For use at 12:00 p.m., eastern time
Thursday
June 11, 2009
FEDERAL RESERVE statistical release
Z.1
Flow of Funds Accounts
of the United States
Flows and Outstandings
First Quarter 2009
Board of Governors of the Federal Reserve System, Washington DC 20551
C
C
Flow of Funds Summary Statistics
First Quarter 2009
Debt of the domestic nonfinancial sectors is estimated to have expanded at a seasonally adjusted annual rate of 4 percent in the first quarter of 2009, about 2 percentage points less than in the previous quarter. The deceleration was concentrated in the business and federal government sectors.
Household debt contracted for the second consecutive quarter, although at a slower pace than in the fourth quarter of 2008. In the first quarter, home mortgage debt growth was about zero, while consumer credit contracted at an annual rate of 3\u00bd percent, similar to the rate in the fourth quarter.
Nonfinancial business debt decreased \u00bc percent at an annual rate in the first quarter, its lowest growth rate since early 1993. The slowdown was concentrated in commercial paper, loans, and commercial mortgage borrowing.
State and local government debt increased at an annual rate of 5 percent last quarter, following a small decline during the previous quarter. Federal government debt growth slowed to 23 percent in the first quarter, following two quarters of growth rates of nearly 40 percent.
At the end of the first quarter of 2009, the level of domestic nonfinancial debt outstanding was $33.9 trillion; household debt was $13.8 trillion, nonfinancial business debt was $11.2 trillion, and total government debt was $9.0 trillion.
Household net worth\u2014the difference between the value of assets and liabilities\u2014was an estimated $50.4 trillion at the end of the first quarter of 2009, $1.3 trillion dollars less than at the end of 2008.
Percent Change of Domestic Nonfinancial DebtP
Quarterly data are seasonally adjusted annual rates
Total
Households
Business
State and
local govts.
Federal
1999
6.4
8.4
10.8
3.3
-1.9
2000
5.0
9.1
9.3
1.4
-8.0
2001
6.3
9.6
5.8
8.8
-0.2
2002
7.3
10.8
2.6
11.1
7.6
2003
8.1
11.6
2.5
8.3
10.9
2004
8.9
11.1
6.2
7.4
9.0
2005
9.5
11.0
8.7
10.2
7.0
2006
9.0
10.1
10.5
8.2
3.9
2007
8.7
6.6
13.5
9.3
4.9
2008
5.9
0.4
5.1
1.8
24.2
2008:Q1
5.4
3.0
7.5
3.5
8.1
Q2
3.2
0.4
6.1
0.9
5.9
Q3
8.3
0.1
5.0
3.2
39.2
Q4
6.2
-2.0
1.5
-0.4
37.0
2009:Q1
4.1
-1.1
-0.3
4.9
22.6
Note. Changes shown are on an end-of-period basis.
Table of Contents
Title
Table
Page
Flow of Funds Accounts, First Quarter 2009
1
Availability of Data for Latest Quarter
3
Debt Growth by Sector
D.1
6
Borrowing by Sector
D.2
7
Debt Outstanding by Sector
D.3
8
Flows
Levels
Title
Table
Page
Table
Page
Summaries
Total Net Borrowing and Lending in Credit Markets
F.1
9
L.1
58
Credit Market Borrowing by Nonfinancial Sectors
F.2
10
L.2
59
Credit Market Borrowing by Financial Sectors
F.3
10
L.3
59
Credit Market Borrowing, All Sectors, by Instrument
F.4
11
L.4
60
Total Liabilities and Its Relation to Total Financial Assets
F.5
11
L.5
60
Distribution of Gross Domestic Product
F.6
12
Distribution of National Income
F.7
13
Saving and Investment
F.8
14
Net Capital Transfers
F.9
14
Derivation of Measures of Personal Saving
F.10
15
L.10
61
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