6

Z.1, June 12, 1997

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

1957
1958
1959
1960
1961

4.7
6.1
7.8
5.0
6.0

-1.0
4.1
3.0
-0.9
3.0

8.3
7.2
10.4
8.1
7.4

8.2
6.3
12.7
9.1
7.7

8.8
8.7
11.4
8.8
8.8

5.7
0.6
15.6
7.1
3.6

8.1
7.1
8.4
7.1
7.0

8.6
6.3
6.6
6.3
5.1

9.2
10.2
9.9
8.3
7.8

16.1
1.0
32.1
17.5
7.2

7.4
10.7
3.0
8.3
9.6

1962
1963
1964
1965
1966

6.9
6.8
7.3
7.1
6.7

2.8
1.5
2.4
0.6
1.4

8.8
9.1
9.3
9.6
8.5

9.4
10.5
10.5
9.1
6.6

9.2
9.8
9.3
8.5
5.9

9.3
12.3
12.2
11.6
6.1

8.4
8.4
8.9
10.7
11.2

6.8
6.7
8.0
10.7
11.7

7.7
6.5
7.2
7.9
6.7

13.1
18.3
13.6
16.8
17.7

8.2
11.7
12.9
7.2
5.1

1967
1968
1969
1970
1971

7.1
8.0
7.1
6.9
9.5

4.9
4.5
-1.1
4.2
8.3

7.8
9.2
9.7
7.6
9.8

5.8
7.8
7.3
4.2
9.2

5.7
6.5
6.2
4.1
8.6

5.0
9.9
8.3
3.4
11.7

10.3
11.0
11.9
10.4
10.1

10.4
11.7
11.9
10.3
7.7

6.7
7.5
9.6
8.7
10.9

1.0
14.1
32.8
14.5
8.7

9.8
6.3
6.9
5.7
9.7

1972
1973
1974
1975
1976

10.0
10.7
9.2
9.3
10.8

4.6
2.0
3.4
23.9
15.6

11.4
12.9
10.5
6.3
9.7

11.7
12.6
8.2
8.3
11.8

11.9
11.9
8.4
9.3
13.7

13.1
13.3
4.6
3.8
10.6

12.2
14.6
13.4
4.9
8.2

9.6
17.3
11.6
3.1
7.4

8.4
7.8
6.9
5.4
8.4

17.2
28.9
23.1
1.2
9.0

7.9
10.3
20.5
17.4
21.5

1977
1978
1979
1980
1981

12.8
13.8
12.2
9.5
10.0

11.0
9.2
5.8
11.8
11.6

13.3
15.0
13.7
9.0
9.6

16.3
17.0
14.8
8.3
7.5

18.1
18.0
15.9
10.7
7.0

15.5
17.4
13.8
0.6
5.0

11.9
13.0
13.9
10.2
11.9

11.9
11.6
11.2
8.2
13.4

8.4
15.4
9.0
6.9
8.0

18.8
22.1
22.0
14.4
18.0

11.6
18.6
9.5
14.0
11.9

1982
1983
1984
1985
1986

9.9
12.0
14.6
15.6
12.1

19.7
18.9
16.9
16.5
13.6

7.7
10.2
13.9
15.4
11.7

5.6
11.7
12.8
15.0
11.4

4.7
10.8
11.7
13.5
13.8

4.6
12.8
18.3
14.2
9.2

8.8
8.7
15.5
12.0
12.2

6.7
7.6
16.9
12.2
15.3

11.2
11.4
11.4
31.8
10.8

13.6
13.4
17.9
19.5
26.1

7.2
8.2
3.7
0.5
4.1

1987
1988
1989
1990
1991

9.2
9.0
7.6
6.6
4.4

8.0
8.0
7.0
11.0
11.1

9.6
9.3
7.8
5.3
2.4

12.2
9.6
8.7
7.9
5.1

16.3
10.9
10.1
10.1
6.7

5.1
8.6
6.0
2.0
-1.7

6.7
9.7
7.5
3.1
-1.8

8.4
11.5
8.5
4.7
-2.2

12.1
6.5
5.7
4.9
8.2

18.3
13.1
10.5
8.8
6.0

2.6
3.0
4.0
9.1
5.2

1992
1993
1994
1995
1996

4.8
5.3
5.0
5.5
5.4

10.9
8.3
4.7
4.1
4.0

2.8
4.2
5.1
5.9
5.9

5.3
6.4
8.7
8.2
8.0

6.2
5.5
6.7
6.2
8.4

0.6
7.7
14.6
14.3
8.2

0.5
1.5
3.5
6.0
4.6

1.4
2.0
4.7
7.5
5.2

2.0
5.7
-3.4
-3.5
1.2

8.7
9.6
14.1
11.8
12.5

7.9
22.3
-4.0
18.8
15.3

1992 -- Q1
Q2
Q3
Q4

5.3
4.6
4.9
4.1

11.7
11.8
10.3
8.4

3.2
2.3
3.0
2.7

6.3
3.2
5.6
5.5

8.5
3.3
6.9
5.5

0.6
-1.6
1.5
2.1

0.4
0.4
0.1
1.3

1.1
1.4
0.8
2.5

1.8
5.4
3.5
-2.8

6.9
9.5
10.7
6.4

1.1
21.5
8.7
0.6

1993 -- Q1
Q2
Q3
Q4

3.8
6.5
5.0
5.4

7.4
10.4
5.8
8.7

2.6
5.1
4.7
4.3

3.7
6.6
7.5
7.0

3.0
6.6
6.3
5.4

4.6
5.0
8.3
12.0

-0.1
1.7
1.9
2.3

-0.1
2.7
2.6
2.7

7.3
10.6
3.5
0.9

5.4
6.3
14.1
11.5

18.1
20.8
32.8
11.4

1994 -- Q1
Q2
Q3
Q4

5.2
4.5
4.7
5.1

5.8
3.4
4.4
4.8

5.0
4.9
4.8
5.1

8.3
8.3
8.3
8.8

7.0
6.0
6.0
6.9

11.1
14.7
14.7
14.9

3.0
3.4
3.6
4.0

4.2
4.6
4.7
5.0

-0.4
-2.9
-4.8
-5.7

15.1
11.5
12.3
14.6

-23.8
-7.6
3.8
12.4

1995 -- Q1
Q2
Q3
Q4

6.4
6.5
4.2
4.3

7.1
5.2
2.4
1.6

6.2
7.0
4.9
5.2

8.3
8.2
8.5
6.8

6.7
6.1
6.8
4.8

13.9
15.1
14.7
10.7

6.6
7.4
4.3
5.1

8.4
9.7
4.9
6.3

-4.0
0.1
-9.1
-1.0

7.0
11.5
12.7
14.0

18.1
11.7
22.2
18.3

1996 -- Q1
Q2
Q3
Q4

6.4
5.1
5.0
4.8

6.6
1.7
4.3
3.1

6.3
6.3
5.2
5.4

9.4
8.1
7.1
6.5

10.0
8.0
7.0
7.5

10.8
7.8
7.9
5.4

4.3
4.5
5.7
3.7

4.6
5.2
7.3
3.2

-0.3
4.1
-5.7
6.7

7.8
15.9
11.0
13.1

11.2
8.1
23.0
16.0

1997 -- Q1

5.2

2.5

6.2

7.2

7.4

6.5

5.5

6.4

3.7

7.0

5.7

1. Data shown are on an end-of-period basis and may differ from month-average statistics in the Board’s H.6 release.

Z.1, June 12, 1997

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

1957
1958
1959
1960
1961

27.0
36.7
49.6
34.7
43.5

-2.2
9.2
6.9
-2.0
7.2

29.3
27.5
42.7
36.8
36.3

12.3
10.2
21.9
17.7
16.3

8.1
8.8
12.6
10.8
11.8

2.6
0.3
7.7
4.0
2.2

12.4
11.7
14.8
13.6
14.4

9.9
7.8
8.6
8.7
7.6

4.7
5.6
6.0
5.5
5.6

2.9
0.2
6.7
4.9
2.3

1.3
2.0
0.6
1.8
2.2

1962
1963
1964
1965
1966

52.8
55.4
64.1
67.1
67.2

6.9
3.8
6.1
1.6
3.6

45.9
51.6
58.0
65.4
63.6

21.5
26.2
28.9
27.8
21.9

13.3
15.6
16.3
16.2
12.1

5.9
8.5
9.5
10.1
5.9

18.4
20.0
22.7
30.0
34.8

10.7
11.2
14.3
20.5
24.9

6.0
5.5
6.4
7.6
6.9

4.6
7.2
6.3
8.9
11.0

2.1
3.2
4.0
2.5
1.9

1967
1968
1969
1970
1971

76.1
92.5
88.7
91.2
135.2

12.9
12.5
-3.2
12.1
24.9

63.2
80.0
91.9
79.2
110.3

20.5
29.4
29.5
18.3
41.6

12.6
15.2
15.3
10.8
23.5

5.1
10.8
9.9
4.4
15.6

35.3
41.9
50.3
48.8
52.3

24.8
30.7
34.7
33.6
27.7

7.3
8.8
12.1
12.1
16.4

0.7
10.4
27.6
16.2
11.1

3.9
2.7
3.2
2.8
5.1

1972
1973
1974
1975
1976

156.1
183.9
174.5
193.3
244.8

15.0
6.9
11.9
85.6
69.2

141.1
176.9
162.6
107.6
175.6

57.8
69.6
51.0
56.2
85.8

35.4
39.6
31.3
37.4
60.0

19.5
22.5
8.9
7.8
22.0

69.3
93.2
98.2
40.3
71.3

36.9
73.0
56.2
17.0
41.4

14.0
14.1
13.4
11.1
18.5

23.9
47.0
48.5
3.1
23.5

4.4
6.3
13.8
14.1
20.5

1977
1978
1979
1980
1981

321.1
390.9
391.8
343.9
394.5

56.3
52.5
35.8
77.4
85.5

264.8
338.4
356.0
266.5
309.0

132.9
161.5
164.2
105.8
104.6

90.5
106.5
110.7
86.7
63.6

35.4
46.0
42.7
2.3
17.7

112.0
137.5
165.2
138.5
176.7

71.1
78.0
83.8
68.4
120.0

19.9
39.4
26.6
22.2
27.6

53.6
74.7
91.1
73.0
104.3

13.5
24.0
15.0
24.2
23.5

1982
1983
1984
1985
1986

432.6
572.3
779.3
956.7
861.0

161.3
185.2
197.2
225.7
216.0

271.3
387.1
582.1
731.0
645.1

84.0
183.2
222.1
292.4
258.5

46.0
108.1
128.1
164.4
193.9

17.2
50.0
80.7
73.9
55.0

145.6
156.5
307.5
275.0
313.1

67.8
81.8
198.7
168.4
236.3

41.7
47.3
52.5
163.6
73.4

93.0
104.5
157.7
205.0
327.8

16.0
17.3
8.4
1.2
9.7

1987
1988
1989
1990
1991

734.0
776.5
719.1
670.3
479.1

143.9
155.1
146.4
246.9
278.2

590.1
621.4
572.7
423.4
200.9

306.8
267.9
268.2
264.6
187.2

261.0
199.5
205.7
225.3
167.5

33.2
58.8
44.5
16.1
-13.7

192.2
299.0
253.4
112.2
-68.0

148.7
225.0
183.2
110.0
-55.1

91.1
54.5
51.1
46.6
81.6

291.6
249.2
225.0
211.4
155.6

6.3
7.5
10.2
23.9
14.8

1992
1993
1994
1995
1996

545.6
628.8
621.6
719.7
751.7

304.0
256.1
155.9
144.4
145.0

241.6
372.7
465.8
575.3
606.7

201.0
256.5
372.4
381.9
403.4

163.8
154.3
198.1
198.6
282.3

5.0
61.5
126.3
141.6
93.2

19.5
53.9
133.2
232.4
190.5

34.1
47.7
118.5
197.0
146.4

21.1
62.3
-39.8
-39.0
12.9

240.0
291.3
467.7
447.2
531.2

23.7
70.4
-15.3
69.5
67.4

1992 -- Q1
Q2
Q3
Q4

598.0
531.8
564.8
487.7

323.8
336.3
303.3
252.6

274.2
195.4
261.6
235.2

240.7
122.7
220.5
220.0

225.1
88.9
187.6
153.5

4.7
-12.7
11.6
16.4

13.7
15.0
2.7
46.5

25.6
32.9
18.7
59.4

19.8
57.8
38.3
-31.4

190.7
269.1
309.7
190.5

3.3
62.8
26.8
1.9

1993 -- Q1
Q2
Q3
Q4

454.4
778.5
609.1
673.3

228.1
327.8
185.8
282.8

226.3
450.7
423.3
390.5

150.2
268.5
311.7
295.7

85.5
188.9
183.3
159.4

37.2
40.3
67.8
100.6

-4.3
63.9
71.8
84.2

-3.4
65.5
63.2
65.6

80.5
118.3
39.9
10.5

161.9
192.0
438.7
372.5

57.1
68.4
113.6
42.6

1994 -- Q1
Q2
Q3
Q4

653.8
572.2
602.3
658.3

192.9
113.6
150.1
166.8

460.9
458.6
452.1
491.5

354.4
362.5
370.2
402.5

209.3
182.0
184.6
216.8

96.3
130.8
135.7
142.5

111.5
130.1
137.5
153.6

105.6
117.2
120.3
130.7

-5.0
-34.1
-55.6
-64.6

502.9
397.9
435.5
534.5

-91.7
-27.5
13.5
44.7

1995 -- Q1
Q2
Q3
Q4

848.9
868.6
571.1
590.2

247.8
184.7
86.0
59.3

601.1
684.0
485.1
530.9

387.2
391.8
413.8
334.6

211.4
197.1
224.2
161.5

137.6
155.0
156.4
117.5

258.6
291.3
172.5
207.0

221.0
258.3
133.8
174.9

-44.7
0.9
-101.3
-10.8

265.5
442.6
506.3
574.3

67.1
45.5
88.3
76.9

1996 -- Q1
Q2
Q3
Q4

886.1
715.0
712.7
693.2

239.9
62.4
161.3
116.5

646.3
652.6
551.4
576.7

473.5
420.3
372.1
347.7

336.8
276.7
248.0
267.6

122.5
91.2
94.2
65.0

176.4
187.8
240.9
156.8

130.9
148.3
211.8
94.6

-3.6
44.4
-61.6
72.2

330.9
689.3
497.2
607.2

49.1
36.6
106.0
77.8

1997 -- Q1

762.9

93.7

669.1

391.4

271.5

80.2

237.5

189.2

40.3

332.8

29.0

8

Z.1, June 12, 1997

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

Business

State and
local
governments

Domestic
financial
sectors

Total

Federal
government

Total
nonfederal

1957
1958
1959
1960
1961

602.9
639.5
689.4
724.1
767.6

221.9
231.1
238.0
236.0
243.2

381.0
408.4
451.4
488.2
524.4

161.6
172.0
194.0
211.7
228.0

101.3
110.5
123.1
133.8
145.6

49.2
49.5
57.2
61.2
63.4

164.4
175.7
190.7
204.3
218.7

123.6
131.0
139.8
148.6
156.1

55.0
60.7
66.7
72.2
77.8

20.8
21.0
27.7
32.5
34.9

18.8
20.8
21.4
23.2
25.5

1962
1963
1964
1965
1966

820.4
875.8
939.6
1006.7
1074.2

250.0
253.8
259.9
261.5
265.1

570.3
621.9
679.7
745.2
809.0

249.5
275.6
304.4
332.3
354.5

159.0
174.6
190.8
207.0
219.5

69.3
77.9
87.4
97.5
103.4

237.1
257.1
279.6
309.7
344.5

166.8
178.0
192.1
212.7
237.5

83.8
89.2
95.6
103.2
110.0

39.4
46.6
53.0
61.9
72.9

27.5
30.8
35.0
37.5
39.5

1967
1968
1969
1970
1971

1150.1
1242.2
1331.4
1421.5
1556.6

278.1
290.6
287.4
299.5
324.4

872.1
951.6
1043.9
1122.0
1232.2

374.9
404.5
434.5
453.3
495.5

231.9
247.0
262.3
273.6
296.5

108.6
119.3
129.2
133.7
149.2

379.8
420.9
471.2
518.5
569.9

262.3
292.3
327.0
358.7
386.3

117.4
126.1
138.3
150.3
166.7

73.6
84.0
111.5
127.8
138.9

43.3
46.1
49.2
52.1
56.6

1972
1973
1974
1975
1976

1712.6
1896.9
2070.8
2263.0
2506.6

339.4
346.3
358.2
443.9
513.1

1373.2
1550.6
1712.6
1819.1
1993.5

553.4
624.1
674.9
728.2
815.5

331.8
370.7
401.7
439.2
499.5

168.8
193.0
201.9
207.0
229.0

639.1
731.7
829.4
871.6
940.2

423.2
485.9
541.7
560.6
599.2

180.7
194.8
208.2
219.4
237.8

162.8
209.8
258.3
261.4
284.9

61.1
67.4
81.2
95.6
116.0

1977
1978
1979
1980
1981

2827.8
3212.9
3604.8
3957.8
4350.8

569.4
621.9
657.7
735.0
820.5

2258.4
2591.0
2947.2
3222.8
3530.3

948.3
1108.2
1273.2
1391.1
1500.5

590.0
696.4
808.6
904.9
973.3

264.4
310.4
353.1
355.4
373.1

1053.9
1187.2
1351.8
1487.3
1657.8

672.1
745.9
829.0
894.4
1008.2

256.2
295.6
322.2
344.4
372.1

338.8
413.5
505.9
578.9
682.4

129.4
157.6
172.9
197.2
220.7

1982
1983
1984
1985
1986

4765.4
5340.6
6115.1
7090.0
7948.5

981.8
1167.0
1364.2
1589.9
1805.9

3783.6
4173.6
4750.9
5500.1
6142.6

1569.7
1732.9
1946.7
2259.9
2516.9

1004.7
1092.8
1220.3
1409.9
1603.8

390.3
440.3
521.0
594.9
649.9

1800.1
1979.5
2290.6
2562.2
2874.4

1072.8
1177.5
1379.8
1544.8
1780.1

413.8
461.1
513.6
677.9
751.4

778.1
882.8
1052.4
1258.3
1593.6

210.4
227.7
235.5
236.7
238.3

1987
1988
1989
1990
1991

8666.0
9439.0
10175.2
10874.1
11346.4

1949.8
2104.9
2251.2
2498.1
2776.4

6716.2
7334.1
7923.9
8376.0
8570.0

2777.7
3067.9
3346.6
3640.3
3827.1

1822.7
2032.9
2236.9
2491.3
2658.4

683.1
741.9
795.0
811.1
797.4

3097.6
3370.8
3630.8
3742.5
3668.1

1959.8
2156.9
2347.0
2456.6
2399.8

840.9
895.5
946.5
993.2
1074.8

1896.5
2145.8
2399.3
2613.9
2769.4

245.1
252.5
262.3
286.1
300.8

1992
1993
1994
1995
1996

11895.1
12538.8
13166.6
13886.3
14638.1

3080.3
3336.5
3492.3
3636.7
3781.8

8814.8
9202.3
9674.3
10249.6
10856.3

4028.1
4287.0
4659.0
5040.9
5444.3

2822.1
2978.8
3176.9
3375.5
3657.7

802.4
863.9
990.2
1131.9
1225.1

3690.8
3757.1
3896.9
4129.3
4319.7

2435.6
2495.7
2620.8
2817.8
2964.2

1095.9
1158.2
1118.4
1079.4
1092.3

3025.0
3321.7
3794.6
4244.4
4775.6

315.2
385.6
370.4
439.9
507.2

1992 -- Q1
Q2
Q3
Q4

11499.0
11632.0
11773.2
11895.1

2857.3
2941.4
3017.2
3080.3

8641.7
8690.6
8756.0
8814.8

3887.3
3917.9
3973.1
4028.1

2714.6
2736.9
2783.8
2822.1

798.6
795.4
798.3
802.4

3674.7
3678.5
3679.1
3690.8

2407.8
2416.0
2420.7
2435.6

1079.7
1094.2
1103.8
1095.9

2832.7
2900.0
2977.4
3025.0

292.4
308.1
314.8
315.2

1993 -- Q1
Q2
Q3
Q4

12009.4
12204.1
12356.3
12538.8

3137.4
3219.3
3265.8
3336.5

8872.1
8984.7
9090.6
9202.3

4065.6
4132.7
4210.7
4287.0

2843.5
2890.7
2936.6
2978.8

811.7
821.8
838.8
863.9

3690.4
3706.4
3724.3
3757.1

2435.4
2451.8
2467.6
2495.7

1116.0
1145.6
1155.6
1158.2

3070.8
3118.8
3228.5
3321.7

329.5
346.6
375.0
385.6

1994 -- Q1
Q2
Q3
Q4

12708.5
12851.5
13002.1
13166.6

3384.7
3413.1
3450.6
3492.3

9323.8
9438.4
9551.4
9674.3

4375.2
4465.8
4558.4
4659.0

3031.1
3076.6
3122.7
3176.9

888.0
920.7
954.6
990.2

3791.6
3824.1
3858.5
3896.9

2528.7
2558.0
2588.1
2620.8

1156.9
1148.4
1134.5
1118.4

3452.7
3552.1
3661.0
3794.6

362.7
355.9
359.2
370.4

1995 -- Q1
Q2
Q3
Q4

13378.9
13596.0
13738.8
13886.3

3554.3
3600.4
3621.9
3636.7

9824.6
9995.6
10116.9
10249.6

4755.8
4853.8
4957.2
5040.9

3229.8
3279.1
3335.1
3375.5

1024.7
1063.4
1102.5
1131.9

3961.6
4034.4
4077.5
4129.3

2676.0
2740.6
2774.1
2817.8

1107.2
1107.4
1082.1
1079.4

3863.6
3974.3
4100.9
4244.4

387.2
398.5
420.6
439.9

1996 -- Q1
Q2
Q3
Q4

14107.9
14286.6
14464.8
14638.1

3696.7
3712.3
3752.6
3781.8

10411.2
10574.3
10712.1
10856.3

5159.3
5264.3
5357.4
5444.3

3459.7
3528.9
3590.9
3657.7

1162.5
1185.3
1208.9
1225.1

4173.4
4220.3
4280.6
4319.7

2850.5
2887.6
2940.6
2964.2

1078.5
1089.6
1074.2
1092.3

4327.2
4499.5
4623.8
4775.6

452.1
461.3
487.8
507.2

1997 -- Q1

14830.5

3805.2

11025.3

5542.1

3725.6

1245.2

4380.8

3013.2

1102.3

4858.8

514.5

1. Data shown are on an end-of-period basis and may differ from month-average statistics in the Board’s H.6 release.

Foreign