarter 4

Credit Market Debt Growth by Sector D.1 7

Credit Market Borrowing by Sector D.2 8

Credit Market Debt Outstanding by Sector D.3 9

Flows Levels

Title Table Page Table Page

Summaries

Total Credit Market Borrowing and Lending F.1 10 L.1 61

Credit Market Borrowing by Nonfinancial Sectors F.2 11 L.2 62

Credit Market Borrowing by Financial Sectors F.3 11 L.3 62

Credit Market Borrowing, All Sectors, by Instrument F.4 12 L.4 63

Total Liabilities and Its Relation to Total Financial Assets F.5 12 L.5 63

Distribution of Gross Domestic Product F.6 13

Distribution of National Income F.7 14

Saving and Investment F.8 15

Net Capital Transfers F.9 16

Derivation of Measures of Personal Saving F.10 17 L.10 64


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Flows Levels


Sectors

Households and Nonprofit Organizations F.100 18 L.100 65

Nonfinancial Business F.101 19 L.101 66

Nonfinancial Corporate Business F.102 20 L.102 67

Nonfinancial Noncorporate Business F.103 21 L.103 68

Farm Business (Discontinued)

State and Local Governments F.105 22 L.105 69

Federal Government F.106 23 L.106 69

Rest of the World F.107 24 L.107 70

Financial Business F.108 25 L.108 71

Monetary Authority F.109 26 L.109 72

U.S.-Chartered Commercial Banks F.110 27 L.110 73

Foreign Banking Offices in U.S. F.111 28 L.111 74

Bank Holding Companies F.112 29 L.112 75

Banks in U.S.-Affiliated Areas F.113 29 L.113 75

Savings Institutions F.114 30 L.114 76

Credit Unions F.115 31 L.115 77

Property-Casualty Insurance Companies F.116 31 L.116 77

Life Insurance Companies F.117 32 L.117 78

Private Pension Funds F.118 32 L.118 78

State and Local Government Employee Retirement Funds F.119 33 L.119 79

Federal Government Retirement Funds F.120 33 L.120 79

Money Market Mutual Funds F.121 34 L.121 80

Mutual Funds F.122 34 L.122 80

Closed-End and Exchange-Traded Funds F.123 34 L.123 80

Government-Sponsored Enterprises F.124 35 L.124 81


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Flows Levels


Agency- and GSE-Backed Mortgage Pools F.125 35 L.125 81

Issuers of Asset-Backed Securities F.126 36 L.126 82

Finance Companies F.127 36 L.127 82

Real Estate Investment Trusts F.128 37 L.128 83

Security Brokers and Dealers F.129 38 L.129 84

Funding Corporations F.130 38 L.130 84

Instruments

U.S. Official Reserve Assets and SDR Allocations F.200 39 L.200 85

Special Drawing Rights (SDRs) Certificates and Treasury Currency F.201 39 L.201 85

U.S. Deposits in Foreign Countries F.202 39 L.202 85

Net Interbank Transactions F.203 40 L.203 86

Checkable Deposits and Currency F.204 41 L.204 87

Time and Savings Deposits F.205 42 L.205 88

Money Market Mutual Fund Shares F.206 42 L.206 88

Federal Funds and Security Repurchase Agreements F.207 43 L.207 89

Open Market Paper F.208 43 L.208 89

Treasury Securities F.209 44 L.209 90

Agency- and GSE-Backed Securities F.210 45 L.210 91

Municipal Securities and Loans F.211 46 L.211 92

Corporate and Foreign Bonds F.212 47 L.212 93

Corporate Equities F.213 48 L.213 94

Mutual Fund Shares F.214 48 L.214 94

Bank Loans Not Elsewhere Classified F.215 49 L.215 95

Other Loans and Advances F.216 50 L.216 96


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Flows Levels


Total Mortgages F.217 51 L.217 97

Home Mortgages F.218 52 L.218 98

Multifamily Residential Mortgages F.219 52 L.219 98

Commercial Mortgages F.220 53 L.220 99

Farm Mortgages F.221 53 L.221 99

Consumer Credit F.222 54 L.222 100

Trade Credit F.223 54 L.223 100

Security Credit F.224 54 L.224 100

Life Insurance and Pension Fund Reserves F.225 55 L.225 101

Taxes Payable by Businesses F.226 55 L.226 101

Proprietors' Equity in Noncorporate Business F.227 55 L.227 101

Total Miscellaneous Financial Claims F.228 56 L.228 102

Identified Miscellaneous Financial Claims - Part I F.229 57 L.229 103

Identified Miscellaneous Financial Claims - Part II F.230 58 L.230 104

Unidentified Miscellaneous Financial Claims F.231 59 L.231 105

Sector Discrepancies F.11 60

Instrument Discrepancies F.12 60

Balance Reconciliation

Sheet


Balance Sheet and ReconciliationTables

Households and Nonprofit Organizations B.100 106 R.100 109

Nonfinancial Corporate Business B.102 107 R.102 110

Nonfarm Noncorporate Business B.103 108 R.103 111


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Flows Levels


Supplementary Tables

Nonprofit Organizations F.100.a 112 L.100.a 113

Consolidated Statement for Federal, State, and Local Governments F.106.c 114 L.106.c 115

Private Pension Funds: Defined Benefit Plans F.118.b 116 L.118.b 117

Private Pension Funds: Defined Contribution Plans F.118.c 116 L.118.c 117

Individual Retirement Accounts (IRAs) F.225.i 116 L.225.i 117

Flow of Funds Matrix for 2011 118 119

Balance Sheet of Households and Nonprofit Organizationswith Equity Detail B.100.e 120


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Flow of Funds Accounts, Fourth Quarter 2011

This publication presents the Flow of Funds

Accounts for 2011:Q4. The statistics in the attachedtables reflect the use of new or revised source data.Most significant revisions appear in recent quarters;however, new source information resulted in changesto data for earlier periods.

Release Highlights. Major data revisions, structuralchanges, and release enhancements introduced thisquarter are described below:

1. Tables in the Z.1 for the farm sector (tables F.104and L.104) have been discontinued, but no tables inthe release have been renumbered. Corporate farms

are now included with the nonfinancial corporatesector (tables F.102, L.102, B.102, and R.102), andnoncorporate farms are included with thenonfinancial noncorporate sector (tables F.103,L.103, B.103, and R.103). These changes make thetables for the nonfinancial business sectors consistentin concept with the tables shown in the IntegratedMacroeconomic Accounts (IMA). The IMAs are ajoint publication of the Bureau of Economic Analysisand the Federal Reserve Board that presents a fullsequence of accounts as described in the System ofNational Accounts (SNA). In addition, farm land isnow included on tables S.4.a, S.4.q, S.5.a, and S.5.qin the IMA. The underlying farm series are stillavailable as unpublished series from the onlineFederal Reserve Data Download Program (DDP).

2. Starting with 2006:Q1, the U.S. charteredcommercial banks sector (tables F.110 and L.110)and the bank holding companies sector (tables F.112and L.112) have been modified to show bank-ownedlife insurance (BOLI) reserves as a separate line item.These reserves were formerly included inmiscellaneous assets. Life insurance reserves of thehousehold sector (tables F.100 and L.100) have beenreduced by the amount of the BOLI assets, leavingtotal life insurance reserve liabilities in the life

insurance sector (tables F.117 and L.117) unchanged.The instrument table for life insurance and pensionfund reserves (F.225 and L.225) has been modified toshow the BOLI assets of banks and bank holdingcompanies.

3. For the real estate investment trust (REITS) sector(tables F.128 and L.128), separate data for equityREITS and mortgage REITS are now availablethrough the Federal Reserve Data Download Program(DDP). Detail on the calculations can be found in the

Flow of Funds Guide.

4. In the Flow of Funds Guide, descriptions of somesectors on the Series Structure page now includeCorresponding 2008 SNA sector identifiers inparentheses.

Explanatory notes for tables D.1, D.2, and D.3.

Domestic debt comprises credit market fundsborrowed by U.S. entities from both domestic andforeign sources, while foreign debt representsamounts borrowed by foreign financial andnonfinancial entities in U.S. markets only. Financialsectors consist of government-sponsored enterprises,agency- and GSE-backed mortgage pools, themonetary authority, and private financial institutions.Credit market debt consists of debt securities,mortgages, bank loans, commercial paper, consumercredit, U.S. government loans, and other loans andadvances; it excludes trade debt, loans for thepurpose of carrying securities, and funds raised fromequity sources. This definition is consistent with thepresentation of credit market borrowing and lendingon tables F.1 through F.4. Net lending (+) or netborrowing (-) on the individual sector tables and thematrix is defined as net acquisition of financial assetsless net increase in liabilities.

Growth rates in table D.1 are calculated by dividingseasonally adjusted flows from table D.2 byseasonally adjusted levels at the end of the previousperiod from table D.3. Seasonally adjusted levels inflow of funds statistics are derived by carryingforward year-end levels by seasonally adjusted flows.Growth rates calculated from changes in unadjustedlevels printed in table L.2 can differ from those intable D.1.

Relation of Flows to Outstandings. Estimates offinancial assets and liabilities outstanding are linkedto data on flows. However, figures on outstandings

contain discontinuities or breaks in series that couldaffect analysis of particular relationships over time.Specifically, outstandings in the Flow of FundsAccounts are related to flows in the following way:

Outstanding BtB = Outstanding Bt-1B+ Flow BtB+ DiscontinuityBt Bwhere t is the time period.

Discontinuities result from changes in valuation,breaks in source data, and changes in definitions. Formost series, the value of the discontinuity is zero for

1


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nearly all time periods. However, in a few instances,the discontinuity is nonzero for almost all timeperiods, or is quite large in a particular quarter, suchas a period when there is a sharp increase or decreasein equity prices or a major break in source data.

The discontinuities in a series can distort estimated

rates of growth in assets and liabilities betweenperiods. In order to minimize these distortions,percentage changes in assets and liabilities in flow offunds releases should be calculated as:

Percentage change BtB = (Flow BtB / Outstanding Bt-1B) * 100

Preliminary Estimates. Figures shown for the mostrecent quarter in these tables are based onpreliminary and incomplete information. A summarylist of the principal sources of information availablewhen the latest quarter's data were compiled isprovided in a table following this introduction. The

distinction between available data and missingdata is not between final and preliminary versions ofdata, but rather between those source estimates thatare fully ready when the latest quarterly publicationis compiled and those that are not yet completed.However, the items that are shown as available are, ingeneral, also preliminary in the sense that they aresubject to revision by source agencies.

Margins of Uncertainty. Flow of funds statistics aresubject to uncertainties resulting from measurementerrors in source data, incompatibilities among datafrom different sources, potential revisions in bothfinancial and nonfinancial series, and incomplete datain parts of the accounts. The size of theseuncertainties cannot be quantified in precisestatistical terms, but allowance for them is explicitlymade throughout the accounts by the inclusion ofdiscrepancies for various sectors and instrumenttypes. A discrepancy for a sector is the differencebetween its measured sources of funds and itsmeasured uses of funds. For an instrument category,a discrepancy is the difference between measuredfunds borrowed through the financial instrument andmeasured funds lent through that instrument. The sizeof such discrepancies relative to the main asset orliability components is one indication of the quality

of source data, especially on an annual basis. For

quarterly data, differences in seasonal adjustmentprocedures for financial and nonfinancial componentsof the accounts sometimes result in discrepancies thatcancel in annual data.

Availability of Data. Flow of funds statistics areupdated about ten weeks following the end of a

quarter. This publication the Z.1 release isavailable from the Board's Publications Services.Flow of funds data are also available electronicallythrough the Internet at the following location:

www.federalreserve.gov/releases/Z1

This Internet site also provides coded tables andhistorical annual tables beginning in 1945 thatcorrespond to the tables published in this release.There are also compressed ASCII files of quarterlydata for seasonally adjusted flows, unadjusted flows,outstandings, balance sheets, debt (tables D.1, D.2,

and D.3), and supplementary tables.

In addition, these data, as well as data for thequarterly and annual Integrated MacroeconomicAccounts for the United States tables, are available ascustomizable download datasets through the DataDownload Program (DDP) at the following location:

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

An interactive, web-based guide to the Flow of FundsAccounts is available through the Z.1 release page.The tools and descriptions within this guide aredesigned to help users explore the structure and

content of the Z.1 and the Integrated MacroeconomicAccounts.Subscription Information. The Federal ReserveBoard charges for subscriptions to all statisticalreleases. Inquiries for releases should be directed to:

Publications Services, Stop 127Board of Governors

of the Federal Reserve System20th Street and Constitution Avenue, N.W.

Washington, DC 20551(202) 452-3244

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[THIS PAGE INTENTIONALLY LEFT BLANK]

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Availability of Data for Latest Quarter

UAvailable at time of publication U UMajor items missing U

1. National income and productaccounts (NIPA) Second estimate, seasonally adjusted,for 2011:Q4. Unadjusted flows since 2010 forthe government sectors.Unadjusted flows since 2006 for allother sectors.

2. Households and nonprofitorganizations sector(tables F.100 and L.100)

Estimates for this sector are largely residuals and are derived from data forother sectors. Availability of data depends on schedules for other sectors.Data for consumer credit, which are estimated directly, are available through2011:Q4. The source for nonprofit organizations data (tables F.100.a andL.100.a) is the Internal Revenue Service Statistics of Income. Data fornonprofit organizations are available for 1987 through 2000.

3. Nonfinancial corporate business(tables F.102 and L.102)

Quarterly Financial Report(QFR) ofthe Census Bureau through 2011:Q3;Internal Revenue Service Statistics ofIncome (IRS/SOI) data through 2009;securities offerings, mortgages, bankloans, commercial paper, other loans,and corporate farms through 2011:Q4.

Statistics of Income data since2009. QFR for 2011:Q4.

4. Nonfinancial noncorporatebusiness(tables F.103 and L.103)

IRS/SOI data through 2009; bank andfinance company loans, mortgageborrowing, and noncorporate farmsthrough 2011:Q4.

Statistics of Income data since2009.

5. State and local governments(tables F.105 and L.105)

Gross offerings and retirements ofmunicipal securities, deposits at banks,and nonmarketable U.S. governmentsecurity issues through 2011:Q4; totalfinancial assets through 2009:Q2 fromthe Census Bureau; breakdown offinancial assets through 2004:Q2 fromthe comprehensive annual financialreports of state and local governments.

Total financial assets since2009:Q2 and selected financialasset detail since 2004:Q2.

6. Federal government

(tables F.106 and L.106)

Data from theMonthly TreasuryStatement of Receipts and Outlays and

Treasury data for loan programs and theTroubled Assets Relief Program(TARP) through 2011:Q4.

None.

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7. Rest of the world(U.S. international transactions)(tables F.107 and L.107)

Balance of payments data through2011:Q3. NIPA estimates; data frombank Reports of Condition and fromTreasury International Capital Systemthrough 2011:Q4.

Balance of payments data for2011:Q4.

8. Monetary authority


All data through 2011:Q4. None.

9. U.S.-chartered commercial banks(tables F.110 and L.110)


10. Foreign banking offices in U.S.(tables F.111 and L.111)


11. Bank holding companies(table F.112 and L.112)


12. Banks in U.S.-affiliated areas(tables F.113 and L.113) All data through 2011:Q4 forcommercial banks in U.S.-affiliatedareas. All data through 2010 forbranches of domestic commercial bankslocated in U.S.-affiliated areas.

Data since 2010 for branches ofdomestic commercial bankslocated in U.S.-affiliated areas.

13. Savings institutions(tables F.114 and L.114)


14. Credit unions(tables F.115 and L.115)


15. Property-casualty insurance

companies(tables F.116 and L.116)

All data through 2011:Q3. Preliminary

data for 2011:Q4.

Final data for 2011:Q4.

16. Life insurance companies(tables F.117 and L.117)

All data through 2011:Q3. Preliminarydata for 2011:Q4.

Final data for 2011:Q4.

17. Private pension funds(tables F.118 and L.118)

Internal Revenue Service/Department ofLabor/Pension Benefit GuarantyCorporation Form 5500 data through2007.

Form 5500 data since 2007.

18. State and local governmentemployee retirement funds(tables F.119 and L.119)

Detailed data through 2008:Q2 from theCensus Bureau; sample data through2011:Q4 from the Census Bureau.

Detailed data since 2008:Q2.

19. Federal government retirementfunds


Data from theMonthly TreasuryStatement of Receipts and Outlays, theThrift Savings Plan, and the NationalRailroad Retirement Investment Trustthrough 2011:Q4.

None.

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20. Money market mutual funds

(tables F.121 and L.121)All data through 2011:Q4. None.

21. Mutual funds(tables F.122 and L.122)


22. Closed-end funds(tables F.123 and L.123)


23. Exchange-traded funds(tables F.123 and L.123)


24. Government-sponsoredenterprises(tables F.124 and L.124)

Data for Fannie Mae, FHLB, FICO,FCS, and REFCORP through 2011:Q4.Data for Freddie Mac and Farmer Macthrough 2011:Q3.

Data for Freddie Mac and FarmerMac for 2011:Q4.

25. Agency- and GSE-backedmortgage pools(tables F.125 and L.125)

Data for Fannie Mae, and Ginnie Maethrough 2011:Q4. Data for Freddie Macand Farmer Mac through 2011:Q3.

Data for Freddie Mac and FarmerMac for 2011:Q4.

26. Issuers of asset-backed securities(ABSs)(tables F.126 and L.126)

All data for private mortgage pools,consumer credit, business loans, studentloans, consumer leases, and trade creditsecuritization through 2011:Q4.

None.

27. Finance companies(tables F.127 and L.127)


28. Real estate investment trusts(REITs)(tables F.128 and L.128)

Final data from SNL Financial through2011:Q3.

Final data from SNL Financialfor 2011:Q4.

29. Security brokers and dealers(tables F.129 and L.129)

Data for firms filing FOCUS and FOGSreports through 2011:Q4.

None.

30. Funding corporations(tables F.130 and L.130)

Estimates for this sector are largelyresiduals and are derived from data forother sectors.

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Z.1, March 8, 2012 7

D.1 Credit Market Debt Growth by Sector 1

In percent; quarterly figures are seasonally adjusted annual rates

Domestic nonfinancial sectors

Households Business State and Domestic

Home Consumer local Federal financial

Total Total mortgage credit Total Corporate governments government sectors Foreign

1980 9.5 8.4 10.9 1.0 10.1 8.4 6.9 11.8 14.5 14.31981 10.4 7.6 7.2 5.5 12.9 13.6 8.0 11.6 18.2 12.2

1982 10.4 5.6 4.8 5.0 9.9 10.2 11.2 19.7 13.6 7.5

1983 12.0 11.1 10.2 12.1 9.2 8.1 11.4 18.9 13.4 8.3

1984 14.8 12.7 11.4 18.4 16.1 16.3 11.4 16.9 17.9 3.7

1985 15.6 16.2 14.6 15.9 11.0 12.4 31.8 16.5 19.4 0.5

1986 11.9 11.4 13.7 9.1 11.5 13.7 10.9 13.6 26.2 4.0

1987 9.1 10.4 13.4 4.8 7.8 8.9 12.0 8.0 18.2 2.51988 9.0 9.8 11.8 6.7 9.9 10.9 6.0 8.0 13.2 2.9

1989 7.2 9.1 10.9 6.3 6.3 7.5 5.3 7.0 10.5 3.8

1990 6.5 6.9 8.9 1.9 3.6 5.7 5.0 11.0 8.8 8.3

1991 4.3 5.1 7.0 -1.1 -2.1 -1.9 9.2 11.1 6.0 4.8

1992 4.5 5.4 6.5 1.1 -0.3 0.9 1.5 10.9 8.6 6.9

1993 4.7 6.1 5.5 7.4 0.1 1.1 5.3 8.3 9.6 18.7

1994 4.6 7.8 5.6 15.2 3.7 4.8 -3.9 4.7 13.9 -2.4

1995 5.2 7.0 4.9 14.4 7.2 8.5 -5.5 4.1 11.6 17.7

1996 5.4 6.9 6.2 9.0 6.6 6.8 -2.0 4.0 12.1 15.5

1997 5.6 5.9 6.1 5.5 9.9 10.5 4.9 0.6 12.1 10.61998 6.6 7.7 8.1 7.2 11.7 11.1 6.2 -1.4 19.4 5.1

1999 6.4 8.2 9.4 7.8 10.9 10.1 3.3 -1.9 16.2 2.4

2000 5.0 9.0 8.7 11.4 9.4 8.6 1.4 -8.0 11.0 8.4

2001 6.3 9.4 10.6 8.6 5.9 4.8 8.8 -0.2 10.7 -1.4

2002 7.4 10.6 13.3 5.6 3.0 1.1 11.1 7.6 9.7 10.8

2003 8.1 12.0 14.6 5.3 2.2 1.6 8.3 10.9 10.7 4.0

2004 9.2 11.0 13.5 5.6 6.5 4.4 11.9 9.0 8.9 12.4

2005 9.2 11.1 13.3 4.5 9.0 6.9 5.5 7.0 9.4 7.9

2006 8.7 10.0 11.1 4.1 11.1 9.4 3.7 3.9 10.0 22.0

2007 8.5 6.7 6.9 5.8 13.6 13.5 5.4 4.9 12.6 9.0

2008 6.0 0.1 -0.5 1.5 6.2 4.9 0.7 24.2 5.6 -10.6

2009 3.1 -1.7 -1.4 -4.4 -2.4 -1.8 3.9 22.7 -10.8 12.4

2010 4.1 -2.1 -2.9 -1.8 0.7 4.0 2.2 20.2 -6.3 4.22011 3.7 -0.9 -2.1 3.5 4.2 6.0 -1.9 11.4 -3.9 -1.5

2005 -- Q1 8.9 9.8 11.7 5.1 7.8 5.6 7.8 9.4 8.3 4.6

Q2 8.7 11.5 13.4 5.0 8.2 5.8 5.2 4.7 9.8 7.8Q3 8.6 11.1 13.6 4.3 8.2 6.0 5.0 5.2 5.4 9.7

Q4 9.4 10.3 12.0 3.4 10.7 9.7 3.7 7.9 12.8 8.5

2006 -- Q1 9.6 11.8 13.6 3.2 11.1 9.4 0.1 7.0 11.1 13.9

Q2 9.1 11.3 12.9 4.0 10.5 8.7 4.7 3.4 11.7 12.4Q3 6.7 8.6 9.8 4.1 7.5 4.5 4.5 1.5 7.0 37.0

Q4 8.2 6.8 6.4 4.9 13.4 13.8 5.5 3.4 8.9 18.7

2007 -- Q1 8.4 7.3 8.3 5.0 11.5 10.0 6.8 6.0 11.0 12.9Q2 8.3 7.3 7.7 5.6 13.9 14.2 5.9 1.2 10.1 18.2

Q3 8.5 6.3 6.1 6.7 14.0 14.8 4.2 5.8 16.6 1.4

Q4 7.7 5.3 4.7 5.2 12.5 12.4 4.3 6.1 10.0 3.0

2008 -- Q1 6.1 3.3 2.6 4.9 9.2 9.1 1.8 9.4 6.1 10.4Q2 3.6 0.1 -0.6 3.5 7.7 7.1 0.8 5.9 5.8 -0.0

Q3 7.4 -0.9 -2.0 -0.2 5.6 4.7 0.7 36.5 6.7 -28.5

Q4 6.3 -2.1 -2.1 -2.1 1.8 -1.5 -0.5 38.3 3.2 -24.8

2009 -- Q1 4.3 -0.9 0.1 -3.6 -0.1 1.6 2.1 24.4 -11.0 11.3Q2 4.1 -1.7 -1.9 -5.0 -2.5 -1.9 4.2 27.2 -13.7 12.7

Q3 2.0 -2.3 -2.3 -4.1 -3.8 -3.9 3.8 18.7 -10.9 15.9

Q4 1.6 -1.8 -1.4 -5.3 -3.2 -3.1 5.1 13.8 -8.7 7.6

2010 -- Q1 3.5 -3.1 -4.8 -3.9 -0.1 5.1 2.4 20.6 -8.1 5.7

Q2 3.9 -2.2 -2.5 -3.3 -1.3 1.7 -0.5 22.5 -7.5 -2.0

Q3 3.7 -2.2 -2.5 -2.2 1.8 5.0 2.1 16.0 -4.8 6.3

Q4 4.9 -0.7 -1.8 2.3 2.5 4.0 4.8 16.4 -5.9 6.8

2011 -- Q1 2.3 -1.9 -2.7 2.2 4.1 6.3 -3.3 7.9 -0.8 9.4

Q2 3.0 -0.6 -2.4 3.6 4.4 6.7 -3.5 8.6 -7.2 -1.1

Q3 4.4 -1.2 -1.9 1.4 3.6 4.7 0.0 14.1 -3.6 -8.4

Q4 4.9 0.3 -1.5 6.9 4.6 6.0 -1.0 13.1 -4.4 -5.5

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


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8 Z.1, March 8, 2012

D.2 Credit Market Borrowing by SectorBillions of dollars; quarterly figures are seasonally adjusted annual rates





1980 342.9 108.0 90.2 3.4 135.3 71.9 22.2 77.4 73.2 24.21981 409.7 106.5 67.0 19.8 190.0 124.7 27.6 85.5 105.1 23.5

1982 451.8 84.3 47.4 18.8 164.4 105.7 41.7 161.3 93.0 16.0

1983 572.9 174.6 105.1 48.2 165.7 91.4 47.3 185.2 104.4 17.3

1984 791.7 221.2 127.3 81.7 320.8 202.6 52.5 197.2 157.8 8.4

1985 958.8 314.8 181.5 84.0 254.7 180.0 163.6 225.7 204.0 1.2

1986 845.7 260.5 198.8 55.8 295.0 222.6 74.2 216.0 328.8 9.7

1987 722.0 264.0 221.5 32.3 223.7 165.1 90.4 143.9 290.6 6.31988 784.1 270.1 215.7 46.6 308.5 222.8 50.4 155.1 250.2 7.4

1989 684.3 276.3 224.9 47.0 214.3 166.8 47.4 146.4 225.0 10.2

1990 655.5 230.2 200.1 15.1 131.3 137.8 47.1 246.9 211.2 23.9

1991 469.8 180.8 174.6 -8.8 -80.5 -48.4 91.2 278.2 156.0 15.1

1992 511.9 201.9 173.1 9.2 -10.5 22.0 16.5 304.0 238.9 24.1

1993 560.1 240.5 156.3 61.4 5.5 26.8 57.9 256.1 291.5 69.8

1994 575.9 328.4 166.5 135.0 137.2 122.6 -45.5 155.9 462.0 -11.2

1995 678.1 318.4 153.6 147.0 276.0 229.2 -60.8 144.4 439.5 78.3

1996 732.4 335.2 204.9 105.7 272.7 200.5 -20.5 144.9 514.0 88.0

1997 812.5 304.6 215.5 70.3 434.1 330.2 50.8 23.1 574.1 69.91998 1005.5 425.2 301.4 97.1 566.2 384.4 66.8 -52.6 1026.8 37.2

1999 1040.3 486.8 378.0 112.4 587.4 389.6 37.3 -71.2 1023.5 19.0

2000 864.2 579.2 383.3 176.5 563.9 366.1 16.9 -295.9 807.3 63.0

2001 1149.1 659.2 507.1 150.6 390.1 224.6 105.5 -5.6 872.0 -11.2

2002 1418.7 810.4 704.5 105.2 206.2 51.6 144.6 257.6 886.6 93.4

2003 1683.5 1011.5 874.9 105.9 155.4 76.6 120.5 396.0 1071.6 43.0

2004 2068.7 1044.3 929.0 117.2 475.7 219.4 186.8 361.9 971.3 155.3

2005 2324.7 1175.0 1042.3 100.4 705.6 361.5 137.2 306.9 1116.5 113.0

2006 2397.5 1172.1 987.8 95.4 943.7 525.1 98.3 183.4 1300.2 332.6

2007 2539.5 867.0 677.2 139.3 1288.5 823.8 146.9 237.1 1794.6 170.3

2008 1937.0 13.7 -54.2 38.8 664.1 340.8 20.0 1239.2 901.8 -226.2

2009 1052.1 -230.9 -145.3 -115.3 -272.4 -132.3 111.5 1443.9 -1844.1 211.7

2010 1446.1 -279.3 -299.2 -44.2 79.0 284.8 66.2 1580.2 -980.3 88.22011 1368.3 -113.9 -213.2 86.3 472.9 444.9 -58.6 1067.9 -556.4 -33.4

2005 -- Q1 2246.4 1030.5 917.3 113.6 610.2 291.9 193.7 411.9 992.2 66.0

Q2 2251.1 1250.2 1084.3 112.3 656.4 306.2 131.0 213.6 1190.9 112.9Q3 2273.9 1236.0 1136.5 97.0 670.5 322.1 129.2 238.2 674.7 144.4

Q4 2527.5 1183.3 1031.0 78.9 885.4 525.9 95.0 363.9 1608.3 128.8

2006 -- Q1 2659.4 1379.9 1210.3 73.2 946.3 526.5 3.8 329.4 1442.8 209.7

Q2 2576.2 1368.0 1181.7 93.7 919.3 495.5 124.1 164.8 1557.8 194.2Q3 1941.3 1070.9 933.1 97.5 678.0 263.2 118.7 73.6 961.2 596.8

Q4 2413.0 869.6 626.1 117.2 1231.3 814.9 146.4 165.7 1239.0 329.6

2007 -- Q1 2504.0 942.1 818.6 121.9 1085.2 612.9 184.8 291.9 1578.3 243.3Q2 2542.5 963.2 772.5 137.9 1355.5 891.9 163.4 60.4 1491.8 350.1

Q3 2663.8 848.3 622.6 166.8 1412.1 958.1 116.6 286.8 2527.7 28.3

Q4 2447.5 714.3 495.0 130.7 1301.4 832.3 122.6 309.2 1580.6 59.6

2008 -- Q1 1974.1 454.9 278.4 125.4 986.0 630.3 50.8 482.4 995.7 221.3Q2 1191.1 19.0 -60.1 89.7 842.0 500.0 21.7 308.4 956.2 -0.1

Q3 2460.0 -131.2 -208.6 -6.1 625.2 339.4 21.5 1944.4 1115.2 -622.8

Q4 2122.9 -287.9 -226.4 -53.8 203.2 -106.5 -14.1 2221.7 540.0 -503.3

2009 -- Q1 1478.5 -120.5 6.1 -94.1 -12.8 118.3 61.8 1550.0 -1874.9 192.3Q2 1438.9 -237.1 -195.2 -128.6 -283.6 -139.6 122.4 1837.1 -2327.9 224.0

Q3 709.0 -317.1 -241.6 -105.2 -434.4 -282.5 111.6 1348.9 -1792.1 287.6

Q4 581.9 -248.9 -150.4 -133.0 -359.0 -225.5 150.2 1039.6 -1381.6 143.0

2010 -- Q1 1247.2 -420.1 -499.3 -97.6 -10.1 361.5 72.2 1605.1 -1257.3 119.1

Q2 1388.6 -297.3 -254.6 -82.1 -148.0 125.0 -15.9 1849.8 -1107.9 -43.5

Q3 1354.0 -300.4 -258.8 -53.5 201.5 362.5 62.0 1390.9 -703.6 132.0

Q4 1794.5 -99.6 -183.9 56.5 272.3 290.4 146.6 1475.1 -852.2 145.1

2011 -- Q1 839.9 -254.9 -274.0 52.6 453.1 464.5 -99.9 741.5 -112.0 212.7

Q2 1130.8 -84.4 -243.5 87.5 495.3 500.4 -106.5 826.4 -1010.4 -25.7

Q3 1636.2 -159.3 -184.8 34.6 411.9 353.3 1.0 1382.6 -494.4 -195.3

Q4 1866.5 43.1 -150.3 170.4 531.3 461.3 -29.1 1321.2 -608.9 -125.4


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Z.1, March 8, 2012 9

D.3 Credit Market Debt Outstanding by Sector 1

Billions of dollars; quarterly figures are seasonally adjusted





1980 3953.5 1399.4 926.5 358.0 1474.7 918.2 344.4 735.0 578.1 193.41981 4361.7 1510.7 998.2 377.9 1658.5 1036.7 372.1 820.5 682.4 214.0

1982 4783.4 1580.3 1031.1 396.7 1807.6 1127.1 413.8 981.8 778.1 208.1

1983 5359.2 1734.9 1116.2 444.9 1996.2 1241.4 461.1 1167.0 882.7 224.1

1984 6146.2 1947.7 1242.8 526.6 2320.6 1447.6 513.6 1364.2 1052.4 232.8

1985 7123.1 2283.3 1449.6 610.6 2572.0 1624.3 677.9 1589.9 1257.3 242.5

1986 7966.3 2542.3 1648.3 666.4 2866.0 1845.9 752.1 1805.9 1593.6 251.9

1987 8670.1 2760.3 1827.9 698.6 3117.4 2038.8 842.6 1949.8 1895.5 259.01988 9450.7 3047.3 2054.2 745.2 3405.5 2238.9 893.0 2104.9 2145.8 269.8

1989 10152.1 3316.2 2259.5 809.3 3644.3 2421.7 940.4 2251.2 2399.3 287.9

1990 10834.9 3575.6 2488.8 824.4 3773.8 2557.6 987.4 2498.1 2613.6 318.2

1991 11301.4 3760.0 2667.0 815.6 3686.4 2506.8 1078.6 2776.4 2769.6 350.4

1992 11816.5 3961.9 2840.0 824.8 3679.1 2530.4 1095.1 3080.3 3024.1 372.4

1993 12391.4 4204.8 2998.7 886.2 3697.1 2569.7 1153.0 3336.5 3321.0 468.2

1994 12973.6 4532.5 3165.3 1021.2 3841.3 2699.3 1107.5 3492.3 3791.1 443.1

1995 13667.5 4850.9 3318.9 1168.2 4133.1 2944.3 1046.7 3636.7 4233.5 567.6

1996 14399.8 5186.1 3523.8 1273.9 4405.8 3144.9 1026.2 3781.7 4747.5 657.2

1997 15210.8 5491.2 3739.3 1344.2 4837.9 3473.0 1076.9 3804.8 5301.4 723.61998 16216.4 5916.4 4040.6 1441.3 5404.0 3857.4 1143.8 3752.2 6328.2 783.2

1999 17291.3 6403.6 4416.3 1553.6 6025.8 4281.4 1181.0 3681.0 7349.4 748.2

2000 18165.4 6992.7 4798.4 1741.3 6589.7 4647.5 1197.9 3385.1 8157.8 814.5

2001 19297.5 7651.8 5305.5 1891.8 6962.8 4855.1 1303.4 3379.5 9155.9 865.4

2002 20716.1 8462.2 6010.0 1997.0 7169.0 4906.8 1447.9 3637.0 10042.5 1072.8

2003 22443.8 9503.8 6894.6 2102.9 7338.5 4997.5 1568.4 4033.1 10949.3 1253.3

2004 25264.5 10568.4 7838.5 2220.1 7815.7 5218.3 2485.4 4395.0 11935.5 1438.8

2005 27589.2 11743.4 8880.8 2320.6 8521.3 5579.9 2622.6 4701.9 12997.5 1513.9

2006 29985.0 12915.4 9868.5 2416.0 9463.4 6103.3 2720.9 4885.3 14296.5 1882.6

2007 32531.0 13782.4 10545.7 2555.3 10758.4 6933.6 2867.8 5122.3 16218.4 2126.3

2008 34468.0 13801.1 10496.5 2594.1 11417.6 7269.4 2887.8 6361.5 17119.8 1708.8

2009 35435.9 13570.2 10351.2 2478.9 11061.0 7052.9 2999.3 7805.4 15539.6 2090.3

2010 36938.1 13328.6 10050.9 2434.7 11158.4 7355.1 3065.5 9385.6 14141.8 2273.12011 38314.6 13222.9 9840.5 2521.0 11631.3 7800.0 3006.8 10453.6 13580.0 2239.7

2005 -- Q1 25826.1 10826.0 8067.8 2248.5 7968.3 5291.3 2533.9 4498.0 12183.6 1455.3

Q2 26388.8 11138.5 8338.9 2276.6 8132.4 5367.8 2566.6 4551.4 12481.3 1483.5Q3 26957.3 11447.5 8623.0 2300.8 8300.0 5448.4 2598.9 4610.9 12576.5 1519.6

Q4 27589.2 11743.4 8880.8 2320.6 8521.3 5579.9 2622.6 4701.9 12997.5 1513.9

2006 -- Q1 28252.0 12088.3 9183.3 2338.9 8755.8 5709.4 2623.6 4784.2 13354.9 1566.3

Q2 28896.5 12430.3 9478.8 2362.3 8986.1 5833.7 2654.6 4825.4 13746.5 1614.9Q3 29381.8 12698.1 9712.0 2386.7 9155.6 5899.5 2684.3 4843.8 13986.8 1764.1

Q4 29985.0 12915.4 9868.5 2416.0 9463.4 6103.3 2720.9 4885.3 14296.5 1882.6

2007 -- Q1 30617.5 13151.0 10073.2 2446.4 9741.2 6262.9 2767.1 4958.2 14818.3 1924.0Q2 31253.2 13391.8 10266.3 2480.9 10080.1 6485.9 2808.0 4973.3 15191.3 2011.5

Q3 31919.1 13603.9 10422.0 2522.6 10433.1 6725.5 2837.1 5045.0 15823.2 2018.6

Q4 32531.0 13782.4 10545.7 2555.3 10758.4 6933.6 2867.8 5122.3 16218.4 2126.3

2008 -- Q1 33024.5 13896.2 10615.3 2586.6 11004.9 7091.1 2880.5 5242.9 16467.3 2181.6Q2 33322.3 13900.9 10600.3 2609.1 11215.4 7216.1 2885.9 5320.0 16706.3 2181.6

Q3 33937.3 13873.1 10553.1 2607.6 11366.8 7296.0 2891.3 5806.1 16984.8 2025.6

Q4 34468.0 13801.1 10496.5 2594.1 11417.6 7269.4 2887.8 6361.5 17119.8 1708.8

2009 -- Q1 34847.2 13771.0 10498.0 2570.6 11424.0 7308.5 2903.2 6749.0 17033.0 1756.8Q2 35206.9 13711.7 10449.2 2538.4 11353.1 7273.6 2933.8 7208.3 16451.0 1812.8

Q3 35384.2 13632.4 10388.8 2512.1 11244.5 7203.0 2961.7 7545.5 15968.8 1884.7

Q4 35435.9 13570.2 10351.2 2478.9 11061.0 7052.9 2999.3 7805.4 15539.6 2090.3

2010 -- Q1 35803.8 13502.9 10225.2 2454.5 11076.9 7160.5 3017.3 8206.7 14807.8 2120.6

Q2 36151.0 13428.6 10161.6 2433.9 11039.9 7191.8 3013.3 8669.1 14530.8 2109.7

Q3 36489.5 13353.5 10096.9 2420.6 11090.3 7282.4 3028.8 9016.9 14354.9 2142.7

Q4 36938.1 13328.6 10050.9 2434.7 11158.4 7355.1 3065.5 9385.6 14141.8 2273.1

2011 -- Q1 37148.1 13264.9 9982.4 2447.8 11271.7 7471.1 3040.5 9571.0 14113.8 2326.3

Q2 37436.2 13249.2 9921.5 2469.7 11395.5 7596.2 3013.9 9777.6 13855.9 2319.9

Q3 37845.2 13209.3 9875.3 2478.4 11498.5 7684.6 3014.1 10123.3 13732.2 2271.1

Q4 38314.6 13222.9 9840.5 2521.0 11631.3 7800.0 3006.8 10453.6 13580.0 2239.7

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


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10 Z.1, March 8, 2012

F.1 Total Credit Market Borrowing and Lending (1)Billions of dollars; quarterly figures are seasonally adjusted annual rates

2007 2008 2009 2010 2011 2010 2011

Q3 Q4 Q1 Q2 Q3 Q4

1 Credit market borrowing 4504.4 2612.6 -580.4 554.0 778.5 782.4 1087.3 940.5 94.7 946.4 1132.2 1

2 Domestic nonfinancial sectors 2539.5 1937.0 1052.1 1446.1 1368.3 1354.0 1794.5 839.9 1130.8 1636.2 1866.5 2

3 Household sector 867.0 13.7 -230.9 -279.3 -113.9 -300.4 -99.6 -254.9 -84.4 -159.3 43.1 3

4 Nonfinancial corporate business 823.8 340.8 -132.3 284.8 444.9 362.5 290.4 464.5 500.4 353.3 461.3 4

5 Nonfinancial noncorporate business 464.7 323.3 -140.1 -205.9 28.0 -161.0 -18.1 -11.4 -5.1 58.5 70.0 56 State and local governments 146.9 20.0 111.5 66.2 -58.6 62.0 146.6 -99.9 -106.5 1.0 -29.1 6

7 Federal government 237.1 1239.2 1443.9 1580.2 1067.9 1390.9 1475.1 741.5 826.4 1382.6 1321.2 7

8 Rest of the world 170.3 -226.2 211.7 88.2 -33.4 132.0 145.1 212.7 -25.7 -195.3 -125.4 8

9 Financial sectors 1794.6 901.8 -1844.1 -980.3 -556.4 -703.6 -852.2 -112.0 -1010.4 -494.4 -608.9 9

10 U.S.-chartered commercial banks 131.8 79.1 -152.6 -133.5 -55.9 -175.6 -111.9 -15.6 -67.1 -94.4 -46.6 10

11 Foreign banking offices in U.S. 0.0 -0.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1112 Bank holding companies 129.4 84.0 -10.3 -42.6 -82.9 204.4 -180.9 44.3 -186.9 -107.7 -81.3 12

13 Savings institutions 104.1 -67.1 -169.6 -29.0 -24.0 -61.9 47.9 -39.9 -33.3 -63.6 40.9 13

14 Credit unions 13.4 8.3 -14.1 -0.4 -2.0 0.8 3.6 -9.6 -3.5 3.7 1.6 14

15 Life insurance companies 14.5 26.2 -6.6 -3.2 1.8 -1.2 -0.8 1.8 2.4 0.9 2.0 15

16 Government-sponsored enterprises 282.4 271.7 -475.3 -233.8 -200.8 -372.1 -254.3 11.1 -479.9 -138.3 -196.0 16

17 Agency- and GSE-backed mortgage pools 623.3 497.0 415.3 186.9 162.6 159.7 189.6 263.7 146.5 124.0 116.3 17

18 ABS issuers 340.0 -408.1 -740.2 -520.3 -270.2 -465.8 -431.3 -329.6 -258.1 -273.2 -219.9 18

19 Finance companies 34.9 -79.4 -156.2 -173.9 -38.7 -143.0 -66.5 -9.7 -169.8 40.2 -15.3 19

20 REITs 10.2 -53.8 -50.0 -2.1 31.1 35.7 -40.2 44.5 75.9 25.9 -22.0 20

21 Brokers and dealers -4.0 77.7 -49.7 36.9 -37.9 -19.2 134.4 -5.9 -72.7 -43.4 -29.7 21

22 Funding corporations 114.5 466.4 -434.8 -65.3 -39.5 134.5 -141.8 -67.1 36.3 31.4 -158.8 22

23 Credit market lending 4504.4 2612.6 -580.4 554.0 778.5 782.4 1087.3 940.5 94.7 946.4 1132.2 23

24 Domestic nonfinancial sectors 517.5 -94.3 122.0 324.3 -464.7 -254.1 1055.9 -494.5 -952.0 -659.1 246.8 24

25 Household sector 502.2 -6.0 -140.4 188.0 -381.6 -530.1 962.2 -569.8 -781.2 -572.4 397.0 25

26 Nonfinancial corporate business -79.1 -32.2 9.6 13.9 3.1 51.9 -61.5 10.9 8.5 -0.2 -7.0 26

27 Nonfinancial noncorporate business 10.0 -10.9 -6.7 -3.6 0.6 -3.3 -0.6 -0.1 0.3 1.0 1.3 27

28 State and local governments 77.9 -131.8 -36.6 40.8 -84.4 46.2 76.8 -57.4 -106.1 -103.4 -70.7 2829 Federal government 6.6 86.5 296.1 85.3 -2.4 181.3 79.0 121.9 -73.5 15.9 -73.8 29

30 Rest of the world 943.8 357.7 143.5 520.5 215.5 843.1 238.6 9.5 106.1 702.6 43.9 30

31 Financial sectors 3043.1 2349.1 -845.9 -290.9 1027.6 193.4 -207.2 1425.5 940.6 902.9 841.5 31

32 Monetary authority -38.3 245.4 1001.6 271.5 376.5 -221.5 397.3 1043.0 842.0 -133.8 -245.3 32

33 U.S.-chartered commercial banks 535.7 531.1 -116.8 -184.3 156.9 107.7 -48.1 -180.9 -128.9 401.1 536.4 33

34 Foreign banking offices in U.S. 201.7 100.8 -285.8 -30.8 37.7 472.2 -565.7 46.1 102.8 111.2 -109.2 3435 Bank holding companies 23.2 13.9 -16.0 22.1 2.8 180.3 -40.7 30.8 -1.4 20.7 -38.9 35

36 Banks in U.S.-affiliated areas -6.4 -1.9 -2.8 -19.3 -4.9 -11.7 -1.7 -5.1 -9.6 -6.1 1.3 36

37 Savings institutions 63.0 -276.1 -249.6 6.6 -31.6 -23.7 184.8 -187.2 -30.3 -53.4 144.6 37

38 Credit unions 35.3 40.0 33.1 24.6 39.5 -41.0 76.4 50.5 10.8 24.5 72.0 38

39 Property-casualty insurance companies 5.3 -15.9 33.3 3.9 -6.0 19.7 -6.3 20.4 -19.3 0.7 -25.6 39

40 Life insurance companies 84.8 11.6 139.8 151.6 153.1 202.8 161.1 168.3 106.4 221.7 115.9 40

41 Private pension funds 102.5 90.6 111.6 108.0 101.9 97.5 129.5 78.6 105.9 111.3 111.6 41

42 State and local govt. retirement funds 12.3 13.3 -8.8 -8.2 16.0 -14.0 2.8 34.2 -18.1 60.3 -12.2 4243 Federal government retirement funds 11.7 24.2 7.4 11.0 19.3 18.9 1.5 13.9 15.8 32.4 15.2 43

44 Money market mutual funds 375.6 738.6 -644.0 -410.0 7.2 -345.3 -319.4 58.5 -109.8 109.8 -29.6 44

45 Mutual funds 271.1 73.3 380.7 374.3 421.5 565.3 250.8 527.5 388.9 220.2 549.4 45

46 Closed-end funds -0.9 -41.1 9.6 5.0 -1.1 8.9 6.7 8.5 2.6 -19.4 3.7 4647 Exchange-traded funds 13.3 23.0 46.0 29.7 38.8 35.2 -3.2 21.7 43.6 45.7 44.1 47


49 Agency- and GSE-backed mortgage pools 623.3 497.0 415.3 186.9 162.6 159.7 189.6 263.7 146.5 124.0 116.3 4950 ABS issuers 337.1 -391.6 -705.6 -510.5 -265.6 -465.9 -421.6 -336.3 -248.1 -258.4 -219.7 50

51 Finance companies 16.6 -72.3 -223.3 -141.7 -55.6 -159.2 -50.4 -53.3 -108.7 -84.1 23.8 51

52 REITs -19.9 -68.9 -8.7 37.1 114.7 59.3 53.3 207.8 175.8 89.2 -14.2 52

53 Brokers and dealers 219.7 -85.7 -192.1 32.2 9.7 76.2 -94.3 69.2 31.1 -107.9 46.4 53

54 Funding corporations -62.7 657.1 -233.0 77.9 -66.3 -34.6 86.2 -476.2 -60.3 352.0 -80.8 54

(1) Excludes corporate equities and mutual fund shares.


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Z.1, March 8, 2012 11

F.2 Credit Market Borrowing by Nonfinancial SectorsBillions of dollars; quarterly figures are seasonally adjusted annual rates

2007 2008 2009 2010 2011 2010 2011

Q3 Q4 Q1 Q2 Q3 Q4

1 Domestic 2539.5 1937.0 1052.1 1446.1 1368.3 1354.0 1794.5 839.9 1130.8 1636.2 1866.5 1

2 By instrument 2539.5 1937.0 1052.1 1446.1 1368.3 1354.0 1794.5 839.9 1130.8 1636.2 1866.5 2

3 Commercial paper 11.3 7.7 -73.1 24.5 33.3 43.8 -58.7 25.9 49.6 29.7 27.9 34 Treasury securities 237.5 1239.0 1443.7 1579.6 1066.8 1390.4 1474.4 740.4 826.2 1380.7 1320.0 4

5 Agency- and GSE-backed securities -0.4 0.2 0.1 0.7 1.1 0.5 0.8 1.2 0.2 1.9 1.1 5

6 Municipal securities 235.9 95.3 154.5 97.7 -52.2 76.9 192.4 -74.3 -110.3 -9.6 -14.7 67 Corporate bonds 311.2 204.6 377.2 420.6 376.0 510.6 507.7 393.5 451.9 306.7 351.9 7

8 Bank loans n.e.c. 240.2 192.5 -296.0 -33.0 150.6 -84.3 62.0 110.9 212.0 137.6 142.0 8

9 Other loans and advances 311.0 74.9 -154.2 -85.3 36.8 -50.3 -71.9 -8.2 16.2 62.4 76.9 9

10 Mortgages 1053.5 84.0 -285.0 -514.5 -330.4 -480.0 -368.8 -402.0 -402.5 -308.0 -209.0 10

11 Home 714.0 -111.3 -199.2 -343.3 -238.6 -293.6 -207.2 -305.7 -272.1 -207.0 -169.7 11

12 Multifamily residential 84.4 46.2 7.5 -10.2 3.4 0.8 -7.4 0.9 -0.6 4.6 8.6 12

13 Commercial 250.4 127.1 -90.0 -165.9 -91.1 -192.2 -159.2 -93.3 -125.8 -101.5 -43.8 13

14 Farm 4.6 22.0 -3.4 4.9 -4.0 5.0 5.0 -4.0 -4.0 -4.1 -4.1 1415 Consumer credit 139.3 38.8 -115.3 -44.2 86.3 -53.5 56.5 52.6 87.5 34.6 170.4 15

16 By sector 2539.5 1937.0 1052.1 1446.1 1368.3 1354.0 1794.5 839.9 1130.8 1636.2 1866.5 16

17 Household sector 867.0 13.7 -230.9 -279.3 -113.9 -300.4 -99.6 -254.9 -84.4 -159.3 43.1 17

18 Nonfinancial business 1288.5 664.1 -272.4 79.0 472.9 201.5 272.3 453.1 495.3 411.9 531.3 18

19 Corporate 823.8 340.8 -132.3 284.8 444.9 362.5 290.4 464.5 500.4 353.3 461.3 19

20 Noncorporate 464.7 323.3 -140.1 -205.9 28.0 -161.0 -18.1 -11.4 -5.1 58.5 70.0 20

21 State and local governments 146.9 20.0 111.5 66.2 -58.6 62.0 146.6 -99.9 -106.5 1.0 -29.1 21

22 Federal government 237.1 1239.2 1443.9 1580.2 1067.9 1390.9 1475.1 741.5 826.4 1382.6 1321.2 22

23 Foreign borrowing in U.S. 170.3 -226.2 211.7 88.2 -33.4 132.0 145.1 212.7 -25.7 -195.3 -125.4 23

24 Commercial paper -69.3 -71.0 59.4 -2.7 -53.8 13.9 55.8 120.2 -51.9 -256.9 -26.7 24

25 Bonds 218.7 -158.8 163.2 72.8 -8.4 89.8 58.9 44.2 14.0 19.1 -111.0 25

26 Bank loans n.e.c. 24.1 5.1 -11.2 17.9 29.2 28.2 29.9 47.9 13.7 41.7 13.3 26

27 Other loans and advances -3.2 -1.5 0.3 0.2 -0.3 0.1 0.5 0.5 -1.5 0.8 -1.0 27

28 Domestic and foreign 2709.8 1710.8 1263.8 1534.2 1334.9 1486.0 1939.6 1052.6 1105.1 1440.9 1741.0 28

F.3 Credit Market Borrowing by Financial SectorsBillions of dollars; quarterly figures are seasonally adjusted annual rates

1 By instrument 1794.6 901.8 -1844.1 -980.3 -556.4 -703.6 -852.2 -112.0 -1010.4 -494.4 -608.9 1

2 Open market paper -111.4 -125.6 -448.2 -101.7 -67.6 189.6 -206.0 92.2 -99.8 31.0 -294.0 2

3 GSE issues 282.4 271.7 -475.3 -233.8 -200.8 -372.1 -254.3 11.1 -479.9 -138.3 -196.0 3

4 Agency- and GSE-backed mortgage pool sec. 623.3 497.0 415.3 186.9 162.6 159.7 189.6 263.7 146.5 124.0 116.3 4

5 Corporate bonds 699.0 -277.5 -589.2 -596.9 -343.1 -336.6 -477.2 -399.0 -382.4 -334.6 -256.4 56 Bank loans n.e.c. 70.9 496.1 -467.5 -90.2 -47.4 -103.4 -62.1 -46.7 -115.8 -39.7 12.4 6

7 Other loans and advances 225.8 33.3 -282.6 -144.7 -67.3 -244.0 -37.3 -40.4 -97.4 -141.2 9.8 7

8 Mortgages 4.7 6.8 3.4 0.2 7.2 3.1 -5.0 7.1 18.4 4.2 -0.9 8

9 By sector 1794.6 901.8 -1844.1 -980.3 -556.4 -703.6 -852.2 -112.0 -1010.4 -494.4 -608.9 9

10 U.S.-chartered commercial banks 131.8 79.1 -152.6 -133.5 -55.9 -175.6 -111.9 -15.6 -67.1 -94.4 -46.6 10

11 Foreign banking offices in U.S. 0.0 -0.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11

12 Bank holding companies 129.4 84.0 -10.3 -42.6 -82.9 204.4 -180.9 44.3 -186.9 -107.7 -81.3 12

13 Savings institutions 104.1 -67.1 -169.6 -29.0 -24.0 -61.9 47.9 -39.9 -33.3 -63.6 40.9 13

14 Credit unions 13.4 8.3 -14.1 -0.4 -2.0 0.8 3.6 -9.6 -3.5 3.7 1.6 14

15 Life insurance companies 14.5 26.2 -6.6 -3.2 1.8 -1.2 -0.8 1.8 2.4 0.9 2.0 15


17 Agency- and GSE-backed mortgage pools 623.3 497.0 415.3 186.9 162.6 159.7 189.6 263.7 146.5 124.0 116.3 17

18 ABS issuers 340.0 -408.1 -740.2 -520.3 -270.2 -465.8 -431.3 -329.6 -258.1 -273.2 -219.9 18

19 Finance companies 34.9 -79.4 -156.2 -173.9 -38.7 -143.0 -66.5 -9.7 -169.8 40.2 -15.3 19

20 REITs 10.2 -53.8 -50.0 -2.1 31.1 35.7 -40.2 44.5 75.9 25.9 -22.0 20

21 Brokers and dealers -4.0 77.7 -49.7 36.9 -37.9 -19.2 134.4 -5.9 -72.7 -43.4 -29.7 21

22 Funding corporations 114.5 466.4 -434.8 -65.3 -39.5 134.5 -141.8 -67.1 36.3 31.4 -158.8 22


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F.4 Credit Market Borrowing, All Sectors, by InstrumentBillions of dollars; quarterly figures are seasonally adjusted annual rates

2007 2008 2009 2010 2011 2010 2011

Q3 Q4 Q1 Q2 Q3 Q4

1 Total 4504.4 2612.6 -580.4 554.0 778.5 782.4 1087.3 940.5 94.7 946.4 1132.2 1

2 Open market paper -169.4 -189.0 -461.9 -79.9 -88.2 247.3 -208.8 238.2 -102.1 -196.1 -292.9 2

3 Treasury securities 237.5 1239.0 1443.7 1579.6 1066.8 1390.4 1474.4 740.4 826.2 1380.7 1320.0 34 Agency- and GSE-backed securities 905.3 768.9 -59.9 -46.2 -37.1 -211.8 -64.0 276.0 -333.3 -12.4 -78.6 4

5 Municipal securities 235.9 95.3 154.5 97.7 -52.2 76.9 192.4 -74.3 -110.3 -9.6 -14.7 5

6 Corporate and foreign bonds 1228.9 -231.7 -48.7 -103.5 24.5 263.7 89.5 38.7 83.5 -8.8 -15.5 6

7 Bank loans n.e.c. 335.1 693.7 -774.6 -105.4 132.3 -159.5 29.8 112.1 109.9 139.7 167.7 7

8 Other loans and advances 533.6 106.7 -436.5 -229.8 -30.8 -294.2 -108.7 -48.1 -82.7 -78.0 85.7 8

9 Mortgages 1058.2 90.8 -281.6 -514.3 -323.1 -477.0 -373.8 -394.9 -384.1 -303.7 -209.9 910 Consumer credit 139.3 38.8 -115.3 -44.2 86.3 -53.5 56.5 52.6 87.5 34.6 170.4 10

Memo:

Funds raised through corporate equities and mutual fund shares

11 Total net issues -95.8 294.0 803.9 381.2 164.7 510.0 329.9 958.8 220.4 -462.0 -58.6 11

12 Corporate equities -460.5 263.1 313.4 -8.0 -246.6 -60.3 -75.6 -46.2 -206.2 -233.9 -500.2 12

13 Nonfinancial -786.8 -336.0 -64.6 -278.0 -489.9 -336.5 -360.9 -325.6 -512.5 -606.6 -514.8 13

Foreign shares purchased by

14 U.S. residents 147.8 -38.5 63.6 79.1 90.1 67.6 114.8 188.5 107.8 91.2 -27.0 14

15 Financial 178.6 637.6 314.3 190.8 153.1 208.6 170.5 90.9 198.5 281.4 41.6 15

16 Mutual fund shares 364.7 31.0 490.5 389.3 411.3 570.3 405.5 1005.0 426.6 -228.0 441.6 16

F.5 Net Increase in Liabilities and Its Relation to Net Acquisition of Financial AssetsBillions of dollars; quarterly figures are seasonally adjusted annual rates

Net flows through credit markets

1 (from table F.4, line 1) 4504.4 2612.6 -580.4 554.0 778.5 782.4 1087.3 940.5 94.7 946.4 1132.2 1

2 U.S. official reserve assets 0.1 4.8 99.9 1.8 21.7 4.4 -0.8 14.5 25.1 16.3 31.1 2

3 SDR certificates 0.0 0.0 3.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 34 Treasury currency -0.7 -0.8 -0.4 -0.3 0.0 -1.1 0.0 0.0 0.0 0.0 0.0 4

5 Foreign deposits 256.0 -394.3 -106.1 71.7 -16.1 33.6 97.4 181.8 -64.1 -32.7 -149.4 5

6 Net interbank transactions -97.5 1801.9 -609.0 -185.8 821.9 -305.2 274.7 2989.5 128.2 400.7 -231.0 6

7 Checkable deposits and currency 36.7 568.4 -7.9 266.3 232.8 112.0 476.9 -511.1 510.3 426.4 505.7 78 Small time and savings deposits 316.4 524.8 517.2 298.4 577.9 453.7 363.6 99.1 914.1 749.2 549.2 8

9 Large time deposits 283.4 -190.6 -141.8 -182.3 -204.7 94.2 -149.7 116.2 1.9 -687.1 -249.9 910 Money market fund shares 720.9 724.2 -499.0 -502.9 -112.8 -130.6 -195.1 -92.6 -60.3 -318.7 20.3 10

11 Security RPs 8.1 -889.5 207.8 -201.3 -124.5 -340.8 -29.8 104.9 -182.0 -814.0 393.1 11

12 Corporate equities -460.5 263.1 313.4 -8.0 -246.6 -60.3 -75.6 -46.2 -206.2 -233.9 -500.2 12


14 Trade payables 202.0 -170.0 -23.8 198.8 275.9 323.3 101.3 324.5 226.1 272.2 280.8 14

15 Security credit 276.5 -397.9 -95.9 123.6 97.6 105.2 203.7 128.2 273.2 222.0 -233.0 15

16 Life insurance reserves 34.2 67.0 26.5 17.2 59.8 49.0 5.3 36.4 57.8 110.7 34.5 16

17 Pension fund reserves 201.1 125.7 135.4 208.9 139.8 219.9 258.2 140.1 -114.3 439.2 94.1 17

18 Taxes payable -69.3 -123.8 -3.4 11.2 20.3 28.4 33.0 62.7 -32.2 -6.2 56.7 18

19 Noncorporate proprietors equity 15.3 -288.5 -13.2 49.7 -38.2 16.5 -21.3 -20.7 -26.1 -49.1 -57.0 19

20 Miscellaneous 2447.3 2050.5 -461.3 1066.7 1111.3 1390.4 84.5 1295.7 1131.7 1148.2 869.6 20

21 Total financial sources 9039.1 6318.6 -748.5 2177.0 3805.8 3345.3 2919.3 6768.5 3104.3 2361.6 2988.6 21

- Liabilities not identified as assets:

22 Treasury currency -1.2 -0.8 -4.4 -1.1 -0.7 -1.9 -0.5 -1.0 -0.7 -0.5 -0.5 22

23 Foreign deposits 196.5 -347.1 -74.4 18.2 10.7 -56.8 36.2 136.2 -99.8 50.6 -44.0 23

24 Net interbank liabilities 1.8 30.6 34.4 -20.2 27.6 61.0 136.6 54.0 -241.2 174.4 123.0 24

25 Security RPs -231.4 -604.9 466.5 -85.4 -128.4 -393.0 39.1 -378.3 -234.0 -141.5 240.3 2526 Taxes payable -36.5 -64.0 -41.6 -58.0 -54.6 -45.4 -61.5 -24.7 -73.6 -135.5 15.2 26

27 Miscellaneous 25.8 1959.2 -348.7 339.2 122.4 328.8 9.0 43.7 228.5 589.6 -372.2 27

- Floats not included in assets:

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

29 Federal govt. 1.2 -3.3 0.7 0.0 0.1 1.1 3.7 -62.7 62.6 -4.5 4.9 29

30 Private domestic -0.1 -2.0 -1.0 -1.1 0.9 1.4 -3.0 1.3 0.2 2.9 -0.9 30

31 Trade credit -53.0 12.8 77.4 67.5 81.2 135.5 -50.0 145.9 18.6 67.9 92.6 31

Totals identified to sectors

32 as assets 9136.1 5338.0 -857.5 1918.0 3746.5 3314.7 2809.6 6854.1 3443.6 1758.3 2930.0 32


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F.6 Distribution of Gross Domestic Product (1)Billions of dollars; quarterly figures are seasonally adjusted annual rates

2007 2008 2009 2010 2011 2010 2011

Q3 Q4 Q1 Q2 Q3 Q4

1 Gross Domestic Product (GDP) 14028.7 14291.5 13938.9 14526.6 15094.4 14605.5 14755.0 14867.8 15012.8 15176.1 15320.8 1

2 Personal consumption expenditures (2) 9772.3 10035.5 9866.1 10245.5 10726.4 10276.6 10417.1 10571.7 10676.0 10784.5 10873.6 2

3 Durable goods 1188.4 1108.9 1029.6 1085.5 1162.3 1087.5 1124.7 1154.5 1143.8 1158.3 1192.7 3

4 Nondurable goods 2175.5 2272.8 2167.8 2301.5 2483.1 2299.0 2358.7 2437.8 2478.9 2503.0 2512.9 4

5 Services 6408.3 6653.8 6668.7 6858.5 7081.0 6890.1 6933.7 6979.4 7053.3 7123.2 7168.0 5

6 Gross private domestic investment 2295.2 2087.6 1546.8 1795.1 1914.6 1850.5 1818.0 1853.1 1895.3 1906.6 2003.6 6

7 Fixed investment 2266.1 2128.7 1707.6 1728.2 1867.6 1743.8 1779.3 1791.1 1841.7 1905.8 1931.8 7

8 Nonresidential 1637.5 1656.3 1353.0 1390.1 1530.2 1416.5 1447.9 1460.5 1506.0 1568.7 1585.7 8

9 Household sector (nonprofit organizations) 120.2 132.0 123.6 118.8 120.3 119.4 119.3 117.3 120.2 122.0 121.5 9

10 Nonfinancial corporate business 1104.7 1130.9 903.9 928.2 1027.0 947.2 972.4 979.7 1011.1 1053.1 1064.2 10

11 Nonfinancial noncorporate business 225.0 198.4 157.4 161.4 187.0 165.1 168.7 174.2 181.4 193.4 199.0 1112 Financial institutions 187.5 195.0 168.1 181.7 195.9 184.9 187.5 189.2 193.3 200.3 201.0 12

13 Residential 628.7 472.4 354.7 338.1 337.3 327.3 331.3 330.6 335.7 337.0 346.1 13

14 Household sector 541.7 397.2 296.0 287.7 286.5 278.3 281.6 281.0 285.1 286.2 293.8 14

15 Nonfinancial corporate business 15.7 5.5 4.4 -2.1 3.7 -5.5 0.8 0.7 -1.2 -6.6 22.1 15

16 Nonfinancial noncorporate business 80.5 69.6 54.4 47.8 48.3 46.8 47.3 47.2 48.0 48.2 49.7 16

17 REITs -9.3 0.1 -0.1 4.7 -1.2 7.7 1.7 1.6 3.9 9.3 -19.5 17

18 Change in private inventories 29.1 -41.1 -160.8 66.9 47.0 106.7 38.7 62.0 53.6 0.8 71.7 18

19 Nonfinancial corporate business 28.2 -40.2 -151.5 64.7 50.2 105.8 41.4 65.7 58.1 4.8 72.2 19

20 Nonfinancial noncorporate business 0.9 -0.9 -9.3 2.2 -3.2 0.9 -2.7 -3.7 -4.5 -4.0 -0.5 20

21 Net U.S. exports of goods and services -713.1 -709.7 -391.5 -516.9 -576.9 -540.3 -500.2 -571.3 -597.1 -562.3 -576.7 21

22 Exports 1661.7 1846.8 1583.0 1839.8 2087.5 1860.6 1935.3 2024.1 2085.3 2119.2 2121.4 22

23 - Imports 2374.8 2556.5 1974.6 2356.7 2664.4 2400.9 2435.5 2595.4 2682.4 2681.6 2698.1 23

Government consumption expenditures and

24 gross investment 2674.2 2878.1 2917.5 3002.8 3030.2 3018.7 3020.2 3014.4 3038.6 3047.3 3020.4 24

25 Consumption expenditures (3) 2217.8 2381.0 2412.2 2497.5 2547.8 2505.6 2509.7 2530.7 2560.4 2561.0 2539.1 25

26 Federal 848.9 931.7 986.6 1054.0 1072.6 1066.6 1059.6 1059.1 1077.5 1084.9 1068.8 26

27 State and local 1368.9 1449.2 1425.5 1443.5 1475.2 1438.9 1450.1 1471.7 1482.9 1476.1 1470.2 27

28 Gross investment (3) 456.5 497.2 505.4 505.3 482.4 513.1 510.5 483.6 478.2 486.3 481.4 2829 Federal 127.4 148.4 156.1 168.8 160.3 170.8 174.7 160.9 159.6 164.0 156.6 29

30 State and local 329.0 348.8 349.3 336.5 322.1 342.3 335.9 322.8 318.6 322.3 324.8 30

Memo:

31 Net U.S. income receipts from rest of the world 123.3 169.2 152.3 189.4 266.0 207.4 184.4 227.1 261.2 267.3 308.2 3132 U.S. income receipts 871.0 856.1 639.8 702.9 797.0 708.9 729.4 752.1 803.2 792.2 840.4 32

33 - U.S. income payments 747.7 686.9 487.5 513.5 531.0 501.6 545.0 525.0 542.0 524.9 532.3 33

Gross National Product (GNP) =

34 GDP + net U.S. income receipts 14151.9 14460.7 14091.2 14715.9 15360.3 14812.8 14939.4 15094.9 15274.0 15443.4 15629.0 34

Acquisition of nonproduced nonfinancial assets (net)

35 Household sector -11.3 -11.2 -11.2 -11.3 -12.0 -11.4 -11.6 -11.8 -12.1 -12.2 -12.0 3536 Nonfinancial corporate business -1.7 16.3 3.9 -3.4 -3.5 -5.0 -3.4 -3.6 -3.2 -2.8 -4.4 36

37 State and local governments 13.8 14.1 14.4 14.5 15.5 14.6 14.8 15.2 15.5 15.7 15.8 37

38 Federal governments -1.3 -19.2 -7.1 0.2 -0.1 1.8 0.1 0.3 -0.2 -0.6 0.2 38

39 Rest of the world 0.5 -0.0 0.0 0.0 0.1 0.0 0.0 0.0 0.0 0.0 0.3 39

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

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

(3) Government inventory investment is included in consumption expenditures.


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F.7 Distribution of National Income (1)Billions of dollars; quarterly figures are seasonally adjusted annual rates

2007 2008 2009 2010 2011 2010 2011

Q3 Q4 Q1 Q2 Q3 Q4

1 National Income 12396.4 12609.1 12147.6 12840.1 13427.8 12942.1 13018.8 13232.6 13344.1 13519.3 13615.3 1

2 Compensation of employees 7855.9 8068.3 7806.4 7971.4 8293.0 8022.2 8050.8 8172.5 8219.7 8338.3 8441.3 2

3 Wages and other labor income 7402.2 7603.2 7343.4 7498.2 7794.5 7546.5 7573.9 7681.1 7725.7 7837.0 7934.0 34 Employer social insurance contributions 459.9 470.1 458.0 473.2 498.5 475.7 476.9 491.4 494.0 501.3 507.3 4

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

Proprietors income with inventory

6 valuation and capital consumption adjustments 1090.4 1097.9 941.2 1036.4 1108.8 1057.0 1081.5 1095.6 1106.5 1113.7 1119.3 6

Rental income of persons (with capital

7 consumption adjustment) 143.7 231.6 305.9 350.2 403.6 352.8 354.8 385.0 396.9 406.3 426.1 7

Corporate profits with inventory

8 valuation and capital consumption adjustments 1510.6 1248.4 1362.0 1800.1 1932.1 1833.1 1857.4 1876.4 1937.6 1970.1 1944.3 8

Corporate profits with inventory

9 valuation adjustment 1691.1 1315.5 1456.3 1780.4 1825.5 1812.6 1652.2 1761.1 1830.2 1867.4 1843.4 9

10 Profits before tax 1738.4 1359.9 1455.7 1819.5 1884.8 1844.5 1742.5 1877.1 1890.6 1912.9 1858.7 10

11 Domestic nonfinancial 1042.0 831.2 693.5 942.8 1000.2 961.5 848.9 974.8 1006.3 1013.4 1006.2 11

12 Domestic financial 345.5 122.2 401.8 494.7 453.2 487.8 520.8 491.5 438.9 448.7 433.8 12

13 Rest of the world 350.9 406.6 360.4 381.9 431.4 395.3 372.9 410.8 445.4 450.8 418.7 13

Less:14 Taxes on corporate income 445.5 309.0 272.4 411.1 412.1 430.3 404.7 422.3 420.5 411.4 394.4 14



Equals:

17 Profits after tax 1292.9 1050.9 1183.3 1408.4 1472.7 1414.2 1337.8 1454.8 1470.1 1501.5 1464.3 17

18 Net dividends 794.5 786.9 620.0 737.3 814.3 760.5 774.8 793.8 807.4 821.4 834.6 18



21 Rest of the world 144.8 180.5 103.6 122.0 168.2 131.2 115.0 149.6 143.3 210.8 169.2 21

22 Undistributed profits 498.4 264.0 563.3 671.1 658.4 653.7 563.0 660.9 662.7 680.1 629.7 2223 Domestic nonfinancial 263.6 129.6 169.5 314.7 309.8 316.0 204.2 314.3 294.9 329.3 300.9 23

24 Domestic financial 28.7 -91.7 137.0 96.4 85.3 73.6 100.9 85.5 65.7 110.8 79.3 24

25 Rest of the world 206.1 226.1 256.8 259.9 263.2 264.1 257.9 261.1 302.1 240.0 249.5 25

26 Inventory valuation adjustment -47.2 -44.5 0.6 -39.1 -59.3 -32.0 -90.3 -116.0 -60.4 -45.5 -15.3 26

27 Capital consumption adjustment -180.5 -67.1 -94.3 19.7 106.6 20.5 205.2 115.4 107.3 102.7 100.9 27

28 Domestic nonfinancial -158.8 -31.7 -52.0 47.8 126.3 48.3 214.1 133.6 127.2 123.1 121.4 2829 Domestic financial -21.7 -35.4 -42.3 -28.1 -19.7 -27.8 -8.8 -18.2 -19.9 -20.4 -20.5 29

30 Net interest and miscellaneous payments 731.6 870.1 656.7 564.3 535.7 550.1 548.7 556.6 525.6 535.7 525.0 30

31 Taxes on production and imports 1027.2 1038.6 1017.9 1054.0 1098.7 1059.0 1065.5 1087.4 1101.1 1100.0 1106.1 31

32 Less: Subsidies 54.6 52.9 59.7 57.3 62.8 57.0 59.1 60.0 62.7 64.2 64.4 32

33 Business current transfer payments (net) 103.3 123.0 132.0 136.7 134.1 140.9 135.7 134.7 133.9 133.7 134.3 33

34 Current surplus of government enterprises -11.8 -16.0 -14.9 -15.7 -15.3 -16.0 -16.5 -15.6 -14.6 -14.5 -16.8 34

Memo:

Calculation of Gross Domestic Product

from National Income: (2)

35 National Income, from line 1 above 12396.4 12609.1 12147.6 12840.1 13427.8 12942.1 13018.8 13232.6 13344.1 13519.3 13615.3 35

Plus:

36 Private consumption of fixed capital 1476.2 1542.9 1542.4 1540.9 1597.8 1542.6 1557.0 1570.5 1590.5 1607.6 1622.7 36

37 Government consumption of fixed capital 291.3 311.2 323.7 334.0 352.2 335.5 339.1 343.8 349.4 355.2 360.5 37

38 Statistical discrepancy -12.0 -2.4 77.4 0.8 -23.4 -7.4 24.5 -52.0 -10.0 -38.7 7.2 38

Less:

39 Net U.S. income receipts from rest of the world 123.3 169.2 152.3 189.4 266.0 207.4 184.4 227.1 261.2 267.3 308.2 39

Equals:

40 Gross Domestic Product 14028.7 14291.5 13938.9 14526.6 15094.4 14605.5 14755.0 14867.8 15012.8 15176.1 15320.8 40

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

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


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F.8 Saving and Investment by Sector (1)Billions of dollars; quarterly figures are seasonally adjusted annual rates

2007 2008 2009 2010 2011 2010 2011

Q3 Q4 Q1 Q2 Q3 Q4

1 Gross saving 2047.7 1908.2 1597.3 1820.4 1959.6 1883.2 1839.3 1895.2 1890.5 1989.4 2063.1 1

2 Net saving 280.2 54.1 -268.8 -54.5 9.5 5.0 -56.8 -19.1 -49.4 26.6 80.0 2

3 Net private saving 513.2 739.8 1027.1 1244.5 1253.3 1267.9 1266.0 1239.2 1266.2 1270.4 1237.3 34 Domestic business 270.7 152.5 469.6 651.7 705.6 642.3 677.9 660.3 709.6 737.3 715.3 4


6 Financial business 44.3 -85.0 143.9 118.0 94.0 94.9 102.1 96.0 101.4 112.3 66.3 67 Households and institutions 242.5 587.3 557.6 592.8 547.6 625.6 588.1 578.9 556.5 533.1 522.0 7

8 Net government saving -233.0 -685.7 -1296.0 -1299.0 -1243.8 -1262.9 -1322.8 -1258.3 -1315.6 -1243.9 -1157.3 8

9 Federal -245.2 -613.5 -1217.9 -1273.7 -1182.1 -1257.7 -1287.3 -1201.1 -1275.4 -1160.7 -1091.3 9

10 State and local 12.2 -72.2 -78.1 -25.3 -61.7 -5.2 -35.5 -57.2 -40.2 -83.2 -66.1 10

11 Consumption of fixed capital 1767.5 1854.1 1866.2 1874.9 1950.0 1878.2 1896.1 1914.3 1939.9 1962.8 1983.2 11

12 Private 1476.2 1542.9 1542.4 1540.9 1597.8 1542.6 1557.0 1570.5 1590.5 1607.6 1622.7 12

13 Domestic business 1190.7 1248.3 1249.9 1245.7 1294.4 1247.2 1258.7 1270.1 1287.8 1303.2 1316.4 13

14 Nonfinancial corporate business 840.1 864.3 862.2 856.8 890.1 857.7 865.4 873.4 885.4 896.3 905.4 1415 Nonfinancial noncorporate business 210.1 211.3 210.8 209.7 215.8 209.7 210.8 212.4 214.8 217.0 219.0 15

16 Financial business 140.6 172.7 176.9 179.1 188.5 179.8 182.5 184.3 187.6 189.9 192.0 16

17 Households and institutions 285.5 294.6 292.5 295.2 303.4 295.4 298.4 300.4 302.7 304.4 306.3 17

18 Government 291.3 311.2 323.7 334.0 352.2 335.5 339.1 343.8 349.4 355.2 360.5 18

19 Federal 112.6 120.0 124.7 130.0 137.9 130.5 132.3 134.6 136.8 139.2 141.0 19

20 State and local 178.7 191.2 199.0 204.0 214.3 205.0 206.8 209.2 212.6 216.1 219.5 20

Gross domestic investment, capital account21 transactions, and net lending, NIPAs 2035.7 1905.8 1674.8 1821.3 1936.2 1875.7 1863.8 1843.2 1880.5 1950.7 2070.3 21

22 Gross domestic investment 2751.7 2584.8 2052.2 2300.4 2397.0 2363.6 2328.5 2336.7 2373.5 2392.9 2484.9 22

23 Gross private domestic investment 2295.2 2087.6 1546.8 1795.1 1914.6 1850.5 1818.0 1853.1 1895.3 1906.6 2003.6 23

24 Domestic business 1633.3 1558.4 1127.2 1388.6 1507.8 1452.8 1417.1 1454.7 1490.0 1498.4 1588.2 24


26 Nonfinancial noncorporate business 283.7 267.2 202.4 211.4 223.6 212.9 212.0 213.4 217.2 230.1 233.5 26

27 Financial business 187.5 195.0 168.1 181.7 195.9 184.9 187.5 189.2 193.3 200.3 201.0 27

28 Households and institutions 661.9 529.2 419.6 406.5 406.8 397.7 400.9 398.4 405.3 408.2 415.3 28

29 Gross government investment 456.5 497.2 505.4 505.3 482.4 513.1 510.5 483.6 478.2 486.3 481.4 29

30 Federal 127.4 148.4 156.1 168.8 160.3 170.8 174.7 160.9 159.6 164.0 156.6 30

31 State and local 329.0 348.8 349.3 336.5 322.1 342.3 335.9 322.8 318.6 322.3 324.8 31

32 Capital account transactions (net) (2) -0.1 -5.4 0.6 0.7 1.2 1.2 0.5 0.5 3.7 0.4 0.1 32

33 Private -10.0 -71.0 -143.5 -85.3 -84.5 -58.2 -60.1 -67.8 -87.3 -85.3 -97.5 33

34 Domestic business -1.7 -51.2 -85.7 -31.4 -43.2 -31.0 5.3 -23.8 -46.0 -37.6 -65.4 34

35 Nonfinancial corporate business -1.7 12.6 42.2 17.8 -9.2 -8.2 18.7 -8.8 -8.3 -9.6 -10.0 35

36 Nonfinancial noncorporate business 0.0 -3.3 -6.0 -7.8 -1.6 -8.0 -2.6 -2.5 -3.4 -0.3 -0.2 36

37 Financial business 0.0 -60.5 -121.9 -41.5 -32.4 -14.9 -10.8 -12.5 -34.3 -27.7 -55.2 3738 Households and institutions -8.3 -19.8 -57.8 -53.9 -41.3 -27.1 -65.4 -44.0 -41.3 -47.7 -32.2 38

39 Government 10.0 65.6 144.1 86.0 85.7 59.4 60.7 68.4 91.0 85.7 97.6 3940 Federal 55.0 114.3 197.0 149.8 146.2 132.8 129.6 125.5 151.2 149.2 159.0 40

41 State and local -45.1 -48.7 -52.9 -63.8 -60.6 -73.4 -68.9 -57.1 -60.2 -63.5 -61.4 41

42 Net lending (+) or net borrowing (-), NIPAs (3) -715.9 -673.6 -378.0 -479.9 -462.0 -489.1 -465.3 -494.0 -496.7 -442.7 -414.7 42

43 Private -307.8 263.7 1243.7 1076.4 997.6 1010.8 1089.6 972.5 1038.7 1018.0 961.1 43

44 Domestic business -182.2 -108.8 755.4 541.0 512.0 460.3 538.6 447.5 543.5 540.9 516.0 44

45 Nonfinancial corporate business (3) -106.0 -9.5 466.3 378.0 399.3 350.8 429.3 342.4 412.6 424.2 417.9 4546 Nonfinancial noncorporate business -73.6 -52.6 14.5 6.1 -6.2 4.8 1.5 1.5 1.0 -12.9 -14.3 46

47 Financial business -2.6 -46.7 274.6 156.9 118.9 104.7 107.9 103.5 130.0 129.6 112.5 47

48 Households and institutions -125.7 372.6 488.3 535.4 485.6 550.5 551.0 525.0 495.2 477.1 445.1 48

49 Government -408.1 -937.3 -1621.7 -1556.3 -1459.6 -1499.8 -1554.9 -1466.5 -1535.4 -1460.7 -1375.8 4950 Federal -315.0 -756.2 -1446.3 -1462.3 -1350.7 -1430.8 -1459.2 -1352.8 -1449.4 -1334.7 -1265.9 50

51 State and local -93.1 -181.1 -175.4 -94.0 -108.9 -69.0 -95.7 -113.7 -86.0 -125.9 -110.0 51

52 Statistical discrepancy (line 21 less line 1) -12.0 -2.4 77.4 0.8 -23.4 -7.4 24.5 -52.0 -10.0 -38.7 7.2 52

Addenda:

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

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

55 Domestic business 0.0 10.8 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5556 Households and institutions 0.0 8.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 56

57 Government 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 57

58 Federal 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 58

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

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

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

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

(3) Differs from net lending or net bo rrowing (capital account) in the Integrated Macroeconomic Accounts of the United States by the st atistical discrepancy (line 52).


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F.9 Net Capital Transfers (1)Billions of dollars; quarterly figures are seasonally adjusted annual rates

2007 2008 2009 2010 2011 2010 2011

Q3 Q4 Q1 Q2 Q3 Q4

1 Capital transfers paid, by sector 114.5 209.6 290.1 209.9 161.2 167.0 169.3 133.0 167.5 157.5 186.9 1

2 By private business 0.0 7.6 40.4 25.8 0.0 0.5 25.3 0.0 0.0 0.0 0.0 2

3 Financial corporations 0.0 7.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 34 Disaster-related insurance benefits 0.0 7.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

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

6 Nonfinancial corporations 0.0 0.0 40.4 25.8 0.0 0.5 25.3 0.0 0.0 0.0 0.0 67 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 82.8 161.8 224.7 164.6 151.4 146.4 134.4 126.7 157.0 151.3 170.5 8

9 Federal 82.8 161.8 224.7 164.6 151.4 146.4 134.4 126.7 157.0 151.3 170.5 910 Investment grants to state and local govts. 53.7 57.1 62.8 73.6 71.4 82.9 79.0 67.5 70.9 74.5 72.6 10

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

12 Financial stabilization payments 0.0 67.7 121.9 41.5 32.4 14.9 10.8 12.5 34.3 27.7 55.2 12

13 Other capital transfers paid to business 0.0 0.1 8.1 12.3 7.3 11.6 5.8 7.7 8.6 7.1 5.8 13

14 Other capital transfers paid to persons 28.7 33.3 31.3 36.4 39.1 35.8 38.3 38.5 39.6 41.6 36.5 1415 Capital transfers paid to the rest of the world (net) 0.4 0.8 0.6 0.7 1.3 1.2 0.5 0.5 3.7 0.4 0.4 15

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


18 By persons 31.7 34.0 25.1 19.5 9.8 20.0 9.6 6.3 10.4 6.2 16.4 18

19 Estate and gift taxes, federal 26.5 28.3 20.6 15.0 5.1 15.5 5.0 1.5 5.7 1.5 11.8 19

20 Estate and gift taxes, state and local 5.3 5.8 4.5 4.5 4.7 4.6 4.6 4.8 4.8 4.7 4.6 20

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


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 114.5 209.6 290.1 209.9 161.2 167.0 169.3 133.0 167.5 157.5 186.9 24

25 By private business 0.0 75.0 130.0 53.8 39.7 26.5 16.6 20.2 42.8 34.8 61.0 25

26 Financial corporations 0.0 68.1 121.9 41.5 32.4 14.9 10.8 12.5 34.3 27.7 55.2 26


28 Other 0.0 67.7 121.9 41.5 32.4 14.9 10.8 12.5 34.3 27.7 55.2 28

29 Nonfinancial corporations 0.0 3.7 2.1 4.6 5.7 3.6 3.2 5.2 5.1 6.8 5.6 29


31 Other 0.0 0.1 2.1 4.6 5.7 3.6 3.2 5.2 5.1 6.8 5.6 31

32 Noncorporate business 0.0 3.3 6.0 7.8 1.6 8.0 2.6 2.5 3.4 0.3 0.2 32

33 Disaster-related insurance benefits 0.0 3.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3334 Other 0.0 0.0 6.0 7.8 1.6 8.0 2.6 2.5 3.4 0.3 0.2 34

35 By government 85.4 91.1 87.9 93.3 81.2 103.5 88.7 73.8 81.3 80.7 89.0 35

36 Federal 26.5 28.3 20.6 15.0 5.1 15.5 5.0 1.5 5.7 1.5 11.8 36

37 Estate and gift taxes paid by persons 26.5 28.3 20.6 15.0 5.1 15.5 5.0 1.5 5.7 1.5 11.8 37

38 State and local 58.9 62.8 67.3 78.3 76.1 88.0 83.7 72.3 75.7 79.2 77.2 3839 Disaster-related insurance benefits 0.0 0.0 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 5.3 5.8 4.5 4.5 4.7 4.6 4.6 4.8 4.8 4.7 4.6 40

41 Investment grants paid by federal government 53.7 57.1 62.8 73.6 71.4 82.9 79.0 67.5 70.9 74.5 72.6 4142 Other 0.0 0.0 0.0 0.2 0.0 0.5 0.1 0.0 0.0 0.0 0.0 42

43 By persons 28.7 42.6 71.7 62.0 39.1 35.8 63.5 38.5 39.6 41.6 36.5 43


45 Other 28.7 33.3 71.7 62.0 39.1 35.8 63.5 38.5 39.6 41.6 36.5 45

46 By the rest of the world 0.4 0.8 0.6 0.7 1.3 1.2 0.5 0.5 3.7 0.4 0.4 46

47 Capital transfers paid by U.S. government 0.4 0.8 0.6 0.7 1.3 1.2 0.5 0.5 3.7 0.4 0.4 47

48 Other 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 48

Addenda: Net capital transfers paid by sector

49 By private business (lines 2-25) -0.0 -67.5 -89.6 -28.0 -39.7 -26.0 8.7 -20.2 -42.8 -34.8 -61.0 49

50 Financial corporations (lines 3-26) 0.0 -60.5 -121.9 -41.5 -32.4 -14.9 -10.8 -12.5 -34.3 -27.7 -55.2 50

51 Property-casualty insurance companies (line 4) 0.0 7.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5152 U.S.-chartered commercial banks 0.0 -29.7 -18.2 2.4 2.9 4.3 -0.4 13.5 -0.3 -1.4 -0.0 52

53 Financial stabilization payments (2) 0.0 -29.3 -18.2 2.4 2.9 4.3 -0.4 13.5 -0.3 -1.4 -0.0 5354 Other (lines 5-27) 0.0 -0.4 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 54

55 Bank holding companies (GMAC) (2) 0.0 -3.2 -11.3 -1.5 0.0 -6.0 0.0 0.0 0.0 0.0 0.0 55

56 Government-sponsored enterprises (2) 0.0 -6.9 -87.1 -40.2 -31.9 -13.2 -10.4 -12.4 -34.0 -26.3 -55.1 5657 Funding corporations (AIG) (2) 0.0 -28.3 -5.3 -2.2 -3.4 0.0 0.0 -13.6 0.0 0.0 0.0 57

58 Nonfinancial corporations (lines 6-29) -0.0 -3.7 38.3 21.3 -5.7 -3.2 22.1 -5.2 -5.1 -6.8 -5.6 58

59 Noncorporate business (lines 7-32) 0.0 -3.3 -6.0 -7.8 -1.6 -8.0 -2.6 -2.5 -3.4 -0.3 -0.2 59

60 By government (lines 8-35) -2.6 70.6 136.8 71.2 70.2 43.0 45.7 52.9 75.7 70.7 81.6 60

61 Federal (lines 9-36) 56.3 133.5 204.1 149.6 146.3 131.0 129.4 125.2 151.4 149.9 158.8 61

62 State and local (lines 16-38) -58.9 -62.8 -67.3 -78.3 -76.1 -88.0 -83.7 -72.3 -75.7 -79.2 -77.2 62

63 By persons (lines 18-43) 3.0 -8.6 -46.6 -42.6 -29.3 -15.8 -53.8 -32.2 -29.2 -35.5 -20.2 63

64 By the rest of the world (lines 21-46) -0.4 5.4 -0.6 -0.7 -1.3 -1.2 -0.5 -0.5 -3.7 -0.4 -0.4 64

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

(2) Sum of lines 53, 55, 56, and 57 equals the negative of line 12. Series treated as capital losses rather than as capital transfers in the Flow of Funds Accounts.


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Z.1, March 8, 2012 17

F.10 Derivation of Measures of Personal Saving (1)Billions of dollars; quarterly figures are seasonally adjusted annual rates

2007 2008 2009 2010 2011 2010 2011

Q3 Q4 Q1 Q2 Q3 Q4

1 Net acquisition of financial assets 1496.1 757.0 119.4 363.3 466.3 149.8 941.3 618.3 206.3 516.8 523.9 1


3 Checkable deposits and currency -5.0 240.5 58.7 -166.2 124.7 -107.4 -107.9 51.9 26.1 342.8 77.9 34 Time and savings deposits 492.1 193.0 102.4 215.9 289.9 236.8 116.9 -10.1 817.6 157.4 194.8 4

5 Money market fund shares 234.4 236.2 -270.4 -186.4 -22.5 -132.8 -217.3 86.5 59.3 -24.6 -211.1 5

6 Securities -128.2 -134.5 256.9 322.6 -212.2 -94.2 849.4 285.2 -853.6 -789.1 508.6 6

7 Open market paper -10.2 -101.3 28.7 28.8 -5.3 35.4 1.7 17.7 -11.9 -18.5 -8.4 7

8 U.S. savings bonds -6.0 -2.4 -2.8 -3.3 -2.7 -2.6 -3.5 -4.6 -3.9 -2.8 0.3 8

9 Treasury bills and other Treasury securities -41.0 151.7 419.6 361.5 -153.9 -30.3 356.0 -892.4 -451.7 154.3 574.2 910 Agency- and GSE-backed securities 313.9 97.6 -566.2 91.1 -22.9 13.8 287.8 432.0 -154.8 -329.0 -39.7 10

11 Municipal securities 43.6 40.9 130.0 61.2 -78.5 -32.5 146.6 -5.3 -123.8 -73.1 -111.7 11

12 Corporate and foreign bonds 208.3 -213.9 -140.2 -341.5 -105.2 -505.5 187.1 -105.2 -18.4 -294.1 -3.0 12

13 Corporate equities (2) -845.9 -108.4 88.0 -72.1 -142.5 -1.9 -342.3 76.4 -276.7 -29.3 -340.6 13


15 Life insurance reserves 18.0 61.7 23.7 9.0 52.6 41.5 -2.8 30.9 54.0 101.1 24.5 15


17 Miscellaneous and other assets 668.3 57.9 -180.8 -44.8 95.6 -15.9 39.0 22.9 221.1 291.9 -153.6 17

18 Gross investment in nonfinancial assets 2063.9 1826.4 1576.1 1622.8 1715.0 1617.2 1655.5 1685.0 1688.9 1717.9 1768.2 18

19 Residential fixed investment 622.2 466.8 350.3 335.5 334.8 325.1 328.8 328.3 333.1 334.4 343.5 19

20 Nonresidential fixed investment 345.3 330.4 281.0 280.2 307.3 284.5 288.0 291.5 301.6 315.4 320.6 20

21 Consumer durables 1106.8 1041.3 965.3 1016.2 1088.1 1018.1 1052.9 1080.8 1070.8 1084.3 1116.6 21

22 Nonproduced nonfinancial assets -11.3 -11.2 -11.2 -11.3 -12.0 -11.4 -11.6 -11.8 -12.1 -12.2 -12.0 22

23 Inventories 0.9 -0.9 -9.3 2.2 -3.2 0.9 -2.7 -3.7 -4.5 -4.0 -0.5 23

24 Consumption of fixed capital 1346.1 1412.4 1420.5 1420.3 1423.7 1421.3 1427.7 1401.5 1415.4 1432.8 1445.3 24



27 Consumer durables 874.0 906.5 917.2 915.3 903.9 916.1 917.9 888.1 897.3 910.8 919.3 27

28 Net investment in nonfinancial assets (3) 717.8 414.0 155.6 202.5 291.2 195.9 227.8 283.5 273.5 285.0 322.9 28



31 Consumer durables 232.8 134.8 48.1 100.9 184.3 102.0 135.0 192.7 173.5 173.6 197.3 3132 Nonproduced nonfinancial assets -11.3 -11.2 -11.2 -11.3 -12.0 -11.4 -11.6 -11.8 -12.1 -12.2 -12.0 32

33 Inventories 0.9 -0.9 -9.3 2.2 -3.2 0.9 -2.7 -3.7 -4.5 -4.0 -0.5 33

34 Net increase in liabilities 1504.9 328.3 -287.3 -379.6 -62.5 -386.4 111.1 -68.0 -30.1 -274.1 122.1 34

35 Home mortgages 711.1 -101.1 -186.8 -336.5 -235.3 -289.0 -202.3 -301.0 -268.0 -204.4 -167.7 3536 Other mortgages 286.4 230.8 22.0 -105.2 -28.8 -111.4 -80.8 -29.4 -28.2 -26.8 -30.6 36

37 Consumer credit 139.3 38.8 -115.3 -44.2 86.3 -53.5 56.5 52.6 87.5 34.6 170.4 37

38 Policy loans 3.6 5.9 0.7 3.4 2.4 4.6 3.8 1.2 2.8 3.7 1.6 3839 Security credit 33.4 -160.7 38.1 75.2 -39.7 66.7 178.0 150.2 -11.5 -243.7 -53.6 39

40 Other liabilities 330.9 314.6 -46.1 27.6 152.6 -3.8 155.8 58.4 187.4 162.6 202.1 40

41 Net capital transfers paid (4) 3.0 -11.9 -52.6 -50.3 -30.8 -23.8 -56.4 -34.7 -32.6 -35.7 -20.4 41

42 Personal saving, FOF concept (FOF) 712.0 830.8 509.7 895.0 789.2 708.4 1001.6 935.1 477.3 1040.2 704.3 42

43 - Net investment in consumer durables 232.8 134.8 48.1 100.9 184.3 102.0 135.0 192.7 173.5 173.6 197.3 43

44 - Government insurance and pension fund reserves (5) 0.1 -0.6 0.5 -1.7 -0.4 -2.1 -0.4 -2.1 -0.1 0.5 -0.0 44

45 = Personal saving, NIPA concept (FOF) (6) 479.1 696.7 461.1 795.9 605.4 608.5 867.0 744.5 303.9 866.1 507.0 45

46 Personal saving, NIPA concept (NIPA) 248.7 592.3 552.6 592.8 547.6 625.6 588.1 578.9 556.5 533.1 522.0 46

47 Difference 230.4 104.4 -91.5 203.1 57.8 -17.2 278.9 165.6 -252.6 333.0 -15.0 47

Memo:48 Disposable personal income 10423.6 11024.5 10788.8 11179.7 11602.3 11240.4 11336.7 11481.0 11559.2 11647.7 11721.3 48

Personal saving as a percentage of disposable personal income:

49 FOF concept (FOF data) (line 42) 6.8 7.5 4.7 8.0 6.8 6.3 8.8 8.1 4.1 8.9 6.0 49

50 NIPA concept (FOF data) (line 45) 4.6 6.3 4.3 7.1 5.2 5.4 7.6 6.5 2.6 7.4 4.3 5051 NIPA concept (NIPA data) (line 46) 2.4 5.4 5.1 5.3 4.7 5.6 5.2 5.0 4.8 4.6 4.5 51

52 Difference (line 47) 2.2 0.9 -0.8 1.8 0.5 -0.2 2.5 1.4 -2.2 2.9 -0.1 52

(1) Consolidated statement for households and nonprofit organizations and nonfinancial noncorporate 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) Line 18 less line 24.

(4) Table F.9, line 59 plus line 63.

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

(6) Line 45 and 46 are conceptually equivalent but measure saving using different data. Line 45 is net acquisition of financial assets net of government insurance and pension fund reserves (line 1 less line 44) plus

net investment in nonfinancial assets net of consumer durables (line 28 less line 43) less net increase in liabilities (line 34) plus net capital transfers paid (line 41). Line 46 is disposable personal income (line 48

personal outlays (table F.100, line 4).


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18 Z.1, March 8, 2012

F.100 Households and Nonprofit Organizations (1)Billions of dollars; quarterly figures are seasonally adjusted annual rates

2007 2008 2009 2010 2011 2010 2011

Q3 Q4 Q1 Q2 Q3 Q4

1 Personal income 11912.3 12460.2 11930.2 12373.5 13004.5 12453.2 12577.6 12846.9 12955.3 13056.8 13158.8 1

2 - Personal current taxes 1488.7 1435.7 1141.4 1193.9 1402.2 1212.8 1240.9 1365.9 1396.2 1409.1 1437.6 23 = Disposable personal income 10423.6 11024.5 10788.8 11179.7 11602.3 11240.4 11336.7 11481.0 11559.2 11647.7 11721.3 3

4 - Personal outlays 10174.9 10432.2 10236.3 10586.9 11054.6 10614.8 10748.6 10902.1 11002.6 11114.6 11199.3 45 = Personal saving, NIPA (2) 248.7 592.3 552.6 592.8 547.6 625.6 588.1 578.9 556.5 533.1 522.0 5

6 + Government insurance and pension reserves (3) 0.1 -0.6 0.5 -1.7 -0.4 -2.1 -0.4 -2.1 -0.1 0.5 -0.0 67 + Net investment in consumer durables 232.8 134.8 48.1 100.9 184.3 102.0 135.0 192.7 173.5 173.6 197.3 7

8 + Consumption of fixed capital 1161.8 1201.2 1209.7 1210.6 1207.3 1211.5 1216.3 1188.5 1200.0 1215.2 1225.6 8

9 - Net capital transfers paid (4) 3.0 -8.6 -46.6 -42.6 -29.3 -15.8 -53.8 -32.2 -29.2 -35.5 -20.2 9

10 = Gross saving less net capital transfers paid 1640.4 1936.2 1857.4 1945.0 1968.1 1952.8 1992.8 1990.2 1959.1 1957.9 1965.0 10

11 Gross investment 1870.8 2040.6 1766.0 2148.1 2025.8 1935.6 2271.7 2155.8 1706.5 2290.9 1950.0 11

12 Capital expenditures 1757.4 1559.3 1373.7 1411.3 1482.9 1404.5 1442.2 1467.3 1464.0 1480.3 1519.9 12

13 Residential 541.7 397.2 296.0 287.7 286.5 278.3 281.6 281.0 285.1 286.2 293.8 13

14 Consumer durable goods 1106.8 1041.3 965.3 1016.2 1088.1 1018.1 1052.9 1080.8 1070.8 1084.3 1116.6 14

15 Nonprofit nonresidential 120.2 132.0 123.6 118.8 120.3 119.4 119.3 117.3 120.2 122.0 121.5 15

16 Nonproduced nonfinancial assets -11.3 -11.2 -11.2 -11.3 -12.0 -11.4 -11.6 -11.8 -12.1 -12.2 -12.0 16

17 Net lending (+) or net borrowing (-) 113.4 481.3 392.3 736.8 542.9 531.2 829.5 688.5 242.5 810.6 430.1 17

18 Net acquisition of financial assets 1029.5 359.7 210.6 556.7 403.0 307.3 938.3 605.5 162.4 416.2 427.7 18


20 Checkable deposits and currency -71.8 236.8 38.2 -145.0 119.5 -87.9 -104.6 51.0 22.7 335.5 68.9 20

21 Time and savings deposits 477.2 194.3 107.2 230.3 287.4 250.0 119.0 -9.8 816.2 153.4 189.6 21

22 Money market fund shares 232.2 235.1 -268.7 -183.4 -23.0 -130.0 -216.9 86.6 59.0 -25.4 -212.2 22

23 Credit market instruments 502.2 -6.0 -140.4 188.0 -381.6 -530.1 962.2 -569.8 -781.2 -572.4 397.0 23

24 Open market paper -10.2 -101.3 28.7 28.8 -5.3 35.4 1.7 17.7 -11.9 -18.5 -8.4 24

25 Treasury securities -50.0 156.8 422.5 360.1 -157.0 -31.1 352.8 -896.9 -455.8 150.9 573.8 25

26 Savings bonds -6.0 -2.4 -2.8 -3.3 -2.7 -2.6 -3.5 -4.6 -3.9 -2.8 0.3 26

27 Other -44.0 159.2 425.2 363.4 -154.3 -28.5 356.3 -892.4 -451.9 153.7 573.5 27

28 Agency- and GSE-backed securities 313.9 97.6 -566.2 91.1 -22.9 13.8 287.8 432.0 -154.8 -329.0 -39.7 28

29 Municipal securities 44.1 41.3 129.8 61.4 -78.5 -32.3 146.6 -5.3 -123.8 -73.2 -111.8 29

30 Corporate and foreign bonds 208.3 -213.9 -140.2 -341.5 -105.2 -505.5 187.1 -105.2 -18.4 -294.1 -3.0 3031 Other loans and advances (5) 8.5 12.2 -5.3 -0.6 -1.5 2.0 -0.8 -1.6 -3.3 -1.0 -0.1 31

32 Mortgages -12.4 1.4 -9.7 -11.3 -11.3 -12.3 -13.0 -10.4 -13.3 -7.6 -13.9 32

33 Corporate equities (6) -845.9 -108.4 88.0 -72.1 -142.5 -1.9 -342.3 76.4 -276.7 -29.3 -340.6 33


35 Security credit 210.8 -123.8 -74.1 25.7 58.1 43.2 -10.1 36.2 217.7 188.7 -210.3 3536 Life insurance reserves 18.0 61.7 23.7 9.0 52.6 41.5 -2.8 30.9 54.0 101.1 24.5 36


38 Equity in noncorporate business 15.3 -288.5 -13.2 49.7 -38.2 16.5 -21.3 -20.7 -26.1 -49.1 -57.0 3839 Miscellaneous assets 66.1 55.1 21.1 44.4 33.7 54.7 75.0 7.1 7.5 73.0 47.4 39

40 Net increase in liabilities 916.1 -121.6 -181.7 -180.1 -140.0 -223.9 108.8 -83.0 -80.0 -394.4 -2.4 40

41 Credit market instruments 867.0 13.7 -230.9 -279.3 -113.9 -300.4 -99.6 -254.9 -84.4 -159.3 43.1 41

42 Home mortgages (7) 677.2 -54.2 -145.3 -299.2 -213.2 -258.8 -183.9 -274.0 -243.5 -184.8 -150.3 42

43 Consumer credit 139.3 38.8 -115.3 -44.2 86.3 -53.5 56.5 52.6 87.5 34.6 170.4 43

44 Municipal securities 20.6 8.0 6.0 -2.3 -7.8 -10.9 5.9 -1.4 -4.7 -18.5 -6.7 4445 Bank loans n.e.c. (8) 13.4 18.0 30.1 76.5 26.3 32.5 32.2 -25.8 81.3 12.9 36.8 45

46 Other loans and advances 3.2 6.2 0.5 2.4 1.9 4.5 1.3 0.9 2.1 3.7 0.7 46

47 Commercial mortgages 13.3 -3.0 -6.9 -12.6 -7.3 -14.2 -11.6 -7.2 -7.0 -7.2 -7.8 47

48 Security credit 33.4 -160.7 38.1 75.2 -39.7 66.7 178.0 150.2 -11.5 -243.7 -53.6 48

49 Trade payables 14.6 22.2 16.0 21.4 14.0 21.6 21.6 20.0 14.0 13.6 8.5 49

Deferred and unpaid

50 life insurance premiums 1.0 3.2 -4.9 2.7 -0.4 -11.8 8.7 1.7 1.9 -5

flow of fund accounts

Documents