Quarterly Tables

S.8.q State and Local Governments

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/%
For questions on FRED functionality, please contact: https://fred.stlouisfed.org/contactus/

Line	Name	Period	Value	Preceding Period	Year Ago from Period	Units
	Current account
line 1	Gross value added	Q4 2025	2,408,051 Millions of U.S. Dollars	2,387,151 Millions of U.S. Dollars	2,312,941 Millions of U.S. Dollars	Mil. of U.S. $
line 2	Less: Consumption of fixed capital	Q4 2025	441,794 Millions of U.S. Dollars	434,557 Millions of U.S. Dollars	417,335 Millions of U.S. Dollars	Mil. of U.S. $
line 3	Equals: Net value added	Q4 2025	1,966,257 Millions of U.S. Dollars	1,952,594 Millions of U.S. Dollars	1,895,606 Millions of U.S. Dollars	Mil. of U.S. $
line 4	Compensation of employees (paid)	Q4 2025	2,021,160 Millions of U.S. Dollars	2,004,783 Millions of U.S. Dollars	1,942,335 Millions of U.S. Dollars	Mil. of U.S. $
line 5	Operating surplus, net	Q4 2025	-54,903 Millions of U.S. Dollars	-52,189 Millions of U.S. Dollars	-46,729 Millions of U.S. Dollars	Mil. of U.S. $
line 6	Net national income/Balance of primary incomes, net	.	. Millions of U.S. Dollars	. Millions of U.S. Dollars	. Millions of U.S. Dollars	Mil. of U.S. $
line 7	Operating surplus, net	Q4 2025	-54,903 Millions of U.S. Dollars	-52,189 Millions of U.S. Dollars	-46,729 Millions of U.S. Dollars	Mil. of U.S. $
line 8	Taxes on production and imports, receivable	Q4 2025	1,877,341 Millions of U.S. Dollars	1,855,411 Millions of U.S. Dollars	1,798,057 Millions of U.S. Dollars	Mil. of U.S. $
line 9	Subsidies (paid)	Q4 2025	-728 Millions of U.S. Dollars	-728 Millions of U.S. Dollars	-718 Millions of U.S. Dollars	Mil. of U.S. $
line 10	Property income received, net	.	. Millions of U.S. Dollars	. Millions of U.S. Dollars	. Millions of U.S. Dollars	Mil. of U.S. $
line 11	Net national income/Balance of primary incomes, net	.	. Millions of U.S. Dollars	. Millions of U.S. Dollars	. Millions of U.S. Dollars	Mil. of U.S. $
line 12	Plus: Current taxes on income, wealth, etc. (received)	.	. Millions of U.S. Dollars	. Millions of U.S. Dollars	. Millions of U.S. Dollars	Mil. of U.S. $
line 13	Plus: Social benefits (received)	Q4 2025	30,248 Millions of U.S. Dollars	29,526 Millions of U.S. Dollars	28,289 Millions of U.S. Dollars	Mil. of U.S. $
line 14	Less: Social contributions (paid)	Q4 2025	1,266,330 Millions of U.S. Dollars	1,249,624 Millions of U.S. Dollars	1,164,975 Millions of U.S. Dollars	Mil. of U.S. $
line 15	Plus: Other current transfers (received)	Q4 2025	1,182,093 Millions of U.S. Dollars	1,200,100 Millions of U.S. Dollars	1,170,406 Millions of U.S. Dollars	Mil. of U.S. $
line 16	Less: Other current transfers (paid)	Q4 2025	0 Millions of U.S. Dollars	0 Millions of U.S. Dollars	0 Millions of U.S. Dollars	Mil. of U.S. $
line 17	Equals: Disposable income, net	.	. Millions of U.S. Dollars	. Millions of U.S. Dollars	. Millions of U.S. Dollars	Mil. of U.S. $
line 18	Less: Final consumption expenditures	Q4 2025	2,717,725 Millions of U.S. Dollars	2,691,798 Millions of U.S. Dollars	2,585,633 Millions of U.S. Dollars	Mil. of U.S. $
line 19	Equals: Net saving	.	. Millions of Dollars	. Millions of Dollars	. Millions of Dollars	Mil. of $
	Capital account
line 20	Net saving less capital transfers	.	. Millions of Dollars	. Millions of Dollars	. Millions of Dollars	Mil. of $
line 21	Net saving	.	. Millions of Dollars	. Millions of Dollars	. Millions of Dollars	Mil. of $
line 22	Less: Capital transfers paid (net)	Q4 2025	-142,004 Millions of U.S. Dollars	-115,731 Millions of U.S. Dollars	-194,132 Millions of U.S. Dollars	Mil. of U.S. $
line 23	Capital formation, net	Q4 2025	232,899 Millions of U.S. Dollars	231,062 Millions of U.S. Dollars	219,252 Millions of U.S. Dollars	Mil. of U.S. $
line 24	Gross fixed capital formation (acquisition of produced nonfinancial assets)	Q4 2025	651,449 Millions of U.S. Dollars	642,877 Millions of U.S. Dollars	615,125 Millions of U.S. Dollars	Mil. of U.S. $
line 25	Less: Consumption of fixed capital	Q4 2025	441,794 Millions of U.S. Dollars	434,557 Millions of U.S. Dollars	417,335 Millions of U.S. Dollars	Mil. of U.S. $
line 26	Acquisition of nonproduced nonfinancial assets	Q4 2025	23,244 Millions of U.S. Dollars	22,742 Millions of U.S. Dollars	21,462 Millions of U.S. Dollars	Mil. of U.S. $
line 27	Net lending (+) or borrowing (-), capital account (lines 20-23)	.	. Millions of Dollars	. Millions of Dollars	. Millions of Dollars	Mil. of $
	Financial account
line 28	Net lending (+) or borrowing (-) (line 27)	.	. Millions of Dollars	. Millions of Dollars	. Millions of Dollars	Mil. of $
line 29	Net acquisition of financial assets	Q4 2025	-63,870 Millions of U.S. Dollars	344,074 Millions of U.S. Dollars	10,094 Millions of U.S. Dollars	Mil. of U.S. $
line 30	Currency and deposits	Q4 2025	91,317 Millions of U.S. Dollars	-38,548 Millions of U.S. Dollars	39,280 Millions of U.S. Dollars	Mil. of U.S. $
line 31	Currency and transferable deposits	Q4 2025	130,623 Millions of U.S. Dollars	8,928 Millions of U.S. Dollars	59,148 Millions of U.S. Dollars	Mil. of U.S. $
line 32	Time and savings deposits	.	. Millions of Dollars	. Millions of Dollars	. Millions of Dollars	Mil. of $
line 33	Debt securities	Q4 2025	-118,192 Millions of U.S. Dollars	270,056 Millions of U.S. Dollars	69,244 Millions of U.S. Dollars	Mil. of U.S. $
line 34	Open market paper	Q4 2025	10,976 Millions of U.S. Dollars	-30,208 Millions of U.S. Dollars	-20,348 Millions of U.S. Dollars	Mil. of U.S. $
line 35	Treasury securities	.	. Millions of Dollars	. Millions of Dollars	. Millions of Dollars	Mil. of $
line 36	Agency- and GSE-backed securities	Q4 2025	-27,776 Millions of U.S. Dollars	64,624 Millions of U.S. Dollars	-10,248 Millions of U.S. Dollars	Mil. of U.S. $
line 37	Municipal securities	Q4 2025	-4,016 Millions of U.S. Dollars	3,704 Millions of U.S. Dollars	-1,304 Millions of U.S. Dollars	Mil. of U.S. $
line 38	Corporate and foreign bonds	Q4 2025	-12,680 Millions of U.S. Dollars	32,500 Millions of U.S. Dollars	17,732 Millions of U.S. Dollars	Mil. of U.S. $
line 39	Loans	Q4 2025	-57,088 Millions of U.S. Dollars	41,297 Millions of U.S. Dollars	-102,320 Millions of U.S. Dollars	Mil. of U.S. $
line 40	Short term	Q4 2025	-12,532 Millions of U.S. Dollars	38,456 Millions of U.S. Dollars	-22,584 Millions of U.S. Dollars	Mil. of U.S. $
line 41	Long term (mortgages)	Q4 2025	14,792 Millions of U.S. Dollars	14,612 Millions of U.S. Dollars	5,412 Millions of U.S. Dollars	Mil. of U.S. $
line 42	Equity and investment fund shares	Q4 2025	-6,676 Millions of U.S. Dollars	-8,840 Millions of U.S. Dollars	-11,072 Millions of U.S. Dollars	Mil. of U.S. $
line 43	Money market fund shares	Q4 2025	20,176 Millions of U.S. Dollars	14,248 Millions of U.S. Dollars	19,152 Millions of U.S. Dollars	Mil. of U.S. $
line 44	Corporate equities	Q4 2025	-19,748 Millions of U.S. Dollars	-20,524 Millions of U.S. Dollars	-27,300 Millions of U.S. Dollars	Mil. of U.S. $
line 45	Mutual fund shares	Q4 2025	-7,104 Millions of U.S. Dollars	-2,564 Millions of U.S. Dollars	-2,924 Millions of U.S. Dollars	Mil. of U.S. $
line 46	Other accounts receivable	Q4 2025	26,768 Millions of U.S. Dollars	80,109 Millions of U.S. Dollars	14,962 Millions of U.S. Dollars	Mil. of U.S. $
line 47	Trade receivables	Q4 2025	22,732 Millions of U.S. Dollars	36,920 Millions of U.S. Dollars	21,540 Millions of U.S. Dollars	Mil. of U.S. $
line 48	Taxes receivable	Q4 2025	14,204 Millions of U.S. Dollars	11,989 Millions of U.S. Dollars	11,746 Millions of U.S. Dollars	Mil. of U.S. $
line 49	Other (miscellaneous assets)	Q4 2025	-10,168 Millions of U.S. Dollars	31,200 Millions of U.S. Dollars	-18,324 Millions of U.S. Dollars	Mil. of U.S. $
line 50	Net incurrence of liabilities	Q4 2025	359,127 Millions of U.S. Dollars	533,253 Millions of U.S. Dollars	307,424 Millions of U.S. Dollars	Mil. of U.S. $
line 51	Debt securities (municipals)	Q4 2025	7,155 Millions of U.S. Dollars	191,367 Millions of U.S. Dollars	-45,944 Millions of U.S. Dollars	Mil. of U.S. $
line 52	Short term	Q4 2025	-6,799 Millions of U.S. Dollars	24,767 Millions of U.S. Dollars	-4,428 Millions of U.S. Dollars	Mil. of U.S. $
line 53	Other	Q4 2025	13,953 Millions of U.S. Dollars	166,600 Millions of U.S. Dollars	-41,516 Millions of U.S. Dollars	Mil. of U.S. $
line 54	Loans (short term)	Q4 2025	780 Millions of U.S. Dollars	0 Millions of U.S. Dollars	1,912 Millions of U.S. Dollars	Mil. of U.S. $
line 55	Insurance, pension and standardized guarantee schemes (claim of pension funds on sponsor)	Q4 2025	258,054 Millions of U.S. Dollars	258,854 Millions of U.S. Dollars	269,388 Millions of U.S. Dollars	Mil. of U.S. $
line 56	Other accounts payable (trade payables)	Q4 2025	78,028 Millions of U.S. Dollars	77,044 Millions of U.S. Dollars	73,764 Millions of U.S. Dollars	Mil. of U.S. $
	Addendum:
line 57	Net lending (+) or borrowing (-), financial account (lines 29-50)	Q4 2025	-422,997 Millions of U.S. Dollars	-189,178 Millions of U.S. Dollars	-297,330 Millions of U.S. Dollars	Mil. of U.S. $
	Other changes in volume account
line 58	Total other volume changes	.	. Millions of U.S. Dollars	. Millions of U.S. Dollars	. Millions of U.S. Dollars	Mil. of U.S. $
line 59	Disaster losses	Q4 2025	0 Millions of U.S. Dollars	0 Millions of U.S. Dollars	-3,000 Millions of U.S. Dollars	Mil. of U.S. $
line 60	Other volume changes	Q4 2025	-9,676 Millions of U.S. Dollars	-11,353 Millions of U.S. Dollars	-28,735 Millions of U.S. Dollars	Mil. of U.S. $
line 61	Less: Statistical discrepancy ((lines 27-57)/4)	.	. Millions of U.S. Dollars	. Millions of U.S. Dollars	. Millions of U.S. Dollars	Mil. of U.S. $
	Revaluation account
line 62	Nonfinancial assets	Q4 2025	206,339 Millions of U.S. Dollars	90,205 Millions of U.S. Dollars	85,191 Millions of U.S. Dollars	Mil. of U.S. $
line 63	Structures	Q4 2025	201,454 Millions of U.S. Dollars	83,890 Millions of U.S. Dollars	80,229 Millions of U.S. Dollars	Mil. of U.S. $
line 64	Equipment	Q4 2025	2,287 Millions of U.S. Dollars	3,855 Millions of U.S. Dollars	3,239 Millions of U.S. Dollars	Mil. of U.S. $
line 65	Intellectual property products	Q4 2025	2,599 Millions of U.S. Dollars	2,460 Millions of U.S. Dollars	1,723 Millions of U.S. Dollars	Mil. of U.S. $
line 66	Financial assets (equity and investment fund shares)	Q4 2025	3,846 Millions of U.S. Dollars	14,568 Millions of U.S. Dollars	2,391 Millions of U.S. Dollars	Mil. of U.S. $
line 67	Liabilities (claim of pension funds on sponsor)	Q4 2025	-147,736 Millions of U.S. Dollars	-272,000 Millions of U.S. Dollars	46,891 Millions of U.S. Dollars	Mil. of U.S. $
line 68	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 69	Change in net worth ((lines 23+27)/4 + lines 58+68)	Q4 2025	299,102 Millions of U.S. Dollars	422,261 Millions of U.S. Dollars	-92,678 Millions of U.S. Dollars	Mil. of U.S. $
	Balance sheet account (end of period)
line 70	Total assets	Q4 2025	22,532,080 Millions of U.S. Dollars	22,263,195 Millions of U.S. Dollars	21,480,866 Millions of U.S. Dollars	Mil. of U.S. $
line 71	Nonfinancial assets	Q4 2025	17,359,322 Millions of U.S. Dollars	17,106,400 Millions of U.S. Dollars	16,561,948 Millions of U.S. Dollars	Mil. of U.S. $
line 72	Structures	Q4 2025	16,802,015 Millions of U.S. Dollars	16,555,919 Millions of U.S. Dollars	16,019,768 Millions of U.S. Dollars	Mil. of U.S. $
line 73	Equipment	Q4 2025	323,691 Millions of U.S. Dollars	322,675 Millions of U.S. Dollars	323,952 Millions of U.S. Dollars	Mil. of U.S. $
line 74	Intellectual property products	Q4 2025	233,616 Millions of U.S. Dollars	227,806 Millions of U.S. Dollars	218,228 Millions of U.S. Dollars	Mil. of U.S. $
line 75	Financial assets	Q4 2025	5,172,758 Millions of U.S. Dollars	5,156,795 Millions of U.S. Dollars	4,918,918 Millions of U.S. Dollars	Mil. of U.S. $
line 76	Currency and deposits	Q4 2025	785,919 Millions of U.S. Dollars	743,356 Millions of U.S. Dollars	764,733 Millions of U.S. Dollars	Mil. of U.S. $
line 77	Currency and transferable deposits	Q4 2025	432,111 Millions of U.S. Dollars	390,355 Millions of U.S. Dollars	390,652 Millions of U.S. Dollars	Mil. of U.S. $
line 78	Time and savings deposits	.	. Millions of Dollars	. Millions of Dollars	. Millions of Dollars	Mil. of $
line 79	Debt securities	Q4 2025	2,664,399 Millions of U.S. Dollars	2,693,416 Millions of U.S. Dollars	2,512,827 Millions of U.S. Dollars	Mil. of U.S. $
line 80	Open market paper	Q4 2025	296,754 Millions of U.S. Dollars	294,010 Millions of U.S. Dollars	264,375 Millions of U.S. Dollars	Mil. of U.S. $
line 81	Treasury securities	.	. Millions of Dollars	. Millions of Dollars	. Millions of Dollars	Mil. of $
line 82	Agency- and GSE-backed securities	Q4 2025	449,962 Millions of U.S. Dollars	455,998 Millions of U.S. Dollars	427,310 Millions of U.S. Dollars	Mil. of U.S. $
line 83	Municipal securities	Q4 2025	48,481 Millions of U.S. Dollars	49,131 Millions of U.S. Dollars	46,040 Millions of U.S. Dollars	Mil. of U.S. $
line 84	Corporate and foreign bonds	Q4 2025	315,941 Millions of U.S. Dollars	320,179 Millions of U.S. Dollars	300,036 Millions of U.S. Dollars	Mil. of U.S. $
line 85	Loans	Q4 2025	564,042 Millions of U.S. Dollars	569,065 Millions of U.S. Dollars	554,109 Millions of U.S. Dollars	Mil. of U.S. $
line 86	Short term	Q4 2025	233,591 Millions of U.S. Dollars	236,724 Millions of U.S. Dollars	221,831 Millions of U.S. Dollars	Mil. of U.S. $
line 87	Long term (mortgages)	Q4 2025	248,064 Millions of U.S. Dollars	244,385 Millions of U.S. Dollars	233,672 Millions of U.S. Dollars	Mil. of U.S. $
line 88	Equity and investment fund shares	Q4 2025	306,294 Millions of U.S. Dollars	304,117 Millions of U.S. Dollars	284,853 Millions of U.S. Dollars	Mil. of U.S. $
line 89	Money market fund shares	Q4 2025	92,594 Millions of U.S. Dollars	87,550 Millions of U.S. Dollars	81,912 Millions of U.S. Dollars	Mil. of U.S. $
line 90	Corporate equities	Q4 2025	144,398 Millions of U.S. Dollars	146,335 Millions of U.S. Dollars	137,128 Millions of U.S. Dollars	Mil. of U.S. $
line 91	Mutual fund shares	Q4 2025	69,302 Millions of U.S. Dollars	70,232 Millions of U.S. Dollars	65,813 Millions of U.S. Dollars	Mil. of U.S. $
line 92	Other accounts receivable	Q4 2025	852,104 Millions of U.S. Dollars	846,841 Millions of U.S. Dollars	802,396 Millions of U.S. Dollars	Mil. of U.S. $
line 93	Trade receivables	Q4 2025	371,493 Millions of U.S. Dollars	365,810 Millions of U.S. Dollars	338,710 Millions of U.S. Dollars	Mil. of U.S. $
line 94	Taxes receivable	Q4 2025	291,083 Millions of U.S. Dollars	288,961 Millions of U.S. Dollars	283,700 Millions of U.S. Dollars	Mil. of U.S. $
line 95	Other (miscellaneous assets)	Q4 2025	189,528 Millions of U.S. Dollars	192,070 Millions of U.S. Dollars	179,986 Millions of U.S. Dollars	Mil. of U.S. $
line 96	Total liabilities and net worth	Q4 2025	22,532,080 Millions of U.S. Dollars	22,263,195 Millions of U.S. Dollars	21,480,866 Millions of U.S. Dollars	Mil. of U.S. $
line 97	Liabilities	Q4 2025	7,754,758 Millions of U.S. Dollars	7,784,975 Millions of U.S. Dollars	7,956,811 Millions of U.S. Dollars	Mil. of U.S. $
	Debt securities (municipals)	Q4 2025	3,519,568 Millions of U.S. Dollars	3,490,446 Millions of U.S. Dollars	3,362,254 Millions of U.S. Dollars	Mil. of U.S. $
	Short term	Q4 2025	38,539 Millions of U.S. Dollars	36,495 Millions of U.S. Dollars	34,408 Millions of U.S. Dollars	Mil. of U.S. $
	Other	Q4 2025	3,481,029 Millions of U.S. Dollars	3,453,951 Millions of U.S. Dollars	3,327,846 Millions of U.S. Dollars	Mil. of U.S. $
line 101	Loans (short term)	Q4 2025	26,201 Millions of U.S. Dollars	26,006 Millions of U.S. Dollars	25,482 Millions of U.S. Dollars	Mil. of U.S. $
line 102	Insurance, pension and standardized guarantee schemes (claim of pension funds on sponsor)	Q4 2025	2,639,552 Millions of U.S. Dollars	2,722,371 Millions of U.S. Dollars	3,085,054 Millions of U.S. Dollars	Mil. of U.S. $
line 103	Other accounts payable (trade payables)	Q4 2025	1,448,713 Millions of U.S. Dollars	1,429,206 Millions of U.S. Dollars	1,372,329 Millions of U.S. Dollars	Mil. of U.S. $
line 104	Net worth	Q4 2025	14,777,322 Millions of U.S. Dollars	14,478,220 Millions of U.S. Dollars	13,524,055 Millions of U.S. Dollars	Mil. of U.S. $

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S.8.q State and Local Governments

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