Financial Accounts of the United States - Z.1
S13M.i.q State and local governments 🕮 PDF
| Line | Description | Series | 2024:Q3 | 2024:Q4 | 2025:Q1 | 2025:Q2 | 2025:Q3 | 2025:Q4 | 2026:Q1 | 2026:Q2 |
|---|---|---|---|---|---|---|---|---|---|---|
| Current account | ||||||||||
| Line 1 | Gross value added | FA216902505 | 2283.8 | 2312.9 | 2339.2 | 2364.2 | 2387.2 | 2408.0 | 2429.6 | 2454.2 |
| Line 2 | Less: Consumption of fixed capital | FA216300001 | 413.0 | 417.3 | 422.4 | 427.9 | 434.6 | 441.8 | 446.2 | 455.5 |
| Line 3 | Equals: Net value added | FA216902605 | 1870.9 | 1895.6 | 1916.8 | 1936.3 | 1952.6 | 1966.2 | 1983.4 | 1998.6 |
| Line 4 | Compensation of employees (paid) | FA216025001 | 1916.3 | 1942.3 | 1964.1 | 1987.0 | 2004.8 | 2021.2 | 2040.7 | 2058.4 |
| Line 5 | Operating surplus, net | FA216402101 | -45.4 | -46.7 | -47.3 | -50.8 | -52.2 | -54.9 | -57.3 | -59.8 |
| Line 6 | Net national income/Balance of primary incomes, net | FA216140005 | 1577.1 | 1600.4 | 1620.8 | 1637.1 | 1664.2 | 1693.9 | 1725.6 | 1761.2 |
| Line 7 | Operating surplus, net | FA216402101 | -45.4 | -46.7 | -47.3 | -50.8 | -52.2 | -54.9 | -57.3 | -59.8 |
| Line 8 | Taxes on production and imports, receivable | FA216240001 | 1776.8 | 1798.1 | 1815.8 | 1832.5 | 1855.4 | 1880.8 | 1907.2 | 1943.1 |
| Line 9 | Subsidies (paid) | FA216402015 | -0.7 | -0.7 | -0.7 | -0.7 | -0.7 | -0.7 | -0.7 | -0.7 |
| Line 10 | Property income received, net | FA216150175 | -153.5 | -150.2 | -146.9 | -143.9 | -138.3 | -131.2 | -123.6 | -121.4 |
| Line 11 | Net national income/Balance of primary incomes, net | FA216140005 | 1577.1 | 1600.4 | 1620.8 | 1637.1 | 1664.2 | 1693.9 | 1725.6 | 1761.2 |
| Line 12 | Plus: Current taxes on income, wealth, etc. (received) | FA216220005 | 765.8 | 784.4 | 800.1 | 812.0 | 805.4 | 843.9 | 851.1 | 887.7 |
| Line 13 | Plus: Social benefits (received) | FA216601001 | 27.6 | 28.3 | 28.6 | 29.0 | 29.5 | 30.2 | 31.1 | 31.7 |
| Line 14 | Less: Social contributions (paid) | FA216404001 | 1156.9 | 1165.0 | 1158.5 | 1195.0 | 1249.6 | 1256.1 | 1264.2 | 1297.9 |
| Line 15 | Plus: Other current transfers (received) | FA216403105 | 1170.9 | 1170.4 | 1147.5 | 1172.7 | 1200.1 | 1190.7 | 1198.4 | 1239.3 |
| Line 16 | Less: Other current transfers (paid) | FA216403001 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Line 17 | Equals: Disposable income, net | FA216012005 | 2384.6 | 2418.5 | 2438.4 | 2455.8 | 2449.6 | 2502.6 | 2542.0 | 2622.0 |
| Line 18 | Less: Final consumption expenditures | FA216901001 | 2565.0 | 2585.6 | 2623.0 | 2644.3 | 2691.8 | 2718.1 | 2762.3 | 2876.0 |
| Line 19 | Equals: Net saving | FA216006095 | -180.4 | -167.2 | -184.6 | -188.6 | -242.2 | -215.5 | -220.3 | -253.9 |
| Capital account | ||||||||||
| Line 20 | Net saving less capital transfers | FA216006395 | -71.4 | 27.0 | -63.2 | -75.2 | -126.5 | -73.4 | -100.9 | -129.4 |
| Line 21 | Net saving | FA216006095 | -180.4 | -167.2 | -184.6 | -188.6 | -242.2 | -215.5 | -220.3 | -253.9 |
| Line 22 | Less: Capital transfers paid (net) | FA215440005 | -109.0 | -194.1 | -121.3 | -113.4 | -115.7 | -142.0 | -119.4 | -124.5 |
| Line 23 | Capital formation, net | FA215050905 | 212.2 | 219.3 | 222.2 | 230.6 | 231.1 | 235.0 | 245.3 | 247.6 |
| Gross fixed capital formation (acquisition of | ||||||||||
| Line 24 | produced nonfinancial assets) | FA215019001 | 604.0 | 615.1 | 622.8 | 636.2 | 642.9 | 653.6 | 667.7 | 679.2 |
| Line 25 | Less: Consumption of fixed capital | FA216300001 | 413.0 | 417.3 | 422.4 | 427.9 | 434.6 | 441.8 | 446.2 | 455.5 |
| Line 26 | Acquisition of nonproduced nonfinancial assets | FA215420003 | 21.1 | 21.5 | 21.9 | 22.3 | 22.7 | 23.2 | 23.8 | 24.0 |
| Line 27 | Net lending (+) or borrowing (-), capital account (lines 20-23) | FA215000995 | -283.6 | -192.3 | -285.4 | -305.8 | -357.5 | -308.5 | -346.2 | -377.0 |
| Financial account | ||||||||||
| Line 28 | Net lending (+) or borrowing (-) (line 27) | FA215000995 | -283.6 | -192.3 | -285.4 | -305.8 | -357.5 | -308.5 | -346.2 | -377.0 |
| Line 29 | Net acquisition of financial assets | FA214090005 | 201.9 | 0.2 | 110.6 | 334.8 | 132.7 | -45.0 | 211.3 | 289.8 |
| Line 30 | Currency and deposits | FA214000005 | -11.9 | 39.3 | 40.9 | -9.1 | -38.6 | 89.0 | 6.2 | 6.8 |
| Line 31 | Currency and transferable deposits | FA213020005 | 10.8 | 59.1 | 30.5 | -4.2 | 8.9 | 128.1 | -34.3 | 38.8 |
| Line 32 | Time and savings deposits | FA213030000 | -22.7 | -19.9 | 10.4 | -4.9 | -47.5 | -39.1 | 40.6 | -32.0 |
| Line 33 | Debt securities | FA214022005 | 67.7 | 73.1 | 4.6 | 290.4 | 133.8 | -78.9 | 108.6 | 307.4 |
| Line 34 | Open market paper | FA213069103 | 21.4 | -26.7 | 93.3 | 55.8 | -30.2 | 10.5 | 56.8 | 24.5 |
| Line 35 | Treasury securities | FA213061103 | 13.9 | 90.8 | -84.5 | 160.2 | 110.1 | -58.6 | 26.8 | 220.2 |
| Line 36 | Agency- and GSE-backed securities(2) | FA213061703 | 28.8 | -9.0 | -4.5 | 42.9 | 39.0 | -20.3 | 7.1 | 62.4 |
| Line 37 | Municipal securities | FA213062003 | 4.8 | -1.2 | 4.4 | 7.1 | 0.8 | -3.2 | 1.7 | -2.1 |
| Line 38 | Corporate and foreign bonds | FA213063003 | -1.3 | 19.3 | -4.1 | 24.4 | 14.0 | -7.2 | 16.1 | 2.4 |
| Line 39 | Loans | FA214035005 | 92.1 | -102.1 | -18.5 | 89.0 | 28.2 | -53.1 | -0.1 | 82.2 |
| Line 40 | Short-term | FA214041005 | 86.7 | -107.5 | -32.7 | 74.6 | 13.6 | -67.9 | -0.2 | 82.1 |
| Line 41 | Long-term (mortgages) | FA213065005 | 5.4 | 5.4 | 14.2 | 14.4 | 14.6 | 14.8 | 0.1 | 0.1 |
| Line 42 | Equity and investment fund shares | FA213081005 | -6.3 | -0.6 | 64.9 | -48.8 | -11.1 | -42.3 | 52.2 | -101.7 |
| Line 43 | Corporate equities | FA213064103 | -6.2 | -27.5 | 35.2 | -45.0 | -30.5 | -17.6 | 24.5 | -88.2 |
| Line 44 | Money market fund shares | FA213034003 | 14.2 | 19.2 | -4.5 | -8.3 | 2.2 | 6.6 | 1.2 | 5.2 |
| Line 45 | Mutual fund shares | FA213064203 | -1.5 | -2.8 | 7.6 | -13.6 | -7.0 | -6.1 | 5.9 | -28.5 |
| Line 46 | Hedge fund shares | FA213064703 | -15.6 | 3.3 | 19.9 | 14.2 | 28.7 | -29.4 | 21.2 | 5.6 |
| Line 47 | Private debt fund shares | FA213064500 | 2.8 | 7.3 | 6.6 | 4.0 | -4.5 | 4.4 | -0.5 | 4.2 |
| Line 48 | Other accounts receivable | FA213096005 | 60.4 | -9.5 | 18.7 | 13.4 | 20.4 | 40.2 | 44.4 | -5.0 |
| Line 49 | Trade receivables | FA213070003 | 19.9 | 12.4 | 37.1 | 28.5 | 32.5 | 21.0 | 53.0 | 19.9 |
| Line 50 | Taxes receivable | FA213078005 | 11.6 | 15.3 | 4.8 | 8.5 | 17.5 | 22.3 | 13.9 | 6.2 |
| Line 51 | Other (miscellaneous assets) | FA213093005 | 28.9 | -37.2 | -23.2 | -23.6 | -29.5 | -3.1 | -22.5 | -31.0 |
| Line 52 | Net incurrence of liabilities | FA214190005 | 478.2 | 310.9 | 490.4 | 638.2 | 547.9 | 363.9 | 576.5 | 695.3 |
| Line 53 | Debt securities (municipals) | FA213162005 | 139.2 | -44.3 | 144.7 | 284.0 | 192.1 | 9.1 | 226.5 | 347.2 |
| Line 54 | short-term | FA213162400 | 24.9 | -4.4 | -7.9 | 5.6 | 24.9 | -6.8 | 0.9 | 15.4 |
| Line 55 | Other | FA213162200 | 114.3 | -39.8 | 152.6 | 278.4 | 167.1 | 15.9 | 225.7 | 331.8 |
| Line 56 | Loans (short-term) | FA214141005 | -7.0 | 8.7 | -2.0 | 6.1 | 6.2 | 4.1 | -2.7 | -8.9 |
| Line 57 | Insurance, pension and standardized guarantee schemes | FA223073045 | 272.7 | 272.7 | 272.7 | 272.6 | 272.6 | 272.6 | 272.6 | 272.5 |
| Line 58 | Other accounts payable (trade payables) | FA213170003 | 73.3 | 73.8 | 75.0 | 75.5 | 77.0 | 78.1 | 80.1 | 84.5 |
| Addendum: | ||||||||||
| Line 59 | Net lending (+) or borrowing (-), financial account (lines 29-52) | FA215000005 | -276.3 | -310.7 | -379.8 | -303.4 | -415.2 | -408.9 | -365.2 | -405.6 |
| Other changes in volume account | ||||||||||
| Line 60 | Total other volume changes | FV218090185 | -12.6 | -59.1 | -73.0 | 1.0 | -23.2 | -21.5 | -75.4 | -4.3 |
| Line 61 | Disaster losses | FV212010095 | -2.0 | -3.0 | -11.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Line 62 | Other volume changes | FV218090085 | -23.8 | -32.5 | -7.4 | -10.8 | -16.4 | -8.7 | -38.6 | -7.1 |
| Line 63 | Less: Statistical discrepancy(3) | FU217005045 | -13.2 | 23.6 | 54.7 | -11.8 | 6.8 | 12.8 | 36.8 | -2.7 |
| Revaluation account | ||||||||||
| Line 64 | Nonfinancial assets | FR212010095 | 105.5 | 85.2 | 193.2 | 125.4 | 90.2 | 209.7 | 250.7 | 281.0 |
| Line 65 | Structures | FR215015605 | 100.9 | 80.2 | 194.9 | 122.1 | 83.9 | 204.6 | 241.9 | 256.4 |
| Line 66 | Equipment | FR215013265 | 2.2 | 3.2 | -0.1 | 3.2 | 3.9 | 2.7 | 10.2 | 23.1 |
| Line 67 | Intellectual property products | FR215013765 | 2.4 | 1.7 | -1.7 | 0.2 | 2.5 | 2.4 | -1.4 | 1.4 |
| Line 68 | Financial assets | FR214090005 | 110.1 | -77.1 | 39.7 | 34.1 | 45.0 | 9.8 | -25.0 | 49.5 |
| Line 69 | Debt securities | FR214022005 | 94.2 | -81.7 | 47.0 | 7.0 | 23.3 | 0.5 | -17.2 | -7.3 |
| Line 70 | Equity and investment fund shares | FR213081005 | 15.9 | 4.6 | -7.3 | 27.2 | 21.7 | 9.3 | -7.9 | 46.0 |
| Line 71 | Liabilities (claim of pension funds on sponsor) | FR223073045 | -240.1 | 42.5 | 66.1 | -377.6 | -265.1 | -182.4 | 149.7 | -487.0 |
| Line 72 | Changes in net worth due to nominal holding gains/losses | FR212090095 | 455.7 | -34.4 | 166.7 | 537.2 | 400.3 | 402.0 | 76.0 | 817.5 |
| Changes in balance sheet account | ||||||||||
| Line 73 | Change in net worth(4) | FC212090095 | 438.5 | -95.3 | 81.3 | 514.0 | 361.9 | 347.6 | -22.4 | 776.1 |
| Balance sheet account (end of period) | ||||||||||
| Line 74 | Total assets | FL212000095 | 21480.0 | 21553.6 | 21813.1 | 22095.2 | 22333.7 | 22616.6 | 22906.3 | 23350.5 |
| Line 75 | Nonfinancial assets(5) | LM212010095 | 16438.3 | 16561.9 | 16766.9 | 16946.5 | 17106.4 | 17363.1 | 17639.0 | 17976.9 |
| Line 76 | Structures | LM215015605 | 15899.6 | 16019.8 | 16227.4 | 16403.4 | 16555.9 | 16805.6 | 17068.9 | 17378.0 |
| Line 77 | Equipment | LM215013265 | 324.7 | 324.0 | 320.3 | 320.8 | 322.7 | 324.1 | 334.7 | 358.5 |
| Line 78 | Intellectual property products | LM215013765 | 214.0 | 218.2 | 219.2 | 222.3 | 227.8 | 233.4 | 235.4 | 240.4 |
| Line 79 | Financial assets | FL214090005 | 5041.7 | 4991.6 | 5046.1 | 5148.7 | 5227.3 | 5253.4 | 5267.3 | 5373.5 |
| Line 80 | Currency and deposits | FL214000005 | 735.6 | 764.7 | 762.3 | 753.5 | 743.3 | 785.3 | 773.0 | 768.6 |
| Line 81 | Currency and transferable deposits | FL213020005 | 367.2 | 390.7 | 397.1 | 392.1 | 390.4 | 431.5 | 421.7 | 427.2 |
| Line 82 | Time and savings deposits | FL213030000 | 368.5 | 374.1 | 365.1 | 361.4 | 352.9 | 353.8 | 351.4 | 341.4 |
| Line 83 | Debt securities | FL214022005 | 2634.4 | 2571.1 | 2619.2 | 2698.7 | 2755.5 | 2736.3 | 2746.3 | 2815.9 |
| Line 84 | Open market paper | FL213069103 | 269.5 | 262.8 | 286.1 | 300.1 | 292.5 | 295.1 | 309.3 | 315.4 |
| Line 85 | Treasury securities | FL213061103 | 1551.5 | 1514.3 | 1530.6 | 1573.6 | 1615.8 | 1601.5 | 1598.7 | 1647.6 |
| Line 86 | Agency- and GSE-backed securities(2) | FL213061703 | 449.5 | 438.7 | 443.4 | 455.9 | 468.1 | 463.9 | 463.1 | 475.7 |
| Line 87 | Municipal securities | FL213062003 | 48.4 | 47.3 | 47.8 | 49.1 | 50.4 | 50.0 | 49.9 | 50.2 |
| Line 88 | Corporate and foreign bonds | FL213063003 | 315.6 | 308.0 | 311.3 | 320.1 | 328.7 | 325.8 | 325.2 | 327.0 |
| Line 89 | Loans | FL214035005 | 576.6 | 560.0 | 553.8 | 566.1 | 575.3 | 571.3 | 569.6 | 579.2 |
| Line 90 | Short-term | FL214041005 | 344.3 | 326.3 | 316.6 | 325.3 | 331.0 | 323.2 | 321.5 | 331.1 |
| Line 91 | Long-term (mortgages) | FL213065005 | 232.3 | 233.7 | 237.2 | 240.8 | 244.4 | 248.1 | 248.1 | 248.1 |
| Line 92 | Equity and investment fund shares | FL213081005 | 422.2 | 428.0 | 436.5 | 450.5 | 469.3 | 469.5 | 474.3 | 493.7 |
| Line 93 | Corporate equities | LM213064103 | 144.2 | 140.8 | 142.3 | 146.3 | 150.2 | 148.9 | 148.6 | 149.4 |
| Line 94 | Money market fund shares | FL213034003 | 77.1 | 81.9 | 80.8 | 78.7 | 79.3 | 80.9 | 81.2 | 82.5 |
| Line 95 | Mutual fund shares | LM213064203 | 69.2 | 67.6 | 68.3 | 70.2 | 72.1 | 71.5 | 71.3 | 71.7 |
| Line 96 | Hedge fund shares | LM213064703 | 108.1 | 111.3 | 117.3 | 127.3 | 140.9 | 138.9 | 144.7 | 161.7 |
| Line 97 | Private debt fund shares | LM213064500 | 23.5 | 26.5 | 27.9 | 28.0 | 26.9 | 29.4 | 28.4 | 28.3 |
| Line 98 | Other accounts receivable | FL213096005 | 672.9 | 667.8 | 674.3 | 679.9 | 683.9 | 691.0 | 704.1 | 716.1 |
| Line 99 | Trade receivables | FL213070003 | 329.2 | 332.3 | 341.6 | 348.7 | 356.8 | 362.1 | 375.3 | 380.3 |
| Line 100 | Taxes receivable | FL213078005 | 286.0 | 288.5 | 291.2 | 294.5 | 297.6 | 301.8 | 306.9 | 309.8 |
| Line 101 | Other (miscellaneous assets) | FL213093005 | 57.7 | 47.0 | 41.6 | 36.7 | 29.4 | 27.2 | 21.9 | 26.1 |
| Line 102 | Total liabilities and net worth | FL212100005 | 21480.0 | 21553.6 | 21813.1 | 22095.2 | 22333.7 | 22616.6 | 22906.3 | 23350.5 |
| Line 103 | Liabilities | FL214190005 | 7726.8 | 7895.7 | 8073.9 | 7842.0 | 7718.7 | 7653.9 | 7966.0 | 7634.1 |
| Line 104 | Debt securities (municipals) | FL213162005 | 3355.9 | 3369.6 | 3396.6 | 3451.9 | 3497.4 | 3527.0 | 3572.8 | 3641.9 |
| Line 105 | Short-term | FL213162400 | 32.4 | 34.6 | 32.1 | 31.8 | 36.5 | 38.6 | 38.2 | 40.9 |
| Line 106 | Other | FL213162200 | 3323.5 | 3334.9 | 3364.5 | 3420.1 | 3460.9 | 3488.4 | 3534.6 | 3601.0 |
| Line 107 | Loans (short-term) | FL214141005 | 145.8 | 147.9 | 147.4 | 149.0 | 150.5 | 151.6 | 150.9 | 148.6 |
| Line 108 | Insurance, pension and standardized guarantee schemes | FL223073045 | 2871.3 | 3005.9 | 3138.8 | 2831.2 | 2641.5 | 2526.6 | 2773.6 | 2353.7 |
| (claim of pension funds on sponsor) | ||||||||||
| Line 109 | Other accounts payable (trade payables) | FL213170003 | 1353.9 | 1372.3 | 1391.1 | 1409.9 | 1429.2 | 1448.7 | 1468.8 | 1489.9 |
| Line 110 | Net worth | FL212090095 | 13753.2 | 13657.9 | 13739.2 | 14253.2 | 14615.1 | 14962.7 | 14940.3 | 15716.4 |
Notes:
- The state and local government sector excludes state and local government employee pension funds.
- 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.
- 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 and reflects differences in source data, timing of recorded transactions, and other statistical differences. The statistical discrepancy shown here is calculated based on non-seasonally adjusted quarterly rate measures of net lending or net borrowing and therefore cannot be calculated from the capital account and financial account measures, which are both presented at seasonally adjusted annual rates.
- The change in net worth is equal to the sum of the non-seasonally adjusted quarterly rate measure of net lending or borrowing from the capital account (not presented, see footnote 3), total other volume changes, and changes in net worth due to nominal holding gains or losses.
- Excludes land and nonproduced nonfinancial assets.
Last Update: September 11, 2026