Z.1 Financial Accounts of the United States

For use at 12:00 noon, eastern time

R

September 20, 2019

FEDERAL RESERVE STATISTICAL RELEASE

Z.1

Financial Accounts of the United States

Flow of Funds, Balance Sheets, and Integrated Macroeconomic Accounts

Second Quarter 2019

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

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Recent Developments in Household Net Worth and Domestic Nonfinancial Debt

The net worth of households and nonprofits rose to $113.5 trillion during the second quarter of 2019. The value of directly and indirectly held corporate equities increased $0.9 trillion and the value of real estate increased $0.3 trillion.

Domestic nonfinancial debt outstanding was $53.0 trillion at the end of the second quarter of 2019, of which household debt was $15.8 trillion, nonfinancial business debt was $15.7 trillion, and total government debt was $21.4 trillion.

an annual rate of 4.6 percent, while mortgage debt (excluding charge-offs) grew at an annual rate of 3.2 percent.

Nonfinancial business debt rose at an annual rate of 4.4 percent in the second quarter of 2019, down from a 6.7 percent annual rate in the previous quarter.

Federal government debt increased 2.1 percent at an annual rate in the second quarter of 2019, down from a 9.8 percent annual rate in the previous quarter.

Domestic nonfinancial debt expanded 3.1 percent at an annual rate in the second quarter of 2019, down from an annual rate of 5.9 percent in the previous quarter.

Household debt increased 4.3 percent at an annual rate in the second quarter of 2019. Consumer credit grew at

State and local government debt contracted at an annual rate of 2.5 percent in the second quarter of 2019, after contracting at an annual rate of 1.2 percent in the previous quarter.

Household Net Worth and Growth of Domestic Nonfinancial Debt

Growth of domestic nonfinancial debt2

Year

Household net worth1

Total

Households

Businesses

Federal government

2009

62,826

3.7

0.5

-3.9

20.4

2010

67,111

4.3

-0.6

-0.8

18.5

2011

68,309

3.6

-0.0

2.6

10.8

2012

73,416

4.8

1.0

5.0

10.1

2013

82,521

3.7

1.7

4.5

6.7

2014

88,184

4.1

2.1

6.5

5.4

2015

91,114

4.4

2.4

7.0

5.0

2016

96,918

4.4

3.2

5.3

5.6

2017

105,604

4.2

3.9

6.0

3.7

2018

106,285

4.6

3.2

4.0

7.6

State and local gov'ts

4.7 2.7 -1.2 0.0 -1.7 -1.2 0.3 1.1 -0.1 -1.6

2017: Q2

100,850

4.6

4.2

6.4

4.4

-1.0

Q3

102,978

4.5

2.5

6.1

6.0

-0.6

Q4

105,604

3.8

5.1

4.9

1.8

3.9

2018: Q1

106,267

6.7

3.0

3.9

14.3

-3.2

Q2

108,129

3.9

3.4

3.4

5.7

-0.4

Q3

110,197

4.1

3.4

3.9

5.9

-1.5

Q4

106,285

3.4

2.9

4.5

3.7

-1.6

2019: Q1

111,613

5.9

2.1

6.7

9.8

-1.2

Q2

113,462

3.1

4.3

4.4

2.1

-2.5

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 quarter's seasonally adjusted level, shown at an annual rate.

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Release Highlights Second Quarter 2019

Topic

Description

Measure of owner-occupied residential real estate

Household owner-occupied real estate (table B.101) has been revised reflecting a new data source and methodology from 2001:Q1 forward. More information is available in the accompanying FEDS working paper, "Measuring Aggregate Housing Wealth: New Insights from Machine Learning," (Joshua H. Gallin, Raven Molloy, Eric Nielsen, Paul Smith, and Kamila Sommer).

Nonfinancial corporate sector revision

The nonfinancial corporate sector (tables F.103, L.103, B.103, and R.103) has been revised from 2010:Q1 forward based on improved methodology using data from the IRS Statistics of Income and Census Quarterly Financial Report.

Direct investment at market value

Direct investment (table L.230) is now reported at market value beginning in 1982:Q1. Previous current cost values remain available as memo items.

Other financial business sector

The sector formerly named "funding corporations" was renamed "other financial business" (tables F.132 and L.132) to reflect its broad scope, which includes funding subsidiaries, custodial accounts for reinvested collateral of securities lending operations, Federal Reserve lending facilities, and funds associated with the Public-Private Investment Program.

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 updated 2016 data and new data for plan year 2017 from U.S. Internal Revenue Service/Department of Labor/Pension Benefit Guaranty Corporation Form 5500.

National Income and Product Accounts comprehensive update

The statistics in this publication reflect the 2019 comprehensive update of the National Income and Product Accounts (NIPAs) released by the Bureau of Economic Analysis (BEA) on July 26, 2019, as well as information for 2019:Q2 released by BEA on August 29, 2019. See the September 2019 issue of the Survey of Current Business at for details on the 2019 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 2014:Q1 to reflect updated annual estimates of fixed assets from BEA.

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 positions accounts released by BEA from 2016:Q1 forward. BEA's changes are detailed in the July 2019 issue of the Survey of Current Business.

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