z.1 financial accounts of the united states · 16-09-2016 · 4.1 percent in the second quarter,...

F E D E R A L R E S E R V E S T A T I S T I C A L R E L E A S E

RFor use at 12:00 noon, eastern time

September 16, 2016

Z.1

Financial Accounts of the United States

Flow of Funds, Balance Sheets,

and Integrated Macroeconomic Accounts

Second Quarter 2016

B O A R D O F G O V E R N O R S O F T H E F E D E R A L R E S E R V E S Y S T E M

i

Household Net Worth and Growth of Domestic Nonfinancial Debt

Year Household net worth1

Growth of domestic nonfinancial debt2

Total Households Businesses State and

local gov’ts Federal

government

2006 66,231 8.4 10.5 9.8 4.4 3.9

2007 66,485 8.1 7.2 12.4 5.9 4.7

2008 55,763 5.8 -0.1 6.0 1.2 21.4

2009 57,825 3.5 0.4 -4.1 4.3 20.4

2010 62,067 4.4 -0.5 -0.7 2.4 18.5

2011 63,510 3.5 -0.5 2.8 -1.5 10.8

2012 69,422 5.0 1.9 4.7 -0.2 10.1

2013 78,909 3.8 1.7 4.7 -1.8 6.7

2014 83,944 4.3 3.1 6.1 -1.1 5.4

2015 87,170 4.5 2.8 6.7 0.3 5.0

2014: Q2 81,773 4.2 4.9 5.0 -0.4 3.7

Q3 82,104 5.1 2.8 6.4 -2.6 7.9

Q4 83,944 3.5 2.2 6.3 0.7 3.1

2015: Q1 85,825 2.7 2.0 7.4 1.8 -0.3

Q2 86,403 4.4 4.0 7.9 0.5 2.7

Q3 85,089 2.7 1.4 5.5 0.2 2.1

Q4 87,170 7.7 3.7 5.4 -1.2 15.4

2016: Q1 87,988 5.4 2.7 9.4 0.8 5.6

Q2 89,063 4.4 4.4 4.1 2.2 5.0

1. Shown on table B.101, which includes nonprofit organizations. Billions of dollars; amounts outstanding end of period, not

seasonally adjusted

2. Percentage changes calculated as seasonally adjusted flow divided by previous quarter’s seasonally adjusted level, shown

at an annual rate.

The net worth of households and nonprofits rose to

$89.1 trillion during the second quarter of 2016. The

value of directly and indirectly held corporate equities

increased $452 billion and the value of real estate rose

$474 billion.

Domestic nonfinancial debt outstanding was

$46.3 trillion at the end of the second quarter of 2016, of

which household debt was $14.5 trillion, nonfinancial

business debt was $13.2 trillion, and total government

debt was $18.6 trillion.

Domestic nonfinancial debt growth was 4.4 percent at

a seasonally adjusted annual rate in the second quarter of

2016, down from an annual rate of 5.4 percent in the

previous quarter.

Household debt increased at an annual rate of

4.4 percent in the second quarter of 2016. Consumer

credit grew 6.4 percent, while mortgage debt (excluding

charge-offs) grew 2.5 percent at an annual rate.

Nonfinancial business debt rose at an annual rate of

4.1 percent in the second quarter, down from an annual

rate of 9.4 percent in the previous quarter.

State and local government debt rose at an annual rate

of 2.2 percent in the second quarter of 2016, up from an

annual growth rate of 0.8 percent in the previous quarter.

Federal government debt increased 5.0 percent at a

seasonally adjusted annual rate in the second quarter of

2016.

Recent Developments in Household Net Worth and Domestic Nonfinancial Debt

iii

Topic Description

Revisions to the market value of

residential real estate

The market value of residential real estate (tables B.101 and

B.104) has been revised from 2000:Q1 forward to reflect revised

data for the repeat-sales house-price index from

LoanPerformance (a division of First American CoreLogic).

Closed-end funds and exchange-

traded funds now shown on

separate tables

Closed-end funds are now shown separately on tables F.123

and L.123 and exchange-traded funds are now shown on tables

F.124 and L.124. Previously, both sectors were shown on tables

F.123 and L.123. The sector tables that follow have been

renumbered.

Closed-end funds’ debt securities

now reported at market value and

new investment objective detail

Debt securities held by closed-end funds (tables F.123 and

L.123) are now reported at market value, consistent with the

international standards described in the System of National

Accounts (SNA2008). New memo items show financial assets

by investment objective: domestic equity funds, world equity

funds, domestic taxable bond funds, municipal bond funds, and

world bond funds. Investment objective data are available

beginning 2007:Q1.

Exchange-traded funds’ debt

securities now reported at market

value and new investment objective

detail

Debt securities held by exchange-traded funds (tables F.124

and L.124) are now reported at market value, consistent with the

international standards described in the System of National

Accounts (SNA2008). A new miscellaneous asset series reflects

commodities, currencies, and futures; previously these assets

were included with corporate equities. New memo items show

financial assets by investment objective: domestic equity funds,

world equity funds, commodity funds, hybrid funds, taxable bond

funds, and municipal bond funds. Investment objective data are

available beginning 2001:Q4.

Private pension fund benchmark Assets of the private pension fund sector (tables F.118, F.118.b,

F.118.c, L.118, L.118.b, and L.118.c) have been revised

beginning in 2014:Q1 to reflect new data from the U.S. Internal

Revenue Service/Department of Labor/Pension Benefit

Guaranty Corporation Form 5500 filed for plan year 2014.

National income and product

accounts annual revision

The statistics in this publication reflect the annual revisions to

the national income and product accounts (NIPAs) from

2012:Q1 forward released by the Bureau of Economic Analysis

(BEA) of the Department of Commerce on July 29, 2016, and

subsequent information for 2016:Q2 released on August 26,

2016. The August 2016 issue of the Survey of Current Business

provides details on the major features of this annual revision.

Fixed assets annual revision Data for investment and depreciation flows and capital stocks for

all sectors have been revised beginning 2012 to reflect updated

annual estimates of fixed assets from the BEA.

Release Highlights Second Quarter 2016

iv

Topic Description

Rest of the world sector revision Revisions to the rest of the world sector (tables F.133 and

L.133) reflect revised estimates of the U.S. international

transactions accounts (ITAs) and the U.S. international

investment position (IIP) accounts released by BEA for 2012:Q1

forward. BEA's changes are detailed in the July 2016 Survey of

Current Business.

Seasonal adjustment Seasonal factors for quarterly flows have been recalculated for

the period 2006:Q1 forward. The seasonal factors are generated

using the X-12-ARIMA seasonal adjustment program by the

U.S. Census Bureau.

New Enhanced Financial Accounts

projects

Two new Enhanced Financial Accounts (EFA) projects: (1)

Funding Agreement-Backed Securities (FABS) and (2)

International Portfolio Investment Holdings of Long-term

Securities by Country have been added to the EFA page at

www.federalreserve.gov/apps/fof/efa/enhanced-

financialaccounts.htm. More information about each of these

EFA projects is available in the accompanying FEDS Notes:

“Funding Agreement-Backed Securities in the Enhanced

Financial Accounts” (Nathan Foley-Fisher, Ralf Meisenzahl,

Borghan Narajabad, Maria Perozek, and Stephane Verani) and

“International Portfolio Investment Holdings of Long-term

Securities in the Enhanced Financial Accounts” (Elizabeth

Holmquist, Max Miller, and Youngsuk Yook).

http://www.federalreserve.gov/apps/fof/efa/enhanced-financialaccounts.htm

http://www.federalreserve.gov/apps/fof/efa/enhanced-financialaccounts.htm

v

Financial Accounts of the United States

The Statistical Release Z.1, “Financial Accounts of the

United States,” is organized into the following sections:

■ Matrices summarizing flows and levels across

sectors, tables on debt growth, net national

wealth, gross domestic product (GDP), national

income, saving, and so on

■ Flows of financial assets and liabilities, by

sector and by financial instrument

■ Levels of financial assets and liabilities, by

sector and by financial instrument

■ Balance sheets, including nonfinancial assets,

and changes in net worth for households and

nonprofit organizations, nonfinancial corporate

businesses, and nonfinancial noncorporate

businesses

Supplementary tables providing equity detail of

the household and nonprofit organization sector

and data on nonprofit organizations

■ Integrated Macroeconomic Accounts

The Integrated Macroeconomic Accounts (IMA) relate

production, income, saving, and capital formation from

the national income and product accounts (NIPA) to

changes in net worth from the “Financial Accounts” on a

sector-by-sector basis. The IMA are published jointly by

the Federal Reserve Board and the Bureau of Economic

Analysis and are based on international guidelines and

terminology as defined in the System of National

Accounts (SNA2008).

Federal Reserve Board staff have taken many steps over

the past several years to conform the “Financial

Accounts” with the SNA guidelines. Nonetheless, a few

important differences remain. In particular, in the

“Financial Accounts”:

■ The purchase of consumer durables is treated as

investment rather than as consumption.

■ Nonfinancial noncorporate businesses (which

are often small businesses) are shown in a

separate sector rather than being included in the

household sector.

■ Some debt securities are still recorded at book

value.

Concepts of Level and Flow in the SNA and the Financial Accounts

The level of an asset or liability (also referred to as the

stock or outstanding) measures the value of the asset or

liability in existence at a point in time. In the “Financial

Accounts,” the levels are reported as of the end of each

calendar quarter. In the SNA2008, the change in the

level from one period to the next is called the “economic

flow,” and can be decomposed into three broad

elements: transactions, which measure the exchange of

assets; revaluations, which measure changes in market

value of untraded assets; and other changes in volume,

which measure discontinuities or breaks in time series

due to disaster losses or a change in source data or

definition.

In the “Financial Accounts,” “flows” refer to the

exchange of assets, corresponding to the SNA definition

of transactions, that is, “flow tables” in the “Financial

Accounts” are equivalent to “transaction tables” in the

SNA terminology. In practice, other volume changes are

relatively rare, and revaluations occur mainly for series

carried at market value (such as corporate equities, real

estate, and some debt securities), so for many series the

change in the level is equal to the flow.

Growth Rates

Growth rates calculated from levels will include

revaluations and other changes in volume. To isolate the

effect of transactions on the growth of a given asset or

liability, users should calculate the ratio of the flow in a

given period to the level in the preceding period.

Growth rates in table D.1 are calculated by dividing

seasonally adjusted flows from table D.2 by seasonally

adjusted levels at the end of the previous period from

table D.3. Growth rates calculated from changes in

unadjusted levels may differ from those in table D.1.

Seasonal Adjustment

Seasonal factors are recalculated and updated every

year, and these revised factors are first published in the

September release of second-quarter data. All series that

exhibit significant seasonal patterns are adjusted. The

seasonal factors are generated using the X-12-ARIMA

seasonal adjustment program from the U.S. Census

Bureau, estimated using the most recent 10 years of flow

data. Because the effects of the recent financial crisis

resulted in large outliers in some series that would have

distorted the estimated seasonal factors, seasonal factors

for some series were extrapolated using pre-crisis data.

Seasonally adjusted levels shown in table D.3 are

derived by carrying forward year-end levels by

seasonally adjusted flows.

Explanatory Notes

vi

Data Revisions

Data shown for the most recent quarters are based on

preliminary and potentially incomplete information. A

summary list of the most recent data available for each

sector is provided in a table following these notes.

Nonetheless, when source data are revised or estimation

methods are improved, all data are subject to revision.

There is no specific revision schedule; rather, data are

revised on an ongoing basis. In each release of the

“Financial Accounts,” major revisions are highlighted at

the beginning of the publication.

Discrepancies

The data in the “Financial Accounts” come from a large

variety of sources and are subject to limitations and

uncertainty due to measurement errors, missing

information, and incompatibilities among data sources.

The size of this uncertainty cannot be quantified, but its

existence is acknowledged by the inclusion of

“statistical discrepancies” for various sectors and

financial instruments.

The discrepancy for a given sector is defined as the

difference between the aggregate value of the sector’s

sources of funds and the value of its uses of funds. For a

financial instrument category, the discrepancy is defined

as the difference between the measurement of funds

raised through the financial instrument and funds

disbursed through that instrument. The relative size of

the statistical discrepancy is one indication of the quality

of the underlying source data. Note that differences in

seasonal adjustment procedures sometimes result in

quarterly discrepancies that partially or completely

offset each other in the annual data.

Financial Accounts Guide

Substantially more detail on the construction of the

“Financial Accounts” is available in the Financial

Accounts Guide, which provides interactive, online

documentation for each data series. The tools and

descriptions in the guide are designed to help users

understand the structure and content of the “Financial

Accounts.” The guide allows users to search for series,

browse tables of data, and identify links among series

within these accounts. It also provides descriptions of

each of the published tables and information on the

source data underlying each series. Data on some of our

data submissions to international organizations are also

available on the guide page. There is also a link to the

Enhanced Financial Accounts, a new initiative that

includes data that is not part of the core “Financial

Accounts”.

The guide is not part of the quarterly release, but it is

continually updated and kept consistent with the most

recently published data. The guide and the data from the

“Financial Accounts” are available free of charge online:

www.federalreserve.gov/apps/fof

Each input and calculated series in the Z.1 is identified

according to a unique string of patterned numbers and

letters. The series structure page of the guide provides a

breakdown of what the letters and numbers represent in

the series mnemonics. The relationships between

different components of a series (for example, levels,

seasonally adjusted annual rate flows, unadjusted flows,

revaluations, other changes in volume, seasonal factors,

and so on) are also described on the series structure

page.

Production Schedule

The “Financial Accounts” are published online and in

print four times per year, about 10 weeks following the

end of each calendar quarter. The publication with series

mnemonics and the guide are available online:

www.federalreserve.gov/releases/Z1

This website also provides CSV files of quarterly data

for seasonally adjusted flows, unadjusted flows,

outstandings, balance sheets, debt (tables D.1, D.2, and

D.3), supplementary tables, and the IMA.

In addition, the data are available as customizable

datasets through the Federal Reserve Board’s Data

Download Program at:

www.federalreserve.gov/datadownload/default.htm

Print Subscription Information

The Federal Reserve Board charges a fee for

subscriptions to print versions of statistical releases.

Inquiries regarding print versions should be directed to

the following office:

Publications Services, Stop 127

Board of Governors

of the Federal Reserve System

20th Street and Constitution Avenue, N.W.

Washington, DC 20551

(202) 452-3245

vii

Sector Table Available at time of publication

National income and product

accounts (NIPA)

(various tables)

Second estimate, seasonally adjusted, for 2016:Q2. Unadjusted

flows through 2014:Q4 for the government sectors.

Households and nonprofit

organizations sector

(tables F.101 and L.101)

Estimates for this sector are largely residuals and are derived

from data for other sectors. Availability of data depends on

schedules for other sectors. Data for consumer credit, which are

estimated directly, are available through 2016:Q2. The source

for nonprofit organizations data (tables F.101.a and L.101.a) is

the Internal Revenue Service Statistics of Income (IRS/SOI).

Data for nonprofit organizations are available for 1987 through

2000.

Nonfinancial corporate business


Quarterly Financial Report (QFR) of the Census Bureau through

2016:Q2; IRS/SOI data through 2014; securities offerings,

mortgages, bank loans, commercial paper, and other loans

through 2016:Q2. Corporate farm data through 2015.

Nonfinancial noncorporate business


IRS/SOI data through 2013; bank and finance company loans,

and mortgage borrowing through 2016:Q2. Noncorporate farm

data through 2015.

Federal government


Data from the Monthly Treasury Statement of Receipts and

Outlays, Monthly Statement of the Public Debt and Treasury

data for loan programs and the Troubled Assets Relief Program

(TARP) through 2016:Q2.

State and local governments


Gross offerings and retirements of municipal securities, deposits

at banks, and nonmarketable U.S. government security issues

through 2016:Q2; total financial assets through 2013:Q2 from

the Census Bureau; breakdown of financial assets through

2011:Q2 from the comprehensive annual financial reports of

state and local governments.

Monetary authority


All data through 2016:Q2.

U.S.-chartered depository

institutions



Foreign banking offices in U.S.



Banks in U.S.-affiliated areas



Credit unions



Property-casualty insurance

companies



Description of Most Recent Data Available

viii

Sector Table Available at time of publication

Life insurance companies



Private pension funds


Internal Revenue Service/Department of Labor Form 5500 data

through 2014. Investment Company Institute data through

2016:Q1. Annual actuarial liability data through 2015:Q4.

Federal government retirement

funds


Data from the Monthly Treasury Statement of Receipts and

Outlays, the Thrift Savings Plan, and the National Railroad

Retirement Investment Trust through 2016:Q2. Annual actuarial

liability data through 2015:Q4.

State and local government

employee retirement funds


Detailed annual survey data through 2015:Q2 and quarterly

survey data through 2016:Q1 from the Census Bureau.

Investment Company Institute data through 2016:Q1. Annual

actuarial liability data through 2015:Q4.

Money market mutual funds



Mutual funds



Closed-end funds



Exchange-traded funds



Government sponsored enterprises

(GSEs)


Data for Fannie Mae, Freddie Mac, FICO, and REFCORP,

Farmer Mac, FCS, and FHLB through 2016:Q2.

Agency- and GSE-backed

mortgage pools


Data for Fannie Mae, Freddie Mac, and Farmer Mac through

2016:Q2.

Issuers of asset-backed securities

(ABSs)


All data for private mortgage pools, consumer credit, business

loans, student loans, consumer leases, and trade credit

securitization through 2016:Q2.

Finance companies



Real estate investment trusts

(REITs)


Data from SNL Financial through 2016:Q2.

Security brokers and dealers


Data for firms filing FOCUS and FOGS reports through

2016:Q2.

Holding companies

(table F.131 and L.131)


Funding corporations


Estimates for this sector are largely residuals and are derived

from data for other sectors.

Rest of the world


NIPA estimates, bank Call Reports, Treasury International

Capital System, and Balance of Payments data through

2016:Q2. International Investment Position data through

2016:Q1.

ix

Title Table Page

Summaries

Flow of Funds Matrix—Flows 1

Flow of Funds Matrix—Assets and Liabilities 3

Debt Growth by Sector D.1 5

Borrowing by Sector D.2 6

Debt Outstanding by Sector D.3 7

Net National Wealth B.1 8

Distribution of Gross Domestic Product F.2 9

Distribution of National Income F.3 10

Saving and Investment F.4 11

Net Capital Transfers F.5 12

Derivation of Measures of Personal Saving F.6 13

Assets and Liabilities of the Personal Sector L.6 14

Title

Flows Levels

Table Page Table Page

Sectors

Domestic Nonfinancial F.100 15 L.100 77

Households and Nonprofit Organizations F.101 16 L.101 78

Nonfinancial Business F.102 17 L.102 79

Nonfinancial Corporate Business F.103 18 L.103 80

Nonfinancial Noncorporate Business F.104 19 L.104 81

General Government F.105 20 L.105 82

Federal Government F.106 21 L.106 83

State and Local Governments F.107 22 L.107 84

Domestic Financial F.108 23 L.108 85

Monetary Authority F.109 24 L.109 86

Private Depository Institutions F.110 25 L.110 87

U.S.-Chartered Depository Institutions F.111 26 L.111 88

Foreign Banking Offices in U.S. F.112 27 L.112 89

Banks in U.S.-Affiliated Areas F.113 28 L.113 90

Credit Unions F.114 29 L.114 90

List of Data Tables

x

Sectors

Property-Casualty Insurance Companies F.115 29 L.115 91

Life Insurance Companies F.116 30 L.116 92

Life Insurance Companies: General Accounts F.116.g 31 L.116.g 93

Life Insurance Companies: Separate Accounts F.116.s 31 L.116.s 93

Private and Public Pension Funds F.117 32 L.117 94

Private Pension Funds F.118 33 L.118 95

Private Pension Funds: Defined Benefit Plans F.118.b 34 L.118.b 96

Private Pension Funds: Defined Contribution

Plans F.118.c 34 L.118.c 96

Federal Government Employee Retirement Funds F.119 35 L.119 97

Federal Government Employee Retirement Funds:

Defined Benefit Plans F.119.b 36 L.119.b 98

Federal Government Employee Retirement Funds:

Defined Contribution Plans F.119.c 37 L.119.c 98

State and Local Government Employee Retirement

Funds F.120 37 L.120 99

State and Local Government Employee

Retirement Funds: Defined Benefit Plans F.120.b 38 L.120.b 100

State and Local Government Employee

Retirement Funds: Defined Contribution Plans F.120.c 38 L.120.c 100

Money Market Mutual Funds F.121 39 L.121 101

Mutual Funds F.122 39 L.122 101

Closed-End Funds F.123 40 L.123 102

Exchange-Traded Funds F.124 40 L.124 102

Government-Sponsored Enterprises F.125 41 L.125 103

Agency- and GSE-Backed Mortgage Pools F.126 41 L.126 103

Issuers of Asset-Backed Securities F.127 42 L.127 104

Finance Companies F.128 43 L.128 105

Real Estate Investment Trusts (REITs) F.129 44 L.129 106

Equity Real Estate Investment Trusts F.129.e 45 L.129.e 107

Mortgage Real Estate Investment Trusts F.129.m 45 L.129.m 107

Security Brokers and Dealers F.130 46 L.130 108

Holding Companies F.131 47 L.131 109

Funding Corporations F.132 48 L.132 110

Rest of the World F.133 49 L.133 111

xi

Instruments

U.S. Official Reserve Assets and SDR Allocations F.200 50 L.200 112

Special Drawing Rights (SDRs) Certificates and Treasury

Currency F.201 50 L.201 112

U.S. Deposits in Foreign Countries F.202 50 L.202 112

Net Interbank Transactions F.203 51 L.203 113

Checkable Deposits and Currency F.204 52 L.204 114

Time and Savings Deposits F.205 53 L.205 115

Money Market Mutual Fund Shares F.206 53 L.206 115

Federal Funds and Security Repurchase Agreements F.207 54 L.207 116

Debt Securities F.208 55 L.208 117

Open Market Paper F.209 56 L.209 118

Treasury Securities F.210 57 L.210 119

Agency- and GSE-Backed Securities F.211 58 L.211 120

Municipal Securities F.212 59 L.212 121

Corporate and Foreign Bonds F.213 60 L.213 122

Loans F.214 61 L.214 123

Depository Institution Loans Not Elsewhere Classified F.215 62 L.215 124

Other Loans and Advances F.216 63 L.216 125

Total Mortgages F.217 64 L.217 126

Home Mortgages F.218 65 L.218 127

Multifamily Residential Mortgages F.219 65 L.219 127

Commercial Mortgages F.220 66 L.220 128

Farm Mortgages F.221 66 L.221 128

Consumer Credit F.222 67 L.222 129

Corporate Equities F.223 68 L.223 130

Mutual Fund Shares F.224 68 L.224 130

Trade Credit F.225 69 L.225 131

Life Insurance Reserves F.226 69 L.226 131

Pension Entitlements F.227 70 L.227 132

Taxes Payable by Businesses F.228 70 L.228 132

Proprietors' Equity in Noncorporate Business F.229 70 L.229 132

Direct Investment F.230 71 L.230 133

xii

Total Miscellaneous Financial Claims F.231 72 L.231 134

Identified Miscellaneous Financial Claims—Part I F.232 73 L.232 135

Identified Miscellaneous Financial Claims—Part II F.233 74 L.233 136

Unidentified Miscellaneous Financial Claims F.234 75 L.234 137

Sector Discrepancies F.7 76

Instrument Discrepancies F.8 76

Title

Balance Sheet Reconciliation


Balance Sheet and Changes in Net Worth

Households and Nonprofit Organizations B.101 138 R.101 141

Nonfinancial Corporate Business B.103 139 R.103 142

Nonfarm Noncorporate Business B.104 140 R.104 143

Title

Flows Levels


Supplementary Tables

Balance Sheet of Households and Nonprofit Organizations

with Equity Detail B.101.e 144

Nonprofit Organizations F.101.a 145 L.101.a 146

Title Table Page

Integrated Macroeconomic Accounts for the United States

Total Economy—Current Account S.1.a 147

Selected Aggregates for Total Economy and Sectors S.2.a 148

Households and Nonprofit Institutions Serving Households S.3.a 150

Nonfinancial Noncorporate Business S.4.a 153

Nonfinancial Corporate Business S.5.a 156

Financial Business S.6.a 159

Central Bank S.61.a 162

Private Depository Institutions S.62.a 164

Insurance Companies S.63.a 167

Pension Funds S.64.a 170

Other Financial Business S.65.a 173

Federal Government S.7.a 176

State and Local Governments S.8.a 179

Rest of the World S.9.a 182

Su

mm

ary

1Z

.1, S

epte

mbe

r 16

, 201

6F

low

of

Fun

ds M

atri

x fo

r 20

15

(Bill

ions

of

dolla

rs; A

ll Se

ctor

s --

Flo

ws)

Hou

seho

lds

Stat

eD

omes

ticD

omes

ticIn

stru

men

tan

d N

onpr

ofit

Non

fina

ncia

lan

d L

ocal

Fede

ral

Non

fina

ncia

lFi

nanc

ial

Res

t of

All

Dis

crep

-O

rgan

ziat

ions

Bus

ines

sG

over

nmen

tsG

over

nmen

tSe

ctor

sSe

ctor

sth

e W

orld

Sect

ors

ancy

SU

SU

SU

SU

SU

SU

SU

SU

(1)

(2)

(3)

(4)

(5)

(6)

(7)

(8)

(9)

(10)

(11)

(12)

(13)

(14)

(15)

(16)

(17)

1G

ross

sav

ing

less

net

cap

. tra

nsfe

rs--

25

02.0

--

2191

.5--

15

9.0

--

-347

.5--

45

05.0

--

211.

1--

47

7.9

--

5194

.0--

2C

apita

l con

sum

ptio

n--

15

05.3

--

1638

.5--

25

1.0

--

271.

5--

36

66.3

--

198.

0--

--

--

38

64.3

--

3N

et s

avin

g (1

less

2)

--

996.

7--

55

3.0

--

-92.

0--

-6

19.0

--

838.

7--

13

.2--

47

7.9

--

1329

.7--

4G

ross

inve

stm

ent (

5 pl

us 1

1)28

62.2

--

2105

.7--

15

0.5

--

-284

.2--

48

34.3

--

358.

9--

79

.3--

52

72.5

--

-78.

5

5C

apita

l exp

endi

ture

s19

55.3

--

2159

.9--

36

1.3

--

230.

4--

47

06.9

--

238.

5--

0.

0--

49

45.4

--

248.

6

6 C

onsu

mer

dur

able

s12

75.4

--

--

--

--

--

--

--

1275

.4--

--

--

--

--

12

75.4

--

--

7 R

esid

entia

l54

2.3

--

109.

6--

5.

8--

1.

5--

65

9.2

--

-0.0

--

--

--

659.

1--

--

8 N

onre

side

ntia

l14

5.8

--

1927

.0--

34

6.4

--

259.

8--

26

79.0

--

238.

5--

--

--

29

17.5

--

--

9 I

nven

tory

cha

nge

--

--

93.4

--

--

--

--

--

93.4

--

--

--

--

--

93.4

--

--

10 N

onpr

oduc

ed n

onfi

nanc

ial a

sset

s-8

.2--

29

.9--

9.

2--

-3

0.9

--

0.0

--

--

--

0.0

--

--

--

--

11N

et le

ndin

g (+

) or

net

bor

row

ing

(-)

907.

0--

-5

4.2

--

-210

.9--

-5

14.6

--

127.

4--

12

0.4

--

79.3

--

327.

1--

-3

27.1

12T

otal

fin

anci

al a

sset

s12

98.7

--

1277

.7--

95

.7--

25

2.4

--

2924

.5--

13

06.9

--

421.

0--

46

52.4

--

--

13T

otal

liab

ilitie

s--

39

1.8

--

1331

.9--

30

6.5

--

766.

9--

27

97.1

--

1186

.5--

34

1.7

--

4325

.4--

14 U

.S. o

ffic

ial r

eser

ve a

sset

s--

--

--

--

--

--

-6

.40.

0-6

.40.

00.

1--

0.

0-6

.3-6

.3-6

.3--

15 S

DR

cer

tific

ates

--

--

--

--

--

--

--

0.0

--

0.0

0.0

--

--

--

0.0

0.0

--

16 T

reas

ury

curr

ency

--

--

--

--

--

--

--

-0.0

--

-0.0

1.3

--

--

--

1.3

-0.0

-1.3

17 F

orei

gn d

epos

its-1

4.1

--

-20.

6--

--

--

--

--

-3

4.8

--

-13.

4--

--

-2

40.9

-48.

2-2

40.9

-192

.7

18 I

nter

bank

cla

ims

--

--

--

--

--

--

--

--

--

--

-401

.8-5

02.0

-90.

8--

-4

92.6

-502

.0-9

.4

19 C

heck

able

dep

. and

cur

renc

y14

4.7

--

30.4

--

-8.8

--

109.

9--

27

6.2

--

-14.

729

2.2

30.9

--

292.

529

2.2

-0.3

20 T

ime

and

savi

ngs

depo

sits

460.

9--

38

.3--

13

.6--

0.

0--

51

2.7

--

-83.

940

6.2

-22.

6--

40

6.2

406.

2--

21 M

oney

mar

ket f

und

shar

es-4

5.7

--

23.9

--

11.7

--

--

--

-10.

1--

38

.930

.11.

3--

30

.130

.1--

22 F

ed. f

unds

and

sec

urity

RPs

--

--

4.4

--

9.9

--

--

--

14.2

--

62.9

-25.

1-1

43.4

74.9

-66.

349

.811

6.1

23 D

ebt s

ecur

ities

177.

6-8

.1-2

.140

8.6

28.1

10.2

-0.0

724.

620

3.6

1135

.361

7.1

163.

243

4.5

-43.

212

55.2

1255

.2--

24

Ope

n m

arke

t pap

er0.

2--

-1

.7-5

.4-3

.0--

--

--

-4

.5-5

.418

.1-4

2.7

-2.5

59.3

11.1

11.1

--

25

Tre

asur

y se

curi

ties

219.

3--

-1

.3--

43

.2--

--

72

4.4

261.

272

4.4

414.

9--

48

.3--

72

4.4

724.

4--

26

Age

ncy-

and

GSE

-bac

ked

sec.

199.

9--

-2

.0--

-2

2.4

--

0.0

0.2

175.

50.

223

.122

0.4

22.1

--

220.

622

0.6

--

27

Mun

icip

al s

ecur

ities

-60.

2-8

.12.

913

.40.

810

.2--

--

-5

6.5

15.5

65.2

--

6.9

--

15.5

15.5

--

28

Cor

pora

te a

nd f

gn. b

onds

-181

.5--

--

40

0.6

9.5

--

-0.0

--

-172

.040

0.6

95.9

-14.

535

9.7

-102

.428

3.6

283.

6--

29 L

oans

-53.

739

7.1

6.9

397.

312

.40.

310

5.6

0.0

71.2

794.

772

6.3

2.6

23.2

23.4

820.

782

0.7

--

30

Dep

osito

ry in

st. l

oans

n.e

.c.

--

100.

5--

17

6.0

--

--

--

--

--

276.

528

0.6

-18.

6--

22

.728

0.6

280.

6--

31

Oth

er lo

ans

and

adva

nces

-50.

6-7

6.6

--

-25.

3--

0.

32.

9--

-4

7.7

-101

.6-5

9.2

17.2

23.2

0.7

-83.

7-8

3.7

--

32

Mor

tgag

es0.

314

0.5

7.7

246.

612

.4--

-0

.70.

019

.738

7.1

371.

44.

0--

--

39

1.1

391.

1--

33

Con

sum

er c

redi

t-3

.423

2.7

-0.8

--

--

--

103.

4--

99

.223

2.7

133.

5--

--

--

23

2.7

232.

7--

34 C

orpo

rate

equ

ities

1.1

--

--

-563

.15.

1--

-0

.0--

6.

2-5

63.1

37.1

232.

8-1

71.0

202.

6-1

27.7

-127

.7--

35 M

utua

l fun

d sh

ares

73.1

--

7.4

--

2.6

--

--

--

83.1

--

20.7

95.3

-8.5

--

95.3

95.3

--

36 T

rade

cre

dit

--

1.2

37.5

12.8

0.9

40.1

12.7

12.8

51.1

67.0

8.7

8.4

14.2

-1.7

74.0

73.7

-0.3

37 L

ife

insu

ranc

e re

serv

es33

.9--

--

--

--

--

--

-0

.133

.9-0

.110

.644

.6--

--

44

.544

.5--

38 P

ensi

on e

ntitl

emen

ts43

5.5

--

--

--

--

--

--

--

435.

5--

--

43

5.5

--

--

435.

543

5.5

--

39 T

axes

pay

able

--

--

--

7.2

9.0

--

16.2

--

25.2

7.2

--

-13.

5--

--

25

.2-6

.4-3

1.6

40 E

quity

in n

onco

rp. b

usin

ess

51.5

--

--

49.2

--

--

--

--

51.5

49.2

--

2.3

--

--

51.5

51.5

--

41 U

.S. d

irec

t inv

estm

ent a

broa

d--

--

29

6.7

--

--

--

--

--

296.

7--

25

.8--

--

32

2.5

322.

532

2.5

--

42 F

orei

gn d

irec

t inv

estm

ent i

n U

.S.

--

--

--

321.

9--

--

--

--

--

32

1.9

--

31.3

353.

3--

35

3.3

353.

3--

43 M

isce

llane

ous

33.9

1.5

855.

069

8.0

11.2

256.

014

.429

.691

4.5

985.

127

1.4

-17.

3--

10

.511

85.9

978.

2-2

07.7

44Se

ctor

dis

crep

anci

es (

1 le

ss 4

)-3

60.3

--

85.7

--

8.6

--

-63.

3--

-3

29.3

--

-147

.8--

39

8.6

--

-78.

5--

-7

8.5

Gen

eral

Not

es: U

= u

se o

f fu

nds;

S =

sou

rce

of f

unds

. Dom

estic

non

fina

ncia

l sec

tors

(co

lum

ns 9

and

10)

are

hou

seho

lds

and

nonp

rofi

t org

aniz

atio

ns, n

onfi

nanc

ial b

usin

ess,

sta

te a

nd lo

cal g

over

nmen

ts, a

nd f

eder

al g

over

nmen

t.

Su

mm

ary

2Z

.1, S

epte

mbe

r 16

, 201

6F

low

of

Fun

ds M

atri

x --

All

Sect

ors

-- F

low

s

Hou

seho

lds

Stat

eD

omes

ticD

omes

ticIn

stru

men

tan

d N

onpr

ofit

Non

fina

ncia

lan

d L

ocal

Fede

ral

Non

fina

ncia

lFi

nanc

ial

Res

t of

All

Dis

crep

-O

rgan

ziat

ions

Bus

ines

sG

over

nmen

tsG

over

nmen

tSe

ctor

sSe

ctor

sth

e W

orld

Sect

ors

ancy

SU

SU

SU

SU

SU

SU

SU

SU

(1)

(2)

(3)

(4)

(5)

(6)

(7)

(8)

(9)

(10)

(11)

(12)

(13)

(14)

(15)

(16)

(17)

1G

ross

sav

ing

less

net

cap

. tra

nsfe

rs--

15

6000

105

--

1460

0010

5--

20

6000

105

--

3160

0010

5--

38

6000

105

--

7960

0010

5--

26

6000

105

--

8960

0010

5--

2C

apita

l con

sum

ptio

n--

15

6300

005

--

1463

0000

5--

20

6300

003

--

3163

0000

3--

38

6300

005

--

7963

0000

5--

--

--

89

6300

005

--

3N

et s

avin

g (1

less

2)

--

1560

0630

5--

14

6006

305

--

2060

0630

5--

31

6006

305

--

3860

0630

5--

79

6006

305

--

2660

0010

5--

89

6006

305

--

4G

ross

inve

stm

ent (

5 pl

us 1

1)15

5090

005

--

1450

9000

5--

20

5090

005

--

3150

9000

5--

38

5090

005

--

7950

9000

5--

26

5090

005

--

8950

9000

5--

90

7005

005

5C

apita

l exp

endi

ture

s15

5050

005

--

1450

5000

5--

20

5050

005

--

3150

5000

5--

38

5050

005

--

7950

1900

5--

26

5420

005

--

8950

5000

5--

90

6000

105

6 C

onsu

mer

dur

able

s15

5111

003

--

--

--

--

--

--

--

1551

1100

3--

--

--

--

--

15

5111

003

--

--

7 R

esid

entia

l15

5012

005

--

1450

1200

5--

21

5012

063

--

3150

1206

5--

38

5012

005

--

6450

1206

3--

--

--

88

5012

005

--

--

8 N

onre

side

ntia

l16

5013

005

--

1450

1300

5--

21

5013

005

--

3150

1300

5--

38

5013

005

--

7950

1300

5--

--

--

88

5013

005

--

--

9 I

nven

tory

cha

nge

--

--

1450

2000

5--

--

--

--

--

14

5020

005

--

--

--

--

--

1450

2000

5--

--

10 N

onpr

oduc

ed n

onfi

nanc

ial a

sset

s15

5420

003

--

1054

2000

5--

20

5420

003

--

3154

2000

3--

38

5420

005

--

--

--

2654

2000

5--

--

--

--

11N

et le

ndin

g (+

) or

net

bor

row

ing

(-)

1550

0000

5--

14

5000

005

--

2150

0000

5--

31

5000

005

--

3850

0000

5--

79

5000

005

--

2650

0000

5--

89

5000

005

--

9050

0000

5

12T

otal

fin

anci

al a

sset

s15

4090

005

--

1440

9000

5--

21

4090

005

--

3140

9000

5--

38

4090

005

--

7940

9000

5--

26

4090

005

--

8940

9000

5--

--

13T

otal

liab

ilitie

s--

15

4190

005

--

1441

9000

5--

21

4190

005

--

3141

9000

5--

38

4190

005

--

7941

9000

5--

26

4190

005

--

8941

9000

5--

14 U

.S. o

ffic

ial r

eser

ve a

sset

s--

--

--

--

--

--

31

3011

005

3131

1130

331

3011

005

3131

1130

371

3011

005

--

2630

1100

526

3111

005

8930

1100

589

3111

005

--

15 S

DR

cer

tific

ates

--

--

--

--

--

--

--

7130

1400

3--

71

3014

003

7130

1400

3--

--

--

71

3014

003

7130

1400

3--

16 T

reas

ury

curr

ency

--

--

--

--

--

--

--

3131

1200

3--

31

3112

003

7130

1200

3--

--

--

71

3012

003

3131

1200

390

3012

005

17 F

orei

gn d

epos

its15

3091

003

--

1030

9100

3--

--

--

--

--

38

3091

005

--

6330

9100

3--

--

26

3191

005

8930

9100

526

3191

005

9030

9100

5

18 I

nter

bank

cla

ims

--

--

--

--

--

--

--

--

--

--

7940

1000

579

4110

005

2640

1600

5--

89

4010

005

7941

1000

590

4010

005

19 C

heck

able

dep

. and

cur

renc

y15

3020

005

--

1430

2000

5--

21

3020

005

--

3130

2000

5--

38

3020

005

--

7930

2000

579

3120

005

2630

2000

5--

89

3020

005

7931

2000

590

3020

005

20 T

ime

and

savi

ngs

depo

sits

1530

3000

5--

14

3030

005

--

2130

3000

5--

31

3030

003

--

3830

3000

5--

79

3030

005

7031

3000

526

3030

005

--

7031

3000

570

3130

005

--

21 M

oney

mar

ket f

und

shar

es15

3034

005

--

1430

3400

5--

21

3034

003

--

--

--

3830

3400

5--

79

3034

005

6340

9000

526

3034

003

--

6340

9000

563

4090

005

--

22 F

ed. f

unds

and

sec

urity

RPs

--

--

1020

5100

3--

21

2051

003

--

--

--

3820

5100

5--

79

2050

005

7921

5000

526

2051

003

2621

5100

389

2050

005

8921

5000

590

2050

005

23 D

ebt s

ecur

ities

1540

2200

516

3162

003

1440

2200

510

4122

005

2140

2200

521

3162

005

3140

2200

531

4122

005

3840

2200

538

4122

005

7940

2200

579

4122

005

2640

2200

526

4122

005

8941

2200

589

4122

005

--

24

Ope

n m

arke

t pap

er16

3069

103

--

1030

6910

010

3169

100

2130

6910

3--

--

--

38

3069

105

1031

6910

079

3069

175

7931

6917

526

3069

103

2631

6910

589

3169

175

8931

6917

5--

25

Tre

asur

y se

curi

ties

1530

6110

5--

14

3061

105

--

2130

6110

5--

--

31

3161

105

3830

6110

531

3161

105

7930

6110

5--

26

3061

105

--

3131

6110

531

3161

105

--

26

Age

ncy-

and

GSE

-bac

ked

sec.

1530

6170

5--

10

3061

703

--

2130

6170

3--

31

3061

703

3131

6170

538

3061

705

3131

6170

579

3061

705

4231

6170

526

3061

705

--

8931

6170

589

3161

705

--

27

Mun

icip

al s

ecur

ities

1530

6200

516

3162

003

1430

6200

510

3162

000

2130

6200

321

3162

005

--

--

3830

6200

538

3162

005

7930

6200

5--

26

3062

003

--

3831

6200

538

3162

005

--

28

Cor

pora

te a

nd f

gn. b

onds

1530

6300

5--

--

10

3163

003

2130

6300

3--

31

3063

763

--

3830

6300

510

3163

003

7930

6300

579

3163

005

2630

6300

526

3163

005

8931

6300

589

3163

005

--

29 L

oans

1540

2300

515

4123

005

1440

2300

514

4123

005

2130

6500

521

3169

203

3140

2300

531

3165

403

3840

2300

538

4123

005

7940

2300

579

4123

005

2630

6950

026

4123

005

8941

2300

589

4123

005

--

30

Dep

osito

ry in

st. l

oans

n.e

.c.

--

1531

6800

5--

14

3168

005

--

--

--

--

--

3831

6800

579

3068

005

7931

6800

5--

26

3168

005

7930

6800

579

3068

005

--

31

Oth

er lo

ans

and

adva

nces

1530

6900

515

3169

005

--

1431

6900

5--

21

3169

203

3130

6900

5--

38

3069

005

3831

6900

579

3069

005

7931

6900

526

3069

500

2631

6900

589

3169

005

8931

6900

5--

32

Mor

tgag

es15

3065

005

1531

6500

514

3065

005

1431

6500

521

3065

005

--

3130

6500

531

3165

403

3830

6500

538

3165

005

7930

6500

564

3165

005

--

--

8930

6500

589

3065

005

--

33

Con

sum

er c

redi

t16

3066

223

1531

6600

014

3066

005

--

--

--

3130

6622

0--

38

3066

005

1531

6600

079

3066

005

--

--

--

1531

6600

015

3166

000

--

34 C

orpo

rate

equ

ities

1530

6410

5--

--

10

3164

103

2130

6410

3--

31

3064

105

--

3830

6410

510

3164

103

7930

6410

579

3164

105

2630

6410

526

3164

103

8930

6410

589

3064

105

--

35 M

utua

l fun

d sh

ares

1530

6420

5--

10

3064

203

--

2130

6420

3--

--

--

38

3064

205

--

7930

6420

565

3164

205

2630

6420

3--

65

3164

205

6531

6420

5--

36 T

rade

cre

dit

--

1631

7000

314

3070

005

1431

7000

521

3070

003

2131

7000

331

3070

000

3131

7000

538

3070

005

3831

7000

579

3070

005

6631

7000

326

3070

003

2631

7000

389

3070

005

8931

7000

590

3070

005

37 L

ife

insu

ranc

e re

serv

es15

3040

005

--

--

--

--

--

--

3131

4000

315

3040

005

3131

4000

379

3040

005

5431

4000

5--

--

88

3140

005

8831

4000

5--

38 P

ensi

on e

ntitl

emen

ts15

3050

005

--

--

--

--

--

--

--

1530

5000

5--

--

15

3050

005

--

--

1530

5000

515

3050

005

--

39 T

axes

pay

able

--

--

--

1431

7800

521

3078

005

--

3130

7800

5--

38

3078

005

1431

7800

5--

79

3178

005

--

--

8930

7800

589

3178

005

9030

7800

5

40 E

quity

in n

onco

rp. b

usin

ess

1520

9020

5--

--

11

2090

205

--

--

--

--

1520

9020

511

2090

205

--

6620

9020

5--

--

15

2090

205

1520

9020

5--

41 U

.S. d

irec

t inv

estm

ent a

broa

d--

--

10

3092

005

--

--

--

--

--

1030

9200

5--

79

3092

005

--

--

2631

9200

526

3192

005

2631

9200

5--

42 F

orei

gn d

irec

t inv

estm

ent i

n U

.S.

--

--

--

1431

9200

5--

--

--

--

--

14

3192

005

--

7931

9200

526

3092

001

--

2630

9200

126

3092

001

--

43 M

isce

llane

ous

1530

9000

554

3077

073

1430

9000

514

3190

005

2130

9300

322

3073

045

3130

9000

531

3190

005

3830

9000

538

3190

005

7930

9000

579

3190

005

--

2631

9000

589

3090

005

8931

9000

590

3090

005

44Se

ctor

dis

crep

anci

es (

1 le

ss 4

)15

7005

005

--

1070

0500

5--

21

7005

005

--

3170

0500

5--

38

7005

005

--

7970

0500

5--

26

7005

005

--

8970

0500

5--

90

7005

005

Gen

eral

Not

es: U

= u

se o

f fu

nds;

S =

sou

rce

of f

unds

. Dom

estic

non

fina

ncia

l sec

tors

(co

lum

ns 9

and

10)

are

hou

seho

lds

and

nonp

rofi

t org

aniz

atio

ns, n

onfi

nanc

ial b

usin

ess,

sta

te a

nd lo

cal g

over

nmen

ts, a

nd f

eder

al g

over

nmen

t.

Su

mm

ary

3Z

.1, S

epte

mbe

r 16

, 201

6F

low

of

Fun

ds M

atri

x fo

r 20

15

(Bill

ions

of

dolla

rs; A

ll Se

ctor

s --

Ass

ets

and

Lia

bilit

ies)

Hou

seho

lds

Stat

eD

omes

ticD

omes

ticIn

stru

men

tan

d N

onpr

ofit

Non

fina

ncia

lan

d L

ocal

Fede

ral

Non

fina

ncia

lFi

nanc

ial

Res

t of

All

Dis

crep

-O

rgan

izat

ions

Bus

ines

sG

over

nmen

tsG

over

nmen

tSe

ctor

sSe

ctor

sth

e W

orld

Sect

ors

ancy

AL

AL

AL

AL

AL

AL

AL

AL

(1)

(2)

(3)

(4)

(5)

(6)

(7)

(8)

(9)

(10)

(11)

(12)

(13)

(14)

(15)

(16)

(17)

1T

otal

fin

anci

al a

sset

s71

217.

1--

23

173.

3--

30

70.1

--

2140

.5--

99

601.

1--

86

210.

8--

22

775.

5--

20

8587

.4--

-8

333.

1

2T

otal

liab

ilitie

s an

d eq

uity

--

1450

9.5

--

5643

5.7

--

5726

.9--

17

645.

7--

94

317.

8--

88

699.

3--

17

237.

1--

20

0254

.2--

3 T

otal

liab

ilitie

s--

14

509.

5--

24

021.

4--

57

26.9

--

1764

5.7

--

6190

3.5

--

8143

8.1

--

1040

8.9

--

1537

50.5

--

4U

.S. o

ffic

ial r

eser

ve a

sset

s--

--

--

--

--

--

86

.948

.986

.948

.930

.5--

48

.910

6.4

166.

415

5.4

-11.

0

5SD

R c

ertif

icat

es--

--

--

--

--

--

--

5.

2--

5.

25.

2--

--

--

5.

25.

2--

6T

reas

ury

curr

ency

--

--

--

--

--

--

--

25.3

--

25.3

47.6

--

--

--

47.6

25.3

-22.

2

7Fo

reig

n D

epos

its31

.6--

48

.0--

--

--

--

--

79

.6--

11

.1--

--

58

5.9

90.7

585.

949

5.2

8In

terb

ank

clai

ms

--

--

--

--

--

--

--

--

--

--

2051

.523

63.6

354.

4--

24

05.8

2363

.6-4

2.2

9C

heck

able

dep

. and

cur

renc

y13

00.2

--

1014

.9--

13

2.5

--

338.

1--

27

85.7

--

337.

738

29.7

705.

1--

38

28.5

3829

.71.

2

10T

ime

and

savi

ngs

depo

sits

8345

.8--

10

57.3

--

335.

1--

1.

8--

97

40.0

--

638.

810

854.

947

6.1

--

1085

4.9

1085

4.9

--

11M

oney

mar

ket f

und

shar

es10

66.1

--

668.

7--

17

7.4

--

--

--

1912

.2--

72

8.1

2754

.711

4.5

--

2754

.727

54.7

--

12Fe

d. F

unds

and

sec

urity

RPs

--

--

26.0

--

142.

1--

--

--

16

8.1

--

2544

.229

28.4

667.

678

3.0

3379

.837

11.5

331.

6

13D

ebt s

ecur

ities

4568

.622

0.8

191.

455

31.4

1338

.730

15.1

0.5

1516

5.6

6099

.223

932.

923

303.

113

110.

810

358.

727

17.3

3976

1.0

3976

1.0

--

14 O

pen

mar

ket p

aper

15.1

--

54.7

176.

563

.3--

--

--

13

3.1

176.

570

4.3

320.

110

4.1

444.

894

1.5

941.

5--

15 T

reas

ury

secu

ritie

s11

44.8

--

97.7

--

666.

4--

--

15

141.

119

08.9

1514

1.1

7084

.1--

61

48.1

--

1514

1.1

1514

1.1

--

16 A

genc

y- a

nd G

SE-b

acke

d se

c.54

5.6

--

11.8

--

416.

0--

0.

024

.697

3.4

24.6

6282

.181

44.4

913.

5--

81

69.0

8169

.0--

17 M

unic

ipal

sec

uriti

es16

48.8

220.

827

.254

1.2

14.4

3015

.1--

--

16

90.3

3777

.019

99.2

--

87.5

--

3777

.037

77.0

--

18 C

orpo

rate

and

fgn

. Bon

ds12

14.4

--

--

4813

.717

8.7

--

0.5

--

1393

.548

13.7

7233

.346

46.2

3105

.522

72.5

1173

2.4

1173

2.4

--

19L

oans

970.

313

998.

811

9.7

7255

.822

1.5

16.9

1264

.40.

025

75.9

2127

1.5

2099

5.4

2131

.019

3.9

362.

623

765.

123

765.

1--

20 D

epos

itory

inst

. loa

ns n

.e.c

.--

32

5.7

--

2110

.7--

--

--

--

--

24

36.4

3205

.844

1.4

--

328.

032

05.8

3205

.8--

21 O

ther

loan

s an

d ad

vanc

es84

2.6

437.

2--

12

96.8

--

16.9

198.

2--

10

40.9

1750

.820

04.9

1454

.219

3.9

34.6

3239

.632

39.6

--

22 M

ortg

ages

83.5

9700

.376

.138

48.2

221.

5--

11

6.5

0.0

497.

613

548.

513

286.

423

5.4

--

--

1378

4.0

1378

4.0

--

23 C

onsu

mer

cre

dit

44.2

3535

.743

.6--

--

--

94

9.7

--

1037

.435

35.7

2498

.3--

--

--

35

35.7

3535

.7--

24C

orpo

rate

equ

ities

1415

8.2

--

--

2168

1.4

178.

0--

33

.4--

14

369.

621

681.

415

864.

472

46.6

5522

.268

28.2

3575

6.2

3575

6.2

--

25M

utua

l fun

d sh

ares

6519

.4--

23

5.7

--

86.5

--

--

--

6841

.6--

54

73.4

1289

7.2

582.

2--

12

897.

212

897.

2--

26T

rade

cre

dit

--

259.

433

41.5

2622

.318

3.6

862.

761

.226

1.9

3586

.340

06.3

140.

926

.317

5.6

44.7

3902

.840

77.3

174.

6

27L

ife

insu

ranc

e re

serv

es13

10.6

--

--

--

--

--

--

51.1

1310

.651

.120

5.2

1464

.6--

--

15

15.8

1515

.8--

28Pe

nsio

n en

title

men

ts21

247.

6--

--

--

--

--

--

--

21

247.

6--

--

21

247.

6--

--

21

247.

621

247.

6--

29T

axes

pay

able

--

--

--

164.

915

0.6

--

181.

3--

33

2.0

164.

9--

-5

6.1

--

--

332.

010

8.9

-223

.1

30E

quity

in n

onco

rp. B

usin

ess

1074

7.6

--

--

1073

2.9

--

--

--

--

1074

7.6

1073

2.9

--

14.7

--

--

1074

7.6

1074

7.6

--

31U

.S. d

irec

t inv

estm

ent a

broa

d--

--

48

07.2

--

--

--

--

--

4807

.2--

84

1.4

--

--

5648

.656

48.6

5648

.6--

32Fo

reig

n di

rect

inve

stm

ent i

n U

.S.

--

--

--

2976

.5--

--

--

--

--

29

76.5

--

599.

935

76.4

--

3576

.435

76.4

--

33M

isce

llane

ous

951.

330

.611

662.

854

70.4

124.

118

32.3

173.

020

87.5

1291

1.2

9420

.812

992.

372

85.4

--

160.

325

903.

616

866.

4-9

037.

1

Gen

eral

not

es: A

= a

sset

s; L

= li

abili

ties.

Dom

estic

non

fina

ncia

l sec

tors

(co

lum

ns 9

and

10)

are

hou

seho

lds

and

nonp

rofi

t org

aniz

atio

ns, n

onfi

nanc

ial b

usin

ess,

sta

te a

nd lo

cal g

over

nmen

ts, a

nd f

eder

al g

over

nmen

t. E

quity

incl

uded

in li

ne 2

is th

e su

m o

f c

orpo

rate

equ

ities

(lin

e 24

) an

d eq

uity

in n

onco

rpor

ate

busi

ness

(lin

e 30

). T

he m

atri

x sh

ows

a di

scre

panc

y in

col

umn

17 f

or m

onet

ary

gold

(lin

e 4)

bec

ause

by

inte

rnat

iona

l acc

ount

ing

conv

entio

n, m

onet

ary

gold

is a

fin

anci

al a

sset

with

out a

cor

resp

ondi

ng li

abili

ty.

Su

mm

ary

4

Z.1

, Sep

tem

ber

16, 2

016

Flo

w o

f F

unds

Mat

rix

-- A

ll Se

ctor

s --

Ass

ets

and

Lia

bilit

ies

Hou

seho

lds

Stat

eD

omes

ticD

omes

ticIn

stru

men

tan

d N

onpr

ofit

Non

fina

ncia

lan

d L

ocal

Fede

ral

Non

fina

ncia

lFi

nanc

ial

Res

t of

All

Dis

crep

-O

rgan

izat

ions

Bus

ines

sG

over

nmen

tsG

over

nmen

tSe

ctor

sSe

ctor

sth

e W

orld

Sect

ors

ancy

AL

AL

AL

AL

AL

AL

AL

AL

(1)

(2)

(3)

(4)

(5)

(6)

(7)

(8)

(9)

(10)

(11)

(12)

(13)

(14)

(15)

(16)

(17)

1T

otal

fin

anci

al a

sset

s15

4090

005

--

1440

9000

5--

21

4090

005

--

3140

9000

5--

38

4090

005

--

7940

9000

5--

26

4090

005

--

8940

9000

5--

90

7005

015

2T

otal

liab

ilitie

s an

d eq

uity

--

1541

9000

5--

14

4194

005

--

2141

9000

5--

31

4190

005

--

3841

9400

5--

79

4194

005

--

2641

9400

5--

89

4194

005

--

3 T

otal

liab

ilitie

s--

15

4190

005

--

1441

9000

5--

21

4190

005

--

3141

9000

5--

38

4190

005

--

7941

9000

5--

26

4190

005

--

8941

9000

5--

4U

.S. o

ffic

ial r

eser

ve a

sset

s--

--

--

--

--

--

31

3011

005

3131

1130

331

3011

005

3131

1130

371

3011

005

--

2630

1100

526

3111

005

8930

1100

589

3111

005

9030

1100

5

5SD

R c

ertif

icat

es--

--

--

--

--

--

--

71

3014

003

--

7130

1400

371

3014

003

--

--

--

7130

1400

371

3014

003

--

6T

reas

ury

curr

ency

--

--

--

--

--

--

--

3131

1200

3--

31

3112

003

7130

1200

3--

--

--

71

3012

003

3131

1200

390

3012

005

7Fo

reig

n D

epos

its15

3091

003

--

1030

9100

3--

--

--

--

--

38

3091

005

--

6330

9100

3--

--

26

3191

005

8930

9100

526

3191

005

9030

9100

5

8In

terb

ank

clai

ms

--

--

--

--

--

--

--

--

--

--

7940

1000

579

4110

005

2640

1600

5--

89

4010

005

7941

1000

590

4010

005

9C

heck

able

dep

. and

cur

renc

y15

3020

005

--

1430

2000

5--

21

3020

005

--

3130

2000

5--

38

3020

005

--

7930

2000

579

3120

005

2630

2000

5--

89

3020

005

7931

2000

590

3020

005

10T

ime

and

savi

ngs

depo

sits

1530

3000

5--

14

3030

005

--

2130

3000

5--

31

3030

003

--

3830

3000

5--

79

3030

005

7031

3000

526

3030

005

--

7031

3000

570

3130

005

--

11M

oney

mar

ket f

und

shar

es15

3034

005

--

1430

3400

5--

21

3034

003

--

--

--

3830

3400

5--

79

3034

005

6340

9000

526

3034

003

--

6340

9000

563

4090

005

--

12Fe

d. F

unds

and

sec

urity

RPs

--

--

1020

5100

3--

21

2051

003

--

--

--

3820

5100

5--

79

2050

005

7921

5000

526

2051

003

2621

5100

389

2050

005

8921

5000

590

2050

005

13D

ebt s

ecur

ities

1540

2200

516

3162

003

1440

2200

510

4122

005

2140

2200

521

3162

005

3140

2200

531

4122

005

3840

2200

538

4122

005

7940

2200

579

4122

005

2640

2200

526

4122

005

8941

2200

589

4122

005

--

14 O

pen

mar

ket p

aper

1630

6910

3--

10

3069

100

1031

6910

021

3069

103

--

--

--

3830

6910

510

3169

100

7930

6917

579

3169

175

2630

6910

326

3169

105

8931

6917

589

3169

175

--

15 T

reas

ury

secu

ritie

s15

3061

105

--

1430

6110

5--

21

3061

105

--

--

3131

6110

538

3061

105

3131

6110

579

3061

105

--

2630

6110

5--

31

3161

105

3131

6110

5--

16 A

genc

y- a

nd G

SE-b

acke

d se

c.15

3061

705

--

1030

6170

3--

21

3061

703

--

3130

6170

331

3161

705

3830

6170

531

3161

705

7930

6170

542

3161

705

2630

6170

5--

89

3161

705

8931

6170

5--

17 M

unic

ipal

sec

uriti

es15

3062

005

1631

6200

314

3062

005

1031

6200

021

3062

003

2131

6200

5--

--

38

3062

005

3831

6200

579

3062

005

--

2630

6200

3--

38

3162

005

3831

6200

5--

18 C

orpo

rate

and

fgn

. Bon

ds15

3063

005

--

--

1031

6300

321

3063

003

--

3130

6376

3--

38

3063

005

1031

6300

379

3063

005

7931

6300

526

3063

005

2631

6300

589

3163

005

8931

6300

5--

19L

oans

1540

2300

515

4123

005

1440

2300

514

4123

005

2130

6500

521

3169

203

3140

2300

531

3165

403

3840

2300

538

4123

005

7940

2300

579

4123

005

2630

6950

026

4123

005

8941

2300

589

4123

005

--

20 D

epos

itory

inst

. loa

ns n

.e.c

.--

15

3168

005

--

1431

6800

5--

--

--

--

--

38

3168

005

7930

6800

579

3168

005

--

2631

6800

579

3068

005

7930

6800

5--

21 O

ther

loan

s an

d ad

vanc

es15

3069

005

1531

6900

5--

14

3169

005

--

2131

6920

331

3069

005

--

3830

6900

538

3169

005

7930

6900

579

3169

005

2630

6950

026

3169

005

8931

6900

589

3169

005

--

22 M

ortg

ages

1530

6500

515

3165

005

1430

6500

514

3165

005

2130

6500

5--

31

3065

005

3131

6540

338

3065

005

3831

6500

579

3065

005

6431

6500

5--

--

89

3065

005

8930

6500

5--

23 C

onsu

mer

cre

dit

1630

6622

315

3166

000

1430

6600

5--

--

--

31

3066

220

--

3830

6600

515

3166

000

7930

6600

5--

--

--

15

3166

000

1531

6600

0--

24C

orpo

rate

equ

ities

1530

6410

5--

--

10

3164

103

2130

6410

3--

31

3064

105

--

3830

6410

510

3164

103

7930

6410

579

3164

105

2630

6410

526

3164

103

8930

6410

589

3064

105

--

25M

utua

l fun

d sh

ares

1530

6420

5--

10

3064

203

--

2130

6420

3--

--

--

38

3064

205

--

7930

6420

565

3164

205

2630

6420

3--

65

3164

205

6531

6420

5--

26T

rade

cre

dit

--

1631

7000

314

3070

005

1431

7000

521

3070

003

2131

7000

331

3070

000

3131

7000

538

3070

005

3831

7000

579

3070

005

6631

7000

326

3070

003

2631

7000

389

3070

005

8931

7000

590

3070

005

27L

ife

insu

ranc

e re

serv

es15

3040

005

--

--

--

--

--

--

3131

4000

315

3040

005

3131

4000

379

3040

005

5431

4000

5--

--

88

3140

005

8831

4000

5--

28Pe

nsio

n en

title

men

ts15

3050

005

--

--

--

--

--

--

--

1530

5000

5--

--

15

3050

005

--

--

1530

5000

515

3050

005

--

29T

axes

pay

able

--

--

--

1431

7800

521

3078

005

--

3130

7800

5--

38

3078

005

1431

7800

5--

79

3178

005

--

--

8930

7800

589

3178

005

9030

7800

5

30E

quity

in n

onco

rp. B

usin

ess

1520

9020

5--

--

11

2090

205

--

--

--

--

1520

9020

511

2090

205

--

6620

9020

5--

--

15

2090

205

1520

9020

5--

31U

.S. d

irec

t inv

estm

ent a

broa

d--

--

10

3092

005

--

--

--

--

--

1030

9200

5--

79

3092

005

--

--

2631

9200

526

3192

005

2631

9200

5--

32Fo

reig

n di

rect

inve

stm

ent i

n U

.S.

--

--

--

1431

9200

5--

--

--

--

--

14

3192

005

--

7931

9200

526

3092

001

--

2630

9200

126

3092

001

--

33M

isce

llane

ous

1530

9000

554

3077

073

1430

9000

514

3190

005

2130

9300

322

3073

045

3130

9000

531

3190

005

3830

9000

538

3190

005

7930

9000

579

3190

005

--

2631

9000

589

3090

005

8931

9000

590

3090

005

Gen

eral

not

es: A

= a

sset

s; L

= li

abili

ties.

Dom

estic

non

fina

ncia

l sec

tors

(co

lum

ns 9

and

10)

are

hou

seho

lds

and

nonp

rofi

t org

aniz

atio

ns, n

onfi

nanc

ial b

usin

ess,

sta

te a

nd lo

cal g

over

nmen

ts, a

nd f

eder

al g

over

nmen

t. E

quity

incl

uded

in li

ne 2

is th

e su

m o

f c

orpo

rate

equ

ities

(lin

e 24

) an

d eq

uity

in n

onco

rpor

ate

busi

ness

(lin

e 30

). T

he m

atri

x sh

ows

a di

scre

panc

y in

col

umn

17 f

or m

onet

ary

gold

(lin

e 4)

bec

ause

by

inte

rnat

iona

l acc

ount

ing

conv

entio

n, m

onet

ary

gold

is a

fin

anci

al a

sset

with

out a

cor

resp

ondi

ng li

abili

ty.

Su

mm

ary

Z.1, September 16, 2016 5

D.1 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 FG384104005 FG154104005 FG153165105 FG153166000 FG144104005 FG104104005 FG214104005 FG314104005 FG794104005 FG264104005

1983 12.1 11.3 10.2 12.1 9.2 8.4 11.4 18.5 13.1 7.41984 14.8 12.6 11.4 18.4 16.1 16.6 11.4 16.8 17.7 3.51985 16.1 16.8 14.6 15.9 11.0 12.6 31.8 17.7 21.1 0.61986 12.0 11.5 13.7 9.1 11.5 13.9 10.9 13.9 24.9 3.01987 9.0 9.6 13.4 4.8 7.8 8.9 12.0 8.7 15.9 3.3

1988 9.2 9.8 11.8 6.7 9.9 10.9 6.0 8.6 12.9 -1.21989 7.4 8.9 10.9 6.3 6.3 7.3 5.3 7.6 10.7 -2.01990 6.6 6.9 8.8 1.9 3.6 5.3 5.0 11.0 8.6 2.81991 4.7 5.5 7.0 -1.1 -2.1 -2.1 9.2 11.2 7.0 3.41992 4.7 5.3 6.5 1.1 -0.3 0.6 1.5 10.9 8.0 4.0

1993 5.9 6.5 5.5 7.4 3.1 5.3 5.3 8.4 10.4 15.81994 5.2 7.6 5.6 15.2 5.4 7.1 -3.9 5.1 13.4 -4.51995 4.9 7.0 4.9 14.4 5.9 6.7 -5.5 4.2 11.8 15.31996 5.2 6.9 6.2 9.0 5.5 5.2 -2.0 4.8 13.0 14.11997 5.6 6.5 6.1 5.5 8.5 8.6 4.9 1.5 12.1 10.8

1998 6.6 7.7 8.0 7.2 11.5 10.8 6.2 -0.3 19.8 4.51999 6.6 9.1 9.4 7.8 10.5 9.6 3.3 -0.7 16.8 1.82000 4.8 8.8 8.7 11.4 9.1 8.3 1.4 -6.3 11.7 7.52001 5.8 8.7 10.6 8.6 4.8 3.2 8.8 1.3 10.2 -2.42002 6.7 9.8 13.3 5.6 2.4 0.2 11.1 6.8 8.7 6.3

2003 7.7 12.1 14.5 5.3 1.0 -0.1 8.3 9.5 11.1 1.82004 9.2 11.7 13.5 5.6 5.9 3.4 11.5 8.3 9.5 8.62005 8.7 10.6 13.4 4.5 8.0 5.2 6.7 6.6 8.8 8.12006 8.4 10.5 11.2 5.2 9.8 7.3 4.4 3.9 10.4 21.22007 8.1 7.2 7.4 6.1 12.4 11.5 5.9 4.7 13.7 15.7

2008 5.8 -0.1 0.9 1.3 6.0 4.4 1.2 21.4 4.6 -9.92009 3.5 0.4 0.6 -3.6 -4.1 -5.2 4.3 20.4 -9.6 13.82010 4.4 -0.5 -1.7 -1.1 -0.7 -0.9 2.4 18.5 -5.2 7.42011 3.5 -0.5 -0.7 4.2 2.8 5.5 -1.5 10.8 -2.2 7.72012 5.0 1.9 -0.7 5.9 4.7 4.8 -0.2 10.1 -2.7 7.9

2013 3.8 1.7 0.0 6.0 4.7 5.9 -1.8 6.7 1.7 8.72014 4.3 3.1 0.4 7.2 6.1 6.8 -1.1 5.4 2.1 6.62015 4.5 2.8 1.4 7.0 6.7 6.2 0.3 5.0 1.1 -0.6

2010 -- Q1 3.8 -2.4 -3.7 -3.3 -1.2 -1.4 3.0 19.4 -5.8 7.9 Q2 4.5 0.4 -0.5 -2.7 -3.4 -5.2 0.0 20.5 -6.4 -3.1 Q3 4.6 -0.8 -1.7 -0.1 2.0 3.4 1.6 15.8 -4.4 5.6 Q4 4.4 0.7 -0.9 1.7 -0.2 -0.1 4.8 13.7 -5.0 17.6

2011 -- Q1 2.8 1.0 -0.7 3.9 1.3 3.1 -2.7 8.0 -1.1 15.5 Q2 1.6 -1.3 -0.5 3.4 2.9 5.8 -3.6 5.4 -2.5 15.2 Q3 5.4 -2.3 -0.9 3.7 3.4 6.6 -0.1 18.2 -1.9 -3.2 Q4 4.1 0.6 -0.9 5.6 3.4 6.2 0.3 10.1 -3.4 2.6

2012 -- Q1 5.3 2.0 -0.6 4.8 3.8 3.5 -0.5 11.9 -3.6 -0.7 Q2 5.3 1.8 -0.6 6.8 3.4 2.6 1.5 11.9 -4.0 2.5 Q3 4.2 0.9 -1.0 5.1 4.4 4.3 0.1 8.7 -1.7 13.8 Q4 4.8 2.9 -0.7 6.6 6.7 8.3 -1.8 6.6 -1.5 14.3

2013 -- Q1 4.5 1.1 -0.4 6.2 3.7 4.5 -0.0 9.7 -0.3 12.8 Q2 2.0 1.0 -0.3 5.1 4.4 5.3 -1.9 1.9 1.4 3.3 Q3 3.5 3.0 0.6 6.5 6.7 9.1 -2.6 2.6 -0.1 7.8 Q4 5.2 1.8 0.1 5.8 3.6 4.1 -2.7 11.9 5.9 10.6

2014 -- Q1 4.3 2.2 0.1 6.8 6.2 8.4 -2.3 6.4 -0.5 5.0 Q2 4.2 4.9 0.3 7.6 5.0 4.6 -0.4 3.7 2.2 14.2 Q3 5.1 2.8 0.2 7.1 6.4 7.7 -2.6 7.9 3.7 0.1 Q4 3.5 2.2 1.0 6.5 6.3 5.8 0.7 3.1 3.2 6.0

2015 -- Q1 2.7 2.0 0.3 6.1 7.4 8.4 1.8 -0.3 -1.0 5.2 Q2 4.4 4.0 2.1 7.9 7.9 8.3 0.5 2.7 2.0 1.8 Q3 2.7 1.4 1.5 7.1 5.5 4.2 0.2 2.1 1.9 -5.9 Q4 7.7 3.7 1.6 6.2 5.4 3.3 -1.2 15.4 1.4 -3.7

2016 -- Q1 5.4 2.7 2.0 5.6 9.4 11.1 0.8 5.6 3.8 -2.7 Q2 4.4 4.4 2.5 6.4 4.1 2.9 2.2 5.0 3.7 -4.0

1. Debt securities and loans. Data shown are on an end-of-period basis.

Su

mm

ary

6 Z.1, September 16, 2016

D.2 Borrowing by Sector 1

Billions of dollars; quarterly figures are seasonally adjusted annual rates



Total Total mortgage credit Total Corporate governments government sectors Foreign FA384104005 FA154104005 FA153165105 FA153166000 FA144104005 FA104104005 FA214104005 FA314104005 FA794104005 FA264104005

1983 593.6 180.8 105.2 48.2 165.7 94.4 47.3 199.8 107.5 16.71984 810.6 221.6 127.6 81.7 320.8 207.1 52.5 215.7 164.7 8.01985 1014.1 330.3 181.7 84.0 254.7 184.3 163.6 265.6 232.8 1.41986 880.9 266.3 199.4 55.8 294.9 227.7 74.2 245.5 333.6 10.21987 735.6 247.3 221.6 32.3 223.7 165.6 90.4 174.2 267.8 11.4

1988 820.8 274.0 215.6 46.6 308.5 224.4 50.4 187.9 253.8 -4.41989 717.9 275.4 224.9 47.0 214.3 165.9 47.4 180.9 236.9 -7.91990 688.4 229.8 200.0 15.1 131.3 131.0 47.1 280.2 212.3 11.11991 527.2 199.9 174.5 -8.8 -80.5 -54.3 91.2 316.6 189.9 13.41992 552.5 202.7 173.0 9.2 -10.5 16.0 16.5 343.8 229.9 16.4

1993 727.1 262.2 156.3 61.4 113.7 134.3 57.9 293.2 326.7 67.51994 675.5 323.3 166.5 135.0 204.3 189.8 -45.5 193.5 462.7 -23.21995 665.0 323.1 153.6 147.0 237.5 192.1 -60.8 165.3 463.7 76.41996 752.9 340.6 205.1 105.7 232.8 162.4 -20.5 200.0 570.7 89.01997 840.2 343.6 215.9 70.3 382.4 280.5 50.8 63.4 603.4 77.7

1998 1047.9 433.8 301.5 97.1 558.6 379.6 66.8 -11.4 1097.0 36.01999 1123.6 549.0 379.2 112.4 567.4 373.6 37.3 -30.1 1115.6 15.42000 874.9 581.6 383.5 176.5 551.4 359.0 16.9 -275.0 909.3 60.52001 1103.0 627.4 508.2 150.6 315.0 151.5 105.5 55.2 887.9 -21.12002 1352.6 763.9 706.0 105.2 162.1 10.2 144.6 282.1 842.6 53.6

2003 1650.9 1038.9 872.1 105.9 70.8 -3.1 120.5 420.7 1171.1 17.22004 2134.4 1132.7 934.4 117.2 417.9 163.2 181.0 402.8 1092.0 99.12005 2261.7 1145.1 1053.6 100.4 602.7 260.9 167.1 346.9 1117.2 103.92006 2395.1 1260.6 997.6 120.1 798.7 383.3 116.6 219.1 1421.3 286.72007 2499.4 947.2 733.4 150.6 1118.4 655.1 163.4 270.4 2071.3 260.9

2008 1926.6 -14.8 93.3 34.3 604.4 278.9 34.6 1302.5 798.6 -198.22009 1241.4 49.6 67.0 -94.6 -441.7 -344.6 127.7 1505.8 -1724.4 222.22010 1571.3 -75.3 -176.1 -28.1 -72.6 -53.1 73.2 1645.9 -856.4 149.02011 1302.0 -67.8 -73.0 111.1 279.0 335.8 -47.8 1138.7 -336.7 172.82012 1909.7 254.7 -70.3 164.1 480.5 305.3 -6.0 1180.6 -396.4 196.8

2013 1538.6 231.2 0.3 175.8 506.5 397.3 -56.3 857.3 254.8 246.52014 1807.4 415.0 38.1 221.8 691.3 484.8 -34.9 735.9 319.5 193.82015 1930.0 389.0 130.1 232.7 805.9 472.4 10.4 724.6 165.8 -19.8

2010 -- Q1 1358.8 -333.8 -384.4 -84.7 -126.4 -88.8 91.5 1727.7 -964.6 158.0 Q2 1622.9 52.5 -55.2 -67.8 -343.7 -323.8 1.5 1912.5 -1014.4 -64.1 Q3 1685.9 -112.7 -175.5 -3.0 204.6 207.9 48.9 1545.1 -683.1 115.9 Q4 1617.4 92.9 -89.3 42.9 -24.8 -7.9 151.0 1398.4 -763.5 386.0

2011 -- Q1 1025.9 134.2 -66.2 102.3 132.1 187.5 -85.5 845.1 -166.6 349.3 Q2 585.7 -171.8 -50.9 90.3 292.4 354.7 -113.4 578.6 -377.8 356.8 Q3 2018.7 -308.4 -92.1 100.4 343.7 407.6 -2.8 1986.1 -284.4 -78.7 Q4 1577.8 74.6 -83.0 151.2 347.8 393.4 10.5 1144.9 -517.8 63.7

2012 -- Q1 2022.2 263.2 -62.2 132.5 390.3 225.0 -15.4 1384.2 -531.3 -17.1 Q2 2072.3 244.6 -57.4 190.4 357.7 169.6 45.2 1424.8 -593.4 63.3 Q3 1656.8 121.6 -92.4 145.0 458.5 281.1 3.4 1073.4 -243.3 353.0 Q4 1887.4 389.2 -69.3 188.4 715.4 545.5 -57.2 839.9 -217.6 388.1

2013 -- Q1 1800.1 151.2 -35.8 181.5 397.7 306.0 -1.5 1252.6 -47.5 361.4 Q2 800.9 129.0 -31.2 150.9 481.3 364.0 -58.2 248.8 208.6 95.5 Q3 1405.3 403.9 59.7 193.9 738.1 626.5 -81.5 344.9 -12.1 221.0 Q4 2148.2 240.6 8.3 177.1 408.7 292.6 -84.0 1582.9 870.3 308.1

2014 -- Q1 1804.4 295.0 13.4 209.3 698.0 599.9 -69.9 881.3 -80.3 148.0 Q2 1743.0 665.8 26.4 240.5 573.6 336.7 -11.8 515.4 329.6 431.9 Q3 2167.3 391.1 17.5 226.5 747.9 567.5 -78.8 1107.2 550.2 4.3 Q4 1515.0 308.2 95.1 210.9 745.8 434.8 21.1 439.9 478.7 190.9

2015 -- Q1 1188.3 283.3 29.8 203.9 888.3 639.7 54.7 -37.9 -152.2 166.5 Q2 1928.7 552.6 197.6 266.6 968.4 644.6 16.6 391.1 305.6 58.6 Q3 1186.7 197.7 142.1 244.1 682.6 337.1 6.1 300.2 290.2 -189.6 Q4 3416.2 522.5 151.1 216.3 684.5 268.1 -35.6 2244.8 219.5 -114.8

2016 -- Q1 2462.6 379.8 192.1 199.1 1208.0 901.8 22.9 851.9 586.1 -83.0 Q2 1999.0 622.4 240.9 230.3 540.4 244.2 65.8 770.5 571.0 -126.5

1. Debt securities and loans.

Su

mm

ary


D.3 Debt Outstanding by Sector 1

Billions of dollars; quarterly figures are seasonally adjusted



Total Total mortgage credit Total Corporate governments government sectors Foreign LA384104005 LA154104005 LA153165105 LA153166000 LA144104005 LA104104005 LA214104005 LA314104005 LA794104005 LA264104005

1983 5492.1 1754.0 1116.4 444.9 1996.2 1247.2 461.1 1280.8 931.1 228.21984 6302.3 1971.6 1243.3 526.6 2320.6 1458.0 513.6 1496.5 1104.5 228.11985 7334.6 2322.7 1450.2 610.6 2572.0 1638.9 677.9 1762.0 1338.2 335.01986 8212.6 2586.9 1649.0 666.4 2866.0 1865.8 752.1 2007.5 1679.8 346.11987 8930.6 2788.9 1828.6 698.6 3117.4 2059.2 842.6 2181.7 1959.9 357.2

1988 9747.9 3079.8 2054.8 745.2 3405.5 2263.5 893.0 2369.6 2213.7 393.11989 10482.9 3347.6 2260.1 809.3 3644.3 2454.1 940.4 2550.5 2479.1 389.21990 11198.6 3606.6 2489.3 824.4 3773.8 2583.3 987.4 2830.8 2694.5 396.21991 11722.5 3810.1 2667.4 815.6 3686.4 2524.4 1078.6 3147.4 2884.4 406.21992 12278.2 4012.8 2840.4 824.8 3679.1 2543.6 1095.1 3491.1 3129.9 425.8

1993 13020.0 4277.4 2999.0 886.2 3805.2 2690.4 1153.0 3784.3 3462.0 520.61994 13701.9 4600.1 3165.5 1021.2 4016.5 2887.2 1107.5 3977.8 3932.7 500.41995 14382.8 4923.1 3319.2 1168.2 4269.8 3095.2 1046.7 4143.1 4399.4 630.71996 15135.7 5276.8 3537.3 1273.9 4489.7 3244.6 1026.2 4343.1 4970.2 720.91997 15973.9 5620.4 3753.2 1344.2 4870.0 3523.0 1076.9 4406.5 5553.5 801.7

1998 17021.7 6054.2 4054.7 1441.3 5428.6 3902.6 1143.8 4395.1 6650.5 842.41999 18179.6 6603.2 4431.6 1553.6 6030.5 4310.6 1181.0 4365.0 7763.8 803.92000 19064.4 7194.7 4813.9 1741.3 6581.9 4669.6 1197.9 4090.0 8674.1 867.62001 20150.5 7822.0 5322.0 1891.8 6879.9 4804.1 1303.4 4145.2 9688.2 849.42002 21503.1 8585.9 6028.0 1997.0 7041.9 4814.3 1447.9 4427.3 10530.8 955.7

2003 23198.2 9654.9 6909.8 2102.9 7126.8 4825.3 1568.4 4848.0 11537.2 1156.62004 26116.5 10812.9 7859.1 2220.1 7568.8 5012.5 2483.9 5250.9 12644.1 1285.22005 28365.2 11958.0 8912.7 2320.6 8171.5 5273.4 2651.0 5584.8 13706.7 1350.52006 30800.3 13237.9 9910.3 2456.7 8990.9 5677.5 2767.6 5803.9 15095.0 1657.92007 33276.6 14157.1 10613.0 2609.9 10114.2 6339.1 2931.0 6074.3 17277.1 1996.6

2008 35065.4 14015.9 10580.1 2644.2 10707.0 6613.0 2965.6 7376.8 17995.6 1604.42009 35918.6 13773.1 10419.5 2555.4 10169.7 6184.3 3093.3 8882.6 16545.6 2005.92010 37232.9 13522.8 9921.7 2647.2 10015.1 6064.3 3166.5 10528.6 15331.1 2257.92011 38386.5 13313.8 9702.2 2758.3 10286.7 6400.1 3118.7 11667.3 14916.4 2484.92012 40133.1 13366.3 9491.4 2920.4 10806.3 6748.9 3112.7 12847.8 14705.3 2834.0

2013 41564.0 13509.7 9403.9 3096.2 11292.8 7130.7 3056.4 13705.1 14895.6 2957.82014 43324.4 13879.8 9397.1 3318.0 11982.0 7615.9 3021.5 14441.1 15195.7 3206.22015 45204.4 14219.6 9479.6 3535.7 12787.2 8090.0 3032.0 15165.6 15241.8 3079.9

2010 -- Q1 36268.6 13683.9 10275.4 2537.8 10154.1 6179.3 3116.1 9314.6 15769.8 2067.0 Q2 36624.5 13649.5 10214.1 2520.9 10065.8 6098.4 3116.5 9792.7 15493.4 2055.5 Q3 37002.1 13579.8 10128.7 2520.1 10114.6 6150.4 3128.7 10179.0 15301.9 2194.4 Q4 37232.9 13522.8 9921.7 2647.2 10015.1 6064.3 3166.5 10528.6 15331.1 2257.9

2011 -- Q1 37448.6 13517.4 9866.2 2672.8 10046.2 6111.1 3145.1 10739.8 15270.6 2348.7 Q2 37559.9 13441.3 9814.9 2695.4 10117.3 6199.8 3116.8 10884.5 15152.3 2476.9 Q3 38028.0 13329.4 9757.2 2720.5 10201.5 6301.7 3116.1 11381.0 15062.7 2456.8 Q4 38386.5 13313.8 9702.2 2758.3 10286.7 6400.1 3118.7 11667.3 14916.4 2484.9

2012 -- Q1 38851.2 13347.3 9652.0 2791.4 10375.7 6447.0 3114.8 12013.3 14829.3 2526.1 Q2 39325.9 13366.9 9598.1 2837.0 10463.4 6489.4 3126.1 12369.5 14660.9 2555.3 Q3 39694.8 13301.9 9539.3 2873.3 10628.1 6611.6 3127.0 12637.9 14767.7 2718.5 Q4 40133.1 13366.3 9491.4 2920.4 10806.3 6748.9 3112.7 12847.8 14705.3 2834.0

2013 -- Q1 40555.5 13377.8 9456.2 2965.7 10904.4 6825.3 3112.3 13161.0 14677.9 2891.2 Q2 40730.0 13385.6 9423.9 3003.5 11023.5 6916.3 3097.8 13223.2 14715.1 2826.0 Q3 41059.3 13465.6 9417.9 3051.9 11206.9 7072.9 3077.4 13309.4 14698.9 2897.8 Q4 41564.0 13509.7 9403.9 3096.2 11292.8 7130.7 3056.4 13705.1 14895.6 2957.8

2014 -- Q1 42000.2 13569.4 9393.2 3148.5 11466.4 7280.4 3038.9 13925.5 14866.9 3035.8 Q2 42423.4 13724.0 9387.9 3208.6 11609.2 7364.6 3036.0 14054.3 14943.0 3209.1 Q3 42948.2 13810.3 9380.8 3265.3 11790.6 7501.5 3016.2 14331.1 15079.5 3158.7 Q4 43324.4 13879.8 9397.1 3318.0 11982.0 7615.9 3021.5 14441.1 15195.7 3206.2

2015 -- Q1 43603.6 13933.6 9387.5 3369.0 12203.2 7775.7 3035.2 14431.6 15150.9 3228.0 Q2 44073.7 14060.3 9425.3 3435.6 12444.7 7936.8 3039.3 14529.4 15220.3 3195.4 Q3 44360.5 14100.3 9451.5 3496.6 12614.9 8021.1 3040.9 14604.4 15286.3 3118.3 Q4 45204.4 14219.6 9479.6 3535.7 12787.2 8090.0 3032.0 15165.6 15241.8 3079.9

2016 -- Q1 45810.6 14305.5 9518.6 3585.5 13088.8 8315.3 3037.7 15378.6 15382.7 3163.1 Q2 46300.8 14452.1 9569.8 3643.1 13223.4 8376.4 3054.1 15571.2 15518.0 3187.5

1. Debt securities and loans. Data shown are on an end-of-period basis.

Su

mm

ary

8 Z.1, September 16, 2016

B.1 Derivation of U.S. Net WealthBillions of dollars; amounts outstanding end of period, not seasonally adjusted

2013 2014 2015 2015 2016 Q1 Q2 Q3 Q4 Q1 Q2

1 FL892090005 U.S. net wealth (1) 73546.8 77778.9 79623.1 79284.5 79739.5 77621.9 79623.1 79887.7 81130.8 1

2 FL152010005 Households’ direct holdings of nonfinancial assets 27228.0 28701.2 30462.6 29190.2 29597.3 30008.4 30462.6 30896.7 31419.8 2 3 LM155035005 Real estate 21849.2 23195.1 24756.0 23639.2 23979.5 24350.5 24756.0 25120.8 25594.7 3 4 FL165015205 Equipment (nonprofits) 311.6 320.4 331.0 323.9 326.2 328.7 331.0 333.0 334.6 4 5 FL165013765 Intellectual property products (nonprofits) 126.0 132.8 138.9 134.9 136.7 138.1 138.9 140.9 143.2 5 6 FL155111005 Consumer durable goods 4941.2 5052.9 5236.8 5092.2 5154.9 5191.1 5236.8 5301.9 5347.4 6

7 FL112010005 Nonfin. noncorporate businesses nonfinancial assets 10848.0 11548.9 12352.6 11822.8 11986.1 12160.8 12352.6 12413.0 12563.5 7 8 LM115035005 Real estate 9536.1 10180.8 10979.1 10446.1 10603.2 10785.8 10979.1 11062.6 11233.6 8 9 FL115015205 Equipment 810.7 849.1 879.5 859.6 868.7 873.0 879.5 874.8 873.4 9 10 FL115013765 Intellectual property products 214.3 222.7 233.0 228.6 231.5 233.2 233.0 217.6 198.6 10 11 FL115020005 Inventories 286.8 296.3 261.0 288.5 282.7 268.8 261.0 258.1 257.9 11

12 FL662090205 Fin. noncorporate businesses nonfinancial assets (2) 16.3 17.9 14.7 17.6 16.8 17.5 14.7 12.3 10.9 12

13 LM883164105 Market value of domestic corporations (3) 26989.0 29960.4 28928.0 30481.3 30173.5 27608.3 28928.0 28833.8 29408.3 13 14 LM103164103 Nonfinancial corporate equity 20560.6 22679.7 21681.4 23067.0 22699.8 20654.6 21681.4 21781.3 22152.0 14 15 LM793164105 Financial corporate equity 6428.4 7280.7 7246.6 7414.3 7473.7 6953.7 7246.6 7052.5 7256.3 15

16 FL312010095 Federal government nonfinancial assets (4) 3217.1 3269.3 3268.0 3273.4 3269.0 3269.1 3268.0 3263.3 3275.3 16 17 FL315014665 Structures 1481.4 1511.6 1508.2 1510.8 1508.7 1508.8 1508.2 1499.5 1507.0 17 18 FL315013265 Equipment 734.4 745.7 743.3 747.1 742.5 742.3 743.3 742.9 742.8 18 19 FL315013765 Intellectual property products 1001.3 1012.0 1016.4 1015.5 1017.8 1017.9 1016.4 1020.9 1025.6 19

20 FL212010095 State and local governments nonfinancial assets (4) 9710.3 9969.0 10135.7 9991.9 10078.7 10130.5 10135.7 10132.9 10256.9 20 21 FL215014665 Structures 9341.5 9594.3 9755.8 9615.5 9701.0 9751.3 9755.8 9752.1 9874.3 21 22 FL215013265 Equipment 247.7 249.5 249.5 250.1 250.0 250.1 249.5 249.0 249.4 22 23 FL215013765 Intellectual property products 121.2 125.2 130.4 126.4 127.6 129.1 130.4 131.8 133.1 23

24 FL882090265 Net U.S. financial claims on the rest of the world -4461.9 -5687.8 -5538.4 -5492.9 -5381.8 -5572.6 -5538.4 -5664.3 -5803.9 24

25 FL264194005 U.S. financial claims on the rest of the world 16635.6 17286.0 17237.1 17831.4 17948.3 17183.8 17237.1 17448.1 17673.0 25 26 LM263164103 U.S. holdings of foreign corporate equities 6472.9 6770.6 6828.2 7188.5 7353.3 6605.6 6828.2 6737.3 6703.5 26 27 FL264190005 Other U.S. financial claims 10162.7 10515.4 10408.9 10642.9 10595.0 10578.2 10408.9 10710.8 10969.6 27

28 FL264090005 Less: Foreign financial claims on U.S. 21097.5 22973.9 22775.5 23324.2 23330.1 22756.4 22775.5 23112.4 23476.9 28 29 LM263064105 Foreign holdings of U.S. corporate equities 5204.4 5921.5 5522.2 5972.6 5888.4 5393.3 5522.2 5421.9 5488.5 29 30 FL264090035 Other foreign financial claims 15893.1 17052.4 17253.3 17351.7 17441.7 17363.1 17253.3 17690.4 17988.5 30

Memo:

31 FL892090005 A. U.S. net wealth (line 1) 73546.8 77778.9 79623.1 79284.5 79739.5 77621.9 79623.1 79887.7 81130.8 31 32 FC892090005 Change in U.S. net wealth 9468.1 4232.2 1844.2 1505.5 455.1 -2117.6 2001.2 264.6 1243.1 32 33 PC892090005 Percent change in U.S. net wealth 14.8 5.8 2.4 1.9 0.6 -2.7 2.6 0.3 1.6 33

34 FL152090005 B. Household net worth (5) 78908.9 83944.0 87170.2 85825.4 86403.0 85088.8 87170.2 87987.7 89062.7 34 35 FC152090005 Change in household net worth 9487.1 5035.1 3226.3 1881.4 577.7 -1314.2 2081.5 817.5 1075.0 35 36 PC152090005 Percent change in household net worth 13.7 6.4 3.8 2.2 0.7 -1.5 2.4 0.9 1.2 36

(1) U.S. net wealth measures the value of tangible assets controlled by the household and nonprofit organizations, noncorporate business, and government sectors of the U.S. economy and the market value of domestic nonfinancial and financial corporations, net of U.S. financial obligations to the rest of the world (sum of lines 2+7+12+13+16+20+24).(2) Assumed to be equal to proprietors’ equity in noncorporate brokers and dealers.(3) This measure does not equal the net worth of the nonfinancial corporate business and financial business sectors reported in the Integrated Macroeconomic Accounts (tables S.2.a and S.2.q) because of differences in the valuation of assets.(4) Excludes land and nonproduced nonfinancial assets.(5) Household net worth is calculated as the difference between total assets and liabilities of the household and nonprofit organizations sector. See table B.101.

Su

mm

ary


F.2 Distribution of Gross Domestic Product (1)Billions of dollars; quarterly figures are seasonally adjusted annual rates

2013 2014 2015 2015 2016 Q1 Q2 Q3 Q4 Q1 Q2

1 FA086902005 Gross Domestic Product (GDP) 16691.5 17393.1 18036.6 17783.6 17998.3 18141.9 18222.8 18281.6 18436.5 1

2 FA156901001 Personal consumption expenditures (2) 11361.2 11863.4 12283.7 12098.9 12240.2 12356.9 12438.8 12498.0 12695.1 2

3 FA155011001 Durable goods 1241.7 1294.8 1355.2 1331.0 1353.3 1364.7 1371.8 1366.6 1390.4 3 4 FA156901035 Nondurable goods 2592.8 2675.7 2656.9 2625.6 2657.4 2678.3 2666.3 2642.0 2695.6 4 5 FA156901041 Services 7526.7 7892.9 8271.6 8142.2 8229.5 8313.9 8400.6 8489.3 8609.0 5

6 FA835019905 Gross private domestic investment 2706.3 2886.5 3056.6 3044.6 3049.9 3072.1 3059.9 3036.8 2973.6 6

7 FA835019005 Fixed investment (3) 2613.9 2821.0 2963.2 2915.7 2944.7 2995.3 2997.2 2994.8 2992.2 7

8 FA835013001 Nonresidential 2094.4 2251.0 2311.3 2297.6 2304.9 2331.5 2311.3 2292.4 2294.0 8 9 FA165013005 Household sector (nonprofit organizations) 137.8 137.0 145.8 145.2 148.6 146.7 142.6 143.0 145.4 9 10 FA105013005 Nonfinancial corporate business 1498.6 1618.3 1646.3 1638.6 1643.1 1659.5 1644.1 1631.6 1634.9 10 11 FA115013005 Nonfinancial noncorporate business 256.7 277.9 280.7 280.8 278.7 282.4 280.8 275.4 271.9 11 12 FA795013005 Financial institutions 201.3 217.7 238.5 233.0 234.5 242.8 243.8 242.5 241.7 12

13 FA835012001 Residential 519.5 570.0 651.9 618.1 639.8 663.8 685.9 702.4 698.2 13 14 FA155012005 Household sector 433.4 473.8 542.3 513.6 532.0 552.5 571.2 588.2 590.6 14 15 FA105012005 Nonfinancial corporate business -8.6 -0.6 8.3 -3.0 -0.4 26.9 9.8 6.2 -10.5 15 16 FA115012005 Nonfinancial noncorporate business 79.7 89.1 101.3 96.6 99.6 102.9 106.1 109.3 109.7 16 17 FA645012063 REITs 15.0 7.8 -0.0 10.9 8.6 -18.5 -1.1 -1.3 8.4 17

18 FA145020005 Change in private inventories 92.4 65.4 93.4 129.0 105.2 76.8 62.7 41.9 -18.6 18 19 FA105020005 Nonfinancial corporate business 73.6 57.9 81.2 110.2 91.3 66.6 56.5 40.8 -8.0 19 20 FA115020005 Nonfinancial noncorporate business 18.8 7.6 12.2 18.8 13.8 10.2 6.2 1.1 -10.6 20

21 FA266903005 Net U.S. exports of goods and services -492.0 -508.8 -522.0 -534.7 -508.9 -523.4 -520.9 -507.4 -495.5 21

22 FA266903011 Exports 2276.6 2375.3 2264.3 2287.8 2298.6 2259.1 2211.7 2179.0 2206.8 22 23 FA266903001 - Imports 2768.6 2884.1 2786.3 2822.4 2807.5 2782.5 2732.6 2686.3 2702.3 23

Government consumption expenditures and 24 FA366902005 gross investment 3116.1 3152.1 3218.3 3174.7 3217.2 3236.3 3245.0 3254.3 3263.4 24

25 FA366901005 Consumption expenditures (4) 2523.7 2557.6 2604.9 2575.8 2600.2 2617.1 2626.5 2623.0 2643.9 25 26 FA316901001 Federal 961.0 955.9 963.7 960.1 961.7 965.1 968.0 969.0 974.8 26 27 FA206901001 State and local 1562.7 1601.6 1641.2 1615.7 1638.4 1652.1 1658.5 1654.0 1669.1 27

28 FA365019005 Gross investment (4) 592.3 594.5 613.4 598.9 617.0 619.2 618.5 631.3 619.5 28 29 FA315019001 Federal 268.4 262.9 261.2 258.7 260.4 260.0 266.0 264.8 264.4 29 30 FA205019001 State and local 323.9 331.6 352.2 340.2 356.6 359.2 352.6 366.5 355.1 30

Memo:

31 FA266904005 Net U.S. income receipts from rest of world 244.3 248.1 205.7 217.1 203.8 190.6 211.4 172.5 196.0 31 32 FA266904001 U.S. income receipts 825.5 852.1 813.1 809.1 827.7 817.2 798.5 807.0 827.7 32 33 FA266904101 - U.S. income payments 581.3 604.0 607.4 592.1 623.9 626.6 587.1 634.5 631.7 33

Gross National Product (GNP) = 34 FA086902105 GDP + net U.S. income receipts 16935.8 17641.2 18242.4 18000.7 18202.0 18332.5 18434.1 18454.2 18632.5 34

Acquisition of nonproduced nonfinancial assets (net) 35 FA155420003 Household sector -7.9 -8.0 -8.2 -8.2 -8.2 -8.2 -8.2 -8.2 -8.2 35 36 FA105420005 Nonfinancial corporate business 1.4 1.8 29.9 -0.3 120.5 -0.2 -0.3 -0.6 32.0 36 37 FA315420003 Federal government -2.4 -2.7 -30.9 -0.6 -121.5 -0.7 -0.6 -0.4 -33.1 37 38 FA205420003 State and local governments 9.0 8.9 9.2 9.1 9.2 9.2 9.2 9.2 9.2 38 39 FA265420005 Rest of the world 0.0 -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 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.101, line 4.(3) Structures, equipment, and intellectual property products.(4) Government inventory investment is included in consumption expenditures.

Su

mm

ary

10 Z.1, September 16, 2016

F.3 Distribution of National Income (1)Billions of dollars; quarterly figures are seasonally adjusted annual rates

2013 2014 2015 2015 2016 Q1 Q2 Q3 Q4 Q1 Q2

1 FA086010005 National Income 14444.8 15153.9 15665.3 15501.1 15599.2 15724.4 15836.2 15844.9 15956.6 1

2 FA156025105 Compensation of employees 8842.4 9253.4 9693.1 9502.3 9637.6 9740.0 9892.4 9892.6 10004.7 2 3 FA156020101 Wages and salaries 7116.7 7476.3 7854.8 7692.0 7808.8 7893.9 8024.6 8011.3 8103.9 3 4 FA156401101 Supplements to wages and salaries 1725.8 1777.1 1838.2 1810.3 1828.7 1846.1 1867.8 1881.3 1900.8 4

5 FA146111105 Proprietors’ income with IVA and CCAdj 1284.7 1337.7 1376.8 1351.1 1366.1 1389.0 1400.9 1403.9 1410.7 5 6 FA116112103 Rental income of persons with CCAdj 567.1 606.1 659.6 636.5 656.6 668.1 677.3 692.8 702.4 6

7 FA096060035 Corporate profits with IVA and CCAdj 2032.9 2152.1 2088.1 2177.0 2112.4 2095.4 1967.5 2033.5 2009.4 7

8 FA096060025 Corporate profits with IVA 2159.4 2265.9 2192.4 2284.5 2214.9 2200.5 2069.8 2139.2 2115.4 8

9 FA096060005 Profits before tax 2156.1 2262.9 2137.6 2203.1 2208.0 2140.8 1998.4 2078.0 2166.6 9 10 FA106060005 Domestic nonfinancial 1314.8 1371.6 1258.6 1305.7 1321.2 1277.2 1130.1 1229.3 1284.0 10 11 FA796060005 Domestic financial 429.4 480.3 493.2 507.9 504.2 489.1 471.8 479.1 486.1 11 12 FA266060005 Rest of the world 411.8 411.0 385.8 389.5 382.6 374.5 396.5 369.6 396.5 12

Less: 13 FA096231001 Taxes on corporate income 467.7 532.7 553.8 566.4 543.8 530.0 574.9 527.5 539.7 13 14 FA106231005 Domestic nonfinancial 283.6 313.7 308.1 326.5 322.1 306.1 277.6 312.7 319.1 14 15 FA796231003 Domestic financial 184.1 219.1 245.7 239.9 221.7 223.9 297.3 214.8 220.7 15

Equals: 16 FA096060015 Profits after tax 1688.4 1730.1 1583.8 1636.7 1664.3 1610.8 1423.4 1550.5 1626.9 16 17 FA096121073 Net dividends 929.4 970.6 971.4 989.7 963.0 976.8 956.0 963.3 955.1 17 18 FA106121075 Domestic nonfinancial 531.9 579.6 608.0 594.4 594.2 617.9 625.5 626.8 609.5 18 19 FA796121073 Domestic financial 259.0 250.4 233.0 277.2 230.0 219.9 204.9 211.2 184.8 19 20 FA266121073 Rest of the world 138.4 140.6 130.4 118.1 138.9 138.9 125.5 125.3 160.8 20

21 FA096006401 Undistributed profits 759.0 759.5 612.4 646.9 701.2 634.0 467.5 587.2 671.8 21 22 FA106006405 Domestic nonfinancial 499.4 478.4 342.5 384.9 405.0 353.2 226.9 289.8 355.4 22 23 FA796006403 Domestic financial -13.7 10.7 14.5 -9.3 52.5 45.3 -30.4 53.1 80.7 23 24 FA266006403 Rest of the world 273.4 270.4 255.4 271.3 243.7 235.5 270.9 244.3 235.8 24

25 FA105020601 Inventory valuation adjustment (IVA) 3.3 3.0 54.8 81.4 6.8 59.7 71.4 61.2 -51.2 25

26 FA096310003 Capital consumption adjustment (CCAdj) -126.6 -113.9 -104.3 -107.5 -102.5 -105.2 -102.2 -105.7 -106.0 26 27 FA106310005 Domestic nonfinancial -88.6 -77.7 -63.7 -69.3 -62.7 -63.4 -59.6 -63.8 -64.2 27 28 FA796310003 Domestic financial -38.0 -36.1 -40.6 -38.2 -39.8 -41.8 -42.7 -41.9 -41.8 28

29 FA086130003 Net interest and miscellaneous payments 504.6 533.7 524.1 546.2 521.5 525.2 503.7 493.1 484.9 29

30 FA366240005 Taxes on production and imports 1174.9 1210.2 1237.6 1227.6 1235.8 1239.9 1247.3 1249.8 1261.4 30

31 FA366402005 Less: Subsidies 59.3 56.7 56.6 55.6 56.2 57.4 57.3 58.3 59.6 31

32 FA146403005 Business current transfer payments (net) 118.4 137.6 161.4 134.0 143.7 143.2 224.5 158.1 165.9 32 33 FA156403101 To persons (net) 41.1 45.5 51.4 49.9 51.3 52.1 52.4 52.6 53.0 33 34 FA366403145 To government (net) 90.8 100.3 110.7 87.8 94.2 89.0 171.9 103.0 106.6 34 35 FA266403101 To rest of the world (net) -13.5 -8.2 -0.8 -3.7 -1.8 2.1 0.2 2.5 6.3 35

36 FA366402105 Current surplus of government enterprises -20.9 -20.2 -18.8 -18.0 -18.2 -18.9 -20.1 -20.5 -23.2 36

Memo:

Calculation of Gross Domestic Product from National Income: (2)

37 FA086010005 National Income, from line 1 above 14444.8 15153.9 15665.3 15501.1 15599.2 15724.4 15836.2 15844.9 15956.6 37

Plus: 38 FA836300005 Private consumption of fixed capital 2122.4 2227.8 2308.3 2279.4 2293.3 2320.7 2339.6 2350.3 2373.5 38 39 FA366300005 Government consumption of fixed capital 506.5 517.4 522.5 521.1 522.4 523.5 523.2 523.3 526.7 39 40 FA087005005 Statistical discrepancy -137.9 -258.0 -253.7 -300.9 -212.9 -236.1 -264.8 -264.3 -224.2 40

Less: 41 FA266904005 Net U.S. income receipts from rest of world 244.3 248.1 205.7 217.1 203.8 190.6 211.4 172.5 196.0 41

Equals: 42 FA086902005 Gross Domestic Product 16691.5 17393.1 18036.6 17783.6 17998.3 18141.9 18222.8 18281.6 18436.5 42

(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.

Su

mm

ary

Z.1, September 16, 2016 11

F.4 Saving and Investment by Sector (1)Billions of dollars; quarterly figures are seasonally adjusted annual rates

2013 2014 2015 2015 2016 Q1 Q2 Q3 Q4 Q1 Q2

1 FA886000115 Gross saving 3050.5 3337.2 3446.3 3465.4 3426.9 3421.0 3472.0 3419.9 3350.3 1

2 FA896006005 Net saving 421.6 592.0 615.5 664.9 611.2 576.8 609.2 546.3 450.2 2 3 FA836006005 Net private saving 1255.9 1374.8 1346.5 1356.5 1379.1 1387.1 1263.4 1388.2 1310.5 3 4 FA826006005 Domestic business 635.8 648.7 562.9 620.8 605.6 588.6 436.6 542.7 514.6 4 5 FA106012005 Nonfinancial corporate business 641.8 634.2 551.5 596.1 557.0 569.6 483.2 531.3 490.8 5 6 FA796012005 Financial business -6.0 14.5 11.4 24.8 48.5 18.9 -46.6 11.4 23.9 6 7 FA156006005 Households and institutions 620.1 726.0 783.6 735.6 773.5 798.5 826.8 845.5 795.9 7 8 FA366006005 Net government saving -834.4 -782.7 -731.0 -691.6 -767.9 -810.3 -654.2 -841.9 -860.3 8 9 FA316006005 Federal -643.8 -612.9 -569.7 -534.5 -578.9 -622.3 -543.1 -668.3 -667.6 9 10 FA206006005 State and local -190.5 -169.8 -161.3 -157.1 -189.0 -187.9 -111.1 -173.6 -192.7 10

11 FA886300095 Consumption of fixed capital 2628.9 2745.2 2830.8 2800.5 2815.7 2844.2 2862.8 2873.6 2900.1 11 12 FA836300005 Private 2122.4 2227.8 2308.3 2279.4 2293.3 2320.7 2339.6 2350.3 2373.5 12 13 FA826300003 Domestic business 1694.7 1771.5 1836.5 1812.7 1824.8 1846.7 1861.7 1870.4 1886.9 13 14 FA106300083 Nonfinancial corporate business 1228.1 1282.8 1329.6 1313.8 1321.5 1336.5 1346.6 1356.4 1367.6 14 15 FA116300001 Nonfinancial noncorporate business 284.4 298.6 308.7 305.5 307.2 309.9 312.1 313.8 316.7 15 16 FA796300081 Financial business 182.2 190.2 198.2 193.3 196.1 200.2 203.0 200.1 202.6 16 17 FA156300003 Households and institutions 427.7 456.3 471.8 466.7 468.5 474.0 477.9 479.9 486.5 17 18 FA366300005 Government 506.5 517.4 522.5 521.1 522.4 523.5 523.2 523.3 526.7 18 19 FA316300003 Federal 268.0 271.3 271.5 272.1 271.6 271.4 270.8 270.7 271.4 19 20 FA206300003 State and local 238.5 246.1 251.0 249.0 250.8 252.1 252.3 252.6 255.2 20

Gross domestic investment, capital account 21 FA885090015 transactions, and net lending, NIPAs 2912.5 3079.3 3192.6 3164.5 3214.0 3184.9 3207.1 3155.6 3126.2 21

22 FA885019905 Gross domestic investment 3298.6 3481.0 3670.0 3643.6 3666.9 3691.3 3678.4 3668.1 3593.1 22 23 FA835019905 Gross private domestic investment 2706.3 2886.5 3056.6 3044.6 3049.9 3072.1 3059.9 3036.8 2973.6 23 24 FA825019905 Domestic business 2135.1 2275.6 2368.5 2385.8 2369.3 2372.9 2346.1 2305.6 2237.7 24 25 FA105019985 Nonfinancial corporate business 1578.5 1683.4 1735.8 1762.7 1741.6 1731.5 1707.2 1672.6 1616.6 25 26 FA115050085 Nonfinancial noncorporate business 355.3 374.5 394.2 390.1 393.2 398.6 395.1 390.5 379.3 26 27 FA795013005 Financial business 201.3 217.7 238.5 233.0 234.5 242.8 243.8 242.5 241.7 27 28 FA155019005 Households and institutions 571.2 610.8 688.1 658.8 680.6 699.2 713.8 731.2 736.0 28 29 FA365019005 Gross government investment 592.3 594.5 613.4 598.9 617.0 619.2 618.5 631.3 619.5 29 30 FA315019001 Federal 268.4 262.9 261.2 258.7 260.4 260.0 266.0 264.8 264.4 30 31 FA205019001 State and local 323.9 331.6 352.2 340.2 356.6 359.2 352.6 366.5 355.1 31

32 FA265430003 Capital account transactions (net) (2) 0.8 0.5 0.5 0.5 0.5 0.4 0.4 0.4 0.3 32 33 FA835430005 Private 7.7 6.7 39.9 9.0 129.0 9.5 12.3 12.4 45.7 33 34 FA825430005 Domestic business -4.3 5.1 26.7 -3.4 116.1 -3.9 -2.2 -2.2 37.6 34 35 FA105430005 Nonfinancial corporate business -4.3 -4.9 26.7 -3.4 116.1 -3.9 -2.2 -2.2 30.4 35 36 FA115440005 Nonfinancial noncorporate business -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 36 37 FA795440005 Financial business 0.0 10.0 0.0 0.0 0.0 0.0 0.0 0.0 7.2 37 38 FA155430005 Households and institutions 12.0 1.6 13.3 12.3 12.9 13.4 14.5 14.6 8.1 38 39 FA365430005 Government -6.9 -6.2 -39.5 -8.4 -128.5 -9.0 -11.9 -12.0 -45.4 39 40 FA315430005 Federal 55.7 55.7 20.6 50.3 -69.5 53.7 48.0 52.2 19.3 40 41 FA205430005 State and local -62.6 -62.0 -60.1 -58.8 -59.1 -62.7 -59.9 -64.2 -64.7 41

42 FA885000905 Net lending (+) or net borrowing (-), NIPAs (3) -386.9 -402.2 -477.9 -479.6 -453.4 -506.8 -471.7 -512.9 -467.2 42 43 FA835000905 Private 526.4 451.4 304.5 281.4 280.6 390.1 266.0 425.0 440.5 43 44 FA825000905 Domestic business 61.8 -118.5 -249.5 -249.9 -267.9 -169.8 -310.4 -154.6 -97.8 44 45 FA105000995 Nonfinancial corporate business (3) 157.8 -19.5 -135.0 -150.4 -192.1 -57.5 -140.0 -46.9 -12.8 45 46 FA115000905 Nonfinancial noncorporate business -70.9 -75.9 -85.6 -84.6 -86.0 -88.7 -83.0 -76.7 -62.6 46 47 FA795000905 Financial business -25.1 -23.0 -28.9 -14.9 10.2 -23.7 -87.4 -30.9 -22.4 47 48 FA155000905 Households and institutions 464.6 569.9 554.0 531.3 548.5 560.0 576.4 579.6 538.3 48 49 FA365000905 Government -913.3 -853.6 -782.4 -761.0 -734.0 -897.0 -737.6 -937.9 -907.7 49 50 FA315000905 Federal -700.0 -660.3 -580.1 -571.4 -498.2 -664.6 -586.2 -714.6 -679.8 50 51 FA205000905 State and local -213.3 -193.3 -202.3 -189.6 -235.8 -232.4 -151.5 -223.3 -227.9 51

52 FA087005005 Statistical discrepancy (line 21 less line 1) -137.9 -258.0 -253.7 -300.9 -212.9 -236.1 -264.8 -264.3 -224.2 52

Addenda: 53 FA895404005 Disaster losses 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 53 54 FA835404005 Private 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 54 55 FA825404003 Domestic business 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 55 56 FA155404003 Households and institutions 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 56 57 FA365404005 Government 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 57 58 FA315404003 Federal 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 58 59 FA215404003 State and local 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.5 and the acquisition of nonproduced nonfinancial assets (net) shown on table F.2.(3) Differs from net lending or net borrowing (capital account) in the Integrated Macroeconomic Accounts of the United States by the statistical discrepancy (line 52).

Su

mm

ary

12 Z.1, September 16, 2016

F.5 Net Capital Transfers (1)Billions of dollars; quarterly figures are seasonally adjusted annual rates

2013 2014 2015 2015 2016 Q1 Q2 Q3 Q4 Q1 Q2

1 FA895410005 Capital transfers paid, by sector 105.2 111.3 97.4 95.1 97.5 100.9 96.0 100.0 108.3 1

2 FA825410005 By private business 0.0 10.0 0.0 0.0 0.0 0.0 0.0 0.0 7.2 2 3 FA795410005 Financial corporations 0.0 10.0 0.0 0.0 0.0 0.0 0.0 0.0 7.2 3 4 FA515410073 Disaster-related insurance benefits 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4 5 FA795410003 Other 0.0 10.0 0.0 0.0 0.0 0.0 0.0 0.0 7.2 5 6 FA105410003 Nonfinancial corporations 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 6 7 FA115410003 Noncorporate business 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 7

8 FA365410005 By government 79.0 77.3 71.7 70.4 72.1 75.0 69.6 73.6 74.0 8 9 FA315410005 Federal 79.0 77.3 71.7 70.4 72.1 75.0 69.6 73.6 74.0 9 10 FA205400033 Investment grants to state and local govts. 66.3 65.7 63.9 62.6 62.9 66.5 63.6 67.9 68.3 10 11 FA315410073 Disaster-related insurance benefits 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11 12 FA315410093 Financial stabilization payments 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12 13 FA315410043 Other capital transfers paid to business 5.7 6.7 3.2 3.0 4.4 3.7 1.9 1.7 1.6 13 14 FA315410053 Other capital transfers paid to persons 6.1 4.5 4.1 4.3 4.3 4.3 3.6 3.6 3.6 14 15 FA315410063 Capital transfers paid to rest of world (net) 0.8 0.4 0.5 0.5 0.5 0.4 0.4 0.4 0.4 15 16 FA205410073 State and local 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16 17 FA205410073 Disaster-related insurance benefits 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 17

18 FA155410035 By persons 26.1 24.1 25.6 24.8 25.4 25.9 26.4 26.4 27.1 18 19 FA315400053 Estate and gift taxes, federal 20.9 18.8 20.2 19.4 20.0 20.5 21.0 20.9 21.6 19 20 FA205400053 Estate and gift taxes, state and local 5.3 5.3 5.4 5.3 5.4 5.4 5.4 5.5 5.5 20

21 FA265410005 By the rest of the world 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 21 22 FA265410073 Disaster-related insurance benefits 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 22 23 FA265410003 Other 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 23

24 FA895400005 Capital transfers received, by sector 105.2 111.3 97.4 95.1 97.5 100.9 96.0 100.0 108.3 24

25 FA825400005 By private business 5.7 6.7 3.2 3.0 4.4 3.7 1.9 1.7 1.6 25 26 FA795400005 Financial corporations 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 26 27 FA515400073 Disaster-related insurance benefits 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 27 28 FA795400003 Other 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 28 29 FA105400005 Nonfinancial corporations 5.7 6.7 3.2 3.0 4.4 3.7 1.9 1.7 1.6 29 30 FA105400073 Disaster-related insurance benefits 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 30 31 FA105400003 Other 5.7 6.7 3.2 3.0 4.4 3.7 1.9 1.7 1.6 31 32 FA115400005 Noncorporate business 0.0 -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 32 33 FA115400075 Disaster-related insurance benefits 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 33 34 FA115400003 Other 0.0 -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 34

35 FA365400005 By government 92.5 89.7 89.5 87.3 88.3 92.5 90.0 94.3 95.4 35 36 FA315400053 Federal 20.9 18.8 20.2 19.4 20.0 20.5 21.0 20.9 21.6 36 37 FA315400053 Estate and gift taxes paid by persons 20.9 18.8 20.2 19.4 20.0 20.5 21.0 20.9 21.6 37 38 FA205400005 State and local 71.6 70.9 69.3 67.9 68.3 71.9 69.1 73.4 73.8 38 39 FA205400073 Disaster-related insurance benefits 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 39 40 FA205400053 Estate and gift taxes paid by persons 5.3 5.3 5.4 5.3 5.4 5.4 5.4 5.5 5.5 40 41 FA205400033 Investment grants paid by federal government 66.3 65.7 63.9 62.6 62.9 66.5 63.6 67.9 68.3 41 42 FA205400003 Other 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 42

43 FA155400005 By persons 6.1 14.5 4.1 4.3 4.3 4.3 3.6 3.6 10.8 43 44 FA155400073 Disaster-related insurance benefits 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 44 45 FA155400003 Other 6.1 14.5 4.1 4.3 4.3 4.3 3.6 3.6 10.8 45

46 FA265400005 By the rest of the world 0.8 0.4 0.5 0.5 0.5 0.4 0.4 0.4 0.4 46 47 FA265400033 Capital transfers paid by U.S. government 0.8 0.4 0.5 0.5 0.5 0.4 0.4 0.4 0.4 47 48 FA265400003 Other 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 FA825440005 By private business (lines 2-25) -5.7 3.3 -3.2 -3.0 -4.4 -3.7 -1.9 -1.7 5.6 49 50 FA795440005 Financial corporations (lines 3-26) 0.0 10.0 0.0 0.0 0.0 0.0 0.0 0.0 7.2 50 51 FA515440005 Property-casualty insurance companies (line 4-27) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 51 52 FA765440005 U.S.-chartered depository institutions 0.0 10.0 0.0 0.0 0.0 0.0 0.0 0.0 7.2 52 53 FA765400035 Financial stabilization payments (2) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 53 54 FA765440015 Other (lines 5) 0.0 10.0 0.0 0.0 0.0 0.0 0.0 0.0 7.2 54 55 FA405400033 Government-sponsored enterprises (2) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 55 56 FA735400033 Holding companies (GMAC) (2) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 56 57 FA505400033 Funding corporations (AIG) (2) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 57 58 FA105440005 Nonfinancial corporations (lines 6-29) -5.7 -6.7 -3.2 -3.0 -4.4 -3.7 -1.9 -1.7 -1.6 58 59 FA115440005 Noncorporate business (lines 7-32) -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 59

60 FA365440005 By government (lines 8-35) -13.4 -12.5 -17.8 -16.9 -16.3 -17.5 -20.5 -20.8 -21.5 60 61 FA315440005 Federal (lines 9-36) 58.2 58.4 51.5 50.9 52.0 54.4 48.6 52.6 52.4 61 62 FA205440005 State and local (lines 16-38) -71.6 -70.9 -69.3 -67.9 -68.3 -71.9 -69.1 -73.4 -73.8 62

63 FA155440005 By persons (lines 18-43) 20.0 9.6 21.5 20.5 21.1 21.6 22.7 22.8 16.3 63

64 FA265440005 By the rest of the world (lines 21-46) -0.8 -0.4 -0.5 -0.5 -0.5 -0.4 -0.4 -0.4 -0.4 64

(1) This table is based on NIPA table 5.11 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 Financial Accounts of the United States.

Su

mm

ary

Z.1, September 16, 2016 13

F.6 Derivation of Measures of Personal Saving (1)Billions of dollars; quarterly figures are seasonally adjusted annual rates

2013 2014 2015 2015 2016 Q1 Q2 Q3 Q4 Q1 Q2

1 FA174090005 Net acquisition of financial assets 1238.6 1523.6 1608.8 1765.1 1068.4 1733.1 1868.5 1747.7 1630.0 1

2 FA153091003 Foreign deposits 2.6 -6.4 -14.1 -3.0 -20.6 -15.0 -17.9 3.3 -8.2 2 3 FA173020005 Checkable deposits and currency 145.9 168.7 188.3 454.1 60.1 -159.0 398.2 376.0 98.7 3 4 FA173030005 Time and savings deposits 222.2 457.5 529.8 524.6 213.1 784.6 596.9 187.7 518.2 4 5 FA173034005 Money market fund shares 30.9 -23.5 -40.4 -146.8 102.6 -135.0 17.6 124.4 -8.9 5

6 FA174022005 Debt securities -402.4 -65.1 182.5 -322.9 -128.6 1055.5 125.8 65.2 -261.2 6 7 FA163069103 Open market paper -3.8 -0.1 0.2 1.4 1.7 0.8 -3.2 5.1 -0.3 7 8 FA173061105 Treasury securities -27.6 -227.1 223.8 -3.2 171.5 652.0 75.1 35.4 478.8 8 9 FA153061705 Agency- and GSE-backed securities -31.2 92.3 199.9 -140.0 120.6 366.3 452.5 -159.9 -147.4 9 10 FA173062005 Municipal securities -54.5 -67.4 -59.9 -56.7 -31.1 -10.8 -140.8 -26.5 -44.8 10 11 FA153063005 Corporate and foreign bonds -285.3 137.3 -181.5 -124.4 -391.2 47.3 -257.8 211.1 -547.5 11 12 FA174023005 Loans 52.9 54.9 -50.9 9.2 -110.0 -7.0 -95.7 155.8 -1.0 12 13 FA153064105 Corporate equities (2) 137.5 170.3 1.1 520.7 167.2 -689.1 5.8 117.6 407.8 13 14 FA153064205 Mutual fund shares 230.4 241.3 73.1 48.2 62.6 167.4 14.3 -192.0 118.0 14

15 FA153040005 Life insurance reserves 9.3 37.0 33.9 49.0 20.5 47.2 19.1 52.3 35.0 15 16 FA153050005 Pension entitlements 488.3 311.1 435.5 404.9 440.0 385.2 511.8 602.6 426.0 16

17 FA173099005 Miscellaneous and other assets 320.9 177.7 269.9 227.1 261.6 298.4 292.6 254.8 305.6 17

18 FA175050005 Gross investment in nonfinancial assets 2089.7 2195.8 2349.5 2299.4 2338.1 2370.8 2389.7 2395.0 2407.4 18 19 FA175012005 Residential fixed investment 513.1 562.8 643.6 610.2 631.6 655.4 677.3 697.5 700.3 19 20 FA175013005 Nonresidential fixed investment 394.5 414.9 426.4 425.9 427.3 429.1 423.4 418.4 417.3 20 21 FA155111003 Consumer durables 1171.2 1218.5 1275.4 1252.7 1273.6 1284.3 1291.0 1286.2 1308.5 21 22 FA155420003 Nonproduced nonfinancial assets -7.9 -8.0 -8.2 -8.2 -8.2 -8.2 -8.2 -8.2 -8.2 22 23 FA115020005 Inventories 18.8 7.6 12.2 18.8 13.8 10.2 6.2 1.1 -10.6 23

24 FA176300005 Consumption of fixed capital 1697.5 1760.0 1814.0 1789.5 1802.1 1824.7 1839.6 1818.0 1840.4 24 25 FA176320005 Residential fixed investment 394.8 422.8 436.2 430.8 433.4 438.6 442.1 444.2 448.5 25 26 FA176330005 Nonresidential fixed investment 317.2 332.1 344.3 341.5 342.0 345.5 348.0 350.1 355.4 26 27 FA156300103 Consumer durables 985.5 1005.1 1033.5 1017.3 1026.7 1040.7 1049.4 1023.7 1036.5 27

28 FA172010005 Net investment in nonfinancial assets (3) 392.2 435.8 535.5 509.9 536.0 546.1 550.1 577.0 566.9 28

29 FA175012865 Residential fixed investment 118.3 140.1 207.4 179.5 198.2 216.8 235.1 253.3 251.8 29 30 FA175013865 Nonresidential fixed investment 77.3 82.8 82.2 84.5 85.3 83.6 75.4 68.3 61.9 30 31 FA155111005 Consumer durables 185.7 213.4 241.9 235.4 246.9 243.7 241.6 262.4 272.1 31 32 FA155420003 Nonproduced nonfinancial assets -7.9 -8.0 -8.2 -8.2 -8.2 -8.2 -8.2 -8.2 -8.2 32 33 FA115020005 Inventories 18.8 7.6 12.2 18.8 13.8 10.2 6.2 1.1 -10.6 33

34 FA174190005 Net increase in liabilities 423.8 706.0 787.3 658.1 926.7 575.6 989.1 699.8 934.3 34

35 FA173165105 Home mortgages -2.7 44.0 141.9 32.8 213.1 157.9 163.7 202.6 257.7 35 36 FA173165205 Other mortgages 77.6 134.8 227.4 154.6 202.5 293.8 258.7 155.3 235.5 36 37 FA153166000 Consumer credit 175.8 221.8 232.7 203.9 266.6 244.1 216.3 199.1 230.3 37 38 FA153169005 Other loans and advances 37.4 33.2 -76.6 -59.0 44.6 -294.3 2.4 -94.7 44.0 38 39 FA173199005 Other liabilities 135.6 272.1 261.9 325.8 200.0 174.0 347.9 237.6 166.7 39

40 FA175440005 Net capital transfers paid (4) 20.0 9.6 21.5 20.5 21.1 21.6 22.7 22.8 16.3 40

41 FA176007025 Personal saving, FOF concept (FOF) 1227.0 1263.0 1378.4 1637.4 698.9 1725.2 1452.2 1647.7 1279.0 41

42 FA155111005 - Net investment in consumer durables 185.7 213.4 241.9 235.4 246.9 243.7 241.6 262.4 272.1 42 43 FA313154015 - Government insurance and pension fund reserves (5) -2.2 -2.0 -2.2 -2.6 -1.3 -2.6 -2.4 -2.9 -3.2 43 44 FA156600075 + Contr. for govt. soc. insur., U.S.-affiliated areas 5.2 5.1 5.1 5.2 5.2 5.1 5.0 5.0 5.1 44

45 FA176007005 = Personal saving, NIPA concept (FOF) (6) 1048.7 1056.8 1143.9 1409.8 458.4 1489.1 1218.1 1393.2 1015.1 45

46 FA156007015 Personal saving, NIPA concept (NIPA) 620.1 726.0 783.6 735.6 773.5 798.5 826.8 845.5 795.9 46

47 FA176007085 Difference 428.6 330.8 360.3 674.2 -315.1 690.6 391.4 547.7 219.2 47

Memo: 48 FA156012005 Disposable personal income 12395.8 13022.7 13519.8 13276.5 13464.7 13611.7 13726.4 13807.4 13954.4 48

Personal saving as a percentage of disposable personal income: 49 FA176007026 FOF concept (FOF data) (line 41) 9.90 9.70 10.20 12.33 5.19 12.67 10.58 11.93 9.17 49 50 FA176007006 NIPA concept (FOF data) (line 44) 8.46 8.12 8.46 10.62 3.40 10.94 8.87 10.09 7.27 50 51 FA156007016 NIPA concept (NIPA data) (line 45) 5.00 5.58 5.80 5.54 5.74 5.87 6.02 6.12 5.70 51 52 FA176007086 Difference (line 46) 3.46 2.54 2.66 5.08 -2.34 5.07 2.85 3.97 1.57 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), life insurance reserves (line 15), and pension entitlements (line 16).(3) Line 18 less line 24.(4) Table F.5, line 59 plus line 63.(5) Railroad Retirement Board, the National Railroad Retirement Investment Trust, and federal government life insurance reserves.(6) Lines 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 43) and including contributions for government social insurance to U.S.-affiliated areas, plus net investment in nonfinancial assets net of consumer durables (line 28 less line 42) less net increase in liabilities (line 34) plus net capital transfers paid (line 40). Personal savings, NIPA concept (NIPA) (line 46) is disposable personal income (line 48) less personal outlays (table F.101, line 4).

Su

mm

ary

14 Z.1, September 16, 2016

L.6 Assets and Liabilities of the Personal Sector (1)Billions of dollars; amounts outstanding end of period, not seasonally adjusted

2013 2014 2015 2015 2016 Q1 Q2 Q3 Q4 Q1 Q2

1 FL174090005 Total financial assets 60694.2 64214.3 65610.8 65408.4 65649.3 63922.9 65610.8 66025.7 66668.0 1

2 FL153091003 Foreign deposits 52.1 45.7 31.6 45.0 39.8 36.1 31.6 32.4 30.4 2 3 FL173020005 Checkable deposits and currency 1649.0 1817.7 2006.0 1889.7 1902.7 1849.6 2006.0 2058.4 2071.6 3 4 FL173030005 Time and savings deposits 7773.7 8294.1 8824.2 8490.1 8489.9 8674.9 8824.2 8942.3 9011.3 4 5 FL173034005 Money market fund shares 1221.9 1198.4 1158.0 1102.9 1088.0 1096.0 1158.0 1128.9 1083.7 5

6 FL174022005 Debt securities 4529.8 4319.4 4635.8 4256.6 4409.7 4560.5 4635.8 4540.9 4311.7 6

7 FL163069103 Open market paper 15.0 14.9 15.1 15.2 15.7 15.9 15.1 16.3 16.3 7 8 FL173061105 Treasury securities 1201.3 913.8 1207.1 941.4 1040.4 1115.2 1207.1 1161.0 1155.8 8 9 FL153061705 Agency- and GSE-backed securities 279.1 330.9 545.6 314.0 358.4 438.1 545.6 515.1 459.0 9

10 FL173062005 Municipal securities 1830.5 1713.9 1653.7 1713.9 1732.4 1705.4 1653.7 1658.4 1643.1 10 11 FL153063005 Corporate and foreign bonds 1203.9 1346.0 1214.4 1272.1 1262.9 1285.9 1214.4 1190.0 1037.4 11

12 FL174023005 Loans 1005.5 1060.5 1009.6 1062.8 1035.3 1033.5 1009.6 1048.6 1048.3 12 13 FL153069005 Other loans and advances 841.4 893.2 842.6 895.7 867.9 866.3 842.6 884.4 886.7 13 14 FL173065005 Mortgages 112.3 119.7 122.8 120.3 121.4 121.8 122.8 121.4 120.2 14 15 FL173066005 Consumer credit 51.8 47.6 44.2 46.8 46.1 45.5 44.2 42.8 41.4 15

16 LM153064105 Corporate equities (2) 12849.7 14364.9 14158.2 14901.5 14834.8 13491.7 14158.2 14196.3 14524.3 16 17 LM153064205 Mutual fund shares 6250.3 6726.7 6519.4 6822.8 6814.1 6376.1 6519.4 6529.8 6672.9 17

18 FL153040005 Life insurance reserves 1233.0 1282.8 1310.6 1300.0 1303.8 1298.3 1310.6 1324.3 1337.7 18

19 FL153050005 Pension entitlements 19860.9 20658.7 21247.6 21039.5 21169.8 20878.3 21247.6 21455.2 21733.0 19 20 FL543150005 Life insurance companies 2705.5 2825.0 2846.9 2846.5 2857.9 2786.7 2846.9 2873.5 2928.3 20 21 FL574190005 Private pension funds 8135.1 8462.0 8669.0 8719.7 8749.7 8484.7 8669.0 8754.6 8875.3 21 22 FL363150005 Governments 9020.2 9371.6 9731.7 9473.2 9562.2 9607.0 9731.7 9827.0 9929.4 22

23 FL173099005 Miscellaneous and other assets 4268.2 4445.5 4709.9 4497.6 4561.3 4627.9 4709.9 4768.5 4843.1 23

24 FL174190005 Total liabilities 19861.3 20520.4 21255.8 20596.1 20829.6 21003.3 21255.8 21347.7 21588.6 24

25 FL173165105 Home mortgages 9872.5 9869.1 9961.0 9840.7 9884.5 9935.4 9961.0 9980.9 10040.4 25 26 FL173165205 Other mortgages 2709.3 2844.1 3071.5 2882.7 2933.4 3006.8 3071.5 3110.3 3169.2 26 27 FL153166000 Consumer credit 3096.2 3318.0 3535.7 3322.8 3397.8 3481.4 3535.7 3539.4 3605.3 27

28 FL153169005 Other loans and advances 480.5 513.7 437.2 499.0 510.1 436.5 437.2 413.5 424.5 28 29 FL173199005 Other liabilities 3702.9 3975.6 4250.5 4050.9 4103.8 4143.3 4250.5 4303.6 4349.2 29

(1) Combined 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 17), life insurance reserves (line 18), and pension entitlements (line 19).

Flo

ws

Z.1, September 16, 2016 15

F.100 Domestic Nonfinancial Sectors (1)Billions of dollars; quarterly figures are seasonally adjusted annual rates

2013 2014 2015 2015 2016 Q1 Q2 Q3 Q4 Q1 Q2

1 FA386000105 Gross saving less net capital transfers paid 4037.1 4351.5 4505.0 4522.5 4444.4 4463.2 4589.8 4451.3 4382.4 1

2 FA385090005 Gross investment 4220.6 4012.8 4834.3 5249.9 4309.9 4952.7 4824.6 4989.9 4958.2 2

3 FA385050005 Capital expenditures 4253.6 4473.9 4706.9 4652.3 4697.4 4751.2 4726.8 4713.2 4651.4 3 4 FA155111003 Consumer durables 1171.2 1218.5 1275.4 1252.7 1273.6 1284.3 1291.0 1286.2 1308.5 4 5 FA385012005 Fixed residential investment 511.0 568.2 659.2 613.7 638.3 689.8 694.9 711.8 697.5 5 6 FA385013005 Fixed nonresidential investment 2479.0 2621.8 2679.0 2657.0 2680.3 2700.3 2678.2 2673.3 2664.1 6 7 FA145020005 Inventory change 92.4 65.4 93.4 129.0 105.2 76.8 62.7 41.9 -18.6 7 8 FA385420005 Nonproduced nonfinancial assets 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.1 8

9 FA385000005 Net lending (+) or net borrowing (-) -33.0 -461.1 127.4 597.6 -387.5 201.5 97.8 276.8 306.8 9

10 FA384090005 Net acqisition of financial assets 2609.8 2600.9 2924.5 2831.8 2756.6 2825.7 3283.9 3180.5 3226.9 10

11 FA313011005 U.S. official reserve assets -3.3 -3.8 -6.4 -16.7 -3.6 -1.2 -4.0 -4.3 0.7 11 12 FA383091005 Foreign deposits 44.7 -15.2 -34.8 -72.5 2.7 -47.3 -21.9 -38.3 34.0 12

13 FA383020005 Checkable deposits and currency 286.1 284.6 276.2 -55.5 753.8 -240.1 646.6 464.2 243.2 13 14 FA383030005 Time and savings deposits 275.7 445.1 512.7 604.0 82.5 798.2 566.2 183.1 603.3 14 15 FA383034005 Money market fund shares 71.2 -17.7 -10.1 -184.5 110.6 -70.5 104.1 119.5 8.2 15 16 FA382051005 Security repurchase agreements -0.1 18.7 14.2 14.2 10.2 17.6 14.9 -9.6 1.1 16

17 FA384022005 Debt securities -479.4 -36.3 203.6 -255.6 -227.0 1154.7 142.4 115.6 -158.3 17 18 FA383069105 Open market paper -20.2 -3.7 -4.5 1.9 -1.4 4.2 -22.6 -5.4 30.1 18 19 FA383061105 Treasury securities -48.3 -188.2 261.2 44.4 105.0 739.6 155.7 132.1 510.9 19 20 FA383061705 Agency- and GSE-backed securities -67.4 82.3 175.5 -146.1 93.5 366.5 388.1 -187.5 -119.2 20 21 FA383062005 Municipal securities -56.4 -68.5 -56.5 -43.5 -34.6 -14.9 -133.1 -38.6 -40.2 21 22 FA383063005 Corporate and foreign bonds -287.1 141.8 -172.0 -112.2 -389.5 59.3 -245.8 215.0 -539.9 22

23 FA384023005 Loans 173.2 181.5 71.2 151.1 9.0 99.0 25.8 277.3 114.4 23 24 FA383069005 Other loans and advances 70.7 53.8 -47.7 9.9 -105.2 -14.5 -81.1 172.7 14.5 24 25 FA383065005 Mortgages 0.0 20.3 19.7 27.1 11.6 17.8 22.5 8.0 10.2 25 26 FA383066005 Consumer credit 102.5 107.4 99.2 114.1 102.5 95.7 84.4 96.6 89.8 26

27 FA383064105 Corporate equities 131.7 171.1 6.2 526.7 168.7 -682.9 12.2 119.6 411.7 27 28 FA383064205 Mutual fund shares 231.1 257.7 83.1 58.9 70.5 178.1 25.0 -183.6 127.5 28

29 FA383070005 Trade receivables 323.1 106.4 51.1 62.8 51.5 28.7 61.3 10.3 247.9 29 30 FA153040005 Life insurance reserves 9.3 37.0 33.9 49.0 20.5 47.2 19.1 52.3 35.0 30 31 FA153050005 Pension entitlements 488.3 311.1 435.5 404.9 440.0 385.2 511.8 602.6 426.0 31

32 FA383078005 Taxes payable 29.0 -0.8 25.2 138.9 10.9 -19.6 -29.4 74.1 95.8 32 33 FA152090205 Equity in noncorporate business 181.6 28.0 51.5 43.9 39.2 82.3 40.5 89.5 116.4 33 34 FA103092005 U.S. direct investment abroad 298.7 293.1 296.7 332.3 299.4 171.2 384.0 270.6 280.1 34

35 FA383090005 Miscellaneous assets 548.9 540.3 914.5 1029.8 917.5 925.3 785.4 1037.4 639.9 35


37 FA313111303 U.S. official reserve assets 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 37 38 FA713014003 SDR certificates 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 38 39 FA313112003 Treasury currency -0.4 -0.3 -0.0 0.0 0.0 0.0 -0.0 0.0 0.0 39

40 FA384122005 Debt securities 1079.4 1001.3 1135.3 425.7 977.6 706.2 2431.5 1451.0 1170.8 40 41 FA103169100 Open market paper 14.2 37.5 -5.4 -61.2 -53.2 70.3 22.5 33.9 12.3 41 42 FA313161105 Treasury securities 857.7 736.0 724.4 -37.0 389.1 302.5 2243.0 852.4 770.0 42 43 FA313161705 Agency- and GSE-backed securities -0.4 -0.1 0.2 -1.0 2.1 -2.2 1.8 -0.5 0.5 43 44 FA383162005 Municipal securities -68.1 -42.0 15.5 73.9 25.8 11.4 -49.1 35.4 94.7 44 45 FA103163003 Corporate and foreign bonds 276.0 269.9 400.6 451.0 613.9 324.3 213.2 529.7 293.3 45

46 FA384123005 Loans 459.3 806.2 794.7 762.6 951.1 480.5 984.7 1011.5 828.2 46 47 FA383168005 Depository institution loans n.e.c. 124.3 278.1 276.5 342.7 195.7 235.9 331.6 395.8 156.7 47 48 FA383169005 Other loans and advances 85.7 106.0 -101.6 1.8 24.8 -382.0 -51.0 26.6 -98.6 48 49 FA383165005 Mortgages 73.4 200.3 387.1 214.2 464.0 382.4 487.8 390.0 539.8 49 50 FA153166000 Consumer credit 175.8 221.8 232.7 203.9 266.6 244.1 216.3 199.1 230.3 50

51 FA103164103 Corporate equities -352.9 -392.2 -563.1 -591.4 -489.5 -628.4 -543.0 -626.1 -682.4 51

52 FA383170005 Trade payables 192.4 185.0 67.0 89.1 155.4 23.2 0.4 44.9 252.6 52

53 FA313140003 Life insurance reserves 0.2 0.8 -0.1 -2.1 0.9 -0.6 1.3 -0.4 0.8 53 54 FA143178005 Taxes payable -5.9 2.4 7.2 38.4 22.1 -3.9 -28.0 -33.7 4.6 54

55 FA112090205 Equity in noncorporate business 186.8 25.9 49.2 45.1 41.2 58.1 52.2 97.4 119.6 55 56 FA143192005 Foreign direct investment in U.S. 176.4 154.7 321.9 767.0 289.8 163.4 67.6 180.4 580.4 56

57 FA383190005 Miscellaneous liabilities 907.5 1278.3 985.1 699.6 1195.4 1825.7 219.5 778.7 645.5 57

58 FA387005005 Discrepancy -183.5 338.7 -329.3 -727.4 134.5 -489.4 -234.8 -538.6 -575.8 58

(1) Sum of domestic nonfinancial sectors shown on tables F.101 through F.107.

Flo

ws

16 Z.1, September 16, 2016

F.101 Households and Nonprofit Organizations (1)Billions of dollars; quarterly figures are seasonally adjusted annual rates

2013 2014 2015 2015 2016 Q1 Q2 Q3 Q4 Q1 Q2

1 FA156010001 Personal income 14073.7 14809.7 15458.5 15185.9 15401.9 15556.1 15690.2 15740.1 15900.0 1 2 FA156210005 - Personal current taxes 1677.8 1787.0 1938.7 1909.4 1937.2 1944.4 1963.8 1932.7 1945.6 2 3 FA156012005 = Disposable personal income 12395.8 13022.7 13519.8 13276.5 13464.7 13611.7 13726.4 13807.4 13954.4 3 4 FA156900005 - Personal outlays 11775.7 12296.7 12736.2 12540.9 12691.2 12813.2 12899.6 12961.9 13158.5 4 5 FA156007015 = Personal saving, NIPA (2) 620.1 726.0 783.6 735.6 773.5 798.5 826.8 845.5 795.9 5

6 FA313154015 + Government insurance and pension reserves (3) -2.2 -2.0 -2.2 -2.6 -1.3 -2.6 -2.4 -2.9 -3.2 6 7 FA156600075 - Contr. for govt. soc. insur., U.S.-affiliated areas 5.2 5.1 5.1 5.2 5.2 5.1 5.0 5.0 5.1 7 8 FA155111005 + Net investment in consumer durables 185.7 213.4 241.9 235.4 246.9 243.7 241.6 262.4 272.1 8 9 FA156300005 + Consumption of fixed capital 1413.1 1461.4 1505.3 1484.0 1495.1 1514.7 1527.3 1503.6 1523.0 9 10 FA155440005 - Net capital transfers paid (4) 20.0 9.6 21.5 20.5 21.1 21.6 22.7 22.8 16.3 10

11 FA156000105 = Gross saving less net capital transfers paid 2191.6 2384.0 2502.0 2426.8 2488.0 2527.6 2565.5 2580.8 2566.4 11


13 FA155050005 Capital expenditures 1734.4 1821.3 1955.3 1903.3 1945.9 1975.3 1996.6 2009.2 2036.3 13 14 FA155111003 Consumer durable goods 1171.2 1218.5 1275.4 1252.7 1273.6 1284.3 1291.0 1286.2 1308.5 14 15 FA155012005 Residential 433.4 473.8 542.3 513.6 532.0 552.5 571.2 588.2 590.6 15 16 FA165013005 Nonprofit nonresidential 137.8 137.0 145.8 145.2 148.6 146.7 142.6 143.0 145.4 16 17 FA155420003 Nonproduced nonfinancial assets -7.9 -8.0 -8.2 -8.2 -8.2 -8.2 -8.2 -8.2 -8.2 17

18 FA155000005 Net lending (+) or net borrowing (-) 885.7 893.5 907.0 1197.7 226.9 1243.0 960.2 1119.4 749.3 18


20 FA153091003 Foreign deposits 2.6 -6.4 -14.1 -3.0 -20.6 -15.0 -17.9 3.3 -8.2 20 21 FA153020005 Checkable deposits and currency 134.0 134.0 144.7 420.8 19.3 -203.4 342.0 330.1 52.5 21 22 FA153030005 Time and savings deposits 210.7 431.9 460.9 449.5 183.5 702.8 507.7 108.1 458.4 22 23 FA153034005 Money market fund shares 28.9 -27.4 -45.7 -152.2 98.3 -139.9 11.1 120.1 -15.3 23

24 FA154022005 Debt securities -402.9 -67.9 177.6 -326.8 -133.2 1050.6 119.8 60.6 -265.9 24 25 FA163069103 Open market paper -3.8 -0.1 0.2 1.4 1.7 0.8 -3.2 5.1 -0.3 25 26 FA153061105 Treasury securities -29.9 -229.7 219.3 -6.8 167.2 647.4 69.5 31.1 474.5 26 27 FA153061705 Agency- and GSE-backed securities -31.2 92.3 199.9 -140.0 120.6 366.3 452.5 -159.9 -147.4 27 28 FA153062005 Municipal securities -52.8 -67.6 -60.2 -57.0 -31.5 -11.2 -141.3 -26.9 -45.1 28 29 FA153063005 Corporate and foreign bonds -285.3 137.3 -181.5 -124.4 -391.2 47.3 -257.8 211.1 -547.5 29

30 FA154023005 Loans 51.9 53.3 -53.7 7.0 -112.7 -9.8 -99.3 153.2 -3.7 30 31 FA153069005 Other loans and advances (5) 63.5 51.8 -50.6 9.8 -111.3 -6.2 -94.6 167.0 9.3 31 32 FA153065005 Mortgages -5.4 5.7 0.3 0.2 1.7 -1.2 0.6 -8.3 -7.4 32 33 FA163066223 Consumer credit (student loans) -6.2 -4.2 -3.4 -3.0 -3.1 -2.4 -5.3 -5.6 -5.6 33

34 FA153064105 Corporate equities (6) 137.5 170.3 1.1 520.7 167.2 -689.1 5.8 117.6 407.8 34 35 FA153064205 Mutual fund shares 230.4 241.3 73.1 48.2 62.6 167.4 14.3 -192.0 118.0 35

36 FA153040005 Life insurance reserves 9.3 37.0 33.9 49.0 20.5 47.2 19.1 52.3 35.0 36 37 FA153050005 Pension entitlements (7) 488.3 311.1 435.5 404.9 440.0 385.2 511.8 602.6 426.0 37 38 FA152090205 Equity in noncorporate business 181.6 28.0 51.5 43.9 39.2 82.3 40.5 89.5 116.4 38 39 FA153090005 Miscellaneous assets 48.6 7.8 33.9 25.0 20.5 61.9 28.4 59.4 54.0 39


41 FA163162003 Debt securities (municipal securities) -14.4 -6.7 -8.1 -1.7 -14.7 -10.5 -5.4 0.8 -0.7 41

42 FA154123005 Loans 245.6 421.8 397.1 285.0 567.3 208.2 527.9 379.0 623.1 42 43 FA153165105 Home mortgages (8) 0.3 38.1 130.1 29.8 197.6 142.1 151.1 192.1 240.9 43 44 FA153166000 Consumer credit 175.8 221.8 232.7 203.9 266.6 244.1 216.3 199.1 230.3 44 45 FA153168005 Depository institution loans n.e.c. (9) 28.2 121.1 100.5 103.0 46.8 106.0 146.1 74.8 97.0 45 46 FA153169005 Other loans and advances 37.4 33.2 -76.6 -59.0 44.6 -294.3 2.4 -94.7 44.0 46 47 FA163165505 Commercial mortgages 3.8 7.6 10.3 7.4 11.8 10.2 11.9 7.8 10.8 47

48 FA163170003 Trade payables 1.0 3.1 1.2 1.4 1.8 1.0 0.8 0.3 -0.1 48 49 FA543077073 Deferred and unpaid life insurance premiums 3.0 1.2 1.5 4.6 3.2 -1.6 -0.2 5.1 3.3 49

50 FA157005005 Discrepancy -428.6 -330.8 -360.3 -674.2 315.1 -690.6 -391.4 -547.7 -219.2 50

(1) Sector includes domestic hedge funds, private equity funds, and personal trusts. Supplementary tables (tables F.101.a and L.101.a) show estimates of annual flows and year-end outstandings of nonprofit organizations.(2) See table F.6 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.5, line 63.(5) Includes cash accounts at brokers and dealers and 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 35) and life insurance reserves (line 36), and pension entitlements (line 37).(7) Includes public and private defined benefit and defined contribution pension plans and annuities, including those in IRAs, at life insurance companies. Excludes social security.(8) Includes loans made under home equity lines of credit and home equity loans secured by junior liens, shown on table F.218, line 24.(9) 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.109, line 21.

Flo

ws

Z.1, September 16, 2016 17

F.102 Nonfinancial Business (1)Billions of dollars; quarterly figures are seasonally adjusted annual rates

2013 2014 2015 2015 2016 Q1 Q2 Q3 Q4 Q1 Q2

1 FA146110005 Income before taxes 2774.3 2893.4 2834.9 2849.4 2886.0 2868.3 2735.9 2842.7 2907.1 1



4 FA145050005 Capital expenditures 1920.3 2051.9 2159.9 2141.6 2246.7 2148.3 2103.1 2063.9 2019.5 4

5 FA145019005 Fixed investment 1826.5 1984.7 2036.6 2012.9 2021.1 2071.7 2040.8 2022.5 2006.1 5 6 FA145012005 Residential 71.2 88.5 109.6 93.6 99.2 129.8 115.9 115.5 99.2 6 7 FA145013005 Nonresidential 1755.3 1896.2 1927.0 1919.4 1921.9 1942.0 1924.9 1907.0 1906.9 7

8 FA145020005 Change in inventories 92.4 65.4 93.4 129.0 105.2 76.8 62.7 41.9 -18.6 8 9 FA105420005 Nonproduced nonfinancial assets 1.4 1.8 29.9 -0.3 120.5 -0.2 -0.3 -0.6 32.0 9

10 FA145000005 Net lending (+) or net borrowing (-) -8.0 -579.4 -54.2 -24.3 88.0 -85.1 -195.3 -24.8 294.3 10


12 FA103091003 Foreign deposits 42.1 -8.9 -20.6 -69.5 23.3 -32.4 -4.0 -41.6 42.2 12 13 FA143020005 Checkable deposits and currency 75.5 73.8 30.4 -118.4 244.7 32.8 -37.6 29.3 136.7 13 14 FA143030005 Time and savings deposits 47.4 4.1 38.3 126.6 -104.8 97.5 33.8 69.6 123.9 14

15 FA143034005 Money market fund shares 41.7 3.0 23.9 -46.5 8.2 55.1 78.7 -4.4 16.0 15 16 FA102051003 Security repurchase agreements -1.0 12.9 4.4 2.4 6.5 5.7 2.9 -12.6 -5.0 16

17 FA144022005 Debt securities -12.7 12.1 -2.1 -18.6 -8.5 -12.6 31.5 36.7 -4.3 17 18 FA103069100 Commercial paper -6.6 3.5 -1.7 4.9 5.5 -7.4 -9.8 0.2 27.8 18 19 FA143061105 Treasury securities 1.6 5.1 -1.3 -26.1 -7.0 0.7 27.0 37.4 -26.3 19 20 FA103061703 Agency- and GSE-backed securities -4.2 4.8 -2.0 -9.9 -3.8 -1.3 7.1 11.0 -10.2 20 21 FA143062005 Municipal securities -3.5 -1.3 2.9 12.4 -3.3 -4.7 7.2 -12.0 4.3 21

22 FA144023005 Loans -2.1 7.4 6.9 13.8 7.7 11.3 -5.2 8.1 7.4 22 23 FA143065005 Mortgages 2.6 6.5 7.7 7.1 7.5 7.7 8.4 7.5 7.6 23 24 FA143066005 Consumer credit -4.6 0.9 -0.8 6.7 0.2 3.5 -13.6 0.6 -0.1 24

25 FA103064203 Mutual fund shares 1.2 15.1 7.4 7.4 7.4 7.4 7.4 7.4 7.4 25 26 FA143070005 Trade receivables 310.4 101.5 37.5 57.6 44.7 29.1 18.4 7.4 219.6 26

27 FA103092005 U.S. direct investment abroad 298.7 293.1 296.7 332.3 299.4 171.2 384.0 270.6 280.1 27 28 FA143090005 Miscellaneous assets 492.8 512.5 855.0 972.4 873.8 827.4 746.3 961.0 569.6 28


30 FA104122005 Debt securities 293.3 307.3 408.6 411.1 584.7 410.1 228.5 576.2 335.4 30 31 FA103169100 Commercial paper 14.2 37.5 -5.4 -61.2 -53.2 70.3 22.5 33.9 12.3 31 32 FA103162000 Municipal securities 3.1 -0.0 13.4 21.4 24.1 15.6 -7.2 12.5 29.8 32 33 FA103163003 Corporate bonds 276.0 269.9 400.6 451.0 613.9 324.3 213.2 529.7 293.3 33

34 FA144123005 Loans 213.2 384.0 397.3 477.2 383.7 272.5 456.0 631.7 204.9 34 35 FA143168005 Depository institution loans n.e.c. 96.1 157.0 176.0 239.8 149.0 129.9 185.4 321.0 59.8 35 36 FA143169005 Other loans and advances 47.7 72.4 -25.3 60.4 -19.9 -87.5 -54.3 120.6 -142.9 36 37 FA143165005 Mortgages 69.4 154.6 246.6 177.1 254.6 230.1 324.8 190.1 288.0 37


39 FA143170005 Trade payables 135.4 143.7 12.8 55.6 89.2 -45.7 -47.8 -15.1 199.5 39 40 FA143178005 Taxes payable -5.9 2.4 7.2 38.4 22.1 -3.9 -28.0 -33.7 4.6 40

41 FA143192005 Foreign direct investment in U.S. 176.4 154.7 321.9 767.0 289.8 163.4 67.6 180.4 580.4 41

42 FA143190005 Miscellaneous liabilities 655.9 980.5 698.0 80.7 393.4 1051.5 1266.2 545.4 337.4 42

43 FA112090205 Proprietors’ net investment 186.8 25.9 49.2 45.1 41.2 58.1 52.2 97.4 119.6 43

44 FA107005005 Discrepancy 245.3 745.9 85.7 129.4 -150.3 139.2 224.6 126.4 -188.9 44

(1) Combined statement for nonfinancial corporate business and nonfinancial noncorporate business.

Flo

ws

18 Z.1, September 16, 2016

F.103 Nonfinancial Corporate BusinessBillions of dollars; quarterly figures are seasonally adjusted annual rates

2013 2014 2015 2015 2016 Q1 Q2 Q3 Q4 Q1 Q2

1 FA106060005 Profits before tax (book) 1314.8 1371.6 1258.6 1305.7 1321.2 1277.2 1130.1 1229.3 1284.0 1 2 FA106231005 - Taxes on corporate income 283.6 313.7 308.1 326.5 322.1 306.1 277.6 312.7 319.1 2 3 FA106121075 - Net dividends 531.9 579.6 608.0 594.4 594.2 617.9 625.5 626.8 609.5 3 4 FA106300015 + Capital consumption allowance (1) 1138.7 1203.6 1266.1 1242.7 1255.4 1276.8 1289.3 1290.2 1301.2 4 5 FA106000135 = U.S. internal funds, book 1638.0 1682.0 1608.5 1627.6 1660.4 1630.0 1516.2 1580.1 1656.7 5 6 FA106006065 + Foreign earnings retained abroad 226.2 228.1 216.2 229.3 205.8 199.0 230.6 208.1 200.5 6 7 FA105020601 + Inventory valuation adjustment (IVA) 3.3 3.0 54.8 81.4 6.8 59.7 71.4 61.2 -51.2 7 8 FA105440005 - Net capital transfers paid (2) -5.7 -6.7 -3.2 -3.0 -4.4 -3.7 -1.9 -1.7 -1.6 8 9 FA106000105 = Total internal funds + IVA 1873.2 1919.8 1882.8 1941.2 1877.4 1892.3 1820.1 1851.0 1807.5 9


11 FA105050005 Capital expenditures 1565.0 1677.4 1765.7 1745.4 1854.5 1752.8 1710.0 1678.0 1648.5 11 12 FA105019005 Fixed investment (3) 1490.0 1617.7 1654.6 1635.6 1642.7 1686.4 1653.9 1637.8 1624.4 12 13 FA105020005 Inventory change + IVA 73.6 57.9 81.2 110.2 91.3 66.6 56.5 40.8 -8.0 13 14 FA105420005 Nonproduced nonfinancial assets 1.4 1.8 29.9 -0.3 120.5 -0.2 -0.3 -0.6 32.0 14

15 FA105000005 Net lending (+) or net borrowing (-) 62.9 -503.5 31.3 66.4 173.2 0.4 -114.5 46.6 347.9 15


17 FA103091003 Foreign deposits 42.1 -8.9 -20.6 -69.5 23.3 -32.4 -4.0 -41.6 42.2 17 18 FA103020005 Checkable deposits and currency 63.5 39.1 -13.3 -151.8 204.0 -11.6 -93.7 -16.5 90.5 18 19 FA103030003 Time and savings deposits 35.8 -21.5 -30.6 51.5 -134.4 15.7 -55.4 -10.1 64.1 19 20 FA103034003 Money market fund shares 39.7 -0.9 18.6 -51.9 3.8 50.2 72.2 -8.8 9.6 20 21 FA102051003 Security repurchase agreements -1.0 12.9 4.4 2.4 6.5 5.7 2.9 -12.6 -5.0 21

22 FA104022005 Debt securities -13.2 9.3 -6.9 -22.5 -13.1 -17.6 25.4 32.1 -9.0 22 23 FA103069100 Commercial paper -6.6 3.5 -1.7 4.9 5.5 -7.4 -9.8 0.2 27.8 23 24 FA103061103 Treasury securities -0.6 2.5 -5.9 -29.7 -11.3 -3.9 21.4 33.1 -30.6 24 25 FA103061703 Agency- and GSE-backed securities -4.2 4.8 -2.0 -9.9 -3.8 -1.3 7.1 11.0 -10.2 25 26 FA103062003 Municipal securities -1.7 -1.5 2.6 12.2 -3.6 -5.1 6.7 -12.3 4.0 26

27 FA104023005 Loans -3.1 5.8 4.1 11.6 5.0 8.4 -8.7 5.4 4.7 27 28 FA103065003 Mortgages 1.6 4.9 4.9 4.9 4.9 4.9 4.9 4.9 4.9 28 29 FA103066005 Consumer credit -4.6 0.9 -0.8 6.7 0.2 3.5 -13.6 0.6 -0.1 29

30 FA103064203 Mutual fund shares 1.2 15.1 7.4 7.4 7.4 7.4 7.4 7.4 7.4 30 31 FA103070005 Trade receivables 261.6 70.8 -15.6 15.4 -5.3 -24.6 -47.7 -42.7 169.3 31

32 FA103092005 U.S. direct investment abroad (4) 298.7 293.1 296.7 332.3 299.4 171.2 384.0 270.6 280.1 32 33 FA103090005 Miscellaneous assets 264.2 375.3 674.3 811.3 680.7 668.8 536.5 807.8 365.1 33 34 FA103076005 Insurance receivables -6.0 10.4 2.4 -5.5 8.7 11.9 -5.7 9.8 5.8 34 35 FA103092405 Equity in GSEs 0.0 0.1 0.1 0.3 -0.1 0.0 0.1 0.4 0.1 35 36 FA103094105 Investment in finance co. subs. 14.7 14.1 -4.1 -7.6 -16.1 -1.6 8.8 -23.0 0.6 36 37 FA103093005 Other 255.4 350.7 676.0 824.2 688.3 658.4 533.2 820.7 358.6 37


39 FA104122005 Debt securities 293.3 307.3 408.6 411.1 584.7 410.1 228.5 576.2 335.4 39 40 FA103169100 Commercial paper 14.2 37.5 -5.4 -61.2 -53.2 70.3 22.5 33.9 12.3 40 41 FA103162000 Municipal securities (5) 3.1 -0.0 13.4 21.4 24.1 15.6 -7.2 12.5 29.8 41 42 FA103163003 Corporate bonds (4) 276.0 269.9 400.6 451.0 613.9 324.3 213.2 529.7 293.3 42

43 FA104123005 Loans 104.0 177.5 63.8 228.6 59.9 -73.0 39.7 325.6 -91.2 43 44 FA103168005 Depository institution loans n.e.c. 63.8 93.0 77.1 122.3 48.9 97.3 39.9 155.6 27.1 44 45 FA103169005 Other loans and advances (6) 41.7 63.0 -31.1 79.5 -37.4 -100.9 -65.6 137.9 -164.8 45 46 FA103165005 Mortgages -1.5 21.5 17.8 26.8 48.5 -69.3 65.3 32.1 46.5 46


48 FA103170005 Trade payables 101.3 108.8 -33.1 16.2 51.2 -88.1 -111.9 -46.5 164.0 48 49 FA103178000 Taxes payable -9.1 -1.4 -1.8 23.3 16.0 -10.5 -36.0 -39.8 -1.6 49

50 FA103192005 Foreign direct investment in U.S. 176.0 152.2 320.1 763.8 288.1 162.7 65.8 179.0 578.8 50

51 FA103190005 Miscellaneous liabilities 614.1 941.6 692.7 18.4 393.8 1068.1 1290.4 575.9 368.0 51 52 FA573074005 Pension fund contributions payable -2.5 -2.9 -4.3 -5.6 -3.9 -4.4 -3.5 -7.6 -7.2 52 53 FA573073005 Claims of pension fund on sponsor 108.6 85.4 66.9 69.4 70.0 68.9 59.2 57.5 57.1 53 54 FA103193005 Other 508.0 859.1 630.1 -45.5 327.6 1003.5 1234.7 525.9 318.0 54

55 FA107005005 Discrepancy 245.3 745.9 85.7 129.4 -150.3 139.2 224.6 126.4 -188.9 55

Memo: 56 FA105005305 Financing gap (7) -76.4 -7.6 102.3 36.5 187.3 63.1 122.4 36.7 43.1 56

(1) Consumption of fixed capital plus the capital consumption adjustment.(2) Table F.5, line 58.(3) Nonresidential fixed investment plus residential fixed investment, shown in table F.2, lines 10 and 15 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).

Flo

ws

Z.1, September 16, 2016 19

F.104 Nonfinancial Noncorporate BusinessBillions of dollars; quarterly figures are seasonally adjusted annual rates

2013 2014 2015 2015 2016 Q1 Q2 Q3 Q4 Q1 Q2

1 FA116300005 Gross saving = consumption of fixed capital 284.4 298.6 308.7 305.5 307.0 310.0 312.3 314.4 317.4 1

2 FA116000105 Gross saving less net capital transfers paid (1) 284.4 298.6 308.7 305.5 307.0 310.0 312.3 314.4 317.4 2


4 FA115050005 Capital expenditures 355.3 374.5 394.2 396.1 392.2 395.5 393.1 385.9 371.0 4 5 FA115019005 Fixed investment (2) 336.5 366.9 382.0 377.4 378.4 385.3 386.9 384.7 381.7 5 6 FA115020005 Change in inventories 18.8 7.6 12.2 18.8 13.8 10.2 6.2 1.1 -10.6 6

7 FA115000005 Net lending (+) or net borrowing (-) -70.9 -75.9 -85.5 -90.6 -85.2 -85.5 -80.8 -71.5 -53.6 7


9 FA113020005 Checkable deposits and currency 12.0 34.7 43.7 33.3 40.8 44.4 56.2 45.9 46.2 9 10 FA113030003 Time and savings deposits 11.5 25.7 68.9 75.0 29.6 81.8 89.2 79.7 59.8 10 11 FA113034003 Money market mutual funds 2.0 3.9 5.3 5.4 4.4 4.9 6.4 4.4 6.4 11

12 FA114022005 Debt securities 0.5 2.8 4.9 3.9 4.6 4.9 6.1 4.6 4.6 12 13 FA113061003 Treasury securities 2.2 2.6 4.5 3.6 4.3 4.6 5.6 4.3 4.3 13 14 FA113062003 Municipal securities -1.7 0.2 0.4 0.3 0.3 0.4 0.4 0.3 0.3 14

15 FA114023005 Loans 1.0 1.6 2.9 2.3 2.7 2.9 3.6 2.7 2.7 15 16 FA113065005 Mortgages 1.0 1.6 2.9 2.3 2.7 2.9 3.6 2.7 2.7 16 17 FA113066003 Consumer credit 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 17

18 FA113070003 Trade receivables 48.8 30.7 53.0 42.3 50.0 53.7 66.2 50.1 50.4 18 19 FA113090005 Miscellaneous assets 228.6 137.2 180.6 161.1 193.1 158.6 209.8 153.2 204.5 19 20 FA113076005 Insurance receivables -26.1 12.8 -10.2 -13.2 -8.3 -7.6 -11.8 -0.3 -0.5 20 21 FA113092405 Equity investment in GSEs (3) 0.6 0.7 0.5 0.4 0.5 0.6 0.6 0.3 1.5 21 22 FA113093005 Other 254.1 123.7 190.3 173.9 200.9 165.6 221.0 153.2 203.5 22


24 FA114123005 Loans 109.2 206.6 333.5 248.6 323.8 345.5 416.3 306.2 296.1 24 25 FA113168005 Depository institution loans n.e.c. 32.3 64.0 98.9 117.5 100.1 32.6 145.5 165.5 32.7 25 26 FA113169005 Other loans and advances 6.1 9.3 5.8 -19.1 17.5 13.5 11.3 -17.3 21.9 26 27 FA113165005 Mortgages 70.8 133.2 228.8 150.3 206.2 299.3 259.5 158.0 241.5 27

28 FA113170005 Trade payables 34.0 34.9 46.0 39.4 38.0 42.4 64.0 31.4 35.4 28 29 FA113178003 Taxes payable 3.2 3.7 9.0 15.2 6.1 6.6 8.1 6.1 6.2 29

30 FA115114005 Foreign direct investment in U.S. 0.4 2.5 1.8 3.2 1.7 0.7 1.8 1.4 1.6 30 31 FA113193003 Miscellaneous liabilities 41.8 38.9 5.3 62.3 -0.4 -16.6 -24.2 -30.4 -30.6 31

32 FA112090205 Proprietors’ net investment 186.8 25.9 49.2 45.1 41.2 58.1 52.2 97.4 119.6 32

(1) Net capital transfers paid from table F.5, line 59.(2) Nonresidential fixed investment plus residential fixed investment, shown in table F.2, lines 11 and 16 respectively.(3) Equity in the Farm Credit System.

Flo

ws

20 Z.1, September 16, 2016

F.105 General Government (1)Billions of dollars; quarterly figures are seasonally adjusted annual rates

2013 2014 2015 2015 2016 Q1 Q2 Q3 Q4 Q1 Q2

1 FA366010115 Current receipts, NIPA basis 5275.2 5516.1 5784.8 5701.9 5740.5 5770.6 5926.2 5796.5 5826.9 1 2 FA366210005 Personal current taxes 1677.8 1787.0 1938.7 1909.4 1937.2 1944.4 1963.8 1932.7 1945.6 2 3 FA366240005 Taxes on production and imports 1174.9 1210.2 1237.6 1227.6 1235.8 1239.9 1247.3 1249.8 1261.4 3 4 FA366231005 Taxes on corporate income 433.5 495.2 515.4 529.0 505.5 490.7 536.6 487.7 500.6 4 5 FA316231061 Taxes from the rest of the world 19.4 21.5 22.1 21.7 21.5 23.1 22.0 22.7 21.7 5 6 FA366601005 Contributions for govt. social insurance 1109.8 1160.0 1208.6 1188.5 1203.3 1213.4 1229.1 1234.0 1244.7 6 7 FA366150105 Income receipts on assets 238.8 152.0 128.8 121.9 122.0 147.6 123.6 132.9 120.5 7 8 FA366403105 Current transfer receipts 642.0 710.5 752.4 721.8 733.5 730.3 823.9 757.3 755.6 8 9 FA366402105 Current surplus of government enterprises -20.9 -20.2 -18.8 -18.0 -18.2 -18.9 -20.1 -20.5 -23.2 9

10 FA366900015 Current expenditures, NIPA basis 6109.5 6298.9 6515.8 6393.5 6508.4 6580.8 6580.3 6638.4 6687.2 10 11 FA366901005 Consumption expenditures 2523.7 2557.6 2604.9 2575.8 2600.2 2617.1 2626.5 2623.0 2643.9 11 12 FA366404005 Government social benefits 2405.7 2514.4 2647.6 2609.2 2644.5 2660.5 2676.4 2712.0 2732.8 12 13 FA366403005 Other current transfer payments 503.9 547.1 583.2 582.4 568.1 591.1 591.3 600.8 587.5 13 14 FA366130005 Interest payments 616.9 623.1 623.4 570.4 639.4 654.7 628.9 644.4 663.4 14 15 FA366402005 Subsidies 59.3 56.7 56.6 55.6 56.2 57.4 57.3 58.3 59.6 15

16 FA366006005 Net saving, NIPA basis -834.4 -782.7 -731.0 -691.6 -767.9 -810.3 -654.2 -841.9 -860.3 16 17 FA366300005 + Consumption of fixed capital 506.5 517.4 522.5 521.1 522.4 523.5 523.2 523.3 526.7 17 18 FA313154015 - Insurance and pension fund reserves (2) -2.2 -2.0 -2.2 -2.6 -1.3 -2.6 -2.4 -2.9 -3.2 18 19 FA365440095 - Net capital transfers (3) -13.4 -12.5 -17.8 -16.9 -16.3 -17.5 -20.5 -20.8 -21.5 19

20 FA366000105 = Gross saving less net capital transfers -312.2 -250.8 -188.4 -151.0 -228.0 -266.7 -108.1 -294.9 -309.0 20

21 FA365090005 Gross investment -311.9 -174.5 -133.7 31.6 -197.6 -328.8 -40.0 -177.6 -141.3 21 22 FA365019005 Fixed investment 592.3 594.5 613.4 598.9 617.0 619.2 618.5 631.3 619.5 22 23 FA365420005 Nonproduced nonfinancial assets 6.6 6.2 -21.7 8.5 -112.3 8.5 8.6 8.8 -23.9 23



26 FA313011005 U.S. official reserve assets -3.3 -3.8 -6.4 -16.7 -3.6 -1.2 -4.0 -4.3 0.7 26 27 FA363020005 Checkable deposits and currency 76.7 76.8 101.1 -357.9 489.8 -69.5 342.1 104.8 54.0 27 28 FA363030005 Time and savings deposits 17.6 9.1 13.6 27.9 3.8 -2.1 24.7 5.5 20.9 28 29 FA213034003 Money market fund shares 0.5 6.7 11.7 14.2 4.1 14.3 14.3 3.8 7.5 29 30 FA212051003 Security repurchase agreements 0.9 5.8 9.9 11.8 3.8 11.9 12.0 3.1 6.0 30

31 FA364022005 Debt securities -63.8 19.5 28.1 89.8 -85.2 116.7 -8.9 18.4 111.9 31 32 FA213069103 Open market paper -9.8 -7.1 -3.0 -4.5 -8.6 10.8 -9.5 -10.7 2.6 32 33 FA213061105 Treasury securities -20.0 36.5 43.2 77.3 -55.2 91.5 59.2 63.6 62.7 33 34 FA363061705 Agency- and GSE-backed securities -32.0 -14.8 -22.4 3.8 -23.3 1.5 -71.6 -38.7 38.4 34 35 FA213062003 Municipal securities -0.1 0.4 0.8 1.0 0.1 1.0 1.0 0.3 0.6 35 36 FA363063005 Corporate and foreign bonds -1.9 4.6 9.5 12.1 1.8 12.0 12.0 3.8 7.6 36

37 FA364023005 Loans 123.3 120.8 118.0 130.3 113.9 97.5 130.3 116.0 110.7 37 38 FA363065005 Mortgages 2.9 8.1 11.7 19.7 2.4 11.3 13.5 8.8 10.0 38 39 FA313066220 Consumer credit 113.3 110.7 103.4 110.5 105.5 94.5 103.2 101.5 95.5 39 40 FA313069005 Other loans and advances 7.2 2.0 2.9 0.1 6.1 -8.3 13.6 5.7 5.2 40

41 FA363064105 Corporate equities -5.8 0.8 5.0 6.0 1.6 6.2 6.4 2.1 3.9 41 42 FA213064203 Mutual fund shares -0.5 1.3 2.6 3.3 0.5 3.3 3.3 1.1 2.1 42 43 FA363070005 Trade receivables 12.7 4.9 13.6 5.2 6.7 -0.3 42.8 2.9 28.3 43 44 FA363078005 Taxes receivable 29.0 -0.8 25.2 138.9 10.9 -19.6 -29.4 74.1 95.8 44 45 FA363090005 Miscellaneous assets 7.5 20.0 25.6 32.4 23.3 36.0 10.7 17.0 16.3 45


47 FA313111303 SDR allocations 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 47 48 FA713014003 SDR certificates 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 48 49 FA313112003 Treasury currency -0.4 -0.3 -0.0 0.0 0.0 0.0 -0.0 0.0 0.0 49

50 FA364122005 Debt securities 800.5 700.7 734.7 16.3 407.6 306.6 2208.4 874.0 836.0 50 51 FA313161105 Treasury securities 857.7 736.0 724.4 -37.0 389.1 302.5 2243.0 852.4 770.0 51 52 FA213162005 Municipal securities -56.8 -35.2 10.2 54.3 16.5 6.4 -36.5 22.1 65.6 52 53 FA364123005 Loans 0.5 0.4 0.3 0.4 0.1 -0.3 0.8 0.8 0.2 53 54 FA313165403 Multifamily residential mortgages 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 54 55 FA213169203 Other loans and advances 0.5 0.4 0.3 0.4 0.1 -0.3 0.8 0.8 0.2 55

56 FA363170005 Trade payables 56.1 38.2 53.0 32.1 64.5 67.9 47.4 59.7 53.3 56 57 FA313140003 Insurance reserves 0.2 0.8 -0.1 -2.1 0.9 -0.6 1.3 -0.4 0.8 57 58 FA363190005 Miscellaneous liabilities 248.6 296.6 285.6 614.3 798.8 775.9 -1046.6 228.1 304.8 58

59 FA367005005 Discrepancy -0.3 -76.4 -54.7 -182.6 -30.3 62.0 -68.1 -117.3 -167.7 59

Memo: 60 FA374090005 Net acquisition of financial assets (consolidated) (4) 214.3 224.4 304.6 7.5 624.6 101.9 484.2 280.1 395.3 60 61 FA374190005 Net increase in liabilities (consolidated) (4) 1125.1 999.6 1030.0 583.3 1327.0 1058.4 1151.3 1097.8 1132.2 61

(1) Sum of the federal government and state and local governments sectors.(2) Railroad Retirement Board, the National Railroad Retirement Investment Trust, and federal government life insurance reserves. Saving transferred to the households and nonprofit organizations sector. Includes value of Treasury and agency- and GSE-backed securities held by state and local government employee retirement funds.(3) Table F.5, line 60 less line 12.(4) Excludes Treasury securities held by state and local governments (line 33) and federal government loans to state and local governments (line 55).

Flo

ws

Z.1, September 16, 2016 21

F.106 Federal GovernmentBillions of dollars; quarterly figures are seasonally adjusted annual rates

2013 2014 2015 2015 2016 Q1 Q2 Q3 Q4 Q1 Q2

1 FA316010105 Current receipts, NIPA basis 3138.4 3288.4 3453.3 3410.0 3439.4 3447.8 3515.9 3442.5 3469.7 1

2 FA316210001 Personal current taxes 1302.0 1402.3 1532.7 1506.8 1530.6 1539.9 1553.2 1520.7 1537.5 2 3 FA316240001 Taxes on production and imports 124.8 134.6 139.4 138.0 141.8 136.9 140.8 138.1 136.5 3 4 FA316231005 Taxes on corporate income 378.1 436.6 455.1 468.1 444.9 430.6 477.0 425.3 442.0 4 5 FA316231061 Taxes from the rest of the world 19.4 21.5 22.1 21.7 21.5 23.1 22.0 22.7 21.7 5 6 FA316601001 Contributions for govt. social insurance 1091.3 1140.9 1189.5 1169.4 1184.3 1194.4 1210.1 1214.9 1225.4 6 7 FA316150105 Income receipts on assets 163.3 74.8 49.2 43.3 42.7 67.6 43.0 51.3 38.6 7 8 FA316403105 Current transfer receipts 70.7 86.1 72.7 68.9 80.2 62.9 79.0 79.1 80.1 8 9 FA316402101 Current surplus of government enterprises -11.1 -8.3 -7.4 -6.3 -6.7 -7.6 -9.2 -9.7 -12.1 9

10 FA316900005 Current expenditures, NIPA basis 3782.2 3901.3 4022.9 3944.5 4018.2 4070.2 4058.9 4110.8 4137.3 10

11 FA316901001 Consumption expenditures 961.0 955.9 963.7 960.1 961.7 965.1 968.0 969.0 974.8 11 12 FA316404001 Government social benefits 1842.4 1901.5 1981.7 1958.4 1977.4 1988.6 2002.2 2029.0 2044.1 12 13 FA316403001 Other current transfer payments 503.9 547.1 583.2 582.4 568.1 591.1 591.3 600.8 587.5 13 14 FA316130001 Interest payments 416.2 440.5 438.2 388.3 455.3 468.5 440.7 454.2 471.7 14 15 FA316402001 Subsidies 58.8 56.2 56.1 55.1 55.7 56.9 56.8 57.7 59.1 15

16 FA316006005 Net saving, NIPA basis -643.8 -612.9 -569.7 -534.5 -578.9 -622.3 -543.1 -668.3 -667.6 16

17 FA316300003 + Consumption of fixed capital 268.0 271.3 271.5 272.1 271.6 271.4 270.8 270.7 271.4 17 18 FA313154015 - Insurance and pension reserves (1) -2.2 -2.0 -2.2 -2.6 -1.3 -2.6 -2.4 -2.9 -3.2 18 19 FA315440095 - Net capital transfers paid (2) 58.2 58.4 51.5 50.9 52.0 54.4 48.6 52.6 52.4 19

20 FA316000105 = Gross saving less net capital transfers paid -431.7 -398.0 -347.5 -310.8 -358.0 -402.8 -318.4 -447.3 -445.4 20

21 FA315090005 Gross investment -395.2 -338.2 -284.2 -163.4 -259.5 -538.8 -175.1 -341.9 -356.9 21 22 FA315019001 Fixed investment 268.4 262.9 261.2 258.7 260.4 260.0 266.0 264.8 264.4 22 23 FA315420003 Nonproduced nonfinancial assets -2.4 -2.7 -30.9 -0.6 -121.5 -0.7 -0.6 -0.4 -33.1 23


25 FA314090005 Net acquisition of financial assets 217.7 172.8 252.4 -93.6 597.3 6.9 499.0 274.3 264.8 25

26 FA313011005 U.S. official reserve assets -3.3 -3.8 -6.4 -16.7 -3.6 -1.2 -4.0 -4.3 0.7 26 27 FA313020005 Checkable deposits and currency 69.6 60.8 109.9 -336.6 469.5 -63.2 370.1 78.9 52.6 27 28 FA313030003 Time and savings deposits -0.5 0.2 0.0 -0.6 1.1 0.9 -1.3 0.2 0.5 28 29 FA314022005 Debt securities -0.1 -0.0 -0.0 0.0 -0.1 -0.1 0.0 0.0 0.0 29 30 FA313061703 Agency- and GSE-backed securities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 30 31 FA313063763 Corporate and foreign bonds -0.1 -0.0 -0.0 0.0 -0.1 -0.1 0.0 0.0 0.0 31 32 FA314023005 Loans 124.4 114.5 105.6 114.0 111.1 82.2 114.9 110.8 100.9 32 33 FA313069005 Other loans and advances 7.2 2.0 2.9 0.1 6.1 -8.3 13.6 5.7 5.2 33 34 FA313065005 Mortgages 4.0 1.7 -0.7 3.5 -0.5 -4.0 -1.9 3.6 0.2 34 35 FA313066220 Consumer credit (3) 113.3 110.7 103.4 110.5 105.5 94.5 103.2 101.5 95.5 35 36 FA313064105 Corporate equities (4) -4.8 -1.6 -0.0 -0.4 0.6 -0.2 -0.0 0.0 -0.1 36 37 FA313070000 Trade receivables 3.3 -5.2 12.7 3.4 -3.4 4.1 46.7 6.0 10.1 37 38 FA313078005 Taxes receivable 24.9 -4.5 16.2 123.6 4.8 -26.6 -37.0 68.3 89.1 38 39 FA313090005 Miscellaneous assets 4.1 12.5 14.4 19.7 17.4 11.0 9.6 14.3 11.1 39


41 FA313111303 SDR allocations 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 41 42 FA713014003 SDR certificates 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 42 43 FA313112003 Treasury currency -0.4 -0.3 -0.0 0.0 0.0 0.0 -0.0 0.0 0.0 43

44 FA314122005 Debt securities 857.3 735.9 724.6 -37.9 391.1 300.2 2244.8 851.9 770.5 44 45 FA313161105 Treasury securities (5) 857.7 736.0 724.4 -37.0 389.1 302.5 2243.0 852.4 770.0 45 46 FA313161205 Marketable 806.2 646.7 688.1 254.1 923.8 774.4 800.3 718.7 629.4 46 47 FA313161305 Nonmarketable 51.4 89.4 36.2 -291.1 -534.8 -471.9 1442.7 133.7 140.6 47 48 FA313161705 Budget agency securities -0.4 -0.1 0.2 -1.0 2.1 -2.2 1.8 -0.5 0.5 48 49 FA313165403 Loans (multifamily residential mortgages) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 49

50 FA313170005 Trade payables 17.9 -0.7 12.8 -7.1 24.1 27.3 7.1 19.0 12.7 50 51 FA313140003 Insurance reserves 0.2 0.8 -0.1 -2.1 0.9 -0.6 1.3 -0.4 0.8 51 52 FA313190005 Miscellaneous liabilities 3.8 35.5 29.6 375.0 579.5 477.9 -1313.8 10.0 69.0 52 53 FA343073005 Claims of pension fund on sponsor -9.7 22.1 18.7 390.4 571.4 475.3 -1362.3 16.1 49.0 53 54 FA313190015 Other 13.4 13.4 10.9 -15.4 8.1 2.6 48.4 -6.1 20.0 54

55 FA317005005 Discrepancy -36.5 -59.8 -63.3 -147.4 -98.5 136.0 -143.3 -105.4 -88.5 55

Memo: 56 FA314000105 Change in cash balance (6) 69.6 62.1 109.9 -362.3 510.6 -74.1 365.4 53.2 92.3 56

(1) Railroad Retirement Board, the National Railroad Retirement Investment Trust, and federal government life insurance reserves.(2) Table F.5, line 61 less line 12.(3) Includes loans originated by the Department of Education under the Federal Direct Loan Program, as well as Federal Family Education Loan Program loans that the government purchased from depository institutions and finance companies.(4) Corporate equities purchased from financial businesses under the Troubled Asset Relief Program (TARP) and from GSEs at issuance price.(5) Includes marketable and nonmarketable Treasury securities held by the public and Treasury securities held by federal government employee retirement funds.(6) Time and savings deposits (line 28) plus checkable deposits and currency at the monetary authority and U.S.-chartered depository institutions sectors (table F.204, lines 3 and 8).

Flo

ws

22 Z.1, September 16, 2016

F.107 State and Local Governments (1)Billions of dollars; quarterly figures are seasonally adjusted annual rates

2013 2014 2015 2015 2016 Q1 Q2 Q3 Q4 Q1 Q2

1 FA206010105 Current receipts, NIPA basis 2136.8 2227.7 2331.5 2291.9 2301.1 2322.7 2410.3 2354.1 2357.2 1

2 FA206210001 Personal current taxes 375.9 384.6 406.1 402.6 406.5 404.5 410.6 412.0 408.1 2 3 FA206240001 Taxes on production and imports 1050.1 1075.7 1098.3 1089.5 1094.0 1103.0 1106.5 1111.7 1124.9 3 4 FA206231001 Taxes on corporate income 55.5 58.6 60.3 60.9 60.6 60.1 59.6 62.4 58.6 4 5 FA206601001 Contributions for govt. social insurance 18.5 19.1 19.0 19.1 19.0 19.0 19.0 19.1 19.2 5 6 FA206150105 Income receipts on assets 75.4 77.2 79.6 78.6 79.3 80.1 80.6 81.6 82.0 6 7 FA206403105 Current transfer receipts 571.3 624.5 679.6 652.9 653.3 667.4 744.9 678.1 675.6 7 8 FA206402101 Current surplus of government enterprises -9.8 -11.9 -11.4 -11.7 -11.5 -11.3 -11.0 -10.9 -11.2 8

9 FA206900005 Current expenditures, NIPA basis 2327.3 2397.6 2492.8 2449.0 2490.2 2510.7 2521.4 2527.7 2549.9 9

10 FA206901001 Consumption expenditures 1562.7 1601.6 1641.2 1615.7 1638.4 1652.1 1658.5 1654.0 1669.1 10 11 FA206404001 Govt. social benefit payments to persons 563.4 612.9 666.0 650.7 667.0 671.9 674.2 683.0 688.7 11 12 FA206403001 Other current transfer payments 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12 13 FA206130001 Interest payments 200.7 182.6 185.2 182.1 184.2 186.2 188.2 190.1 191.7 13 14 FA206402001 Subsidies 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 14

15 FA206006005 Net saving, NIPA basis -190.5 -169.8 -161.3 -157.1 -189.0 -187.9 -111.1 -173.6 -192.7 15

16 FA206300003 + Consumption of fixed capital 238.5 246.1 251.0 249.0 250.8 252.1 252.3 252.6 255.2 16 17 FA205440005 - Net capital transfers paid (2) -71.6 -70.9 -69.3 -67.9 -68.3 -71.9 -69.1 -73.4 -73.8 17

18 FA206000105 = Gross saving less net capital transfers paid 119.6 147.2 159.0 159.8 130.0 136.1 210.3 152.4 136.4 18


20 FA205019001 Fixed investment 323.9 331.6 352.2 340.2 356.6 359.2 352.6 366.5 355.1 20 21 FA205420003 Nonproduced nonfinancial assets 9.0 8.9 9.2 9.1 9.2 9.2 9.2 9.2 9.2 21


23 FA214090005 Net acquisition of financial assets -22.8 88.4 95.7 178.9 -27.7 186.3 45.3 70.2 193.5 23

24 FA213020005 Checkable deposits and currency 7.1 16.0 -8.8 -21.2 20.3 -6.3 -27.9 25.9 1.4 24 25 FA213030005 Time and savings deposits 18.1 8.9 13.6 28.5 2.8 -3.0 25.9 5.3 20.5 25

26 FA213034003 Money market fund shares 0.5 6.7 11.7 14.2 4.1 14.3 14.3 3.8 7.5 26 27 FA212051003 Security repurchase agreements 0.9 5.8 9.9 11.8 3.8 11.9 12.0 3.1 6.0 27

28 FA214022005 Debt securities -63.8 19.5 28.1 89.8 -85.2 116.8 -8.9 18.4 111.9 28 29 FA213069103 Open market paper -9.8 -7.1 -3.0 -4.5 -8.6 10.8 -9.5 -10.7 2.6 29 30 FA213061105 Treasury securities -20.0 36.5 43.2 77.3 -55.2 91.5 59.2 63.6 62.7 30 31 FA213061703 Agency- and GSE-backed securities -32.0 -14.8 -22.4 3.8 -23.3 1.5 -71.6 -38.7 38.4 31 32 FA213062003 Municipal securities -0.1 0.4 0.8 1.0 0.1 1.0 1.0 0.3 0.6 32 33 FA213063003 Corporate and foreign bonds -1.8 4.6 9.5 12.1 1.8 12.1 12.0 3.8 7.6 33

34 FA213065005 Loans (mortgages) -1.1 6.3 12.4 16.2 2.8 15.3 15.4 5.2 9.8 34

35 FA213064103 Corporate equities -1.0 2.5 5.1 6.5 1.0 6.4 6.4 2.1 4.0 35 36 FA213064203 Mutual fund shares -0.5 1.3 2.6 3.3 0.5 3.3 3.3 1.1 2.1 36

37 FA213070003 Trade receivables 9.5 10.1 0.9 1.8 10.2 -4.5 -3.9 -3.1 18.2 37 38 FA213078005 Taxes receivable 4.1 3.7 9.0 15.3 6.1 6.9 7.6 5.9 6.7 38 39 FA213093003 Miscellaneous assets 3.4 7.5 11.2 12.7 5.9 25.0 1.2 2.7 5.3 39


41 FA213162005 Debt securities (municipal securities) -56.8 -35.2 10.2 54.3 16.5 6.4 -36.5 22.1 65.6 41 42 FA213162400 Short-term (3) -10.9 -6.4 -6.1 -1.8 8.1 -27.4 -3.4 -0.7 10.7 42 43 FA213162200 Long-term -45.9 -28.8 16.3 56.1 8.4 33.8 -33.1 22.8 54.9 43

44 FA213169203 Loans (U.S. government loans) 0.5 0.4 0.3 0.4 0.1 -0.3 0.8 0.8 0.2 44

45 FA213170003 Trade payables 38.2 38.9 40.1 39.2 40.4 40.7 40.3 40.7 40.6 45 46 FA223073045 Claims of pension fund on sponsor (4) 244.9 261.1 256.0 239.4 219.3 298.0 267.3 218.1 235.7 46

47 FA217005005 Discrepancy 36.3 -16.6 8.6 -35.3 68.2 -73.9 75.2 -11.9 -79.2 47

(1) Data for state and local government employee retirement funds are shown on table F.120.(2) Table F.5, line 62.(3) Debt with original maturity of 13 months or less.(4) Included in miscellaneous liabilities.

Flo

ws

Z.1, September 16, 2016 23

F.108 Domestic Financial Sectors (1)Billions of dollars; quarterly figures are seasonally adjusted annual rates

2013 2014 2015 2015 2016 Q1 Q2 Q3 Q4 Q1 Q2



3 FA795019005 Capital expenditures 216.2 225.5 238.5 243.9 243.1 224.4 242.6 241.1 250.2 3 4 FA645012063 Fixed residential investment 15.0 7.8 -0.0 10.9 8.6 -18.5 -1.1 -1.3 8.4 4 5 FA795013005 Fixed nonresidential investment 201.3 217.7 238.5 233.0 234.5 242.8 243.8 242.5 241.7 5

6 FA795000005 Net lending (+) or net borrowing (-) 181.5 17.0 120.4 276.0 161.3 110.6 -66.2 112.7 30.8 6

7 FA794090005 Net acqisition of financial assets 3046.9 2562.0 1306.9 2600.7 874.6 1164.3 588.3 4070.1 2203.5 7

8 FA713011005 U.S. official reserve assets 0.2 0.2 0.1 0.1 0.1 0.2 0.1 -0.5 0.0 8 9 FA713014003 SDR certificates 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9 10 FA713012003 Treasury currency 0.7 0.8 1.3 1.5 1.3 1.3 1.0 0.6 0.9 10 11 FA633091003 Foreign deposits -9.8 -9.8 -13.4 -16.1 8.0 -39.7 -6.0 26.0 -18.6 11 12 FA794010005 Net interbank assets 760.1 131.5 -401.8 242.6 -773.0 -178.8 -898.0 610.6 -331.4 12

13 FA793020005 Checkable deposits and currency -3.6 -17.2 -14.7 -31.0 -102.1 124.6 -50.2 19.6 63.8 13 14 FA793030005 Time and savings deposits 81.7 14.0 -83.9 88.1 -4.1 -234.3 -185.3 298.6 -420.6 14 15 FA793034005 Money market fund shares -57.8 19.4 38.9 113.4 -62.2 105.1 -0.6 136.8 -52.1 15 16 FA792050005 Federal funds and security repos -452.3 11.4 62.9 51.6 79.5 366.3 -245.9 -487.4 517.9 16

17 FA794022005 Debt securities 1276.3 838.7 617.1 311.5 111.6 -51.1 2096.3 1318.1 1193.9 17 18 FA793069175 Open market paper 20.3 -25.2 18.1 -60.0 65.5 65.3 1.5 288.2 -142.8 18 19 FA793061105 Treasury securities 482.8 605.7 414.9 77.8 -247.9 -61.7 1891.4 664.5 306.0 19 20 FA793061705 Agency- and GSE-backed securities 388.9 76.0 23.1 49.2 -101.1 -41.6 185.7 171.7 596.0 20 21 FA793062005 Municipal securities -16.2 22.2 65.2 108.4 48.5 24.1 79.6 71.1 128.7 21 22 FA793063005 Corporate and foreign bonds 400.5 160.1 95.9 136.0 346.5 -37.1 -61.8 122.7 306.0 22

23 FA794023005 Loans 520.6 773.8 726.3 682.3 1005.4 356.6 860.7 951.4 955.4 23 24 FA793068005 Depository institution loans n.e.c. 196.5 320.0 280.6 419.8 273.4 180.4 248.7 424.2 154.1 24 25 FA793069005 Other loans and advances 157.4 150.1 -59.2 -30.7 102.2 -351.2 42.7 46.1 149.6 25 26 FA793065005 Mortgages 93.3 189.3 371.4 203.5 465.7 379.0 437.3 378.6 511.0 26 27 FA793066005 Consumer credit 73.4 114.4 133.5 89.7 164.1 148.4 131.9 102.5 140.5 27

28 FA793064105 Corporate equities 35.9 -12.7 37.1 -51.3 127.2 15.9 56.6 -408.5 -278.2 28 29 FA793064205 Mutual fund shares 131.3 19.0 20.7 91.3 78.6 -110.0 22.8 111.1 -18.6 29

30 FA793070005 Trade receivables -2.2 1.2 8.7 22.1 15.4 3.6 -6.1 22.6 11.9 30 31 FA793040005 Life insurance reserves 10.8 10.9 10.6 9.4 12.6 9.6 10.6 9.5 9.7 31 32 FA793092005 U.S. direct investment abroad 25.1 19.2 25.8 38.2 44.4 7.6 12.9 37.1 111.9 32 33 FA793090005 Miscellaneous assets 730.0 761.7 271.4 1047.1 331.8 787.3 -1080.5 1424.4 457.7 33


35 FA794110005 Net interbank liabilities 1129.1 115.3 -502.0 554.8 -1196.9 -185.2 -1180.7 725.9 -545.5 35

36 FA793120005 Checkable deposits and currency 332.6 351.1 292.2 -44.6 679.3 -107.7 641.8 536.3 400.0 36 37 FA703130005 Time and savings deposits 409.1 513.2 406.2 721.6 18.3 494.9 389.9 548.6 276.3 37 38 FA634090005 Money market fund shares 24.6 6.8 30.1 -84.4 43.5 43.4 118.0 257.0 -53.2 38 39 FA792150005 Federal funds and security repos -382.6 9.0 -25.1 -17.2 -174.0 228.8 -137.9 -683.6 243.8 39

40 FA794122005 Debt securities 65.0 170.4 163.2 -208.4 266.9 278.7 315.4 354.5 409.4 40 41 FA793169175 Open market paper -48.9 -37.3 -42.7 -93.0 111.1 -100.4 -88.8 167.5 -32.9 41 42 FA423161705 Agency- and GSE-backed securities 238.3 150.3 220.4 -148.6 213.7 318.6 498.1 60.8 580.4 42 43 FA793163005 Corporate and foreign bonds -124.4 57.4 -14.5 33.2 -57.9 60.5 -93.9 126.2 -138.1 43

44 FA794123005 Loans 189.9 149.2 2.6 56.2 38.8 11.5 -96.0 231.6 161.5 44 45 FA793168005 Depository institution loans n.e.c. 33.2 13.3 -18.6 36.1 33.6 -49.6 -94.6 25.8 -2.5 45 46 FA793169005 Other loans and advances 136.8 126.6 17.2 3.8 -8.2 46.7 26.6 209.2 182.6 46 47 FA643165005 Mortgages 19.9 9.3 4.0 16.4 13.3 14.4 -28.0 -3.5 -18.5 47

48 FA793164105 Corporate equities 175.5 235.5 232.8 313.4 169.5 139.8 308.3 146.2 107.7 48 49 FA653164205 Mutual fund shares 346.0 309.4 95.3 252.6 224.7 -35.8 -60.4 -22.7 76.2 49

50 FA663170003 Trade payables 0.3 3.4 8.4 5.0 17.7 2.4 8.4 -4.1 6.5 50 51 FA543140005 Life insurance reserves 19.9 47.1 44.6 60.4 32.2 57.4 28.5 62.2 43.9 51 52 FA153050005 Pension entitlements 488.3 311.1 435.5 404.9 440.0 385.2 511.8 602.6 426.0 52

53 FA793178005 Taxes payable 17.7 16.6 -13.5 35.5 -53.7 -24.0 -11.8 54.1 -7.2 53 54 FA662090205 Equity in noncorporate business -5.2 2.0 2.3 -1.2 -2.0 24.2 -11.7 -7.9 -3.2 54 55 FA793192005 Foreign direct investment in U.S. 29.7 21.6 31.3 33.5 26.9 12.4 52.5 222.9 25.6 55 56 FA793190005 Miscellaneous liabilities 25.4 283.5 -17.3 242.7 182.0 -272.3 -221.7 933.7 604.9 56

57 FA797005005 Discrepancy -219.1 -44.0 -147.8 -330.2 -154.0 -98.4 -8.6 -104.5 -9.9 57

(1) Sum of financial sectors shown on tables F.109 through F.132.

Flo

ws

24 Z.1, September 16, 2016

F.109 Monetary Authority (1)Billions of dollars; quarterly figures are seasonally adjusted annual rates

2013 2014 2015 2015 2016 Q1 Q2 Q3 Q4 Q1 Q2

1 FA716000105 Gross saving -0.8 5.7 -10.6 11.9 8.3 8.8 -71.4 6.4 9.2 1

2 FA715013005 Fixed nonresidential investment 0.6 0.7 0.8 0.8 0.8 0.8 0.8 0.8 0.8 2

3 FA714090005 Net acquisition of financial assets 1118.8 481.6 -13.3 -10.5 -23.1 0.1 -19.6 39.7 -68.8 3

4 FA713011005 U.S. official reserve assets 0.2 0.2 0.1 0.1 0.1 0.2 0.1 -0.5 0.0 4 5 FA713014003 SDR certificates 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5 6 FA713012003 Treasury currency 0.7 0.8 1.3 1.5 1.3 1.3 1.0 0.6 0.9 6

7 FA713022003 Federal Reserve float (2) -0.5 0.4 0.5 -0.8 1.3 1.3 0.2 -4.6 -0.4 7

8 FA713068705 Interbank loans (2) 0.0 0.1 -0.0 -0.4 0.5 0.3 -0.5 -0.2 0.6 8 9 FA713068703 Discount window (3) 0.0 0.1 -0.0 -0.4 0.5 0.3 -0.5 -0.2 0.6 9 10 FA763069143 AMLF (4) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10

11 FA712051000 Security repurchase agreements 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11

12 FA714022005 Debt securities 1086.6 480.7 5.1 21.6 -11.5 17.2 -6.9 62.4 -64.5 12 13 FA713069603 Open market paper 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13 14 FA713061100 Treasury securities 542.6 252.6 0.2 48.4 -8.1 -16.3 -23.2 54.7 -9.7 14 15 FA713061113 Treasury bills 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15 16 FA713061125 Other Treasury securities 542.6 252.6 0.2 48.4 -8.1 -16.3 -23.2 54.7 -9.7 16 17 FA713061705 Agency- and GSE-backed securities 543.9 228.1 4.9 -26.8 -3.4 33.5 16.3 7.8 -54.8 17 18 FA713061903 Mortgage-backed securities 563.5 246.7 10.6 -19.6 0.5 36.7 24.9 22.5 -38.2 18 19 FA713061703 Other agency- and GSE-baked securities -19.6 -18.5 -5.7 -7.2 -3.9 -3.2 -8.6 -14.7 -16.6 19

20 FA713068005 Loans (depository institution loans n.e.c.) -0.5 -0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 20 21 FA713068303 Households (TALF) (5) -0.5 -0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 21 22 FA713068665 Brokers and dealers (6) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 22 23 FA713068505 Funding corporations (7) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 23 24 FA713068473 Rest of the world 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 24

25 FA713064103 Corporate equities (8) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 25 26 FA713090005 Miscellaneous assets 32.3 -0.5 -20.2 -32.4 -14.8 -20.2 -13.4 -18.1 -5.3 26 27 FA713091103 Nonofficial foreign currencies (9) -8.6 1.3 -0.5 -2.9 -0.7 0.2 1.3 -3.4 11.4 27 28 FA713093005 Other 40.9 -1.8 -19.7 -29.5 -14.1 -20.4 -14.7 -14.7 -16.7 28

29 FA714190005 Net increase in liabilities 1118.7 480.6 5.3 -11.5 -24.3 -0.5 57.5 39.7 -68.8 29

30 FA713113003 Depository institution reserves 758.0 128.9 -400.8 237.1 -779.3 -179.2 -882.0 592.8 -348.4 30 31 FA703025005 Vault cash of depository institutions 2.6 2.0 -1.4 6.6 4.5 -1.2 -15.7 22.6 16.8 31

32 FA713120005 Checkable deposits and currency 139.5 152.2 204.4 -295.9 601.2 51.6 460.7 149.4 228.7 32

33 FA713123005 Due to federal government 69.8 61.0 110.1 -361.4 509.4 -75.2 367.4 53.5 91.5 33 34 FA713123023 Treasury cash holdings 0.1 -0.0 0.1 -0.0 -0.4 0.4 0.3 -0.2 -0.6 34 35 FA713123030 Treasury general deposit account 69.7 61.1 110.0 -361.4 509.8 -75.5 367.1 53.7 92.1 35 36 FA713123043 Treasury temporary supplementary financing account 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 36

37 FA713124003 Due to government-sponsored enterprises -1.3 -5.8 10.9 3.0 29.4 15.5 -4.2 40.8 40.0 37 38 FA713122605 Due to rest of the world 1.5 -2.7 -0.0 -0.1 0.1 3.9 -4.0 -0.1 0.0 38 39 FA713125005 Currency outside banks 69.5 99.7 83.4 62.6 62.3 107.3 101.6 55.3 97.1 39

40 FA712151003 Security repurchase agreements 208.7 193.9 202.6 108.1 85.2 331.7 285.3 -647.4 -26.8 40 41 FA712151103 Reverse repurchase agreement operations (10) 197.8 199.0 77.9 -72.9 56.4 228.0 99.9 -683.0 -100.2 41 42 FA712151115 Other 11.0 -5.0 124.7 180.9 28.8 103.6 185.4 35.6 73.4 42

43 FA713190005 Miscellaneous liabilities 9.8 3.5 0.6 -67.4 64.0 -203.3 209.1 -77.6 60.8 43 44 FA713164003 Federal Reserve Bank stock 0.1 1.1 0.9 1.0 1.2 0.6 0.7 2.5 0.1 44 45 FA713193005 Other 9.7 2.4 -0.3 -68.4 62.8 -203.9 208.4 -80.2 60.7 45

46 FA717005005 Discrepancy -1.6 3.9 7.2 10.1 6.3 7.4 4.9 5.6 8.4 46

(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) Shown on table F.203.(3) Federal Reserve loans extended to U.S.-chartered depository institutions through term auction credit, primary credit, secondary credit, and seasonal credit.(4) Federal Reserve loans extended to U.S.-chartered depository institutions through the Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility (AMLF).(5) Loans extended to financial institutions such as domestic hedge funds through the Term Asset-Backed Securities Loan Facility (TALF).(6) Loans extended through the Federal Reserve’s Primary Dealer Credit Facility (PDCF) and AMLF.(7) Includes loans extended by the Federal Reserve to Maiden Lane LLC, Maiden Lane II LLC, AIG, Maiden Lane III LLC, and the Commercial Paper Funding Facility LLC.(8) Preferred interests in AIA Aurora LLC and ALICO Holdings LLC, two limited liability companies created to hold all the outstanding common stock of American International Assurance Company Ltd (AIA) and American Life Insurance Company (ALICO), two life insurance subsidiaries of AIG.(9) Reciprocal currency arrangements (swap lines) with foreign central banks.(10) Reverse repurchase agreements (RRPs) conducted as part of the Federal Reserve’s Overnight RRP Operational Exercise (beginning 2013:Q3) and term RRP operations (beginning 2014:Q4).

Flo

ws

Z.1, September 16, 2016 25

F.110 Private Depository Institutions (1)Billions of dollars; quarterly figures are seasonally adjusted annual rates

2013 2014 2015 2015 2016 Q1 Q2 Q3 Q4 Q1 Q2

1 FA706000105 Gross saving less net capital transfers paid (2) 16.9 -47.1 -51.4 -32.6 -52.0 -43.0 -78.0 -56.3 -26.4 1


3 FA705000005 Net lending (+) or net borrowing (-) 46.4 -124.7 43.4 135.9 122.7 54.7 -139.9 76.9 -47.5 3


5 FA703025005 Vault cash 2.6 2.0 -1.4 6.6 4.5 -1.2 -15.7 22.6 16.8 5 6 FA713113003 Reserves at Federal Reserve 758.0 128.9 -400.8 237.1 -779.3 -179.2 -882.0 592.8 -348.4 6 7 FA702050005 Federal funds and security repos -98.0 10.6 25.2 46.9 18.2 -34.6 70.2 -67.6 30.4 7

8 FA704022005 Debt securities 46.3 216.7 203.3 255.2 141.5 69.6 347.0 148.0 316.1 8 9 FA703069175 Open market paper 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9 10 FA703061105 Treasury securities -35.1 195.4 36.8 12.2 72.5 -21.6 84.0 47.6 114.1 10 11 FA703061705 Agency- and GSE-backed securities 42.4 26.2 155.2 198.9 119.0 38.9 264.1 -12.1 85.7 11 12 FA703062005 Municipal securities 55.1 31.0 47.4 62.2 47.3 38.6 41.3 41.4 67.9 12 13 FA703063005 Corporate and foreign bonds -16.2 -35.9 -36.0 -18.0 -97.4 13.8 -42.4 71.1 48.4 13

14 FA704023005 Loans 260.9 578.8 676.0 709.4 638.6 594.9 761.2 782.9 679.1 14 15 FA703068005 Depository institution loans n.e.c. 197.0 320.1 280.6 419.8 273.4 180.4 248.7 424.2 154.1 15 16 FA703069005 Other loans and advances 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16 17 FA703065005 Mortgages -11.0 149.9 255.7 205.2 230.2 260.8 326.5 242.2 389.6 17 18 FA703066005 Consumer credit 74.9 108.8 139.8 84.4 135.0 153.7 186.0 116.5 135.3 18

19 FA703064105 Corporate equities 0.8 0.7 2.0 -1.7 3.1 3.2 3.5 -29.5 -1.8 19 20 FA703064205 Mutual fund shares 1.1 -0.9 -1.0 -3.0 4.4 -2.8 -2.6 4.1 -0.4 20

21 FA763040005 Life insurance reserves 5.7 5.9 6.5 5.2 8.6 5.6 6.6 5.5 5.7 21

22 FA763092000 U.S. direct investment abroad 0.4 3.2 0.8 -4.1 0.2 -6.6 13.7 -3.1 -6.5 22 23 FA703090005 Miscellaneous assets 15.6 26.1 8.1 170.1 19.2 -97.4 -59.4 240.2 119.8 23

24 FA704190005 Net increase in liabilities 947.0 1096.8 475.3 1285.8 -63.7 296.8 382.5 1619.2 858.3 24

25 FA704110005 Net interbank liabilities 368.5 -15.7 -99.7 311.0 -422.1 -4.7 -283.1 110.5 -214.0 25

26 FA703127005 Checkable deposits 193.1 198.8 87.8 251.3 78.1 -159.3 181.0 386.9 171.3 26 27 FA703131005 Small time and savings deposits 307.0 365.0 513.7 871.9 81.1 464.9 636.9 388.6 555.3 27 28 FA703135005 Large time deposits 102.1 148.2 -107.5 -150.3 -62.8 30.0 -246.9 160.0 -279.0 28

29 FA702150005 Federal funds and security repos -92.8 25.4 -4.0 -64.1 12.6 -77.8 113.3 -29.4 52.7 29

30 FA704122005 Debt securities -102.7 -17.2 -9.3 -79.4 4.1 10.4 27.9 36.9 -26.0 30 31 FA703169175 Open market paper -27.8 -5.2 -0.9 -21.9 4.3 4.0 9.9 12.0 -4.4 31 32 FA763163005 Corporate bonds -74.9 -12.0 -8.4 -57.5 -0.3 6.4 17.9 24.9 -21.6 32

33 FA703169005 Loans (other loans and advances) 75.3 66.6 39.7 -16.9 81.7 -1.6 95.5 57.9 146.8 33

34 FA763164103 Corporate equity issues 2.2 2.7 9.5 24.0 2.2 2.2 9.5 3.4 4.0 34 35 FA763178003 Taxes payable (net) 0.1 15.2 -4.4 19.1 -27.6 8.6 -17.7 41.4 17.7 35 36 FA753192003 Foreign direct investment in U.S. 8.8 1.5 1.1 -12.4 13.8 2.0 0.9 7.3 6.3 36

37 FA703190005 Miscellaneous liabilities 85.4 306.3 48.5 131.7 175.2 22.0 -134.8 455.6 423.2 37 38 FA763194735 Investment by holding companies 59.2 195.9 36.5 -81.7 109.7 73.8 44.3 147.7 288.1 38 39 FA753194503 Investment by funding corporations -2.5 -20.3 2.2 -27.9 51.6 -3.1 -11.9 86.9 -48.8 39 40 FA703193005 Other 28.7 130.6 9.9 241.3 14.0 -48.7 -167.2 221.1 183.9 40

41 FA707005005 Discrepancy -54.4 50.4 -124.5 -194.1 -201.6 -129.9 27.7 -167.9 -13.5 41

Memo:

42 FA763066303 Consumer leases not included above (3) 1.5 0.7 -0.6 0.1 -0.1 -1.4 -1.2 0.4 1.0 42

(1) U.S.-chartered depository institutions (F.111), foreign banking offices (F.112), banks in U.S.-affiliated areas (F.113), and credit unions (F.114).(2) Net capital transfers paid from table F.5, line 54.(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 nonfinancial asset; depreciation flows are included in line 1, and fixed investment flows are included in line 2.

Flo

ws

26 Z.1, September 16, 2016

F.111 U.S.-Chartered Depository InstitutionsBillions of dollars; quarterly figures are seasonally adjusted annual rates

2013 2014 2015 2015 2016 Q1 Q2 Q3 Q4 Q1 Q2

1 FA766000105 Gross saving less net capital transfers paid (1) 1.0 -64.1 -67.4 -48.7 -68.0 -59.0 -94.0 -68.7 -41.5 1


3 FA764090005 Net acquisition of financial assets 635.0 845.5 579.2 1384.0 -100.9 347.6 686.0 1272.7 484.0 3

4 FA763025000 Vault cash 2.5 2.0 -1.4 6.8 4.5 -1.2 -15.7 22.6 16.8 4 5 FA763013005 Reserves at Federal Reserve 454.4 190.7 -207.9 247.4 -798.4 -108.1 -172.5 304.7 -376.9 5 6 FA762050005 Federal funds and security repos -87.2 -30.4 24.8 120.2 -24.8 13.6 -10.0 -16.8 40.1 6

7 FA764022005 Debt securities 90.7 241.5 214.4 292.5 208.7 49.4 306.9 94.7 222.1 7 8 FA763069175 Open market paper 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8 9 FA763061100 Treasury securities -26.1 203.3 14.8 9.5 63.5 -11.1 -2.9 12.8 92.9 9 10 FA763061705 Agency- and GSE-backed securities 47.7 43.0 164.4 218.8 121.9 64.1 253.0 21.7 73.4 10 11 FA763061803 Residential mortgage pass-through securities 40.8 26.2 149.9 178.2 137.7 76.6 207.3 1.8 113.5 11 12 FA763061303 Commercial mortgage pass-through securities 8.5 12.2 19.1 14.0 13.9 17.7 30.6 19.5 18.4 12 13 FA763061603 Residential CMOs and other structured MBS -23.6 13.0 -0.1 19.2 -27.3 -4.9 12.5 -7.6 -39.9 13 14 FA763061403 Commercial CMOs and other structured MBS 23.9 14.6 15.3 8.8 8.4 14.9 28.9 34.8 26.3 14 15 FA763061795 Other -1.9 -23.0 -19.7 -1.4 -10.9 -40.1 -26.4 -26.8 -45.0 15 16 FA763062000 Municipal securities 53.8 32.7 47.4 61.3 47.2 39.0 42.0 40.1 67.5 16 17 FA763063005 Corporate and foreign bonds 15.2 -37.4 -12.2 2.8 -23.8 -42.7 14.9 20.1 -11.7 17 18 FA763063673 Private residential mortgage pass-through securities 9.9 -6.0 -8.0 -6.1 -6.5 -9.9 -9.6 -7.5 -6.4 18 19 FA763063653 Private commercial mortgage pass-through securities -1.2 -2.5 -2.5 -1.7 -5.6 -2.0 -0.8 -2.8 -1.0 19 20 FA763063663 Private residential CMOs and other structured MBS -14.6 -5.6 -12.0 -11.0 -7.4 -11.2 -18.4 -9.7 -5.5 20 21 FA763063693 Private commercial CMOs and other structured MBS 4.6 5.4 10.6 13.3 8.4 7.5 13.4 -3.8 -4.8 21 22 FA763063095 Other 16.5 -28.8 -0.3 8.2 -12.6 -27.1 30.2 43.9 6.0 22

23 FA764023005 Loans 170.7 439.2 527.4 550.0 479.3 465.2 615.1 679.4 520.6 23 24 FA763068005 Depository institution loans n.e.c. 144.3 249.8 214.1 314.9 207.3 142.3 192.1 371.0 98.1 24 25 FA763069703 Other loans and advances 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 25 26 FA763065005 Mortgages -26.6 117.9 213.0 188.6 180.9 206.3 276.4 220.9 320.7 26 27 FA763066000 Consumer credit 52.9 71.5 100.2 46.5 91.2 116.6 146.6 87.5 101.9 27

28 FA763064105 Corporate equities 0.8 0.7 2.0 -1.7 3.1 3.2 3.5 -29.5 -1.8 28 29 FA763064203 Mutual fund shares 1.6 -0.7 -0.9 -2.5 3.8 -3.3 -1.6 4.1 -0.5 29

30 FA763040005 Life insurance reserves 5.7 5.9 6.5 5.2 8.6 5.6 6.6 5.5 5.7 30 31 FA763092000 U.S. direct investment abroad 0.4 3.2 0.8 -4.1 0.2 -6.6 13.7 -3.1 -6.5 31 32 FA763090005 Miscellaneous assets -4.8 -6.6 13.5 170.2 14.0 -70.2 -60.1 211.0 64.3 32

33 FA764190005 Net increase in liabilities 632.4 981.2 528.0 1338.2 -254.7 242.3 786.2 1356.4 682.3 33

34 FA764110005 Net interbank liabilities 191.0 54.5 -52.7 382.0 -626.6 -94.0 128.0 130.7 -335.5 34 35 FA713022003 Federal Reserve float -0.5 0.4 0.5 -0.8 1.3 1.3 0.2 -4.6 -0.4 35 36 FA713068705 Borrowing from Federal Reserve banks 0.0 0.1 -0.0 -0.4 0.5 0.3 -0.5 -0.2 0.6 36 37 FA764112005 To domestic banking 38.5 -45.3 -16.9 252.5 -253.8 69.7 -136.1 258.5 -298.3 37 38 FA764116005 To foreign banks 153.0 99.3 -36.2 130.7 -374.6 -165.4 264.5 -123.1 -37.3 38

39 FA763127005 Checkable deposits 148.2 136.2 50.3 171.4 30.8 -127.3 126.4 290.0 94.7 39 40 FA763123005 Federal government 0.3 0.9 -0.2 -0.3 0.1 0.2 -0.7 -0.4 0.4 40 41 FA763129205 Private domestic 148.6 130.0 65.1 174.2 44.5 -82.0 123.6 267.9 94.8 41 42 FA763122605 Rest of the world -0.7 5.3 -14.6 -2.5 -13.9 -45.5 3.5 22.5 -0.5 42

43 FA763131005 Small time and savings deposits 256.7 343.8 462.2 711.8 166.0 377.2 593.6 426.0 423.5 43 44 FA763135005 Large time deposits 23.9 102.5 21.9 38.0 -76.0 153.8 -28.3 111.1 -37.4 44 45 FA762150005 Federal funds and security repos -80.5 -33.2 -39.4 -30.1 -9.8 -81.2 -36.4 -12.4 -38.3 45

46 FA764122005 Debt securities -102.7 -17.2 -9.3 -79.4 4.1 10.4 27.9 36.9 -26.0 46 47 FA763169175 Open market paper -27.8 -5.2 -0.9 -21.9 4.3 4.0 9.9 12.0 -4.4 47 48 FA763163005 Corporate bonds -74.9 -12.0 -8.4 -57.5 -0.3 6.4 17.9 24.9 -21.6 48

49 FA763169305 Loans (other loans and advances) 73.3 58.2 30.4 -15.0 61.6 -21.4 96.4 64.8 140.6 49

50 FA763164103 Corporate equity issues 2.2 2.7 9.5 24.0 2.2 2.2 9.5 3.4 4.0 50 51 FA763178003 Taxes payable (net) 0.1 15.2 -4.4 19.1 -27.6 8.6 -17.7 41.4 17.7 51 52 FA763190005 Miscellaneous liabilities 120.1 318.5 59.4 116.4 220.7 14.0 -113.3 264.5 439.0 52 53 FA763194735 Investment by holding companies 59.2 195.9 36.5 -81.7 109.7 73.8 44.3 147.7 288.1 53 54 FA763193005 Other 60.9 122.5 22.9 198.1 111.0 -59.8 -157.6 116.8 150.9 54

55 FA767005005 Discrepancy -20.5 51.3 -141.1 -112.9 -241.4 -189.3 -20.9 -12.5 129.5 55

Memo:

56 FA763066303 Consumer leases not included above (2) 1.5 0.7 -0.6 0.1 -0.1 -1.4 -1.2 0.4 1.0 56

(1) Net capital transfers paid from table F.5, line 54.(2) 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 nonfinancial asset; depreciation flows are included in line 1, and fixed investment flows are included in line 2.

Flo

ws

Z.1, September 16, 2016 27

F.112 Foreign Banking Offices in U.S. (1)Billions of dollars; quarterly figures are seasonally adjusted annual rates

2013 2014 2015 2015 2016 Q1 Q2 Q3 Q4 Q1 Q2

1 FA756330005 Gross saving 4.1 4.4 3.4 3.4 3.4 3.5 3.5 3.5 3.5 1


3 FA754090005 Net acquisition of financial assets 316.5 56.3 -142.0 -53.8 110.6 -54.1 -570.5 348.1 268.7 3

4 FA753025003 Vault cash 0.0 0.0 -0.0 -0.2 -0.0 0.0 0.0 0.0 0.0 4 5 FA753013003 Reserves at Federal Reserve 309.3 -59.3 -198.4 -65.8 57.6 -62.2 -723.2 235.6 66.9 5

6 FA752050005 Federal funds and security repos -1.2 41.1 0.4 -73.4 43.0 -48.2 80.1 -50.8 -9.7 6

7 FA754022005 Debt securities -50.4 -14.5 -9.0 -33.9 -50.0 37.9 10.0 85.1 96.6 7 8 FA753069603 Open market paper 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8 9 FA753061103 Treasury securities -9.6 -10.5 13.3 -3.2 6.2 -10.4 60.7 37.5 40.2 9 10 FA753061703 Agency- and GSE-backed securities -6.7 -4.9 2.6 -4.7 15.9 -9.3 8.6 0.4 -0.9 10 11 FA753062003 Municipal securities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11 12 FA753063005 Corporate and foreign bonds -34.1 0.9 -24.9 -25.9 -72.0 57.6 -59.2 47.3 57.3 12

13 FA754023005 Loans 45.7 74.7 78.1 101.6 83.8 54.1 73.0 55.3 89.1 13 14 FA753068005 Depository institution loans n.e.c. 46.3 67.4 64.4 102.2 69.6 31.4 54.2 36.3 71.2 14 15 FA753069703 Other loans and advances 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15 16 FA753065005 Mortgages -0.6 7.3 13.8 -0.6 14.2 22.7 18.8 18.9 17.9 16

17 FA753064103 Corporate equities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 17 18 FA753093005 Miscellaneous assets 13.1 14.4 -13.0 17.8 -23.7 -35.6 -10.5 22.9 25.8 18

19 FA754190005 Net increase in liabilities 267.9 57.1 -127.3 -132.6 143.9 8.4 -529.1 201.3 122.7 19

20 FA754110005 Net interbank liabilities 175.1 -70.3 -49.6 -123.3 250.7 107.6 -433.5 -59.4 171.8 20 21 FA754116005 To foreign banks 159.2 -68.4 -54.6 -141.8 255.0 90.0 -421.6 -73.9 159.3 21 22 FA754112005 To domestic banks 15.9 -1.9 5.0 18.5 -4.3 17.6 -11.8 14.6 12.5 22

23 FA753127005 Checkable deposits 30.8 45.2 16.4 46.7 46.9 -33.4 5.3 72.5 80.5 23 24 FA753131005 Small time and savings deposits 27.7 -5.9 13.0 167.5 -150.5 32.3 2.7 2.9 8.7 24 25 FA753135005 Large time deposits 71.1 39.7 -134.4 -188.3 6.4 -129.7 -225.8 31.0 -241.5 25

26 FA752150005 Federal funds and security repos -12.3 58.6 35.3 -34.1 22.4 3.4 149.7 -17.0 91.1 26 27 FA753169603 Debt securities (open market paper) (2) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 27

28 FA753192003 Foreign direct investment in U.S. 8.8 1.5 1.1 -12.4 13.8 2.0 0.9 7.3 6.3 28

29 FA753190005 Miscellaneous liabilities -33.2 -11.7 -9.1 11.3 -45.8 26.2 -28.3 164.0 5.9 29 30 FA753194503 Investment by funding corporations -2.5 -20.3 2.2 -27.9 51.6 -3.1 -11.9 86.9 -48.8 30 31 FA753193005 Other -30.7 8.6 -11.3 39.2 -97.4 29.3 -16.4 77.1 54.7 31

32 FA757005005 Discrepancy -47.9 1.2 14.7 -78.8 33.4 62.6 41.7 -146.6 -145.8 32

(1) Branches and agencies of foreign banks, Edge Act and Agreement corporations, New York investment companies (through 1996:Q2), and American Express Bank (through 2008:Q4).(2) Bankers’ acceptances.

Flo

ws

28 Z.1, September 16, 2016

F.113 Banks in U.S.-Affiliated Areas (1)Billions of dollars; quarterly figures are seasonally adjusted annual rates

2013 2014 2015 2015 2016 Q1 Q2 Q3 Q4 Q1 Q2

1 FA746330005 Gross saving 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 1


3 FA744090005 Net acquisition of financial assets 8.8 7.3 -3.4 -24.5 20.5 -6.0 -3.7 19.5 -12.8 3

4 FA744022003 Debt securities 1.5 -1.2 0.8 -0.2 1.5 -0.0 1.9 -0.4 3.0 4 5 FA743061103 Treasury securities 0.7 0.2 1.1 0.6 1.4 1.5 0.8 0.3 1.4 5 6 FA743061703 Agency- and GSE-backed securities -0.8 -0.1 0.1 -1.0 1.4 0.0 -0.0 -1.2 -0.1 6 7 FA743062003 Municipal securities 0.9 -0.9 -0.6 0.2 -1.0 -1.1 -0.4 -0.6 -0.0 7 8 FA743063005 Corporate and foreign bonds 0.6 -0.4 0.2 0.1 -0.3 -0.5 1.6 1.1 1.7 8

9 FA744023003 Loans -1.2 -4.3 -5.8 -16.1 -3.4 -2.6 -1.0 -1.9 -2.7 9 10 FA743068005 Depository institution loans n.e.c. 1.3 -2.3 -2.0 -5.7 -0.5 -1.6 -0.1 -1.9 -1.2 10 11 FA743065103 Home mortgages -1.1 -1.5 -1.5 -3.6 -0.8 -0.8 -0.9 -0.6 -0.9 11 12 FA743065505 Commercial mortgages -1.4 -0.5 -2.2 -6.7 -2.1 -0.2 0.0 0.7 -0.6 12

13 FA743093005 Miscellaneous assets 8.6 12.8 1.5 -8.2 22.4 -3.4 -4.6 21.8 -13.1 13

14 FA744190005 Net increase in liabilities 8.5 7.1 -3.4 -21.2 22.2 -9.8 -4.7 22.7 -12.4 14

15 FA744110005 Net interbank liabilities 0.2 -0.6 0.2 -1.7 -1.9 3.2 1.4 -2.8 -0.4 15 16 FA743127003 Checkable deposits 6.3 5.2 1.6 -1.7 11.2 -1.6 -1.4 13.5 -3.8 16 17 FA743131005 Small time and savings deposits 2.5 2.0 -1.5 -7.2 4.9 -2.2 -1.3 5.2 -4.0 17 18 FA743135005 Large time deposits 2.5 2.0 -1.5 -7.2 4.9 -2.2 -1.3 5.2 -4.0 18

19 FA743193005 Miscellaneous liabilities -3.0 -1.6 -2.3 -3.4 3.2 -7.0 -2.0 1.6 -0.2 19

20 FA747005005 Discrepancy -0.3 -0.2 0.1 3.3 1.8 -3.8 -0.9 3.2 0.4 20

(1) Commercial banks and branches of U.S.-chartered depository institutions located in Puerto Rico, the U.S. Virgin Islands, American Samoa, Guam, and other U.S.-affiliated insular areas.

F.114 Credit UnionsBillions of dollars; quarterly figures are seasonally adjusted annual rates

1 FA476000105 Gross saving 11.8 12.5 12.5 12.6 12.4 12.4 12.4 8.8 11.4 1



4 FA473013003 Reserves at Federal Reserve -5.7 -2.5 5.5 55.6 -38.4 -8.9 13.8 52.5 -38.4 4 5 FA472050053 Federal funds and security repos -9.6 -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5

6 FA474022005 Debt securities 4.6 -9.0 -2.8 -3.2 -18.7 -17.6 28.1 -31.3 -5.6 6 7 FA473069153 Open market paper 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 7 8 FA473061105 Treasury securities -0.2 2.5 7.6 5.3 1.4 -1.6 25.4 -2.9 -20.5 8 9 FA473061705 Agency- and GSE-backed securities 2.2 -11.7 -11.9 -14.2 -20.1 -15.9 2.5 -33.0 13.3 9 10 FA473062005 Municipal securities 0.3 -0.8 0.6 0.7 1.2 0.6 -0.2 1.9 0.4 10 11 FA473063005 Corporate and foreign bonds 2.2 1.0 0.9 5.1 -1.2 -0.7 0.4 2.6 1.1 11

12 FA474023000 Loans 45.6 69.2 76.3 73.9 78.9 78.1 74.1 50.1 72.1 12 13 FA473068005 Depository institution loans n.e.c. 5.1 5.1 4.1 8.4 -2.9 8.3 2.4 18.8 -13.9 13 14 FA473065100 Home mortgages 18.6 26.9 32.7 27.5 38.0 32.8 32.3 2.3 52.5 14 15 FA473066000 Consumer credit 21.9 37.2 39.5 37.9 43.8 37.0 39.4 28.9 33.5 15

16 FA473064205 Mutual fund shares -0.5 -0.2 -0.1 -0.6 0.6 0.5 -1.0 0.1 0.1 16 17 FA473090005 Miscellaneous assets -1.2 5.4 6.1 -9.7 6.5 11.7 15.9 -15.5 42.8 17


19 FA474110005 Net interbank liabilities 2.2 0.7 2.3 54.1 -44.3 -21.5 21.0 42.0 -49.9 19

20 FA473139000 Shares/deposits 32.6 41.2 65.9 41.9 51.9 68.8 101.1 -21.9 131.0 20 21 FA473127003 Checkable 7.9 12.2 19.5 34.9 -10.8 3.1 50.6 11.0 -0.1 21 22 FA473131005 Small time and savings 20.1 25.0 40.0 -0.3 60.8 57.6 41.9 -45.6 127.0 22 23 FA473135003 Large time 4.7 4.1 6.4 7.2 1.9 8.1 8.5 12.7 4.0 23

24 FA472150053 Federal funds and security repos 0.0 0.0 0.0 0.1 0.0 -0.0 -0.0 0.0 -0.0 24 25 FA473169333 Loans (other loans and advances) 1.9 8.4 9.3 -2.0 20.1 19.8 -0.9 -6.9 6.2 25

26 FA473193005 Miscellaneous liabilities 1.5 1.2 0.5 7.4 -2.8 -11.2 8.8 25.6 -21.6 26

27 FA477005005 Discrepancy 14.2 -2.0 1.8 -5.7 4.7 0.6 7.9 -12.0 2.5 27

Flo

ws

Z.1, September 16, 2016 29

F.115 Property-Casualty Insurance CompaniesBillions of dollars; quarterly figures are seasonally adjusted annual rates

2013 2014 2015 2015 2016 Q1 Q2 Q3 Q4 Q1 Q2

1 FA516000105 Gross saving less net capital transfers paid (1) 65.2 60.7 51.9 54.5 54.8 51.2 46.9 31.5 39.9 1


3 FA514090005 Net acquisition of financial assets 41.9 36.5 10.2 -0.9 20.6 38.2 -17.0 34.8 11.2 3

4 FA513020003 Checkable deposits and currency -6.7 5.9 -2.9 -0.6 -20.1 15.3 -6.2 -7.8 16.7 4 5 FA513034003 Money market fund shares -2.2 -1.9 3.2 2.4 2.3 4.7 3.3 -3.4 0.2 5

6 FA512051003 Security repurchase agreements 0.0 0.1 0.0 -0.1 -0.1 0.1 -0.0 -0.3 0.0 6

7 FA514022005 Debt securities 28.6 19.8 -2.3 -28.9 14.2 -2.3 7.7 26.6 -10.2 7 8 FA513069103 Open market paper 0.7 -0.1 0.9 0.6 0.6 1.5 0.9 -1.4 0.1 8 9 FA513061103 Treasury securities 6.4 6.4 -3.2 -6.3 -2.8 -1.6 -2.3 0.2 -0.7 9 10 FA513061703 Agency- and GSE-backed securities -4.9 -3.3 -7.6 -10.6 -5.6 -7.8 -6.3 3.4 -0.8 10 11 FA513062003 Municipal securities -1.7 -4.2 8.3 -0.5 14.5 7.4 11.7 10.4 -3.7 11 12 FA513063003 Corporate and foreign bonds 28.1 21.2 -0.7 -12.3 7.6 -1.9 3.7 13.9 -5.1 12

13 FA513065503 Loans (commercial mortgages) 2.3 2.0 2.4 1.9 2.0 2.3 3.4 4.0 1.7 13

14 FA513064105 Corporate equities 3.7 2.6 -2.1 -1.0 -3.8 9.8 -13.3 -4.0 -13.5 14 15 FA513064203 Mutual fund shares 1.0 1.4 1.0 1.0 1.0 1.0 1.0 1.0 -1.2 15

16 FA513070003 Trade receivables 3.3 5.5 6.0 21.3 12.9 5.5 -15.6 16.8 13.4 16 17 FA513092003 U.S. direct investment abroad 11.9 1.0 4.9 3.1 12.1 1.8 2.6 1.8 3.9 17 18 FA513092403 Miscellaneous assets (equity in FHLB) 0.1 0.0 0.0 0.0 0.0 -0.0 0.0 -0.0 0.2 18

19 FA514190005 Net increase in liabilities 24.3 0.3 -3.6 -30.0 -5.7 6.5 14.8 115.2 -11.1 19

20 FA512151003 Security repurchase agreements -0.6 -0.4 0.4 0.4 0.0 0.6 0.5 0.9 1.0 20

21 FA513164103 Corporate equity issues -7.6 -16.9 -22.0 -19.4 -20.5 -24.8 -23.4 -24.4 -19.2 21

22 FA513169333 Loans (other loans and advances) 0.8 0.1 0.1 0.2 -0.4 -0.1 0.9 -0.3 4.9 22

23 FA513178003 Taxes payable (net) 19.1 1.9 -8.2 1.4 -18.9 -23.4 8.1 5.3 -16.5 23 24 FA513192003 Foreign direct investment in U.S. 12.8 0.8 11.4 -1.4 0.7 13.0 33.1 108.2 0.0 24

25 FA513190005 Miscellaneous liabilities -0.3 14.8 14.8 -11.2 33.5 41.2 -4.4 25.5 18.6 25 26 FA513194733 Investment by parent companies -6.0 0.1 -0.8 -5.5 2.8 0.8 -1.1 -2.1 1.5 26 27 FA513176003 Policy payables 5.7 14.7 15.5 -5.6 30.7 40.4 -3.3 27.6 17.1 27

28 FA517005005 Discrepancy 26.0 3.5 15.5 3.1 6.1 -3.2 56.0 89.1 -5.3 28

(1) Net capital transfers paid from table F.5, line 51.

Flo

ws

30 Z.1, September 16, 2016

F.116 Life Insurance Companies (1)Billions of dollars; quarterly figures are seasonally adjusted annual rates

2013 2014 2015 2015 2016 Q1 Q2 Q3 Q4 Q1 Q2

1 FA546000105 Gross saving 1.5 18.3 16.3 11.2 21.4 15.7 16.9 27.3 32.2 1


3 FA544090005 Net acquisition of financial assets 52.1 144.0 98.1 192.0 -44.5 203.8 41.1 345.5 272.3 3

4 FA543020005 Checkable deposits and currency -9.2 3.6 7.3 -6.3 -29.8 41.2 24.1 -8.8 37.6 4 5 FA543034005 Money market fund shares -10.1 4.0 2.7 -7.6 -4.3 44.7 -22.0 9.0 -14.7 5

6 FA542051073 Security repurchase agreements -5.3 0.4 5.1 20.0 -1.6 6.6 -4.4 -2.3 -0.5 6

7 FA544022005 Debt securities 55.1 70.2 80.4 104.7 57.8 88.2 70.7 214.3 182.6 7 8 FA543069105 Open market paper 3.2 -4.6 -6.9 2.7 -7.1 -3.1 -20.1 22.0 4.9 8 9 FA543061105 Treasury securities -12.2 14.3 16.2 35.5 5.1 19.9 4.2 12.4 10.0 9 10 FA543061705 Agency- and GSE-backed securities -6.8 -15.0 -12.4 -9.0 -12.5 -19.4 -8.7 19.4 18.9 10 11 FA543062005 Municipal securities 10.1 6.2 10.9 8.4 10.2 12.6 12.4 12.6 9.4 11 12 FA543063005 Corporate and foreign bonds 60.8 69.3 72.6 67.1 62.1 78.2 82.9 147.9 139.5 12

13 FA544023005 Loans 22.3 29.5 39.5 33.1 32.7 34.5 57.7 46.9 33.2 13 14 FA543069005 Other loans and advances 3.5 8.0 -0.4 3.8 -6.3 3.0 -2.2 14.6 -4.9 14 15 FA543065005 Mortgages 18.8 21.6 40.0 29.4 38.9 31.6 59.9 32.3 38.1 15

16 FA543064105 Corporate equities -12.4 -4.6 -3.0 4.4 -3.4 -9.6 -3.4 2.9 4.2 16 17 FA543064205 Mutual fund shares -19.1 -33.4 -29.1 -27.0 -32.5 -37.8 -19.2 -44.9 -49.5 17

18 FA543092073 U.S. direct investment abroad 2.9 1.4 -0.4 7.7 -0.3 -5.3 -3.9 2.8 4.5 18

19 FA543090005 Miscellaneous assets 28.0 72.8 -4.4 62.9 -63.0 41.3 -58.6 125.6 74.8 19 20 FA543092473 Equity in FHLB 0.8 0.1 0.5 0.5 1.4 0.1 -0.2 0.3 0.3 20 21 FA543077073 Deferred and unpaid life ins. premiums 3.0 1.2 1.5 4.6 3.2 -1.6 -0.2 5.1 3.3 21 22 FA543093005 Other 24.2 71.5 -6.3 57.8 -67.6 42.8 -58.2 120.2 71.1 22

23 FA544190005 Net increase in liabilities 36.4 104.8 90.6 156.9 -6.2 216.1 -4.5 346.8 270.1 23

24 FA542151073 Security repurchase agreements 6.5 1.0 0.9 1.0 1.2 -0.1 1.5 0.4 1.3 24


26 FA543169373 Loans (other loans and advances) 2.0 1.8 6.2 8.6 8.6 4.2 3.5 10.0 18.4 26

27 FA543140005 Life insurance reserves 19.9 47.1 44.6 60.4 32.2 57.4 28.5 62.2 43.9 27 28 FA543150005 Pension entitlements (2) 33.1 37.2 53.7 -44.8 75.4 113.2 71.1 91.8 42.6 28

29 FA543178073 Taxes payable (net) -2.3 -1.9 -0.7 10.0 -5.6 -8.9 1.8 5.6 -4.3 29 30 FA543192073 Foreign direct investment in U.S. -0.9 5.8 7.8 32.4 1.1 -0.8 -1.5 35.3 1.1 30

31 FA543190005 Miscellaneous liabilities -12.8 28.7 -12.0 111.8 -115.4 58.7 -103.1 148.8 173.1 31 32 FA543194733 Investment by parent companies -1.6 0.8 0.5 1.1 0.2 0.9 -0.2 3.5 3.0 32 33 FA673090543 Funding agreements backing securities (3) -8.4 9.2 1.6 6.2 -5.9 -12.2 18.2 -3.9 8.0 33 34 FA543195005 Other reserves (4) 0.4 5.8 3.1 9.2 -4.5 13.7 -5.8 29.6 29.2 34 35 FA593095005 Unallocated insurance contracts -8.5 -14.5 -1.9 23.3 -9.2 -37.6 15.9 -1.0 10.1 35 36 FA543193005 Other 5.3 27.3 -15.4 71.9 -95.9 93.8 -131.3 120.6 122.8 36

37 FA547005005 Discrepancy -29.7 -36.4 -7.8 -40.3 43.1 11.3 -45.3 11.9 13.1 37

(1) Additional detail on the financial assets and liabilities held in life insurer’s general and separate accounts is available on tables F.116.g and F.116.s.(2) Annuity reserves held by life insurance companies, excluding unallocated contracts held by pension funds, which are shown on line 35.(3) Equal to funding agreement-backed securities (FABS) issued by domestic issuers of asset-backed securities.(4) Includes reserves for accident and health policies, policy dividend accumulation, and contract claims.

Flo

ws

Z.1, September 16, 2016 31

F.116.g Life Insurance Companies: General AccountsBillions of dollars; quarterly figures are seasonally adjusted annual rates

2013 2014 2015 2015 2016 Q1 Q2 Q3 Q4 Q1 Q2


2 FA543020073 Checkable deposits and currency -4.8 3.5 9.0 -4.1 -27.6 43.2 24.7 -9.0 37.1 2 3 FA543034073 Money market fund shares -5.9 6.1 0.7 -1.2 -4.6 22.6 -13.8 7.9 -1.7 3

4 FA542051073 Security repurchase agreements -5.3 0.4 5.1 20.0 -1.6 6.6 -4.4 -2.3 -0.5 4

5 FA544022075 Debt securities 49.7 71.0 43.9 -50.2 59.3 90.4 76.0 210.9 167.9 5 6 FA543069170 Open market paper 1.4 -6.0 -4.4 5.9 -4.0 -0.2 -19.4 21.8 4.0 6 7 FA543061173 Treasury securities -11.3 9.1 5.7 -0.0 4.7 13.2 5.0 11.9 7.7 7 8 FA543061773 Agency- and GSE-backed securities -6.6 -3.3 -12.6 -22.4 -11.5 -8.9 -7.7 18.7 16.0 8 9 FA543062073 Municipal securities 9.2 5.3 9.6 4.1 10.0 11.6 12.5 12.5 9.1 9 10 FA543063075 Corporate and foreign bonds 57.0 66.0 45.6 -37.8 60.1 74.6 85.6 146.0 131.1 10

11 FA544023075 Loans 20.4 28.1 26.1 -18.7 31.8 33.4 57.8 45.5 29.1 11 12 FA543069075 Other loans and advances 3.5 8.0 -5.1 -15.5 -6.3 2.9 -1.5 14.6 -5.1 12 13 FA543065070 Mortgages 16.9 20.2 31.2 -3.2 38.1 30.6 59.3 31.0 34.2 13

14 FA543064175 Corporate equities 0.8 5.5 2.7 3.8 4.9 5.3 -3.1 3.1 4.4 14 15 FA543064273 Mutual fund shares -0.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15

16 FA543092073 U.S. direct investment abroad 2.9 1.4 -0.4 7.7 -0.3 -5.3 -3.9 2.8 4.5 16 17 FA543090075 Miscellaneous assets 27.0 39.5 -9.9 -36.4 -52.7 70.2 -20.8 82.9 71.5 17

18 FA544190075 Net increase in liabilities 68.7 116.0 58.7 -121.8 37.5 267.0 52.2 343.7 310.3 18

19 FA542151073 Security repurchase agreements 6.5 1.0 0.9 1.0 1.2 -0.1 1.5 0.4 1.3 19


21 FA543169373 Loans (other loans and advances) 2.0 1.8 6.2 8.6 8.6 4.2 3.5 10.0 18.4 21

22 FA543140073 Life insurance reserves 28.3 46.1 4.1 -81.1 24.9 44.3 28.2 62.0 51.9 22 23 FA543150075 Pension entitlements (1) 46.2 47.5 55.6 -82.6 92.0 149.4 63.5 84.2 74.9 23

24 FA543178073 Taxes payable (net) -2.3 -1.9 -0.7 10.0 -5.6 -8.9 1.8 5.6 -4.3 24 25 FA543192073 Foreign direct investment in U.S. -0.9 5.8 7.8 32.4 1.1 -0.8 -1.5 35.3 1.1 25

26 FA543190075 Miscellaneous liabilities -2.0 30.6 -5.2 12.4 -81.0 86.5 -38.6 153.4 173.0 26

(1) Annuity reserves held by life insurance companies, excluding unallocated contracts held by pension funds, which are included in miscellaneous liabilities (line 26).

F.116.s Life Insurance Companies: Separate AccountsBillions of dollars; quarterly figures are seasonally adjusted annual rates

1 FA544090085 Net acquisition of financial assets -32.5 -11.6 20.8 270.9 -53.6 -62.7 -71.5 3.6 -40.0 1

2 FA543020083 Checkable deposits and currency -4.4 0.2 -1.8 -2.2 -2.2 -2.1 -0.6 0.1 0.6 2 3 FA543034385 Money market fund shares -4.2 -2.1 1.9 -6.4 0.3 22.0 -8.2 1.1 -13.0 3

4 FA544022085 Debt securities 5.4 -0.9 36.5 154.9 -1.5 -2.2 -5.3 3.4 14.8 4 5 FA543069183 Open market paper 1.8 1.5 -2.5 -3.2 -3.1 -3.0 -0.8 0.2 0.8 5 6 FA543061183 Treasury securities -0.9 5.2 10.5 35.5 0.4 6.7 -0.7 0.5 2.3 6 7 FA543061783 Agency- and GSE-backed securities -0.2 -11.7 0.2 13.4 -1.0 -10.5 -1.0 0.7 3.0 7 8 FA543062083 Municipal securities 0.9 0.9 1.3 4.3 0.2 0.9 -0.1 0.1 0.3 8 9 FA543063085 Corporate and foreign bonds 3.8 3.3 27.0 104.9 2.0 3.6 -2.7 1.9 8.4 9

10 FA544023085 Loans 1.9 1.4 13.4 51.8 0.9 1.1 -0.1 1.4 4.1 10 11 FA543069483 Other loans and advances 0.0 0.0 4.7 19.2 0.1 0.1 -0.8 0.0 0.2 11 12 FA543065083 Mortgages 1.9 1.4 8.8 32.6 0.8 1.0 0.7 1.3 3.9 12

13 FA543064183 Corporate equities -13.2 -10.0 -5.7 0.6 -8.3 -14.9 -0.3 -0.2 -0.2 13 14 FA543064285 Mutual fund shares -19.0 -33.4 -29.1 -27.0 -32.6 -37.8 -19.3 -44.9 -49.5 14

15 FA543090085 Miscellaneous assets 1.1 33.3 5.5 99.2 -10.4 -28.9 -37.8 42.7 3.2 15

16 FA544190085 Net increase in liabilities -32.2 -11.2 31.9 278.7 -43.7 -50.9 -56.7 3.2 -40.2 16

17 FA543140083 Life insurance reserves -8.5 1.0 40.6 141.6 7.3 13.1 0.3 0.2 -8.0 17 18 FA543150085 Pension entitlements (1) -13.0 -10.3 -1.9 37.8 -16.6 -36.2 7.5 7.6 -32.3 18 19 FA543190085 Miscellaneous liabilities -10.8 -1.9 -6.8 99.4 -34.4 -27.8 -64.5 -4.6 0.1 19

(1) Annuity reserves held by life insurance companies, excluding unallocated contracts held by pension funds which are included in miscellaneous liabilities (line 19).

Flo

ws

32 Z.1, September 16, 2016

F.117 Private and Public Pension Funds (1)Billions of dollars; quarterly figures are seasonally adjusted annual rates

2013 2014 2015 2015 2016 Q1 Q2 Q3 Q4 Q1 Q2

1 FA596330005 Gross saving 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 1


3 FA594090005 Net acquisition of financial assets (2) 455.3 273.9 381.8 449.7 364.6 272.1 440.8 510.9 383.5 3

4 FA593020005 Checkable deposits and currency -0.1 3.6 1.0 -1.7 1.4 2.2 2.2 1.7 2.6 4 5 FA593030005 Time and savings deposits 7.0 5.1 1.6 4.0 3.1 -0.9 0.0 -5.3 1.8 5

6 FA593034005 Money market fund shares 16.0 3.8 -4.3 -29.1 6.5 3.6 1.8 -4.7 7.7 6 7 FA592051005 Security repurchase agreements 0.6 0.5 -0.2 -0.1 0.0 -0.5 -0.3 -1.0 -0.3 7

8 FA594022005 Debt securities 287.4 128.4 131.9 -285.0 -425.7 -328.8 1567.2 205.5 125.5 8 9 FA593069105 Open market paper 7.9 5.4 3.3 7.7 3.8 0.5 1.4 -5.6 2.2 9 10 FA593061105 Treasury securities (3) 124.3 75.8 106.3 -272.6 -444.9 -364.4 1507.2 120.0 67.9 10 11 FA593061705 Agency- and GSE-backed securities -4.7 -7.1 -15.2 -38.4 -13.1 -9.4 -0.1 -1.5 -7.6 11 12 FA223062043 Municipal securities 1.0 -0.2 -0.2 -0.1 0.1 -0.7 -0.1 1.6 0.0 12 13 FA593063005 Corporate and foreign bonds 158.9 54.4 37.7 18.4 28.5 45.2 58.9 91.0 63.0 13

14 FA593065005 Loans (mortgages) -1.2 2.2 -3.2 -4.7 -1.9 -3.6 -2.6 -6.3 -1.7 14

15 FA593064105 Corporate equities -377.6 -312.6 -179.1 -177.0 -214.3 -148.1 -177.1 -113.8 -169.8 15 16 FA593064205 Mutual fund shares 148.3 51.8 49.8 120.3 105.8 -70.4 43.6 150.8 32.4 16

17 FA593090005 Miscellaneous assets 374.9 391.0 384.3 823.0 889.7 818.5 -994.1 283.9 385.3 17 18 FA593095005 Unallocated insurance contracts (4) -8.5 -14.5 -1.9 23.3 -9.2 -37.6 15.9 -1.0 10.1 18 19 FA573074005 Contributions receivable -2.5 -2.9 -4.3 -5.6 -3.9 -4.4 -3.5 -7.6 -7.2 19 20 FA593073005 Claims of pension fund on sponsor (5) 343.8 368.6 341.6 699.2 860.8 842.2 -1035.8 291.7 341.9 20 21 FA593093005 Other 42.1 39.8 48.9 106.1 42.0 18.3 29.3 0.8 40.5 21

22 FA594190005 Pension entitlements (liabilities) (6) 455.1 273.8 381.8 449.7 364.6 272.0 440.8 510.8 383.5 22

Memo:

23 FA153050015 Household retirement assets (7) 738.4 489.9 652.9 621.0 747.0 573.3 670.1 815.9 671.1 23 24 FA594090045 Defined benefit plans 287.3 274.4 269.4 268.0 271.1 271.1 267.6 268.0 267.8 24 25 FA594090055 Defined contribution plans 167.9 -0.5 112.4 181.7 93.6 1.0 173.3 242.9 115.8 25 26 FA893131573 Individual retirement plans (IRAs) (8) 279.4 192.0 224.6 218.8 322.1 172.7 184.9 231.7 ND 26 27 FA543150015 Annuities at life insurance companies (9) 3.7 24.0 46.4 -47.5 60.3 128.5 44.4 73.3 55.8 27

(1) Private pension funds, state and local government employee retirement funds, and federal government employee retirement funds defined benefit plans and defined contribution plans.(2) Includes claims on sponsor (i.e., unfunded pension entitlements).(3) Includes both marketable and nonmarketable government securities.(4) Assets of pension plans held at life insurance companies; series begins 1985:Q4.(5) Unfunded defined benefit pension entitlements.(6) Actuarial value of accrued pension entitlements in defined benefit plans and assets of defined contribution plans. These liabilities are assets of the household sector.(7) Households’ retirement assets in tax-deferred accounts, including employer sponsored pension plans, IRAs, Roth IRAs, and annuities.(8) IRA assets are not included above. See memo item on table F.227 for a sectoral distribution of IRA accounts.(9) Annuities held in IRAs are excluded. They are included in line 26.

Flo

ws

Z.1, September 16, 2016 33

F.118 Private Pension Funds (1)Billions of dollars; quarterly figures are seasonally adjusted annual rates

2013 2014 2015 2015 2016 Q1 Q2 Q3 Q4 Q1 Q2

1 FA576330005 Gross saving 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1


3 FA574090005 Net acquisition of financial assets (2) 148.4 -13.6 65.3 141.7 57.7 -12.5 74.3 182.8 61.0 3

4 FA573020005 Checkable deposits and currency -0.4 3.3 1.0 -2.0 1.2 2.5 2.4 2.5 2.6 4 5 FA573030005 Time and savings deposits 4.7 1.9 1.3 1.9 0.8 1.3 1.3 1.7 1.5 5

6 FA573034005 Money market fund shares 12.6 0.9 -4.6 -31.5 3.6 10.1 -0.6 7.6 7.6 6 7 FA572051005 Security repurchase agreements 0.4 0.2 -0.2 -0.3 -0.2 -0.3 -0.2 -0.3 -0.3 7

8 FA574022005 Debt securities 89.8 21.6 45.4 48.0 34.2 54.7 44.8 41.1 40.1 8 9 FA573069105 Open market paper 5.4 2.0 3.1 5.3 1.3 3.0 2.8 2.0 1.9 9 10 FA573061105 Treasury securities -2.0 -4.3 21.5 40.6 12.4 19.3 13.7 10.8 12.4 10 11 FA573061705 Agency- and GSE-backed securities -5.8 -2.4 -8.7 -25.2 -6.5 -1.2 -1.9 -3.4 -2.7 11 12 FA573063005 Corporate and foreign bonds 92.2 26.3 29.5 27.3 27.0 33.6 30.2 31.8 28.5 12



16 FA573090005 Miscellaneous assets 125.9 100.3 103.6 171.3 80.9 69.8 92.2 82.1 87.0 16 17 FA573095005 Unallocated insurance contracts (3) -7.8 -8.1 -3.6 16.5 -11.6 -22.4 3.0 0.0 2.9 17 18 FA573074005 Contributions receivable -2.5 -2.9 -4.3 -5.6 -3.9 -4.4 -3.5 -7.6 -7.2 18 19 FA573073005 Claims of pension fund on sponsor (4) 108.6 85.4 66.9 69.4 70.0 68.9 59.2 57.5 57.1 19 20 FA573093005 Other 27.6 25.9 44.6 91.0 26.3 27.7 33.5 32.2 34.1 20

21 FA574190005 Pension entitlements (liabilities) (5) 148.4 -13.6 65.3 141.7 57.7 -12.5 74.3 182.8 60.9 21

Memo:

Net acquisition of financial assets (6) 22 FA574090045 Defined benefit plans -8.3 -20.4 -33.7 -25.2 -29.5 -35.8 -44.4 -44.4 -44.4 22 23 FA574090055 Defined contribution plans 156.7 6.9 99.1 166.9 87.2 23.3 118.8 227.2 105.4 23

(1) Private defined benefit plans and defined contribution plans (including 401(k) type plans).(2) Includes claims on sponsor (i.e., unfunded pension entitlements).(3) Assets of private pension plans held at life insurance companies; series begins 1985:Q4.(4) Unfunded defined benefit pension entitlements.(5) Actuarial value of accrued pension entitlements in defined benefit plans and assets of defined contribution plans. These liabilities are assets of the household sector.(6) Additional detail on defined benefit plans and defined contribution plans is available on tables F.118.b and F.118.c.

Flo

ws

34 Z.1, September 16, 2016

F.118.b Private Pension Funds: Defined Benefit PlansBillions of dollars; quarterly figures are seasonally adjusted annual rates

2013 2014 2015 2015 2016 Q1 Q2 Q3 Q4 Q1 Q2

1 FA574090045 Net acquisition of financial assets (1) -8.3 -20.4 -33.7 -25.2 -29.5 -35.8 -44.4 -44.4 -44.4 1

2 FA573020043 Checkable deposits and currency 0.3 2.1 0.8 0.8 0.7 0.8 0.8 0.7 0.6 2 3 FA573030043 Time and savings deposits 4.5 2.0 0.5 0.5 0.8 0.4 0.4 0.7 0.4 3

4 FA573034043 Money market fund shares 5.3 2.3 -0.3 -0.1 -0.5 -0.2 -0.2 -0.3 -0.6 4 5 FA572051043 Security repurchase agreements 0.4 0.2 -0.2 -0.3 -0.2 -0.3 -0.2 -0.3 -0.3 5

6 FA574022045 Debt securities 74.3 14.5 21.5 23.3 19.4 21.1 22.3 24.0 19.5 6 7 FA573069143 Open market paper 4.9 2.1 1.1 1.2 0.9 1.1 1.2 0.1 -0.3 7 8 FA573061143 Treasury securities -2.7 -5.0 5.7 6.3 4.5 6.0 6.1 5.3 5.8 8 9 FA573061743 Agency- and GSE-backed securities -6.2 -2.8 -3.3 -2.9 -3.4 -3.7 -2.9 -3.5 -3.3 9 10 FA573063043 Corporate and foreign bonds 78.3 20.3 18.0 18.7 17.5 17.7 18.0 22.1 17.2 10


12 FA573064143 Corporate equities -186.1 -141.5 -112.0 -108.5 -110.3 -114.1 -115.3 -108.5 -107.8 12 13 FA573064243 Mutual fund shares -6.4 1.0 -9.5 -11.1 -8.8 -7.7 -10.6 -10.2 -8.0 13

14 FA573090045 Miscellaneous assets 100.4 98.9 67.5 71.4 72.5 66.3 59.9 51.3 53.6 14 15 FA573095405 Unallocated insurance contracts (2) -3.6 -3.0 -5.4 -2.7 -6.4 -7.0 -5.5 -9.9 -10.3 15 16 FA573074043 Contributions receivable -4.1 -3.9 -4.5 -5.3 -4.0 -5.2 -3.4 -8.2 -8.1 16 17 FA573073005 Claims of pension fund on sponsor (3) 108.6 85.4 66.9 69.4 70.0 68.9 59.2 57.5 57.1 17 18 FA573093043 Other -0.4 20.4 10.5 10.1 12.8 9.5 9.7 11.9 14.9 18

19 FA574190043 Net increase in pension entitlements (liabilities) (4) -8.3 -20.5 -33.7 -25.2 -29.5 -35.8 -44.4 -44.4 -44.4 19

(1) Includes claims on sponsor (i.e., unfunded pension entitlements).(2) Assets of private pension plans held at life insurance companies; series begins 1985:Q4.(3) Unfunded defined benefit pension entitlements. Negative values indicate overfunding.(4) Actuarial value of accrued defined benefit pension entitlements.

F.118.c Private Pension Funds: Defined Contribution Plans (1)Billions of dollars; quarterly figures are seasonally adjusted annual rates


2 FA573020033 Checkable deposits and currency -0.7 1.1 0.2 -2.8 0.5 1.7 1.6 1.8 2.0 2 3 FA573030033 Time and savings deposits 0.2 -0.1 0.8 1.4 0.0 0.9 0.8 1.0 1.1 3

4 FA573034055 Money market fund shares 7.2 -1.5 -4.3 -31.3 4.2 10.3 -0.3 7.9 8.2 4 5 FA572051033 Security repurchase agreements 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5

6 FA574022035 Debt securities 15.5 7.1 23.9 24.7 14.8 33.6 22.5 17.2 20.6 6 7 FA573069133 Open market paper 0.5 -0.1 2.0 4.1 0.4 1.8 1.6 1.9 2.1 7 8 FA573061133 Treasury securities 0.7 0.8 15.8 34.3 7.9 13.3 7.6 5.4 6.7 8 9 FA573061733 Agency- and GSE-backed securities 0.4 0.4 -5.5 -22.3 -3.1 2.5 1.1 0.1 0.6 9 10 FA573063033 Corporate and foreign bonds 13.9 6.0 11.6 8.6 9.5 16.0 12.2 9.7 11.3 10

11 FA573065033 Loans (mortgages) 0.4 1.6 -0.7 -4.2 0.4 0.5 0.3 0.5 0.6 11

12 FA573064133 Corporate equities -21.6 -42.4 -0.5 -2.4 -25.7 14.9 11.1 15.1 22.4 12 13 FA573064255 Mutual fund shares 130.3 39.6 43.7 81.8 84.6 -42.1 50.5 152.8 17.0 13

14 FA573090055 Miscellaneous assets 25.4 1.4 36.0 99.9 8.4 3.5 32.2 30.9 33.4 14 15 FA573095505 Unallocated insurance contracts (2) -4.2 -5.1 1.8 19.2 -5.2 -15.4 8.5 9.9 13.2 15 16 FA573074033 Contributions receivable 1.7 1.0 0.2 -0.2 0.1 0.8 -0.0 0.7 1.0 16 17 FA573093033 Other 27.9 5.5 34.1 80.9 13.5 18.2 23.7 20.3 19.1 17

18 FA574090055 Net increase in pension entitlements (liabilities) 156.7 6.9 99.1 166.9 87.2 23.3 118.8 227.2 105.4 18

(1) Includes 401(k) and 403(b) type plans.(2) Assets of private pension plans held at life insurance companies; series begins 1985:Q4.

Flo

ws

Z.1, September 16, 2016 35

F.119 Federal Government Employee Retirement FundsBillions of dollars; quarterly figures are seasonally adjusted annual rates

2013 2014 2015 2015 2016 Q1 Q2 Q3 Q4 Q1 Q2


2 FA344022005 Debt securities 107.9 86.5 92.2 -293.3 -462.9 -363.5 1488.3 106.3 63.4 2 3 FA343061105 Treasury securities (2) 110.9 87.0 91.3 -293.7 -463.5 -365.9 1488.3 106.1 62.1 3 4 FA343061705 Agency- and GSE-backed securities -1.7 -0.5 0.2 0.5 0.4 -0.3 0.2 0.3 0.8 4 5 FA343063005 Corporate and foreign bonds -1.3 -0.0 0.7 0.0 0.2 2.8 -0.2 -0.0 0.4 5

6 FA343064105 Corporate equities 9.1 3.5 0.2 5.7 -3.8 -1.2 -0.0 -11.9 -9.3 6

7 FA343073005 Claims of pension fund on sponsor (misc. assets) (3) -9.7 22.1 18.7 390.4 571.4 475.3 -1362.3 16.1 49.0 7


Memo:

Net acquisition of financial assets (5) 9 FA344090045 Defined benefit plans 88.3 89.5 93.0 89.1 92.5 94.3 96.3 96.7 96.5 9 10 FA344090055 Defined contibution plans 19.0 22.6 18.0 13.8 12.2 16.3 29.7 13.9 6.6 10

(1) Includes claims on sponsor (i.e., unfunded pension entitlements).(2) Includes marketable and nonmarketable Treasury securities.(3) Unfunded defined benefit pension entitlements and suspended investments in the Thrift Savings Plan G Fund by the Treasury.(4) Actuarial value of accrued pension entitlements in defined benefit plans and assets of defined contribution plans, including suspended investments in the Thrift Savings Plan G Fund. These liabilities are assets of the household sector.(5) Additional detail on defined benefit plans and defined contribution plans is available on tables F.119.b and F.119.c.

Flo

ws

36 Z.1, September 16, 2016

F.119.b Federal Government Employee Retirement Funds: Defined Benefit Plans (1)Billions of dollars; quarterly figures are seasonally adjusted annual rates

2013 2014 2015 2015 2016 Q1 Q2 Q3 Q4 Q1 Q2


2 FA344022045 Debt securities 98.2 69.1 75.9 -56.4 -211.9 -87.6 659.8 81.2 48.2 2 3 FA343061165 Treasury securities (3) 98.2 68.9 75.4 -55.9 -211.8 -90.9 660.3 81.6 48.7 3 4 FA343061733 Agency- and GSE-backed securities -0.0 -0.1 0.0 -0.0 -0.0 0.1 -0.0 -0.0 -0.0 4 5 FA343063033 Corporate and foreign bonds 0.1 0.3 0.5 -0.5 -0.2 3.2 -0.5 -0.3 -0.4 5




(1) Includes Civil Service Retirement and Disability Fund, Railroad Retirement Board, judicial retirement fund, Military Retirement Fund, Foreign Service Retirement and Disability Fund, and the National Railroad Investment Trust.(2) Includes claims on sponsor (i.e., unfunded pension entitlements).(3) Includes both marketable and nonmarketable government securities.(4) Unfunded defined benefit pension entitlements.(5) Actuarial value of accrued pension entitlements in defined benefit plans. These liabilities are assets of the household sector.

F.119.c Federal Government Employee Retirement Funds: Defined Contribution Plans (1)Billions of dollars; quarterly figures are seasonally adjusted annual rates


2 FA344022025 Debt securities 9.6 17.4 16.2 -236.8 -251.0 -275.9 828.5 25.1 15.1 2 3 FA343061155 Treasury securities (2) 12.7 18.2 15.9 -237.8 -251.8 -275.0 828.0 24.5 13.4 3 4 FA343061723 Agency- and GSE-backed securities -1.7 -0.4 0.2 0.5 0.4 -0.5 0.3 0.3 0.8 4 5 FA343063023 Corporate and foreign bonds -1.4 -0.4 0.2 0.5 0.4 -0.5 0.3 0.3 0.8 5

6 FA343064123 Corporate equities 10.6 5.2 1.8 6.9 -3.4 2.7 0.8 -11.2 -8.5 6


8 FA344090025 Pension entitlements (liabilities) 19.0 22.6 18.0 13.8 12.2 16.3 29.7 13.9 6.6 8

(1) Thrift Savings Plan.(2) Includes nonmarketable and marketable Treasury securities held by the Thrift Savings Plan G and F funds.(3) Suspended investments in the Thrift Savings Plan G Fund by the Treasury.

Flo

ws

Z.1, September 16, 2016 37

F.120 State and Local Government Employee Retirement FundsBillions of dollars; quarterly figures are seasonally adjusted annual rates

2013 2014 2015 2015 2016 Q1 Q2 Q3 Q4 Q1 Q2

1 FA226330005 Gross saving 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 1



4 FA223020043 Checkable deposits and currency 0.3 0.4 0.0 0.3 0.3 -0.3 -0.1 -0.8 0.0 4 5 FA223030045 Time and savings deposits 2.3 3.2 0.2 2.2 2.3 -2.2 -1.2 -7.0 0.3 5

6 FA223034005 Money market fund shares 3.4 2.9 0.3 2.4 2.8 -6.4 2.4 -12.3 0.1 6 7 FA222051043 Security repurchase agreements 0.2 0.3 0.0 0.2 0.2 -0.2 -0.1 -0.7 0.0 7

8 FA224022045 Debt securities 89.7 20.3 -5.7 -39.7 3.0 -20.0 34.1 58.0 22.1 8 9 FA223069143 Open market paper 2.5 3.4 0.3 2.4 2.5 -2.4 -1.4 -7.6 0.3 9 10 FA223061143 Treasury securities 15.4 -7.0 -6.5 -19.5 6.2 -17.8 5.2 3.1 -6.7 10 11 FA223061743 Agency- and GSE-backed securities 2.8 -4.1 -6.7 -13.6 -6.9 -7.8 1.5 1.7 -5.7 11 12 FA223062043 Municipal securities 1.0 -0.2 -0.2 -0.1 0.1 -0.7 -0.1 1.6 0.0 12 13 FA223063045 Corporate and foreign bonds 68.0 28.2 7.5 -8.9 1.2 8.8 28.9 59.2 34.1 13

14 FA223065043 Loans (mortgages) -0.5 0.6 -0.4 0.7 0.8 -1.9 -1.3 -5.1 -0.6 14


17 FA223090005 Miscellaneous assets 258.7 268.6 262.0 261.3 237.4 273.3 276.0 185.7 249.3 17 18 FA223095505 Unallocated insurance contracts (2) -0.7 -6.4 1.7 6.8 2.4 -15.2 12.9 -1.0 7.2 18 19 FA223073045 Claims of pension fund on sponsor (3) 244.9 261.1 256.0 239.4 219.3 298.0 267.3 218.1 235.7 19 20 FA223093005 Other 14.6 13.9 4.3 15.1 15.6 -9.4 -4.2 -31.4 6.4 20


Memo:

Net acquisition of financial assets (5) 22 FA224090045 Defined benefit plans 207.3 205.3 210.1 204.1 208.0 212.6 215.7 215.7 215.7 22 23 FA224090055 Defined contibution plans -7.7 -29.9 -4.7 1.0 -5.8 -38.7 24.8 1.8 3.8 23

(1) Includes claims on sponsor (i.e., unfunded pension entitlements).(2) Assets of defined contribution funds held at life insurance companies.(3) Unfunded defined benefit pension entitlements.(4) Actuarial value of accrued pension entitlements. These liabilities are assets of the household sector.(5) Additional detail on defined benefit plans and defined contribution plans is available on tables F.120.b and F.120.c.

Flo

ws

38 Z.1, September 16, 2016

F.120.b State and Local Government Employee Retirement Funds: Defined Benefit PlansBillions of dollars; quarterly figures are seasonally adjusted annual rates

2013 2014 2015 2015 2016 Q1 Q2 Q3 Q4 Q1 Q2


2 FA223020043 Checkable deposits and currency 0.3 0.4 0.0 0.3 0.3 -0.3 -0.1 -0.8 0.0 2 3 FA223030045 Time and savings deposits 2.3 3.2 0.2 2.2 2.3 -2.2 -1.2 -7.0 0.3 3

4 FA223034043 Money market fund shares 2.8 3.8 0.3 2.6 2.7 -2.7 -1.5 -8.3 0.4 4 5 FA222051043 Security repurchase agreements 0.2 0.3 0.0 0.2 0.2 -0.2 -0.1 -0.7 0.0 5

6 FA224022045 Debt securities 89.7 20.3 -5.7 -39.7 3.0 -20.0 34.1 58.0 22.1 6 7 FA223069143 Open market paper 2.5 3.4 0.3 2.4 2.5 -2.4 -1.4 -7.6 0.3 7 8 FA223061143 Treasury securities 15.4 -7.0 -6.5 -19.5 6.2 -17.8 5.2 3.1 -6.7 8 9 FA223061743 Agency- and GSE-backed securities 2.8 -4.1 -6.7 -13.6 -6.9 -7.8 1.5 1.7 -5.7 9 10 FA223062043 Municipal securities 1.0 -0.2 -0.2 -0.1 0.1 -0.7 -0.1 1.6 0.0 10 11 FA223063045 Corporate and foreign bonds 68.0 28.2 7.5 -8.9 1.2 8.8 28.9 59.2 34.1 11

12 FA223065043 Loans (mortgages) -0.5 0.6 -0.4 0.7 0.8 -1.9 -1.3 -5.1 -0.6 12

13 FA223064145 Corporate equities -179.0 -132.2 -66.7 -71.8 -74.5 -47.7 -72.9 -8.6 -75.2 13 14 FA223064243 Mutual fund shares 36.8 37.3 24.6 58.1 41.2 -0.9 0.0 -8.5 30.5 14

15 FA223090045 Miscellaneous assets 254.7 271.7 257.7 251.6 232.1 288.6 258.7 196.7 238.1 15 16 FA223073045 Claims of pension fund on sponsor (2) 244.9 261.1 256.0 239.4 219.3 298.0 267.3 218.1 235.7 16 17 FA223093043 Other 9.8 10.6 1.7 12.2 12.7 -9.4 -8.6 -21.4 2.4 17


(1) Includes claims on sponsor (i.e., unfunded pension entitlements).(2) Unfunded defined benefit pension entitlements.(3) Actuarial value of accrued defined benefit pension entitlements. These liabilities are assets of the household sector.

F.120.c State and Local Government Employee Retirement Funds: Defined Contribution Plans (1)Billions of dollars; quarterly figures are seasonally adjusted annual rates

1 FA224090055 Net acquisition of financial assets -7.7 -29.9 -4.7 1.0 -5.8 -38.7 24.8 1.8 3.8 1

2 FA223034055 Money market fund shares 0.6 -0.8 -0.0 -0.2 0.1 -3.8 3.9 -4.0 -0.3 2

3 FA223064255 Mutual fund shares -12.4 -26.0 -8.9 -8.5 -11.3 -19.7 3.7 16.8 -7.1 3

4 FA223090055 Miscellaneous assets 4.0 -3.1 4.3 9.7 5.4 -15.2 17.3 -11.0 11.2 4 5 FA223095505 Unallocated insurance contracts (misc. assets) (2) -0.7 -6.4 1.7 6.8 2.4 -15.2 12.9 -1.0 7.2 5 6 FA223093053 Other 4.7 3.3 2.6 2.9 2.9 0.0 4.4 -9.9 4.0 6

7 FA224090055 Pension entitlements (liabilities) -7.7 -29.9 -4.7 1.0 -5.8 -38.7 24.8 1.8 3.8 7

(1) Includes 403(b) and 457 type plans.(2) Assets held at life insurance companies.

Flo

ws

Z.1, September 16, 2016 39

F.121 Money Market Mutual Funds (1)Billions of dollars; quarterly figures are seasonally adjusted annual rates

2013 2014 2015 2015 2016 Q1 Q2 Q3 Q4 Q1 Q2

1 FA634090005 Net acquisition of financial assets 24.6 6.8 30.1 -84.4 43.5 43.4 118.0 257.0 -53.2 1

2 FA633091003 Foreign deposits -9.8 -9.8 -13.4 -16.1 8.0 -39.7 -6.0 26.0 -18.6 2 3 FA633020000 Checkable deposits and currency -3.3 -17.9 11.9 -1.7 21.8 15.2 12.4 16.9 -9.7 3 4 FA633030000 Time and savings deposits 59.5 20.4 -78.4 56.9 -30.1 -206.5 -134.0 249.5 -271.0 4 5 FA632051000 Security repurchase agreements -53.2 152.9 44.8 50.7 11.2 110.6 6.8 -276.3 146.2 5

6 FA634022005 Debt securities 28.9 -124.2 72.2 -73.7 42.2 134.4 186.0 334.9 86.2 6 7 FA633069175 Open market paper 10.7 -19.2 -39.8 8.8 15.3 -15.5 -167.9 109.4 -200.5 7 8 FA633061105 Treasury securities 29.8 -77.1 63.9 75.0 24.9 -59.6 215.3 233.9 74.3 8 9 FA633061700 Agency- and GSE-backed securities 17.3 23.3 76.9 -100.5 29.6 185.3 193.1 137.8 403.0 9 10 FA633062000 Municipal securities -28.6 -27.0 -13.6 -13.5 -26.5 -12.1 -2.5 -99.6 -52.7 10 11 FA633063003 Corporate and foreign bonds -0.2 -24.2 -15.1 -43.5 -1.1 36.3 -52.0 -46.5 -138.0 11

12 FA633093005 Miscellaneous assets 2.6 -14.6 -7.0 -100.6 -9.6 29.4 52.8 -94.0 13.7 12

13 FA634090005 Net share issues (liabilities) 24.6 6.8 30.1 -84.4 43.5 43.4 118.0 257.0 -53.2 13

Memo: 14 FA634090503 Variable annuity money market mutual funds included above -4.1 -2.7 1.9 -6.9 0.5 22.7 -8.6 1.4 -13.7 14

(1) Open-end investment companies including variable annuity money market mutual funds.

F.122 Mutual Funds (1)Billions of dollars; quarterly figures are seasonally adjusted annual rates

1 FA656006403 Gross saving -57.7 -73.6 -68.3 -69.4 -68.2 -68.0 -67.6 -39.1 -59.4 1

2 FA654090000 Net acquisition of financial assets 346.0 309.4 95.3 252.6 224.7 -35.8 -60.4 -22.7 76.2 2

3 FA652051003 Security repurchase agreements 22.3 9.9 -12.4 -5.2 -16.6 -22.9 -4.8 20.5 -6.9 3

4 FA654022005 Debt securities 110.9 93.1 116.7 242.7 389.8 -171.7 6.0 9.0 197.5 4 5 FA653069100 Open market paper 22.3 9.9 -12.4 -21.9 -23.9 -17.5 13.9 5.5 -16.9 5 6 FA653061105 Treasury securities -54.3 193.3 155.3 79.5 126.6 222.1 193.2 -14.6 11.6 6 7 FA653061703 Agency- and GSE-backed securities -41.3 -200.4 -98.2 59.7 -103.0 -208.0 -141.7 50.2 8.4 7 8 FA653062003 Municipal securities -39.5 15.1 16.2 42.9 10.9 -10.6 21.7 79.8 97.4 8 9 FA653063005 Corporate and foreign bonds 223.7 75.1 55.8 82.6 379.3 -157.6 -81.0 -111.9 97.0 9

10 FA653069803 Loans (other loans and advances) 39.4 9.4 -15.6 23.5 -24.1 -50.9 -11.0 22.1 -19.5 10

11 FA653064100 Corporate equities 197.3 94.2 55.8 100.6 166.8 94.3 -138.4 -112.2 -135.4 11 12 FA653093005 Miscellaneous assets -23.8 102.7 -49.3 -109.1 -291.2 115.4 87.8 38.0 40.6 12

13 FA653164205 Net share issues (liabilities) 346.0 309.4 95.3 252.6 224.7 -35.8 -60.4 -22.7 76.2 13

14 FA657005005 Discrepancy -57.7 -73.6 -68.3 -69.4 -68.2 -68.0 -67.6 -39.1 -59.4 14

Memo:

15 FA654090500 Variable annuity mutual funds included above -32.7 -47.1 -44.4 -42.1 -48.4 -53.6 -33.7 -57.7 -64.5 15

Net acquisition of financial assets by investment objective: (2) 16 FA654091603 Domestic equity funds 68.1 -1.1 -102.7 37.1 -166.9 -190.8 -90.2 -69.4 -155.3 16 17 FA654092603 World equity funds 169.4 120.0 126.7 115.7 202.1 143.6 45.3 92.7 -10.8 17 18 FA654091403 Hybrid funds 95.9 56.7 8.3 57.8 34.6 -25.2 -33.9 -15.2 5.2 18 19 FA654091303 Taxable bond funds 57.8 92.9 34.7 159.4 163.6 -126.7 -57.2 72.4 153.8 19 20 FA654091203 Municipal bond funds -45.2 40.8 28.2 48.2 5.2 2.9 56.3 70.8 90.3 20

(1) Open-end investment companies including variable annuity mutual funds.(2) Quarterly figures are reported at annual rates and are not seasonally adjusted.

Flo

ws

40 Z.1, September 16, 2016

F.123 Closed-End Funds Billions of dollars; quarterly figures are seasonally adjusted annual rates

2013 2014 2015 2015 2016 Q1 Q2 Q3 Q4 Q1 Q2

1 FA554090005 Net acquisition of financial assets 13.7 4.9 1.7 3.4 3.6 2.0 -2.3 0.7 -0.7 1

2 FA554022005 Debt securities 5.5 -2.7 1.4 2.5 2.7 1.7 -1.4 1.4 -0.8 2 3 FA553061103 Treasury securities 0.6 -0.2 -0.5 -0.4 -0.0 -0.7 -0.7 -0.6 -7.0 3 4 FA553062003 Municipal securities -0.2 0.5 -0.1 -0.0 -0.3 0.8 -0.7 1.2 0.7 4 5 FA553063003 Corporate and foreign bonds 5.2 -3.1 1.9 2.8 3.1 1.7 0.0 0.8 5.5 5

6 FA553064103 Corporate equities 8.2 7.6 0.3 0.9 0.8 0.3 -0.9 -0.8 0.2 6

7 FA554090005 Net share issues (liabilities) 13.7 4.9 1.7 3.4 3.6 2.0 -2.3 0.7 -0.7 7

Memo:

Net acquisition of financial assets by investment objective: 8 FA554091603 Domestic equity funds 4.1 3.8 0.1 0.5 0.4 0.1 -0.4 -0.4 0.1 8 9 FA554092603 World equity funds -0.5 0.5 1.0 1.0 2.3 1.2 -0.3 -0.1 0.1 9 10 FA554091303 Domestic taxable bond funds 3.9 0.3 0.7 1.8 1.3 0.4 -0.8 -0.1 0.3 10 11 FA554091203 Municipal bond funds -0.2 0.5 -0.1 -0.0 -0.3 0.8 -0.7 1.2 0.7 11 12 FA554092303 World bond funds 6.5 -0.2 -0.1 0.2 -0.1 -0.5 -0.0 0.0 -1.9 12

F.124 Exchange-Traded FundsBillions of dollars; quarterly figures are seasonally adjusted annual rates


2 FA564022005 Debt securities 12.5 51.5 55.3 77.7 8.2 86.3 49.2 126.3 59.4 2 3 FA563061103 Treasury securities -6.3 13.2 14.3 12.4 2.4 58.7 -16.4 40.5 -0.2 3 4 FA563062003 Municipal securities -0.8 3.2 3.9 5.6 2.2 2.0 5.9 7.1 6.5 4 5 FA563063003 Corporate and foreign bonds 19.7 35.2 37.2 59.7 3.6 25.6 59.7 78.8 53.1 5

6 FA563064103 Corporate equities 197.3 190.7 173.5 126.3 166.8 88.7 312.1 -27.0 34.0 6

7 FA563093003 Miscellaneous assets (1) -29.9 -1.4 2.1 18.2 -9.2 -2.4 1.8 39.3 28.5 7

8 FA564090005 Net share issues (liabilities) 179.9 240.8 230.9 222.1 165.8 172.7 363.1 138.6 121.8 8

Memo:

Net acquisition of financial assets by investment objective: (2) 9 FA564091603 Domestic equity funds 133.9 142.9 63.1 -41.0 -24.2 88.9 228.6 -4.1 37.0 9 10 FA564092603 World equity funds 62.8 46.6 109.7 166.2 190.0 -0.8 83.2 -23.3 -3.0 10 11 FA563093003 Commodity funds (1) -29.9 -1.4 2.1 18.2 -9.2 -2.4 1.8 39.3 28.5 11 12 FA564091403 Hybrid funds 0.8 1.6 1.1 1.6 1.6 0.9 0.4 0.5 1.5 12 13 FA564091303 Taxable bond funds 13.0 47.8 51.0 71.5 5.4 84.0 43.1 119.1 52.8 13 14 FA564091203 Municipal bond funds -0.8 3.2 3.9 5.6 2.2 2.0 5.9 7.1 6.5 14

(1) Investments primarily in commodities, currencies, and futures.(2) Quarterly figures are reported at annual rates and are not seasonally adjusted.

Flo

ws

Z.1, September 16, 2016 41

F.125 Government-Sponsored Enterprises (1)Billions of dollars; quarterly figures are seasonally adjusted annual rates

2013 2014 2015 2015 2016 Q1 Q2 Q3 Q4 Q1 Q2

1 FA406000105 Gross saving 8.4 7.4 6.9 7.6 6.7 6.3 7.0 4.4 5.9 1



4 FA403020005 Checkable deposits and currency 29.0 -16.6 -24.0 -46.2 -49.0 24.9 -25.6 -25.2 35.6 4 5 FA403030005 Time and savings deposits 1.1 -2.1 -0.7 -5.4 3.7 -0.6 -0.6 3.2 3.1 5 6 FA402050005 Federal funds and security repos 1.5 10.3 20.2 -17.9 -68.5 31.9 135.5 -92.0 19.9 6

7 FA404022005 Debt securities -94.6 -18.9 -25.3 -25.9 -68.0 -24.1 16.8 -12.1 50.2 7 8 FA403069105 Open market paper 1.0 1.5 -0.5 -1.4 -0.1 -2.3 1.9 0.1 0.3 8 9 FA403061105 Treasury securities -9.9 5.2 23.2 30.0 -4.1 27.6 39.4 13.5 -1.4 9 10 FA403061705 Agency- and GSE-backed securities -22.7 7.8 -14.3 -12.3 -27.4 -17.3 -0.1 5.3 67.1 10 11 FA403062005 Municipal securities -3.5 -2.6 -2.6 -3.6 -3.2 -1.5 -2.2 -2.6 -0.3 11 12 FA403063005 Corporate and foreign bonds -59.4 -30.8 -31.1 -38.6 -33.3 -30.6 -22.1 -28.4 -15.6 12

13 FA404023005 Loans 154.4 88.5 139.1 1.1 246.6 140.0 168.5 104.1 244.4 13 14 FA403069305 Other loans and advances 81.9 84.3 74.4 -22.7 120.7 63.1 136.6 40.9 194.5 14 15 FA403069385 Sallie Mae 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15 16 FA403069345 Farm Credit System 2.9 11.2 8.8 -20.2 21.2 20.5 13.9 -10.5 26.9 16 17 FA403069330 FHLB loans 79.0 73.1 65.6 -2.5 99.5 42.5 122.7 51.4 167.5 17 18 FA403065005 Mortgages 72.5 4.3 64.7 23.9 126.0 76.9 31.9 63.2 50.0 18 19 FA403065105 Home 89.1 3.0 45.8 -4.8 101.0 75.1 12.0 51.7 43.6 19 20 FA403065195 Consolidated trusts (2) 148.0 28.1 82.6 -69.5 169.3 149.4 81.0 -51.1 110.5 20 21 FA403065185 Other -58.9 -25.0 -36.7 64.7 -68.3 -74.3 -69.0 102.8 -66.9 21 22 FA403065405 Multifamily residential -21.9 -2.7 16.1 25.4 22.6 -0.2 16.5 8.7 3.0 22 23 FA403065495 Consolidated trusts (2) 18.9 17.8 21.2 25.0 35.8 9.1 14.8 31.9 23.2 23 24 FA403065485 Other -40.8 -20.5 -5.1 0.4 -13.2 -9.3 1.7 -23.3 -20.2 24 25 FA403065605 Farm 5.4 3.9 2.7 3.2 2.3 2.0 3.4 2.8 3.3 25 26 FA403066005 Consumer credit (3) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 26

27 FA403093005 Miscellaneous assets 13.1 -11.0 -6.5 40.2 6.2 -48.4 -24.0 31.9 31.6 27

28 FA404190005 Net increase in liabilities 96.4 70.0 87.4 -175.3 69.6 145.4 309.9 -83.3 423.7 28

29 FA402150005 Federal funds and security repos 0.0 0.1 -0.1 0.1 -0.3 0.5 -0.5 0.0 0.0 29

30 FA403161705 Debt securities (GSE issues) (4) 107.5 75.3 93.5 -163.5 93.5 142.1 301.9 -75.6 421.7 30 31 FA403161795 Consolidated trusts (2) 166.8 45.9 103.7 -44.5 205.2 158.5 95.8 -19.1 133.8 31 32 FA403161785 Other -59.3 29.4 -10.3 -119.1 -111.7 -16.3 206.1 -56.4 287.9 32

33 FA403169283 Loans (U.S. government loans) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 33

34 FA403164105 Corporate equities -1.7 -1.7 -1.4 -7.6 -3.2 -1.4 6.6 -1.8 -0.2 34

35 FA403190005 Miscellaneous liabilities -9.4 -3.6 -4.6 -4.2 -20.3 4.2 1.9 -5.9 2.3 35

36 FA407005005 Discrepancy -3.7 23.6 -10.9 -116.1 2.9 25.5 43.9 -91.2 42.3 36

(1) Federal Home Loan Banks, Fannie Mae, Freddie Mac, Farmer Mac, Farm Credit System, the Financing Corporation, and the Resolution Funding Corporation. The Student Loan Marketing Association (Sallie Mae) was included until it was fully privatized in 2004:Q4. Beginning 2010:Q1, almost all Fannie Mae and Freddie Mac mortgage pools (F.126) are consolidated on Fannie Mae’s and Freddie Mac’s balance sheets (F.125).(2) Consolidated trusts refers to the unpaid balance of securitized mortgages Fannie Mae and Freddie Mac moved on to their balance sheets at the beginning of 2010 in response to new accounting rules.(3) Sallie Mae student loans.(4) Such issues are classified as agency- and GSE-backed securities.

F.126 Agency- and GSE-Backed Mortgage Pools (1)Billions of dollars; quarterly figures are seasonally adjusted annual rates


2 FA413065105 Home mortgages 97.4 50.8 94.1 0.7 84.8 149.2 141.6 98.4 106.3 2 3 FA413065405 Multifamily residential mortgages 33.6 24.3 32.2 14.4 35.5 24.1 54.7 36.6 52.3 3 4 FA413065505 Commercial mortgages 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4 5 FA413065605 Farm mortgages -0.2 -0.1 0.7 -0.2 -0.1 3.2 -0.1 1.4 0.1 5

6 FA413065005 Net increase in pool securities (liabilities)(2) 130.8 75.0 126.9 14.9 120.2 176.5 196.2 136.4 158.7 6

(1) GNMA, Fannie Mae, Freddie Mac, Farmer Mac, and Farmers Home Administration pools. Beginning 2010:Q1, almost all Fannie Mae and Freddie Mac mortgage pools (F.126) are consolidated on Fannie Mae’s and Freddie Mac’s balance sheets (table F.125). 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.

Flo

ws

42 Z.1, September 16, 2016

F.127 Issuers of Asset-Backed Securities (ABS)Billions of dollars; quarterly figures are seasonally adjusted annual rates

2013 2014 2015 2015 2016 Q1 Q2 Q3 Q4 Q1 Q2

1 FA676330023 Gross saving 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1


3 FA674090005 Net acquisition of financial assets -274.7 -56.9 -57.0 30.0 -14.6 -156.8 -86.5 -59.5 -131.8 3

4 FA674022005 Debt securities -1.2 5.5 0.9 2.7 3.9 -1.3 -1.8 -4.0 -9.2 4 5 FA673061103 Treasury securities -0.9 5.5 1.0 2.7 3.9 -1.3 -1.4 -4.0 -9.2 5 6 FA673061703 Agency- and GSE-backed securities (1) -0.2 0.0 -0.1 0.0 0.0 0.0 -0.4 0.0 0.0 6

7 FA674023005 Loans -259.7 -67.2 -62.1 20.2 -15.0 -141.4 -112.4 -57.5 -129.1 7 8 FA673069005 Other loans and advances -11.5 9.1 -1.0 45.2 -14.3 -31.2 -3.7 62.8 -46.3 8 9 FA673065005 Mortgages (2) -247.3 -76.9 -57.4 -23.0 -16.9 -93.0 -96.5 -119.6 -105.0 9 10 FA673065105 Home -88.1 -63.5 -76.4 -50.8 -80.4 -97.8 -76.6 -22.5 -72.9 10 11 FA673065405 Multifamily residential -8.8 -2.4 -6.4 1.6 -10.5 -11.7 -5.0 -20.1 -7.0 11 12 FA673065505 Commercial -150.5 -11.1 25.5 26.2 73.9 16.6 -14.9 -77.0 -25.2 12 13 FA673066000 Consumer credit -0.8 0.6 -3.8 -2.0 16.2 -17.2 -12.1 -0.7 22.2 13

14 FA673070003 Trade credit -5.4 -4.4 2.7 0.8 2.5 -2.0 9.5 5.8 -1.5 14 15 FA673090543 Miscellaneous assets (funding agreements) (3) -8.4 9.2 1.6 6.2 -5.9 -12.2 18.2 -3.9 8.0 15

16 FA674122005 Net increase in liabilities -274.7 -56.9 -57.0 30.0 -14.6 -156.8 -86.5 -59.5 -131.8 16

17 FA673169105 Commercial paper -7.1 -15.1 -7.3 11.0 31.0 -48.8 -22.3 53.1 -2.9 17 18 FA673163005 Corporate bonds (net) (4) -267.6 -41.7 -49.7 19.0 -45.5 -108.0 -64.2 -112.6 -128.9 18

19 FA677005005 Discrepancy 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19

Memo: Securitized assets not included above 20 FA675013013 Consumer leases (5) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 20 21 FA643065045 REIT assets (6) 144.5 12.4 -29.6 -23.9 -48.6 -16.6 -29.2 27.4 -15.3 21

(1) Agency- and GSE-backed mortgage pool securities backing privately issued CMOs.(2) Mortgages backing privately issued pool securities and privately issued CMOs.(3) Funding agreements with life insurance companies.(4) Net issuance less net acquisition of corporate bonds held as assets.(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 nonfinancial asset; depreciation flows are included in line 1, and fixed investment flows are included in line 2.(6) Included in table F.129.

Flo

ws

Z.1, September 16, 2016 43

F.128 Finance Companies (1)Billions of dollars; quarterly figures are seasonally adjusted annual rates

2013 2014 2015 2015 2016 Q1 Q2 Q3 Q4 Q1 Q2

1 FA616000105 Gross saving 3.6 78.5 107.9 98.3 104.8 115.9 112.5 116.7 144.1 1


3 FA614090005 Net acquisition of financial assets -20.4 28.9 -20.3 26.3 -51.0 -63.2 6.8 -61.5 -189.2 3

4 FA613020003 Checkable deposits and currency 4.2 -0.2 0.5 1.9 3.5 3.3 -6.5 16.5 -48.0 4 5 FA613030003 Time and savings deposits 12.7 -0.5 1.6 5.6 10.4 10.0 -19.6 49.4 -144.0 5

6 FA613063003 Debt securities (corporate and foreign bonds) -10.8 6.0 6.1 8.5 14.2 -5.3 6.9 -6.1 27.1 6

7 FA614023005 Loans -8.2 6.5 -17.2 5.4 -5.5 12.6 -81.2 -74.3 -27.7 7 8 FA613069500 Other loans and advances 14.4 10.2 13.6 16.1 18.5 28.0 -8.4 -45.0 1.9 8 9 FA613065000 Mortgages -21.9 -8.7 -28.3 -18.1 -36.9 -27.3 -30.9 -16.0 -12.6 9 10 FA613066005 Consumer credit -0.6 5.0 -2.4 7.4 12.9 12.0 -41.9 -13.3 -17.0 10

11 FA613092003 U.S. direct investment abroad -1.4 7.5 9.2 25.5 13.1 8.2 -9.9 16.4 97.4 11 12 FA613090005 Miscellaneous assets -16.9 9.5 -20.6 -20.5 -86.7 -92.1 117.1 -63.3 -94.1 12

13 FA614190005 Net increase in liabilities -21.6 14.1 -15.3 69.8 -53.9 -52.5 -24.6 -81.0 -180.9 13

14 FA614122005 Debt securities -6.1 2.0 -8.8 59.6 -74.3 7.0 -27.6 19.9 -144.0 14 15 FA613169100 Open market paper -10.3 -1.1 -4.4 5.2 32.8 -16.8 -38.9 41.9 16.7 15 16 FA613163005 Corporate bonds 4.2 3.0 -4.4 54.4 -107.1 23.8 11.3 -22.0 -160.7 16

17 FA614123005 Loans 10.3 10.2 15.3 29.0 21.2 2.8 8.3 14.3 -4.8 17 18 FA613168000 Depository institution loans n.e.c. 10.1 10.5 13.7 29.0 21.3 -0.3 5.0 14.3 -4.7 18 19 FA613169005 Other loans and advances 0.2 -0.3 1.6 0.1 -0.1 3.2 3.3 0.0 -0.1 19

20 FA613178003 Taxes payable 0.1 1.0 0.6 1.7 1.0 0.3 -0.6 -1.6 -1.8 20 21 FA613192003 Foreign direct investment in U.S. 0.4 8.1 -5.8 6.7 -5.1 -31.4 6.7 2.9 4.1 21 22 FA613190005 Miscellaneous liabilities -26.3 -7.3 -16.7 -27.2 3.3 -31.3 -11.4 -116.5 -34.4 22 23 FA613194003 Investment by parent -1.0 1.0 -6.7 -12.3 -26.1 -2.5 14.3 -37.3 1.0 23 24 FA613193005 Other -25.2 -8.2 -10.0 -14.9 29.5 -28.7 -25.7 -79.1 -35.4 24

25 FA617005005 Discrepancy -72.7 -24.7 12.3 42.2 2.2 24.9 -20.1 -1.7 54.3 25

Memo: 26 FA613066303 Consumer leases not included above (2) 23.3 21.6 23.5 17.5 23.4 30.8 22.3 20.8 23.9 26

(1) Includes retail captive finance companies and mortgage companies.(2) See footnote (5), table F.127.

Flo

ws

44 Z.1, September 16, 2016

F.129 Real Estate Investment Trusts (REITs) (1)Billions of dollars; quarterly figures are seasonally adjusted annual rates

2013 2014 2015 2015 2016 Q1 Q2 Q3 Q4 Q1 Q2

1 FA646000105 Gross saving -24.9 -29.8 -27.2 -43.9 -20.7 -27.9 -16.4 -10.2 -19.6 1

2 FA645013005 Fixed nonresidential investment 7.0 8.2 9.5 9.6 9.5 9.5 9.2 9.1 9.0 2 3 FA645012063 Multifamily residential investment 15.0 7.8 -0.0 10.9 8.6 -18.5 -1.1 -1.3 8.4 3

4 FA644090005 Net acquisition of financial assets 68.4 45.3 -65.8 -14.1 -76.3 -44.7 -128.1 69.2 36.8 4

5 FA643020005 Checkable deposits and currency -1.0 4.3 -2.9 0.2 -15.6 16.6 -12.7 7.1 16.5 5

6 FA644022005 Debt securities -89.7 7.7 -44.7 -14.7 -82.4 -29.5 -52.3 -3.2 -1.9 6 7 FA643061773 Agency- and GSE-backed securities -88.3 8.5 -49.6 -33.5 -84.0 -29.3 -51.8 -2.0 -7.9 7 8 FA643063005 Corporate and foreign bonds -1.4 -0.9 4.9 18.8 1.6 -0.1 -0.5 -1.1 6.0 8

9 FA643065005 Loans (mortgages) 150.4 19.9 -29.4 -26.0 4.1 -45.2 -50.6 42.2 -7.6 9 10 FA643065105 Home 5.0 8.5 2.2 -3.8 25.2 -4.7 -7.7 5.8 10.6 10 11 FA643065405 Multifamily residential 2.3 -3.3 -0.3 -1.8 -0.3 1.2 -0.3 0.5 -0.7 11 12 FA643065505 Commercial 143.2 14.7 -31.4 -20.5 -20.8 -41.8 -42.5 36.0 -17.5 12

13 FA643090005 Miscellaneous assets 8.8 13.4 11.2 26.4 17.6 13.4 -12.6 23.1 29.8 13

14 FA644190005 Net increase in liabilities 154.7 117.7 1.1 75.4 23.5 15.4 -109.9 102.6 70.0 14

15 FA642151073 Security repurchase agreements -65.0 10.0 -45.5 -13.0 -52.9 -79.9 -36.4 0.8 -11.9 15

16 FA644122005 Debt securities 176.1 46.9 -7.8 1.0 -8.9 -12.1 -11.1 80.7 42.7 16 17 FA643169173 Open market paper 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 17 18 FA643163005 Corporate bonds 176.1 46.9 -7.8 1.0 -8.9 -12.1 -11.1 80.7 42.7 18

19 FA644123005 Loans 19.5 21.3 29.2 37.6 45.9 57.8 -24.3 -26.1 -32.4 19 20 FA643168005 Depository institution loans n.e.c. -1.1 7.2 7.3 15.6 22.9 6.5 -15.8 -6.4 -11.3 20 21 FA643169373 Other loans and advances 0.7 4.9 17.9 5.6 9.7 36.9 19.5 -16.2 -2.5 21 22 FA643165005 Mortgages 19.9 9.3 4.0 16.4 13.3 14.4 -28.0 -3.5 -18.5 22

23 FA643164103 Corporate equity issues 46.2 32.7 27.1 53.9 33.1 8.1 13.3 28.6 41.6 23

24 FA643193005 Miscellaneous liabilities -22.1 6.9 -1.9 -4.1 6.3 41.5 -51.4 18.5 30.0 24

25 FA647005005 Discrepancy 39.4 26.7 30.3 25.0 61.0 41.1 -6.2 15.3 -3.9 25

Memo: 26 FA643065045 Securitized assets included above 144.5 12.4 -29.6 -23.9 -48.6 -16.6 -29.2 27.4 -15.3 26 27 FA643061743 Agency- and GSE-backed securities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 27 28 FA643065143 Home mortgages 9.7 3.2 10.0 2.8 11.0 23.3 2.7 -12.0 7.4 28 29 FA643065443 Multifamily residential mortgages 2.7 0.3 -0.2 -2.1 -0.2 1.5 0.0 0.1 0.2 29 30 FA643065543 Commercial mortgages 132.2 8.8 -39.4 -24.6 -59.4 -41.5 -31.9 39.3 -22.9 30

(1) Additional detail on financial assets and liabilities for equity and mortgage REITs is available on tables F.129.e and F.129.m.

Flo

ws

Z.1, September 16, 2016 45

F.129.e Equity Real Estate Investment TrustsBillions of dollars; quarterly figures are seasonally adjusted annual rates

2013 2014 2015 2015 2016 Q1 Q2 Q3 Q4 Q1 Q2

1 FA644090085 Net acquisition of financial assets 20.3 15.7 6.4 30.5 -7.7 26.2 -23.4 16.5 42.6 1

2 FA643020083 Checkable deposits and currency 2.3 3.0 -2.3 -2.1 -12.9 11.4 -5.4 1.6 13.1 2

3 FA643063083 Debt securities (corporate and foreign bonds) 0.1 0.5 -0.4 2.9 -4.5 1.1 -1.2 -0.7 0.7 3

4 FA643065085 Loans (mortgages) 2.4 2.6 0.1 0.4 1.4 2.1 -3.6 -4.8 4.4 4 5 FA643065183 Home 0.0 0.0 0.0 0.2 -0.1 0.0 -0.0 0.0 0.1 5 6 FA643065483 Multifamily residential -0.0 -0.1 0.1 0.0 -0.0 0.2 0.1 0.1 0.2 6 7 FA643065583 Commercial 2.4 2.7 0.0 0.2 1.6 2.0 -3.8 -4.9 4.1 7

8 FA643093085 Miscellaneous assets 15.5 9.7 9.0 29.3 8.4 11.5 -13.1 20.4 24.4 8

9 FA644190085 Net increase in liabilities 56.2 49.6 45.3 64.3 74.1 71.4 -28.7 13.9 36.0 9

10 FA643163083 Debt securities (corporate bonds) 34.0 28.8 30.5 29.1 32.6 38.9 21.4 25.9 50.9 10

11 FA644123085 Loans 19.7 15.5 11.1 33.3 33.2 21.3 -43.2 -7.3 -36.2 11 12 FA643168083 Depository institution loans n.e.c. -0.2 6.2 7.1 16.9 19.9 6.9 -15.3 -3.8 -17.7 12 13 FA643165005 Mortgages 19.9 9.3 4.0 16.4 13.3 14.4 -28.0 -3.5 -18.5 13 14 FA643165483 Multifamily residential 3.0 1.4 -0.3 3.1 3.2 -2.1 -5.4 0.2 2.1 14 15 FA643165583 Commercial 16.9 7.9 4.3 13.2 10.1 16.4 -22.6 -3.6 -20.7 15

16 FA643193085 Miscellaneous liabilities 2.5 5.3 3.6 1.9 8.3 11.2 -6.9 -4.7 21.3 16

F.129.m Mortgage Real Estate Investment TrustsBillions of dollars; quarterly figures are seasonally adjusted annual rates

1 FA644090075 Net acquisition of financial assets 48.1 29.5 -72.2 -44.6 -68.7 -70.8 -104.8 52.7 -5.8 1

2 FA643020073 Checkable deposits and currency -3.3 1.3 -0.6 2.3 -2.7 5.2 -7.3 5.5 3.4 2

3 FA644022075 Debt securities -89.9 7.2 -44.3 -17.6 -77.9 -30.6 -51.0 -2.5 -2.6 3 4 FA643061773 Agency- and GSE-backed securities -88.3 8.5 -49.6 -33.5 -84.0 -29.3 -51.8 -2.0 -7.9 4 5 FA643063073 Corporate and foreign bonds -1.6 -1.4 5.4 15.9 6.1 -1.3 0.8 -0.4 5.3 5

6 FA643065075 Loans (mortgages) 148.0 17.3 -29.5 -26.5 2.7 -47.4 -46.9 47.0 -12.0 6 7 FA643065173 Home 5.0 8.5 2.2 -4.0 25.3 -4.7 -7.7 5.7 10.6 7 8 FA643065473 Multifamily residential 2.3 -3.2 -0.4 -1.8 -0.2 1.1 -0.4 0.4 -0.9 8 9 FA643065573 Commercial 140.8 12.0 -31.4 -20.7 -22.4 -43.7 -38.8 40.9 -21.6 9

10 FA643090075 Miscellaneous assets -6.7 3.7 2.2 -2.9 9.2 1.9 0.5 2.7 5.4 10

11 FA644190075 Net increase in liabilities 52.2 35.4 -71.2 -42.8 -83.6 -64.1 -94.5 60.0 -7.5 11

12 FA642151073 Security repurchase agreements -65.0 10.0 -45.5 -13.0 -52.9 -79.9 -36.4 0.8 -11.9 12

13 FA644122075 Debt securities 142.1 18.1 -38.3 -28.1 -41.5 -51.1 -32.5 54.8 -8.1 13 14 FA643169173 Open market paper 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14 15 FA643163075 Corporate bonds 142.1 18.1 -38.3 -28.1 -41.5 -51.1 -32.5 54.8 -8.1 15

16 FA644123075 Loans -0.2 5.8 18.1 4.3 12.7 36.5 19.0 -18.8 3.9 16 17 FA643168073 Depository institution loans n.e.c. -0.9 1.0 0.2 -1.3 3.0 -0.4 -0.5 -2.6 6.4 17 18 FA643169373 Other loans and advances 0.7 4.9 17.9 5.6 9.7 36.9 19.5 -16.2 -2.5 18

19 FA643193075 Miscellaneous liabilities -24.6 1.5 -5.5 -6.0 -1.9 30.4 -44.5 23.2 8.7 19

Memo: 20 FA643065045 Securitized assets included above 144.5 12.4 -29.6 -23.9 -48.6 -16.6 -29.2 27.4 -15.3 20 21 FA643061743 Agency- and GSE-backed securities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 21 22 FA643065143 Home mortgages 9.7 3.2 10.0 2.8 11.0 23.3 2.7 -12.0 7.4 22 23 FA643065443 Multifamily residential mortgages 2.7 0.3 -0.2 -2.1 -0.2 1.5 0.0 0.1 0.2 23 24 FA643065543 Commercial mortgages 132.2 8.8 -39.4 -24.6 -59.4 -41.5 -31.9 39.3 -22.9 24

Flo

ws

46 Z.1, September 16, 2016

F.130 Security Brokers and DealersBillions of dollars; quarterly figures are seasonally adjusted annual rates

2013 2014 2015 2015 2016 Q1 Q2 Q3 Q4 Q1 Q2

1 FA666000105 Gross saving 20.1 6.4 -9.8 -15.3 -9.2 -9.1 -5.6 14.6 9.4 1


3 FA664090005 Net acquisition of financial assets -298.1 -153.7 -210.7 100.3 -135.1 46.0 -853.8 195.2 300.9 3

4 FA663020003 Checkable deposits and currency -16.5 0.0 -5.7 23.6 -14.3 5.8 -37.9 19.2 12.3 4 5 FA662051003 Security repurchase agreements -317.2 -168.2 -19.5 -55.8 129.6 289.7 -441.5 -71.9 328.4 5

6 FA664022005 Debt securities -186.3 -89.2 -36.7 92.1 -41.3 -23.4 -174.0 38.5 173.9 6 7 FA663069103 Open market paper -1.3 -7.8 -1.4 3.4 -8.2 -0.4 -0.3 3.2 -13.0 7 8 FA663061105 Treasury securities -110.5 -75.9 5.1 75.8 -17.8 59.3 -96.8 161.5 60.4 8 9 FA663061703 Agency- and GSE-backed securities -55.4 7.7 -12.2 9.5 4.9 -11.0 -52.1 -28.7 78.4 9 10 FA663062003 Municipal securities -8.0 0.2 -4.9 7.1 -6.7 -12.3 -7.8 19.3 3.5 10 11 FA663063005 Corporate and foreign bonds -11.1 -13.5 -23.3 -3.7 -13.5 -59.0 -17.1 -116.8 44.5 11

12 FA663069005 Loans (other loans and advances) 46.3 38.5 -90.1 -84.8 34.6 -297.4 -12.8 -63.6 19.9 12

13 FA663064103 Corporate equities 18.6 8.7 -10.3 -103.9 11.2 -22.7 74.0 -124.1 4.0 13

14 FA663092003 U.S. direct investment abroad 11.3 6.0 11.2 6.0 19.2 9.4 10.3 19.2 12.4 14 15 FA663090005 Miscellaneous assets 145.6 50.5 -59.6 223.1 -274.2 84.4 -271.9 377.8 -250.1 15

16 FA664190005 Net increase in liabilities -334.1 -165.1 -189.7 116.1 -130.5 118.2 -862.5 270.2 294.8 16

17 FA662151003 Security repurchase agreements -439.3 -220.9 -179.4 -49.8 -219.8 53.7 -501.7 -8.9 227.5 17

18 FA663163003 Debt securities (corporate bonds) 22.2 11.5 7.4 -65.9 113.5 -1.6 -16.4 -47.3 -33.8 18

19 FA664123005 Loans 68.9 65.4 -49.3 7.7 -101.6 -16.5 -86.7 156.6 48.3 19 20 FA663168005 Depository institution loans n.e.c. (1) 10.4 12.0 -1.0 1.4 6.0 -20.7 9.3 -1.2 33.3 20 21 FA153067005 Other loans and advances 58.5 53.5 -48.3 6.3 -107.7 4.2 -96.1 157.8 15.0 21

22 FA663164103 Corporate equity issues -31.0 -11.7 3.5 10.5 -9.7 39.0 -25.7 24.2 -9.6 22

23 FA663170003 Trade payables 0.3 3.4 8.4 5.0 17.7 2.4 8.4 -4.1 6.5 23 24 FA663178003 Taxes payable 0.6 0.3 -0.8 3.3 -2.5 -0.7 -3.4 3.4 -2.3 24

25 FA663192003 Foreign direct investment in U.S. 8.0 4.7 16.3 7.5 15.8 29.0 12.8 68.6 13.6 25 26 FA663190005 Miscellaneous liabilities 41.3 -19.9 1.9 198.9 58.1 -11.2 -238.1 85.5 47.8 26 27 FA663194005 Investment by parent companies 71.7 27.9 113.0 34.9 159.4 72.4 185.4 201.2 -44.1 27 28 FA663193005 Other -30.4 -47.8 -111.1 164.1 -101.4 -83.7 -423.4 -115.7 92.0 28

29 FA662090205 Proprietors’ net investment -5.2 2.0 2.3 -1.2 -2.0 24.2 -11.7 -7.9 -3.2 29

30 FA667005005 Discrepancy -30.1 -20.7 -5.7 -16.4 -21.4 46.2 -31.2 72.6 -13.7 30

(1) Includes 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).

Flo

ws

Z.1, September 16, 2016 47

F.131 Holding Companies (1)Billions of dollars; quarterly figures are seasonally adjusted annual rates

2013 2014 2015 2015 2016 Q1 Q2 Q3 Q4 Q1 Q2

1 FA736000105 Gross saving 146.1 171.9 195.4 167.3 204.3 186.5 223.3 153.9 135.6 1


3 FA734090005 Net acquisition of financial assets 180.5 91.2 -72.8 -122.2 151.7 -195.0 -125.7 240.8 63.0 3

4 FA733030003 Time and savings deposits 1.5 -8.9 -7.9 27.0 8.8 -36.3 -31.1 1.9 -10.6 4 5 FA732051003 Security repurchase agreements -2.8 -5.1 -0.4 12.9 7.3 -14.5 -7.3 3.4 0.7 5

6 FA734022605 Debt securities 15.9 -0.2 -20.6 -22.0 1.7 18.0 -80.3 -9.9 8.6 6 7 FA733061103 Treasury securities 8.5 -2.8 -3.7 -14.4 -5.5 16.3 -11.1 -0.6 -4.2 7 8 FA733061703 Agency- and GSE-backed securities 9.6 0.0 -4.3 12.2 -5.5 2.8 -26.7 -7.8 5.5 8 9 FA733063003 Corporate and foreign bonds -2.1 2.6 -12.7 -19.8 12.8 -1.2 -42.5 -1.5 7.3 9

10 FA733069005 Loans (other loans and advances) -14.2 -10.9 -40.9 -9.9 -28.9 -69.7 -54.9 -3.0 -4.8 10

11 FA733040005 Life insurance reserves 5.1 5.0 4.1 4.2 4.0 4.0 4.0 4.0 4.0 11

12 FA733090005 Miscellaneous assets 175.0 111.2 -7.1 -134.5 158.8 -96.4 43.9 244.4 65.0 12 13 FA763194735 Net trans. with depository institution subs. 59.2 195.9 36.5 -81.7 109.7 73.8 44.3 147.7 288.1 13 14 FA513194733 Net trans. with property-casualty ins. co. subs. -6.0 0.1 -0.8 -5.5 2.8 0.8 -1.1 -2.1 1.5 14 15 FA543194733 Net trans. with life insurance company subs. -1.6 0.8 0.5 1.1 0.2 0.9 -0.2 3.5 3.0 15 16 FA613194733 Net trans. with finance company subs. -15.8 -13.1 -2.6 -4.7 -10.0 -1.0 5.5 -14.3 0.4 16 17 FA663194735 Net trans. with broker and dealer subs. 56.2 4.8 76.5 -67.1 216.1 15.4 141.4 88.7 -102.9 17 18 FA263194735 Net trans. with foreign subs. -16.9 -14.6 8.8 34.9 -36.8 57.0 -20.1 7.3 66.1 18 19 FA733093005 Other 99.9 -62.7 -126.0 -11.4 -123.3 -243.4 -125.9 13.5 -191.1 19

20 FA734190005 Net increase in liabilities 38.0 -40.1 -224.6 -224.8 2.1 -395.6 -280.1 127.8 -64.9 20

21 FA732151003 Security repurchase agreements -0.0 -0.0 0.1 0.1 0.1 0.1 0.0 -0.1 -0.0 21

22 FA734122005 Debt securities -15.8 8.0 -49.4 -45.4 15.4 -44.4 -123.0 121.2 92.8 22 23 FA733169103 Commercial paper -19.9 -19.6 -71.3 -28.0 -54.8 -161.1 -41.4 -0.3 -3.9 23 24 FA733163003 Corporate bonds 4.1 27.6 22.0 -17.5 70.2 116.7 -81.6 121.5 96.7 24

25 FA733168003 Loans (depository institution loans n.e.c.) 13.8 -16.3 -38.7 -9.9 -16.6 -35.1 -93.2 19.2 -19.8 25

26 FA733164103 Corporate equity issues -17.1 -0.3 -6.5 48.9 2.0 -50.4 -26.4 -15.8 -24.1 26

27 FA733193005 Miscellaneous liabilities 57.1 -31.4 -130.2 -218.5 1.2 -265.9 -37.7 3.3 -113.7 27 28 FA733164005 Equity, etc. -9.0 -0.3 -57.7 -181.6 53.1 -40.3 -61.9 26.9 66.3 28 29 FA733193015 Other 66.1 -31.2 -72.5 -36.9 -51.9 -225.6 24.3 -23.6 -180.0 29

30 FA737005005 Discrepancy -34.6 3.3 4.2 25.7 15.5 -53.7 29.3 1.0 -32.3 30

(1) Parent-only bank holding companies, savings and loan holding companies and security holding companies that file Federal Reserve Board form FR Y-9LP, FR Y-9SP, or FR 2320.

Flo

ws

48 Z.1, September 16, 2016

F.132 Funding Corporations (1)Billions of dollars; quarterly figures are seasonally adjusted annual rates

2013 2014 2015 2015 2016 Q1 Q2 Q3 Q4 Q1 Q2

1 FA504090005 Net acquisition of financial assets -69.8 12.1 150.3 173.8 -5.4 229.9 202.8 539.0 27.0 1

2 FA503034003 Money market fund shares -61.5 13.4 37.4 147.6 -66.6 52.2 16.3 135.9 -45.3 2 3 FA502051003 Security repurchase agreements -0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3

4 FA504022005 Debt securities -18.9 -5.7 73.4 -46.0 64.3 119.8 155.4 186.3 53.5 4 5 FA503069105 Open market paper -24.2 -10.4 74.7 -59.9 85.2 102.1 171.6 154.8 80.2 5 6 FA503063005 Corporate and foreign bonds 5.3 4.7 -1.4 13.9 -20.9 17.8 -16.3 31.5 -26.6 6

7 FA503069805 Loans (other loans and advances) -2.3 1.5 0.8 -1.9 2.1 4.0 -0.9 17.4 8.8 7

8 FA503064105 Corporate equities (2) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8

9 FA503094505 Miscellaneous assets 13.0 2.8 38.7 74.1 -5.1 53.9 32.0 199.4 9.9 9 10 FA753194503 Investment in foreign banking offices -2.5 -20.3 2.2 -27.9 51.6 -3.1 -11.9 86.9 -48.8 10 11 FA663194505 Investment in brokers and dealers 15.5 23.1 36.6 102.0 -56.7 57.0 43.9 112.5 58.8 11

12 FA504190005 Net increase in liabilities -69.8 12.1 150.3 173.8 -5.4 229.9 202.8 539.0 27.0 12

13 FA504122005 Debt securities 27.7 25.8 67.5 40.3 18.0 157.6 53.9 141.8 29.2 13 14 FA503169105 Open market paper 16.2 3.6 41.2 -59.3 97.9 122.3 3.9 60.8 -38.3 14 15 FA503163005 Corporate bonds 11.4 22.2 26.3 99.5 -79.9 35.3 50.0 81.0 67.5 15

16 FA504123005 Loans -0.7 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16 17 FA713068505 Depository institution loans n.e.c. (3) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 17 18 FA503169205 Other loans and advances (4) -0.7 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 18

19 FA503164105 Corporate equities (5) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19 20 FA503192003 Foreign direct investment in U.S. 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 20

21 FA503190005 Miscellaneous liabilities -97.4 -14.3 82.2 132.9 -24.0 71.7 148.3 396.6 -2.8 21 22 FA663097005 Securities loaned (net) 94.0 47.1 -13.8 139.1 -209.3 177.7 -162.6 315.3 -266.4 22 23 FA503194305 Equity interest under PPIP -3.5 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 23 24 FA503193005 Other (net) -187.9 -61.4 96.0 -6.1 185.2 -106.0 310.9 81.3 263.6 24

(1) Funding subsidiaries, custodial accounts for reinvested collateral of securities lending operations, Federal Reserve lending facilities, and funds associated with the Public-Private Investment Program (PPIP).(2) Common stock of American International Assurance Company Ltd. (AIA) and American Life Insurance Company (ALICO), two life insurance subsidiaries of AIG.(3) Loans extended by the Federal Reserve to Maiden Lane LLC, Maiden Lane II LLC, Maiden Lane III LLC, Commercial Paper Funding Facility LLC, and American International Group (AIG).(4) Loans extended by the federal government to the Term Asset-Backed Securities Loan Facility (TALF) LLC and to funds associated with PPIP.(5) Preferred shares issued by AIG to the federal goverment under the Troubled Asset Relief Program (TARP) program and the monetary authority sector’s preferred interest in AIA Aurora LLC and ALICO Holdings LLC.

Flo

ws

Z.1, September 16, 2016 49

F.133 Rest of the WorldBillions of dollars; quarterly figures are seasonally adjusted annual rates

2013 2014 2015 2015 2016 Q1 Q2 Q3 Q4 Q1 Q2

1 FA266905005 Foreign income from U.S. 3620.1 3774.6 3688.6 3710.0 3719.0 3711.2 3614.1 3630.9 3636.6 1 2 FA266903001 U.S. imports 2768.6 2884.1 2786.3 2822.4 2807.5 2782.5 2732.6 2686.3 2702.3 2 3 FA266904101 U.S. income payments to rest of world 581.3 604.0 607.4 592.1 623.9 626.6 587.1 634.5 631.7 3 4 FA266400101 Curr. taxes and trans. payments to rest of world 270.2 286.5 294.9 295.5 287.6 302.1 294.3 310.1 302.7 4

5 FA266900005 Foreign outlays to U.S. 3234.0 3372.9 3211.2 3230.9 3266.1 3204.8 3142.8 3118.4 3169.7 5 6 FA266903011 U.S. exports 2276.6 2375.3 2264.3 2287.8 2298.6 2259.1 2211.7 2179.0 2206.8 6 7 FA266904001 U.S. income receipts from rest of world 825.5 852.1 813.1 809.1 827.7 817.2 798.5 807.0 827.7 7 8 FA266400201 Curr. taxes and trans. payments from rest of world 131.8 145.5 133.7 134.0 139.8 128.5 132.6 132.4 135.2 8

9 FA265440005 - Net capital transfers paid (1) -0.8 -0.4 -0.5 -0.5 -0.5 -0.4 -0.4 -0.4 -0.4 9 10 FA266000105 Gross saving less net capital transfers paid (2) 386.9 402.1 477.9 479.6 453.4 506.8 471.7 512.9 467.3 10

11 FA265090005 Gross investment 389.6 365.5 79.3 -282.3 762.1 -190.7 28.2 24.1 131.7 11 12 FA265420005 Nonproduced nonfinancial assets 0.0 -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 12

13 FA265000005 Net lending (+) or net borrowing (-) 389.6 365.5 79.3 -282.3 762.1 -190.7 28.2 24.1 131.6 13

14 FA264090005 Net acquisition of financial assets 1153.3 1180.9 421.0 1295.6 1170.7 -252.9 -529.3 443.7 1192.6 14

15 FA263011205 Monetary gold (3) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15 16 FA313111303 SDR allocations 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16 17 FA264016005 Net interbank assets 312.2 30.9 -90.8 -11.2 -119.5 -75.4 -157.1 -197.0 122.0 17 18 FA263020005 U.S. checkable deposits and currency 50.9 82.8 30.9 66.7 -11.8 20.6 48.3 79.5 53.9 18 19 FA263030005 U.S. time deposits 51.8 54.1 -22.6 29.5 -60.1 -68.9 9.0 66.9 93.7 19 20 FA263034003 Money market fund shares 11.3 5.1 1.3 -13.3 -4.9 8.7 14.5 0.7 -9.4 20 21 FA262051003 Security repurchase agreements 34.1 105.6 -143.4 -44.4 -278.8 78.6 -329.1 151.7 179.7 21

22 FA264022005 Debt securities 553.6 532.0 434.5 286.7 1377.1 -305.4 379.5 278.7 417.0 22 23 FA263069103 Open market paper -0.9 7.7 -2.5 46.4 -23.5 -46.9 14.0 -12.7 29.4 23 24 FA263061105 Treasury securities 423.2 318.5 48.3 -159.2 532.0 -375.5 195.9 55.8 -46.9 24 25 FA263061110 Treasury bills 23.3 -13.9 53.1 114.0 116.9 -75.3 56.6 -14.5 -38.2 25 26 FA263061120 Other Treasury securities 399.9 332.4 -4.8 -273.2 415.1 -300.2 139.3 70.3 -8.7 26 27 FA263061705 Agency- and GSE-backed securities -83.6 -8.1 22.1 -52.8 223.3 -8.5 -73.8 76.1 104.0 27 28 FA263062003 Municipal securities 4.5 4.3 6.9 9.0 11.9 2.3 4.4 2.9 6.1 28 29 FA263063005 U.S. corporate bonds (4) 210.4 209.6 359.7 443.3 633.5 123.1 239.0 156.6 324.3 29

30 FA263069500 Loans to U.S. corporate business -4.2 30.9 23.2 26.5 16.8 33.6 16.1 24.5 -78.9 30 31 FA263064105 U.S. corporate equities -57.5 116.6 -171.0 35.3 -161.1 -38.0 -520.1 -433.1 -183.7 31 32 FA263064203 Mutual fund shares -16.4 32.7 -8.5 102.4 75.6 -103.9 -108.2 49.8 -32.6 32 33 FA263070003 Trade receivables 11.5 14.0 14.2 16.8 20.7 21.4 -2.2 18.6 24.9 33 34 FA263092001 Foreign direct investment in U.S. (5) 206.1 176.2 353.3 800.4 316.7 175.9 120.1 403.4 606.0 34

35 FA264190005 Net increase in liabilities 763.7 815.4 341.7 1577.8 408.6 -62.2 -557.5 419.6 1061.0 35

36 FA263111005 U.S. official reserve assets -3.1 -3.6 -6.3 -16.6 -3.5 -1.1 -4.0 -4.8 0.8 36 37 FA263191005 U.S. private deposits 31.1 -117.9 -240.9 -39.8 -331.3 -265.8 -326.7 153.1 -180.7 37 38 FA262151003 Security repurchase agreements -108.6 16.0 74.9 272.1 -73.4 370.9 -270.0 272.3 383.0 38

39 FA264122005 Debt securities 206.1 162.9 -43.2 125.4 17.3 -186.7 -128.8 -93.0 -127.6 39 40 FA263169105 Commercial paper 34.0 -21.4 59.3 142.5 -17.3 52.7 59.2 68.6 -62.8 40 41 FA263163005 Bonds 172.1 184.2 -102.4 -17.1 34.6 -239.4 -187.9 -161.6 -64.8 41

42 FA264123005 Loans 40.5 30.9 23.4 41.1 41.3 -2.8 14.0 10.1 1.1 42 43 FA263168005 Depository institution loans n.e.c. 39.1 28.6 22.7 41.0 44.0 -6.0 11.8 2.6 -0.1 43 44 FA263169005 Other loans and advances 1.4 2.3 0.7 0.1 -2.8 3.1 2.2 7.5 1.2 44

45 FA263164103 Foreign corporate equities (6) 287.4 431.6 202.6 788.7 454.8 -216.5 -216.7 -242.1 524.5 45 46 FA263170003 Trade payables 9.8 -5.8 -1.7 -4.3 -2.9 3.6 -3.3 12.4 -9.4 46 47 FA263192005 U.S. direct investment abroad (4,5) 323.8 312.3 322.5 370.5 343.8 178.8 396.9 307.7 391.9 47 48 FA263190005 Miscellaneous liabilities -23.3 -11.0 10.5 40.8 -37.5 57.4 -18.8 3.9 77.5 48 49 FA313092803 U.S. equity in IBRD, etc. 2.2 2.3 2.2 8.7 0.0 0.2 0.0 0.0 0.0 49 50 FA263191103 Nonofficial foreign currencies -8.6 1.3 -0.5 -2.9 -0.7 0.2 1.3 -3.4 11.4 50 51 FA263194735 Investment by holding companies -16.9 -14.6 8.8 34.9 -36.8 57.0 -20.1 7.3 66.1 51

52 FA267005005 Discrepancy (FOF basis) -2.7 36.6 398.6 761.9 -308.7 697.5 443.5 488.8 335.6 52

Memo: 53 FA266903005 Net U.S. exports, NIPA basis -492.0 -508.8 -522.0 -534.7 -508.9 -523.4 -520.9 -507.4 -495.5 53 54 FA266904005 + Net U.S. income receipts (7) 244.3 248.1 205.7 217.1 203.8 190.6 211.4 172.5 196.0 54 55 FA266400101 - Curr. taxes and trans. payments to rest of world 270.2 286.5 294.9 295.5 287.6 302.1 294.3 310.1 302.7 55 56 FA266400201 + Curr. taxes and trans. payments from rest of world 131.8 145.5 133.7 134.0 139.8 128.5 132.6 132.4 135.2 56 57 FA266000005 = Balance on current account, NIPAs -386.1 -401.7 -477.4 -479.1 -452.9 -506.4 -471.3 -512.5 -467.0 57

(1) Table F.5, line 64.(2) Line 1 minus line 5 minus line 8; equals net lending (+) or net borrowing (-), NIPAs, with the sign reversed. Also equal to line 54 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) Consists of net receipts from foreigners of interest, corporate profits, and employee compensation. Equals difference between GNP and GDP.

Flo

ws

50 Z.1, September 16, 2016

F.200 U.S. Official Reserve Assets and SDR Allocations (1)Billions of dollars; quarterly figures are seasonally adjusted annual rates

2013 2014 2015 2015 2016 Q1 Q2 Q3 Q4 Q1 Q2

1 FA893111005 Net change in liabilities -3.1 -3.6 -6.3 -16.6 -3.5 -1.1 -4.0 -4.8 0.8 1

2 FA313111303 Federal government: SDR allocations 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2

3 FA263111005 Rest of the world -3.1 -3.6 -6.3 -16.6 -3.5 -1.1 -4.0 -4.8 0.8 3 4 FA313011303 SDR holdings 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4 5 FA263111403 Reserve position in IMF -3.4 -3.8 -6.5 -16.8 -3.7 -1.3 -4.2 -4.9 0.7 5 6 FA263111503 Other reserves 0.3 0.2 0.2 0.1 0.2 0.2 0.2 0.1 0.1 6

7 FA893011005 Net change in assets -3.1 -3.6 -6.3 -16.6 -3.5 -1.1 -4.0 -4.8 0.8 7

8 FA313011005 Federal government -3.3 -3.8 -6.4 -16.7 -3.6 -1.2 -4.0 -4.3 0.7 8 9 FA313011205 Monetary gold (2) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9 10 FA313011303 SDR holdings 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10 11 FA313011405 Reserve position in IMF -3.4 -3.9 -6.5 -16.8 -3.7 -1.3 -4.2 -4.3 0.7 11 12 FA313011505 Other reserves 0.2 0.1 0.1 0.1 0.1 0.1 0.1 0.0 0.0 12

13 FA263011005 Rest of the world 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13 14 FA263011205 Monetary gold (2) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14 15 FA313111303 SDR allocations 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15

16 FA713011005 Monetary authority 0.2 0.2 0.1 0.1 0.1 0.2 0.1 -0.5 0.0 16 17 FA713011203 Monetary gold (2) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 17 18 FA713011405 Reserve position in IMF 0.0 0.1 0.0 -0.0 0.0 0.1 -0.0 -0.5 0.0 18 19 FA713011505 Other reserves 0.2 0.1 0.1 0.1 0.1 0.1 0.1 0.0 0.0 19

(1) Includes federal government liability to IMF for special drawing rights (SDRs) allocations and accrued interest.(2) By international accounting standards, transactions in monetary gold are recorded in the financial account of the domestic sectors as increases (decreases) in assets, and the counterparts are recorded as decreases (increases) in assets of the rest of the world.

F.201 Special Drawing Rights (SDRs) Certificates and Treasury CurrencyBillions of dollars; quarterly figures are seasonally adjusted annual rates

SDR certificates:

1 FA713014003 Liab: Federal government 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1 2 FA713014003 Asset: Monetary authority 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2

Treasury currency:

3 FA313112003 Liab: Federal government -0.4 -0.3 -0.0 0.0 0.0 0.0 -0.0 0.0 0.0 3 4 FA713012003 Asset: Monetary authority 0.7 0.8 1.3 1.5 1.3 1.3 1.0 0.6 0.9 4

5 FA903012005 Discrepancy (seigniorage) -1.1 -1.1 -1.3 -1.5 -1.3 -1.3 -1.0 -0.6 -0.9 5

F.202 U.S. Deposits in Foreign CountriesBillions of dollars; quarterly figures are seasonally adjusted annual rates

1 FA263191005 Total rest of the world liability 31.1 -117.9 -240.9 -39.8 -331.3 -265.8 -326.7 153.1 -180.7 1 Held by:

2 FA153091003 Household sector 2.6 -6.4 -14.1 -3.0 -20.6 -15.0 -17.9 3.3 -8.2 2 3 FA103091003 Nonfinancial corporate business 42.1 -8.9 -20.6 -69.5 23.3 -32.4 -4.0 -41.6 42.2 3 4 FA633091003 Money market mutual funds -9.8 -9.8 -13.4 -16.1 8.0 -39.7 -6.0 26.0 -18.6 4

5 FA903091005 Discrepancy--unallocated assets -3.8 -92.9 -192.7 48.8 -342.0 -178.8 -298.8 165.5 -196.2 5

Flo

ws

Z.1, September 16, 2016 51

F.203 Net Interbank TransactionsBillions of dollars; quarterly figures are seasonally adjusted annual rates

2013 2014 2015 2015 2016 Q1 Q2 Q3 Q4 Q1 Q2

1 FA794110005 Net change in liabilities 1129.1 115.3 -502.0 554.8 -1196.9 -185.2 -1180.7 725.9 -545.5 1

2 FA714110005 Monetary authority 760.6 131.0 -402.3 243.7 -774.8 -180.4 -897.6 615.4 -331.6 2 3 FA764110005 U.S.-chartered depository institutions 191.0 54.5 -52.7 382.0 -626.6 -94.0 128.0 130.7 -335.5 3 4 FA754110005 Foreign banking offices in U.S. 175.1 -70.3 -49.6 -123.3 250.7 107.6 -433.5 -59.4 171.8 4 5 FA744110005 Banks in U.S.-affiliated areas 0.2 -0.6 0.2 -1.7 -1.9 3.2 1.4 -2.8 -0.4 5 6 FA474110005 Credit unions 2.2 0.7 2.3 54.1 -44.3 -21.5 21.0 42.0 -49.9 6

7 FA894010005 Net change in assets 1072.3 162.4 -492.6 231.4 -892.5 -254.2 -1055.1 413.6 -209.4 7

8 FA714010005 Monetary authority -0.5 0.5 0.5 -1.2 1.8 1.6 -0.3 -4.8 0.1 8 9 FA763020005 U.S.-chartered depository institutions 456.9 192.7 -209.3 254.2 -793.9 -109.3 -188.2 327.4 -360.0 9 10 FA753020005 Foreign banking offices in U.S. 309.3 -59.3 -198.5 -66.0 57.6 -62.2 -723.2 235.6 66.9 10 11 FA473013003 Credit unions -5.7 -2.5 5.5 55.6 -38.4 -8.9 13.8 52.5 -38.4 11 12 FA264016005 Rest of the world 312.2 30.9 -90.8 -11.2 -119.5 -75.4 -157.1 -197.0 122.0 12

13 FA904010005 Discrepancy 56.8 -47.1 -9.4 323.4 -304.4 69.0 -125.6 312.3 -336.1 13

Memo:

Vault cash: 14 FA703025005 Liab.: Monetary authority 2.6 2.0 -1.4 6.6 4.5 -1.2 -15.7 22.6 16.8 14 15 FA763025000 Asset: U.S.-chartered depository institutions 2.5 2.0 -1.4 6.8 4.5 -1.2 -15.7 22.6 16.8 15 16 FA753025003 Foreign banking offices in U.S. 0.0 0.0 -0.0 -0.2 -0.0 0.0 0.0 0.0 0.0 16

Depository institution reserves: 17 FA713113003 Liab.: Monetary authority 758.0 128.9 -400.8 237.1 -779.3 -179.2 -882.0 592.8 -348.4 17 18 FA763013005 Asset: U.S.-chartered depository institutions 454.4 190.7 -207.9 247.4 -798.4 -108.1 -172.5 304.7 -376.9 18 19 FA753013003 Foreign banking offices in U.S. 309.3 -59.3 -198.4 -65.8 57.6 -62.2 -723.2 235.6 66.9 19 20 FA473013003 Credit unions -5.7 -2.5 5.5 55.6 -38.4 -8.9 13.8 52.5 -38.4 20

Other transactions with the monetary authority 21 FA714010005 Liab: U.S.-chartered depository institutions -0.5 0.5 0.5 -1.2 1.8 1.6 -0.3 -4.8 0.1 21 22 FA714010005 Asset: Monetary authority -0.5 0.5 0.5 -1.2 1.8 1.6 -0.3 -4.8 0.1 22 23 FA713022003 Federal Reserve float -0.5 0.4 0.5 -0.8 1.3 1.3 0.2 -4.6 -0.4 23 24 FA713068705 Loans 0.0 0.1 -0.0 -0.4 0.5 0.3 -0.5 -0.2 0.6 24

Transactions with banks in foreign countries (net): 25 FA764116205 Liab.: U.S.-chartered depository institutions (net) 153.5 102.3 -39.5 131.4 -380.6 -181.8 272.9 -133.0 -25.6 25 26 FA763192605 Due to foreign affiliates 103.7 16.2 -26.8 46.7 -249.4 -139.1 234.7 -141.3 -23.1 26 27 FA763092605 - Due from foreign affiliates -49.8 -86.2 12.8 -84.7 131.2 42.8 -38.2 -8.3 2.5 27

28 FA754116205 Foreign banking offices in U.S. (net) 157.9 -67.2 -54.0 -143.0 265.3 78.0 -416.3 -88.4 186.8 28 29 FA753192605 Due to foreign affiliates 143.3 -123.8 -139.2 -156.0 0.0 -38.6 -362.0 -156.4 271.4 29 30 FA753092605 - Due from foreign affiliates -14.6 -56.6 -85.1 -13.0 -265.3 -116.6 54.3 -68.1 84.5 30

31 FA264116205 Less: Deposits at foreign banks -0.3 1.4 -2.7 -6.4 -3.3 -4.6 3.5 4.2 23.9 31 32 FA764016205 U.S.-chartered depository institutions 0.4 0.8 -2.6 0.2 -9.3 -2.5 1.3 1.8 6.9 32 33 FA754016205 Foreign banking offices in U.S. -0.8 0.7 -0.1 -6.6 6.0 -2.1 2.1 2.4 17.0 33

34 FA264035125 Plus: Loans from foreign banks 0.5 -2.8 0.0 -6.0 -7.5 23.9 -10.3 28.5 -15.3 34 35 FA274135123 U.S.-chartered depository institutions -0.1 -2.3 0.8 -0.5 -3.2 13.9 -7.0 11.8 -4.7 35 36 FA284135125 Foreign banking offices in U.S. 0.5 -0.5 -0.7 -5.5 -4.3 10.0 -3.2 16.8 -10.5 36

37 FA264016005 Asset: Rest of the world (1) 312.2 30.9 -90.8 -11.2 -119.5 -75.4 -157.1 -197.0 122.0 37

Transactions between U.S. depository institutions (net) (2): 38 FA764112005 U.S.-chartered depository institutions (net) 38.5 -45.3 -16.9 252.5 -253.8 69.7 -136.1 258.5 -298.3 38 39 FA764112205 Due to (3): 52.1 -48.5 -16.6 254.7 -256.6 80.6 -145.0 270.4 -286.3 39 40 FA754012205 Foreign banking offices in U.S. -2.3 -1.4 -4.6 -16.3 1.5 -6.7 2.9 -2.7 -0.5 40 41 FA743020003 Banks in U.S.-affiliated areas -0.2 0.6 -0.2 1.7 1.9 -3.2 -1.4 2.8 0.4 41 42 FA474012205 Credit unions -2.2 -0.7 -2.3 -54.1 44.3 21.5 -21.0 -42.0 49.9 42

43 FA754112205 - Due from: Foreign banking offices in U.S. 13.6 -3.3 0.4 2.2 -2.8 10.9 -8.9 11.9 12.0 43

44 FA904010005 Unallocated (2) 56.8 -47.1 -9.4 323.4 -304.4 69.0 -125.6 312.3 -336.1 44

(1) Sum of lines 25 and 28 less line 31 plus line 34.(2) Interbank transactions between U.S. banks should net to zero and thus are not shown in lines 1 through 12 above. However, the unallocated amount (line 44), which is due to inconsistencies in source data, appears on line 13 as the discrepancy between liabilities and assets.(3) Sum of lines 40, 41, 42, and 44.

Flo

ws

52 Z.1, September 16, 2016

F.204 Checkable Deposits and CurrencyBillions of dollars; quarterly figures are seasonally adjusted annual rates

2013 2014 2015 2015 2016 Q1 Q2 Q3 Q4 Q1 Q2

1 FA793120005 Net change in liabilities 332.6 351.1 292.2 -44.6 679.3 -107.7 641.8 536.3 400.0 1

2 FA713120005 Monetary authority 139.5 152.2 204.4 -295.9 601.2 51.6 460.7 149.4 228.7 2 3 FA713123005 Federal government cash and deposits 69.8 61.0 110.1 -361.4 509.4 -75.2 367.4 53.5 91.5 3 4 FA713124003 Due to government-sponsored enterprises -1.3 -5.8 10.9 3.0 29.4 15.5 -4.2 40.8 40.0 4 5 FA713122605 Deposits due to foreign 1.5 -2.7 -0.0 -0.1 0.1 3.9 -4.0 -0.1 0.0 5 6 FA713125005 Currency outside banks 69.5 99.7 83.4 62.6 62.3 107.3 101.6 55.3 97.1 6

7 FA763127005 U.S.-chartered depository institutions 148.2 136.2 50.3 171.4 30.8 -127.3 126.4 290.0 94.7 7 8 FA763123005 Federal government deposits 0.3 0.9 -0.2 -0.3 0.1 0.2 -0.7 -0.4 0.4 8 9 FA763122605 Deposits due to foreign -0.7 5.3 -14.6 -2.5 -13.9 -45.5 3.5 22.5 -0.5 9 10 FA763129205 Private domestic deposits 148.6 130.0 65.1 174.2 44.5 -82.0 123.6 267.9 94.8 10

11 FA753127005 Foreign banking offices in U.S. 30.8 45.2 16.4 46.7 46.9 -33.4 5.3 72.5 80.5 11 12 FA753122603 Deposits due to foreign 12.3 14.0 7.2 23.2 4.5 8.7 -7.7 6.8 25.6 12 13 FA753129205 Private domestic deposits 18.5 31.2 9.2 23.5 42.4 -42.1 13.1 65.7 54.8 13

14 FA743127003 Banks in U.S.-affiliated areas 6.3 5.2 1.6 -1.7 11.2 -1.6 -1.4 13.5 -3.8 14

15 FA473127003 Credit unions 7.9 12.2 19.5 34.9 -10.8 3.1 50.6 11.0 -0.1 15

16 FA793120005 Net change in assets 332.6 351.1 292.2 -44.6 679.3 -107.7 641.8 536.3 400.0 16

17 FA153020005 Household sector 134.0 134.0 144.7 420.8 19.3 -203.4 342.0 330.1 52.5 17

18 FA143020005 Nonfinancial business 75.5 73.8 30.4 -118.4 244.7 32.8 -37.6 29.3 136.7 18 19 FA103020005 Corporate 63.5 39.1 -13.3 -151.8 204.0 -11.6 -93.7 -16.5 90.5 19 20 FA113020005 Noncorporate 12.0 34.7 43.7 33.3 40.8 44.4 56.2 45.9 46.2 20

21 FA313020005 Federal government 69.6 60.8 109.9 -336.6 469.5 -63.2 370.1 78.9 52.6 21 22 FA213020005 State and local governments 7.1 16.0 -8.8 -21.2 20.3 -6.3 -27.9 25.9 1.4 22

23 FA793020005 Domestic financial sectors -3.6 -17.2 -14.7 -31.0 -102.1 124.6 -50.2 19.6 63.8 23

24 FA513020003 Property-casualty insurance companies -6.7 5.9 -2.9 -0.6 -20.1 15.3 -6.2 -7.8 16.7 24 25 FA543020005 Life insurance companies -9.2 3.6 7.3 -6.3 -29.8 41.2 24.1 -8.8 37.6 25

26 FA573020005 Private pension funds -0.4 3.3 1.0 -2.0 1.2 2.5 2.4 2.5 2.6 26 27 FA223020043 State and local govt. retirement funds 0.3 0.4 0.0 0.3 0.3 -0.3 -0.1 -0.8 0.0 27

28 FA633020000 Money market mutual funds -3.3 -17.9 11.9 -1.7 21.8 15.2 12.4 16.9 -9.7 28 29 FA403020005 Government-sponsored enterprises 29.0 -16.6 -24.0 -46.2 -49.0 24.9 -25.6 -25.2 35.6 29

30 FA613020003 Finance companies 4.2 -0.2 0.5 1.9 3.5 3.3 -6.5 16.5 -48.0 30 31 FA643020005 REITs -1.0 4.3 -2.9 0.2 -15.6 16.6 -12.7 7.1 16.5 31 32 FA663020003 Brokers and dealers -16.5 0.0 -5.7 23.6 -14.3 5.8 -37.9 19.2 12.3 32

33 FA263020005 Rest of the world 50.9 82.8 30.9 66.7 -11.8 20.6 48.3 79.5 53.9 33 34 FA263027003 Checkable deposits 13.2 16.5 -7.4 20.7 -9.3 -32.9 -8.2 29.2 25.2 34 35 FA263025003 Currency 37.7 66.3 38.4 46.0 -2.5 53.5 56.5 50.3 28.7 35

36 FA903020005 Mail float -0.7 0.9 -0.3 -24.9 39.4 -12.7 -2.8 -27.0 39.0 36

Flo

ws

Z.1, September 16, 2016 53

F.205 Time and Savings DepositsBillions of dollars; quarterly figures are seasonally adjusted annual rates

2013 2014 2015 2015 2016 Q1 Q2 Q3 Q4 Q1 Q2

1 FA703130005 Net change in liabilities 409.1 513.2 406.2 721.6 18.3 494.9 389.9 548.6 276.3 1

2 FA703131005 Small time and savings deposits 307.0 365.0 513.7 871.9 81.1 464.9 636.9 388.6 555.3 2

3 FA763131005 U.S.-chartered depository institutions 256.7 343.8 462.2 711.8 166.0 377.2 593.6 426.0 423.5 3 4 FA753131005 Foreign banking offices in U.S. 27.7 -5.9 13.0 167.5 -150.5 32.3 2.7 2.9 8.7 4 5 FA743131005 Banks in U.S.-affiliated areas 2.5 2.0 -1.5 -7.2 4.9 -2.2 -1.3 5.2 -4.0 5 6 FA473131005 Credit unions 20.1 25.0 40.0 -0.3 60.8 57.6 41.9 -45.6 127.0 6

7 FA703135005 Large time deposits (1) 102.1 148.2 -107.5 -150.3 -62.8 30.0 -246.9 160.0 -279.0 7

8 FA763135005 U.S.-chartered depository institutions 23.9 102.5 21.9 38.0 -76.0 153.8 -28.3 111.1 -37.4 8 9 FA753135005 Foreign banking offices in U.S. 71.1 39.7 -134.4 -188.3 6.4 -129.7 -225.8 31.0 -241.5 9 10 FA743135005 Banks in U.S.-affiliated areas 2.5 2.0 -1.5 -7.2 4.9 -2.2 -1.3 5.2 -4.0 10 11 FA473135003 Credit unions 4.7 4.1 6.4 7.2 1.9 8.1 8.5 12.7 4.0 11

12 FA703130005 Net change in assets 409.1 513.2 406.2 721.6 18.3 494.9 389.9 548.6 276.3 12

13 FA153030005 Household sector 210.7 431.9 460.9 449.5 183.5 702.8 507.7 108.1 458.4 13

14 FA143030005 Nonfinancial business 47.4 4.1 38.3 126.6 -104.8 97.5 33.8 69.6 123.9 14 15 FA103030003 Corporate 35.8 -21.5 -30.6 51.5 -134.4 15.7 -55.4 -10.1 64.1 15 16 FA113030003 Noncorporate 11.5 25.7 68.9 75.0 29.6 81.8 89.2 79.7 59.8 16

17 FA313030003 Federal government -0.5 0.2 0.0 -0.6 1.1 0.9 -1.3 0.2 0.5 17 18 FA213030005 State and local governments 18.1 8.9 13.6 28.5 2.8 -3.0 25.9 5.3 20.5 18

19 FA793030005 Domestic financial sectors 81.7 14.0 -83.9 88.1 -4.1 -234.3 -185.3 298.6 -420.6 19

20 FA573030005 Private pension funds 4.7 1.9 1.3 1.9 0.8 1.3 1.3 1.7 1.5 20 21 FA223030045 State and local govt. retirement funds 2.3 3.2 0.2 2.2 2.3 -2.2 -1.2 -7.0 0.3 21 22 FA633030000 Money market mutual funds 59.5 20.4 -78.4 56.9 -30.1 -206.5 -134.0 249.5 -271.0 22

23 FA403030005 Government-sponsored enterprises 1.1 -2.1 -0.7 -5.4 3.7 -0.6 -0.6 3.2 3.1 23 24 FA613030003 Finance companies 12.7 -0.5 1.6 5.6 10.4 10.0 -19.6 49.4 -144.0 24 25 FA733030003 Holding companies 1.5 -8.9 -7.9 27.0 8.8 -36.3 -31.1 1.9 -10.6 25

26 FA263030005 Rest of the world 51.8 54.1 -22.6 29.5 -60.1 -68.9 9.0 66.9 93.7 26

(1) Large time deposits are those issued in amounts of $100,000 or more.

F.206 Money Market Mutual Fund SharesBillions of dollars; quarterly figures are seasonally adjusted annual rates

1 FA634090005 Net issues 24.6 6.8 30.1 -84.4 43.5 43.4 118.0 257.0 -53.2 1

2 FA634090005 Net purchases 24.6 6.8 30.1 -84.4 43.5 43.4 118.0 257.0 -53.2 2

3 FA153034005 Household sector 28.9 -27.4 -45.7 -152.2 98.3 -139.9 11.1 120.1 -15.3 3 4 FA103034003 Nonfinancial corporate business 39.7 -0.9 18.6 -51.9 3.8 50.2 72.2 -8.8 9.6 4 5 FA113034003 Nonfinancial noncorporate business 2.0 3.9 5.3 5.4 4.4 4.9 6.4 4.4 6.4 5

6 FA213034003 State and local governments 0.5 6.7 11.7 14.2 4.1 14.3 14.3 3.8 7.5 6

7 FA513034003 Property-casualty insurance companies -2.2 -1.9 3.2 2.4 2.3 4.7 3.3 -3.4 0.2 7 8 FA543034005 Life insurance companies -10.1 4.0 2.7 -7.6 -4.3 44.7 -22.0 9.0 -14.7 8

9 FA573034005 Private pension funds 12.6 0.9 -4.6 -31.5 3.6 10.1 -0.6 7.6 7.6 9 10 FA223034005 State and local govt. retirement funds 3.4 2.9 0.3 2.4 2.8 -6.4 2.4 -12.3 0.1 10

11 FA503034003 Funding corporations -61.5 13.4 37.4 147.6 -66.6 52.2 16.3 135.9 -45.3 11

12 FA263034003 Rest of the world 11.3 5.1 1.3 -13.3 -4.9 8.7 14.5 0.7 -9.4 12

Flo

ws

54 Z.1, September 16, 2016

F.207 Federal Funds and Security Repurchase Agreements (1)Billions of dollars; quarterly figures are seasonally adjusted annual rates

2013 2014 2015 2015 2016 Q1 Q2 Q3 Q4 Q1 Q2

1 FA892150005 Net change in liabilities -491.1 25.0 49.8 254.8 -247.4 599.7 -408.0 -411.3 626.8 1

2 FA712151003 Monetary authority 208.7 193.9 202.6 108.1 85.2 331.7 285.3 -647.4 -26.8 2

3 FA762150005 U.S.-chartered depository institutions -80.5 -33.2 -39.4 -30.1 -9.8 -81.2 -36.4 -12.4 -38.3 3 4 FA762152005 Federal funds (2) -11.0 -19.7 0.8 -39.9 22.0 -17.8 38.7 1.1 -45.3 4 5 FA762151005 Security repurchase agreements -69.5 -13.5 -40.1 9.8 -31.8 -63.4 -75.1 -13.5 6.9 5

6 FA752150005 Foreign banking offices in U.S. -12.3 58.6 35.3 -34.1 22.4 3.4 149.7 -17.0 91.1 6 7 FA752152005 Federal funds (2) -2.6 8.3 -0.3 45.4 -63.3 16.9 -0.1 30.4 1.3 7 8 FA752151005 Security repurchase agreements -9.7 50.2 35.6 -79.5 85.6 -13.5 149.8 -47.4 89.8 8

9 FA472150053 Credit unions 0.0 0.0 0.0 0.1 0.0 -0.0 -0.0 0.0 -0.0 9

10 FA512151003 Property-casualty insurance companies -0.6 -0.4 0.4 0.4 0.0 0.6 0.5 0.9 1.0 10 11 FA542151073 Life insurance companies 6.5 1.0 0.9 1.0 1.2 -0.1 1.5 0.4 1.3 11

12 FA402150005 Government-sponsored enterprises 0.0 0.1 -0.1 0.1 -0.3 0.5 -0.5 0.0 0.0 12 13 FA642151073 REITs -65.0 10.0 -45.5 -13.0 -52.9 -79.9 -36.4 0.8 -11.9 13 14 FA662151003 Brokers and dealers -439.3 -220.9 -179.4 -49.8 -219.8 53.7 -501.7 -8.9 227.5 14 15 FA732151003 Holding companies -0.0 -0.0 0.1 0.1 0.1 0.1 0.0 -0.1 -0.0 15

16 FA262151003 Rest of the world -108.6 16.0 74.9 272.1 -73.4 370.9 -270.0 272.3 383.0 16

17 FA892050005 Net change in assets -418.2 135.7 -66.3 21.4 -189.1 462.6 -560.1 -345.3 698.7 17

18 FA102051003 Nonfinancial corporate business -1.0 12.9 4.4 2.4 6.5 5.7 2.9 -12.6 -5.0 18 19 FA212051003 State and local governments 0.9 5.8 9.9 11.8 3.8 11.9 12.0 3.1 6.0 19

20 FA712051000 Monetary authority 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 20

21 FA762050005 U.S.-chartered depository institutions -87.2 -30.4 24.8 120.2 -24.8 13.6 -10.0 -16.8 40.1 21 22 FA762052005 Federal funds (2) -11.1 -16.4 -11.2 -20.7 -12.0 -12.7 0.4 9.9 -13.4 22 23 FA762051005 Security repurchase agreements -76.2 -14.0 36.0 140.9 -12.8 26.3 -10.3 -26.8 53.5 23

24 FA752050005 Foreign banking offices in U.S. -1.2 41.1 0.4 -73.4 43.0 -48.2 80.1 -50.8 -9.7 24 25 FA752052005 Federal funds (2) -1.7 -0.0 -0.4 -0.8 0.7 -2.0 0.6 -0.2 0.0 25 26 FA752051005 Security repurchase agreements 0.5 41.1 0.8 -72.5 42.3 -46.2 79.5 -50.5 -9.7 26

27 FA472050053 Credit unions -9.6 -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 27 28 FA472052053 Federal funds -9.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 28 29 FA472051053 Security repurchase agreements -0.0 -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 29

30 FA512051003 Property-casualty insurance companies 0.0 0.1 0.0 -0.1 -0.1 0.1 -0.0 -0.3 0.0 30 31 FA542051073 Life insurance companies -5.3 0.4 5.1 20.0 -1.6 6.6 -4.4 -2.3 -0.5 31 32 FA572051005 Private pension funds 0.4 0.2 -0.2 -0.3 -0.2 -0.3 -0.2 -0.3 -0.3 32 33 FA222051043 State and local govt. retirement funds 0.2 0.3 0.0 0.2 0.2 -0.2 -0.1 -0.7 0.0 33

34 FA632051000 Money market mutual funds -53.2 152.9 44.8 50.7 11.2 110.6 6.8 -276.3 146.2 34 35 FA652051003 Mutual funds 22.3 9.9 -12.4 -5.2 -16.6 -22.9 -4.8 20.5 -6.9 35

36 FA402050005 Government-sponsored enterprises 1.5 10.3 20.2 -17.9 -68.5 31.9 135.5 -92.0 19.9 36 37 FA402052033 Of which: FHLB federal funds (3) -14.5 23.3 -10.4 -40.9 -3.6 -42.5 45.5 28.1 -14.9 37

38 FA662051003 Brokers and dealers -317.2 -168.2 -19.5 -55.8 129.6 289.7 -441.5 -71.9 328.4 38 39 FA732051003 Holding companies -2.8 -5.1 -0.4 12.9 7.3 -14.5 -7.3 3.4 0.7 39 40 FA502051003 Funding corporations -0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 40

41 FA262051003 Rest of the world 34.1 105.6 -143.4 -44.4 -278.8 78.6 -329.1 151.7 179.7 41

42 FA902050005 Discrepancy -72.9 -110.7 116.1 233.4 -58.4 137.1 152.1 -65.9 -71.9 42

Memo:

Federal Reserve’s reverse repurchase agreement operations: (4)

43 FA712151103 Liability: Monetary authority (5) 197.8 199.0 77.9 -72.9 56.4 228.0 99.9 -683.0 -100.2 43 44 FA632051103 Asset: Money market mutual funds (6) 163.3 207.9 52.8 -103.8 107.5 169.1 38.3 -625.2 -99.6 44 45 FA792051115 Other financial institutions (7) 34.5 -9.0 25.1 31.0 -51.1 59.0 61.6 -57.7 -0.6 45

(1) Detailed data on federal funds and security repurchase agreements are only available beginning 2012:Q1 for U.S.-chartered despository institutions, 2003:Q1 for foreign banking offices in U.S., 2010:Q4 for credit unions, and 2000:Q1 for FHLB.(2) Excludes term federal funds.(3) Includes term federal funds.(4) Reverse repurchase agreements (RRPs) conducted as part of the Federal Reserve’s Overnight RRP Operational Exercise (beginning 2013:Q3) and term RRP operations (beginning 2014:Q4).(5) Included in line 2.(6) Included in line 34.(7) Includes banks (consolidated), government-sponsored enterprises, and primary dealers.

Flo

ws

Z.1, September 16, 2016 55

F.208 Debt Securities (1)Billions of dollars; quarterly figures are seasonally adjusted annual rates

2013 2014 2015 2015 2016 Q1 Q2 Q3 Q4 Q1 Q2

By instrument

1 FA894122005 Total debt securities 1350.4 1334.5 1255.2 342.7 1261.8 798.2 2618.2 1712.5 1452.6 1

2 FA893169175 Open market paper -0.8 -21.2 11.1 -11.7 40.6 22.6 -7.1 270.0 -83.4 2 3 FA313161105 Treasury securities 857.7 736.0 724.4 -37.0 389.1 302.5 2243.0 852.4 770.0 3 4 FA893161705 Agency- and GSE-backed securities 237.9 150.2 220.6 -149.6 215.7 316.4 499.9 60.4 580.8 4 5 FA383162005 Municipal securities -68.1 -42.0 15.5 73.9 25.8 11.4 -49.1 35.4 94.7 5 6 FA893163005 Corporate and foreign bonds 323.7 511.5 283.6 467.0 590.6 145.3 -68.6 494.3 90.5 6

By sector

7 FA894122005 Total liabilities 1350.4 1334.5 1255.2 342.7 1261.8 798.2 2618.2 1712.5 1452.6 7

8 FA384122005 Domestic nonfinancial sectors 1079.4 1001.3 1135.3 425.7 977.6 706.2 2431.5 1451.0 1170.8 8

9 FA163162003 Household sector (nonprofits) -14.4 -6.7 -8.1 -1.7 -14.7 -10.5 -5.4 0.8 -0.7 9 10 FA104122005 Nonfinancial corporate business 293.3 307.3 408.6 411.1 584.7 410.1 228.5 576.2 335.4 10

11 FA314122005 Federal government 857.3 735.9 724.6 -37.9 391.1 300.2 2244.8 851.9 770.5 11 12 FA213162005 State and local governments -56.8 -35.2 10.2 54.3 16.5 6.4 -36.5 22.1 65.6 12

13 FA794122005 Domestic financial sectors 65.0 170.4 163.2 -208.4 266.9 278.7 315.4 354.5 409.4 13

14 FA764122005 U.S.-chartered depository institutions -102.7 -17.2 -9.3 -79.4 4.1 10.4 27.9 36.9 -26.0 14 15 FA753169603 Foreign banking offices in U.S. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15 16 FA403161705 Government-sponsored enterprises 107.5 75.3 93.5 -163.5 93.5 142.1 301.9 -75.6 421.7 16 17 FA413065005 Agency- and GSE-backed mortgage pools 130.8 75.0 126.9 14.9 120.2 176.5 196.2 136.4 158.7 17 18 FA674122005 ABS issuers -274.7 -56.9 -57.0 30.0 -14.6 -156.8 -86.5 -59.5 -131.8 18 19 FA614122005 Finance companies -6.1 2.0 -8.8 59.6 -74.3 7.0 -27.6 19.9 -144.0 19

20 FA644122005 REITs 176.1 46.9 -7.8 1.0 -8.9 -12.1 -11.1 80.7 42.7 20 21 FA663163003 Brokers and dealers 22.2 11.5 7.4 -65.9 113.5 -1.6 -16.4 -47.3 -33.8 21 22 FA734122005 Holding companies -15.8 8.0 -49.4 -45.4 15.4 -44.4 -123.0 121.2 92.8 22 23 FA504122005 Funding corporations 27.7 25.8 67.5 40.3 18.0 157.6 53.9 141.8 29.2 23

24 FA264122005 Rest of the world 206.1 162.9 -43.2 125.4 17.3 -186.7 -128.8 -93.0 -127.6 24

25 FA894122005 Total assets: 1350.4 1334.5 1255.2 342.7 1261.8 798.2 2618.2 1712.5 1452.6 25

26 FA384022005 Domestic nonfinancial sectors -479.4 -36.3 203.6 -255.6 -227.0 1154.7 142.4 115.6 -158.3 26

27 FA154022005 Household sector -402.9 -67.9 177.6 -326.8 -133.2 1050.6 119.8 60.6 -265.9 27 28 FA104022005 Nonfinancial corporate business -13.2 9.3 -6.9 -22.5 -13.1 -17.6 25.4 32.1 -9.0 28 29 FA114022005 Nonfinancial noncorporate business 0.5 2.8 4.9 3.9 4.6 4.9 6.1 4.6 4.6 29

30 FA314022005 Federal government -0.1 -0.0 -0.0 0.0 -0.1 -0.1 0.0 0.0 0.0 30 31 FA214022005 State and local governments -63.8 19.5 28.1 89.8 -85.2 116.8 -8.9 18.4 111.9 31

32 FA794022005 Domestic financial sectors 1276.3 838.7 617.1 311.5 111.6 -51.1 2096.3 1318.1 1193.9 32

33 FA714022005 Monetary authority 1086.6 480.7 5.1 21.6 -11.5 17.2 -6.9 62.4 -64.5 33 34 FA764022005 U.S.-chartered depository institutions 90.7 241.5 214.4 292.5 208.7 49.4 306.9 94.7 222.1 34 35 FA754022005 Foreign banking offices in U.S. -50.4 -14.5 -9.0 -33.9 -50.0 37.9 10.0 85.1 96.6 35 36 FA744022003 Banks in U.S.-affiliated areas 1.5 -1.2 0.8 -0.2 1.5 -0.0 1.9 -0.4 3.0 36 37 FA474022005 Credit unions 4.6 -9.0 -2.8 -3.2 -18.7 -17.6 28.1 -31.3 -5.6 37

38 FA514022005 Property-casualty insurance companies 28.6 19.8 -2.3 -28.9 14.2 -2.3 7.7 26.6 -10.2 38 39 FA544022005 Life insurance companies 55.1 70.2 80.4 104.7 57.8 88.2 70.7 214.3 182.6 39

40 FA574022005 Private pension funds 89.8 21.6 45.4 48.0 34.2 54.7 44.8 41.1 40.1 40 41 FA344022005 Federal government retirement funds 107.9 86.5 92.2 -293.3 -462.9 -363.5 1488.3 106.3 63.4 41 42 FA224022045 State and local govt. retirement funds 89.7 20.3 -5.7 -39.7 3.0 -20.0 34.1 58.0 22.1 42

43 FA634022005 Money market mutual funds 28.9 -124.2 72.2 -73.7 42.2 134.4 186.0 334.9 86.2 43 44 FA654022005 Mutual funds 110.9 93.1 116.7 242.7 389.8 -171.7 6.0 9.0 197.5 44 45 FA554022005 Closed-end funds 5.5 -2.7 1.4 2.5 2.7 1.7 -1.4 1.4 -0.8 45 46 FA564022005 Exchange-traded funds 12.5 51.5 55.3 77.7 8.2 86.3 49.2 126.3 59.4 46

47 FA404022005 Government-sponsored enterprises -94.6 -18.9 -25.3 -25.9 -68.0 -24.1 16.8 -12.1 50.2 47 48 FA674022005 ABS issuers -1.2 5.5 0.9 2.7 3.9 -1.3 -1.8 -4.0 -9.2 48 49 FA613063003 Finance companies -10.8 6.0 6.1 8.5 14.2 -5.3 6.9 -6.1 27.1 49 50 FA644022005 REITs -89.7 7.7 -44.7 -14.7 -82.4 -29.5 -52.3 -3.2 -1.9 50

51 FA664022005 Brokers and dealers -186.3 -89.2 -36.7 92.1 -41.3 -23.4 -174.0 38.5 173.9 51 52 FA734022605 Holding companies 15.9 -0.2 -20.6 -22.0 1.7 18.0 -80.3 -9.9 8.6 52 53 FA504022005 Funding corporations -18.9 -5.7 73.4 -46.0 64.3 119.8 155.4 186.3 53.5 53

54 FA264022005 Rest of the world 553.6 532.0 434.5 286.7 1377.1 -305.4 379.5 278.7 417.0 54

(1) Sum of open market paper, Treasury securities, agency- and GSE-backed securities, municipal securities, and corporate and foreign bonds.

Flo

ws

56 Z.1, September 16, 2016

F.209 Open Market PaperBillions of dollars; quarterly figures are seasonally adjusted annual rates

2013 2014 2015 2015 2016 Q1 Q2 Q3 Q4 Q1 Q2

1 FA893169175 Total net issues, all types -0.8 -21.2 11.1 -11.7 40.6 22.6 -7.1 270.0 -83.4 1

2 FA893169105 Commercial paper -0.8 -21.2 11.1 -11.7 40.6 22.6 -7.1 270.0 -83.4 2

3 FA103169100 Nonfinancial corporate business 14.2 37.5 -5.4 -61.2 -53.2 70.3 22.5 33.9 12.3 3

4 FA263169105 Foreign issues in U.S. 34.0 -21.4 59.3 142.5 -17.3 52.7 59.2 68.6 -62.8 4 5 FA263169110 Nonfinancial 11.2 -6.4 -1.1 39.1 -1.8 -58.0 16.5 31.2 -53.1 5 6 FA263169123 Financial 22.8 -15.0 60.3 103.4 -15.5 110.7 42.7 37.4 -9.8 6

7 FA793169100 Domestic financial sectors -48.9 -37.3 -42.7 -93.0 111.1 -100.4 -88.8 167.5 -32.9 7 8 FA763169103 U.S.-chartered depository institutions -27.8 -5.2 -0.9 -21.9 4.3 4.0 9.9 12.0 -4.4 8 9 FA673169105 ABS issuers -7.1 -15.1 -7.3 11.0 31.0 -48.8 -22.3 53.1 -2.9 9 10 FA613169100 Finance companies -10.3 -1.1 -4.4 5.2 32.8 -16.8 -38.9 41.9 16.7 10 11 FA643169173 REITs 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11 12 FA733169103 Holding companies -19.9 -19.6 -71.3 -28.0 -54.8 -161.1 -41.4 -0.3 -3.9 12 13 FA503169105 Funding corporations 16.2 3.6 41.2 -59.3 97.9 122.3 3.9 60.8 -38.3 13

14 FA703169605 Bankers’ acceptances (1) -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14

15 FA763169603 U.S.-chartered depository institutions -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15 16 FA753169603 Foreign banking offices in U.S. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16

17 FA893169175 Net purchases, by sector -0.8 -21.2 11.1 -11.7 40.6 22.6 -7.1 270.0 -83.4 17

18 FA163069103 Household sector -3.8 -0.1 0.2 1.4 1.7 0.8 -3.2 5.1 -0.3 18 19 FA103069100 Nonfinancial corporate business -6.6 3.5 -1.7 4.9 5.5 -7.4 -9.8 0.2 27.8 19

20 FA213069103 State and local governments -9.8 -7.1 -3.0 -4.5 -8.6 10.8 -9.5 -10.7 2.6 20

21 FA713069603 Monetary authority 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 21 22 FA763069175 U.S.-chartered depository institutions (1) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 22 23 FA753069603 Foreign banking offices in U.S. (1) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 23 24 FA473069153 Credit unions 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 24

25 FA513069103 Property-casualty insurance companies 0.7 -0.1 0.9 0.6 0.6 1.5 0.9 -1.4 0.1 25 26 FA543069105 Life insurance companies 3.2 -4.6 -6.9 2.7 -7.1 -3.1 -20.1 22.0 4.9 26

27 FA573069105 Private pension funds 5.4 2.0 3.1 5.3 1.3 3.0 2.8 2.0 1.9 27 28 FA223069143 State and local govt. retirement funds 2.5 3.4 0.3 2.4 2.5 -2.4 -1.4 -7.6 0.3 28

29 FA633069175 Money market mutual funds 10.7 -19.2 -39.8 8.8 15.3 -15.5 -167.9 109.4 -200.5 29 30 FA653069100 Mutual funds 22.3 9.9 -12.4 -21.9 -23.9 -17.5 13.9 5.5 -16.9 30

31 FA403069105 Government-sponsored enterprises 1.0 1.5 -0.5 -1.4 -0.1 -2.3 1.9 0.1 0.3 31 32 FA663069103 Brokers and dealers -1.3 -7.8 -1.4 3.4 -8.2 -0.4 -0.3 3.2 -13.0 32 33 FA503069105 Funding corporations -24.2 -10.4 74.7 -59.9 85.2 102.1 171.6 154.8 80.2 33

34 FA263069103 Rest of the world -0.9 7.7 -2.5 46.4 -23.5 -46.9 14.0 -12.7 29.4 34

(1) Excludes banks’ holdings of own acceptances.

Flo

ws

Z.1, September 16, 2016 57

F.210 Treasury Securities (1)Billions of dollars; quarterly figures are seasonally adjusted annual rates

2013 2014 2015 2015 2016 Q1 Q2 Q3 Q4 Q1 Q2

1 FA313161105 Total liabilities 857.7 736.0 724.4 -37.0 389.1 302.5 2243.0 852.4 770.0 1

2 FA313161205 Marketable Treasury securities 806.2 646.7 688.1 254.1 923.8 774.4 800.3 718.7 629.4 2 3 FA313161113 Treasury bills -35.9 -133.9 54.3 79.4 -333.5 -151.7 623.2 413.4 -437.6 3 4 FA313161275 Other Treasury notes, bonds, and TIPS 834.3 781.9 632.4 174.7 1262.5 926.1 166.3 305.3 1074.9 4 5 FA313161283 Held in the Civil Service Retirement Fund (2) 7.9 -1.4 1.4 0.0 -5.2 0.0 10.7 0.0 -7.9 5

6 FA313161305 Nonmarketable Treasury securities 51.4 89.4 36.2 -291.1 -534.8 -471.9 1442.7 133.7 140.6 6 7 FA313161400 U.S. savings securities -3.3 -3.3 -4.3 -3.9 -4.2 -4.4 -4.9 -4.9 -5.6 7 8 FA213061120 State and local government series (SLGS) -42.0 -4.1 -41.3 13.4 -88.8 -46.4 -43.5 39.5 58.8 8 9 FA343061123 Thrift Savings Plan G Fund 14.2 18.6 15.7 -238.4 -252.2 -274.4 827.7 24.2 12.5 9 10 FA343061145 Federal govt. defined benefit pension plans 90.3 70.2 74.3 -55.7 -206.5 -90.2 649.7 81.7 56.7 10 11 FA313161375 Other nonmarketable securities -7.8 8.0 -8.0 -6.4 17.0 -56.5 13.8 -6.6 18.2 11

12 FA893061105 Total assets 857.7 736.0 724.4 -37.0 389.1 302.5 2243.0 852.4 770.0 12

13 FA153061105 Household sector -29.9 -229.7 219.3 -6.8 167.2 647.4 69.5 31.1 474.5 13 14 FA313161400 U.S. savings securities (line 7) -3.3 -3.3 -4.3 -3.9 -4.2 -4.4 -4.9 -4.9 -5.6 14 15 FA153061185 Other Treasury securities -26.6 -226.5 223.6 -2.9 171.4 651.7 74.3 36.0 480.0 15

16 FA103061103 Nonfinancial corporate business -0.6 2.5 -5.9 -29.7 -11.3 -3.9 21.4 33.1 -30.6 16 17 FA113061003 Nonfinancial noncorporate business 2.2 2.6 4.5 3.6 4.3 4.6 5.6 4.3 4.3 17

18 FA213061105 State and local governments -20.0 36.5 43.2 77.3 -55.2 91.5 59.2 63.6 62.7 18 19 FA213061120 SLGS (line 8) -42.0 -4.1 -41.3 13.4 -88.8 -46.4 -43.5 39.5 58.8 19 20 FA213061103 Other Treasury securities 22.0 40.6 84.6 64.0 33.6 137.9 102.8 24.1 4.0 20

21 FA713061100 Monetary authority 542.6 252.6 0.2 48.4 -8.1 -16.3 -23.2 54.7 -9.7 21 22 FA713061113 Treasury bills 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 22 23 FA713061125 Other Treasury securities 542.6 252.6 0.2 48.4 -8.1 -16.3 -23.2 54.7 -9.7 23

24 FA763061100 U.S.-chartered depository institutions -26.1 203.3 14.8 9.5 63.5 -11.1 -2.9 12.8 92.9 24 25 FA753061103 Foreign banking offices in U.S. -9.6 -10.5 13.3 -3.2 6.2 -10.4 60.7 37.5 40.2 25 26 FA743061103 Banks in U.S.-affiliated areas 0.7 0.2 1.1 0.6 1.4 1.5 0.8 0.3 1.4 26 27 FA473061105 Credit unions -0.2 2.5 7.6 5.3 1.4 -1.6 25.4 -2.9 -20.5 27

28 FA513061103 Property-casualty insurance companies 6.4 6.4 -3.2 -6.3 -2.8 -1.6 -2.3 0.2 -0.7 28 29 FA513061113 Treasury bills 9.4 3.3 -3.9 -4.9 -5.0 -2.1 -3.8 -3.6 0.2 29 30 FA513061125 Other Treasury securities -3.0 3.0 0.7 -1.3 2.1 0.5 1.5 3.8 -0.9 30

31 FA543061105 Life insurance companies -12.2 14.3 16.2 35.5 5.1 19.9 4.2 12.4 10.0 31 32 FA543061113 Treasury bills -2.8 2.0 -2.1 -2.9 -3.6 3.5 -5.5 1.8 -0.4 32 33 FA543061125 Other Treasury securities -9.4 12.3 18.3 38.4 8.7 16.4 9.8 10.6 10.4 33

34 FA573061105 Private pension funds -2.0 -4.3 21.5 40.6 12.4 19.3 13.7 10.8 12.4 34 35 FA573061143 Defined benefit plans -2.7 -5.0 5.7 6.3 4.5 6.0 6.1 5.3 5.8 35 36 FA573061133 Defined contribution plans 0.7 0.8 15.8 34.3 7.9 13.3 7.6 5.4 6.7 36

37 FA343061105 Federal government retirement funds 110.9 87.0 91.3 -293.7 -463.5 -365.9 1488.3 106.1 62.1 37 38 FA343061165 Defined benefit plans 98.2 68.9 75.4 -55.9 -211.8 -90.9 660.3 81.6 48.7 38 39 FA343061155 Defined contribution plans 12.7 18.2 15.9 -237.8 -251.8 -275.0 828.0 24.5 13.4 39

40 FA223061143 State and local govt. retirement funds 15.4 -7.0 -6.5 -19.5 6.2 -17.8 5.2 3.1 -6.7 40 41 FA633061105 Money market mutual funds 29.8 -77.1 63.9 75.0 24.9 -59.6 215.3 233.9 74.3 41 42 FA633061110 Treasury bills 6.1 -49.6 -8.6 -89.3 130.8 -169.7 94.0 234.1 39.0 42 43 FA633061120 Other Treasury securities 23.7 -27.5 72.4 164.3 -105.9 110.1 121.2 -0.2 35.3 43

44 FA653061105 Mutual funds -54.3 193.3 155.3 79.5 126.6 222.1 193.2 -14.6 11.6 44 45 FA653061113 Treasury bills -9.6 -8.8 3.0 1.2 4.9 36.6 -30.8 11.9 -7.0 45 46 FA653061125 Other Treasury securities -44.7 202.1 152.3 78.3 121.6 185.4 224.0 -26.5 18.6 46

47 FA553061103 Closed-end funds 0.6 -0.2 -0.5 -0.4 -0.0 -0.7 -0.7 -0.6 -7.0 47 48 FA563061103 Exchange-traded funds -6.3 13.2 14.3 12.4 2.4 58.7 -16.4 40.5 -0.2 48 49 FA403061105 Government-sponsored enterprises -9.9 5.2 23.2 30.0 -4.1 27.6 39.4 13.5 -1.4 49 50 FA673061103 ABS issuers -0.9 5.5 1.0 2.7 3.9 -1.3 -1.4 -4.0 -9.2 50 51 FA663061105 Brokers and dealers -110.5 -75.9 5.1 75.8 -17.8 59.3 -96.8 161.5 60.4 51 52 FA733061103 Holding companies 8.5 -2.8 -3.7 -14.4 -5.5 16.3 -11.1 -0.6 -4.2 52

53 FA263061105 Rest of the world 423.2 318.5 48.3 -159.2 532.0 -375.5 195.9 55.8 -46.9 53 54 FA263061110 Treasury bills 23.3 -13.9 53.1 114.0 116.9 -75.3 56.6 -14.5 -38.2 54 55 FA263061120 Other Treasury securities 399.9 332.4 -4.8 -273.2 415.1 -300.2 139.3 70.3 -8.7 55

(1) Includes marketable and nonmarketable Treasury securities held by the public (net of premiums and discounts) and Treasury securities held by federal government employee retirement funds. In the Financial Accounts, nonmarketable government securities held by federal government employee defined benefit retirement funds are considered part of the financial business sector as opposed to intragovernmental holdings as reported on the Monthly Statement of the Public Debt.(2) Long-term marketable securities issued to the Civil Service Retirement Fund by the Federal Financing Bank. These securities are not currently traded in the market.

Flo

ws

58 Z.1, September 16, 2016

F.211 Agency- and GSE-Backed Securities (1)Billions of dollars; quarterly figures are seasonally adjusted annual rates

2013 2014 2015 2015 2016 Q1 Q2 Q3 Q4 Q1 Q2

1 FA893161705 Net issues 237.9 150.2 220.6 -149.6 215.7 316.4 499.9 60.4 580.8 1

2 FA313161705 Budget agencies -0.4 -0.1 0.2 -1.0 2.1 -2.2 1.8 -0.5 0.5 2 3 FA403161705 Government-sponsored enterprises 107.5 75.3 93.5 -163.5 93.5 142.1 301.9 -75.6 421.7 3 4 FA413065005 Agency- and GSE-backed mortgage pools 130.8 75.0 126.9 14.9 120.2 176.5 196.2 136.4 158.7 4

5 FA893061705 Net purchases 237.9 150.2 220.6 -149.6 215.7 316.4 499.9 60.4 580.8 5

6 FA153061705 Household sector -31.2 92.3 199.9 -140.0 120.6 366.3 452.5 -159.9 -147.4 6 7 FA103061703 Nonfinancial corporate business -4.2 4.8 -2.0 -9.9 -3.8 -1.3 7.1 11.0 -10.2 7

8 FA313061703 Federal government 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8 9 FA213061703 State and local governments -32.0 -14.8 -22.4 3.8 -23.3 1.5 -71.6 -38.7 38.4 9

10 FA713061705 Monetary authority 543.9 228.1 4.9 -26.8 -3.4 33.5 16.3 7.8 -54.8 10

11 FA763061705 U.S.-chartered depository institutions 47.7 43.0 164.4 218.8 121.9 64.1 253.0 21.7 73.4 11 12 FA753061703 Foreign banking offices in U.S. -6.7 -4.9 2.6 -4.7 15.9 -9.3 8.6 0.4 -0.9 12 13 FA743061703 Banks in U.S.-affiliated areas -0.8 -0.1 0.1 -1.0 1.4 0.0 -0.0 -1.2 -0.1 13 14 FA473061705 Credit unions 2.2 -11.7 -11.9 -14.2 -20.1 -15.9 2.5 -33.0 13.3 14

15 FA513061703 Property-casualty insurance companies -4.9 -3.3 -7.6 -10.6 -5.6 -7.8 -6.3 3.4 -0.8 15 16 FA543061705 Life insurance companies -6.8 -15.0 -12.4 -9.0 -12.5 -19.4 -8.7 19.4 18.9 16

17 FA573061705 Private pension funds -5.8 -2.4 -8.7 -25.2 -6.5 -1.2 -1.9 -3.4 -2.7 17 18 FA343061705 Federal government retirement funds -1.7 -0.5 0.2 0.5 0.4 -0.3 0.2 0.3 0.8 18 19 FA223061743 State and local govt. retirement funds 2.8 -4.1 -6.7 -13.6 -6.9 -7.8 1.5 1.7 -5.7 19

20 FA633061700 Money market mutual funds 17.3 23.3 76.9 -100.5 29.6 185.3 193.1 137.8 403.0 20 21 FA653061703 Mutual funds -41.3 -200.4 -98.2 59.7 -103.0 -208.0 -141.7 50.2 8.4 21 22 FA403061705 Government-sponsored enterprises -22.7 7.8 -14.3 -12.3 -27.4 -17.3 -0.1 5.3 67.1 22

23 FA673061703 ABS issuers -0.2 0.0 -0.1 0.0 0.0 0.0 -0.4 0.0 0.0 23 24 FA643061773 REITs -88.3 8.5 -49.6 -33.5 -84.0 -29.3 -51.8 -2.0 -7.9 24

25 FA663061703 Brokers and dealers -55.4 7.7 -12.2 9.5 4.9 -11.0 -52.1 -28.7 78.4 25 26 FA733061703 Holding companies 9.6 0.0 -4.3 12.2 -5.5 2.8 -26.7 -7.8 5.5 26

27 FA263061705 Rest of the world -83.6 -8.1 22.1 -52.8 223.3 -8.5 -73.8 76.1 104.0 27

(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.106, line 44.

Flo

ws

Z.1, September 16, 2016 59

F.212 Municipal SecuritiesBillions of dollars; quarterly figures are seasonally adjusted annual rates

2013 2014 2015 2015 2016 Q1 Q2 Q3 Q4 Q1 Q2

1 FA383162005 Net change in liabilities -68.1 -42.0 15.5 73.9 25.8 11.4 -49.1 35.4 94.7 1

2 FA213162005 State and local governments -56.8 -35.2 10.2 54.3 16.5 6.4 -36.5 22.1 65.6 2 3 FA213162400 Short-term (1) -10.9 -6.4 -6.1 -1.8 8.1 -27.4 -3.4 -0.7 10.7 3 4 FA213162200 Long-term -45.9 -28.8 16.3 56.1 8.4 33.8 -33.1 22.8 54.9 4

5 FA163162003 Nonprofit organizations (2) -14.4 -6.7 -8.1 -1.7 -14.7 -10.5 -5.4 0.8 -0.7 5 6 FA103162000 Nonfinancial corporate business 3.1 -0.0 13.4 21.4 24.1 15.6 -7.2 12.5 29.8 6 (industrial revenue bonds)

7 FA383162005 Net change in assets -68.1 -42.0 15.5 73.9 25.8 11.4 -49.1 35.4 94.7 7

8 FA153062005 Household sector -52.8 -67.6 -60.2 -57.0 -31.5 -11.2 -141.3 -26.9 -45.1 8 9 FA103062003 Nonfinancial corporate business -1.7 -1.5 2.6 12.2 -3.6 -5.1 6.7 -12.3 4.0 9 10 FA113062003 Nonfinancial noncorporate business -1.7 0.2 0.4 0.3 0.3 0.4 0.4 0.3 0.3 10

11 FA213062003 State and local governments -0.1 0.4 0.8 1.0 0.1 1.0 1.0 0.3 0.6 11

12 FA763062000 U.S.-chartered depository institutions 53.8 32.7 47.4 61.3 47.2 39.0 42.0 40.1 67.5 12 13 FA753062003 Foreign banking offices in U.S. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13 14 FA743062003 Banks in U.S.-affiliated areas 0.9 -0.9 -0.6 0.2 -1.0 -1.1 -0.4 -0.6 -0.0 14 15 FA473062005 Credit unions 0.3 -0.8 0.6 0.7 1.2 0.6 -0.2 1.9 0.4 15

16 FA513062003 Property-casualty insurance companies -1.7 -4.2 8.3 -0.5 14.5 7.4 11.7 10.4 -3.7 16 17 FA543062005 Life insurance companies 10.1 6.2 10.9 8.4 10.2 12.6 12.4 12.6 9.4 17 18 FA223062043 State and local govt. retirement funds 1.0 -0.2 -0.2 -0.1 0.1 -0.7 -0.1 1.6 0.0 18

19 FA633062000 Money market mutual funds -28.6 -27.0 -13.6 -13.5 -26.5 -12.1 -2.5 -99.6 -52.7 19 20 FA653062003 Mutual funds -39.5 15.1 16.2 42.9 10.9 -10.6 21.7 79.8 97.4 20 21 FA553062003 Closed-end funds -0.2 0.5 -0.1 -0.0 -0.3 0.8 -0.7 1.2 0.7 21 22 FA563062003 Exchange-traded funds -0.8 3.2 3.9 5.6 2.2 2.0 5.9 7.1 6.5 22

23 FA403062005 Government-sponsored enterprises -3.5 -2.6 -2.6 -3.6 -3.2 -1.5 -2.2 -2.6 -0.3 23 24 FA663062003 Brokers and dealers -8.0 0.2 -4.9 7.1 -6.7 -12.3 -7.8 19.3 3.5 24

25 FA263062003 Rest of the world 4.5 4.3 6.9 9.0 11.9 2.3 4.4 2.9 6.1 25

(1) Debt with original maturity of 13 months or less.(2) Liability of the households and nonprofit organizations sector (tables F.101 and L.101).

Flo

ws

60 Z.1, September 16, 2016

F.213 Corporate and Foreign BondsBillions of dollars; quarterly figures are seasonally adjusted annual rates

2013 2014 2015 2015 2016 Q1 Q2 Q3 Q4 Q1 Q2

1 FA893163005 Net issues 323.7 511.5 283.6 467.0 590.6 145.3 -68.6 494.3 90.5 1

2 FA103163003 Nonfinancial corporate business 276.0 269.9 400.6 451.0 613.9 324.3 213.2 529.7 293.3 2

3 FA793163005 Domestic financial sectors -124.4 57.4 -14.5 33.2 -57.9 60.5 -93.9 126.2 -138.1 3

4 FA763163005 U.S.-chartered depository institutions -74.9 -12.0 -8.4 -57.5 -0.3 6.4 17.9 24.9 -21.6 4 5 FA673163005 ABS issuers (net) (1) -267.6 -41.7 -49.7 19.0 -45.5 -108.0 -64.2 -112.6 -128.9 5 6 FA613163005 Finance companies 4.2 3.0 -4.4 54.4 -107.1 23.8 11.3 -22.0 -160.7 6 7 FA643163005 REITs 176.1 46.9 -7.8 1.0 -8.9 -12.1 -11.1 80.7 42.7 7

8 FA663163003 Brokers and dealers 22.2 11.5 7.4 -65.9 113.5 -1.6 -16.4 -47.3 -33.8 8 9 FA733163003 Holding companies 4.1 27.6 22.0 -17.5 70.2 116.7 -81.6 121.5 96.7 9 10 FA503163005 Funding corporations 11.4 22.2 26.3 99.5 -79.9 35.3 50.0 81.0 67.5 10

11 FA263163005 Rest of the world (2) 172.1 184.2 -102.4 -17.1 34.6 -239.4 -187.9 -161.6 -64.8 11

12 FA893163005 Net purchases (3) 323.7 511.5 283.6 467.0 590.6 145.3 -68.6 494.3 90.5 12

13 FA153063005 Household sector -285.3 137.3 -181.5 -124.4 -391.2 47.3 -257.8 211.1 -547.5 13 14 FA313063763 Federal government -0.1 -0.0 -0.0 0.0 -0.1 -0.1 0.0 0.0 0.0 14 15 FA213063003 State and local governments -1.8 4.6 9.5 12.1 1.8 12.1 12.0 3.8 7.6 15

16 FA763063005 U.S.-chartered depository institutions 15.2 -37.4 -12.2 2.8 -23.8 -42.7 14.9 20.1 -11.7 16 17 FA763063605 MBS and other ABS -1.3 -8.6 -11.9 -5.4 -11.2 -15.6 -15.4 -23.8 -17.7 17 18 FA763063095 Other 16.5 -28.8 -0.3 8.2 -12.6 -27.1 30.2 43.9 6.0 18

19 FA753063005 Foreign banking offices in U.S. -34.1 0.9 -24.9 -25.9 -72.0 57.6 -59.2 47.3 57.3 19 20 FA743063005 Banks in U.S.-affiliated areas 0.6 -0.4 0.2 0.1 -0.3 -0.5 1.6 1.1 1.7 20

21 FA473063005 Credit unions 2.2 1.0 0.9 5.1 -1.2 -0.7 0.4 2.6 1.1 21 22 FA473063605 MBS and other ABS 2.1 1.0 0.9 5.0 -1.4 -0.4 0.5 2.5 1.1 22 23 FA473063095 Other 0.1 -0.0 -0.0 0.0 0.2 -0.3 -0.1 0.2 -0.0 23

24 FA513063003 Property-casualty insurance companies 28.1 21.2 -0.7 -12.3 7.6 -1.9 3.7 13.9 -5.1 24 25 FA513063603 MBS and other ABS 8.3 10.2 0.9 0.9 0.9 0.9 0.9 4.2 -4.5 25 26 FA513063095 Other 19.8 10.9 -1.6 -13.2 6.7 -2.8 2.8 9.7 -0.6 26

27 FA543063005 Life insurance companies 60.8 69.3 72.6 67.1 62.1 78.2 82.9 147.9 139.5 27 28 FA543063673 MBS and other ABS 9.1 15.8 -6.1 -6.1 -6.1 -6.1 -6.1 31.5 28.5 28 29 FA543063095 Other 51.8 53.5 78.7 73.2 68.2 84.3 89.0 116.4 111.0 29

30 FA573063005 Private pension funds 92.2 26.3 29.5 27.3 27.0 33.6 30.2 31.8 28.5 30 31 FA343063005 Federal government retirement funds -1.3 -0.0 0.7 0.0 0.2 2.8 -0.2 -0.0 0.4 31 32 FA223063045 State and local govt. retirement funds 68.0 28.2 7.5 -8.9 1.2 8.8 28.9 59.2 34.1 32

33 FA633063003 Money market mutual funds -0.2 -24.2 -15.1 -43.5 -1.1 36.3 -52.0 -46.5 -138.0 33 34 FA653063005 Mutual funds 223.7 75.1 55.8 82.6 379.3 -157.6 -81.0 -111.9 97.0 34 35 FA553063003 Closed-end funds 5.2 -3.1 1.9 2.8 3.1 1.7 0.0 0.8 5.5 35 36 FA563063003 Exchange-traded funds 19.7 35.2 37.2 59.7 3.6 25.6 59.7 78.8 53.1 36

37 FA403063005 Government-sponsored enterprises -59.4 -30.8 -31.1 -38.6 -33.3 -30.6 -22.1 -28.4 -15.6 37 38 FA403063605 MBS and other ABS -58.8 -30.2 -30.4 -37.8 -32.5 -29.8 -21.4 -27.7 -14.9 38 39 FA403063095 Other -0.6 -0.7 -0.8 -0.8 -0.8 -0.7 -0.7 -0.7 -0.7 39

40 FA613063003 Finance companies -10.8 6.0 6.1 8.5 14.2 -5.3 6.9 -6.1 27.1 40 41 FA643063005 REITs -1.4 -0.9 4.9 18.8 1.6 -0.1 -0.5 -1.1 6.0 41

42 FA663063005 Brokers and dealers -11.1 -13.5 -23.3 -3.7 -13.5 -59.0 -17.1 -116.8 44.5 42 43 FA733063003 Holding companies -2.1 2.6 -12.7 -19.8 12.8 -1.2 -42.5 -1.5 7.3 43 44 FA503063005 Funding corporations 5.3 4.7 -1.4 13.9 -20.9 17.8 -16.3 31.5 -26.6 44

45 FA263063005 Rest of the world (4) 210.4 209.6 359.7 443.3 633.5 123.1 239.0 156.6 324.3 45 46 FA263063603 MBS and other ABS -22.5 -7.8 -1.6 -6.4 16.4 2.2 -18.4 -13.4 -11.2 46 47 FA263063095 Other 232.9 217.4 361.2 449.7 617.1 120.8 257.3 170.1 335.5 47

(1) Net issuance less net acquisition of corporate bonds held as assets.(2) Net purchases of foreign issues by U.S. residents.(3) For some sectors, purchases of MBS and other ABS are shown separately. MBS and other ABS include privately issued mortgage-backed securities and other privately issued asset-backed bonds.(4) Net purchases of U.S. issues by foreign residents.

Flo

ws

Z.1, September 16, 2016 61

F.214 Loans (1)Billions of dollars; quarterly figures are seasonally adjusted annual rates

2013 2014 2015 2015 2016 Q1 Q2 Q3 Q4 Q1 Q2

By instrument

1 FA894123005 Total loans 689.6 986.3 820.7 859.9 1031.1 489.1 902.7 1253.2 990.9 1

2 FA793068005 Depository institution loans n.e.c. 196.5 320.0 280.6 419.8 273.4 180.4 248.7 424.2 154.1 2 3 FA893169005 Other loans and advances 223.9 234.9 -83.7 5.7 13.8 -332.2 -22.2 243.4 85.2 3

4 FA893065005 Mortgages 93.3 209.6 391.1 230.6 477.3 396.8 459.8 386.6 521.2 4 5 FA893065105 Home -2.4 45.5 143.8 34.8 215.1 159.7 165.8 204.5 259.3 5 6 FA893065405 Multifamily residential 34.9 59.4 102.3 85.4 95.1 86.3 142.4 70.8 118.3 6 7 FA893065505 Commercial 48.8 92.9 132.5 98.1 154.6 138.2 139.1 107.2 139.5 7 8 FA893065603 Farm 12.0 11.8 12.5 12.3 12.5 12.6 12.6 4.1 4.1 8

9 FA153166000 Consumer credit 175.8 221.8 232.7 203.9 266.6 244.1 216.3 199.1 230.3 9

By sector

10 FA894123005 Total liabilities 689.6 986.3 820.7 859.9 1031.1 489.1 902.7 1253.2 990.9 10


12 FA154123005 Household sector 245.6 421.8 397.1 285.0 567.3 208.2 527.9 379.0 623.1 12 13 FA104123005 Nonfinancial corporate business 104.0 177.5 63.8 228.6 59.9 -73.0 39.7 325.6 -91.2 13 14 FA114123005 Nonfinancial noncorporate business 109.2 206.6 333.5 248.6 323.8 345.5 416.3 306.2 296.1 14

15 FA313165403 Federal government 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15 16 FA213169203 State and local governments 0.5 0.4 0.3 0.4 0.1 -0.3 0.8 0.8 0.2 16

17 FA794123005 Domestic financial sectors 189.9 149.2 2.6 56.2 38.8 11.5 -96.0 231.6 161.5 17

18 FA763169305 U.S.-chartered depository institutions 73.3 58.2 30.4 -15.0 61.6 -21.4 96.4 64.8 140.6 18 19 FA473169333 Credit unions 1.9 8.4 9.3 -2.0 20.1 19.8 -0.9 -6.9 6.2 19 20 FA513169333 Property-casualty insurance companies 0.8 0.1 0.1 0.2 -0.4 -0.1 0.9 -0.3 4.9 20 21 FA543169373 Life insurance companies 2.0 1.8 6.2 8.6 8.6 4.2 3.5 10.0 18.4 21

22 FA403169283 Government-sponsored enterprises 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 22 23 FA614123005 Finance companies 10.3 10.2 15.3 29.0 21.2 2.8 8.3 14.3 -4.8 23

24 FA644123005 REITs 19.5 21.3 29.2 37.6 45.9 57.8 -24.3 -26.1 -32.4 24 25 FA664123005 Brokers and dealers 68.9 65.4 -49.3 7.7 -101.6 -16.5 -86.7 156.6 48.3 25 26 FA733168003 Holding companies 13.8 -16.3 -38.7 -9.9 -16.6 -35.1 -93.2 19.2 -19.8 26 27 FA504123005 Funding corporations -0.7 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 27

28 FA264123005 Rest of the world 40.5 30.9 23.4 41.1 41.3 -2.8 14.0 10.1 1.1 28

29 FA894123005 Total assets 689.6 986.3 820.7 859.9 1031.1 489.1 902.7 1253.2 990.9 29


31 FA154023005 Household sector 51.9 53.3 -53.7 7.0 -112.7 -9.8 -99.3 153.2 -3.7 31 32 FA104023005 Nonfinancial corporate business -3.1 5.8 4.1 11.6 5.0 8.4 -8.7 5.4 4.7 32 33 FA114023005 Nonfinancial noncorporate business 1.0 1.6 2.9 2.3 2.7 2.9 3.6 2.7 2.7 33

34 FA314023005 Federal government 124.4 114.5 105.6 114.0 111.1 82.2 114.9 110.8 100.9 34 35 FA213065005 State and local governments -1.1 6.3 12.4 16.2 2.8 15.3 15.4 5.2 9.8 35

36 FA794023005 Domestic financial sectors 520.6 773.8 726.3 682.3 1005.4 356.6 860.7 951.4 955.4 36

37 FA713068005 Monetary authority -0.5 -0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 37 38 FA764023005 U.S.-chartered depository institutions 170.7 439.2 527.4 550.0 479.3 465.2 615.1 679.4 520.6 38 39 FA754023005 Foreign banking offices in U.S. 45.7 74.7 78.1 101.6 83.8 54.1 73.0 55.3 89.1 39 40 FA744023003 Banks in U.S.-affiliated areas -1.2 -4.3 -5.8 -16.1 -3.4 -2.6 -1.0 -1.9 -2.7 40 41 FA474023000 Credit unions 45.6 69.2 76.3 73.9 78.9 78.1 74.1 50.1 72.1 41

42 FA513065503 Property-casualty insurance companies 2.3 2.0 2.4 1.9 2.0 2.3 3.4 4.0 1.7 42 43 FA544023005 Life insurance companies 22.3 29.5 39.5 33.1 32.7 34.5 57.7 46.9 33.2 43 44 FA573065005 Private pension funds -0.7 1.7 -2.8 -5.4 -2.6 -1.7 -1.3 -1.1 -1.1 44 45 FA223065043 State and local govt. retirement funds -0.5 0.6 -0.4 0.7 0.8 -1.9 -1.3 -5.1 -0.6 45

46 FA653069803 Mutual funds 39.4 9.4 -15.6 23.5 -24.1 -50.9 -11.0 22.1 -19.5 46 47 FA404023005 Government-sponsored enterprises 154.4 88.5 139.1 1.1 246.6 140.0 168.5 104.1 244.4 47 48 FA413065005 Agency- and GSE-backed mortgage pools 130.8 75.0 126.9 14.9 120.2 176.5 196.2 136.4 158.7 48 49 FA674023005 ABS issuers -259.7 -67.2 -62.1 20.2 -15.0 -141.4 -112.4 -57.5 -129.1 49 50 FA614023005 Finance companies -8.2 6.5 -17.2 5.4 -5.5 12.6 -81.2 -74.3 -27.7 50

51 FA643065005 REITs 150.4 19.9 -29.4 -26.0 4.1 -45.2 -50.6 42.2 -7.6 51 52 FA663069005 Brokers and dealers 46.3 38.5 -90.1 -84.8 34.6 -297.4 -12.8 -63.6 19.9 52 53 FA733069005 Holding companies -14.2 -10.9 -40.9 -9.9 -28.9 -69.7 -54.9 -3.0 -4.8 53 54 FA503069805 Funding corporations -2.3 1.5 0.8 -1.9 2.1 4.0 -0.9 17.4 8.8 54

55 FA263069500 Rest of the world -4.2 30.9 23.2 26.5 16.8 33.6 16.1 24.5 -78.9 55

(1) Sum of depository institution loans not elsewhere classified, other loans and advances, total mortgages, and consumer credit.

Flo

ws

62 Z.1, September 16, 2016

F.215 Depository Institution Loans Not Elsewhere Classified (1)Billions of dollars; quarterly figures are seasonally adjusted annual rates

2013 2014 2015 2015 2016 Q1 Q2 Q3 Q4 Q1 Q2


2 FA153168005 Household sector 28.2 121.1 100.5 103.0 46.8 106.0 146.1 74.8 97.0 2 3 FA103168005 Corporate business 63.8 93.0 77.1 122.3 48.9 97.3 39.9 155.6 27.1 3 4 FA113168005 Noncorporate business 32.3 64.0 98.9 117.5 100.1 32.6 145.5 165.5 32.7 4

5 FA793168005 Domestic financial sectors 33.2 13.3 -18.6 36.1 33.6 -49.6 -94.6 25.8 -2.5 5

6 FA613168000 Finance companies 10.1 10.5 13.7 29.0 21.3 -0.3 5.0 14.3 -4.7 6 7 FA643168005 REITs -1.1 7.2 7.3 15.6 22.9 6.5 -15.8 -6.4 -11.3 7 8 FA663168005 Brokers and dealers 10.4 12.0 -1.0 1.4 6.0 -20.7 9.3 -1.2 33.3 8

9 FA733168003 Holding companies 13.8 -16.3 -38.7 -9.9 -16.6 -35.1 -93.2 19.2 -19.8 9 10 FA713068505 Funding corporations 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10

11 FA263168005 Rest of the world 39.1 28.6 22.7 41.0 44.0 -6.0 11.8 2.6 -0.1 11 12 FA263168465 Foreign official institutions 1.0 1.1 1.3 4.0 -2.8 1.3 2.7 -5.2 3.5 12 13 FA263168475 Foreign banks 20.0 -0.7 1.2 6.2 -0.4 3.5 -4.5 -33.0 -18.3 13 14 FA263168485 Other foreign 18.1 28.2 20.2 30.7 47.2 -10.8 13.6 40.7 14.7 14


16 FA713068005 Monetary authority (2) -0.5 -0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16

17 FA763068005 U.S.-chartered depository institutions 144.3 249.8 214.1 314.9 207.3 142.3 192.1 371.0 98.1 17 18 FA753068005 Foreign banking offices in U.S. 46.3 67.4 64.4 102.2 69.6 31.4 54.2 36.3 71.2 18 19 FA743068005 Banks in U.S.-affiliated areas 1.3 -2.3 -2.0 -5.7 -0.5 -1.6 -0.1 -1.9 -1.2 19 20 FA473068005 Credit unions 5.1 5.1 4.1 8.4 -2.9 8.3 2.4 18.8 -13.9 20

(1) Excludes depository institution lending in the form of open market paper, mortgages, and consumer credit which are shown on other instrument tables.(2) Loans from Federal Reserve banks to the household, rest of the world, broker and dealer, and funding corporation sectors. See loan details on table F.109.

Flo

ws

Z.1, September 16, 2016 63

F.216 Other Loans and AdvancesBillions of dollars; quarterly figures are seasonally adjusted annual rates

2013 2014 2015 2015 2016 Q1 Q2 Q3 Q4 Q1 Q2

1 FA893169005 Total other loans and advances 223.9 234.9 -83.7 5.7 13.8 -332.2 -22.2 243.4 85.2 1

2 FA313069205 U.S. government loans 7.2 2.0 2.9 0.1 6.1 -8.2 13.6 5.8 5.2 2 3 FA153169203 Liab.: Household sector 1.1 1.2 2.3 0.9 2.7 2.2 3.2 1.0 2.7 3 4 FA103169205 Nonfinancial corporate business 0.9 -1.4 0.6 -1.3 6.9 -5.3 2.1 -1.8 1.3 4 5 FA113169205 Nonfinancial noncorporate business 2.0 -1.2 -3.2 -0.7 -3.0 -8.3 -0.9 -1.4 -0.2 5 6 FA213169203 State and local governments 0.5 0.4 0.3 0.4 0.1 -0.3 0.8 0.8 0.2 6 7 FA403169283 Government-sponsored enterprises 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 7 8 FA313069223 Finance companies 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8 9 FA503169205 Funding corporations -0.7 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9 10 FA263169205 Rest of the world 3.4 3.1 3.0 0.9 -0.6 3.4 8.3 7.2 1.2 10

11 FA263069500 Foreign loans to U.S. corporate business -4.2 30.9 23.2 26.5 16.8 33.6 16.1 24.5 -78.9 11 12 FA263069500 Liab.: Nonfinancial corporate business -4.2 30.9 23.2 26.5 16.8 33.6 16.1 24.5 -78.9 12

Customers’ liability on acceptances outstanding 13 FA763069703 Asset: U.S.-chartered depository institutions 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13 14 FA753069703 Foreign banking offices in U.S. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14 15 FA103169705 Liab.: Nonfinancial corporate business 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15 16 FA263169705 Rest of the world 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16

17 FA733069005 Holding company loans -14.2 -10.9 -40.9 -9.9 -28.9 -69.7 -54.9 -3.0 -4.8 17 18 FA733069013 Liab.: Nonfinancial corporate business -12.1 -10.1 -38.5 -9.1 -26.7 -69.4 -48.7 -3.3 -4.8 18 19 FA733069023 Rest of the world -2.0 -0.8 -2.4 -0.8 -2.2 -0.3 -6.2 0.3 0.0 19

20 FA153169405 Policy loans (Household liability) 0.9 1.7 1.3 1.0 1.6 3.4 -0.7 -1.0 1.4 20 21 FA313069403 Asset: Federal government -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 21 22 FA543069405 Life insurance companies 1.0 1.7 1.4 1.0 1.7 3.4 -0.7 -1.0 1.4 22

23 FA403069330 Federal Home Loan Banks advances (1) 79.0 73.1 65.6 -2.5 99.5 42.5 122.7 51.4 167.5 23 24 FA763169335 Liab.: U.S.-chartered depository institutions 73.3 58.2 30.4 -15.0 61.6 -21.4 96.4 64.8 140.6 24 25 FA473169333 Credit unions 1.9 8.4 9.3 -2.0 20.1 19.8 -0.9 -6.9 6.2 25 26 FA513169333 Property-casualty insurance companies 0.8 0.1 0.1 0.2 -0.4 -0.1 0.9 -0.3 4.9 26 27 FA543169373 Life insurance companies 2.0 1.8 6.2 8.6 8.6 4.2 3.5 10.0 18.4 27 28 FA613169333 Finance companies 0.2 -0.3 1.6 0.1 -0.1 3.2 3.3 0.0 -0.1 28 29 FA643169373 Real estate investment trusts 0.7 4.9 17.9 5.6 9.7 36.9 19.5 -16.2 -2.5 29

30 FA403069395 Govt.-sponsored enterprises loans (2) 2.9 11.2 8.8 -20.2 21.2 20.5 13.9 -10.5 26.9 30 31 FA153169305 Liab.: Household sector (SLMA) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 31 32 FA183169305 Nonfinancial corporate business (FCS) 0.2 1.6 1.2 -0.2 2.5 1.6 0.8 0.9 5.0 32 33 FA113169305 Nonfinancial noncorporate business (FCS) 2.7 9.5 7.6 -20.0 18.7 18.9 13.1 -11.4 21.9 33 34 FA763169383 U.S.-chartered depository inst. (SLMA) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 34

35 FA673069505 Securitized loans held by ABS issuers 0.2 -1.9 0.0 0.0 -0.0 0.0 0.0 0.7 -0.1 35 36 FA673069505 Liab.: Nonfinancial corporate business 0.2 -1.9 0.0 0.0 -0.0 0.0 0.0 0.7 -0.1 36

37 FA613069500 Finance company loans to business 14.4 10.2 13.6 16.1 18.5 28.0 -8.4 -45.0 1.9 37 38 FA103169535 Liab.: Nonfinancial corporate business 12.9 9.2 12.2 14.5 16.7 25.2 -7.5 -40.5 1.7 38 39 FA113169535 Nonfinancial noncorporate business 1.4 1.0 1.4 1.6 1.9 2.8 -0.8 -4.5 0.2 39

40 FA663067003 Margin accounts at brokers and dealers 35.4 30.4 -80.1 -60.8 40.2 -299.9 -0.1 -94.7 40.0 40 41 FA663067003 Liab.: Household sector 35.4 30.4 -80.1 -60.8 40.2 -299.9 -0.1 -94.7 40.0 41

42 FA153067005 Cash accounts at brokers and dealers 58.5 53.5 -48.3 6.3 -107.7 4.2 -96.1 157.8 15.0 42 43 FA153067005 Asset: Household sector 58.5 53.5 -48.3 6.3 -107.7 4.2 -96.1 157.8 15.0 43

44 FA103169803 Loans to nonfinancial corporate business (3) 43.9 34.7 -29.8 49.1 -53.5 -86.6 -28.4 157.4 -88.9 44 45 FA153069803 Asset: Household sector 5.0 -1.6 -2.3 3.5 -3.6 -10.4 1.5 9.2 -5.7 45 46 FA543069873 Life insurance companies 2.6 6.3 -1.8 2.7 -8.0 -0.5 -1.5 15.6 -6.3 46 47 FA653069803 Mutual funds 39.4 9.4 -15.6 23.5 -24.1 -50.9 -11.0 22.1 -19.5 47 48 FA673069803 ABS issuers -11.7 11.0 -1.0 45.2 -14.3 -31.2 -3.7 62.0 -46.1 48 49 FA663069803 Brokers and dealers 10.9 8.2 -10.0 -24.0 -5.6 2.5 -12.7 31.1 -20.1 49 50 FA503069805 Funding corporations -2.3 1.5 0.8 -1.9 2.1 4.0 -0.9 17.4 8.8 50

(1) The Federal Home Loan Banks are included in the government-sponsored enterprises sector. Finance companies and real estate investment trusts receive advances through affiliated captive insurance companies.(2) The Student Loan Marketing Association (Sallie Mae) was included until it was fully privatized in 2004:Q4. Federal Home Loan Bank advances are shown separately on line 23.(3) Syndicated loans from domestic entities, excluding depository institutions and finance companies which are included elsewhere.

Flo

ws

64 Z.1, September 16, 2016

F.217 Total Mortgages (1)Billions of dollars; quarterly figures are seasonally adjusted annual rates

2013 2014 2015 2015 2016 Q1 Q2 Q3 Q4 Q1 Q2

1 FA893065005 Net change in mortgages 93.3 209.6 391.1 230.6 477.3 396.8 459.8 386.6 521.2 1

2 FA893065105 Home -2.4 45.5 143.8 34.8 215.1 159.7 165.8 204.5 259.3 2 3 FA893065405 Multifamily residential 34.9 59.4 102.3 85.4 95.1 86.3 142.4 70.8 118.3 3 4 FA893065505 Commercial 48.8 92.9 132.5 98.1 154.6 138.2 139.1 107.2 139.5 4 5 FA893065603 Farm 12.0 11.8 12.5 12.3 12.5 12.6 12.6 4.1 4.1 5

6 FA893065005 Net borrowing 93.3 209.6 391.1 230.6 477.3 396.8 459.8 386.6 521.2 6

7 FA153165005 Household sector 4.1 45.7 140.5 37.1 209.4 152.3 163.0 199.9 251.7 7

8 FA143165005 Nonfinancial business 69.4 154.6 246.6 177.1 254.6 230.1 324.8 190.1 288.0 8 9 FA103165005 Corporate -1.5 21.5 17.8 26.8 48.5 -69.3 65.3 32.1 46.5 9 10 FA113165005 Noncorporate 70.8 133.2 228.8 150.3 206.2 299.3 259.5 158.0 241.5 10

11 FA313165403 Federal government 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11 12 FA643165005 REITs 19.9 9.3 4.0 16.4 13.3 14.4 -28.0 -3.5 -18.5 12


14 FA153065005 Household sector -5.4 5.7 0.3 0.2 1.7 -1.2 0.6 -8.3 -7.4 14 15 FA103065003 Nonfinancial corporate business 1.6 4.9 4.9 4.9 4.9 4.9 4.9 4.9 4.9 15 16 FA113065005 Nonfinancial noncorporate business 1.0 1.6 2.9 2.3 2.7 2.9 3.6 2.7 2.7 16

17 FA313065005 Federal government 4.0 1.7 -0.7 3.5 -0.5 -4.0 -1.9 3.6 0.2 17 18 FA213065005 State and local governments -1.1 6.3 12.4 16.2 2.8 15.3 15.4 5.2 9.8 18

19 FA763065005 U.S.-chartered depository institutions -26.6 117.9 213.0 188.6 180.9 206.3 276.4 220.9 320.7 19 20 FA753065005 Foreign banking offices in U.S. -0.6 7.3 13.8 -0.6 14.2 22.7 18.8 18.9 17.9 20 21 FA743065003 Banks in U.S.-affiliated areas -2.5 -2.1 -3.8 -10.4 -2.9 -0.9 -0.9 0.0 -1.5 21 22 FA473065100 Credit unions 18.6 26.9 32.7 27.5 38.0 32.8 32.3 2.3 52.5 22

23 FA513065503 Property-casualty insurance companies 2.3 2.0 2.4 1.9 2.0 2.3 3.4 4.0 1.7 23 24 FA543065005 Life insurance companies 18.8 21.6 40.0 29.4 38.9 31.6 59.9 32.3 38.1 24

25 FA573065005 Private pension funds -0.7 1.7 -2.8 -5.4 -2.6 -1.7 -1.3 -1.1 -1.1 25 26 FA223065043 State and local govt. retirement funds -0.5 0.6 -0.4 0.7 0.8 -1.9 -1.3 -5.1 -0.6 26

27 FA403065005 Government-sponsored enterprises (1) 72.5 4.3 64.7 23.9 126.0 76.9 31.9 63.2 50.0 27 28 FA413065005 Agency- and GSE-backed mortgage pools 130.8 75.0 126.9 14.9 120.2 176.5 196.2 136.4 158.7 28

29 FA673065005 ABS issuers -247.3 -76.9 -57.4 -23.0 -16.9 -93.0 -96.5 -119.6 -105.0 29 30 FA613065000 Finance companies -21.9 -8.7 -28.3 -18.1 -36.9 -27.3 -30.9 -16.0 -12.6 30 31 FA643065005 REITs 150.4 19.9 -29.4 -26.0 4.1 -45.2 -50.6 42.2 -7.6 31

(1) Sum of home mortgages, multifamily residential mortgages, commercial mortgages, and farm mortgages.

Flo

ws

Z.1, September 16, 2016 65

F.218 Home Mortgages (1)Billions of dollars; quarterly figures are seasonally adjusted annual rates

2013 2014 2015 2015 2016 Q1 Q2 Q3 Q4 Q1 Q2

1 FA893065105 Net borrowing -2.4 45.5 143.8 34.8 215.1 159.7 165.8 204.5 259.3 1

2 FA153165105 Household sector 0.3 38.1 130.1 29.8 197.6 142.1 151.1 192.1 240.9 2 3 FA103165105 Nonfinancial corporate business 0.3 1.5 1.9 2.0 2.0 1.7 2.0 1.9 1.6 3 4 FA113165105 Nonfinancial noncorporate business -2.9 5.9 11.8 3.1 15.5 15.8 12.7 10.5 16.8 4

5 FA893065105 Net change in assets -2.4 45.5 143.8 34.8 215.1 159.7 165.8 204.5 259.3 5

6 FA153065103 Household sector -8.0 -8.0 -8.0 -8.0 -8.0 -8.0 -8.0 -8.0 -8.0 6 7 FA103065105 Nonfinancial corporate business 0.9 2.9 2.9 2.9 2.9 2.9 2.9 2.9 2.9 7 8 FA113065103 Nonfinancial noncorporate business 0.4 0.6 1.0 0.8 1.0 1.1 1.3 1.0 1.0 8

9 FA313065105 Federal government 0.4 1.2 1.6 3.5 1.8 1.8 -0.6 2.0 -0.3 9 10 FA213065103 State and local governments -0.0 3.6 6.7 9.0 1.7 8.1 8.1 2.9 5.3 10

11 FA763065105 U.S.-chartered depository institutions -99.2 26.7 55.0 80.6 55.2 15.0 69.3 82.9 123.4 11 12 FA753065103 Foreign banking offices in U.S. -0.4 1.5 -1.4 -0.5 0.2 -1.0 -4.2 -0.4 -1.1 12 13 FA743065103 Banks in U.S.-affiliated areas -1.1 -1.5 -1.5 -3.6 -0.8 -0.8 -0.9 -0.6 -0.9 13 14 FA473065100 Credit unions 18.6 26.9 32.7 27.5 38.0 32.8 32.3 2.3 52.5 14

15 FA543065105 Life insurance companies 0.4 2.4 3.9 0.2 4.2 4.4 6.9 1.2 2.3 15 16 FA573065103 Private pension funds -0.2 0.0 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 16 17 FA223065143 State and local govt. retirement funds -0.2 0.2 -0.2 0.3 0.3 -0.7 -0.5 -1.8 -0.6 17

18 FA403065105 Government-sponsored enterprises 89.1 3.0 45.8 -4.8 101.0 75.1 12.0 51.7 43.6 18 19 FA413065105 Agency- and GSE-backed mortgage pools 97.4 50.8 94.1 0.7 84.8 149.2 141.6 98.4 106.3 19

20 FA673065105 ABS issuers -88.1 -63.5 -76.4 -50.8 -80.4 -97.8 -76.6 -22.5 -72.9 20 21 FA613065105 Finance companies -17.3 -9.8 -14.6 -19.1 -11.9 -17.6 -9.9 -13.1 -4.8 21 22 FA643065105 REITs 5.0 8.5 2.2 -3.8 25.2 -4.7 -7.7 5.8 10.6 22

Memo: 23 FV893065153 Charge-offs (2) 92.4 52.6 50.0 17.9 12.1 9.9 10.1 9.5 9.5 23

24 FA893065125 Home equity loans included above (3) -55.9 -24.9 -34.3 -44.8 -28.2 -34.3 -29.9 -40.1 -16.1 24 25 FA763065125 U.S.-chartered depository institutions -46.9 -22.9 -31.7 -38.7 -26.3 -32.4 -29.3 -34.9 -22.3 25 26 FA753065203 Foreign banking offices in U.S. 0.1 0.1 -0.0 -0.0 -0.0 -0.0 0.0 -0.3 -0.0 26 27 FA473065125 Credit unions -3.7 1.7 2.0 -1.7 3.4 3.0 3.4 -1.6 11.7 27 28 FA673065123 ABS issuers -1.9 -1.7 -1.7 -1.6 -1.6 -2.0 -1.6 -1.7 -3.0 28 29 FA613065123 Finance companies -3.6 -2.0 -3.0 -2.8 -3.7 -3.0 -2.5 -1.5 -2.5 29

(1) Mortgages on 1-4 family properties including mortgages on farm houses.(2) Charge-offs are excluded from the flow (line 1) and are accounted for as other changes in volume. Quarterly figures are shown at an unadjusted quarterly rate. Data begin 2007:Q1.(3) Loans made under home equity lines of credit and home equity loans secured by junior liens. Excludes home equity loans held by individuals. Home equity loans held by U.S.-chartered depository institutions exclude charge-offs.

F.219 Multifamily Residential MortgagesBillions of dollars; quarterly figures are seasonally adjusted annual rates

1 FA893065405 Net borrowing 34.9 59.4 102.3 85.4 95.1 86.3 142.4 70.8 118.3 1

2 FA103165405 Nonfinancial corporate business 1.6 2.9 5.1 4.1 4.6 4.4 7.4 3.5 5.8 2 3 FA113165405 Nonfinancial noncorporate business 30.3 55.1 97.4 78.1 87.3 84.0 140.4 67.1 110.4 3 4 FA313165403 Federal government 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4 5 FA643165483 REITs 3.0 1.4 -0.3 3.1 3.2 -2.1 -5.4 0.2 2.1 5


7 FA153065403 Household sector 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 7 8 FA103065403 Nonfinancial corporate business 0.0 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 8 9 FA113065403 Nonfinancial noncorporate business 0.3 0.6 1.0 0.8 0.9 1.0 1.2 0.9 0.9 9

10 FA313065405 Federal government 0.0 -0.6 -0.3 -0.3 -0.3 -0.7 0.1 -0.2 -0.4 10 11 FA213065403 State and local governments -0.9 2.3 4.7 6.0 0.9 6.0 6.0 1.9 3.8 11

12 FA763065403 U.S.-chartered depository institutions 29.4 38.0 51.0 35.9 43.7 60.4 64.0 36.1 57.4 12 13 FA753065403 Foreign banking offices in U.S. -0.4 0.2 1.2 0.6 0.8 2.2 1.0 0.9 3.0 13

14 FA543065405 Life insurance companies 2.5 2.8 4.3 2.6 4.7 4.9 4.8 7.4 6.4 14 15 FA573065403 Private pension funds -0.3 -0.0 -0.3 -0.3 -0.3 -0.3 -0.3 -0.3 -0.3 15 16 FA223065443 State and local govt. retirement funds -0.2 0.2 -0.1 0.2 0.2 -0.6 -0.4 -1.5 -0.2 16

17 FA403065405 Government-sponsored enterprises -21.9 -2.7 16.1 25.4 22.6 -0.2 16.5 8.7 3.0 17 18 FA413065405 Agency- and GSE-backed mortgage pools 33.6 24.3 32.2 14.4 35.5 24.1 54.7 36.6 52.3 18

19 FA673065405 ABS issuers -8.8 -2.4 -6.4 1.6 -10.5 -11.7 -5.0 -20.1 -7.0 19 20 FA613065403 Finance companies -0.8 0.1 -0.8 0.0 -3.1 -0.1 -0.0 0.0 0.0 20 21 FA643065405 REITs 2.3 -3.3 -0.3 -1.8 -0.3 1.2 -0.3 0.5 -0.7 21

Flo

ws

66 Z.1, September 16, 2016

F.220 Commercial MortgagesBillions of dollars; quarterly figures are seasonally adjusted annual rates

2013 2014 2015 2015 2016 Q1 Q2 Q3 Q4 Q1 Q2

1 FA893065505 Net borrowing 48.8 92.9 132.5 98.1 154.6 138.2 139.1 107.2 139.5 1

2 FA163165505 Household sector 3.8 7.6 10.3 7.4 11.8 10.2 11.9 7.8 10.8 2 3 FA103165505 Nonfinancial corporate business -7.7 12.7 6.4 14.8 36.9 -79.2 53.0 25.7 38.6 3 4 FA113165505 Nonfinancial noncorporate business 35.7 64.7 111.5 62.7 95.8 190.7 96.7 77.3 110.8 4 5 FA643165583 REITs 16.9 7.9 4.3 13.2 10.1 16.4 -22.6 -3.6 -20.7 5



10 FA313065505 Federal government 3.9 0.2 -2.7 -0.4 -2.7 -5.8 -1.9 1.3 0.2 10 11 FA213065503 State and local governments -0.2 0.5 0.9 1.2 0.2 1.2 1.2 0.4 0.8 11

12 FA763065503 U.S.-chartered depository institutions 38.8 60.1 105.2 70.3 80.3 129.0 141.2 100.0 137.9 12 13 FA753065503 Foreign banking offices in U.S. 0.2 5.5 13.9 -0.8 13.3 21.4 21.8 18.5 16.1 13 14 FA743065505 Banks in U.S.-affiliated areas -1.4 -0.5 -2.2 -6.7 -2.1 -0.2 0.0 0.7 -0.6 14

15 FA513065503 Property-casualty insurance companies 2.3 2.0 2.4 1.9 2.0 2.3 3.4 4.0 1.7 15 16 FA543065505 Life insurance companies 15.4 14.9 31.4 26.2 29.7 22.0 47.8 23.3 29.0 16

17 FA573065505 Private pension funds -0.1 1.7 -2.4 -5.0 -2.2 -1.3 -0.9 -0.7 -0.7 17 18 FA223065545 State and local govt. retirement funds -0.2 0.2 -0.1 0.3 0.3 -0.7 -0.4 -1.7 0.2 18

19 FA413065505 Agency- and GSE-backed mortgage pools 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19 20 FA673065505 ABS issuers -150.5 -11.1 25.5 26.2 73.9 16.6 -14.9 -77.0 -25.2 20

21 FA613065503 Finance companies -3.8 1.1 -12.9 1.0 -22.0 -9.7 -21.0 -2.9 -7.9 21 22 FA643065505 REITs 143.2 14.7 -31.4 -20.5 -20.8 -41.8 -42.5 36.0 -17.5 22

F.221 Farm Mortgages (1)Billions of dollars; quarterly figures are seasonally adjusted annual rates

1 FA893065603 Net borrowing 12.0 11.8 12.5 12.3 12.5 12.6 12.6 4.1 4.1 1

2 FA183165605 Nonfinancial corporate business 4.3 4.4 4.4 5.9 4.9 3.8 2.9 1.0 0.5 2 3 FA233165605 Nonfinancial noncorporate business 7.7 7.4 8.1 6.4 7.5 8.8 9.7 3.1 3.5 3


5 FA153065605 Household sector 2.2 12.3 6.1 6.3 7.6 4.4 6.0 -3.0 -2.4 5 6 FA113065603 Nonfinancial noncorporate business 0.0 0.0 0.1 0.0 0.1 0.1 0.1 0.1 0.1 6

7 FA313065605 Federal government -0.3 0.9 0.7 0.7 0.7 0.7 0.6 0.5 0.6 7 8 FA213065603 State and local governments -0.0 0.0 0.1 0.1 0.0 0.1 0.1 0.0 0.0 8

9 FA763065633 U.S.-chartered depository institutions 4.4 -6.9 1.8 1.8 1.7 1.8 1.9 2.0 2.0 9 10 FA753065603 Foreign banking offices in U.S. -0.0 0.2 0.0 0.0 -0.1 -0.0 0.2 -0.1 -0.1 10

11 FA543065633 Life insurance companies 0.5 1.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4 11 12 FA223065643 State and local govt. retirement funds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12

13 FA403065605 Government-sponsored enterprises 5.4 3.9 2.7 3.2 2.3 2.0 3.4 2.8 3.3 13 14 FA413065605 Agency- and GSE-backed mortgage pools -0.2 -0.1 0.7 -0.2 -0.1 3.2 -0.1 1.4 0.1 14

(1) Excludes mortgages on farm houses.

Flo

ws

Z.1, September 16, 2016 67

F.222 Consumer CreditBillions of dollars; quarterly figures are seasonally adjusted annual rates

2013 2014 2015 2015 2016 Q1 Q2 Q3 Q4 Q1 Q2

1 FA153166000 Net change in liabilities (Households) 175.8 221.8 232.7 203.9 266.6 244.1 216.3 199.1 230.3 1


3 FA163066223 Households (nonprofit organizations) (1) -6.2 -4.2 -3.4 -3.0 -3.1 -2.4 -5.3 -5.6 -5.6 3 4 FA103066005 Nonfinancial corporate business -4.6 0.9 -0.8 6.7 0.2 3.5 -13.6 0.6 -0.1 4 5 FA113066003 Nonfinancial noncorporate business 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5

6 FA313066220 Federal government (2) 113.3 110.7 103.4 110.5 105.5 94.5 103.2 101.5 95.5 6 7 FA763066000 U.S.-chartered depository institutions 52.9 71.5 100.2 46.5 91.2 116.6 146.6 87.5 101.9 7 8 FA473066000 Credit unions 21.9 37.2 39.5 37.9 43.8 37.0 39.4 28.9 33.5 8

9 FA403066005 Government-sponsored enterprises 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9 10 FA673066000 ABS issuers -0.8 0.6 -3.8 -2.0 16.2 -17.2 -12.1 -0.7 22.2 10 11 FA613066005 Finance companies -0.6 5.0 -2.4 7.4 12.9 12.0 -41.9 -13.3 -17.0 11

Memo:

12 FA153166100 Credit card loans (3) 12.0 33.8 46.4 17.6 62.3 51.0 54.6 44.7 68.7 12 13 FA153166400 Auto loans 69.5 79.1 80.9 79.1 84.8 98.4 61.2 54.4 78.6 13 14 FA153166220 Student loans (4) 91.3 89.8 82.1 91.5 82.1 86.9 67.9 96.0 86.1 14 15 FA153166205 Other consumer credit (5) 3.1 19.0 23.4 15.7 37.5 7.9 32.6 3.9 -3.0 15

(1) Student loans originated under the Federal Family Education Loan Program.(2) Includes loans originated by the Department of Education under the Federal Direct Loan Program and Perkins Loans, as well as Federal Family Education Loan Program loans that the government purchased from depository institutions, finance companies, and nonprofit and educational institutions, and loans in default.(3) Revolving credit that also includes overdraft plans on checking accounts and other loans without a fixed repayment schedule.(4) Includes student loans held by nonprofit organizations (line 3), the federal government (line 6), depository institutions (part of lines 7 and 8), and finance companies (part of line 11). Data begin in 2006:Q1.(5) Includes student loans before 2006:Q1.

Flo

ws

68 Z.1, September 16, 2016

F.223 Corporate Equities (1)Billions of dollars; quarterly figures are seasonally adjusted annual rates

2013 2014 2015 2015 2016 Q1 Q2 Q3 Q4 Q1 Q2

1 FA893064105 Net issues 110.0 274.9 -127.7 510.8 134.8 -705.1 -451.4 -722.0 -50.2 1

2 FA103164103 Nonfinancial corporate business -352.9 -392.2 -563.1 -591.4 -489.5 -628.4 -543.0 -626.1 -682.4 2

3 FA793164105 Domestic financial sectors 175.5 235.5 232.8 313.4 169.5 139.8 308.3 146.2 107.7 3

4 FA763164103 U.S.-chartered depository institutions 2.2 2.7 9.5 24.0 2.2 2.2 9.5 3.4 4.0 4 5 FA513164103 Property-casualty insurance companies -7.6 -16.9 -22.0 -19.4 -20.5 -24.8 -23.4 -24.4 -19.2 5 6 FA543164173 Life insurance companies -9.2 -14.9 -10.0 -22.5 -3.7 -7.5 -6.3 -7.3 -5.9 6 7 FA554090005 Closed-end funds 13.7 4.9 1.7 3.4 3.6 2.0 -2.3 0.7 -0.7 7 8 FA564090005 Exchange-traded funds 179.9 240.8 230.9 222.1 165.8 172.7 363.1 138.6 121.8 8

9 FA643164103 REITs 46.2 32.7 27.1 53.9 33.1 8.1 13.3 28.6 41.6 9 10 FA403164105 Government-sponsored enterprises -1.7 -1.7 -1.4 -7.6 -3.2 -1.4 6.6 -1.8 -0.2 10 11 FA663164103 Brokers and dealers -31.0 -11.7 3.5 10.5 -9.7 39.0 -25.7 24.2 -9.6 11 12 FA733164103 Holding companies -17.1 -0.3 -6.5 48.9 2.0 -50.4 -26.4 -15.8 -24.1 12 13 FA503164105 Funding corporations (2) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13

14 FA263164103 Rest of the world (3) 287.4 431.6 202.6 788.7 454.8 -216.5 -216.7 -242.1 524.5 14

15 FA893064105 Net purchases 110.0 274.9 -127.7 510.8 134.8 -705.1 -451.4 -722.0 -50.2 15

16 FA153064105 Household sector 137.5 170.3 1.1 520.7 167.2 -689.1 5.8 117.6 407.8 16 17 FA313064105 Federal government -4.8 -1.6 -0.0 -0.4 0.6 -0.2 -0.0 0.0 -0.1 17 18 FA213064103 State and local governments -1.0 2.5 5.1 6.5 1.0 6.4 6.4 2.1 4.0 18

19 FA713064103 Monetary authority 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19 20 FA763064105 U.S.-chartered depository institutions 0.8 0.7 2.0 -1.7 3.1 3.2 3.5 -29.5 -1.8 20 21 FA753064103 Foreign banking offices in U.S. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 21

22 FA513064105 Property-casualty insurance companies 3.7 2.6 -2.1 -1.0 -3.8 9.8 -13.3 -4.0 -13.5 22 23 FA543064105 Life insurance companies -12.4 -4.6 -3.0 4.4 -3.4 -9.6 -3.4 2.9 4.2 23 24 FA573064105 Private pension funds -207.7 -183.9 -112.6 -110.9 -136.0 -99.2 -104.2 -93.4 -85.3 24 25 FA343064105 Federal government retirement funds 9.1 3.5 0.2 5.7 -3.8 -1.2 -0.0 -11.9 -9.3 25 26 FA223064145 State and local govt. retirement funds -179.0 -132.2 -66.7 -71.8 -74.5 -47.7 -72.9 -8.6 -75.2 26

27 FA653064100 Mutual funds 197.3 94.2 55.8 100.6 166.8 94.3 -138.4 -112.2 -135.4 27 28 FA553064103 Closed-end funds 8.2 7.6 0.3 0.9 0.8 0.3 -0.9 -0.8 0.2 28 29 FA563064103 Exchange-traded funds 197.3 190.7 173.5 126.3 166.8 88.7 312.1 -27.0 34.0 29

30 FA663064103 Brokers and dealers 18.6 8.7 -10.3 -103.9 11.2 -22.7 74.0 -124.1 4.0 30 31 FA503064105 Funding corporations 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 31

32 FA263064105 Rest of the world (4) -57.5 116.6 -171.0 35.3 -161.1 -38.0 -520.1 -433.1 -183.7 32

(1) Excludes mutual fund shares shown on table F.224.(2) Preferred shares issued by AIG to the federal goverment under the TARP program and the monetary authority sector’s preferred interest in AIA Aurora LLC and ALICO Holdings LLC.(3) Net purchases of foreign corporate equities and investment fund shares by U.S. residents; includes American Depositary Receipts (ADRs).(4) Net purchases of U.S. issues by foreign residents.

F.224 Mutual Fund Shares (1)Billions of dollars; quarterly figures are seasonally adjusted annual rates

1 FA653164205 Net issues 346.0 309.4 95.3 252.6 224.7 -35.8 -60.4 -22.7 76.2 1

2 FA653164205 Net purchases 346.0 309.4 95.3 252.6 224.7 -35.8 -60.4 -22.7 76.2 2

3 FA153064205 Household sector 230.4 241.3 73.1 48.2 62.6 167.4 14.3 -192.0 118.0 3 4 FA103064203 Nonfinancial corporate business 1.2 15.1 7.4 7.4 7.4 7.4 7.4 7.4 7.4 4

5 FA213064203 State and local governments -0.5 1.3 2.6 3.3 0.5 3.3 3.3 1.1 2.1 5

6 FA763064203 U.S.-chartered depository institutions 1.6 -0.7 -0.9 -2.5 3.8 -3.3 -1.6 4.1 -0.5 6 7 FA473064205 Credit unions -0.5 -0.2 -0.1 -0.6 0.6 0.5 -1.0 0.1 0.1 7

8 FA513064203 Property-casualty insurance companies 1.0 1.4 1.0 1.0 1.0 1.0 1.0 1.0 -1.2 8 9 FA543064205 Life insurance companies -19.1 -33.4 -29.1 -27.0 -32.5 -37.8 -19.2 -44.9 -49.5 9

10 FA573064205 Private pension funds 123.9 40.6 34.2 70.7 75.9 -49.7 39.9 142.5 9.0 10 11 FA223064205 State and local govt. retirement funds 24.4 11.3 15.7 49.6 29.9 -20.6 3.7 8.2 23.4 11

12 FA263064203 Rest of the world -16.4 32.7 -8.5 102.4 75.6 -103.9 -108.2 49.8 -32.6 12

(1) Shares of open-end investment companies; excludes shares of money market mutual funds and exchange-traded funds.

Flo

ws

Z.1, September 16, 2016 69

F.225 Trade CreditBillions of dollars; quarterly figures are seasonally adjusted annual rates

2013 2014 2015 2015 2016 Q1 Q2 Q3 Q4 Q1 Q2

1 FA893170005 Net change in trade payables 202.6 182.5 73.7 89.9 170.3 29.1 5.5 53.1 249.7 1

2 FA163170003 Household sector 1.0 3.1 1.2 1.4 1.8 1.0 0.8 0.3 -0.1 2

3 FA103170005 Nonfinancial corporate business 101.3 108.8 -33.1 16.2 51.2 -88.1 -111.9 -46.5 164.0 3 4 FA113170005 Nonfinancial noncorporate business 34.0 34.9 46.0 39.4 38.0 42.4 64.0 31.4 35.4 4

5 FA313170005 Federal government 17.9 -0.7 12.8 -7.1 24.1 27.3 7.1 19.0 12.7 5 6 FA213170003 State and local governments 38.2 38.9 40.1 39.2 40.4 40.7 40.3 40.7 40.6 6

7 FA663170003 Brokers and dealers 0.3 3.4 8.4 5.0 17.7 2.4 8.4 -4.1 6.5 7 8 FA263170003 Rest of the world 9.8 -5.8 -1.7 -4.3 -2.9 3.6 -3.3 12.4 -9.4 8

9 FA893070005 Net change in trade receivables 332.5 121.5 74.0 101.7 87.6 53.7 52.9 51.6 284.6 9

10 FA103070005 Nonfinancial corporate business 261.6 70.8 -15.6 15.4 -5.3 -24.6 -47.7 -42.7 169.3 10 11 FA113070003 Nonfinancial noncorporate business 48.8 30.7 53.0 42.3 50.0 53.7 66.2 50.1 50.4 11

12 FA313070000 Federal government 3.3 -5.2 12.7 3.4 -3.4 4.1 46.7 6.0 10.1 12 13 FA213070003 State and local governments 9.5 10.1 0.9 1.8 10.2 -4.5 -3.9 -3.1 18.2 13 14 FA513070003 Property-casualty insurance companies 3.3 5.5 6.0 21.3 12.9 5.5 -15.6 16.8 13.4 14 15 FA673070003 ABS issuers -5.4 -4.4 2.7 0.8 2.5 -2.0 9.5 5.8 -1.5 15

16 FA263070003 Rest of the world 11.5 14.0 14.2 16.8 20.7 21.4 -2.2 18.6 24.9 16

17 FA903070005 Discrepancy -129.9 61.0 -0.3 -11.8 82.7 -24.6 -47.5 1.6 -34.9 17

F.226 Life Insurance ReservesBillions of dollars; quarterly figures are seasonally adjusted annual rates


2 FA313140003 Federal government 0.2 0.8 -0.1 -2.1 0.9 -0.6 1.3 -0.4 0.8 2 3 FA543140005 Life insurance companies 19.9 47.1 44.6 60.4 32.2 57.4 28.5 62.2 43.9 3


5 FA153040005 Households 9.3 37.0 33.9 49.0 20.5 47.2 19.1 52.3 35.0 5 6 FA763040005 U.S.-chartered depository institutions 5.7 5.9 6.5 5.2 8.6 5.6 6.6 5.5 5.7 6 7 FA733040005 Holding companies 5.1 5.0 4.1 4.2 4.0 4.0 4.0 4.0 4.0 7

Flo

ws

70 Z.1, September 16, 2016

F.227 Pension EntitlementsBillions of dollars; quarterly figures are seasonally adjusted annual rates

2013 2014 2015 2015 2016 Q1 Q2 Q3 Q4 Q1 Q2


2 FA543150005 Life insurance companies (1) 33.1 37.2 53.7 -44.8 75.4 113.2 71.1 91.8 42.6 2 3 FA574190005 Private pension funds (2) 148.4 -13.6 65.3 141.7 57.7 -12.5 74.3 182.8 60.9 3

4 FA344090005 Federal government retirement funds (3) 107.3 112.1 111.0 102.9 104.7 110.6 126.0 110.6 103.1 4 5 FA224190005 State and local govt. retirement funds 199.5 175.3 205.4 205.0 202.1 173.9 240.4 217.5 219.4 5

6 FA153050005 Net change in assets (Households) (4) 488.3 311.1 435.5 404.9 440.0 385.2 511.8 602.6 426.0 6

Memo:

7 FA893131573 Individual Retirement Accounts (IRAs): (5) 279.4 192.0 224.6 218.8 322.1 172.7 184.9 231.7 ND 7 8 FA763131573 U.S.-chartered depository institutions -0.4 0.1 18.0 -34.4 35.4 57.1 13.8 32.5 ND 8 9 FA473131573 Credit unions -0.7 -1.6 -0.2 -0.9 -0.2 0.2 -0.1 1.8 ND 9 10 FA543131503 Life insurance companies 29.4 13.2 7.3 2.7 15.1 -15.4 26.7 18.5 ND 10 11 FA633131573 Money market mutual funds 13.0 -10.0 -4.0 -28.0 8.0 32.0 -28.0 12.0 ND 11 12 FA653131573 Mutual funds 154.3 86.0 59.4 120.6 99.7 -37.0 54.5 18.0 ND 12 13 FA153131575 Other self-directed accounts 83.8 104.3 144.2 158.7 164.1 135.8 118.1 148.9 ND 13

(1) Annuities, including those in IRAs.(2) Includes unallocated insurance company contracts beginning 1985:Q4.(3) Includes the Thrift Savings Plan, the National Railroad Retirement Investment Trust, and other federal government retirement funds.(4) Excludes all individual retirement accounts (IRAs), except those at life insurance companies.(5) Assets of the household sector (F.101). Figures for depositories (lines 8 and 9) include Keogh accounts. Variable annuities in IRAs are included in the life insurance sector (line 10) and excluded from the money market mutual fund and mutual fund sectors (lines 11 and 12).

F.228 Taxes Payable by BusinessesBillions of dollars; quarterly figures are seasonally adjusted annual rates

1 FA893178005 Net change in taxes payable by all 11.8 18.9 -6.4 73.9 -31.6 -27.9 -39.8 20.4 -2.6 1 businesses

2 FA103178000 Nonfinancial corporate business -9.1 -1.4 -1.8 23.3 16.0 -10.5 -36.0 -39.8 -1.6 2 3 FA113178003 Nonfinancial noncorporate business 3.2 3.7 9.0 15.2 6.1 6.6 8.1 6.1 6.2 3

4 FA763178003 U.S.-chartered depository institutions 0.1 15.2 -4.4 19.1 -27.6 8.6 -17.7 41.4 17.7 4

5 FA513178003 Property-casualty insurance companies 19.1 1.9 -8.2 1.4 -18.9 -23.4 8.1 5.3 -16.5 5 6 FA543178073 Life insurance companies -2.3 -1.9 -0.7 10.0 -5.6 -8.9 1.8 5.6 -4.3 6

7 FA613178003 Finance companies 0.1 1.0 0.6 1.7 1.0 0.3 -0.6 -1.6 -1.8 7 8 FA663178003 Brokers and dealers 0.6 0.3 -0.8 3.3 -2.5 -0.7 -3.4 3.4 -2.3 8

9 FA893078005 Net change in business taxes receivable 29.0 -0.8 25.2 138.9 10.9 -19.6 -29.4 74.1 95.8 9

10 FA313078005 Federal government 24.9 -4.5 16.2 123.6 4.8 -26.6 -37.0 68.3 89.1 10 11 FA213078005 State and local governments 4.1 3.7 9.0 15.3 6.1 6.9 7.6 5.9 6.7 11

12 FA903078005 Discrepancy -17.2 19.7 -31.6 -65.1 -42.5 -8.3 -10.4 -53.7 -98.4 12

F.229 Proprietors’ Equity in Noncorporate BusinessBillions of dollars; quarterly figures are seasonally adjusted annual rates

1 FA152090205 Total household investment 181.6 28.0 51.5 43.9 39.2 82.3 40.5 89.5 116.4 1

2 FA112090205 Nonfinancial noncorporate business 186.8 25.9 49.2 45.1 41.2 58.1 52.2 97.4 119.6 2 3 FA662090205 Brokers and dealers -5.2 2.0 2.3 -1.2 -2.0 24.2 -11.7 -7.9 -3.2 3

Flo

ws

Z.1, September 16, 2016 71

F.230 Direct InvestmentBillions of dollars; quarterly figures are seasonally adjusted annual rates

2013 2014 2015 2015 2016 Q1 Q2 Q3 Q4 Q1 Q2

U.S. direct investment abroad:

1 FA263192005 Liab.: Rest of the world (1) 323.8 312.3 322.5 370.5 343.8 178.8 396.9 307.7 391.9 1 2 FA263192101 Equity 336.5 340.9 316.3 325.2 327.6 318.0 294.5 310.6 414.5 2 3 FA263192113 Equity (other than reinvested earnings) 19.6 6.5 12.0 9.4 16.3 24.0 -1.7 29.8 108.5 3 4 FA263192125 Reinvested earnings 316.9 334.5 304.4 315.9 311.3 294.1 296.2 280.8 305.9 4 5 FA263192193 Of which: Current-cost adjustment 20.3 20.0 19.3 19.5 19.3 19.2 19.2 19.3 19.3 5 6 FA263192305 Intercompany debt (2) -12.8 -28.7 6.1 45.2 16.2 -139.2 102.4 -2.9 -22.5 6 7 FA263192313 U.S. parents’ claims 15.0 -13.9 22.9 38.0 75.3 -102.1 80.2 27.8 5.1 7 8 FA263092313 Less: U.S. parents’ liabilities 27.8 14.8 16.7 -7.2 59.1 37.2 -22.2 30.7 27.6 8

9 FA103092005 Asset: Nonfinancial corporate business 298.7 293.1 296.7 332.3 299.4 171.2 384.0 270.6 280.1 9 10 FA263192193 Of which: Current-cost adjustment 20.3 20.0 19.3 19.5 19.3 19.2 19.2 19.3 19.3 10 11 FA763092000 U.S.-chartered depository institutions 0.4 3.2 0.8 -4.1 0.2 -6.6 13.7 -3.1 -6.5 11 12 FA513092003 Property-casualty insurance companies 11.9 1.0 4.9 3.1 12.1 1.8 2.6 1.8 3.9 12 13 FA543092073 Life insurance companies 2.9 1.4 -0.4 7.7 -0.3 -5.3 -3.9 2.8 4.5 13 14 FA613092003 Finance companies -1.4 7.5 9.2 25.5 13.1 8.2 -9.9 16.4 97.4 14 15 FA663092003 Brokers and dealers 11.3 6.0 11.2 6.0 19.2 9.4 10.3 19.2 12.4 15

Foreign direct investment in U.S.:

16 FA103192005 Liab.: Nonfinancial corporate business 176.0 152.2 320.1 763.8 288.1 162.7 65.8 179.0 578.8 16 17 FA263092193 Of which: Current-cost adjustment 4.7 4.6 4.9 4.8 4.9 4.9 4.9 4.9 4.9 17 18 FA115114005 Nonfinancial noncorporate business 0.4 2.5 1.8 3.2 1.7 0.7 1.8 1.4 1.6 18 19 FA753192003 Foreign banking offices in U.S. 8.8 1.5 1.1 -12.4 13.8 2.0 0.9 7.3 6.3 19 20 FA513192003 Property-casualty insurance companies 12.8 0.8 11.4 -1.4 0.7 13.0 33.1 108.2 0.0 20 21 FA543192073 Life insurance companies -0.9 5.8 7.8 32.4 1.1 -0.8 -1.5 35.3 1.1 21 22 FA613192003 Finance companies 0.4 8.1 -5.8 6.7 -5.1 -31.4 6.7 2.9 4.1 22 23 FA663192003 Brokers and dealers 8.0 4.7 16.3 7.5 15.8 29.0 12.8 68.6 13.6 23 24 FA503192003 Funding corporations 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 24

25 FA263092001 Asset: Rest of the world (1) 206.1 176.2 353.3 800.4 316.7 175.9 120.1 403.4 606.0 25 26 FA263092101 Equity 200.6 112.0 301.1 641.3 237.5 162.1 163.5 358.5 464.6 26 27 FA263092113 Equity (other than reinvested earnings) 124.1 14.6 218.4 563.1 136.1 69.7 104.5 281.4 372.6 27 28 FA263092125 Reinvested earnings 76.5 97.4 82.8 78.2 101.4 92.3 59.1 77.1 92.1 28 29 FA263092193 Of which: Current-cost adjustment 4.7 4.6 4.9 4.8 4.9 4.9 4.9 4.9 4.9 29 30 FA263092303 Intercompany debt 5.5 64.2 52.2 159.1 79.3 13.8 -43.5 44.8 141.4 30 31 FA263092323 U.S. affiliates’ liabilities 48.6 80.6 61.6 142.1 135.5 3.1 -34.2 -24.0 146.1 31 32 FA263192323 Less: U.S. affiliates’ claims 43.1 16.4 9.4 -17.0 56.2 -10.7 9.2 -68.8 4.7 32

Memo:

Direct investment, asset/liability presentation:

33 FA263192035 Net U.S. acquisition of direct investment assets 394.6 343.4 348.6 346.3 459.1 205.3 383.9 269.6 424.3 33 34 FA263192101 Equity (line 2) 336.5 340.9 316.3 325.2 327.6 318.0 294.5 310.6 414.5 34 35 FA263192345 Intercompany debt 58.1 2.5 32.3 21.1 131.5 -112.7 89.4 -40.9 9.8 35 36 FA263192313 U.S. parents’ claims (line 7) 15.0 -13.9 22.9 38.0 75.3 -102.1 80.2 27.8 5.1 36 37 FA263192323 U.S. affiliates’ claims (line 32) 43.1 16.4 9.4 -17.0 56.2 -10.7 9.2 -68.8 4.7 37

38 FA263092035 Net U.S. incurrence of direct investment liabilities 277.0 207.4 379.4 776.3 432.0 202.4 107.1 365.3 638.3 38 39 FA263092101 Equity (line 26) 200.6 112.0 301.1 641.3 237.5 162.1 163.5 358.5 464.6 39 40 FA263092345 Intercompany debt 76.4 95.4 78.3 134.9 194.5 40.3 -56.4 6.8 173.7 40 41 FA263092313 U.S. parents’ liabilities (line 8) 27.8 14.8 16.7 -7.2 59.1 37.2 -22.2 30.7 27.6 41 42 FA263092323 U.S. affiliates’ liabilities (line 31) 48.6 80.6 61.6 142.1 135.5 3.1 -34.2 -24.0 146.1 42

(1) Direct investment is valued on a current-cost basis and presented on a directional basis.(2) Through 1992:Q4, U.S. direct investment abroad excludes net inflows from corporate bonds issued by Netherlands Antillean financial subsidiaries.

Flo

ws

72 Z.1, September 16, 2016

F.231 Total Miscellaneous Financial ClaimsBillions of dollars; quarterly figures are seasonally adjusted annual rates

2013 2014 2015 2015 2016 Q1 Q2 Q3 Q4 Q1 Q2

1 FA893190005 Net change in liabilities 909.6 1550.8 978.2 983.1 1339.9 1610.8 -21.0 1716.3 1327.8 1

2 FA543077073 Household sector 3.0 1.2 1.5 4.6 3.2 -1.6 -0.2 5.1 3.3 2 3 FA103190005 Nonfinancial corporate business 614.1 941.6 692.7 18.4 393.8 1068.1 1290.4 575.9 368.0 3 4 FA113193003 Nonfinancial noncorporate business 41.8 38.9 5.3 62.3 -0.4 -16.6 -24.2 -30.4 -30.6 4

5 FA313190005 Federal government 3.8 35.5 29.6 375.0 579.5 477.9 -1313.8 10.0 69.0 5 6 FA223073045 State and local governments 244.9 261.1 256.0 239.4 219.3 298.0 267.3 218.1 235.7 6

7 FA713190005 Monetary authority 9.8 3.5 0.6 -67.4 64.0 -203.3 209.1 -77.6 60.8 7 8 FA763190005 U.S.-chartered depository institutions 120.1 318.5 59.4 116.4 220.7 14.0 -113.3 264.5 439.0 8 9 FA753190005 Foreign banking offices in U.S. -33.2 -11.7 -9.1 11.3 -45.8 26.2 -28.3 164.0 5.9 9 10 FA743193005 Banks in U.S.-affiliated areas -3.0 -1.6 -2.3 -3.4 3.2 -7.0 -2.0 1.6 -0.2 10 11 FA473193005 Credit unions 1.5 1.2 0.5 7.4 -2.8 -11.2 8.8 25.6 -21.6 11

12 FA513190005 Property-casualty insurance companies -0.3 14.8 14.8 -11.2 33.5 41.2 -4.4 25.5 18.6 12 13 FA543190005 Life insurance companies -12.8 28.7 -12.0 111.8 -115.4 58.7 -103.1 148.8 173.1 13

14 FA403190005 Government-sponsored enterprises -9.4 -3.6 -4.6 -4.2 -20.3 4.2 1.9 -5.9 2.3 14 15 FA613190005 Finance companies -26.3 -7.3 -16.7 -27.2 3.3 -31.3 -11.4 -116.5 -34.4 15 16 FA643193005 REITs -22.1 6.9 -1.9 -4.1 6.3 41.5 -51.4 18.5 30.0 16

17 FA663190005 Brokers and dealers 41.3 -19.9 1.9 198.9 58.1 -11.2 -238.1 85.5 47.8 17 18 FA733193005 Holding companies 57.1 -31.4 -130.2 -218.5 1.2 -265.9 -37.7 3.3 -113.7 18 19 FA503190005 Funding corporations -97.4 -14.3 82.2 132.9 -24.0 71.7 148.3 396.6 -2.8 19

20 FA263190005 Rest of the world -23.3 -11.0 10.5 40.8 -37.5 57.4 -18.8 3.9 77.5 20

21 FA893090005 Net change in assets 1278.9 1302.1 1185.9 2076.9 1249.4 1712.6 -295.1 2461.8 1097.7 21


25 FA213093003 State and local governments 3.4 7.5 11.2 12.7 5.9 25.0 1.2 2.7 5.3 25 26 FA313090005 Federal government 4.1 12.5 14.4 19.7 17.4 11.0 9.6 14.3 11.1 26

27 FA713090005 Monetary authority 32.3 -0.5 -20.2 -32.4 -14.8 -20.2 -13.4 -18.1 -5.3 27 28 FA763090005 U.S.-chartered depository institutions -4.8 -6.6 13.5 170.2 14.0 -70.2 -60.1 211.0 64.3 28 29 FA753093005 Foreign banking offices in U.S. 13.1 14.4 -13.0 17.8 -23.7 -35.6 -10.5 22.9 25.8 29 30 FA743093005 Banks in U.S.-affiliated areas 8.6 12.8 1.5 -8.2 22.4 -3.4 -4.6 21.8 -13.1 30 31 FA473090005 Credit unions -1.2 5.4 6.1 -9.7 6.5 11.7 15.9 -15.5 42.8 31

32 FA513092403 Property-casualty insurance companies 0.1 0.0 0.0 0.0 0.0 -0.0 0.0 -0.0 0.2 32 33 FA543090005 Life insurance companies 28.0 72.8 -4.4 62.9 -63.0 41.3 -58.6 125.6 74.8 33 34 FA573090005 Private pension funds 125.9 100.3 103.6 171.3 80.9 69.8 92.2 82.1 87.0 34 35 FA343073005 Federal government retirement funds -9.7 22.1 18.7 390.4 571.4 475.3 -1362.3 16.1 49.0 35 36 FA223090005 State and local govt. retirement funds 258.7 268.6 262.0 261.3 237.4 273.3 276.0 185.7 249.3 36

37 FA633093005 Money market mutual funds 2.6 -14.6 -7.0 -100.6 -9.6 29.4 52.8 -94.0 13.7 37 38 FA653093005 Mutual funds -23.8 102.7 -49.3 -109.1 -291.2 115.4 87.8 38.0 40.6 38 39 FA563093003 Exchange-traded funds -29.9 -1.4 2.1 18.2 -9.2 -2.4 1.8 39.3 28.5 39

40 FA403093005 Government-sponsored enterprises 13.1 -11.0 -6.5 40.2 6.2 -48.4 -24.0 31.9 31.6 40 41 FA673090543 ABS issuers -8.4 9.2 1.6 6.2 -5.9 -12.2 18.2 -3.9 8.0 41 42 FA613090005 Finance companies -16.9 9.5 -20.6 -20.5 -86.7 -92.1 117.1 -63.3 -94.1 42 43 FA643090005 REITs 8.8 13.4 11.2 26.4 17.6 13.4 -12.6 23.1 29.8 43

44 FA663090005 Brokers and dealers 145.6 50.5 -59.6 223.1 -274.2 84.4 -271.9 377.8 -250.1 44 45 FA733090005 Holding companies 175.0 111.2 -7.1 -134.5 158.8 -96.4 43.9 244.4 65.0 45 46 FA503094505 Funding corporations 13.0 2.8 38.7 74.1 -5.1 53.9 32.0 199.4 9.9 46

47 FA903090005 Discrepancy -369.3 248.7 -207.7 -1093.8 90.5 -101.7 274.1 -745.5 230.2 47

Flo

ws

Z.1, September 16, 2016 73

F.232 Identified Miscellaneous Financial Claims - Part IBillions of dollars; quarterly figures are seasonally adjusted annual rates

2013 2014 2015 2015 2016 Q1 Q2 Q3 Q4 Q1 Q2

Federal government equity in IBRD, etc.:

1 FA313092803 Liab.: Rest of the world 2.2 2.3 2.2 8.7 0.0 0.2 0.0 0.0 0.0 1 2 FA313092803 Asset: Federal government 2.2 2.3 2.2 8.7 0.0 0.2 0.0 0.0 0.0 2

Federal Reserve Bank stock:

3 FA713164003 Liab.: Monetary authority 0.1 1.1 0.9 1.0 1.2 0.6 0.7 2.5 0.1 3 4 FA713164003 Asset: U.S.-chartered depository institutions 0.1 1.1 0.9 1.0 1.2 0.6 0.7 2.5 0.1 4

Equity in govt.-sponsored enterprises:

5 FA403192405 Liab.: Government-sponsored enterprises 0.5 1.2 1.3 -4.3 4.2 -2.4 7.6 -5.9 10.5 5 6 FA103092405 Asset: Nonfin. corporate business (Fannie Mae and FCS) 0.0 0.1 0.1 0.3 -0.1 0.0 0.1 0.4 0.1 6 7 FA113092405 Nonfinancial noncorporate (FCS) 0.6 0.7 0.5 0.4 0.5 0.6 0.6 0.3 1.5 7 8 FA313092403 Federal government 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8 9 FA763092405 U.S.-chartered depository institutions (FHLB) -0.6 -0.6 -1.4 -6.1 0.9 -6.0 5.8 -6.3 9.6 9 10 FA473092403 Credit unions (FHLB) -0.6 0.6 0.4 0.3 0.8 0.5 0.1 0.6 -1.0 10 11 FA513092403 Property-casualty insurance companies (FHLB) 0.1 0.0 0.0 0.0 0.0 -0.0 0.0 -0.0 0.2 11 12 FA543092473 Life insurance companies (FHLB) 0.8 0.1 0.5 0.5 1.4 0.1 -0.2 0.3 0.3 12 13 FA613092403 Finance companies 0.0 -0.0 0.1 0.0 0.0 0.2 0.2 -0.0 -0.0 13 14 FA643092473 Real estate investment trusts (FHLB) 0.0 0.3 1.1 0.3 0.7 2.2 1.0 -1.0 -0.4 14

Holding company net transactions with subsidiaries:

15 FA763194735 Liab.: U.S.-chartered depository institutions 59.2 195.9 36.5 -81.7 109.7 73.8 44.3 147.7 288.1 15 16 FA513194733 Property-casualty insurance companies -6.0 0.1 -0.8 -5.5 2.8 0.8 -1.1 -2.1 1.5 16 17 FA543194733 Life insurance companies -1.6 0.8 0.5 1.1 0.2 0.9 -0.2 3.5 3.0 17 18 FA613194733 Finance companies -15.8 -13.1 -2.6 -4.7 -10.0 -1.0 5.5 -14.3 0.4 18 19 FA663194735 Brokers and dealers 56.2 4.8 76.5 -67.1 216.1 15.4 141.4 88.7 -102.9 19 20 FA263194735 Rest of the world -16.9 -14.6 8.8 34.9 -36.8 57.0 -20.1 7.3 66.1 20 21 FA733094703 Asset: Holding companies 75.2 173.9 119.0 -123.0 282.1 147.0 169.8 230.9 256.2 21

NFC investment in finance company subsidiaries:

22 FA103094105 Liab.: Finance companies 14.7 14.1 -4.1 -7.6 -16.1 -1.6 8.8 -23.0 0.6 22 23 FA103094105 Asset: Nonfinancial corporate business 14.7 14.1 -4.1 -7.6 -16.1 -1.6 8.8 -23.0 0.6 23

Funding corporations’ investment in subsidiaries:

24 FA753194503 Liab.: Foreign banking offices in U.S. -2.5 -20.3 2.2 -27.9 51.6 -3.1 -11.9 86.9 -48.8 24 25 FA663194505 Brokers and dealers 15.5 23.1 36.6 102.0 -56.7 57.0 43.9 112.5 58.8 25 26 FA503094505 Asset: Funding corporations 13.0 2.8 38.7 74.1 -5.1 53.9 32.0 199.4 9.9 26

Equity investment under Public-Private Inv. Program:

27 FA503194305 Liab.: Funding corporations -3.5 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 27 28 FA153094305 Asset: Households (2) -1.8 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 28 29 FA313094303 Federal government -1.8 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 29

(1) Direct investment is valued on a current-cost basis. Excludes capital gains and losses. Components of direct investment--equity, reinvested earnings, intercompany accounts-- are not available before 1982.(2) Funds invested by financial institutions such as domestic hedge funds through the Public-Private Investment Program (PPIP).

Flo

ws

74 Z.1, September 16, 2016

F.233 Identified Miscellaneous Financial Claims - Part IIBillions of dollars; quarterly figures are seasonally adjusted annual rates

2013 2014 2015 2015 2016 Q1 Q2 Q3 Q4 Q1 Q2

Nonofficial foreign currencies:

1 FA263191103 Liab.: Rest of the world -8.6 1.3 -0.5 -2.9 -0.7 0.2 1.3 -3.4 11.4 1 2 FA313091105 Asset: Federal government -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2 3 FA713091103 Monetary authority (1) -8.6 1.3 -0.5 -2.9 -0.7 0.2 1.3 -3.4 11.4 3

Postal Savings System deposits:

4 FA313131003 Liab.: Federal government 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4 5 FA313131003 Asset: Household sector 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 FA403197033 Liab.: Government-sponsored enterprises -3.2 -1.5 -0.5 4.4 -3.7 -3.9 1.1 -1.0 1.5 6 7 FA403197033 Asset: U.S.-chartered depository institutions -3.2 -1.5 -0.5 4.4 -3.7 -3.9 1.1 -1.0 1.5 7

Funding agreements backing securities (2):

8 FA673090543 Liab.: Life insurance companies -8.4 9.2 1.6 6.2 -5.9 -12.2 18.2 -3.9 8.0 8 9 FA673090543 Asset: ABS issuers -8.4 9.2 1.6 6.2 -5.9 -12.2 18.2 -3.9 8.0 9

Deferred and unpaid life insurance premiums:

10 FA543077073 Liab.: Household sector 3.0 1.2 1.5 4.6 3.2 -1.6 -0.2 5.1 3.3 10 11 FA543077073 Asset: Life insurance companies 3.0 1.2 1.5 4.6 3.2 -1.6 -0.2 5.1 3.3 11

Life insurance company reserves:

12 FA543195005 Liab.: Life insurance companies 0.4 5.8 3.1 9.2 -4.5 13.7 -5.8 29.6 29.2 12 13 FA543195105 Accident and health 0.2 5.5 7.8 7.8 3.5 14.7 5.2 23.4 25.7 13 14 FA543195205 Policy dividend accumulation 0.2 0.2 -5.3 -5.6 -5.3 -5.2 -5.0 2.0 3.4 14 15 FA543195373 Contract claims -0.0 0.1 0.6 6.9 -2.7 4.2 -6.0 4.1 0.1 15

16 FA543195005 Asset: Household sector 0.4 5.8 3.1 9.2 -4.5 13.7 -5.8 29.6 29.2 16

Policy payables:

17 FA513176003 Liab.: Property-casualty insurance companies 5.7 14.7 15.5 -5.6 30.7 40.4 -3.3 27.6 17.1 17

18 FA153076005 Asset: Household sector 37.8 -8.4 23.4 13.2 30.2 36.1 14.1 18.0 11.8 18 19 FA103076005 Nonfinancial corporate business -6.0 10.4 2.4 -5.5 8.7 11.9 -5.7 9.8 5.8 19 20 FA113076005 Nonfinancial noncorporate business -26.1 12.8 -10.2 -13.2 -8.3 -7.6 -11.8 -0.3 -0.5 20

Unallocated insurance company contracts:

21 FA593095005 Liab.: Life insurance companies -8.5 -14.5 -1.9 23.3 -9.2 -37.6 15.9 -1.0 10.1 21 22 FA573095005 Asset: Private pension funds -7.8 -8.1 -3.6 16.5 -11.6 -22.4 3.0 0.0 2.9 22 23 FA223095505 State and local government retirement funds -0.7 -6.4 1.7 6.8 2.4 -15.2 12.9 -1.0 7.2 23

Pension fund contributions payable:

24 FA573074005 Liab.: Nonfinancial corporate business -2.5 -2.9 -4.3 -5.6 -3.9 -4.4 -3.5 -7.6 -7.2 24 25 FA573074005 Asset: Private pension funds -2.5 -2.9 -4.3 -5.6 -3.9 -4.4 -3.5 -7.6 -7.2 25

Securities borrowed (net):

26 FA663097005 Liab.: Funding corporations 94.0 47.1 -13.8 139.1 -209.3 177.7 -162.6 315.3 -266.4 26 27 FA663097005 Asset: Brokers and dealers 94.0 47.1 -13.8 139.1 -209.3 177.7 -162.6 315.3 -266.4 27

Retiree health care funds (3):

28 FA313195105 Liab.: Federal government 12.2 10.4 7.4 2.6 -5.3 12.1 20.0 11.8 12.9 28 29 FA313195105 Asset: Household sector 12.2 10.4 7.4 2.6 -5.3 12.1 20.0 11.8 12.9 29

Claims of pension fund on sponsor:

30 FA573073005 Liab.: Nonfinancial corporate business 108.6 85.4 66.9 69.4 70.0 68.9 59.2 57.5 57.1 30 31 FA343073005 Federal government -9.7 22.1 18.7 390.4 571.4 475.3 -1362.3 16.1 49.0 31 32 FA223073045 State and local governments 244.9 261.1 256.0 239.4 219.3 298.0 267.3 218.1 235.7 32

33 FA573073005 Asset: Private pension funds 108.6 85.4 66.9 69.4 70.0 68.9 59.2 57.5 57.1 33 34 FA343073005 Federal government retirement funds -9.7 22.1 18.7 390.4 571.4 475.3 -1362.3 16.1 49.0 34 35 FA223073045 State and local govt. retirement funds 244.9 261.1 256.0 239.4 219.3 298.0 267.3 218.1 235.7 35

(1) Reciprocal currency arrangements (swap lines) with foreign central banks.(2) Equal to funding agreement-backed securities (FABS) issued by domestic issuers of asset-backed securities. Funding agreement-backed securities issued by foreign entities are included in foreign direct investment in the U.S. See tables F.133 and F.230.(3) Includes Uniform Services Retiree Health Care Fund and Postal Service Retiree Health Benefits Fund.

Flo

ws

Z.1, September 16, 2016 75

F.234 Unidentified Miscellaneous Financial ClaimsBillions of dollars; quarterly figures are seasonally adjusted annual rates

2013 2014 2015 2015 2016 Q1 Q2 Q3 Q4 Q1 Q2


2 FA103193005 Nonfinancial corporate business 508.0 859.1 630.1 -45.5 327.6 1003.5 1234.7 525.9 318.0 2 3 FA113193003 Nonfinancial noncorporate business 41.8 38.9 5.3 62.3 -0.4 -16.6 -24.2 -30.4 -30.6 3

4 FA313193005 Federal government 1.3 3.0 3.5 -18.1 13.3 -9.5 28.4 -17.9 7.1 4

5 FA713193005 Monetary authority 9.7 2.4 -0.3 -68.4 62.8 -203.9 208.4 -80.2 60.7 5 6 FA763193005 U.S.-chartered depository institutions 60.9 122.5 22.9 198.1 111.0 -59.8 -157.6 116.8 150.9 6 7 FA753193005 Foreign banking offices in U.S. -30.7 8.6 -11.3 39.2 -97.4 29.3 -16.4 77.1 54.7 7 8 FA743193005 Banks in U.S.-affiliated areas -3.0 -1.6 -2.3 -3.4 3.2 -7.0 -2.0 1.6 -0.2 8 9 FA473193005 Credit unions 1.5 1.2 0.5 7.4 -2.8 -11.2 8.8 25.6 -21.6 9

10 FA543193005 Life insurance companies 5.3 27.3 -15.4 71.9 -95.9 93.8 -131.3 120.6 122.8 10 11 FA403193005 Government-sponsored enterprises -6.7 -3.4 -5.3 -4.3 -20.8 10.6 -6.8 0.9 -9.7 11 12 FA613193005 Finance companies -25.2 -8.2 -10.0 -14.9 29.5 -28.7 -25.7 -79.1 -35.4 12 13 FA643193005 REITs -22.1 6.9 -1.9 -4.1 6.3 41.5 -51.4 18.5 30.0 13

14 FA663193005 Brokers and dealers -30.4 -47.8 -111.1 164.1 -101.4 -83.7 -423.4 -115.7 92.0 14 15 FA733193005 Holding companies 57.1 -31.4 -130.2 -218.5 1.2 -265.9 -37.7 3.3 -113.7 15 16 FA503193005 Funding corporations -187.9 -61.4 96.0 -6.1 185.2 -106.0 310.9 81.3 263.6 16


18 FA103093005 Nonfinancial corporate business 255.4 350.7 676.0 824.2 688.3 658.4 533.2 820.7 358.6 18 19 FA113093005 Nonfinancial noncorporate business 254.1 123.7 190.3 173.9 200.9 165.6 221.0 153.2 203.5 19

20 FA313093003 Federal government 3.7 10.2 12.2 10.9 17.4 10.8 9.6 14.3 11.1 20 21 FA213093003 State and local governments 3.4 7.5 11.2 12.7 5.9 25.0 1.2 2.7 5.3 21

22 FA713093005 Monetary authority 40.9 -1.8 -19.7 -29.5 -14.1 -20.4 -14.7 -14.7 -16.7 22 23 FA763093005 U.S.-chartered depository institutions -1.1 -5.5 14.5 170.9 15.6 -60.8 -67.7 215.9 53.0 23 24 FA753093005 Foreign banking offices in U.S. 13.1 14.4 -13.0 17.8 -23.7 -35.6 -10.5 22.9 25.8 24 25 FA743093005 Banks in U.S.-affiliated areas 8.6 12.8 1.5 -8.2 22.4 -3.4 -4.6 21.8 -13.1 25 26 FA473093005 Credit unions -0.7 4.9 5.7 -9.9 5.6 11.2 15.8 -16.0 43.8 26

27 FA543093005 Life insurance companies 24.2 71.5 -6.3 57.8 -67.6 42.8 -58.2 120.2 71.1 27 28 FA573093005 Private pension funds 27.6 25.9 44.6 91.0 26.3 27.7 33.5 32.2 34.1 28 29 FA223093005 State and local govt. retirement funds 14.6 13.9 4.3 15.1 15.6 -9.4 -4.2 -31.4 6.4 29

30 FA633093005 Money market mutual funds 2.6 -14.6 -7.0 -100.6 -9.6 29.4 52.8 -94.0 13.7 30 31 FA653093005 Mutual funds -23.8 102.7 -49.3 -109.1 -291.2 115.4 87.8 38.0 40.6 31 32 FA563093003 Exchange-traded funds -29.9 -1.4 2.1 18.2 -9.2 -2.4 1.8 39.3 28.5 32

33 FA403093005 Government-sponsored enterprises 13.1 -11.0 -6.5 40.2 6.2 -48.4 -24.0 31.9 31.6 33 34 FA613093005 Finance companies -16.9 9.5 -20.7 -20.5 -86.8 -92.3 116.9 -63.2 -94.0 34 35 FA643093005 REITs 8.7 13.1 10.1 26.1 16.9 11.2 -13.7 24.1 30.2 35

36 FA663093005 Brokers and dealers 51.6 3.4 -45.8 84.0 -64.9 -93.2 -109.2 62.6 16.4 36 37 FA733093005 Holding companies 99.9 -62.7 -126.0 -11.4 -123.3 -243.4 -125.9 13.5 -191.1 37

38 FA903090005 Discrepancy -369.3 248.7 -207.7 -1093.8 90.5 -101.7 274.1 -745.5 230.2 38

Flo

ws

76 Z.1, September 16, 2016

F.7 Sector DiscrepanciesBillions of dollars; quarterly figures are seasonally adjusted annual rates

2013 2014 2015 2015 2016 Q1 Q2 Q3 Q4 Q1 Q2

1 FA897005005 All sectors -405.3 331.4 -78.5 -295.7 -328.2 109.7 200.1 -154.3 -250.1 1

2 FA157005005 Household sector -428.6 -330.8 -360.3 -674.2 315.1 -690.6 -391.4 -547.7 -219.2 2 3 FA107005005 Nonfinancial corporate business 245.3 745.9 85.7 129.4 -150.3 139.2 224.6 126.4 -188.9 3

4 FA317005005 Federal government -36.5 -59.8 -63.3 -147.4 -98.5 136.0 -143.3 -105.4 -88.5 4 5 FA217005005 State and local governments 36.3 -16.6 8.6 -35.3 68.2 -73.9 75.2 -11.9 -79.2 5

6 FA797005005 Domestic financial sectors -219.1 -44.0 -147.8 -330.2 -154.0 -98.4 -8.6 -104.5 -9.9 6

7 FA717005005 Monetary authority -1.6 3.9 7.2 10.1 6.3 7.4 4.9 5.6 8.4 7

8 FA767005005 U.S.-chartered depository institutions -20.5 51.3 -141.1 -112.9 -241.4 -189.3 -20.9 -12.5 129.5 8 9 FA757005005 Foreign banking officed in U.S. -47.9 1.2 14.7 -78.8 33.4 62.6 41.7 -146.6 -145.8 9 10 FA747005005 Banks in U.S.-affiliated areas -0.3 -0.2 0.1 3.3 1.8 -3.8 -0.9 3.2 0.4 10 11 FA477005005 Credit unions 14.2 -2.0 1.8 -5.7 4.7 0.6 7.9 -12.0 2.5 11

12 FA517005005 Property-casualty insurance companies 26.0 3.5 15.5 3.1 6.1 -3.2 56.0 89.1 -5.3 12 13 FA547005005 Life insurance companies -29.7 -36.4 -7.8 -40.3 43.1 11.3 -45.3 11.9 13.1 13

14 FA657005005 Mutual funds -57.7 -73.6 -68.3 -69.4 -68.2 -68.0 -67.6 -39.1 -59.4 14 15 FA407005005 Government-sponsored enterprises -3.7 23.6 -10.9 -116.1 2.9 25.5 43.9 -91.2 42.3 15

16 FA677005005 Issuers of asset-backed securities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16 17 FA617005005 Finance companies -72.7 -24.7 12.3 42.2 2.2 24.9 -20.1 -1.7 54.3 17 18 FA647005005 REITs 39.4 26.7 30.3 25.0 61.0 41.1 -6.2 15.3 -3.9 18

19 FA667005005 Brokers and dealers -30.1 -20.7 -5.7 -16.4 -21.4 46.2 -31.2 72.6 -13.7 19 20 FA737005005 Holding companies -34.6 3.3 4.2 25.7 15.5 -53.7 29.3 1.0 -32.3 20

21 FA267005005 Rest of the world -2.7 36.6 398.6 761.9 -308.7 697.5 443.5 488.8 335.6 21

F.8 Instrument DiscrepanciesBillions of dollars; quarterly figures are seasonally adjusted annual rates

1 FA907005005 All types -405.3 331.4 -78.5 -295.7 -328.2 109.7 200.1 -154.3 -250.1 1

2 FA903012005 Treasury currency -1.1 -1.1 -1.3 -1.5 -1.3 -1.3 -1.0 -0.6 -0.9 2 3 FA903091005 Foreign deposits -3.8 -92.9 -192.7 48.8 -342.0 -178.8 -298.8 165.5 -196.2 3

4 FA904010005 Net interbank transactions 56.8 -47.1 -9.4 323.4 -304.4 69.0 -125.6 312.3 -336.1 4 5 FA902050005 Security repurchase agreements -72.9 -110.7 116.1 233.4 -58.4 137.1 152.1 -65.9 -71.9 5

6 FA903020005 Mail floats -0.7 0.9 -0.3 -24.9 39.4 -12.7 -2.8 -27.0 39.0 6 7 FA903023005 Federal government 0.4 1.1 -0.0 -25.0 40.0 -11.7 -3.4 -25.8 39.2 7 8 FA903028003 State and local governments 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8 9 FA903029200 Private domestic -1.2 -0.3 -0.2 0.1 -0.6 -1.0 0.5 -1.2 -0.2 9

10 FA903070005 Trade credit -129.9 61.0 -0.3 -11.8 82.7 -24.6 -47.5 1.6 -34.9 10 11 FA903078005 Taxes payable -17.2 19.7 -31.6 -65.1 -42.5 -8.3 -10.4 -53.7 -98.4 11

12 FA903090005 Miscellaneous -369.3 248.7 -207.7 -1093.8 90.5 -101.7 274.1 -745.5 230.2 12

13 FA906000105 Nonfinancial 132.8 252.8 248.6 295.7 207.7 231.0 259.8 259.3 219.1 13

Nonfinancial components (sign reversed): 14 FA087005005 Statistical discrepancy (NIPA) -137.9 -258.0 -253.7 -300.9 -212.9 -236.1 -264.8 -264.3 -224.2 14 15 FA156600075 Contr. for govt. soc. insur., U.S. affiliated areas 5.2 5.1 5.1 5.2 5.2 5.1 5.0 5.0 5.1 15

Lev

els

Z.1, September 16, 2016 77

L.100 Domestic Nonfinancial Sectors (1)Billions of dollars; amounts outstanding end of period, not seasonally adjusted

2013 2014 2015 2015 2016 Q1 Q2 Q3 Q4 Q1 Q2


2 FL313011005 U.S. official reserve assets 109.8 98.0 86.9 88.7 89.5 89.2 86.9 88.0 88.1 2 3 FL383091005 Foreign deposits 129.6 114.4 79.6 96.2 96.9 85.1 79.6 70.0 78.5 3

4 FL383020005 Checkable deposits and currency 2220.6 2508.2 2785.7 2409.7 2630.9 2516.0 2785.7 2814.7 2898.7 4 5 FL383030005 Time and savings deposits 8719.0 9226.9 9740.0 9445.9 9404.2 9596.1 9740.0 9860.4 9942.1 5 6 FL383034005 Money market fund shares 1939.9 1922.2 1912.2 1817.3 1804.5 1828.5 1912.2 1881.9 1840.9 6 7 FL382051005 Security repurchase agreements 135.1 153.8 168.1 157.4 159.9 164.3 168.1 165.7 165.9 7

8 FL384022005 Debt securities 5943.3 5761.7 6099.2 5713.6 5843.9 6009.5 6099.2 6014.8 5813.0 8 9 FL383069105 Open market paper 141.3 137.5 133.1 137.8 135.3 136.4 133.1 131.8 136.8 9 10 FL383061105 Treasury securities 1826.8 1578.2 1908.9 1615.8 1702.2 1788.9 1908.9 1884.8 1891.9 10 11 FL383061705 Agency- and GSE-backed securities 741.3 783.0 973.4 764.6 802.2 882.0 973.4 936.0 887.0 11 12 FL383062005 Municipal securities 1865.0 1747.2 1690.3 1750.5 1768.1 1740.2 1690.3 1692.0 1677.9 12 13 FL383063005 Corporate and foreign bonds 1369.0 1515.7 1393.5 1444.8 1436.1 1462.1 1393.5 1370.2 1219.5 13


18 LM383064105 Corporate equities 13047.2 14572.2 14369.6 15111.5 15044.8 13696.2 14369.6 14408.6 14739.6 18 19 LM383064205 Mutual fund shares 6539.8 7045.6 6841.6 7149.7 7142.0 6687.3 6841.6 6854.8 7005.4 19

20 FL383070005 Trade receivables 3428.8 3535.2 3586.3 3598.3 3657.4 3653.9 3586.3 3634.5 3744.8 20 21 FL153040005 Life insurance reserves 1233.0 1282.8 1310.6 1300.0 1303.8 1298.3 1310.6 1324.3 1337.7 21 22 FL153050005 Pension entitlements 19860.9 20658.7 21247.6 21039.5 21169.8 20878.3 21247.6 21455.2 21733.0 22

23 FL383078005 Taxes payable 287.3 302.9 332.0 309.5 311.2 323.6 332.0 336.9 346.9 23 24 FL152090205 Equity in noncorporate business 9326.3 9980.7 10747.6 10244.9 10396.1 10564.9 10747.6 10813.7 10978.7 24 25 FL103092005 U.S. direct investment abroad 4389.5 4615.6 4807.2 4651.9 4714.2 4724.6 4807.2 4899.4 5013.0 25

26 FL383090005 Miscellaneous assets 11209.0 11898.1 12911.2 12118.4 12330.5 12541.9 12911.2 13059.0 13161.0 26


28 FL313111303 U.S. official reserve assets 54.4 51.2 48.9 48.7 49.7 49.6 48.9 49.8 49.4 28 29 FL713014003 SDR certificates 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 29 30 FL313112003 Treasury currency 25.6 25.3 25.3 25.3 25.3 25.3 25.3 25.3 25.3 30


37 FL384123005 Loans 19767.6 20526.7 21271.5 20612.2 20865.5 20993.9 21271.5 21424.8 21655.3 37 38 FL383168005 Depository institution loans n.e.c. 1867.0 2144.9 2436.4 2207.7 2271.7 2310.7 2436.4 2511.9 2568.4 38 39 FL383169005 Other loans and advances 1746.5 1852.4 1750.8 1854.3 1862.6 1763.3 1750.8 1759.5 1737.7 39 40 FL383165005 Mortgages 13058.0 13211.4 13548.5 13227.4 13333.3 13438.5 13548.5 13614.0 13743.9 40 41 FL153166000 Consumer credit 3096.2 3318.0 3535.7 3322.8 3397.8 3481.4 3535.7 3539.4 3605.3 41

42 FL383170005 Trade payables 3754.3 3939.3 4006.3 3958.1 4015.6 4015.6 4006.3 4013.5 4096.9 42

43 FL313140003 Life insurance reserves 50.5 51.3 51.1 50.7 51.0 50.8 51.1 51.1 51.2 43 44 FL143178005 Taxes payable 155.4 157.8 164.9 176.2 175.6 178.1 164.9 165.0 160.1 44 45 FL143192005 Foreign direct investment in U.S. 2587.3 2750.8 2976.5 2853.9 2914.4 2957.4 2976.5 2988.6 3041.4 45

46 FL383190005 Miscellaneous liabilities 8464.6 8935.2 9420.8 9031.0 9170.3 9668.0 9420.8 9528.9 9556.8 46

(1) Sum of domestic nonfinancial sectors shown on tables L.101 through L.107.

Lev

els

78 Z.1, September 16, 2016

L.101 Households and Nonprofit Organizations (1)Billions of dollars; amounts outstanding end of period, not seasonally adjusted

2013 2014 2015 2015 2016 Q1 Q2 Q3 Q4 Q1 Q2




12 FL154023005 Loans 970.7 1024.0 970.3 1025.7 997.5 995.1 970.3 1008.6 1007.6 12 13 FL153069005 Other loans and advances (2) 841.4 893.2 842.6 895.7 867.9 866.3 842.6 884.4 886.7 13 14 FL153065005 Mortgages 77.5 83.2 83.5 83.2 83.6 83.3 83.5 81.4 79.5 14 15 FL163066223 Consumer credit (student loans) 51.8 47.6 44.2 46.8 46.1 45.5 44.2 42.8 41.4 15

16 LM153064105 Corporate equities (3) 12849.7 14364.9 14158.2 14901.5 14834.8 13491.7 14158.2 14196.3 14524.3 16 17 LM153064205 Mutual fund shares 6250.3 6726.7 6519.4 6822.8 6814.1 6376.1 6519.4 6529.8 6672.9 17

18 FL153040005 Life insurance reserves 1233.0 1282.8 1310.6 1300.0 1303.8 1298.3 1310.6 1324.3 1337.7 18 19 FL153050005 Pension entitlements (4) 19860.9 20658.7 21247.6 21039.5 21169.8 20878.3 21247.6 21455.2 21733.0 19 20 FL593073005 Claims of pension fund on sponsor 3442.6 3593.6 4150.9 3785.7 4041.1 4608.6 4150.9 4295.3 4382.6 20 21 FL153050025 Funded pension entitlements 16418.3 17065.1 17096.7 17253.8 17128.8 16269.7 17096.7 17159.9 17350.4 21

22 FL152090205 Equity in noncorporate business 9326.3 9980.7 10747.6 10244.9 10396.1 10564.9 10747.6 10813.7 10978.7 22 23 FL153090005 Miscellaneous assets 909.6 917.4 951.3 918.9 922.7 935.6 951.3 961.5 973.8 23


25 FL163162003 Debt securities (municipal securities) 235.6 228.8 220.8 228.4 224.7 222.1 220.8 220.9 220.8 25

26 FL154123005 Loans 13274.1 13651.0 13998.8 13635.2 13778.7 13860.9 13998.8 14012.1 14174.7 26 27 FL153165105 Home mortgages (5) 9403.9 9397.1 9479.6 9368.8 9409.3 9456.7 9479.6 9497.4 9553.2 27 28 FL153166000 Consumer credit 3096.2 3318.0 3535.7 3322.8 3397.8 3481.4 3535.7 3539.4 3605.3 28 29 FL153168005 Depository institution loans n.e.c. (6) 90.8 211.9 325.7 232.5 246.3 268.7 325.7 339.3 366.5 29 30 FL153169005 Other loans and advances 480.5 513.7 437.2 499.0 510.1 436.5 437.2 413.5 424.5 30 31 FL163165505 Commercial mortgages 202.7 210.3 220.7 212.2 215.1 217.7 220.7 222.6 225.3 31

32 FL163170003 Trade payables 255.0 258.1 259.4 258.5 258.9 259.2 259.4 259.4 259.4 32 33 FL543077073 Deferred and unpaid life insurance premiums 27.9 29.1 30.6 30.2 31.0 30.6 30.6 31.8 32.7 33

(1) Sector includes domestic hedge funds, private equity funds, and personal trusts. Supplementary tables (tables F.101.a and L.101.a) show estimates of annual flows and year-end outstandings of nonprofit organizations.(2) Includes cash accounts at brokers and dealers and syndicated loans to nonfinancial corporate business by nonprofits and domestic hedge funds.(3) Directly held shares, including shares of closed-end and exchange-traded funds shares. Other equities are included in mutual fund shares (line 17), life insurance reserves (line 18) and pension entitlements (line 19).(4) Includes public and private defined benefit and defined contribution pension plans and annuities, including those in IRAs and at life insurance companies. Excludes social security.(5) Includes loans made under home equity lines of credit and home equity loans secured by junior liens, shown on table L.218, line 23.(6) 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 L.109, line 19.

Lev

els

Z.1, September 16, 2016 79

L.102 Nonfinancial Business (1)Billions of dollars; amounts outstanding end of period, not seasonally adjusted

2013 2014 2015 2015 2016 Q1 Q2 Q3 Q4 Q1 Q2


2 FL103091003 Foreign deposits 77.5 68.7 48.0 51.3 57.1 49.0 48.0 37.6 48.2 2 3 FL143020005 Checkable deposits and currency 910.8 984.5 1014.9 954.9 1016.1 1024.3 1014.9 1022.3 1056.4 3 4 FL143030005 Time and savings deposits 1014.9 1019.0 1057.3 1050.7 1024.5 1048.8 1057.3 1074.7 1105.7 4 5 FL143034005 Money market fund shares 641.9 644.8 668.7 633.2 635.3 649.0 668.7 667.6 671.6 5 6 FL102051003 Security repurchase agreements 8.7 21.6 26.0 22.2 23.8 25.3 26.0 22.8 21.6 6

7 FL144022005 Debt securities 181.3 193.5 191.4 188.6 184.3 181.2 191.4 200.7 197.0 7 8 FL103069100 Commercial paper 52.9 56.4 54.7 57.4 56.6 54.8 54.7 54.8 59.2 8 9 FL143061105 Treasury securities 94.0 99.1 97.7 92.5 90.8 91.0 97.7 107.1 100.5 9 10 FL103061703 Agency- and GSE-backed securities 8.9 13.8 11.8 11.3 10.3 10.0 11.8 14.6 12.0 10 11 FL143062005 Municipal securities 25.5 24.3 27.2 27.4 26.5 25.4 27.2 24.2 25.2 11

12 FL144023005 Loans 105.4 112.8 119.7 113.4 116.9 119.1 119.7 119.8 121.9 12 13 FL143065005 Mortgages 61.9 68.4 76.1 70.2 72.1 74.0 76.1 78.0 79.9 13 14 FL143066005 Consumer credit 43.4 44.4 43.6 43.2 44.8 45.0 43.6 41.7 41.9 14

15 LM103064203 Mutual fund shares 211.0 234.5 235.7 241.1 242.1 228.3 235.7 238.1 244.1 15 16 FL143070005 Trade receivables 3202.6 3304.1 3341.5 3364.9 3421.2 3419.6 3341.5 3387.9 3490.1 16

17 FL103092005 U.S. direct investment abroad 4389.5 4615.6 4807.2 4651.9 4714.2 4724.6 4807.2 4899.4 5013.0 17 18 FL143090005 Miscellaneous assets 10047.9 10709.1 11662.8 10919.9 11122.3 11311.8 11662.8 11796.1 11881.7 18


20 FL104122005 Debt securities 4815.6 5122.8 5531.4 5247.4 5399.4 5504.6 5531.4 5676.5 5761.8 20 21 FL103169100 Commercial paper 144.5 182.0 176.5 188.2 177.5 201.2 176.5 185.5 186.9 21 22 FL103162000 Municipal securities 527.8 527.8 541.2 533.3 542.6 543.0 541.2 544.9 555.4 22 23 FL103163003 Corporate bonds 4143.3 4413.1 4813.7 4525.9 4679.3 4760.4 4813.7 4946.1 5019.5 23

24 FL144123005 Loans 6477.2 6859.1 7255.8 6960.2 7070.0 7116.3 7255.8 7395.7 7463.5 24 25 FL143168005 Depository institution loans n.e.c. 1776.1 1933.0 2110.7 1975.2 2025.4 2042.1 2110.7 2172.7 2202.0 25 26 FL143169005 Other loans and advances 1249.7 1322.1 1296.8 1338.6 1335.8 1310.1 1296.8 1329.0 1296.1 26 27 FL143165005 Mortgages 3451.3 3604.0 3848.2 3646.4 3708.9 3764.1 3848.2 3894.1 3965.4 27

28 FL143170005 Trade payables 2465.9 2609.5 2622.3 2615.8 2652.2 2636.2 2622.3 2611.2 2676.1 28 29 FL143178005 Taxes payable 155.4 157.8 164.9 176.2 175.6 178.1 164.9 165.0 160.1 29

30 FL143192005 Foreign direct investment in U.S. 2587.3 2750.8 2976.5 2853.9 2914.4 2957.4 2976.5 2988.6 3041.4 30 31 FL143190005 Miscellaneous liabilities 4964.3 5336.9 5470.4 5266.1 5204.5 5296.1 5470.4 5473.8 5427.3 31

(1) Combined statement for nonfinancial corporate business and nonfinancial noncorporate business.

Lev

els

80 Z.1, September 16, 2016

L.103 Nonfinancial Corporate BusinessBillions of dollars; amounts outstanding end of period, not seasonally adjusted

2013 2014 2015 2015 2016 Q1 Q2 Q3 Q4 Q1 Q2





15 LM103064203 Mutual fund shares 211.0 234.5 235.7 241.1 242.1 228.3 235.7 238.1 244.1 15 16 FL103070005 Trade receivables 2554.8 2625.6 2610.1 2676.0 2719.7 2704.7 2610.1 2643.9 2733.6 16

17 FL103092005 U.S. direct investment abroad (1) 4389.5 4615.6 4807.2 4651.9 4714.2 4724.6 4807.2 4899.4 5013.0 17

18 FL103090005 Miscellaneous assets 7353.3 7877.3 8650.3 8047.8 8202.0 8351.8 8650.3 8745.3 8779.9 18 19 FL103076005 Insurance receivables 333.0 343.3 345.7 341.9 344.1 347.1 345.7 348.1 349.6 19 20 FL103092405 Equity in GSEs 0.6 0.7 0.8 0.8 0.8 0.8 0.8 0.9 1.0 20 21 FL103094105 Investment in finance company subs. 86.4 100.5 96.4 98.6 94.5 94.2 96.4 90.6 90.8 21 22 FL103093005 Other 6933.3 7432.8 8207.5 7606.4 7762.5 7909.8 8207.5 8305.7 8338.6 22


24 FL104122005 Debt securities 4815.6 5122.8 5531.4 5247.4 5399.4 5504.6 5531.4 5676.5 5761.8 24 25 FL103169100 Commercial paper 144.5 182.0 176.5 188.2 177.5 201.2 176.5 185.5 186.9 25 26 FL103162000 Municipal securities (2) 527.8 527.8 541.2 533.3 542.6 543.0 541.2 544.9 555.4 26 27 FL103163003 Corporate bonds (1) 4143.3 4413.1 4813.7 4525.9 4679.3 4760.4 4813.7 4946.1 5019.5 27

28 FL104123005 Loans 2315.1 2493.1 2558.6 2537.3 2566.1 2526.3 2558.6 2627.3 2620.7 28 29 FL103168005 Depository institution loans n.e.c. 775.8 868.7 947.5 888.8 910.5 917.5 947.5 975.7 993.3 29 30 FL103169005 Other loans and advances (3) 1063.1 1126.2 1095.1 1144.5 1140.2 1112.4 1095.1 1128.7 1093.1 30 31 FL103165005 Mortgages 476.2 498.2 516.1 504.0 515.4 496.3 516.1 522.8 534.2 31


34 FL103192005 Foreign direct investment in U.S. 2580.2 2740.6 2964.8 2842.9 2903.0 2945.8 2964.8 2976.5 3028.9 34

35 FL103190005 Miscellaneous liabilities 3702.8 4036.5 4164.6 3950.1 3888.6 3984.4 4164.6 4175.7 4136.9 35 36 FL573074005 Pension fund contributions payable 79.0 76.1 71.8 74.7 73.7 72.7 71.8 69.9 68.1 36 37 FL573073005 Claims of pension fund on sponsor 219.4 283.5 496.9 305.9 358.4 519.6 496.9 536.1 551.6 37 38 FL103193005 Other 3404.4 3677.0 3595.9 3569.5 3456.5 3392.1 3595.9 3569.8 3517.2 38

Memo:

39 LM103164103 Market value of equities 20560.6 22679.7 21681.4 23067.0 22699.8 20654.6 21681.4 21781.3 22152.0 39

40 FL104001005 Total liquid assets (4) 1892.6 1946.1 1898.7 1892.0 1913.4 1902.1 1898.7 1886.7 1938.3 40 41 FL104150005 Total short-term liabilities (5) 3966.7 4267.4 4274.7 4319.8 4351.0 4328.3 4274.7 4321.3 4354.1 41 42 FL104001006 Liquid assets/short-term liabilities (percent) 47.71 45.60 44.42 43.80 43.98 43.94 44.42 43.66 44.52 42

43 FL104140006 Short-term debt/total debt (percent) (6) 27.82 28.58 27.43 28.54 27.97 27.78 27.43 27.58 27.12 43

(1) 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.(2) 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.(3) Loans from rest of the world, U.S. government, and nonbank financial institutions. Detail can be found on table L.216.(4) Sum of lines 2 through 7 and line 15.(5) Sum of lines 25, 29, 30, 32, and 33. Includes loans due in more than one year and excludes current maturities of bonds and mortgages.(6) Short-term debt is the sum of lines 25, 29, and 30. Total debt is the sum of lines 24 and 28.

Lev

els

Z.1, September 16, 2016 81

L.104 Nonfinancial Noncorporate BusinessBillions of dollars; amounts outstanding end of period, not seasonally adjusted

2013 2014 2015 2015 2016 Q1 Q2 Q3 Q4 Q1 Q2


2 FL113020005 Checkable deposits and currency 627.5 662.2 705.8 670.5 680.7 691.8 705.8 717.3 728.8 2 3 FL113030003 Time and savings deposits 383.8 409.5 478.4 428.3 435.7 456.1 478.4 498.3 513.3 3 4 FL113034003 Money market fund shares 82.7 86.6 91.9 88.0 89.1 90.3 91.9 93.0 94.6 4

5 FL114022005 Debt securities 59.5 62.3 67.2 63.3 64.5 65.7 67.2 68.4 69.5 5 6 FL113061003 Treasury securities 55.2 57.8 62.3 58.7 59.7 60.9 62.3 63.4 64.4 6 7 FL113062003 Municipal securities 4.4 4.6 4.9 4.6 4.7 4.8 4.9 5.0 5.1 7


11 FL113070003 Trade receivables 647.8 678.4 731.4 689.0 701.5 714.9 731.4 744.0 756.6 11 12 FL113090005 Miscellaneous assets 2694.6 2831.8 3012.4 2872.1 2920.3 2960.0 3012.4 3050.7 3101.9 12 13 FL113076005 Insurance receivables 116.4 129.1 118.9 125.8 123.7 121.8 118.9 118.8 118.7 13 14 FL113092405 Equity investment in GSEs (1) 7.7 8.5 9.0 8.6 8.7 8.8 9.0 9.1 9.5 14 15 FL113093005 Other 2570.5 2694.2 2884.6 2737.7 2787.9 2829.3 2884.6 2922.8 2973.7 15





(1) Equity in the Farm Credit System.

Lev

els

82 Z.1, September 16, 2016

L.105 General Government (1)Billions of dollars; amounts outstanding end of period, not seasonally adjusted

2013 2014 2015 2015 2016 Q1 Q2 Q3 Q4 Q1 Q2


2 FL313011005 U.S. official reserve assets 109.8 98.0 86.9 88.7 89.5 89.2 86.9 88.0 88.1 2 3 FL363020005 Checkable deposits and currency 288.3 368.1 470.6 235.5 392.8 333.8 470.6 451.2 499.4 3 4 FL363030005 Time and savings deposits 314.2 323.3 336.9 333.4 325.5 328.4 336.9 341.7 338.5 4 5 FL213034003 Money market fund shares 158.9 165.6 177.4 169.2 170.2 173.8 177.4 178.3 180.2 5 6 FL212051003 Security repurchase agreements 126.4 132.2 142.1 135.2 136.1 139.1 142.1 142.8 144.3 6


13 FL364023005 Loans 1248.3 1368.5 1485.9 1414.2 1430.3 1466.1 1485.9 1529.5 1544.6 13 14 FL363065005 Mortgages 319.5 326.9 338.0 331.5 332.0 334.7 338.0 340.1 342.5 14 15 FL313066220 Consumer credit 735.5 846.2 949.7 887.3 901.4 936.5 949.7 989.7 1001.1 15 16 FL313069005 Other loans and advances 193.4 195.4 198.2 195.4 196.9 194.8 198.2 199.7 201.0 16


19 FL363070005 Trade receivables 226.2 231.1 244.7 233.3 236.2 234.3 244.7 246.7 254.7 19 20 FL363078005 Taxes receivable 287.3 302.9 332.0 309.5 311.2 323.6 332.0 336.9 346.9 20 21 FL363090005 Miscellaneous assets 251.5 271.6 297.2 279.7 285.5 294.5 297.2 301.4 305.5 21


23 FL313111303 SDR allocations 54.4 51.2 48.9 48.7 49.7 49.6 48.9 49.8 49.4 23 24 FL713014003 SDR certificates 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 24 25 FL313112003 Treasury currency 25.6 25.3 25.3 25.3 25.3 25.3 25.3 25.3 25.3 25


29 FL364123005 Loans 16.2 16.6 16.9 16.7 16.7 16.7 16.9 17.1 17.1 29 30 FL313165403 Multifamily residential mortgages 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 30 31 FL213169203 Other loans and advances 16.2 16.6 16.9 16.7 16.7 16.7 16.9 17.1 17.1 31

32 FL363170005 Trade payables 1033.4 1071.6 1124.6 1083.8 1104.5 1120.2 1124.6 1142.9 1161.4 32 33 FL313140003 Insurance reserves 50.5 51.3 51.1 50.7 51.0 50.8 51.1 51.1 51.2 33 34 FL363190005 Miscellaneous liabilities 3472.4 3569.2 3919.8 3734.7 3934.7 4341.3 3919.8 4023.2 4096.8 34

Memo: 35 FL374090005 Total financial assets (consolidated) (2) 3975.6 4224.3 4527.4 4168.7 4339.9 4343.4 4527.4 4560.2 4662.7 35 36 FL374190005 Total liabilities (consolidated) (2) 20800.0 21596.6 22689.4 21794.5 21949.8 22371.6 22689.4 23050.9 23149.0 36

(1) Sum of the federal government and state and local governments sectors.(2) Excludes Treasury securities held by state and local governments (line 9) and federal government loans to state and local governments (line 31).

Lev

els

Z.1, September 16, 2016 83

L.106 Federal GovernmentBillions of dollars; amounts outstanding end of period, not seasonally adjusted

2013 2014 2015 2015 2016 Q1 Q2 Q3 Q4 Q1 Q2


2 FL313011005 U.S. official reserve assets 109.8 98.0 86.9 88.7 89.5 89.2 86.9 88.0 88.1 2 3 FL313020005 Checkable deposits and currency 163.0 226.8 338.1 104.8 258.5 202.6 338.1 317.6 366.9 3 4 FL313030003 Time and savings deposits 1.5 1.7 1.8 1.6 1.9 2.1 1.8 1.8 1.9 4

5 FL314022005 Debt securities 0.6 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 5 6 FL313061703 Agency- and GSE-backed securities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 6 7 FL313063763 Corporate and foreign bonds 0.6 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 7

8 FL314023005 Loans 1044.3 1158.8 1264.4 1200.7 1216.2 1248.3 1264.4 1306.8 1319.5 8 9 FL313069005 Other loans and advances 193.4 195.4 198.2 195.4 196.9 194.8 198.2 199.7 201.0 9 10 FL313065005 Mortgages 115.5 117.2 116.5 118.1 117.9 116.9 116.5 117.4 117.4 10 11 FL313066220 Consumer credit (1) 735.5 846.2 949.7 887.3 901.4 936.5 949.7 989.7 1001.1 11

12 LM313064105 Corporate equities (2) 35.1 33.4 33.4 33.3 33.5 33.4 33.4 33.4 33.4 12



17 FL313111303 SDR allocations 54.4 51.2 48.9 48.7 49.7 49.6 48.9 49.8 49.4 17 18 FL713014003 SDR certificates 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 18 19 FL313112003 Treasury currency 25.6 25.3 25.3 25.3 25.3 25.3 25.3 25.3 25.3 19

20 FL314122005 Debt securities 13705.1 14441.1 15165.6 14459.0 14378.1 14400.8 15165.6 15401.8 15409.7 20 21 FL313161105 Treasury securities (3) 13680.6 14416.7 15141.1 14434.9 14353.4 14376.7 15141.1 15377.3 15385.2 21 22 FL313161205 Marketable 11834.2 12480.9 13169.0 12606.7 12670.7 12812.8 13169.0 13407.1 13391.6 22 23 FL313161305 Nonmarketable 1846.5 1935.8 1972.1 1828.2 1682.7 1563.9 1972.1 1970.2 1993.5 23 24 FL313161705 Budget agency securities 24.5 24.4 24.6 24.1 24.7 24.1 24.6 24.4 24.6 24

25 FL313165403 Loans (multifamily residential mortgages) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 25

26 FL313170005 Trade payables 249.8 249.1 261.9 251.5 262.1 267.6 261.9 270.1 278.4 26 27 FL313140003 Insurance reserves 50.5 51.3 51.1 50.7 51.0 50.8 51.1 51.1 51.2 27

28 FL313190005 Miscellaneous liabilities 2034.9 2065.3 2087.5 2192.8 2343.7 2462.9 2087.5 2124.2 2149.3 28 29 FL343073005 Claims of pension fund on sponsor 1785.7 1806.2 1821.7 1937.9 2091.7 2210.6 1821.7 1860.2 1883.5 29 30 FL313190015 Other 249.2 259.1 265.9 254.9 252.1 252.4 265.9 264.0 265.9 30

(1) Includes loans originated by the Department of Education under the Federal Direct Loan Program, as well as Federal Family Education Loan Program loans that the government purchased from depository institutions and finance companies.(2) Corporate equities purchased from financial businesses under the Troubled Asset Relief Program (TARP) and from GSEs at market price.(3) Includes marketable and nonmarketable Treasury securities held by the public and Treasury securities held by federal government employee retirement funds.

Lev

els

84 Z.1, September 16, 2016

L.107 State and Local Governments (1)Billions of dollars; amounts outstanding end of period, not seasonally adjusted

2013 2014 2015 2015 2016 Q1 Q2 Q3 Q4 Q1 Q2


2 FL213020005 Checkable deposits and currency 125.3 141.3 132.5 130.6 134.3 131.2 132.5 133.7 132.5 2 3 FL213030005 Time and savings deposits 312.6 321.5 335.1 331.8 323.7 326.4 335.1 339.9 336.6 3

4 FL213034003 Money market fund shares 158.9 165.6 177.4 169.2 170.2 173.8 177.4 178.3 180.2 4 5 FL212051003 Security repurchase agreements 126.4 132.2 142.1 135.2 136.1 139.1 142.1 142.8 144.3 5


12 FL213065005 Loans (mortgages) 204.0 209.7 221.5 213.5 214.0 217.8 221.5 222.7 225.0 12




19 FL213162005 Debt securities (municipal securities) 3040.2 3004.9 3015.1 3027.6 3032.1 3022.0 3015.1 3031.7 3049.9 19 20 FL213162400 Short-term (2) 45.3 38.9 32.8 38.1 31.1 31.5 32.8 32.4 27.0 20 21 FL213162200 Long-term 2994.8 2966.0 2982.3 2989.5 3001.0 2990.5 2982.3 2999.4 3022.9 21

22 FL213169203 Loans (U.S. government loans) 16.2 16.6 16.9 16.7 16.7 16.7 16.9 17.1 17.1 22

23 FL213170003 Trade payables 783.6 822.5 862.7 832.3 842.4 852.6 862.7 872.8 883.0 23 24 FL223073045 Claims of pension fund on sponsor (3) 1437.5 1503.9 1832.3 1541.9 1591.0 1878.4 1832.3 1899.1 1947.5 24

(1) Data for state and local government employee retirement funds are shown on table L.120.(2) Debt with original maturity of 13 months or less.(3) Included in miscellaneous liabilities.

Lev

els

Z.1, September 16, 2016 85

L.108 Domestic Financial Sectors (1)Billions of dollars; amounts outstanding end of period, not seasonally adjusted

2013 2014 2015 2015 2016 Q1 Q2 Q3 Q4 Q1 Q2


2 FL713011005 U.S. official reserve assets 34.6 32.0 30.5 30.4 30.7 30.9 30.5 31.6 32.0 2 3 FL713014003 SDR certificates 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 3 4 FL713012003 Treasury currency 45.5 46.3 47.6 46.7 47.0 47.3 47.6 47.7 47.9 4 5 FL633091003 Foreign deposits 34.3 24.5 11.1 20.5 22.5 12.6 11.1 17.6 12.9 5 6 FL794010005 Net interbank assets 2321.8 2453.3 2051.5 2504.4 2310.5 2265.5 2051.5 2194.1 2110.5 6

7 FL793020005 Checkable deposits and currency 369.6 352.4 337.7 339.4 321.8 347.5 337.7 338.1 373.4 7 8 FL793030005 Time and savings deposits 708.8 722.7 638.8 731.2 732.8 691.7 638.8 699.2 598.6 8 9 FL793034005 Money market fund shares 669.7 689.2 728.1 717.5 702.0 728.2 728.1 762.3 749.3 9 10 FL792050005 Federal funds and security repos 2469.9 2481.4 2544.2 2462.1 2488.8 2600.5 2544.2 2389.3 2528.5 10




24 FL793070005 Trade receivables 131.0 132.1 140.9 137.6 141.5 142.4 140.9 146.5 149.5 24 25 FL793040005 Life insurance reserves 183.7 194.6 205.2 197.0 200.1 202.5 205.2 207.6 210.0 25 26 FL793092005 U.S. direct investment abroad 825.1 842.3 841.4 854.1 866.9 868.6 841.4 852.9 882.5 26



29 FL794110005 Net interbank liabilities 2812.9 2865.6 2363.6 2911.0 2675.4 2619.4 2363.6 2444.6 2385.6 29

30 FL793120005 Checkable deposits and currency 3186.5 3537.5 3829.7 3441.3 3642.4 3558.0 3829.7 3879.4 4012.7 30 31 FL703130005 Time and savings deposits 9872.9 10448.7 10854.9 10683.3 10628.2 10761.8 10854.9 11052.6 11057.6 31 32 FL634090005 Money market fund shares 2717.8 2724.6 2754.7 2644.7 2615.1 2667.7 2754.7 2758.8 2702.5 32 33 FL792150005 Federal funds and security repos 2944.5 2953.5 2928.4 2956.4 2912.2 2969.1 2928.4 2763.1 2822.5 33

34 FL794122005 Debt securities 12924.3 13067.3 13110.8 13014.8 13071.4 13136.1 13110.8 13198.6 13293.2 34 35 FL793169175 Open market paper 400.2 362.9 320.1 348.5 371.9 342.3 320.1 368.4 359.8 35 36 FL423161705 Agency- and GSE-backed securities 7773.7 7924.0 8144.4 7880.8 7935.2 8023.0 8144.4 8154.0 8299.5 36 37 FL793163005 Corporate and foreign bonds 4750.4 4780.5 4646.2 4785.5 4764.3 4770.8 4646.2 4676.2 4633.9 37


42 LM653164205 Mutual fund shares 12333.0 13150.6 12897.2 13519.9 13533.6 12605.7 12897.2 12962.1 13208.8 42

43 FL663170003 Trade payables 14.5 17.9 26.3 19.2 23.6 24.2 26.3 25.3 26.9 43 44 FL543140005 Life insurance reserves 1366.3 1426.1 1464.6 1446.2 1452.9 1450.0 1464.6 1480.8 1496.5 44 45 FL153050005 Pension entitlements 19860.9 20658.7 21247.6 21039.5 21169.8 20878.3 21247.6 21455.2 21733.0 45

46 FL793178005 Taxes payable -59.1 -42.6 -56.1 -33.7 -47.1 -53.1 -56.1 -42.6 -44.3 46 47 FL793192005 Foreign direct investment in U.S. 560.5 595.5 599.9 603.8 610.6 613.7 599.9 655.6 662.0 47


Memo:

49 LM793164105 Market value of corporate equities 6428.4 7280.7 7246.6 7414.3 7473.7 6953.7 7246.6 7052.5 7256.3 49 50 FL662090205 Equity in noncorporate business 16.3 17.9 14.7 17.6 16.8 17.5 14.7 12.3 10.9 50

(1) Sum of financial sectors shown on tables L.109 through L.132.

Lev

els

86 Z.1, September 16, 2016

L.109 Monetary Authority (1)Billions of dollars; amounts outstanding end of period, not seasonally adjusted

2013 2014 2015 2015 2016 Q1 Q2 Q3 Q4 Q1 Q2


2 FL713011005 U.S. official reserve assets 34.6 32.0 30.5 30.4 30.7 30.9 30.5 31.6 32.0 2 3 FL713014003 SDR certificates 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 3 4 FL713012003 Treasury currency 45.5 46.3 47.6 46.7 47.0 47.3 47.6 47.7 47.9 4

5 FL713022003 Federal Reserve float (2) -1.0 -0.6 -0.0 -0.7 -0.4 -0.1 -0.0 -1.2 -1.3 5

6 FL713068705 Interbank loans (2) 0.1 0.1 0.1 0.0 0.2 0.3 0.1 0.1 0.2 6 7 FL713068703 Discount window (3) 0.1 0.1 0.1 0.0 0.2 0.3 0.1 0.1 0.2 7 8 FL763069143 AMLF (4) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8

9 FL712051000 Security repurchase agreements 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

10 FL714022005 Debt securities 3756.2 4236.9 4242.0 4228.4 4228.9 4238.3 4242.0 4243.7 4231.0 10 11 FL713069603 Open market paper 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11 12 FL713061100 Treasury securities 2208.8 2461.4 2461.6 2459.6 2461.0 2461.9 2461.6 2461.3 2462.3 12 13 FL713061113 Treasury bills 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13 14 FL713061125 Other Treasury securities 2208.8 2461.4 2461.6 2459.6 2461.0 2461.9 2461.6 2461.3 2462.3 14 15 FL713061705 Agency- and GSE-backed securities 1547.4 1775.5 1780.4 1768.8 1768.0 1776.3 1780.4 1782.3 1768.6 15 16 FL713061903 Mortgage-backed securities 1490.2 1736.8 1747.5 1731.9 1732.1 1741.2 1747.5 1753.1 1743.5 16 17 FL713061703 Other agency- and GSE-backed securities 57.2 38.7 32.9 36.9 35.9 35.1 32.9 29.3 25.1 17

18 FL713068005 Loans (depository institution loans n.e.c.) 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 18 19 FL713068303 Households (TALF) (5) 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19 20 FL713068665 Brokers and dealers (6) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 20 21 FL713068505 Funding corporations (7) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 21 22 FL713068473 Rest of the world 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 22

23 FL713064103 Corporate equities (8) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 23

24 FL713090005 Miscellaneous assets 233.1 235.5 216.8 228.9 224.9 219.7 216.8 211.0 209.3 24 25 FL713091103 Nonofficial foreign currencies (9) 0.3 1.5 1.0 0.8 0.6 0.7 1.0 0.1 3.0 25 26 FL713093005 Other 232.8 233.9 215.8 228.1 224.3 219.1 215.8 210.9 206.3 26


28 FL713113003 Depository institution reserves 2249.1 2378.0 1977.2 2437.3 2242.5 2197.7 1977.2 2125.4 2038.3 28 29 FL703025005 Vault cash of depository institutions 73.6 75.7 74.2 67.8 68.3 67.6 74.2 69.8 73.3 29

30 FL713120005 Checkable deposits and currency 1364.1 1516.4 1720.8 1417.7 1588.3 1557.3 1720.8 1733.8 1810.8 30

31 FL713123005 Due to federal government 162.6 223.7 333.7 100.3 254.4 198.9 333.7 314.0 363.7 31 32 FL713123023 Treasury cash holdings 0.2 0.2 0.3 0.2 0.1 0.2 0.3 0.2 0.1 32 33 FL713123030 Treasury general deposit account 162.4 223.5 333.4 100.1 254.3 198.7 333.4 313.8 363.7 33 34 FL713123043 Treasury temporary supplementary financing account 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 34

35 FL713122605 Due to rest of the world 8.0 5.3 5.2 5.2 5.3 6.2 5.2 5.2 5.2 35 36 FL713124003 Due to government-sponsored enterprises 25.9 20.2 31.1 20.9 28.2 32.1 31.1 41.2 51.3 36 37 FL713125005 Currency outside banks 1167.6 1267.3 1350.7 1291.3 1300.4 1320.0 1350.7 1373.3 1390.6 37

38 FL712151003 Security repurchase agreements 315.9 509.8 712.4 536.9 558.2 641.1 712.4 550.5 543.9 38 39 FL712151103 Reverse repurchase agreement operations (10) 197.8 396.7 474.6 378.5 392.6 449.6 474.6 303.8 278.8 39 40 FL712151115 Other 118.2 113.1 237.8 158.4 165.6 191.5 237.8 246.7 265.0 40

41 FL713190005 Miscellaneous liabilities 43.5 47.0 47.6 50.4 50.1 48.7 47.6 48.6 48.1 41 42 FL713164003 Federal Reserve Bank stock 27.5 28.6 29.5 28.8 29.1 29.3 29.5 30.1 30.1 42 43 FL713193005 Other 16.0 18.4 18.1 21.6 21.0 19.4 18.1 18.5 18.0 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) Shown on table L.203, line 23.(3) Federal Reserve loans extended to domestic banks through term auction credit, primary credit, secondary credit, and seasonal credit.(4) Federal Reserve loans extended to domestic banks through the Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility (AMLF).(5) Loans extended to financial institutions such as domestic hedge funds through the Term Asset-Backed Securities Loan Facility (TALF).(6) Loans extended through the Federal Reserve’s Primary Dealer Credit Facility (PDCF) and the AMLF.(7) Includes loans extended by the Federal Reserve to Maiden Lane LLC, Maiden Lane II LLC, AIG, Maiden Lane III LLC, and the Commercial Paper Funding Facility LLC.(8) Preferred interests in AIA Aurora LLC and ALICO Holdings LLC, two limited liability companies created to hold all the outstanding common stock of American International Assurance Company Ltd (AIA) and American Life Insurance Company (ALICO), two life insurance subsidiaries of AIG.(9) Reciprocal currency arrangements (swap lines) with foreign central banks.(10) Reverse repurchase agreements (RRPs) conducted as part of the Federal Reserve’s Overnight RRP Operational Exercise (beginning 2013:Q3) and term RRP operations (beginning 2014:Q4).

Lev

els

Z.1, September 16, 2016 87

L.110 Private Depository Institutions (1)Billions of dollars; amounts outstanding end of period, not seasonally adjusted

2013 2014 2015 2015 2016 Q1 Q2 Q3 Q4 Q1 Q2


2 FL703025005 Vault cash 73.6 75.7 74.2 67.8 68.3 67.6 74.2 69.8 73.3 2 3 FL713113003 Reserves at Federal Reserve 2249.1 2378.0 1977.2 2437.3 2242.5 2197.7 1977.2 2125.4 2038.3 3 4 FL702050005 Federal funds and security repos 392.6 403.2 428.4 414.9 419.5 410.8 428.4 411.5 419.1 4







22 FL704110005 Net interbank liabilities 490.2 411.9 312.2 405.9 364.7 354.1 312.2 249.4 274.0 22

23 FL703127005 Checkable deposits 1822.3 2021.2 2108.9 2023.6 2054.1 2000.8 2108.9 2145.6 2201.8 23 24 FL703131005 Small time and savings deposits 8110.8 8475.8 8989.5 8762.6 8708.7 8844.7 8989.5 9164.0 9224.3 24 25 FL703135005 Large time deposits 1762.0 1972.9 1865.4 1920.7 1919.5 1917.0 1865.4 1888.6 1833.3 25

26 FL702150005 Federal funds and security repos 582.1 607.5 603.4 598.6 601.0 581.3 603.4 601.6 613.3 26

27 FL704122005 Debt securities 280.7 263.5 254.2 243.6 244.7 247.3 254.2 263.4 257.0 27 28 FL703169175 Open market paper 59.7 54.5 53.6 49.0 50.1 51.1 53.6 56.6 55.5 28 29 FL763163005 Corporate bonds 221.0 209.0 200.6 194.6 194.5 196.2 200.6 206.9 201.5 29

30 FL703169005 Loans (other loans and advances) 437.0 503.6 543.3 470.9 518.0 505.1 543.3 527.4 593.5 30

31 FL763178003 Taxes payable (net) -47.4 -32.3 -36.7 -27.5 -34.4 -32.2 -36.7 -26.3 -21.9 31 32 FL753192003 Foreign direct investment in U.S. 214.9 202.8 197.9 199.7 203.2 203.7 197.9 199.8 201.3 32

33 FL703190005 Miscellaneous liabilities 2779.3 3101.9 3129.4 3116.4 3131.2 3177.1 3129.4 3236.1 3352.8 33 34 FL763194735 Investment by holding companies 1937.2 2133.2 2169.7 2112.8 2140.2 2158.6 2169.7 2206.6 2278.6 34 35 FL753194503 Investment by funding corporations 123.5 103.2 105.4 96.2 109.1 108.4 105.4 127.1 114.9 35 36 FL703193005 Other 718.5 865.5 854.3 907.4 881.9 910.1 854.3 902.3 959.3 36

Memo:

37 FL763066303 Consumer leases not included above (2) 7.9 8.6 8.0 8.6 8.6 8.3 8.0 8.1 8.3 37

(1) U.S.-chartered depository institutions (L.111), foreign banking offices (L.112), banks in U.S.-affiliated areas (L.113), and credit unions (L.114).(2) 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 nonfinancial asset.

Lev

els

88 Z.1, September 16, 2016

L.111 U.S.-Chartered Depository InstitutionsBillions of dollars; amounts outstanding end of period, not seasonally adjusted

2013 2014 2015 2015 2016 Q1 Q2 Q3 Q4 Q1 Q2



5 FL764022005 Debt securities 2912.4 3153.9 3368.3 3223.9 3262.8 3276.3 3368.3 3387.3 3430.1 5 6 FL763069175 Open market paper 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 6 7 FL763061100 Treasury securities 217.1 420.4 435.2 421.3 424.2 420.9 435.2 435.1 445.8 7 8 FL763061705 Agency- and GSE-backed securities 1717.3 1760.3 1924.7 1815.0 1845.5 1861.5 1924.7 1930.1 1948.5 8 9 FL763061803 Residential mortgage pass-through securities 953.5 979.7 1129.7 1024.3 1058.7 1077.8 1129.7 1130.1 1158.5 9 10 FL763061303 Commercial mortgage pass-through securities 30.3 42.4 61.5 45.9 49.4 53.8 61.5 66.4 71.0 10 11 FL763061603 Residential CMOs and other structured MBS 431.0 444.0 443.9 448.8 442.0 440.8 443.9 442.0 432.0 11 12 FL763061403 Commercial CMOs and other structured MBS 66.8 81.4 96.7 83.6 85.7 89.4 96.7 105.4 112.0 12 13 FL763061795 Other 235.7 212.7 193.0 212.3 209.6 199.6 193.0 186.3 175.1 13 14 FL763062000 Municipal securities 418.9 451.5 498.9 465.2 476.6 488.1 498.9 507.5 524.1 14 15 FL763063005 Corporate and foreign bonds 559.2 521.7 509.5 522.4 516.5 505.8 509.5 514.5 511.6 15 16 FL763063673 Priv. residential mortgage pass-through securities 28.7 22.7 14.7 21.2 19.5 17.1 14.7 12.8 11.2 16 17 FL763063653 Priv. commercial mortgage pass-through securities 8.0 5.6 3.0 5.1 3.7 3.2 3.0 2.3 2.1 17 18 FL763063663 Priv. residential CMOs and other structured MBS 73.7 68.2 56.2 65.4 63.6 60.8 56.2 53.8 52.4 18 19 FL763063693 Priv. commercial CMOs and other structured MBS 37.3 42.7 53.3 46.0 48.1 50.0 53.3 52.4 51.2 19 20 FL763063095 Other 411.4 382.6 382.3 384.7 381.5 374.8 382.3 393.3 394.8 20



28 FL763040005 Life insurance reserves 143.8 149.6 156.2 150.9 153.1 154.5 156.2 157.6 159.0 28 29 FL763092000 U.S. direct investment abroad 268.6 261.0 253.2 262.2 264.0 262.1 253.2 254.6 254.6 29



32 FL764110005 Net interbank liabilities 227.8 282.3 229.6 306.8 204.2 164.7 229.6 185.0 168.2 32 33 FL713022003 Federal Reserve float -1.0 -0.6 -0.0 -0.7 -0.4 -0.1 -0.0 -1.2 -1.3 33 34 FL713068705 Borrowing from Federal Reserve banks 0.1 0.1 0.1 0.0 0.2 0.3 0.1 0.1 0.2 34 35 FL764112005 To domestic banks 57.2 12.0 -5.0 4.1 -5.3 -3.9 -5.0 -17.7 -25.2 35 36 FL764116005 To foreign banks 171.4 270.7 234.5 303.4 209.8 168.4 234.5 203.8 194.4 36

37 FL763127005 Checkable deposits 1579.8 1716.1 1766.4 1698.6 1717.2 1671.9 1766.4 1778.8 1815.9 37 38 FL763123005 Federal government 1.6 2.5 2.3 2.5 2.3 2.3 2.3 2.2 2.1 38 39 FL763129205 Private domestic 1527.1 1657.1 1722.2 1640.3 1662.5 1628.6 1722.2 1729.1 1766.4 39 40 FL763122605 Rest of the world 51.2 56.5 41.9 55.9 52.4 41.0 41.9 47.5 47.4 40

41 FL763131005 Small time and savings deposits 7236.0 7579.8 8042.0 7802.9 7780.9 7906.7 8042.0 8201.8 8240.2 41 42 FL763135005 Large time deposits 826.9 929.3 951.2 924.2 919.7 948.2 951.2 962.2 967.3 42 43 FL762150005 Federal funds and security repos 269.4 236.2 196.8 228.7 226.2 205.9 196.8 193.7 184.1 43



48 FL763178003 Taxes payable (net) -47.4 -32.3 -36.7 -27.5 -34.4 -32.2 -36.7 -26.3 -21.9 48

49 FL763190005 Miscellaneous liabilities 2516.2 2851.0 2889.3 2863.0 2887.7 2929.8 2889.3 2949.6 3068.8 49 50 FL763194735 Investment by holding companies 1937.2 2133.2 2169.7 2112.8 2140.2 2158.6 2169.7 2206.6 2278.6 50 51 FL763193005 Other 578.9 717.8 719.6 750.3 747.5 771.1 719.6 743.0 790.2 51

Memo:


(1) 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 nonfinancial asset.

Lev

els

Z.1, September 16, 2016 89

L.112 Foreign Banking Offices in U.S. (1)Billions of dollars; amounts outstanding end of period, not seasonally adjusted

2013 2014 2015 2015 2016 Q1 Q2 Q3 Q4 Q1 Q2





15 FL753064103 Corporate equities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15



18 FL754110005 Net interbank liabilities 330.6 197.7 148.1 166.9 229.6 256.5 148.1 133.3 176.2 18 19 FL754116005 To foreign banks 242.8 174.4 119.8 139.0 202.7 225.2 119.8 101.3 141.2 19 20 FL754112005 To domestic banks 87.8 23.3 28.3 27.9 26.9 31.3 28.3 31.9 35.1 20

21 FL753127005 Checkable deposits 92.6 137.8 154.1 149.4 161.2 152.8 154.1 172.3 192.4 21 22 FL753131005 Small time and savings deposits 90.4 84.5 97.5 126.4 88.8 96.8 97.5 98.2 100.4 22 23 FL753135005 Large time deposits 869.5 971.8 837.4 924.7 926.3 893.9 837.4 845.2 784.8 23


25 FL753169603 Debt securities (open market paper) (2) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 25


27 FL753190005 Miscellaneous liabilities 234.6 222.8 213.7 225.7 214.2 220.8 213.7 254.7 256.2 27 28 FL753194503 Investment by funding corporations 123.5 103.2 105.4 96.2 109.1 108.4 105.4 127.1 114.9 28 29 FL753193005 Other 111.1 119.6 108.3 129.4 105.1 112.4 108.3 127.6 141.3 29

(1) Branches and agencies of foreign banks, Edge Act and Agreement corporations, New York investment companies (through 1996:Q2), and American Express Bank (through 2008:Q4).(2) Bankers’ acceptances.

Lev

els

90 Z.1, September 16, 2016

L.113 Banks in U.S.-Affiliated Areas (1)Billions of dollars; amounts outstanding end of period, not seasonally adjusted

2013 2014 2015 2015 2016 Q1 Q2 Q3 Q4 Q1 Q2


2 FL744022003 Debt securities 12.4 11.1 11.9 11.1 11.4 11.4 11.9 11.8 12.5 2 3 FL743061103 Treasury securities 1.2 1.3 2.4 1.5 1.8 2.2 2.4 2.5 2.8 3 4 FL743061703 Agency- and GSE-backed securities 1.9 1.7 1.8 1.5 1.8 1.8 1.8 1.5 1.5 4 5 FL743062003 Municipal securities 3.6 2.7 2.1 2.7 2.5 2.2 2.1 2.0 2.0 5 6 FL743063005 Corporate and foreign bonds 5.8 5.3 5.6 5.4 5.3 5.2 5.6 5.8 6.3 6

7 FL744023003 Loans 51.8 47.4 41.7 43.4 42.6 41.9 41.7 41.2 40.6 7 8 FL743068005 Depository institution loans n.e.c. 19.4 17.1 15.1 15.6 15.5 15.1 15.1 14.6 14.3 8 9 FL743065103 Home mortgages 18.9 17.4 15.8 16.5 16.3 16.1 15.8 15.7 15.5 9 10 FL743065505 Commercial mortgages 13.5 13.0 10.8 11.3 10.8 10.8 10.8 10.9 10.8 10



13 FL744110005 Net interbank liabilities -4.7 -5.3 -5.1 -5.7 -6.2 -5.4 -5.1 -5.8 -5.9 13 14 FL743127003 Checkable deposits 28.2 33.4 35.0 33.0 35.8 35.4 35.0 38.4 37.5 14 15 FL743131005 Small time and savings deposits 21.4 23.4 21.9 21.6 22.8 22.3 21.9 23.3 22.3 15 16 FL743135005 Large time deposits 21.4 23.4 21.9 21.6 22.8 22.3 21.9 23.3 22.3 16


(1) Commercial banks and branches of U.S.-chartered depository institutions located in Puerto Rico, the U.S. Virgin Islands, American Samoa, Guam, and other U.S.-affiliated insular areas.

L.114 Credit UnionsBillions of dollars; amounts outstanding end of period, not seasonally adjusted


2 FL473013003 Reserves at Federal Reserve 48.1 45.7 51.2 59.6 49.9 47.7 51.2 64.3 54.7 2 3 FL472050053 Federal funds and security repos 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3


10 FL474023000 Loans 660.1 728.9 804.9 739.4 763.5 787.5 804.9 809.2 831.8 10 11 FL473068005 Depository institution loans n.e.c. 48.7 53.7 57.7 54.6 53.7 56.4 57.7 61.1 57.3 11 12 FL473065100 Home mortgages 345.9 372.5 404.9 377.1 387.1 397.7 404.9 403.0 416.7 12 13 FL473066000 Consumer credit 265.6 302.8 342.3 307.7 322.7 333.4 342.3 345.1 357.8 13

14 LM473064205 Mutual fund shares 2.2 2.1 1.9 2.0 2.1 2.1 1.9 1.9 2.0 14 15 FL473090005 Miscellaneous assets 61.1 66.4 72.6 75.3 71.6 71.6 72.6 80.3 85.8 15


17 FL474110005 Net interbank liabilities -63.5 -62.8 -60.5 -62.0 -62.9 -61.7 -60.5 -63.1 -64.5 17

18 FL473139000 Shares/deposits 929.2 970.4 1036.3 1004.5 1006.8 1012.3 1036.3 1054.8 1076.5 18 19 FL473127003 Checkable 121.7 133.9 153.4 142.6 139.9 140.7 153.4 156.1 156.1 19 20 FL473131005 Small time and savings 763.1 788.1 828.1 811.7 816.2 818.9 828.1 840.7 861.4 20 21 FL473135003 Large time 44.3 48.4 54.8 50.2 50.7 52.7 54.8 58.0 59.0 21

22 FL472150053 Federal funds and security repos 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 22 23 FL473169333 Loans (other loans and advances) 27.0 35.4 44.7 34.9 39.9 44.9 44.7 42.9 44.5 23


Lev

els

Z.1, September 16, 2016 91

L.115 Property-Casualty Insurance CompaniesBillions of dollars; amounts outstanding end of period, not seasonally adjusted

2013 2014 2015 2015 2016 Q1 Q2 Q3 Q4 Q1 Q2


2 FL513020003 Checkable deposits and currency 29.7 35.6 32.7 35.4 30.4 34.2 32.7 30.7 34.9 2 3 FL513034003 Money market fund shares 20.1 18.3 21.5 18.9 19.5 20.6 21.5 20.6 20.7 3 4 FL512051003 Security repurchase agreements 1.7 1.8 1.8 1.7 1.7 1.8 1.8 1.7 1.7 4


11 FL513065503 Loans (commercial mortgages) 7.9 9.9 12.3 10.4 10.9 11.5 12.3 13.4 13.8 11


14 FL513070003 Trade receivables 95.2 100.8 106.8 106.1 109.3 110.7 106.8 111.0 114.4 14 15 FL513092003 U.S. direct investment abroad 107.0 113.4 111.8 114.1 117.2 117.6 111.8 112.2 113.2 15 16 FL513092403 Miscellaneous assets (equity in FHLB) 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.2 16


18 FL512151003 Security repurchase agreements 1.5 1.0 1.4 1.1 1.1 1.3 1.4 1.6 1.9 18 19 FL513169333 Loans (other loans and advances) 2.1 2.2 2.3 2.2 2.1 2.1 2.3 2.2 3.5 19

20 FL513178003 Taxes payable (net) 8.4 10.3 2.1 10.6 5.9 0.1 2.1 3.4 -0.7 20 21 FL513192003 Foreign direct investment in U.S. 44.1 67.9 77.0 67.6 67.7 71.0 77.0 104.1 104.1 21

22 FL513190005 Miscellaneous liabilities 813.1 827.8 842.6 825.0 833.4 843.7 842.6 849.0 853.6 22 23 FL513194733 Investment by parent companies 5.2 5.3 4.5 3.9 4.6 4.8 4.5 4.0 4.4 23 24 FL513176003 Policy payables 807.8 822.5 838.1 821.1 828.8 838.9 838.1 845.0 849.2 24

Lev

els

92 Z.1, September 16, 2016

L.116 Life Insurance Companies (1)Billions of dollars; amounts outstanding end of period, not seasonally adjusted

2013 2014 2015 2015 2016 Q1 Q2 Q3 Q4 Q1 Q2




11 FL544023005 Loans 517.1 546.6 586.2 552.5 560.7 570.6 586.2 595.2 603.5 11 12 FL543069005 Other loans and advances 153.9 161.9 161.4 162.8 161.2 162.0 161.4 165.1 163.9 12 13 FL543065005 Mortgages 363.2 384.8 424.7 389.7 399.5 408.6 424.7 430.1 439.7 13


16 FL543092073 U.S. direct investment abroad 68.4 68.9 60.0 70.8 70.7 69.4 60.0 60.7 61.8 16

17 FL543090005 Miscellaneous assets 406.8 480.5 484.8 503.6 489.3 505.9 484.8 523.6 560.4 17 18 FL543092473 Equity in FHLB 2.9 3.0 3.4 3.1 3.4 3.5 3.4 3.5 3.6 18 19 FL543077073 Deferred and unpaid life ins. premiums 27.9 29.1 30.6 30.2 31.0 30.6 30.6 31.8 32.7 19 20 FL543093005 Other 376.0 448.5 450.9 470.3 454.8 471.8 450.9 488.2 524.1 20



24 FL543140005 Life insurance reserves 1366.3 1426.1 1464.6 1446.2 1452.9 1450.0 1464.6 1480.8 1496.5 24 25 FL543150005 Pension entitlements (2) 2705.5 2825.0 2846.9 2846.5 2857.9 2786.7 2846.9 2873.5 2928.3 25

26 FL543178073 Taxes payable (net) -30.5 -32.4 -33.1 -29.9 -31.3 -33.5 -33.1 -31.7 -32.8 26 27 FL543192073 Foreign direct investment in U.S. 88.1 97.0 91.8 105.1 105.4 105.2 91.8 100.6 100.9 27

28 FL543190005 Miscellaneous liabilities 1402.5 1438.5 1435.1 1469.7 1440.0 1442.8 1435.1 1472.7 1533.5 28 29 FL543194733 Investment by parent companies 10.7 11.5 12.0 11.8 11.8 12.1 12.0 12.9 13.7 29 30 FL673090543 Funding agreements backing securities (3) 61.1 70.4 71.9 71.9 70.4 67.4 71.9 71.0 73.0 30 31 FL543195005 Other reserves (4) 304.2 310.0 313.1 312.3 311.1 314.6 313.1 320.5 327.8 31 32 FL593095005 Unallocated insurance contracts 676.2 672.3 665.9 681.3 678.2 656.9 665.9 666.1 671.8 32 33 FL543193005 Other 350.2 374.4 372.1 392.4 368.4 391.9 372.1 402.3 447.3 33

(1) Additional detail on the financial assets and liabilities held in life insurer’s general and separate accounts is available on tables L.116.g and L.116.s.(2) Annuity reserves held by life insurance companies, excluding unallocated contracts held by pension funds, which are shown on line 32.(3) Equal to funding agreement-backed securities (FABS) issued by domestic issuers of asset-backed securities.(4) Includes reserves for accident and health policies, policy dividend accumulation, and contract claims.

Lev

els

Z.1, September 16, 2016 93

L.116.g Life Insurance Companies: General AccountsBillions of dollars; amounts outstanding end of period, not seasonally adjusted

2013 2014 2015 2015 2016 Q1 Q2 Q3 Q4 Q1 Q2









21 FL543140073 Life insurance reserves 1096.6 1142.7 1146.8 1122.4 1128.7 1139.7 1146.8 1162.3 1175.3 21 22 FL543150075 Pension entitlements (1) 952.1 999.6 1055.2 979.0 1002.0 1039.3 1055.2 1076.3 1112.5 22 23 FL543178073 Taxes payable (net) -30.5 -32.4 -33.1 -29.9 -31.3 -33.5 -33.1 -31.7 -32.8 23 24 FL543192073 Foreign direct investment in U.S. 88.1 97.0 91.8 105.1 105.4 105.2 91.8 100.6 100.9 24


(1) Annuity reserves held by life insurance companies, excluding unallocated contracts held by private pension funds which are included in miscellaneous liabilities (line 25).

L.116.s Life Insurance Companies: Separate AccountsBillions of dollars; amounts outstanding end of period, not seasonally adjusted


2 FL543020083 Checkable deposits and currency 15.3 15.4 13.7 14.9 14.3 13.8 13.7 13.7 13.8 2 3 FL543034385 Money market fund shares 27.8 25.7 27.6 24.1 24.2 29.7 27.6 27.9 24.7 3






17 FL543140083 Life insurance reserves 269.7 283.4 317.8 323.7 324.3 310.2 317.8 318.5 321.2 17 18 FL543150085 Pension entitlements (1) 1753.4 1825.4 1791.7 1867.5 1855.9 1747.3 1791.7 1797.3 1815.9 18 19 FL543190085 Miscellaneous liabilities 303.9 312.5 301.2 340.6 331.1 312.3 301.2 300.5 303.7 19

(1) Annuity reserves held by life insurance companies, excluding unallocated contracts held by private pension funds which are included in miscellaneous liabilities (line 19).

Lev

els

94 Z.1, September 16, 2016

L.117 Private and Public Pension Funds (1)Billions of dollars; amounts outstanding end of period, not seasonally adjusted

2013 2014 2015 2015 2016 Q1 Q2 Q3 Q4 Q1 Q2

1 FL594090005 Total financial assets (2) 16972.3 17641.2 18216.7 18000.8 18122.0 17909.1 18216.7 18397.6 18620.4 1



6 FL594022005 Debt securities 3520.3 3648.8 3805.7 3542.6 3449.5 3366.4 3805.7 3821.8 3841.3 6 7 FL593069105 Open market paper 79.1 84.5 87.9 86.4 87.4 87.5 87.9 86.5 87.0 7 8 FL593061105 Treasury securities (3) 2018.7 2094.5 2200.8 1991.5 1868.5 1776.5 2200.8 2195.5 2200.7 8 9 FL593061705 Agency- and GSE-backed securities 278.2 271.2 255.9 261.6 258.3 256.0 255.9 255.6 253.7 9 10 FL223062043 Municipal securities 2.4 2.2 2.0 2.2 2.2 2.0 2.0 2.4 2.4 10 11 FL593063005 Corporate and foreign bonds 1141.9 1196.3 1259.1 1200.9 1233.1 1244.4 1259.1 1281.8 1297.6 11



15 FL593090005 Miscellaneous assets 4987.3 5171.3 5766.9 5397.6 5659.4 6209.1 5766.9 5909.7 6011.1 15 16 FL593095005 Unallocated insurance contracts (4) 676.2 672.3 665.9 681.3 678.2 656.9 665.9 666.1 671.8 16 17 FL573074005 Contributions receivable 79.0 76.1 71.8 74.7 73.7 72.7 71.8 69.9 68.1 17 18 FL593073005 Claims of pension fund on sponsor (5) 3442.6 3593.6 4150.9 3785.7 4041.1 4608.6 4150.9 4295.3 4382.6 18 19 FL593093005 Other 789.6 829.4 878.2 855.9 866.4 870.9 878.2 878.4 888.6 19

20 FL594190005 Pension entitlements (liabilities) (6) 17155.3 17833.6 18400.7 18192.9 18311.9 18091.7 18400.7 18581.7 18804.7 20

Memo:

Funded status of defined benefit plans: 21 FL594190045 Pension entitlements 11273.6 11701.1 12136.7 11809.8 11919.1 12027.7 12136.7 12245.3 12354.0 21 22 FL592000075 Funded by assets (7) 7831.0 8107.5 7985.8 8085.1 8005.6 7619.0 7985.8 7950.0 7971.5 22 23 FL593073045 Unfunded (line 18) 3442.6 3593.6 4150.9 3724.8 3913.5 4408.7 4150.9 4295.3 4382.6 23

24 FL153050015 Household retirement assets (8) 25967.9 27165.3 27821.6 27721.3 27910.0 27268.8 27821.6 28095.1 28540.2 24 25 FL594090045 Defined benefit plans 11090.6 11508.6 11952.7 11617.6 11729.3 11845.2 11952.7 12061.2 12169.8 25 26 FL594090055 Defined contribution plans 5881.8 6132.6 6264.0 6383.1 6392.8 6063.9 6264.0 6336.3 6450.6 26 27 FL893131573 Individual retirement plans (IRAs) (9) 6835.0 7266.0 7329.0 7445.0 7504.0 7133.0 7329.0 7400.0 ND 27 28 FL543150015 Annuities at life insurance companies (10) 2160.5 2258.0 2275.9 2275.5 2283.9 2226.7 2275.9 2297.5 2352.2 28

(1) Private pension funds, state and local government employee retirement funds, and federal government retirement funds defined benefit plans and defined contribution plans.(2) Includes claims on sponsor (i.e., unfunded pension entitlements).(3) Includes both marketable and nonmarketable government securities.(4) Assets of pension plans held at life insurance companies; series begins 1985:Q4.(5) Unfunded defined benefit pension entitlements. Negative values indicate overfunding.(6) Actuarial value of accrued pension entitlements in defined benefit plans and assets of defined contribution plans. These liabilities are assets of the household sector.(7) Total defined benefit financial assets plus nonfinancial assets less claims of pension fund on sponsor.(8) Households’ retirement assets in tax-deferred accounts, including employer sponsored pension plans, IRAs, Roth IRAs, and annuities.(9) IRA assets are not included above. See memo items on table L.227 for a sectoral distribution of IRA accounts.(10) Annuities held in IRAs are excluded. They are included in line 27.

Lev

els

Z.1, September 16, 2016 95

L.118 Private Pension Funds (1)Billions of dollars; amounts outstanding end of period, not seasonally adjusted

2013 2014 2015 2015 2016 Q1 Q2 Q3 Q4 Q1 Q2




6 FL574022005 Debt securities 1159.6 1181.2 1226.6 1193.2 1201.7 1215.4 1226.6 1236.9 1246.9 6 7 FL573069105 Open market paper 41.2 43.2 46.3 44.6 44.9 45.6 46.3 46.8 47.3 7 8 FL573061105 Treasury securities 299.8 295.6 317.1 305.7 308.8 313.7 317.1 319.8 322.9 8 9 FL573061705 Agency- and GSE-backed securities 165.5 163.1 154.4 156.8 155.1 154.8 154.4 153.5 152.8 9 10 FL573063005 Corporate and foreign bonds 653.0 679.3 708.8 686.1 692.9 701.3 708.8 716.8 723.9 10





Memo:

Funded status of defined benefit plans: 20 FL574190043 Pension entitlements 3131.4 3222.9 3306.9 3246.1 3268.1 3288.6 3306.9 3325.2 3343.5 20 21 FL572000075 Funded by assets (6) 2912.0 2939.5 2809.9 2940.2 2909.7 2768.9 2809.9 2789.2 2791.9 21 22 FL573073005 Unfunded (line 17) 219.4 283.5 496.9 305.9 358.4 519.6 496.9 536.1 551.6 22

Total financial assets (7) 23 FL574090045 Defined benefit plans 3094.9 3186.4 3270.3 3209.5 3231.6 3252.0 3270.3 3288.6 3306.9 23 24 FL574090055 Defined contribution plans 5003.7 5239.1 5362.1 5473.6 5481.6 5196.1 5362.1 5429.4 5531.8 24

(1) Private defined benefit plans and defined contribution plans (including 401(k) type plans).(2) Includes claims on sponsor (i.e., unfunded pension entitlements).(3) Assets of private pension plans held at life insurance companies; series begins 1985:Q4.(4) Unfunded defined benefit pension entitlements. Negative values indicate overfunding.(5) Actuarial value of accrued pension entitlements in defined benefit plans and assets of defined contribution plans. These liabilities are assets of the household sector.(6) Total defined benefit financial assets plus nonfinancial assets less claims of pension fund on sponsor.(7) Additional detail on defined benefit plans and defined contribution plans is available on tables L.118.b and L.118.c.

Lev

els

96 Z.1, September 16, 2016

L.118.b Private Pension Funds: Defined Benefit PlansBillions of dollars; amounts outstanding end of period, not seasonally adjusted

2013 2014 2015 2015 2016 Q1 Q2 Q3 Q4 Q1 Q2









(1) Includes claims on sponsor (i.e., unfunded pension entitlements).(2) Assets of private pension plans held at life insurance companies; series begins 1985:Q4.(3) Unfunded defined benefit pension entitlements. Negative values indicate overfunding.(4) Actuarial value of accrued defined benefit pension entitlements.

L.118.c Private Pension Funds: Defined Contribution Plans (1)Billions of dollars; amounts outstanding end of period, not seasonally adjusted







14 FL573090055 Miscellaneous assets 863.9 873.2 905.7 900.5 902.0 893.8 905.7 913.8 924.6 14 15 FL573095505 Unallocated insurance contracts (2) 464.7 467.6 465.8 474.7 472.7 459.8 465.8 468.6 474.4 15 16 FL573074033 Contributions receivable 30.7 31.7 31.9 31.6 31.7 31.9 31.9 32.0 32.3 16 17 FL573093033 Other 368.5 374.0 408.1 394.2 397.6 402.1 408.1 413.1 417.9 17

18 FL574090055 Pension entitlements (liabilities) 5003.7 5239.1 5362.1 5473.6 5481.6 5196.1 5362.1 5429.4 5531.8 18

(1) Includes 401(k) and 403(b) type plans.(2) Assets of private pension plans held at life insurance companies; series begins 1985:Q4.

Lev

els

Z.1, September 16, 2016 97

L.119 Federal Government Employee Retirement FundsBillions of dollars; amounts outstanding end of period, not seasonally adjusted

2013 2014 2015 2015 2016 Q1 Q2 Q3 Q4 Q1 Q2


2 FL344022005 Debt securities 1544.7 1631.2 1723.4 1523.0 1395.6 1303.8 1723.4 1714.7 1718.7 2 3 FL343061105 Treasury securities (2) 1530.6 1617.7 1708.9 1509.3 1381.7 1289.3 1708.9 1700.2 1703.8 3 4 FL343061705 Agency- and GSE-backed securities 6.4 5.9 6.1 6.0 6.1 6.0 6.1 6.1 6.3 4 5 FL343063005 Corporate and foreign bonds 7.7 7.7 8.4 7.7 7.8 8.4 8.4 8.4 8.5 5

6 LM343064105 Corporate equities 206.2 218.7 219.0 226.3 225.9 206.2 219.0 216.6 219.3 6

7 FL343073005 Claims of pension fund on sponsor (misc. assets) (3) 1785.7 1806.2 1821.7 1937.9 2091.7 2210.6 1821.7 1860.2 1883.5 7


Memo: Funded status of defined benefit plans: 9 FL344090045 Pension entitlements 3155.3 3244.2 3333.8 3265.8 3288.1 3310.1 3333.8 3357.2 3380.7 9 10 FL342000075 Funded by assets (5) 1369.6 1438.0 1512.1 1388.8 1324.0 1299.4 1512.1 1497.0 1497.2 10 11 FL343073045 Unfunded (line 7) 1785.7 1806.2 1821.7 1877.0 1964.1 2010.7 1821.7 1860.2 1883.5 11


(1) Includes claims on sponsor (i.e., unfunded pension entitlements).(2) Includes marketable and nonmarketable Treasury securities.(3) Unfunded defined benefit pension entitlements and suspended investments in the Thrift Savings Plan G Fund by the Treasury. Negative values indicate overfunding.(4) Actuarial value of accrued pension entitlements in defined benefit plans and assets of defined contribution plans, including suspended investments in the Thrift Savings Plan G Fund. These liabilities are assets of the household sector.(5) Total defined benefit financial assets less defined benefit claims of pension fund on sponsor.(6) Additional detail on defined benefit plans and defined contribution plans is available on tables L.119.b and L.119.c.

Lev

els

98 Z.1, September 16, 2016

L.119.b Federal Government Employee Retirement Funds: Defined Benefit Plans (1)Billions of dollars; amounts outstanding end of period, not seasonally adjusted

2013 2014 2015 2015 2016 Q1 Q2 Q3 Q4 Q1 Q2






(1) Includes Civil Service Retirement and Disability Fund, Railroad Retirement Board, judicial retirement fund, Military Retirement Fund, Foreign Service Retirement and Disability Fund, and the National Railroad Investment Trust.(2) Includes claims on sponsor (i.e., unfunded pension entitlements).(3) Includes both marketable and nonmarketable government securities.(4) Unfunded defined benefit pension entitlements. Negative values indicate overfunding.(5) Actuarial value of accrued pension entitlements in defined benefit plans. These liabilities are assets of the household sector.

L.119.c Federal Government Employee Retirement Funds: Defined Contribution Plans (1)Billions of dollars; amounts outstanding end of period, not seasonally adjusted






(1) Thrift Savings Plan.(2) Includes nonmarketable and marketable Treasury securities held by the Thrift Savings Plan G and F funds.(3) Suspended investments in the Thrift Savings Plan G Fund by the Treasury.

Lev

els

Z.1, September 16, 2016 99

L.120 State and Local Government Employee Retirement FundsBillions of dollars; amounts outstanding end of period, not seasonally adjusted

2013 2014 2015 2015 2016 Q1 Q2 Q3 Q4 Q1 Q2







15 FL223090005 Miscellaneous assets 1743.0 1817.5 2151.8 1861.1 1914.7 2195.5 2151.8 2210.4 2262.4 15 16 FL223095505 Unallocated insurance contracts (2) 150.7 144.9 146.4 146.8 147.3 143.0 146.4 146.2 148.2 16 17 FL223073045 Claims of pension fund on sponsor (3) 1437.5 1503.9 1832.3 1541.9 1591.0 1878.4 1832.3 1899.1 1947.5 17 18 FL223093005 Other 154.8 168.7 173.0 172.5 176.4 174.1 173.0 165.2 166.8 18


Memo: Funded status of defined benefit plans: 20 FL224190043 Pension entitlements 4986.9 5233.9 5496.0 5297.9 5362.9 5429.1 5496.0 5562.9 5629.8 20 21 FL222000075 Funded by assets (5) 3549.4 3730.0 3663.7 3756.0 3771.9 3550.7 3663.7 3663.9 3682.3 21 22 FL223073045 Unfunded (line 17) 1437.5 1503.9 1832.3 1541.9 1591.0 1878.4 1832.3 1899.1 1947.5 22


(1) Includes claims on sponsor (i.e., unfunded pension entitlements).(2) Assets of defined contribution funds held at life insurance companies.(3) Unfunded defined benefit pension entitlements. Negative values indicate overfunding.(4) Actuarial value of accrued pension entitlements. These liabilities are assets of the household sector.(5) Total defined benefit financial assets plus nonfinancial assets less claims of pension fund on sponsor.(6) Additional detail on defined benefit plans and defined contribution plans is available on tables L.120.b and L.120.c.

Lev

els

100 Z.1, September 16, 2016

L.120.b State and Local Government Employee Retirement Funds: Defined Benefit PlansBillions of dollars; amounts outstanding end of period, not seasonally adjusted

2013 2014 2015 2015 2016 Q1 Q2 Q3 Q4 Q1 Q2







15 FL223090045 Miscellaneous assets 1543.1 1620.1 1950.3 1661.2 1713.5 1998.5 1950.3 2011.7 2060.8 15 16 FL223073045 Claims of pension fund on sponsor (2) 1437.5 1503.9 1832.3 1541.9 1591.0 1878.4 1832.3 1899.1 1947.5 16 17 FL223093043 Other 105.6 116.3 118.0 119.3 122.5 120.1 118.0 112.6 113.2 17


(1) Includes claims on sponsor (i.e., unfunded pension entitlements).(2) Unfunded defined benefit pension entitlements. Negative values indicate overfunding.(3) Actuarial value of accrued defined benefit pension entitlements. These liabilities are assets of the household sector.

L.120.c State and Local Government Employee Retirement Funds: Defined Contribution Plans (1)Billions of dollars; amounts outstanding end of period, not seasonally adjusted


2 FL223034055 Money market fund shares 7.1 6.3 6.3 6.2 6.3 5.3 6.3 5.3 5.2 2

3 LM223064255 Mutual fund shares 289.7 277.9 263.9 281.9 278.7 255.1 263.9 268.6 271.2 3

4 FL223090055 Miscellaneous assets 199.9 197.3 201.5 199.9 201.2 196.9 201.5 198.7 201.7 4 5 FL223095505 Unallocated insurance contracts (misc. assets) (2) 150.7 144.9 146.4 146.8 147.3 143.0 146.4 146.2 148.2 5 6 FL223093053 Other 49.2 52.5 55.0 53.2 53.9 53.9 55.0 52.5 53.5 6


(1) Includes 403(b) and 457 type plans.(2) Assets held at life insurance companies.

Lev

els

Z.1, September 16, 2016 101

L.121 Money Market Mutual Funds (1)Billions of dollars; amounts outstanding end of period, not seasonally adjusted

2013 2014 2015 2015 2016 Q1 Q2 Q3 Q4 Q1 Q2


2 FL633091003 Foreign deposits 34.3 24.5 11.1 20.5 22.5 12.6 11.1 17.6 12.9 2 3 FL633020000 Checkable deposits and currency 13.5 -4.4 7.6 -10.0 3.3 1.7 7.6 7.3 13.3 3 4 FL633030000 Time and savings deposits 503.0 523.4 445.0 524.0 519.1 485.0 445.0 493.0 429.9 4 5 FL632051000 Security repurchase agreements 501.6 654.5 699.3 635.0 644.7 692.4 699.3 597.1 643.4 5



13 FL634090005 Total shares outstanding (liabilities) 2717.8 2724.6 2754.7 2644.7 2615.1 2667.7 2754.7 2758.8 2702.5 13

Memo: 14 FL634090503 Variable annuity money market mutual funds included above 39.8 37.1 39.0 35.4 35.5 41.2 39.0 39.4 36.0 14

(1) Open-end investment companies including variable annuity money market mutual funds.

L.122 Mutual Funds (1)Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1 LM654090000 Total financial assets 12333.0 13150.6 12897.2 13519.9 13533.6 12605.7 12897.2 12962.1 13208.8 1


3 LM654022005 Debt securities 3630.3 3834.5 3834.2 3932.4 3922.1 3881.2 3834.2 3930.6 4061.1 3 4 LM653069100 Open market paper 84.2 94.1 81.7 92.8 88.6 82.9 81.7 86.8 85.1 4 5 LM653061105 Treasury securities 472.8 682.9 826.6 709.4 725.6 789.1 826.6 839.4 857.1 5 6 LM653061703 Agency- and GSE-backed securities 873.6 689.8 584.9 707.9 674.6 627.0 584.9 605.7 613.4 6 7 LM653062003 Municipal securities 529.6 586.6 603.7 598.9 591.0 593.2 603.7 628.8 669.0 7 8 LM653063005 Corporate and foreign bonds 1670.0 1781.2 1737.3 1823.3 1842.4 1789.0 1737.3 1769.9 1836.5 8




12 LM654090000 Total shares outstanding (liabilities) 12333.0 13150.6 12897.2 13519.9 13533.6 12605.7 12897.2 12962.1 13208.8 12

Memo:

13 LM654090500 Variable annuity mutual funds included above 1632.0 1673.9 1598.6 1702.4 1683.1 1555.7 1598.6 1586.0 1599.5 13

Total financial assets by investment objective: 14 LM654091603 Domestic equity funds 5726.6 6232.9 6045.6 6385.1 6342.8 5790.3 6045.6 5998.1 6086.7 14 15 LM654092603 World equity funds 2036.1 2081.4 2102.6 2192.3 2258.6 2043.2 2102.6 2118.9 2117.5 15 16 LM654091403 Hybrid funds 1285.0 1376.6 1336.6 1406.3 1413.4 1323.8 1336.6 1344.0 1375.0 16 17 LM654091303 Taxable bond funds 2786.0 2893.2 2819.0 2956.7 2947.5 2872.9 2819.0 2885.3 2980.0 17 18 LM654091203 Municipal bond funds 499.3 566.5 593.4 579.5 571.3 575.6 593.4 615.7 649.6 18

(1) Open-end investment companies including variable annuity mutual funds.

Lev

els

102 Z.1, September 16, 2016

L.123 Closed-End FundsBillions of dollars; amounts outstanding end of period, not seasonally adjusted

2013 2014 2015 2015 2016 Q1 Q2 Q3 Q4 Q1 Q2


2 LM554022005 Debt securities 165.1 169.9 161.1 170.7 167.3 163.2 161.1 161.8 164.0 2 3 LM553061103 Treasury securities 6.4 6.4 5.8 6.4 6.2 6.1 5.8 5.8 4.2 3 4 LM553062003 Municipal securities 82.9 90.2 89.5 90.3 87.9 88.5 89.5 90.7 93.2 4 5 LM553063003 Corporate and foreign bonds 75.9 73.3 65.8 74.1 73.1 68.7 65.8 65.3 66.6 5



Memo:

Total financial assets by investment objective: 8 LM554091603 Domestic equity funds 81.8 89.0 72.1 87.7 84.6 73.5 72.1 70.5 74.2 8 9 LM554092603 World equity funds 32.4 30.4 27.5 30.9 31.3 27.8 27.5 27.1 27.4 9 10 LM554091303 Domestic taxable bond funds 58.5 56.8 51.7 57.7 56.9 54.0 51.7 51.2 50.7 10 11 LM554091203 Municipal bond funds 82.9 90.2 89.5 90.3 87.9 88.5 89.5 90.7 93.2 11 12 LM554092303 World bond funds 23.8 22.9 19.9 22.8 22.5 20.8 19.9 19.9 20.1 12

L.124 Exchange-Traded FundsBillions of dollars; amounts outstanding end of period, not seasonally adjusted


2 LM564022005 Debt securities 246.3 297.4 341.6 319.3 315.7 334.5 341.6 381.3 401.7 2 3 LM563061103 Treasury securities 55.7 67.5 80.3 70.8 70.8 85.3 80.3 92.3 92.9 3 4 LM563062003 Municipal securities 11.4 15.1 19.1 16.6 16.8 17.5 19.1 21.0 23.1 4 5 LM563063003 Corporate and foreign bonds 179.3 214.8 242.2 231.9 228.1 231.7 242.2 268.0 285.7 5


7 LM563093003 Miscelaneous assets (1) 64.0 57.0 49.3 60.4 57.9 52.7 49.3 63.6 76.6 7


Memo:

Total financial assets by investment objective: 9 LM564091603 Domestic equity funds 964.4 1203.2 1232.5 1208.5 1193.0 1121.2 1232.5 1240.2 1282.0 9 10 LM564092603 World equity funds 398.8 414.8 474.6 472.5 513.9 444.9 474.6 467.1 464.7 10 11 LM563093003 Commodity funds (1) 64.0 57.0 49.3 60.4 57.9 52.7 49.3 63.6 76.6 11 12 LM564091403 Hybrid funds 1.5 3.0 3.7 3.4 3.7 3.6 3.7 3.9 4.3 12 13 LM564091303 Taxable bond funds 234.5 281.3 321.2 301.6 297.6 315.6 321.2 358.9 378.6 13 14 LM564091203 Municipal bond funds 11.4 15.1 19.1 16.6 16.8 17.5 19.1 21.0 23.1 14

(1) Investments primarily in commodities, currencies, and futures.

Lev

els

Z.1, September 16, 2016 103

L.125 Government-Sponsored Enterprises (GSEs) (1)Billions of dollars; amounts outstanding end of period, not seasonally adjusted

2013 2014 2015 2015 2016 Q1 Q2 Q3 Q4 Q1 Q2


2 FL403020005 Checkable deposits and currency 81.6 65.0 41.0 53.4 41.1 47.4 41.0 34.7 43.6 2 3 FL403030005 Time and savings deposits 5.4 3.3 2.5 1.9 2.8 2.7 2.5 3.3 4.1 3 4 FL402050005 Federal funds and security repos 152.3 162.6 182.9 158.2 141.0 149.0 182.9 159.9 164.8 4


11 FL404023005 Loans 5465.3 5542.3 5666.3 5509.6 5580.9 5611.4 5666.3 5659.1 5735.1 11 12 FL403069305 Other loans and advances 587.5 671.8 746.2 641.6 694.7 696.5 746.2 730.1 804.3 12 13 FL403069385 Sallie Mae 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13 14 FL403069345 Farm Credit System 95.0 106.1 115.0 105.0 106.6 110.3 115.0 116.3 119.4 14 15 FL403069330 FHLB 492.6 565.7 631.2 536.6 588.2 586.2 631.2 613.8 685.0 15 16 FL403065005 Mortgages 4877.8 4870.5 4920.1 4868.0 4886.2 4914.8 4920.1 4929.0 4930.7 16 17 FL403065105 Home 4546.4 4537.9 4568.7 4528.3 4540.2 4568.4 4568.7 4574.7 4574.9 17 18 FL403065195 Consolidated trusts (2) 4087.7 4104.2 4171.8 4098.9 4120.5 4162.0 4171.8 4180.6 4186.3 18 19 FL403065185 Other 458.6 433.6 396.9 429.4 419.7 406.4 396.9 394.1 388.6 19 20 FL403065405 Multifamily residential 243.5 240.8 256.9 247.1 252.8 252.8 256.9 259.1 259.8 20 21 FL403065495 Consolidated trusts (2) 146.3 164.1 185.3 170.3 179.3 181.5 185.3 193.2 199.0 21 22 FL403065485 Other 97.2 76.7 71.6 76.8 73.5 71.2 71.6 65.8 60.8 22 23 FL403065605 Farm 87.9 91.8 94.5 92.6 93.2 93.7 94.5 95.2 96.1 23 24 FL403066005 Consumer credit (3) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 24




28 FL403161705 Debt securities (GSE issues) (4) 6200.2 6275.5 6369.0 6234.6 6258.0 6293.5 6369.0 6350.1 6455.5 28 29 FL403161795 Consolidated trusts (2) 4234.0 4268.3 4357.0 4269.2 4299.8 4343.5 4357.0 4373.9 4385.3 29 30 FL403161785 Other 1966.2 2007.2 2012.0 1965.4 1958.2 1950.0 2012.0 1976.2 2070.2 30

31 FL403169283 Loans (U.S. government loans) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 31


(1) Federal Home Loan Banks, Fannie Mae, Freddie Mac, Farmer Mac, Farm Credit System, the Financing Corporation, and the Resolution Funding Corporation. The Student Loan Marketing Association (Sallie Mae) was included until it was fully privatized in 2004:Q4. Beginning 2010:Q1, almost all Fannie Mae and Freddie Mac mortgage pools (L.126) are consolidated on Fannie Mae’s and Freddie Mac’s balance sheets (L.125).(2) Consolidated trusts refers to the unpaid balance of securitized mortgages Fannie Mae and Freddie Mac moved on to their balance sheets at the beginning of 2010 in response to new accounting rules.(3) Sallie Mae student loans.(4) Such issues are classified as agency- and GSE-backed securities.

L.126 Agency- and GSE-Backed Mortgage Pools (1)Billions of dollars; amounts outstanding end of period, not seasonally adjusted


2 FL413065105 Home mortgages 1423.9 1474.8 1568.8 1468.9 1491.1 1536.5 1568.8 1587.7 1614.8 2 3 FL413065405 Multifamily residential mortgages 147.8 172.1 204.3 175.7 184.6 190.6 204.3 213.4 226.5 3 4 FL413065505 Commercial mortgages 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4 5 FL413065605 Farm mortgages 1.8 1.6 2.3 1.6 1.6 2.4 2.3 2.7 2.7 5

6 FL413065005 Total pool securities (liabilities)(2) 1573.5 1648.5 1775.5 1646.2 1677.2 1729.5 1775.5 1803.9 1844.0 6

(1) GNMA, Fannie Mae, Freddie Mac, Farmer Mac, and Farmers Home Administration pools. Beginning 2010:Q1, almost all Fannie Mae and Freddie Mac mortgage pools (L.126) are consolidated on Fannie Mae’s and Freddie Mac’s balance sheets (L.125). Also includes agency- and GSE-backed mortgage pool securities which 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 and advances.(2) Such issues are classified as agency- and GSE-backed securities.

Lev

els

104 Z.1, September 16, 2016

L.127 Issuers of Asset-Backed Securities (ABS)Billions of dollars; amounts outstanding end of period, not seasonally adjusted

2013 2014 2015 2015 2016 Q1 Q2 Q3 Q4 Q1 Q2


2 FL674022005 Debt securites 21.8 27.3 28.2 28.0 29.0 28.7 28.2 27.2 24.9 2 3 FL673061103 Treasury securities 21.7 27.2 28.2 27.9 28.9 28.6 28.2 27.2 24.9 3 4 FL673061703 Agency- and GSE-backed securities (1) 0.1 0.1 0.0 0.1 0.1 0.1 0.0 0.0 0.0 4

5 FL674023005 Loans 1394.6 1299.2 1210.9 1297.8 1285.4 1241.6 1210.9 1191.3 1152.3 5 6 FL673069005 Other loans and advances 150.2 159.3 158.3 170.6 167.0 159.2 158.3 174.0 162.4 6 7 FL673065005 Mortgages (2) 1195.3 1090.1 1006.6 1079.1 1067.1 1034.3 1006.6 972.4 940.6 7 8 FL673065105 Home 787.3 695.6 593.0 676.1 649.0 618.0 593.0 581.7 558.2 8 9 FL673065405 Multifamily residential 70.8 68.4 62.0 68.8 66.2 63.3 62.0 57.0 55.3 9 10 FL673065505 Commercial 337.1 326.1 351.5 334.1 351.9 353.0 351.5 333.7 327.2 10 11 FL673066000 Consumer credit 49.1 49.8 46.0 48.2 51.2 48.0 46.0 44.8 49.2 11

12 FL673070003 Trade credit 35.7 31.3 34.1 31.5 32.2 31.7 34.1 35.5 35.1 12 13 FL673090543 Miscellaneous assets (funding agreements) (3) 61.1 70.4 71.9 71.9 70.4 67.4 71.9 71.0 73.0 13


15 FL674122005 Debt securities 1513.3 1428.2 1345.1 1429.3 1417.0 1369.3 1345.1 1325.0 1285.3 15 16 FL673169105 Commercial paper 79.9 64.8 57.5 64.4 70.0 58.1 57.5 67.0 65.3 16 17 FL673163005 Corporate bonds (net) (4) 1433.4 1363.5 1287.7 1364.9 1346.9 1311.3 1287.7 1258.0 1220.0 17

Memo:

Securitized assets not included above 18 FL675013013 Consumer leases (5) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 18 19 FL643065045 REIT assets (6) 160.1 172.5 143.0 166.6 154.4 150.3 143.0 149.8 146.0 19 Securitized liabilities not included above 20 FL763169103 Commercial paper (7) 59.7 54.5 53.6 49.0 50.1 51.1 53.6 56.6 55.5 20

(1) Agency- and GSE-backed mortgage pool securities backing privately issued CMOs.(2) Mortgages backing privately issued pool securities and privately issued CMOs.(3) Funding agreements with life insurance companies.(4) Liabilities net of assets.(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 nonfinancial asset.(6) Included on table L.129.(7) Included on table L.111 line 45.

Lev

els

Z.1, September 16, 2016 105

L.128 Finance Companies (1)Billions of dollars; amounts outstanding end of period, not seasonally adjusted

2013 2014 2015 2015 2016 Q1 Q2 Q3 Q4 Q1 Q2



4 FL613063003 Debt securities (corporate and foreign bonds) 67.9 73.9 80.0 76.1 79.6 78.3 80.0 78.5 85.3 4



10 FL613090005 Miscellaneous assets -184.2 -171.9 -188.0 -172.0 -199.5 -212.6 -188.0 -199.4 -229.0 10



15 FL614123005 Loans 131.0 141.2 156.5 144.3 151.7 153.2 156.5 155.7 155.9 15 16 FL613168000 Depository institution loans n.e.c. 128.6 139.1 152.9 142.2 149.6 150.4 152.9 152.0 152.3 16 17 FL613169005 Other loans and advances 2.3 2.1 3.7 2.1 2.1 2.9 3.7 3.7 3.7 17

18 FL613178003 Taxes payable 6.8 7.8 8.4 8.2 8.4 8.5 8.4 8.0 7.5 18


20 FL613190005 Miscellaneous liabilities 134.5 126.1 122.6 123.5 116.5 118.2 122.6 97.3 81.4 20 21 FL613194003 Investment by parent 161.8 162.7 156.1 159.6 153.1 152.5 156.1 146.7 147.0 21 22 FL613193005 Other -27.2 -36.6 -33.4 -36.1 -36.6 -34.3 -33.4 -49.4 -65.6 22

Memo:


(1) Includes retail captive finance companies and mortgage companies.(2) See footnote (5), table L.127.

Lev

els

106 Z.1, September 16, 2016

L.129 Real Estate Investment Trusts (REITs) (1)Billions of dollars; amounts outstanding end of period, not seasonally adjusted

2013 2014 2015 2015 2016 Q1 Q2 Q3 Q4 Q1 Q2




6 FL643065005 Loans (mortgages) 214.7 247.3 217.7 240.7 241.7 230.4 217.7 228.3 226.3 6 7 FL643065105 Home 31.3 44.0 46.1 43.0 49.2 48.1 46.1 47.5 50.2 7 8 FL643065405 Multifamily residential 4.1 5.1 4.8 4.7 4.6 4.9 4.8 4.9 4.8 8 9 FL643065505 Commercial 179.3 198.2 166.8 193.1 187.9 177.4 166.8 175.8 171.4 9







Memo: 21 FL643065045 Securitized assets included above 160.1 172.5 143.0 166.6 154.4 150.3 143.0 149.8 146.0 21 22 FL643061743 Agency- and GSE-backed securities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 22 23 FL643065143 Home mortgages 19.9 23.1 33.1 23.8 26.6 32.4 33.1 30.1 31.9 23 24 FL643065443 Multifamily residential mortgages 3.0 3.3 3.1 2.8 2.7 3.1 3.1 3.1 3.2 24 25 FL643065543 Commercial mortgages 137.3 146.2 106.8 140.0 125.2 114.8 106.8 116.6 110.9 25

(1) Additional detail on financial assets and liabilities for equity and mortgage REITs is available on tables L.129.e and L.129.m.

Lev

els

Z.1, September 16, 2016 107

L.129.e Equity Real Estate Investment TrustsBillions of dollars; amounts outstanding end of period, not seasonally adjusted

2013 2014 2015 2015 2016 Q1 Q2 Q3 Q4 Q1 Q2



3 FL643063083 Debt securities (corporate and foreign bonds) 4.8 5.2 4.8 6.0 4.8 5.1 4.8 4.6 4.8 3




10 FL643163083 Debt securities (corporate bonds) 183.2 212.5 243.0 219.7 227.9 237.6 243.0 249.5 262.2 10

11 FL644123085 Loans 238.0 261.4 272.5 269.7 278.0 283.3 272.5 270.7 261.7 11 12 FL643168083 Depository institution loans n.e.c. 23.8 30.0 37.1 34.2 39.2 40.9 37.1 36.1 31.7 12 13 FL643165005 Mortgages 214.3 231.4 235.4 235.5 238.8 242.4 235.4 234.6 229.9 13 14 FL643165483 Multifamily residential 29.7 31.1 30.8 31.8 32.6 32.1 30.8 30.8 31.4 14 15 FL643165583 Commercial 184.6 200.4 204.7 203.7 206.2 210.3 204.7 203.8 198.6 15


L.129.m Mortgage Real Estate Investment TrustsBillions of dollars; amounts outstanding end of period, not seasonally adjusted











Memo: 20 FL643065045 Securitized assets included above 160.1 172.5 143.0 166.6 154.4 150.3 143.0 149.8 146.0 20 21 FL643061743 Agency- and GSE-backed securities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 21 22 FL643065143 Home mortgages 19.9 23.1 33.1 23.8 26.6 32.4 33.1 30.1 31.9 22 23 FL643065443 Multifamily residential mortgages 3.0 3.3 3.1 2.8 2.7 3.1 3.1 3.1 3.2 23 24 FL643065543 Commercial mortgages 137.3 146.2 106.8 140.0 125.2 114.8 106.8 116.6 110.9 24

Lev

els

108 Z.1, September 16, 2016

L.130 Security Brokers and DealersBillions of dollars; amounts outstanding end of period, not seasonally adjusted

2013 2014 2015 2015 2016 Q1 Q2 Q3 Q4 Q1 Q2


2 FL663020003 Checkable deposits and currency 111.7 111.8 106.1 117.7 114.1 115.6 106.1 110.9 114.0 2 3 FL662051003 Security repurchase agreements 1321.0 1152.7 1133.3 1138.8 1171.2 1243.6 1133.3 1115.3 1197.4 3








16 FL663163003 Debt securities (corporate bonds) 112.4 123.9 131.3 107.4 135.8 135.4 131.3 119.5 111.0 16

17 FL664123005 Loans 897.1 962.5 913.2 964.4 939.0 934.9 913.2 952.3 964.4 17 18 FL663168005 Depository institution loans n.e.c. (1) 81.6 93.5 92.5 93.9 95.4 90.2 92.5 92.3 100.6 18 19 FL153067005 Other loans and advances 815.5 869.0 820.6 870.5 843.6 844.6 820.6 860.1 863.8 19



23 FL663190005 Miscellaneous liabilities 408.7 388.8 390.8 395.3 401.7 393.4 390.8 370.0 372.5 23 24 FL663194005 Investment by parent companies 1671.8 1699.7 1662.2 1708.4 1748.3 1766.4 1662.2 1712.5 1660.8 24 25 FL663193005 Other -1263.1 -1310.9 -1271.4 -1313.1 -1346.6 -1373.0 -1271.4 -1342.5 -1288.3 25

(1) Includes 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).

Lev

els

Z.1, September 16, 2016 109

L.131 Holding Companies (1)Billions of dollars; amounts outstanding end of period, not seasonally adjusted

2013 2014 2015 2015 2016 Q1 Q2 Q3 Q4 Q1 Q2


2 FL733030003 Time and savings deposits 35.9 27.0 19.1 33.8 36.0 26.9 19.1 19.6 17.0 2 3 FL732051003 Security repurchase agreements 7.7 2.5 2.1 5.8 7.6 4.0 2.1 3.0 3.2 3

4 FL734022605 Debt securities 76.1 76.0 55.3 70.5 70.9 75.4 55.3 52.8 55.0 4 5 FL733061103 Treasury securities 16.6 13.9 10.2 10.2 8.9 12.9 10.2 10.0 9.0 5 6 FL733061703 Agency- and GSE-backed securities 28.0 28.0 23.7 31.0 29.6 30.3 23.7 21.7 23.1 6 7 FL733063003 Corporate and foreign bonds 31.5 34.1 21.5 29.2 32.4 32.1 21.5 21.1 22.9 7



10 FL733090005 Miscellaneous assets 4064.3 4175.5 3806.4 4141.9 4181.6 4157.5 3806.4 3867.5 3883.7 10 11 FL763194735 Net trans. with depository subs. 1937.2 2133.2 2169.7 2112.8 2140.2 2158.6 2169.7 2206.6 2278.6 11 12 FL513194733 Net trans. with property-casualty ins. co. subs. 5.2 5.3 4.5 3.9 4.6 4.8 4.5 4.0 4.4 12 13 FL543194733 Net trans. with life insurance company subs. 10.7 11.5 12.0 11.8 11.8 12.1 12.0 12.9 13.7 13 14 FL613194733 Net trans. with finance company subs. 75.4 62.2 59.7 61.1 58.6 58.3 59.7 56.1 56.2 14 15 FL663194735 Net trans. with broker and dealer subs. 1087.6 1092.4 1018.3 1075.6 1129.6 1133.5 1018.3 1040.5 974.1 15 16 FL263194735 Net trans. with foreign subs. 97.9 83.3 92.1 92.0 82.8 97.1 92.1 93.9 110.4 16 17 FL733093005 Other 850.3 787.6 450.1 784.8 753.9 693.1 450.1 453.4 446.3 17



20 FL734122005 Debt securities 1192.1 1200.1 1057.2 1188.8 1192.6 1181.5 1057.2 1087.5 1108.6 20 21 FL733169103 Commercial paper 96.6 77.0 5.7 70.0 56.3 16.0 5.7 5.6 4.6 21 22 FL733163003 Corporate bonds 1095.6 1123.2 1051.6 1118.8 1136.3 1165.5 1051.6 1082.0 1104.0 22

23 FL733168003 Loans (depository institution loans n.e.c.) 210.6 194.2 155.6 191.8 187.6 178.8 155.6 160.3 155.4 23


(1) Parent-only bank holding companies, savings and loan holding companies and security holding companies that file Federal Reserve Board form FR Y-9LP, FR Y-9SP, or FR 2320.

Lev

els

110 Z.1, September 16, 2016

L.132 Funding Corporations (1)Billions of dollars; amounts outstanding end of period, not seasonally adjusted

2013 2014 2015 2015 2016 Q1 Q2 Q3 Q4 Q1 Q2



4 FL504022005 Debt securities 169.8 165.2 240.0 173.0 214.8 251.0 240.0 290.3 326.8 4 5 FL503069105 Open market paper 100.1 90.8 166.9 95.1 142.2 173.9 166.9 209.4 252.6 5 6 FL503063005 Corporate and foreign bonds 69.7 74.4 73.0 77.9 72.7 77.1 73.0 80.9 74.3 6


8 FL503064105 Corporate equities (2) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8

9 FL503094505 Miscellaneous assets 707.8 710.6 749.3 729.1 727.8 741.3 749.3 799.2 801.6 9 10 FL753194503 Investment in foreign banking offices 123.5 103.2 105.4 96.2 109.1 108.4 105.4 127.1 114.9 10 11 FL663194505 Investment in brokers and dealers 584.3 607.4 643.9 632.9 618.7 632.9 643.9 672.0 686.7 11



16 FL504123005 Loans 2.4 2.4 2.4 2.4 2.4 2.4 2.4 2.4 2.4 16 17 FL713068505 Depository institution loans n.e.c. (3) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 17 18 FL503169205 Other loans and advances (4) 2.4 2.4 2.4 2.4 2.4 2.4 2.4 2.4 2.4 18


20 FL503190005 Miscellaneous liabilities 651.2 638.0 721.6 673.2 694.3 727.3 721.6 808.2 829.8 20 21 FL663097005 Securities loaned (net) 673.5 720.6 706.8 755.4 703.1 747.5 706.8 785.7 719.0 21 22 FL503194305 Equity interest under PPIP 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 22 23 FL503193005 Other (net) -22.3 -82.7 14.7 -82.2 -8.8 -20.2 14.7 22.5 110.7 23

(1) Funding subsidiaries, custodial accounts for reinvested collateral of securities lending operations, Federal Reserve lending facilities, and funds associated with the Public-Private Investment Program (PPIP).(2) Common stock of American International Assurance Company Ltd. (AIA) and American Life Insurance Company (ALICO), two life insurance subsidiaries of AIG.(3) Loans extended by the Federal Reserve to Maiden Lane LLC, Maiden Lane II LLC, Maiden Lane III LLC, Commercial Paper Funding Facility LLC, and American International Group (AIG).(4) Loans extended by the federal government to the Term Asset-Backed Securities Loan Facility (TALF) and to funds associated with PPIP.

Lev

els

Z.1, September 16, 2016 111

L.133 Rest of the WorldBillions of dollars; amounts outstanding end of period, not seasonally adjusted

2013 2014 2015 2015 2016 Q1 Q2 Q3 Q4 Q1 Q2


2 FL313111303 SDR allocations 54.4 51.2 48.9 48.7 49.7 49.6 48.9 49.8 49.4 2 3 FL264016005 Net interbank assets 414.2 445.2 354.4 442.4 412.5 393.6 354.4 305.1 335.6 3

4 FL263020005 U.S. checkable deposits and currency 591.3 674.1 705.1 690.8 687.9 693.0 705.1 724.9 738.4 4 5 FL263030005 U.S. time deposits 445.1 499.1 476.1 506.2 491.3 473.9 476.1 493.0 516.8 5


8 FL264022005 Debt securities 9586.9 10172.2 10358.7 10306.5 10414.2 10354.5 10358.7 10675.5 10809.1 8 9 LM263069103 Open market paper 101.3 107.9 104.1 118.4 113.1 100.8 104.1 101.5 109.3 9 10 LM263061105 Treasury securities 5792.6 6156.0 6148.1 6172.6 6163.1 6106.3 6148.1 6287.0 6281.0 10 11 LM263061110 Treasury bills 685.5 671.6 724.7 702.3 701.3 667.1 724.7 724.9 682.2 11 12 LM263061120 Other Treasury securities 5107.1 5484.4 5423.4 5470.3 5461.9 5439.2 5423.4 5562.1 5598.8 12 13 LM263061705 Agency- and GSE-backed securities 883.8 899.6 913.5 890.4 935.2 939.1 913.5 944.0 977.2 13 14 FL263062003 Municipal securities 76.2 80.6 87.5 82.8 85.8 86.4 87.5 88.2 89.7 14 15 LM263063005 U.S. corporate bonds (1) 2732.9 2928.0 3105.5 3042.2 3116.9 3121.9 3105.5 3254.9 3351.8 15

16 FL263069500 Loans to U.S. corporate business 139.7 170.6 193.9 178.0 188.8 195.2 193.9 201.8 188.7 16

17 LM263064105 U.S. corporate equities 5204.4 5921.5 5522.2 5972.6 5888.4 5393.3 5522.2 5421.9 5488.5 17 18 LM263064203 Mutual fund shares 552.0 607.8 582.2 646.0 662.6 595.2 582.2 595.9 597.9 18

19 FL263070003 Trade receivables 148.0 161.7 175.6 165.7 171.0 176.3 175.6 180.1 186.2 19 20 FL263092001 Foreign direct investment in U.S. (2) 3147.8 3346.3 3576.4 3457.7 3525.0 3571.1 3576.4 3644.2 3703.5 20


22 FL263111005 U.S. official reserve assets (3) 133.4 118.9 106.4 108.1 109.2 109.0 106.4 108.5 109.0 22 23 FL263191005 U.S. private deposits 950.6 827.4 585.9 817.0 734.2 667.6 585.9 624.6 579.7 23


25 FL264122005 Debt securities 2649.5 2866.9 2717.3 2880.6 2857.2 2788.0 2717.3 2799.9 2845.8 25 26 FL263169105 Commercial paper 407.0 385.6 444.8 415.9 429.4 447.8 444.8 467.3 469.2 26 27 LM263163005 Bonds 2242.5 2481.4 2272.5 2464.6 2427.8 2340.2 2272.5 2332.6 2376.6 27


31 FL263170003 Trade payables 53.4 47.0 44.7 45.5 45.0 45.7 44.7 48.0 46.7 31

32 FL263192005 U.S. direct investment abroad (1,2) 5214.6 5457.9 5648.6 5506.0 5581.1 5593.2 5648.6 5752.3 5895.4 32

33 FL263190005 Miscellaneous liabilities 160.8 149.8 160.3 160.0 150.7 165.0 160.3 161.3 180.7 33 34 FL313092803 U.S. equity in IBRD, etc. 60.0 62.4 64.6 64.6 64.6 64.6 64.6 64.6 64.6 34 35 FL263191103 Nonofficial foreign currencies 2.9 4.2 3.6 3.4 3.3 3.3 3.6 2.8 5.6 35 36 FL263194735 Investment by holding companies 97.9 83.3 92.1 92.0 82.8 97.1 92.1 93.9 110.4 36

Memo:

37 LM263164103 Market value of foreign equities 6472.9 6770.6 6828.2 7188.5 7353.3 6605.6 6828.2 6737.3 6703.5 37 held by U.S. residents (4)

(1) 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.(2) Direct investment is valued on a current-cost basis.(3) Does not include monetary gold.(4) Includes American Depositary Receipts (ADRs).

Lev

els

112 Z.1, September 16, 2016

L.200 U.S. Official Reserve Assets and SDR Allocations (1)Billions of dollars; amounts outstanding end of period, not seasonally adjusted

2013 2014 2015 2015 2016 Q1 Q2 Q3 Q4 Q1 Q2


2 FL313111303 Federal government: SDR allocations 54.4 51.2 48.9 48.7 49.7 49.6 48.9 49.8 49.4 2

3 FL263111005 Rest of the world 133.4 118.9 106.4 108.1 109.2 109.0 106.4 108.5 109.0 3 4 FL313011303 SDR holdings 55.2 51.9 49.7 49.5 50.4 50.3 49.7 50.5 50.2 4 5 FL263111403 Reserve position in IMF 30.8 25.2 17.6 19.8 19.2 18.9 17.6 16.7 16.7 5 6 FL263111503 Other reserves 47.4 41.8 39.1 38.8 39.5 39.8 39.1 41.3 42.1 6

7 FL893011005 Total assets 198.8 181.1 166.4 167.8 169.9 169.7 166.4 169.3 169.5 7

8 FL313011005 Federal government 109.8 98.0 86.9 88.7 89.5 89.2 86.9 88.0 88.1 8 9 FL313011205 Monetary gold (2) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9 10 FL313011303 SDR holdings 55.2 51.9 49.7 49.5 50.4 50.3 49.7 50.5 50.2 10 11 FL313011405 Reserve position in IMF 31.0 25.3 17.7 19.9 19.4 19.0 17.7 16.9 17.0 11 12 FL313011505 Other reserves 23.6 20.7 19.5 19.3 19.7 19.8 19.5 20.5 20.9 12

13 FL313111303 Rest of the world: SDR allocations 54.4 51.2 48.9 48.7 49.7 49.6 48.9 49.8 49.4 13

14 FL713011005 Monetary authority 34.6 32.0 30.5 30.4 30.7 30.9 30.5 31.6 32.0 14 15 FL713011203 Monetary gold (2) 11.0 11.0 11.0 11.0 11.0 11.0 11.0 11.0 11.0 15 16 FL713011405 Reserve position in IMF -0.2 -0.1 -0.1 -0.2 -0.1 -0.1 -0.1 -0.3 -0.3 16 17 FL713011505 Other reserves 23.8 21.1 19.6 19.5 19.8 20.0 19.6 20.9 21.2 17

18 FL903011005 Discrepancy: monetary gold -11.0 -11.0 -11.0 -11.0 -11.0 -11.0 -11.0 -11.0 -11.0 18

(1) Includes federal government liability to IMF for special drawing rights (SDRs) allocations and accrued interest.(2) By international accounting standards, monetary gold is a financial asset for which there is no corresponding liability.

L.201 Special Drawing Rights (SDRs) Certificates and Treasury CurrencyBillions of dollars; amounts outstanding end of period, not seasonally adjusted

SDR certificates:

1 FL713014003 Liab: Federal government 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 1 2 FL713014003 Asset: Monetary authority 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 2

Treasury currency:

3 FL313112003 Liab: Federal government 25.6 25.3 25.3 25.3 25.3 25.3 25.3 25.3 25.3 3 4 FL713012003 Asset: Monetary authority 45.5 46.3 47.6 46.7 47.0 47.3 47.6 47.7 47.9 4

5 FL903012005 Discrepancy (seigniorage) -19.9 -21.0 -22.2 -21.3 -21.7 -22.0 -22.2 -22.4 -22.6 5

L.202 U.S. Deposits in Foreign CountriesBillions of dollars; amounts outstanding end of period, not seasonally adjusted

1 FL263191005 Total rest of the world liability 950.6 827.4 585.9 817.0 734.2 667.6 585.9 624.6 579.7 1 Held by:

2 FL153091003 Household sector 52.1 45.7 31.6 45.0 39.8 36.1 31.6 32.4 30.4 2 3 FL103091003 Nonfinancial corporate business 77.5 68.7 48.0 51.3 57.1 49.0 48.0 37.6 48.2 3 4 FL633091003 Money market mutual funds 34.3 24.5 11.1 20.5 22.5 12.6 11.1 17.6 12.9 4

5 FL903091005 Discrepancy--unallocated assets 786.7 688.5 495.2 700.3 614.8 570.0 495.2 537.0 488.2 5

Lev

els

Z.1, September 16, 2016 113

L.203 Net Interbank TransactionsBillions of dollars; amounts outstanding end of period, not seasonally adjusted

2013 2014 2015 2015 2016 Q1 Q2 Q3 Q4 Q1 Q2


2 FL714110005 Monetary authority 2322.7 2453.7 2051.4 2505.1 2310.7 2265.3 2051.4 2195.2 2111.5 2 3 FL764110005 U.S.-chartered depository institutions 227.8 282.3 229.6 306.8 204.2 164.7 229.6 185.0 168.2 3 4 FL754110005 Foreign banking offices in U.S. 330.6 197.7 148.1 166.9 229.6 256.5 148.1 133.3 176.2 4 5 FL744110005 Banks in U.S.-affiliated areas -4.7 -5.3 -5.1 -5.7 -6.2 -5.4 -5.1 -5.8 -5.9 5 6 FL474110005 Credit unions -63.5 -62.8 -60.5 -62.0 -62.9 -61.7 -60.5 -63.1 -64.5 6

7 FL894010005 Total assets 2736.0 2898.4 2405.8 2946.7 2723.0 2659.1 2405.8 2499.1 2446.1 7

8 FL714010005 Monetary authority -0.9 -0.4 0.1 -0.7 -0.2 0.2 0.1 -1.1 -1.1 8 9 FL763020005 U.S.-chartered depository institutions 1326.5 1519.2 1309.9 1573.2 1374.1 1346.4 1309.9 1381.6 1290.9 9 10 FL753020005 Foreign banking offices in U.S. 948.1 888.8 690.4 872.3 886.7 871.2 690.4 749.2 766.0 10 11 FL473013003 Credit unions 48.1 45.7 51.2 59.6 49.9 47.7 51.2 64.3 54.7 11 12 FL264016005 Rest of the world 414.2 445.2 354.4 442.4 412.5 393.6 354.4 305.1 335.6 12

13 FL904010005 Discrepancy 76.9 -32.8 -42.2 -35.7 -47.6 -39.7 -42.2 -54.6 -60.5 13

Memo:

Vault cash: 14 FL703025005 Liab.: Monetary authority 73.6 75.7 74.2 67.8 68.3 67.6 74.2 69.8 73.3 14 15 FL763025000 Asset: U.S.-chartered depository institutions 73.6 75.6 74.2 67.8 68.3 67.6 74.2 69.8 73.3 15 16 FL753025003 Foreign banking offices in U.S. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16

Depository institution reserves: 17 FL713113003 Liab.: Monetary authority 2249.1 2378.0 1977.2 2437.3 2242.5 2197.7 1977.2 2125.4 2038.3 17 18 FL763013005 Asset: U.S.-chartered depository institutions 1252.9 1443.6 1235.6 1505.4 1305.8 1278.8 1235.6 1311.8 1217.6 18 19 FL753013003 Foreign banking offices in U.S. 948.0 888.8 690.3 872.3 886.7 871.1 690.3 749.2 766.0 19 20 FL473013003 Credit unions 48.1 45.7 51.2 59.6 49.9 47.7 51.2 64.3 54.7 20

Other transactions with the monetary authority 21 FL714010005 Liab: U.S.-chartered depository institutions -0.9 -0.4 0.1 -0.7 -0.2 0.2 0.1 -1.1 -1.1 21 22 FL714010005 Asset: Monetary authority -0.9 -0.4 0.1 -0.7 -0.2 0.2 0.1 -1.1 -1.1 22 23 FL713022003 Federal Reserve float -1.0 -0.6 -0.0 -0.7 -0.4 -0.1 -0.0 -1.2 -1.3 23 24 FL713068705 Loans to member banks 0.1 0.1 0.1 0.0 0.2 0.3 0.1 0.1 0.2 24

Transactions with banks in foreign countries (net): 25 FL764116205 Liab.: U.S.-chartered depository institutions (net) 176.5 278.8 239.3 311.7 216.5 171.1 239.3 206.0 199.6 25 26 FL763192605 Due to foreign affiliates 507.3 523.4 496.7 535.1 472.8 438.0 496.7 461.3 455.6 26 27 FL763092605 - Due from foreign affiliates 330.8 244.6 257.4 223.4 256.2 266.9 257.4 255.3 255.9 27

28 FL754116205 Foreign banking offices in U.S. (net) 242.2 175.0 121.0 139.3 205.6 225.1 121.0 98.9 145.6 28 29 FL753192605 Due to foreign affiliates 1191.2 1067.5 928.3 1028.5 1028.5 1018.8 928.3 889.2 957.1 29 30 FL753092605 - Due from foreign affiliates 949.0 892.5 807.3 889.2 822.9 793.8 807.3 790.3 811.4 30

31 FL264116205 Less: Deposits at foreign banks 20.0 21.4 18.7 19.8 19.0 17.9 18.7 19.8 25.8 31 32 FL764016205 U.S.-chartered depository institutions 11.5 12.2 9.7 12.3 10.0 9.3 9.7 10.1 11.8 32 33 FL754016205 Foreign banking offices in U.S. 8.5 9.2 9.1 7.6 9.1 8.6 9.1 9.7 13.9 33

34 FL264035125 Plus: Loans from foreign banks 15.5 12.8 12.8 11.3 9.4 15.4 12.8 19.9 16.1 34 35 FL274135123 U.S.-chartered depository institutions 6.4 4.1 4.9 4.0 3.2 6.6 4.9 7.8 6.6 35 36 FL284135125 Foreign banking offices in U.S. 9.1 8.6 7.9 7.3 6.2 8.7 7.9 12.1 9.5 36

37 FL264016005 Asset: Rest of the world (1) 414.2 445.2 354.4 442.4 412.5 393.6 354.4 305.1 335.6 37

Transactions between U.S. depository institutions (net) (2): 38 FL764112005 U.S.-chartered depository institutions (net) 57.2 12.0 -5.0 4.1 -5.3 -3.9 -5.0 -17.7 -25.2 38 39 FL764112205 Due to (3): 174.1 62.9 46.3 55.6 45.6 49.7 46.3 36.6 32.1 39 40 FL754012205 Foreign banking offices in U.S. 29.0 27.6 23.0 23.6 23.9 22.3 23.0 22.3 22.2 40 41 FL743020003 Banks in U.S.-affiliated areas 4.7 5.3 5.1 5.7 6.2 5.4 5.1 5.8 5.9 41 42 FL474012205 Credit unions 63.5 62.8 60.5 62.0 62.9 61.7 60.5 63.1 64.5 42

43 FL754112205 - Due from: Foreign banking offices in U.S. 116.9 50.9 51.3 51.5 50.8 53.5 51.3 54.3 57.3 43

44 FL904010005 Unallocated (2) 76.9 -32.8 -42.2 -35.7 -47.6 -39.7 -42.2 -54.6 -60.5 44

(1) Sum of lines 25 and 28 less line 31 plus line 34.(2) Interbank transactions between U.S. banks should net to zero and thus are not shown in lines 1 through 12 above. However, the unallocated amount (line 44), which is due to inconsistencies in source data, appears on line 13 as the discrepancy between liabilities and assets.(3) Sum of lines 40, 41, 42, and 44.

Lev

els

114 Z.1, September 16, 2016

L.204 Checkable Deposits and CurrencyBillions of dollars; amounts outstanding end of period, not seasonally adjusted

2013 2014 2015 2015 2016 Q1 Q2 Q3 Q4 Q1 Q2


2 FL713120005 Monetary authority 1364.1 1516.4 1720.8 1417.7 1588.3 1557.3 1720.8 1733.8 1810.8 2 3 FL713123005 Federal government cash and deposits 162.6 223.7 333.7 100.3 254.4 198.9 333.7 314.0 363.7 3 4 FL713124003 Due to government-sponsored enterprises 25.9 20.2 31.1 20.9 28.2 32.1 31.1 41.2 51.3 4 5 FL713122605 Deposits due to foreign 8.0 5.3 5.2 5.2 5.3 6.2 5.2 5.2 5.2 5 6 FL713125005 Currency outside banks 1167.6 1267.3 1350.7 1291.3 1300.4 1320.0 1350.7 1373.3 1390.6 6

7 FL763127005 U.S.-chartered depository institutions 1579.8 1716.1 1766.4 1698.6 1717.2 1671.9 1766.4 1778.8 1815.9 7 8 FL763123005 Federal government deposits 1.6 2.5 2.3 2.5 2.3 2.3 2.3 2.2 2.1 8 9 FL763122605 Deposits due to foreign 51.2 56.5 41.9 55.9 52.4 41.0 41.9 47.5 47.4 9 10 FL763129205 Private domestic deposits 1527.1 1657.1 1722.2 1640.3 1662.5 1628.6 1722.2 1729.1 1766.4 10

11 FL753127005 Foreign banking offices in U.S. 92.6 137.8 154.1 149.4 161.2 152.8 154.1 172.3 192.4 11 12 FL753122603 Deposits due to foreign 40.2 54.2 61.4 60.0 61.1 63.3 61.4 63.0 69.5 12 13 FL753129205 Private domestic deposits 52.4 83.6 92.8 89.4 100.1 89.5 92.8 109.2 122.9 13

14 FL743127003 Banks in U.S.-affiliated areas 28.2 33.4 35.0 33.0 35.8 35.4 35.0 38.4 37.5 14

15 FL473127003 Credit unions 121.7 133.9 153.4 142.6 139.9 140.7 153.4 156.1 156.1 15

16 FL793120005 Total assets 3186.5 3537.5 3829.7 3441.3 3642.4 3558.0 3829.7 3879.4 4012.7 16

17 FL153020005 Household sector 1021.5 1155.5 1300.2 1219.2 1222.0 1157.8 1300.2 1341.1 1342.8 17

18 FL143020005 Nonfinancial business 910.8 984.5 1014.9 954.9 1016.1 1024.3 1014.9 1022.3 1056.4 18 19 FL103020005 Corporate 283.3 322.4 309.1 284.4 335.4 332.5 309.1 305.0 327.6 19 20 FL113020005 Noncorporate 627.5 662.2 705.8 670.5 680.7 691.8 705.8 717.3 728.8 20

21 FL313020005 Federal government 163.0 226.8 338.1 104.8 258.5 202.6 338.1 317.6 366.9 21 22 FL213020005 State and local governments 125.3 141.3 132.5 130.6 134.3 131.2 132.5 133.7 132.5 22

23 FL793020005 Domestic financial sectors 369.6 352.4 337.7 339.4 321.8 347.5 337.7 338.1 373.4 23

24 FL513020003 Property-casualty insurance companies 29.7 35.6 32.7 35.4 30.4 34.2 32.7 30.7 34.9 24 25 FL543020005 Life insurance companies 47.2 50.8 58.1 49.2 41.8 52.1 58.1 55.9 76.2 25

26 FL573020005 Private pension funds 15.6 18.8 19.9 18.3 18.6 19.3 19.9 20.5 21.1 26 27 FL223020043 State and local govt. retirement funds 4.1 4.4 4.5 4.5 4.6 4.5 4.5 4.2 4.3 27

28 FL633020000 Money market mutual funds 13.5 -4.4 7.6 -10.0 3.3 1.7 7.6 7.3 13.3 28 29 FL403020005 Government-sponsored enterprises 81.6 65.0 41.0 53.4 41.1 47.4 41.0 34.7 43.6 29

30 FL613020003 Finance companies 32.1 31.9 32.4 32.4 33.2 34.1 32.4 36.5 24.5 30 31 FL643020005 REITs 34.3 38.5 35.7 38.6 34.7 38.8 35.7 37.4 41.6 31 32 FL663020003 Brokers and dealers 111.7 111.8 106.1 117.7 114.1 115.6 106.1 110.9 114.0 32

33 FL263020005 Rest of the world 591.3 674.1 705.1 690.8 687.9 693.0 705.1 724.9 738.4 33 34 FL263027003 Checkable deposits 99.4 115.9 108.5 121.1 118.8 110.6 108.5 115.8 122.1 34 35 FL263025003 Currency 491.9 558.2 596.6 569.7 569.1 582.5 596.6 609.2 616.3 35

36 FL903020005 Mail float 4.9 2.8 1.2 1.4 1.8 1.6 1.2 1.7 2.1 36

Lev

els

Z.1, September 16, 2016 115

L.205 Time and Savings Deposits Billions of dollars; amounts outstanding end of period, not seasonally adjusted

2013 2014 2015 2015 2016 Q1 Q2 Q3 Q4 Q1 Q2


2 FL703131005 Small time and savings deposits 8110.8 8475.8 8989.5 8762.6 8708.7 8844.7 8989.5 9164.0 9224.3 2

3 FL763131005 U.S.-chartered depository institutions 7236.0 7579.8 8042.0 7802.9 7780.9 7906.7 8042.0 8201.8 8240.2 3 4 FL753131005 Foreign banking offices in U.S. 90.4 84.5 97.5 126.4 88.8 96.8 97.5 98.2 100.4 4 5 FL743131005 Banks in U.S.-affiliated areas 21.4 23.4 21.9 21.6 22.8 22.3 21.9 23.3 22.3 5 6 FL473131005 Credit unions 763.1 788.1 828.1 811.7 816.2 818.9 828.1 840.7 861.4 6

7 FL703135005 Large time deposits (1) 1762.0 1972.9 1865.4 1920.7 1919.5 1917.0 1865.4 1888.6 1833.3 7


12 FL703130005 Total assets 9872.9 10448.7 10854.9 10683.3 10628.2 10761.8 10854.9 11052.6 11057.6 12





20 FL573030005 Private pension funds 33.6 35.5 36.8 36.0 36.2 36.5 36.8 37.2 37.6 20 21 FL223030045 State and local govt. retirement funds 34.7 37.9 38.1 38.4 39.0 38.4 38.1 36.4 36.5 21 22 FL633030000 Money market mutual funds 503.0 523.4 445.0 524.0 519.1 485.0 445.0 493.0 429.9 22

23 FL403030005 Government-sponsored enterprises 5.4 3.3 2.5 1.9 2.8 2.7 2.5 3.3 4.1 23 24 FL613030003 Finance companies 96.2 95.7 97.3 97.1 99.7 102.2 97.3 109.6 73.6 24 25 FL733030003 Holding companies 35.9 27.0 19.1 33.8 36.0 26.9 19.1 19.6 17.0 25

26 FL263030005 Rest of the world 445.1 499.1 476.1 506.2 491.3 473.9 476.1 493.0 516.8 26

(1) Large time deposits are those issued in amounts of $100,000 or more.

L.206 Money Market Mutual Fund SharesBillions of dollars; amounts outstanding end of period, not seasonally adjusted

1 FL634090005 Total assets 2717.8 2724.6 2754.7 2644.7 2615.1 2667.7 2754.7 2758.8 2702.5 1

2 FL153034005 Household sector 1139.2 1111.8 1066.1 1014.9 999.0 1005.7 1066.1 1035.9 989.1 2 3 FL103034003 Nonfinancial corporate business 559.1 558.2 576.8 545.3 546.2 558.8 576.8 574.6 577.0 3 4 FL113034003 Nonfinancial noncorporate business 82.7 86.6 91.9 88.0 89.1 90.3 91.9 93.0 94.6 4

5 FL213034003 State and local governments 158.9 165.6 177.4 169.2 170.2 173.8 177.4 178.3 180.2 5 6 FL513034003 Property-casualty insurance companies 20.1 18.3 21.5 18.9 19.5 20.6 21.5 20.6 20.7 6 7 FL543034005 Life insurance companies 49.4 53.4 56.1 51.5 50.4 61.6 56.1 58.3 54.7 7


10 FL503034003 Funding corporations 396.8 410.3 447.6 447.2 430.5 443.5 447.6 481.6 470.3 10


Lev

els

116 Z.1, September 16, 2016

L.207 Federal Funds and Security Repurchase Agreements (1)Billions of dollars; amounts outstanding end of period, not seasonally adjusted

2013 2014 2015 2015 2016 Q1 Q2 Q3 Q4 Q1 Q2


2 FL712151003 Monetary authority 315.9 509.8 712.4 536.9 558.2 641.1 712.4 550.5 543.9 2

3 FL762150005 U.S.-chartered depository institutions 269.4 236.2 196.8 228.7 226.2 205.9 196.8 193.7 184.1 3 4 FL762152005 Federal funds (2) 58.3 38.7 39.4 28.7 34.2 29.8 39.4 39.7 28.4 4 5 FL762151005 Security repurchase agreements 211.0 197.5 157.4 199.9 192.0 176.1 157.4 154.0 155.7 5

6 FL752150005 Foreign banking offices in U.S. 312.7 371.3 406.6 369.9 374.8 375.4 406.6 407.9 429.1 6 7 FL752152005 Federal funds (2) 18.8 27.2 26.9 38.5 22.7 26.9 26.9 34.5 34.8 7 8 FL752151005 Security repurchase agreements 293.9 344.1 379.7 331.4 352.1 348.5 379.7 373.4 394.3 8

9 FL472150053 Credit unions 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9


12 FL402150005 Government-sponsored enterprises 0.0 0.1 0.0 0.1 0.0 0.1 0.0 0.0 0.0 12 13 FL642151073 REITs 255.5 265.5 220.0 262.3 249.0 229.1 220.0 220.2 217.2 13 14 FL662151003 Brokers and dealers 1768.6 1547.7 1368.3 1535.3 1480.3 1493.7 1368.3 1366.1 1423.0 14 15 FL732151003 Holding companies 0.0 0.0 0.1 0.0 0.1 0.1 0.1 0.1 0.1 15


17 FL892050005 Total assets 3310.5 3446.1 3379.8 3419.4 3379.0 3514.7 3379.8 3260.4 3444.8 17

18 FL102051003 Nonfinancial corporate business 8.7 21.6 26.0 22.2 23.8 25.3 26.0 22.8 21.6 18 19 FL212051003 State and local governments 126.4 132.2 142.1 135.2 136.1 139.1 142.1 142.8 144.3 19


21 FL762050005 U.S.-chartered depository institutions 215.4 185.0 209.8 215.1 208.9 212.3 209.8 205.6 215.6 21 22 FL762052005 Federal funds (2) 47.0 30.6 19.4 25.4 22.4 19.3 19.4 21.9 18.5 22 23 FL762051005 Security repurchase agreements 168.4 154.4 190.4 189.7 186.5 193.0 190.4 183.8 197.1 23

24 FL752050005 Foreign banking offices in U.S. 177.1 218.1 218.5 199.8 210.5 198.5 218.5 205.8 203.4 24 25 FL752052005 Federal funds (2) 1.3 1.3 0.9 1.0 1.2 0.7 0.9 0.8 0.8 25 26 FL752051005 Security repurchase agreements 175.8 216.9 217.6 198.7 209.3 197.8 217.6 205.0 202.6 26

27 FL472050053 Credit unions 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 27 28 FL472052053 Federal funds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 28 29 FL472051053 Security repurchase agreements 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 29

30 FL512051003 Property-casualty insurance companies 1.7 1.8 1.8 1.7 1.7 1.8 1.8 1.7 1.7 30 31 FL542051073 Life insurance companies 2.9 3.4 8.5 8.4 8.0 9.6 8.5 7.9 7.8 31 32 FL572051005 Private pension funds 2.8 3.0 2.8 2.9 2.9 2.8 2.8 2.7 2.6 32 33 FL222051043 State and local govt. retirement funds 3.3 3.6 3.6 3.6 3.7 3.6 3.6 3.4 3.4 33

34 FL632051000 Money market mutual funds 501.6 654.5 699.3 635.0 644.7 692.4 699.3 597.1 643.4 34 35 FL652051003 Mutual funds 84.2 94.1 81.7 92.8 88.6 82.9 81.7 86.8 85.1 35

36 FL402050005 Government-sponsored enterprises 152.3 162.6 182.9 158.2 141.0 149.0 182.9 159.9 164.8 36 37 FL402052033 Of which: FHLB federal funds (3) 29.5 52.8 42.4 42.5 41.6 31.0 42.4 49.4 45.7 37

38 FL662051003 Brokers and dealers 1321.0 1152.7 1133.3 1138.8 1171.2 1243.6 1133.3 1115.3 1197.4 38 39 FL732051003 Holding companies 7.7 2.5 2.1 5.8 7.6 4.0 2.1 3.0 3.2 39 40 FL502051003 Funding corporations 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 40


42 FL902050005 Discrepancy 326.2 215.6 331.6 313.2 291.1 305.0 331.6 353.8 324.5 42

Memo:

43 FL072052006 Effective federal funds rate (percent) (4) 0.09 0.12 0.24 0.11 0.13 0.14 0.24 0.36 0.38 43

Federal Reserve’s reverse repurchase agreement operations: (5)

44 FL712151103 Liability: Monetary authority (6) 197.8 396.7 474.6 378.5 392.6 449.6 474.6 303.8 278.8 44 45 FL632051103 Asset: Money market mutual funds (7) 163.3 371.2 424.0 345.3 372.2 414.4 424.0 267.7 242.8 45 46 FL792051115 Other financial institutions (8) 34.5 25.5 50.6 33.2 20.5 35.2 50.6 36.2 36.0 46

(1) Detailed data on federal funds and security repurchase agreements are only available beginning 2012:Q1 for U.S.-chartered despository institutions, 2003:Q1 for foreign banking offices in U.S., 2010:Q4 for credit unions, and 2000:Q1 for FHLB.(2) Excludes term federal funds.(3) Includes term federal funds.(4) The effective federal funds rate is a weighted average of rates on brokered trades. Annualized using a 360-day year.(5) Reverse repurchase agreements (RRPs) conducted as part of the Federal Reserve’s Overnight RRP Operational Exercise (beginning 2013:Q3) and term RRP operations (beginning 2014:Q4).(6) Included in line 2.(7) Included in line 34.(8) Includes banks (consolidated), government-sponsored enterprises, and primary dealers.

Lev

els

Z.1, September 16, 2016 117

L.208 Debt Securities (1)Billions of dollars; amounts outstanding end of period, not seasonally adjusted

2013 2014 2015 2015 2016 Q1 Q2 Q3 Q4 Q1 Q2

By instrument

1 FL894122005 Total debt securities 37370.2 38731.9 39761.0 38857.8 38962.9 39073.6 39761.0 40329.4 40581.2 1

2 FL893169175 Open market paper 951.6 930.4 941.5 952.7 978.8 991.3 941.5 1021.1 1015.9 2 3 FL313161105 Treasury securities 13680.6 14416.7 15141.1 14434.9 14353.4 14376.7 15141.1 15377.3 15385.2 3 4 FL893161705 Agency- and GSE-backed securities 7798.2 7948.4 8169.0 7904.9 7959.9 8047.1 8169.0 8178.4 8324.0 4 5 FL383162005 Municipal securities 3803.5 3761.5 3777.0 3789.4 3799.4 3787.1 3777.0 3797.6 3826.1 5 6 FL893163005 Corporate and foreign bonds 11136.2 11675.0 11732.4 11776.0 11871.5 11871.4 11732.4 11955.0 12030.0 6

By sector


8 FL384122005 Domestic nonfinancial sectors 21796.4 22797.7 23932.9 22962.5 23034.2 23149.5 23932.9 24330.9 24442.2 8

9 FL163162003 Household sector (nonprofits) 235.6 228.8 220.8 228.4 224.7 222.1 220.8 220.9 220.8 9 10 FL104122005 Nonfinancial corporate business 4815.6 5122.8 5531.4 5247.4 5399.4 5504.6 5531.4 5676.5 5761.8 10



14 FL764122005 U.S.-chartered depository institutions 280.7 263.5 254.2 243.6 244.7 247.3 254.2 263.4 257.0 14 15 FL753169603 Foreign banking offices in U.S. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15 16 FL403161705 Government-sponsored enterprises 6200.2 6275.5 6369.0 6234.6 6258.0 6293.5 6369.0 6350.1 6455.5 16 17 FL413065005 Agency- and GSE-backed mortgage pools 1573.5 1648.5 1775.5 1646.2 1677.2 1729.5 1775.5 1803.9 1844.0 17 18 FL674122005 ABS issuers 1513.3 1428.2 1345.1 1429.3 1417.0 1369.3 1345.1 1325.0 1285.3 18 19 FL614122005 Finance companies 1078.3 1080.3 1071.5 1090.0 1070.4 1076.2 1071.5 1070.3 1034.0 19

20 FL644122005 REITs 355.5 403.3 395.5 403.5 401.3 398.3 395.5 415.7 426.4 20 21 FL663163003 Brokers and dealers 112.4 123.9 131.3 107.4 135.8 135.4 131.3 119.5 111.0 21 22 FL734122005 Holding companies 1192.1 1200.1 1057.2 1188.8 1192.6 1181.5 1057.2 1087.5 1108.6 22 23 FL504122005 Funding corporations 618.2 644.0 711.5 671.3 674.5 705.1 711.5 763.2 771.4 23


25 FL894122005 Total assets: 37370.2 38731.9 39761.0 38857.8 38962.9 39073.6 39761.0 40329.4 40581.2 25





33 FL714022005 Monetary authority 3756.2 4236.9 4242.0 4228.4 4228.9 4238.3 4242.0 4243.7 4231.0 33 34 FL764022005 U.S.-chartered depository institutions 2912.4 3153.9 3368.3 3223.9 3262.8 3276.3 3368.3 3387.3 3430.1 34 35 FL754022005 Foreign banking offices in U.S. 288.8 274.3 265.3 265.8 253.3 262.7 265.3 286.5 310.7 35 36 FL744022003 Banks in U.S.-affiliated areas 12.4 11.1 11.9 11.1 11.4 11.4 11.9 11.8 12.5 36 37 FL474022005 Credit unions 231.7 222.8 219.9 228.1 225.3 216.2 219.9 218.2 218.9 37


40 FL574022005 Private pension funds 1159.6 1181.2 1226.6 1193.2 1201.7 1215.4 1226.6 1236.9 1246.9 40 41 FL344022005 Federal government retirement funds 1544.7 1631.2 1723.4 1523.0 1395.6 1303.8 1723.4 1714.7 1718.7 41 42 FL224022045 State and local govt. retirement funds 816.0 836.4 855.7 826.4 852.2 847.2 855.7 870.2 875.7 42

43 FL634022005 Money market mutual funds 1633.8 1509.6 1581.9 1458.3 1410.9 1463.1 1581.9 1631.5 1594.6 43 44 LM654022005 Mutual funds 3630.3 3834.5 3834.2 3932.4 3922.1 3881.2 3834.2 3930.6 4061.1 44 45 LM554022005 Closed-end funds 165.1 169.9 161.1 170.7 167.3 163.2 161.1 161.8 164.0 45 46 LM564022005 Exchange-traded funds 246.3 297.4 341.6 319.3 315.7 334.5 341.6 381.3 401.7 46

47 FL404022005 Government-sponsored enterprises 491.1 472.1 446.9 465.7 448.7 442.7 446.9 443.8 456.4 47 48 FL674022005 ABS issuers 21.8 27.3 28.2 28.0 29.0 28.7 28.2 27.2 24.9 48 49 FL613063003 Finance companies 67.9 73.9 80.0 76.1 79.6 78.3 80.0 78.5 85.3 49 50 FL644022005 REITs 304.4 312.0 267.3 308.3 287.7 280.4 267.3 266.5 266.0 50



(1) Sum of open market paper, Treasury securities, agency- and GSE-backed securities, municipal securities, and corporate and foreign bonds.

Lev

els

118 Z.1, September 16, 2016

L.209 Open Market PaperBillions of dollars; amounts outstanding end of period, not seasonally adjusted

2013 2014 2015 2015 2016 Q1 Q2 Q3 Q4 Q1 Q2

1 FL893169175 Total outstanding, all types 951.6 930.4 941.5 952.7 978.8 991.3 941.5 1021.1 1015.9 1

2 FL893169105 Commercial paper 951.6 930.4 941.5 952.7 978.8 991.3 941.5 1021.1 1015.9 2

3 FL103169100 Nonfinancial corporate business 144.5 182.0 176.5 188.2 177.5 201.2 176.5 185.5 186.9 3

4 FL263169105 Foreign issues in U.S. 407.0 385.6 444.8 415.9 429.4 447.8 444.8 467.3 469.2 4 5 FL263169110 Nonfinancial 51.6 45.2 44.1 49.7 67.0 57.8 44.1 57.3 61.6 5 6 FL263169123 Financial 355.4 340.4 400.7 366.2 362.4 390.0 400.7 410.1 407.6 6

7 FL793169100 Financial business 400.2 362.9 320.1 348.5 371.9 342.3 320.1 368.4 359.8 7 8 FL763169103 U.S.-chartered depository institutions 59.7 54.5 53.6 49.0 50.1 51.1 53.6 56.6 55.5 8 9 FL673169105 ABS issuers 79.9 64.8 57.5 64.4 70.0 58.1 57.5 67.0 65.3 9 10 FL613169100 Finance companies 118.8 117.8 113.3 113.8 121.0 120.9 113.3 117.6 121.6 10 11 FL643169173 REITs 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11 12 FL733169103 Holding companies 96.6 77.0 5.7 70.0 56.3 16.0 5.7 5.6 4.6 12 13 FL503169105 Funding corporations 45.2 48.9 90.1 51.3 74.5 96.2 90.1 121.6 112.8 13

14 FL703169605 Bankers’ acceptances (1) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14

15 FL763169603 U.S.-chartered depository institutions 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15 16 FL753169603 Foreign banking offices in U.S. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16

17 FL893169175 Holdings, by sector 951.6 930.4 941.5 952.7 978.8 991.3 941.5 1021.1 1015.9 17

18 FL163069103 Household sector 15.0 14.9 15.1 15.2 15.7 15.9 15.1 16.3 16.3 18 19 FL103069100 Nonfinancial corporate business 52.9 56.4 54.7 57.4 56.6 54.8 54.7 54.8 59.2 19

20 FL213069103 State and local governments 73.4 66.3 63.3 65.2 63.0 65.7 63.3 60.6 61.3 20 21 FL713069603 Monetary authority 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 21 22 FL763069175 U.S.-chartered depository institutions (1) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 22 23 FL753069603 Foreign banking offices in U.S. (1) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 23 24 FL473069153 Credit unions 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 24



29 FL633069175 Money market mutual funds 357.9 338.6 298.8 347.0 341.7 338.0 298.8 333.4 276.6 29 30 LM653069100 Mutual funds 84.2 94.1 81.7 92.8 88.6 82.9 81.7 86.8 85.1 30

31 FL403069105 Government-sponsored enterprises 4.4 6.0 5.5 5.6 5.6 5.0 5.5 5.5 5.6 31 32 FL663069103 Brokers and dealers 28.7 20.8 19.5 21.7 19.6 19.5 19.5 20.3 17.0 32 33 FL503069105 Funding corporations 100.1 90.8 166.9 95.1 142.2 173.9 166.9 209.4 252.6 33

34 LM263069103 Rest of the world 101.3 107.9 104.1 118.4 113.1 100.8 104.1 101.5 109.3 34

(1) Excludes banks’ holdings of own acceptances.

Lev

els

Z.1, September 16, 2016 119

L.210 Treasury Securities (1)Billions of dollars; amounts outstanding end of period, not seasonally adjusted

2013 2014 2015 2015 2016 Q1 Q2 Q3 Q4 Q1 Q2


2 FL313161205 Marketable Treasury securities 11834.2 12480.9 13169.0 12606.7 12670.7 12812.8 13169.0 13407.1 13391.6 2 3 FL313161113 Treasury bills 1590.6 1456.7 1511.0 1476.5 1393.2 1355.2 1511.0 1614.4 1505.0 3 4 FL313161275 Other Treasury notes, bonds, and TIPS 10228.6 11010.6 11643.0 11116.6 11265.2 11445.3 11643.0 11777.7 11873.6 4 5 FL313161283 Held in the Civil Service Retirement Fund (2) 15.0 13.6 15.0 13.6 12.3 12.3 15.0 15.0 13.0 5

6 FL313161305 Nonmarketable Treasury securities 1846.5 1935.8 1972.1 1828.2 1682.7 1563.9 1972.1 1970.2 1993.5 6 7 FL313161400 U.S. savings securities 179.2 176.0 171.6 175.0 174.0 172.8 171.6 170.4 169.1 7 8 FL213061120 State and local government series (SLGS) 120.6 116.5 75.2 117.9 99.8 78.1 75.2 82.8 101.8 8 9 FL343061123 Thrift Savings Plan G Fund 172.7 191.3 206.9 131.7 68.6 0.0 206.9 213.0 216.1 9 10 FL343061145 Federal govt. defined benefit pension plans 1337.3 1407.5 1481.8 1358.7 1295.3 1271.9 1481.8 1467.0 1469.3 10 11 FL313161375 Other nonmarketable securities 36.6 44.6 36.5 44.9 45.1 41.0 36.5 37.1 37.3 11

12 FL893061105 Total assets 13680.6 14416.7 15141.1 14434.9 14353.4 14376.7 15141.1 15377.3 15385.2 12

13 FL153061105 Household sector 1146.1 856.0 1144.8 882.7 980.6 1054.3 1144.8 1097.7 1091.4 13 14 FL313161400 U.S. savings securities (line 7) 179.2 176.0 171.6 175.0 174.0 172.8 171.6 170.4 169.1 14 15 FL153061185 Other Treasury securities 966.9 680.1 973.1 707.8 806.6 881.5 973.1 927.3 922.4 15

16 FL103061103 Nonfinancial corporate business 38.8 41.3 35.4 33.9 31.0 30.1 35.4 43.7 36.1 16 17 FL113061003 Nonfinancial noncorporate business 55.2 57.8 62.3 58.7 59.7 60.9 62.3 63.4 64.4 17

18 FL213061105 State and local governments 586.7 623.1 666.4 640.6 630.8 643.6 666.4 680.1 700.0 18 19 FL213061120 SLGS (line 8) 120.6 116.5 75.2 117.9 99.8 78.1 75.2 82.8 101.8 19 20 FL213061103 Other Treasury securities 466.1 506.7 591.2 522.6 531.0 565.5 591.2 597.3 598.2 20

21 FL713061100 Monetary authority 2208.8 2461.4 2461.6 2459.6 2461.0 2461.9 2461.6 2461.3 2462.3 21 22 FL713061113 Treasury bills 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 22 23 FL713061125 Other Treasury securities 2208.8 2461.4 2461.6 2459.6 2461.0 2461.9 2461.6 2461.3 2462.3 23


28 FL513061103 Property-casualty insurance companies 96.1 102.4 99.2 100.9 100.2 99.8 99.2 99.3 99.1 28 29 FL513061113 Treasury bills 23.5 26.8 22.9 25.6 24.4 23.9 22.9 22.0 22.1 29 30 FL513061125 Other Treasury securities 72.6 75.6 76.3 75.3 75.8 75.9 76.3 77.2 77.0 30

31 FL543061105 Life insurance companies 168.6 182.9 199.1 191.8 193.1 198.0 199.1 202.2 205.0 31 32 FL543061113 Treasury bills 6.7 8.7 6.5 7.9 7.0 7.9 6.5 7.0 6.9 32 33 FL543061125 Other Treasury securities 162.0 174.3 192.6 183.9 186.0 190.1 192.6 195.2 198.1 33

34 FL573061105 Private pension funds 299.8 295.6 317.1 305.7 308.8 313.7 317.1 319.8 322.9 34 35 FL573061143 Defined benefit plans 185.7 180.6 186.3 182.2 183.3 184.8 186.3 187.7 189.1 35 36 FL573061133 Defined contribution plans 114.2 115.0 130.7 123.5 125.5 128.8 130.7 132.1 133.8 36

37 FL343061105 Federal government retirement funds 1530.6 1617.7 1708.9 1509.3 1381.7 1289.3 1708.9 1700.2 1703.8 37 38 FL343061165 Defined benefit plans 1353.7 1422.6 1498.0 1373.7 1309.1 1285.5 1498.0 1483.1 1483.5 38 39 FL343061155 Defined contribution plans 176.9 195.0 210.9 135.6 72.6 3.9 210.9 217.0 220.4 39

40 FL223061143 State and local govt. retirement funds 188.3 181.3 174.8 176.4 178.0 173.5 174.8 175.6 173.9 40

41 FL633061105 Money market mutual funds 496.1 419.0 482.9 441.0 404.1 391.4 482.9 545.5 517.6 41 42 FL633061110 Treasury bills 294.2 244.6 236.0 213.5 197.0 182.4 236.0 283.4 241.0 42 43 FL633061120 Other Treasury securities 201.9 174.5 246.9 227.5 207.2 209.0 246.9 262.1 276.6 43

44 LM653061105 Mutual funds 472.8 682.9 826.6 709.4 725.6 789.1 826.6 839.4 857.1 44 45 LM653061113 Treasury bills 40.4 31.6 34.6 31.9 33.2 42.3 34.6 37.6 35.8 45 46 LM653061125 Other Treasury securities 432.4 651.3 792.0 677.5 692.4 746.8 792.0 801.8 821.3 46

47 LM553061103 Closed-end funds 6.4 6.4 5.8 6.4 6.2 6.1 5.8 5.8 4.2 47 48 LM563061103 Exchange-traded funds 55.7 67.5 80.3 70.8 70.8 85.3 80.3 92.3 92.9 48 49 FL403061105 Government-sponsored enterprises 59.1 64.3 87.5 71.8 70.8 77.6 87.5 90.9 90.5 49 50 FL673061103 ABS issuers 21.7 27.2 28.2 27.9 28.9 28.6 28.2 27.2 24.9 50 51 FL663061105 Brokers and dealers 136.0 60.2 65.3 63.7 43.6 53.6 65.3 90.8 87.7 51 52 FL733061103 Holding companies 16.6 13.9 10.2 10.2 8.9 12.9 10.2 10.0 9.0 52

53 LM263061105 Rest of the world 5792.6 6156.0 6148.1 6172.6 6163.1 6106.3 6148.1 6287.0 6281.0 53 54 LM263061110 Treasury bills 685.5 671.6 724.7 702.3 701.3 667.1 724.7 724.9 682.2 54 55 LM263061120 Other Treasury securities 5107.1 5484.4 5423.4 5470.3 5461.9 5439.2 5423.4 5562.1 5598.8 55

(1) Includes marketable and nonmarketable Treasury securities held by the public (net of premiums and discounts) and Treasury securities held by federal government employee retirement funds. In the Financial Accounts, nonmarketable government securities held by federal government employee defined benefit retirement funds are considered part of the financial business sector as opposed to intragovernmental holdings as reported on the Monthly Statement of the Public Debt.(2) Long-term marketable securities issued to the Civil Service Retirement Fund by the Federal Financing Bank. These securities are not currently traded in the market.

Lev

els

120 Z.1, September 16, 2016

L.211 Agency- and GSE-Backed Securities (1)Billions of dollars; amounts outstanding end of period, not seasonally adjusted

2013 2014 2015 2015 2016 Q1 Q2 Q3 Q4 Q1 Q2


2 FL313161705 Budget agencies 24.5 24.4 24.6 24.1 24.7 24.1 24.6 24.4 24.6 2 3 FL403161705 Government-sponsored enterprises 6200.2 6275.5 6369.0 6234.6 6258.0 6293.5 6369.0 6350.1 6455.5 3 4 FL413065005 Agency- and GSE-backed mortgage pools 1573.5 1648.5 1775.5 1646.2 1677.2 1729.5 1775.5 1803.9 1844.0 4

5 FL893061705 Total assets 7798.2 7948.4 8169.0 7904.9 7959.9 8047.1 8169.0 8178.4 8324.0 5

6 FL153061705 Household sector 279.1 330.9 545.6 314.0 358.4 438.1 545.6 515.1 459.0 6 7 FL103061703 Nonfinancial corporate business 8.9 13.8 11.8 11.3 10.3 10.0 11.8 14.6 12.0 7






20 FL633061700 Money market mutual funds 367.2 390.5 467.4 328.0 338.9 399.4 467.4 460.9 566.0 20 21 LM653061703 Mutual funds 873.6 689.8 584.9 707.9 674.6 627.0 584.9 605.7 613.4 21 22 FL403061705 Government-sponsored enterprises 287.9 295.7 281.4 292.6 285.8 281.4 281.4 282.7 299.5 22

23 FL673061703 ABS issuers 0.1 0.1 0.0 0.1 0.1 0.1 0.0 0.0 0.0 23 24 FL643061773 REITs 269.3 277.8 228.1 269.4 248.4 241.1 228.1 227.6 225.7 24

25 FL663061703 Brokers and dealers 114.2 121.9 109.7 124.3 125.5 122.8 109.7 102.6 122.2 25 26 FL733061703 Holding companies 28.0 28.0 23.7 31.0 29.6 30.3 23.7 21.7 23.1 26


(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 debt of the federal government, which is shown on table L.106, line 20.

Lev

els

Z.1, September 16, 2016 121

L.212 Municipal SecuritiesBillions of dollars; amounts outstanding end of period, not seasonally adjusted

2013 2014 2015 2015 2016 Q1 Q2 Q3 Q4 Q1 Q2


2 FL213162005 State and local governments 3040.2 3004.9 3015.1 3027.6 3032.1 3022.0 3015.1 3031.7 3049.9 2 3 FL213162400 Short-term (1) 45.3 38.9 32.8 38.1 31.1 31.5 32.8 32.4 27.0 3 4 FL213162200 Long-term 2994.8 2966.0 2982.3 2989.5 3001.0 2990.5 2982.3 2999.4 3022.9 4

5 FL163162003 Nonprofit organizations (2) 235.6 228.8 220.8 228.4 224.7 222.1 220.8 220.9 220.8 5 6 FL103162000 Nonfinancial corporate business 527.8 527.8 541.2 533.3 542.6 543.0 541.2 544.9 555.4 6 (industrial revenue bonds)

7 FL383162005 Total assets 3803.5 3761.5 3777.0 3789.4 3799.4 3787.1 3777.0 3797.6 3826.1 7


11 FL213062003 State and local governments 13.3 13.6 14.4 13.9 13.9 14.2 14.4 14.5 14.6 11 12 FL763062000 U.S.-chartered depository institutions 418.9 451.5 498.9 465.2 476.6 488.1 498.9 507.5 524.1 12 13 FL753062003 Foreign banking offices in U.S. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13 14 FL743062003 Banks in U.S.-affiliated areas 3.6 2.7 2.1 2.7 2.5 2.2 2.1 2.0 2.0 14 15 FL473062005 Credit unions 4.6 3.8 4.3 3.9 4.2 4.4 4.3 4.8 4.9 15

16 FL513062003 Property-casualty insurance companies 326.4 322.1 330.4 322.0 325.7 327.5 330.4 333.0 332.1 16 17 FL543062005 Life insurance companies 141.6 147.8 158.7 149.9 152.4 155.6 158.7 161.8 164.4 17 18 FL223062043 State and local govt. retirement funds 2.4 2.2 2.0 2.2 2.2 2.0 2.0 2.4 2.4 18


23 FL403062005 Government-sponsored enterprises 13.4 10.8 8.2 9.9 9.1 8.7 8.2 7.5 7.5 23 24 FL663062003 Brokers and dealers 18.6 18.9 14.0 20.6 19.0 15.9 14.0 18.8 19.7 24


(1) Debt with original maturity of 13 months or less.(2) Liability of the households and nonprofit organizations sector (tables F.101 and L.101).

Lev

els

122 Z.1, September 16, 2016

L.213 Corporate and Foreign BondsBillions of dollars; amounts outstanding end of period, not seasonally adjusted

2013 2014 2015 2015 2016 Q1 Q2 Q3 Q4 Q1 Q2


2 FL103163003 Nonfinancial corporate business 4143.3 4413.1 4813.7 4525.9 4679.3 4760.4 4813.7 4946.1 5019.5 2


4 FL763163005 U.S.-chartered depository institutions 221.0 209.0 200.6 194.6 194.5 196.2 200.6 206.9 201.5 4 5 FL673163005 ABS issuers (net) (1) 1433.4 1363.5 1287.7 1364.9 1346.9 1311.3 1287.7 1258.0 1220.0 5 6 FL613163005 Finance companies 959.5 962.6 958.2 976.2 949.4 955.3 958.2 952.7 912.5 6 7 FL643163005 REITs 355.5 403.3 395.5 403.5 401.3 398.3 395.5 415.7 426.4 7


11 LM263163005 Rest of the world (2) 2242.5 2481.4 2272.5 2464.6 2427.8 2340.2 2272.5 2332.6 2376.6 11

12 FL893163005 Total assets (3) 11136.2 11675.0 11732.4 11776.0 11871.5 11871.4 11732.4 11955.0 12030.0 12

13 FL153063005 Household sector 1203.9 1346.0 1214.4 1272.1 1262.9 1285.9 1214.4 1190.0 1037.4 13 14 FL313063763 Federal government 0.6 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 14 15 FL213063003 State and local governments 164.6 169.2 178.7 172.2 172.7 175.7 178.7 179.7 181.6 15 16 FL763063005 U.S.-chartered depository institutions 559.2 521.7 509.5 522.4 516.5 505.8 509.5 514.5 511.6 16 17 FL763063605 MBS and other ABS 147.7 139.1 127.2 137.8 135.0 131.1 127.2 121.3 116.8 17 18 FL763063095 Other 411.4 382.6 382.3 384.7 381.5 374.8 382.3 393.3 394.8 18 19 FL753063005 Foreign banking offices in U.S. 196.4 197.3 172.4 190.8 172.8 187.2 172.4 184.2 198.5 19 20 FL743063005 Banks in U.S.-affiliated areas 5.8 5.3 5.6 5.4 5.3 5.2 5.6 5.8 6.3 20 21 FL473063005 Credit unions 8.9 9.9 10.8 11.1 10.9 10.7 10.8 11.4 11.7 21 22 FL473063605 MBS and other ABS 8.7 9.7 10.6 11.0 10.6 10.5 10.6 11.3 11.5 22 23 FL473063095 Other 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 23

24 FL513063003 Property-casualty insurance companies 410.8 432.0 431.2 428.9 430.8 430.3 431.2 434.7 433.4 24 25 FL513063603 MBS and other ABS 82.7 93.0 93.9 93.2 93.4 93.6 93.9 94.9 93.8 25 26 FL513063095 Other 328.0 339.0 337.4 335.7 337.4 336.7 337.4 339.8 339.7 26 27 FL543063005 Life insurance companies 2223.0 2292.3 2364.9 2309.1 2324.7 2344.2 2364.9 2401.9 2442.3 27 28 FL543063673 MBS and other ABS 419.7 435.5 429.5 434.0 432.5 431.0 429.5 437.3 444.5 28 29 FL543063095 Other 1803.3 1856.8 1935.5 1875.1 1892.2 1913.2 1935.5 1964.6 1997.9 29



37 FL403063005 Government-sponsored enterprises 126.3 95.4 64.3 85.8 77.5 69.8 64.3 57.2 53.3 37 38 FL403063605 MBS and other ABS 119.4 89.3 58.9 79.8 71.7 64.2 58.9 52.0 48.2 38 39 FL403063095 Other 6.8 6.2 5.4 6.0 5.8 5.6 5.4 5.2 5.1 39 40 FL613063003 Finance companies 67.9 73.9 80.0 76.1 79.6 78.3 80.0 78.5 85.3 40 41 FL643063005 REITs 35.1 34.2 39.2 38.9 39.3 39.3 39.2 38.9 40.4 41


45 LM263063005 Rest of the world (4) 2732.9 2928.0 3105.5 3042.2 3116.9 3121.9 3105.5 3254.9 3351.8 45 46 LM263063603 MBS and other ABS 395.8 400.0 404.2 403.9 412.2 411.5 404.2 400.6 400.1 46 47 LM263063095 Other 2337.1 2528.1 2701.3 2638.2 2704.7 2710.3 2701.3 2854.3 2951.8 47

(1) Liabilities net of assets.(2) Holdings of foreign issues by U.S. residents.(3) For some sectors, holdings of MBS and other ABS are shown separately. MBS and other ABS include privately issued mortgage-backed securities and other privately issued asset-backed bonds.(4) Holdings of U.S. issues by foreign residents.

Lev

els

Z.1, September 16, 2016 123

L.214 Loans (1)Billions of dollars; amounts outstanding end of period, not seasonally adjusted

2013 2014 2015 2015 2016 Q1 Q2 Q3 Q4 Q1 Q2

By instrument

1 FL894123005 Total loans 22047.2 22994.4 23765.1 23071.5 23373.6 23492.4 23765.1 23944.1 24246.0 1

2 FL793068005 Depository institution loans n.e.c. 2590.3 2910.2 3205.8 2988.1 3073.6 3099.6 3205.8 3284.0 3341.2 2 3 FL893169005 Other loans and advances 3088.5 3323.3 3239.6 3297.7 3330.0 3230.6 3239.6 3272.2 3325.6 3

4 FL893065005 Mortgages 13272.2 13442.8 13784.0 13462.9 13572.2 13680.9 13784.0 13848.6 13973.8 4 5 FL893065105 Home 9882.5 9880.6 9974.4 9852.6 9897.0 9948.3 9974.4 9994.8 10054.7 5 6 FL893065405 Multifamily residential 923.4 987.0 1089.3 1008.4 1032.2 1053.7 1089.3 1107.1 1136.6 6 7 FL893065505 Commercial 2281.1 2378.2 2510.7 2401.8 2439.8 2472.5 2510.7 2536.3 2570.9 7 8 FL893065603 Farm 185.2 197.0 209.5 200.1 203.2 206.3 209.5 210.5 211.5 8

9 FL153166000 Consumer credit 3096.2 3318.0 3535.7 3322.8 3397.8 3481.4 3535.7 3539.4 3605.3 9

By sector






18 FL763169305 U.S.-chartered depository institutions 410.1 468.2 498.7 436.0 478.1 460.2 498.7 484.5 549.0 18 19 FL473169333 Credit unions 27.0 35.4 44.7 34.9 39.9 44.9 44.7 42.9 44.5 19 20 FL513169333 Property-casualty insurance companies 2.1 2.2 2.3 2.2 2.1 2.1 2.3 2.2 3.5 20 21 FL543169373 Life insurance companies 50.1 51.9 58.2 54.1 56.2 57.3 58.2 60.7 65.3 21

22 FL403169283 Government-sponsored enterprises 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 22 23 FL614123005 Finance companies 131.0 141.2 156.5 144.3 151.7 153.2 156.5 155.7 155.9 23



29 FL894123005 Total assets 22047.2 22994.4 23765.1 23071.5 23373.6 23492.4 23765.1 23944.1 24246.0 29






42 FL513065503 Property-casualty insurance companies 7.9 9.9 12.3 10.4 10.9 11.5 12.3 13.4 13.8 42 43 FL544023005 Life insurance companies 517.1 546.6 586.2 552.5 560.7 570.6 586.2 595.2 603.5 43 44 FL573065005 Private pension funds 22.4 24.0 21.3 22.7 22.0 21.6 21.3 21.0 20.7 44 45 FL223065043 State and local govt. retirement funds 9.5 10.0 9.6 10.2 10.4 9.9 9.6 8.3 8.2 45

46 FL653069803 Mutual funds 145.1 154.5 138.9 160.4 154.4 141.6 138.9 144.4 139.5 46 47 FL404023005 Government-sponsored enterprises 5465.3 5542.3 5666.3 5509.6 5580.9 5611.4 5666.3 5659.1 5735.1 47 48 FL413065005 Agency- and GSE-backed mortgage pools 1573.5 1648.5 1775.5 1646.2 1677.2 1729.5 1775.5 1803.9 1844.0 48 49 FL674023005 ABS issuers 1394.6 1299.2 1210.9 1297.8 1285.4 1241.6 1210.9 1191.3 1152.3 49 50 FL614023005 Finance companies 1237.5 1243.7 1226.3 1234.7 1232.3 1239.9 1226.3 1196.5 1189.5 50



(1) Sum of depository institution loans not elsewhere classified, other loans and advances, total mortgages, and consumer credit.

Lev

els

124 Z.1, September 16, 2016

L.215 Depository Institution Loans Not Elsewhere Classified (1)Billions of dollars; amounts outstanding end of period, not seasonally adjusted

2013 2014 2015 2015 2016 Q1 Q2 Q3 Q4 Q1 Q2


2 FL153168005 Household sector 90.8 211.9 325.7 232.5 246.3 268.7 325.7 339.3 366.5 2 3 FL103168005 Corporate business 775.8 868.7 947.5 888.8 910.5 917.5 947.5 975.7 993.3 3 4 FL113168005 Noncorporate business 1000.3 1064.3 1163.3 1086.4 1114.9 1124.6 1163.3 1196.9 1208.6 4


6 FL613168000 Finance companies 128.6 139.1 152.9 142.2 149.6 150.4 152.9 152.0 152.3 6 7 FL643168005 REITs 25.9 33.1 40.4 37.0 42.7 44.3 40.4 38.8 36.0 7 8 FL663168005 Brokers and dealers 81.6 93.5 92.5 93.9 95.4 90.2 92.5 92.3 100.6 8

9 FL733168003 Holding companies 210.6 194.2 155.6 191.8 187.6 178.8 155.6 160.3 155.4 9 10 FL713068505 Funding corporations 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10

11 FL263168005 Rest of the world 276.7 305.3 328.0 315.5 326.6 325.1 328.0 328.7 328.6 11 12 FL263168465 Foreign official institutions 7.1 8.2 9.5 9.2 8.5 8.8 9.5 8.2 9.1 12 13 FL263168475 Foreign banks 90.5 89.8 91.0 91.3 91.2 92.1 91.0 82.7 78.1 13 14 FL263168485 Other foreign 179.1 207.3 227.5 215.0 226.8 224.1 227.5 237.7 241.4 14

15 FL793068005 Total assets 2590.3 2910.2 3205.8 2988.1 3073.6 3099.6 3205.8 3284.0 3341.2 15

16 FL713068005 Monetary authority (2) 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16


(1) Excludes depository institution lending in the form of open market paper, mortgages, and consumer credit which are shown on other instrument tables.(2) Loans from Federal Reserve banks to the household, rest of the world, broker and dealer, and funding corporation sectors. See loan details on table L.109.

Lev

els

Z.1, September 16, 2016 125

L.216 Other Loans and AdvancesBillions of dollars; amounts outstanding end of period, not seasonally adjusted

2013 2014 2015 2015 2016 Q1 Q2 Q3 Q4 Q1 Q2

1 FL893169005 Total other loans and advances 3088.5 3323.3 3239.6 3297.7 3330.0 3230.6 3239.6 3272.2 3325.6 1

2 FL313069205 U.S. government loans 193.0 195.0 197.9 195.1 196.6 194.5 197.9 199.4 200.7 2 3 FL153169203 Liab.: Household sector 12.1 13.3 15.6 13.6 14.2 14.8 15.6 15.9 16.5 3 4 FL103169205 Nonfinancial corporate business 76.2 74.8 75.3 74.4 76.1 74.8 75.3 74.9 75.2 4 5 FL113169205 Nonfinancial noncorporate business 58.5 57.3 54.0 57.1 56.3 54.3 54.0 53.7 53.6 5 6 FL213169203 State and local governments 16.2 16.6 16.9 16.7 16.7 16.7 16.9 17.1 17.1 6 7 FL403169283 Government-sponsored enterprises 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 7 8 FL313069223 Finance companies 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8 9 FL503169205 Funding corporations 2.4 2.4 2.4 2.4 2.4 2.4 2.4 2.4 2.4 9 10 FL263169205 Rest of the world 27.6 30.7 33.8 31.0 30.8 31.7 33.8 35.6 35.9 10

11 FL263069500 Foreign loans to U.S. corporate business 139.7 170.6 193.9 178.0 188.8 195.2 193.9 201.8 188.7 11 12 FL263069500 Liab.: Nonfinancial corporate business 139.7 170.6 193.9 178.0 188.8 195.2 193.9 201.8 188.7 12

Customers’ liability on acceptances outstanding 13 FL763069703 Asset: U.S.-chartered depository institutions 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13 14 FL753069703 Foreign banking offices in U.S. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14 15 FL103169705 Liab.: Nonfinancial corporate business 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15 16 FL263169705 Rest of the world 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16

17 FL733069005 Holding company loans 75.7 64.8 24.0 62.3 55.1 37.7 24.0 23.2 22.0 17 18 FL733069013 Liab.: Nonfinancial corporate business 71.7 61.6 23.1 59.3 52.6 35.3 23.1 22.3 21.1 18 19 FL733069023 Rest of the world 4.0 3.2 0.9 3.0 2.5 2.4 0.9 0.9 0.9 19

20 FL153169405 Policy loans (Household liability) 129.2 130.8 132.2 131.1 131.5 132.3 132.2 131.9 132.3 20 21 FL313069403 Asset: Federal government 0.4 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 21 22 FL543069405 Life insurance companies 128.8 130.5 131.9 130.8 131.2 132.0 131.9 131.6 132.0 22

23 FL403069330 Federal Home Loan Banks advances (1) 492.6 565.7 631.2 536.6 588.2 586.2 631.2 613.8 685.0 23 24 FL763169335 Liab.: U.S.-chartered depository institutions 410.1 468.2 498.7 436.0 478.1 460.2 498.7 484.5 549.0 24 25 FL473169333 Credit unions 27.0 35.4 44.7 34.9 39.9 44.9 44.7 42.9 44.5 25 26 FL513169333 Property-casualty insurance companies 2.1 2.2 2.3 2.2 2.1 2.1 2.3 2.2 3.5 26 27 FL543169373 Life insurance companies 50.1 51.9 58.2 54.1 56.2 57.3 58.2 60.7 65.3 27 28 FL613169333 Finance companies 2.3 2.1 3.7 2.1 2.1 2.9 3.7 3.7 3.7 28 29 FL643169373 Real estate investment trusts 1.0 5.9 23.8 7.2 9.7 18.9 23.8 19.7 19.1 29

30 FL403069395 Government-sponsored enterprise (GSE) loans (2) 95.0 106.1 115.0 105.0 106.6 110.3 115.0 116.3 119.4 30 31 FL153169305 Liab.: Household sector (SLMA) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 31 32 FL183169305 Nonfinancial corporate business (FCS) 7.0 8.6 9.8 9.2 8.9 9.2 9.8 10.8 11.0 32 33 FL113169305 Nonfinancial noncorporate business (FCS) 88.0 97.5 105.2 95.8 97.6 101.1 105.2 105.5 108.3 33 34 FL763169383 U.S.-chartered depository inst. (SLMA) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 34

35 FL673069505 Securitized loans held by ABS issuers 1.9 0.0 0.0 0.0 0.0 0.0 0.0 0.2 0.2 35 36 FL673069505 Liab.: Nonfinancial corporate business 1.9 0.0 0.0 0.0 0.0 0.0 0.0 0.2 0.2 36

37 FL613069500 Finance company loans to business 401.3 411.5 425.1 412.3 416.3 422.8 425.1 410.1 410.5 37 38 FL103169535 Liab.: Nonfinancial corporate business 361.2 370.4 382.6 371.1 374.6 380.5 382.6 369.1 369.4 38 39 FL113169535 Nonfinancial noncorporate business 40.1 41.2 42.5 41.2 41.6 42.3 42.5 41.0 41.0 39

40 FL663067003 Margin accounts at brokers and dealers 339.2 369.5 289.4 354.3 364.4 289.4 289.4 265.7 275.7 40 41 FL663067003 Liab.: Household sector 339.2 369.5 289.4 354.3 364.4 289.4 289.4 265.7 275.7 41

42 FL153067005 Cash accounts at brokers and dealers 815.5 869.0 820.6 870.5 843.6 844.6 820.6 860.1 863.8 42 43 FL153067005 Asset: Household sector 815.5 869.0 820.6 870.5 843.6 844.6 820.6 860.1 863.8 43

44 FL103169803 Loans to nonfinancial corporate business (3) 405.4 440.2 410.4 452.5 439.1 417.5 410.4 449.7 427.5 44 45 FL153069803 Asset: Household sector 25.9 24.3 22.0 25.1 24.2 21.6 22.0 24.3 22.9 45 46 FL543069873 Life insurance companies 25.1 31.4 29.6 32.1 30.1 29.9 29.6 33.5 31.9 46 47 FL653069803 Mutual funds 145.1 154.5 138.9 160.4 154.4 141.6 138.9 144.4 139.5 47 48 FL673069803 ABS issuers 148.3 159.3 158.3 170.6 167.0 159.2 158.3 173.8 162.3 48 49 FL663069803 Brokers and dealers 50.4 58.6 48.7 52.6 51.2 51.8 48.7 56.4 51.4 49 50 FL503069805 Funding corporations 10.6 12.1 12.9 11.6 12.2 13.1 12.9 17.3 19.5 50

(1) The Federal Home Loan Banks are included in the governmnet-sponsored enterprises sector. Finance companies and real estate investment trusts receive advances through affiliated captive insurance companies.(2) The Student Loan Marketing Association (Sallie Mae) was included until it was fully privatized in 2004:Q4. Federal Home Loan Bank advances are shown separately on line 23.(3) Syndicated loans from domestic entities, excluding depository institutions and finance companies which are included elsewhere.

Lev

els

126 Z.1, September 16, 2016

L.217 Total Mortgages (1)Billions of dollars; amounts outstanding end of period, not seasonally adjusted

2013 2014 2015 2015 2016 Q1 Q2 Q3 Q4 Q1 Q2

1 FL893065005 Total mortgages 13272.2 13442.8 13784.0 13462.9 13572.2 13680.9 13784.0 13848.6 13973.8 1

2 FL893065105 Home 9882.5 9880.6 9974.4 9852.6 9897.0 9948.3 9974.4 9994.8 10054.7 2 3 FL893065405 Multifamily residential 923.4 987.0 1089.3 1008.4 1032.2 1053.7 1089.3 1107.1 1136.6 3 4 FL893065505 Commercial 2281.1 2378.2 2510.7 2401.8 2439.8 2472.5 2510.7 2536.3 2570.9 4 5 FL893065603 Farm 185.2 197.0 209.5 200.1 203.2 206.3 209.5 210.5 211.5 5




11 FL313165403 Federal government 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11 12 FL643165005 REITs 214.3 231.4 235.4 235.5 238.8 242.4 235.4 234.6 229.9 12

13 FL893065005 Total assets 13272.2 13442.8 13784.0 13462.9 13572.2 13680.9 13784.0 13848.6 13973.8 13






27 FL403065005 Government-sponsored enterprises (1) 4877.8 4870.5 4920.1 4868.0 4886.2 4914.8 4920.1 4929.0 4930.7 27 28 FL413065005 Agency- and GSE-backed mortgage pools 1573.5 1648.5 1775.5 1646.2 1677.2 1729.5 1775.5 1803.9 1844.0 28

29 FL673065005 ABS issuers 1195.3 1090.1 1006.6 1079.1 1067.1 1034.3 1006.6 972.4 940.6 29 30 FL613065000 Finance companies 157.0 148.1 119.5 144.9 134.0 127.9 119.5 116.9 111.8 30 31 FL643065005 REITs 214.7 247.3 217.7 240.7 241.7 230.4 217.7 228.3 226.3 31

(1) Sum of home mortgages, multifamily residential mortgages, commercial mortgages, and farm mortgages.

Lev

els

Z.1, September 16, 2016 127

L.218 Home Mortgages (1)Billions of dollars; amounts outstanding end of period, not seasonally adjusted

2013 2014 2015 2015 2016 Q1 Q2 Q3 Q4 Q1 Q2



5 FL893065105 Total assets 9882.5 9880.6 9974.4 9852.6 9897.0 9948.3 9974.4 9994.8 10054.7 5




15 FL543065105 Life insurance companies 11.3 13.7 17.7 13.8 14.8 15.9 17.7 18.0 18.5 15 16 FL573065103 Private pension funds 1.4 1.4 1.2 1.3 1.3 1.3 1.2 1.2 1.2 16 17 FL223065143 State and local govt. retirement funds 3.4 3.6 3.5 3.7 3.7 3.6 3.5 3.0 2.8 17

18 FL403065105 Government-sponsored enterprises 4546.4 4537.9 4568.7 4528.3 4540.2 4568.4 4568.7 4574.7 4574.9 18 19 FL413065105 Agency- and GSE-backed mortgage pools 1423.9 1474.8 1568.8 1468.9 1491.1 1536.5 1568.8 1587.7 1614.8 19


Memo: 23 FL893065125 Home equity loans included above (2) 703.3 673.0 634.9 660.7 652.7 643.3 634.9 624.0 618.5 23 24 FL763065125 U.S.-chartered depository institutions 596.2 568.2 532.9 557.5 550.0 541.1 532.9 523.4 516.4 24 25 FL753065203 Foreign banking offices in U.S. 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.3 0.3 25 26 FL473065125 Credit unions 72.0 73.6 75.7 73.2 74.1 74.8 75.7 75.3 78.2 26 27 FL673065123 ABS issuers 11.8 9.8 8.0 9.4 8.9 8.4 8.0 7.5 6.7 27 28 FL613065123 Finance companies 22.9 20.9 18.0 20.2 19.3 18.6 18.0 17.6 17.0 28

(1) Mortgages on 1-4 family properties including mortgages 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.

L.219 Multifamily Residential MortgagesBillions of dollars; amounts outstanding end of period, not seasonally adjusted



4 FL313165403 Federal government 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4 5 FL643165483 REITs 29.7 31.1 30.8 31.8 32.6 32.1 30.8 30.8 31.4 5

6 FL893065405 Total assets 923.4 987.0 1089.3 1008.4 1032.2 1053.7 1089.3 1107.1 1136.6 6







Lev

els

128 Z.1, September 16, 2016

L.220 Commercial MortgagesBillions of dollars; amounts outstanding end of period, not seasonally adjusted

2013 2014 2015 2015 2016 Q1 Q2 Q3 Q4 Q1 Q2


2 FL163165505 Household sector 202.7 210.3 220.7 212.2 215.1 217.7 220.7 222.6 225.3 2 3 FL103165505 Nonfinancial corporate business 374.2 387.3 393.7 390.0 398.6 377.0 393.7 398.8 408.3 3 4 FL113165505 Nonfinancial noncorporate business 1519.6 1580.3 1691.7 1595.9 1619.9 1667.6 1691.7 1711.1 1738.8 4 5 FL643165583 REITs 184.6 200.4 204.7 203.7 206.2 210.3 204.7 203.8 198.6 5

6 FL893065505 Total assets 2281.1 2378.2 2510.7 2401.8 2439.8 2472.5 2510.7 2536.3 2570.9 6



12 FL763065503 U.S.-chartered depository institutions 1241.0 1301.1 1406.3 1318.7 1338.7 1371.0 1406.3 1431.3 1465.7 12 13 FL753065503 Foreign banking offices in U.S. 27.8 33.2 47.2 33.1 36.4 41.7 47.2 51.8 55.8 13 14 FL743065505 Banks in U.S.-affiliated areas 13.5 13.0 10.8 11.3 10.8 10.8 10.8 10.9 10.8 14



19 FL413065505 Agency- and GSE-backed mortgage pools 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19 20 FL673065505 ABS issuers 337.1 326.1 351.5 334.1 351.9 353.0 351.5 333.7 327.2 20

21 FL613065503 Finance companies 40.3 41.4 28.5 41.7 36.2 33.8 28.5 27.8 25.8 21 22 FL643065505 REITs 179.3 198.2 166.8 193.1 187.9 177.4 166.8 175.8 171.4 22

L.221 Farm Mortgages (1)Billions of dollars; amounts outstanding end of period, not seasonally adjusted



4 FL893065603 Total assets 185.2 197.0 209.5 200.1 203.2 206.3 209.5 210.5 211.5 4

5 FL153065605 Household sector 8.7 21.0 27.1 22.6 24.5 25.6 27.1 26.3 25.7 5 6 FL113065603 Nonfinancial noncorporate business 0.7 0.7 0.8 0.7 0.8 0.8 0.8 0.8 0.8 6



11 FL543065633 Life insurance companies 12.0 13.4 13.8 13.5 13.6 13.7 13.8 13.9 14.0 11 12 FL223065643 State and local govt. retirement funds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12


(1) Excludes mortgages on farm houses.

Lev

els

Z.1, September 16, 2016 129

L.222 Consumer CreditBillions of dollars; amounts outstanding end of period, not seasonally adjusted

2013 2014 2015 2015 2016 Q1 Q2 Q3 Q4 Q1 Q2

1 FL153166000 Total liabilities (Households) 3096.2 3318.0 3535.7 3322.8 3397.8 3481.4 3535.7 3539.4 3605.3 1

2 FL153166000 Total assets 3096.2 3318.0 3535.7 3322.8 3397.8 3481.4 3535.7 3539.4 3605.3 2

3 FL163066223 Households (nonprofit organizations) (1) 51.8 47.6 44.2 46.8 46.1 45.5 44.2 42.8 41.4 3 4 FL103066005 Nonfinancial corporate business 43.4 44.4 43.6 43.2 44.8 45.0 43.6 41.7 41.9 4 5 FL113066003 Nonfinancial noncorporate business 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5

6 FL313066220 Federal government (2) 735.5 846.2 949.7 887.3 901.4 936.5 949.7 989.7 1001.1 6 7 FL763066000 U.S.-chartered depository institutions 1271.6 1343.1 1428.3 1312.1 1349.6 1383.6 1428.3 1405.8 1446.6 7 8 FL473066000 Credit unions 265.6 302.8 342.3 307.7 322.7 333.4 342.3 345.1 357.8 8

9 FL403066005 Government-sponsored enterprises 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9 10 FL673066000 ABS issuers 49.1 49.8 46.0 48.2 51.2 48.0 46.0 44.8 49.2 10 11 FL613066005 Finance companies 679.1 684.1 681.7 677.5 682.1 689.3 681.7 669.4 667.2 11

Memo:

12 FL153166100 Credit card loans (3) 857.7 891.5 937.9 849.5 875.7 891.3 937.9 902.7 930.5 12 13 FL153166400 Auto loans 878.8 957.9 1038.8 972.2 998.4 1030.1 1038.8 1046.9 1071.5 13 14 FL153166220 Student loans (4) 1146.5 1236.3 1318.4 1272.4 1279.2 1312.1 1318.4 1355.6 1363.5 14 15 FL153166205 Other consumer credit (5) 213.3 232.3 240.7 228.7 244.5 247.8 240.7 234.2 239.8 15

(1) Student loans originated under the Federal Family Education Loan Program.(2) Includes loans originated by the Department of Education under the Federal Direct Loan Program and Perkins Loans, as well as Federal Family Education Loan Program loans that the government purchased from depository institutions, finance companies, and nonprofit and educational institutions, and loans in default.(3) Revolving credit that also includes overdraft plans on checking accounts and other loans without a fixed repayment schedule.(4) Includes student loans held by nonprofit organizations (line 3), the federal government (line 6), depository institutions (part of lines 7 and 8), and finance companies (part of line 11). Data begin in 2006:Q1.(5) Includes student loans before 2006:Q1.

Lev

els

130 Z.1, September 16, 2016

L.223 Corporate Equities (1)Billions of dollars; amounts outstanding end of period, not seasonally adjusted

2013 2014 2015 2015 2016 Q1 Q2 Q3 Q4 Q1 Q2

1 LM893064105 Issues at market value 33461.9 36731.0 35756.2 37669.8 37526.8 34213.9 35756.2 35571.1 36111.7 1

2 LM883164105 Domestic sectors 26989.0 29960.4 28928.0 30481.3 30173.5 27608.3 28928.0 28833.8 29408.3 2

3 LM103164103 Nonfinancial corporate business 20560.6 22679.7 21681.4 23067.0 22699.8 20654.6 21681.4 21781.3 22152.0 3 4 LM103164115 Publicly traded (2) 16890.9 18685.1 17721.4 18751.5 18499.4 16847.0 17721.4 17742.1 18055.4 4 5 LM103164123 Closely held 3669.6 3994.6 3960.0 4315.5 4200.4 3807.7 3960.0 4039.2 4096.6 5

6 LM793164105 Financial corporations 6428.4 7280.7 7246.6 7414.3 7473.7 6953.7 7246.6 7052.5 7256.3 6 7 LM793164115 Publicly traded (3) 6052.2 6861.0 6830.5 6960.9 7032.3 6553.6 6830.5 6628.1 6825.9 7 8 LM793164123 Closely held 376.2 419.7 416.1 453.4 441.3 400.1 416.1 424.4 430.4 8


10 LM893064105 Holdings at market value 33461.9 36731.0 35756.2 37669.8 37526.8 34213.9 35756.2 35571.1 36111.7 10

11 LM153064105 Household sector 12849.7 14364.9 14158.2 14901.5 14834.8 13491.7 14158.2 14196.3 14524.3 11 12 LM313064105 Federal government 35.1 33.4 33.4 33.3 33.5 33.4 33.4 33.4 33.4 12 13 LM213064103 State and local governments 162.4 173.8 178.0 176.6 176.5 171.0 178.0 178.9 181.9 13 14 FL713064103 Monetary authority 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14 15 LM763064105 U.S.-chartered depository institutions 101.3 108.5 100.0 109.0 108.4 94.0 100.0 93.6 97.3 15 16 FL753064103 Foreign banking offices in U.S. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16

17 LM513064105 Property-casualty insurance companies 310.4 325.4 316.8 320.4 317.0 303.0 316.8 316.2 311.9 17 18 LM543064105 Life insurance companies 298.5 316.5 306.2 320.1 320.0 296.4 306.2 310.4 317.7 18

19 LM573064105 Private pension funds 2243.8 2284.3 2163.9 2314.0 2271.8 2071.4 2163.9 2148.6 2172.1 19 20 LM343064105 Federal government retirement funds 206.2 218.7 219.0 226.3 225.9 206.2 219.0 216.6 219.3 20 21 LM223064145 State and local govt. retirement funds 2172.1 2257.8 2157.2 2269.6 2243.0 2057.7 2157.2 2155.1 2154.7 21

22 LM653064100 Mutual funds 8227.3 8799.2 8625.3 9061.6 9118.1 8282.6 8625.3 8555.7 8620.7 22 23 LM553064103 Closed-end funds 114.2 119.3 99.7 118.6 115.9 101.4 99.7 97.6 101.6 23 24 LM563064103 Exchange-traded funds 1364.2 1620.0 1709.5 1683.3 1709.3 1568.4 1709.5 1709.8 1746.7 24 25 LM663064103 Brokers and dealers 172.4 187.8 166.8 162.9 164.2 143.3 166.8 136.8 141.6 25 26 FL503064105 Funding corporations 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 26


Memo:

28 LM883164115 Publicly traded equity at market value (6) 22943.2 25546.1 24551.9 25712.4 25531.7 23400.6 24551.9 24370.2 24881.2 28 29 LM883164125 Closely held equity at market value (7) 4045.8 4414.3 4376.1 4768.9 4641.8 4207.7 4376.1 4463.6 4527.0 29 30 LM883164133 S corporations 2536.5 2918.8 2752.1 3035.2 3038.1 2666.8 2752.1 2699.1 2790.9 30 31 LM883164135 C corporations 1509.3 1495.5 1624.0 1733.7 1603.7 1541.0 1624.0 1764.5 1736.1 31

32 PC073164013 Percent change in Dow Jones U.S. Total Market Index (8) 30.9 10.4 -1.5 1.3 -0.4 -7.7 5.7 0.4 2.1 32

(1) Excludes mutual fund shares shown on table L.224.(2) Excludes intercorporate holdings.(3) Includes corporate equities issued by financial corporations under the federal financial stabilization programs.(4) Holdings of foreign corporate equities and investment fund shares by U.S. residents; includes American Depositary Receipts (ADRs).(5) Holdings of U.S. issues by foreign residents.(6) Equal to the sum of lines 4 and 7.(7) Equal to the sum of lines 5 and 8.(8) Annual figures calculated from year-end to year-end.

L.224 Mutual Fund Shares (1)Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1 LM653164205 Shares at market value 12333.0 13150.6 12897.2 13519.9 13533.6 12605.7 12897.2 12962.1 13208.8 1

2 LM653164205 Holdings at market value 12333.0 13150.6 12897.2 13519.9 13533.6 12605.7 12897.2 12962.1 13208.8 2

3 LM153064205 Household sector 6250.3 6726.7 6519.4 6822.8 6814.1 6376.1 6519.4 6529.8 6672.9 3 4 LM103064203 Nonfinancial corporate business 211.0 234.5 235.7 241.1 242.1 228.3 235.7 238.1 244.1 4 5 LM213064203 State and local governments 78.5 84.4 86.5 85.8 85.8 82.9 86.5 87.0 88.5 5

6 LM763064203 U.S.-chartered depository institutions 57.9 59.7 54.9 59.4 59.9 53.5 54.9 56.3 57.7 6 7 LM473064205 Credit unions 2.2 2.1 1.9 2.0 2.1 2.1 1.9 1.9 2.0 7

8 LM513064203 Property-casualty insurance companies 14.8 16.8 17.4 17.5 17.7 16.8 17.4 17.7 17.7 8 9 LM543064205 Life insurance companies 1652.9 1702.7 1634.5 1731.3 1715.5 1591.8 1634.5 1625.3 1644.0 9 10 LM573064205 Private pension funds 3007.6 3175.5 3216.7 3349.8 3358.3 3126.8 3216.7 3259.1 3317.6 10 11 LM223064205 State and local govt. retirement funds 505.9 540.5 548.0 564.2 575.4 532.3 548.0 551.2 566.3 11


(1) Shares of open-end investment companies; excludes shares of money market mutual funds and exchange-traded funds.

Lev

els

Z.1, September 16, 2016 131

L.225 Trade CreditBillions of dollars; amounts outstanding end of period, not seasonally adjusted

2013 2014 2015 2015 2016 Q1 Q2 Q3 Q4 Q1 Q2

1 FL893170005 Total trade payables 3822.2 4004.2 4077.3 4022.8 4084.2 4085.5 4077.3 4086.8 4170.5 1




7 FL663170003 Brokers and dealers 14.5 17.9 26.3 19.2 23.6 24.2 26.3 25.3 26.9 7 8 FL263170003 Rest of the world 53.4 47.0 44.7 45.5 45.0 45.7 44.7 48.0 46.7 8

9 FL893070005 Total trade receivables 3707.8 3829.0 3902.8 3901.6 3969.8 3972.6 3902.8 3961.2 4080.6 9


12 FL313070000 Federal government 53.6 48.4 61.2 50.2 50.5 49.8 61.2 63.9 67.4 12 13 FL213070003 State and local governments 172.6 182.7 183.6 183.1 185.7 184.5 183.6 182.8 187.3 13 14 FL513070003 Property-casualty insurance companies 95.2 100.8 106.8 106.1 109.3 110.7 106.8 111.0 114.4 14 15 FL673070003 ABS issuers 35.7 31.3 34.1 31.5 32.2 31.7 34.1 35.5 35.1 15


17 FL903070005 Discrepancy 114.4 175.2 174.6 121.2 114.4 112.9 174.6 125.6 89.9 17

L.226 Life Insurance ReservesBillions of dollars; amounts outstanding end of period, not seasonally adjusted


2 FL313140003 Federal government 50.5 51.3 51.1 50.7 51.0 50.8 51.1 51.1 51.2 2 3 FL543140005 Life insurance companies 1366.3 1426.1 1464.6 1446.2 1452.9 1450.0 1464.6 1480.8 1496.5 3

4 FL883140005 Net change in assets 1416.8 1477.4 1515.8 1496.9 1503.9 1500.8 1515.8 1531.8 1547.7 4

5 FL153040005 Households 1233.0 1282.8 1310.6 1300.0 1303.8 1298.3 1310.6 1324.3 1337.7 5 6 FL763040005 U.S.-chartered depository institutions 143.8 149.6 156.2 150.9 153.1 154.5 156.2 157.6 159.0 6 7 FL733040005 Holding companies 39.9 45.0 49.0 46.0 47.0 48.0 49.0 50.0 51.0 7

Lev

els

132 Z.1, September 16, 2016

L.227 Pension EntitlementsBillions of dollars; amounts outstanding end of period, not seasonally adjusted

2013 2014 2015 2015 2016 Q1 Q2 Q3 Q4 Q1 Q2


2 FL543150005 Life insurance companies (1) 2705.5 2825.0 2846.9 2846.5 2857.9 2786.7 2846.9 2873.5 2928.3 2 3 FL574190005 Private pension funds (2) 8135.1 8462.0 8669.0 8719.7 8749.7 8484.7 8669.0 8754.6 8875.3 3

4 FL344090005 Federal government retirement funds (3) 3536.6 3656.1 3764.0 3687.3 3713.1 3720.6 3764.0 3791.5 3821.4 4 5 FL224190005 State and local govt. retirement funds 5483.6 5715.5 5967.6 5786.0 5849.1 5886.4 5967.6 6035.6 6108.0 5

6 FL153050005 Total assets (Households) (4) 19860.9 20658.7 21247.6 21039.5 21169.8 20878.3 21247.6 21455.2 21733.0 6

Memo:

7 LM893131573 Individual Retirement Accounts (IRAs): (5) 6835.0 7266.0 7329.0 7445.0 7504.0 7133.0 7329.0 7400.0 ND 7 8 FL763131573 U.S.-chartered depository institutions 427.6 427.8 445.8 419.2 428.0 442.3 445.8 453.9 ND 8 9 FL473131573 Credit unions 79.2 77.6 77.4 77.4 77.3 77.4 77.4 77.8 ND 9 10 LM543131503 Life insurance companies 545.0 567.0 571.0 571.0 574.0 560.0 571.0 576.0 ND 10 11 FL633131573 Money market mutual funds 228.0 218.0 214.0 211.0 213.0 221.0 214.0 217.0 ND 11 12 LM653131573 Mutual funds 2917.0 3123.0 3099.0 3216.0 3230.0 3011.0 3099.0 3110.0 ND 12 13 LM153131575 Other self-directed accounts 2638.2 2852.6 2921.9 2950.4 2981.6 2821.3 2921.9 2965.3 ND 13

(1) Annuities, including those in IRAs.(2) Includes unallocated insurance company contracts beginning 1985:Q4.(3) Includes the Thrift Savings Plan, the National Railroad Retirement Investment Trust, and other federal government retirement funds.(4) Excludes all individual retirement accounts (IRAs), except those at life insurance companies.(5) Assets of the household sector (L.101). Figures for depositories (lines 8 and 9) include Keogh accounts. Variable annuities in IRAs are included in the life insurance sector (line 10) and excluded from the money market mutual fund and mutual fund sectors (lines 11 and 12).

L.228 Taxes Payable by BusinessesBillions of dollars; amounts outstanding end of period, not seasonally adjusted

1 FL893178005 Total taxes payable by all businesses 96.3 115.2 108.9 142.5 128.5 124.9 108.9 122.4 115.7 1


4 FL763178003 U.S.-chartered depository institutions -47.4 -32.3 -36.7 -27.5 -34.4 -32.2 -36.7 -26.3 -21.9 4

5 FL513178003 Property-casualty insurance companies 8.4 10.3 2.1 10.6 5.9 0.1 2.1 3.4 -0.7 5 6 FL543178073 Life insurance companies -30.5 -32.4 -33.1 -29.9 -31.3 -33.5 -33.1 -31.7 -32.8 6

7 FL613178003 Finance companies 6.8 7.8 8.4 8.2 8.4 8.5 8.4 8.0 7.5 7 8 FL663178003 Brokers and dealers 3.7 4.0 3.2 4.9 4.2 4.1 3.2 4.1 3.5 8

9 FL893078005 Total business taxes receivable 287.3 302.9 332.0 309.5 311.2 323.6 332.0 336.9 346.9 9


12 FL903078005 Discrepancy -191.0 -187.7 -223.1 -167.0 -182.6 -198.7 -223.1 -214.5 -231.1 12

L.229 Proprietors’ Equity in Noncorporate BusinessBillions of dollars; amounts outstanding end of period, not seasonally adjusted

1 FL152090205 Total household equity 9326.3 9980.7 10747.6 10244.9 10396.1 10564.9 10747.6 10813.7 10978.7 1

2 FL112090205 Nonfinancial noncorporate business 9310.0 9962.8 10732.9 10227.2 10379.3 10547.5 10732.9 10801.4 10967.8 2 3 FL662090205 Brokers and dealers 16.3 17.9 14.7 17.6 16.8 17.5 14.7 12.3 10.9 3

Lev

els

Z.1, September 16, 2016 133

L.230 Direct InvestmentBillions of dollars; amounts outstanding end of period, not seasonally adjusted

2013 2014 2015 2015 2016 Q1 Q2 Q3 Q4 Q1 Q2


1 FL263192005 Liab.: Rest of the world (1) 5214.6 5457.9 5648.6 5506.0 5581.1 5593.2 5648.6 5752.3 5895.4 1 2 FL263192101 Equity 5014.7 5277.9 5453.9 5308.7 5377.0 5424.5 5453.9 5550.4 5657.4 2 3 FL263192305 Intercompany debt (2) 199.9 180.1 194.6 197.2 204.1 168.7 194.6 201.9 197.0 3 4 FL263192313 U.S. parents’ claims 698.1 700.4 742.8 725.6 747.2 722.4 742.8 752.8 768.0 4 5 FL263092313 Less: U.S. parents’ liabilities 498.2 520.3 548.2 528.4 543.1 553.8 548.2 550.9 557.8 5

6 FL103092005 Asset: Nonfinancial corporate business 4389.5 4615.6 4807.2 4651.9 4714.2 4724.6 4807.2 4899.4 5013.0 6 7 FL763092000 U.S.-chartered depository institutions 268.6 261.0 253.2 262.2 264.0 262.1 253.2 254.6 254.6 7 8 FL513092003 Property-casualty insurance companies 107.0 113.4 111.8 114.1 117.2 117.6 111.8 112.2 113.2 8 9 FL543092073 Life insurance companies 68.4 68.9 60.0 70.8 70.7 69.4 60.0 60.7 61.8 9 10 FL613092003 Finance companies 223.3 228.0 232.8 234.4 237.7 239.7 232.8 236.9 261.2 10 11 FL663092003 Brokers and dealers 157.8 171.0 183.7 172.5 177.3 179.7 183.7 188.4 191.6 11


12 FL103192005 Liab.: Nonfinancial corporate business 2580.2 2740.6 2964.8 2842.9 2903.0 2945.8 2964.8 2976.5 3028.9 12 13 FL115114005 Nonfinancial noncorporate business 7.1 10.2 11.8 11.0 11.4 11.6 11.8 12.1 12.5 13 14 FL753192003 Foreign banking offices in U.S. 214.9 202.8 197.9 199.7 203.2 203.7 197.9 199.8 201.3 14 15 FL513192003 Property-casualty insurance companies 44.1 67.9 77.0 67.6 67.7 71.0 77.0 104.1 104.1 15 16 FL543192073 Life insurance companies 88.1 97.0 91.8 105.1 105.4 105.2 91.8 100.6 100.9 16 17 FL613192003 Finance companies 73.4 82.7 63.8 84.3 83.1 75.2 63.8 64.5 65.5 17 18 FL663192003 Brokers and dealers 126.7 131.2 155.0 133.1 137.1 144.3 155.0 172.1 175.5 18 19 FL503192003 Funding corporations 13.2 13.8 14.4 14.0 14.1 14.3 14.4 14.6 14.7 19

20 FL263092001 Asset: Rest of the world (1) 3147.8 3346.3 3576.4 3457.7 3525.0 3571.1 3576.4 3644.2 3703.5 20 21 FL263092101 Equity 2642.6 2788.3 2984.5 2883.1 2926.7 2968.4 2984.5 3029.0 3061.1 21 22 FL263092303 Intercompany debt 505.2 558.0 591.9 574.6 598.3 602.7 591.9 615.3 642.4 22 23 FL263092323 U.S. affiliates’ liabilities 873.5 945.7 1016.3 985.9 1022.2 1024.9 1016.3 1041.5 1077.3 23 24 FL263192323 Less: U.S. affiliates’ claims 368.3 387.7 424.4 411.3 424.0 422.1 424.4 426.3 426.9 24

Memo:

Direct investment, asset/liability presentation:

25 FL263192035 Direct investment assets 6081.1 6365.9 6621.2 6445.7 6548.2 6569.1 6621.2 6729.5 6852.3 25 26 FL263192101 Equity (line 2) 5014.7 5277.9 5453.9 5308.7 5377.0 5424.5 5453.9 5550.4 5657.4 26 27 FL263192345 Intercompany debt 1066.5 1088.1 1167.2 1136.9 1171.2 1144.6 1167.2 1179.1 1194.9 27 28 FL263192313 U.S. parents’ claims (line 4) 698.1 700.4 742.8 725.6 747.2 722.4 742.8 752.8 768.0 28 29 FL263192323 U.S. affiliates’ claims (line 24) 368.3 387.7 424.4 411.3 424.0 422.1 424.4 426.3 426.9 29

30 FL263092035 Direct investment liabilities 4014.3 4254.3 4549.0 4397.4 4492.1 4547.0 4549.0 4621.4 4696.1 30 31 FL263092101 Equity (line 21) 2642.6 2788.3 2984.5 2883.1 2926.7 2968.4 2984.5 3029.0 3061.1 31 32 FL263092345 Intercompany debt 1371.7 1466.0 1564.5 1514.3 1565.3 1578.6 1564.5 1592.4 1635.1 32 33 FL263092313 U.S. parents’ liabilities (line 5) 498.2 520.3 548.2 528.4 543.1 553.8 548.2 550.9 557.8 33 34 FL263092323 U.S. affiliates’ liabilities (line 23) 873.5 945.7 1016.3 985.9 1022.2 1024.9 1016.3 1041.5 1077.3 34

Alternative valuations of direct investment assets:


35 LM263192045 Market value 6254.2 6225.1 6005.7 6392.1 6417.0 5809.1 6005.7 6035.2 6114.5 35 36 LM263192141 Equity 6054.2 6045.1 5811.1 6194.9 6212.9 5640.5 5811.1 5833.3 5917.5 36 37 LM263192305 Intercompany debt 199.9 180.1 194.6 197.2 204.1 168.7 194.6 201.9 197.0 37

38 FL263192055 Historical cost 4579.7 4829.4 5040.6 4882.6 4962.9 4980.1 5040.6 5144.4 5189.1 38 39 FL263192151 Equity 4379.8 4649.4 4846.0 4685.4 4758.8 4811.4 4846.0 4942.4 4992.1 39 40 FL263192305 Intercompany debt 199.9 180.1 194.6 197.2 204.1 168.7 194.6 201.9 197.0 40


41 LM263092045 Market value 4948.4 5442.0 5571.2 5596.5 5621.9 5284.4 5571.2 5660.5 5587.5 41 42 LM263092141 Equity 4443.2 4884.1 4979.3 5021.9 5023.7 4681.6 4979.3 5045.2 4945.1 42 43 LM263092303 Intercompany debt 505.2 558.0 591.9 574.6 598.3 602.7 591.9 615.3 642.4 43

44 FL263092055 Historical cost 2727.8 2913.3 3134.2 3022.4 3087.4 3131.2 3134.2 3202.0 3151.9 44 45 FL263092151 Equity 2222.6 2355.3 2542.3 2447.8 2489.1 2528.5 2542.3 2586.7 2509.5 45 46 FL263092303 Intercompany debt 505.2 558.0 591.9 574.6 598.3 602.7 591.9 615.3 642.4 46

(1) Direct investment is valued on a current-cost basis and presented on a directional basis.(2) Through 1992:Q4, U.S. direct investment abroad excludes net inflows from corporate bonds issued by Netherlands Antillean financial subsidiaries.

Lev

els

134 Z.1, September 16, 2016

L.231 Total Miscellaneous Financial ClaimsBillions of dollars; amounts outstanding end of period, not seasonally adjusted

2013 2014 2015 2015 2016 Q1 Q2 Q3 Q4 Q1 Q2






14 FL403190005 Government-sponsored enterprises 114.7 111.0 106.5 110.0 104.9 106.0 106.5 105.0 105.5 14 15 FL613190005 Finance companies 134.5 126.1 122.6 123.5 116.5 118.2 122.6 97.3 81.4 15 16 FL643193005 REITs 74.1 82.3 80.4 81.3 82.9 93.3 80.4 85.1 92.5 16



21 FL893090005 Total assets 23598.0 24770.4 25903.6 25294.6 25657.1 26405.4 25903.6 26504.6 26801.3 21



27 FL713090005 Monetary authority 233.1 235.5 216.8 228.9 224.9 219.7 216.8 211.0 209.3 27 28 FL763090005 U.S.-chartered depository institutions 528.0 539.5 540.1 551.5 534.0 558.8 540.1 576.0 609.8 28 29 FL753093005 Foreign banking offices in U.S. 57.0 71.3 58.4 75.8 69.9 61.0 58.4 64.1 70.5 29 30 FL743093005 Banks in U.S.-affiliated areas 20.5 33.4 34.9 31.3 36.9 36.1 34.9 40.3 37.1 30 31 FL473090005 Credit unions 61.1 66.4 72.6 75.3 71.6 71.6 72.6 80.3 85.8 31 32 FL513092403 Property-casualty insurance companies 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.2 32 33 FL543090005 Life insurance companies 406.8 480.5 484.8 503.6 489.3 505.9 484.8 523.6 560.4 33


37 FL633093005 Money market mutual funds 31.6 17.0 10.0 16.9 14.6 12.9 10.0 12.3 8.4 37 38 FL653093005 Mutual funds 246.2 268.3 217.1 272.7 250.3 217.4 217.1 244.6 302.4 38 39 LM563093003 Exchange-traded funds 64.0 57.0 49.3 60.4 57.9 52.7 49.3 63.6 76.6 39

40 FL403093005 Government-sponsored enterprises 165.6 154.7 148.2 164.7 166.3 154.2 148.2 156.1 164.0 40 41 FL673090543 ABS issuers 61.1 70.4 71.9 71.9 70.4 67.4 71.9 71.0 73.0 41 42 FL613090005 Finance companies -184.2 -171.9 -188.0 -172.0 -199.5 -212.6 -188.0 -199.4 -229.0 42 43 FL643090005 REITs 109.2 126.9 138.1 133.5 137.9 141.2 138.1 143.8 151.3 43


47 FL903090005 Discrepancy -7811.7 -8215.7 -9037.1 -8559.6 -8795.1 -8992.1 -9037.1 -9339.4 -9395.6 47

Lev

els

Z.1, September 16, 2016 135

L.232 Identified Miscellaneous Financial Claims - Part IBillions of dollars; amounts outstanding end of period, not seasonally adjusted

2013 2014 2015 2015 2016 Q1 Q2 Q3 Q4 Q1 Q2

Federal government equity in IBRD, etc.:

1 FL313092803 Liab.: Rest of the world 60.0 62.4 64.6 64.6 64.6 64.6 64.6 64.6 64.6 1 2 FL313092803 Asset: Federal government 60.0 62.4 64.6 64.6 64.6 64.6 64.6 64.6 64.6 2

Federal Reserve Bank stock:

3 FL713164003 Liab.: Monetary authority 27.5 28.6 29.5 28.8 29.1 29.3 29.5 30.1 30.1 3 4 FL713164003 Asset: U.S.-chartered depository institutions 27.5 28.6 29.5 28.8 29.1 29.3 29.5 30.1 30.1 4

Equity in government-sponsored enterprises:

5 FL403192405 Liab.: Government-sponsored enterprises 41.7 42.9 44.2 41.8 42.9 42.3 44.2 42.7 45.4 5

6 FL103092405 Asset: Nonfin. corporate business (Fannie Mae and FCS) 0.6 0.7 0.8 0.8 0.8 0.8 0.8 0.9 1.0 6 7 FL113092405 Nonfinancial noncorporate (FCS) 7.7 8.5 9.0 8.6 8.7 8.8 9.0 9.1 9.5 7 8 FL313092403 Federal government 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8 9 FL763092405 U.S.-chartered depository institutions (FHLB) 27.8 27.3 25.9 25.7 25.9 24.4 25.9 24.3 26.7 9 10 FL473092403 Credit unions (FHLB) 2.4 2.9 3.3 3.0 3.2 3.3 3.3 3.5 3.2 10 11 FL513092403 Property-casualty insurance companies (FHLB) 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.2 11 12 FL543092473 Life insurance companies (FHLB) 2.9 3.0 3.4 3.1 3.4 3.5 3.4 3.5 3.6 12 13 FL613092403 Finance companies 0.1 0.1 0.2 0.1 0.1 0.2 0.2 0.2 0.2 13 14 FL643092473 Real estate investment trusts (FHLB) 0.1 0.3 1.4 0.4 0.6 1.1 1.4 1.1 1.0 14

Holding company net transactions with subsidiaries:

15 FL763194735 Liab.: U.S.-chartered depository institutions 1937.2 2133.2 2169.7 2112.8 2140.2 2158.6 2169.7 2206.6 2278.6 15 16 FL513194733 Property-casualty insurance companies 5.2 5.3 4.5 3.9 4.6 4.8 4.5 4.0 4.4 16 17 FL543194733 Life insurance companies 10.7 11.5 12.0 11.8 11.8 12.1 12.0 12.9 13.7 17 18 FL613194733 Finance companies 75.4 62.2 59.7 61.1 58.6 58.3 59.7 56.1 56.2 18 19 FL663194735 Brokers and dealers 1087.6 1092.4 1018.3 1075.6 1129.6 1133.5 1018.3 1040.5 974.1 19 20 FL263194735 Rest of the world 97.9 83.3 92.1 92.0 82.8 97.1 92.1 93.9 110.4 20

21 FL733094703 Asset: Holding companies 3214.0 3387.9 3356.3 3357.1 3427.7 3464.4 3356.3 3414.0 3437.4 21

NFC investment in finance company subsidiaries:

22 FL103094105 Liab.: Finance companies 86.4 100.5 96.4 98.6 94.5 94.2 96.4 90.6 90.8 22 23 FL103094105 Asset: Nonfinancial corporate business 86.4 100.5 96.4 98.6 94.5 94.2 96.4 90.6 90.8 23

Funding corporations’ investment in subsidiaries:

24 FL753194503 Liab.: Foreign banking offices in U.S. 123.5 103.2 105.4 96.2 109.1 108.4 105.4 127.1 114.9 24 25 FL663194505 Brokers and dealers 584.3 607.4 643.9 632.9 618.7 632.9 643.9 672.0 686.7 25

26 FL503094505 Asset: Funding corporations 707.8 710.6 749.3 729.1 727.8 741.3 749.3 799.2 801.6 26

Equity investment under Public-Private Inv. Program:

27 FL503194305 Liab.: Funding corporations 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 27 28 FL153094305 Asset: Households (1) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 28 29 FL313094303 Federal government 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 29

(1) Funds invested by financial institutions such as domestic hedge funds through the Public-Private Investment Program (PPIP).

Lev

els

136 Z.1, September 16, 2016

L.233 Identified Miscellaneous Financial Claims - Part IIBillions of dollars; amounts outstanding end of period, not seasonally adjusted

2013 2014 2015 2015 2016 Q1 Q2 Q3 Q4 Q1 Q2

Nonofficial foreign currencies:

1 FL263191103 Liab.: Rest of the world 2.9 4.2 3.6 3.4 3.3 3.3 3.6 2.8 5.6 1 2 FL313091105 Asset: Federal government 2.6 2.6 2.6 2.6 2.6 2.6 2.6 2.6 2.6 2 3 FL713091103 Monetary authority (1) 0.3 1.5 1.0 0.8 0.6 0.7 1.0 0.1 3.0 3

Postal Savings System deposits:

4 FL313131003 Liab.: Federal government 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4 5 FL313131003 Asset: Household sector 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 FL403197033 Liab.: Government-sponsored enterprises 10.6 9.1 8.5 10.2 9.2 8.3 8.5 8.3 8.7 6 7 FL403197033 Asset: U.S.-chartered depository institutions 10.6 9.1 8.5 10.2 9.2 8.3 8.5 8.3 8.7 7

Funding agreements backing securities (2):

8 FL673090543 Liab.: Life insurance companies 61.1 70.4 71.9 71.9 70.4 67.4 71.9 71.0 73.0 8 9 FL673090543 Asset: ABS issuers 61.1 70.4 71.9 71.9 70.4 67.4 71.9 71.0 73.0 9

Deferred and unpaid life insurance premiums:

10 FL543077073 Liab.: Household sector 27.9 29.1 30.6 30.2 31.0 30.6 30.6 31.8 32.7 10 11 FL543077073 Asset: Life insurance companies 27.9 29.1 30.6 30.2 31.0 30.6 30.6 31.8 32.7 11

Life insurance company reserves:

12 FL543195005 Liab.: Life insurance companies 304.2 310.0 313.1 312.3 311.1 314.6 313.1 320.5 327.8 12 13 FL543195105 Accident and health 222.8 228.3 236.1 230.2 231.1 234.8 236.1 241.9 248.4 13 14 FL543195205 Policy dividend accumulation 38.5 38.8 33.5 37.4 36.0 34.7 33.5 34.0 34.9 14 15 FL543195373 Contract claims 42.8 42.9 43.5 44.7 44.0 45.0 43.5 44.6 44.6 15

16 FL543195005 Asset: Household sector 304.2 310.0 313.1 312.3 311.1 314.6 313.1 320.5 327.8 16

Policy payables:

17 FL513176003 Liab.: Property-casualty insurance companies 807.8 822.5 838.1 821.1 828.8 838.9 838.1 845.0 849.2 17

18 FL153076005 Asset: Household sector 358.5 350.1 373.5 353.4 361.0 370.0 373.5 378.0 381.0 18 19 FL103076005 Nonfinancial corporate business 333.0 343.3 345.7 341.9 344.1 347.1 345.7 348.1 349.6 19 20 FL113076005 Nonfinancial noncorporate business 116.4 129.1 118.9 125.8 123.7 121.8 118.9 118.8 118.7 20

Unallocated insurance company contracts:

21 FL593095005 Liab.: Life insurance companies 676.2 672.3 665.9 681.3 678.2 656.9 665.9 666.1 671.8 21 22 FL573095005 Asset: Private pension funds 525.5 527.4 519.5 534.6 530.9 513.9 519.5 519.9 523.7 22 23 FL223095505 State and local government retirement funds 150.7 144.9 146.4 146.8 147.3 143.0 146.4 146.2 148.2 23

Pension fund contributions payable:

24 FL573074005 Liab.: Nonfinancial corporate business 79.0 76.1 71.8 74.7 73.7 72.7 71.8 69.9 68.1 24 25 FL573074005 Asset: Private pension funds 79.0 76.1 71.8 74.7 73.7 72.7 71.8 69.9 68.1 25

Securities borrowed (net):

26 FL663097005 Liab.: Funding corporations 673.5 720.6 706.8 755.4 703.1 747.5 706.8 785.7 719.0 26 27 FL663097005 Asset: Brokers and dealers 673.5 720.6 706.8 755.4 703.1 747.5 706.8 785.7 719.0 27

Retiree health care funds (3):

28 FL313195105 Liab.: Federal government 246.9 257.3 264.7 253.2 250.6 251.0 264.7 263.0 265.0 28 29 FL313195105 Asset: Household sector 246.9 257.3 264.7 253.2 250.6 251.0 264.7 263.0 265.0 29

Claims of pension fund on sponsor:

30 FL573073005 Liab.: Nonfinancial corporate business 219.4 283.5 496.9 305.9 358.4 519.6 496.9 536.1 551.6 30 31 FL343073005 Federal government 1785.7 1806.2 1821.7 1937.9 2091.7 2210.6 1821.7 1860.2 1883.5 31 32 FL223073045 State and local governments 1437.5 1503.9 1832.3 1541.9 1591.0 1878.4 1832.3 1899.1 1947.5 32

33 FL573073005 Asset: Private pension funds 219.4 283.5 496.9 305.9 358.4 519.6 496.9 536.1 551.6 33 34 FL343073005 Federal government retirement funds 1785.7 1806.2 1821.7 1937.9 2091.7 2210.6 1821.7 1860.2 1883.5 34 35 FL223073045 State and local govt. retirement funds 1437.5 1503.9 1832.3 1541.9 1591.0 1878.4 1832.3 1899.1 1947.5 35

(1) Reciprocal currency arrangements (swap lines) with foreign central banks.(2) Equal to funding agreement-backed securities (FABS) issued by domestic issuers of asset-backed securities. Funding agreement-backed securities issued by foreign entities are included in foreign direct investment in the U.S. See tables L.133 and L.230.(3) Includes Uniform Services Retiree Health Care Fund and Postal Service Retiree Health Benefits Fund.

Lev

els

Z.1, September 16, 2016 137

L.234 Unidentified Miscellaneous Financial ClaimsBillions of dollars; amounts outstanding end of period, not seasonally adjusted

2013 2014 2015 2015 2016 Q1 Q2 Q3 Q4 Q1 Q2



4 FL313193013 Federal government 2.3 1.8 1.2 1.6 1.5 1.3 1.2 1.0 0.9 4 5 FL713193005 Monetary authority 16.0 18.4 18.1 21.6 21.0 19.4 18.1 18.5 18.0 5 6 FL763193005 U.S.-chartered depository institutions 578.9 717.8 719.6 750.3 747.5 771.1 719.6 743.0 790.2 6 7 FL753193005 Foreign banking offices in U.S. 111.1 119.6 108.3 129.4 105.1 112.4 108.3 127.6 141.3 7 8 FL743193005 Banks in U.S.-affiliated areas 14.3 12.7 10.4 11.8 12.6 10.9 10.4 10.8 10.7 8 9 FL473193005 Credit unions 14.2 15.4 16.0 15.9 16.7 15.7 16.0 21.0 17.1 9

10 FL543193005 Life insurance companies 350.2 374.4 372.1 392.4 368.4 391.9 372.1 402.3 447.3 10 11 FL403193005 Government-sponsored enterprises 62.4 59.0 53.7 58.0 52.8 55.4 53.7 54.0 51.5 11 12 FL613193005 Finance companies -27.2 -36.6 -33.4 -36.1 -36.6 -34.3 -33.4 -49.4 -65.6 12 13 FL643193005 REITs 74.1 82.3 80.4 81.3 82.9 93.3 80.4 85.1 92.5 13

14 FL663193005 Brokers and dealers -1263.1 -1310.9 -1271.4 -1313.1 -1346.6 -1373.0 -1271.4 -1342.5 -1288.3 14 15 FL733193005 Holding companies 739.4 708.2 408.9 699.0 686.0 629.6 408.9 403.0 398.3 15 16 FL503193005 Funding corporations -22.3 -82.7 14.7 -82.2 -8.8 -20.2 14.7 22.5 110.7 16

17 FL893093005 Total assets 13127.9 13872.5 14437.3 14175.0 14269.9 14369.6 14437.3 14704.1 14928.0 17





30 FL633093005 Money market mutual funds 31.6 17.0 10.0 16.9 14.6 12.9 10.0 12.3 8.4 30 31 FL653093005 Mutual funds 246.2 268.3 217.1 272.7 250.3 217.4 217.1 244.6 302.4 31 32 LM563093003 Exchange-traded funds 64.0 57.0 49.3 60.4 57.9 52.7 49.3 63.6 76.6 32

33 FL403093005 Government-sponsored enterprises 165.6 154.7 148.2 164.7 166.3 154.2 148.2 156.1 164.0 33 34 FL613093005 Finance companies -184.3 -172.0 -188.2 -172.1 -199.7 -212.7 -188.2 -199.7 -229.2 34 35 FL643093005 REITs 109.1 126.5 136.7 133.1 137.3 140.1 136.7 142.7 150.2 35

36 FL663093005 Brokers and dealers 155.9 145.3 108.7 137.5 130.2 121.5 108.7 96.1 105.1 36 37 FL733093005 Holding companies 850.3 787.6 450.1 784.8 753.9 693.1 450.1 453.4 446.3 37

38 FL903090005 Discrepancy -7811.7 -8215.7 -9037.1 -8559.6 -8795.1 -8992.1 -9037.1 -9339.4 -9395.6 38

Bal

ance

Sh

eets

138 Z.1, September 16, 2016

B.101 Balance Sheet of Households and Nonprofit Organizations (1)Billions of dollars; amounts outstanding end of period, not seasonally adjusted

2013 2014 2015 2015 2016 Q1 Q2 Q3 Q4 Q1 Q2

1 FL152000005 Assets 92701.4 98111.0 101679.8 99977.7 100696.4 99461.6 101679.8 102512.0 103750.3 1

2 FL152010005 Nonfinancial assets 27228.0 28701.2 30462.6 29190.2 29597.3 30008.4 30462.6 30896.7 31419.8 2

3 LM155035005 Real estate 21849.2 23195.1 24756.0 23639.2 23979.5 24350.5 24756.0 25120.8 25594.7 3 4 LM155035015 Households (2,3) 19194.5 20273.2 21532.6 20614.9 20902.2 21195.0 21532.6 21882.0 22290.0 4 5 LM165035005 Nonprofit organizations 2654.7 2921.9 3223.4 3024.3 3077.2 3155.5 3223.4 3238.8 3304.7 5 6 FL165015205 Equipment (nonprofits) (4) 311.6 320.4 331.0 323.9 326.2 328.7 331.0 333.0 334.6 6 7 FL165013765 Intellectual property products (nonprofits) (4) 126.0 132.8 138.9 134.9 136.7 138.1 138.9 140.9 143.2 7 8 FL155111005 Consumer durable goods (4) 4941.2 5052.9 5236.8 5092.2 5154.9 5191.1 5236.8 5301.9 5347.4 8

9 FL154090005 Financial assets 65473.4 69409.8 71217.1 70787.5 71099.1 69453.2 71217.1 71615.4 72330.4 9



20 FL154023005 Loans 970.7 1024.0 970.3 1025.7 997.5 995.1 970.3 1008.6 1007.6 20 21 FL153069005 Other loans and advances (5) 841.4 893.2 842.6 895.7 867.9 866.3 842.6 884.4 886.7 21 22 FL153065005 Mortgages 77.5 83.2 83.5 83.2 83.6 83.3 83.5 81.4 79.5 22 23 FL163066223 Consumer credit (student loans) 51.8 47.6 44.2 46.8 46.1 45.5 44.2 42.8 41.4 23

24 LM153064105 Corporate equities (2) 12849.7 14364.9 14158.2 14901.5 14834.8 13491.7 14158.2 14196.3 14524.3 24 25 LM153064205 Mutual fund shares (6) 6250.3 6726.7 6519.4 6822.8 6814.1 6376.1 6519.4 6529.8 6672.9 25 26 FL153040005 Life insurance reserves 1233.0 1282.8 1310.6 1300.0 1303.8 1298.3 1310.6 1324.3 1337.7 26 27 FL153050005 Pension entitlements (7) 19860.9 20658.7 21247.6 21039.5 21169.8 20878.3 21247.6 21455.2 21733.0 27 28 FL152090205 Equity in noncorporate business (8) 9326.3 9980.7 10747.6 10244.9 10396.1 10564.9 10747.6 10813.7 10978.7 28 29 FL153090005 Miscellaneous assets 909.6 917.4 951.3 918.9 922.7 935.6 951.3 961.5 973.8 29

30 FL154190005 Liabilities 13792.6 14167.0 14509.5 14152.4 14293.4 14372.8 14509.5 14524.3 14687.6 30

31 FL163162003 Debt securities (municipal securities) (10) 235.6 228.8 220.8 228.4 224.7 222.1 220.8 220.9 220.8 31 32 FL154123005 Loans 13274.1 13651.0 13998.8 13635.2 13778.7 13860.9 13998.8 14012.1 14174.7 32 33 FL153165105 Home mortgages (9) 9403.9 9397.1 9479.6 9368.8 9409.3 9456.7 9479.6 9497.4 9553.2 33 34 FL153166000 Consumer credit 3096.2 3318.0 3535.7 3322.8 3397.8 3481.4 3535.7 3539.4 3605.3 34 35 FL153168005 Depository institution loans n.e.c. 90.8 211.9 325.7 232.5 246.3 268.7 325.7 339.3 366.5 35 36 FL153169005 Other loans and advances 480.5 513.7 437.2 499.0 510.1 436.5 437.2 413.5 424.5 36 37 FL163165505 Commercial mortgages (10) 202.7 210.3 220.7 212.2 215.1 217.7 220.7 222.6 225.3 37

38 FL163170003 Trade payables (10) 255.0 258.1 259.4 258.5 258.9 259.2 259.4 259.4 259.4 38 39 FL543077073 Deferred and unpaid life insurance premiums 27.9 29.1 30.6 30.2 31.0 30.6 30.6 31.8 32.7 39

40 FL152090005 Net worth 78908.9 83944.0 87170.2 85825.4 86403.0 85088.8 87170.2 87987.7 89062.7 40

Memo:

41 FL893131573 Assets held in IRAs (11) 6835.0 7266.0 7329.0 7445.0 7504.0 7133.0 7329.0 7400.0 ND 41 42 FL154023205 Assets held in 529 college plans (11) 227.1 247.9 253.2 255.8 258.5 245.5 253.2 255.9 260.5 42 43 LM154023223 College savings plans 204.1 223.9 229.8 231.7 234.2 221.7 229.8 232.5 237.0 43 44 FL154023213 Prepaid tuition plans 23.0 24.0 23.4 24.1 24.3 23.8 23.4 23.4 23.5 44

Replacement-cost value of structures: 45 FL155012605 Residential 14257.4 15097.8 15373.5 15117.0 15129.2 15261.8 15373.5 15510.8 15787.9 45 46 FL155012665 Households 14033.1 14862.6 15134.9 14881.7 14894.0 15024.7 15134.9 15270.2 15543.2 46 47 FL165012665 Nonprofit organizations 224.3 235.2 238.6 235.3 235.2 237.1 238.6 240.6 244.8 47 48 FL165013665 Nonresidential (nonprofits) 1575.9 1626.6 1662.8 1630.7 1633.8 1650.9 1662.8 1658.9 1674.1 48

49 FA156012005 Disposable personal income (DPI) (SAAR) 12395.8 13022.7 13519.8 13276.5 13464.7 13611.7 13726.4 13807.4 13954.4 49 50 FL152090006 Net worth/DPI (percent) (line 40/line 49) 636.58 644.60 644.76 646.45 641.70 625.12 635.06 637.25 638.24 50 51 FL155035065 Owners’ equity in real estate (line 4 less line 33) 9790.6 10876.1 12053.0 11246.2 11492.9 11738.3 12053.0 12384.6 12736.8 51 52 FL155035066 Owners’ equity/real estate (percent) (line 51/line 4) 51.01 53.65 55.98 54.55 54.98 55.38 55.98 56.60 57.14 52

(1) Sector includes domestic hedge funds, private equity funds, and personal trusts.(2) At market value.(3) All types of owner-occupied housing including farm houses and mobile homes, as well as second homes that are not rented, vacant homes for sale, and vacant land.(4) At replacement (current) cost.(5) Includes cash accounts at brokers and dealers and syndicated loans to nonfinancial corporate business by nonprofits and domestic hedge funds.(6) Value based on the market values of equities held and the book value of other assets held by mutual funds.(7) Includes public and private defined benefit and defined contribution pension plans and annuities, including those in IRAs and at life insurance companies. Excludes social security.(8) Net worth of nonfinancial noncorporate business (table B.104, line 35) and owners’ equity in unincorporated security brokers and dealers.(9) Includes loans made under home equity lines of credit and home equity loans secured by junior liens, shown on table L.218, line 23.(10) Liabilities of nonprofit organizations.(11) Included in assets shown on the household balance sheet.

Bal

ance

Sh

eets

Z.1, September 16, 2016 139

B.103 Balance Sheet of Nonfinancial Corporate BusinessBillions of dollars; amounts outstanding end of period, not seasonally adjusted

2013 2014 2015 2015 2016 Q1 Q2 Q3 Q4 Q1 Q2

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

1 FL102000005 Assets 34828.9 37170.3 39439.9 37820.1 38382.2 38867.3 39439.9 39793.0 40453.2 1


3 LM105035005 Real estate (1) 10199.0 11371.7 12520.4 11759.0 11951.0 12264.3 12520.4 12592.6 12841.7 3 4 FL105015205 Equipment (2) 4287.4 4446.7 4584.3 4492.3 4521.3 4553.9 4584.3 4618.6 4648.2 4 5 FL105013765 Intellectual property products (2) 1917.4 2007.0 2105.0 2038.8 2067.6 2089.5 2105.0 2134.7 2168.3 5 6 FL105020015 Inventories (2) 2164.4 2203.9 2183.5 2186.1 2213.9 2195.9 2183.5 2192.0 2249.1 6





21 LM103064203 Mutual fund shares (1) 211.0 234.5 235.7 241.1 242.1 228.3 235.7 238.1 244.1 21 22 FL103070005 Trade receivables 2554.8 2625.6 2610.1 2676.0 2719.7 2704.7 2610.1 2643.9 2733.6 22 23 FL103092005 U.S. direct investment abroad (3) 4389.5 4615.6 4807.2 4651.9 4714.2 4724.6 4807.2 4899.4 5013.0 23 24 FL103090005 Miscellaneous assets 7353.3 7877.3 8650.3 8047.8 8202.0 8351.8 8650.3 8745.3 8779.9 24

25 FL104190005 Liabilities 15397.0 16483.7 17275.1 16675.9 16879.9 17058.2 17275.1 17487.4 17629.1 25

26 FL104122005 Debt securities 4815.6 5122.8 5531.4 5247.4 5399.4 5504.6 5531.4 5676.5 5761.8 26 27 FL103169100 Commercial paper 144.5 182.0 176.5 188.2 177.5 201.2 176.5 185.5 186.9 27 28 FL103162000 Municipal securities (4) 527.8 527.8 541.2 533.3 542.6 543.0 541.2 544.9 555.4 28 29 FL103163003 Corporate bonds (3) 4143.3 4413.1 4813.7 4525.9 4679.3 4760.4 4813.7 4946.1 5019.5 29


34 FL103170005 Trade payables 1938.3 2047.1 2013.9 2040.1 2066.7 2040.3 2013.9 1991.2 2047.1 34 35 FL103178000 Taxes payable 44.9 43.5 41.7 58.1 56.1 56.8 41.7 40.2 33.8 35 36 FL103192005 Foreign direct investment in U.S. 2580.2 2740.6 2964.8 2842.9 2903.0 2945.8 2964.8 2976.5 3028.9 36 37 FL103190005 Miscellaneous liabilities 3702.8 4036.5 4164.6 3950.1 3888.6 3984.4 4164.6 4175.7 4136.9 37

38 FL102090005 Net worth (market value) 19432.0 20686.6 22164.8 21144.2 21502.3 21809.2 22164.8 22305.6 22824.1 38

Memo: Replacement-cost value of structures: 39 FL105012665 Residential 179.8 186.7 189.7 186.8 186.9 188.4 189.7 191.4 194.9 39 40 FL105013665 Nonresidential 7934.4 8172.8 8215.2 8160.2 8141.8 8192.3 8215.2 8200.4 8279.8 40 41 LM103164103 Market value of equities outstanding 20560.6 22679.7 21681.4 23067.0 22699.8 20654.6 21681.4 21781.3 22152.0 41 42 FL104104006 Debt/net worth (percent) (lines 26+30/line 38) 36.70 36.82 36.50 36.82 37.04 36.82 36.50 37.23 36.73 42 43 FL104104016 Debt/equities (percent) (lines 26+30/line 41) 34.68 33.58 37.31 33.75 35.09 38.88 37.31 38.12 37.84 43 44 FL103164106 Equities/net worth (percent) (line 41/line 38) 105.81 109.63 97.82 109.09 105.57 94.71 97.82 97.65 97.06 44

With nonfinancial assets stated at historical cost:

45 FL102000115 Assets (sum of lines 7 and 46) 28726.8 30154.2 31590.4 30534.5 30936.6 31192.1 31590.4 31969.0 32367.7 45 46 FL102010115 Nonfinancial assets 12466.0 13013.3 13543.7 13190.5 13308.2 13428.3 13543.7 13713.8 13821.9 46 47 FL105035045 Real estate 4926.2 5177.7 5389.5 5232.7 5281.3 5339.1 5389.5 5463.5 5501.4 47 48 FL105013213 Equipment 3895.2 4062.3 4243.0 4107.3 4151.5 4198.3 4243.0 4282.3 4318.7 48 49 FL105013715 Intellectual property products 1784.7 1870.9 1964.4 1893.0 1917.1 1940.7 1964.4 1988.9 2016.2 49 50 FL105020000 Inventories 1859.9 1902.5 1946.8 1957.5 1958.4 1950.2 1946.8 1979.1 1985.6 50

51 FL102090115 Net worth (historical cost) (line 45 less line 25) 13329.8 13670.6 14315.3 13858.6 14056.7 14134.0 14315.3 14481.6 14738.6 51

Memo: Historical-cost value of structures: 52 FL105012613 Residential 87.1 90.5 94.8 91.5 92.5 93.6 94.8 96.0 97.2 52 53 FL105013613 Nonresidential 4320.4 4554.9 4750.5 4608.2 4659.0 4707.3 4750.5 4793.1 4834.2 53 54 FL104104026 Debt/net worth (percent) (lines 26+30/line 49) 53.49 55.71 56.51 56.17 56.67 56.82 56.51 57.34 56.87 54

(1) At market value.(2) At replacement (current) cost.(3) Through 1992, corporate bonds include net issues by Netherlands Antillean financial subsidiaries, and U.S. direct investment abroad excludes net inflows from those bond issues.(4) 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.

Bal

ance

Sh

eets

140 Z.1, September 16, 2016

B.104 Balance Sheet of Nonfinancial Noncorporate BusinessBillions of dollars; amounts outstanding end of period, not seasonally adjusted

2013 2014 2015 2015 2016 Q1 Q2 Q3 Q4 Q1 Q2

1 FL112000005 Assets 15378.8 16316.3 17479.2 16670.9 16915.6 17178.0 17479.2 17624.7 17868.9 1


3 LM115035005 Real estate (1) 9536.1 10180.8 10979.1 10446.1 10603.2 10785.8 10979.1 11062.6 11233.6 3 4 LM115035023 Residential 5362.5 5643.9 6156.3 5817.5 5928.6 6031.8 6156.3 6234.7 6346.8 4 5 LM115035035 Nonresidential 4173.6 4536.9 4822.9 4628.6 4674.6 4754.0 4822.9 4827.9 4886.8 5

6 FL115015205 Equipment (2) 810.7 849.1 879.5 859.6 868.7 873.0 879.5 874.8 873.4 6 7 FL115012265 Residential (3) 43.5 42.7 43.0 42.7 43.0 43.0 43.0 42.9 43.2 7 8 FL115013265 Nonresidential 767.2 806.4 836.5 816.9 825.6 830.0 836.5 831.9 830.2 8

9 FL115013765 Intellectual property products (2) 214.3 222.7 233.0 228.6 231.5 233.2 233.0 217.6 198.6 9 10 FL115020005 Inventories (2) 286.8 296.3 261.0 288.5 282.7 268.8 261.0 258.1 257.9 10


12 FL113020005 Checkable deposits and currency 627.5 662.2 705.8 670.5 680.7 691.8 705.8 717.3 728.8 12 13 FL113030003 Time and savings deposits 383.8 409.5 478.4 428.3 435.7 456.1 478.4 498.3 513.3 13 14 FL113034003 Money market fund shares 82.7 86.6 91.9 88.0 89.1 90.3 91.9 93.0 94.6 14



21 FL113070003 Trade receivables 647.8 678.4 731.4 689.0 701.5 714.9 731.4 744.0 756.6 21 22 FL113090005 Miscellaneous assets 2694.6 2831.8 3012.4 2872.1 2920.3 2960.0 3012.4 3050.7 3101.9 22 23 FL113076005 Insurance receivables 116.4 129.1 118.9 125.8 123.7 121.8 118.9 118.8 118.7 23 24 FL113092405 Equity investment in GSEs (4) 7.7 8.5 9.0 8.6 8.7 8.8 9.0 9.1 9.5 24 25 FL113093005 Other 2570.5 2694.2 2884.6 2737.7 2787.9 2829.3 2884.6 2922.8 2973.7 25

26 FL114190005 Liabilities 6068.7 6353.4 6746.3 6443.7 6536.3 6630.5 6746.3 6823.3 6901.1 26




35 FL112090205 Net worth (5) 9310.0 9962.8 10732.9 10227.2 10379.3 10547.5 10732.9 10801.4 10967.8 35

Memo:

Replacement-cost value of structures: 36 FL115012665 Residential 3047.7 3163.6 3188.8 3160.0 3154.5 3173.9 3188.8 3211.0 3262.5 36 37 FL115013665 Nonresidential 1852.1 1919.1 1949.5 1916.6 1914.7 1932.2 1949.5 1985.9 2048.7 37

38 FL114104006 Debt/net worth (percent) (line 27/line 35) 44.71 43.82 43.76 43.25 43.39 43.52 43.76 44.15 44.15 38

(1) At market value.(2) At replacement (current) cost.(3) Durable goods in rental properties.(4) Equity in the Farm Credit System.(5) Included in table B.101, line 29.

Bal

ance

Sh

eets

Z.1, September 16, 2016 141

R.101 Change in Net Worth of Households and Nonprofit OrganizationsBillions of dollars; not seasonally adjusted

2013 2014 2015 2015 2016 Q1 Q2 Q3 Q4 Q1 Q2

1 FC152090005 Change in net worth (1) 9487.1 5035.1 3226.3 1881.4 577.7 -1314.2 2081.5 817.5 1075.0 1

2 FU155060005 Net investment 1207.0 1253.4 1356.9 592.5 9.6 333.4 421.4 596.6 146.5 2

3 FU155061005 Net physical investment 321.3 359.9 450.0 104.8 112.7 115.1 117.3 126.4 128.3 3 4 FU155050005 Capital expenditures 1734.4 1821.3 1955.3 475.8 486.5 493.8 499.1 502.3 509.1 4 5 FU156300005 - Consumption of fixed capital 1413.1 1461.4 1505.3 371.0 373.8 378.7 381.8 375.9 380.7 5

6 FU155000005 Net lending (+) or net borrowing (-) 885.7 893.5 907.0 487.7 -103.1 218.3 304.1 470.2 18.2 6 7 FU154090005 Net acquisition of financial assets 1120.9 1312.9 1298.7 490.0 49.5 307.1 452.1 494.0 190.5 7 8 FU154190005 - Net increase in liabilities 235.2 419.4 391.8 2.3 152.5 88.8 148.0 23.8 172.3 8

Holding gains on assets 9 FR158000005 at market value (2) 7784.5 3765.6 1579.6 1367.7 297.2 -1605.8 1520.4 414.8 1023.8 9

10 FR155035005 Real estate 2127.6 1214.3 1369.0 401.8 293.2 321.5 352.6 310.3 416.7 10 11 FR153064105 Corporate equities 2921.9 1344.9 -207.8 431.6 -93.5 -1185.5 639.5 34.0 240.6 11 12 FR153064205 Mutual fund shares 768.6 235.1 -275.4 40.1 -21.7 -442.9 149.1 12.4 113.0 12 13 FR152090205 Equity in noncorporate business 967.7 623.9 713.0 251.3 141.7 147.9 172.1 42.1 136.5 13 14 FR153040005 Life insurance reserves 37.4 12.7 -6.1 5.0 -1.3 -17.3 7.5 0.6 4.7 14 15 FR153050005 Pension entitlements 961.2 334.6 -13.0 237.9 -21.2 -429.4 199.7 15.3 112.2 15 16 FR153094305 Equity investment under PPIP 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16

Holding gains on assets 17 FR158100005 at current cost (2) -90.0 -99.2 -55.9 -17.4 0.9 -24.5 -14.9 0.5 -22.2 17

18 FR155111005 Consumer durable goods -93.4 -101.7 -58.0 -19.5 0.9 -24.7 -14.7 -0.5 -22.6 18 19 FR165015205 Equipment 0.3 1.0 1.1 1.1 -0.3 0.0 0.3 0.3 -0.1 19 20 FR165013765 Intellectual property products 3.1 1.5 1.0 0.9 0.3 0.1 -0.4 0.7 0.5 20

21 FV158090005 Other volume changes (3) 585.6 115.3 345.6 -61.4 269.9 -17.4 154.5 -194.4 -73.2 21

Memo:

22 FL152090005 Net worth outstanding (4) 78908.9 83944.0 87170.2 85825.4 86403.0 85088.8 87170.2 87987.7 89062.7 22 23 FA156012005 Disposable personal income 12395.8 13022.7 13519.8 13276.5 13464.7 13611.7 13726.4 13807.4 13954.4 23

(1) Sum of net investment (line 2), holding gains (lines 9 and 17), and other volume changes (line 21).(2) Calculated as change in amount outstanding less net purchases during period less disaster-related losses to fixed assets.(3) Consists of statistical discontinuities and disaster-related losses to fixed assets. Also includes the difference between series for consumption of fixed capital published by BEA.(4) Table B.101, line 41.

Bal

ance

Sh

eets

142 Z.1, September 16, 2016

R.103 Change in Net Worth of Nonfinancial Corporate BusinessBillions of dollars; not seasonally adjusted

2013 2014 2015 2015 2016 Q1 Q2 Q3 Q4 Q1 Q2

1 FC102090005 Change in net worth (1) 2186.5 1254.7 1478.1 457.6 358.1 306.9 355.6 140.8 518.4 1

2 FU105060005 Net investment 44.4 -502.6 -150.7 -87.3 71.4 -71.7 -63.1 -124.3 18.5 2

3 FU105061005 Net physical investment 334.4 393.1 381.1 88.0 132.4 88.2 72.4 65.7 83.6 3 4 FU105050005 Capital expenditures 1565.0 1677.4 1765.7 436.4 463.6 438.2 427.5 419.5 412.1 4 5 FU106300005 - Consumption of fixed capital 1227.3 1281.3 1329.8 328.0 329.5 335.1 337.2 338.5 341.4 5 6 FU105020601 - Inventory valuation adjustment 3.3 3.0 54.8 20.3 1.7 14.9 17.8 15.3 -12.8 6

7 FU105000005 Net lending (+) or net borrowing (-) 62.9 -503.5 31.3 -27.4 61.4 -2.8 0.2 -33.5 105.6 7 8 FU104090005 Net acquisition of financial assets 989.6 790.2 918.5 190.7 286.5 207.3 233.9 203.4 272.3 8 9 FU104190005 - Net increase in liabilities 926.7 1293.7 887.1 218.2 225.1 210.1 233.8 236.9 166.7 9

10 FU103164103 Net corporate equity issues -352.9 -392.2 -563.1 -147.8 -122.4 -157.1 -135.8 -156.5 -170.6 10

Holding gains on assets 11 FR108000005 at market value (2) 1364.9 1049.9 1038.1 366.8 170.9 262.7 237.7 25.0 245.9 11

12 FR105035005 Real estate 1334.6 1041.6 1044.4 362.1 171.8 278.4 232.1 24.5 241.8 12 13 FR103064203 Mutual fund shares 30.2 8.4 -6.2 4.7 -0.8 -15.7 5.6 0.5 4.1 13

Holding gains on assets less 14 FR108100005 liabilities at current cost (2) 15.9 -38.7 -39.6 37.1 8.9 -67.1 -18.5 81.7 194.7 14

15 FR105015205 Equipment 29.0 28.2 -9.9 9.3 -6.7 -6.1 -6.4 3.1 1.5 15 16 FR105013765 Intellectual property products 41.1 23.8 26.3 14.9 10.2 3.7 -2.6 10.9 12.0 16 17 FR105020015 Inventories (3) -5.9 -15.3 -46.7 -25.0 6.6 -19.7 -8.6 13.5 46.3 17

18 FR103092005 Direct investment abroad -43.8 -67.1 -105.2 -50.1 -16.1 -43.1 4.0 22.2 39.5 18 19 FR103192005 - Foreign direct investment in U.S. 4.5 8.2 -95.9 -87.9 -14.8 1.9 4.9 -31.9 -95.4 19

20 FV108090005 Other volume changes (4) 761.4 746.0 630.3 141.0 106.9 182.9 199.6 158.5 59.3 20

Memo:

21 FL102090005 Net worth outstanding (5) 19432.0 20686.6 22164.8 21144.2 21502.3 21809.2 22164.8 22305.6 22824.1 21

(1) Sum of net investment (line 2), holding gains (lines 11 and 14), and other volume changes (line 20).(2) Calculated as change in amount outstanding less net purchases during period less disaster-related losses to fixed assets.(3) Before inventory valuation adjustment.(4) Consists of statistical discontinuities and disaster-related losses to fixed assets.(5) Table B.103, line 38.

Bal

ance

Sh

eets

Z.1, September 16, 2016 143

R.104 Change in Net Worth of Nonfinancial Noncorporate BusinessBillions of dollars; not seasonally adjusted

2013 2014 2015 2015 2016 Q1 Q2 Q3 Q4 Q1 Q2

1 FC112090205 Change in net worth (1) 1154.8 652.8 770.1 264.4 152.1 168.2 185.4 68.5 166.4 1

2 FU115440005 Net capital transfers paid -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2

3 FU115060005 Net investment 186.8 25.9 49.2 12.3 9.4 14.4 13.0 25.5 28.9 3

4 FU115061005 Net physical investment 70.9 75.9 85.5 22.7 21.3 21.4 20.2 17.9 13.4 4 5 FU115050005 Capital expenditures 355.3 374.5 394.2 99.0 98.0 98.9 98.3 96.5 92.8 5 6 FU116300005 - Consumption of fixed capital 284.4 298.6 308.7 76.4 76.7 77.5 78.1 78.6 79.4 6

7 FU115000005 Net lending (+) or net borrowing (-) -70.9 -75.9 -85.5 -22.7 -21.3 -21.4 -20.2 -17.9 -13.4 7 8 FU114090005 Net acquisition of financial assets 304.5 236.6 359.2 80.8 81.3 87.8 109.3 85.1 93.7 8 9 FU114190005 - Net increase in liabilities 375.4 312.5 444.8 103.5 102.6 109.2 129.6 103.0 107.1 9

10 FU112090205 Proprietor’s net investment (2) 186.8 25.9 49.2 12.3 9.4 14.4 13.0 25.5 28.9 10

11 FR115035005 Holding gains on real estate (3) 974.0 616.2 762.1 256.8 148.3 173.2 183.8 73.5 161.7 11

12 FR115035023 Residential 522.5 275.4 496.2 170.4 107.4 98.9 119.6 72.9 106.5 12 13 FR115035035 Nonresidential 451.5 340.8 265.9 86.5 40.9 74.3 64.2 0.6 55.2 13

14 FR118100005 Holding gains on assets at current cost (3) -10.5 8.2 -43.6 -5.6 -6.3 -19.9 -11.8 -31.0 -24.6 14

15 FR115012265 Residential equipment -2.0 -2.3 -1.5 -0.5 -0.1 -0.5 -0.4 -0.6 -0.3 15 16 FR115013265 Nonresidential equipment 9.4 7.2 2.3 2.6 1.7 -2.6 0.5 -9.2 -5.3 16 17 FR115013765 Intellectual property products 3.8 2.0 2.8 4.8 1.3 -0.4 -2.8 -18.0 -21.5 17 18 FR115020005 Inventories -21.3 1.9 -47.6 -12.5 -9.2 -16.4 -9.4 -3.2 2.5 18 19 FR115114005 - Foreign direct investment in U.S. 0.3 0.6 -0.3 0.0 0.0 0.0 -0.3 0.0 0.0 19

20 FV118090005 Other volume changes (4) 4.5 2.5 2.4 0.9 0.6 0.5 0.5 0.5 0.5 20

Memo:

21 FL112090205 Net worth outstanding (5) 9310.0 9962.8 10732.9 10227.2 10379.3 10547.5 10732.9 10801.4 10967.8 21

(1) Sum of net capital transfers paid (line 2), net investment (line 3), holding gains (lines 11 and 14), and other volume changes (line 20).(2) Shown on table F.104, line 32.(3) Calculated as change in amount outstanding less net investment during period less disaster-related losses to fixed assets.(4) Consists of statistical discontinuities and disaster-related losses to fixed assets.(5) Table B.104, line 35.

Su

pp

lem

ents

144 Z.1, September 16, 2016

B.101.e Balance Sheet of Households and Nonprofit Organizations with Equity DetailBillions of dollars; amounts outstanding end of period, not seasonally adjusted

2013 2014 2015 2015 2016 Q1 Q2 Q3 Q4 Q1 Q2

1 FL152000005 Assets 92701.4 98111.0 101679.8 99977.7 100696.4 99461.6 101679.8 102512.0 103750.3 1



4 FL154000025 Deposits (1) 9602.6 10197.6 10743.7 10341.0 10315.0 10418.4 10743.7 10853.5 10860.2 4

5 FL154022005 Debt securities 4470.3 4257.1 4568.6 4193.3 4345.2 4494.8 4568.6 4472.6 4242.2 5

6 FL154023005 Loans 970.7 1024.0 970.3 1025.7 997.5 995.1 970.3 1008.6 1007.6 6

7 LM153064475 Equity shares at market value 21761.5 23914.9 23495.3 24651.3 24603.5 22438.1 23495.3 23491.6 23943.7 7

8 LM153064105 Directly held 12849.7 14364.9 14158.2 14901.5 14834.8 13491.7 14158.2 14196.3 14524.3 8

9 LM153064175 Indirectly held 8911.8 9550.0 9337.1 9749.7 9768.6 8946.4 9337.1 9295.3 9419.3 9

10 LM543064153 Life insurance companies 1322.1 1371.1 1315.6 1395.4 1387.9 1256.4 1315.6 1296.1 1300.9 10 11 LM573064175 Private pension funds (2) 3009.9 3262.7 3254.3 3354.4 3365.0 3113.7 3254.3 3281.9 3351.5 11 12 LM343064123 Federal govt. retirement funds (2) 195.0 208.2 210.2 216.0 215.6 197.8 210.2 208.0 210.7 12 13 LM223064213 State and local govt. retirement funds (2) 215.2 207.1 197.0 211.0 209.1 189.2 197.0 199.3 201.2 13 14 LM653064155 Mutual funds 4169.5 4500.9 4360.0 4572.9 4591.0 4189.4 4360.0 4310.0 4355.1 14

15 FL153099475 Other 28668.3 30016.2 31439.3 30576.2 30837.9 31106.8 31439.3 31789.1 32276.8 15

16 FL154190005 Liabilities 13792.6 14167.0 14509.5 14152.4 14293.4 14372.8 14509.5 14524.3 14687.6 16

17 FL152090005 Net worth 78908.9 83944.0 87170.2 85825.4 86403.0 85088.8 87170.2 87987.7 89062.7 17

Memo:

Equity shares (line 7) as a percent of 18 FL153064476 Total assets (line 1) 23.47 24.38 23.11 24.66 24.43 22.56 23.11 22.92 23.08 18 19 FL153064486 Financial assets (line 3) 33.24 34.45 32.99 34.82 34.60 32.31 32.99 32.80 33.10 19

(1) Includes foreign deposits, checkable deposits and currency, time and savings deposits, and money market mutual fund shares.(2) Defined contribution plans. Assets held by defined benefit pension funds are not considered assets of the household sector. Defined benefit pension entitlements are included in line 15.

Su

pp

lem

ents

Z.1, September 16, 2016 145

F.101.a Nonprofit Organizations (1)Billions of dollars; quarterly figures are seasonally adjusted annual rates

1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000

1 FA165000005 Net lending (+) or net borrowing (-) 56.4 45.0 24.3 10.8 24.5 11.9 54.6 50.0 87.1 12.9 6.0 -4.9 43.9 1

2 FA164090005 Net acquisition of financial assets 73.7 78.6 56.4 48.4 54.2 46.0 78.5 86.5 123.4 51.1 59.5 29.9 112.4 2

3 FA163020005 Checkable deposits and currency 0.5 -1.0 1.3 4.0 1.2 1.7 -2.5 2.3 8.3 2.9 3.1 2.3 5.1 3 4 FA163030005 Time and savings deposits -0.2 5.4 -6.2 10.4 -2.4 -1.5 0.2 0.2 1.1 0.3 1.1 0.6 0.8 4

5 FA163034005 Money market fund shares -13.1 4.9 -1.2 32.9 4.0 -13.8 1.1 1.2 9.4 -1.8 7.1 3.8 4.5 5 6 FA162051005 Security repurchase agreements (2) 0.4 3.1 -2.2 -1.3 6.0 0.5 0.2 0.2 1.4 0.0 1.3 0.7 0.8 6

7 FA164022005 Debt securities 55.7 21.0 22.9 -17.5 10.0 24.6 16.7 37.9 36.1 22.5 35.5 45.9 30.9 7 8 FA163069103 Open market paper 38.2 -5.7 5.8 -35.2 -5.8 12.4 4.7 2.0 4.1 1.3 3.0 4.7 12.4 8 9 FA163061105 Treasury securities 6.4 13.8 4.8 6.1 6.8 5.1 6.4 16.4 13.9 8.9 11.6 17.5 5.4 910 FA163061705 Agency- and GSE-backed securities 4.5 2.6 4.6 3.6 3.1 2.3 2.9 7.6 6.4 4.1 5.4 8.1 2.5 1011 FA163062005 Municipal securities 0.0 0.5 -0.5 0.0 0.2 0.3 0.4 0.1 0.0 -0.1 0.1 0.1 0.0 1112 FA163063005 Corporate and foreign bonds 6.6 9.7 8.2 7.9 5.6 4.5 2.4 11.9 11.7 8.3 15.4 15.4 10.5 12

13 FA164023005 Loans 2.0 3.8 1.9 1.9 2.0 1.7 1.9 2.4 4.1 4.4 5.4 1.9 6.0 1314 FA163065005 Mortgages -0.8 0.9 -0.7 -0.1 0.9 0.9 -0.1 0.9 0.6 0.6 0.9 0.8 1.7 1415 FA163067005 Other loans and advances 2.8 2.8 2.6 2.0 1.1 0.8 2.0 1.5 3.4 3.7 4.6 1.1 4.3 15

16 FA163064105 Corporate equities 5.2 16.1 15.0 -18.6 18.6 8.9 45.1 -10.4 21.0 -30.6 -40.7 -67.4 15.4 1617 FA163064205 Mutual fund shares -1.0 2.6 1.2 -3.3 0.7 -0.7 1.5 1.3 2.4 -1.0 0.4 -3.3 -1.0 17

18 FA163070005 Trade receivables (2) 2.8 2.8 2.6 2.0 1.1 1.8 2.1 1.6 3.5 2.6 4.6 1.1 4.3 18

19 FA162090205 Equity in noncorporate business -0.1 -3.9 -6.0 15.2 10.6 7.0 0.2 10.2 8.4 9.7 12.5 12.0 16.3 19

20 FA163093005 Miscellaneous assets (2) 18.6 21.0 24.5 20.5 1.2 15.0 10.1 38.0 24.4 38.3 24.7 31.2 25.0 20

21 FA164190005 Net increase in liabilities 17.3 33.6 32.1 37.6 29.7 34.1 24.0 36.4 36.3 38.2 53.5 34.7 68.5 21

22 FA163162003 Debt securities (municipal securities) 1.5 3.2 3.0 3.8 2.4 1.1 3.2 0.2 6.1 7.1 11.8 10.4 5.8 22

23 FA164123005 Loans 6.0 8.5 8.9 10.5 7.6 12.8 -0.8 -0.8 4.9 3.5 11.6 3.1 13.5 2324 FA163168003 Depository institution loans n.e.c. 1.6 1.4 1.4 1.6 1.2 2.0 -0.2 -0.1 0.8 0.6 1.9 0.5 2.2 2425 FA163169385 Other loans and advances -0.0 -0.0 0.3 0.4 -0.2 0.1 0.1 -0.1 0.0 -0.2 -0.1 0.1 -0.3 2526 FA163165505 Commercial mortgages 4.4 7.2 7.2 8.6 6.6 10.7 -0.8 -0.6 4.1 3.1 9.9 2.5 11.6 26

27 FA163170003 Trade payables 2.4 16.2 9.3 9.4 5.9 6.0 5.2 7.9 8.0 8.9 8.7 4.1 3.8 27

28 FA163193005 Miscellaneous liabilities (2) 7.4 5.8 10.9 13.8 13.8 14.3 16.5 29.1 17.3 18.7 21.4 17.0 45.4 28

(1) Does not include religious organizations or organizations with less than $25,000 in gross annual receipts.(2) Not included in table F.101.

Su

pp

lem

ents

146 Z.1, September 16, 2016

L.101.a Nonprofit Organizations (1)Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000

1 FL164090005 Total financial assets 616.3 739.0 773.3 861.2 924.4 992.2 1062.6 1252.6 1456.1 1653.1 1844.2 2026.2 2059.5 1

2 FL163020005 Checkable deposits and currency 17.0 15.9 17.3 21.3 22.5 24.1 21.6 23.9 32.1 35.0 38.1 40.4 45.5 2 3 FL163030005 Time and savings deposits 1.5 6.8 0.6 11.1 8.7 7.1 7.3 7.5 8.6 8.9 10.0 10.6 11.4 3

4 FL163034005 Money market fund shares 15.9 20.8 19.6 52.5 56.5 42.7 43.8 45.1 54.5 52.7 59.8 63.6 68.1 4 5 FL162051005 Security repurchase agreements (2) 1.7 4.8 2.5 1.3 7.3 7.8 8.0 8.2 9.6 9.6 10.9 11.6 12.5 5

6 FL164022005 Debt securities 226.7 247.7 270.6 253.1 263.1 287.7 304.5 342.4 378.5 401.0 436.5 482.4 513.2 6 7 FL163069103 Open market paper 93.6 87.9 93.7 58.5 52.7 65.0 69.7 71.7 75.8 77.1 80.2 84.9 97.3 7 8 FL163061105 Treasury securities 55.7 69.5 74.3 80.3 87.1 92.2 98.5 114.9 128.8 137.6 149.2 166.8 172.2 8 9 FL163061705 Agency- and GSE-backed securities 26.3 28.9 33.5 37.1 40.3 42.6 45.5 53.1 59.5 63.6 69.0 77.1 79.6 910 FL163062005 Municipal securities 0.1 0.6 0.1 0.2 0.4 0.8 1.1 1.2 1.3 1.2 1.3 1.5 1.5 1011 FL163063005 Corporate and foreign bonds 51.1 60.8 69.0 77.0 82.6 87.1 89.5 101.4 113.1 121.4 136.8 152.2 162.6 11

12 FL164023005 Loans 28.3 32.0 34.0 35.9 37.9 39.6 41.5 43.9 48.0 52.4 57.8 59.7 65.7 1213 FL163065005 Mortgages 2.6 3.5 2.8 2.8 3.7 4.6 4.5 5.3 6.0 6.6 7.4 8.3 10.0 1314 FL163067005 Other loans and advances 25.7 28.5 31.1 33.1 34.3 35.0 37.1 38.6 42.0 45.8 50.3 51.5 55.8 14

15 LM163064105 Corporate equities 145.8 203.0 197.5 214.6 241.1 270.2 308.2 397.1 494.7 604.9 692.0 769.3 708.6 1516 LM163064205 Mutual fund shares 10.2 15.8 15.3 15.9 17.7 18.5 19.0 24.6 30.4 34.5 38.7 42.7 38.8 16

17 FL163070005 Trade receivables (2) 25.7 28.5 31.1 33.1 34.3 36.1 38.1 39.7 43.2 45.8 50.3 51.5 55.8 17

18 FL162090205 Equity in noncorporate business 26.1 22.2 16.2 31.4 42.0 49.0 49.2 59.4 67.8 77.5 90.0 102.0 118.3 18

19 FL163093005 Miscellaneous assets (2) 92.0 112.9 137.4 158.0 159.2 174.2 184.3 222.2 246.7 285.0 309.7 340.9 365.9 19

20 FL164190005 Liabilities 253.8 287.5 319.5 357.1 386.8 421.0 444.9 481.4 517.7 555.8 609.3 644.1 712.5 20

21 FL163162003 Debt securities (municipal securities) 79.6 82.7 85.7 89.5 91.9 93.0 96.1 96.4 102.4 109.6 121.3 131.7 137.5 21

22 FL164123005 Loans 74.8 83.4 92.2 102.8 110.4 123.1 122.3 121.5 126.4 129.9 141.5 144.7 158.2 2223 FL163168003 Depository institution loans n.e.c. 11.8 13.1 14.5 16.1 17.3 19.3 19.2 19.1 19.8 20.4 22.3 22.7 24.9 2324 FL163169385 Other loans and advances 0.3 0.3 0.5 0.9 0.7 0.8 0.9 0.8 0.9 0.7 0.6 0.7 0.4 2425 FL163165505 Commercial mortgages 62.7 70.0 77.2 85.8 92.3 103.0 102.2 101.6 105.7 108.8 118.7 121.2 132.8 25

26 FL163170003 Trade payables 41.3 57.4 66.8 76.2 82.1 88.1 93.2 101.1 109.1 118.0 126.8 130.9 134.7 26

27 FL163193005 Miscellaneous liabilities (2) 58.2 63.9 74.8 88.6 102.5 116.8 133.3 162.4 179.7 198.4 219.7 236.8 282.1 27

(1) Does not include religious organizations or organizations with less than $25,000 in gross annual receipts.(2) Not included in table L.101.

Inte

grat

ed A

ccou

nts

Z.1, September 16, 2016 147

S.1.a Total Economy - Current AccountBillions of dollars

2008 2009 2010 2011 2012 2013 2014 2015

1 FA896902505 Gross value added 14619.2 14343.4 14915.2 15556.3 16358.5 16829.5 17651.1 18290.3 1 (income approach)

2 FA886300091 Less: Consumption of fixed capital 2363.4 2368.4 2381.6 2450.6 2534.2 2628.9 2745.2 2830.8 2

3 FA896902601 Equals: Net value added 12255.8 11975.0 12533.6 13105.6 13824.3 14200.6 14905.9 15459.5 3 4 FA896025001 Compensation of employees (paid) 8090.0 7795.7 7969.5 8277.1 8618.5 8851.9 9263.7 9704.1 4 5 FA896020001 Wages and salaries 6543.6 6260.1 6385.6 6641.2 6938.9 7126.1 7486.6 7865.8 5 6 FA896401001 Employers’ social contributions 1546.4 1535.6 1583.9 1635.9 1679.6 1725.8 1777.1 1838.2 6 7 FA896240101 Taxes on production and imports less subsidies 989.4 967.8 1001.2 1042.6 1074.0 1115.6 1153.5 1181.0 7 8 FA896402101 Operating surplus, net 3176.5 3211.6 3562.8 3785.9 4131.7 4233.1 4488.7 4574.5 8

9 FA266904095 Plus: Income receipts from the rest of the world 856.9 648.9 720.0 792.6 801.5 825.5 852.1 813.1 910 FA266904195 Less: Income payments to the rest of the world 684.9 497.8 514.1 546.0 563.9 581.3 604.0 607.4 10

11 FA896140001 Equals: Net national income/Balance of primary incomes, net 12427.8 12126.1 12739.5 13352.3 14061.9 14444.8 15153.9 15665.3 1112 FA896402101 Operating surplus, net 3176.5 3211.6 3562.8 3785.9 4131.7 4233.1 4488.7 4574.5 1213 FA156025105 Compensation of employees (received) 8078.3 7787.0 7961.4 8269.0 8609.9 8842.4 9253.4 9693.1 1314 FA156020101 Wages and salaries 6531.9 6251.4 6377.5 6633.2 6930.3 7116.7 7476.3 7854.8 1415 FA156401101 Employers’ social contributions 1546.4 1535.6 1583.9 1635.9 1679.6 1725.8 1777.1 1838.2 1516 FA896240001 Taxes on production and imports, receivable 1041.9 1026.1 1057.1 1102.6 1132.1 1174.9 1210.2 1237.6 1617 FA366402015 Subsidies paid -52.6 -58.3 -55.9 -60.1 -58.0 -59.3 -56.7 -56.6 1718 FA896150105 Property income (received) 6916.9 5815.3 5752.9 6011.3 6248.7 6308.4 6510.4 6633.3 1819 FA896130101 Interest 4234.7 3464.1 3230.4 3233.2 3179.8 3041.5 3084.8 3159.6 1920 FA896120105 Distributed income of corporations 2390.7 2072.0 2166.7 2410.7 2727.7 2894.6 3033.2 3114.6 2021 FA896121101 Dividends 1255.5 989.3 1007.3 1118.0 1326.0 1444.8 1521.6 1549.5 2122 FA156122101 Withdrawals from income of quasi-corporations 1135.2 1082.6 1159.4 1292.8 1401.7 1449.8 1511.5 1565.1 2223 FA893092201 Reinvested earnings on U.S. direct investment abroad 265.6 260.9 336.6 345.7 318.7 350.1 368.0 338.3 2324 FA896112101 Rents on land and natural resources 25.9 18.3 19.2 21.7 22.5 22.1 24.4 20.9 2425 FA896150005 Less: Uses of property income (paid) 6733.1 5655.5 5538.8 5756.6 6002.5 6054.7 6252.0 6416.6 2526 FA896130001 Interest 4457.7 3661.6 3411.5 3400.4 3343.9 3199.7 3237.5 3328.6 2627 FA896120005 Distributed income of corporations 2210.1 1953.8 2045.3 2255.8 2548.4 2756.2 2892.6 2984.2 2728 FA896121001 Dividends 1075.0 871.2 885.9 963.1 1146.7 1306.3 1381.1 1419.1 2829 FA896122001 Withdrawals from income of quasi-corporations 1135.2 1082.6 1159.4 1292.8 1401.7 1449.8 1511.5 1565.1 2930 FA893192201 Reinvested earnings on foreign direct investment 39.4 21.9 62.8 78.7 87.6 76.7 97.6 82.9 3031 FA896112001 Rents on land and natural resources 25.9 18.3 19.2 21.7 22.5 22.1 24.4 20.9 31

32 FA896140001 Net national income/Balance of primary incomes, net 12427.8 12126.1 12739.5 13352.3 14061.9 14444.8 15153.9 15665.3 3233 FA896220001 Plus: Current taxes on income, wealth, etc. (received) 1807.7 1413.1 1601.3 1819.5 1945.2 2130.7 2303.6 2476.2 3334 FA896220005 Less: Current taxes on income, wealth, etc. (paid) 1816.9 1421.7 1609.8 1832.3 1959.0 2145.5 2319.7 2492.5 3435 FA896404105 Plus: Social benefits (received) 2913.0 3078.2 3270.8 3232.4 3279.8 3496.6 3654.9 3835.8 3536 FA896404005 Less: Social contributions (paid) 2923.7 3089.3 3282.4 3245.1 3293.1 3510.4 3669.3 3851.1 3637 FA896403105 Plus: Other current transfers (received) 564.1 672.0 723.0 699.4 656.8 683.1 756.0 803.8 3738 FA896403005 Less: Other current transfers (paid) 684.9 789.8 842.2 822.1 769.7 792.9 866.5 933.3 38

39 FA896012005 Equals: Disposable income, net 12287.2 11988.6 12600.3 13204.1 13921.8 14306.5 15012.9 15504.1 39

40 FA896901001 Less: Final consumption expenditures 12382.2 12289.0 12724.4 13220.2 13594.8 13884.9 14420.9 14888.6 40

41 FA896006001 Equals: Net saving -95.0 -300.4 -124.1 -16.1 327.0 421.6 592.0 615.5 41

Addendum:42 FA896902505 Gross value added (line 1) 14619.2 14343.4 14915.2 15556.3 16358.5 16829.5 17651.1 18290.3 4243 FA087005995 Plus statistical discrepancy (NIPA) 99.4 75.3 49.2 -38.3 -203.3 -137.9 -258.0 -253.7 4344 FA086902005 Equals: GDP (NIPA, expenditure approach) 14718.6 14418.7 14964.4 15517.9 16155.3 16691.5 17393.1 18036.6 4445 FA086902203 Average of GDP and GDI 14668.9 14381.1 14939.8 15537.1 16256.9 16760.5 17522.1 18163.5 4546 FA087005086 Statistical discrepancy as a percentage of GDP 0.68 0.52 0.33 -0.25 -1.26 -0.83 -1.48 -1.41 46

Inte

grat

ed A

ccou

nts

148 Z.1, September 16, 2016

S.2.a Selected Aggregates for Total Economy and Sectors Billions of dollars

2008 2009 2010 2011 2012 2013 2014 2015

1 FA896902505 Gross value added 14619.2 14343.4 14915.2 15556.3 16358.5 16829.5 17651.1 18290.3 1 2 FA156902505 Households and nonprofit institutions serving households 1855.3 1913.6 1928.8 1974.4 2029.4 2084.3 2165.2 2258.9 2 3 FA116902505 Nonfinancial noncorporate business 2632.4 2466.4 2546.2 2751.6 2909.8 3020.8 3177.2 3305.5 3 4 FA106902501 Nonfinancial corporate business 7256.8 6859.8 7238.7 7592.3 8011.9 8305.2 8703.9 9008.8 4 5 FA796902505 Financial business 851.9 1015.4 1042.8 1045.8 1187.3 1172.1 1303.7 1354.9 5 6 FA316902505 Federal government 637.6 668.8 704.5 720.9 723.7 715.2 725.7 735.1 6 7 FA206902505 State and local government 1385.2 1419.4 1454.2 1471.4 1496.5 1532.0 1575.3 1627.0 7

8 FA896006001 Net saving -95.0 -300.4 -124.1 -16.1 327.0 421.6 592.0 615.5 8 9 FA156006005 Households and nonprofit institutions serving households 536.7 667.4 630.0 710.1 946.7 620.1 726.0 783.6 910 FA106012095 Nonfinancial corporate business 296.7 381.0 603.5 584.2 556.7 641.8 634.2 551.5 1011 FA796012095 Financial business -129.4 171.9 208.4 149.7 134.5 -6.0 14.5 11.4 1112 FA316006085 Federal government -634.0 -1248.8 -1328.7 -1244.1 -1090.1 -643.8 -612.9 -569.7 1213 FA206006095 State and local government -165.1 -271.9 -237.3 -215.9 -220.8 -190.5 -169.8 -161.3 13

Net capital transfers14 FA155440005 Households and nonprofit institutions serving households 7.7 -28.4 -20.6 2.0 -5.1 20.0 9.6 21.5 1415 FA115440005 Nonfinancial noncorporate business -3.3 -6.0 -7.8 -1.6 -4.9 -0.0 0.0 0.0 1516 FA105440005 Nonfinancial corporate business -3.7 38.3 20.9 -6.4 -17.0 -5.7 -6.7 -3.2 1617 FA795440005 Financial business -60.5 -121.9 -41.5 -32.4 9.6 0.0 10.0 0.0 1718 FA315440005 Federal government 117.6 186.3 126.3 113.9 85.0 58.2 58.4 51.5 1819 FA205440005 State and local government -63.2 -67.7 -76.7 -73.8 -74.2 -71.6 -70.9 -69.3 1920 FA265440005 Rest of the world 5.4 -0.6 -0.7 -1.6 6.5 -0.8 -0.4 -0.5 20

21 FA885019005 Gross fixed capital formation 3091.4 2672.7 2691.1 2836.0 3064.3 3206.2 3415.5 3576.6 2122 FA155019005 Households and nonprofit institutions serving households 580.4 468.1 452.4 451.9 505.3 571.2 610.8 688.1 2223 FA115019085 Nonfinancial noncorporate business 307.5 248.8 243.1 274.8 312.6 336.5 366.9 382.0 2324 FA105019085 Nonfinancial corporate business 1372.7 1141.9 1181.0 1303.9 1439.9 1505.0 1625.5 1654.6 2425 FA795013005 Financial business (nonresidential) 196.2 166.9 162.8 167.5 192.1 201.3 217.7 238.5 2526 FA315019001 Federal government 275.8 284.0 300.0 297.4 284.7 268.4 262.9 261.2 2627 FA205019001 State and local government 358.8 363.0 351.9 340.5 329.7 323.9 331.6 352.2 27

28 FA886300095 Consumption of fixed capital 2363.4 2368.4 2381.6 2450.6 2534.2 2628.9 2745.2 2830.8 2829 FA156300003 Households and nonprofit institutions serving households 414.6 403.3 400.5 398.2 404.6 427.7 456.3 471.8 2930 FA116300001 Nonfinancial noncorporate business 254.5 253.0 251.8 265.0 273.0 284.4 298.6 308.7 3031 FA106300083 Nonfinancial corporate business 1093.9 1092.0 1094.6 1139.2 1186.2 1228.1 1282.8 1329.6 3132 FA796300081 Financial business (nonresidential) 173.9 177.4 176.7 168.6 174.2 182.2 190.2 198.2 3233 FA316300003 Federal government 226.3 234.5 245.3 257.4 264.3 268.0 271.3 271.5 3334 FA206300003 State and local government 200.2 208.2 212.7 222.2 231.9 238.5 246.1 251.0 34

35 FA145020005 Change in inventories -32.0 -147.6 61.5 41.8 61.8 92.4 65.4 93.4 3536 FA115020005 Nonfinancial noncorporate business -2.3 -16.8 3.6 6.8 -4.0 18.8 7.6 12.2 3637 FA105020005 Nonfinancial corporate business -29.7 -130.8 57.9 34.9 65.8 73.6 57.9 81.2 37

38 FA885000985 Net lending (+) or net borrowing (-) (capital account) -785.6 -457.8 -495.8 -444.8 -258.4 -249.0 -144.2 -224.2 3839 FA155000905 Households and nonprofit institutions serving households 374.2 640.6 607.2 662.3 858.9 464.6 569.9 554.0 3940 FA115000905 Nonfinancial noncorporate business -47.5 27.0 12.8 -15.1 -30.7 -70.9 -75.9 -85.6 4041 FA105000905 Nonfinancial corporate business 33.8 417.2 439.3 391.4 253.4 295.7 238.5 118.7 4142 FA795000995 Financial business -91.2 304.4 263.8 183.3 107.0 -25.1 -23.0 -28.9 4243 FA315000995 Federal government -780.6 -1475.7 -1508.7 -1397.1 -1193.4 -700.0 -660.3 -580.1 4344 FA205000995 State and local government -274.3 -371.4 -310.3 -269.6 -253.6 -213.3 -193.3 -202.3 44 Addendum:45 FA087005995 Statistical discrepancy (NIPA) 99.4 75.3 49.2 -38.3 -203.3 -137.9 -258.0 -253.7 4546 FA265000905 Rest of the world 686.2 382.5 446.6 483.2 461.7 386.9 402.2 477.9 46

47 FA885000005 Net lending (+) or net borrowing (-) (financial account) -1246.5 -688.3 -712.4 -558.3 -930.1 148.5 -444.1 247.8 4748 FA155000005 Households and nonprofit institutions serving households 1317.6 518.4 827.9 1469.1 917.9 885.7 893.5 907.0 4849 FA115000005 Nonfinancial noncorporate business -37.1 44.8 29.5 -15.1 -30.7 -70.9 -75.9 -85.5 4950 FA105000005 Nonfinancial corporate business -947.7 548.5 145.2 -397.5 -479.0 62.9 -503.5 31.3 5051 FA795000005 Financial business -424.0 -62.9 -14.6 70.4 65.3 181.5 17.0 120.4 5152 FA315000005 Federal government -789.1 -1288.6 -1416.9 -1350.0 -1131.2 -661.2 -598.4 -514.6 5253 FA215000005 State and local government -366.1 -448.4 -283.5 -335.2 -272.3 -249.6 -176.8 -210.9 53 Addendum:54 FA265000005 Rest of the world 765.2 28.0 268.2 416.7 467.3 389.6 365.5 79.3 54

Total other volume changes55 FV158090185 Households and nonprofit institutions serving households 1181.1 374.2 1088.5 700.0 314.2 1192.5 652.3 940.5 5556 FV118090105 Nonfinancial noncorporate business -315.4 -96.6 181.5 241.8 81.5 191.2 28.5 51.6 5657 FV108090105 Nonfinancial corporate business -744.2 172.3 379.3 -54.9 -233.2 511.1 -5.3 488.0 5758 FV798090185 Financial business 927.8 -784.6 -655.3 16.1 -190.2 -1038.1 -331.2 -33.5 5859 FV318090185 Federal government 86.7 131.1 -31.0 48.2 41.3 24.9 76.3 103.3 5960 FV218090185 State and local government -961.5 321.9 38.5 -70.9 260.7 551.0 211.4 -86.4 6061 FV268090185 Rest of the world 69.8 -339.9 -179.9 -70.6 -0.1 6.8 -36.6 -398.6 61

Holding gains/losses62 FR158200095 Households and nonprofit institutions serving households -12432.1 991.7 2502.4 35.4 4645.7 7694.5 3666.4 1523.7 6263 FR112010005 Nonfinancial noncorporate business -1168.7 -1117.4 442.1 415.1 667.3 963.9 625.0 718.2 6364 FR108200005 Nonfinancial corporate business 4341.9 -5139.4 -1282.2 470.8 -1410.3 -3953.3 -1500.0 1433.8 6465 FR798200005 Financial business 830.5 162.2 -94.3 211.2 -289.0 96.7 -168.7 194.1 6566 FR318200005 Federal government 1.2 -157.9 18.5 37.4 45.3 79.4 58.9 7.7 6667 FR218200005 State and local government 350.5 -71.7 197.4 394.6 244.4 277.7 186.8 64.2 6768 FR265000005 Rest of the world 1154.7 -900.5 -192.9 876.2 -371.0 397.6 860.4 -228.7 68

Inte

grat

ed A

ccou

nts

Z.1, September 16, 2016 149

S.2.a Selected Aggregates for Total Economy and Sectors Billions of dollars

2008 2009 2010 2011 2012 2013 2014 2015

Change in net worth69 FC152090005 Households and nonprofit institutions serving households -10722.0 2061.7 4241.5 1443.6 5911.7 9487.1 5035.1 3226.3 6970 FC112090205 Nonfinancial noncorporate business -1481.1 -1209.0 631.1 657.8 754.3 1154.8 652.8 770.1 7071 FC102090085 Nonfinancial corporate business 3898.0 -4624.4 -320.4 1006.5 -1069.8 -2794.7 -864.4 2476.5 7172 FC792090095 Financial business 1689.5 -328.6 -499.7 409.5 -354.3 -947.3 -495.4 172.0 7273 FC312090095 Federal government -663.6 -1461.9 -1467.5 -1272.4 -1088.5 -597.6 -536.1 -510.2 7374 FC212090095 State and local government -712.9 46.0 75.3 181.6 358.5 709.7 299.2 -114.2 7475 FC262090095 Rest of the world 1910.8 -857.9 73.9 1288.7 90.5 791.3 1226.0 -149.4 75

Net worth76 FL152090005 Households and nonprofit institutions serving households 55763.3 57825.1 62066.6 63510.1 69421.8 78908.9 83944.0 87170.2 7677 FL112090205 Nonfinancial noncorporate business 7321.1 6112.1 6743.2 7401.0 8155.2 9310.0 9962.8 10732.9 7778 FL102090085 Nonfinancial corporate business 6674.2 2049.8 1729.4 2735.9 1666.1 -1128.6 -1993.1 483.4 7879 FL792090095 Financial business 1383.4 1054.8 555.0 964.5 610.2 -337.1 -832.5 -660.5 7980 FL312090095 Federal government -5303.0 -6764.9 -8232.5 -9504.9 -10593.3 -11190.9 -11727.1 -12237.2 8081 FL212090095 State and local government 5922.7 5968.8 6044.1 6225.7 6584.2 7293.9 7593.1 7478.9 8182 FL262090095 Rest of the world 3075.4 2217.5 2291.3 3580.1 3670.6 4461.9 5687.8 5538.4 82

Inte

grat

ed A

ccou

nts

150 Z.1, September 16, 2016

S.3.a Households and Nonprofit Institutions Serving HouseholdsBillions of dollars

2008 2009 2010 2011 2012 2013 2014 2015

Current account

1 FA156902505 Gross value added 1855.3 1913.6 1928.8 1974.4 2029.4 2084.3 2165.2 2258.9 1


3 FA156902605 Equals: Net value added 1440.7 1510.3 1528.3 1576.1 1624.8 1656.6 1708.9 1787.1 3 4 FA156025005 Compensation paid by households and NPISHs 658.2 686.6 696.4 723.9 759.2 779.8 811.5 852.1 4 5 FA156020001 Wages and salaries 549.9 566.1 577.3 597.0 624.7 641.7 669.2 705.3 5 6 FA156401001 Employers’ social contributions 108.3 120.5 119.1 126.9 134.4 138.1 142.2 146.7 6 7 FA156240101 Taxes on production and imports less subsidies 143.2 152.4 152.8 154.9 156.0 157.7 159.6 161.1 7 8 FA156402101 Operating surplus, net 639.3 671.3 679.1 697.2 709.6 719.0 737.8 773.9 8

9 FA156140005 Net national income/Balance of primary incomes, net 11247.7 10643.4 10889.5 11566.0 12269.0 12519.3 13181.4 13726.3 910 FA156402101 Operating surplus, net 639.3 671.3 679.1 697.2 709.6 719.0 737.8 773.9 1011 FA156025105 Compensation of employees (received) 8078.3 7787.0 7961.4 8269.0 8609.9 8842.4 9253.4 9693.1 1112 FA156020101 Wages and salaries 6531.9 6251.4 6377.5 6633.2 6930.3 7116.7 7476.3 7854.8 1213 FA156401101 Employers’ social contributions 1546.4 1535.6 1583.9 1635.9 1679.6 1725.8 1777.1 1838.2 1314 FA156150105 Property income (received) 3303.6 2901.9 2900.2 3207.9 3526.7 3507.2 3739.9 3820.3 1415 FA156130101 Interest 1363.0 1265.5 1196.2 1232.9 1290.1 1263.0 1302.3 1304.1 1516 FA156120105 Distributed income of corporations 1940.6 1636.4 1704.0 1975.0 2236.6 2244.3 2437.6 2516.2 1617 FA156121101 Dividends 805.4 553.7 544.6 682.2 834.9 794.4 926.1 951.1 1718 FA156122101 Withdrawals from income of quasi-corporations (1) 1135.2 1082.6 1159.4 1292.8 1401.7 1449.8 1511.5 1565.1 1819 FA156130001 Less: Uses of property income (interest paid) 773.5 716.8 651.2 608.2 577.3 549.4 549.7 561.1 19

20 FA156140005 Net national income/Balance of primary incomes, net 11247.7 10643.4 10889.5 11566.0 12269.0 12519.3 13181.4 13726.3 2021 FA156220001 Less: Current taxes on income, wealth, etc. (paid) 1507.8 1152.3 1239.3 1453.2 1511.4 1677.8 1787.0 1938.7 2122 FA156404105 Plus: Social benefits (received) 1920.0 2108.8 2281.7 2310.2 2323.6 2386.9 2494.9 2627.2 2223 FA156600001 Less: Social contributions (paid) 988.2 964.4 984.1 917.8 951.6 1104.6 1154.9 1203.5 2324 FA156403101 Plus: Other current transfers (received) 36.6 38.7 43.0 50.2 42.7 41.1 45.5 51.4 2425 FA156403001 Less: Other current transfers (paid) 157.8 159.8 158.7 156.1 175.0 183.6 190.6 195.5 25



28 FA156006005 Equals: Net saving 536.7 667.4 630.0 710.1 946.7 620.1 726.0 783.6 28

Capital account

29 FA156006315 Net saving less capital transfers 529.0 695.8 650.6 708.1 951.8 600.1 716.4 762.1 2930 FA156006005 Net saving 536.7 667.4 630.0 710.1 946.7 620.1 726.0 783.6 3031 FA155440005 Less: Capital transfers paid (net) 7.7 -28.4 -20.6 2.0 -5.1 20.0 9.6 21.5 31

32 FA155050905 Capital formation, net 154.9 55.2 43.4 45.8 92.9 135.6 146.5 208.1 3233 FA155019005 Gross fixed capital formation, excluding consumer durables 580.4 468.1 452.4 451.9 505.3 571.2 610.8 688.1 3334 FA155012005 Residential 425.3 321.1 318.3 321.1 367.9 433.4 473.8 542.3 3435 FA165013005 Nonresidential (nonprofit organizations) 155.1 147.1 134.1 130.8 137.4 137.8 137.0 145.8 3536 FA156300003 Less: Consumption of fixed capital 414.6 403.3 400.5 398.2 404.6 427.7 456.3 471.8 3637 FA155420003 Acquisition of nonproduced nonfinancial assets -11.0 -9.7 -8.5 -7.8 -7.9 -7.9 -8.0 -8.2 37

38 FA155000905 Net lending (+) or borrowing (-), capital account (lines 29-32) 374.2 640.6 607.2 662.3 858.9 464.6 569.9 554.0 38

Financial account

39 FA155000905 Net lending (+) or borrowing (-) (line 38) 374.2 640.6 607.2 662.3 858.9 464.6 569.9 554.0 39

40 FA154090005 Net acquisition of financial assets 1328.1 604.5 725.9 1402.0 1177.1 1120.9 1312.9 1298.7 40

41 FA154000005 Currency and deposits 417.2 197.0 208.3 660.4 581.7 347.3 559.5 591.4 4142 FA153020005 Currency and transferable deposits 176.8 100.6 39.0 300.3 177.3 134.0 134.0 144.7 4243 FA153030005 Time and savings deposits 258.3 103.5 164.8 370.0 412.3 210.7 431.9 460.9 4344 FA153091003 Foreign deposits -17.8 -7.2 4.5 -9.9 -7.9 2.6 -6.4 -14.1 4445 FA313131003 Postal savings system deposits 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 45

46 FA154022005 Debt securities 775.6 -47.4 -122.9 9.5 -94.0 -402.9 -67.9 177.6 4647 FA163069103 Open market paper -101.3 16.7 -1.5 -1.8 -0.6 -3.8 -0.1 0.2 4748 FA153061105 Treasury securities 151.0 506.8 316.0 -194.1 222.0 -29.9 -229.7 219.3 4849 FA153061705 Agency- and GSE-backed securities (2) 300.9 -694.5 1.2 82.4 -71.2 -31.2 92.3 199.9 4950 FA153062005 Municipal securities 74.0 129.7 60.2 -37.9 -130.5 -52.8 -67.6 -60.2 5051 FA153063005 Corporate and foreign bonds 351.1 -6.1 -498.7 160.9 -113.7 -285.3 137.3 -181.5 51

52 FA154023005 Loans -159.9 -48.3 0.8 -5.3 12.4 51.9 53.3 -53.7 5253 FA154041005 Short term -161.0 -47.4 11.7 -6.2 30.5 57.3 47.6 -54.0 5354 FA153065005 Long term (mortgages) 1.1 -0.9 -10.9 0.9 -18.1 -5.4 5.7 0.3 54

Inte

grat

ed A

ccou

nts

Z.1, September 16, 2016 151


2008 2009 2010 2011 2012 2013 2014 2015

55 FA153081005 Equity and investment fund shares -306.4 -53.8 -7.5 107.5 209.9 576.6 412.1 80.1 5556 FA153064105 Corporate equities -208.7 -11.3 -207.9 -253.8 -180.6 137.5 170.3 1.1 5657 FA153064205 Mutual fund shares -25.7 331.8 212.7 149.0 302.4 230.4 241.3 73.1 5758 FA153034005 Money market fund shares 234.2 -267.9 -183.5 -19.8 1.6 28.9 -27.4 -45.7 5859 FA152090205 Equity in noncorporate business -306.1 -107.6 167.3 231.5 89.9 181.6 28.0 51.5 5960 FA153094305 Equity investment under Public-Private Inv. Program (3) 0.0 1.2 4.0 0.5 -3.4 -1.8 0.0 0.0 60

61 FA153052005 Insurance, pension and standardized guarantee schemes 601.5 556.9 647.1 629.9 467.2 548.0 355.8 503.3 6162 FA153076005 Insurance receivables due from property-casualty insurance companies 11.0 8.7 -35.2 27.6 -17.7 37.8 -8.4 23.4 6263 FA153040005 Life insurance reserves 54.0 23.1 8.5 71.8 -29.5 9.3 37.0 33.9 6364 FA153050005 Pension entitlements (4) 492.4 500.1 634.3 497.3 502.8 488.3 311.1 435.5 6465 FA543195005 Non-life insurance reserves at life insurance companies 17.6 8.4 17.1 14.8 -1.8 0.4 5.8 3.1 6566 FA313195105 Retiree Health Care Funds 26.5 16.6 22.5 18.5 13.3 12.2 10.4 7.4 66

67 FA154190005 Net incurrence of liabilities 10.5 86.1 -102.0 -67.1 259.2 235.2 419.4 391.8 67

68 FA163162003 Debt securities (municipals) 10.4 6.6 -1.6 -7.5 -13.8 -14.4 -6.7 -8.1 68

69 FA154123005 Loans -25.2 42.9 -73.7 -60.4 268.5 245.6 421.8 397.1 6970 FA154141005 Short term -115.6 -27.6 99.6 18.8 341.0 241.5 376.1 256.7 7071 FA153166000 Consumer credit 34.3 -94.6 -28.1 111.1 164.1 175.8 221.8 232.7 7172 FA153168005 Depository institution loans n.e.c. 4.6 28.3 50.1 -54.9 110.8 28.2 121.1 100.5 7273 FA153169005 Other loans and advances -154.5 38.7 77.6 -37.4 66.1 37.4 33.2 -76.6 7374 FA153165005 Long term (mortgages) 90.3 70.5 -173.3 -79.2 -72.5 4.1 45.7 140.5 74

75 FA543077073 Insurance, pension and standardized guarantee schemes 3.2 -4.9 2.7 -0.4 0.6 3.0 1.2 1.5 75

76 FA163170003 Other accounts payable (trade debt) 22.2 41.4 -29.4 1.2 4.0 1.0 3.1 1.2 76

Addendum:77 FA155000005 Net lending (+) or borrowing (-), financial account (lines 40-67) 1317.6 518.4 827.9 1469.1 917.9 885.7 893.5 907.0 77

Other changes in volume account

78 FV158090185 Total other volume changes 1181.1 374.2 1088.5 700.0 314.2 1192.5 652.3 940.5 7879 FU155111005 Net investment in consumer durable goods 134.6 50.3 86.9 119.0 167.1 185.7 213.4 241.9 7980 FV152010005 Disaster losses -8.3 0.0 0.0 0.0 -20.9 0.0 0.0 0.0 8081 FV158090085 Other volume changes 111.4 446.1 781.0 -225.7 109.0 585.6 115.3 345.6 8182 FU157005045 Less: Statistical discrepancy (lines 38-77) (5) -943.4 122.2 -220.7 -806.8 -59.0 -421.2 -323.6 -353.0 82

Revaluation account

83 FR152010085 Nonfinancial assets -3977.8 -1095.5 -471.4 67.1 1359.1 2037.7 1115.1 1313.2 8384 FR155035005 Real estate -3943.3 -1048.1 -380.2 44.8 1400.1 2127.6 1214.3 1369.0 8485 FR155111005 Consumer durable goods -32.0 -40.8 -88.3 17.7 -41.5 -93.4 -101.7 -58.0 8586 FR165015205 Equipment -1.3 -4.7 -2.4 2.5 -0.7 0.3 1.0 1.1 8687 FR165013765 Intellectual property products -1.2 -2.0 -0.4 2.2 1.2 3.1 1.5 1.0 87

88 FR158080095 Financial assets -8454.3 2087.2 2973.7 -31.7 3286.6 5656.8 2551.3 210.6 8889 FR153064105 Corporate equities -4187.6 1713.7 1650.6 -184.4 1567.7 2921.9 1344.9 -207.8 8990 FR153064205 Mutual fund shares -1496.6 725.8 408.9 -145.8 512.3 768.6 235.1 -275.4 9091 FR152090205 Equity in noncorporate business -1179.3 -1108.8 449.9 414.8 671.4 967.7 623.9 713.0 9192 FR153094305 Equity investment under Public-Private Inv. Program 0.0 -0.3 -1.0 0.9 -0.0 0.0 0.0 0.0 9293 FR153052045 Insurance, pension and standardized guarantee schemes -1590.8 756.8 465.3 -117.1 535.2 998.6 347.3 -19.2 93

94 FR158200095 Changes in net worth due to nominal holding gains/losses -12432.1 991.7 2502.4 35.4 4645.7 7694.5 3666.4 1523.7 94

Changes in balance sheet account

95 FC152090005 Change in net worth (lines 32+38+78+94) -10722.0 2061.7 4241.5 1443.6 5911.7 9487.1 5035.1 3226.3 95

Balance sheet account (end of period)

96 FL152000005 Total assets 70043.0 71898.4 75862.8 77098.3 83067.0 92701.4 98111.0 101679.8 96

97 FL152010005 Nonfinancial assets 24376.9 23388.0 23044.8 23274.4 24870.4 27228.0 28701.2 30462.6 9798 LM155035005 Real estate 19442.6 18431.5 18076.2 18148.8 19603.8 21849.2 23195.1 24756.0 9899 FL155111005 Consumer durable goods 4578.6 4588.1 4586.7 4723.3 4848.9 4941.2 5052.9 5236.8 99100 FL165015205 Equipment 264.0 271.9 280.1 293.0 301.8 311.6 320.4 331.0 100101 FL165013765 Intellectual property products 91.6 96.4 101.8 109.4 115.9 126.0 132.8 138.9 101

102 FL154090005 Financial assets 45666.1 48510.4 52818.1 53823.9 58196.6 65473.4 69409.8 71217.1 102

103 FL154000005 Currency and deposits 6591.5 6774.0 6932.9 7593.2 8116.2 8463.5 9085.8 9677.6 103104 FL153020005 Currency and transferable deposits 295.2 395.8 423.5 723.8 887.5 1021.5 1155.5 1300.2 104105 FL153091003 Foreign deposits 69.9 62.7 67.3 57.4 49.5 52.1 45.7 31.6 105106 FL153030005 Time and savings deposits 6226.4 6315.4 6442.2 6812.1 7179.2 7389.9 7884.6 8345.8 106107 FL313131003 Postal savings system deposits 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 107

Inte

grat

ed A

ccou

nts

152 Z.1, September 16, 2016


2008 2009 2010 2011 2012 2013 2014 2015

108 FL154022005 Debt securities 4850.4 4968.1 4984.3 4580.9 4451.1 4470.3 4257.1 4568.6 108109 FL163069103 Open market paper 6.0 22.7 21.1 19.4 18.8 15.0 14.9 15.1 109110 FL153061105 Treasury securities 171.0 836.7 1104.2 699.6 939.1 1146.1 856.0 1144.8 110111 FL153061705 Agency- and GSE-backed securities (2) 1013.7 312.8 289.0 329.3 236.8 279.1 330.9 545.6 111112 FL153062005 Municipal securities 1914.0 1996.5 2064.9 1984.1 1830.9 1826.2 1709.3 1648.8 112113 FL153063005 Corporate and foreign bonds 1745.8 1799.3 1505.0 1548.6 1425.4 1203.9 1346.0 1214.4 113

114 FL154023005 Loans 967.9 922.0 922.8 917.5 918.8 970.7 1024.0 970.3 114115 FL154041005 Short term 856.1 811.0 822.7 816.6 836.0 893.2 940.8 886.8 115116 FL153065005 Long term (mortgages) 111.8 110.9 100.1 100.9 82.8 77.5 83.2 83.5 116

117 FL153081005 Equity and investment fund shares 17358.3 18646.5 21162.5 21366.5 24326.1 29565.4 32184.1 32491.2 117118 LM153064105 Corporate equities 5650.1 7352.5 8795.2 8403.2 9790.3 12849.7 14364.9 14158.2 118119 LM153064205 Mutual fund shares 2796.7 3854.3 4475.9 4436.5 5251.3 6250.3 6726.7 6519.4 119120 FL153034005 Money market fund shares 1579.8 1311.9 1128.4 1108.7 1110.2 1139.2 1111.8 1066.1 120121 FL152090205 Equity in noncorporate business 7331.7 6126.9 6759.1 7412.8 8172.5 9326.3 9980.7 10747.6 121122 FL153094305 Equity investment under Public-Private Inv. Program (3) 0.0 0.9 3.8 5.2 1.8 0.0 0.0 0.0 122

123 FL153052005 Insurance, pension and standardized guarantee schemes 15898.0 17199.9 18815.6 19365.8 20384.5 22003.5 22858.8 23509.5 123124 FL153076005 Insurance receivables due from property-casualty insurance companies 337.3 346.0 310.8 338.4 320.7 358.5 350.1 373.5 124125 FL153040005 Life insurance reserves 1050.2 1109.5 1137.5 1199.3 1186.4 1233.0 1282.8 1310.6 125126 FL153050005 Pension entitlements (4) 14081.5 15290.3 16873.7 17301.3 18338.9 19860.9 20658.7 21247.6 126127 FL543195005 Non-life insurance reserves at life insurance companies 265.2 273.6 290.7 305.5 303.7 304.2 310.0 313.1 127128 FL313195105 Retiree Health Care Funds 163.8 180.4 202.9 221.4 234.8 246.9 257.3 264.7 128

129 FL152100005 Total liabilities and net worth 70043.0 71898.4 75862.8 77098.3 83067.0 92701.4 98111.0 101679.8 129

130 FL154190005 Liabilities 14279.7 14073.3 13796.3 13588.1 13645.2 13792.6 14167.0 14509.5 130

131 FL163162003 Debt securities (municipals) 266.2 272.9 271.3 263.8 249.9 235.6 228.8 220.8 131

132 FL154123005 Loans 13749.7 13500.2 13251.5 13050.0 13116.4 13274.1 13651.0 13998.8 132133 FL154141005 Short term 2968.6 2876.2 3122.6 3146.7 3426.0 3667.5 4043.6 4298.6 133134 FL153166000 Consumer credit 2644.2 2555.4 2647.2 2758.3 2920.4 3096.2 3318.0 3535.7 134135 FL153168005 Depository institution loans n.e.c. 26.4 -15.9 61.0 11.5 62.6 90.8 211.9 325.7 135136 FL153169005 Other loans and advances 298.0 336.7 414.3 376.9 443.1 480.5 513.7 437.2 136137 FL153165005 Long term (mortgages) 10781.1 10624.0 10128.9 9903.3 9690.3 9606.6 9607.4 9700.3 137

138 FL543077073 Insurance, pension and standardized guarantee schemes 27.0 22.1 24.7 24.3 24.9 27.9 29.1 30.6 138

139 FL163170003 Other accounts payable (trade debt) 236.7 278.2 248.8 250.0 254.0 255.0 258.1 259.4 139

140 FL152090005 Net worth 55763.3 57825.1 62066.6 63510.1 69421.8 78908.9 83944.0 87170.2 140

(1) Consists of rental income of tenant-occupied housing and proprietors’ income. Quasi-corporations are unincorporated enterprises that function as if they were corporations; they primarily cover their operating costs through sales, and they keep a complete set of financial records.(2) Government-sponsored enterprises (GSEs) consist of Federal Home Loan Banks, Fannie Mae, Freddie Mac, Federal Agricultural Mortgage Corporation, Farm Credit System, the Financing Corporation, and the Resolution Funding Corporation, and they included the Student Loan Marketing Association until it was fully privatized in the fourth quarter of 2004.(3) Funds invested by financial institutions such as domestic hedge funds through the Public-Private Investment Program (PPIP).(4) Includes variable annuities, including those in IRAs, at life insurance companies.(5) The statistical discrepancy is the difference between net lending or net borrowing derived in the capital account and the same concept derived in the financial account. The discrepancy reflects differences in source data, timing of recorded flows, and other statistical differences between the capital and financial accounts.NPISHs Nonprofit institutions serving householdsn.e.c. Not elsewhere classified

Inte

grat

ed A

ccou

nts

Z.1, September 16, 2016 153

S.4.a Nonfinancial Noncorporate BusinessBillions of dollars

2008 2009 2010 2011 2012 2013 2014 2015

Current account




9 FA116140001 Net national income/Balance of primary incomes, net 15.0 21.0 23.0 25.5 27.3 29.8 29.4 25.6 910 FA116402105 Operating surplus, net 1376.7 1262.6 1327.1 1482.0 1576.7 1639.3 1722.9 1785.4 1011 FA116130101 Property income (interest received) 13.6 9.4 8.4 9.1 10.6 9.7 12.3 18.2 1112 FA116150005 Less: Uses of property income (paid) 1375.3 1251.0 1312.5 1465.5 1560.1 1619.3 1705.8 1778.0 1213 FA116130001 Interest 263.1 242.7 237.9 226.9 226.1 216.8 221.8 244.0 1314 FA116122001 Withdrawals from income of quasi-corporations (1) 1112.2 1008.3 1074.5 1238.4 1333.8 1402.3 1483.8 1533.7 1415 FA113192281 Reinvested earnings on foreign direct investment 0.1 0.0 0.1 0.2 0.2 0.2 0.2 0.3 1516 FA116112001 Rents on land and natural resources 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16

17 FA116140001 Net national income/Balance of primary incomes, net 15.0 21.0 23.0 25.5 27.3 29.8 29.4 25.6 1718 FA116403001 Less: Other current transfers (paid) 15.0 21.0 23.0 25.5 27.3 29.8 29.4 25.6 18



Capital account

21 FA116006305 Net saving less capital transfers 3.3 6.0 7.8 1.6 4.9 0.0 -0.0 0.0 2122 FA116012005 Net saving 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2223 FA115440005 Less: Capital transfers paid (net) -3.3 -6.0 -7.8 -1.6 -4.9 -0.0 0.0 0.0 23

24 FA115050985 Capital formation, net 50.8 -21.0 -5.1 16.7 35.6 70.9 75.9 85.6 2425 FA115019085 Gross fixed capital formation 307.5 248.8 243.1 274.8 312.6 336.5 366.9 382.0 2526 FA115013085 Nonresidential 223.8 182.9 184.9 214.6 243.7 256.7 277.9 280.7 2627 FA115012005 Residential 83.7 65.8 58.3 60.2 68.9 79.7 89.1 101.3 2728 FA116300001 Less: Consumption of fixed capital 254.5 253.0 251.8 265.0 273.0 284.4 298.6 308.7 2829 FA115020005 Change in private inventories -2.3 -16.8 3.6 6.8 -4.0 18.8 7.6 12.2 29

30 FA115000905 Net lending (+) or borrowing (-), capital account (lines 21-24) -47.5 27.0 12.8 -15.1 -30.7 -70.9 -75.9 -85.6 30

Financial account

31 FA115000905 Net lending (+) or borrowing (-) (line 30) -47.5 27.0 12.8 -15.1 -30.7 -70.9 -75.9 -85.6 31

32 FA114090005 Net acquisition of financial assets 97.3 -117.1 152.0 196.9 301.1 304.5 236.6 359.2 32

33 FA114000005 Currency and deposits 2.5 10.1 0.2 30.6 69.3 23.5 60.3 112.6 3334 FA113020005 Currency and transferable deposits 3.8 14.9 -2.7 24.6 59.3 12.0 34.7 43.7 3435 FA113030003 Time and savings deposits -1.2 -4.8 2.9 6.0 10.1 11.5 25.7 68.9 35

36 FA114022005 Debt securities -7.9 -5.5 2.5 1.1 4.2 0.5 2.8 4.9 3637 FA113061003 Treasury securities -7.5 -5.7 1.9 0.8 4.0 2.2 2.6 4.5 3738 FA113062003 Municipal securities -0.4 0.2 0.5 0.3 0.2 -1.7 0.2 0.4 38

39 FA114023005 Loans -3.0 -1.2 4.2 -5.8 -2.4 1.0 1.6 2.9 3940 FA113066003 Short term (consumer credit) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4041 FA113065005 Long term (mortgages) -3.0 -1.2 4.2 -5.8 -2.4 1.0 1.6 2.9 41

42 FA113081005 Equity and investment fund shares 2.2 -1.7 3.5 1.1 3.2 2.6 4.7 5.8 4243 FA113034003 Money market mutual fund shares 1.0 -1.7 3.1 0.8 3.0 2.0 3.9 5.3 4344 FA113092405 Equity in government-sponsored enterprises (2) 1.2 -0.0 0.4 0.3 0.1 0.6 0.7 0.5 44

45 FA113076005 Insurance, pension and standardized guarantee schemes (3) 3.4 -9.8 29.9 -4.7 15.4 -26.1 12.8 -10.2 45

46 FA113096005 Other accounts receivable 100.0 -109.0 111.8 174.5 211.4 303.0 154.3 243.4 4647 FA113070003 Trade receivables -3.0 -26.3 37.0 61.0 4.6 48.8 30.7 53.0 4748 FA113093005 Other (miscellaneous assets) 102.9 -82.7 74.7 113.5 206.9 254.1 123.7 190.3 48

49 FA114190005 Net incurrence of liabilities 134.4 -161.8 122.4 211.9 331.8 375.4 312.5 444.8 49

50 FA114123005 Loans 325.5 -97.1 -19.4 -56.8 175.1 109.2 206.6 333.5 5051 FA114141005 Short term 131.8 -107.3 -12.1 -25.9 73.8 38.4 73.4 104.7 5152 FA113168005 Depository institution loans n.e.c. 119.6 -102.0 -16.8 -26.5 64.6 32.3 64.0 98.9 5253 FA113169005 Other loans and advances 12.3 -5.3 4.7 0.6 9.2 6.1 9.3 5.8 5354 FA113165005 Long term (mortgages) 193.7 10.2 -7.4 -30.9 101.3 70.8 133.2 228.8 54

Inte

grat

ed A

ccou

nts

154 Z.1, September 16, 2016


2008 2009 2010 2011 2012 2013 2014 2015

55 FA113181005 Equity and investment fund shares -317.9 -108.0 166.7 234.4 84.0 187.2 28.4 51.0 5556 FA112090205 Equity in noncorporate business -317.7 -108.2 166.4 234.4 83.2 186.8 25.9 49.2 5657 FA115114005 Foreign direct investment in the United States -0.2 0.1 0.3 0.0 0.8 0.4 2.5 1.8 57

58 FA113196005 Other accounts payable 126.8 43.3 -24.8 34.4 72.7 79.0 77.5 60.2 5859 FA113170005 Trade payables 5.8 16.9 30.3 54.8 13.3 34.0 34.9 46.0 5960 FA113178003 Taxes payable 6.7 -6.3 -0.7 0.6 7.6 3.2 3.7 9.0 6061 FA113193003 Other (miscellaneous liabilities) 114.3 32.6 -54.3 -21.0 51.8 41.8 38.9 5.3 61

Addendum:62 FA115000005 Net lending (+) or borrowing (-), financial account (lines 32-49) -37.1 44.8 29.5 -15.1 -30.7 -70.9 -75.9 -85.5 62


63 FV118090105 Total other volume changes -315.4 -96.6 181.5 241.8 81.5 191.2 28.5 51.6 6364 FV112010005 Disaster losses -4.4 0.0 0.0 0.0 -8.6 -0.0 0.0 0.0 6465 FV118090085 Other volume changes -311.0 -96.6 181.5 241.8 90.1 191.2 28.5 51.6 65

Revaluation account

66 FR112010005 Nonfinancial assets -1168.7 -1117.4 442.1 415.1 667.3 963.9 625.0 718.2 6667 FR115035005 Real estate -1204.3 -1143.2 382.6 368.7 656.7 974.0 616.2 762.1 6768 FR115035023 Residential -842.2 -441.0 151.2 230.1 361.5 522.5 275.4 496.2 6869 FR115035035 Nonresidential -362.1 -702.2 231.4 138.6 295.3 451.5 340.8 265.9 6970 FR115015205 Equipment 34.6 18.7 21.6 16.5 6.5 7.4 4.9 0.9 7071 FR115012265 Residential 0.1 -2.7 -2.3 1.0 -0.3 -2.0 -2.3 -1.5 7172 FR115013265 Nonresidential 34.4 21.4 23.9 15.6 6.8 9.4 7.2 2.3 7273 FR115013765 Intellectual property products 6.4 7.5 7.2 2.3 2.2 3.8 2.0 2.8 7374 FR115020005 Inventories -5.4 -0.3 30.7 27.6 2.0 -21.3 1.9 -47.6 74

75 FR115114005 Liabilities (direct investment in the U.S.) 0.3 1.0 0.2 0.8 -0.5 0.3 0.6 -0.3 75

76 FR118200005 Changes in net worth due to nominal holding gains/losses -1169.0 -1118.4 441.9 414.4 667.8 963.5 624.4 718.5 76


77 FC112090205 Change in net worth (lines 24+30+63+76) -1481.1 -1209.0 631.1 657.8 754.3 1154.8 652.8 770.1 77


78 FL112000005 Total assets 13116.3 11843.0 12415.3 13044.0 14039.5 15378.8 16316.3 17479.2 78

79 FL112010005 Nonfinancial assets 9422.9 8266.7 8687.1 9118.9 9813.2 10848.0 11548.9 12352.6 7980 LM115035005 Real estate 8305.0 7164.7 7531.2 7890.2 8546.5 9536.1 10180.8 10979.1 8081 LM115035023 Residential (4) 4592.7 4141.7 4276.0 4491.6 4839.2 5362.5 5643.9 6156.3 8182 LM115035035 Nonresidential 3712.3 3023.0 3255.2 3398.6 3707.3 4173.6 4536.9 4822.9 8283 FL115015205 Equipment 699.6 696.3 709.2 740.7 772.6 810.7 849.1 879.5 8384 FL115012265 Residential 46.6 44.0 42.2 43.9 44.4 43.5 42.7 43.0 8485 FL115013265 Nonresidential 653.0 652.4 667.0 696.8 728.3 767.2 806.4 836.5 8586 FL115013765 Intellectual property products 178.6 183.2 189.9 196.6 204.7 214.3 222.7 233.0 8687 FL115020005 Inventories 239.6 222.5 256.9 291.3 289.3 286.8 296.3 261.0 87


89 FL114000005 Currency and deposits 877.6 887.7 887.9 918.5 987.8 1011.3 1071.7 1184.2 8990 FL113020005 Currency and transferable deposits 519.5 534.4 531.6 556.3 615.5 627.5 662.2 705.8 9091 FL113030003 Time and savings deposits 358.1 353.3 356.2 362.2 372.3 383.8 409.5 478.4 91

92 FL114022005 Debt securities 56.7 51.2 53.7 54.8 59.0 59.5 62.3 67.2 9293 FL113061003 Treasury securities 51.8 46.1 48.1 48.9 52.9 55.2 57.8 62.3 9394 FL113062003 Municipal securities 4.9 5.1 5.6 5.9 6.1 4.4 4.6 4.9 94

95 FL114023005 Loans 39.1 37.9 42.1 36.3 33.9 34.8 36.5 39.3 9596 FL113066003 Short term (consumer credit) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9697 FL113065005 Long term (mortgages) 39.1 37.9 42.1 36.3 33.9 34.8 36.5 39.3 97

98 FL113081005 Equity and investment fund shares 81.7 80.1 83.5 84.7 87.8 90.4 95.1 100.9 9899 FL113034003 Money market mutual fund shares 75.4 73.7 76.8 77.7 80.7 82.7 86.6 91.9 99100 FL113092405 Equity in government-sponsored enterprises (2) 6.4 6.3 6.7 7.0 7.2 7.7 8.5 9.0 100

101 FL113076005 Insurance, pension and standardized guarantee schemes (3) 111.6 101.8 131.7 127.0 142.5 116.4 129.1 118.9 101

102 FL113096005 Other accounts receivable 2526.6 2417.6 2529.4 2703.9 2915.3 3218.3 3372.6 3616.0 102103 FL113070003 Trade receivables 522.7 496.3 533.4 594.4 598.9 647.8 678.4 731.4 103104 FL113093005 Other (miscellaneous assets) 2003.9 1921.3 1996.0 2109.5 2316.4 2570.5 2694.2 2884.6 104

Inte

grat

ed A

ccou

nts

Z.1, September 16, 2016 155


2008 2009 2010 2011 2012 2013 2014 2015


106 FL114190005 Liabilities 5795.2 5731.0 5672.2 5643.0 5884.3 6068.7 6353.4 6746.3 106

107 FL114123005 Loans 4094.0 3985.4 3950.9 3886.6 4057.3 4162.1 4366.1 4697.2 107108 FL114141005 Short term 1223.7 1116.4 1098.2 1072.3 1148.6 1186.9 1260.3 1365.0 108109 FL113168005 Depository institution loans n.e.c. 1046.2 944.2 927.4 900.9 968.0 1000.3 1064.3 1163.3 109110 FL113169005 Other loans and advances 177.4 172.1 170.8 171.3 180.6 186.6 196.0 201.7 110111 FL113165005 Long term (mortgages) 2870.3 2869.0 2852.7 2814.3 2908.8 2975.1 3105.8 3332.2 111

112 FL115114005 Equity and investment fund shares (direct investment in the U.S.) 3.7 4.8 5.3 6.1 6.3 7.1 10.2 11.8 112

113 FL113196005 Other accounts payable 1697.6 1740.8 1716.0 1750.4 1820.6 1899.6 1977.1 2037.4 113114 FL113170005 Trade payables 380.7 397.6 427.8 482.7 493.5 527.5 562.4 608.4 114115 FL113178003 Taxes payable 106.2 99.9 99.2 99.7 107.4 110.5 114.3 123.2 115116 FL113193003 Other (miscellaneous liabilities) 1210.7 1243.3 1189.0 1168.0 1219.7 1261.5 1300.4 1305.7 116

117 FL112090205 Net worth 7321.1 6112.1 6743.2 7401.0 8155.2 9310.0 9962.8 10732.9 117

Notes. Nonfinancial noncorporate business includes noncorporate farms that are excluded from the nonfinancial noncorporate business sector in the Financial Accounts of the United States. Estimates for 2000 and earlier periods are based on the 1987 Standard Industrial Classification System; later estimates are based on the North American Classification System.(1) Consists of rental income of tenant-occupied housing and proprietors’ income. Quasi-corporations are unincorporated enterprises that function as if they were corporations; they primarily cover their operating costs through sales, and they keep a complete set of financial records.(2) Government-sponsored enterprises (GSEs) consist of Federal Home Loan Banks, Fannie Mae, Freddie Mac, Federal Agricultural Mortgage Corporation, Farm Credit System, the Financing Corporation, and the Resolution Funding Corporation, and they included the Student Loan Marketing Association until it was fully privatized in the fourth quarter of 2004.(3) Net equity in reserves of property-casualty insurance companies.(4) Farm houses are included in the household sector.n.e.c. Not elsewhere classified

Inte

grat

ed A

ccou

nts

156 Z.1, September 16, 2016

S.5.a Nonfinancial Corporate BusinessBillions of dollars

2008 2009 2010 2011 2012 2013 2014 2015

Current account




9 FA106140005 Net national income/Balance of primary incomes, net 574.5 630.6 907.3 903.4 917.3 1020.1 1038.7 964.2 910 FA106402101 Operating surplus, net 1172.2 1073.5 1352.5 1419.1 1542.0 1605.8 1683.3 1665.2 1011 FA106150105 Property income (received) 626.9 563.8 580.3 549.6 531.0 541.1 564.5 550.0 1112 FA106130101 Interest 302.8 214.6 177.5 176.3 162.2 150.9 150.4 163.1 1213 FA106121101 Distributed income of corporations (dividends) 108.0 139.0 134.4 94.8 106.9 100.6 103.6 100.7 1314 FA103092201 Reinvested earnings on U.S. direct investment abroad 216.1 210.2 268.3 278.5 261.8 289.6 310.4 286.3 1415 FA106150005 Less: Uses of property income (paid) 1224.6 1006.8 1025.4 1065.3 1155.7 1126.8 1209.1 1250.9 1516 FA106130001 Interest 584.5 480.0 444.5 444.3 438.2 410.3 421.5 453.0 1617 FA106121001 Distributed income of corporations (dividends) 582.2 490.4 509.9 535.8 624.8 632.5 683.2 708.7 1718 FA103192201 Reinvested earnings on foreign direct investment 32.1 18.1 51.8 63.5 70.2 61.8 79.9 68.3 1819 FA106112001 Rent 25.9 18.2 19.2 21.7 22.5 22.1 24.4 20.9 19

20 FA106140005 Net national income/Balance of primary incomes, net 574.5 630.6 907.3 903.4 917.3 1020.1 1038.7 964.2 2021 FA106220001 Less: Current taxes on income, wealth, etc. (paid) 227.4 177.8 220.6 228.8 266.7 283.6 313.7 308.1 2122 FA106403001 Less: Other current transfers (paid) 50.3 71.8 83.3 90.4 93.9 94.7 90.8 104.7 22



Capital account

25 FA106006385 Net saving less capital transfers 300.4 342.7 582.5 590.6 573.7 647.5 640.9 554.7 2526 FA106012095 Net saving 296.7 381.0 603.5 584.2 556.7 641.8 634.2 551.5 2627 FA105440005 Less: Capital transfers paid (net) -3.7 38.3 20.9 -6.4 -17.0 -5.7 -6.7 -3.2 27

28 FA105050985 Capital formation, net 266.6 -74.6 143.3 199.1 320.3 351.8 402.4 436.1 28 Gross fixed capital formation (acquisition of29 FA105019085 produced nonfinancial assets) 1372.7 1141.9 1181.0 1303.9 1439.9 1505.0 1625.5 1654.6 2930 FA106300083 Less: Consumption of fixed capital 1093.9 1092.0 1094.6 1139.2 1186.2 1228.1 1282.8 1329.6 3031 FA105420095 Acquisition of nonproduced nonfinancial assets 17.6 6.3 -1.1 -0.5 0.8 1.4 1.8 29.9 3132 FA105020005 Change in private inventories -29.7 -130.8 57.9 34.9 65.8 73.6 57.9 81.2 32


Financial account


35 FA104090005 Net acquisition of financial assets -608.8 299.8 632.7 496.8 506.3 989.6 790.2 918.5 35

36 FA104000005 Currency and deposits -214.0 254.5 148.6 38.3 -11.7 141.5 8.7 -64.6 3637 FA103020005 Currency and transferable deposits -59.0 70.8 79.6 30.8 -45.5 63.5 39.1 -13.3 3738 FA103030003 Time and savings deposits -129.4 176.9 59.9 13.2 33.3 35.8 -21.5 -30.6 3839 FA103091003 Foreign deposits -25.5 6.8 9.1 -5.8 0.6 42.1 -8.9 -20.6 39

40 FA104022005 Debt securities -25.7 16.3 15.6 -8.5 -12.5 -13.2 9.3 -6.9 4041 FA103069100 Open market paper -12.2 -1.3 12.0 -0.1 -8.4 -6.6 3.5 -1.7 4142 FA103061103 Treasury securities -7.9 12.5 5.1 -5.1 -3.5 -0.6 2.5 -5.9 4243 FA103061703 Agency- and GSE-backed securities (1) -2.6 4.2 1.7 -1.7 -1.2 -4.2 4.8 -2.0 4344 FA103062003 Municipal securities -3.0 0.9 -3.2 -1.6 0.6 -1.7 -1.5 2.6 44

45 FA104035005 Loans -11.1 -7.2 0.2 2.2 -3.8 -4.0 18.7 8.4 4546 FA104041005 Short term (security repos and consumer credit) -3.4 -3.1 1.7 2.7 -1.9 -5.6 13.8 3.6 4647 FA103065003 Long term (mortgages) -7.7 -4.1 -1.6 -0.6 -1.9 1.6 4.9 4.9 47

48 FA103081005 Equity and investment fund shares 423.5 224.3 183.5 364.0 376.8 354.4 321.6 318.7 4849 FA103034003 Money market fund shares 178.5 -71.4 -157.7 -35.4 57.1 39.7 -0.9 18.6 4950 FA103064203 Mutual fund shares -16.5 35.3 11.1 -12.8 -1.7 1.2 15.1 7.4 5051 FA103092005 U.S. direct investment abroad 262.6 269.7 303.3 403.9 318.9 298.7 293.1 296.7 5152 FA103092405 Equity in government-sponsored enterprises (1) -0.1 0.0 0.1 -0.0 0.0 0.0 0.1 0.1 5253 FA103094105 Investment in finance company subsidiaries -1.1 -9.3 26.7 8.4 2.6 14.7 14.1 -4.1 53

54 FA103076005 Insurance, pension and standardized guarantee schemes (2) 10.9 -4.0 11.7 12.3 8.0 -6.0 10.4 2.4 54

Inte

grat

ed A

ccou

nts

Z.1, September 16, 2016 157


2008 2009 2010 2011 2012 2013 2014 2015

55 FA103096005 Other accounts receivable -792.5 -184.2 273.2 88.6 149.4 517.0 421.6 660.5 5556 FA103070005 Trade receivables -168.2 -29.5 96.9 83.4 52.6 261.6 70.8 -15.6 5657 FA103093005 Other (miscellaneous assets) -624.3 -154.7 176.3 5.2 96.8 255.4 350.7 676.0 57


59 FA104122005 Debt securities 191.4 178.9 235.4 203.9 352.5 293.3 307.3 408.6 5960 FA103169100 Open market paper 7.7 -73.1 24.5 33.4 14.0 14.2 37.5 -5.4 6061 FA103162000 Municipal securities 66.8 36.7 32.7 8.2 12.9 3.1 -0.0 13.4 6162 FA103163003 Corporate bonds 116.9 215.3 178.1 162.3 325.5 276.0 269.9 400.6 62

63 FA104123005 Loans 87.6 -523.5 -288.5 132.0 -47.1 104.0 177.5 63.8 6364 FA104141005 Short term 132.1 -394.8 -177.5 212.3 67.9 105.4 156.0 46.0 6465 FA103168005 Depository institution loans n.e.c. 64.2 -234.0 -87.0 152.1 101.5 63.8 93.0 77.1 6566 FA103169005 Other loans and advances 68.0 -160.8 -90.4 60.2 -33.5 41.7 63.0 -31.1 6667 FA103165005 Long term (mortgages) -44.6 -128.7 -111.0 -80.3 -115.1 -1.5 21.5 17.8 67

68 FA103181005 Equity and investment fund shares -126.0 53.5 -93.6 -261.9 -163.0 -176.9 -240.0 -243.0 6869 FA103164103 Corporate equities -315.6 -51.2 -250.7 -454.6 -344.9 -352.9 -392.2 -563.1 6970 FA103192005 Foreign direct investment in the United States 189.6 104.6 157.0 192.7 181.9 176.0 152.2 320.1 70

71 FA103152025 Insurance, pension and standardized guarantee schemes 142.4 67.1 -9.6 -13.2 -14.9 106.1 82.5 62.6 7172 FA573074005 Pension fund contributions payable 14.7 -8.6 15.4 3.0 -12.3 -2.5 -2.9 -4.3 7273 FA573073005 Claim of pension fund on sponsor 127.6 75.7 -25.0 -16.2 -2.6 108.6 85.4 66.9 73

74 FA103196005 Other accounts payable 43.5 -24.7 643.9 833.6 858.0 600.2 966.5 595.1 7475 FA103170005 Trade payables -225.2 -82.6 156.3 25.2 65.4 101.3 108.8 -33.1 7576 FA103178000 Taxes payable 3.1 -3.3 7.2 8.8 2.3 -9.1 -1.4 -1.8 7677 FA103193005 Miscellaneous liabilities 265.7 61.2 480.4 799.6 790.3 508.0 859.1 630.1 77

Addendum:78 FA105000005 Net lending (+) or borrowing (-), financial account (lines 35-58) -947.7 548.5 145.2 -397.5 -479.0 62.9 -503.5 31.3 78


79 FV108090105 Total other volume changes -744.2 172.3 379.3 -54.9 -233.2 511.1 -5.3 488.0 7980 FV102010005 Disaster losses -5.8 0.0 0.0 0.0 -6.9 0.0 0.0 0.0 8081 FV108090085 Other volume changes 206.1 47.7 632.4 665.8 491.9 747.3 739.7 630.1 8182 FU107005045 Less: Statistical discrepancy (lines 33-78) (3) 981.5 -131.2 294.1 789.0 732.4 232.8 742.0 87.3 8283 FU105020601 Less: Inventory valuation adjustment -37.0 6.7 -41.0 -68.3 -14.2 3.3 3.0 54.8 83

Revaluation account

84 FR102010005 Nonfinancial assets -1109.7 -2627.1 857.5 781.9 542.0 1398.8 1078.2 1014.0 8485 FR105035005 Real estate -1154.4 -2645.6 724.8 643.7 498.1 1334.6 1041.6 1044.4 8586 FR105015205 Equipment 99.9 -16.1 41.1 76.6 13.5 29.0 28.2 -9.9 8687 FR105013765 Intellectual property products 13.2 3.1 22.5 27.9 19.9 41.1 23.8 26.3 8788 FR105020015 Inventories -68.4 31.6 69.1 33.7 10.5 -5.9 -15.3 -46.7 88

89 FR108080095 Financial assets -199.6 -15.3 -131.9 -55.7 72.0 -13.6 -58.7 -111.4 8990 FR103064203 Mutual fund shares -55.2 20.4 13.6 -8.1 15.4 30.2 8.4 -6.2 9091 FR103092005 Direct investment abroad -144.4 -35.7 -145.6 -47.6 56.6 -43.8 -67.1 -105.2 91

92 FR103181005 Liabilities -5651.2 2497.1 2007.8 255.3 2024.3 5338.5 2519.5 -531.2 9293 FR103164103 Corporate equity -5550.0 2665.6 2022.6 346.0 2037.2 5334.1 2511.3 -435.2 9394 FR103192005 Foreign direct investment in the United States -101.2 -168.5 -14.8 -90.7 -12.9 4.5 8.2 -95.9 94

95 FR108200005 Changes in net worth due to nominal holding gains/losses 4341.9 -5139.4 -1282.2 470.8 -1410.3 -3953.3 -1500.0 1433.8 95


96 FC102090085 Change in net worth (lines 28+33+79+95) (4) 3898.0 -4624.4 -320.4 1006.5 -1069.8 -2794.7 -864.4 2476.5 96


97 FL102000005 Total assets 29507.9 27177.2 28951.8 30501.5 31941.0 34828.9 37170.3 39439.9 97

98 FL102010005 Nonfinancial assets (5) 16584.7 13859.8 14935.1 15992.6 16852.6 18568.2 20029.4 21393.2 9899 LM105035005 Real estate 9352.9 6761.3 7539.7 8228.1 8793.8 10199.0 11371.7 12520.4 99100 FL105015205 Equipment 3857.2 3793.1 3853.6 4008.0 4139.4 4287.4 4446.7 4584.3 100101 FL105013765 Intellectual property products 1564.1 1600.7 1669.1 1746.9 1819.4 1917.4 2007.0 2105.0 101102 FL105020015 Inventories 1810.5 1704.6 1872.7 2009.6 2100.0 2164.4 2203.9 2183.5 102


104 FL104000005 Currency and deposits 420.7 675.2 823.8 862.1 850.4 991.8 1000.6 936.0 104105 FL103020005 Currency and transferable deposits 84.2 154.9 234.5 265.3 219.8 283.3 322.4 309.1 105106 FL103030003 Time and savings deposits 311.9 488.8 548.7 561.9 595.2 631.1 609.5 578.9 106107 FL103091003 Foreign deposits 24.7 31.5 40.6 34.8 35.4 77.5 68.7 48.0 107

Inte

grat

ed A

ccou

nts

158 Z.1, September 16, 2016


2008 2009 2010 2011 2012 2013 2014 2015

108 FL104022005 Debt securities 124.1 140.4 155.9 147.4 135.0 121.8 131.1 124.2 108109 FL103069100 Open market paper 57.3 56.0 68.0 67.9 59.5 52.9 56.4 54.7 109110 FL103061103 Treasury securities 30.5 43.0 48.0 43.0 39.4 38.8 41.3 35.4 110111 FL103061703 Agency- and GSE-backed securities (1) 10.2 14.3 16.0 14.3 13.1 8.9 13.8 11.8 111112 FL103062003 Municipal securities 26.2 27.1 23.9 22.3 22.9 21.2 19.7 22.2 112

113 FL104035005 Loans 88.2 81.0 84.9 87.1 83.3 79.3 97.9 106.4 113114 FL104041005 Short term 54.5 51.4 56.9 59.6 57.7 52.2 66.0 69.6 114115 FL102051003 Security repurchases 7.2 7.9 12.1 12.6 9.7 8.7 21.6 26.0 115116 FL103066005 Consumer credit 47.3 43.6 44.8 47.1 48.0 43.4 44.4 43.6 116117 FL103065003 Long term (mortgages) 33.6 29.5 28.0 27.4 25.5 27.1 31.9 36.8 117

118 FL103081005 Equity and investment fund shares 3925.3 4134.3 4148.8 4457.1 4905.9 5246.7 5509.6 5716.9 118119 FL103034003 Money market fund shares 727.0 655.5 497.8 462.4 519.4 559.1 558.2 576.8 119120 LM103064203 Mutual fund shares 106.3 162.0 186.8 165.9 179.6 211.0 234.5 235.7 120121 FL103092005 U.S. direct investment abroad 3011.1 3245.1 3402.9 3759.2 4134.7 4389.5 4615.6 4807.2 121122 FL103092405 Equity in government-sponsored enterprises (1) 0.4 0.4 0.6 0.5 0.6 0.6 0.7 0.8 122123 FL103094105 Investment in finance company subsidiaries 80.5 71.2 60.7 69.1 71.7 86.4 100.5 96.4 123

124 FL103076005 Insurance, pension and standardized guarantee schemes (2) 310.9 307.0 318.7 331.0 339.0 333.0 343.3 345.7 124

125 FL103096005 Other accounts receivable 8054.0 7979.6 8484.6 8624.3 8774.8 9488.1 10058.4 10817.6 125126 FL103070005 Trade receivables 2093.6 2064.1 2157.2 2240.7 2293.2 2554.8 2625.6 2610.1 126127 FL103093005 Other (miscellaneous assets) 5960.5 5915.5 6327.4 6383.6 6481.6 6933.3 7432.8 8207.5 127


129 FL104194005 Liabilities 22833.7 25127.4 27222.4 27765.6 30275.0 35957.5 39163.4 38956.5 129

130 FL104122005 Debt securities 3551.7 3730.6 3965.9 4169.8 4522.3 4815.6 5122.8 5531.4 130131 FL103169100 Open market paper 131.5 58.4 82.9 116.3 130.3 144.5 182.0 176.5 131132 FL103162000 Municipal securities 434.2 470.9 503.6 511.7 524.7 527.8 527.8 541.2 132133 FL103163003 Corporate bonds 2986.0 3201.3 3379.4 3541.8 3867.3 4143.3 4413.1 4813.7 133

134 FL104123005 Loans 3061.3 2453.7 2098.3 2230.3 2226.7 2315.1 2493.1 2558.6 134135 FL104141005 Short term 2163.8 1684.8 1425.3 1637.6 1749.0 1838.9 1994.8 2042.5 135136 FL103168005 Depository institution loans n.e.c. 779.9 545.8 477.1 629.2 712.1 775.8 868.7 947.5 136137 FL103169005 Other loans and advances 1383.9 1139.0 948.1 1008.3 1036.9 1063.1 1126.2 1095.1 137138 FL103165005 Long term (mortgages) 897.5 768.9 673.1 592.7 477.7 476.2 498.2 516.1 138

139 FL103181005 Equity and investment fund shares 11659.7 14210.3 16124.5 16117.9 17979.2 23140.8 25420.3 24646.2 139140 LM103164103 Corporate equity 9609.4 12223.8 13995.7 13887.2 15579.4 20560.6 22679.7 21681.4 140141 FL103192005 Foreign direct investment in the United States 2050.3 1986.4 2128.7 2230.7 2399.8 2580.2 2740.6 2964.8 141

142 FL103152025 Insurance, pension and standardized guarantee schemes 760.1 574.1 539.3 611.3 472.3 298.3 359.6 568.7 142143 FL573074005 Pension fund contributions payable 84.0 75.4 90.8 93.8 81.4 79.0 76.1 71.8 143144 FL573073005 Claim of pension fund on sponsor 676.1 498.6 448.5 517.6 390.9 219.4 283.5 496.9 144

145 FL103196005 Other accounts payable 3800.9 4158.8 4494.4 4636.2 5074.5 5387.7 5767.5 5651.5 145146 FL103170005 Trade payables 1672.7 1590.1 1746.4 1771.6 1837.0 1938.3 2047.1 2013.9 146147 FL103178000 Taxes payable 39.0 35.7 42.9 51.7 54.0 44.9 43.5 41.7 147148 FL103193005 Miscellaneous liabilities 2089.2 2533.1 2705.1 2813.0 3183.6 3404.4 3677.0 3595.9 148

149 FL102090085 Net worth 6674.2 2049.8 1729.4 2735.9 1666.1 -1128.6 -1993.1 483.4 149

Notes. Nonfinancial corporate business includes corporate farms that are excluded from the nonfinancial corporate business sector in the Financial Accounts of the United States. Estimates for 2000 and earlier periods are based on the 1987 Standard Industrial Classification System; later estimates are based on the North American Classification System.(1) Government-sponsored enterprises (GSEs) consist of Federal Home Loan Banks, Fannie Mae, Freddie Mac, Federal Agricultural Mortgage Corporation, Farm Credit System, the Financing Corporation, and the Resolution Funding Corporation, and they included the Student Loan Marketing Association until it was fully privatized in the fourth quarter of 2004.(2) Net equity in reserves of property-casualty insurance companies.(3) The statistical discrepancy is the difference between net lending or net borrowing derived in the capital account and the same concept derived in the financial account. The discrepancy reflects differences in source data, timing of recorded flows, and other statistical differences between the capital and financial accounts.(4) Includes changes in the market value of shares and other equity that are excluded from the related measures for the nonfinancial corporate business sector in the Financial Accounts of the United States.(5) Excludes nonproduced nonfinancial assets.n.e.c. Not elsewhere classified

Inte

grat

ed A

ccou

nts

Z.1, September 16, 2016 159

S.6.a Financial BusinessBillions of dollars

2008 2009 2010 2011 2012 2013 2014 2015

Current account




9 FA796140005 Net national income/Balance of primary incomes, net -2.1 290.1 376.8 320.0 289.7 159.1 242.3 281.5 910 FA796402101 Operating surplus, net 9.5 224.8 227.1 212.1 322.7 289.8 364.9 368.7 1011 FA796150105 Property income (received) 2833.1 2203.8 2126.7 2109.1 2052.3 2011.6 2041.7 2116.0 1112 FA796130101 Interest 2444.8 1877.4 1749.5 1722.4 1635.7 1536.3 1536.8 1586.6 1213 FA796121101 Distributed income of corporations (dividends) 338.8 275.7 308.9 319.5 359.8 414.8 447.4 477.5 1314 FA793092281 Reinvested earnings on U.S. direct investment abroad 49.5 50.7 68.3 67.2 56.8 60.5 57.5 52.0 1415 FA796150005 Less: Uses of property income (paid) 2844.7 2138.6 1977.0 2001.2 2085.3 2142.4 2164.3 2203.3 1516 FA796130001 Interest 2321.6 1679.7 1505.2 1504.6 1478.3 1406.3 1421.3 1447.1 1617 FA796120005 Distributed income of corporations 515.8 455.1 460.8 481.5 589.8 721.3 725.6 741.9 1718 FA796121001 Dividends 492.8 380.8 376.0 427.2 521.9 673.8 697.9 710.5 1819 FA796122001 Withdrawals from income of quasi-corporations (1) 23.0 74.4 84.9 54.3 67.9 47.5 27.8 31.4 1920 FA793192281 Reinvested earnings on foreign direct investment 7.3 3.7 10.9 15.1 17.2 14.7 17.4 14.3 2021 FA796112001 Rents on land and natural resources 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 21

22 FA796140005 Net national income/Balance of primary incomes, net -2.1 290.1 376.8 320.0 289.7 159.1 242.3 281.5 2223 FA796220001 Less: Current taxes on income, wealth, etc. (paid) 81.7 91.6 150.0 150.3 180.9 184.1 219.1 245.7 2324 FA796403005 Less: Other current transfers (paid) 45.6 26.5 18.4 20.0 -25.7 -19.0 8.6 24.4 24

25 FA796012095 Equals: Disposable income, net -129.4 171.9 208.4 149.7 134.5 -6.0 14.5 11.4 25

26 FA796012095 Equals: Net saving -129.4 171.9 208.4 149.7 134.5 -6.0 14.5 11.4 26

Capital account

27 FA796006385 Net saving less capital transfers -68.9 293.9 249.9 182.1 124.9 -6.0 4.5 11.4 2728 FA796012095 Net saving -129.4 171.9 208.4 149.7 134.5 -6.0 14.5 11.4 2829 FA795440005 Less: Capital transfers paid (net) -60.5 -121.9 -41.5 -32.4 9.6 0.0 10.0 0.0 29

30 FA795015085 Capital formation, net 22.3 -10.5 -13.9 -1.2 17.9 19.1 27.6 40.4 3031 FA795013005 Gross fixed capital formation (nonresidential) 196.2 166.9 162.8 167.5 192.1 201.3 217.7 238.5 3132 FA796300081 Less: Consumption of fixed capital 173.9 177.4 176.7 168.6 174.2 182.2 190.2 198.2 32

33 FA795000995 Net lending (+) or borrowing (-), capital account (lines 27-30) -91.2 304.4 263.8 183.3 107.0 -25.1 -23.0 -28.9 33

Financial account

34 FA795000995 Net lending (+) or borrowing (-) (line 33) -91.2 304.4 263.8 183.3 107.0 -25.1 -23.0 -28.9 34

35 FA794090005 Net acquisition of financial assets 3773.5 -1240.6 82.9 1977.4 1529.7 3046.9 2562.0 1306.9 35

36 FA713011203 Monetary gold 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 36

37 FA794000005 Currency and deposits 1005.9 196.6 -154.9 518.0 -48.0 817.6 127.1 -511.4 37

38 FA794022005 Debt securities 674.1 846.3 853.8 1033.5 973.6 1276.3 838.7 617.1 3839 FA793069175 Open market paper 6.2 -390.8 -93.4 -75.1 -0.5 20.3 -25.2 18.1 3940 FA793061105 Treasury securities 502.4 451.6 573.5 1014.5 324.2 482.8 605.7 414.9 4041 FA793061705 Agency- and GSE-backed securities (2) 667.7 700.3 47.7 71.2 171.6 388.9 76.0 23.1 4142 FA793062005 Municipal securities 34.0 30.5 31.4 -9.5 122.8 -16.2 22.2 65.2 4243 FA793063005 Corporate and foreign bonds -536.1 54.6 294.7 32.4 355.6 400.5 160.1 95.9 43

44 FA794035005 Loans 1469.4 -2951.9 -479.9 173.3 385.6 59.7 786.5 788.6 4445 FA794041005 Short term 1222.4 -2899.3 -188.8 348.1 451.6 -33.5 597.2 417.2 4546 FA793065005 Long term (mortgages) 247.0 -52.7 -291.0 -174.9 -66.1 93.3 189.3 371.4 46

47 FA793081005 Equity and investment fund shares 762.4 68.2 -52.5 -67.8 25.1 222.6 223.0 281.7 4748 FA793064105 Corporate equities 156.8 134.2 75.8 -108.4 -21.3 35.9 -12.7 37.1 4849 FA793064205 Mutual fund shares 10.1 146.5 113.9 -6.0 5.2 131.3 19.0 20.7 4950 FA793034005 Money market mutual fund shares 306.6 -193.6 -181.6 -65.1 -86.8 -57.8 19.4 38.9 5051 FA793092405 Equity in government-sponsored enterprises (2) -5.3 0.0 -3.2 -6.2 -2.0 -0.2 0.3 0.7 5152 FA793092005 U.S. direct investment abroad 66.4 40.7 -2.3 15.2 20.5 25.1 19.2 25.8 5253 FA713164003 Stock in Federal Reserve Banks 2.6 4.6 0.9 0.4 0.5 0.1 1.1 0.9 5354 FA793094005 Investment in subsidiaries 225.0 -64.1 -56.0 102.4 109.1 88.2 176.7 157.7 54

55 FA793052005 Insurance, pension and standardized guarantee schemes 279.2 508.4 284.9 345.0 365.3 346.6 363.3 347.4 55

56 FA793096005 Other accounts receivable -417.6 91.9 -368.5 -24.6 -171.8 324.1 223.3 -216.4 56

Inte

grat

ed A

ccou

nts

160 Z.1, September 16, 2016


2008 2009 2010 2011 2012 2013 2014 2015


58 FA794100005 Currency and deposits 2139.9 228.2 324.4 1448.9 594.6 1859.3 987.2 197.5 58

59 FA794122005 Debt securities 454.4 -974.1 -679.8 -354.6 -316.3 65.0 170.4 163.2 5960 FA423161705 Agency- and GSE-backed securities (2) 768.7 -60.1 -39.5 -22.1 -23.8 238.3 150.3 220.4 6061 FA793163005 Corporate bonds -189.0 -465.9 -538.0 -264.3 -233.7 -124.4 57.4 -14.5 6162 FA793169175 Commercial paper -125.4 -448.1 -102.2 -68.2 -58.8 -48.9 -37.3 -42.7 62

63 FA794135005 Loans -160.2 -1644.3 -59.6 202.2 128.4 -192.7 158.3 -22.5 6364 FA794141005 Short term -166.9 -1656.1 -60.5 188.7 123.5 -212.6 149.0 -26.5 6465 FA643165005 Long term (mortgages) 6.8 11.8 0.8 13.5 4.8 19.9 9.3 4.0 65

66 FA793181005 Equity and investment fund shares 1730.9 277.1 93.4 374.8 735.9 687.6 783.0 538.7 6667 FA634090005 Money market mutual fund shares 746.5 -516.3 -512.4 -112.6 2.2 24.6 6.8 30.1 6768 FA793164105 Corporate equity issues 678.8 303.8 194.4 170.5 164.3 175.5 235.5 232.8 6869 FA653164205 Mutual fund shares -58.1 533.4 395.9 200.7 386.2 346.0 309.4 95.3 6970 FA403192405 Equity in government-sponsored enterprises (2) -4.2 0.0 -2.7 -5.9 -1.8 0.5 1.2 1.3 7071 FA793192005 Foreign direct investment in the United States 120.7 45.7 48.5 43.4 21.4 29.7 21.6 31.3 7172 FA662090205 Equity in noncorporate business 11.6 0.6 0.9 -2.9 6.7 -5.2 2.0 2.3 7273 FA793194005 Investment by parent 233.0 -94.5 -32.0 81.1 156.4 116.2 205.4 144.8 7374 FA713164003 Stock in Federal Reserve Banks 2.6 4.6 0.9 0.4 0.5 0.1 1.1 0.9 74


76 FA793196005 Other accounts payable -486.8 293.0 -268.7 -402.1 -172.1 -59.5 82.0 -187.2 76

Addendum:77 FA795000005 Net lending (+) or borrowing (-), financial account (lines 35-57) -424.0 -62.9 -14.6 70.4 65.3 181.5 17.0 120.4 77


78 FV798090185 Total other volume changes 927.8 -784.6 -655.3 16.1 -190.2 -1038.1 -331.2 -33.5 7879 FV792010095 Disaster losses -0.6 0.0 0.0 0.0 -2.0 0.0 0.0 0.0 7980 FV798090085 Other volume changes 1261.3 -417.4 -376.9 129.0 -146.5 -1244.7 -371.2 -182.9 8081 FU797005045 Less: Statistical discrepancy (lines 33-77) (3) 332.8 367.3 278.4 112.8 41.7 -206.6 -40.0 -149.4 81

Revaluation account

82 FR792010095 Nonfinancial assets 55.7 -61.9 -2.7 42.2 18.4 37.3 28.9 19.3 8283 FR795013665 Structures (nonresidential) 54.2 -50.2 -0.3 33.2 15.3 31.0 24.4 18.5 8384 FR795013265 Equipment 3.0 -5.6 1.2 8.3 2.9 4.7 5.6 0.7 8485 FR795013765 Intellectual property products -1.5 -6.1 -3.6 0.6 0.2 1.6 -1.0 0.2 85

86 FR793081085 Financial assets -6379.2 2839.6 1787.3 -660.4 1968.5 3903.7 1275.0 -486.3 8687 FR793064105 Corporate equities -4965.5 2099.8 1363.0 -484.4 1489.8 3247.9 1039.8 -410.1 8788 FR793064205 Mutual fund shares -1424.4 685.6 383.6 -130.5 456.3 738.9 237.1 -49.5 8889 FR793092005 U.S. direct investment abroad 10.8 54.2 40.7 -45.5 22.4 -83.2 -1.9 -26.7 89

90 FR793181085 Liabilities -7154.0 2615.5 1878.9 -829.4 2275.8 3844.3 1472.6 -661.0 9091 FR793164105 Corporate equity issues -2405.1 399.2 563.4 -458.3 730.2 1305.8 616.8 -266.9 9192 FR653164205 Mutual fund shares -3067.9 1474.9 837.3 -289.2 1035.9 1623.5 508.2 -348.7 9293 FR793192005 Foreign direct investment in the United States -157.6 17.9 34.1 28.9 -2.2 -50.4 13.4 -26.9 9394 FR662090205 Equity in noncorporate business -13.6 3.6 0.3 -1.2 -1.3 4.2 -0.4 -5.5 9495 FR153050005 Pension fund reserves -1509.8 720.6 445.8 -111.3 513.4 961.2 334.6 -13.0 9596 FR793194005 Investment by parent 0.0 -0.6 -2.0 1.8 -0.1 0.0 0.0 0.0 96

97 FR798200005 Changes in net worth due to nominal holding gains/losses 830.5 162.2 -94.3 211.2 -289.0 96.7 -168.7 194.1 97


98 FC792090095 Change in net worth (lines 30+33+78+97) 1689.5 -328.6 -499.7 409.5 -354.3 -947.3 -495.4 172.0 98


99 FL792000095 Total assets 69617.9 71066.1 72448.0 73956.8 78093.6 83774.7 87467.7 88038.8 99

100 FL792010095 Nonfinancial assets (4) 1649.4 1586.3 1580.2 1621.2 1655.5 1711.9 1768.3 1828.0 100101 FL795013665 Structures (nonresidential) 1015.8 971.3 963.9 986.3 992.0 1013.5 1033.7 1051.7 101102 FL795013265 Equipment 498.6 470.3 471.9 485.5 506.0 534.3 569.0 605.2 102103 FL795013765 Intellectual property products 134.9 144.7 144.3 149.4 157.4 164.1 165.6 171.1 103


105 FL713011203 Monetary gold 11.0 11.0 11.0 11.0 11.0 11.0 11.0 11.0 105

106 FL794000005 Currency and deposits 2163.6 2373.7 2264.5 2782.6 2758.9 3575.2 3699.4 3186.5 106

Inte

grat

ed A

ccou

nts

Z.1, September 16, 2016 161


2008 2009 2010 2011 2012 2013 2014 2015



116 FL793081005 Equity and investment fund shares 14836.9 18420.9 20155.7 19427.5 21847.8 25928.9 27426.9 27076.7 116117 LM793064105 Corporate equities 7378.0 9612.1 11050.8 10458.0 11926.5 15210.3 16237.4 15864.4 117118 LM793064205 Mutual fund shares 2716.2 3548.3 4045.8 3909.4 4371.0 5241.2 5497.3 5473.4 118119 FL793034005 Money market fund shares 1254.6 1061.0 879.5 814.3 727.5 669.7 689.2 728.1 119120 FL793092405 Equity in government-sponsored enterprises (2) 45.0 45.0 41.7 35.5 33.5 33.4 33.7 34.4 120121 FL793092005 U.S. direct investment abroad 737.4 832.3 870.7 840.3 883.2 825.1 842.3 841.4 121122 FL713164003 Stock in Federal Reserve Banks 21.1 25.6 26.5 26.9 27.4 27.5 28.6 29.5 122123 FL793094005 Investment in subsidiaries 2684.6 3296.6 3240.6 3343.0 3878.8 3921.7 4098.5 4105.6 123


125 FL793096005 Other accounts receivable 3754.4 3798.6 3605.4 3707.0 3966.0 4245.0 4397.0 3968.3 125


127 FL794194005 Liabilities 68234.6 70011.3 71893.0 72992.3 77483.4 84111.8 88300.2 88699.3 127


129 FL794122005 Debt securities 15364.9 14594.5 13544.8 13117.5 12923.9 12924.3 13067.3 13110.8 129130 FL423161705 Agency- and GSE-backed securities (2) 8143.4 8083.3 7581.3 7559.2 7535.4 7773.7 7924.0 8144.4 130131 FL793163005 Corporate bonds 6095.3 5833.0 5387.4 5050.5 4939.4 4750.4 4780.5 4646.2 131132 FL793169175 Commercial paper 1126.3 678.2 576.0 507.9 449.1 400.2 362.9 320.1 132


136 FL793181005 Equity and investment fund shares 15590.8 18439.0 19928.3 19584.9 22509.9 26035.5 27956.5 27696.6 136137 FL634090005 Money market fund shares 3832.2 3315.9 2803.5 2691.0 2693.2 2717.8 2724.6 2754.7 137138 LM793164105 Corporate equity issues 2879.7 3582.6 4340.4 4052.6 4947.1 6428.4 7280.7 7246.6 138139 LM653164205 Mutual fund shares 5788.4 7796.7 9029.8 8941.4 10363.5 12333.0 13150.6 12897.2 139140 FL403192405 Equity in government-sponsored enterprises (2) 51.8 51.8 49.0 43.1 41.2 41.7 42.9 44.2 140141 FL793192005 Foreign direct investment in the United States 343.5 407.0 489.6 561.9 581.1 560.5 595.5 599.9 141142 FL662090205 Equity in noncorporate business 10.7 14.8 15.9 11.9 17.2 16.3 17.9 14.7 142143 FL793194005 Investment by parent 2663.5 3244.5 3173.4 3256.3 3839.2 3910.3 4115.7 4109.9 143144 FL713164003 Stock in Federal Reserve Banks 21.1 25.6 26.5 26.9 27.4 27.5 28.6 29.5 144


146 FL793196005 Other accounts payable 2720.3 2350.9 1848.6 1515.1 1449.0 1276.9 1373.7 1174.5 146

147 FL792090095 Net worth 1383.4 1054.8 555.0 964.5 610.2 -337.1 -832.5 -660.5 147

Notes. Financial business includes depository institutions, insurance companies, pension funds, monetary authority, and other financial institutions. Estimates for 2000 and earlier periods are based on the 1987 Standard Industrial Classification System; later estimates are based on the North American Classification System.(1) Consists of rental income of tenant-occupied housing and proprietors’ income. Quasi-corporations are unincorporated enterprises that function as if they were corporations; they primarily cover their operating costs through sales, and they keep a complete set of financial records.(2) Government-sponsored enterprises (GSEs) consist of Federal Home Loan Banks, Fannie Mae, Freddie Mac, Federal Agricultural Mortgage Corporation, Farm Credit System, the Financing Corporation, and the Resolution Funding Corporation, and they included the Student Loan Marketing Association until it was fully privatized in the fourth quarter of 2004.(3) The statistical discrepancy is the difference between net lending or net borrowing derived in the capital account and the same concept derived in the financial account. The discrepancy reflects differences in source data, timing of recorded flows, and other statistical differences between the capital and financial accounts.(4) Excludes land. Includes corporate and noncorporate financial business.

Inte

grat

ed A

ccou

nts

162 Z.1, September 16, 2016

S.61.a Central BankBillions of dollars

2008 2009 2010 2011 2012 2013 2014 2015

Current account



3 FA716902605 Equals: Net value added 2.6 1.7 1.7 2.0 1.8 2.5 3.3 3.2 3 4 FA716025005 Compensation of employees (paid) 1.9 2.1 2.1 2.0 2.0 2.2 2.3 2.4 4 5 FA716020001 Wages and salaries 1.7 1.8 1.8 1.8 1.8 1.9 2.0 2.1 5 6 FA716401001 Employers’ social contributions 0.2 0.2 0.2 0.2 0.2 0.3 0.3 0.3 6 7 FA716240101 Taxes on production and imports less subsidies 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 7 8 FA716402101 Operating surplus, net 0.6 -0.3 -0.4 -0.1 -0.2 0.3 1.1 0.9 8

9 FA716140005 Net national income/Balance of primary incomes, net 35.2 47.3 71.7 76.6 72.4 80.6 104.4 101.6 910 FA716402101 Operating surplus, net 0.6 -0.3 -0.4 -0.1 -0.2 0.3 1.1 0.9 1011 FA716150105 Property income (received) 38.9 53.3 78.5 84.5 80.9 90.5 115.9 113.6 1112 FA716130101 Interest 38.9 53.3 78.5 84.5 80.9 90.5 115.9 113.6 1213 FA716121101 Distributed income of corporations (dividends) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1314 FA713092281 Reinvested earnings on U.S. direct investment abroad 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1415 FA716150005 Less: Uses of property income (paid) 4.4 5.7 6.4 7.9 8.4 10.2 12.6 12.9 1516 FA716130001 Interest 3.2 4.3 4.8 6.3 6.7 8.6 11.0 11.2 1617 FA716120005 Distributed income of corporations 1.2 1.4 1.6 1.6 1.6 1.6 1.7 1.7 1718 FA716121001 Dividends 1.2 1.4 1.6 1.6 1.6 1.6 1.7 1.7 1819 FA716122001 Withdrawals from income of quasi-corporations (1) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1920 FA713192281 Reinvested earnings on foreign direct investment 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2021 FA716112001 Rents on land and natural resources 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 21


25 FA716012005 Equals: Disposable income, net 2.6 -1.1 -8.7 -0.3 -17.6 -0.9 5.6 -17.4 25

26 FA716012005 Equals: Net saving 2.6 -1.1 -8.7 -0.3 -17.6 -0.9 5.6 -17.4 26

Capital account

27 FA716006385 Net saving less capital transfers 2.6 -1.1 -8.7 -0.3 -17.6 -0.9 5.6 -17.4 2728 FA716012005 Net saving 2.6 -1.1 -8.7 -0.3 -17.6 -0.9 5.6 -17.4 2829 FA715440083 Less: Capital transfers paid (net) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 29

30 FA715015085 Capital formation, net -0.2 -0.0 -0.2 -0.2 0.0 -0.2 -0.1 -0.1 3031 FA715013085 Gross fixed capital formation (nonresidential) 0.7 0.8 0.7 0.6 0.8 0.6 0.7 0.8 3132 FA716330085 Less: Consumption of fixed capital 0.8 0.8 0.8 0.8 0.8 0.8 0.8 0.9 32

33 FA715000995 Net lending (+) or borrowing (-), capital account (lines 27-30) 2.8 -1.0 -8.5 -0.0 -17.7 -0.7 5.7 -17.4 33

Financial account

34 FA715000995 Net lending (+) or borrowing (-) (line 33) 2.8 -1.0 -8.5 -0.0 -17.7 -0.7 5.7 -17.4 34

35 FA714090005 Net acquisition of financial assets 1319.8 -4.5 185.5 493.6 9.7 1118.8 481.6 -13.3 35

36 FA713011203 Monetary gold 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3637 FA714000005 Currency and deposits -0.8 3.7 1.8 1.1 0.9 0.4 1.4 1.9 37

38 FA714022005 Debt securities -245.0 1349.2 316.3 444.0 64.5 1086.6 480.7 5.1 3839 FA713069603 Open market paper 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3940 FA713061100 Treasury securities -264.7 300.7 244.9 642.0 2.7 542.6 252.6 0.2 4041 FA713061705 Agency- and GSE-backed securities (2) 19.7 1048.5 71.4 -197.9 61.8 543.9 228.1 4.9 41

42 FA714041005 Loans (short term) 1564.7 -1434.1 -151.4 32.2 -121.0 -9.1 1.2 -0.6 4243 FA713064103 Equity shares 0.0 25.1 1.3 -26.4 0.0 0.0 0.0 0.0 4344 FA713096105 Other accounts receivable 0.9 51.5 17.5 42.7 65.3 40.9 -1.8 -19.7 44


46 FA714100005 Currency and deposits 1270.2 -3.4 173.9 480.2 -2.0 900.1 283.2 -197.9 4647 FA712151003 Loans 44.4 -10.6 -18.0 40.2 7.3 208.7 193.9 202.6 4748 FA713164003 Equity shares (stock in Federal Reserve Banks) 2.6 4.6 0.9 0.4 0.5 0.1 1.1 0.9 4849 FA713193005 Other accounts payable 0.0 0.4 27.8 -27.5 3.5 9.7 2.4 -0.3 49

Addendum:50 FA715000005 Net lending (+) or borrowing (-), financial account (lines 35-45) 2.6 4.6 0.9 0.4 0.5 0.1 1.1 -18.6 50


51 FV718090185 Total other volume changes -0.2 5.6 9.4 0.4 18.1 0.8 -4.6 -1.2 5152 FV718090085 Other volume changes 0.0 0.0 0.0 0.0 -0.0 0.0 0.0 0.0 5253 FU717005045 Less: Statistical discrepancy (lines 33-50) (3) 0.2 -5.6 -9.4 -0.4 -18.1 -0.8 4.6 1.2 53

Inte

grat

ed A

ccou

nts

Z.1, September 16, 2016 163

S.61.a Central BankBillions of dollars

2008 2009 2010 2011 2012 2013 2014 2015

Revaluation account

54 FR712010095 Nonfinancial assets 0.6 -0.4 0.0 0.3 0.1 0.3 0.2 0.2 5455 FR715013665 Structures (nonresidential) 0.5 -0.3 0.0 0.3 0.1 0.2 0.2 0.1 5556 FR715013265 Equipment 0.1 -0.0 0.0 0.0 0.0 0.0 0.0 0.0 5657 FR715013765 Intellectual property products 0.0 -0.0 0.0 0.0 0.0 0.0 -0.0 0.0 57

58 FR718200005 Changes in net worth due to nominal holding gains/losses 0.6 -0.4 0.0 0.3 0.1 0.3 0.2 0.2 58


59 FC712090095 Change in net worth (lines 30+33+51+58) 3.0 4.2 0.8 0.5 0.6 0.2 1.2 -18.5 59


60 FL712000095 Total assets 2281.7 2276.8 2462.1 2955.8 2965.6 4084.5 4566.2 4553.0 60



66 FL713011203 Monetary gold 11.0 11.0 11.0 11.0 11.0 11.0 11.0 11.0 6667 FL714000005 Currency and deposits 62.9 65.7 68.1 69.3 69.0 68.1 66.7 67.0 67

68 FL714022005 Debt securities 495.6 1844.8 2161.1 2605.1 2669.6 3756.2 4236.9 4242.0 6869 FL713069603 Open market paper 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 6970 FL713061100 Treasury securities 475.9 776.6 1021.5 1663.4 1666.1 2208.8 2461.4 2461.6 7071 FL713061705 Agency- and GSE-backed securities (2) 19.7 1068.3 1139.6 941.7 1003.4 1547.4 1775.5 1780.4 71

72 FL714041005 Loans (short term) 1683.8 249.7 98.4 130.5 9.5 0.4 1.7 1.1 7273 FL713064103 Equity shares 0.0 25.1 26.4 0.0 0.0 0.0 0.0 0.0 7374 FL713096105 Other accounts receivable 17.3 69.8 86.7 129.2 195.8 238.0 239.1 221.0 74


76 FL714190005 Liabilities 2249.7 2240.6 2425.1 2918.3 2927.6 4046.3 4526.8 4532.1 76

77 FL714100005 Currency and deposits 2138.1 2134.6 2308.6 2788.7 2786.7 3686.8 3970.0 3772.2 7778 FL712151003 Loans 88.4 77.7 59.7 99.9 107.2 315.9 509.8 712.4 7879 FL713164003 Equity shares (stock in Federal Reserve Banks) 21.1 25.6 26.5 26.9 27.4 27.5 28.6 29.5 7980 FL713193005 Other accounts payable 2.2 2.5 30.4 2.8 6.3 16.0 18.4 18.1 80

81 FL712090095 Net worth 32.1 36.2 37.0 37.5 38.0 38.2 39.4 20.9 81

(1) Consists of rental income of tenant-occupied housing and proprietors’ income. Quasi-corporations are unincorporated enterprises that function as if they were corporations; they primarily cover their operating costs through sales, and they keep a complete set of financial records.(2) Government-sponsored enterprises (GSEs) consist of Federal Home Loan Banks, Fannie Mae, Freddie Mac, Federal Agricultural Mortgage Corporation, Farm Credit System, the Financing Corporation, and the Resolution Funding Corporation, and they included the Student Loan Marketing Association until it was fully privatized in the fourth quarter of 2004.(3) The statistical discrepancy is the difference between net lending or net borrowing derived in the capital account and the same concept derived in the financial account. The discrepancy reflects differences in source data, timing of recorded flows, and other statistical differences between the capital and financial accounts.(4) Excludes land.

Inte

grat

ed A

ccou

nts

164 Z.1, September 16, 2016

S.62.a Private Depository InstitutionsBillions of dollars

2008 2009 2010 2011 2012 2013 2014 2015

Current account




9 FA706140005 Net national income/Balance of primary incomes, net 132.6 178.7 180.7 124.7 117.5 133.8 120.7 124.8 910 FA706402101 Operating surplus, net 131.2 93.4 68.9 38.4 64.4 76.1 87.5 119.5 1011 FA706150105 Property income (received) 408.2 410.6 412.5 380.9 346.9 320.9 308.9 317.6 1112 FA706130101 Interest 392.9 393.7 388.7 357.1 326.6 299.1 287.8 298.7 1213 FA706121101 Distributed income of corporations (dividends) 2.8 1.9 2.1 2.1 2.2 2.4 2.7 3.0 1314 FA703092281 Reinvested earnings on U.S. direct investment abroad 12.5 15.0 21.7 21.7 18.1 19.3 18.3 15.9 1415 FA706150005 Less: Uses of property income (paid) 406.8 325.2 300.7 294.6 293.8 263.2 275.6 312.3 1516 FA706130001 Interest 354.3 277.0 243.9 212.4 191.9 173.8 179.5 203.1 1617 FA706120005 Distributed income of corporations 50.9 47.3 54.1 77.9 96.2 84.0 89.8 104.3 1718 FA706121001 Dividends 50.6 47.1 53.9 77.8 96.0 83.9 89.8 104.3 1819 FA706122001 Withdrawals from income of quasi-corporations (1) 0.2 0.2 0.2 0.1 0.2 0.1 0.1 0.1 1920 FA703192281 Reinvested earnings on foreign direct investment 1.7 0.9 2.8 4.3 5.7 5.4 6.3 4.8 2021 FA706112001 Rents on land and natural resources 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 21




Capital account

27 FA706006385 Net saving less capital transfers 155.4 189.8 157.5 95.9 80.8 100.3 72.2 69.8 2728 FA706012005 Net saving 112.6 171.7 157.5 95.6 80.8 100.3 72.2 69.8 2829 FA705440083 Less: Capital transfers paid (net) -42.8 -18.0 0.0 -0.3 0.0 0.0 0.0 0.0 29

30 FA705015085 Capital formation, net 3.8 -0.1 -4.6 -5.0 -3.6 -5.8 -4.8 -2.2 3031 FA705013081 Gross fixed capital formation (nonresidential) 35.6 32.0 27.2 26.8 28.8 26.8 27.9 30.4 3132 FA706300081 Less: Consumption of fixed capital 31.9 32.1 31.8 31.8 32.3 32.6 32.7 32.5 32


Financial account


35 FA704090005 Net acquisition of financial assets 1198.4 -699.2 -193.2 840.5 500.1 993.4 972.1 518.7 35

36 FA704000005 Currency and deposits 836.6 114.6 -12.6 600.4 -63.0 757.4 129.5 -402.8 3637 FA703025005 Vault cash 2.7 -2.8 -2.2 8.1 7.1 2.6 2.0 -1.4 3738 FA713113003 Reserves at the Federal Reserve 839.2 117.0 -8.9 594.2 -71.2 758.0 128.9 -400.8 3839 FA403197033 Deposits at Federal Home Loan Banks -5.4 0.4 -1.5 -1.8 1.2 -3.2 -1.5 -0.5 39

40 FA704022005 Debt securities 117.7 117.2 146.1 138.0 190.4 46.3 216.7 203.3 4041 FA703069175 Open market paper 15.3 -15.7 0.0 0.0 0.0 0.0 0.0 0.0 4142 FA703061105 Treasury securities -20.8 94.7 103.0 -46.7 86.6 -35.1 195.4 36.8 4243 FA703061705 Agency- and GSE-backed securities (2) 142.2 172.6 138.5 133.6 49.7 42.4 26.2 155.2 4344 FA703062005 Municipal securities 20.4 3.4 29.3 46.8 68.0 55.1 31.0 47.4 4445 FA703063005 Corporate and foreign bonds -39.3 -137.8 -124.7 4.3 -13.8 -16.2 -35.9 -36.0 45

46 FA704035005 Loans 179.5 -969.8 -258.5 165.4 389.2 162.8 589.4 701.2 4647 FA704041005 Short term 141.3 -790.4 -101.3 271.3 367.5 173.8 439.5 445.5 4748 FA703065005 Long term (mortgages) 38.3 -179.4 -157.2 -105.8 21.7 -11.0 149.9 255.7 48

49 FA703081005 Equity and investment fund shares 17.0 24.0 -7.2 -10.7 -14.6 1.4 4.0 1.7 4950 FA703064105 Corporate equities 0.9 6.3 -1.7 0.9 -10.5 0.8 0.7 2.0 5051 FA703064205 Mutual fund shares 2.2 13.6 -5.8 -0.4 -0.9 1.1 -0.9 -1.0 5152 FA703092405 Equity in government-sponsored enterprises (2) -6.2 0.3 -3.2 -5.4 -2.1 -1.1 -0.0 -0.9 5253 FA763092000 U.S. direct investment abroad 17.6 -0.8 2.7 -6.2 -1.6 0.4 3.2 0.8 5354 FA713164003 Stock in Federal Reserve Banks 2.6 4.6 0.9 0.4 0.5 0.1 1.1 0.9 54


56 FA703093005 Other accounts receivable 41.1 14.0 -65.4 -57.9 -9.3 19.8 26.5 8.7 56

Inte

grat

ed A

ccou

nts

Z.1, September 16, 2016 165


2008 2009 2010 2011 2012 2013 2014 2015

57 FA704190005 Net incurrence of liabilities 1116.1 -384.7 -169.3 854.8 569.9 947.0 1096.8 475.3 57

58 FA704100005 Currency and deposits 881.3 265.4 161.7 979.0 595.8 970.8 696.3 394.3 5859 FA703127005 Checkable deposits 140.2 109.7 81.3 356.7 205.6 193.1 198.8 87.8 5960 FA703130205 Other deposits 741.1 155.7 80.4 622.3 390.2 777.7 497.5 306.5 60

61 FA704122005 Debt securities 0.1 -28.3 -69.3 10.0 -115.4 -102.7 -17.2 -9.3 6162 FA763163005 Corporate bonds 0.1 -28.5 -49.2 2.4 -82.3 -74.9 -12.0 -8.4 6263 FA703169175 Commercial paper 0.0 0.1 -20.1 7.6 -33.1 -27.8 -5.2 -0.9 63

64 FA704141005 Loans (short term) 350.7 -875.5 -239.0 -89.8 -26.6 -17.6 92.0 35.6 64

65 FA703181105 Equity and investment fund shares 186.1 121.4 26.1 74.8 88.7 67.7 179.8 49.2 6566 FA763164103 Corporate equity issues 12.1 11.6 11.9 6.4 1.6 2.2 2.7 9.5 6667 FA753192003 Foreign direct investment in the United States 24.8 16.6 12.4 26.0 -2.3 8.8 1.5 1.1 6768 FA703194005 Investment by parent 149.3 93.2 1.8 42.4 89.4 56.7 175.6 38.7 68

69 FA703196005 Other accounts payable -302.2 132.4 -48.8 -119.3 27.4 28.8 145.8 5.5 69

Addendum:70 FA705000005 Net lending (+) or borrowing (-), financial account (lines 35-57) 82.3 -314.5 -23.8 -14.3 -69.8 46.4 -124.7 43.4 70


71 FV708090185 Total other volume changes -67.3 -711.7 -219.6 -144.4 -302.8 -98.6 -209.2 -26.5 7172 FV702010095 Disaster losses -0.3 0.0 0.0 0.0 -0.5 0.0 0.0 0.0 7273 FV708090085 Other volume changes 2.2 -207.3 -33.6 -29.3 -148.1 -38.8 -7.4 2.1 7374 FU707005045 Less: Statistical discrepancy (lines 33-70) (3) 69.3 504.4 186.0 115.2 154.2 59.8 201.8 28.6 74

Revaluation account

75 FR702010095 Nonfinancial assets 8.3 -29.1 -8.7 9.8 3.6 9.0 6.9 4.6 7576 FR705013665 Structures (nonresidential) 11.8 -16.2 -1.5 9.1 3.8 8.0 6.2 4.9 7677 FR705013265 Equipment -1.1 -7.5 -3.6 0.8 -0.1 0.9 0.9 -0.2 7778 FR705013765 Intellectual property products -2.5 -5.4 -3.5 -0.0 -0.1 0.1 -0.3 -0.0 78

79 FR703081085 Financial assets -34.4 96.7 32.4 -11.2 26.1 31.2 -1.7 -23.2 7980 FR703064105 Corporate equities -55.8 23.5 11.7 -7.2 14.4 29.1 6.5 -10.5 8081 FR703064205 Mutual fund shares -12.2 12.2 4.9 -2.6 5.5 10.9 2.6 -3.9 8182 FR763092000 U.S. direct investment abroad 33.6 61.0 15.7 -1.4 6.1 -8.8 -10.8 -8.7 82

83 FR703181105 Liabilities -561.6 5.6 59.5 -138.8 189.1 212.4 70.5 -10.9 8384 FR763164103 Corporate equity issues -514.3 -13.8 59.5 -169.3 157.6 212.2 84.0 -5.0 8485 FR753192003 Foreign direct investment in the United States -47.3 19.5 -0.1 30.5 31.6 0.2 -13.6 -5.9 8586 FR703194005 Investment by parent 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 86

87 FR708200005 Changes in net worth due to nominal holding gains/losses 535.5 61.9 -35.7 137.3 -159.5 -172.1 -65.3 -7.7 87


88 FC702090095 Change in net worth (lines 30+33+71+87) 623.5 -460.0 -97.8 88.8 -381.5 -170.4 -202.2 35.6 88


89 FL702000095 Total assets 14849.4 13928.4 14068.8 14957.0 15363.1 16301.8 17283.1 17762.0 89



95 FL704000005 Currency and deposits 933.2 1047.8 1035.2 1635.6 1575.8 2333.2 2462.7 2059.9 9596 FL703025005 Vault cash 57.7 54.9 52.7 60.8 71.1 73.6 75.7 74.2 9697 FL713113003 Reserves at the Federal Reserve 860.0 977.0 968.1 1562.3 1491.0 2249.1 2378.0 1977.2 9798 FL403197033 Deposits at Federal Home Loan Banks 15.5 15.9 14.4 12.6 13.7 10.6 9.1 8.5 98



Inte

grat

ed A

ccou

nts

166 Z.1, September 16, 2016


2008 2009 2010 2011 2012 2013 2014 2015

108 FL703081005 Equity and investment fund shares 319.7 440.4 465.6 443.7 455.1 487.7 490.1 468.7 108109 LM703064105 Corporate equities 33.8 63.6 73.6 67.4 71.3 101.3 108.5 100.0 109110 LM703064205 Mutual fund shares 21.6 47.4 46.5 43.5 48.1 60.1 61.8 56.8 110111 FL703092405 Equity in government-sponsored enterprises (2) 41.8 42.1 38.9 33.4 31.3 30.2 30.2 29.2 111112 FL763092000 U.S. direct investment abroad 201.5 261.7 280.1 272.5 277.0 268.6 261.0 253.2 112113 FL713164003 Stock in Federal Reserve Banks 21.1 25.6 26.5 26.9 27.4 27.5 28.6 29.5 113




117 FL704194005 Liabilities 14806.5 14345.5 14583.6 15383.0 16170.6 17279.6 18463.2 18906.6 117

118 FL704100005 Currency and deposits 9244.7 9510.1 9667.6 10646.6 11214.6 12185.3 12881.6 13275.9 118119 FL703127005 Checkable deposits 881.0 990.7 1072.0 1428.6 1629.2 1822.3 2021.2 2108.9 119120 FL703130205 Other deposits 8363.8 8519.4 8595.6 9218.0 9585.4 10363.0 10860.5 11167.0 120

121 FL704122005 Debt securities 185.3 177.0 490.1 500.1 383.4 280.7 263.5 254.2 121122 FL763163005 Corporate bonds 184.8 176.3 377.1 379.4 295.9 221.0 209.0 200.6 122123 FL703169175 Commercial paper 0.5 0.6 113.0 120.6 87.5 59.7 54.5 53.6 123

124 FL704141005 Loans (short term) 2267.7 1392.2 1153.2 1063.3 1036.8 1019.2 1111.2 1146.9 124

125 FL703181105 Equity and investment fund shares 2286.7 2475.9 2561.5 2497.6 2854.4 3123.3 3373.6 3412.0 125126 LM763164103 Corporate equity issues 567.8 565.6 637.1 474.1 633.3 847.7 934.4 938.9 126127 FL753192003 Foreign direct investment in the United States 71.7 107.7 120.0 176.6 205.9 214.9 202.8 197.9 127128 FL703194005 Investment by parent 1647.2 1802.6 1804.4 1846.8 2015.2 2060.8 2236.4 2275.1 128


130 FL702090095 Net worth 42.9 -417.1 -514.9 -426.0 -807.5 -977.9 -1180.1 -1144.5 130


Inte

grat

ed A

ccou

nts

Z.1, September 16, 2016 167

S.63.a Insurance CompaniesBillions of dollars

2008 2009 2010 2011 2012 2013 2014 2015

Current account





22 FA526140005 Net national income/Balance of primary incomes, net 27.9 55.6 65.2 23.3 12.9 11.7 57.6 84.0 2223 FA526220001 Less: Current taxes on income, wealth, etc. (paid) 20.7 25.0 28.9 23.0 29.1 33.8 39.6 42.6 2324 FA526403001 Less: Other current transfers (paid) 31.5 -4.9 -8.4 -13.9 -67.8 -63.8 -38.4 -6.9 24

25 FA526012005 Equals: Disposable income, net -24.4 35.4 44.7 14.3 51.5 41.7 56.4 48.3 25

26 FA526012005 Equals: Net saving -24.4 35.4 44.7 14.3 51.5 41.7 56.4 48.3 26

Capital account

27 FA526006385 Net saving less capital transfers -21.5 40.9 44.7 14.3 37.1 41.7 56.4 48.3 2728 FA526012005 Net saving -24.4 35.4 44.7 14.3 51.5 41.7 56.4 48.3 2829 FA525440083 Less: Capital transfers paid (net) -2.8 -5.5 0.0 0.0 14.3 0.0 0.0 0.0 29

30 FA525015085 Capital formation, net 0.8 0.1 -4.3 -2.4 -0.2 3.4 -0.2 1.5 3031 FA525013081 Gross fixed capital formation (nonresidential) 27.4 27.7 23.1 24.7 27.5 33.0 30.8 33.0 3132 FA526300081 Less: Consumption of fixed capital 26.7 27.6 27.4 27.0 27.7 29.6 31.0 31.4 32

33 FA525000995 Net lending (+) or borrowing (-), capital account (lines 27-30) -22.3 40.8 49.0 16.6 37.3 38.3 56.6 46.7 33

Financial account

34 FA525000995 Net lending (+) or borrowing (-) (line 33) -22.3 40.8 49.0 16.6 37.3 38.3 56.6 46.7 34


36 FA523020005 Currency and deposits 9.6 -32.4 6.0 -6.5 15.0 -16.0 9.5 4.4 36

37 FA524022005 Debt securities -41.0 202.5 164.6 137.9 60.9 83.7 90.0 78.0 3738 FA523069105 Open market paper 2.4 2.2 -10.8 -10.4 12.5 3.8 -4.7 -6.0 3839 FA523061105 Treasury securities 29.5 50.7 26.4 23.4 -1.2 -5.8 20.6 12.9 3940 FA523061705 Agency- and GSE-backed securities (2) -28.2 7.7 3.6 5.3 -21.8 -11.7 -18.3 -20.0 4041 FA523062005 Municipal securities 16.3 13.5 18.2 -7.9 6.8 8.4 1.9 19.2 4142 FA523063005 Corporate and foreign bonds -60.9 128.4 127.3 127.5 64.6 88.9 90.5 71.9 42

43 FA524035005 Loans 42.7 -27.1 -9.2 17.6 15.8 19.3 32.0 47.1 4344 FA524041005 Short term 26.3 -10.3 -0.3 1.8 3.2 -1.8 8.4 4.7 4445 FA523065005 Long term (mortgages) 16.4 -16.8 -8.9 15.8 12.6 21.1 23.6 42.4 45

46 FA523081005 Equity and investment fund shares 110.9 34.3 5.9 34.2 6.8 -23.5 -29.3 -22.4 4647 FA523064105 Corporate equities 62.1 -4.1 -12.6 18.0 -0.0 -8.8 -2.0 -5.0 4748 FA523064205 Mutual fund shares -12.4 45.5 63.1 10.3 4.1 -18.2 -32.0 -28.2 4849 FA523034005 Money market mutual fund shares 48.7 -24.6 -24.1 2.3 -3.6 -12.2 2.1 5.9 4950 FA523092405 Equity in government-sponsored enterprises (2) 1.0 -0.3 -0.1 -0.8 0.1 0.9 0.1 0.5 5051 FA523092005 U.S. direct investment abroad 11.5 17.9 -20.4 4.4 6.3 14.8 2.4 4.5 51

52 FA543077073 Insurance, pension and standardized guarantee schemes 3.2 -4.9 2.7 -0.4 0.6 3.0 1.2 1.5 52

53 FA523096005 Other accounts receivable 28.7 -21.6 -9.4 60.9 31.0 27.4 77.0 -0.3 53

54 FA524190005 Net incurrence of liabilities 131.8 21.8 164.0 210.6 62.2 60.7 105.1 87.0 54

55 FA673090543 Currency and deposits (funding agreements) -6.2 -34.1 -9.7 -8.5 -0.4 -8.4 9.2 1.6 55

56 FA524141005 Loans (short term) 19.6 -6.6 -4.8 5.1 4.9 8.7 2.5 7.6 56

Inte

grat

ed A

ccou

nts

168 Z.1, September 16, 2016


2008 2009 2010 2011 2012 2013 2014 2015

57 FA523181105 Equity and investment fund shares 4.6 16.6 13.9 -20.5 -11.1 -12.4 -24.3 -13.1 5758 FA523164105 Corporate equity issues -10.3 -6.2 -17.5 -22.3 -24.5 -16.8 -31.8 -32.0 5859 FA523192005 Foreign direct investment in the United States 27.4 13.5 9.1 -7.5 9.9 12.0 6.6 19.2 5960 FA523194735 Investment by parent -12.5 9.3 22.2 9.3 3.5 -7.6 0.9 -0.3 60


62 FA523196105 Other accounts payable -41.0 -61.2 10.2 10.4 23.1 22.2 27.4 -24.2 62

Addendum:63 FA525000005 Net lending (+) or borrowing (-), financial account (lines 35-54) 22.4 129.1 -3.4 33.0 67.8 33.3 75.3 21.3 63


64 FV528090185 Total other volume changes 168.4 21.1 -94.4 46.7 -35.7 -87.1 0.4 -18.1 6465 FV522010095 Disaster losses -0.1 0.0 0.0 0.0 -0.1 0.0 0.0 0.0 6566 FV528090085 Other volume changes 123.8 -67.2 -42.1 30.2 -66.1 -82.1 -18.3 7.3 6667 FU527005045 Less: Statistical discrepancy (lines 33-63) (3) -44.7 -88.3 52.4 -16.4 -30.5 5.0 -18.7 25.4 67

Revaluation account

68 FR522010095 Nonfinancial assets 10.3 -8.4 0.2 5.7 2.1 5.3 3.4 2.5 6869 FR525013665 Structures (nonresidential) 9.2 -7.3 0.2 5.1 2.2 4.7 3.5 2.7 6970 FR525013265 Equipment 0.9 -0.7 0.2 0.5 -0.0 0.3 0.5 -0.1 7071 FR525013765 Intellectual property products 0.2 -0.4 -0.2 0.0 -0.1 0.3 -0.5 -0.0 71

72 FR523081005 Financial assets -675.0 235.6 178.9 -46.6 215.5 360.1 123.2 -68.2 7273 FR523064105 Corporate equities -169.3 12.7 39.6 2.0 50.3 110.4 35.0 -13.8 7374 FR523064205 Mutual fund shares -475.1 215.7 126.2 -43.1 148.3 256.6 83.8 -39.5 7475 FR523092005 U.S. direct investment abroad -30.6 7.2 13.1 -5.4 16.9 -6.9 4.4 -14.9 75

76 FR523181085 Liabilities -831.9 235.5 164.2 -65.6 185.9 318.9 167.4 -58.1 7677 FR523164105 Corporate equity issues -386.4 49.4 42.5 -61.5 79.5 122.2 59.1 -11.0 7778 FR523192005 Foreign direct investment in the United States -61.3 9.1 11.9 30.0 -23.9 -43.2 26.1 -15.3 7879 FR543150005 Pension fund reserves -384.2 177.0 109.8 -34.1 130.3 239.8 82.3 -31.8 7980 FR523194735 Investment by parent 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 80

81 FR528200005 Changes in net worth due to nominal holding gains/losses 167.2 -8.3 14.9 24.7 31.8 46.5 -40.8 -7.5 81


82 FC522090095 Change in net worth (lines 30+33+64+81) 314.0 53.7 -34.8 85.6 33.2 1.2 16.0 22.7 82


83 FL522000095 Total assets 6070.2 6445.9 6765.5 6961.1 7300.2 7765.9 8074.6 8128.6 83






99 FL523081005 Equity and investment fund shares 1523.1 1793.1 1977.9 1965.5 2187.9 2524.5 2618.3 2527.8 99100 LM523064105 Corporate equities 401.4 410.0 437.0 457.0 507.2 608.9 641.8 623.0 100101 LM523064205 Mutual fund shares 859.1 1120.3 1309.6 1276.7 1429.2 1667.7 1719.5 1651.9 101102 FL523034005 Money market fund shares 131.8 107.2 83.1 85.4 81.8 69.5 71.7 77.6 102103 FL523092405 Equity in government-sponsored enterprises (2) 3.2 2.9 2.8 2.0 2.1 3.0 3.1 3.5 103104 FL523092005 U.S. direct investment abroad 127.6 152.7 145.4 144.4 167.6 175.4 182.2 171.8 104



Inte

grat

ed A

ccou

nts

Z.1, September 16, 2016 169


2008 2009 2010 2011 2012 2013 2014 2015


108 FL524194005 Liabilities 5412.7 5734.8 6089.2 6199.1 6505.1 6969.6 7262.3 7293.6 108

109 FL673090543 Currency and deposits (funding agreements) 122.2 88.1 78.4 70.0 69.6 61.1 70.4 71.9 109


111 FL523181105 Equity and investment fund shares 495.4 570.5 638.7 586.8 584.1 645.8 706.6 667.2 111112 LM523164105 Corporate equity issues 352.7 396.0 420.9 337.2 392.2 497.6 524.9 481.9 112113 FL523192005 Foreign direct investment in the United States 111.4 134.1 155.0 177.5 163.4 132.2 164.9 168.8 113114 FL523194735 Investment by parent 31.2 40.5 62.7 72.0 28.4 15.9 16.8 16.6 114



117 FL522090095 Net worth 657.5 711.1 676.3 761.9 795.1 796.3 812.3 835.0 117


Inte

grat

ed A

ccou

nts

170 Z.1, September 16, 2016

S.64.a Pension FundsBillions of dollars

2008 2009 2010 2011 2012 2013 2014 2015

Current account





22 FA596140005 Net national income/Balance of primary incomes, net 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2223 FA596220001 Less: Current taxes on income, wealth, etc. (paid) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2324 FA596403105 Plus: Other current transfers received, net 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.0 24

25 FA596012005 Equals: Disposable income, net 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.0 25

26 FA596012005 Equals: Net saving 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.0 26

Capital account

27 FA596006385 Net saving less capital transfers 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.0 2728 FA596012005 Net saving 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.0 2829 FA595440083 Less: Capital transfers (net) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 29

30 FA595015085 Capital formation, net 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3031 FA595013081 Gross fixed capital formation (nonresidential) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3132 FA596300081 Less: Consumption of fixed capital 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 32

33 FA595000995 Net lending (+) or borrowing (-), capital account (lines 27-30) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.0 33

Addenda:34 FA596403105 Other current transfers received, net (line 24) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.0 34

35 FA596403115 Contributions received 1162.5 1183.2 1206.1 1227.0 1269.9 1310.1 1342.8 1406.2 3536 FA596403125 Claims to pension benefits 700.2 697.3 734.2 749.1 770.3 794.9 817.1 846.3 3637 FA596403133 Actual employer contributions 453.3 467.0 503.5 525.8 539.1 549.2 560.2 559.4 3738 FA596403143 Imputed employer contributions -5.8 -22.9 -30.1 -51.5 -59.1 -61.7 -63.5 -48.1 3839 FA596403153 Actual household contributions 273.3 271.0 280.5 295.2 311.9 330.4 345.1 361.3 3940 FA596403013 Less: pension service charges for defined benefit (DB) plans 20.6 17.9 19.7 20.3 21.6 23.0 24.7 26.3 40

41 FA596403163 Household pension contribution supplements 465.1 489.4 476.5 482.6 504.7 520.9 531.9 566.3 4142 FA596403023 Less: pension service charge for defined contribution (DC) plans 2.8 3.4 4.5 4.8 5.1 5.7 6.2 6.4 42

43 FA596403033 Less: benefit payments and withdrawals 766.4 762.2 831.7 864.7 945.5 1052.2 1122.4 1209.0 4344 FA596403043 Less: net change in benefit entitlements from DB plans 211.9 231.4 221.7 207.2 177.2 130.9 98.2 95.5 4445 FA596403053 Less: net change in assets from current transaction for DC plans 184.1 189.6 152.7 155.1 147.2 126.9 122.2 101.7 45

Financial account

46 FA595000995 Net lending (+) or borrowing (-) (line 33) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.0 46


48 FA594000005 Currency and deposits -9.3 0.8 7.8 9.7 -8.9 6.9 8.7 2.6 4849 FA593020005 Currency and transferable deposits -5.7 -2.7 2.6 5.7 -2.3 -0.1 3.6 1.0 4950 FA593030005 Time and savings deposits -3.6 3.5 5.1 4.0 -6.7 7.0 5.1 1.6 50

51 FA594022005 Debt securities 69.8 -9.3 216.0 176.1 196.2 287.4 128.4 131.9 5152 FA593069105 Open market paper -5.9 2.2 3.9 4.5 -7.8 7.9 5.4 3.3 5253 FA593061105 Treasury securities 79.5 118.4 113.8 139.7 128.2 124.3 75.8 106.3 5354 FA593061705 Agency- and GSE-backed securities (2) -31.6 -11.0 9.7 -35.2 -21.2 -4.7 -7.1 -15.2 5455 FA223062043 Municipal securities -0.1 0.1 0.7 -0.6 -0.0 1.0 -0.2 -0.2 5556 FA593063005 Corporate and foreign bonds 28.0 -119.0 87.8 67.7 97.0 158.9 54.4 37.7 56

Inte

grat

ed A

ccou

nts

Z.1, September 16, 2016 171


2008 2009 2010 2011 2012 2013 2014 2015

57 FA594035005 Loans -11.9 -5.1 2.6 -5.0 -0.4 -0.6 2.7 -3.4 5758 FA592051005 Short term -1.1 -0.0 0.1 0.1 -0.6 0.6 0.5 -0.2 5859 FA593065005 Long term (mortgages) -10.8 -5.1 2.5 -5.2 0.2 -1.2 2.2 -3.2 59

60 FA593081005 Equity and investment fund shares 64.9 15.0 0.1 -151.4 -122.8 -213.3 -256.9 -133.6 6061 FA593064105 Corporate equities 40.2 -57.1 -47.1 -151.6 -104.0 -377.6 -312.6 -179.1 6162 FA593064205 Mutual fund shares 20.3 87.4 56.6 -15.8 2.1 148.3 51.8 49.8 6263 FA593034005 Money market mutual fund shares 4.4 -15.3 -9.4 16.0 -20.8 16.0 3.8 -4.3 63


65 FA593093005 Other accounts receivable -19.8 23.3 33.1 46.9 33.8 42.1 39.8 48.9 65

66 FA594190005 Net incurrence of liabilities (pension entitlements) 364.4 535.2 533.4 413.8 448.1 455.1 273.8 381.8 66

Addendum:67 FA595000005 Net lending (+) or borrowing (-), financial account (lines 47-66) -0.0 0.1 0.1 0.1 -0.2 0.1 0.1 0.1 67


68 FV598090185 Total other volume changes 1343.8 -583.7 -425.9 29.3 -416.5 -922.2 -359.2 74.9 6869 FV592010095 Disaster losses 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 6970 FV598090085 Other volume changes 1343.9 -583.8 -426.0 29.2 -416.4 -922.3 -359.3 74.8 7071 FU597005045 Less: Statistical discrepancy (lines 33-67) (3) 0.0 -0.1 -0.1 -0.1 0.2 -0.1 -0.1 -0.1 71

Revaluation account

72 FR592010095 Nonfinancial assets 0.4 -0.3 0.0 0.2 0.1 0.2 0.1 0.1 7273 FR595013665 Structures (nonresidential) 0.4 -0.3 0.0 0.2 0.1 0.2 0.1 0.1 7374 FR595013265 Equipment 0.0 -0.0 -0.0 0.0 -0.0 0.0 0.0 0.0 7475 FR595013765 Intellectual property products -0.0 -0.0 0.0 0.0 0.0 0.0 -0.0 -0.0 75

76 FR593081005 Financial assets -2453.3 1115.5 759.9 -110.9 785.9 1621.5 602.0 -47.6 7677 FR593064105 Corporate equities -1516.1 657.9 507.4 -26.1 483.4 1150.1 451.3 -41.5 7778 FR593064205 Mutual fund shares -937.2 457.7 252.5 -84.7 302.5 471.4 150.7 -6.1 78

79 FR594190005 Liabilities (pension entitlements) -1125.6 543.6 336.0 -77.2 383.0 721.3 252.3 18.8 79

80 FR598200005 Changes in net worth due to nominal holding gains/losses -1327.4 571.7 423.9 -33.4 403.0 900.4 349.8 -66.3 80


81 FC592090095 Change in net worth (lines 30+33+68+80) 16.5 -12.1 -2.0 -4.1 -13.5 -21.8 -9.4 8.5 81


82 FL592000095 Total assets 12113.2 13168.1 14538.7 14912.8 15751.8 16979.0 17647.9 18223.5 82






100 FL593081005 Equity and investment fund shares 4639.2 5769.8 6529.7 6267.4 6930.6 8338.8 8683.9 8507.7 100101 LM593064105 Corporate equities 2586.7 3187.5 3647.8 3470.1 3849.5 4622.0 4760.7 4540.1 101102 LM593064205 Mutual fund shares 1835.5 2380.6 2689.7 2589.1 2893.7 3513.4 3716.0 3764.7 102103 FL593034005 Money market fund shares 217.0 201.7 192.3 208.2 187.4 203.4 207.2 202.9 103



Inte

grat

ed A

ccou

nts

172 Z.1, September 16, 2016


2008 2009 2010 2011 2012 2013 2014 2015


107 FL594190005 Liabilities (pension entitlements) 12236.0 13302.9 14675.6 15053.8 15906.4 17155.3 17833.6 18400.7 107

108 FL592090095 Net worth -122.8 -134.9 -136.9 -141.0 -154.5 -176.4 -185.7 -177.2 108


Inte

grat

ed A

ccou

nts

Z.1, September 16, 2016 173

S.65.a Other Financial BusinessBillions of dollars

2008 2009 2010 2011 2012 2013 2014 2015

Current account



3 FA856902605 Equals: Net value added 171.4 328.2 393.2 442.3 528.3 499.0 550.4 518.6 3 4 FA856025005 Compensation of employees (paid) 358.6 283.7 302.5 318.8 328.4 333.7 371.6 389.5 4 5 FA856020005 Wages and salaries 305.3 241.8 256.7 270.3 279.8 284.3 317.5 332.7 5 6 FA856401005 Employers’ social contributions 53.3 41.9 45.8 48.5 48.6 49.5 54.1 56.8 6 7 FA856240105 Taxes on production and imports less subsidies 25.8 32.7 33.1 25.6 26.5 24.0 21.4 22.5 7 8 FA856402105 Operating surplus, net -212.9 11.8 57.6 97.9 173.4 141.3 157.5 106.7 8

9 FA856140005 Net national income/Balance of primary incomes, net -197.7 8.5 59.3 95.4 87.0 -67.0 -40.4 -28.8 910 FA856402105 Operating surplus, net -212.9 11.8 57.6 97.9 173.4 141.3 157.5 106.7 1011 FA856150105 Property income (received) 1619.3 977.5 871.9 894.8 855.3 801.8 803.1 839.3 1112 FA856130105 Interest 1403.8 807.6 673.4 672.8 614.6 519.9 507.8 528.8 1213 FA856121105 Distributed income of corporations (dividends) 187.1 143.5 163.3 188.0 212.7 253.6 268.5 285.0 1314 FA853092285 Reinvested earnings on U.S. direct investment abroad 28.5 26.5 35.2 34.0 27.9 28.3 26.8 25.5 1415 FA856150005 Less: Uses of property income (paid) 1604.1 980.8 870.2 897.3 941.7 1010.0 1001.0 974.8 1516 FA856130005 Interest 1286.7 701.3 591.0 616.8 592.9 532.8 537.5 530.3 1617 FA856120005 Distributed income of corporations 312.5 277.1 272.4 272.0 340.1 469.9 455.1 437.3 1718 FA856121005 Dividends 295.7 208.9 191.5 220.6 275.9 427.3 432.2 411.1 1819 FA856122005 Withdrawals from income of quasi-corporations (1) 16.7 68.2 81.0 51.4 64.2 42.6 22.9 26.2 1920 FA853192285 Reinvested earnings on foreign direct investment 4.9 2.4 6.8 8.5 8.7 7.3 8.4 7.2 2021 FA856112005 Rents on land and natural resources 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 21

22 FA856140005 Net national income/Balance of primary incomes, net -197.7 8.5 59.3 95.4 87.0 -67.0 -40.4 -28.8 2223 FA856220005 Less: Current taxes on income, wealth, etc. (paid) 13.5 16.5 23.2 28.4 32.9 44.0 41.6 39.2 2324 FA856403005 Less: Other current transfers (paid) 9.1 26.2 21.2 26.9 34.2 36.1 37.7 21.2 24

25 FA856012005 Equals: Disposable income, net -220.2 -34.2 14.9 40.1 19.8 -147.1 -119.7 -89.2 25

26 FA856012005 Equals: Net saving -220.2 -34.2 14.9 40.1 19.8 -147.1 -119.7 -89.2 26

Capital account

27 FA856006385 Net saving less capital transfers -205.3 64.3 56.4 72.2 24.6 -147.1 -129.7 -89.2 2728 FA856012005 Net saving -220.2 -34.2 14.9 40.1 19.8 -147.1 -119.7 -89.2 2829 FA855440085 Less: Capital transfers paid (net) -14.9 -98.4 -41.5 -32.1 -4.7 0.0 10.0 0.0 29

30 FA855015085 Capital formation, net 17.9 -10.6 -4.8 6.4 21.6 21.7 32.6 41.0 3031 FA855013085 Gross fixed capital formation (nonresidential) 132.4 106.3 111.9 115.4 134.9 140.8 158.3 174.4 3132 FA856300085 Less: Consumption of fixed capital 114.5 116.9 116.7 109.0 113.3 119.1 125.7 133.4 32

33 FA855000995 Net lending (+) or borrowing (-), capital account (lines 27-30) -223.3 74.8 61.2 65.8 3.0 -168.9 -162.3 -130.3 33

Financial account

34 FA855000995 Net lending (+) or borrowing (-) (line 33) -223.3 74.8 61.2 65.8 3.0 -168.9 -162.3 -130.3 34

35 FA854090005 Net acquisition of financial assets 736.9 -1223.1 -603.5 -14.2 442.0 385.4 654.0 311.4 35

36 FA854000005 Currency and deposits 169.9 109.8 -157.9 -86.7 8.0 68.9 -22.0 -117.5 36

37 FA854022005 Debt securities 772.7 -813.4 10.9 137.5 461.7 -227.6 -77.1 198.7 3738 FA853069175 Open market paper -5.6 -379.5 -86.5 -69.2 -5.2 8.5 -25.9 20.7 3839 FA853061105 Treasury securities 678.9 -112.8 85.4 256.2 107.9 -143.2 61.3 258.7 3940 FA853061705 Agency- and GSE-backed securities (2) 565.7 -517.6 -175.5 165.4 103.1 -181.1 -153.0 -101.8 4041 FA853062005 Municipal securities -2.6 13.6 -16.8 -47.8 48.0 -80.7 -10.6 -1.1 4142 FA853063005 Corporate and foreign bonds -463.8 183.0 204.3 -167.1 207.8 168.9 51.1 22.3 42

43 FA854035005 Loans -305.6 -515.9 -63.4 -36.9 101.9 -112.7 161.2 44.3 4344 FA854041005 Short term -508.7 -664.5 64.0 42.8 202.5 -197.2 147.6 -32.2 4445 FA813065005 Long term (mortgages) 203.1 148.6 -127.4 -79.7 -100.6 84.4 13.6 76.5 45

46 FA813081005 Equity and investment fund shares 569.7 -30.3 -52.6 86.5 155.7 458.0 505.2 435.9 4647 FA813064105 Corporate equities 53.6 164.1 135.9 50.6 93.1 421.4 301.2 219.2 4748 FA503034003 Money market mutual fund shares 253.6 -153.7 -148.0 -83.4 -62.4 -61.5 13.4 37.4 4849 FA813092405 Equity in government-sponsored enterprises (2) 0.0 0.0 0.1 -0.0 0.0 0.1 0.3 1.2 4950 FA803092005 U.S. direct investment abroad 37.4 23.5 15.4 16.9 15.8 9.9 13.5 20.5 5051 FA793094005 Investment in subsidiaries 225.0 -64.1 -56.0 102.4 109.1 88.2 176.7 157.7 51

52 FA733040005 Insurance, pension and standardized guarantee schemes -1.2 2.1 3.8 2.4 7.3 5.1 5.0 4.1 52

53 FA853096005 Other accounts receivable -468.6 24.7 -344.4 -117.1 -292.6 193.8 81.8 -254.1 53

54 FA854190005 Net incurrence of liabilities 1268.1 -1341.0 -615.2 -65.4 374.9 283.9 588.7 237.1 54

55 FA403197033 Currency and deposits -5.4 0.4 -1.5 -1.8 1.2 -3.2 -1.5 -0.5 55

Inte

grat

ed A

ccou

nts

174 Z.1, September 16, 2016


2008 2009 2010 2011 2012 2013 2014 2015

56 FA814122005 Debt securities 454.3 -945.7 -610.5 -364.6 -200.9 167.7 187.6 172.4 5657 FA423161705 Agency- and GSE-backed securities (2) 768.7 -60.1 -39.5 -22.1 -23.8 238.3 150.3 220.4 5758 FA813163005 Corporate bonds -189.0 -437.5 -488.9 -266.6 -151.4 -49.5 69.4 -6.2 5859 FA813169105 Commercial paper -125.4 -448.2 -82.1 -75.8 -25.6 -21.1 -32.1 -41.8 59

60 FA814135005 Loans -574.9 -751.6 202.3 246.7 142.8 -392.6 -130.1 -268.3 6061 FA814141005 Short term -581.6 -763.4 201.4 233.2 137.9 -412.4 -139.4 -272.4 6162 FA643165005 Long term (mortgages) 6.8 11.8 0.8 13.5 4.8 19.9 9.3 4.0 62

63 FA853181005 Equity and investment fund shares 1537.6 134.5 52.5 320.0 657.8 632.1 626.4 501.7 6364 FA634090005 Money market mutual fund shares 746.5 -516.3 -512.4 -112.6 2.2 24.6 6.8 30.1 6465 FA813164105 Corporate equity issues 677.0 298.4 200.0 186.4 187.2 190.0 264.6 255.3 6566 FA653164205 Mutual fund shares -58.1 533.4 395.9 200.7 386.2 346.0 309.4 95.3 6667 FA403192405 Equity in government-sponsored enterprises (2) -4.2 0.0 -2.7 -5.9 -1.8 0.5 1.2 1.3 6768 FA803192005 Foreign direct investment in the United States 68.6 15.6 27.0 24.9 13.8 9.0 13.4 11.1 6869 FA662090205 Equity in noncorporate business 11.6 0.6 0.9 -2.9 6.7 -5.2 2.0 2.3 6970 FA803194005 Investment by parent 96.3 -197.0 -56.1 29.4 63.6 67.1 28.9 106.3 70

71 FA813196005 Other accounts payable -143.6 221.5 -257.9 -265.7 -226.0 -120.2 -93.6 -168.2 71

Addendum:72 FA855000005 Net lending (+) or borrowing (-), financial account (lines 35-53) -531.2 117.9 11.6 51.2 67.0 101.6 65.3 74.3 72


73 FV858090185 Total other volume changes -516.9 484.1 75.1 84.2 546.8 68.9 241.4 -62.5 7374 FV812010095 Disaster losses -0.3 0.0 0.0 0.0 -1.3 0.0 0.0 0.0 7475 FV858090085 Other volume changes -208.6 441.0 124.7 98.8 484.0 -201.5 13.8 -267.1 7576 FU857005045 Less: Statistical discrepancy (lines 33-71) (3) 308.0 -43.1 49.6 14.6 -64.0 -270.4 -227.6 -204.6 76

Revaluation account

77 FR812010095 Nonfinancial assets 36.2 -23.7 5.7 26.2 12.5 22.6 18.3 11.9 7778 FR815013665 Structures (nonresidential) 32.3 -26.1 0.9 18.5 9.2 17.9 14.4 10.6 7879 FR815013265 Equipment 3.1 2.7 4.6 7.1 3.0 3.5 4.1 1.0 7980 FR815013765 Intellectual property products 0.8 -0.3 0.2 0.6 0.3 1.2 -0.3 0.3 80

81 FR813081085 Financial assets -3216.5 1391.8 816.1 -491.7 941.0 1890.9 551.5 -347.3 8182 FR813064105 Corporate equities -3224.3 1405.7 804.3 -453.0 941.6 1958.3 547.0 -344.2 8283 FR803092005 U.S. direct investment abroad 7.7 -14.0 11.9 -38.7 -0.7 -67.4 4.5 -3.1 83

84 FR813181085 Liabilities -4635.0 1830.8 1319.2 -547.8 1517.9 2591.7 982.4 -610.8 8485 FR813164105 Corporate equity issues -1504.4 363.6 461.4 -227.5 493.1 971.5 473.7 -251.0 8586 FR653164205 Mutual fund shares -3067.9 1474.9 837.3 -289.2 1035.9 1623.5 508.2 -348.7 8687 FR803192005 Foreign direct investment in the United States -49.1 -10.7 22.4 -31.7 -9.8 -7.5 0.9 -5.7 8788 FR662090205 Equity in noncorporate business -13.6 3.6 0.3 -1.2 -1.3 4.2 -0.4 -5.5 8889 FR803194005 Investment by parent 0.0 -0.6 -2.0 1.8 -0.1 0.0 0.0 0.0 89

90 FR818200005 Changes in net worth due to nominal holding gains/losses 1454.6 -462.7 -497.4 82.3 -564.4 -678.3 -412.7 275.4 90


91 FC852090095 Change in net worth (lines 30+33+72+89) 732.4 85.6 -365.9 238.7 7.0 -756.5 -301.0 123.7 91


92 FL852000095 Total assets 34303.4 35246.9 34612.8 34170.1 36712.9 38643.6 39895.9 39371.7 92






Inte

grat

ed A

ccou

nts

Z.1, September 16, 2016 175


2008 2009 2010 2011 2012 2013 2014 2015

108 FL813081005 Equity and investment fund shares 8354.9 10392.6 11156.1 10750.9 12274.2 14577.9 15634.6 15572.6 108109 LM813064105 Corporate equities 4356.1 5925.9 6866.0 6463.6 7498.4 9878.1 10726.3 10601.3 109110 FL503034003 Money market fund shares 905.8 752.1 604.1 520.7 458.3 396.8 410.3 447.6 110111 FL813092405 Equity in government-sponsored enterprises (2) 0.0 0.0 0.1 0.1 0.1 0.2 0.5 1.6 111112 FL803092005 U.S. direct investment abroad 408.4 417.9 445.3 423.5 438.6 381.1 399.1 416.4 112113 FL793094005 Investment in subsidiaries 2684.6 3296.6 3240.6 3343.0 3878.8 3921.7 4098.5 4105.6 113




117 FL854194005 Liabilities 33529.7 34387.6 34119.4 33438.0 35973.8 38661.0 40214.3 39566.3 117


119 FL814122005 Debt securities 15179.6 14417.6 13054.7 12617.4 12540.5 12643.6 12803.8 12856.6 119120 FL423161705 Agency- and GSE-backed securities (2) 8143.4 8083.3 7581.3 7559.2 7535.4 7773.7 7924.0 8144.4 120121 FL813163005 Corporate bonds 5910.4 5656.6 5010.3 4671.0 4643.5 4529.3 4571.5 4445.6 121122 FL813169105 Commercial paper 1125.8 677.6 463.0 387.2 361.6 340.5 308.4 266.5 122


126 FL853181005 Equity and investment fund shares 12787.7 15366.9 16701.6 16473.7 19044.1 22238.8 23847.6 23588.0 126127 FL634090005 Money market fund shares 3832.2 3315.9 2803.5 2691.0 2693.2 2717.8 2724.6 2754.7 127128 LM813164105 Corporate equity issues 1959.1 2621.0 3282.4 3241.2 3921.6 5083.1 5821.4 5825.7 128129 LM653164205 Mutual fund shares 5788.4 7796.7 9029.8 8941.4 10363.5 12333.0 13150.6 12897.2 129130 FL403192405 Equity in government-sponsored enterprises (2) 51.8 51.8 49.0 43.1 41.2 41.7 42.9 44.2 130131 FL803192005 Foreign direct investment in the United States 160.3 165.2 214.6 207.8 211.8 213.4 227.7 233.2 131132 FL662090205 Equity in noncorporate business 10.7 14.8 15.9 11.9 17.2 16.3 17.9 14.7 132133 FL803194005 Investment by parent 985.2 1401.5 1306.3 1337.4 1795.6 1833.6 1862.5 1818.2 133

134 FL813196005 Other accounts payable 1628.1 1349.4 896.8 641.0 476.7 261.8 169.8 -2.4 134

135 FL852090095 Net worth 773.7 859.4 493.4 732.1 739.1 -17.4 -318.3 -194.7 135

(1) Consists of rental income of tenant-occupied housing and proprietors’ income. Quasi-corporations are unincorporated enterprises that function as if they were corporations; they primarily cover their operating costs through sales, and they keep a complete set of financial records.(2) Government-sponsored enterprises (GSEs) consist of Federal Home Loan Banks, Fannie Mae, Freddie Mac, Federal Agricultural Mortgage Corporation, Farm Credit System, the Financing Corporation, and the Resolution Funding Corporation, and they included the Student Loan Marketing Association until it was fully privatized in the fourth quarter of 2004.(3) The statistical discrepancy is the difference between net lending or net borrowing derived in the capital account and the same concept derived in the financial account. The discrepancy reflects differences in source data, timing of recorded flows, and other statistical differences between the capital and financial accounts.(4) Excludes land. Includes corporate and noncorporate financial business.

Inte

grat

ed A

ccou

nts

176 Z.1, September 16, 2016

S.7.a Federal GovernmentBillions of dollars

2008 2009 2010 2011 2012 2013 2014 2015

Current account



3 FA316902605 Equals: Net value added 411.3 434.3 459.1 463.5 459.4 447.2 454.4 463.6 3 4 FA316025001 Compensation of employees (paid) 410.4 433.5 462.2 470.6 468.3 458.3 462.7 471.1 4 5 FA316020001 Wages and salaries 296.7 312.2 328.5 331.7 327.7 320.4 324.0 329.7 5 6 FA316401005 Employers’ social contributions 113.7 121.3 133.7 138.9 140.7 137.9 138.7 141.4 6 7 FA316402101 Operating surplus, net 0.8 0.7 -3.1 -7.1 -8.9 -11.1 -8.3 -7.4 7

8 FA316140005 Net national income/Balance of primary incomes, net -308.9 -269.9 -286.6 -327.3 -321.6 -198.0 -295.7 -313.2 8 9 FA316402101 Operating surplus, net 0.8 0.7 -3.1 -7.1 -8.9 -11.1 -8.3 -7.4 910 FA316240001 Taxes on production and imports, receivable 94.0 91.4 96.8 108.6 115.1 124.8 134.6 139.4 1011 FA316402015 Subsidies (paid) -49.6 -56.9 -54.3 -59.5 -57.6 -58.8 -56.2 -56.1 1112 FA316150195 Property income (received) 33.9 48.5 54.6 56.4 52.6 163.3 74.8 49.2 1213 FA316130101 Interest 19.5 22.8 29.5 27.7 21.3 22.8 23.5 26.9 1314 FA316121101 Distributed income of corporations (dividends) 0.6 18.7 17.0 18.8 21.1 131.3 40.7 16.1 1415 FA316112101 Rents on land and natural resources 13.8 7.0 8.0 9.9 10.2 9.2 10.6 6.2 1516 FA316130095 Less: Uses of property income (interest paid) 388.0 353.6 380.6 425.7 422.9 416.2 440.5 438.2 16

17 FA316140005 Net national income/Balance of primary incomes, net -308.9 -269.9 -286.6 -327.3 -321.6 -198.0 -295.7 -313.2 1718 FA316220001 Plus: Current taxes on income, wealth, etc. (received) 1426.7 1079.7 1256.0 1445.2 1546.0 1699.4 1860.4 2009.9 1819 FA316601001 Plus: Social benefits (received) 974.4 950.8 970.9 904.0 938.1 1091.3 1140.9 1189.5 1920 FA316404001 Less: Social contributions (paid) 1480.0 1632.2 1774.4 1796.9 1801.5 1842.4 1901.5 1981.7 2021 FA316403105 Plus: Other current transfers (received) 49.7 67.2 68.1 67.1 56.1 70.7 86.1 72.7 2122 FA316403001 Less: Other current transfers (paid) 416.1 510.7 558.8 530.1 499.3 503.9 547.1 583.2 22

23 FA316012005 Equals: Disposable income, net 245.8 -315.1 -324.8 -238.1 -82.2 317.2 343.1 394.1 2324 FA316901001 Less: Final consumption expenditures 879.8 933.7 1003.9 1006.1 1007.8 961.0 955.9 963.7 24

25 FA316006085 Equals: Net saving -634.0 -1248.8 -1328.7 -1244.1 -1090.1 -643.8 -612.9 -569.7 25

Capital account

26 FA316006385 Net saving less capital transfers -751.6 -1435.1 -1455.0 -1358.0 -1175.0 -702.0 -671.3 -621.2 2627 FA316006085 Net saving -634.0 -1248.8 -1328.7 -1244.1 -1090.1 -643.8 -612.9 -569.7 2728 FA315440005 Less: Capital transfers paid (net) 117.6 186.3 126.3 113.9 85.0 58.2 58.4 51.5 28

29 FA315050905 Capital formation, net 29.1 40.6 53.7 39.1 18.4 -2.0 -11.1 -41.1 29 Gross fixed capital formation (acquisition of30 FA315019001 produced nonfinancial assets) 275.8 284.0 300.0 297.4 284.7 268.4 262.9 261.2 3031 FA316300003 Less: Consumption of fixed capital 226.3 234.5 245.3 257.4 264.3 268.0 271.3 271.5 3132 FA315420003 Acquisition of nonproduced nonfinancial assets -20.4 -8.9 -1.0 -0.9 -2.0 -2.4 -2.7 -30.9 32

33 FA315000995 Net lending (+) or borrowing (-), capital account (lines 26-29) -780.6 -1475.7 -1508.7 -1397.1 -1193.4 -700.0 -660.3 -580.1 33

Financial account

34 FA315000995 Net lending (+) or borrowing (-) (line 33) -780.6 -1475.7 -1508.7 -1397.1 -1193.4 -700.0 -660.3 -580.1 34

35 FA314090005 Net acquisition of financial assets 579.8 247.4 279.9 -148.4 118.5 217.7 172.8 252.4 35

36 FA313011105 Monetary gold and SDRs 0.1 48.2 0.0 -1.8 0.0 0.0 0.0 0.0 3637 FA313011205 Monetary gold 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3738 FA313011303 SDR holdings 0.1 48.2 0.0 -1.8 0.0 0.0 0.0 0.0 38

39 FA314000005 Currency and deposits 316.0 -170.2 150.5 -239.9 11.1 65.8 57.2 103.5 3940 FA313011505 Official foreign currencies 0.6 0.3 0.3 -0.2 0.2 0.2 0.1 0.1 4041 FA313011405 Reserve position in IMF (net) 3.5 3.4 1.3 18.2 4.0 -3.4 -3.9 -6.5 4142 FA313020005 Currency and transferable deposits 313.1 -174.2 148.9 -257.6 6.7 69.6 60.8 109.9 4243 FA313030003 Time and savings deposits -1.3 0.3 0.1 -0.3 0.2 -0.5 0.2 0.0 4344 FA313091105 Nonofficial foreign currencies 0.0 0.0 0.0 0.0 0.0 -0.0 0.0 0.0 44

45 FA314022005 Debt securities 54.4 142.5 -46.9 -118.2 -31.3 -0.1 -0.0 -0.0 4546 FA313061703 Agency- and GSE-backed securities 54.4 142.0 -47.2 -118.1 -31.1 0.0 0.0 0.0 4647 FA313063763 Corporate and foreign bonds 0.0 0.6 0.3 -0.1 -0.2 -0.1 -0.0 -0.0 47

48 FA314023005 Loans 39.0 176.3 129.3 139.0 131.6 124.4 114.5 105.6 4849 FA314041005 Short term 25.6 163.7 134.8 135.7 129.9 120.5 112.7 106.3 4950 FA313066220 Consumer credit 19.5 97.5 131.1 131.0 127.5 113.3 110.7 103.4 5051 FA313069005 Other loans and advances 6.1 66.2 3.6 4.8 2.4 7.2 2.0 2.9 5152 FA313065005 Long term (mortgages) 13.5 12.6 -5.4 3.3 1.6 4.0 1.7 -0.7 52

53 FA313081115 Equity and investment fund shares 257.7 3.4 30.4 43.4 -14.2 -4.4 0.7 2.2 5354 FA313064105 Corporate equities 256.3 0.6 24.1 40.3 -13.2 -4.8 -1.6 -0.0 5455 FA313092803 Equity in international organizations 1.4 1.7 2.3 2.6 2.4 2.2 2.3 2.2 5556 FA313092403 Equity in government-sponsored enterprises (1) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5657 FA313094303 Equity investment under Public-Private Inv. Program 0.0 1.2 4.0 0.5 -3.4 -1.8 0.0 0.0 57

Inte

grat

ed A

ccou

nts

Z.1, September 16, 2016 177


2008 2009 2010 2011 2012 2013 2014 2015

58 FA313096005 Other accounts receivable -87.4 47.1 16.5 29.1 21.2 31.8 0.5 41.1 5859 FA313070000 Trade receivables 4.2 -21.1 -0.7 4.8 2.6 3.3 -5.2 12.7 5960 FA313078005 Taxes receivable -62.2 35.9 27.1 25.6 22.0 24.9 -4.5 16.2 6061 FA313093003 Other (miscellaneous assets) -29.4 32.3 -9.8 -1.3 -3.5 3.7 10.2 12.2 61


63 FA313111303 SDR allocations 0.0 47.6 0.0 0.0 0.0 0.0 0.0 0.0 63

64 FA314100005 Currency and deposits -0.8 -0.4 -0.3 0.0 0.0 -0.4 -0.3 -0.0 64

65 FA314122005 Debt securities 1302.5 1505.8 1645.9 1138.7 1180.6 857.3 735.9 724.6 6566 FA313161105 Treasury securities 1302.3 1505.7 1645.3 1137.6 1181.0 857.7 736.0 724.4 6667 FA313161705 Federal agency securities 0.2 0.1 0.7 1.1 -0.4 -0.4 -0.1 0.2 67

68 FA313165403 Loans (mortgages) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 68

69 FA313152005 Insurance, pension and standardized guarantee schemes 45.1 33.2 43.5 40.6 64.0 2.7 33.3 26.0 6970 FA313140003 Insurance reserves 1.0 1.1 0.9 1.3 0.3 0.2 0.8 -0.1 7071 FA313195105 Retiree Health Care Funds 26.5 16.6 22.5 18.5 13.3 12.2 10.4 7.4 7172 FA343073005 Claims of pension fund on sponsor 17.6 15.6 20.2 20.8 50.4 -9.7 22.1 18.7 72

73 FA313196005 Other accounts payable 22.2 -50.3 7.6 22.4 5.1 19.2 2.3 16.4 7374 FA713014003 SDR certificates 0.0 3.0 0.0 0.0 0.0 0.0 0.0 0.0 7475 FA313170005 Trade payables 22.6 -56.2 5.2 8.8 13.4 17.9 -0.7 12.8 7576 FA313193005 Other (miscellaneous liabilities) -0.3 2.9 2.4 13.6 -8.3 1.3 3.0 3.5 76

Addendum:77 FA315000005 Net lending (+) or borrowing (-), financial account (lines 35-62) -789.1 -1288.6 -1416.9 -1350.0 -1131.2 -661.2 -598.4 -514.6 77


78 FV318090185 Total other volume changes 86.7 131.1 -31.0 48.2 41.3 24.9 76.3 103.3 7879 FV312010095 Disaster losses 0.0 0.0 0.0 0.0 0.0 0.0 -0.0 -0.0 7980 FV318090085 Other volume changes 95.2 -56.0 -122.8 1.2 -20.9 -13.9 14.5 37.8 8081 FU317005045 Less: Statistical discrepancy (lines 33-77) (2) 8.5 -187.1 -91.8 -47.1 -62.2 -38.8 -61.8 -65.5 81

Revaluation account

82 FR312010095 Nonfinancial assets 69.0 -36.0 61.3 69.3 50.0 79.4 60.7 8.8 8283 FR315014665 Structures 44.0 -48.4 18.1 49.4 36.2 50.0 40.0 7.0 8384 FR315013265 Equipment 11.8 8.6 5.0 12.2 2.0 3.7 9.1 -3.5 8485 FR315013765 Intellectual property products 13.2 3.8 38.2 7.7 11.9 25.8 11.5 5.4 85

86 FR318080005 Financial assets -67.9 -121.6 -43.7 -32.1 -4.7 0.1 -5.0 -3.3 8687 FR313011105 Monetary gold and SDRs -0.2 0.2 -1.0 -0.1 0.1 0.1 -3.3 -2.3 8788 FR314000005 Currency and deposits -0.0 0.3 -0.2 -0.5 0.0 0.0 -1.7 -1.1 8889 FR313064105 Corporate equities -67.7 -121.9 -41.5 -32.4 -4.7 0.0 0.0 0.0 8990 FR313094303 Equity investment under Public-Private Inv. Program 0.0 -0.3 -1.0 0.9 -0.0 0.0 0.0 0.0 90

91 FR313111303 Liabilities -0.2 0.2 -1.0 -0.2 0.1 0.1 -3.2 -2.2 9192 FR313111303 SDR allocations -0.2 0.2 -1.0 -0.2 0.1 0.1 -3.2 -2.2 92



94 FC312090095 Change in net worth (lines 29+33+78+93) -663.6 -1461.9 -1467.5 -1272.4 -1088.5 -597.6 -536.1 -510.2 94


95 FL312000095 Total assets 4121.6 4238.8 4577.3 4489.0 4656.9 4934.5 5161.3 5408.5 95

96 FL312010095 Nonfinancial assets (3) 2829.2 2842.1 2957.5 3066.8 3137.2 3217.1 3269.3 3268.0 9697 FL315014665 Structures 1369.8 1326.1 1352.5 1406.9 1439.8 1481.4 1511.6 1508.2 9798 FL315013265 Equipment 616.2 649.8 680.9 711.0 726.6 734.4 745.7 743.3 9899 FL315013765 Intellectual property products 843.2 866.2 924.1 948.9 970.8 1001.3 1012.0 1016.4 99


101 FL313011105 Monetary gold and SDRs 9.3 57.8 56.8 55.0 55.1 55.2 51.9 49.7 101102 FL313011205 Monetary gold 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 102103 FL313011303 SDR holdings 9.3 57.8 56.8 55.0 55.1 55.2 51.9 49.7 103

Inte

grat

ed A

ccou

nts

178 Z.1, September 16, 2016


2008 2009 2010 2011 2012 2013 2014 2015

104 FL314000005 Currency and deposits 404.8 234.9 385.2 144.8 155.9 221.8 277.2 379.7 104105 FL313011505 Official foreign currencies 23.4 25.0 25.7 25.6 24.7 23.6 20.7 19.5 105106 FL313011405 Reserve position in IMF (net) 7.8 11.5 12.6 30.3 34.4 31.0 25.3 17.7 106107 FL313020005 Currency and transferable deposits 369.4 193.9 342.3 84.6 92.2 163.0 226.8 338.1 107108 FL313030003 Time and savings deposits 1.6 1.9 2.0 1.7 2.0 1.5 1.7 1.8 108109 FL313091105 Nonofficial foreign currencies 2.6 2.6 2.6 2.6 2.6 2.6 2.6 2.6 109

110 FL314022005 Debt securities 54.4 197.0 150.1 31.9 0.6 0.6 0.5 0.5 110111 FL313061703 Agency- and GSE-backed securities 54.4 196.4 149.2 31.1 0.0 0.0 0.0 0.0 111112 FL313063763 Corporate and foreign bonds 0.0 0.6 0.9 0.8 0.6 0.6 0.5 0.5 112

113 FL314023005 Loans 340.1 516.4 649.3 788.4 919.9 1044.3 1158.8 1264.4 113114 FL314041005 Short term 244.3 408.0 542.7 678.5 808.4 928.9 1041.6 1147.9 114115 FL313066220 Consumer credit 135.2 232.7 363.8 494.8 622.2 735.5 846.2 949.7 115116 FL313069005 Other loans and advances 109.1 175.3 179.0 183.7 186.2 193.4 195.4 198.2 116117 FL313065005 Long term (mortgages) 95.8 108.4 106.6 109.9 111.5 115.5 117.2 116.5 117

118 FL313081115 Equity and investment fund shares 237.5 118.7 106.6 118.4 99.5 95.1 95.8 98.0 118119 LM313064105 Corporate equities 188.7 67.4 49.9 57.8 39.9 35.1 33.4 33.4 119120 FL313092803 Equity in international organizations 48.8 50.5 52.8 55.4 57.8 60.0 62.4 64.6 120121 FL313092403 Equity in government-sponsored enterprises (1) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 121122 FL313094303 Equity investment under Public-Private Inv. Program 0.0 0.9 3.8 5.2 1.8 0.0 0.0 0.0 122

123 FL313096005 Other accounts receivable 246.2 271.8 271.7 283.7 288.7 300.5 307.7 348.3 123124 FL313070000 Trade receivables 64.7 43.6 42.9 47.7 50.3 53.6 48.4 61.2 124125 FL313078005 Taxes receivable 119.4 133.9 144.3 152.8 158.6 163.4 165.6 181.3 125126 FL313093003 Other (miscellaneous assets) 62.0 94.3 84.5 83.2 79.8 83.4 93.6 105.8 126


128 FL314190005 Liabilities 9424.6 11003.7 12809.7 13993.9 15250.2 16125.5 16888.4 17645.7 128

129 FL313111303 SDR allocations 7.5 55.4 54.4 54.2 54.3 54.4 51.2 48.9 129


131 FL314122005 Debt securities 7376.8 8882.6 10528.6 11667.3 12847.8 13705.1 14441.1 15165.6 131132 FL313161105 Treasury securities 7353.5 8859.2 10504.4 11642.0 12822.9 13680.6 14416.7 15141.1 132133 FL313161705 Federal agency securities 23.3 23.5 24.2 25.3 24.9 24.5 24.4 24.6 133

134 FL313165403 Loans (mortgages) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 134

135 FL313152005 Insurance, pension and standardized guarantee schemes 1746.4 1825.8 1982.4 2019.6 2082.4 2083.1 2114.8 2137.5 135136 FL313140003 Insurance reserves 46.7 47.8 48.7 50.0 50.3 50.5 51.3 51.1 136137 FL313195105 Retiree Health Care Funds 163.8 180.4 202.9 221.4 234.8 246.9 257.3 264.7 137138 FL343073005 Claims of pension fund on sponsor 1535.8 1597.6 1730.8 1748.2 1797.3 1785.7 1806.2 1821.7 138

139 FL313196005 Other accounts payable 267.2 213.7 218.5 226.9 239.8 257.3 256.0 268.3 139140 FL713014003 SDR certificates 2.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 140141 FL313170005 Trade payables 260.7 204.5 209.7 218.5 231.9 249.8 249.1 261.9 141142 FL313193013 Other (miscellaneous liabilities) 4.3 4.0 3.6 3.2 2.8 2.3 1.8 1.2 142

143 FL312090095 Net worth -5303.0 -6764.9 -8232.5 -9504.9 -10593.3 -11190.9 -11727.1 -12237.2 143

Note. The Federal government accounts exclude Federal employee retirement funds.(1) Government-sponsored enterprises (GSEs) consist of Federal Home Loan Banks, Fannie Mae, Freddie Mac, Federal Agricultural Mortgage Corporation, Farm Credit System, the Financing Corporation, and the Resolution Funding Corporation, and they included the Student Loan Marketing Association until it was fully privatized in the fourth quarter of 2004.(2) The statistical discrepancy is the difference between net lending or net borrowing derived in the capital account and the same concept derived in the financial account. The discrepancy reflects differences in source data, timing of recorded flows, and other statistical differences between the capital and financial accounts.(3) Excludes land and nonproduced nonfinancial assets.IMF International Monetary FundSDRs Special Drawing Rights

Inte

grat

ed A

ccou

nts

Z.1, September 16, 2016 179

S.8.a State and Local GovernmentsBillions of dollars

2008 2009 2010 2011 2012 2013 2014 2015

Current account



3 FA206902605 Equals: Net value added 1185.0 1211.3 1241.5 1249.2 1264.6 1293.5 1329.2 1376.0 3 4 FA206025001 Compensation of employees (paid) 1207.1 1232.6 1261.3 1266.5 1275.0 1303.3 1341.2 1387.4 4 5 FA206020001 Wages and salaries 847.4 862.9 862.6 863.1 870.6 887.6 912.7 944.9 5 6 FA206401005 Employers’ social contributions 359.7 369.7 398.7 403.5 404.4 415.8 428.5 442.5 6 7 FA206402101 Operating surplus, net -22.0 -21.4 -19.8 -17.4 -10.4 -9.8 -11.9 -11.4 7

8 FA206140005 Net national income/Balance of primary incomes, net 901.6 811.0 829.5 864.6 880.3 914.5 957.9 980.8 8 9 FA206402101 Operating surplus, net -22.0 -21.4 -19.8 -17.4 -10.4 -9.8 -11.9 -11.4 910 FA206240001 Taxes on production and imports, receivable 947.9 934.8 960.4 994.0 1016.9 1050.1 1075.7 1098.3 1011 FA206402015 Subsidies (paid) -3.0 -1.4 -1.6 -0.5 -0.5 -0.5 -0.5 -0.5 1112 FA206150195 Property income (received) 105.7 87.8 82.6 79.2 75.4 75.4 77.2 79.6 1213 FA206130101 Interest 91.0 74.4 69.1 64.8 59.8 58.9 59.6 60.7 1314 FA206121101 Distributed income of corporations (dividends) 2.6 2.1 2.3 2.6 3.3 3.6 3.8 4.2 1415 FA206112101 Rents on land and natural resources 12.1 11.2 11.2 11.7 12.3 12.9 13.9 14.7 1516 FA206130095 Less: Uses of property income (interest paid) 127.0 188.8 192.1 190.7 201.2 200.7 182.6 185.2 16

17 FA206140005 Net national income/Balance of primary incomes, net 901.6 811.0 829.5 864.6 880.3 914.5 957.9 980.8 1718 FA206220005 Plus: Current taxes on income, wealth, etc. (received) 381.0 333.4 345.3 374.3 399.2 431.3 443.2 466.4 1819 FA206601001 Plus: Social benefits (received) 18.7 18.6 18.1 18.2 18.0 18.5 19.1 19.0 1920 FA206404001 Less: Social contributions (paid) 455.4 492.6 523.8 530.4 540.0 563.4 612.9 666.0 2021 FA206403105 Plus: Other current transfers (received) 477.8 566.1 612.0 582.1 558.0 571.3 624.5 679.6 2122 FA206403001 Less: Other current transfers (paid) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 22



25 FA206006095 Equals: Net saving -165.1 -271.9 -237.3 -215.9 -220.8 -190.5 -169.8 -161.3 25

Capital account

26 FA206006395 Net saving less capital transfers -101.8 -204.2 -160.6 -142.1 -146.6 -118.9 -98.9 -92.0 2627 FA206006095 Net saving -165.1 -271.9 -237.3 -215.9 -220.8 -190.5 -169.8 -161.3 2728 FA205440005 Less: Capital transfers paid (net) -63.2 -67.7 -76.7 -73.8 -74.2 -71.6 -70.9 -69.3 28

29 FA205050905 Capital formation, net 172.5 167.2 149.7 127.6 107.0 94.4 94.4 110.3 29 Gross fixed capital formation (acquisition of30 FA205019001 produced nonfinancial assets) 358.8 363.0 351.9 340.5 329.7 323.9 331.6 352.2 3031 FA206300003 Less: Consumption of fixed capital 200.2 208.2 212.7 222.2 231.9 238.5 246.1 251.0 3132 FA205420003 Acquisition of nonproduced nonfinancial assets 13.8 12.3 10.6 9.2 9.1 9.0 8.9 9.2 32

33 FA205000995 Net lending (+) or borrowing (-), capital account (lines 26-29) -274.3 -371.4 -310.3 -269.6 -253.6 -213.3 -193.3 -202.3 33

Financial account

34 FA205000995 Net lending (+) or borrowing (-) (line 33) -274.3 -371.4 -310.3 -269.6 -253.6 -213.3 -193.3 -202.3 34

35 FA214090005 Net acquisition of financial assets -107.6 32.0 77.3 -26.8 72.1 -22.8 88.4 95.7 35

36 FA214000005 Currency and deposits 26.4 29.7 -0.3 32.6 13.1 25.2 24.9 4.8 3637 FA213020005 Currency and transferable deposits 8.4 19.3 5.7 16.8 -8.8 7.1 16.0 -8.8 3738 FA213030005 Time and savings deposits 18.0 10.4 -6.0 15.8 21.9 18.1 8.9 13.6 38

39 FA214022005 Debt securities -94.7 -32.0 55.4 -60.9 21.3 -63.8 19.5 28.1 3940 FA213069103 Open market paper -22.4 -38.0 13.2 -12.0 -7.5 -9.8 -7.1 -3.0 4041 FA213061105 Treasury securities -47.3 -14.0 8.4 -33.9 44.6 -20.0 36.5 43.2 4142 FA213061703 Agency- and GSE-backed securities (1) -19.5 14.2 24.4 -13.3 -18.7 -32.0 -14.8 -22.4 4243 FA213062003 Municipal securities 0.4 1.1 1.4 0.2 0.2 -0.1 0.4 0.8 4344 FA213063003 Corporate and foreign bonds -6.0 4.7 8.0 -2.0 2.7 -1.8 4.6 9.5 44

45 FA214035005 Loans -17.1 7.1 12.8 -4.4 9.7 -0.2 12.2 22.3 4546 FA212051003 Short term -12.4 -3.1 -1.0 -4.6 4.3 0.9 5.8 9.9 4647 FA213065005 Long term (mortgages) -4.7 10.2 13.8 0.1 5.4 -1.1 6.3 12.4 47

48 FA213081005 Equity and investment fund shares -6.5 11.5 17.4 -1.1 7.1 -0.9 10.5 19.4 4849 FA213034003 Money market fund shares 2.4 11.0 14.4 2.3 4.8 0.5 6.7 11.7 4950 FA213064103 Corporate equities -8.1 -1.5 0.1 -3.3 1.5 -1.0 2.5 5.1 5051 FA213064203 Mutual fund shares -0.8 2.0 3.0 -0.1 0.8 -0.5 1.3 2.6 51

52 FA213096005 Other accounts receivable -15.6 15.7 -8.0 7.0 20.9 16.9 21.3 21.1 5253 FA213070003 Trade receivables -15.4 -4.6 13.1 5.6 5.3 9.5 10.1 0.9 5354 FA213078005 Taxes receivable 5.2 -5.8 1.0 2.4 9.5 4.1 3.7 9.0 5455 FA213093003 Other (miscellaneous assets) -5.5 26.1 -22.1 -1.0 6.1 3.4 7.5 11.2 55

Inte

grat

ed A

ccou

nts

180 Z.1, September 16, 2016


2008 2009 2010 2011 2012 2013 2014 2015


57 FA213162005 Debt securities (municipals) 33.7 126.9 72.4 -48.7 -6.4 -56.8 -35.2 10.2 5758 FA213162400 Short term 4.8 7.9 -0.9 -10.6 3.8 -10.9 -6.4 -6.1 5859 FA213162200 Other 28.9 119.0 73.2 -38.0 -10.2 -45.9 -28.8 16.3 59

60 FA213169203 Loans (short term) 0.8 0.8 0.9 0.9 0.4 0.5 0.4 0.3 60

61 FA223073045 Insurance, pension and standardized guarantee schemes 185.3 313.8 249.1 317.8 312.3 244.9 261.1 256.0 61 (Claim of pension funds on sponsor)

62 FA213170003 Other accounts payable (trade payables) 38.6 38.9 38.5 38.4 38.1 38.2 38.9 40.1 62

Addendum:63 FA215000005 Net lending (+) or borrowing (-), financial account (lines 35-56) -366.1 -448.4 -283.5 -335.2 -272.3 -249.6 -176.8 -210.9 63


64 FV218090185 Total other volume changes -961.5 321.9 38.5 -70.9 260.7 551.0 211.4 -86.4 6465 FV212010095 Disaster losses 0.0 0.0 0.0 0.0 -7.6 0.0 0.0 0.0 6566 FV218090085 Other volume changes -869.7 399.0 11.7 -5.4 287.1 587.2 194.8 -77.9 6667 FU217005045 Less: Statistical discrepancy (lines 33-63) (2) 91.8 77.1 -26.8 65.5 18.7 36.3 -16.6 8.6 67

Revaluation account

68 FR212010095 Nonfinancial assets 411.4 -105.1 175.7 392.7 225.9 240.2 173.2 65.5 6869 FR215014665 Structures 403.0 -104.3 171.9 389.2 222.6 236.6 170.1 63.1 6970 FR215013265 Equipment 6.6 -1.1 2.4 1.6 1.9 1.7 2.9 0.8 7071 FR215013765 Intellectual property products 1.8 0.3 1.4 1.9 1.4 1.8 0.2 1.6 71

72 FR213081005 Equity and investment fund shares -61.0 33.4 21.6 1.9 18.5 37.5 13.6 -1.3 72



74 FC212090095 Change in net worth (lines 29+33+64+73) -712.9 46.0 75.3 181.6 358.5 709.7 299.2 -114.2 74


75 FL212000095 Total assets 10812.7 10924.2 11334.4 11818.1 12233.8 12571.4 12941.1 13205.8 75

76 FL212010095 Nonfinancial assets (3) 8193.3 8243.0 8557.5 9068.6 9384.7 9710.3 9969.0 10135.7 7677 FL215014665 Structures 7863.3 7903.6 8207.7 8711.9 9022.9 9341.5 9594.3 9755.8 7778 FL215013265 Equipment 236.4 240.9 245.4 246.5 246.7 247.7 249.5 249.5 7879 FL215013765 Intellectual property products 93.6 98.5 104.4 110.2 115.2 121.2 125.2 130.4 79





93 FL213081005 Equity and investment fund shares 252.9 297.9 336.9 337.7 363.2 399.8 423.8 441.9 9394 FL213034003 Money market fund shares 125.8 136.8 151.2 153.5 158.4 158.9 165.6 177.4 9495 LM213064103 Corporate equities 90.9 112.4 127.0 125.0 138.6 162.4 173.8 178.0 9596 LM213064203 Mutual fund shares 36.2 48.7 58.8 59.2 66.2 78.5 84.4 86.5 96

97 FL213096005 Other accounts receivable 359.6 375.2 366.9 373.7 386.5 401.9 432.9 458.4 9798 FL213070003 Trade receivables 143.7 139.1 152.2 157.8 163.1 172.6 182.7 183.6 9899 FL213078005 Taxes receivable 123.0 117.1 117.8 120.0 121.3 123.8 137.2 150.6 99100 FL213093003 Other (miscellaneous assets) 92.9 119.0 96.9 95.9 102.1 105.4 112.9 124.1 100


102 FL214190005 Liabilities 4890.0 4955.4 5290.3 5592.4 5649.7 5277.5 5347.9 5726.9 102

Inte

grat

ed A

ccou

nts

Z.1, September 16, 2016 181


2008 2009 2010 2011 2012 2013 2014 2015

103 FL213162005 Debt securities (municipals) 2952.8 3079.7 3152.1 3103.4 3097.0 3040.2 3004.9 3015.1 103104 FL213162400 Short term 56.0 63.9 63.0 52.4 56.2 45.3 38.9 32.8 104105 FL213162200 Other 2896.8 3015.8 3089.1 3051.0 3040.8 2994.8 2966.0 2982.3 105


107 FL223073045 Insurance, pension and standardized guarantee schemes 1332.8 1231.6 1454.8 1766.3 1791.5 1437.5 1503.9 1832.3 107 (Claim of pension funds on sponsor)

108 FL213170003 Other accounts payable (trade payables) 591.6 630.5 669.0 707.4 745.5 783.6 822.5 862.7 108

109 FL212090095 Net worth 5922.7 5968.8 6044.1 6225.7 6584.2 7293.9 7593.1 7478.9 109

Note. The state and local government accounts exclude state and local employee retirement funds.(1) Government-sponsored enterprises (GSEs) consist of Federal Home Loan Banks, Fannie Mae, Freddie Mac, Federal Agricultural Mortgage Corporation, Farm Credit System, the Financing Corporation, and the Resolution Funding Corporation, and they included the Student Loan Marketing Association until it was fully privatized in the fourth quarter of 2004.(2) The statistical discrepancy is the difference between net lending or net borrowing derived in the capital account and the same concept derived in the financial account. The discrepancy reflects differences in source data, timing of recorded flows, and other statistical differences between the capital and financial accounts.(3) Excludes land and nonproduced nonfinancial assets.

Inte

grat

ed A

ccou

nts

182 Z.1, September 16, 2016

S.9.a Rest of the World Billions of dollars

2008 2009 2010 2011 2012 2013 2014 2015

Current account

1 FA266905095 Foreign income from U.S. 3482.0 2712.0 3115.5 3485.8 3582.1 3620.1 3774.6 3688.6 1 2 FA266903001 U.S. imports of goods and services 2565.0 1983.2 2365.0 2686.4 2763.8 2768.6 2884.1 2786.3 2 3 FA266904195 U.S. income payments to rest of world 684.9 497.8 514.1 546.0 563.9 581.3 604.0 607.4 3 4 FA266400101 Current taxes and trans. payments to rest of world 232.0 231.0 236.4 253.4 254.3 270.2 286.5 294.9 4

5 FA266900095 Less: Foreign outlays to U.S. 2790.3 2330.1 2669.6 3004.2 3113.9 3234.0 3372.9 3211.2 5 6 FA266903011 U.S. exports of goods and services 1841.9 1587.7 1852.3 2106.4 2198.2 2276.6 2375.3 2264.3 6 7 FA266904095 U.S. income receipts from rest of world 856.9 648.9 720.0 792.6 801.5 825.5 852.1 813.1 7 8 FA266400201 Current taxes and trans. receipts from rest of world (1) 91.5 93.4 97.2 105.2 114.2 131.8 145.5 133.7 8

9 FA266000095 Equals: Net saving (current external balance) 691.6 381.9 445.9 481.5 468.2 386.1 401.7 477.4 9

Capital account

10 FA266000095 Net saving 691.6 381.9 445.9 481.5 468.2 386.1 401.7 477.4 10

11 FA265440005 Less: Net capital transfers 5.4 -0.6 -0.7 -1.6 6.5 -0.8 -0.4 -0.5 11

12 FA265420095 Less: Acquisition of nonproduced nonfinancial assets -0.0 0.0 -0.0 -0.0 -0.1 0.0 -0.0 0.0 12

13 FA265000905 Net lending (+) or borrowing (-), capital account (lines 10-11-12) 686.2 382.5 446.6 483.2 461.7 386.9 402.2 477.9 13

Financial account


15 FA264090005 Net acquisition of U.S. financial assets 666.8 201.0 1087.5 1049.7 861.2 1153.3 1180.9 421.0 15

16 FA263011005 Monetary gold and SDRs 0.0 47.6 0.0 0.0 0.0 0.0 0.0 0.0 1617 FA263011205 Monetary gold 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1718 FA313111303 SDR allocations 0.0 47.6 0.0 0.0 0.0 0.0 0.0 0.0 18

19 FA264000005 Currency and deposits 492.9 -284.3 -27.5 343.1 -30.1 414.9 167.9 -82.5 1920 FA263025003 Currency 29.2 12.6 28.3 55.0 57.1 37.7 66.3 38.4 2021 FA263027003 Transferable deposits 34.8 -21.8 1.2 26.8 11.0 13.2 16.5 -7.4 2122 FA263030005 Time deposits 73.4 -73.3 4.9 47.3 37.8 51.8 54.1 -22.6 2223 FA264016005 Net interbank items due from U.S. banks 355.4 -201.9 -61.8 213.9 -136.0 312.2 30.9 -90.8 23

24 FA264022005 Debt securities 404.7 160.4 639.4 203.6 495.9 553.6 532.0 434.5 2425 FA263069103 Open market paper -59.0 -48.4 -10.7 0.7 0.1 -0.9 7.7 -2.5 2526 FA263061105 Treasury securities 711.6 554.4 740.4 355.3 589.7 423.2 318.5 48.3 2627 FA263061705 Agency- and GSE-backed securities (2) -231.9 -226.0 -66.6 -41.6 -73.6 -83.6 -8.1 22.1 2728 FA263062003 Municipal securities 5.9 7.7 13.1 0.6 -0.6 4.5 4.3 6.9 2829 FA263063005 Corporate bonds -21.8 -127.3 -36.8 -111.5 -19.7 210.4 209.6 359.7 29

30 FA264041005 Loans (short term) -674.3 -98.7 72.2 126.5 -59.5 29.9 136.5 -120.2 3031 FA262051003 Security repurchases -629.7 -54.8 92.4 92.6 -7.2 34.1 105.6 -143.4 3132 FA263069500 Loans to U.S. corporate business -44.7 -44.0 -20.2 33.9 -52.2 -4.2 30.9 23.2 32

33 FA263081005 Equity and investment fund shares 436.9 369.7 384.8 359.4 443.2 143.5 330.5 175.0 3334 FA263034003 Money market fund shares 23.7 7.2 -7.1 4.6 22.6 11.3 5.1 1.3 3435 FA263064105 Corporate equities 128.3 194.3 130.9 48.1 137.0 -57.5 116.6 -171.0 3536 FA263064203 Mutual fund shares -25.2 17.8 55.2 70.7 79.5 -16.4 32.7 -8.5 3637 FA263092001 Foreign direct investment in the United States 310.1 150.4 205.9 236.1 204.1 206.1 176.2 353.3 37

38 FA263070003 Other accounts receivable 6.7 6.3 18.6 17.1 11.6 11.5 14.0 14.2 38

39 FA264190005 Net incurrence of liabilities -98.4 173.0 819.3 633.0 393.9 763.7 815.4 341.7 39

40 FA313011303 SDR holdings 0.1 48.2 0.0 -1.8 0.0 0.0 0.0 0.0 40

41 FA264100005 Currency and deposits -326.3 -39.8 73.4 -197.3 -143.0 28.0 -121.5 -247.2 4142 FA263111503 Official foreign currencies 1.3 0.7 0.5 -0.5 0.4 0.3 0.2 0.2 4243 FA263111403 Reserve position in IMF (net) 3.5 3.4 1.3 18.1 4.0 -3.4 -3.8 -6.5 4344 FA263191005 U.S. private deposits -331.0 -43.9 71.6 -215.0 -147.4 31.1 -117.9 -240.9 4445 FA313091105 Nonofficial foreign currencies 0.0 0.0 0.0 0.0 0.0 -0.0 0.0 0.0 45

46 FA264122005 Debt securities -211.9 236.6 124.7 128.2 160.8 206.1 162.9 -43.2 4647 FA263169105 Commercial paper -71.0 59.4 -2.7 -53.5 27.9 34.0 -21.4 59.3 4748 FA263163005 Bonds -140.8 177.2 127.4 181.7 133.0 172.1 184.2 -102.4 48

49 FA264141005 Loans (short term) 160.5 -471.8 222.0 240.7 -18.9 -76.7 48.2 97.7 4950 FA262151003 Security repurchases -382.8 86.0 207.9 96.4 36.0 -108.6 16.0 74.9 5051 FA263169005 Other loans and advances -1.5 0.5 0.3 1.4 5.6 1.4 2.3 0.7 5152 FA263168005 Depository institution loans n.e.c. 15.1 -14.8 24.0 43.2 30.4 39.1 28.6 22.7 5253 FA713091103 Nonoff. foreign currencies (swap lines) 529.7 -543.5 -10.2 99.7 -90.9 -8.6 1.3 -0.5 53

Inte

grat

ed A

ccou

nts

Z.1, September 16, 2016 183


2008 2009 2010 2011 2012 2013 2014 2015

54 FA263181105 Equity and investment fund shares 282.8 399.3 393.1 459.2 394.2 596.6 731.7 536.1 5455 FA263164103 Corporate equities -38.6 63.7 79.2 7.0 104.0 287.4 431.6 202.6 5556 FA313092803 U.S. government equity in IBRD, etc. 1.4 1.7 2.3 2.6 2.4 2.2 2.3 2.2 5657 FA263192005 U.S. direct investment abroad 329.1 310.4 301.1 419.1 339.3 323.8 312.3 322.5 5758 FA263194735 Investment by holding companies -9.1 23.5 10.6 30.6 -51.5 -16.9 -14.6 8.8 58

59 FA263170003 Other accounts payable -3.7 0.5 6.0 4.0 0.7 9.8 -5.8 -1.7 59

Addendum:60 FA265000005 Net lending (+) or borrowing (-), financial account (lines 15-39) 765.2 28.0 268.2 416.7 467.3 389.6 365.5 79.3 60


61 FV268090185 Total other volume changes 69.8 -339.9 -179.9 -70.6 -0.1 6.8 -36.6 -398.6 6162 FV268090085 Other volume changes -9.2 14.5 -1.5 -4.2 -5.7 4.1 0.0 0.0 6263 FU267005005 Less: Statistical discrepancy (lines 13-60) (3) -79.0 354.4 178.4 66.5 -5.6 -2.7 36.6 398.6 63

Revaluation account

64 FR264090005 Financial assets -1633.9 480.9 604.3 167.2 569.1 1008.8 695.5 -619.4 64

65 FR263011005 Monetary gold and SDRs -0.2 0.2 -1.0 -0.2 0.1 0.1 -3.2 -2.2 65

66 FR264000005 Currency and deposits 0.0 0.0 4.2 0.1 -0.0 -0.0 -0.2 -0.3 66

67 FR264022005 Debt securities -148.8 64.0 132.3 293.5 120.2 -331.5 53.3 -248.0 6768 FR263069103 Open market paper -1.8 0.1 -4.3 -0.2 -0.0 -0.6 -1.1 -1.4 6869 FR263061105 Treasury securities 164.9 -136.8 47.9 190.3 -22.6 -202.6 44.9 -56.3 6970 FR263061705 Agency- and GSE-backed securities 57.3 -26.2 12.4 23.9 -3.4 -33.2 24.0 -8.2 7071 FR263063005 Corporate bonds -369.3 226.9 76.3 79.4 146.3 -95.0 -14.5 -182.2 71

72 FR263081005 Equity and investment fund shares -1484.6 416.3 468.7 -126.1 448.8 1336.3 645.9 -368.5 7273 FR263064105 Corporate equities -1152.5 533.3 425.1 -59.7 418.8 1308.9 600.6 -228.3 7374 FR263064203 Mutual fund shares -73.6 32.7 24.0 -5.4 45.6 73.0 23.0 -17.0 7475 FR263092001 Foreign direct investment in the United States -258.6 -149.6 19.6 -61.0 -15.6 -45.6 22.3 -123.1 75

76 FR263070003 Other accounts receivable -0.3 0.3 0.1 -0.1 0.0 3.9 -0.3 -0.3 76

77 FR264194005 Liabilities -2788.6 1381.3 797.1 -709.0 940.2 611.3 -164.9 -390.6 77

78 FR313011303 SDR holdings -0.2 0.2 -1.0 -0.1 0.1 0.1 -3.3 -2.3 78

79 FR264100005 Currency and deposits 0.2 -0.0 -25.2 -22.7 -1.8 -2.6 -12.9 -4.6 7980 FR263111503 Official foreign currencies 2.5 0.3 1.1 0.3 -2.3 -2.6 -5.9 -2.8 8081 FR263111403 Reserve position in IMF (net) -0.0 0.3 -0.2 -0.5 0.0 0.0 -1.7 -1.1 8182 FR263191005 U.S. private deposits -2.3 -0.7 -26.1 -22.5 0.5 -0.0 -5.2 -0.6 8283 FR263191103 Nonofficial foreign currencies 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 83

84 FR263163005 Debt securities (corporate bonds) -193.7 179.3 102.5 54.2 146.6 -122.7 54.6 -106.4 84

85 FR263169205 Loans (other loans and advances) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 85

86 FR263181105 Equity and investment fund shares -2594.7 1201.6 720.9 -740.4 795.4 736.6 -202.9 -276.8 8687 FR263164103 Corporate equities -2461.0 1183.2 825.8 -647.3 716.4 863.6 -133.9 -145.0 8788 FR263192005 U.S. direct investment abroad -133.7 18.5 -104.9 -93.1 79.0 -127.0 -69.0 -131.8 88

89 FR263170003 Other accounts payable -0.3 0.1 -0.0 0.0 -0.1 -0.1 -0.5 -0.6 89

90 FR265000005 Changes in net worth due to nominal holding gains/losses 1154.7 -900.5 -192.9 876.2 -371.0 397.6 860.4 -228.7 90


91 FC262090095 Change in net worth (lines 13+61+90) 1910.8 -857.9 73.9 1288.7 90.5 791.3 1226.0 -149.4 91

Financial balance sheet account (end of period) (4)

92 FL264090005 Total financial assets 13699.4 14362.3 16054.1 17513.0 18943.2 21097.5 22973.9 22775.5 92

93 FL313111303 SDR allocations 7.5 55.4 54.4 54.2 54.3 54.4 51.2 48.9 93

94 FL264000005 Currency and deposits 1030.4 746.1 722.8 1066.0 1035.9 1450.7 1618.4 1535.5 9495 FL263025003 Currency 301.1 313.8 342.1 397.1 454.2 491.9 558.2 596.6 9596 FL263027003 Transferable deposits 69.0 47.2 48.4 75.2 86.2 99.4 115.9 108.5 9697 FL263030005 Time deposits 372.4 299.2 308.2 355.6 393.4 445.1 499.1 476.1 9798 FL264016005 Net interbank items due from U.S. banks 287.9 86.0 24.2 238.1 102.1 414.2 445.2 354.4 98

Inte

grat

ed A

ccou

nts

184 Z.1, September 16, 2016


2008 2009 2010 2011 2012 2013 2014 2015

99 FL264022005 Debt securities 7255.5 7479.9 8251.6 8748.7 9364.8 9586.9 10172.2 10358.7 99100 LM263069103 Open market paper 165.5 117.2 102.1 102.7 102.8 101.3 107.9 104.1 100101 LM263061105 Treasury securities 3253.0 3670.6 4458.8 5004.4 5571.5 5792.6 6156.0 6148.1 101102 LM263061705 Agency- and GSE-backed securities (2) 1402.2 1150.0 1095.8 1078.2 1001.2 883.8 899.6 913.5 102103 FL263062003 Municipal securities 51.0 58.7 71.7 72.4 71.8 76.2 80.6 87.5 103104 LM263063005 Corporate bonds 2383.9 2483.5 2523.1 2491.0 2617.6 2732.9 2928.0 3105.5 104

105 FL264041005 Loans (short term) 789.6 671.9 744.0 874.6 815.2 845.1 981.6 861.4 105106 FL262051003 Security repurchases 563.2 489.4 581.8 678.5 671.3 705.4 811.0 667.6 106107 FL263069500 Loans to U.S. corporate business 226.4 182.5 162.3 196.1 143.9 139.7 170.6 193.9 107

108 FL263081005 Equity and investment fund shares 4529.8 5315.9 6169.4 6640.6 7532.6 9012.4 9988.8 9795.3 108109 FL263034003 Money market fund shares 69.7 76.9 69.8 74.4 96.9 108.2 113.2 114.5 109110 LM263064105 Corporate equities 1929.9 2657.4 3213.5 3397.2 3953.0 5204.4 5921.5 5522.2 110111 LM263064203 Mutual fund shares 132.9 183.4 262.5 370.4 495.4 552.0 607.8 582.2 111112 FL263092001 Foreign direct investment in the United States 2397.4 2398.2 2623.6 2798.7 2987.3 3147.8 3346.3 3576.4 112



115 FL264194005 Total liabilities 10624.0 12144.8 13762.7 13932.9 15272.6 16635.6 17286.0 17237.1 115

116 FL313011303 SDR holdings 9.3 57.8 56.8 55.0 55.1 55.2 51.9 49.7 116

117 FL264100005 Currency and deposits 1362.5 1322.7 1370.8 1150.8 1006.0 1031.4 897.0 645.2 117118 FL263111503 Official foreign currencies 49.3 50.2 51.8 51.6 49.7 47.4 41.8 39.1 118119 FL263111403 Reserve position in IMF (net) 7.7 11.4 12.5 30.1 34.2 30.8 25.2 17.6 119120 FL263191005 U.S. private deposits 1302.9 1258.4 1303.9 1066.4 919.5 950.6 827.4 585.9 120121 FL313091105 Nonofficial foreign currencies 2.6 2.6 2.6 2.6 2.6 2.6 2.6 2.6 121

122 FL264122005 Debt securities 1433.2 1849.1 2076.3 2258.7 2566.1 2649.5 2866.9 2717.3 122123 FL263169105 Commercial paper 342.0 401.3 398.6 345.1 373.0 407.0 385.6 444.8 123124 LM263163005 Bonds 1091.2 1447.8 1677.6 1913.6 2193.1 2242.5 2481.4 2272.5 124

125 FL264141005 Loans (short term) 1127.2 621.9 845.4 1090.7 1077.5 1000.8 1048.9 1146.7 125126 FL262151003 Security repurchases 402.3 454.8 663.7 764.7 800.7 692.2 708.2 783.0 126127 FL263169005 Other loans and advances 18.9 19.3 19.6 21.0 30.2 31.6 33.9 34.6 127128 FL263168005 Depository institution loans n.e.c. 152.4 137.5 162.0 205.2 237.7 276.7 305.3 328.0 128129 FL713091103 Nonoff. foreign currencies (swap lines) 553.7 10.3 0.1 99.8 8.9 0.3 1.5 1.0 129

130 FL263181105 Equity and investment fund shares 6647.3 8248.2 9362.3 9322.6 10512.2 11845.4 12374.2 12633.5 130131 LM263164103 Corporate equities 2748.4 3995.3 4900.2 4501.4 5321.9 6472.9 6770.6 6828.2 131132 FL313092803 U.S. government equity in IBRD, etc. 48.8 50.5 52.8 55.4 57.8 60.0 62.4 64.6 132133 FL263192005 U.S. direct investment abroad 3748.5 4077.4 4273.6 4599.5 5017.8 5214.6 5457.9 5648.6 133134 FL263194735 Investment by holding companies 101.5 125.1 135.6 166.3 114.7 97.9 83.3 92.1 134


136 FL262090095 Net worth (external account) 3075.4 2217.5 2291.3 3580.1 3670.6 4461.9 5687.8 5538.4 136

(1) Prior to 1999, current taxes, contributions for government social insurance, and transfer receipts from the rest of the world (line 8) are not separately displayed, and line 4 includes current taxes and transfer payments to the rest of the world net of current taxes, contributions for government social insurance, and transfer receipts from the rest of the world.(2) Government-sponsored enterprises (GSEs) consist of Federal Home Loan Banks, Fannie Mae, Freddie Mac, Federal Agricultural Mortgage Corporation, Farm Credit System, the Financing Corporation, and the Resolution Funding Corporation, and they included the Student Loan Marketing Association until it was fully privatized in the fourth quarter of 2004.(3) The statistical discrepancy is the difference between net lending or net borrowing derived in the capital account and the same concept derived in the financial account. The discrepancy reflects differences in source data, timing of recorded flows, and other statistical differences between the capital and financial accounts.(4) Excludes nonfinancial assets, including nonproduced nonfinancial assets.IBRD International Bank for Reconstruction and DevelopmentIMF International Monetary FundSDRs Special Drawing Rightsn.e.c. Not elsewhere classified

z.1 financial accounts of the united states · 16-09-2016 · 4.1 percent in the second quarter,...

Documents