Release Highlights

With each Z.1 release, major data and structural revisions are highlighted at the beginning of the publication. This page consolidates these highlights in a searchable format for all releases beginning with 2004q1.


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436 entries in Financial Accounts Release Highlights

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Date Highlights Count
2021q1Equity instruments reported separately from liability instruments on transaction tables : A new line item for "Net increase in liabilities and equity" has been added to the transactions tables for sectors that report both liabilities and equity instruments. Line items for "Net increase in liabilities" and "Net equity issues" are now shown separately (tables F.100, F.102, F.103, F.104, F.108, F.110, F.111, F.112, F.115, F.116, F.116.g, F.125, F.128, F.129, F.130, F.132, and F.133). The three instrument categories included in "equity" are corporate equities (F.223 and L.223), proprietors' equity in noncorporate business (F.229 and L.229), and the equity components of foreign direct investment in the U.S. and U.S. direct investment abroad (F.230 and L.230). Equity transactions continue to be included as sources of funds.1
2021q1U.S. direct investment abroad and foreign direct investment in U.S. : Sector detail on the split between equity and intercompany debt is now shown for U.S. direct investment abroad and foreign direct investment in U.S. (tables F.230 and L.230). The equity component for U.S. direct investment abroad and foreign direct investment in U.S. are no longer included in total liabilities outstanding. Intercompany debt for U.S. direct investment abroad and foreign direct investment in U.S continue to be included in total liabilities outstanding.2
2021q1Foreign direct investment in the U.S.: equity and U.S. direct investment abroad: equity : The equity components of foreign direct investment in the U.S. and U.S. direct investment abroad, which are no longer included in total liabilities outstanding on levels tables and balance sheets, are now shown as memo items where appropriate (tables L.100, L.102, L.103, L.104, L.108, L.110, L.111, L.112, L.115, L.116, L.116.g, L.128, L.130, L.132, and L.133). Corporate equities and proprietor's equity in noncorporate business outstanding, which were not included in liabilities in previous publications, are also shown as memo items on the level tables where available. The market value of total corporate equities outstanding for domestic financial institutions is shown on table L.108; however, estimates are not available for every financial subsector (L.109-L.132). The balance sheets and measures of net worth of nonfinancial corporate business and nonfinancial noncorporate business (tables B.103, B.104, R.103, and R.104) have been adjusted accordingly.3
2021q1Other loans and advances : Syndicated loans to nonfinancial corporate business from domestic nondepository institutions (Tables F.216 and L.216, lines 46 to 52) have been revised from 2012:Q4 forward to reflect improved methodology for classifying lenders in source data.4
2021q1Zillow Home Value Index (ZHVI) replaces CoreLogic home price index : The newly implemented ZHVI (series FI075035253) is now used in place of the CoreLogic home price index (series FI075035243) for calculating nonfinancial corporate business, nonfinancial noncorporate business, and nonprofit one-to-four family residential real estate revaluations beginning in 1990:Q1, for household vacant land beginning in 1983:Q4, and for mobile homes beginning in 2005:Q3. Note: household owner-occupied real estate continues to use Zillow AVM based national (series PC075035233).5
2021q1Nonfinancial corporate business sector : Nonfinancial corporate business sector data (tables F.103, L.103, B.103, and R.103) has revised from 2019:Q1 forward to reflect new benchmark data from the Internal Revenue Service Statistics of Income for 2019.6
2020q4Government-sponsored enterprises (GSEs) sector : Debt securities held by GSEs (tables F.125 and L.125) are now reported at market value beginning 2008:Q2. Where appropriate, transactions have been revised to remove holding gains and losses.7
2020q4Real estate investment trusts (REITs) sector : Transactions of debt securities held by REITs (tables F.129 and L.129) have been revised beginning 1984:Q1 to remove holding gains and losses.8
2020q4Nonfinancial noncorporate business sector : Nonfinancial noncorporate business sector data (tables F.104, L.104, B.104, and R.104) have been revised beginning 2002:Q4 due to improved methodology and to reflect new benchmark data from the Internal Revenue Service Statistics of Income for 2018.9
2020q4Nonfinancial corporate business sector : The market value of equity issued by nonfinancial corporations (tables L.103 and B.103) has been revised beginning 2012:Q1 to reflect new benchmark data for S-Corporations from the Internal Revenue Service Statistics of Income.10
2020q4Paycheck Protection Program loan forgiveness payables and receivables : Paycheck Protection Program loan forgiveness payables and receivables have been reclassified as identified miscellaneous assets and liabilities (tables F.233 and L.233). They were previously included in trade credit (tables F.225 and L.225).11
2020q4State and Local Government Employee Retirement Funds : State and Local Government Employee Retirement Funds (tables F.120.b and L.120b) have been revised 2019:Q1 forward to reflect revised Census Quarterly Survey of Public Pensions data and improved methodology used to estimate total transactions of funded assets.12
2020q3FEDS Note: A new FEDS note was published on November 9, 2020: "Updating the Distributional Financial Accounts" (Michael Batty, Eric Nielsen, Kamila Sommer, Alice Volz, Sarah Friedman, Ella Deeken, Jesse Bricker, and Sarah Reber).13
2020q3Hedge Fund Enhanced Financial Accounts Project: A new Enhanced Financial Accounts (EFA) project showing aggregate hedge fund balance sheet data from Securities and Exchange Commission Form PF is now available https://www.federalreserve.gov/releases/efa/enhancedfinancial-accounts.htm.14
2020q2Nonfinancial debt data visualizations:New data visualizations are available showing debt owed by households and nonprofit organizations, federal government and nonfinancial business sectors, with additional detail on the components of nonfinancial business debt.15
2020q2Other financial business sector funding, credit and liquidity facility special purpose vehicles:In response to the COVID-19 pandemic, the Federal Reserve System established five funding, credit, and liquidity facilities as special purpose vehicles (SPVs): the Corporate Credit Facilities (CCF), the Main Street Lending Program (MSLP), the Term Assets Lending Facility (TALF), the Municipal Liquidity Facility (MLF), and the Commercial Paper Funding Facility (CPFF). In the Financial Accounts of the United States, and consistent with System of National Accounts (SNA 2008) guidelines, these five SPVs are not consolidated in the monetary authority sector, but are instead treated as separate institutional units, included in the other financial business sector (tables F.132 and L.132). This treatment differs from the Federal Reserve H.4.1 release, which consolidates the SPVs on the Federal Reserve balance sheet. The SPVs were initially funded by Treasury equity investments to cover potential losses. Eighty-five percent was initially invested in nonmarketable Treasury securities and fifteen percent in cash deposits at the monetary authority. The SPVs make loans and asset purchases with additional borrowings from the monetary authority.16
2020q2Federal government sector equity investments in economic recovery programs:In response to the COVID-19 pandemic, Treasury made equity investments in the five funding, credit and liquidity facility SPVs mentioned above (CCF, MSLP, TALF, MLF, and CPFF) and the Money Market Mutual Fund Liquidity Facility (MMLF). The equity investments are shown as identified miscellaneous assets of the federal government (tables F.106 and L.106), identified miscellaneous liabilities of the other financial business sector for the CCF, MSLP, TALF, MLF, and CPFF (tables F.132 and L.132), and the monetary authority sector for the MMLF (table F.109 and L.109).17
2020q2Monetary authority sector loans to funding, credit and liquidity facility special purpose vehicles: The monetary authority sector (tables F.109 and L.109) has been modified to include loans made to the five new funding, credit and liquidity facility SPVs (CCF, MSLP, TALF, MLF, and CPFF) classified in the other financial business sector (tables F.132 and L.132).18
2020q2Paycheck Protection Program Liquidity Facility loans:The monetary authority sector (tables F.109 and L.109) has been modified to include loans made under the Paycheck Protection Program Liquidity Facility (PPPLF) to depository institutions, and finance companies.19
2020q2Paycheck Protection Program loans:Paycheck Protection Program (PPP) loans made to small businesses and nonprofit institutions impacted by the COVID-19 pandemic are not shown separately from other types of loans reported by lenders. PPP loans, the majority of which are made by U.S.-chartered depository institutions, are included in depository institutions loans not elsewhere classified (tables F.215 and L.215). PPP loans made by nondepository institutions are included in the other loans and advances (tables F.216 and L.216).20
2020q2Paycheck Protection Program loan forgiveness payables and receivables:Paycheck Protection Program (PPP) payable liabilities and receivable assets were added to the Financial Accounts trade receivables (tables F.225 and L.225) in order to align with the National Income and Product Accounts (NIPA) accrual treatment of PPP loan forgiveness subsidies to businesses and current transfers to nonprofit institutions serving households (NPISH) (see https://www.bea.gov/help/faq/1408 and https://www.bea.gov/recovery). PPP payable liabilities were added to the federal government sector to account for the accrued liability to repay PPP loans in future periods, and are equal to loan forgiveness subsidies to businesses and current transfers to NPISH reported in NIPA. PPP receivable assets were added to household and nonprofit organizations, nonfinancial corporate business, nonfinancial noncorporate business, and finance companies sectors.21
2020q2Balance sheet of domestic hedge funds supplementary table:A new balance sheet of domestic hedge funds (table B.101.f) was added showing assets and liabilities of U.S. domiciled hedge funds. Quarterly data are derived from aggregated Securities and Exchange Commission forms PF and ADV. Data begin 2012:Q4.22
2020q2Fixed asset supplementary tables:Four new fixed assets tables were added: Gross fixed investment (table F.4.g), Consumption of fixed capital (table F.4.c), Net fixed investment (table F.4.f), and Net stocks of fixed assets at current cost (table L.4.s). Aggregate data reported from BEA; financial subsector data estimated by FRB staff.23
2020q2State and local government employee defined benefit retirement funds:State and local government employee defined benefit retirement funds (tables F.120.b and L.120.b) have been revised to incorporate methodology changes to the Census Quarterly Survey of Public Pensions from 2018:Q3 forward.24
2020q2Private pension benchmark:Assets of the private pension fund sector (tables F.118, F.118.b, F.118.c, L.118, L.118.b, and L.118.c) have been revised 2016:Q1 forward to reflect updated 2016 data and new data for plan year 2017 from U.S. Internal Revenue Service/Department of Labor/Pension Benefit Guaranty Corporation Form 5500.25
2020q2National Income and Product Accounts annual update:The statistics in this publication reflect the 2020 annual update of the National Income and Product Accounts (NIPAs) released by the Bureau of Economic Analysis (BEA) on July 30, 2020, as well as information for 2020:Q2 released by BEA on August 27, 2020. See the September 2020 issue of the Survey of Current Business at https://apps.bea.gov/scb/ for details on the 2020 annual update.26
2020q2Fixed assets annual update:Investment, depreciation, and capital stock data for all private sectors have been revised beginning in 2015 to reflect updated annual estimates of fixed assets from BEA.27
2020q2Rest of the world sector:The rest of the world sector (tables F.133 and L.133) has been revised from 2017:Q1 forward to reflect new data from BEA for the U.S. international transactions accounts and the U.S. international investment positions accounts. BEA's changes are detailed in the July 2020 issue of the Survey of Current Business.28
2020q2Seasonal adjustment: Seasonal factors for quarterly transactions have been recalculated from 2010:Q1 forward. Seasonal factors are generated using the X-13-ARIMA seasonal adjustment program from the U.S. Census Bureau. Seasonal factors on marketable Treasury security issuance and purchases were set to zero in 2020:Q1 and 2020:Q2 in light of unusual activity in response to the COVID-19 pandemic and the extension of the tax filing deadline.29
2020q1Improved Recent Developments: A new Recent Developments page has been added to the Z.1 release page. The Recent Developments page includes new analysis and charts related to recent events and developments in the Financial Accounts of the United States. The new page can be found at https://www.federalreserve.gov/releases/z1/20200611/html/recent_developments.htm30
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