Financial Accounts of the United States - Z.1
Financial Accounts of the United States: Front Matter
Recent Developments in Household Net worth and Domestic Financial Debt
The net worth of households and nonprofits rose to $118.4 trillion during the fourth quarter of 2019. The value of directly and indirectly held corporate equities increased $2.6 trillion and the value of real estate increased $0.1 trillion.
Domestic nonfinancial debt outstanding was $54.3 trillion at the end of the fourth quarter of 2019, of which household debt was $16.1 trillion, nonfinancial business debt was $16.1 trillion, and total government debt was $22.1 trillion.
Domestic nonfinancial debt expanded 3.4 percent at an annual rate in the fourth quarter of 2019, down from an annual rate of 6.3 percent in the previous quarter.
Household debt increased 4.1 percent at an annual rate in the fourth quarter of 2019. Consumer credit grew at an annual rate of 4.5 percent, while mortgage debt (excluding charge-offs) grew at an annual rate of 3.1 percent.
Nonfinancial business debt rose at an annual rate of 2.2 percent in the fourth quarter of 2019, down from a 5.6 percent annual rate in the previous quarter.
Federal government debt increased 3.8 percent at an annual rate in the fourth quarter of 2019, down from a 10.4 percent annual rate in the previous quarter.
State and local government debt expanded at an annual rate of 4.4 percent in the fourth quarter of 2019, after expanding at an annual rate of 0.7 percent in the previous quarter.
Household Net Worth and Growth of Nonfinancial Debt
|Year||Household Net Worth1||Growth of domestic nonfinancial debt; Total 2||Growth of domestic nonfinancial debt; Households||Growth of domestic nonfinancial debt; Businesses||Growth of domestic nonfinancial debt; Federal government||Growth of domestic nonfinancial debt; State and local govts|
- Shown on table B.101, which includes nonprofit organizations. Billions of dollars; amounts outstanding end of period, not seasonally adjusted. Return to table
- Percentage changes calculated as transactions at a seasonally adjusted annual rate divided by previous quarters seasonally adjusted level, shown at an annual rate. Return to table
Release Highlights Fourth Quarter 2019
|Household Balance Sheet and Changes in Net Worth data visualizations||Household Balance Sheet and Changes in Net Worth data visualizations added detail on directly and indirectly held debt securities. These data can be found at https://www.federalreserve.gov/releases/z1/dataviz/z1/balance _sheet/chart/|
|Total mortgages instrument table||The format of the total mortgages instrument tables (tables F.217 and L.217) has changed, and now includes additional detail on holdings of institutions that compose the federal government, government-sponsored enterprises, and agencyand GSE-backed mortgage pools sectors. This expansion corresponds to the Federal Reserves Mortgage Debt Outstanding table, which now shows a mapping to Financial Accounts series and can be accessed at https://www.federalreserve.gov/data/mortoutstand/default.htm. In addition, home mortgages have been renamed one-to-fourfamily residential mortgages.|
|State and local governments sector||Transactions of debt securities held by state and local governments (table F.107) have been revised beginning 2003:Q2 to remove holding gains and losses. Levels were already reported at market value.|
|Security brokers and dealers||Transactions of debt securities held by security brokers and dealers (table F.130) have been revised beginning 2000:Q1 to remove holding gains and losses. Levels were already reported at market value.|
|Closely held equity||Closely held equity of the nonfinancial corporate business sector (L.223, line 5) and financial corporations (L.223, line 8) has been revised beginning 1996:Q4 due to a change in underlying source data.|
Financial Accounts of the United States
The Statistical Release Z.1, Financial Accounts of the United States, or Financial Accounts, is organized into the following sections:
- Matrices summarizing transactions and levels across sectors and tables on debt growth, net national wealth, gross domestic product (GDP), national income, saving, and so on
- Transactions of financial assets and liabilities, by sector and by financial instrument
- Levels of financial assets and liabilities, by sector and by financial instrument
- Balance sheets, including nonfinancial assets, and changes in net worth for households and nonprofit organizations, nonfinancial corporate businesses, and nonfinancial noncorporate businesses
- Supplementary balance sheet tables for the household sector, nonprofit organization sector, and the household and nonprofit organization sector with additional equity detail
- Integrated Macroeconomic Accounts (IMA)
The IMA relate production, income, saving, and capital formation from the Bureau of Economic Analysiss (BEA) national income and product accounts (NIPA) to changes in net worth from the Financial Accounts on a sector-by-sector basis. The IMA are published jointly by the Federal Reserve Board and the BEA and are based on international guidelines and terminology as defined in the System of National Accounts (SNA2008).
Federal Reserve Board staff have taken many steps over the past several years to conform the Financial Accounts with the SNA2008 guidelines. Nonetheless, a few important differences remain. In particular, the following in the Financial Accounts:
- The purchase of consumer durables is treated as investment rather than as consumption.
- Nonfinancial noncorporate businesses (which are often small businesses) are shown in a separate sector rather than being included in the household sector.
- Some debt securities are recorded at book value rather than market value.
Concepts of Levels and Transactions in the SNA and the Financial Accounts
The level of an asset or liability (also referred to as the stock" or outstanding) measures the value of the asset or liability in existence at a point in time. In the Financial Accounts, the levels are reported as of the end of each calendar quarter. In the SNA2008, the change in the level from one period to the next is called the economic flow, and can be decomposed into three broad elements: transactions, which measure the exchange of assets; revaluations, which measure holding gains and losses; and other changes in volume, which measure discontinuities or breaks in time series due to disaster losses or a change in source data or definition. In practice, other volume changes are relatively rare, and revaluations occur only for series carried at market value (such as corporate equities and mutual fund shares), so for many series the change in the level is equal to transactions.
Growth rates calculated from levels include revaluations and other changes in volume. In order to isolate the effect of transactions on growth of a given asset or liability, users should calculate the ratio of transactions in a given period to the level in the preceding period.
Growth rates in table D.1 are calculated by dividing transactions at a seasonally adjusted annual rate from table D.2 by seasonally adjusted levels at the end of the previous period from table D.3. Growth rates calculated from changes in unadjusted levels may differ from those in table D.1.
Seasonal factors are recalculated and updated every year, and these revised factors are first published in the September release of second-quarter data. All series that exhibit significant seasonal patterns are adjusted. The seasonal factors are generated using the X-13-ARIMA seasonal adjustment program from the U.S. Census Bureau, estimated using the most recent 10 years of data. Because the effects of the recent financial crisis resulted in large outliers in some series that would have distorted the estimated seasonal factors, seasonal factors for some series were extrapolated using pre-crisis data. Seasonally adjusted levels shown in table D.3 are derived by carrying forward year-end levels by seasonally adjusted transactions.
Data shown for the most recent quarters are based on preliminary and potentially incomplete information. A summary list of the most recent data available for each sector is provided in a table following these notes. Nonetheless, when source data are revised or estimation methods are improved, all data are subject to revision. There is no specific revision schedule; rather, data are revised on an ongoing basis. In each release of the Financial Accounts, major revisions are highlighted at the beginning of the publication.
The data in the Financial Accounts come from a large variety of sources and are subject to limitations and uncertainty due to measurement errors, missing information, and incompatibilities among data sources. The size of this uncertainty cannot be quantified, but its existence is acknowledged by the inclusion of statistical discrepancies for various sectors and financial instruments.
The discrepancy for a given sector is defined as the difference between the aggregate value of the sectors sources of funds and the value of its uses of funds. Sources of funds are gross savings less net capital transfers paid and net increase in liabilities; uses of funds are capital expenditures and the net acquisition of financial assets. If a sectors sources of funds are greater than its uses of funds, the sector is a net lender of funds in the accounts. In the reverse case, the sector would be a net borrower of funds. Most of the data for deriving gross savings come from the BEAs NIPA. For a financial instrument category, the discrepancy is defined as the difference between the measurement of funds raised through the financial instrument and funds disbursed through that instrument. The relative size of the statistical discrepancy is one indication of the quality of the underlying source data. Note that differences in seasonal adjustment procedures sometimes result in quarterly discrepancies that partially or completely offset each other in the annual data.
Financial Accounts Guide
Substantially more detail on the construction of the Financial Accounts is available in the Financial Accounts Guide, which provides interactive, online documentation for each data series. The tools and descriptions in the guide are designed to help users understand the structure and content of the Financial Accounts.
Each input and calculated series in the Z.1 is identified according to a unique string of patterned numbers and letters. The series structure page of the guide provides a breakdown of what the letters and numbers represent in the series mnemonics. Some data submissions to international organizations are also available in the guide. The guide is updated with the quarterly release and is available online:
Enhanced Financial Accounts and Data Visualization
Additional supplementary information is available online in the Enhanced Financial Accounts, which augment the Financial Accounts with finer detail, additional types of activities, higher-frequency data, and more-disaggregated data. Links to the Enhanced Financial Accounts are available from both the Financial Accounts Guide page and the main release page. In addition, interactive online data visualizations are available for selected components of the Financial Accounts and Enhanced Financial Accounts. Links are available also on the same pages.
The Financial Accounts are published four times per year, about 10 weeks following the end of each calendar quarter. The publication is available online:
This website also provides CSV files of quarterly data for transactions at a seasonally adjusted annual rate, unadjusted transactions, outstandings, balance sheets, debt (tables D.1, D.2, and D.3), supplementary tables, and the IMA.
In addition, the data are available as customizable datasets through the Federal Reserve Boards Data Download Program at:
Print Subscription Information
The Federal Reserve Board charges a fee for subscriptions to print versions of statistical releases. Inquiries regarding print versions should be directed to the following office:
Publications Services, Stop 127
Board of Governors of the Federal Reserve System
20th Street and Constitution Avenue, N.W.
Washington, DC 20551
(202) 452 3245
Description of Most Recent Data Available
|Sector Table||Available at time of publication|
|National income and product accounts (NIPA) (various tables)||Second estimate, seasonally adjusted, for 2019:Q4. Corporate profits through 2019:Q3. Government receipts and expeditures unadjusted transactions from 1952:Q1 forward. GDP and income unadjusted transactions from 2002:Q1 forward. Many BEA series are downloaded via Haver Analytics.|
|Households and nonprofit organizations sector (tables F.101 and L.101)||Estimates for this sector are largely residuals and are derived from data for other sectors. Availability of data depends on schedules for other sectors. Data for consumer credit, which are estimated directly, are available through 2019:Q4. Internal Revenue Service Statistics of Income (IRS/SOI) data for private foundations and Section 501(c)(3-9) nonprofit organizations are available through 2016 (table B.101.n).|
|Nonfinancial corporate business (tables F.103 and L.103)||Quarterly Financial Report (QFR) of the Census Bureau through 2019:Q3; IRS/SOI data through 2017. Securities offerings, mortgages, bank loans, commercial paper, and other loans through 2019:Q4. Corporate farm data through 2018; USDA forecast through 2019:Q4.|
|Nonfinancial noncorporate business (tables F.104 and L.104)||IRS/SOI data through 2016; bank and finance company loans, and mortgage borrowing through 2019:Q4. Noncorporate farm data through 2018; USDA forecast through 2019:Q4.|
|Federal government (tables F.106 and L.106)||Data from the Monthly Treasury Statement of Receipts and Outlays and Monthly Statement of the Public Debt through 2019:Q4. Loan programs through 2019:Q4.|
|State and local governments (tables F.107 and L.107)||Gross offerings and retirements of municipal securities, deposits at banks, nonmarketable U.S. government security issues, and MMF shares through 2019:Q4. Data for total financial assets from Census Bureau through 2017:Q2. Additional financial asset detail from comprehensive annual financial reports of state and local governments through 2011:Q2.|
|Monetary authority (tables F.109 and L.109)||Most data through 2019:Q4. Debt security data through 2019:Q3.|
|U.S.-chartered depository institutions (tables F.111 and L.111)||All data through 2019:Q4.|
|Foreign banking offices in U.S. (tables F.112 and L.112)||All data through 2019:Q4.|
|Banks in U.S.-affiliated areas (tables F.113 and L.113)||All data through 2019:Q4.|
|Credit unions (tables F.114 and L.114)||All data through 2019:Q4.|
|Property-casualty insurance companies (tables F.115 and L.115)||All data through 2019:Q3.|
|Life insurance companies (tables F.116 and L.116)||All data through 2019:Q3.|
|Private pension funds (tables F.118 and L.118)||Internal Revenue Service/Department of Labor Form 5500 data through 2017. Investment Company Institute data through 2019:Q3. BEA annual actuarial liability data through 2018:Q4.|
|Federal government retirement funds (tables F.119 and L.119)||Data from the Monthly Treasury Statement of Receipts and Outlays, the Thrift Savings Plan, and the National Railroad Retirement Investment Trust through 2019:Q4. BEA annual actuarial liability data through 2018:Q4.|
|State and local government employee retirement funds (tables F.120 and L.120)||Detailed annual survey data through 2018:Q2 and quarterly survey data through 2019:Q3 from the Census Bureau. Investment Company Institute data through 2019:Q3. BEA annual actuarial liability data through 2018:Q4.|
|Money market funds (tables F.121 and L.121)||All data through 2019:Q4.|
|Mutual funds (tables F.122 and L.122)||All data through 2019:Q4.|
|Closed-end funds (tables F.123 and L.123)||All data through 2019:Q4.|
|Exchange-traded funds (tables F.124 and L.124)||All data through 2019:Q4.|
|Government-sponsored enterprises (GSEs) (tables F.125 and L.125)||Data for Fannie Mae, Freddie Mac, FICO, REFCORP, Farmer Mac, and FCS through 2019:Q4. Data for FHLB through 2019:Q3.|
|Agency- and GSE-backed mortgage pools (tables F.126 and L.126)||Data for Freddie Mac, Fannie Mae, Farmer Mac, and Ginnie Mae through 2019:Q4.|
|Issuers of asset-backed securities (ABS) (tables F.127 and L.127)||All data for private mortgage pools, consumer credit, business loans, student loans, consumer leases, and trade credit securitization through 2019:Q4.|
|Finance companies (tables F.128 and L.128)||All data through 2019:Q4.|
|Real estate investment trusts (REITs) (tables F.129 and L.129)||All data through 2019:Q3 and preliminary data for 2019:Q4.|
|Security brokers and dealers (tables F.130 and L.130)||FOCUS and FOGS reports through 2019:Q4.|
|Holding companies (table F.131 and L.131)||All data through 2019:Q4.|
|Other financial business (tables F.132 and L.132)||Estimates for this sector are largely residuals and are derived from data for other sectors.|
|Rest of the world (tables F.133 and L.133)||NIPA estimates, depository institutions Call Reports, and Treasury International Capital System through 2019:Q4. International transaction accounts and international investment position through 2019:Q3.|