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For use at 12:00 p.m., eastern time December 6, 2012
FEDERAL RESERVE statistical release
Z.1
Flow of Funds Accounts of the United States
Flows and Outstandings Third Quarter 2012
Board of Governors of the Federal Reserve System, Washington DC 20551
Flow of Funds Summary Statistics Third Quarter 2012
Debt of the domestic nonfinancial sectors expanded at a seasonally adjusted annual rate of 2 ½ percent in the third quarter of 2012, 2 ½ percentage points less than in the second quarter.
Household debt decreased at an annual rate of 2 percent in the third quarter. Home mortgage debt contracted 3 percent, continuing the downtrend that commenced in early 2008. Consumer credit rose at an annual rate of 4 ¼ percent, the eighth consecutive quarterly increase.
Nonfinancial business debt rose at an annual rate of 4 ½ percent in the third quarter, in line with the rate in the second quarter. As in recent years, corporate bonds outstanding accounted for the largest increase.
State and local government debt, which had declined in 2011 and increased modestly in the second quarter,
was nearly flat in the third quarter. Federal government debt rose at an annual rate of 6 ¼ percent in the third quarter, about half the average rate of change of the previous four quarters.
At the end of the third quarter of 2012, the level of domestic nonfinancial debt outstanding was $39.3 trillion, of which household debt was $12.9 trillion, nonfinancial business debt was $12.1 trillion, and total government debt was $14.3 trillion.
Household net worth—the difference between the value of households’ assets and liabilities—was about $64.8 trillion at the end of the third quarter of 2012, $1.7 trillion more than at the end of the second quarter. In the third quarter, the value of corporate equities and mutual funds owned by households expanded $800 billion and the value of real estate owned by households increased about $370 billion.
Growth of Domestic Nonfinancial Debt1P
Percentage changes; quarterly data are seasonally adjusted annual rates
2002 2003 2004 2005 2006
2007 2008 2009 2010 2011
2011:Q1 Q2 Q3 Q4
2012:Q1 Q2 Q3
Total Households
7.3 10.6 8.0 11.8 9.2 11.1 9.2 11.1 8.6 10.0
8.4 6.6 5.8 -0.2 3.1 -1.7 4.1 -2.2 3.6 -1.6
2.5 -2.0 2.5 -2.7 4.4 -1.7 4.9 0.1
4.6 -0.9 5.1 1.2 2.4 -2.0
Business
3.0 2.2 6.8 8.9 10.8
13.6 6.1 -2.3 0.7 4.6
3.6 5.2 4.2 5.1
3.9 4.5 4.4
State and local govts.
11.1 8.3 9.5 5.8 3.9
5.5 0.6 4.0 2.3 -1.7
-2.8 -2.8 -0.2 -1.2
-0.0 3.1 -0.1
Federal
7.6 10.9 9.0 7.0 3.9
4.9 24.2 22.7 20.2 11.4
9.1 8.2 13.7 12.7
13.7 10.9 6.2
1. Changes shown are on an end-of-period basis.
Table of Contents
Title Table Page
Flow of Funds Accounts, Third Quarter 2012 1
Availability of Data for Latest Quarter 4
Credit Market Debt Growth by Sector D.1 7
Credit Market Borrowing by Sector D.2 8
Credit Market Debt Outstanding by Sector D.3 9
Flows
Title Table Page
Levels Table Page
Summaries
Total Credit Market Borrowing and Lending
Credit Market Borrowing by Nonfinancial Sectors
Credit Market Borrowing by Financial Sectors
Credit Market Borrowing, All Sectors, by Instrument
Total Liabilities and Its Relation to Total Financial Assets
F.1 10 L.1 64
F.2 11 L.2 65
F.3 11 L.3 65
F.4 12 L.4 66
F.5 12 L.5 66
Distribution of Gross Domestic Product F.6 13
Distribution of National Income F.7 14
Saving and Investment F.8 15
Net Capital Transfers F.9 16
Derivation of Measures of Personal Saving F.10 17 L.10 67
Flows Levels
Title Table Page Table Page
Sectors
Households and Nonprofit Organizations F.100 18
Nonfinancial Business F.101 19
Nonfinancial Corporate Business F.102 20 Nonfinancial Noncorporate Business F.103 21
State and Local Governments F.104 22
Federal Government F.105 23
Rest of the World F.106 24
Financial Business F.107 25
Monetary Authority F.108 26
Private Depository Institutions F.109 27
U.S.-Chartered Depository Institutions, ex. Credit Unions F.110 28 Foreign Banking Offices in U.S. F.111 29 Banks in U.S.-Affiliated Areas F.112 30 Credit Unions F.113 30
Property-Casualty Insurance Companies F.114 31
Life Insurance Companies F.115 31
Private Pension Funds F.116 32
State and Local Government Employee Retirement Funds F.117 33
Federal Government Retirement Funds F.118 33
Money Market Mutual Funds F.119 34
Mutual Funds F.120 34
Closed-End and Exchange-Traded Funds F.121 34
Government-Sponsored Enterprises F.122 35
L.100 68
L.101 69
L.102 70 L.103 71
L.104 72
L.105 73
L.106 74
L.107 75
L.108 76
L.109 77
L.110 78 L.111 79 L.112 80 L.113 80
L.114 81
L.115 81
L.116 82
L.117 83
L.118 83
L.119 84
L.120 84
L.121 84
L.122 85
Flows Levels
Title
Agency- and GSE-Backed Mortgage Pools
Issuers of Asset-Backed Securities
Finance Companies
Real Estate Investment Trusts
Security Brokers and Dealers
Holding Companies
Funding Corporations
Table Page
F.123 35
F.124 36
F.125 36
F.126 37
F.127 38
F.128 39
F.129 40
Table Page
L.123 85
L.124 86
L.125 86
L.126 87
L.127 88
L.128 89
L.129 90
Instruments
U.S. Official Reserve Assets and SDR Allocations F.200 41
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