6

Z.1, December 11, 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

1959
1960
1961
1962
1963

7.8
5.0
6.0
6.9
6.8

3.0
-0.9
3.0
2.8
1.5

10.4
8.1
7.4
8.8
9.1

12.0
8.4
7.1
8.8
9.8

10.4
7.9
8.0
8.2
8.8

15.6
7.1
3.6
9.3
12.3

9.1
7.9
7.7
9.1
9.1

7.5
7.3
6.1
7.8
7.7

9.9
8.3
7.8
7.7
6.5

32.1
17.5
7.2
13.1
18.3

3.0
8.3
9.6
8.2
11.7

1964
1965
1966
1967
1968

7.3
7.1
6.7
7.1
8.0

2.4
0.6
1.4
4.9
4.5

9.3
9.6
8.5
7.8
9.2

9.8
8.6
6.1
4.9
8.0

8.3
7.6
5.1
5.0
6.1

12.2
11.6
6.1
5.0
9.9

9.6
11.2
11.7
11.1
10.8

9.2
11.4
12.4
11.6
11.4

7.2
7.9
6.7
6.7
7.5

13.6
16.8
17.7
1.0
14.1

12.9
7.2
5.1
9.8
6.3

1969
1970
1971
1972
1973

7.1
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

7.1
3.9
8.9
11.2
12.2

5.8
3.7
8.0
11.1
11.2

8.3
3.4
11.7
13.1
13.3

12.1
10.5
10.3
12.5
14.9

12.1
10.5
8.1
10.1
17.7

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
6.3
9.7
13.3
15.0

7.7
8.0
11.6
16.1
16.8

7.8
8.9
13.1
17.5
17.4

4.6
3.8
10.6
15.5
17.4

13.7
5.2
8.4
12.1
13.3

12.1
3.7
7.7
12.2
12.0

6.9
5.4
8.4
8.4
15.4

23.1
1.2
9.0
18.8
22.1

20.5
17.4
21.5
11.6
18.6

1979
1980
1981
1982
1983

12.2
9.5
10.0
9.9
12.0

5.8
11.8
11.6
19.7
18.9

13.7
9.0
9.6
7.7
10.2

14.6
8.1
7.2
5.4
11.3

15.3
10.4
6.5
4.5
10.4

13.8
0.6
5.0
4.6
12.8

14.1
10.4
12.2
8.9
9.0

11.6
8.5
13.8
7.0
8.2

9.0
6.9
8.0
11.2
11.4

22.0
14.4
18.0
13.6
13.4

9.5
14.0
11.9
7.2
8.2

1984
1985
1986
1987
1988

14.5
15.7
12.1
9.2
8.8

16.9
16.5
13.6
8.0
8.0

13.9
15.5
11.7
9.6
9.1

12.6
15.2
11.2
11.9
9.1

11.3
13.1
13.3
15.9
10.7

18.3
15.9
9.0
4.6
6.3

15.6
12.2
12.4
6.9
9.8

16.9
12.5
15.5
8.7
11.6

11.4
31.8
10.8
12.1
6.5

17.9
19.5
26.1
18.3
13.1

3.7
0.5
4.1
2.6
3.0

1989
1990
1991
1992
1993

7.6
6.5
4.3
4.8
5.2

7.0
11.0
11.1
10.9
8.3

7.8
5.3
2.3
2.8
4.1

8.5
7.5
4.9
5.1
6.2

9.9
9.6
6.6
6.0
5.3

6.0
1.5
-1.3
0.5
7.6

7.7
3.3
-1.8
0.6
1.5

8.7
5.0
-2.2
1.6
2.0

5.7
5.1
8.4
2.0
5.7

10.5
8.8
6.0
8.7
9.7

4.0
9.1
5.3
8.0
22.1

1994
1995
1996

4.8
5.3
5.2

4.7
4.1
4.0

4.8
5.8
5.6

8.2
7.8
7.4

6.4
6.0
7.9

14.5
14.1
7.9

3.7
6.2
4.6

5.4
8.0
5.1

-4.0
-3.8
1.2

14.0
11.8
12.6

-3.6
19.1
15.9

1992 -- Q1
Q2
Q3
Q4

5.4
4.3
4.8
4.3

11.5
11.6
10.3
8.6

3.4
1.9
2.9
2.8

6.2
2.7
5.3
5.7

8.2
3.0
6.5
5.7

0.1
-1.5
1.4
1.9

0.7
0.3
0.1
1.4

1.5
1.4
1.1
2.5

2.8
4.2
3.6
-2.8

6.5
9.7
10.3
7.0

2.0
21.2
8.9
0.3

1993 -- Q1
Q2
Q3
Q4

3.9
6.2
4.9
5.5

7.2
10.3
5.8
9.0

2.7
4.8
4.6
4.2

3.4
6.3
7.4
7.2

2.7
6.3
6.1
5.6

4.5
4.8
8.5
11.8

0.3
1.7
1.8
2.1

0.5
2.5
2.4
2.6

8.3
9.6
3.9
0.6

5.4
6.1
13.9
12.1

18.1
20.7
32.7
10.7

1994 -- Q1
Q2
Q3
Q4

4.8
4.3
4.6
5.0

4.7
3.9
4.7
5.0

4.9
4.4
4.6
5.0

7.7
7.6
7.9
8.6

6.6
5.5
5.9
7.1

11.7
14.8
14.9
14.0

3.3
3.5
3.6
4.2

5.2
5.0
5.1
5.7

-0.5
-4.2
-4.6
-6.9

14.9
11.6
11.5
15.1

-22.2
-7.6
4.0
11.9

1995 -- Q1
Q2
Q3
Q4

5.8
6.6
4.2
4.3

5.4
6.6
2.5
1.8

6.0
6.6
4.8
5.2

7.4
7.9
8.3
6.7

5.6
6.2
6.6
5.0

14.6
14.2
14.1
10.7

7.0
7.1
4.3
5.6

9.3
9.5
5.2
7.3

-3.3
-1.1
-8.0
-3.2

7.3
11.3
12.2
14.6

18.5
11.7
22.3
19.0

1996 -- Q1
Q2
Q3
Q4

6.2
5.0
4.8
4.4

6.2
1.7
4.4
3.4

6.2
6.1
4.9
4.7

9.1
7.5
6.8
5.4

9.4
7.3
7.0
7.0

10.7
9.9
6.9
3.2

4.2
5.2
5.1
3.7

4.6
5.9
6.5
3.1

0.7
3.5
-4.7
5.2

8.1
16.7
9.7
13.9

11.8
7.9
22.7
17.9

1997 -- Q1
Q2
Q3

4.8
3.8
4.4

2.1
-2.6
1.1

5.7
6.1
5.5

6.4
5.5
4.5

6.6
5.8
5.8

5.7
4.7
3.4

5.5
6.3
6.8

6.2
6.6
7.6

3.2
7.7
4.6

6.8
13.7
10.5

5.1
10.8
15.4

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, December 11, 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

1959
1960
1961
1962
1963

49.6
34.7
43.5
52.8
55.4

6.9
-2.0
7.2
6.9
3.8

42.7
36.8
36.3
45.9
51.6

20.4
16.0
14.7
19.6
24.1

11.5
9.7
10.6
11.9
14.0

7.7
4.0
2.2
5.9
8.5

16.2
15.3
16.0
20.3
22.0

10.1
10.4
9.2
12.6
13.3

6.0
5.5
5.6
6.0
5.5

6.7
4.9
2.3
4.6
7.2

0.6
1.8
2.2
2.1
3.2

1964
1965
1966
1967
1968

64.1
67.1
67.2
76.1
92.5

6.1
1.6
3.6
12.9
12.5

58.0
65.4
63.6
63.2
80.0

26.4
25.8
19.8
17.1
29.3

14.4
14.5
10.6
11.0
14.2

9.5
10.1
5.9
5.1
10.8

25.2
32.1
37.0
38.8
42.0

16.8
22.6
27.0
28.2
30.8

6.4
7.6
6.9
7.3
8.8

6.3
8.9
11.0
0.7
10.4

4.0
2.5
1.9
3.9
2.7

1969
1970
1971
1972
1973

88.7
91.2
135.2
156.1
183.9

-3.2
12.1
24.9
15.0
6.9

91.9
79.2
110.3
141.1
176.9

28.0
16.8
39.5
54.7
66.1

14.3
9.7
21.9
32.8
37.2

9.9
4.4
15.6
19.5
22.5

51.8
50.3
54.4
72.4
96.7

36.2
35.2
29.8
40.1
76.5

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

174.5
193.3
244.8
321.1
390.9

11.9
85.6
69.2
56.3
52.5

162.6
107.6
175.6
264.8
338.4

47.3
52.9
83.2
129.2
156.8

29.0
35.7
57.7
87.3
102.5

8.9
7.8
22.0
35.4
46.0

101.9
43.6
73.9
115.7
142.2

59.9
20.4
44.1
74.8
82.7

13.4
11.1
18.5
19.9
39.4

48.5
3.1
23.5
53.6
74.7

13.8
14.1
20.5
13.5
24.0

1979
1980
1981
1982
1983

391.8
343.6
394.3
432.4
571.3

35.8
77.4
85.5
161.3
185.2

356.0
266.2
308.8
271.1
386.1

160.1
101.9
98.6
80.2
174.6

106.8
83.8
59.1
43.7
104.1

42.7
2.3
17.7
17.2
50.0

169.3
142.1
182.6
149.2
164.2

87.9
72.0
125.9
71.5
89.5

26.6
22.2
27.6
41.7
47.3

91.1
73.0
104.3
93.0
104.5

15.0
24.2
23.5
16.0
17.3

1984
1985
1986
1987
1988

776.5
962.0
859.5
731.5
764.6

197.2
225.7
216.0
143.9
155.1

579.3
736.3
643.5
587.6
609.4

215.0
291.8
250.9
296.9
250.3

123.3
159.6
187.9
255.3
194.7

80.7
82.8
54.4
30.4
43.4

311.7
280.9
319.2
199.6
304.6

203.2
174.5
242.6
156.3
230.9

52.5
163.6
73.4
91.1
54.5

157.7
205.0
327.8
291.6
249.2

8.4
1.2
9.7
6.3
7.4

1989
1990
1991
1992
1993

716.3
662.7
470.6
539.9
619.6

146.4
246.9
278.2
304.0
256.1

569.9
415.8
192.4
235.9
363.4

257.8
247.4
176.4
191.1
246.2

200.5
215.8
163.7
158.8
149.1

44.2
11.9
-10.7
3.9
60.7

261.0
119.9
-67.4
23.7
54.9

191.1
118.4
-53.8
39.6
49.1

51.1
48.5
83.3
21.1
62.3

225.0
211.3
156.8
240.2
293.6

10.2
23.9
15.1
24.1
69.8

1994
1995
1996

594.0
698.2
714.2

155.9
144.4
145.0

438.1
553.7
569.2

343.7
354.9
362.9

190.2
188.6
264.2

124.9
138.9
88.8

140.8
241.8
193.7

135.3
213.7
147.9

-46.4
-42.9
12.7

464.3
448.4
536.3

-14.0
71.1
70.5

1992 -- Q1
Q2
Q3
Q4

609.4
493.9
551.1
505.1

319.0
332.6
303.7
260.6

290.3
161.3
247.4
244.5

232.7
104.4
204.8
222.5

216.8
81.4
178.5
158.3

1.1
-11.9
11.2
15.0

26.9
10.9
3.5
53.4

37.0
33.0
26.1
62.5

30.7
46.0
39.1
-31.3

180.9
274.9
297.3
207.7

5.9
62.2
27.4
0.9

1993 -- Q1
Q2
Q3
Q4

458.1
745.4
598.8
675.8

221.6
323.9
185.2
293.8

236.6
421.6
413.6
382.0

135.9
251.5
300.8
296.5

76.8
180.0
176.8
162.7

36.0
39.0
69.5
98.2

9.8
62.6
68.3
79.0

11.9
61.2
59.7
63.8

90.8
107.5
44.4
6.4

164.1
186.6
433.6
389.9

57.0
68.2
113.6
40.4

1994 -- Q1
Q2
Q3
Q4

602.6
539.4
592.1
641.7

158.3
131.6
161.1
172.5

444.3
407.9
431.0
469.2

323.0
324.8
343.5
383.6

195.0
166.3
179.5
219.9

100.4
130.4
136.2
132.6

126.7
132.2
140.2
164.1

130.4
127.7
132.4
150.8

-5.4
-49.1
-52.7
-78.5

494.9
400.6
407.8
553.9

-85.7
-27.8
14.3
43.0

1995 -- Q1
Q2
Q3
Q4

762.5
873.8
569.6
586.8

186.9
234.5
91.4
64.9

575.5
639.4
478.1
521.9

337.0
366.3
390.4
325.7

176.0
198.0
214.0
166.4

144.0
145.1
149.3
117.2

275.5
284.8
176.5
230.4

247.2
258.2
144.5
204.9

-37.0
-11.7
-88.7
-34.2

276.7
435.6
484.9
596.5

68.8
45.7
89.3
80.4

1996 -- Q1
Q2
Q3
Q4

857.1
695.7
677.6
626.3

227.3
62.7
163.2
126.9

629.9
633.0
514.4
499.4

446.2
378.1
345.5
281.6

316.0
251.3
243.1
246.2

119.9
114.7
81.9
38.6

176.0
216.9
219.7
162.0

131.7
172.2
193.0
94.6

7.7
38.0
-50.8
55.8

342.0
721.7
436.8
644.8

52.3
36.1
105.7
87.9

1997 -- Q1
Q2
Q3

691.7
562.8
646.6

81.2
-97.1
40.9

610.5
659.9
605.6

333.3
295.1
245.9

236.3
211.5
216.2

69.6
57.8
42.7

242.3
280.6
308.4

190.0
205.4
240.8

35.0
84.2
51.3

323.4
665.8
526.2

26.2
56.3
82.2

8

Z.1, December 11, 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

1959
1960
1961
1962
1963

689.4
724.1
767.6
820.4
875.8

238.0
236.0
243.2
250.0
253.8

451.4
488.2
524.4
570.3
621.9

191.1
208.1
223.9
245.0
270.7

123.1
133.9
145.6
159.0
174.6

57.2
61.2
63.4
69.3
77.9

193.6
207.8
222.7
241.6
262.0

142.7
152.1
160.2
171.3
183.0

66.7
72.2
77.8
83.8
89.2

27.7
32.5
34.9
39.4
46.6

21.4
23.2
25.5
27.5
30.8

1964
1965
1966
1967
1968

939.6
1006.7
1074.2
1150.1
1242.2

259.9
261.5
265.1
278.1
290.6

679.7
745.2
809.0
872.1
951.6

298.9
326.4
348.0
366.5
397.0

190.8
207.0
219.5
231.9
247.0

87.4
97.5
103.4
108.6
119.3

285.2
315.7
351.0
388.2
428.5

197.7
218.6
244.0
270.7
299.8

95.6
103.2
110.0
117.4
126.1

53.0
61.9
72.9
73.6
84.0

35.0
37.5
39.5
43.3
46.1

1969
1970
1971
1972
1973

1331.4
1421.5
1556.6
1712.6
1896.9

287.4
299.5
324.4
339.4
346.3

1043.9
1122.0
1232.2
1373.2
1550.6

426.4
444.8
486.5
543.8
613.4

262.3
273.6
296.5
331.9
370.7

129.2
133.7
149.2
168.8
193.0

479.3
526.9
579.0
648.7
742.4

335.1
367.2
395.4
432.8
496.6

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

1974
1975
1976
1977
1978

2070.8
2263.0
2506.6
2827.8
3212.9

358.2
443.9
513.1
569.4
621.9

1712.6
1819.1
1993.5
2258.4
2591.0

662.8
714.5
801.4
933.7
1093.1

401.7
439.2
499.5
590.0
696.4

201.9
207.0
229.0
264.4
310.4

841.6
885.3
954.3
1068.5
1202.3

553.9
574.3
613.4
686.7
761.0

208.2
219.4
237.8
256.2
295.6

258.3
261.4
284.9
338.8
413.5

81.2
95.6
116.0
129.4
157.6

1979
1980
1981
1982
1983

3604.8
3956.1
4348.9
4763.3
5337.5

657.7
735.0
820.5
981.8
1167.0

2947.2
3221.1
3528.4
3781.5
4170.5

1258.0
1374.5
1482.2
1550.0
1708.5

808.6
904.9
973.3
1004.7
1092.8

353.1
355.4
373.1
390.3
440.3

1367.0
1502.2
1674.2
1817.8
2000.9

844.2
909.5
1024.8
1090.7
1199.1

322.2
344.4
372.1
413.8
461.1

505.9
578.9
682.4
778.1
882.8

172.9
197.2
220.7
210.4
227.7

1984
1985
1986
1987
1988

6109.3
7089.4
7946.3
8661.3
9422.4

1364.2
1589.9
1805.9
1949.8
2104.9

4745.1
5499.5
6140.5
6711.6
7317.5

1920.7
2238.1
2493.5
2750.1
3022.3

1220.3
1409.9
1603.8
1822.7
2032.9

521.0
603.8
658.2
688.6
732.0

2310.7
2583.4
2895.6
3120.5
3399.8

1400.5
1566.9
1802.4
1984.1
2187.6

513.6
677.9
751.4
840.9
895.5

1052.4
1258.3
1593.6
1896.5
2145.8

235.5
236.7
238.3
244.8
252.4

1989
1990
1991
1992
1993

10155.7
10845.8
11309.5
11852.5
12486.9

2251.2
2498.1
2776.4
3080.3
3336.5

7904.5
8347.7
8533.1
8772.2
9150.4

3295.6
3577.1
3757.6
3952.5
4203.9

2236.9
2486.8
2654.5
2817.1
2971.4

793.3
805.1
794.5
798.3
859.0

3662.3
3775.4
3697.2
3720.2
3784.7

2380.5
2492.1
2432.2
2469.6
2528.3

946.5
995.1
1078.4
1099.5
1161.8

2399.3
2613.7
2770.5
3026.3
3325.3

262.2
285.9
301.1
315.8
385.8

1994
1995
1996

13087.1
13785.3
14499.4

3492.3
3636.7
3781.8

9594.8
10148.5
10717.7

4550.4
4910.5
5244.2

3164.6
3358.5
3593.5

983.9
1122.8
1211.6

3929.0
4165.5
4388.3

2667.1
2875.6
3052.6

1115.4
1072.5
1085.1

3797.3
4248.4
4784.7

371.8
442.9
513.4

1992 -- Q1
Q2
Q3
Q4

11465.0
11588.4
11726.2
11852.5

2856.1
2939.3
3015.2
3080.3

8608.9
8649.2
8711.0
8772.2

3816.6
3843.5
3895.6
3952.5

2709.5
2730.8
2776.3
2817.1

794.8
791.8
794.6
798.3

3706.2
3708.1
3708.0
3720.2

2442.2
2449.5
2455.2
2469.6

1086.1
1097.6
1107.4
1099.5

2831.4
2900.1
2974.4
3026.3

293.3
308.8
315.7
315.8

1993 -- Q1
Q2
Q3
Q4

11967.7
12154.1
12303.8
12486.9

3135.7
3216.7
3263.0
3336.5

8832.0
8937.4
9040.8
9150.4

3987.1
4050.5
4126.5
4203.9

2836.9
2882.5
2927.5
2971.4

807.3
817.1
834.5
859.0

3722.7
3737.8
3754.1
3784.7

2472.6
2487.3
2501.5
2528.3

1122.2
1149.1
1160.2
1161.8

3072.7
3119.4
3227.8
3325.3

330.1
347.1
375.5
385.8

1994 -- Q1
Q2
Q3
Q4

12643.8
12778.6
12926.7
13087.1

3376.0
3408.9
3449.2
3492.3

9267.7
9369.7
9477.5
9594.8

4285.1
4367.1
4453.8
4550.4

3020.9
3063.3
3109.0
3164.6

884.1
916.7
950.8
983.9

3822.2
3854.4
3888.6
3929.0

2566.7
2597.8
2630.1
2667.1

1160.5
1148.2
1135.0
1115.4

3456.7
3556.9
3658.8
3797.3

364.5
357.5
361.1
371.8

1995 -- Q1
Q2
Q3
Q4

13277.7
13496.2
13638.6
13785.3

3539.1
3597.7
3620.5
3636.7

9738.6
9898.5
10018.0
10148.5

4635.9
4728.8
4827.6
4910.5

3210.0
3260.7
3315.5
3358.5

1019.9
1056.2
1093.5
1122.8

3996.5
4066.5
4109.4
4165.5

2727.6
2790.9
2825.8
2875.6

1106.2
1103.2
1081.0
1072.5

3869.1
3978.0
4099.2
4248.4

389.0
400.5
422.8
442.9

1996 -- Q1
Q2
Q3
Q4

13999.5
14173.5
14342.9
14499.4

3693.6
3709.2
3750.0
3781.8

10306.0
10464.2
10592.8
10717.7

5023.1
5085.1
5172.6
5244.2

3438.6
3468.8
3530.7
3593.5

1152.8
1181.5
1201.9
1211.6

4208.4
4295.2
4349.1
4388.3

2907.4
2983.0
3030.2
3052.6

1074.4
1083.9
1071.2
1085.1

4333.9
4514.3
4623.5
4784.7

456.0
465.0
491.4
513.4

1997 -- Q1
Q2
Q3

14672.4
14813.1
14973.2

3802.1
3777.8
3788.0

10870.3
11035.3
11185.2

5329.2
5404.1
5465.6

3654.0
3708.0
3762.0

1229.0
1243.4
1254.1

4447.2
4516.3
4591.8

3098.4
3148.7
3207.3

1093.9
1114.9
1127.8

4865.5
5032.0
5130.5

520.0
534.1
548.5

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