6 Z.1, March 10, 2005

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

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 7.1 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 12.4 12.9

1998 6.9 -1.4 9.6 7.9 8.0 7.9 12.3 11.7 6.3 19.5 5.1

1999 6.4 -1.9 8.9 8.3 9.2 7.8 10.7 9.8 3.4 16.3 2.0

2000 4.8 -8.0 8.3 8.7 8.3 10.7 9.4 8.4 1.3 10.6 8.7

2001 6.2 -0.2 7.6 8.8 9.6 8.0 6.1 4.9 8.9 10.8 -7.0

2002 6.8 7.6 6.7 9.6 11.8 4.4 2.7 0.6 11.1 9.3 0.9

2003 8.1 10.9 7.5 10.0 12.4 4.5 4.3 3.0 8.2 10.4 -2.4

2004 8.6 9.0 8.5 11.0 13.3 4.9 5.7 4.8 7.4 7.2 10.0

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 7.8 11.3 12.7 12.3 6.7 18.9 14.5

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

 Q4 6.8 -1.0 9.2 7.7 9.1 6.0 11.5 11.0 5.9 19.4 -5.9

1999 -- Q1 7.3 -2.7 10.3 9.0 10.0 9.4 12.8 13.0 5.9 18.9 3.1

 Q2 5.4 -2.3 7.6 7.9 8.7 6.6 8.6 8.3 1.9 15.4 -5.6

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

 Q4 5.6 0.5 7.0 6.4 7.4 6.4 8.7 6.6 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 11.4 10.3 -0.8 11.5 -3.2

 Q3 3.8 -8.0 6.7 8.1 7.5 10.4 6.1 5.0 2.5 9.6 10.7

 Q4 4.7 -7.7 7.6 7.9 7.3 11.2 8.2 6.9 3.1 11.3 7.9

2001 -- Q1 6.1 0.2 7.5 8.5 8.8 9.2 6.1 5.1 9.0 10.3 -1.9

 Q2 5.1 -8.9 8.2 9.3 10.9 6.4 7.1 6.2 7.7 9.8 -9.2

 Q3 6.4 5.6 6.6 7.8 8.7 4.4 5.3 4.1 7.0 11.6 -17.8

 Q4 6.5 2.7 7.3 8.6 8.9 11.2 5.2 3.7 10.7 9.7 0.3

2002 -- Q1 6.2 3.8 6.7 9.9 11.6 6.0 3.1 1.5 6.8 8.6 9.9

 Q2 6.9 11.6 5.9 8.4 10.5 4.9 2.1 -0.4 11.4 9.1 0.4

 Q3 6.0 7.2 5.8 8.7 10.9 4.2 1.3 -1.2 11.9 8.1 -6.8

 Q4 7.6 7.2 7.7 10.0 12.3 2.4 4.0 2.5 12.5 10.3 0.1

2003 -- Q1 7.1 5.1 7.6 10.6 13.1 4.6 4.0 3.2 6.9 10.4 2.7

 Q2 10.6 19.6 8.7 10.5 12.4 5.5 5.9 5.7 11.3 8.8 -9.2

 Q3 7.4 8.2 7.2 10.2 12.3 5.4 3.5 1.5 7.2 10.3 -9.9

 Q4 6.4 9.1 5.7 7.3 9.7 2.3 3.7 1.6 6.3 10.6 7.2

2004 -- Q1 9.3 12.0 8.7 11.8 13.8 6.3 4.6 4.0 10.3 6.8 10.8

 Q2 7.4 10.7 6.7 9.7 11.5 2.0 3.7 1.9 3.5 8.1 -11.7

 Q3 8.3 4.9 9.1 11.5 14.4 6.3 5.9 4.7 9.4 6.6 5.1

 Q4 8.3 7.3 8.5 9.4 11.2 4.8 8.0 8.4 5.6 6.4 35.6

1. Data shown are on an end-of-period basis.
Z.1, March 10, 2005 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

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 656.0 246.9 409.1 234.3 201.3 15.1 127.7 133.8 47.2 227.8 23.9

1991 465.5 278.2 187.3 186.3 175.6 -8.8 -84.4 -53.7 85.4 182.4 15.1

1992 514.7 304.0 210.7 201.0 173.7 9.2 -7.1 24.1 16.9 283.0 24.1

1993 566.2 256.1 310.1 236.2 157.0 61.4 16.2 34.4 57.7 294.1 69.8

1994 571.2 155.9 415.4 322.7 168.8 134.8 138.9 126.5 -46.3 464.8 -11.2

1995 684.7 144.4 540.2 325.1 157.2 147.4 276.0 227.1 -60.9 446.7 78.3

1996 716.2 144.9 571.2 332.2 210.5 104.0 255.0 182.8 -15.9 532.7 88.0

1997 768.5 23.1 745.4 311.1 222.9 69.8 392.8 291.8 41.5 603.4 69.9

1998 1038.2 -52.6 1090.9 437.1 303.7 105.4 586.1 395.9 67.7 1063.8 31.2

1999 1030.0 -71.2 1101.2 492.8 375.8 113.0 569.9 370.2 38.5 1059.5 13.0

2000 836.6 -295.9 1132.5 558.6 368.3 167.4 558.5 350.5 15.5 805.4 57.0

2001 1115.3 -5.6 1120.9 620.7 464.6 139.5 394.4 221.2 105.8 903.2 -49.8

2002 1315.6 257.6 1058.1 730.2 623.7 83.2 184.0 27.7 143.9 865.9 5.6

2003 1661.7 396.0 1265.7 839.4 733.6 88.4 308.6 144.7 117.8 1056.4 -15.7

2004 1916.4 362.6 1553.8 1017.9 884.9 101.3 420.5 240.1 115.4 802.2 64.7

1998 -- Q1 1057.5 -38.0 1095.5 440.2 297.0 88.4 581.7 405.0 73.6 917.2 96.3

 Q2 1182.9 -0.8 1183.7 489.8 302.0 154.6 621.4 429.6 72.5 1074.7 91.5

 Q3 832.9 -132.4 965.3 365.8 252.2 92.7 540.9 344.1 58.6 1056.6 -24.9

 Q4 1079.6 -39.3 1118.9 452.7 363.6 86.1 600.3 405.0 66.0 1206.8 -38.0

1999 -- Q1 1185.6 -99.8 1285.4 535.9 406.9 135.7 682.2 491.7 67.2 1228.8 19.7

 Q2 890.9 -85.3 976.2 480.9 365.0 98.3 473.3 323.6 22.0 1051.5 -36.0

 Q3 1098.7 -116.8 1215.5 547.9 405.6 120.5 614.5 395.6 53.0 1089.2 62.8

 Q4 944.8 17.0 927.8 406.3 325.7 97.7 509.6 270.2 11.9 868.6 5.4

2000 -- Q1 953.3 -220.7 1174.0 536.5 365.3 141.1 631.7 433.9 5.7 652.2 122.8

 Q2 885.8 -412.6 1298.4 613.6 413.4 167.6 694.0 442.4 -9.1 885.9 -21.7

 Q3 672.1 -282.8 954.9 543.1 348.1 170.5 382.9 219.3 28.9 764.2 72.2

 Q4 835.2 -267.4 1102.7 541.0 346.3 190.2 525.3 306.4 36.4 919.3 54.8

2001 -- Q1 1107.9 5.9 1102.0 594.8 423.4 159.6 399.5 233.1 107.6 866.5 -13.2

 Q2 929.8 -302.5 1232.2 667.3 537.7 114.0 471.1 285.7 93.9 845.4 -65.1

 Q3 1200.3 184.6 1015.7 575.0 439.0 79.1 354.3 193.6 86.5 1020.4 -123.1

 Q4 1223.2 89.5 1133.7 645.8 458.2 205.2 352.7 172.6 135.2 880.6 2.3

2002 -- Q1 1187.1 127.7 1059.3 756.8 611.2 112.3 214.1 70.4 88.5 798.7 65.4

 Q2 1347.3 394.5 952.7 654.1 568.4 93.5 148.0 -18.4 150.7 866.6 2.8

 Q3 1198.9 251.6 947.3 692.1 608.2 80.4 93.9 -59.3 161.4 783.6 -46.1

 Q4 1529.3 256.4 1272.9 817.8 706.8 46.6 280.1 118.0 175.0 1014.7 0.5

2003 -- Q1 1460.7 184.0 1276.6 890.7 773.2 89.7 286.5 152.9 99.5 1058.6 17.8

 Q2 2216.6 723.0 1493.6 906.2 755.5 108.8 421.2 274.6 166.1 915.4 -61.8

 Q3 1581.5 317.1 1264.4 900.0 774.5 108.9 255.3 74.6 109.1 1098.0 -64.7

 Q4 1388.2 360.0 1028.1 660.6 631.3 46.1 271.2 76.7 96.3 1153.7 46.0

2004 -- Q1 2076.7 483.9 1592.7 1089.1 914.4 129.7 342.6 199.3 161.1 757.3 70.3

 Q2 1696.2 444.9 1251.2 918.6 788.0 41.4 275.8 95.3 56.8 923.9 -78.3

 Q3 1924.7 207.0 1717.7 1120.3 1017.2 132.7 445.6 237.3 151.8 770.6 33.3

 Q4 1968.1 314.6 1653.5 943.4 820.1 101.3 618.2 428.5 92.0 757.1 233.4
8 Z.1, March 10, 2005

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

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 10849.5 2498.1 8351.4 3597.2 2504.1 824.4 3761.9 2533.1 992.3 2630.3 288.8

1991 11311.7 2776.4 8535.4 3787.1 2683.3 815.6 3670.6 2477.3 1077.7 2812.9 304.0

1992 11829.6 3080.3 8749.3 3988.1 2857.0 824.8 3666.7 2502.9 1094.5 3111.6 318.7

1993 12410.6 3336.5 9074.2 4226.6 3016.3 886.2 3695.3 2549.8 1152.2 3411.3 388.5

1994 12988.4 3492.3 9496.1 4548.9 3185.2 1021.0 3841.2 2682.9 1105.9 3884.3 377.5

1995 13672.7 3636.7 10035.9 4874.1 3342.4 1168.4 4116.8 2909.6 1045.0 4333.6 456.0

1996 14388.8 3781.7 10607.2 5206.2 3552.9 1272.4 4371.8 3092.3 1029.1 4866.3 544.1

1997 15155.8 3804.8 11351.0 5517.6 3775.8 1342.1 4762.7 3382.3 1070.7 5449.6 608.1

1998 16194.1 3752.2 12441.9 5954.8 4079.5 1447.6 5348.8 3778.3 1138.3 6513.4 639.4

1999 17262.1 3681.0 13581.2 6448.4 4453.0 1560.6 5955.9 4185.7 1176.9 7567.2 652.6

2000 18109.9 3385.1 14724.8 7018.0 4821.2 1739.1 6514.4 4536.2 1192.3 8373.7 709.6

2001 19225.7 3379.5 15846.3 7638.7 5285.8 1878.6 6909.4 4758.1 1298.1 9276.9 659.9

2002 20541.4 3637.0 16904.3 8368.9 5909.5 1961.8 7093.4 4785.7 1442.0 10142.8 665.5

2003 22249.5 4033.1 18216.4 9231.5 6643.1 2050.1 7425.2 4953.6 1559.7 11199.2 649.8

2004 24180.7 4395.7 19785.0 10264.2 7542.8 2151.4 7845.7 5193.7 1675.2 12016.3 714.5

1998 -- Q1 15420.2 3795.3 11624.9 5627.7 3850.0 1364.2 4908.1 3483.6 1089.1 5678.9 632.1

 Q2 15715.9 3795.1 11920.8 5750.2 3925.5 1402.9 5063.5 3591.0 1107.2 5947.5 655.0

 Q3 15924.2 3762.0 12162.2 5841.6 3988.6 1426.1 5198.7 3677.0 1121.8 6211.7 648.8

 Q4 16194.1 3752.2 12441.9 5954.8 4079.5 1447.6 5348.8 3778.3 1138.3 6513.4 639.4

1999 -- Q1 16492.2 3727.2 12765.0 6089.0 4181.2 1481.5 5520.8 3902.6 1155.1 6820.6 644.4

 Q2 16715.0 3705.9 13009.0 6209.3 4272.5 1506.1 5639.1 3983.5 1160.6 7083.5 635.3

 Q3 17022.5 3676.7 13345.8 6346.2 4373.8 1536.2 5825.7 4115.3 1173.9 7355.8 651.0

 Q4 17262.1 3681.0 13581.2 6448.4 4453.0 1560.6 5955.9 4185.7 1176.9 7567.2 652.6

2000 -- Q1 17500.5 3625.8 13874.7 6582.5 4544.3 1595.9 6113.9 4294.2 1178.3 7730.3 683.3

 Q2 17721.9 3522.7 14199.3 6735.9 4647.6 1637.8 6287.4 4404.8 1176.0 7951.7 677.9

 Q3 17901.1 3451.9 14449.1 6882.8 4734.7 1691.5 6383.1 4459.6 1183.2 8146.8 695.9

 Q4 18109.9 3385.1 14724.8 7018.0 4821.2 1739.1 6514.4 4536.2 1192.3 8373.7 709.6

2001 -- Q1 18386.8 3386.6 15000.3 7166.7 4927.1 1779.0 6614.3 4594.5 1219.2 8590.3 706.3

 Q2 18619.9 3311.0 15308.9 7333.6 5061.5 1807.5 6732.6 4666.5 1242.7 8801.6 690.1

 Q3 18919.9 3357.1 15562.8 7477.3 5171.3 1827.3 6821.2 4714.9 1264.3 9056.7 659.3

 Q4 19225.7 3379.5 15846.3 7638.7 5285.8 1878.6 6909.4 4758.1 1298.1 9276.9 659.9

2002 -- Q1 19522.5 3411.4 16111.1 7827.9 5438.6 1906.7 6962.9 4775.6 1320.2 9476.5 676.2

 Q2 19859.3 3510.0 16349.3 7991.5 5580.7 1930.0 6999.9 4771.0 1357.9 9693.2 676.9

 Q3 20159.0 3572.9 16586.1 8164.5 5732.8 1950.1 7023.4 4756.2 1398.3 9889.1 665.4

 Q4 20541.4 3637.0 16904.3 8368.9 5909.5 1961.8 7093.4 4785.7 1442.0 10142.8 665.5

2003 -- Q1 20906.5 3683.0 17223.5 8591.6 6102.8 1984.2 7165.0 4823.9 1466.9 10407.4 670.0

 Q2 21460.7 3863.8 17596.9 8818.1 6291.7 2011.4 7270.3 4892.6 1508.4 10636.3 654.5

 Q3 21856.0 3943.1 17913.0 9043.2 6485.3 2038.6 7334.2 4911.2 1535.7 10910.8 638.3

 Q4 22249.5 4033.1 18216.4 9231.5 6643.1 2050.1 7425.2 4953.6 1559.7 11199.2 649.8

2004 -- Q1 22768.7 4154.1 18614.6 9503.8 6871.7 2082.6 7510.8 5003.4 1600.0 11388.5 667.4

 Q2 23192.7 4265.3 18927.4 9733.4 7068.7 2092.9 7579.8 5027.2 1614.2 11619.5 647.8

 Q3 23688.7 4317.0 19371.6 10028.3 7337.8 2126.1 7691.1 5086.5 1652.2 11827.0 656.1

 Q4 24180.7 4395.7 19785.0 10264.2 7542.8 2151.4 7845.7 5193.7 1675.2 12016.3 714.5

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