S12.i.a Financial business 🕮 PDF
Line Description Series 2017 2018 2019 2020 2021 2022 2023 2024
Current account
Line 1 Gross value added FA796902505 1456.5 1516.4 1600.6 1658.1 1822.3 1931.5 1996.6 2135.2
Line 2 Less: Consumption of fixed capital FA796330081 214.4 226.1 242.8 257.5 274.5 302.2 324.1 344.8
Line 3 Equals: Net value added FA796902605 1242.0 1290.3 1357.7 1400.5 1547.9 1629.2 1672.5 1790.4
Line 4 Compensation of employees (paid) FA796025005 787.6 819.1 851.6 912.3 990.6 1020.7 1059.7 1115.4
Line 5 Wages and salaries FA796020001 668.5 693.1 727.2 787.4 860.1 885.6 911.7 956.9
Line 6 Employers' social contributions FA796401001 119.1 126.0 124.5 125.0 130.5 135.1 148.0 158.4
Line 7 Taxes on production and imports less subsidies FA796240101 66.5 79.3 69.3 71.6 65.0 83.7 89.0 96.1
Line 8 Operating surplus, net FA796402101 387.9 391.9 436.8 416.6 492.2 524.8 523.8 578.9
Line 9 Net national income/Balance of primary incomes, net FA796140005 250.2 302.1 326.0 187.6 249.9 322.9 358.3 525.5
Line 10 Operating surplus, net FA796402101 387.9 391.9 436.8 416.6 492.2 524.8 523.8 578.9
Line 11 Property income (received) FA796150105 2413.6 2714.0 2816.6 2334.7 2338.0 2965.4 4128.8 4569.1
Line 12 Interest FA796130101 1830.9 2071.8 2227.4 1755.7 1671.5 2268.8 3400.2 3789.3
Line 13 Distributed income of corporations (dividends) FA796121101 526.4 681.0 560.0 543.2 616.8 652.2 689.8 726.5
Line 14 Reinvested earnings on U.S. direct investment abroad FA793092281 56.3 -38.8 29.2 35.8 49.8 44.5 38.8 53.3
Line 15 Less: Uses of property income (paid) FA796150005 2551.3 2803.8 2927.4 2563.7 2580.4 3167.3 4294.3 4622.5
Line 16 Interest FA796130001 1684.6 1938.9 2047.3 1607.9 1480.2 2052.2 3160.2 3458.6
Line 17 Distributed income of corporations FA796120005 852.5 847.8 862.4 943.3 1067.5 1089.1 1113.0 1140.0
Line 18 Dividends FA796121001 800.3 817.6 829.9 882.4 1003.3 1028.0 1045.3 1066.9
Line 19 Withdrawals from income of quasi-corporations(2) FA796122001 52.2 30.3 32.4 60.9 64.2 61.0 67.7 73.1
Line 20 Reinvested earnings on foreign direct investment FA793192281 14.2 17.0 17.8 12.5 32.7 26.0 21.1 23.9
Line 21 Rents on land and natural resources FA796112001 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Line 22 Net national income/Balance of primary incomes, net FA796140005 250.2 302.1 326.0 187.6 249.9 322.9 358.3 525.5
Line 23 Less: Current taxes on income, wealth, etc. (paid) FA796220001 83.3 84.5 100.4 99.1 125.1 128.7 126.2 140.1
Line 24 Less: Other current transfers (paid) FA796403005 19.6 30.1 47.3 35.6 30.4 78.9 114.3 140.9
Line 25 Equals: Disposable income, net FA796012095 147.3 187.5 178.3 53.0 94.3 115.3 117.9 244.4
Line 26 Equals: Net saving FA796012095 147.3 187.5 178.3 53.0 94.3 115.3 117.9 244.4
 
Capital account
Line 27 Net saving less capital transfers FA796006385 70.7 170.6 178.3 53.0 56.9 94.6 163.8 219.6
Line 28 Net saving FA796012095 147.3 187.5 178.3 53.0 94.3 115.3 117.9 244.4
Line 29 Less: Capital transfers paid (net) FA795440005 76.6 16.9 0.0 0.0 37.5 20.7 -45.9 24.8
Line 30 Capital formation, net FA795015085 33.1 40.6 58.5 27.4 28.1 16.1 35.2 49.2
Line 31 Gross fixed capital formation (nonresidential) FA795013005 247.5 266.7 301.3 285.0 302.6 318.3 359.3 394.0
Line 32 Less: Consumption of fixed capital FA796330081 214.4 226.1 242.8 257.5 274.5 302.2 324.1 344.8
Line 33 Net lending (+) or borrowing (-), capital account (lines 27-30) FA795000995 37.6 130.0 119.8 25.6 28.8 78.5 128.5 170.4
 
Financial account
Line 34 Net lending (+) or borrowing (-) (line 33) FA795000995 37.6 130.0 119.8 25.6 28.8 78.5 128.5 170.4
Line 35 Net acquisition of financial assets FA794090005 2970.6 1423.4 3556.8 9614.8 7522.1 2216.6 3354.6 3439.1
Line 36 Currency and deposits FA794000005 308.6 -550.6 167.4 1796.4 549.4 -902.5 696.5 -432.0
Line 37 Debt securities FA794022005 919.1 699.9 1098.3 6245.1 3158.6 -113.2 909.2 1770.2
Line 38 Open market paper FA793069175 70.3 -16.0 -29.0 -20.9 -7.4 104.5 -4.9 -30.9
Line 39 Treasury securities FA793061105 198.1 420.5 593.7 4279.4 1364.1 -694.1 778.7 1035.2
Line 40 Agency- and GSE-backed securities(3) FA793061705 281.3 -3.0 184.9 1108.1 589.8 72.2 67.3 107.2
Line 41 Municipal securities FA793062005 34.1 -34.8 75.8 137.7 176.7 -106.5 -76.6 16.8
Line 42 Corporate and foreign bonds FA793063005 335.2 333.2 272.9 740.7 1035.4 510.7 144.7 642.0
Line 43 Loans FA794035005 1311.3 1523.4 1564.4 1096.2 3151.8 3622.1 1112.8 1563.0
Line 44 Short-term FA794041005 738.7 939.0 974.7 363.1 1928.1 2293.0 491.0 999.1
Line 45 Long-term FA793065005 572.6 584.4 589.7 733.1 1223.7 1329.1 621.8 563.8
Line 46 Equity and investment fund shares FA793081005 220.3 -98.3 -130.0 -360.1 -226.9 -523.5 -279.0 -349.8
Line 47 Corporate equities FA793064105 170.3 -100.0 -241.6 -395.5 -184.4 -124.0 -359.3 -332.4
Line 48 Money market fund shares FA793034005 22.1 23.3 151.0 158.5 201.7 -230.5 54.5 92.8
Line 49 Mutual fund shares FA793064205 -31.8 -109.3 -73.5 -80.3 -384.7 -209.4 -42.6 -182.6
Line 50 Hedge fund shares FA793064705 6.4 -65.8 -104.9 -184.4 -74.6 -67.5 -123.0 -62.2
Line 51 Private debt fund shares FA793064505 21.6 20.5 14.0 18.0 47.0 57.8 52.7 37.3
Line 52 Equity in government-sponsored enterprises(3) FA793092405 1.4 0.8 -4.0 -7.1 -2.3 18.9 0.7 -1.8
Line 53 U.S. direct investment abroad: equity FA793092105 49.1 -3.1 67.6 51.6 70.1 68.0 78.5 15.7
Line 54 Stock in Federal Reserve Banks FA713164003 0.9 0.9 -0.6 0.7 1.5 1.1 1.1 1.1
Line 55 Equity investment in subsidiaries FA793094605 -19.7 134.3 62.2 78.4 98.8 -37.8 58.4 82.2
Line 56 Insurance, pension and standardized guarantee schemes FA793052005 237.1 236.6 377.7 355.6 439.1 447.9 430.5 353.1
Line 57 Other accounts receivable FA793096005 -25.7 -387.7 478.9 481.6 450.0 -314.3 484.7 534.7
Line 58 Net incurrence of liabilities FA794194005 2948.9 1378.8 3460.7 9568.3 7057.2 1922.2 3186.3 3265.0
Line 59 Currency and deposits FA794100005 822.6 351.4 961.6 6670.5 1712.7 -991.0 722.7 139.0
Line 60 Debt securities FA794122005 333.4 240.3 469.2 910.9 738.9 1260.6 490.9 595.2
Line 61 Agency- and GSE-backed securities(3) FA423161705 346.6 246.9 318.6 658.2 612.9 979.4 297.0 298.3
Line 62 Corporate bonds FA793163005 -0.1 27.5 76.8 229.7 209.7 98.7 186.4 267.5
Line 63 Commercial paper FA793169175 -13.1 -34.1 73.8 23.0 -83.8 182.5 7.5 29.4
Line 64 Loans (short-term) FA794141005 89.6 21.4 227.5 -176.4 2010.1 1106.0 -945.5 -230.9
Line 65 Equity and investment fund shares FA793181005 931.3 453.7 1109.7 1075.3 1541.3 -219.6 1401.2 1935.5
Line 66 Corporate equity issues FA793164105 382.3 180.8 157.2 477.8 831.4 551.2 533.5 1076.5
Line 67 Money market fund shares FA634090005 165.3 169.2 712.8 763.5 439.5 17.6 1134.5 885.6
Line 68 Mutual fund shares FA653164205 317.3 -64.7 207.2 -230.5 217.7 -798.1 -310.8 -168.8
Line 69 Hedge fund shares FA623164703 26.6 -86.2 -94.9 -160.3 -45.6 -131.4 -131.8 -62.4
Line 70 Private debt fund shares FA443164500 21.3 30.7 22.0 20.0 50.1 74.1 81.2 53.0
Line 71 Equity in government-sponsored enterprises(3) FA403192405 4.2 1.1 -3.7 -6.8 -0.9 20.0 4.1 -0.8
Line 72 Foreign direct investment in the U.S.: equity FA793192105 32.2 78.1 42.3 11.7 25.7 85.9 25.1 56.2
Line 73 Equity in noncorporate business FA662090003 1.0 9.5 5.2 6.9 15.8 3.7 14.1 16.8
Line 74 Equity investment by parent FA793194605 -19.7 134.3 62.2 78.4 98.8 -37.8 58.4 82.2
Line 75 Equity in Federal Reserve Banks FA713164005 0.9 0.9 -0.6 2.2 0.0 1.1 1.1 1.1
Line 76 Equity investment in Federal Reserve facilities FA503194205 0.0 0.0 0.0 112.5 -91.2 -5.9 -8.0 -3.9
Line 77 Insurance, pension and standardized guarantee schemes FA583152005 639.2 438.0 532.2 647.7 406.3 610.1 697.4 610.5
Line 78 Other accounts payable FA793196005 132.9 -126.1 160.5 440.2 648.0 156.2 819.5 215.7
 
Addendum:
Line 79 Net lending (+) or borrowing (-), financial account (lines 35-58) FA795000005 21.7 44.6 96.1 46.5 464.9 294.4 168.4 174.1
 
Other changes in volume account
Line 80 Total other volume changes FV798090185 51.5 -38.7 -99.4 24.5 477.8 169.1 182.0 36.3
Line 81 Disaster losses FV795013865 -1.8 -2.4 0.0 0.0 -0.4 -1.5 0.0 -0.8
Line 82 Other volume changes FV798090085 69.2 49.1 -75.7 3.6 42.1 -45.3 142.2 33.4
Line 83 Less: Statistical discrepancy (lines 33-79)(4) FU797005045 15.9 85.4 23.7 -20.9 -436.1 -215.9 -39.8 -3.7
 
Revaluation account
Line 84 Nonfinancial assets FR795013865 22.8 50.7 32.7 20.2 220.9 265.3 9.9 42.2
Line 85 Structures (nonresidential) FR795013665 24.4 49.1 36.8 16.5 178.8 224.5 1.1 26.8
Line 86 Equipment FR795013265 -0.7 4.5 -0.7 5.0 47.0 40.2 10.4 6.9
Line 87 Intellectual property products FR795013765 -0.9 -3.0 -3.4 -1.3 -4.9 0.7 -1.6 8.5
Line 88 Financial assets FR794090005 3920.3 -2629.2 6328.3 4698.2 4627.5 -11041.8 6065.1 5129.8
Line 89 Currency and deposits FR794000005 3.9 0.8 1.0 0.4 -0.8 0.1 -0.5 -3.0
Line 90 Debt securities FR794022005 215.6 -658.3 1362.2 743.1 -1024.4 -4707.3 774.2 -265.4
Line 91 Loans FR794035005 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1
Line 92 Corporate equities FR793064105 3351.8 -1887.9 4708.6 3664.8 5205.3 -5949.0 4940.1 5413.3
Line 93 Mutual fund shares FR793064205 771.4 -403.4 1059.1 812.6 949.8 -1401.1 942.1 830.0
Line 94 Hedge fund shares FR793064705 114.9 -23.0 143.8 130.6 108.9 -68.0 111.9 128.7
Line 95 Private debt fund shares FR793064505 0.6 -5.1 3.4 1.9 9.5 -16.5 7.2 0.0
Line 96 U.S. direct investment abroad: equity FR793092105 160.8 -199.5 194.6 79.0 195.5 -380.5 184.9 53.1
Line 97 Insurance, pension, and standardized guarantee schemes FR793052005 -700.1 394.3 -1036.3 -815.8 -913.1 961.9 -863.2 -1044.7
Line 98 Other accounts receivable FR793096005 1.4 152.8 -108.0 81.6 96.9 518.7 -31.6 17.6
Line 99 Liabilities FR794194005 4559.3 -2840.5 6610.1 3750.1 7307.8 -9022.9 6030.8 7050.5
Line 100 Corporate equity issues FR793164105 1263.4 -980.1 1811.3 478.1 3006.8 -2314.4 1635.0 2906.0
Line 101 Mutual fund shares FR653164205 1966.1 -1164.4 2782.5 2133.6 2428.5 -4077.3 2577.1 2253.8
Line 102 Hedge fund shares FR623164703 160.1 -29.5 202.7 156.4 180.3 -89.9 180.9 200.3
Line 103 Private debt fund shares FR443164500 1.8 -8.0 6.3 3.8 14.8 -26.4 11.2 0.1
Line 104 Foreign direct investment in the U.S.: equity FR793192105 123.5 -119.6 265.8 -204.2 234.5 -253.9 91.6 163.4
Line 105 Equity in noncorporate business FR662090003 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Line 106 Equity investment by parent FR793194605 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Line 107 Insurance, pension and standardized guarantee schemes FR583152005 1072.6 -532.6 1603.1 1273.9 1520.5 -2243.3 1647.0 1578.3
Line 108 Other accounts payable FR793196005 -28.3 -6.1 -61.6 -91.4 -77.6 -17.7 -112.1 -51.5
Line 109 Changes in net worth due to nominal holding gains/losses FR792090095 -616.1 261.9 -249.0 968.2 -2459.4 -1753.6 44.2 -1878.5
 
Changes in balance sheet account
Line 110 Change in net worth (lines 30+33+80+109) FC792090095 -494.0 393.8 -170.1 1045.7 -1924.8 -1489.9 390.0 -1622.6
 
Balance sheet account (end of period)
Line 111 Total assets FL792000095 105043.5 104026.5 114307.0 128676.4 142142.9 131903.2 141725.5 150466.8
Line 112 Nonfinancial assets(5) LM795013865 1756.7 1845.5 1936.8 1984.4 2233.0 2512.8 2558.0 2648.6
Line 113 Structures (nonresidential) LM795013665 945.4 992.2 1033.2 1051.6 1225.2 1446.1 1445.3 1468.9
Line 114 Equipment LM795013265 609.4 635.4 658.7 661.9 709.3 731.3 738.9 759.1
Line 115 Intellectual property products LM795013765 201.9 217.9 244.8 270.9 298.5 335.4 373.7 420.6
Line 116 Financial assets FL794090005 103286.8 102181.0 112370.2 126692.0 139909.9 129390.3 139167.6 147818.2
Line 117 Currency and deposits FL794000005 4652.8 4103.0 4258.7 6055.5 6639.5 5747.1 6435.8 5973.2
Line 118 Debt securities FL794022005 24631.0 24672.5 27237.9 34167.8 36298.6 31478.1 33272.3 34781.2
Line 119 Open market paper FL793069175 506.5 491.0 465.5 387.6 429.0 534.4 621.4 592.4
Line 120 Treasury securities FL793061105 6678.2 7050.7 7874.8 12457.0 13465.5 11290.3 12261.2 13184.2
Line 121 Agency- and GSE-backed securities(3) FL793061705 7193.0 7115.9 7537.7 8732.2 9100.3 8105.2 8346.6 8393.4
Line 122 Municipal securities FL793062005 1980.4 1906.5 2046.0 2210.7 2376.4 1986.7 1956.8 1943.7
Line 123 Corporate and foreign bonds FL793063005 8272.9 8108.4 9314.0 10380.2 10927.4 9561.5 10086.2 10667.6
Line 124 Loans FL794035005 27923.7 29423.7 30979.0 32071.3 35806.9 39281.5 40388.0 41985.6
Line 125 Short-term FL794041005 13578.5 14521.1 15505.3 15873.1 18133.3 20282.3 20771.2 21809.0
Line 126 Long-term FL793065005 14345.2 14902.5 15473.7 16198.2 17673.6 18999.2 19616.8 20176.6
Line 127 Equity and investment fund shares FL793081005 32152.1 29554.4 35469.3 39792.7 46103.2 37688.4 43562.3 49662.0
Line 128 Corporate equities LM793064105 20596.2 18608.3 23111.1 26355.2 31450.4 25377.3 29893.2 34974.1
Line 129 Money market fund shares FL793034005 814.3 837.6 988.5 1147.0 1351.9 1121.4 1175.9 1268.7
Line 130 Mutual fund shares LM793064205 6011.4 5498.7 6337.2 7069.4 7634.5 6023.9 6913.4 7560.9
Line 131 Hedge fund shares LM793064705 1175.7 1087.0 1125.9 1072.1 1106.4 970.9 959.8 1026.3
Line 132 Private debt fund shares LM793064505 133.5 148.9 166.3 186.3 242.8 284.1 344.0 381.3
Line 133 Equity in government-sponsored enterprises(3) FL793092405 37.7 38.5 34.5 27.4 25.1 44.0 44.7 42.9
Line 134 U.S. direct investment abroad: equity LM793092105 1119.5 924.4 1271.4 1444.0 1695.2 1265.8 1597.0 1703.2
Line 135 Stock in Federal Reserve Banks FL713164003 31.4 32.3 31.7 32.4 33.9 35.0 36.1 37.2
Line 136 Equity investment in subsidiaries FL793094605 2232.5 2378.7 2402.7 2458.9 2563.0 2565.9 2598.2 2667.4
Line 137 Insurance, pension and standardized guarantee schemes FL793052005 7924.1 8667.8 8228.4 7837.3 7575.0 7372.7 7201.1 6572.2
Line 138 Other accounts receivable FL793096005 6003.2 5759.6 6196.9 6767.5 7486.8 7822.6 8308.1 8844.0
Line 139 Total liabilities and net worth FL792100005 105043.5 104026.5 114307.0 128676.4 142142.9 131903.2 141725.5 150466.8
Line 140 Liabilities FL794194005 105284.3 103873.5 114324.1 127647.8 143039.0 134289.2 143721.6 154085.5
Line 141 Currency and deposits FL794100005 19440.1 19791.5 20753.1 27423.6 29136.2 28145.2 28868.0 29007.0
Line 142 Debt securities FL794122005 13016.9 13241.9 13704.2 14609.0 15661.5 16921.0 17405.8 17999.7
Line 143 Agency- and GSE-backed securities(3) FL423161705 8842.7 9089.6 9408.3 10066.5 10679.4 11658.8 11955.8 12254.1
Line 144 Corporate bonds FL793163005 3661.3 3673.5 3743.3 3967.0 4490.4 4588.0 4768.2 5034.4
Line 145 Commercial paper FL793169175 512.9 478.8 552.6 575.6 491.8 674.3 681.8 711.2
Line 146 Loans (short-term) FL794141005 5065.3 5086.7 5314.2 5137.8 7258.9 8364.9 7419.3 7188.4
Line 147 Equity and investment fund shares FL793181005 32975.6 31096.5 37265.3 40914.4 48385.0 41325.1 47169.9 54621.9
Line 148 Money market fund shares FL634090005 3120.5 3289.7 4002.5 4765.9 5205.5 5223.1 6357.6 7243.2
Line 149 Corporate equity issues LM793164105 9005.3 8205.9 10179.3 11131.4 15053.9 13290.6 15434.6 19417.2
Line 150 Mutual fund shares LM653164205 15899.0 14669.8 17659.5 19562.6 22208.8 17333.4 19599.7 21684.7
Line 151 Hedge fund shares LM623164703 1457.5 1341.8 1449.5 1445.7 1580.3 1359.1 1408.2 1546.1
Line 152 Private debt fund shares LM443164500 172.3 195.0 223.4 247.2 312.1 359.7 452.2 505.2
Line 153 Equity in government-sponsored enterprises(3) FL403192405 51.1 52.2 48.6 41.8 40.9 60.8 64.9 64.1
Line 154 Foreign direct investment in the U.S.: equity LM793192105 937.2 852.7 1184.7 1024.3 1259.4 972.3 1087.2 1312.7
Line 155 Equity in noncorporate business LM662090003 68.7 78.2 83.5 90.3 106.1 109.8 123.8 140.6
Line 156 Equity investment by parent FL793194605 2232.5 2378.7 2402.7 2458.9 2563.0 2565.9 2598.2 2667.4
Line 157 Equity in Federal Reserve Banks FL713164005 31.4 32.3 31.7 33.9 33.9 35.0 36.1 37.2
Line 158 Equity investment in Federal Reserve facilities FL503194205 0.0 0.0 0.0 112.5 21.3 15.4 7.4 3.5
Line 159 Insurance, pension and standardized guarantee schemes FL583152005 30517.1 30519.7 32942.4 34923.9 37074.9 33872.0 36414.6 38659.3
Line 160 Other accounts payable FL793196005 4269.3 4137.2 4344.9 4639.0 5522.4 5660.9 6444.1 6609.3
Line 161 Net worth FL792090095 -240.8 153.0 -17.1 1028.7 -896.1 -2386.0 -1996.1 -3618.7

Notes:

  1. Financial business includes depository institutions, insurance companies, pension funds, the central bank, 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.
  2. 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.
  3. 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 2004:Q4.
  4. 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 transactions, and other statistical differences between the capital and financial accounts.
  5. Excludes land. Includes corporate and noncorporate financial business.
Last Update: September 11, 2026