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F E D E R A L R E S E R V E S T A T I S T I C A L R E L E A S E RFor use at 12:00 noon, eastern time September 20, 2018 Z.1 Financial Accounts of the United States Flow of Funds, Balance Sheets, and Integrated Macroeconomic Accounts Second Quarter 2018 B O A R D OF G O V E R N O R S OF T H E F E D E R A L R E S E R V E S Y S T E M i Household Net Worth and Growth of Domestic Nonfinancial Debt Year Household net worth1 Growth of domestic nonfinancial debt2 Total Households Businesses Federal government State and local govts 2008 58,908 5.8 0.1 5.7 21.4 1.4 2009 60,490 3.7 0.4 -3.9 20.4 4.7 2010 64,261 4.4 -0.6 -0.6 18.5 2.6 2011 65,263 3.6 -0.0 2.7 10.8 -1.2 2012 70,859 4.8 1.1 5.0 10.1 -0.0 2013 81,396 3.8 1.6 4.6 6.7 -1.7 2014 86,252 4.1 2.2 6.3 5.4 -1.2 2015 89,621 4.4 2.3 7.0 5.0 0.3 2016 95,243 4.6 3.3 5.8 5.6 1.0 2017 103,435 3.7 3.9 5.3 2.8 -0.1 2016: Q2 90,894 4.5 3.7 4.2 6.0 2.4 Q3 93,243 5.2 4.4 6.1 6.1 0.7 Q4 95,243 2.5 2.6 3.3 2.1 -0.3 2017: Q1 97,406 2.1 3.5 5.2 -1.0 -2.2 Q2 98,823 4.3 4.2 5.8 4.1 -0.9 Q3 100,791 5.7 2.8 5.2 10.1 -0.7 Q4 103,435 2.4 5.1 4.4 -2.1 3.4 2018: Q1 104,738 7.5 3.2 3.2 17.2 -2.9 Q2 106,929 4.6 2.9 4.6 6.9 -0.4 1. Shown on table B.101, which includes nonprofit organizations. Billions of dollars; amounts outstanding end of period, not seasonally adjusted. 2. Percentage changes calculated as transactions at a seasonally adjusted annual rate divided by previous quarters seasonally adjusted level, shown at an annual rate. The net worth of households and nonprofits rose to $106.9 trillion during the second quarter of 2018. The value of directly and indirectly held corporate equities increased $0.8 trillion and the value of real estate increased $0.6 trillion. Domestic nonfinancial debt outstanding was $50.7 trillion at the end of the second quarter of 2018, of which household debt was $15.4 trillion, nonfinancial business debt was $14.8 trillion, and total government debt was $20.5 trillion. Domestic nonfinancial debt expanded 4.6 percent at an annual rate in the second quarter of 2018, down from an annual rate of 7.5 percent in the previous quarter. Household debt increased 2.9 percent at an annual rate in the second quarter of 2018. Consumer credit grew at an annual rate of 4 percent, while mortgage debt (excluding charge-offs) grew at an annual rate of 2.5 percent. Nonfinancial business debt rose at an annual rate of 4.6 percent in the second quarter of 2018, up from the previous quarter. Federal government debt increased 6.9 percent at an annual rate in the second quarter of 2018, after expanding at an annual rate of 17.2 percent in the previous quarter. State and local government debt contracted at an annual rate of 0.4 percent in the second quarter of 2018, after contracting at an annual rate of 2.9 percent in the previous quarter.Recent Developments in Household Net Worth and Domestic Nonfinancial Debt ii iii Topic Description New supplementary household balance sheet table A new balance sheet for households, excluding nonprofit organizations, has been added as a supplementary table to the Financial Accounts (table B.101.h). The memo section of the table shows the reconciliation of the households balance sheet (B.101.h) and the nonprofit organizations balance sheet (table B.101.n), described below, with the combined households and nonprofit organization sector balance sheet shown in the core Financial Accounts (table B.101). Transactions and quarterly data can be obtained from the Federal Reserve Boards data download program. Nonprofit organizations balance sheet A full balance sheet, including nonfinancial assets, for nonprofit organizations has been added as a supplementary table to the Financial Accounts (table B.101.n). Data for nonprofit organizations have been estimated through the latest publication period. This table replaces the previously published tables F.101.a and L.101.a. Transactions and quarterly data can be obtained from the Federal Reserve Boards data download program. National income and product accounts comprehensive update The statistics in this publication reflect the 2018 comprehensive update of the National Income and Product Accounts (NIPAs) released by the Bureau of Economic Analysis (BEA) on July 27, 2018, as well as information for 2018:Q2 released by BEA on August 29, 2018. See the September 2018 issue of the Survey of Current Business for details on the 2018 comprehensive update. Major changes related to the Financial Accounts of the United States are described in some of the items below. Fixed assets annual benchmark Investment, depreciation, and capital stock data for all private sectors have been revised beginning in 1988:Q1 to reflect updated annual estimates of fixed assets from BEA. Reclassification of payments made by Federal Reserve Banks to the federal government Transfers of excess operating surpluses from the Federal Reserve Banks (monetary authority sector) to the federal government have been reclassified as dividend payments in the NIPAs and the Financial Accounts (tables F.3 and F.106). Previously, these transactions were recorded as taxes on corporate income. State and local government employee defined benefit retirement funds pension entitlements valued using PBO approach Pension entitlements of state and local government employee defined benefit retirement funds (tables F.120.b, L.120.b, F.227, and L.227) are now presented on a projected benefit obligation (PBO) basis; previously, they were presented on an accumulated benefit obligation (ABO) basis. The PBO method is also used to estimate the pension entitlements of federal government employee defined benefit pension plans. Private sector defined benefit plans will continue to be presented on an ABO basis. Release Highlights Second Quarter 2018 iv Topic Description NIPA not seasonally adjusted estimates for GDP, GDI, and their major components BEAs newly published not seasonally adjusted (NSA) estimates for GDP, GDI, and their major components have been incorporated from 2002:Q1 forward. Previously, NSA data were only available for the government sectors. Nonfinancial corporate business holdings of corporate equities Corporate equities are now shown as an asset of the nonfinancial corporate business sector (tables F.103, F.223, L.103, L.223, B.103, and R.103). Previously, the sectors holdings were netted against its outstanding amount of corporate equities. Nonfinancial noncorporate business benchmark Data for the nonfinancial noncorporate business sector (tables F.104, L.104, B.104, and R.104) have been revised to reflect new 2015 benchmark statistics from the Internal Revenue Service (IRS) Statistics of Income (SOI). Private 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 beginning in 2016:Q1 to reflect new data from the U.S. Internal Revenue Service/Department of Labor/Pension Benefit Guaranty Corporation Form 5500 files for plan year 2016. New source data for money market funds from SEC New source data for money market funds from the U.S. Securities and Exchange Commissions (SEC) form N-MFP have been incorporated into the sectors asset holdings (tables F.121 and L.121). Money market funds not available to the public, which are included in the SEC data, are excluded from Financial Accounts estimates. Data revisions begin 2013:Q1. Holders of money market fund shares Holdings of money market fund shares by households and nonprofit organizations, state and local governments, and funding corporations (tables F.206 and L.206) have been revised due to a change in methodology based on detail from the Investment Company Institute. Data revisions begin 1976:Q1. Holding companies The holding company sector (tables F.131 and L.131) has been revised due to a methodology change to properly account for transactions between holding companies and their subsidiaries and to reflect additional foreign companies investment in their U.S. holding company subsidiaries. Additionally, holding companies that file form FR Y-9SP have been incorporated from 1986:Q2 through 2006:Q1. Rest of the world sector The rest of the world sector (tables F.133 and L.133) has been revised to reflect new data for the U.S. international transactions accounts and the U.S. international investment position accounts released by BEA from 2010:Q1 forward. BEAs changes are detailed in the July 2018 issue of the Survey of Current Business. v Topic Description Tax on foreign earnings retained abroad required in the December 2017 Tax Cuts and Jobs Act The 2017 Tax Cuts and Jobs Act (TCJA) required corporations to pay taxes on all foreign earnings retained abroad between 1986 and the 2017 fiscal year. Payments may be spread over an eight-year period, with the first payments expected in 2018:Q2. The 2018:Q2 tax payments have been estimated as 8 percent of the corporations TCJA tax liability. The payments are shown as a reduction in the taxes payable of the corporations and a reduction in taxes receivable for the federal government (tables F.228 and L.228). The affected corporations are included in the following sectors: nonfinancial corporate business, U.S.-chartered depository institutions, property-casualty insurance companies, life insurance companies, finance companies, and security brokers and dealers. Accounting for reinsurance transactions in the Financial Accounts In accordance with System of National Accounts (SNA 2018) standards, the property-casualty insurance company sector (tables F.115 and L.115) and the life insurance company sector (tables F.116, F.116.g, F.116.s, L.116, L.116.g, and L.116.s) are now reported gross of reinsurance transactions between unaffiliated U.S. insurers, and between U.S. insurers and foreign insurers. The life insurance sector also now includes the assets and liabilities of U.S. captive reinsurers. Memo items on the insurance company sector tables show the reinsurance transactions that have been incorporated into these sectors. Accounting for these changes also affected the rest of the world sector (tables F.133 and L.133) and a number of instrument categories, including insurance reserves and trade payables. The forthcoming FEDS Note, “Accounting for Reinsurance Transactions in the Financial Accounts of the United States,” by Mike Batty, summarizes the effects of these changes and describes the treatment of reinsurance in more detail. Seasonal adjustment Seasonal factors for quarterly transactions have been recalculated from 2008:Q1 forward. The seasonal factors are generated using the X-13-ARIMA seasonal adjustment program from the U.S. Census Bureau. SDDS Plus: From-Whom-to-Whom Holdings of Debt Securities The “International Data Submissions” webpage of the Financial Accounts Guide includes a new table and an SDMX file for quarterly estimates of From-Whom-to-Whom Holdings of Debt Securities, as required by the International Monetary Fund (IMF) for adherence to the SDDS Plus initiative. vi vii 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 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 mainly for series carried at market value (such as corporate equities, real estate, and some debt securities), so for many series the change in the level is equal to the transactions element. Growth Rates Growth rates calculated from levels include revaluations and other changes in volume. In order to isolate the effect of transactions on the 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 Adjustment Seasonal factors are recalculated and updated every September with the release of second-quarter data. 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 transaction data. Because the effects of the recent financial
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