Financial Markets Institutions Homework
Abu khaled
problemsethelp.pdf
S u
m m
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1
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s G
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S U
S U
S U
S U
S U
S U
S U
S
(1 )
(2 )
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(1 0)
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G en
er al
n ot
es :
U =
u se
o f
fu nd
s; S
= s
ou rc
e of
f un
ds . D
om es
ti c
no nf
in an
ci al
s ec
to rs
( co
lu m
ns 9
a nd
1 0)
a re
h ou
se ho
ld s
an d
no np
ro fi
t or
ga ni
za ti
on s,
n on
fi na
nc ia
l bu
si ne
ss , s
ta te
a nd
l oc
al g
ov er
nm en
ts , a
nd f
ed er
al g
ov er
nm en
t.
S u
m m
a ry
2
Z .1
, M ar
ch 1
2, 2
01 5
F lo
w o
f F
u n
d s
M at
ri x
fo r
20 14
(B il
li on
s of
d ol
la rs
; A
ll S
ec to
rs -
- A
ss et
s an
d L
ia bi
li ti
es )
H ou
se ho
ld s
S ta
te D
om es
ti c
D om
es ti
c In
st ru
m en
t an
d N
on pr
of it
N on
fi na
nc ia
l an
d L
oc al
F ed
er al
N on
fi na
nc ia
l F
in an
ci al
R es
t of
A ll
D is
cr ep
- O
rg an
iz at
io ns
B us
in es
s G
ov er
nm en
ts G
ov er
nm en
t S
ec to
rs S
ec to
rs th
e W
or ld
S ec
to rs
an cy
A
L A
L A
L A
L A
L A
L A
L A
L
(1 )
(2 )
(3 )
(4 )
(5 )
(6 )
(7 )
(8 )
(9 )
(1 0)
(1 1)
(1 2)
(1 3)
(1 4)
(1 5)
(1 6)
(1 7)
1 T
ot al
f in
an ci
al a
ss et
s 67
99 2.
2 --
20
94 4.
9 --
29
67 .0
--
19 02
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80 7.
0 --
85
03 4.
0 --
22
76 4.
5 --
20
16 05
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-6
25 3.
8
2 T
ot al
l ia
bi li
ti es
a nd
e qu
it y
--
14 15
4. 5
--
54 37
6. 3
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50 44
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16
92 2.
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27 5.
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T ot
al l
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li ti
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50 4.
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D R
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2 5.
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6 T
re as
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10 T
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ed . f
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ge nc
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th er
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S u
m m
a ry
Z.1, March 12, 2015 3
D.1 Credit Market Debt Growth by Sector 1 In percent; quarterly figures are seasonally adjusted annual rates
Domestic nonfinancial sectors
Households Business State and Domestic Home Consumer local Federal financial
Total Total mortgage credit Total Corporate governments government sectors Foreign
1983 12.0 11.0 10.2 12.1 9.2 8.4 11.4 18.9 13.3 7.7 1984 14.9 13.0 11.4 18.4 16.1 16.6 11.4 16.9 17.5 3.7 1985 15.6 16.1 14.6 15.9 11.0 12.6 31.8 16.5 19.3 0.5 1986 11.9 11.4 13.7 9.1 11.5 13.9 10.9 13.6 26.2 3.0 1987 9.1 10.4 13.4 4.8 7.8 8.9 12.0 8.0 18.3 3.3
1988 9.1 9.9 11.8 6.7 9.9 10.9 6.0 8.0 13.1 -1.2 1989 7.2 9.1 10.9 6.3 6.3 7.3 5.3 7.0 10.5 -2.0 1990 6.5 7.1 8.8 1.9 3.6 5.3 5.0 11.0 8.6 2.8 1991 4.4 5.1 7.0 -1.1 -2.1 -2.1 9.2 11.1 5.9 3.4 1992 4.6 5.4 6.5 1.1 -0.3 0.6 1.5 10.9 8.5 4.0
1993 5.6 6.1 5.5 7.4 3.1 5.3 5.3 8.3 9.7 15.8 1994 5.1 7.7 5.6 15.2 5.4 7.1 -3.9 4.7 14.0 -4.5 1995 4.9 7.1 4.9 14.4 5.9 6.7 -5.5 4.1 11.4 15.3 1996 4.9 6.7 6.2 9.0 5.4 5.2 -2.0 4.0 12.4 14.1 1997 5.3 5.9 6.1 5.5 8.5 8.6 4.9 0.6 12.0 10.8
1998 6.5 7.5 8.0 7.2 11.5 10.8 6.2 -1.4 19.4 4.5 1999 6.2 8.0 9.4 7.8 10.5 9.6 3.3 -1.9 16.6 1.8 2000 4.9 9.0 8.7 11.4 9.1 8.3 1.4 -8.0 10.7 7.5 2001 6.1 9.6 10.6 8.6 5.2 3.8 8.8 -0.2 10.6 -2.4 2002 7.1 10.6 13.3 5.6 2.2 0.1 11.1 7.6 9.6 6.3
2003 7.8 11.9 14.5 5.3 1.1 0.1 8.3 10.9 10.7 1.8 2004 9.0 11.1 13.5 5.6 5.6 3.0 11.4 9.0 8.6 8.6 2005 9.0 11.2 13.4 4.5 8.1 5.3 5.8 7.0 9.4 8.1 2006 8.4 10.3 11.2 5.2 9.8 7.4 3.9 3.9 10.3 21.2 2007 8.2 7.1 7.4 6.1 12.4 11.5 5.5 4.9 12.9 15.7
2008 6.2 1.1 0.9 1.3 5.8 4.1 0.6 24.2 6.0 -9.9 2009 3.3 0.0 0.6 -3.9 -4.3 -5.4 4.0 22.7 -9.7 13.8 2010 4.1 -1.1 -1.7 -1.0 -0.9 -1.2 2.3 20.2 -5.7 7.4 2011 3.6 -0.2 -0.7 4.1 3.0 4.3 -1.7 11.4 -2.4 7.7 2012 5.0 1.5 -0.7 6.2 4.8 6.4 -0.2 10.9 -3.0 7.6
2013 3.8 1.5 -0.0 6.0 5.1 6.4 -1.3 6.5 1.5 9.5 2014 4.3 2.9 0.2 7.1 5.9 6.3 -0.5 5.4 1.7 5.5
2008 -- Q1 6.4 4.2 3.5 6.2 8.7 8.3 2.0 10.4 6.4 -3.1 Q2 3.7 0.8 1.1 2.5 7.4 6.4 0.8 5.9 6.8 -0.9 Q3 8.0 0.3 -0.1 -0.7 5.7 4.7 0.7 36.5 7.1 -25.5 Q4 6.3 -1.1 -0.9 -2.8 1.0 -3.0 -1.0 37.2 3.3 -12.7
2009 -- Q1 4.2 0.1 1.3 -2.8 -2.7 -3.7 2.6 25.4 -9.9 4.7 Q2 4.8 0.3 0.7 -5.8 -3.7 -4.2 4.8 27.1 -12.6 12.6 Q3 2.5 -0.2 -0.0 -3.1 -5.7 -7.5 3.8 18.9 -9.8 10.8 Q4 1.5 -0.2 0.5 -4.1 -5.3 -6.8 4.3 12.7 -7.4 22.1
2010 -- Q1 3.7 -2.4 -3.9 -2.9 -1.5 -1.9 3.2 21.4 -6.1 7.9 Q2 4.1 -0.4 -0.7 -2.5 -3.5 -5.4 0.1 22.3 -7.1 -3.0 Q3 4.3 -1.2 -1.7 0.1 1.8 3.1 1.8 16.7 -5.0 5.7 Q4 3.9 -0.6 -0.7 1.3 -0.4 -0.3 4.2 15.1 -5.9 17.5
2011 -- Q1 2.4 -0.1 -0.8 4.3 1.7 2.7 -2.7 8.3 -0.8 15.1 Q2 2.4 -1.4 -0.7 3.4 3.3 4.9 -3.3 8.5 -4.3 15.8 Q3 5.1 -0.3 -0.7 3.9 3.4 4.8 -0.4 15.6 -2.5 -3.3 Q4 4.5 0.9 -0.6 4.6 3.6 4.5 -0.6 11.3 -1.9 2.5
2012 -- Q1 5.1 1.1 -0.9 5.5 4.0 5.8 0.0 12.6 -3.9 -1.5 Q2 5.5 2.7 -0.6 7.2 3.7 5.0 2.1 11.6 -5.0 3.2 Q3 3.8 0.5 -0.5 5.2 4.2 5.5 -0.2 8.4 -2.0 13.4 Q4 5.2 1.9 -0.6 6.1 6.9 8.9 -2.6 9.3 -1.2 13.6
2013 -- Q1 4.1 0.7 -0.8 6.1 3.5 5.7 1.9 9.1 -0.6 13.4 Q2 3.0 1.6 0.1 5.5 4.9 5.5 -0.2 3.5 0.2 5.2 Q3 3.5 3.1 1.1 6.3 7.0 9.1 -3.7 2.6 0.6 7.1 Q4 4.4 0.6 -0.5 5.4 4.4 4.6 -3.3 10.5 5.9 11.9
2014 -- Q1 4.3 2.3 -0.6 6.5 6.1 8.0 -1.3 6.0 -2.1 5.6 Q2 3.4 3.5 0.1 8.2 5.0 4.1 1.2 2.5 2.4 14.6 Q3 4.4 2.8 0.7 6.7 5.0 5.1 -2.8 7.2 2.9 0.7 Q4 4.7 2.7 0.7 6.0 7.2 7.5 1.1 5.4 3.7 0.6
1. Data shown are on an end-of-period basis.
S u
m m
a ry
4 Z.1, March 12, 2015
D.2 Credit Market Borrowing by Sector Billions of dollars; 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
1983 570.6 172.4 105.2 48.2 165.7 94.4 47.3 185.2 104.3 17.3 1984 794.4 223.9 127.6 81.7 320.8 207.1 52.5 197.2 156.2 8.4 1985 955.4 311.4 181.7 84.0 254.7 184.3 163.6 225.7 203.2 1.2 1986 844.7 259.5 199.3 55.8 295.0 227.8 74.2 216.0 330.1 10.2 1987 721.6 263.6 221.6 32.3 223.7 165.6 90.4 143.9 291.8 11.4
1988 786.3 272.2 215.6 46.6 308.5 224.4 50.4 155.1 249.8 -4.4 1989 684.3 276.3 224.9 47.0 214.3 165.9 47.4 146.4 224.8 -7.9 1990 658.8 233.5 200.0 15.1 131.3 131.0 47.1 246.9 207.8 11.1 1991 472.6 183.6 174.5 -8.8 -80.5 -54.3 91.2 278.2 153.1 13.4 1992 514.4 204.3 173.0 9.2 -10.5 16.0 16.5 304.0 236.5 16.4
1993 667.3 239.6 156.3 61.4 113.7 134.3 57.9 256.1 292.9 67.5 1994 639.0 324.4 166.5 135.0 204.3 189.8 -45.5 155.9 464.4 -23.2 1995 640.7 319.5 153.6 147.0 237.5 192.2 -60.8 144.4 433.6 76.4 1996 681.5 324.8 205.1 105.7 232.3 161.9 -20.5 144.9 523.2 89.0 1997 761.9 306.9 215.9 70.3 381.2 279.3 50.8 23.1 570.3 77.7
1998 984.7 412.2 301.5 97.1 558.2 379.2 66.8 -52.6 1026.5 36.0 1999 1007.2 473.8 379.2 112.4 567.3 373.5 37.3 -71.2 1052.6 15.4 2000 846.2 574.4 383.5 176.5 550.8 358.4 16.9 -295.9 790.8 60.5 2001 1106.6 666.1 508.2 150.6 340.6 177.1 105.5 -5.6 862.3 -21.1 2002 1369.0 812.1 706.0 105.2 154.8 3.0 144.6 257.6 881.5 53.6
2003 1598.6 1004.7 872.1 105.9 77.3 3.4 120.5 396.0 1071.6 17.2 2004 1990.7 1051.8 934.7 117.2 398.1 143.4 178.8 361.9 938.8 99.1 2005 2234.3 1177.0 1053.3 100.4 608.7 266.9 141.7 306.9 1113.7 103.9 2006 2289.5 1201.5 997.7 120.5 803.7 388.3 100.9 183.4 1336.4 286.7 2007 2412.7 913.2 733.5 151.3 1115.8 652.5 146.7 237.1 1834.3 260.9
2008 1990.4 145.6 93.6 34.9 587.7 262.2 17.9 1239.2 978.2 -198.2 2009 1102.4 1.2 66.3 -103.6 -455.7 -358.6 113.0 1443.9 -1663.4 222.2 2010 1405.4 -154.0 -182.1 -25.3 -90.3 -70.8 69.5 1580.2 -901.8 149.0 2011 1287.9 -29.2 -70.6 108.5 301.9 259.2 -52.7 1067.9 -341.4 172.8 2012 1827.9 201.8 -63.2 169.7 491.2 403.7 -5.3 1140.2 -419.3 188.6
2013 1463.0 196.8 -1.1 174.3 546.0 426.7 -38.9 759.1 213.1 268.8 2014 1701.4 376.3 22.8 218.4 671.7 449.1 -13.7 667.1 240.8 162.8
2008 -- Q1 2055.8 587.4 373.2 163.4 879.7 526.7 55.7 533.0 1038.2 -62.5 Q2 1214.1 118.2 116.7 67.6 763.5 414.3 22.7 309.7 1114.9 -18.7 Q3 2608.8 36.7 -14.8 -17.7 604.7 309.9 20.6 1946.8 1193.4 -494.6 Q4 2083.0 -159.7 -100.5 -73.7 102.7 -202.4 -27.3 2167.3 566.4 -217.1
2009 -- Q1 1418.1 14.3 142.7 -74.1 -284.3 -243.8 73.9 1614.2 -1687.8 76.0 Q2 1630.2 45.7 70.0 -153.1 -388.4 -274.5 139.2 1833.6 -2153.7 203.3 Q3 856.6 -23.2 -4.9 -81.3 -599.1 -483.1 111.3 1367.6 -1617.1 189.6 Q4 504.9 -31.9 57.3 -106.0 -551.0 -433.2 127.6 960.1 -1194.9 419.8
2010 -- Q1 1289.7 -322.6 -410.1 -73.3 -154.9 -117.3 95.2 1672.1 -958.1 158.7 Q2 1429.1 -54.5 -76.4 -64.7 -349.9 -329.7 2.0 1831.5 -1066.6 -62.4 Q3 1523.4 -164.4 -175.9 3.6 181.0 184.9 54.2 1452.6 -736.7 116.4 Q4 1379.6 -74.7 -65.9 33.0 -37.3 -21.3 126.9 1364.7 -845.7 383.2
2011 -- Q1 848.3 -19.5 -79.9 112.8 167.3 163.4 -83.2 783.7 -112.3 341.1 Q2 862.1 -180.9 -70.4 90.1 326.1 295.3 -99.2 816.1 -620.6 371.3 Q3 1821.1 -36.5 -71.7 106.3 344.6 297.1 -11.0 1524.1 -358.3 -81.6 Q4 1620.1 120.2 -60.5 124.8 369.4 280.9 -17.4 1147.8 -274.3 60.4
2012 -- Q1 1866.4 142.6 -91.1 152.4 406.7 361.0 1.1 1315.9 -544.6 -38.3 Q2 2049.1 350.5 -59.4 201.7 384.8 318.3 61.2 1252.6 -692.7 79.9 Q3 1434.8 68.1 -47.0 148.9 436.7 350.9 -4.9 934.8 -268.4 344.1 Q4 1961.4 246.1 -55.1 175.7 736.5 584.7 -78.5 1057.3 -171.5 368.6
2013 -- Q1 1589.6 95.6 -76.3 179.0 380.7 382.1 57.3 1056.0 -82.3 378.6 Q2 1150.7 206.9 10.2 162.9 535.2 377.5 -4.9 413.6 33.3 151.0 Q3 1377.7 403.2 104.0 190.6 776.1 626.0 -109.4 307.9 87.6 201.7 Q4 1733.9 81.7 -42.5 164.7 491.9 321.2 -98.5 1258.8 813.7 344.0
2014 -- Q1 1694.2 304.0 -52.1 202.7 688.0 567.4 -38.8 741.0 -295.7 167.4 Q2 1383.6 460.8 9.6 259.4 572.7 294.2 35.7 314.4 339.2 444.9 Q3 1789.8 379.1 65.8 216.6 581.3 376.6 -83.7 913.1 402.8 21.5 Q4 1938.0 361.2 67.8 195.1 844.7 558.0 32.2 700.0 516.7 17.5
S u
m m
a ry
Z.1, March 12, 2015 5
D.3 Credit Market Debt Outstanding by Sector 1 Billions of dollars; quarterly figures are seasonally adjusted
Domestic nonfinancial sectors
Households Business State and Domestic Home Consumer local Federal financial
Total Total mortgage credit Total Corporate governments government sectors Foreign
1983 5344.2 1719.8 1116.4 444.9 1996.2 1247.2 461.1 1167.0 890.1 228.7 1984 6138.2 1939.8 1243.3 526.6 2320.6 1458.0 513.6 1364.2 1054.9 228.9 1985 7111.8 2272.0 1450.2 610.6 2572.0 1638.9 677.9 1589.9 1259.0 335.5 1986 7953.5 2529.5 1649.0 666.4 2866.0 1865.8 752.1 1805.9 1596.6 346.6 1987 8656.8 2747.1 1828.6 698.6 3117.4 2059.2 842.6 1949.8 1899.7 357.7
1988 9439.6 3036.3 2054.8 745.2 3405.5 2263.5 893.0 2104.9 2149.5 393.7 1989 10141.0 3305.1 2260.1 809.3 3644.3 2454.1 940.4 2251.2 2402.8 389.7 1990 10827.2 3567.8 2489.3 824.4 3773.8 2583.3 987.4 2498.1 2613.8 396.7 1991 11296.4 3755.0 2667.4 815.6 3686.4 2524.4 1078.6 2776.4 2766.8 406.7 1992 11813.9 3959.4 2840.4 824.8 3679.1 2543.6 1095.1 3080.3 3018.9 426.4
1993 12496.1 4201.3 2999.0 886.2 3805.2 2690.4 1153.0 3336.5 3317.2 521.1 1994 13141.4 4525.0 3165.5 1021.2 4016.5 2887.2 1107.5 3492.3 3789.7 501.0 1995 13797.9 4844.5 3319.2 1168.2 4269.8 3095.2 1046.7 3636.7 4226.3 631.3 1996 14479.4 5182.3 3537.3 1273.9 4489.1 3244.1 1026.2 3781.7 4749.5 721.4 1997 15239.2 5489.2 3753.2 1344.2 4868.3 3521.3 1076.9 3804.8 5299.7 802.2
1998 16223.8 5901.4 4054.7 1441.3 5426.5 3900.4 1143.8 3752.2 6326.2 842.9 1999 17265.4 6375.3 4431.6 1553.6 6028.2 4308.3 1181.0 3681.0 7376.5 804.4 2000 18121.5 6959.5 4813.9 1741.3 6579.0 4666.7 1197.9 3385.1 8168.4 868.2 2001 19211.1 7625.7 5322.0 1891.8 6902.6 4826.9 1303.4 3379.5 9156.8 849.9 2002 20580.1 8437.7 6028.0 1997.0 7057.4 4829.8 1447.9 3637.0 10038.3 956.3
2003 22222.9 9472.5 6909.9 2102.9 7148.9 4847.3 1568.4 4033.1 10945.2 1157.1 2004 24945.4 10544.3 7859.4 2220.1 7558.0 5001.7 2448.2 4395.0 11898.8 1285.7 2005 27179.7 11721.3 8912.7 2320.6 8166.7 5268.6 2589.8 4701.9 12958.0 1351.1 2006 29514.0 12946.8 9910.4 2461.9 8991.1 5677.7 2690.8 4885.3 14261.5 1658.4 2007 31903.6 13832.0 10613.3 2615.7 10111.8 6336.7 2837.5 5122.3 16206.5 1997.2
2008 33756.2 13851.4 10580.7 2650.6 10687.9 6593.9 2855.4 6361.5 17104.6 1605.0 2009 34470.5 13560.1 10419.4 2552.8 10136.5 6151.1 2968.4 7805.4 15715.6 2006.5 2010 35619.0 13231.1 9915.5 2647.4 9964.3 6013.4 3038.0 9385.6 14455.7 2258.5 2011 36758.2 13060.6 9698.3 2755.9 10258.7 6272.6 2985.3 10453.6 14036.3 2485.5 2012 38423.0 13060.3 9494.7 2923.6 10789.0 6719.8 2980.0 11593.7 13802.4 2828.0
2013 39766.9 13169.4 9405.8 3097.9 11303.6 7119.6 2941.1 12352.8 13948.3 2966.2 2014 41416.9 13496.9 9379.8 3316.3 11972.6 7568.6 2927.5 13019.9 14161.2 3137.5
2008 -- Q1 32396.7 13958.9 10686.7 2656.6 10330.8 6468.4 2851.4 5255.6 16455.6 2016.9 Q2 32667.5 13957.3 10684.7 2673.5 10520.1 6571.9 2857.1 5333.0 16716.8 1941.7 Q3 33280.5 13934.2 10648.7 2669.1 10664.4 6644.4 2862.2 5819.7 16991.1 1705.5 Q4 33756.2 13851.4 10580.7 2650.6 10687.9 6593.9 2855.4 6361.5 17104.6 1605.0
2009 -- Q1 34001.6 13738.6 10570.6 2632.1 10624.1 6542.5 2873.9 6765.1 17106.5 1610.4 Q2 34355.3 13699.0 10531.4 2599.6 10524.1 6473.9 2908.7 7223.5 16534.5 1751.5 Q3 34503.3 13630.3 10467.2 2579.3 10371.1 6353.1 2936.5 7565.4 16098.0 1901.2 Q4 34470.5 13560.1 10419.4 2552.8 10136.5 6151.1 2968.4 7805.4 15715.6 2006.5
2010 -- Q1 34803.2 13473.7 10268.8 2538.1 10113.8 6139.0 2992.2 8223.4 14941.5 2067.7 Q2 35110.6 13412.7 10202.3 2521.9 10023.9 6056.6 2992.7 8681.3 14651.9 2056.6 Q3 35447.6 13330.0 10116.7 2522.8 10066.9 6102.8 3006.2 9044.5 14447.1 2195.7 Q4 35619.0 13231.1 9915.5 2647.4 9964.3 6013.4 3038.0 9385.6 14455.7 2258.5
2011 -- Q1 35790.1 13187.2 9856.6 2675.6 10004.1 6054.2 3017.2 9581.6 14408.8 2347.2 Q2 35970.5 13108.8 9800.4 2698.2 10083.7 6128.0 2992.3 9785.6 14229.8 2479.0 Q3 36389.2 13064.9 9747.7 2724.7 10168.1 6202.3 2989.6 10166.6 14121.8 2458.1 Q4 36758.2 13060.6 9698.3 2755.9 10258.7 6272.6 2985.3 10453.6 14036.3 2485.5
2012 -- Q1 37183.9 13064.0 9640.8 2794.0 10351.8 6353.5 2985.5 10782.6 13945.9 2522.7 Q2 37652.9 13110.1 9586.4 2842.5 10446.3 6433.1 3000.8 11095.7 13752.7 2558.7 Q3 37966.3 13031.7 9539.0 2879.7 10605.5 6572.7 2999.6 11329.4 13853.2 2718.8 Q4 38423.0 13060.3 9494.7 2923.6 10789.0 6719.8 2980.0 11593.7 13802.4 2828.0
2013 -- Q1 38792.8 13057.9 9449.3 2968.4 10882.8 6815.2 2994.3 11857.7 13766.2 2882.8 Q2 39054.7 13085.1 9427.4 3009.1 11015.4 6909.6 2993.1 11961.1 13759.6 2829.7 Q3 39365.8 13165.0 9432.4 3056.7 11196.9 7054.7 2965.7 12038.1 13765.8 2885.0 Q4 39766.9 13169.4 9405.8 3097.9 11303.6 7119.6 2941.1 12352.8 13948.3 2966.2
2014 -- Q1 40175.6 13231.4 9378.8 3148.6 11474.7 7261.3 2931.4 12538.1 13865.8 3041.4 Q2 40509.0 13334.7 9369.3 3213.4 11617.3 7334.8 2940.4 12616.7 13944.4 3208.6 Q3 40944.4 13418.1 9374.3 3267.6 11762.0 7429.0 2919.4 12844.9 14038.6 3157.6 Q4 41416.9 13496.9 9379.8 3316.3 11972.6 7568.6 2927.5 13019.9 14161.2 3137.5
1. Data shown are on an end-of-period basis.
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F.1 Total Credit Market Borrowing and Lending (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates
2010 2011 2012 2013 2014 2013 2014 Q3 Q4 Q1 Q2 Q3 Q4
1 Credit market borrowing 652.6 1119.3 1597.2 1944.9 2105.0 1667.1 2891.6 1566.0 2167.7 2214.1 2472.2 1
2 Domestic nonfinancial sectors 1405.4 1287.9 1827.9 1463.0 1701.4 1377.7 1733.9 1694.2 1383.6 1789.8 1938.0 2
3 Household sector -154.0 -29.2 201.8 196.8 376.3 403.2 81.7 304.0 460.8 379.1 361.2 3 4 Nonfinancial corporate business -70.8 259.2 403.7 426.7 449.1 626.0 321.2 567.4 294.2 376.6 558.0 4 5 Nonfinancial noncorporate business -19.4 42.7 87.5 119.3 222.6 150.1 170.7 120.6 278.5 204.7 286.7 5
6 Federal government 1580.2 1067.9 1140.2 759.1 667.1 307.9 1258.8 741.0 314.4 913.1 700.0 6 7 State and local governments 69.5 -52.7 -5.3 -38.9 -13.7 -109.4 -98.5 -38.8 35.7 -83.7 32.2 7
8 Domestic financial sectors -901.8 -341.4 -419.3 213.1 240.8 87.6 813.7 -295.7 339.2 402.8 516.7 8
9 U.S.-chartered depository institutions -217.6 -50.5 -110.8 -33.5 41.7 -53.5 63.6 -25.8 106.3 35.8 50.6 9 10 Foreign banking offices in U.S. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10 11 Credit unions -0.4 -2.0 0.9 1.9 8.1 12.5 1.7 1.7 10.2 12.7 7.6 11
12 Life insurance companies -3.2 1.8 4.8 7.8 11.2 -2.9 22.5 7.7 8.0 13.7 15.3 12 13 Government-sponsored enterprises -233.8 -187.2 -154.6 107.5 64.9 40.2 210.1 -355.5 156.9 142.5 315.8 13 14 Agency- and GSE-backed mortgage pools 186.9 165.3 132.2 132.4 75.4 154.4 144.1 77.4 27.8 83.4 113.1 14
15 ABS issuers -413.9 -174.2 -145.1 -235.5 -72.2 -69.8 -64.6 -161.0 -75.0 -9.8 -42.8 15 16 Finance companies -174.9 -13.5 -56.7 4.2 26.9 41.3 -0.2 -24.5 11.6 48.0 72.6 16 17 REITs 0.1 25.6 35.5 178.4 54.5 38.5 116.8 140.1 49.4 1.0 27.7 17
18 Brokers and dealers 36.9 -37.9 -1.7 22.2 11.5 -27.8 65.1 41.3 -37.4 42.1 -0.1 18 19 Holding companies -16.5 -16.5 -99.9 0.5 -8.4 -27.5 203.8 12.9 4.0 -45.0 -5.3 19 20 Funding corporations -65.3 -52.4 -23.9 27.0 27.0 -17.8 50.8 -10.0 77.5 78.3 -37.8 20
21 Rest of the world 149.0 172.8 188.6 268.8 162.8 201.7 344.0 167.4 444.9 21.5 17.5 21
22 Credit market lending 652.6 1119.3 1597.2 1944.9 2105.0 1667.1 2891.6 1566.0 2167.7 2214.1 2472.2 22
23 Domestic nonfinancial sectors 71.3 -265.9 -119.2 -490.5 -361.6 -438.0 -158.3 -821.1 -387.9 -237.3 -0.3 23
24 Household sector -94.6 -214.1 -247.2 -543.0 -465.7 -378.1 -178.3 -989.3 -444.2 -257.4 -171.7 24 25 Nonfinancial corporate business 2.6 -7.1 -12.6 -44.0 -4.9 -34.2 -49.8 8.0 -8.9 -23.2 4.3 25 26 Nonfinancial noncorporate business 6.6 1.0 1.3 2.1 3.9 2.4 2.7 2.3 4.5 3.4 5.3 26
27 Federal government 84.5 18.3 104.9 124.2 116.3 118.5 114.2 130.2 110.6 114.5 109.8 27 28 State and local governments 72.2 -64.0 34.4 -29.7 -11.2 -146.6 -47.2 27.8 -49.9 -74.5 52.0 28
29 Domestic financial sectors -37.9 1147.7 1272.9 1884.2 1965.5 1651.1 2082.1 1882.9 2157.7 1869.2 1952.1 29
30 Monetary authority 271.5 376.5 34.5 1086.1 480.6 1023.6 1102.9 911.1 538.5 299.7 173.1 30 31 U.S.-chartered depository institutions -120.7 173.7 424.0 253.5 672.5 53.6 513.8 667.0 763.4 534.2 725.4 31 32 Foreign banking offices in U.S. -24.4 42.5 5.8 -7.2 56.6 68.1 21.5 67.0 54.6 -3.0 107.9 32 33 Banks in U.S.-affiliated areas -19.3 -4.9 -0.1 0.3 -5.6 -3.2 5.6 -0.3 -10.3 -7.0 -4.6 33 34 Credit unions 24.9 38.6 47.0 50.2 63.3 56.3 30.6 48.5 75.6 82.0 47.1 34
35 Property-casualty insurance companies 3.9 36.2 1.0 25.3 13.9 27.2 38.3 -10.3 14.5 44.3 7.2 35 36 Life insurance companies 151.6 125.3 74.3 77.4 118.7 51.2 124.4 133.4 101.2 100.3 139.9 36
37 Private pension funds 120.6 73.6 146.6 50.7 33.1 42.5 39.8 -8.2 78.8 45.5 16.3 37 38 Federal government retirement funds 10.9 25.6 15.4 9.4 16.9 -381.4 477.4 6.1 9.4 20.6 31.6 38 39 State and local govt. retirement funds 22.4 14.4 8.0 62.3 96.8 9.9 83.8 61.4 240.9 1.3 83.7 39
40 Money market mutual funds -396.6 -9.8 -82.7 30.8 -120.8 116.6 -169.5 -256.1 -354.0 150.4 -23.6 40 41 Mutual funds 353.6 359.4 642.0 363.9 457.7 231.1 295.2 329.7 494.8 491.1 515.3 41 42 Closed-end funds 5.2 -1.7 11.2 13.6 -3.9 -1.8 1.7 1.1 2.8 -10.6 -8.9 42 43 Exchange-traded funds 29.7 46.1 52.3 12.2 51.0 17.3 -9.7 43.8 48.2 24.4 87.6 43
44 Government-sponsored enterprises -288.4 -163.2 -189.4 59.8 54.4 186.0 0.3 -188.3 102.1 193.8 110.1 44 45 Agency- and GSE-backed mortgage pools 186.9 165.3 132.2 132.4 75.4 154.4 144.1 77.4 27.8 83.4 113.1 45
46 ABS issuers -404.2 -170.0 -138.7 -230.0 -67.8 -63.4 -68.9 -155.3 -73.4 1.7 -44.0 46 47 Finance companies -102.6 -44.4 -28.6 -19.0 12.9 -15.3 -57.3 -2.0 19.9 -5.4 39.2 47 48 REITs 44.1 120.2 127.6 39.2 35.8 -79.6 -193.5 64.7 35.3 -11.2 54.4 48
49 Brokers and dealers 32.2 5.7 89.1 -175.4 -81.0 -40.6 -224.6 -57.8 -28.8 -145.4 -92.0 49 50 Holding companies 22.1 3.1 -50.1 56.2 -11.1 184.6 -27.6 -25.4 -8.1 36.3 -47.1 50 51 Funding corporations 38.8 -64.5 -48.7 -7.3 15.8 14.1 -46.0 175.5 24.5 -57.2 -79.5 51
52 Rest of the world 619.2 237.4 443.5 551.1 501.1 454.0 967.8 504.1 397.8 582.2 520.4 52
(1) Excludes corporate equities and mutual fund shares.
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F.2 Credit Market Borrowing by Nonfinancial Sectors Billions of dollars; quarterly figures are seasonally adjusted annual rates
2010 2011 2012 2013 2014 2013 2014 Q3 Q4 Q1 Q2 Q3 Q4
1 Domestic 1405.4 1287.9 1827.9 1463.0 1701.4 1377.7 1733.9 1694.2 1383.6 1789.8 1938.0 1
2 By instrument 1405.4 1287.9 1827.9 1463.0 1701.4 1377.7 1733.9 1694.2 1383.6 1789.8 1938.0 2
3 Commercial paper 24.5 33.4 14.0 14.2 37.9 92.0 -35.2 75.0 57.8 22.2 -3.2 3 4 Treasury securities 1579.6 1066.8 1140.6 759.5 667.2 307.4 1261.2 743.0 314.3 913.8 697.9 4 5 Agency- and GSE-backed securities 0.7 1.1 -0.4 -0.4 -0.1 0.5 -2.4 -1.9 0.1 -0.7 2.1 5 6 Municipal securities 99.7 -52.8 -4.9 -43.2 -18.8 -105.4 -113.8 -38.0 15.7 -88.5 35.5 6 7 Corporate bonds 179.4 161.6 324.1 278.1 267.8 429.9 199.0 284.8 232.3 209.5 344.4 7
8 Depository institution loans n.e.c. -53.7 70.7 276.9 126.1 286.3 196.9 83.8 255.1 397.3 193.7 299.2 8 9 Other loans and advances -82.4 63.6 -22.7 62.4 56.0 19.7 49.6 147.8 -51.8 79.8 48.0 9
10 Mortgages -316.9 -165.0 -69.3 92.0 186.7 246.2 127.1 25.8 158.5 243.4 319.1 10 11 Home -161.8 -89.4 -75.6 -4.0 29.2 109.7 -42.9 -49.9 18.3 75.8 72.5 11 12 Multifamily residential -4.8 6.2 35.6 34.2 63.4 44.6 50.9 45.2 42.4 67.3 98.8 12 13 Commercial -158.5 -95.0 -35.1 56.7 89.5 86.7 113.9 25.9 93.2 95.7 143.1 13 14 Farm 8.1 13.1 5.8 5.1 4.6 5.1 5.1 4.5 4.6 4.6 4.6 14 15 Consumer credit -25.3 108.5 169.7 174.3 218.4 190.6 164.7 202.7 259.4 216.6 195.1 15
16 By sector 1405.4 1287.9 1827.9 1463.0 1701.4 1377.7 1733.9 1694.2 1383.6 1789.8 1938.0 16
17 Household sector -154.0 -29.2 201.8 196.8 376.3 403.2 81.7 304.0 460.8 379.1 361.2 17 18 Nonfinancial business -90.3 301.9 491.2 546.0 671.7 776.1 491.9 688.0 572.7 581.3 844.7 18 19 Corporate -70.8 259.2 403.7 426.7 449.1 626.0 321.2 567.4 294.2 376.6 558.0 19 20 Noncorporate -19.4 42.7 87.5 119.3 222.6 150.1 170.7 120.6 278.5 204.7 286.7 20
21 Federal government 1580.2 1067.9 1140.2 759.1 667.1 307.9 1258.8 741.0 314.4 913.1 700.0 21 22 State and local governments 69.5 -52.7 -5.3 -38.9 -13.7 -109.4 -98.5 -38.8 35.7 -83.7 32.2 22
23 Foreign borrowing in U.S. 149.0 172.8 188.6 268.8 162.8 201.7 344.0 167.4 444.9 21.5 17.5 23
24 Commercial paper -2.7 -53.5 27.9 34.0 -22.6 -26.6 28.1 63.8 33.9 -205.9 17.7 24 25 Bonds 127.4 181.7 124.7 194.4 153.7 183.7 259.7 48.2 349.8 258.7 -42.1 25 26 Depository institution loans n.e.c. 24.0 43.2 30.4 39.1 28.9 41.0 57.0 54.9 56.4 -30.6 35.1 26 27 Other loans and advances 0.3 1.4 5.6 1.4 2.8 3.6 -0.8 0.5 4.8 -0.7 6.7 27
28 Domestic and foreign 1554.4 1460.7 2016.5 1731.8 1864.2 1579.4 2077.9 1861.7 1828.5 1811.2 1955.5 28
F.3 Credit Market Borrowing by Financial Sectors Billions of dollars; quarterly figures are seasonally adjusted annual rates
1 By instrument -901.8 -341.4 -419.3 213.1 240.8 87.6 813.7 -295.7 339.2 402.8 516.7 1
2 Open market paper -102.2 -68.2 -58.8 -48.9 -36.6 -94.4 -29.2 -83.2 30.9 48.5 -142.5 2 3 GSE issues -233.8 -187.2 -154.6 107.5 64.9 40.2 210.1 -355.5 156.9 142.5 315.8 3 4 Agency- and GSE-backed mortgage pool sec. 186.9 165.3 132.2 132.4 75.4 154.4 144.1 77.4 27.8 83.4 113.1 4 5 Corporate bonds -546.3 -237.4 -225.2 -84.9 58.2 18.6 259.0 30.8 105.0 15.2 81.7 5
6 Depository institution loans n.e.c. -62.5 32.6 -121.2 20.9 -7.1 -75.5 114.4 6.1 -132.1 34.4 63.4 6 7 Other loans and advances -144.7 -60.0 3.5 78.3 78.2 58.6 95.1 16.0 144.2 79.2 73.3 7 8 Mortgages 0.8 13.5 4.8 7.8 7.7 -14.3 20.2 12.6 6.5 -0.3 11.9 8
9 By sector -901.8 -341.4 -419.3 213.1 240.8 87.6 813.7 -295.7 339.2 402.8 516.7 9
10 U.S.-chartered depository institutions -217.6 -50.5 -110.8 -33.5 41.7 -53.5 63.6 -25.8 106.3 35.8 50.6 10 11 Foreign banking offices in U.S. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11 12 Credit unions -0.4 -2.0 0.9 1.9 8.1 12.5 1.7 1.7 10.2 12.7 7.6 12
13 Life insurance companies -3.2 1.8 4.8 7.8 11.2 -2.9 22.5 7.7 8.0 13.7 15.3 13 14 Government-sponsored enterprises -233.8 -187.2 -154.6 107.5 64.9 40.2 210.1 -355.5 156.9 142.5 315.8 14 15 Agency- and GSE-backed mortgage pools 186.9 165.3 132.2 132.4 75.4 154.4 144.1 77.4 27.8 83.4 113.1 15
16 ABS issuers -413.9 -174.2 -145.1 -235.5 -72.2 -69.8 -64.6 -161.0 -75.0 -9.8 -42.8 16 17 Finance companies -174.9 -13.5 -56.7 4.2 26.9 41.3 -0.2 -24.5 11.6 48.0 72.6 17 18 REITs 0.1 25.6 35.5 178.4 54.5 38.5 116.8 140.1 49.4 1.0 27.7 18
19 Brokers and dealers 36.9 -37.9 -1.7 22.2 11.5 -27.8 65.1 41.3 -37.4 42.1 -0.1 19 20 Holding companies -16.5 -16.5 -99.9 0.5 -8.4 -27.5 203.8 12.9 4.0 -45.0 -5.3 20 21 Funding corporations -65.3 -52.4 -23.9 27.0 27.0 -17.8 50.8 -10.0 77.5 78.3 -37.8 21
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F.4 Credit Market Borrowing, All Sectors, by Instrument Billions of dollars; quarterly figures are seasonally adjusted annual rates
2010 2011 2012 2013 2014 2013 2014 Q3 Q4 Q1 Q2 Q3 Q4
1 Total 652.6 1119.3 1597.2 1944.9 2105.0 1667.1 2891.6 1566.0 2167.7 2214.1 2472.2 1
2 Open market paper -80.4 -88.3 -16.9 -0.8 -21.2 -29.0 -36.4 55.6 122.7 -135.3 -128.0 2 3 Treasury securities 1579.6 1066.8 1140.6 759.5 667.2 307.4 1261.2 743.0 314.3 913.8 697.9 3 4 Agency- and GSE-backed securities -46.2 -20.8 -22.8 239.5 140.2 195.2 351.8 -280.0 184.8 225.2 431.0 4 5 Municipal securities 99.7 -52.8 -4.9 -43.2 -18.8 -105.4 -113.8 -38.0 15.7 -88.5 35.5 5 6 Corporate and foreign bonds -239.5 105.9 223.6 387.6 479.6 632.2 717.7 363.7 687.2 483.5 384.1 6
7 Depository institution loans n.e.c. -92.2 146.6 186.1 186.1 308.2 162.4 255.2 316.2 321.6 197.5 397.7 7 8 Other loans and advances -226.8 4.9 -13.6 142.1 137.0 81.9 143.8 164.4 97.2 158.3 128.0 8 9 Mortgages -316.1 -151.6 -64.5 99.8 194.4 231.8 147.3 38.5 165.0 243.1 330.9 9 10 Consumer credit -25.3 108.5 169.7 174.3 218.4 190.6 164.7 202.7 259.4 216.6 195.1 10
Memo: Funds raised through corporate equities and mutual fund shares
11 Total net issues 385.5 52.7 537.0 703.5 819.0 519.1 502.6 531.9 1037.5 812.4 894.4 11
12 Corporate equities 15.4 -285.7 -87.9 65.1 232.9 -155.0 85.9 -165.4 389.6 229.8 477.6 12 13 Nonfinancial -255.1 -456.7 -359.5 -372.7 -422.9 -414.1 -482.2 -527.5 -275.3 -460.8 -427.9 13 Foreign shares purchased by 14 U.S. residents 79.2 7.0 103.3 275.2 434.1 78.7 381.8 325.0 365.9 509.7 535.8 14 15 Financial 191.4 164.1 168.3 162.5 221.7 180.3 186.4 37.1 299.0 180.9 369.7 15 16 Mutual fund shares 370.1 338.4 624.9 638.4 586.1 674.1 416.7 697.3 647.9 582.6 416.7 16
F.5 Net Increase in Liabilities and Its Relation to Net Acquisition of Financial Assets Billions of dollars; quarterly figures are seasonally adjusted annual rates
Net flows through credit markets 1 (from table F.4, line 1) 652.6 1119.3 1597.2 1944.9 2105.0 1667.1 2891.6 1566.0 2167.7 2214.1 2472.2 1
2 U.S. official reserve assets 1.8 15.9 4.5 -3.1 0.2 -4.0 -11.1 -3.8 3.1 -3.6 5.2 2 3 SDR certificates 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3 4 Treasury currency -0.3 0.0 0.0 -0.4 -0.3 -1.4 0.0 0.0 0.0 -1.0 0.0 4 5 Foreign deposits 71.6 -215.0 -144.0 32.7 9.6 -4.2 -236.2 -118.5 -71.7 217.7 10.7 5
6 Net interbank transactions -142.8 820.5 -194.5 1129.2 44.0 516.4 150.7 1176.0 98.3 290.5 -1388.8 6 7 Checkable deposits and currency 266.3 234.5 267.7 332.6 351.6 126.2 743.1 183.4 578.9 229.8 414.2 7 8 Small time and savings deposits 298.3 577.4 539.6 307.0 367.6 557.4 173.2 517.3 355.7 449.6 147.9 8 9 Large time deposits -182.7 -173.3 -19.2 102.1 148.1 242.6 120.0 231.4 69.6 -278.3 569.7 9 10 Money market fund shares -503.2 -112.8 7.1 28.9 9.6 263.6 -96.4 -86.3 -143.8 39.7 228.7 10
11 Security repurchase agreements 421.3 276.3 251.3 -473.0 41.2 -13.4 -535.4 316.3 160.0 -338.9 27.5 11 12 Corporate equities 15.4 -285.7 -87.9 65.1 232.9 -155.0 85.9 -165.4 389.6 229.8 477.6 12 13 Mutual fund shares 370.1 338.4 624.9 638.4 586.1 674.1 416.7 697.3 647.9 582.6 416.7 13 14 Trade payables 154.9 81.6 124.2 182.0 151.3 193.4 141.0 59.9 235.3 148.1 162.0 14
15 Security credit 105.0 -7.4 97.7 104.3 95.8 44.8 209.9 147.5 225.5 172.7 -162.6 15 16 Life insurance reserves 14.4 81.1 -11.9 30.0 47.3 45.3 34.4 64.6 17.1 40.2 67.2 16 17 Pension entitlements 596.4 498.3 497.6 498.7 556.9 498.4 590.5 526.7 569.7 527.4 603.7 17 18 Taxes payable 19.4 20.7 11.2 11.8 35.7 34.4 76.9 32.0 42.6 16.2 52.2 18
19 Noncorporate proprietors’ equity 163.8 -57.3 -0.9 -46.6 -7.0 -73.9 -48.5 12.4 -46.3 34.6 -29.0 19 20 Miscellaneous 602.0 1234.5 977.6 1353.7 1363.3 2145.1 729.9 2262.5 1307.5 1064.0 819.1 20
21 Total financial sources 3431.5 5102.0 5050.5 6824.2 6503.7 7335.0 6068.4 7173.0 7210.2 6231.8 5399.7 21
- Liabilities not identified as assets: 22 Treasury currency -1.1 -0.7 -0.6 -1.1 -1.1 -2.1 -0.6 -1.0 -0.9 -1.8 -0.5 22 23 Foreign deposits 49.2 -136.3 -137.3 -11.7 16.5 -10.0 -278.6 -10.1 -142.5 209.7 9.0 23 24 Net interbank liabilities 25.8 3.5 5.7 56.8 -47.6 -219.3 185.7 189.5 -55.5 -139.3 -185.3 24 25 Security repurchase agreements 54.6 70.2 -6.8 -163.8 -46.7 114.3 -173.3 -33.8 -305.6 188.6 -35.8 25 26 Taxes payable -8.6 -8.1 -19.7 -19.2 -20.3 5.7 34.1 -23.1 -73.6 -11.8 27.1 26 27 Miscellaneous 266.0 598.0 486.5 61.1 266.7 1098.9 -72.1 56.2 213.7 768.5 28.2 27
- Floats not included in assets: 28 Checkable deposits: State and local govt. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 28 29 Federal govt. 0.0 -0.1 0.6 0.4 1.1 3.6 -53.6 -43.2 97.6 4.4 -54.3 29 30 Private domestic -1.1 0.9 0.9 -1.2 -0.3 1.0 -2.8 4.0 0.1 -5.8 0.6 30 31 Trade credit -10.2 -31.4 47.8 13.7 2.5 41.4 60.7 -52.2 15.7 45.9 0.7 31
Totals identified to sectors 32 as assets 3056.9 4606.0 4673.3 6889.0 6332.8 6301.5 6368.9 7086.8 7461.1 5173.3 5610.0 32
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L.1 Credit Market Debt Outstanding (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted
2010 2011 2012 2013 2014 2013 2014 Q3 Q4 Q1 Q2 Q3 Q4
1 Total credit market debt owed by: 52333.1 53279.9 55053.3 56681.4 58715.6 55936.8 56681.4 57092.5 57564.9 58056.3 58715.6 1
2 Domestic nonfinancial sectors 35619.0 36758.2 38423.0 39766.9 41416.9 39266.2 39766.9 40189.4 40393.9 40841.5 41416.9 2
3 Household sector 13231.1 13060.6 13060.3 13169.4 13496.9 13137.5 13169.4 13173.1 13278.2 13388.2 13496.9 3 4 Nonfinancial corporate business 6013.4 6272.6 6719.8 7119.6 7568.6 7053.9 7119.6 7258.2 7332.6 7435.1 7568.6 4 5 Nonfinancial noncorporate business 3950.9 3986.1 4069.1 4183.9 4404.0 4139.8 4183.9 4211.5 4280.3 4330.5 4404.0 5
6 Federal government 9385.6 10453.6 11593.7 12352.8 13019.9 11981.9 12352.8 12614.8 12568.4 12779.4 13019.9 6 7 State and local governments 3038.0 2985.3 2980.0 2941.1 2927.5 2953.1 2941.1 2931.8 2934.4 2908.3 2927.5 7
8 Domestic financial sectors 14455.7 14036.3 13802.4 13948.3 14161.2 13762.7 13948.3 13856.7 13951.0 14034.9 14161.2 8
9 U.S.-chartered depository institutions 882.9 832.4 720.3 686.9 728.6 659.8 686.9 662.4 705.0 703.3 728.6 9 10 Foreign banking offices in U.S. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10 11 Credit unions 26.1 24.2 25.1 27.0 35.0 26.6 27.0 27.4 30.0 33.1 35.0 11
12 Life insurance companies 45.1 46.8 51.6 59.4 70.6 53.8 59.4 61.3 63.3 66.8 70.6 12 13 Government-sponsored enterprises 6434.5 6247.3 6092.7 6200.2 6265.1 6147.7 6200.2 6111.4 6150.6 6186.2 6265.1 13 14 Agency- and GSE-backed mortgage pools 1139.5 1304.8 1437.0 1569.4 1644.9 1540.8 1569.4 1585.8 1600.0 1623.6 1644.9 14
15 ABS issuers 2235.9 1989.0 1769.4 1481.1 1381.1 1505.4 1481.1 1431.1 1405.8 1396.5 1381.1 15 16 Finance companies 1280.7 1261.9 1205.1 1209.3 1236.3 1206.6 1209.3 1198.5 1201.6 1215.6 1236.3 16 17 REITs 339.9 365.5 401.0 579.4 633.9 550.2 579.4 614.4 626.8 627.0 633.9 17
18 Brokers and dealers 129.7 91.8 90.2 112.4 123.9 96.1 112.4 122.7 113.4 123.9 123.9 18 19 Holding companies 1237.2 1220.8 1416.4 1402.7 1394.3 1363.4 1402.7 1405.9 1406.9 1395.6 1394.3 19 20 Funding corporations 704.2 651.8 593.5 620.5 647.5 612.2 620.5 635.8 647.8 663.2 647.5 20
21 Rest of the world 2258.5 2485.5 2828.0 2966.2 3137.5 2907.9 2966.2 3046.4 3220.0 3179.9 3137.5 21
22 Total credit market assets held by: 52333.1 53279.9 55053.3 56681.4 58715.6 55936.8 56681.4 57092.5 57564.9 58056.3 58715.6 22
23 Domestic nonfinancial sectors 7631.3 7051.4 6988.5 6713.7 6298.2 6722.6 6713.7 6552.5 6383.1 6331.2 6298.2 23
24 Household sector 4915.7 4390.0 4201.0 3874.8 3355.8 3892.6 3874.8 3670.0 3500.3 3434.4 3355.8 24 25 Nonfinancial corporate business 229.4 222.3 209.7 165.7 160.7 169.0 165.7 158.8 153.2 150.9 160.7 25 26 Nonfinancial noncorporate business 95.8 96.8 98.1 100.2 104.1 99.5 100.2 100.8 101.9 102.7 104.1 26
27 Federal government 792.4 810.7 915.6 1039.8 1156.0 1021.4 1039.8 1083.0 1099.7 1140.0 1156.0 27 28 State and local governments 1598.0 1531.6 1564.1 1533.3 1521.5 1540.0 1533.3 1539.8 1528.0 1503.1 1521.5 28
29 Domestic financial sectors 36288.0 37283.8 38556.1 40235.3 42150.9 39649.6 40235.3 40572.6 41072.9 41544.4 42150.9 29
30 Monetary authority 2259.2 2635.6 2670.1 3756.3 4236.9 3475.1 3756.3 3970.1 4108.2 4188.2 4236.9 30 31 U.S.-chartered depository institutions 9356.2 9489.9 9866.3 10101.0 10762.9 9925.3 10101.0 10167.7 10378.4 10527.8 10762.9 31 32 Foreign banking offices in U.S. 785.2 827.7 833.5 826.3 882.9 819.3 826.3 845.6 856.1 854.9 882.9 32 33 Banks in U.S.-affiliated areas 68.9 64.0 63.9 64.1 58.6 62.7 64.1 64.1 61.5 59.7 58.6 33 34 Credit unions 758.6 796.2 842.3 891.8 954.7 886.7 891.8 903.8 926.3 945.2 954.7 34
35 Property-casualty insurance companies 890.6 926.8 927.8 953.1 967.0 943.5 953.1 950.5 954.1 965.2 967.0 35 36 Life insurance companies 3174.2 3299.6 3373.9 3451.3 3570.0 3424.4 3451.3 3481.0 3508.5 3539.4 3570.0 36
37 Private pension funds 895.9 969.5 1116.2 1166.8 1199.9 1156.9 1166.8 1164.8 1184.5 1195.9 1199.9 37 38 Federal government retirement funds 141.8 167.3 182.7 192.1 209.0 72.8 192.1 193.6 196.0 201.1 209.0 38 39 State and local govt. retirement funds 795.3 809.8 817.7 880.1 976.9 859.1 880.1 895.4 955.6 956.0 976.9 39
40 Money market mutual funds 1673.4 1663.6 1580.9 1611.7 1490.8 1572.4 1611.7 1520.4 1387.3 1419.6 1490.8 40 41 Mutual funds 2969.9 3329.3 3981.3 4345.2 4803.0 4287.7 4345.2 4462.9 4583.4 4692.3 4803.0 41 42 Closed-end funds 146.4 144.7 155.9 169.4 165.5 169.0 169.4 169.7 170.4 167.8 165.5 42 43 Exchange-traded funds 132.7 178.8 231.1 243.3 294.3 245.8 243.3 254.3 266.3 272.4 294.3 43
44 Government-sponsored enterprises 6333.1 6133.4 5914.8 5956.4 5999.3 5954.6 5956.4 5924.2 5945.4 5968.1 5999.3 44 45 Agency- and GSE-backed mortgage pools 1139.5 1304.8 1437.0 1569.4 1644.9 1540.8 1569.4 1585.8 1600.0 1623.6 1644.9 45
46 ABS issuers 2184.1 1941.5 1728.3 1445.4 1349.8 1470.7 1445.4 1396.8 1371.9 1365.5 1349.8 46 47 Finance companies 1405.4 1359.6 1324.9 1305.4 1318.1 1311.2 1305.4 1293.8 1295.1 1296.4 1318.1 47 48 REITs 211.1 331.2 458.5 497.6 533.3 546.0 497.6 513.7 522.5 519.7 533.3 48
49 Brokers and dealers 557.5 563.2 652.3 476.9 395.9 499.1 476.9 450.5 429.6 385.7 395.9 49 50 Holding companies 97.9 101.1 209.2 151.8 140.8 217.8 151.8 145.5 143.5 152.5 140.8 50 51 Funding corporations 311.1 246.4 187.4 179.8 196.5 208.8 179.8 218.5 228.2 247.4 196.5 51
52 Rest of the world 8413.9 8944.8 9508.7 9732.4 10266.4 9564.6 9732.4 9967.4 10108.9 10180.7 10266.4 52
(1) Excludes corporate equities and mutual fund shares.
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L.2 Credit Market Debt Owed by Nonfinancial Sectors Billions of dollars; amounts outstanding end of period, not seasonally adjusted
2010 2011 2012 2013 2014 2013 2014 Q3 Q4 Q1 Q2 Q3 Q4
1 Domestic 35619.0 36758.2 38423.0 39766.9 41416.9 39266.2 39766.9 40189.4 40393.9 40841.5 41416.9 1
2 By instrument 35619.0 36758.2 38423.0 39766.9 41416.9 39266.2 39766.9 40189.4 40393.9 40841.5 41416.9 2
3 Commercial paper 82.9 116.3 130.3 144.5 182.4 171.2 144.5 180.2 185.9 208.5 182.4 3 4 Treasury securities 9361.5 10428.3 11568.9 12328.3 12995.6 11956.8 12328.3 12590.8 12544.4 12755.6 12995.6 4 5 Agency- and GSE-backed securities 24.2 25.3 24.9 24.5 24.4 25.1 24.5 24.0 24.0 23.9 24.4 5 6 Municipal securities 3772.1 3719.4 3714.4 3671.2 3652.4 3685.7 3671.2 3660.8 3661.4 3631.1 3652.4 6 7 Corporate bonds 3376.6 3538.2 3862.2 4140.3 4408.1 4090.6 4140.3 4211.5 4269.6 4322.0 4408.1 7
8 Depository institution loans n.e.c. 1465.6 1541.7 1742.8 1868.8 2155.1 1825.3 1868.8 1909.4 2014.8 2056.8 2155.1 8 9 Other loans and advances 1269.4 1333.0 1372.4 1408.0 1464.0 1404.5 1408.0 1440.7 1428.3 1444.8 1464.0 9
10 Mortgages 13619.2 13300.1 13083.5 13083.3 13218.7 13070.5 13083.3 13068.0 13094.7 13151.5 13218.7 10 11 Home 10446.7 10203.2 9980.4 9884.2 9862.1 9913.5 9884.2 9851.2 9842.5 9856.7 9862.1 11 12 Multifamily residential 824.4 830.7 866.2 900.4 963.9 887.7 900.4 911.7 922.3 939.2 963.9 12 13 Commercial 2193.9 2099.0 2063.9 2120.6 2210.1 2092.5 2120.6 2125.8 2149.5 2174.1 2210.1 13 14 Farm 154.1 167.2 173.0 178.1 182.7 176.8 178.1 179.2 180.4 181.5 182.7 14 15 Consumer credit 2647.4 2755.9 2923.6 3097.9 3316.3 3036.6 3097.9 3104.0 3170.7 3247.4 3316.3 15
16 By sector 35619.0 36758.2 38423.0 39766.9 41416.9 39266.2 39766.9 40189.4 40393.9 40841.5 41416.9 16
17 Household sector 13231.1 13060.6 13060.3 13169.4 13496.9 13137.5 13169.4 13173.1 13278.2 13388.2 13496.9 17 18 Nonfinancial business 9964.3 10258.7 10789.0 11303.6 11972.6 11193.7 11303.6 11469.7 11612.9 11765.6 11972.6 18 19 Corporate 6013.4 6272.6 6719.8 7119.6 7568.6 7053.9 7119.6 7258.2 7332.6 7435.1 7568.6 19 20 Noncorporate 3950.9 3986.1 4069.1 4183.9 4404.0 4139.8 4183.9 4211.5 4280.3 4330.5 4404.0 20
21 Federal government 9385.6 10453.6 11593.7 12352.8 13019.9 11981.9 12352.8 12614.8 12568.4 12779.4 13019.9 21 22 State and local governments 3038.0 2985.3 2980.0 2941.1 2927.5 2953.1 2941.1 2931.8 2934.4 2908.3 2927.5 22
Foreign credit market debt 23 held in U.S. 2258.5 2485.5 2828.0 2966.2 3137.5 2907.9 2966.2 3046.4 3220.0 3179.9 3137.5 23
24 Commercial paper 398.6 345.1 373.0 407.0 384.3 405.9 407.0 413.8 435.1 390.7 384.3 24 25 Bonds 1677.6 1913.6 2186.5 2250.4 2412.5 2207.2 2250.4 2309.8 2446.9 2459.0 2412.5 25 26 Depository institution loans n.e.c. 162.0 205.2 237.7 276.7 305.7 262.5 276.7 290.5 304.5 296.9 305.7 26 27 Other loans and advances 20.2 21.5 30.8 32.2 35.0 32.4 32.2 32.3 33.5 33.3 35.0 27
28 Domestic and foreign 37877.4 39243.6 41251.0 42733.1 44554.3 42174.1 42733.1 43235.8 43613.9 44021.4 44554.3 28
L.3 Credit Market Debt Owed by Financial Sectors Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1 By instrument 14455.7 14036.3 13802.4 13948.3 14161.2 13762.7 13948.3 13856.7 13951.0 14034.9 14161.2 1
2 Open market paper 576.0 507.9 449.1 400.2 363.6 399.9 400.2 398.2 384.5 396.9 363.6 2 3 GSE issues 6434.5 6247.3 6092.7 6200.2 6265.1 6147.7 6200.2 6111.4 6150.6 6186.2 6265.1 3 4 Agency- and GSE-backed mortgage pool sec. 1139.5 1304.8 1437.0 1569.4 1644.9 1540.8 1569.4 1585.8 1600.0 1623.6 1644.9 4 5 Corporate bonds 5282.9 4972.8 4870.3 4718.2 4748.5 4680.1 4718.2 4714.4 4743.0 4736.5 4748.5 5
6 Depository institution loans n.e.c. 373.6 400.8 342.3 363.2 356.2 337.1 363.2 360.8 333.1 342.6 356.2 6 7 Other loans and advances 473.2 413.1 416.6 494.9 573.1 460.0 494.9 480.9 532.9 542.1 573.1 7 8 Mortgages 176.1 189.5 194.4 202.2 209.8 197.1 202.2 205.3 206.9 206.9 209.8 8
9 By sector 14455.7 14036.3 13802.4 13948.3 14161.2 13762.7 13948.3 13856.7 13951.0 14034.9 14161.2 9
10 U.S.-chartered depository institutions 882.9 832.4 720.3 686.9 728.6 659.8 686.9 662.4 705.0 703.3 728.6 10 11 Foreign banking offices in U.S. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11 12 Credit unions 26.1 24.2 25.1 27.0 35.0 26.6 27.0 27.4 30.0 33.1 35.0 12
13 Life insurance companies 45.1 46.8 51.6 59.4 70.6 53.8 59.4 61.3 63.3 66.8 70.6 13 14 Government-sponsored enterprises 6434.5 6247.3 6092.7 6200.2 6265.1 6147.7 6200.2 6111.4 6150.6 6186.2 6265.1 14 15 Agency- and GSE-backed mortgage pools 1139.5 1304.8 1437.0 1569.4 1644.9 1540.8 1569.4 1585.8 1600.0 1623.6 1644.9 15
16 ABS issuers 2235.9 1989.0 1769.4 1481.1 1381.1 1505.4 1481.1 1431.1 1405.8 1396.5 1381.1 16 17 Finance companies 1280.7 1261.9 1205.1 1209.3 1236.3 1206.6 1209.3 1198.5 1201.6 1215.6 1236.3 17 18 REITs 339.9 365.5 401.0 579.4 633.9 550.2 579.4 614.4 626.8 627.0 633.9 18
19 Brokers and dealers 129.7 91.8 90.2 112.4 123.9 96.1 112.4 122.7 113.4 123.9 123.9 19 20 Holding companies 1237.2 1220.8 1416.4 1402.7 1394.3 1363.4 1402.7 1405.9 1406.9 1395.6 1394.3 20 21 Funding corporations 704.2 651.8 593.5 620.5 647.5 612.2 620.5 635.8 647.8 663.2 647.5 21
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L.4 Credit Market Debt, All Sectors, by Instrument Billions of dollars; amounts outstanding end of period, not seasonally adjusted
2010 2011 2012 2013 2014 2013 2014 Q3 Q4 Q1 Q2 Q3 Q4
1 Total 52333.1 53279.9 55053.3 56681.4 58715.6 55936.8 56681.4 57092.5 57564.9 58056.3 58715.6 1
2 Open market paper 1057.6 969.3 952.4 951.6 930.4 976.9 951.6 992.2 1005.5 996.1 930.4 2 3 Treasury securities 9361.5 10428.3 11568.9 12328.3 12995.6 11956.8 12328.3 12590.8 12544.4 12755.6 12995.6 3 4 Agency- and GSE-backed securities 7598.2 7577.4 7554.6 7794.1 7934.4 7713.6 7794.1 7721.1 7774.6 7833.7 7934.4 4 5 Municipal securities 3772.1 3719.4 3714.4 3671.2 3652.4 3685.7 3671.2 3660.8 3661.4 3631.1 3652.4 5 6 Corporate and foreign bonds 10337.1 10424.6 10919.0 11108.9 11569.1 10977.9 11108.9 11235.7 11459.5 11517.5 11569.1 6
7 Depository institution loans n.e.c. 2001.2 2147.8 2322.7 2508.8 2816.9 2424.8 2508.8 2560.7 2652.4 2696.3 2816.9 7 8 Other loans and advances 1762.8 1767.7 1819.8 1935.1 2072.0 1896.8 1935.1 1953.9 1994.7 2020.2 2072.0 8 9 Mortgages 13795.3 13489.6 13277.9 13285.4 13428.5 13267.6 13285.4 13273.3 13301.6 13358.4 13428.5 9 10 Consumer credit 2647.4 2755.9 2923.6 3097.9 3316.3 3036.6 3097.9 3104.0 3170.7 3247.4 3316.3 10
Memo: Selected claims not included above: 11 Corporate equities 23552.5 22939.4 26203.5 33621.4 36456.8 31142.3 33621.4 34176.7 35847.8 35248.5 36456.8 11 12 Mutual fund shares 7873.0 7870.9 9326.1 11544.4 12574.0 10904.5 11544.4 11899.2 12374.8 12343.7 12574.0 12
L.5 Total Liabilities and Its Relation to Total Financial Assets Billions of dollars; amounts outstanding end of period, not seasonally adjusted
Total credit market debt 1 (from table L.4) 52333.1 53279.9 55053.3 56681.4 58715.6 55936.8 56681.4 57092.5 57564.9 58056.3 58715.6 1
2 U.S. official reserve assets 175.5 190.9 193.2 187.7 172.7 190.7 187.7 187.7 188.6 178.2 172.7 2 3 SDR certificates 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 3 4 Treasury currency 25.9 25.9 25.9 25.6 25.3 25.6 25.6 25.6 25.6 25.3 25.3 4 5 Foreign deposits 1303.9 1066.4 922.8 954.8 966.3 1014.7 954.8 927.5 909.5 963.7 966.3 5 6 Net interbank liabilities 1068.5 1889.0 1683.8 2813.0 2794.3 2767.7 2813.0 3025.3 3052.3 3131.2 2794.3 6
7 Checkable deposits and currency 2359.8 2594.3 2853.8 3186.5 3538.0 2924.6 3186.5 3183.8 3295.7 3356.9 3538.0 7 8 Small time and savings deposits 6624.9 7202.2 7803.9 8110.8 8478.5 8052.9 8110.8 8265.3 8290.7 8431.3 8478.5 8 9 Large time deposits 1923.2 1750.0 1659.9 1762.0 1972.8 1736.8 1762.0 1810.4 1848.6 1833.5 1972.8 9 10 Money market fund shares 2755.4 2642.5 2649.6 2678.5 2688.1 2637.3 2678.5 2592.5 2522.4 2565.4 2688.1 10 11 Security repurchase agreements 3597.9 3878.7 4130.1 3657.1 3698.4 3795.1 3657.1 3741.7 3780.5 3693.4 3698.4 11
12 Mutual fund shares 7873.0 7870.9 9326.1 11544.4 12574.0 10904.5 11544.4 11899.2 12374.8 12343.7 12574.0 12 13 Security credit 1041.7 1034.2 1131.9 1236.2 1332.0 1183.8 1236.2 1273.1 1329.5 1372.7 1332.0 13 14 Life insurance reserves 1278.6 1352.3 1359.3 1416.8 1471.5 1397.6 1416.8 1434.6 1443.9 1449.2 1471.5 14 15 Pension entitlements 17035.7 17447.7 18460.8 19893.7 20814.3 19448.2 19893.7 20096.2 20418.9 20491.3 20814.3 15
16 Trade payables 3370.8 3452.5 3574.2 3742.4 3902.1 3714.8 3742.4 3762.8 3831.3 3869.8 3902.1 16 17 Taxes payable 53.1 74.0 79.5 91.3 127.0 80.2 91.3 110.1 114.7 122.0 127.0 17 18 Miscellaneous 15900.2 16561.4 17182.9 16966.8 17498.8 17304.7 16966.8 17131.6 17216.9 17455.9 17498.8 18
19 Total liabilities 125623.6 129716.4 136063.6 143415.3 149557.2 141474.6 143415.3 145027.0 146814.0 148015.9 149557.2 19
+ Financial assets not included in liabilities: 20 Gold 11.0 11.0 11.0 11.0 11.0 11.0 11.0 11.0 11.0 11.0 11.0 20 21 Corporate equities 23552.5 22939.4 26203.5 33621.4 36456.8 31142.3 33621.4 34176.7 35847.8 35248.5 36456.8 21 22 Household equity in noncorp. bus. 6888.5 7363.1 8027.2 9001.1 9337.7 8800.9 9001.1 9059.8 9107.0 9215.9 9337.7 22
- Liabilities not identified as assets: 23 Treasury currency -17.6 -18.3 -18.8 -19.9 -21.0 -19.8 -19.9 -20.2 -20.4 -20.8 -21.0 23 24 Foreign deposits 1090.1 931.3 794.5 782.0 800.5 852.5 782.0 781.8 746.1 798.3 800.5 24 25 Net interbank transactions 24.8 28.3 20.1 76.9 -33.4 32.9 76.9 49.8 38.6 13.3 -33.4 25
26 Security repurchase agreements 254.6 325.3 209.1 45.3 -1.3 95.2 45.3 79.5 -12.6 12.0 -1.3 26 27 Taxes payable -209.0 -198.8 -200.4 -198.3 -183.2 -207.1 -198.3 -186.1 -182.3 -182.5 -183.2 27 28 Miscellaneous -5880.8 -6106.1 -6269.1 -6670.6 -7072.3 -6400.2 -6670.6 -6891.1 -6847.2 -6846.4 -7072.3 28
- Floats not included in assets: 29 Checkable deposits: State and local govt. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 29 30 Federal govt. 2.2 2.3 2.1 1.2 2.0 1.2 1.2 1.6 1.7 0.1 2.0 30 31 Private domestic 3.2 4.1 4.9 3.7 3.5 4.5 3.7 4.4 4.6 3.5 3.5 31 32 Trade credit 238.5 207.2 252.4 260.3 262.5 162.3 260.3 185.8 157.8 180.4 262.5 32
33 Totals identified to sectors as assets 160569.7 164854.8 175510.7 191768.2 201605.6 186907.3 191768.2 194269.0 197893.6 198533.5 201605.6 33
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F.6 Distribution of Gross Domestic Product (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates
2010 2011 2012 2013 2014 2013 2014 Q3 Q4 Q1 Q2 Q3 Q4
1 Gross Domestic Product (GDP) 14964.4 15517.9 16163.1 16768.0 17418.3 16872.3 17078.3 17044.0 17328.2 17599.8 17701.3 1
2 Personal consumption expenditures (2) 10202.2 10689.3 11083.1 11484.3 11928.6 11518.7 11653.3 11728.5 11870.7 12002.0 12113.2 2
3 Durable goods 1070.7 1125.3 1192.1 1249.3 1302.4 1252.4 1261.5 1262.3 1298.4 1320.2 1328.8 3 4 Nondurable goods 2292.1 2471.1 2549.8 2601.9 2665.8 2612.9 2624.6 2628.4 2666.1 2691.3 2677.4 4 5 Services 6839.4 7092.8 7341.3 7633.2 7960.4 7653.4 7767.2 7837.8 7906.2 7990.4 8107.1 5
6 Gross private domestic investment 2100.8 2239.9 2479.2 2648.0 2853.8 2708.9 2745.2 2714.4 2843.6 2905.1 2952.1 6
7 Fixed investment (3) 2039.3 2198.1 2414.3 2573.9 2769.5 2598.1 2654.6 2674.3 2743.4 2810.6 2849.6 7
8 Nonresidential 1658.2 1812.1 1972.0 2054.0 2210.6 2060.2 2118.7 2134.6 2191.2 2244.3 2272.2 8 9 Household sector (nonprofit organizations) 134.1 130.8 134.9 136.0 137.1 136.0 137.0 132.9 136.4 138.9 140.2 9 10 Nonfinancial corporate business 1178.1 1299.2 1415.1 1475.9 1589.9 1480.6 1523.0 1535.5 1575.9 1613.6 1634.5 10 11 Nonfinancial noncorporate business 183.3 214.6 231.8 240.7 268.9 242.2 252.2 259.8 265.7 273.7 276.5 11 12 Financial institutions 162.8 167.5 190.2 201.5 214.6 201.3 206.4 206.3 213.1 218.0 221.0 12
13 Residential 381.1 386.0 442.3 519.9 558.9 538.0 535.9 539.7 552.2 566.4 577.3 13 14 Household sector 318.3 321.1 368.0 433.4 452.3 448.6 447.1 434.8 446.2 460.5 467.5 14 15 Nonfinancial corporate business 0.5 -1.8 0.1 -8.1 24.1 13.6 -10.1 28.8 4.5 16.4 46.5 15 16 Nonfinancial noncorporate business 58.3 60.2 68.9 79.9 82.6 82.4 82.0 79.8 81.7 84.0 85.0 16 17 REITs 4.0 6.5 5.3 14.7 -0.0 -6.6 17.0 -3.6 19.7 5.4 -21.7 17
18 Change in private inventories 61.5 41.8 64.9 74.1 84.3 110.7 90.5 40.1 100.3 94.5 102.5 18 19 Nonfinancial corporate business 57.9 34.9 61.8 56.7 68.5 85.9 71.0 32.9 81.9 75.3 84.0 19 20 Nonfinancial noncorporate business 3.6 6.8 3.0 17.4 15.8 24.8 19.5 7.2 18.3 19.2 18.5 20
21 Net U.S. exports of goods and services -512.7 -580.0 -568.3 -508.2 -539.8 -509.9 -462.9 -538.0 -549.2 -516.5 -555.6 21
22 Exports 1852.3 2106.4 2194.2 2262.2 2335.1 2268.4 2324.6 2284.7 2344.3 2366.5 2345.0 22 23 - Imports 2365.0 2686.4 2762.5 2770.4 2875.0 2778.3 2787.5 2822.7 2893.5 2883.0 2900.6 23
Government consumption expenditures and 24 gross investment 3174.0 3168.7 3169.2 3143.9 3175.8 3154.7 3142.7 3139.1 3163.1 3209.3 3191.6 24
25 Consumption expenditures (4) 2522.2 2530.9 2549.7 2547.6 2585.5 2555.9 2545.9 2564.5 2572.1 2616.2 2589.3 25 26 Federal 1003.9 1006.1 1003.6 963.0 965.0 965.7 951.1 957.1 955.5 987.7 959.8 26 27 State and local 1518.3 1524.8 1546.1 1584.5 1620.5 1590.2 1594.9 1607.4 1616.6 1628.5 1629.5 27
28 Gross investment (4) 651.8 637.9 619.4 596.3 590.2 598.7 596.7 574.6 591.0 593.0 602.2 28 29 Federal 300.0 297.4 287.8 268.5 254.0 268.2 265.1 251.0 255.0 253.6 256.5 29 30 State and local 351.9 340.5 331.6 327.8 336.2 330.5 331.6 323.6 336.1 339.4 345.8 30
Memo:
31 Net U.S. income receipts from rest of the world 206.0 246.6 227.4 224.3 214.1 230.8 242.9 211.0 213.5 229.9 202.2 31 32 U.S. income receipts 720.0 792.6 793.8 810.4 832.3 814.2 831.8 822.6 828.5 847.2 830.9 32 33 - U.S. income payments 514.1 546.0 566.5 586.1 618.2 583.4 588.9 611.6 615.0 617.3 628.7 33
Gross National Product (GNP) = 34 GDP + net U.S. income receipts 15170.4 15764.6 16390.5 16992.4 17632.5 17103.1 17321.2 17255.0 17541.7 17829.6 17903.5 34
Acquisition of nonproduced nonfinancial assets (net) 35 Household sector -8.5 -7.8 -7.7 -7.9 -7.3 -7.9 -7.8 -7.6 -7.4 -7.2 -7.1 35 36 Nonfinancial corporate business -1.1 -0.5 0.9 1.3 1.8 2.6 0.3 0.3 0.8 5.4 0.6 36 37 Federal government -1.0 -0.9 -1.9 -2.4 -2.8 -3.7 -1.3 -1.3 -1.9 -6.5 -1.6 37 38 State and local governments 10.6 9.2 8.7 9.0 8.3 9.0 8.9 8.6 8.4 8.2 8.0 38 39 Rest of the world -0.0 -0.0 -0.1 0.0 0.0 0.0 0.0 -0.1 0.1 0.1 0.0 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.
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F.7 Distribution of National Income (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates
2010 2011 2012 2013 2014 2013 2014 Q3 Q4 Q1 Q2 Q3 Q4
1 National Income 12739.5 13352.3 14069.5 14577.1 15062.3 14650.5 14770.2 14733.7 14972.9 15244.9 15297.7 1
2 Compensation of employees 7961.4 8269.0 8606.5 8844.8 9221.5 8871.6 8946.8 9096.2 9159.5 9260.7 9369.8 2 3 Wages and salaries 6377.5 6633.2 6932.1 7124.7 7445.9 7145.3 7208.5 7339.8 7391.7 7478.9 7573.3 3 4 Employer social contributions 1583.9 1635.9 1674.4 1720.1 1775.6 1726.2 1738.3 1756.4 1767.8 1781.8 1796.5 4
Proprietors’ income with inventory 5 valuation and capital consumption adjustments 1032.7 1143.7 1260.2 1336.6 1380.4 1345.9 1342.7 1351.0 1381.0 1386.4 1403.1 5 Rental income of persons (with capital 6 consumption adjustment) 402.8 485.3 533.0 595.8 640.5 604.2 613.3 622.9 635.4 646.7 656.8 6
Corporate profits with inventory 7 valuation and capital consumption adjustments 1746.4 1816.6 2022.8 2106.9 2081.8 2140.7 2143.8 1942.1 2106.2 2170.7 2108.0 7
Corporate profits with inventory 8 valuation adjustment 1799.7 1738.5 2126.6 2238.7 2411.4 2273.7 2278.6 2272.6 2437.4 2501.1 2434.3 8
9 Profits before tax 1840.7 1806.8 2136.1 2235.3 2419.0 2270.9 2281.6 2297.2 2450.1 2497.1 2431.5 9 10 Domestic nonfinancial 1039.2 1008.9 1245.4 1298.8 1503.0 1307.3 1308.7 1418.8 1541.6 1556.0 1495.4 10 11 Domestic financial 406.3 375.9 488.9 533.5 515.8 554.1 549.4 480.8 514.5 530.7 537.0 11 12 Rest of the world 395.2 421.9 401.8 403.1 400.2 409.6 423.5 397.5 393.9 410.4 399.0 12
Less: 13 Taxes on corporate income 370.6 379.1 454.8 474.3 592.7 467.5 495.4 562.3 608.0 602.5 597.9 13 14 Domestic nonfinancial 220.6 228.8 271.4 329.3 386.0 319.3 341.8 366.2 394.8 400.0 383.1 14 15 Domestic financial 150.0 150.3 183.4 144.9 206.7 148.3 153.6 196.1 213.2 202.5 214.9 15
Equals: 16 Profits after tax 1470.1 1427.7 1681.3 1761.1 1826.3 1803.4 1786.1 1734.9 1842.2 1894.6 1833.5 16 17 Net dividends 564.0 703.7 857.1 959.6 904.9 911.7 992.3 902.8 902.3 898.4 916.2 17 18 Domestic nonfinancial 375.5 441.0 520.6 536.9 555.8 597.8 516.5 575.0 554.3 535.0 558.9 18 19 Domestic financial 67.1 107.7 159.7 289.8 169.4 218.8 339.6 165.5 159.9 174.9 177.3 19 20 Rest of the world 121.4 154.9 176.9 132.9 179.7 95.0 136.2 162.3 188.1 188.5 180.0 20
21 Undistributed profits 906.2 724.0 824.2 801.5 921.4 891.7 793.8 832.1 939.9 996.2 917.3 21 22 Domestic nonfinancial 443.1 339.1 453.5 432.6 561.2 390.2 450.4 477.6 592.6 621.0 553.4 22 23 Domestic financial 189.3 117.9 145.8 98.7 139.7 187.0 56.2 119.3 141.4 153.3 144.9 23 24 Rest of the world 273.8 267.0 225.0 270.2 220.5 314.5 287.3 235.2 205.9 221.9 219.0 24
25 Inventory valuation adjustment -41.0 -68.3 -9.5 3.3 -7.6 2.8 -3.0 -24.6 -12.7 4.0 2.9 25
26 Capital consumption adjustment -53.3 78.1 -103.8 -131.8 -329.6 -133.1 -134.8 -330.5 -331.3 -330.4 -326.3 26 27 Domestic nonfinancial -15.2 98.3 -66.5 -88.3 -267.3 -89.1 -90.3 -268.4 -268.7 -267.8 -264.3 27 28 Domestic financial -38.1 -20.2 -37.3 -43.5 -62.3 -44.0 -44.6 -62.1 -62.5 -62.6 -62.0 28
29 Net interest and miscellaneous payments 489.4 488.1 491.7 499.8 486.1 493.3 511.2 506.5 461.0 479.3 497.5 29
30 Taxes on production and imports 1057.1 1102.6 1132.0 1162.4 1203.2 1167.1 1175.7 1184.5 1197.9 1212.4 1218.0 30 31 Less: Subsidies 55.9 60.1 58.0 60.2 57.3 60.6 58.9 57.7 57.5 57.4 56.9 31 32 Business current transfer payments (net) 128.5 131.5 106.7 120.6 140.4 118.4 126.6 119.2 123.0 182.4 136.9 32 33 Current surplus of government enterprises -22.9 -24.5 -25.3 -29.6 -34.2 -30.1 -31.0 -31.1 -33.6 -36.3 -35.6 33
Memo:
Calculation of Gross Domestic Product from National Income: (2)
34 National Income, from line 1 above 12739.5 13352.3 14069.5 14577.1 15062.3 14650.5 14770.2 14733.7 14972.9 15244.9 15297.7 34
Plus: 35 Private consumption of fixed capital 1923.5 1971.1 2034.2 2120.8 2216.1 2132.5 2158.7 2183.5 2203.8 2228.6 2248.5 35 36 Government consumption of fixed capital 458.1 479.6 496.0 506.4 520.0 507.8 511.8 515.2 518.5 521.8 524.4 36 37 Statistical discrepancy 49.2 -38.3 -209.2 -211.9 -165.9 -187.6 -119.5 -177.5 -153.5 -165.7 -167.2 37
Less: 38 Net U.S. income receipts from rest of the world 206.0 246.6 227.4 224.3 214.1 230.8 242.9 211.0 213.5 229.9 202.2 38
Equals: 39 Gross Domestic Product 14964.4 15517.9 16163.1 16768.0 17418.3 16872.3 17078.3 17044.0 17328.2 17599.8 17701.3 39
(1) This table corresponds to NIPA table 1.12 in the Survey of Current Business, Bureau of Economic Analysis (www.bea.gov). (2) The relationship of National Income to Gross Domestic Product is shown on NIPA table 1.7.5 in the Survey of Current Business, Bureau of Economic Analysis.
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F.8 Saving and Investment by Sector (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates
2010 2011 2012 2013 2014 2013 2014 Q3 Q4 Q1 Q2 Q3 Q4
1 Gross saving 2255.5 2435.6 2825.6 3034.1 3143.7 3074.8 3108.5 3000.9 3148.1 3220.6 3205.3 1
2 Net saving -126.1 -15.1 295.4 406.8 407.6 434.6 438.0 302.1 425.9 470.2 432.3 2 3 Net private saving 1439.9 1445.0 1607.1 1281.1 1215.1 1414.2 1208.9 1103.2 1251.5 1298.0 1207.9 3 4 Domestic business 811.9 733.9 710.9 673.0 584.2 761.5 656.0 477.1 595.9 669.8 593.9 4 5 Nonfinancial corporate business 603.5 584.2 563.7 571.3 528.9 593.8 572.6 492.0 534.3 552.8 536.4 5 6 Financial business 208.4 149.7 147.2 101.7 55.3 167.7 83.4 -15.0 61.6 117.0 57.5 6 7 Households and institutions 628.0 711.1 896.2 608.1 631.0 652.8 552.9 626.1 655.6 628.1 614.0 7 8 Net government saving -1566.0 -1460.1 -1311.7 -874.3 -807.5 -979.7 -770.9 -801.0 -825.7 -827.8 -775.6 8 9 Federal -1328.7 -1244.1 -1079.1 -649.1 -581.7 -749.8 -539.4 -560.1 -598.6 -611.0 -557.3 9 10 State and local -237.3 -215.9 -232.6 -225.1 -225.8 -229.9 -231.6 -240.9 -227.1 -216.8 -218.3 10
11 Consumption of fixed capital 2381.6 2450.6 2530.2 2627.2 2736.1 2640.2 2670.5 2698.7 2722.3 2750.4 2773.0 11 12 Private 1923.5 1971.1 2034.2 2120.8 2216.1 2132.5 2158.7 2183.5 2203.8 2228.6 2248.5 12 13 Domestic business 1523.0 1572.8 1629.7 1693.7 1762.1 1701.9 1720.3 1735.9 1753.5 1771.9 1787.0 13 14 Nonfinancial corporate business 1094.6 1139.2 1183.8 1229.8 1282.1 1235.6 1248.9 1263.1 1276.1 1289.1 1300.1 14 15 Nonfinancial noncorporate business 251.8 265.0 271.7 281.7 294.1 283.1 286.6 290.4 292.5 295.5 297.7 15 16 Financial business 176.7 168.6 174.1 182.2 185.9 183.2 184.8 182.4 184.9 187.3 189.2 16 17 Households and institutions 400.5 398.2 404.5 427.1 454.1 430.5 438.4 447.7 450.3 456.7 461.6 17 18 Government 458.1 479.6 496.0 506.4 520.0 507.8 511.8 515.2 518.5 521.8 524.4 18 19 Federal 245.3 257.4 264.1 268.0 274.4 268.5 270.4 272.1 273.7 275.3 276.7 19 20 State and local 212.7 222.2 231.8 238.4 245.5 239.3 241.4 243.1 244.7 246.5 247.7 20
Gross domestic investment, capital account 21 transactions, and net lending, NIPAs 2304.7 2397.3 2616.4 2822.1 2977.8 2887.2 2989.0 2823.4 2994.6 3054.9 3038.2 21
22 Gross domestic investment 2752.6 2877.8 3098.6 3244.3 3444.0 3307.6 3341.9 3289.0 3434.7 3498.1 3554.3 22 23 Gross private domestic investment 2100.8 2239.9 2479.2 2648.0 2853.8 2708.9 2745.2 2714.4 2843.6 2905.1 2952.1 23 24 Domestic business 1648.4 1788.0 1976.3 2078.6 2264.4 2124.3 2161.1 2146.8 2261.0 2305.6 2344.3 24 25 Nonfinancial corporate business 1239.0 1338.9 1482.3 1539.2 1695.7 1576.4 1602.5 1603.7 1692.7 1726.8 1759.8 25 26 Nonfinancial noncorporate business 246.7 281.7 303.7 337.9 354.1 346.6 352.1 336.8 355.2 360.8 363.5 26 27 Financial business 162.8 167.5 190.2 201.5 214.6 201.3 206.4 206.3 213.1 218.0 221.0 27 28 Households and institutions 452.4 451.9 502.9 569.4 589.4 584.6 584.1 567.6 582.6 599.5 607.8 28 29 Gross government investment 651.8 637.9 619.4 596.3 590.2 598.7 596.7 574.6 591.0 593.0 602.2 29 30 Federal 300.0 297.4 287.8 268.5 254.0 268.2 265.1 251.0 255.0 253.6 256.5 30 31 State and local 351.9 340.5 331.6 327.8 336.2 330.5 331.6 323.6 336.1 339.4 345.8 31
32 Capital account transactions (net) (2) 0.7 1.6 -6.5 0.8 0.4 1.0 0.4 0.5 0.3 0.3 0.4 32 33 Private -58.5 -46.7 -23.8 7.5 8.3 11.1 11.1 6.6 7.5 14.0 5.2 33 34 Domestic business -29.4 -40.9 -11.1 -4.3 5.2 -1.9 -2.6 -7.1 -5.7 41.1 -7.5 34 35 Nonfinancial corporate business 19.8 -6.9 -15.8 -4.3 -4.8 -1.9 -2.6 -7.1 -5.7 1.1 -7.5 35 36 Nonfinancial noncorporate business -7.8 -1.6 -4.9 -0.0 -0.0 -0.0 -0.0 -0.0 0.0 0.0 0.0 36 37 Financial business -41.5 -32.4 9.6 0.0 10.0 0.0 0.0 0.0 0.0 40.0 0.0 37 38 Households and institutions -29.1 -5.8 -12.7 11.8 3.1 13.0 13.6 13.6 13.2 -27.1 12.7 38 39 Government 59.2 48.4 17.3 -6.6 -7.9 -10.1 -10.6 -6.1 -7.2 -13.7 -4.8 39 40 Federal 125.3 113.0 82.8 56.0 55.4 56.1 50.5 55.6 56.6 54.8 54.4 40 41 State and local -66.2 -64.6 -65.5 -62.6 -63.3 -66.2 -61.1 -61.7 -63.8 -68.6 -59.2 41
42 Net lending (+) or net borrowing (-), NIPAs (3) -448.6 -482.1 -475.7 -423.0 -466.6 -421.5 -353.3 -466.0 -440.3 -443.5 -516.6 42 43 Private 1370.4 1184.6 976.7 534.5 403.2 639.1 491.9 388.3 450.8 441.8 332.0 43 44 Domestic business 765.2 521.3 166.2 80.6 -89.3 153.4 98.3 -104.2 -59.3 -70.6 -123.2 44 45 Nonfinancial corporate business (3) 488.5 353.1 71.7 54.3 -45.9 67.3 102.0 -19.0 -29.9 -51.7 -83.0 45 46 Nonfinancial noncorporate business 12.8 -15.1 -27.1 -56.2 -60.0 -63.5 -65.5 -46.3 -62.7 -65.3 -65.8 46 47 Financial business 263.8 183.3 121.5 82.5 16.6 149.6 61.8 -38.9 33.3 46.4 25.6 47 48 Households and institutions 605.2 663.3 810.5 454.0 492.5 485.7 393.5 492.5 510.1 512.4 455.1 48 49 Government -1819.0 -1666.7 -1452.4 -957.5 -869.8 -1060.6 -845.2 -854.3 -891.1 -885.3 -848.6 49 50 Federal -1508.7 -1397.1 -1185.6 -705.6 -616.7 -805.7 -584.6 -594.6 -636.4 -644.2 -591.5 50 51 State and local -310.3 -269.6 -266.9 -252.0 -253.1 -254.9 -260.7 -259.7 -254.7 -241.1 -257.1 51
52 Statistical discrepancy (line 21 less line 1) 49.2 -38.3 -209.2 -211.9 -165.9 -187.6 -119.5 -177.5 -153.5 -165.7 -167.2 52
Addenda: 53 Disaster losses 0.0 0.0 45.9 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 53 54 Private 0.0 0.0 38.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 54 55 Domestic business 0.0 0.0 17.5 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 55 56 Households and institutions 0.0 0.0 20.9 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 56 57 Government 0.0 0.0 7.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 57 58 Federal 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 58 59 State and local 0.0 0.0 7.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 59
(1) This table is based on NIPA table 5.1 in the Survey of Current Business, Bureau of Economic Analysis (www.bea.gov). It is consistent with the Integrated Macroeconomic Accounts of the United States jointly compiled by the Federal Reserve Board and the Bureau of Economic Analysis. (2) Consists of net capital transfers shown on table F.9 and the acquisition of nonproduced nonfinancial assets (net) shown on table F.6. (3) Differs from net lending or net borrowing (capital account) in the Integrated Macroeconomic Accounts of the United States by the statistical discrepancy (line 52).
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F.9 Net Capital Transfers (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates
2010 2011 2012 2013 2014 2013 2014 Q3 Q4 Q1 Q2 Q3 Q4
1 Capital transfers paid, by sector 186.7 137.9 139.8 105.4 115.2 109.4 101.0 105.5 106.1 147.9 101.4 1
2 By private business 25.8 0.0 14.3 0.0 10.0 0.0 0.0 0.0 0.0 40.0 0.0 2 3 Financial corporations 0.0 0.0 14.3 0.0 10.0 0.0 0.0 0.0 0.0 40.0 0.0 3 4 Disaster-related insurance benefits 0.0 0.0 14.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4 5 Other 0.0 0.0 0.0 0.0 10.0 0.0 0.0 0.0 0.0 40.0 0.0 5 6 Nonfinancial corporations 25.8 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 6 7 Noncorporate business 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 7
8 By government 141.4 123.5 98.8 79.3 79.2 81.9 73.8 78.6 79.7 82.1 76.2 8 9 Federal 141.4 123.5 98.8 79.3 79.2 81.9 73.8 78.6 79.7 82.1 76.2 9 10 Investment grants to state and local govts. 72.1 69.1 66.6 66.3 66.5 69.9 64.7 65.1 67.0 71.6 62.2 10 11 Disaster-related insurance benefits 0.0 0.0 7.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11 12 Financial stabilization payments 41.5 32.4 4.7 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12 13 Other capital transfers paid to business 12.7 8.0 8.2 5.7 6.6 4.5 2.9 7.4 6.6 4.3 8.1 13 14 Other capital transfers paid to persons 14.5 12.4 10.5 6.5 5.7 6.5 5.8 5.8 5.8 5.8 5.5 14 15 Capital transfers paid to the rest of the world (net) 0.7 1.6 1.1 0.8 0.4 1.0 0.4 0.4 0.4 0.4 0.4 15 16 State and local 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16 17 Disaster-related insurance benefits 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 17
18 By persons 19.5 14.4 19.0 26.2 26.1 27.4 27.2 26.9 26.3 25.8 25.2 18 19 Estate and gift taxes, federal 15.1 9.6 14.1 20.9 20.9 22.1 21.9 21.7 21.2 20.7 20.2 19 20 Estate and gift taxes, state and local 4.4 4.7 4.9 5.3 5.2 5.3 5.3 5.2 5.2 5.1 5.1 20
21 By the rest of the world 0.0 0.0 7.7 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 21 22 Disaster-related insurance benefits 0.0 0.0 7.7 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 22 23 Other 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 23
24 Capital transfers received, by sector 186.7 137.9 139.8 105.4 115.2 109.4 101.0 105.5 106.1 147.9 101.4 24
25 By private business 54.2 40.4 26.3 5.7 6.6 4.5 2.9 7.4 6.6 4.3 8.1 25 26 Financial corporations 41.5 32.4 4.7 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 26 27 Disaster-related insurance benefits 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 27 28 Other 41.5 32.4 4.7 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 28 29 Nonfinancial corporations 4.9 6.4 16.7 5.7 6.6 4.5 2.8 7.4 6.6 4.3 8.1 29 30 Disaster-related insurance benefits 0.0 0.0 8.5 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 30 31 Other 4.9 6.4 8.1 5.7 6.6 4.5 2.8 7.4 6.6 4.3 8.1 31 32 Noncorporate business 7.8 1.6 4.9 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 32 33 Disaster-related insurance benefits 0.0 0.0 4.9 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 33 34 Other 7.8 1.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 34
35 By government 91.8 83.5 88.3 92.5 92.6 97.3 91.9 92.0 93.3 97.4 87.4 35 36 Federal 15.1 9.6 14.1 20.9 20.9 22.1 21.9 21.7 21.2 20.7 20.2 36 37 Estate and gift taxes paid by persons 15.1 9.6 14.1 20.9 20.9 22.1 21.9 21.7 21.2 20.7 20.2 37 38 State and local 76.7 73.8 74.2 71.6 71.6 75.2 70.0 70.3 72.2 76.7 67.3 38 39 Disaster-related insurance benefits 0.0 0.0 2.7 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 39 40 Estate and gift taxes paid by persons 4.4 4.7 4.9 5.3 5.2 5.3 5.3 5.2 5.2 5.1 5.1 40 41 Investment grants paid by federal government 72.1 69.1 66.6 66.3 66.5 69.9 64.7 65.1 67.0 71.6 62.2 41 42 Other 0.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 42
43 By persons 40.1 12.4 24.0 6.5 15.7 6.5 5.8 5.8 5.8 45.7 5.5 43 44 Disaster-related insurance benefits 0.0 0.0 13.5 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 44 45 Other 40.1 12.4 10.5 6.5 15.7 6.5 5.8 5.8 5.8 45.7 5.5 45
46 By the rest of the world 0.7 1.6 1.1 0.8 0.4 1.0 0.4 0.4 0.4 0.4 0.4 46 47 Capital transfers paid by U.S. government 0.7 1.6 1.1 0.8 0.4 1.0 0.4 0.4 0.4 0.4 0.4 47 48 Other 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 48
Addenda: Net capital transfers paid by sector
49 By private business (lines 2-25) -28.3 -40.4 -12.0 -5.7 3.4 -4.5 -2.9 -7.4 -6.6 35.6 -8.1 49 50 Financial corporations (lines 3-26) -41.5 -32.4 9.6 0.0 10.0 0.0 0.0 0.0 0.0 40.0 0.0 50 51 Property-casualty insurance companies (line 4) 0.0 0.0 14.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 51 52 U.S.-chartered depository institutions 2.4 3.2 0.0 0.0 10.0 0.0 0.0 0.0 0.0 40.0 0.0 52 53 Financial stabilization payments (2) 2.4 3.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 53 54 Other (lines 5-27) 0.0 0.0 0.0 0.0 10.0 0.0 0.0 0.0 0.0 40.0 0.0 54 55 Government-sponsored enterprises (2) -40.2 -31.9 -4.7 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 55 56 Holding companies (GMAC) (2) -1.5 -0.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 56 57 Funding corporations (AIG) (2) -2.2 -3.4 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 57 58 Nonfinancial corporations (lines 6-29) 20.9 -6.4 -16.7 -5.7 -6.6 -4.5 -2.8 -7.4 -6.6 -4.3 -8.1 58 59 Noncorporate business (lines 7-32) -7.8 -1.6 -4.9 -0.0 -0.0 -0.0 -0.0 -0.0 0.0 0.0 0.0 59
60 By government (lines 8-35) 49.6 40.0 10.5 -13.2 -13.4 -15.4 -18.1 -13.4 -13.6 -15.3 -11.2 60 61 Federal (lines 9-36) 126.3 113.9 84.7 58.4 58.2 59.8 51.8 56.9 58.5 61.4 56.0 61 62 State and local (lines 16-38) -76.7 -73.8 -74.2 -71.6 -71.6 -75.2 -70.0 -70.3 -72.2 -76.7 -67.3 62
63 By persons (lines 18-43) -20.6 2.0 -5.0 19.7 10.4 20.9 21.4 21.2 20.6 -19.9 19.7 63
64 By the rest of the world (lines 21-46) -0.7 -1.6 6.5 -0.8 -0.4 -1.0 -0.4 -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.
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F.10 Derivation of Measures of Personal Saving (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates
2010 2011 2012 2013 2014 2013 2014 Q3 Q4 Q1 Q2 Q3 Q4
1 Net acquisition of financial assets 775.0 1146.8 1294.1 1076.6 1337.6 550.9 1575.6 1083.7 1679.5 812.8 1774.4 1
2 Foreign deposits 4.5 -9.9 -7.7 2.8 0.9 1.9 -16.9 -3.9 -4.7 12.6 -0.3 2 3 Checkable deposits and currency 36.2 326.1 197.5 142.5 142.8 -42.5 292.6 344.3 303.4 -15.6 -60.8 3 4 Time and savings deposits 165.8 375.3 422.0 212.7 423.4 297.0 243.2 515.5 254.8 208.5 715.0 4 5 Money market fund shares -180.5 -12.6 -4.6 27.2 -12.7 52.4 -94.3 113.8 21.4 -56.7 -129.4 5
6 Securities -10.6 -180.3 146.2 49.1 24.3 -343.8 309.9 -741.6 399.1 -97.0 536.9 6 7 Open market paper -1.5 -1.8 -0.6 -3.8 -0.1 -0.8 -10.4 3.5 0.9 -0.6 -4.2 7 8 Treasury securities 318.9 -224.9 217.4 -191.3 -140.5 -100.9 -304.1 -321.6 -440.2 70.6 129.0 8 9 Agency- and GSE-backed securities -11.7 -4.9 -129.4 -91.3 -101.4 -80.8 54.5 -436.2 43.4 -87.1 74.3 9 10 Municipal securities 44.1 -65.4 -143.5 -43.8 -77.9 -66.9 -71.7 -78.5 -35.5 -165.9 -31.5 10 11 Corporate and foreign bonds -422.0 89.0 -165.9 -200.2 -128.8 -112.2 161.3 -147.1 18.4 -62.7 -324.0 11 12 Corporate equities (2) -221.2 -307.7 -240.1 -56.9 -47.2 -637.0 67.1 -403.6 303.3 -342.1 253.7 12 13 Mutual fund shares 280.9 334.9 607.7 635.5 518.3 653.4 411.8 640.7 506.6 489.0 437.0 13
14 Life insurance reserves 6.2 73.5 -26.6 19.2 36.4 35.9 16.0 54.2 5.9 30.5 55.1 14 15 Pension entitlements 596.4 498.3 497.6 498.7 556.9 498.4 590.5 526.7 569.7 527.4 603.7 15
16 Miscellaneous and other assets 167.4 80.3 78.5 130.9 171.5 59.1 238.2 280.2 135.0 210.1 60.6 16
17 Gross investment in nonfinancial assets 1694.0 1783.0 1918.0 2078.4 2178.5 2108.0 2120.5 2098.0 2166.3 2215.1 2234.7 17 18 Residential fixed investment 376.5 381.3 436.9 513.3 534.9 531.0 529.0 514.5 527.9 544.6 552.6 18 19 Nonresidential fixed investment 317.4 345.4 366.6 376.7 406.1 378.2 389.3 392.7 402.1 412.6 416.7 19 20 Consumer durables 1005.0 1057.2 1119.1 1178.9 1229.1 1181.9 1190.5 1191.2 1225.3 1245.9 1253.9 20 21 Nonproduced nonfinancial assets -8.5 -7.8 -7.7 -7.9 -7.3 -7.9 -7.8 -7.6 -7.4 -7.2 -7.1 21 22 Inventories 3.6 6.8 3.0 17.4 15.8 24.8 19.5 7.2 18.3 19.2 18.5 22
23 Consumption of fixed capital 1580.9 1601.5 1637.0 1693.4 1723.5 1702.8 1719.6 1703.2 1712.9 1731.1 1746.9 23 24 Residential fixed investment 372.0 369.9 372.3 393.9 411.6 396.0 400.9 405.5 409.3 413.9 417.6 24 25 Nonresidential fixed investment 290.7 293.4 304.0 314.9 337.1 317.7 324.2 333.1 334.1 339.0 342.4 25 26 Consumer durables 918.1 938.2 960.7 984.6 974.8 989.1 994.5 964.6 969.5 978.3 987.0 26
27 Net investment in nonfinancial assets (3) 113.2 181.5 281.0 384.9 455.0 405.2 400.9 394.9 453.4 484.0 487.7 27
28 Residential fixed investment 4.5 11.5 64.6 119.4 123.3 135.0 128.1 109.0 118.7 130.7 135.0 28 29 Nonresidential fixed investment 26.7 52.0 62.7 61.8 68.9 60.6 65.1 59.6 68.0 73.7 74.3 29 30 Consumer durables 86.9 119.0 158.4 194.3 254.2 192.7 195.9 226.6 255.7 267.6 267.0 30 31 Nonproduced nonfinancial assets -8.5 -7.8 -7.7 -7.9 -7.3 -7.9 -7.8 -7.6 -7.4 -7.2 -7.1 31 32 Inventories 3.6 6.8 3.0 17.4 15.8 24.8 19.5 7.2 18.3 19.2 18.5 32
33 Net increase in liabilities -146.1 18.4 379.8 372.4 650.7 619.8 369.0 380.5 986.1 627.6 608.8 33
34 Home mortgages -155.0 -86.0 -75.1 -4.3 27.7 108.9 -43.8 -51.5 16.2 74.3 71.7 34 35 Other mortgages -31.4 -5.6 2.1 71.4 129.2 100.5 107.1 70.3 122.2 138.9 185.5 35 36 Consumer credit -25.3 108.5 169.7 174.3 218.4 190.6 164.7 202.7 259.4 216.6 195.1 36 37 Policy loans 3.4 2.4 1.4 0.9 1.3 1.6 -0.6 -0.2 1.2 3.1 1.0 37 38 Security credit 75.2 -39.3 64.9 35.4 30.4 44.6 101.9 -74.3 219.3 59.4 -82.9 38 39 Other liabilities -12.9 38.4 216.9 94.6 243.7 173.7 39.7 233.6 367.8 135.3 238.4 39
40 Net capital transfers paid (4) -28.4 0.4 -10.0 19.7 10.4 20.9 21.4 21.2 20.6 -19.9 19.7 40
41 Personal saving, FOF concept (FOF) 1005.9 1310.3 1185.4 1108.8 1152.3 357.2 1629.0 1119.3 1167.4 649.4 1673.0 41
42 - Net investment in consumer durables 86.9 119.0 158.4 194.3 254.2 192.7 195.9 226.6 255.7 267.6 267.0 42 43 - Government insurance and pension fund reserves (5) -3.2 -2.4 -2.5 -2.2 -2.0 -3.4 -0.8 -2.9 -1.0 -2.7 -1.5 43 44 + Contr. for govt. soc. insur., U.S.-affiliated areas 4.9 4.4 4.6 5.4 5.6 5.4 5.4 5.6 5.6 5.6 5.7 44
45 = Personal saving, NIPA concept (FOF) (6) 927.2 1198.1 1034.1 922.2 905.7 173.3 1439.2 901.2 918.2 390.2 1413.3 45
46 Personal saving, NIPA concept (NIPA) 628.0 711.1 896.2 608.1 631.0 652.8 552.9 626.1 655.6 628.1 614.0 46
47 Difference 299.2 487.0 137.9 314.1 274.8 -479.5 886.3 275.1 262.6 -238.0 799.3 47
Memo: 48 Disposable personal income 11237.9 11801.4 12384.0 12505.1 12986.8 12585.8 12623.7 12772.9 12945.2 13061.2 13167.8 48
Personal saving as a percentage of disposable personal income: 49 FOF concept (FOF data) (line 41) 9.0 11.1 9.6 8.9 8.9 2.8 12.9 8.8 9.0 5.0 12.7 49 50 NIPA concept (FOF data) (line 44) 8.3 10.2 8.4 7.4 7.0 1.4 11.4 7.1 7.1 3.0 10.7 50 51 NIPA concept (NIPA data) (line 45) 5.6 6.0 7.2 4.9 4.9 5.2 4.4 4.9 5.1 4.8 4.7 51 52 Difference (line 46) 2.7 4.1 1.1 2.5 2.1 -3.8 7.0 2.2 2.0 -1.8 6.1 52
(1) Consolidated statement for households and nonprofit organizations and nonfinancial noncorporate business. (2) Directly held and those in closed-end and exchange-traded funds. Other equities are included in mutual fund shares (line 13), life insurance reserves (line 14), and pension entitlements (line 15). (3) Line 17 less line 23. (4) Table F.9, line 59 plus line 63. (5) Railroad Retirement Board, the National Railroad Retirement Investment Trust, and federal government life insurance reserves. (6) Line 45 and 46 are conceptually equivalent but measure saving using different data. Line 45 is net acquisition of financial assets net of government insurance and pension fund reserves (line 1 less line 43) and including contributions for government social insurance to U.S.-affiliated areas, plus net investment in nonfinancial assets net of consumer durables (line 27 less line 42) less net increase in liabilities (line 33) 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).
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L.10 Assets and Liabilities of the Personal Sector (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted
2010 2011 2012 2013 2014 2013 2014 Q3 Q4 Q1 Q2 Q3 Q4
1 Total financial assets 49739.0 50259.9 53884.6 59819.6 62686.8 57839.8 59819.6 60524.6 61804.9 61538.2 62686.8 1
2 Foreign deposits 67.3 57.4 49.7 52.5 53.4 56.7 52.5 51.5 50.3 53.5 53.4 2 3 Checkable deposits and currency 955.4 1281.5 1465.4 1607.8 1750.7 1471.1 1607.8 1662.4 1700.8 1701.1 1750.7 3 4 Time and savings deposits 6807.1 7182.3 7559.4 7772.8 8258.9 7712.6 7772.8 7928.7 7958.4 8085.7 8258.9 4 5 Money market fund shares 1206.1 1193.5 1188.9 1216.1 1203.4 1174.3 1216.1 1180.1 1151.2 1170.2 1203.4 5
6 Securities 18066.1 17359.4 19377.9 23318.8 24439.2 22092.1 23318.8 23563.9 24444.0 23902.7 24439.2 6
7 Open market paper 21.1 19.4 18.8 15.0 14.9 17.6 15.0 15.9 16.1 15.9 14.9 7 8 Treasury securities 1124.4 709.2 937.1 953.7 705.9 985.6 953.7 904.9 724.4 727.5 705.9 8 9 Agency- and GSE-backed securities 332.7 303.9 163.7 112.2 1.1 105.8 112.2 14.3 22.6 6.1 1.1 9
10 Municipal securities 1877.1 1811.7 1668.2 1624.3 1546.5 1646.9 1624.3 1615.3 1610.1 1561.0 1546.5 10 11 Corporate and foreign bonds 1361.5 1352.9 1245.4 1014.4 949.2 979.5 1014.4 966.9 982.2 981.8 949.2 11
12 Corporate equities (2) 8665.2 8455.3 9592.6 12406.8 13365.2 11557.1 12406.8 12576.2 13323.8 12873.1 13365.2 12 13 Mutual fund shares 4636.1 4658.5 5702.8 7142.1 7804.2 6749.5 7142.1 7419.9 7713.7 7685.8 7804.2 13
14 Life insurance reserves 1137.5 1199.3 1186.4 1233.0 1276.9 1218.5 1233.0 1248.3 1254.8 1257.6 1276.9 14 15 Pension entitlements 17035.7 17447.7 18460.8 19893.7 20814.3 19448.2 19893.7 20096.2 20418.9 20491.3 20814.3 15 16 Life insurance companies 2341.3 2383.2 2575.3 2831.3 2952.8 2756.6 2831.3 2859.2 2907.5 2892.8 2952.8 16 17 Private pension funds 6650.1 6753.3 7278.0 8148.3 8578.6 7888.0 8148.3 8237.2 8409.2 8417.8 8578.6 17 18 Governments 8044.3 8311.2 8607.5 8914.2 9282.9 8803.6 8914.2 8999.8 9102.3 9180.7 9282.9 18
19 Miscellaneous and other assets 4385.5 4464.5 4530.5 4665.7 4836.8 4606.2 4665.7 4735.7 4769.9 4821.3 4836.8 19
20 Total liabilities 19458.4 19328.8 19499.5 19779.8 20379.3 19676.6 19779.8 19801.0 20037.2 20208.8 20379.3 20
21 Home mortgages 10433.1 10193.0 9970.7 9874.2 9850.6 9903.8 9874.2 9840.8 9831.6 9845.4 9850.6 21 22 Other mortgages 2542.8 2537.2 2539.3 2610.7 2740.0 2584.0 2610.7 2628.3 2658.9 2693.6 2740.0 22 23 Consumer credit 2647.4 2755.9 2923.6 3097.9 3316.3 3036.6 3097.9 3104.0 3170.7 3247.4 3316.3 23
24 Policy loans 124.5 126.9 128.3 129.2 130.5 129.3 129.2 129.1 129.4 130.2 130.5 24 25 Security credit 278.2 238.9 303.7 339.2 369.5 313.7 339.2 320.6 375.4 390.3 369.5 25 26 Other liabilities 3432.3 3476.8 3633.9 3728.6 3972.4 3709.2 3728.6 3778.1 3871.2 3901.9 3972.4 26
(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 13), life insurance reserves (line 14), and pension entitlements (line 15).
