Skip to main content

Back to HomeBoard of Governors of the Federal Reserve System      -  Stay Connected          -  Link to Federal Reserve Facebook Page 
        -  Link to Federal Reserve Twitter Page 
        -  Link to Federal Reserve YouTube Page 
        -  Link to Federal Reserve Flickr Page 
        -  Link to Federal Reserve LinkedIn Page 
        -  Subscribe to RSS feeds 
        -  Subscribe to Email 
      - Recent Postings
      - Calendar
      - Publications
      - Site Map
      - A-Z index
      - Careers
      - FAQs
      - Videos
      - Contact
Submit Search Button

Advanced

Toggle Dropdown Menu        - Recent Postings
        - Calendar
        - Publications
        - Site Map
        - A-Z index
        - Careers
        - FAQs
        - Videos
        - Contact
        -            -  Link to Federal Reserve Facebook Page 
          -  Link to Federal Reserve Twitter Page 
          -  Link to Federal Reserve YouTube Page 
          -  Link to Federal Reserve Flickr Page 
          -  Link to Federal Reserve LinkedIn Page 
          -  Subscribe to RSS feeds 
          -  Subscribe to Email 

Board of Governors of the Federal Reserve System
*The Federal Reserve, the central bank of the United States, provides the nation with a safe, flexible, and stable monetary and financial system.*

Sections

Search Submit ButtonSubmit

-  Aboutthe Fed    -  -  Structure of the Federal Reserve System 
-  Purposes & Functions 
-  Board Members 
-  Advisory Councils 
-  Federal Reserve Banks 
-  Federal Reserve Act 
-  Currency 
-  Board Meetings 
-  Board Votes 
-  Diversity & Inclusion 
-  Careers 
-  Do Business with the Board 
-  Holidays Observed - K.8 
-  Contact  
-  Requesting Information (FOIA) 
-  FAQs 
-  Fed Financial Statements 
-  News& Events    -  Press Releases 
  -  Speeches 
  -  Testimony 
  -  Calendar 
  -  Videos 
  -  Photo Gallery 
-  MonetaryPolicy    -  -  **Federal Open Market Committee** 
-  About the FOMC 
-  Meeting calendars and information 
-  Transcripts and other historical materials 
-  FAQs 
-  **Policy Implementation** 
-  Policy Normalization 
-  Policy Tools 
-  **Reports** 
-  Monetary Policy Report 
-  Beige Book 
-  Quarterly Report on Federal Reserve Balance Sheet Developments 
-  Supervision& Regulation    -  -  **Institution Supervision** 
-  Community & Regional Financial Institutions 
-  Large Financial Institutions 
-  Foreign Banking Organizations 
-  Financial Market Utilities 
-  Consumer Compliance 
-  **Reporting Forms** 
-  All Reporting Forms 
-  Recent Updates 
-  Information collections under review 
-  Financial Statements 
-  Applications/structure change 
-  Federal Financial Institutions Examination Council (FFIEC) 
-  Municipal & Government Securities 
-  **Supervision & Regulation Letters** 
-  By Year 
-  By Topic 
-  **Banking Applications & Legal Developments** 
-  Application Process 
-  Board & Reserve Bank Action 
-  Enforcement Actions & Legal Developments 
-  **Regulatory Resources** 
-  Regulations 
-  Manuals 
-  Basel Regulatory Framework 
-  Volcker Rule 
-  Education, Training, and Assistance 
-  **Banking & Data Structure** 
-  Beneficial Ownership reports 
-  Large Commercial Banks 
-  Minority-Owned Depository Institutions 
-  U.S. Offices of Foreign Entities 
-  Financial Holding Companies 
-  Interstate Branching 
-  Securities Underwriting & Dealing Subsidiaries 
-  Consumer Affairs Letters 
-  PaymentSystems    -  -  **Regulations & Statutes** 
-  Regulation CC (Availability of Funds and Collection of Checks) 
-  Regulation II (Debit Card Interchange Fees and Routing) 
-  Regulation HH (Financial Market Utilities) 
-  Other Regulations and Statutes 
-  **Payment Policies** 
-  Federal Reserve's Key Policies for the Provision of Financial Services 
-  Overnight Overdrafts 
-  Payment System Risk 
-  Sponsorship for Priority Telecommunication Services 
-  **Reserve Bank Payment Services & Data** 
-  Automated Clearinghouse Services 
-  Check Services 
-  Currency and Coin Services 
-  Daylight Overdrafts and Fees 
-  Fedwire Funds Services 
-  Fedwire Securities Services 
-  Fiscal Agency Services 
-  National Settlement Service 
-  **Financial Market Utilities & Infrastructures** 
-  Supervision & Oversight of Financial Market Infrastructures 
-  Designated Financial Market Utilities 
-  International Standards for Financial Market Infrastructures 
-  **Research, Committees, and Forums** 
-  Payment Research 
-  Payments System Policy Advisory Committee 
-  Forums 
-  EconomicResearch    -  -  **Working Papers and Notes** 
-  Finance and Economics Discussion Series 
-  FEDS Notes 
-  International Finance Discussion Papers 
-  IFDP Notes 
-  Meet the Economists 
-  **Models and Tools** 
-  FRB/US Model 
-  Estimated Dynamic Optimization (EDO) Model 
-  Survey of Consumer Finances (SCF) 
-  Data    -  -  **Bank Assets and Liabilities** 
-  Aggregate Reserves of Depository Institutions and the Monetary Base - H.3 
-  Assets and Liabilities of Commercial Banks in the U.S. - H.8 
-  Assets and Liabilities of U.S. Branches and Agencies of Foreign Banks 
-  Charge-Off and Delinquency Rates on Loans and Leases at Commercial Banks 
-  Senior Loan Officer Opinion Survey on Bank Lending Practices 
-  Survey of Terms of Business Lending - E.2 
-  **Bank Structure Data** 
-  Large Commercial Banks 
-  Minority-Owned Depository Institutions 
-  Structure and Share Data for the U.S. Offices of Foreign Banks 
-  **Business Finance** 
-  Commercial Paper 
-  Finance Companies - G.20 
-  New Security Issues, State and Local Governments 
-  New Security Issues, U.S. Corporations 
-  **Dealer Financing Terms** 
-  Senior Credit Officer Opinion Survey on Dealer Financing Terms 
-  **Exchange Rates and International Data** 
-  Foreign Exchange Rates - H.10/G.5 
-  International Summary Statistics 
-  Securities Holdings and Transactions 
-  Statistics Reported by Banks and Other Financial Firms in the United States 
-  Structure and Share Data for U.S. Offices of Foreign Banks 
-  **Financial Accounts** 
-  Financial Accounts of the United States - Z.1 
-  **Household Finance** 
-  Consumer Credit - G.19 
-  Household Debt Service and Financial Obligations Ratios 
-  Mortgage Debt Outstanding 
-  Survey of Consumer Finances (SCF) 
-  **Industrial Activity** 
-  Industrial Production and Capacity Utilization - G.17 
-  **Interest Rates** 
-  Selected Interest Rates - H.15 
-  **Money Stock and Reserve Balances** 
-  Factors Affecting Reserve Balances - H.4.1 
-  Money Stock Measures - H.6 
-  Consumers& Communities    -  -  **Regulations** 
-  Community Reinvestment Act 
-  All Regulations 
-  **Supervision & Enforcement** 
-  CA Letters 
-  Enforcement Actions 
-  Independent Foreclosure Review 
-  **Community Development** 
-  Housing and Neighborhood Revitalization 
-  Small Business and Entrepreneurship 
-  Employment and Workforce Development 
-  Community Development Finance 
-  Conferences 
-  **Research & Analysis** 
-  Survey of Household Economics and Decisionmaking 
-  Research Publications & Data Analysis 
-  Community Advisory Council 
-  **Consumer Resources** 
-  Mortgage and Foreclosure Resources 
-  Federal Reserve Community Development Resources 

## Financial Accounts of the United States - Z.1

      - Current Release
      -  Release Dates
      - Enhanced Financial Accounts
      - Financial Accounts Guide
      - Technical Q&As
      - Announcements
      -  Show More

### Recent Developments RSSData           Download

The recent developments discussed below refer to data           through December 31, 2023.
          - Household net worth increased $4.8 trillion in the fourth           quarter, primarily driven by strong gains on corporate           equity.
          - Household debt increased at an annual rate of 2.4% in the           fourth quarter, reflecting moderate growth in both mortgage           debt and nonmortgage consumer credit.
          - Nonfinancial business debt growth slowed to a 0.8% pace           in the fourth quarter amid modest net issuance of debt           securities and weaker growth in loans.
          - The debt growth of both households and businesses slowed           markedly in 2023 as a whole. Household debt expanded by 2.7%           in 2023, down from its average pace of near 7 percent growth           over the previous two years. Nonfinancial business debt           growth slowed to 2.2%, which is the lowest annual growth rate           recorded for the sector since 2010.

#### Household Net Worth

The net worth of households and nonprofit organizations           increased by $4.8 trillion to $156.2 trillion in the fourth           quarter. The change in household net worth was primarily           driven by an increase in the value of directly and indirectly           held corporate equity, which rose by $4.7 trillion in the           fourth quarter. Meanwhile, the value of real estate on the           household balance sheet fell by $0.4 trillion.
| View interactive | Accessible version | CSV | Data Dictionary | Chart Note (1) |
|--------------------------------------------------------------------------------|

Directly and indirectly held corporate equities ($47.5           trillion) and household real estate ($44.8 trillion) remain           the largest components of household net worth. Household debt           (seasonally adjusted) was $20.0 trillion.
| View interactive | Accessible version | CSV | Data Dictionary |
|---------------------------------------------------------------|

#####            Household Balance Sheet Summary           

Trillions of dollars

For more data on household net worth, see table B.101

#### Nonfinancial debt

Household debt grew by 2.4% in the fourth quarter of 2023,           edging down from its average pace for the first three           quarters of the year and down noticeably from the pace           recorded in 2021 and 2022 (this and subsequent rates of           growth are reported at a seasonally adjusted annual rate).           Home mortgage debt expanded by 2.1% while nonmortgage           consumer credit grew by 3.3%. Consumer credit growth, which           was moderated by student loan forgiveness in the third           quarter, bounced back somewhat in the fourth quarter.

Nonfinancial business debt growth continued to slow in the           fourth quarter and remains significantly below the pace           posted over the past few years. Nonfinancial business debt           grew at a 0.8% pace in the fourth quarter, down from 1.4% in           the previous quarter, reflecting modest net issuance of debt           securities and weaker growth in loans.

Overall, domestic nonfinancial debt grew at an annual rate           of 4.8% in the fourth quarter, boosted by robust expansion of           federal government debt amid the relatively tepid debt growth           of households and nonfinancial businesses. Federal government           debt increased at a 10.0% pace, while state and local           government debt contracted by 1.1%.

The ratio of nonfinancial debt outstanding to GDP declined           slightly in the fourth quarter. The ratio has declined           substantially since it spiked amid pandemic-related factors           in the second quarter of 2020 but remains slightly above the           level that prevailed in the years just before the           pandemic.

For more data on nonfinancial debt, see table D.1 (rates of growth) and table D.3 (outstanding).

#####            Debt Growth by Sector           

Percent change, seasonally adjusted           annual rate

#####            Debt Outstanding by Sector           

Trillions of dollars, seasonally           adjusted
| Accessible version | CSV | Data Dictionary |
|--------------------------------------------|
| Accessible version | CSV | Data Dictionary |
|--------------------------------------------|

Looking at the components of nonfinancial business debt,           corporate bonds increased by about $18 billion in the fourth           quarter while mortgage loans increased by $48 billion.           Nonmortgage loans at depository institutions increased by           about $13 billion, while other nonbank nonmortgage loans           decreased by $15 billion in the fourth quarter.

Overall, outstanding nonfinancial corporate debt was $13.6           trillion. Corporate bonds, at roughly $7.4 trillion,           accounted for 54% of the total. Nonmortgage depository loans           were about $1.5 trillion. Other types of debt include loans           from nonbank financial institutions, loans from the federal           government, industrial revenue bonds, and commercial           paper.

The nonfinancial noncorporate business sector consists           mostly of smaller businesses, which are typically not           incorporated. Nonfinancial noncorporate business debt was           $7.5 trillion in the fourth quarter. Mortgage loans, at           roughly $5.4 trillion, accounted for about 72% of the total,           while nonmortgage depository loans ($1.6 trillion) accounted           for most of the remainder.
| Accessible version | CSV | Data Dictionary |
|--------------------------------------------|
| Accessible version | CSV | Data Dictionary |
|--------------------------------------------|

For more data on nonfinancial business balance sheets,           including debt, see tables B.103 and           B.104.

#### Coming soon