6 Z.1, September 21, 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 11.5 11.4 11.3 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 9.6 4.6 13.0 11.5 6.9 23.6 20.5

1975 9.3 23.9 6.3 8.2 9.2 3.8 4.9 3.4 5.4 0.8 17.4

1976 10.8 15.6 9.7 11.2 12.4 10.6 8.6 7.7 8.4 9.0 21.5

1977 12.8 11.0 13.3 15.6 16.6 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 15.3 16.3 13.9 13.5 11.1 9.0 22.1 9.5

1980 9.5 11.8 9.0 8.5 10.9 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 4.8 5.0 9.2 9.1 11.2 13.6 7.2

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

1984 14.8 16.9 14.2 12.6 11.4 18.4 16.2 16.7 11.4 17.9 3.6

1985 15.7 16.5 15.4 15.8 14.1 15.9 11.5 12.7 31.8 19.4 0.5

1986 11.9 13.6 11.4 11.4 13.7 9.1 11.4 13.9 10.9 26.2 4.1

1987 9.0 8.0 9.3 10.4 13.5 4.8 7.7 8.9 12.0 18.2 2.6

1988 9.1 8.0 9.4 9.8 11.8 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 8.8 9.0

1991 4.3 11.1 2.2 5.2 7.0 -1.1 -2.2 -2.1 8.6 6.0 5.2

1992 4.6 10.9 2.5 5.3 6.5 1.1 -0.2 1.0 1.6 8.7 7.9

1993 4.8 8.3 3.5 5.9 5.5 7.4 0.4 1.4 5.3 9.7 21.9

1994 4.6 4.7 4.6 7.6 5.6 15.2 3.8 5.0 -4.0 14.0 -2.9

1995 5.3 4.1 5.7 7.2 4.9 14.4 7.2 8.5 -5.5 11.6 20.7

1996 5.2 4.0 5.7 6.8 6.3 8.9 6.2 6.3 -1.5 12.2 19.3

1997 5.3 0.6 7.0 6.0 6.3 5.5 9.0 9.4 4.0 12.1 12.9

1998 6.8 -1.4 9.6 7.8 8.1 7.3 12.3 11.7 6.3 19.4 6.1

1999 6.4 -1.9 8.9 8.3 9.2 7.9 10.7 9.8 3.4 16.1 2.9

2000 4.8 -8.0 8.3 8.7 8.2 10.8 9.3 8.3 1.3 10.7 9.5

2001 6.1 -0.2 7.6 8.8 9.6 7.7 6.0 4.9 8.9 10.9 -6.0

2002 6.9 7.6 6.8 9.8 12.0 4.7 2.7 0.6 11.1 9.2 10.3

2003 8.1 10.9 7.6 10.1 12.5 4.6 4.4 3.1 8.2 10.4 7.2

2004 8.6 9.0 8.5 10.9 13.2 4.7 5.7 4.8 7.4 7.2 10.2

1999 -- Q1 7.4 -2.6 10.4 8.9 9.9 9.1 12.9 13.2 5.9 18.7 4.0

 Q2 5.2 -2.8 7.5 7.6 8.2 7.4 8.5 8.2 1.9 14.9 -4.6

 Q3 6.6 -3.1 9.4 9.0 9.9 8.0 10.8 9.8 4.4 15.6 10.7

 Q4 5.8 0.9 7.1 6.8 7.7 6.3 8.8 6.6 1.1 11.6 1.7

2000 -- Q1 5.5 -5.8 8.6 8.2 8.1 8.6 10.6 10.4 0.4 8.8 19.4

 Q2 4.8 -12.2 9.3 9.2 8.7 11.2 11.3 10.3 -0.8 10.9 -2.3

 Q3 3.8 -7.9 6.7 8.1 7.9 10.4 6.1 4.9 2.2 9.8 11.3

 Q4 4.9 -7.2 7.7 8.1 7.2 11.4 8.1 6.8 3.4 11.7 8.5

2001 -- Q1 6.1 0.4 7.4 8.3 8.7 8.2 6.1 5.1 8.9 10.5 -1.0

 Q2 4.8 -10.1 8.2 9.3 10.9 6.6 7.2 6.3 7.5 9.6 -8.1

 Q3 6.5 6.0 6.6 7.7 9.1 3.9 5.3 4.2 6.8 11.9 -16.4

 Q4 6.6 3.3 7.3 8.7 8.6 11.0 5.0 3.5 11.2 9.9 1.2

2002 -- Q1 6.1 4.1 6.5 9.7 11.5 5.1 3.1 1.4 6.7 8.8 18.0

 Q2 6.8 10.0 6.1 8.7 10.6 6.0 2.2 -0.3 11.1 9.0 8.9

 Q3 6.3 7.8 6.0 9.0 11.7 4.5 1.5 -1.0 11.7 7.9 2.9

 Q4 7.8 7.7 7.8 10.3 12.3 2.9 3.9 2.3 13.1 10.1 10.2

2003 -- Q1 7.2 5.6 7.5 10.5 13.1 3.6 4.3 3.5 6.7 10.8 10.8

 Q2 10.4 17.7 8.9 11.1 12.7 6.6 5.8 5.6 10.9 8.7 4.9

 Q3 7.6 9.2 7.3 10.4 12.9 5.5 3.5 1.5 7.1 10.3 -1.0

 Q4 6.4 9.5 5.8 7.2 9.2 2.5 3.7 1.6 7.0 10.3 13.5

2004 -- Q1 9.3 12.5 8.6 11.5 13.9 4.5 4.7 4.1 10.0 6.7 10.4

 Q2 7.2 8.8 6.8 9.8 11.2 3.1 3.7 2.0 3.2 7.8 -7.7

 Q3 8.5 6.3 9.0 11.2 14.5 5.9 6.2 5.3 9.0 6.8 12.0

 Q4 8.2 7.2 8.4 9.4 10.8 5.1 7.5 7.7 6.6 6.7 25.1

2005 -- Q1 9.9 14.4 8.9 9.6 11.3 4.1 7.2 7.1 12.0 5.5 2.0

 Q2 7.3 0.1 8.9 9.9 11.5 3.7 8.4 6.8 5.6 9.5 9.8

1. Data shown are on an end-of-period basis.
Z.1, September 21, 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 56.8 34.9 19.5 70.2 38.5 14.0 23.9 4.4

1973 183.8 6.9 176.9 69.4 40.5 22.5 93.4 75.0 14.1 47.0 6.3

1974 175.1 11.9 163.2 55.3 37.0 8.9 94.4 56.6 13.4 49.6 13.8

1975 192.9 85.6 107.3 56.2 39.0 7.8 39.9 18.7 11.1 2.1 14.1

1976 244.7 69.2 175.5 82.8 57.3 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 390.5 52.5 338.0 160.3 106.0 46.4 138.3 78.5 39.4 74.7 24.0

1979 391.6 35.8 355.8 168.9 115.5 43.3 160.3 84.1 26.6 91.1 15.0

1980 342.9 77.4 265.5 108.6 90.5 3.4 134.8 70.0 22.2 73.2 24.2

1981 409.7 85.5 324.2 106.1 66.7 19.8 190.5 123.7 27.6 105.1 23.5

1982 439.8 161.3 278.4 84.0 47.5 18.8 152.8 93.3 41.7 93.0 16.0

1983 572.9 185.2 387.7 176.1 105.6 48.2 164.3 89.6 47.3 104.4 17.3

1984 791.7 197.2 594.5 218.8 127.1 81.7 323.2 205.1 52.5 157.8 8.4

1985 963.0 225.7 737.4 307.3 175.0 84.0 266.5 181.8 163.6 204.0 1.2

1986 845.8 216.0 629.8 260.1 197.9 55.8 295.5 224.9 74.2 328.8 9.7

1987 719.8 143.9 575.9 263.4 221.1 32.3 222.0 163.4 90.4 290.6 6.3

1988 787.7 155.1 632.6 270.4 214.3 46.6 308.1 222.9 54.0 250.2 7.4

1989 687.0 146.4 540.6 283.4 225.1 47.0 207.2 159.9 50.1 225.0 10.2

1990 655.9 246.9 409.0 234.2 201.2 15.1 127.7 133.8 47.2 211.3 23.9

1991 465.6 278.2 187.4 186.4 175.6 -8.8 -84.4 -53.7 85.4 157.0 15.1

1992 514.8 304.0 210.9 201.1 173.8 9.2 -7.1 24.1 16.9 241.1 24.1

1993 566.4 256.1 310.3 236.4 157.2 61.4 16.2 34.4 57.7 294.1 69.8

1994 571.3 155.9 415.5 322.8 169.0 134.8 138.9 126.5 -46.3 464.8 -11.2

1995 684.7 144.4 540.3 325.2 157.2 147.4 276.0 227.1 -60.9 442.0 78.3

1996 715.8 144.9 570.8 331.8 210.1 104.0 255.0 182.8 -15.9 516.8 88.0

1997 768.6 23.1 745.5 311.2 223.3 69.4 392.8 291.8 41.5 576.9 69.9

1998 1031.2 -52.6 1083.8 429.5 304.2 97.3 586.6 396.5 67.7 1030.0 37.2

1999 1032.2 -71.2 1103.4 494.6 376.6 114.1 570.3 370.6 38.5 1020.6 19.0

2000 834.3 -295.9 1130.2 557.8 366.5 168.4 556.9 348.9 15.5 788.6 63.0

2001 1107.8 -5.6 1113.4 613.8 464.5 132.7 393.8 220.6 105.8 890.5 -43.8

2002 1332.4 257.6 1074.8 746.2 635.5 87.4 184.8 28.4 143.9 835.5 70.8

2003 1673.7 396.0 1277.7 848.8 741.0 90.4 311.1 147.3 117.8 1029.0 54.3

2004 1903.3 361.9 1541.3 1007.0 878.6 96.7 419.2 239.8 115.1 781.7 82.2

1999 -- Q1 1191.8 -96.9 1288.8 531.4 404.8 130.8 690.0 499.3 67.3 1188.5 25.9

 Q2 851.3 -104.0 955.3 464.2 341.3 109.0 468.8 319.1 22.3 987.7 -30.1

 Q3 1100.7 -115.8 1216.5 554.5 424.0 120.4 610.7 392.1 51.3 1074.8 68.8

 Q4 985.0 32.0 953.1 428.4 336.2 96.3 511.5 271.8 13.1 831.7 11.3

2000 -- Q1 954.2 -213.7 1168.0 530.4 361.2 133.8 632.6 434.8 5.0 646.3 128.9

 Q2 842.9 -442.4 1285.3 601.4 395.9 177.7 693.4 441.4 -9.5 822.0 -15.9

 Q3 671.3 -278.7 950.0 542.5 366.0 169.5 381.4 218.0 26.2 757.0 78.3

 Q4 868.8 -248.6 1117.4 557.0 343.0 192.6 520.2 301.6 40.1 928.9 60.7

2001 -- Q1 1097.8 13.4 1084.4 579.3 420.0 142.9 398.4 231.8 106.7 858.6 -7.4

 Q2 889.4 -342.1 1231.5 664.0 535.3 116.9 476.1 289.8 91.4 807.1 -59.1

 Q3 1204.8 197.0 1007.8 566.4 458.6 70.5 357.2 197.1 84.2 1019.0 -116.9

 Q4 1239.2 109.2 1130.0 645.6 444.2 200.4 343.5 163.8 140.9 877.5 8.3

2002 -- Q1 1174.9 138.6 1036.2 736.7 607.1 94.9 212.7 68.7 86.8 798.3 123.4

 Q2 1322.9 340.6 982.3 683.0 577.6 112.5 152.7 -15.0 146.6 828.6 63.9

 Q3 1257.5 274.5 982.9 721.2 653.3 86.6 103.1 -49.1 158.6 745.8 21.1

 Q4 1574.4 276.4 1298.0 843.8 703.9 55.6 270.7 109.2 183.4 969.1 74.7

2003 -- Q1 1478.2 203.4 1274.8 875.5 776.6 70.5 302.2 168.2 97.2 1064.5 81.3

 Q2 2179.4 651.2 1528.2 949.1 776.2 129.5 419.1 270.9 159.9 885.9 38.3

 Q3 1630.0 353.5 1276.5 917.8 813.2 110.8 252.0 72.8 106.7 1068.8 -8.2

 Q4 1407.3 376.1 1031.3 652.8 598.0 50.8 271.3 77.2 107.2 1096.6 105.9

2004 -- Q1 2064.5 502.9 1561.6 1059.5 924.9 91.0 346.1 202.4 156.0 732.8 84.2

 Q2 1631.1 367.2 1263.9 931.7 773.5 63.5 281.1 98.9 51.1 859.4 -63.6

 Q3 1973.2 266.3 1706.8 1091.7 1024.1 123.9 470.2 264.1 144.9 763.5 97.5

 Q4 1944.3 311.2 1633.1 945.3 791.9 108.5 579.3 393.7 108.6 771.1 210.7

2005 -- Q1 2384.8 630.7 1754.0 985.2 849.7 87.4 567.0 370.5 201.8 648.8 17.7

 Q2 1813.0 5.8 1807.2 1037.8 892.4 80.9 672.0 360.6 97.4 1124.8 87.6
8 Z.1, September 21, 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 1711.2 339.4 1371.8 557.4 345.4 168.8 633.7 427.9 180.7 162.8 61.1

1973 1895.5 346.3 1549.2 627.9 385.1 193.0 726.5 492.6 194.8 209.8 67.4

1974 2069.9 358.2 1711.7 683.0 422.0 201.9 820.5 548.9 208.2 258.3 81.2

1975 2261.8 443.9 1817.9 736.3 461.0 207.0 862.2 569.4 219.4 260.4 95.6

1976 2505.3 513.1 1992.2 820.6 518.7 229.0 933.8 610.4 237.8 283.9 116.0

1977 2826.6 569.4 2257.2 948.3 604.6 264.9 1052.7 685.5 256.2 337.8 129.4

1978 3211.2 621.9 2589.4 1107.2 710.5 311.3 1186.5 759.5 295.6 412.5 157.6

1979 3603.0 657.7 2945.3 1277.0 827.6 354.6 1346.1 842.9 322.2 504.9 174.3

1980 3953.5 735.0 3218.5 1397.1 927.6 358.0 1477.0 909.1 344.4 578.1 198.9

1981 4361.7 820.5 3541.2 1508.0 999.0 377.9 1661.2 1026.5 372.1 682.4 222.8

1982 4783.4 981.8 3801.7 1577.3 1032.0 396.7 1810.6 1116.6 413.8 778.1 212.6

1983 5359.2 1167.0 4192.3 1733.4 1117.6 444.9 1997.8 1229.1 461.1 882.7 229.8

1984 6146.2 1364.2 4782.0 1944.5 1244.0 526.6 2323.9 1437.1 513.6 1052.4 238.0

1985 7127.3 1589.9 5537.5 2272.5 1444.3 610.6 2587.0 1615.5 677.9 1257.3 239.3

1986 7970.6 1805.9 6164.8 2531.1 1642.1 666.4 2881.5 1839.5 752.1 1593.6 241.0

1987 8673.9 1949.8 6724.1 2748.5 1821.2 698.6 3134.6 2033.9 841.0 1895.5 247.4

1988 9458.1 2104.9 7353.2 3035.9 2046.2 745.2 3422.2 2234.2 895.0 2145.8 254.8

1989 10162.1 2251.2 7910.9 3329.7 2269.6 809.3 3636.0 2401.1 945.2 2399.3 265.0

1990 10845.4 2498.1 8347.2 3593.0 2500.0 824.4 3761.9 2533.1 992.3 2613.8 288.8

1991 11307.6 2776.4 8531.3 3783.0 2679.2 815.6 3670.6 2477.3 1077.7 2771.0 304.0

1992 11825.7 3080.3 8745.3 3984.1 2853.0 824.8 3666.7 2502.9 1094.5 3027.9 318.7

1993 12406.9 3336.5 9070.4 4222.8 3012.6 886.2 3695.3 2549.8 1152.2 3327.5 388.5

1994 12984.8 3492.3 9492.5 4545.3 3181.5 1021.0 3841.2 2682.9 1105.9 3800.5 377.5

1995 13669.1 3636.7 10032.3 4870.5 3338.8 1168.4 4116.8 2909.6 1045.0 4245.2 456.0

1996 14384.9 3781.7 10603.2 5202.3 3548.9 1272.4 4371.8 3092.3 1029.1 4762.0 544.1

1997 15152.0 3804.8 11347.2 5513.8 3772.3 1341.8 4762.7 3382.3 1070.7 5318.7 608.1

1998 16183.1 3752.2 12431.0 5943.3 4076.5 1439.1 5349.3 3778.8 1138.3 6348.7 645.4

1999 17253.4 3681.0 13572.5 6438.8 4450.7 1553.2 5956.8 4186.6 1176.9 7363.7 664.6

2000 18098.8 3385.1 14713.8 7007.7 4817.3 1732.7 6513.7 4535.6 1192.3 8153.3 727.6

2001 19207.2 3379.5 15827.8 7621.5 5281.8 1865.4 6908.1 4756.8 1298.1 9043.8 683.9

2002 20539.7 3637.0 16902.6 8367.7 5917.3 1952.8 7092.9 4785.2 1442.0 9879.3 754.6

2003 22245.8 4033.1 18212.7 9236.9 6658.3 2043.2 7416.0 4944.5 1559.7 10894.2 808.9

2004 24163.8 4395.0 19768.9 10258.8 7551.7 2139.9 7835.2 5184.2 1674.9 11690.8 891.1

1999 -- Q1 16482.9 3727.9 12754.9 6076.4 4177.7 1471.8 5523.3 3905.1 1155.2 6645.8 651.9

 Q2 16695.7 3701.9 12993.7 6192.5 4263.0 1499.1 5640.5 3984.8 1160.8 6892.8 644.4

 Q3 17003.8 3673.0 13330.8 6331.1 4369.0 1529.2 5826.1 4115.8 1173.6 7161.4 661.6

 Q4 17253.4 3681.0 13572.5 6438.8 4450.7 1553.2 5956.8 4186.6 1176.9 7363.7 664.6

2000 -- Q1 17492.0 3627.5 13864.5 6571.4 4541.0 1586.7 6115.0 4295.3 1178.1 7525.2 696.8

 Q2 17702.7 3516.9 14185.8 6721.7 4640.0 1631.1 6288.3 4405.7 1175.8 7730.7 692.8

 Q3 17881.6 3447.2 14434.4 6868.4 4731.5 1684.6 6383.7 4460.2 1182.3 7924.0 712.4

 Q4 18098.8 3385.1 14713.8 7007.7 4817.3 1732.7 6513.7 4535.6 1192.3 8153.3 727.6

2001 -- Q1 18373.3 3388.4 14984.9 7152.5 4922.2 1768.4 6613.3 4593.5 1219.0 8367.9 725.8

 Q2 18596.2 3302.9 15293.3 7318.5 5056.1 1797.7 6732.9 4666.6 1241.9 8569.7 711.0

 Q3 18897.4 3352.2 15545.3 7460.1 5170.7 1815.3 6822.2 4715.8 1262.9 8824.4 681.8

 Q4 19207.2 3379.5 15827.8 7621.5 5281.8 1865.4 6908.1 4756.8 1298.1 9043.8 683.9

2002 -- Q1 19501.0 3414.1 16086.8 7805.7 5433.6 1889.1 6961.3 4773.9 1319.8 9243.4 714.7

 Q2 19831.7 3499.3 16332.4 7976.5 5578.0 1917.2 6999.4 4770.2 1356.5 9450.5 730.7

 Q3 20146.0 3567.9 16578.1 8156.8 5741.3 1938.9 7025.2 4757.9 1396.1 9637.0 735.9

 Q4 20539.7 3637.0 16902.6 8367.7 5917.3 1952.8 7092.9 4785.2 1442.0 9879.3 754.6

2003 -- Q1 20909.2 3687.9 17221.3 8586.6 6111.4 1970.4 7168.4 4827.3 1466.3 10145.4 774.9

 Q2 21454.0 3850.7 17603.4 8823.9 6305.5 2002.8 7273.2 4895.0 1506.3 10366.9 784.5

 Q3 21861.5 3939.1 17922.5 9053.3 6508.8 2030.5 7336.2 4913.2 1533.0 10634.1 782.4

 Q4 22245.8 4033.1 18212.7 9236.9 6658.3 2043.2 7416.0 4944.5 1559.7 10894.2 808.9

2004 -- Q1 22761.9 4158.8 18603.1 9501.8 6889.5 2065.9 7502.6 4995.1 1598.8 11077.4 830.0

 Q2 23169.7 4250.6 18919.1 9734.7 7082.9 2081.8 7572.8 5019.8 1611.5 11292.3 814.1

 Q3 23677.8 4317.2 19360.6 10022.5 7353.7 2112.8 7690.4 5085.8 1647.8 11498.0 838.4

 Q4 24163.8 4395.0 19768.9 10258.8 7551.7 2139.9 7835.2 5184.2 1674.9 11690.8 891.1

2005 -- Q1 24760.0 4552.7 20207.4 10505.1 7764.1 2161.7 7976.9 5276.9 1725.3 11853.0 895.5

 Q2 25213.3 4554.1 20659.2 10764.5 7987.2 2182.0 8144.9 5367.0 1749.7 12134.2 917.4

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