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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 June 7, 2018 Z.1 Financial Accounts of the United States Flow of Funds, Balance Sheets, and Integrated Macroeconomic Accounts First 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 56,274 5.8 0.1 5.7 21.4 1.4 2009 58,082 3.6 0.4 -4.0 20.4 4.6 2010 62,045 4.4 -0.6 -0.7 18.5 2.5 2011 63,117 3.7 -0.0 2.7 10.8 -1.3 2012 68,806 4.6 1.1 4.5 10.1 -0.0 2013 78,552 3.8 1.6 4.7 6.7 -1.7 2014 83,517 4.1 2.2 6.2 5.4 -1.2 2015 86,535 4.3 2.3 6.8 5.0 0.3 2016 91,955 4.5 3.3 5.5 5.6 1.0 2017 99,740 3.8 3.8 5.7 2.8 -0.1 2016: Q1 87,063 5.5 2.4 9.2 6.2 0.7 Q2 87,807 4.4 3.7 4.1 5.7 2.2 Q3 90,091 5.2 4.2 6.1 6.3 0.8 Q4 91,955 2.7 2.8 2.2 3.6 0.4 2017: Q1 94,138 1.8 3.9 6.1 -2.6 -3.3 Q2 95,482 4.1 3.9 5.9 3.6 -1.2 Q3 97,266 6.0 2.7 6.0 10.3 -0.2 Q4 99,740 2.9 4.6 4.4 -0.2 4.3 2018: Q1 100,768 7.2 3.3 4.4 15.3 -4.2 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 $100.8 trillion during the first quarter of 2018. The value of directly and indirectly held corporate equities decreased $0.4 trillion and the value of real estate increased $0.5 trillion. Domestic nonfinancial debt outstanding was $49.8 trillion at the end of the first quarter of 2018, of which household debt was $15.3 trillion, nonfinancial business debt was $14.4 trillion, and total government debt was $20.1 trillion. Domestic nonfinancial debt expanded 7.2 percent at an annual rate in the first quarter of 2018, up from an annual rate of 2.9 percent in the previous quarter. Household debt increased 3.3 percent at an annual rate in the first quarter of 2018. Consumer credit grew at an annual rate of 4.2 percent, while mortgage debt (excluding charge-offs) grew at an annual rate of 2.9 percent. Nonfinancial business debt rose at an annual rate of 4.4 percent in the first quarter of 2018, about the same as in the previous quarter. Federal government debt increased 15.3 percent at an annual rate in the first quarter of 2018, due primarily to the debt ceiling increase and the restoration of government trust funds that were affected by the Treasurys extraordinary measures. State and local government debt contracted at an annual rate of 4.2 percent in the first quarter of 2018, after expanding at an annual rate of 4.3 percent in the previous quarter.Recent Developments in Household Net Worth and Domestic Nonfinancial Debt ii iii Topic Description “Flows” now referred to as “transactions” As of this publication, the term “flow” is being replaced by the term “transactions.” The concept being referred to, which is the acquisition of assets or incurrence of liabilities, is not being changed. The change in terminology is intended to prevent confusion with the broader concept sometimes called “economic flow,” which is the change in level from one period to the next and is composed of transactions, revaluations, and other changes in volume. The new terminology brings the Financial Accounts of the United States into better alignment with international guidelines in the System of National Accounts 2008 (SNA2008). Tax on foreign earnings retained abroad required in the December 2017 Tax Cuts and Jobs Act The 2017 Tax Cuts and Jobs Act requires corporations to pay taxes on all foreign earnings retained abroad after 1986 until the end of the companys most recent fiscal year. Payments may be spread over an eight-year period. The Bureau of Economic Analysis (BEA) shows this tax assessment as a capital transfer in 2017:Q4 (table F.5) from corporations to the federal government. These capital transfers appear on the Financial Accounts sector tables as part of “gross savings less net capital transfers” for the nonfinancial corporate business, U.S.-chartered depository institutions, property and casualty insurance companies, life insurance companies, finance companies, and brokers and dealers sectors (tables F.103, F.111, F.115, F.116, F.128, and F.130). On the instrument table taxes payable by businesses (tables F.228 and L.228), these tax assessments have been added to the federal government sector as taxes receivable and as taxes payable for the corresponding business sectors. The taxes receivable and payable will be reduced over the next eight years as payments are made. For additional information, see the Financial Accounts technical Q 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 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-12-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 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. Explanatory Notes vii Data Revisions 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. Discrepancies 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: federalreserve.gov/apps/fof 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. Production Schedule The Financial Accounts are published four times per year, about 10 weeks following the end of each calendar quarter. The publication is available online: federalreserve.gov/releases/Z1 This website also provides CSV files of quarterly data for transactions at a seasonally adjusted annual rate, unadjusted transactions, levels outstanding, balance sheets, debt tables, supplementary tables, and the IMA. In addition, the data are available as customizable datasets through the Federal Reserve Boards Data Download Program online: federalreserve.gov/datadownload/default.htm 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 viii
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