6 Z.1, March 6, 2008

D.1 Debt Growth by Sector 1

In percent; quarterly figures are seasonally adjusted annual rates 

Domestic nonfinancial sectors

 

 Households Business State and Domestic 

Home Consumer local Federal financial

 Total Total mortgage credit Total Corporate governments government sectors Foreign

1976 10.8 11.3 12.6 10.6 8.6 7.6 8.4 15.6 9.0 21.2

1977 12.8 15.6 16.6 15.5 12.5 12.0 8.4 11.0 18.9 11.7

1978 13.8 16.9 17.5 17.5 13.1 11.5 15.4 9.2 22.1 18.7

1979 12.2 15.4 16.4 13.9 13.4 10.9 9.0 5.8 22.1 9.6

1980 9.5 8.5 10.9 1.0 10.0 8.3 6.9 11.8 14.5 14.3

1981 10.4 7.6 7.2 5.5 12.9 13.6 8.0 11.6 18.2 12.2

1982 10.1 5.6 4.8 5.0 9.2 9.1 11.2 19.7 13.6 7.5

1983 12.0 11.1 10.2 12.1 9.1 8.1 11.4 18.9 13.4 8.3

1984 14.8 12.6 11.4 18.4 16.2 16.7 11.4 16.9 17.9 3.7

1985 15.6 16.1 14.5 15.9 11.0 12.7 31.8 16.5 19.4 0.5

1986 11.9 11.5 13.7 9.1 11.4 13.8 10.9 13.6 26.2 4.0

1987 9.0 10.4 13.5 4.8 7.7 8.8 12.0 8.0 18.2 2.5

1988 9.0 9.9 11.8 6.7 9.8 10.9 6.0 8.0 13.2 2.9

1989 7.2 9.3 11.0 6.3 6.1 7.2 5.3 7.0 10.5 3.8

1990 6.5 6.9 8.7 1.9 3.6 5.7 5.0 11.0 8.8 8.3

1991 4.3 5.1 7.0 -1.1 -2.2 -2.1 9.2 11.1 6.0 4.8

1992 4.5 5.3 6.4 1.1 -0.2 1.0 1.5 10.9 8.6 6.9

1993 4.8 5.9 5.5 7.4 0.4 1.3 5.3 8.3 9.6 18.7

1994 4.6 7.6 5.5 15.2 3.7 5.0 -4.0 4.7 13.9 -2.4

1995 5.4 7.1 4.8 14.4 7.6 9.0 -5.5 4.1 11.6 17.7

1996 5.3 6.8 6.2 9.0 6.5 6.7 -1.5 4.0 12.1 15.5

1997 5.5 5.8 6.1 5.5 9.6 10.2 4.3 0.6 12.1 10.6

1998 6.7 7.8 8.0 7.2 11.8 11.1 6.3 -1.4 19.3 5.1

1999 6.3 8.3 9.4 7.8 10.5 9.6 3.4 -1.9 16.2 2.4

2000 4.9 9.1 8.7 11.4 9.0 8.0 1.3 -8.0 10.7 8.4

2001 6.3 9.6 10.5 8.7 5.7 4.5 8.8 -0.2 10.7 -1.7

2002 7.3 10.9 13.3 5.7 2.4 0.2 11.0 7.6 9.5 10.8

2003 8.1 11.5 14.2 5.2 2.5 1.7 8.3 10.9 10.7 3.4

2004 8.8 11.2 13.7 5.5 5.8 3.4 7.4 9.0 9.0 10.0

2005 9.2 11.1 13.1 4.3 7.7 4.8 10.2 7.0 9.0 7.2

2006 8.7 10.2 11.1 4.5 9.6 8.1 8.2 3.9 10.0 16.5

2007 8.1 6.8 6.6 5.5 11.6 11.0 9.2 4.9 11.1 5.5

2001 -- Q1 6.1 8.8 8.6 10.1 5.9 4.8 9.0 -0.2 11.1 -0.9

 Q2 5.2 10.2 12.2 7.1 6.7 5.8 7.4 -9.0 6.8 0.6

 Q3 6.8 9.0 10.8 4.6 4.8 3.5 6.8 5.9 12.5 -11.1

 Q4 6.6 8.9 8.9 11.9 5.0 3.5 11.0 2.9 10.4 5.2

2002 -- Q1 6.3 10.3 11.8 6.1 3.6 2.0 6.7 2.6 9.7 14.1

 Q2 7.2 9.9 12.1 7.2 1.4 -1.3 11.3 11.5 9.0 8.4

 Q3 6.4 9.8 13.1 4.5 0.8 -2.2 11.5 8.1 8.2 1.4

 Q4 8.4 11.8 13.7 4.5 3.7 2.2 13.0 7.6 10.0 17.7

2003 -- Q1 6.6 10.6 12.3 5.6 3.4 3.1 7.6 3.1 12.0 2.8

 Q2 10.6 12.7 15.8 5.8 3.1 3.0 11.5 19.6 8.2 15.0

 Q3 7.5 11.4 14.3 5.2 1.6 0.3 6.5 9.8 10.1 -13.6

 Q4 6.8 9.5 11.6 3.9 1.7 0.6 6.7 9.6 10.9 10.0

2004 -- Q1 8.6 10.2 11.7 6.4 5.9 3.7 10.0 8.9 8.2 9.6

 Q2 8.3 11.2 14.0 3.4 3.7 0.3 4.3 11.3 9.2 -1.7

 Q3 8.1 10.2 13.3 5.6 5.6 3.3 8.3 7.2 8.1 7.9

 Q4 9.1 11.5 13.1 6.0 7.5 6.2 6.1 7.3 9.2 23.2

2005 -- Q1 8.9 9.0 10.9 4.9 7.5 4.8 11.9 10.0 8.0 4.4

 Q2 8.4 11.6 13.2 4.8 7.0 3.9 7.7 3.4 9.6 6.8

 Q3 9.3 11.5 13.9 4.6 7.4 4.7 11.9 6.2 5.6 8.6

 Q4 9.1 10.7 12.1 2.5 8.0 5.6 7.8 7.6 11.5 8.1

2006 -- Q1 10.2 11.5 13.7 2.7 10.6 8.8 5.5 8.0 10.6 9.2

 Q2 8.4 11.4 12.5 5.5 8.5 7.0 7.3 1.0 12.0 7.5

 Q3 7.2 8.8 9.6 5.1 6.8 4.2 7.7 3.6 6.8 32.8

 Q4 8.1 7.4 7.1 4.6 11.3 11.4 11.2 2.8 9.3 13.3

2007 -- Q1 7.9 6.8 7.4 4.8 9.5 9.3 11.2 6.7 8.7 9.1

 Q2 7.1 7.2 7.4 5.7 10.9 10.6 10.3 -1.4 9.7 13.2

 Q3 8.8 6.8 6.2 6.9 12.0 10.7 6.5 8.8 15.8 -0.0

 Q4 7.7 5.6 5.0 4.0 12.0 11.8 7.6 5.1 8.4 -0.3

1. Data shown are on an end-of-period basis.
Z.1, March 6, 2008 7

D.2 Borrowing by Sector

Billions of dollars; quarterly figures are seasonally adjusted annual rates 

Domestic nonfinancial sectors

 

 Households Business State and Domestic 

Home Consumer local Federal financial

 Total Total mortgage credit Total Corporate governments government sectors Foreign

1976 244.7 83.1 57.6 22.0 73.9 43.4 18.5 69.2 23.5 20.5

1977 321.1 127.9 85.9 35.5 117.1 73.2 19.9 56.3 53.6 13.5

1978 390.5 160.0 105.7 46.4 138.5 78.7 39.4 52.5 74.7 24.0

1979 391.6 169.8 116.5 43.3 159.4 83.1 26.6 35.8 91.1 15.0

1980 342.9 108.3 90.2 3.4 135.0 70.2 22.2 77.4 73.2 24.2

1981 409.7 106.4 67.0 19.8 190.1 123.4 27.6 85.5 105.1 23.5

1982 439.7 83.9 47.4 18.8 152.8 93.4 41.7 161.3 93.0 16.0

1983 572.9 175.6 105.1 48.2 164.8 90.1 47.3 185.2 104.4 17.3

1984 791.7 219.0 127.3 81.7 323.0 204.9 52.5 197.2 157.8 8.4

1985 957.6 312.5 180.2 84.0 255.9 182.9 163.6 225.7 204.0 1.2

1986 846.3 261.0 198.8 55.8 295.1 223.9 74.2 216.0 328.8 9.7

1987 718.7 263.8 221.6 32.3 220.5 162.7 90.4 143.9 290.6 6.3

1988 784.3 271.4 215.6 46.6 307.4 222.4 50.4 155.1 250.2 7.4

1989 684.2 282.9 224.9 47.0 207.6 160.0 47.4 146.4 225.0 10.2

1990 655.8 231.2 198.6 15.1 130.7 136.4 47.1 246.9 211.2 23.9

1991 470.0 184.7 174.1 -8.8 -84.1 -52.9 91.2 278.2 156.0 15.1

1992 512.4 198.9 171.3 9.2 -7.0 24.3 16.5 304.0 238.9 24.1

1993 563.9 235.7 156.8 61.4 14.1 32.5 58.0 256.1 291.5 69.8

1994 568.5 320.6 167.0 135.0 137.9 126.3 -45.9 155.9 462.0 -11.2

1995 694.4 320.9 153.8 147.0 289.6 240.4 -60.4 144.4 439.4 78.3

1996 725.5 328.3 205.5 105.7 267.6 195.4 -15.3 144.9 513.8 88.0

1997 788.6 302.0 216.1 70.3 419.0 317.2 44.4 23.1 572.1 69.9

1998 1010.4 426.2 301.7 97.1 569.0 380.9 67.9 -52.6 1024.9 37.2

1999 1023.4 494.0 379.3 112.4 562.1 364.8 38.5 -71.2 1024.2 19.0

2000 838.8 583.9 385.5 176.5 535.3 336.6 15.5 -295.9 786.9 63.0

2001 1144.0 671.5 506.6 150.7 372.5 203.6 105.7 -5.6 871.1 -13.7

2002 1399.4 833.7 709.2 107.9 164.2 9.1 143.9 257.6 869.3 92.9

2003 1669.4 980.5 856.1 104.4 172.6 82.2 120.3 396.0 1068.5 36.9

2004 1959.0 1063.8 940.4 115.0 418.0 167.2 115.3 361.9 975.3 124.8

2005 2244.8 1178.7 1028.5 94.5 587.7 243.4 171.6 306.9 1065.8 102.8

2006 2319.6 1194.2 987.8 104.4 790.8 425.7 151.2 183.4 1293.6 250.4

2007 2344.1 877.1 654.8 132.3 1045.7 627.4 184.2 237.1 1569.3 97.8

2001 -- Q1 1104.3 618.1 416.4 175.1 386.3 220.0 108.2 -8.3 901.5 -7.3

 Q2 962.6 732.7 600.2 126.6 444.2 265.9 90.8 -305.3 575.3 5.1

 Q3 1262.4 663.4 548.3 83.3 320.7 164.5 84.6 193.7 1081.2 -96.6

 Q4 1246.9 671.7 461.4 217.9 338.8 164.1 139.0 97.4 926.5 44.0

2002 -- Q1 1213.8 790.8 629.2 115.4 247.4 96.2 87.5 88.1 881.6 121.5

 Q2 1413.4 779.7 665.1 138.3 94.2 -60.6 149.6 389.9 837.0 75.5

 Q3 1281.1 788.3 740.7 88.7 54.2 -102.5 156.9 281.7 783.6 12.8

 Q4 1689.1 976.0 801.9 89.2 261.0 103.2 181.6 270.5 975.0 161.9

2003 -- Q1 1356.4 899.7 741.5 111.8 235.7 145.5 109.6 111.4 1197.4 30.4

 Q2 2217.0 1107.6 980.8 117.4 220.6 141.4 169.8 719.0 842.1 161.9

 Q3 1620.6 1029.3 927.2 106.3 115.6 13.6 99.1 376.6 1056.1 -152.4

 Q4 1483.5 885.2 775.0 82.3 118.7 28.5 102.6 377.1 1178.5 107.8

2004 -- Q1 1909.5 964.9 807.1 133.7 428.9 179.5 156.1 359.6 895.5 119.4

 Q2 1896.7 1091.0 989.3 73.4 268.1 16.7 69.8 467.8 1017.4 -21.7

 Q3 1874.1 1018.3 973.5 121.5 414.5 163.6 134.1 307.1 921.9 100.6

 Q4 2155.6 1180.8 991.8 131.6 560.6 309.2 101.0 313.2 1066.4 301.0

2005 -- Q1 2162.9 951.8 857.7 109.4 572.8 240.7 200.8 437.5 955.4 63.0

 Q2 2091.4 1258.3 1065.7 107.7 545.6 201.0 133.6 153.9 1167.4 98.7

 Q3 2352.4 1274.6 1153.4 103.7 584.3 242.5 210.3 283.2 696.2 127.1

 Q4 2372.6 1230.2 1037.4 57.0 648.0 289.3 141.6 352.9 1444.1 122.5

2006 -- Q1 2701.4 1352.3 1215.1 61.3 870.3 464.2 102.8 376.0 1361.9 140.1

 Q2 2287.8 1383.1 1142.4 127.8 718.4 377.4 136.4 49.9 1587.2 115.7

 Q3 2001.3 1096.4 910.1 119.7 586.3 229.9 147.2 171.4 932.3 518.1

 Q4 2287.8 944.9 683.7 108.9 988.3 631.1 218.2 136.3 1293.0 227.7

2007 -- Q1 2292.9 884.5 726.9 116.8 857.9 527.3 224.4 326.2 1231.5 160.5

 Q2 2102.6 952.9 739.4 139.5 1008.0 618.0 212.4 -70.8 1406.0 236.2

 Q3 2625.6 912.0 638.5 170.7 1142.2 641.0 136.4 435.0 2339.1 -0.4

 Q4 2355.3 759.1 514.2 102.2 1174.5 723.2 163.8 257.8 1300.5 -5.2
8 Z.1, March 6, 2008

D.3 Debt Outstanding by Sector 1

Billions of dollars; quarterly figures are seasonally adjusted 

Domestic nonfinancial sectors

 

 Households Business State and Domestic 

Home Consumer local Federal financial

 Total Total mortgage credit Total Corporate governments government sectors Foreign

1976 2505.3 818.9 517.0 229.0 935.5 612.1 237.8 513.1 283.9 115.7

1977 2826.6 946.7 603.0 264.9 1054.3 687.1 256.2 569.4 337.8 128.6

1978 3211.2 1105.4 708.6 311.3 1188.4 761.4 295.6 621.9 412.5 155.7

1979 3603.0 1276.1 826.7 354.6 1347.0 843.8 322.2 657.7 504.9 168.5

1980 3953.5 1396.0 926.5 358.0 1478.1 910.2 344.4 735.0 578.1 193.4

1981 4361.7 1507.2 998.2 377.9 1662.0 1027.3 372.1 820.5 682.4 214.0

1982 4783.4 1576.4 1031.1 396.7 1811.4 1117.4 413.8 981.8 778.1 208.1

1983 5359.2 1732.0 1116.2 444.9 1999.1 1230.4 461.1 1167.0 882.7 224.1

1984 6146.2 1943.3 1242.8 526.6 2325.1 1438.3 513.6 1364.2 1052.4 232.8

1985 7121.9 2276.5 1448.3 610.6 2577.6 1617.9 677.9 1589.9 1257.3 242.5

1986 7965.7 2536.0 1647.0 666.4 2871.7 1840.8 752.1 1805.9 1593.6 251.9

1987 8669.4 2753.8 1826.6 698.6 3123.2 2034.5 842.6 1949.8 1895.5 259.0

1988 9450.3 3042.2 2052.8 745.2 3410.1 2234.3 893.0 2104.9 2145.8 269.8

1989 10151.5 3335.5 2276.0 809.3 3624.4 2401.3 940.4 2251.2 2399.3 287.9

1990 10834.7 3595.9 2503.7 824.4 3753.3 2535.8 987.4 2498.1 2613.6 318.2

1991 11301.4 3784.1 2681.4 815.6 3662.3 2480.7 1078.6 2776.4 2769.6 350.4

1992 11817.0 3983.1 2852.7 824.8 3658.5 2506.6 1095.1 3080.3 3024.1 372.4

1993 12395.7 4221.1 3011.9 886.2 3685.0 2551.6 1153.1 3336.5 3321.0 468.2

1994 12970.5 4541.4 3178.9 1021.2 3829.5 2684.5 1107.3 3492.3 3791.1 443.1

1995 13664.5 4862.2 3332.7 1168.2 4118.7 2924.4 1046.8 3636.7 4233.2 567.6

1996 14390.0 5190.5 3538.2 1273.9 4386.3 3119.8 1031.5 3781.7 4746.9 657.2

1997 15177.0 5492.8 3754.3 1344.2 4803.6 3435.2 1075.9 3804.8 5298.9 723.6

1998 16187.5 5919.0 4055.9 1441.3 5372.5 3816.1 1143.7 3752.2 6323.8 783.2

1999 17248.9 6413.8 4432.9 1553.6 5971.9 4218.1 1182.3 3681.0 7342.3 748.2

2000 18098.8 7008.8 4818.3 1741.3 6507.1 4554.7 1197.7 3385.1 8130.3 814.5

2001 19225.9 7680.3 5324.9 1892.0 6862.7 4741.3 1303.4 3379.5 9127.6 862.9

2002 20625.2 8514.0 6034.1 1999.9 7026.8 4750.4 1447.3 3637.0 9996.9 1072.3

2003 22327.0 9496.8 6882.4 2104.4 7229.6 4862.7 1567.6 4033.1 10888.9 1249.7

2004 24300.8 10575.4 7837.6 2219.4 7647.6 5029.9 1682.8 4395.0 11879.0 1431.3

2005 26545.6 11754.1 8866.2 2313.9 8235.2 5273.3 1854.4 4701.9 12890.3 1514.9

2006 28861.9 12948.3 9854.0 2418.3 9022.8 5695.7 2005.6 4885.3 14181.3 1767.0

2007 31212.5 13825.4 10508.8 2550.6 10075.0 6329.5 2189.8 5122.3 15750.6 1845.2

2001 -- Q1 18357.3 7163.4 4922.4 1785.0 6586.2 4592.1 1224.8 3383.0 8481.8 871.9

 Q2 18598.5 7346.5 5072.5 1816.7 6697.8 4659.1 1247.5 3306.7 8625.7 873.2

 Q3 18914.1 7512.4 5209.6 1837.5 6778.0 4700.3 1268.6 3355.1 8896.0 849.0

 Q4 19225.9 7680.3 5324.9 1892.0 6862.7 4741.3 1303.4 3379.5 9127.6 862.9

2002 -- Q1 19529.3 7878.0 5482.2 1920.9 6924.5 4765.4 1325.3 3401.5 9348.0 893.3

 Q2 19882.6 8072.9 5648.5 1955.4 6948.1 4750.2 1362.7 3499.0 9557.2 912.1

 Q3 20202.9 8270.0 5833.6 1977.6 6961.6 4724.6 1401.9 3569.4 9753.1 915.3

 Q4 20625.2 8514.0 6034.1 1999.9 7026.8 4750.4 1447.3 3637.0 9996.9 1072.3

2003 -- Q1 20964.3 8738.9 6219.5 2027.9 7085.8 4786.7 1474.7 3664.9 10296.2 1080.0

 Q2 21518.6 9015.8 6464.7 2057.2 7140.9 4822.1 1517.2 3844.6 10506.7 1120.4

 Q3 21923.7 9273.2 6696.5 2083.8 7169.8 4825.5 1541.9 3938.8 10770.8 1082.3

 Q4 22327.0 9496.8 6882.4 2104.4 7229.6 4862.7 1567.6 4033.1 10888.9 1249.7

2004 -- Q1 22804.4 9738.0 7084.1 2137.8 7336.8 4907.5 1606.6 4123.0 11112.8 1279.5

 Q2 23278.6 10010.8 7331.5 2156.1 7403.8 4911.7 1624.1 4239.9 11367.1 1274.1

 Q3 23761.9 10280.2 7589.7 2186.5 7507.4 4952.6 1657.6 4316.7 11612.4 1299.3

 Q4 24300.8 10575.4 7837.6 2219.4 7647.6 5029.9 1682.8 4395.0 11879.0 1431.3

2005 -- Q1 24841.5 10813.3 8052.0 2246.8 7790.8 5090.1 1733.0 4504.4 12117.9 1447.1

 Q2 25364.3 11127.9 8318.5 2273.7 7927.2 5140.3 1766.4 4542.8 12409.7 1471.8

 Q3 25952.4 11446.5 8606.8 2299.6 8073.3 5200.9 1819.0 4613.6 12510.3 1503.6

 Q4 26545.6 11754.1 8866.2 2313.9 8235.2 5273.3 1854.4 4701.9 12890.3 1514.9

2006 -- Q1 27217.7 12092.2 9169.9 2329.2 8449.6 5386.0 1880.1 4795.9 13227.4 1549.9

 Q2 27789.6 12437.9 9455.6 2361.1 8629.2 5480.4 1914.2 4808.3 13625.0 1578.8

 Q3 28290.0 12712.0 9683.1 2391.0 8775.7 5537.9 1951.0 4851.2 13858.1 1708.3

 Q4 28861.9 12948.3 9854.0 2418.3 9022.8 5695.7 2005.6 4885.3 14181.3 1767.0

2007 -- Q1 29441.6 13169.4 10035.7 2447.5 9243.8 5834.0 2061.6 4966.8 14489.2 1787.6

 Q2 29967.3 13407.6 10220.6 2482.4 9495.8 5988.5 2114.7 4949.1 14840.7 1846.6

 Q3 30623.7 13635.6 10380.2 2525.0 9781.3 6148.7 2148.8 5057.9 15425.5 1846.5

 Q4 31212.5 13825.4 10508.8 2550.6 10075.0 6329.5 2189.8 5122.3 15750.6 1845.2

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