Financial Accounts of the United States - Z.1
S13M.i.q State and local governments 🕮 PDF
| Line | Description | Series | 2024:Q2 | 2024:Q3 | 2024:Q4 | 2025:Q1 | 2025:Q2 | 2025:Q3 | 2025:Q4 | 2026:Q1 |
|---|---|---|---|---|---|---|---|---|---|---|
| Current account | ||||||||||
| Line 1 | Gross value added | FA216902505 | 2257.3 | 2283.8 | 2312.9 | 2339.2 | 2364.2 | 2387.2 | 2408.0 | 2429.2 |
| Line 2 | Less: Consumption of fixed capital | FA216300001 | 407.8 | 413.0 | 417.3 | 422.4 | 427.9 | 434.6 | 441.8 | 446.1 |
| Line 3 | Equals: Net value added | FA216902605 | 1849.5 | 1870.9 | 1895.6 | 1916.8 | 1936.3 | 1952.6 | 1966.2 | 1983.1 |
| Line 4 | Compensation of employees (paid) | FA216025001 | 1894.6 | 1916.3 | 1942.3 | 1964.1 | 1987.0 | 2004.8 | 2021.2 | 2040.4 |
| Line 5 | Operating surplus, net | FA216402101 | -45.1 | -45.4 | -46.7 | -47.3 | -50.8 | -52.2 | -54.9 | -57.3 |
| Line 6 | Net national income/Balance of primary incomes, net | FA216140005 | 1560.9 | 1577.1 | 1600.4 | 1620.8 | 1637.1 | 1664.2 | 1693.9 | 1725.5 |
| Line 7 | Operating surplus, net | FA216402101 | -45.1 | -45.4 | -46.7 | -47.3 | -50.8 | -52.2 | -54.9 | -57.3 |
| Line 8 | Taxes on production and imports, receivable | FA216240001 | 1763.2 | 1776.8 | 1798.1 | 1815.8 | 1832.5 | 1855.4 | 1880.8 | 1906.6 |
| 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 | -156.5 | -153.5 | -150.2 | -146.9 | -143.9 | -138.3 | -131.2 | -123.1 |
| Line 11 | Net national income/Balance of primary incomes, net | FA216140005 | 1560.9 | 1577.1 | 1600.4 | 1620.8 | 1637.1 | 1664.2 | 1693.9 | 1725.5 |
| Line 12 | Plus: Current taxes on income, wealth, etc. (received) | FA216220005 | 744.4 | 765.8 | 784.4 | 800.1 | 812.0 | 805.4 | 843.9 | 851.0 |
| Line 13 | Plus: Social benefits (received) | FA216601001 | 26.6 | 27.6 | 28.3 | 28.6 | 29.0 | 29.5 | 30.2 | 31.1 |
| Line 14 | Less: Social contributions (paid) | FA216404001 | 1133.9 | 1156.9 | 1165.0 | 1158.5 | 1195.0 | 1249.6 | 1256.1 | 1252.2 |
| Line 15 | Plus: Other current transfers (received) | FA216403105 | 1131.0 | 1170.9 | 1170.4 | 1147.5 | 1172.7 | 1200.1 | 1190.7 | 1197.9 |
| 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 | 2329.0 | 2384.6 | 2418.5 | 2438.4 | 2455.8 | 2449.6 | 2502.6 | 2553.3 |
| Line 18 | Less: Final consumption expenditures | FA216901001 | 2537.1 | 2565.0 | 2585.6 | 2623.0 | 2644.3 | 2691.8 | 2718.1 | 2764.1 |
| Line 19 | Equals: Net saving | FA216006095 | -208.1 | -180.4 | -167.2 | -184.6 | -188.6 | -242.2 | -215.5 | -210.7 |
| Capital account | ||||||||||
| Line 20 | Net saving less capital transfers | FA216006395 | -102.4 | -71.4 | 27.0 | -63.2 | -75.2 | -126.5 | -73.4 | -91.3 |
| Line 21 | Net saving | FA216006095 | -208.1 | -180.4 | -167.2 | -184.6 | -188.6 | -242.2 | -215.5 | -210.7 |
| Line 22 | Less: Capital transfers paid (net) | FA215440005 | -105.7 | -109.0 | -194.1 | -121.3 | -113.4 | -115.7 | -142.0 | -119.4 |
| Line 23 | Capital formation, net | FA215050905 | 203.5 | 212.2 | 219.3 | 222.2 | 230.6 | 231.1 | 235.0 | 242.9 |
| Gross fixed capital formation (acquisition of | ||||||||||
| Line 24 | produced nonfinancial assets) | FA215019001 | 590.5 | 604.0 | 615.1 | 622.8 | 636.2 | 642.9 | 653.6 | 665.2 |
| Line 25 | Less: Consumption of fixed capital | FA216300001 | 407.8 | 413.0 | 417.3 | 422.4 | 427.9 | 434.6 | 441.8 | 446.1 |
| Line 26 | Acquisition of nonproduced nonfinancial assets | FA215420003 | 20.7 | 21.1 | 21.5 | 21.9 | 22.3 | 22.7 | 23.2 | 23.8 |
| Line 27 | Net lending (+) or borrowing (-), capital account (lines 20-23) | FA215000995 | -305.9 | -283.6 | -192.3 | -285.4 | -305.8 | -357.5 | -308.5 | -334.2 |
| Financial account | ||||||||||
| Line 28 | Net lending (+) or borrowing (-) (line 27) | FA215000995 | -305.9 | -283.6 | -192.3 | -285.4 | -305.8 | -357.5 | -308.5 | -334.2 |
| Line 29 | Net acquisition of financial assets | FA214090005 | 269.1 | 206.9 | 10.2 | 131.0 | 357.7 | 144.2 | -27.3 | 225.2 |
| Line 30 | Currency and deposits | FA214000005 | -24.1 | -11.9 | 39.3 | 40.9 | -9.1 | -38.6 | 89.0 | 6.1 |
| Line 31 | Currency and transferable deposits | FA213020005 | -28.6 | 10.8 | 59.1 | 30.5 | -4.2 | 8.9 | 128.1 | -34.4 |
| Line 32 | Time and savings deposits | FA213030000 | 4.5 | -22.7 | -19.9 | 10.4 | -4.9 | -47.5 | -39.1 | 40.5 |
| Line 33 | Debt securities | FA214022005 | 169.9 | 57.6 | 71.7 | 19.3 | 286.8 | 121.8 | -82.1 | 123.3 |
| Line 34 | Open market paper | FA213069103 | -14.0 | 21.4 | -20.3 | 92.9 | 55.8 | -30.2 | 10.0 | 56.8 |
| Line 35 | Treasury securities | FA213061103 | 120.8 | 7.7 | 85.0 | -73.9 | 157.6 | 102.2 | -60.3 | 36.6 |
| Line 36 | Agency- and GSE-backed securities(2) | FA213061703 | 27.0 | 26.4 | -9.8 | -2.0 | 42.3 | 36.6 | -20.7 | 10.0 |
| Line 37 | Municipal securities | FA213062003 | 4.0 | 4.5 | -1.3 | 4.6 | 6.9 | 0.6 | -3.3 | 2.0 |
| Line 38 | Corporate and foreign bonds | FA213063003 | 32.2 | -2.4 | 18.1 | -2.3 | 24.1 | 12.6 | -7.7 | 17.9 |
| Line 39 | Loans | FA214035005 | 84.4 | 90.2 | -102.1 | -17.5 | 88.6 | 26.8 | -53.4 | 1.4 |
| Line 40 | Short-term | FA214041005 | 79.1 | 84.8 | -107.5 | -31.7 | 74.2 | 12.2 | -68.2 | 1.4 |
| Line 41 | Long-term (mortgages) | FA213065005 | 5.3 | 5.4 | 5.4 | 14.2 | 14.4 | 14.6 | 14.8 | 0.0 |
| Line 42 | Equity and investment fund shares | FA213081005 | 0.3 | 5.9 | -10.8 | 38.4 | -65.3 | -35.1 | -17.0 | 32.2 |
| Line 43 | Corporate equities | FA213064103 | -5.5 | -6.6 | -27.1 | 35.1 | -43.8 | -30.2 | -17.5 | 24.8 |
| Line 44 | Money market fund shares | FA213034003 | 4.1 | 14.2 | 19.2 | -4.5 | -8.3 | 2.2 | 6.6 | 1.2 |
| Line 45 | Mutual fund shares | FA213064203 | 1.7 | -1.8 | -2.8 | 7.8 | -13.2 | -7.1 | -6.1 | 6.2 |
| Line 46 | Other accounts receivable | FA213096005 | 38.5 | 65.1 | 12.1 | 49.9 | 56.8 | 69.2 | 36.2 | 62.3 |
| Line 47 | Trade receivables | FA213070003 | 23.3 | 22.1 | 14.8 | 37.5 | 29.0 | 33.2 | 21.6 | 53.0 |
| Line 48 | Taxes receivable | FA213078005 | 2.4 | 10.6 | 15.4 | 3.6 | 7.1 | 16.6 | 21.8 | 9.3 |
| Line 49 | Other (miscellaneous assets) | FA213093003 | 12.8 | 32.3 | -18.1 | 8.8 | 20.7 | 19.5 | -7.2 | -0.0 |
| Line 50 | Net incurrence of liabilities | FA214190005 | 531.1 | 464.6 | 306.0 | 475.5 | 625.2 | 533.6 | 348.6 | 559.5 |
| Line 51 | Debt securities (municipals) | FA213162005 | 199.1 | 139.3 | -45.9 | 145.0 | 284.7 | 191.5 | 7.5 | 225.7 |
| Line 52 | short-term | FA213162400 | 4.8 | 24.9 | -4.4 | -7.9 | 5.6 | 24.8 | -6.8 | 0.9 |
| Line 53 | Other | FA213162200 | 194.3 | 114.4 | -41.5 | 153.0 | 279.1 | 166.8 | 14.3 | 224.8 |
| Line 54 | Loans (short-term) | FA214141005 | 0.7 | -7.0 | 8.7 | -2.0 | 6.1 | 6.2 | 4.1 | -5.2 |
| Line 55 | Insurance, pension and standardized guarantee schemes | FA223073045 | 259.0 | 258.9 | 269.4 | 257.5 | 258.9 | 258.9 | 258.9 | 259.0 |
| Line 56 | Other accounts payable (trade payables) | FA213170003 | 72.4 | 73.3 | 73.8 | 75.0 | 75.5 | 77.0 | 78.1 | 80.0 |
| Addendum: | ||||||||||
| Line 57 | Net lending (+) or borrowing (-), financial account (lines 29-50) | FA215000005 | -262.1 | -257.7 | -295.9 | -344.4 | -267.4 | -389.4 | -375.9 | -334.2 |
| Other changes in volume account | ||||||||||
| Line 58 | Total other volume changes | FV218090185 | -11.1 | -13.9 | -52.2 | -63.3 | 10.3 | -16.8 | -62.1 | -57.0 |
| Line 59 | Disaster losses | FV212010095 | 0.0 | -2.0 | -3.0 | -11.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Line 60 | Other volume changes | FV218090085 | -32.4 | -29.8 | -29.3 | -6.5 | -10.4 | -16.5 | -57.5 | -25.1 |
| Line 61 | Less: Statistical discrepancy(3) | FU217005045 | -21.2 | -17.9 | 19.8 | 45.8 | -20.8 | 0.3 | 4.6 | 31.9 |
| Revaluation account | ||||||||||
| Line 62 | Nonfinancial assets | FR212010095 | 42.4 | 105.5 | 85.2 | 193.2 | 125.4 | 90.2 | 209.7 | 249.3 |
| Line 63 | Structures | FR215015605 | 38.1 | 100.9 | 80.2 | 194.9 | 122.1 | 83.9 | 204.6 | 240.6 |
| Line 64 | Equipment | FR215013265 | 2.4 | 2.2 | 3.2 | -0.1 | 3.2 | 3.9 | 2.7 | 10.0 |
| Line 65 | Intellectual property products | FR215013765 | 1.9 | 2.4 | 1.7 | -1.7 | 0.2 | 2.5 | 2.4 | -1.4 |
| Line 66 | Financial assets | FR214090005 | -1.4 | 103.1 | -77.2 | 37.5 | 26.9 | 37.6 | 4.4 | -24.5 |
| Line 67 | Debt securities | FR214022005 | -6.0 | 91.9 | -79.6 | 45.8 | 6.8 | 22.8 | 0.5 | -16.7 |
| Line 68 | Equity and investment fund shares | FR213081005 | 4.5 | 11.2 | 2.4 | -8.3 | 20.1 | 14.8 | 3.9 | -7.8 |
| Line 69 | Liabilities (claim of pension funds on sponsor) | FR223073045 | -78.1 | -239.0 | 46.3 | 76.2 | -456.4 | -274.3 | -213.2 | 84.0 |
| Line 70 | Changes in net worth due to nominal holding gains/losses | FR212090095 | 119.0 | 447.6 | -38.3 | 154.4 | 608.7 | 402.0 | 427.3 | 140.8 |
| Changes in balance sheet account | ||||||||||
| Line 71 | Change in net worth(4) | FC212090095 | 76.7 | 429.1 | -92.3 | 78.8 | 594.9 | 370.0 | 332.4 | 63.2 |
| Balance sheet account (end of period) | ||||||||||
| Line 72 | Total assets | FL212000095 | 21081.3 | 21405.2 | 21481.2 | 21743.6 | 22024.2 | 22258.2 | 22540.0 | 22831.9 |
| Line 73 | Nonfinancial assets(5) | LM212010095 | 16268.6 | 16438.3 | 16561.9 | 16766.9 | 16946.5 | 17106.4 | 17363.1 | 17637.0 |
| Line 74 | Structures | LM215015605 | 15734.3 | 15899.6 | 16019.8 | 16227.4 | 16403.4 | 16555.9 | 16805.6 | 17067.2 |
| Line 75 | Equipment | LM215013265 | 325.3 | 324.7 | 324.0 | 320.3 | 320.8 | 322.7 | 324.1 | 334.5 |
| Line 76 | Intellectual property products | LM215013765 | 209.1 | 214.0 | 218.2 | 219.2 | 222.3 | 227.8 | 233.4 | 235.4 |
| Line 77 | Financial assets | FL214090005 | 4812.7 | 4966.9 | 4919.2 | 4976.7 | 5077.7 | 5151.8 | 5176.9 | 5194.8 |
| Line 78 | Currency and deposits | FL214000005 | 739.4 | 735.6 | 764.7 | 762.3 | 753.5 | 743.3 | 785.3 | 773.0 |
| Line 79 | Currency and transferable deposits | FL213020005 | 368.3 | 367.2 | 390.7 | 397.1 | 392.1 | 390.4 | 431.5 | 421.6 |
| Line 80 | Time and savings deposits | FL213030000 | 371.1 | 368.5 | 374.1 | 365.1 | 361.4 | 352.9 | 353.8 | 351.4 |
| Line 81 | Debt securities | FL214022005 | 2468.3 | 2574.6 | 2512.9 | 2563.5 | 2642.0 | 2695.2 | 2675.2 | 2689.4 |
| Line 82 | Open market paper | FL213069103 | 264.1 | 269.5 | 264.4 | 287.6 | 301.6 | 294.0 | 296.5 | 310.7 |
| Line 83 | Treasury securities | FL213061103 | 1446.0 | 1512.3 | 1475.1 | 1493.1 | 1535.4 | 1575.3 | 1560.5 | 1560.5 |
| Line 84 | Agency- and GSE-backed securities(2) | FL213061703 | 418.9 | 438.1 | 427.3 | 432.5 | 444.8 | 456.3 | 452.1 | 452.1 |
| Line 85 | Municipal securities | FL213062003 | 45.1 | 47.2 | 46.0 | 46.6 | 47.9 | 49.2 | 48.7 | 48.7 |
| Line 86 | Corporate and foreign bonds | FL213063003 | 294.1 | 307.6 | 300.1 | 303.7 | 312.3 | 320.4 | 317.4 | 317.4 |
| Line 87 | Loans | FL214035005 | 546.8 | 570.7 | 554.1 | 548.2 | 560.4 | 569.2 | 565.1 | 563.8 |
| Line 88 | Short-term | FL214041005 | 315.7 | 338.4 | 320.4 | 311.0 | 319.6 | 324.9 | 317.1 | 315.8 |
| Line 89 | Long-term (mortgages) | FL213065005 | 231.0 | 232.3 | 233.7 | 237.2 | 240.8 | 244.4 | 248.1 | 248.1 |
| Line 90 | Equity and investment fund shares | FL213081005 | 272.5 | 285.2 | 284.9 | 286.2 | 289.9 | 296.0 | 295.6 | 295.9 |
| Line 91 | Corporate equities | LM213064103 | 134.4 | 140.6 | 137.1 | 138.8 | 142.7 | 146.4 | 145.1 | 145.1 |
| Line 92 | Money market fund shares | FL213034003 | 73.6 | 77.1 | 81.9 | 80.8 | 78.7 | 79.3 | 80.9 | 81.2 |
| Line 93 | Mutual fund shares | LM213064203 | 64.5 | 67.5 | 65.8 | 66.6 | 68.5 | 70.3 | 69.6 | 69.6 |
| Line 94 | Other accounts receivable | FL213096005 | 785.7 | 800.8 | 802.6 | 816.5 | 831.9 | 848.0 | 855.6 | 872.7 |
| Line 95 | Trade receivables | FL213070003 | 325.3 | 330.8 | 334.5 | 343.9 | 351.2 | 359.4 | 364.8 | 378.1 |
| Line 96 | Taxes receivable | FL213078005 | 283.9 | 285.5 | 288.1 | 290.4 | 293.4 | 296.3 | 300.3 | 304.3 |
| Line 97 | Other (miscellaneous assets) | FL213093003 | 176.4 | 184.5 | 180.0 | 182.2 | 187.4 | 192.2 | 190.4 | 190.4 |
| Line 98 | Total liabilities and net worth | FL212100005 | 21081.3 | 21405.2 | 21481.2 | 21743.6 | 22024.2 | 22258.2 | 22540.0 | 22831.9 |
| Line 99 | Liabilities | FL214190005 | 7904.2 | 7799.0 | 7967.2 | 8150.9 | 7836.6 | 7700.6 | 7650.1 | 7878.8 |
| Line 100 | Debt securities (municipals) | FL213162005 | 3317.0 | 3348.2 | 3361.5 | 3388.6 | 3444.1 | 3489.5 | 3518.7 | 3564.3 |
| Line 101 | Short-term | FL213162400 | 26.9 | 32.4 | 34.6 | 32.1 | 31.8 | 36.5 | 38.5 | 38.2 |
| Line 102 | Other | FL213162200 | 3290.2 | 3315.8 | 3326.9 | 3356.5 | 3412.3 | 3453.0 | 3480.1 | 3526.1 |
| Line 103 | Loans (short-term) | FL214141005 | 147.5 | 145.8 | 147.9 | 147.4 | 149.0 | 150.5 | 151.6 | 150.2 |
| Line 104 | Insurance, pension and standardized guarantee schemes | FL223073045 | 3104.1 | 2951.1 | 3085.5 | 3223.8 | 2833.6 | 2631.4 | 2531.1 | 2695.5 |
| (claim of pension funds on sponsor) | ||||||||||
| Line 105 | Other accounts payable (trade payables) | FL213170003 | 1335.6 | 1353.9 | 1372.3 | 1391.1 | 1409.9 | 1429.2 | 1448.7 | 1468.7 |
| Line 106 | Net worth | FL212090095 | 13177.1 | 13606.2 | 13514.0 | 13592.7 | 14187.6 | 14557.6 | 14890.0 | 14953.1 |
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: June 11, 2026