Board of Governors of the Federal Reserve System

Beginning in 2003:Q2, stocks outstanding for 2003:Q2, 2011:Q2, and 2019:Q2 are calculated as approximately 9%, 5%, 6.5%, respectively, of total financial assets. Annual second quarter total financial assets are from the U.S. Census Bureau's Table 1--State and Local Government Finances by Level of Government and by State for United States Total items: Cash and security holdings, other than insurance trust funds, plus Insurance trust funds Workers' Compensation and Miscellaneous. Percentages are based on detailed data for fiscal year 2003:Q2, 2011:Q2, and 2019:Q2 on commercial paper from Comprehensive Annual Financial Reports (CAFRs) for the largest state and local governmental units and a sample of smaller local governments. Commercial paper is estimated to reflect market trends in total commercial paper issuance outstanding (FOF series 893069105) between CAFRs benchmark periods 2003:Q2, 2011:Q2, 2019:Q2, to the current period. Transactions are residually calculated as the change in the stocks outstanding. Data for the most recent ten years show no significant seasonality.