6

Z.1, March 4, 2004

D.1 Debt Growth by Sector 1
In percent; quarterly figures are seasonally adjusted annual rates

Total

Federal
government

Total
nonfederal

Domestic nonfinancial sectors
Nonfederal
Households
Home
Consumer
Total
mortgage
credit

Business
Total

Corporate

State and
local
governments

Domestic
financial
sectors

Foreign

1969
1970
1971
1972
1973

7.2
6.9
9.5
10.0
10.7

-1.1
4.2
8.3
4.6
2.0

9.7
7.6
9.8
11.4
12.9

7.7
4.4
9.2
11.3
12.4

7.0
4.4
8.5
11.2
11.7

8.3
3.4
11.7
13.1
13.3

11.6
10.3
10.1
12.5
14.7

11.4
12.9
7.8
9.9
17.5

9.6
8.7
10.9
8.4
7.8

32.8
14.5
8.7
17.2
28.9

6.9
5.7
9.7
7.9
10.3

1974
1975
1976
1977
1978

9.2
9.3
10.8
12.8
13.8

3.4
23.9
15.6
11.0
9.2

10.5
6.2
9.6
13.3
15.0

8.8
8.2
11.2
15.5
16.9

9.7
9.1
12.4
16.5
17.5

4.6
3.8
10.6
15.5
17.5

13.0
4.9
8.6
12.5
13.1

11.5
3.4
7.7
12.0
11.4

6.9
5.4
8.4
8.4
15.4

23.6
0.8
9.0
18.9
22.1

20.5
17.4
21.5
11.6
18.6

1979
1980
1981
1982
1983

12.2
9.5
10.4
10.1
12.0

5.8
11.8
11.6
19.7
18.9

13.7
9.0
10.1
7.9
10.2

15.2
8.5
7.6
5.6
11.2

16.2
11.0
7.2
4.7
10.3

13.9
1.0
5.5
5.0
12.1

13.5
10.0
12.9
9.2
9.1

11.1
8.3
13.6
9.1
8.0

9.0
6.9
8.0
11.2
11.4

22.1
14.5
18.2
13.6
13.4

9.5
14.0
11.9
7.2
8.2

1984
1985
1986
1987
1988

14.7
15.7
11.9
9.0
9.1

16.9
16.5
13.6
8.0
8.0

14.1
15.4
11.4
9.3
9.4

12.6
15.8
11.4
10.4
9.8

11.3
14.0
13.6
13.4
11.7

18.4
15.9
9.1
4.8
6.7

16.2
11.5
11.4
7.7
9.8

16.7
12.7
13.9
8.9
11.0

11.4
31.8
10.9
12.0
6.4

17.9
19.4
26.2
18.2
13.2

3.6
0.5
4.1
2.6
3.0

1989
1990
1991
1992
1993

7.3
6.5
4.3
4.6
4.8

7.0
11.0
11.1
10.9
8.3

7.4
5.2
2.2
2.5
3.6

9.3
7.1
5.2
5.3
5.9

11.0
8.9
7.0
6.5
5.5

6.3
1.9
-1.1
1.1
7.4

6.1
3.5
-2.2
-0.2
0.4

7.2
5.6
-2.1
1.0
1.4

5.6
5.0
8.6
1.6
5.3

10.5
9.6
7.5
10.1
9.4

4.0
9.0
5.2
7.9
21.9

1994
1995
1996
1997
1998

4.6
5.3
5.3
5.4
6.9

4.7
4.1
4.0
0.6
-1.4

4.6
5.7
5.8
7.1
9.7

7.7
7.3
7.1
6.1
8.2

5.7
5.1
6.7
6.7
8.6

15.2
14.4
8.9
4.9
7.3

3.8
7.2
6.2
9.0
12.2

5.0
8.5
6.3
9.4
11.6

-4.0
-5.5
-1.5
4.0
6.3

13.7
11.6
12.6
12.8
19.8

-3.6
20.9
19.5
13.2
5.1

1999
2000
2001
2002
2003

6.3
4.9
6.3
7.1
8.1

-1.9
-8.0
-0.2
7.6
10.9

8.8
8.4
7.7
7.0
7.5

8.2
8.7
9.1
10.0
10.4

9.1
8.3
10.0
12.5
12.5

7.8
10.7
8.0
4.4
5.2

10.6
9.5
6.0
2.8
3.9

9.8
8.7
4.9
0.8
3.0

3.4
1.3
8.9
11.1
8.2

16.1
10.6
11.0
9.6
10.1

2.0
8.7
-7.0
0.9
-2.1

1998 -- Q1
Q2
Q3
Q4

7.0
7.5
5.7
6.8

-0.7
-0.3
-3.1
-1.4

9.6
10.0
8.5
9.3

8.0
8.2
7.8
7.7

8.1
8.0
7.9
9.4

6.2
9.3
8.1
4.7

12.0
12.9
10.1
11.9

11.8
12.5
8.6
11.7

7.1
6.4
5.3
5.9

17.2
19.3
18.1
19.3

15.9
14.5
-3.8
-5.9

1999 -- Q1
Q2
Q3
Q4

7.2
5.4
6.7
5.4

-2.7
-2.0
-2.8
-0.2

10.2
7.5
9.4
7.0

9.1
7.6
9.2
5.9

9.5
8.3
9.9
7.5

11.0
7.4
8.3
3.8

12.3
8.6
10.6
9.3

12.6
8.3
9.5
7.5

6.0
1.8
4.5
1.1

18.8
15.4
15.6
11.2

3.1
-5.6
9.9
0.8

2000 -- Q1
Q2
Q3
Q4

5.2
5.3
3.9
4.9

-6.3
-10.8
-8.1
-8.0

8.3
9.5
6.9
8.0

8.2
9.0
8.5
8.1

7.5
8.7
8.2
7.9

10.2
10.6
10.3
10.1

10.1
11.9
6.0
8.7

9.8
11.0
4.9
7.9

0.2
-0.5
2.0
3.7

8.7
11.6
9.8
10.7

18.8
-3.1
10.6
7.8

2001 -- Q1
Q2
Q3
Q4

5.8
5.3
6.6
6.7

-0.6
-8.0
5.5
2.5

7.3
8.3
6.8
7.6

8.6
9.2
8.5
8.9

8.3
10.9
9.5
9.7

10.8
6.6
4.4
9.3

5.7
7.3
5.2
5.3

4.7
6.5
4.1
4.0

8.2
8.4
6.1
11.7

11.1
9.4
12.1
9.7

-1.9
-9.2
-17.8
0.3

2002 -- Q1
Q2
Q3
Q4

5.6
7.5
6.4
8.2

3.0
12.4
7.4
6.8

6.1
6.5
6.2
8.5

9.6
8.7
9.4
11.1

11.0
10.6
12.2
14.0

6.2
5.5
4.2
1.4

2.3
2.8
1.7
4.4

0.6
0.6
-0.6
2.7

5.7
12.5
10.7
13.7

9.7
8.9
8.3
10.3

9.9
0.5
-6.8
0.1

2003 -- Q1
Q2
Q3
Q4

6.5
11.3
7.0
6.6

4.5
20.4
8.2
9.0

6.9
9.4
6.8
6.1

9.9
11.8
9.9
8.3

12.1
13.8
11.5
10.5

4.2
6.1
6.1
3.9

3.5
5.9
3.0
3.0

3.0
5.8
1.3
1.6

5.7
12.3
6.1
7.9

11.0
8.1
10.3
9.5

2.9
-9.5
-9.3
7.8

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

Z.1, March 4, 2004

7

D.2 Borrowing by Sector
Billions of dollars; quarterly figures are seasonally adjusted annual rates

Total

Federal
government

Total
nonfederal

Domestic nonfinancial sectors
Nonfederal
Households
Home
Consumer
Total
mortgage
credit

Business
Total

Corporate

State and
local
governments

Domestic
financial
sectors

Foreign

1969
1970
1971
1972
1973

89.0
91.3
135.4
156.0
184.0

-3.2
12.1
24.9
15.0
6.9

92.2
79.3
110.5
141.0
177.0

31.9
19.5
42.3
56.9
69.5

18.2
12.4
24.6
35.0
40.6

9.9
4.4
15.6
19.5
22.5

48.1
47.7
51.8
70.2
93.4

32.6
41.1
28.1
38.5
75.0

12.1
12.1
16.4
14.0
14.1

27.6
16.2
11.1
23.9
47.0

3.2
2.8
5.1
4.4
6.3

1974
1975
1976
1977
1978

175.5
192.7
244.8
321.2
390.7

11.9
85.6
69.2
56.3
52.5

163.6
107.1
175.6
264.8
338.2

55.7
56.0
82.9
127.8
160.5

37.4
38.8
57.5
85.9
106.2

8.9
7.8
22.0
35.5
46.4

94.4
39.9
74.2
117.1
138.3

56.6
18.7
43.7
73.3
78.5

13.4
11.1
18.5
19.9
39.4

49.6
2.1
23.5
53.6
74.7

13.8
14.1
20.5
13.5
24.0

1979
1980
1981
1982
1983

391.9
343.7
410.0
439.9
573.6

35.8
77.4
85.5
161.3
185.2

356.1
266.3
324.5
278.6
388.4

169.2
109.4
106.4
84.1
176.8

115.9
91.3
67.0
47.6
106.3

43.3
3.4
19.8
18.8
48.2

160.3
134.8
190.5
152.8
164.3

84.1
70.0
123.7
93.3
89.6

26.6
22.2
27.6
41.7
47.3

91.1
73.2
105.1
93.0
104.4

15.0
24.2
23.5
16.0
17.3

1984
1985
1986
1987
1988

791.2
963.0
845.3
719.0
787.6

197.2
225.7
216.0
143.9
155.1

594.0
737.3
629.3
575.1
632.5

218.3
307.2
259.6
262.6
270.4

126.6
175.0
197.4
220.4
214.3

81.7
84.0
55.8
32.3
46.6

323.2
266.5
295.5
222.0
308.1

205.1
181.8
224.9
163.4
222.9

52.5
163.6
74.2
90.4
54.0

157.8
204.0
328.8
290.6
250.2

8.4
1.2
9.7
6.3
7.4

1989
1990
1991
1992
1993

687.4
656.9
466.0
515.4
567.0

146.4
246.9
278.2
304.0
256.1

541.0
410.0
187.8
211.4
310.9

283.8
235.2
186.8
201.6
236.9

225.5
202.2
176.1
174.4
157.8

47.0
15.1
-8.8
9.2
61.4

207.2
127.7
-84.4
-7.1
16.2

159.9
133.8
-53.7
24.1
34.4

50.1
47.2
85.4
16.9
57.7

225.0
229.3
196.2
286.0
294.4

10.2
23.9
15.1
24.1
69.8

1994
1995
1996
1997
1998

573.6
690.0
729.7
778.3
1051.8

155.9
144.4
144.9
23.1
-52.6

417.7
545.6
584.7
755.2
1104.4

325.1
330.5
345.7
321.0
454.3

171.2
163.0
224.4
240.4
329.5

134.8
147.0
103.6
62.1
96.8

138.9
276.0
254.9
392.7
582.5

126.5
227.1
182.8
291.8
392.4

-46.3
-60.9
-15.9
41.5
67.7

468.3
454.0
550.1
628.5
1094.4

-13.9
78.5
88.4
71.8
31.2

1999
2000
2001
2002
2003

1026.6
852.2
1135.9
1373.3
1672.8

-71.2
-295.9
-5.6
257.5
396.0

1097.8
1148.1
1141.5
1115.8
1276.7

492.8
566.9
645.4
775.7
879.9

376.0
376.7
488.3
673.9
758.1

112.1
165.2
137.7
81.4
101.6

566.4
565.7
390.3
196.2
278.1

371.6
362.0
223.6
39.3
141.8

38.5
15.5
105.8
143.9
118.7

1068.5
815.3
935.4
911.2
1044.7

13.0
57.0
-49.7
5.9
-14.0

1998 -- Q1
Q2
Q3
Q4

1066.7
1153.4
903.2
1083.7

-26.9
-12.9
-116.2
-54.4

1093.6
1166.4
1019.3
1138.2

446.3
466.6
451.6
452.6

310.4
313.4
313.5
380.9

82.4
126.0
112.7
66.0

571.1
630.3
509.4
619.0

397.6
434.1
309.7
428.3

76.3
69.5
58.4
66.5

950.1
1113.7
1094.9
1219.0

96.6
91.6
-25.2
-38.1

1999 -- Q1
Q2
Q3
Q4

1169.7
888.6
1123.7
924.5

-101.2
-75.0
-102.4
-6.2

1270.9
963.6
1226.1
930.6

546.1
468.3
577.5
379.4

394.0
351.1
427.5
331.5

157.0
108.7
123.8
58.8

656.7
475.1
596.2
537.8

474.1
325.0
379.2
308.0

68.0
20.3
52.4
13.4

1244.8
1066.5
1122.0
840.6

19.9
-35.9
62.6
5.3

2000 -- Q1
Q2
Q3
Q4

903.6
926.0
696.3
882.9

-232.7
-389.6
-284.9
-276.4

1136.3
1315.6
981.2
1159.3

534.4
595.4
578.7
559.2

341.0
399.1
385.1
381.7

156.8
167.6
166.7
169.8

600.1
726.4
379.6
556.9

410.3
471.0
215.7
350.9

1.8
-6.2
23.0
43.3

668.6
912.6
796.4
883.5

122.9
-21.5
72.1
54.6

2001 -- Q1
Q2
Q3
Q4

1060.2
985.3
1233.7
1264.5

-19.3
-269.3
181.9
84.3

1079.5
1254.6
1051.8
1180.1

611.4
668.3
627.8
673.9

407.6
543.5
489.1
512.8

186.1
116.2
79.4
169.2

370.2
483.8
348.7
358.7

212.8
298.7
192.4
190.5

97.8
102.5
75.3
147.5

947.8
822.0
1080.3
891.6

-13.2
-64.7
-123.0
1.9

2002 -- Q1
Q2
Q3
Q4

1078.6
1468.1
1285.6
1660.9

102.8
421.4
261.5
244.4

975.8
1046.7
1024.2
1416.5

742.6
688.4
757.4
914.5

591.8
589.2
692.1
822.4

115.2
104.1
79.9
26.2

158.7
194.2
121.2
310.7

30.4
27.8
-30.9
129.9

74.5
164.1
145.5
191.4

918.9
862.4
823.2
1040.4

65.2
3.1
-45.9
1.0

2003 -- Q1
Q2
Q3
Q4

1343.3
2375.8
1515.6
1450.7

164.2
749.0
317.5
353.4

1179.0
1626.7
1198.1
1097.3

845.3
1024.4
885.1
758.9

733.7
859.5
743.0
696.5

82.0
119.2
121.6
77.9

251.9
422.4
221.4
216.8

145.1
279.2
62.3
80.6

81.9
179.9
91.6
121.6

1142.7
858.1
1122.6
1055.4

19.3
-63.9
-61.0
49.7

8

Z.1, March 4, 2004

D.3 Debt Outstanding by Sector 1
Billions of dollars; quarterly figures are seasonally adjusted
Domestic nonfinancial sectors
Nonfederal
Households
Home
Consumer
Total
mortgage
credit

Total

Corporate

State and
local
governments

Domestic
financial
sectors

462.0
512.5
563.6
633.7
726.5

317.8
361.3
389.5
427.9
492.6

138.3
150.3
166.7
180.7
194.8

111.5
127.8
138.9
162.8
209.8

49.2
52.1
56.6
61.1
67.4

201.9
207.0
229.0
264.9
311.3

820.5
862.2
933.8
1052.7
1186.5

548.9
569.4
610.4
685.5
759.5

208.2
219.4
237.8
256.2
295.6

258.3
260.4
283.9
337.8
412.5

81.2
95.6
116.0
129.4
157.6

831.2
932.0
1003.7
1036.8
1123.1

354.6
358.0
377.9
396.7
444.9

1346.1
1477.0
1661.2
1810.6
1997.8

842.9
909.1
1026.5
1116.6
1229.1

322.2
344.4
372.1
413.8
461.1

504.9
578.1
682.4
778.1
882.7

172.9
197.2
220.7
212.6
229.8

1949.5
2277.5
2535.6
2752.2
3039.6

1249.1
1449.3
1646.6
1825.0
2049.9

526.6
610.6
666.4
698.6
745.2

2323.9
2587.0
2881.5
3134.6
3422.2

1437.1
1615.5
1839.5
2033.9
2234.2

513.6
677.9
752.1
841.0
895.0

1052.4
1257.3
1593.6
1895.5
2145.8

238.0
239.3
241.0
247.4
254.8

7914.9
8352.3
8536.8
8751.3
9077.0

3333.8
3598.1
3788.5
3990.1
4229.4

2273.6
2505.0
2684.7
2859.0
3019.2

809.3
824.4
815.6
824.8
886.2

3636.0
3761.9
3670.6
3666.7
3695.3

2401.1
2533.1
2477.3
2502.9
2549.8

945.2
992.3
1077.7
1094.5
1152.2

2399.3
2632.3
2828.5
3130.0
3429.8

265.0
288.9
304.0
318.8
388.6

3492.3
3636.7
3781.7
3804.8
3752.2

9501.0
10046.1
10630.8
11384.5
12488.9

4554.1
4884.7
5230.3
5551.6
6005.9

3190.4
3353.3
3577.7
3818.1
4147.6

1021.0
1168.0
1271.7
1333.8
1430.6

3840.9
4116.4
4371.3
4762.2
5344.7

2682.9
2909.6
3092.3
3382.3
3774.7

1105.9
1045.0
1029.1
1070.7
1138.3

3905.9
4362.5
4912.6
5532.0
6626.4

375.0
453.7
542.1
607.9
639.3

17302.3
18165.7
19302.2
20675.5
22394.7

3681.0
3385.1
3379.5
3637.0
4033.1

13621.4
14780.6
15922.6
17038.4
18361.6

6499.0
7077.0
7722.4
8498.1
9401.2

4523.6
4900.4
5388.6
6062.5
6820.6

1542.7
1719.0
1856.7
1938.1
2039.7

5945.5
6511.2
6902.1
7098.3
7399.7

4180.7
4542.7
4766.9
4806.2
4971.2

1176.9
1192.3
1298.1
1442.0
1560.7

7694.9
8514.2
9447.0
10358.2
11402.9

652.5
709.5
659.7
665.6
651.6

1998 -- Q1
Q2
Q3
Q4

15456.0
15744.3
15970.1
16241.1

3798.1
3794.8
3765.8
3752.2

11657.9
11949.5
12204.3
12488.9

5663.2
5779.8
5892.7
6005.9

3895.7
3974.0
4052.4
4147.6

1354.4
1385.9
1414.1
1430.6

4905.0
5062.6
5189.9
5344.7

3481.7
3590.2
3667.7
3774.7

1089.7
1107.1
1121.7
1138.3

5769.5
6048.0
6321.7
6626.4

632.1
655.0
648.7
639.3

1999 -- Q1
Q2
Q3
Q4

16535.2
16757.4
17071.2
17302.3

3726.9
3708.1
3682.5
3681.0

12808.3
13049.3
13388.7
13621.4

6142.7
6259.8
6404.1
6499.0

4246.1
4333.9
4440.8
4523.6

1469.8
1497.0
1528.0
1542.7

5510.3
5629.1
5811.0
5945.5

3894.7
3976.0
4103.7
4180.7

1155.4
1160.4
1173.5
1176.9

6937.6
7204.2
7484.7
7694.9

644.3
635.3
650.9
652.5

2000 -- Q1
Q2
Q3
Q4

17528.2
17759.7
17944.9
18165.7

3622.8
3525.4
3454.2
3385.1

13905.4
14234.3
14490.7
14780.6

6632.6
6781.5
6937.2
7077.0

4608.9
4708.6
4804.9
4900.4

1581.9
1623.7
1676.5
1719.0

6095.5
6277.1
6372.0
6511.2

4283.3
4401.1
4455.0
4542.7

1177.3
1175.8
1181.5
1192.3

7862.0
8090.2
8293.3
8514.2

683.2
677.8
695.8
709.5

2001 -- Q1
Q2
Q3
Q4

18430.7
18677.6
18986.0
19302.2

3380.3
3313.0
3358.4
3379.5

15050.4
15364.7
15627.6
15922.6

7229.9
7397.0
7553.9
7722.4

5002.3
5138.1
5260.4
5388.6

1765.5
1794.5
1814.4
1856.7

6603.8
6725.3
6812.5
6902.1

4595.9
4671.2
4719.3
4766.9

1216.8
1242.4
1261.2
1298.1

8748.5
8954.0
9224.1
9447.0

706.2
690.0
659.2
659.7

2002 -- Q1
Q2
Q3
Q4

19571.8
19938.8
20260.2
20675.5

3405.2
3510.6
3575.9
3637.0

16166.6
16428.3
16684.3
17038.4

7908.0
8080.1
8269.5
8498.1

5536.6
5683.9
5856.9
6062.5

1885.5
1911.5
1931.5
1938.1

6941.8
6990.4
7020.7
7098.3

4774.5
4781.5
4773.7
4806.2

1316.7
1357.8
1394.2
1442.0

9676.7
9892.3
10098.1
10358.2

676.0
676.8
665.3
665.6

2003 -- Q1
Q2
Q3
Q4

21011.3
21605.2
21984.1
22394.7

3678.1
3865.3
3944.7
4033.1

17333.2
17739.9
18039.4
18361.6

8709.4
8965.5
9186.8
9401.2

6245.9
6460.8
6646.5
6820.6

1958.5
1988.3
2018.7
2039.7

7161.3
7266.9
7322.3
7399.7

4842.5
4912.3
4927.9
4971.2

1462.5
1507.4
1530.3
1560.7

10643.8
10858.4
11139.0
11402.9

670.4
654.4
639.2
651.6

Total

Federal
government

Total
nonfederal

1969
1970
1971
1972
1973

1332.3
1422.5
1557.7
1713.7
1898.2

287.4
299.5
324.4
339.4
346.3

1044.8
1123.0
1233.4
1374.3
1551.9

444.6
460.2
503.0
559.9
630.6

280.5
289.0
313.0
348.0
387.8

129.2
133.7
149.2
168.8
193.0

1974
1975
1976
1977
1978

2073.1
2264.7
2508.3
2829.6
3214.5

358.2
443.9
513.1
569.4
621.9

1714.8
1820.8
1995.3
2260.2
2592.6

686.1
739.2
823.6
951.4
1110.5

425.1
463.9
521.7
607.6
713.7

1979
1980
1981
1982
1983

3606.5
3957.9
4366.4
4788.3
5364.8

657.7
735.0
820.5
981.8
1167.0

2948.9
3222.9
3545.9
3806.5
4197.8

1280.6
1401.5
1512.7
1582.1
1738.9

1984
1985
1986
1987
1988

6151.2
7132.3
7975.1
8677.6
9461.7

1364.2
1589.9
1805.9
1949.8
2104.9

4787.0
5542.5
6169.3
6727.8
7356.8

1989
1990
1991
1992
1993

10166.2
10850.4
11313.1
11831.7
12413.5

2251.2
2498.1
2776.4
3080.3
3336.5

1994
1995
1996
1997
1998

12993.3
13682.8
14412.5
15189.3
16241.1

1999
2000
2001
2002
2003

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

Business

Foreign