6 Z.1, December 9, 2004

D.1 Debt Growth by Sector 1

In percent; quarterly figures are seasonally adjusted annual rates 

Domestic nonfinancial sectors

 Nonfederal

 Households Business State and Domestic 

Federal Total Home Consumer local financial

 Total government nonfederal Total mortgage credit Total Corporate governments sectors Foreign

1971 9.5 8.3 9.8 9.2 8.5 11.7 10.1 7.8 10.9 8.7 9.7

1972 10.0 4.6 11.4 11.3 11.2 13.1 12.5 9.9 8.4 17.2 7.9

1973 10.7 2.0 12.9 12.4 11.7 13.3 14.7 17.5 7.8 28.9 10.3

1974 9.2 3.4 10.5 8.8 9.7 4.6 13.0 11.5 6.9 23.6 20.5

1975 9.3 23.9 6.2 8.2 9.1 3.8 4.9 3.4 5.4 0.8 17.4

1976 10.8 15.6 9.6 11.2 12.4 10.6 8.6 7.7 8.4 9.0 21.5

1977 12.8 11.0 13.3 15.5 16.5 15.5 12.5 12.0 8.4 18.9 11.6

1978 13.8 9.2 15.0 16.9 17.5 17.5 13.1 11.4 15.4 22.1 18.6

1979 12.2 5.8 13.7 15.2 16.2 13.9 13.5 11.1 9.0 22.1 9.5

1980 9.5 11.8 9.0 8.5 11.0 1.0 10.0 8.3 6.9 14.5 13.9

1981 10.4 11.6 10.1 7.6 7.2 5.5 12.9 13.6 8.0 18.2 11.8

1982 10.1 19.7 7.9 5.6 4.7 5.0 9.2 9.1 11.2 13.6 7.2

1983 12.0 18.9 10.2 11.2 10.3 12.1 9.1 8.0 11.4 13.4 8.2

1984 14.7 16.9 14.1 12.6 11.3 18.4 16.2 16.7 11.4 17.9 3.6

1985 15.7 16.5 15.4 15.8 14.0 15.9 11.5 12.7 31.8 19.4 0.5

1986 11.9 13.6 11.4 11.4 13.6 9.1 11.4 13.9 10.9 26.2 4.1

1987 9.0 8.0 9.3 10.4 13.4 4.8 7.7 8.9 12.0 18.2 2.6

1988 9.1 8.0 9.4 9.8 11.7 6.7 9.8 11.0 6.4 13.2 3.0

1989 7.3 7.0 7.4 9.3 11.0 6.3 6.1 7.2 5.6 10.5 4.0

1990 6.5 11.0 5.2 7.0 8.9 1.9 3.5 5.6 5.0 9.5 9.0

1991 4.3 11.1 2.2 5.2 7.0 -1.1 -2.2 -2.1 8.6 6.9 5.2

1992 4.6 10.9 2.5 5.3 6.5 1.1 -0.2 1.0 1.6 10.1 7.9

1993 4.8 8.3 3.5 5.9 5.5 7.4 0.4 1.4 5.3 9.5 21.9

1994 4.6 4.7 4.6 7.6 5.6 15.2 3.8 5.0 -4.0 13.6 -2.9

1995 5.3 4.1 5.7 7.2 4.9 14.4 7.2 8.5 -5.5 11.5 20.7

1996 5.2 4.0 5.7 6.8 6.3 8.9 6.2 6.3 -1.5 12.3 19.3

1997 5.3 0.6 7.0 6.0 6.3 5.5 9.0 9.4 4.0 12.2 12.9

1998 6.9 -1.4 9.6 8.0 8.1 7.9 12.3 11.8 6.3 19.5 5.1

1999 6.4 -1.9 8.9 8.3 9.2 7.8 10.6 9.9 3.4 16.3 2.0

2000 4.8 -8.0 8.3 8.7 8.3 10.7 9.4 8.5 1.3 10.6 8.7

2001 6.2 -0.2 7.6 8.9 9.7 8.0 6.1 5.0 8.9 10.8 -7.0

2002 6.8 7.6 6.7 9.6 11.9 4.4 2.6 0.6 11.1 9.0 0.9

2003 8.1 10.9 7.5 10.0 12.4 4.5 4.3 3.1 8.2 9.8 -2.4

1998 -- Q1 7.0 -1.0 9.7 8.0 7.9 6.6 12.2 12.0 6.9 16.8 15.8

 Q2 7.7 -0.0 10.2 8.7 7.9 11.3 12.7 12.4 6.7 18.9 14.5

 Q3 5.3 -3.5 8.1 6.4 6.5 6.6 10.7 9.6 5.3 17.8 -3.8

 Q4 6.8 -1.0 9.2 7.8 9.1 6.0 11.6 11.1 5.9 19.4 -5.9

1999 -- Q1 7.3 -2.7 10.3 9.0 10.0 9.4 12.7 13.1 5.9 18.9 3.1

 Q2 5.4 -2.3 7.7 7.9 8.8 6.6 8.6 8.4 1.9 15.4 -5.6

 Q3 6.6 -3.2 9.3 8.8 9.5 8.0 10.9 10.0 4.6 15.4 9.9

 Q4 5.6 0.5 7.0 6.4 7.5 6.4 8.7 6.7 1.0 11.8 0.8

2000 -- Q1 5.5 -6.0 8.6 8.3 8.2 9.0 10.6 10.4 0.5 8.6 18.8

 Q2 5.1 -11.4 9.4 9.3 9.1 10.5 11.3 10.3 -0.8 11.5 -3.2

 Q3 3.8 -8.0 6.7 8.1 7.5 10.4 6.1 5.1 2.5 9.6 10.7

 Q4 4.7 -7.7 7.6 7.9 7.3 11.2 8.2 7.0 3.1 11.3 7.9

2001 -- Q1 6.1 0.2 7.5 8.5 8.8 9.2 6.1 5.2 9.0 10.3 -1.9

 Q2 5.1 -8.9 8.2 9.3 10.9 6.4 7.2 6.4 7.7 9.8 -9.2

 Q3 6.4 5.6 6.6 7.8 8.7 4.4 5.3 4.3 7.0 11.6 -17.8

 Q4 6.5 2.7 7.3 8.7 8.9 11.2 5.2 3.8 10.7 9.7 0.3

2002 -- Q1 6.1 3.8 6.6 9.9 11.6 6.0 3.0 1.5 6.8 8.7 9.9

 Q2 6.9 11.6 5.9 8.4 10.5 4.9 2.1 -0.2 11.4 9.2 0.4

 Q3 5.9 7.2 5.6 8.2 10.2 4.2 1.4 -1.1 11.9 7.4 -6.8

 Q4 7.8 7.2 8.0 10.6 13.1 2.4 4.0 2.2 12.5 9.5 0.1

2003 -- Q1 7.2 5.1 7.7 11.0 13.5 4.6 4.0 3.5 6.9 9.6 2.7

 Q2 11.0 19.6 9.1 11.5 13.7 5.5 5.9 5.6 11.3 8.3 -9.2

 Q3 7.0 8.2 6.8 9.4 11.2 5.4 3.5 1.5 7.2 10.0 -9.9

 Q4 6.2 9.1 5.5 6.8 9.1 2.3 3.7 1.5 6.3 9.9 7.2

2004 -- Q1 9.1 12.0 8.5 11.4 13.2 6.2 4.6 3.9 9.5 6.1 10.9

 Q2 7.0 10.7 6.2 8.5 9.8 2.3 3.6 1.8 4.0 7.8 -9.6

 Q3 7.4 4.9 8.0 9.1 11.3 5.9 5.1 3.9 14.2 6.0 1.4

1. Data shown are on an end-of-period basis.
Z.1, December 9, 2004 7

D.2 Borrowing by Sector

Billions of dollars; quarterly figures are seasonally adjusted annual rates 

Domestic nonfinancial sectors

 Nonfederal

 Households Business State and Domestic 

Federal Total Home Consumer local financial

 Total government nonfederal Total mortgage credit Total Corporate governments sectors Foreign

1971 135.4 24.9 110.5 42.3 24.6 15.6 51.8 28.1 16.4 11.1 5.1

1972 156.0 15.0 141.0 56.9 35.0 19.5 70.2 38.5 14.0 23.9 4.4

1973 184.0 6.9 177.0 69.5 40.6 22.5 93.4 75.0 14.1 47.0 6.3

1974 175.5 11.9 163.6 55.7 37.4 8.9 94.4 56.6 13.4 49.6 13.8

1975 192.7 85.6 107.1 56.0 38.8 7.8 39.9 18.7 11.1 2.1 14.1

1976 244.8 69.2 175.6 82.9 57.5 22.0 74.2 43.7 18.5 23.5 20.5

1977 321.2 56.3 264.8 127.8 85.9 35.5 117.1 73.3 19.9 53.6 13.5

1978 390.7 52.5 338.2 160.5 106.2 46.4 138.3 78.5 39.4 74.7 24.0

1979 391.9 35.8 356.1 169.2 115.9 43.3 160.3 84.1 26.6 91.1 15.0

1980 343.7 77.4 266.3 109.4 91.3 3.4 134.8 70.0 22.2 73.2 24.2

1981 410.0 85.5 324.5 106.4 67.0 19.8 190.5 123.7 27.6 105.1 23.5

1982 439.9 161.3 278.6 84.1 47.6 18.8 152.8 93.3 41.7 93.0 16.0

1983 573.6 185.2 388.4 176.8 106.3 48.2 164.3 89.6 47.3 104.4 17.3

1984 791.2 197.2 594.0 218.3 126.6 81.7 323.2 205.1 52.5 157.8 8.4

1985 963.0 225.7 737.3 307.2 175.0 84.0 266.5 181.8 163.6 204.0 1.2

1986 845.3 216.0 629.3 259.6 197.4 55.8 295.5 224.9 74.2 328.8 9.7

1987 719.0 143.9 575.1 262.6 220.4 32.3 222.0 163.4 90.4 290.6 6.3

1988 787.6 155.1 632.5 270.4 214.3 46.6 308.1 222.9 54.0 250.2 7.4

1989 687.4 146.4 541.0 283.8 225.5 47.0 207.2 159.9 50.1 225.0 10.2

1990 656.0 246.9 409.1 234.3 201.4 15.1 127.7 133.8 47.2 227.8 23.9

1991 465.7 278.2 187.5 186.5 175.7 -8.8 -84.4 -53.7 85.4 182.4 15.1

1992 515.1 304.0 211.1 201.3 174.0 9.2 -7.1 24.1 16.9 283.0 24.1

1993 566.6 256.1 310.5 236.6 157.4 61.4 16.2 34.4 57.7 294.1 69.8

1994 571.6 155.9 415.8 323.1 169.3 134.8 138.9 126.5 -46.3 464.8 -11.2

1995 685.1 144.4 540.7 325.6 157.7 147.4 276.0 227.1 -60.9 446.7 78.3

1996 716.8 144.9 571.9 332.8 211.2 104.0 255.0 182.8 -15.9 532.7 88.0

1997 769.5 23.1 746.4 312.1 223.9 69.8 392.8 291.8 41.5 592.3 69.9

1998 1041.7 -52.6 1094.4 438.9 305.5 105.4 587.8 397.6 67.7 1063.8 31.2

1999 1030.7 -71.2 1101.9 493.9 376.9 113.0 569.5 374.0 38.5 1059.5 13.0

2000 837.5 -295.9 1133.3 559.7 369.4 167.4 558.2 354.4 15.5 805.4 57.0

2001 1118.0 -5.6 1123.6 622.9 466.8 139.5 394.9 228.0 105.8 903.2 -49.8

2002 1317.6 257.6 1060.1 734.1 627.6 83.2 182.0 28.9 143.9 834.7 5.6

2003 1659.9 396.0 1263.9 840.6 734.9 88.4 305.6 146.6 117.8 989.3 -15.7

1998 -- Q1 1060.7 -38.0 1098.7 441.8 298.5 88.4 583.3 406.7 73.6 917.1 96.3

 Q2 1186.6 -0.8 1187.4 491.8 304.0 154.6 623.1 431.3 72.5 1074.7 91.5

 Q3 836.6 -132.4 969.0 367.8 254.2 92.7 542.6 345.8 58.6 1056.5 -24.9

 Q4 1083.1 -39.3 1122.4 454.4 365.3 86.1 602.0 406.6 66.0 1206.8 -38.0

1999 -- Q1 1186.5 -99.8 1286.2 537.3 408.3 135.7 681.7 495.1 67.2 1228.7 19.7

 Q2 891.9 -85.3 977.2 482.3 366.4 98.3 472.9 327.2 22.0 1051.5 -36.0

 Q3 1099.2 -116.8 1216.0 548.8 406.5 120.5 614.1 399.2 53.0 1089.2 62.8

 Q4 945.3 17.0 928.3 407.2 326.6 97.7 509.2 274.3 11.9 868.6 5.4

2000 -- Q1 953.2 -220.7 1173.8 537.3 366.1 141.1 630.8 436.4 5.7 652.2 122.8

 Q2 886.5 -412.6 1299.0 614.3 414.2 167.6 693.8 444.1 -9.1 887.6 -21.7

 Q3 675.7 -282.8 958.6 544.5 349.6 170.5 385.1 223.2 28.9 764.3 72.2

 Q4 834.5 -267.4 1102.0 542.8 348.0 190.2 522.8 313.8 36.4 917.4 54.8

2001 -- Q1 1110.1 5.9 1104.1 598.0 426.6 159.6 398.5 236.8 107.6 866.4 -13.2

 Q2 933.4 -302.5 1235.9 668.7 539.1 114.0 473.3 293.9 93.9 845.8 -65.1

 Q3 1201.6 184.6 1017.1 576.1 440.1 79.1 354.5 199.8 86.5 1020.4 -123.1

 Q4 1226.9 89.5 1137.4 648.9 461.3 205.2 353.3 181.6 135.2 880.2 2.3

2002 -- Q1 1180.7 127.7 1053.0 760.6 615.0 112.3 203.9 73.9 88.5 809.8 65.4

 Q2 1349.6 394.5 955.1 657.8 572.2 93.5 146.5 -9.0 150.7 868.2 2.8

 Q3 1163.5 251.6 911.9 655.4 571.5 80.4 95.2 -52.0 161.4 718.9 -46.1

 Q4 1576.7 256.4 1320.3 862.8 751.5 46.6 282.6 102.7 175.0 942.0 0.5

2003 -- Q1 1482.9 184.0 1298.9 918.3 801.2 89.7 281.0 167.1 99.5 972.2 17.8

 Q2 2297.1 723.0 1574.0 988.3 837.6 108.8 419.6 272.9 166.1 857.7 -61.8

 Q3 1514.0 317.1 1196.9 835.3 709.8 108.9 252.6 71.9 109.1 1053.4 -64.7

 Q4 1345.7 360.0 985.7 620.3 590.9 46.1 269.1 74.6 96.3 1073.9 46.0

2004 -- Q1 2024.7 483.9 1540.7 1052.9 881.4 126.8 339.1 195.8 148.8 672.0 70.8

 Q2 1592.0 444.9 1147.0 810.5 673.9 47.5 273.0 92.4 63.5 873.9 -63.8

 Q3 1710.0 207.0 1502.9 887.9 796.9 123.4 386.5 194.4 228.5 688.3 9.0
8 Z.1, December 9, 2004

D.3 Debt Outstanding by Sector 1

Billions of dollars; quarterly figures are seasonally adjusted 

Domestic nonfinancial sectors

 Nonfederal

 Households Business State and Domestic 

Federal Total Home Consumer local financial

 Total government nonfederal Total mortgage credit Total Corporate governments sectors Foreign

1971 1557.7 324.4 1233.4 503.0 313.0 149.2 563.6 389.5 166.7 138.9 56.6

1972 1713.7 339.4 1374.3 559.9 348.0 168.8 633.7 427.9 180.7 162.8 61.1

1973 1898.2 346.3 1551.9 630.6 387.8 193.0 726.5 492.6 194.8 209.8 67.4

1974 2073.1 358.2 1714.8 686.1 425.1 201.9 820.5 548.9 208.2 258.3 81.2

1975 2264.7 443.9 1820.8 739.2 463.9 207.0 862.2 569.4 219.4 260.4 95.6

1976 2508.3 513.1 1995.3 823.6 521.7 229.0 933.8 610.4 237.8 283.9 116.0

1977 2829.6 569.4 2260.2 951.4 607.6 264.9 1052.7 685.5 256.2 337.8 129.4

1978 3214.5 621.9 2592.6 1110.5 713.7 311.3 1186.5 759.5 295.6 412.5 157.6

1979 3606.5 657.7 2948.9 1280.6 831.2 354.6 1346.1 842.9 322.2 504.9 174.3

1980 3957.9 735.0 3222.9 1401.5 932.0 358.0 1477.0 909.1 344.4 578.1 198.9

1981 4366.4 820.5 3545.9 1512.7 1003.7 377.9 1661.2 1026.5 372.1 682.4 222.8

1982 4788.3 981.8 3806.5 1582.1 1036.8 396.7 1810.6 1116.6 413.8 778.1 212.6

1983 5364.8 1167.0 4197.8 1738.9 1123.1 444.9 1997.8 1229.1 461.1 882.7 229.8

1984 6151.2 1364.2 4787.0 1949.5 1249.1 526.6 2323.9 1437.1 513.6 1052.4 238.0

1985 7132.3 1589.9 5542.5 2277.5 1449.3 610.6 2587.0 1615.5 677.9 1257.3 239.3

1986 7975.1 1805.9 6169.3 2535.6 1646.6 666.4 2881.5 1839.5 752.1 1593.6 241.0

1987 8677.6 1949.8 6727.8 2752.2 1825.0 698.6 3134.6 2033.9 841.0 1895.5 247.4

1988 9461.7 2104.9 7356.8 3039.6 2049.9 745.2 3422.2 2234.2 895.0 2145.8 254.8

1989 10166.2 2251.2 7914.9 3333.8 2273.6 809.3 3636.0 2401.1 945.2 2399.3 265.0

1990 10849.6 2498.1 8351.4 3597.2 2504.1 824.4 3761.9 2533.1 992.3 2630.3 288.8

1991 11311.9 2776.4 8535.6 3787.3 2683.5 815.6 3670.6 2477.3 1077.7 2812.9 304.0

1992 11830.2 3080.3 8749.8 3988.6 2857.5 824.8 3666.7 2502.9 1094.5 3111.6 318.7

1993 12411.6 3336.5 9075.1 4227.6 3017.3 886.2 3695.3 2549.8 1152.2 3411.2 388.5

1994 12989.9 3492.3 9497.5 4550.4 3186.6 1021.0 3841.2 2682.9 1105.9 3884.2 377.5

1995 13674.5 3636.7 10037.8 4876.0 3344.3 1168.4 4116.8 2909.6 1045.0 4333.6 456.0

1996 14391.4 3781.7 10609.7 5208.8 3555.4 1272.4 4371.8 3092.3 1029.1 4866.2 544.1

1997 15159.4 3804.8 11354.6 5521.2 3779.3 1342.1 4762.7 3382.3 1070.7 5449.4 608.1

1998 16201.1 3752.2 12448.9 5960.1 4084.8 1447.6 5350.5 3779.9 1138.3 6513.2 639.4

1999 17269.9 3681.0 13588.9 6454.9 4459.5 1560.6 5957.2 4191.1 1176.9 7567.0 652.6

2000 18118.5 3385.1 14733.4 7025.7 4828.9 1739.1 6515.3 4545.5 1192.3 8373.5 709.6

2001 19237.1 3379.5 15857.6 7648.6 5295.7 1878.6 6910.8 4774.1 1298.1 9276.6 659.9

2002 20554.7 3637.0 16917.7 8382.8 5923.3 1961.8 7092.9 4803.0 1442.0 10111.3 665.5

2003 22261.0 4033.1 18227.9 9246.5 6658.1 2050.1 7421.7 4972.9 1559.7 11100.7 649.8

1998 -- Q1 15424.5 3795.3 11629.2 5631.6 3853.9 1364.2 4908.5 3484.0 1089.1 5678.7 632.1

 Q2 15721.2 3795.1 11926.1 5754.6 3929.9 1402.9 5064.3 3591.8 1107.2 5947.4 655.0

 Q3 15930.3 3762.0 12168.3 5846.5 3993.5 1426.1 5200.0 3678.3 1121.8 6211.5 648.8

 Q4 16201.1 3752.2 12448.9 5960.1 4084.8 1447.6 5350.5 3779.9 1138.3 6513.2 639.4

1999 -- Q1 16499.5 3727.2 12772.2 6094.7 4186.9 1481.5 5522.3 3905.2 1155.1 6820.4 644.4

 Q2 16722.5 3705.9 13016.5 6215.3 4278.5 1506.1 5640.6 3987.0 1160.6 7083.3 635.3

 Q3 17030.2 3676.7 13353.5 6352.5 4380.1 1536.2 5827.0 4119.7 1173.9 7355.6 651.0

 Q4 17269.9 3681.0 13588.9 6454.9 4459.5 1560.6 5957.2 4191.1 1176.9 7567.0 652.6

2000 -- Q1 17508.2 3625.8 13882.4 6589.2 4551.0 1595.9 6114.9 4300.2 1178.3 7730.1 683.3

 Q2 17729.8 3522.7 14207.2 6742.8 4654.5 1637.8 6288.3 4411.2 1176.0 7952.0 677.9

 Q3 17909.8 3451.9 14457.9 6890.0 4741.9 1691.5 6384.6 4467.0 1183.2 8147.1 695.9

 Q4 18118.5 3385.1 14733.4 7025.7 4828.9 1739.1 6515.3 4545.5 1192.3 8373.5 709.6

2001 -- Q1 18396.0 3386.6 15009.4 7175.2 4935.6 1779.0 6615.0 4604.7 1219.2 8590.1 706.3

 Q2 18629.9 3311.0 15319.0 7342.4 5070.3 1807.5 6733.9 4678.7 1242.7 8801.5 690.1

 Q3 18930.3 3357.1 15573.2 7486.4 5180.4 1827.3 6822.5 4728.7 1264.3 9056.6 659.3

 Q4 19237.1 3379.5 15857.6 7648.6 5295.7 1878.6 6910.8 4774.1 1298.1 9276.6 659.9

2002 -- Q1 19532.2 3411.4 16120.8 7838.8 5449.5 1906.7 6961.8 4792.6 1320.2 9479.1 676.2

 Q2 19869.6 3510.0 16359.6 8003.2 5592.5 1930.0 6998.4 4790.4 1357.9 9696.1 676.9

 Q3 20160.5 3572.9 16587.6 8167.1 5735.4 1950.1 7022.2 4777.3 1398.3 9875.9 665.4

 Q4 20554.7 3637.0 16917.7 8382.8 5923.3 1961.8 7092.9 4803.0 1442.0 10111.3 665.5

2003 -- Q1 20925.4 3683.0 17242.4 8612.4 6123.6 1984.2 7163.1 4844.8 1466.9 10354.4 670.0

 Q2 21499.7 3863.8 17635.9 8859.5 6333.0 2011.4 7268.0 4913.0 1508.4 10568.8 654.5

 Q3 21878.2 3943.1 17935.1 9068.3 6510.4 2038.6 7331.2 4931.0 1535.7 10832.2 638.3

 Q4 22261.0 4033.1 18227.9 9246.5 6658.1 2050.1 7421.7 4972.9 1559.7 11100.7 649.8

2004 -- Q1 22767.2 4154.1 18613.1 9509.8 6878.5 2081.8 7506.4 5021.8 1596.9 11268.7 667.5

 Q2 23165.2 4265.3 18899.9 9712.4 7046.9 2093.7 7574.7 5044.9 1612.8 11487.1 651.6

 Q3 23607.5 4317.0 19290.4 9949.2 7261.0 2124.6 7671.3 5093.5 1669.9 11674.1 653.8

1. Data shown are on an end-of-period basis.