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For use at 12:00 p.m., eastern timeThursday June 11, 2009
FEDERAL RESERVE statistical release
 
 Z.1
Flow of Funds Accountsof the United States
 
Flows and Outstandings
 
First Quarter 2009
 
 Board of Governors of the Federal Reserve System, Washington DC 20551
 
 
CC
Flow of Funds Summary StatisticsFirst Quarter 2009
Debt of the domestic nonfinancial sectors isestimated to have expanded at a seasonally adjustedannual rate of 4 percent in the first quarter of 2009,about 2 percentage points less than in the previousquarter. The deceleration was concentrated in thebusiness and federal government sectors.Household debt contracted for the secondconsecutive quarter, although at a slower pace than inthe fourth quarter of 2008. In the first quarter, homemortgage debt growth was about zero, while consumercredit contracted at an annual rate of 3½ percent,similar to the rate in the fourth quarter.Nonfinancial business debt decreased ¼percent at an annual rate in the first quarter, its lowestgrowth rate since early 1993. The slowdown wasconcentrated in commercial paper, loans, andcommercial mortgage borrowing.State and local government debt increased atan annual rate of 5 percent last quarter, following asmall decline during the previous quarter. Federalgovernment debt growth slowed to 23 percent in thefirst quarter, following two quarters of growth rates of nearly 40 percent.At the end of the first quarter of 2009, thelevel of domestic nonfinancial debt outstanding was$33.9 trillion; household debt was $13.8 trillion,nonfinancial business debt was $11.2 trillion, and totalgovernment debt was $9.0 trillion.Household net worth—the difference betweenthe value of assets and liabilities—was 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 Debt
P
 Quarterly data are seasonally adjusted annual rates
Total Households BusinessState andlocal govts.Federal
1999 6.4 8.4 10.8 3.3 -1.92000 5.0 9.1 9.3 1.4 -8.020016.3 9.6 5.8 8.8 -0.220027.3 10.8 2.6 11.1 7.620038.1 11.6 2.5 8.3 10.920048.9 11.1 6.2 7.4 9.020059.5 11.0 8.7 10.2 7.020069.0 10.1 10.5 8.2 3.920078.7 6.6 13.5 9.3 4.920085.9 0.4 5.1 1.8 24.22008:Q15.4 3.0 7.5 3.5 8.1Q23.2 0.4 6.1 0.9 5.9Q38.3 0.1 5.0 3.2 39.2Q46.2 -2.0 1.5 -0.4 37.02009:Q14.1 -1.1 -0.3 4.9 22.6Note. Changes shown are on an end-of-period basis.
 
 
Table of Contents
Title Table Page
Flow of Funds Accounts, First Quarter 2009 1Availability of Data for Latest Quarter 3Debt Growth by Sector D.1 6Borrowing by Sector D.2 7Debt 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 58Credit Market Borrowing by Nonfinancial Sectors F.2 10 L.2 59Credit Market Borrowing by Financial Sectors F.3 10 L.3 59Credit Market Borrowing, All Sectors, by Instrument F.4 11 L.4 60Total Liabilities and Its Relation to Total Financial Assets F.5 11 L.5 60Distribution of Gross Domestic Product F.6 12Distribution of National Income F.7 13Saving and Investment F.8 14Net Capital Transfers F.9 14Derivation of Measures of Personal Saving F.10 15 L.10 61
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