The Fed - Financial Accounts of the United States - Z.1 - Table Descriptions

Data Tables - Integrated macroeconomic accounts for the united states

Integrated macroeconomic accounts for the united states

Title	Annual	Quarterly
Total economy - current account	S1.1.i.a	S1.1.i.q
Selected aggregates for total economy and sectors	S1.2.i.a	S1.2.i.q
Households and nonprofit institutions serving households	S1M.i.a	S1M.i.q
Nonfinancial corporate business	S11.1.i.a	S11.1.i.q
Nonfinancial noncorporate business	S11.2.i.a	S11.2.i.q
Federal government	S1311.i.a	S1311.i.q
State and local governments	S13M.i.a	S13M.i.q
Financial business	S12.i.a	S12.i.q
Central bank	S121.i.a
Private depository institutions	S122.i.a
Insurance companies	S128.i.a
Pension funds	S129.i.a
Other financial business	S12R.i.a
Rest of the world	S2.i.a	S2.i.q

S1.1.i.a/S1.1.i.q: Total economy - current account

This table was previously numbered S.1.a/S.1.q prior to the new numbering scheme implemented in the June 11, 2026, release of the Z.1, "Financial Accounts of the Unites States."

The integrated macroeconomic accounts present a series of accounts that relate production, income and saving, and capital formation from the national income and product accounts (NIPA) and financial transactions and asset revaluations from the financial accounts to changes in net worth calculated from the balance sheet (see table S1.2.i.a for more information). These accounts are based on international guidelines and terminology spelled out in the System of National Accounts 2008. For more detail on these accounts, see Charlotte Anne Bond, Teran Martin, Susan Hume McIntosh, and Charles Ian Mead (2007), "Integrated Macroeconomic Accounts for the United States," Bureau of Economic Analysis, Survey of Current Business, February, pp. 14-31, https://apps.bea.gov/scb/pdf/2007/02%20February/0207_macro_accts.pdf.

This table shows the current account for the total domestic economy, which is a summation of individual sector tables shown in the integrated macroeconomic accounts (tables S1M.i.a through S13M.i.a). All current account data are from the NIPA.

S1.2.i.a/S1.2.i.q: Selected aggregates for total economy and sectors

This table was previously numbered S.2.a/S.2.q prior to the new numbering scheme implemented in the June 11, 2026, release of the Z.1, "Financial Accounts of the Unites States."

The integrated macroeconomic accounts present a series of accounts that relate production, income and saving, and capital formation from the national income and product accounts (NIPA) and financial transactions and asset revaluations from the financial accounts to changes in net worth calculated from the balance sheet. These accounts are based on international guidelines and terminology spelled out in the System of National Accounts 2008. For more detail on these accounts, see Charlotte Anne Bond, Teran Martin, Susan Hume McIntosh, and Charles Ian Mead (2007), "Integrated Macroeconomic Accounts for the United States," Bureau of Economic Analysis, Survey of Current Business, February, pp. 14-31, https://apps.bea.gov/scb/pdf/2007/02%20February/0207_macro_accts.pdf. Also, see Marco Cagetti, Elizabeth Ball Holmquist, Lisa Lynn, Susan Hume McIntosh, and David Wasshausen (2012), "The Integrated Macroeconomic Accounts of the United States," FEDS working paper 2012-82, http://www.federalreserve.gov/pubs/feds/2012/201281/201281abs.html.

The sequence of accounts for each sector begins with an opening balance sheet, which records the value of assets, liabilities, and net worth. The balance sheet is followed by a sequence of current accounts that show the contribution made by the sector to gross domestic product, both in terms of the goods and services produced and in the cost incurred during production, and how net income generated from current production and received by the sector is used to finance consumption and savings.

The current account is followed by two accumulation accounts that separately derive a measure of the net lending (+) or net borrowing (-) position of the sector. The first, a capital account (NIPA-based) measure, derives net lending (+) or net borrowing (-) by subtracting fixed net capital formation from net saving that has been carried forward from the current account, less net capital transfers. The second, a financial account-based measure, derives net lending (+) or net borrowing (-) by subtracting the net incurrence in liabilities from the net acquisition of financial assets. In principle, these two measures of net lending (+) or net borrowing (-) should be the same. However, the values are never equal because of differences in source data, timing of recorded transactions, and other statistical differences between data used to create the measures.

The capital and financial accounts are followed by two additional accumulation accounts. The first, an "other changes in volume" account, records changes in net worth that are unrelated to current production or asset revaluation, such as changes due to catastrophic losses, and statistical breaks due to substantive changes in sector coverage or details available in key source data. The statistical discrepancy is a component of the other changes in volume in these accounts. The second, a revaluation account, records changes in values of assets and liabilities that result from changes in their market price.

The sum of fixed investment, net lending (+) or net borrowing (-) in the capital account, and other changes in net worth from the other changes in volume and revaluation accounts fully explains the total change in net worth for the sector, which in turn provides the next opening balance sheet position.

This table shows the aggregates for the major components of the integrated macroeconomic accounts for each sector and the total economy, which is a summation of the individual sectors' components (tables S1M.i.a through S13M.i.a).

S1M.i.a/S1M.i.q: Households and nonprofit institutions serving households

This table was previously numbered S.3.a/S.3.q prior to the new numbering scheme implemented in the June 11, 2026, release of the Z.1, "Financial Accounts of the Unites States."

The integrated accounts for households and nonprofit institutions serving households cover the same institutions that are included in the sectors for the NIPA's households and institutions and the financial accounts' households and nonprofit organizations (see table S1M.t or S1M.s for a description of this sector); however, the treatment of a few items on this table is worth noting.

First, purchases of consumer durable goods are excluded from fixed investment, which is consistent with their treatment in the NIPAs and the SNA but not in the financial accounts. However, net investment in consumer durable goods is included in the "other changes in volume" account, which allows such goods to be recorded on the balance sheet for the household sector while still maintaining consistency with the SNA's exclusion of durables from fixed investment.

Second, the net lending or net borrowing measure that is used in the calculation of net worth is from the capital account rather than from the financial account. The statistical discrepancy between the capital account and the financial account enters the calculation of the change in net worth through the account regarding other changes in volume to bring the measure in line with what is reported in the financial accounts.

Finally, land and structures are not shown separately on the balance sheet and in the revaluation account; rather only total real estate is shown in contrast to the SNA recommendation.

Note: In theory, the difference between a sector's net savings less net capital transfers paid in the capital account (NIPA) equals net savings in the financial account. In practice, however, for the household sector there are a few differences. In contrast to the capital account, the financial account measure includes consumer durable goods, federal government life insurance reserves, and pension fund reserves of the Railroad Retirement Board and the National Railroad Retirement Investment Trust, and excludes wage accruals less disbursements. Except for consumer durables, the sum of these adjustments and the sector's statistical discrepancy constitute most of the difference between net lending or net borrowing in the capital and financial accounts.

S11.1.i.a/S11.1.i.q: Nonfinancial corporate business

This table was previously numbered S.5.a/S.5.q prior to the new numbering scheme implemented in the June 11, 2026, release of the Z.1, "Financial Accounts of the Unites States."

The integrated accounts for nonfinancial corporate business cover the same nonfinancial institutions that are classified into the corporate sector in the NIPAs is consistent with the financial accounts' nonfinancial corporate business sector (see table S11.1.t or S11.1.s for a description of this sector).

This table contains several noteworthy features:

Undistributed corporate profits in the NIPAs are called net saving on this table. Net saving is equal to the SNA concept of disposable income because corporations have no final consumption expenditures.
Total nonfinancial assets on the balance sheet do not include the stocks of nonproduced nonfinancial assets, but the transactions associated with the net acquisition of such assets are included in the capital account.
Some of the financial activities of corporate subsidiaries are included in the current and capital accounts for this sector because NIPA data are largely based on consolidated tax return data, where sectoring is based on the predominant form of business. The financial account, however, uses survey and regulatory data to effectively split financial subsidiaries from consolidated returns of parent corporations that are primarily engaged in nonfinancial activities. This difference in the treatment of financial subsidiaries contributes to the statistical discrepancy.
The market value of corporate equity is shown as a liability on the balance sheet following SNA guidelines in contrast to the treatment in the financial accounts where the market value of corporate equities is excluded from balance sheet liabilities. Thus, in the financial accounts, net worth is the market (or replacement) value of assets less liabilities excluding equity capital. This measure of net worth is sometimes compared with the market value of shares for nonfinancial corporate businesses.

S11.2.i.a/S11.2.i.q: Nonfinancial noncorporate business

This table was previously numbered S.4.a/S.4.q prior to the new numbering scheme implemented in the June 11, 2026, release of the Z.1, "Financial Accounts of the Unites States."

The integrated macroeconomic accounts present a series of accounts that relate production, income and saving, and capital formation from the national income and product accounts (NIPA) and financial transactions and asset revaluations from the Financial Accounts to changes in net worth calculated from the balance sheet (see table S1.2.i.a for more information). These accounts are based on international guidelines and terminology spelled out in the System of National Accounts 2008. For more detail on these accounts, see Charlotte Anne Bond, Teran Martin, Susan Hume McIntosh, and Charles Ian Mead (2007), "Integrated Macroeconomic Accounts for the United States," Bureau of Economic Analysis, Survey of Current Business, February, pp. 14-31, https://apps.bea.gov/scb/pdf/2007/02%20February/0207_macro_accts.pdf.

The integrated accounts for nonfinancial noncorporate businesses cover institutions that are part of the NIPA's domestic business sector and is consistent with the nonfinancial noncorporate business sector in the Financial Accounts (see table S11.2.t or S11.2.s for a description of this sector).

This table contains a few noteworthy features:

In the current account, all income generated less expenses is paid out to households; therefore, net saving of this sector is zero.
In the financial account, the value of equity in noncorporate business is residually determined as the amount that is necessary to bring net borrowing from the financial account into alignment with net borrowing from the capital account. As a result, there is no statistical discrepancy between the borrowing measures to appear in the "other changes in volume" account.

S1311.i.a/S1311.i.q: Federal government

This table was previously numbered S.7.a/S.7.q prior to the new numbering scheme implemented in the June 11, 2026, release of the Z.1, "Financial Accounts of the Unites States."

The integrated accounts for the federal government cover the same governmental units that are included in the federal government sector for both the NIPA and the financial accounts (see table S1311.t or S1311.s for a description of this sector). The accounts exclude federal government pension funds (included on tables S129.2.t and S129.2.s).

The treatment of one item on this table is worth noting. Total nonfinancial assets on the balance sheet include only the replacement costs of structures as well as equipment and software. The value of land and nonproduced nonfinancial assets is not included.

Note: In theory, the difference between a sector's net savings less net capital transfers paid in the capital account (NIPA) equals net savings in the financial account. In practice, however, there are a few differences for the federal government sector. In contrast to the capital account, the financial account measure excludes federal government life insurance reserves and pension fund reserves of the Railroad Retirement Board and the National Railroad Retirement Investment Trust as well as contributions for government social insurance from U.S.-affiliated areas. Additionally, the NIPA treats federal government payments made to financial corporations under the financial stabilization program as capital transfers, whereas these capital transfers are considered capital losses in the financial accounts. The sum of these adjustments and the sector's statistical discrepancy constitute most of the difference between net lending or net borrowing in the capital and financial accounts.

S13M.i.a/S13M.i.q: State and local governments

This table was previously numbered S.8.a/S.8.q prior to the new numbering scheme implemented in the June 11, 2026, release of the Z.1, "Financial Accounts of the Unites States."

The integrated accounts for the state and local governments cover the same governmental units that are included in the state and local governments sector in both the NIPA and FFA (see table S13M.t or S13M.s for a description of this sector). The accounts exclude state and local employee pension funds (included on tables S129.3.t and S129.3.s).

Note: For this sector, there is no difference between net savings less net capital transfers paid in the capital account (NIPA) and in the financial account. The sector's statistical discrepancy constitutes the difference between net lending and net borrowing in the capital and financial accounts.

S12.i.a/S12.i.q: Financial business

This table was previously numbered S.6.a/S.6.q prior to the new numbering scheme implemented in the June 11, 2026, release of the Z.1, "Financial Accounts of the Unites States."

The integrated accounts for financial business cover the same institutions that are included in the NIPA's financial corporate business sector and the financial sole proprietorships and partnerships that are excluded from the NIPA corporate sector. In addition, this table is consistent with the summation of financial accounts' central bank, private depository institutions, insurance companies, pension funds, and all other domestic financial business sectors (see tables S121.t through S127.2.t or S121.s through S127.2.s for a description of these sectors).

This table contains a few noteworthy features:

This sector represents the aggregation of all financial business subsectors, not a consolidation; thus, the same financial instrument can appear as both an asset and a liability.
Total nonfinancial assets on the balance sheet include only the replacement costs of structures as well as equipment and software. The value of land is not included.
The market value of corporate equity is shown as a liability on the balance sheet following SNA guidelines, in contrast to the treatment in the financial accounts where the market value of corporate equities is excluded from balance sheet liabilities. Thus, in the financial accounts, net worth is the market (or replacement) value of assets, less liabilities excluding equity capital.

Note: In theory, the difference between a sector's net savings less net capital transfers paid in the capital account (NIPA) equals net savings in the financial account. In practice, however, there is a difference for the financial business sector. Specifically, NIPA treats payments made to financial corporations from the federal government under the financial stabilization program as capital transfers, whereas these capital transfers are considered capital losses in the financial accounts.

S121.i.a: Central bank

This table was previously numbered S.61.a prior to the new numbering scheme implemented in the June 11, 2026, release of the Z.1, "Financial Accounts of the Unites States."

This sector is equivalent to the central bank sector in the Financial Accounts of the United States. The sector includes the 12 Federal Reserve Banks and their subsidiary offices (but not the Board of Governors of the Federal Reserve System). The financial assets and liabilities also include certain monetary accounts of the U.S. Treasury: monetary gold stock; the special drawing rights certificate account; and Treasury currency, which consists of standard silver dollars, fractional coin, national bank notes, and currency items in the process of retirement. These Treasury accounts are excluded from the assets and liabilities of the U.S. federal government sector.

Total nonfinancial assets on the balance sheet include only the replacement cost of structures as well as equipment and intellectual property products. The value of land is not included.

The current and capital accounts for this sector are based on new prototype estimates from the Bureau of Economic Analysis. These estimates are generally not available in the published NIPA, which provide statistics for the financial sector at a more aggregate level. For more detail on these estimates, see Robert J. Kornfeld, Lisa Lynn, and Takashi Yamashita (2016), "Expanding the Integrated Macroeconomic Accounts' Financial Sector" Bureau of Economic Analysis, Survey of Current Business, January, https://apps.bea.gov/scb/pdf/2016/01%20January/0116_expanding_the_integrated_macroeconomic_accounts_financial_sector.pdf.

Data for the current and capital accounts are available annually beginning 2001.

S122.i.a: Private depository institutions

This table was previously numbered S.62.a prior to the new numbering scheme implemented in the June 11, 2026, release of the Z.1, "Financial Accounts of the Unites States."

This sector is equivalent to the private depository institutions sector in the Financial Accounts of the United States. The private depository institutions sector includes U.S.-chartered depository institutions, foreign banking offices in U.S., banks in U.S.-affiliated areas, and credit unions.

Some of the activities of this sector are not included in the current and capital accounts because of limitations of source data. The current and capital accounts exclude data for banks in U.S.-affiliated areas and for branches of foreign banks that do not file Call Reports.

Total nonfinancial assets on the balance sheet include only the replacement cost of structures as well as equipment and intellectual property products. The value of land is not included.

In contrast to the treatment in the Financial Accounts of the United States, in the IMA tables, the market value of corporate equity is shown as a liability on the balance sheet as per SNA guidelines. In the Financial Accounts, the market value of corporate equities is excluded from balance sheet liabilities and thus, net worth is the market (or replacement) value of assets, less liabilities (which excludes equity capital).

Note: In theory, the difference between a sector's net savings less net capital transfers paid in the capital account (NIPA) equals net savings in the financial account. In practice, however, there is a difference for the private depository institutions sector. Specifically, NIPA treats payments made to private depository institutions by the federal government under the financial stabilization program as capital transfers, whereas these capital transfers are considered capital losses in the financial accounts.

Data for the current and capital accounts are available annually beginning 2001.

S128.i.a: Insurance companies

This table was previously numbered S.63.a prior to the new numbering scheme implemented in the June 11, 2026, release of the Z.1, "Financial Accounts of the Unites States."

The integrated macroeconomic accounts (IMA) present a series of accounts that relate production, income and saving, and capital formation from the national income and product accounts (NIPA) and financial transactions and asset revaluations from the Financial Accounts of the United States to changes in net worth calculated from the balance sheet. See the table description for table S1.2.i.a for more information.

This sector aggregates the property-casualty insurance companies sector and the life insurance companies sector from the Financial Accounts of the United States. Note: Except for the nonfinancial assets in the balance sheet account, all insurance company accounts in the IMAs exclude insurance brokers. The published NIPAs, however, also include insurance brokers.

Total nonfinancial assets on the balance sheet include only the replacement cost of structures as well as equipment and intellectual property products. The value of land is not included.

The current and capital accounts for this sector are based on new prototype estimates from the Bureau of Economic Analysis. Data for the current and capital accounts are available annually beginning 2001. For more detail on these estimates, see Robert J. Kornfeld, Lisa Lynn, and Takashi Yamashita (2016), "Expanding the Integrated Macroeconomic Accounts' Financial Sector" Bureau of Economic Analysis, Survey of Current Business, January, https://apps.bea.gov/scb/pdf/2016/01%20January/0116_expanding_the_integrated_macroeconomic_accounts_financial_sector.pdf.

S129.i.a: Pension funds

This table was previously numbered S.64.a prior to the new numbering scheme implemented in the June 11, 2026, release of the Z.1, "Financial Accounts of the Unites States."

This sector aggregates the private pension funds, federal government employee pension funds, and state and local government employee pension funds sectors from the Financial Accounts of the United States.

The current and capital accounts for this sector are based on NIPA table 7.20 "Transactions of Defined Benefit and Defined Contribution Pension Plans" produced by the Bureau of Economic Analysis. For more detail, see Robert J. Kornfeld, Lisa Lynn, and Takashi Yamashita (2016), "Expanding the Integrated Macroeconomic Accounts' Financial Sector" Bureau of Economic Analysis, Survey of Current Business, January, https://apps.bea.gov/scb/pdf/2016/01%20January/0116_expanding_the_integrated_macroeconomic_accounts_financial_sector.pdf.

Total nonfinancial assets on the balance sheet include only the replacement cost of structures as well as equipment and intellectual property products. The value of land is not included.

Data for the current and capital accounts are available annually beginning 2001.

S12R.i.a: Other financial business

This table was previously numbered S.65.a prior to the new numbering scheme implemented in the June 11, 2026, release of the Z.1, "Financial Accounts of the Unites States."

This sector represents the aggregation of the following financial subsectors from the Financial Accounts of the United States: money market funds, mutual funds, closed-end funds, exchange-traded funds, government-sponsored enterprises, agency- and GSE-backed mortgage pools, issuers of asset-backed securities, finance companies, mortgage real estate investment trusts (mREITs), security brokers and dealers, holding companies, and other financial business.

Total nonfinancial assets on the balance sheet include only the replacement cost of structures as well as equipment and intellectual property products. The value of land is not included.

Data for the current and capital accounts are available annually beginning 2001.

S2.i.a/S2.i.q: Rest of the world

This table was previously numbered S.9.a/S.9.q prior to the new numbering scheme implemented in the June 11, 2026, release of the Z.1, "Financial Accounts of the Unites States."

The data presented in the integrated accounts for the rest of the world are the mirror image of data shown in the U.S. international transactions accounts published by the Bureau of Economic Analysis. This sector is the same as the sector for the rest of the world in the Financial Accounts of the United States (see table S2.t or S2.s for a description).

This table contains two noteworthy features:

The balance sheet excludes nonfinancial assets, including nonproduced nonfinancial assets.
In theory, the rest of the world's net lending or net borrowing in the capital account should equal that of the total domestic economy. In practice, however, the difference between these two measures is equal to the discrepancy between the income and product sides of the NIPAs.

Last Update: June 11, 2026

Financial Accounts of the United States - Z.1

Data Tables - Integrated macroeconomic accounts for the united states

Integrated macroeconomic accounts for the united states

S1.1.i.a/S1.1.i.q: Total economy - current account

S1.2.i.a/S1.2.i.q: Selected aggregates for total economy and sectors

S1M.i.a/S1M.i.q: Households and nonprofit institutions serving households

S11.1.i.a/S11.1.i.q: Nonfinancial corporate business

S11.2.i.a/S11.2.i.q: Nonfinancial noncorporate business

S1311.i.a/S1311.i.q: Federal government

S13M.i.a/S13M.i.q: State and local governments

S12.i.a/S12.i.q: Financial business

S121.i.a: Central bank

S122.i.a: Private depository institutions

S128.i.a: Insurance companies

S129.i.a: Pension funds

S12R.i.a: Other financial business

S2.i.a/S2.i.q: Rest of the world

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