Financial Accounts of the United States - Z.1
F.104 Nonfinancial noncorporate business
Billions of dollars; quarterly figures are seasonally adjusted annual rates
| Line | Description | Series | 2023 | 2024 | 2025 | 2024:Q3 | 2024:Q4 | 2025:Q1 | 2025:Q2 | 2025:Q3 | 2025:Q4 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Line 1 | Gross saving = consumption of fixed capital | FA116300005 | 473.7 | 495.4 | 519.1 | 498.8 | 504.0 | 507.7 | 512.9 | 523.7 | 532.0 |
| Line 2 | Gross saving less net capital transfers paid1 | FA116000105 | 473.7 | 504.3 | 527.1 | 513.6 | 524.7 | 538.2 | 512.9 | 523.7 | 533.7 |
| Line 3 | Gross investment | FA116000105 | 473.7 | 504.3 | 527.1 | 513.6 | 524.7 | 538.2 | 512.9 | 523.7 | 533.7 |
| Line 4 | Capital expenditures | FA115050005 | 614.5 | 628.8 | 625.2 | 641.7 | 617.7 | 653.8 | 617.1 | 610.3 | 619.7 |
| Line 5 | Fixed investment2 | FA115019005 | 604.7 | 620.2 | 616.6 | 627.3 | 611.3 | 618.6 | 618.3 | 613.3 | 616.1 |
| Line 6 | Change in inventories | FA115020005 | 9.8 | 8.6 | 8.6 | 14.4 | 6.4 | 35.2 | -1.2 | -3.0 | 3.5 |
| Line 7 | Net lending (+) or net borrowing (-) | FA115000005 | -140.9 | -124.4 | -98.1 | -128.1 | -93.0 | -115.5 | -104.2 | -86.6 | -86.0 |
| Line 8 | Net acquisition of financial assets | FA114090005 | 211.1 | 251.2 | 251.1 | 240.1 | 305.4 | 221.2 | 146.9 | 273.2 | 363.1 |
| Line 9 | Checkable deposits and currency | FA113020005 | 12.0 | 29.6 | 14.0 | 18.0 | 19.9 | 12.7 | 8.3 | 15.1 | 19.7 |
| Line 10 | Time and savings deposits | FA113030003 | 35.0 | 36.5 | 41.5 | 39.4 | 45.4 | 37.5 | 23.9 | 45.2 | 59.5 |
| Line 11 | Money market funds | FA113034003 | 3.3 | 3.5 | 3.9 | 3.7 | 4.3 | 3.5 | 2.3 | 4.3 | 5.6 |
| Line 12 | Debt securities | FA114022005 | 0.0 | 3.2 | -0.7 | -13.1 | 16.3 | -6.2 | 0.9 | -0.8 | 3.4 |
| Line 13 | Treasury securities | FA113061003 | 0.1 | 3.0 | -0.7 | -12.9 | 16.0 | -6.5 | 0.7 | -0.6 | 3.4 |
| Line 14 | Municipal securities | FA113062003 | -0.0 | 0.1 | 0.1 | -0.2 | 0.3 | 0.3 | 0.2 | -0.2 | 0.1 |
| Line 15 | Loans | FA114023005 | 1.3 | 1.4 | 1.6 | 1.5 | 1.7 | 1.4 | 0.9 | 1.7 | 2.2 |
| Line 16 | Mortgages | FA113065005 | 1.3 | 1.4 | 1.6 | 1.5 | 1.7 | 1.4 | 0.9 | 1.7 | 2.2 |
| Line 17 | Consumer credit | FA113066003 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Line 18 | Equity investment in GSEs3 | FA113092405 | 3.2 | 0.8 | 0.6 | -0.4 | 2.1 | -1.3 | 1.1 | 1.0 | 1.7 |
| Line 19 | Trade receivables | FA113070003 | 28.5 | 29.7 | 33.8 | 32.1 | 37.0 | 30.5 | 19.5 | 36.8 | 48.4 |
| Line 20 | Miscellaneous assets | FA113090005 | 127.7 | 146.5 | 156.3 | 158.7 | 178.6 | 143.1 | 89.9 | 169.7 | 222.4 |
| Line 21 | Insurance receivables | FA113076005 | 9.7 | 19.2 | 8.5 | 25.9 | 8.1 | 13.0 | 9.7 | 9.7 | 1.7 |
| Line 22 | PPP subsidies receivable | FA113072003 | -1.9 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Line 23 | Other | FA113093005 | 119.9 | 127.3 | 147.8 | 132.8 | 170.6 | 130.1 | 80.2 | 160.1 | 220.7 |
| Line 24 | Net increase in liabilities and equity | FA114194005 | 352.0 | 375.6 | 349.2 | 368.2 | 398.4 | 336.7 | 251.1 | 359.8 | 449.0 |
| Line 25 | Net increase in liabilities | FA114190005 | 281.7 | 303.0 | 397.9 | 300.2 | 383.8 | 303.9 | 379.0 | 364.5 | 544.2 |
| Line 26 | Loans | FA114123005 | 172.7 | 193.9 | 249.7 | 199.3 | 249.8 | 182.9 | 209.2 | 226.2 | 380.7 |
| Line 27 | Depository institution loans n.e.c. | FA113168005 | -8.7 | 8.6 | 19.9 | 0.2 | 39.8 | 40.7 | 32.3 | -32.3 | 39.1 |
| Line 28 | Other loans and advances | FA113169005 | 10.9 | 25.5 | 24.2 | 33.6 | 35.6 | -1.2 | 11.0 | 16.7 | 70.2 |
| Line 29 | Mortgages | FA113165005 | 170.4 | 159.8 | 205.6 | 165.5 | 174.5 | 143.5 | 165.9 | 241.8 | 271.4 |
| Line 30 | Foreign direct investment: intercompany debt | FA115114305 | -0.6 | -0.3 | -0.1 | -0.3 | -0.5 | -0.2 | -0.2 | -0.2 | 0.3 |
| Line 31 | Trade payables | FA113170005 | 24.5 | 26.5 | 32.3 | 19.4 | 30.6 | 23.0 | 48.4 | 27.9 | 29.9 |
| Line 32 | Taxes payable | FA113178003 | 5.4 | 5.3 | 7.4 | 5.2 | 6.6 | 6.3 | 7.7 | 7.0 | 8.5 |
| Line 33 | Miscellaneous liabilities | FA113193003 | 79.8 | 77.6 | 108.5 | 76.7 | 97.2 | 91.9 | 113.9 | 103.5 | 124.8 |
| Line 34 | Net equity issues | FA113181115 | 70.3 | 72.7 | -48.7 | 68.0 | 14.6 | 32.8 | -127.9 | -4.7 | -95.2 |
| Line 35 | Foreign direct investment: equity | FA115114103 | 14.7 | -2.1 | -0.2 | 1.1 | -0.1 | 0.4 | -0.7 | 1.1 | -1.5 |
| Line 36 | Proprietors' net investment | FA112090205 | 55.6 | 74.7 | -48.6 | 66.9 | 14.7 | 32.4 | -127.2 | -5.8 | -93.7 |
Notes:
- Net capital transfers paid from table F.5, line 62.
- Nonresidential fixed investment plus residential fixed investment, shown in table F.2, lines 11 and 16 respectively.
- Equity in the Farm Credit System.
Last Update: 2026-03-19