Federal Reserve Economic Data

Quarterly Tables

S.4.q Nonfinancial Noncorporate Business

The Financial Accounts (formerly known as the Flow of Funds accounts) are a set of financial accounts used to track the sources and uses of funds by sector. They are a component of a system of macroeconomic accounts including the National Income and Product accounts (NIPA) and balance of payments accounts, all of which serve as a comprehensive set of information on the economy’s performance.(1) Some important inferences that can be drawn from the Financial accounts are the financial strength of a given sector, new economic trends, changes in the composition of wealth, and development of new financial instruments over time.(1)
Sectors are compiled into three categories: households, nonfinancial businesses, and banks. The sources of funds for a sector are its internal funds (savings from income after consumption) and external funds (loans from banks and other financial intermediaries). (1) Funds for a given sector are used for its investments in physical and financial assets. Dividing sources and uses of funds into two categories helps the staff of the Federal Reserve System pay particular attention to external sources of funds and financial uses of funds.(2) One example is whether households are borrowing more from banks—or in other words, whether household debt is rising. Another example might be whether banks are using more of their funds to provide loans to consumers. Transactions within a sector are not shown in the accounts; however, transactions between sectors are.(2) Monitoring the external flows of funds provides insights into a sector’s health and the performance of the economy as a whole.
Data for the Financial accounts are compiled from a large number of reports and publications, including regulatory reports such as those submitted by banks, tax filings, and surveys conducted by the Federal Reserve System.(2) The Financial accounts are published quarterly as a set of tables in the Federal Reserve’s Z.1 statistical release.
(1) Teplin, Albert M. “The U.S. Flow of Funds Accounts and Their Uses.” Federal Reserve Bulletin, July 2001; http://www.federalreserve.gov/pubs/bulletin/2001/0701lead.pdf.
(2) Board of Governors of the Federal Reserve System. “Guide to the Flow of Funds Accounts.” 2000, http://www.federalreserve.gov/apps/fof/.

For questions on the data, please contact the data source: https://www.federalreserve.gov/apps/ContactUs/feedback.aspx?refurl=/releases/z1/%
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    Q4 1945    
 
 
    Q2 2025
Line Name Period Value Preceding
Period 		Year Ago
from Period 		Units
Current account
line 1
Gross value added 		Q2 2025 5,058,039 Millions of Dollars 4,998,395 Millions of Dollars 4,819,937 Millions of Dollars Mil. of $
line 2
Less: Consumption of fixed capital 		Q2 2025 515,079 Millions of Dollars 510,035 Millions of Dollars 493,565 Millions of Dollars Mil. of $
line 3
Equals: Net value added 		Q2 2025 4,542,960 Millions of Dollars 4,488,360 Millions of Dollars 4,326,372 Millions of Dollars Mil. of $
line 4
Compensation of employees (paid) 		Q2 2025 1,634,915 Millions of Dollars 1,610,526 Millions of Dollars 1,565,595 Millions of Dollars Mil. of $
line 5
Taxes on production and imports less subsidies 		Q2 2025 406,534 Millions of Dollars 350,533 Millions of Dollars 335,440 Millions of Dollars Mil. of $
line 6
Operating surplus, net 		Q2 2025 2,501,511 Millions of Dollars 2,527,301 Millions of Dollars 2,425,337 Millions of Dollars Mil. of $
line 7
Net national income/Balance of primary incomes, net 		Q2 2025 47,418 Millions of Dollars 46,118 Millions of Dollars 40,666 Millions of Dollars Mil. of $
line 8
Operating surplus, net 		Q2 2025 2,501,511 Millions of Dollars 2,527,301 Millions of Dollars 2,425,337 Millions of Dollars Mil. of $
line 9
Property income received, net 		Q2 2025 -2,454,093 Millions of Dollars -2,481,183 Millions of Dollars -2,384,671 Millions of Dollars Mil. of $
line 10
Net national income/Balance of primary incomes, net 		Q2 2025 47,418 Millions of Dollars 46,118 Millions of Dollars 40,666 Millions of Dollars Mil. of $
line 11
Less: Other current transfers (paid) 		Q2 2025 47,418 Millions of Dollars 46,118 Millions of Dollars 40,666 Millions of Dollars Mil. of $
line 12
Equals: Disposable income, net 		Q2 2025 0 Millions of Dollars 0 Millions of Dollars 0 Millions of Dollars Mil. of $
line 13
Equals: Net saving 		Q2 2025 0 Millions of Dollars 0 Millions of Dollars 0 Millions of Dollars Mil. of $
Capital account
line 14
Net saving less capital transfers 		Q2 2025 0 Millions of Dollars 30,494 Millions of Dollars 0 Millions of Dollars Mil. of $
line 15
Net saving 		Q2 2025 0 Millions of Dollars 0 Millions of Dollars 0 Millions of Dollars Mil. of $
line 16
Less: Capital transfers paid (net) 		Q2 2025 0 Millions of Dollars -30,494 Millions of Dollars 0 Millions of Dollars Mil. of $
line 17
Capital formation, net 		Q2 2025 116,509 Millions of Dollars 160,530 Millions of Dollars 151,726 Millions of Dollars Mil. of $
line 18
Gross fixed capital formation 		Q2 2025 633,540 Millions of Dollars 636,323 Millions of Dollars 625,917 Millions of Dollars Mil. of $
line 19
Nonresidential 		Q2 2025 427,377 Millions of Dollars 427,784 Millions of Dollars 418,239 Millions of Dollars Mil. of $
line 20
Residential 		Q2 2025 206,163 Millions of Dollars 208,539 Millions of Dollars 207,678 Millions of Dollars Mil. of $
line 21
Less: Consumption of fixed capital 		Q2 2025 515,079 Millions of Dollars 510,035 Millions of Dollars 493,565 Millions of Dollars Mil. of $
line 22
Change in private inventories 		Q2 2025 -1,952 Millions of Dollars 34,242 Millions of Dollars 19,374 Millions of Dollars Mil. of $
line 23
Net lending (+) or borrowing (-), capital account (lines 14-17) 		Q2 2025 -116,509 Millions of Dollars -130,036 Millions of Dollars -151,726 Millions of Dollars Mil. of $
Financial account
line 24
Net lending (+) or borrowing (-) (line 23) 		Q2 2025 -116,509 Millions of Dollars -130,036 Millions of Dollars -151,726 Millions of Dollars Mil. of $
line 25
Net acquisition of financial assets 		Q2 2025 157,052 Millions of Dollars 231,332 Millions of Dollars 200,964 Millions of Dollars Mil. of $
line 26
Currency and deposits 		Q2 2025 35,748 Millions of Dollars 53,612 Millions of Dollars 45,416 Millions of Dollars Mil. of $
line 27
Currency and transferable deposits 		Q2 2025 11,808 Millions of Dollars 16,156 Millions of Dollars 15,132 Millions of Dollars Mil. of $
line 28
Time and savings deposits 		Q2 2025 23,940 Millions of Dollars 37,456 Millions of Dollars 30,284 Millions of Dollars Mil. of $
line 29
Debt securities 		Q2 2025 876 Millions of Dollars -6,196 Millions of Dollars 2,816 Millions of Dollars Mil. of $
line 30
Treasury securities 		Q2 2025 700 Millions of Dollars -6,452 Millions of Dollars 2,696 Millions of Dollars Mil. of $
line 31
Municipal securities 		Q2 2025 176 Millions of Dollars 256 Millions of Dollars 120 Millions of Dollars Mil. of $
line 32
Loans 		Q2 2025 904 Millions of Dollars 1,412 Millions of Dollars 1,144 Millions of Dollars Mil. of $
line 33
Short term (consumer credit) 		Q2 2025 0 Millions of Dollars 0 Millions of Dollars 0 Millions of Dollars Mil. of $
line 34
Long term (mortgages) 		Q2 2025 904 Millions of Dollars 1,412 Millions of Dollars 1,144 Millions of Dollars Mil. of $
line 35
Equity and investment fund shares 		Q2 2025 3,368 Millions of Dollars 2,264 Millions of Dollars 5,300 Millions of Dollars Mil. of $
line 36
Money market fund shares 		Q2 2025 2,268 Millions of Dollars 3,548 Millions of Dollars 2,872 Millions of Dollars Mil. of $
line 37
Equity in government-sponsored enterprises 		Q2 2025 1,100 Millions of Dollars -1,284 Millions of Dollars 2,428 Millions of Dollars Mil. of $
line 38
Insurance, pension and standardized guarantee schemes 		Q2 2025 16,428 Millions of Dollars 19,628 Millions of Dollars 22,864 Millions of Dollars Mil. of $
line 39
Other accounts receivable 		Q2 2025 99,728 Millions of Dollars 160,612 Millions of Dollars 123,424 Millions of Dollars Mil. of $
line 40
Trade receivables 		Q2 2025 19,504 Millions of Dollars 30,516 Millions of Dollars 24,672 Millions of Dollars Mil. of $
line 41
Other (miscellaneous assets) 		Q2 2025 80,224 Millions of Dollars 130,096 Millions of Dollars 98,752 Millions of Dollars Mil. of $
line 42
Net incurrence of liabilities 		Q2 2025 378,166 Millions of Dollars 410,371 Millions of Dollars 342,470 Millions of Dollars Mil. of $
line 43
Loans 		Q2 2025 222,925 Millions of Dollars 195,589 Millions of Dollars 178,866 Millions of Dollars Mil. of $
line 44
Short term 		Q2 2025 40,449 Millions of Dollars 39,329 Millions of Dollars 56,406 Millions of Dollars Mil. of $
line 45
Depository institution loans n.e.c. 		Q2 2025 32,682 Millions of Dollars 40,954 Millions of Dollars 17,219 Millions of Dollars Mil. of $
line 46
Other loans and advances 		Q2 2025 7,767 Millions of Dollars -1,626 Millions of Dollars 39,188 Millions of Dollars Mil. of $
line 47
Long term (mortgages) 		Q2 2025 182,476 Millions of Dollars 156,260 Millions of Dollars 122,460 Millions of Dollars Mil. of $
line 48
Equity and investment fund shares 		Q2 2025 -88,688 Millions of Dollars -35,600 Millions of Dollars 26,474 Millions of Dollars Mil. of $
line 49
Equity in noncorporate business 		Q2 2025 -87,932 Millions of Dollars -35,864 Millions of Dollars 39,722 Millions of Dollars Mil. of $
line 50
Foreign direct investment in the United States 		Q2 2025 -803 Millions of Dollars -16 Millions of Dollars -13,848 Millions of Dollars Mil. of $
line 51
Other accounts payable 		Q2 2025 155,288 Millions of Dollars 215,063 Millions of Dollars 164,203 Millions of Dollars Mil. of $
line 52
Trade payables 		Q2 2025 29,288 Millions of Dollars 17,935 Millions of Dollars 25,419 Millions of Dollars Mil. of $
line 53
Taxes payable 		Q2 2025 6,584 Millions of Dollars 10,300 Millions of Dollars 8,328 Millions of Dollars Mil. of $
line 54
Other (miscellaneous liabilities) 		Q2 2025 119,416 Millions of Dollars 186,828 Millions of Dollars 130,456 Millions of Dollars Mil. of $
Addendum:
line 55
Net lending (+) or borrowing (-), financial account (lines 25-42) 		Q2 2025 -132,426 Millions of Dollars -143,439 Millions of Dollars -167,980 Millions of Dollars Mil. of $
Other changes in volume account
line 56
Total other volume changes 		Q2 2025 0 Millions of Dollars 0 Millions of Dollars 0 Millions of Dollars Mil. of $
line 57
Disaster losses 		Q2 2025 0 Millions of Dollars -2,385 Millions of Dollars 0 Millions of Dollars Mil. of $
line 58
Other volume changes 		Q2 2025 0 Millions of Dollars 2,385 Millions of Dollars 0 Millions of Dollars Mil. of $
Revaluation account
line 59
Nonfinancial assets 		Q2 2025 -9,302 Millions of Dollars -30,022 Millions of Dollars 132,293 Millions of Dollars Mil. of $
line 60
Real estate 		Q2 2025 -12,316 Millions of Dollars -46,956 Millions of Dollars 146,161 Millions of Dollars Mil. of $
line 61
Residential 		Q2 2025 90,837 Millions of Dollars 37,891 Millions of Dollars 75,909 Millions of Dollars Mil. of $
line 62
Nonresidential 		Q2 2025 -103,153 Millions of Dollars -84,847 Millions of Dollars 70,251 Millions of Dollars Mil. of $
line 63
Equipment 		Q2 2025 -5,058 Millions of Dollars 17,025 Millions of Dollars -7,000 Millions of Dollars Mil. of $
line 64
Residential 		Q2 2025 2,569 Millions of Dollars -2,294 Millions of Dollars -2,156 Millions of Dollars Mil. of $
line 65
Nonresidential 		Q2 2025 -7,627 Millions of Dollars 19,319 Millions of Dollars -4,844 Millions of Dollars Mil. of $
line 66
Intellectual property products 		Q2 2025 -4,930 Millions of Dollars -4,462 Millions of Dollars -4,975 Millions of Dollars Mil. of $
line 67
Inventories 		Q2 2025 13,001 Millions of Dollars 4,371 Millions of Dollars -1,893 Millions of Dollars Mil. of $
line 68
Liabilities (direct investment in the U.S.) 		Q2 2025 -3,637 Millions of Dollars -6,929 Millions of Dollars -1,008 Millions of Dollars Mil. of $
line 69
Changes in net worth due to nominal holding gains/losses 		. . Millions of Dollars . Millions of Dollars . Millions of Dollars Mil. of $
Changes in balance sheet account
line 70
Change in net worth ((lines 17+23)/4 + lines 56+69) 		. . Millions of Dollars . Millions of Dollars . Millions of Dollars Mil. of $
Balance sheet account (end of period)
line 71
Total assets 		Q2 2025 28,284.514 Billions of Dollars 28,192.709 Billions of Dollars 27,880.095 Billions of Dollars Bil. of $
line 72
Nonfinancial assets 		Q2 2025 18,968,207 Millions of Dollars 18,915,782 Millions of Dollars 18,800,094 Millions of Dollars Mil. of $
line 73
Real estate 		Q2 2025 17,008.386 Billions of Dollars 16,979.818 Billions of Dollars 16,888.920 Billions of Dollars Bil. of $
line 74
Residential 		Q2 2025 10,456.342 Billions of Dollars 10,340.813 Billions of Dollars 10,204.142 Billions of Dollars Bil. of $
line 75
Nonresidential 		Q2 2025 6,552.044 Billions of Dollars 6,639.005 Billions of Dollars 6,684.778 Billions of Dollars Bil. of $
line 76
Equipment 		Q2 2025 1,111,479 Millions of Dollars 1,106,930 Millions of Dollars 1,121,774 Millions of Dollars Mil. of $
line 77
Residential 		Q2 2025 93,747 Millions of Dollars 90,150 Millions of Dollars 90,030 Millions of Dollars Mil. of $
line 78
Nonresidential 		Q2 2025 1,017,732 Millions of Dollars 1,016,780 Millions of Dollars 1,031,744 Millions of Dollars Mil. of $
line 79
Intellectual property products 		Q2 2025 493,454 Millions of Dollars 486,659 Millions of Dollars 464,651 Millions of Dollars Mil. of $
line 80
Inventories 		Q2 2025 354,888 Millions of Dollars 342,375 Millions of Dollars 324,749 Millions of Dollars Mil. of $
line 81
Financial assets 		Q2 2025 9,316.307 Billions of Dollars 9,276.927 Billions of Dollars 9,080.001 Billions of Dollars Bil. of $
line 82
Currency and deposits 		Q2 2025 2,047,087 Millions of Dollars 2,038,150 Millions of Dollars 1,993,996 Millions of Dollars Mil. of $
line 83
Currency and transferable deposits 		Q2 2025 532.590 Billions of Dollars 529.638 Billions of Dollars 516.067 Billions of Dollars Bil. of $
line 84
Time and savings deposits 		Q2 2025 1,514.497 Billions of Dollars 1,508.512 Billions of Dollars 1,477.929 Billions of Dollars Bil. of $
line 85
Debt securities 		Q2 2025 90,955 Millions of Dollars 90,619 Millions of Dollars 88,755 Millions of Dollars Mil. of $
line 86
Treasury securities 		Q2 2025 87.530 Billions of Dollars 87.185 Billions of Dollars 85.413 Billions of Dollars Bil. of $
line 87
Municipal securities 		Q2 2025 3.425 Billions of Dollars 3.434 Billions of Dollars 3.342 Billions of Dollars Bil. of $
line 88
Loans 		Q2 2025 57,122 Millions of Dollars 56,896 Millions of Dollars 55,743 Millions of Dollars Mil. of $
line 89
Short term (consumer credit) 		Q2 2025 0.000 Billions of Dollars 0.000 Billions of Dollars 0.000 Billions of Dollars Bil. of $
line 90
Long term (mortgages) 		Q2 2025 57.122 Billions of Dollars 56.896 Billions of Dollars 55.743 Billions of Dollars Bil. of $
line 91
Equity and investment fund shares 		Q2 2025 162,631 Millions of Dollars 161,789 Millions of Dollars 158,786 Millions of Dollars Mil. of $
line 92
Money market fund shares 		Q2 2025 143.532 Billions of Dollars 142.965 Billions of Dollars 140.067 Billions of Dollars Bil. of $
line 93
Equity in government-sponsored enterprises 		Q2 2025 19.099 Billions of Dollars 18.824 Billions of Dollars 18.719 Billions of Dollars Bil. of $
line 94
Insurance, pension and standardized guarantee schemes 		Q2 2025 200.681 Billions of Dollars 196.574 Billions of Dollars 183.115 Billions of Dollars Bil. of $
line 95
Other accounts receivable 		Q2 2025 6,757,831 Millions of Dollars 6,732,899 Millions of Dollars 6,599,606 Millions of Dollars Mil. of $
line 96
Trade receivables 		Q2 2025 1,233.899 Billions of Dollars 1,229.023 Billions of Dollars 1,204.106 Billions of Dollars Bil. of $
line 97
Other (miscellaneous assets) 		Q2 2025 5,523.932 Billions of Dollars 5,503.876 Billions of Dollars 5,395.500 Billions of Dollars Bil. of $
line 98
Total liabilities and net worth 		Q2 2025 28,284,514 Millions of Dollars 28,192,709 Millions of Dollars 27,880,095 Millions of Dollars Mil. of $
line 99
Liabilities 		Q2 2025 12,802.999 Billions of Dollars 12,707.470 Billions of Dollars 12,368.454 Billions of Dollars Bil. of $
line 100
Loans 		Q2 2025 7,897,341 Millions of Dollars 7,839,571 Millions of Dollars 7,681,217 Millions of Dollars Mil. of $
line 101
Short term 		Q2 2025 2,227,472 Millions of Dollars 2,215,255 Millions of Dollars 2,180,367 Millions of Dollars Mil. of $
line 102
Depository institution loans n.e.c. 		Q2 2025 1,731.910 Billions of Dollars 1,719.556 Billions of Dollars 1,703.121 Billions of Dollars Bil. of $
line 103
Other loans and advances 		Q2 2025 495.562 Billions of Dollars 495.699 Billions of Dollars 477.246 Billions of Dollars Bil. of $
line 104
Long term (mortgages) 		Q2 2025 5,669.869 Billions of Dollars 5,624.316 Billions of Dollars 5,500.850 Billions of Dollars Bil. of $
line 105
Equity and investment fund shares (direct investment in the U.S.) 		. . Millions of Dollars . Millions of Dollars . Millions of Dollars Mil. of $
line 106
Other accounts payable 		Q2 2025 4,902,358 Millions of Dollars 4,864,588 Millions of Dollars 4,683,521 Millions of Dollars Mil. of $
line 107
Trade payables 		Q2 2025 892.832 Billions of Dollars 886.562 Billions of Dollars 868.170 Billions of Dollars Bil. of $
line 108
Taxes payable 		Q2 2025 253.601 Billions of Dollars 251.955 Billions of Dollars 243.544 Billions of Dollars Bil. of $
line 109
Other (miscellaneous liabilities) 		Q2 2025 3,755,925 Millions of Dollars 3,726,071 Millions of Dollars 3,571,807 Millions of Dollars Mil. of $
line 110
Net worth 		Q2 2025 15,371,230 Millions of Dollars 15,371,127 Millions of Dollars 15,396,950 Millions of Dollars Mil. of $
   

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