6

Z.1, September 16, 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

1970
1971
1972
1973
1974

6.9
9.5
10.0
10.7
9.2

4.2
8.3
4.6
2.0
3.4

7.6
9.8
11.4
12.9
10.5

4.4
9.2
11.3
12.4
8.8

4.4
8.5
11.2
11.7
9.7

3.4
11.7
13.1
13.3
4.6

10.3
10.1
12.5
14.7
13.0

12.9
7.8
9.9
17.5
11.5

8.7
10.9
8.4
7.8
6.9

14.5
8.7
17.2
28.9
23.6

5.7
9.7
7.9
10.3
20.5

1975
1976
1977
1978
1979

9.3
10.8
12.8
13.8
12.2

23.9
15.6
11.0
9.2
5.8

6.2
9.6
13.3
15.0
13.7

8.2
11.2
15.5
16.9
15.2

9.1
12.4
16.5
17.5
16.2

3.8
10.6
15.5
17.5
13.9

4.9
8.6
12.5
13.1
13.5

3.4
7.7
12.0
11.4
11.1

5.4
8.4
8.4
15.4
9.0

0.8
9.0
18.9
22.1
22.1

17.4
21.5
11.6
18.6
9.5

1980
1981
1982
1983
1984

9.5
10.4
10.1
12.0
14.7

11.8
11.6
19.7
18.9
16.9

9.0
10.1
7.9
10.2
14.1

8.5
7.6
5.6
11.2
12.6

11.0
7.2
4.7
10.3
11.3

1.0
5.5
5.0
12.1
18.4

10.0
12.9
9.2
9.1
16.2

8.3
13.6
9.1
8.0
16.7

6.9
8.0
11.2
11.4
11.4

14.5
18.2
13.6
13.4
17.9

13.9
11.8
7.2
8.2
3.6

1985
1986
1987
1988
1989

15.7
11.9
9.0
9.1
7.3

16.5
13.6
8.0
8.0
7.0

15.4
11.4
9.3
9.4
7.4

15.8
11.4
10.4
9.8
9.3

14.0
13.6
13.4
11.7
11.0

15.9
9.1
4.8
6.7
6.3

11.5
11.4
7.7
9.8
6.1

12.7
13.9
8.9
11.0
7.2

31.8
10.9
12.0
6.4
5.6

19.4
26.2
18.2
13.2
10.5

0.5
4.1
2.6
3.0
4.0

1990
1991
1992
1993
1994

6.5
4.3
4.6
4.8
4.6

11.0
11.1
10.9
8.3
4.7

5.2
2.2
2.5
3.5
4.6

7.0
5.2
5.3
5.9
7.6

8.9
7.0
6.5
5.5
5.6

1.9
-1.1
1.1
7.4
15.2

3.5
-2.2
-0.2
0.4
3.8

5.6
-2.1
1.0
1.4
5.0

5.0
8.6
1.6
5.3
-4.0

9.5
6.9
10.1
9.5
13.6

9.0
5.2
7.9
21.9
-2.9

1995
1996
1997
1998
1999

5.3
5.2
5.3
6.9
6.3

4.1
4.0
0.6
-1.4
-1.9

5.7
5.7
7.0
9.6
8.8

7.1
6.8
6.0
7.9
8.1

4.9
6.3
6.3
8.1
9.1

14.4
8.9
5.3
7.7
7.4

7.2
6.2
9.0
12.3
10.6

8.5
6.3
9.4
11.8
9.9

-5.5
-1.5
4.0
6.3
3.4

11.5
12.3
12.2
19.5
16.2

20.7
19.3
12.9
5.1
2.0

2000
2001
2002
2003

4.9
6.2
6.9
8.1

-8.0
-0.2
7.6
10.9

8.4
7.7
6.7
7.5

8.7
9.0
9.6
10.2

8.3
9.8
11.9
12.7

10.7
8.0
4.1
4.3

9.4
6.1
2.8
4.3

8.5
5.0
0.7
3.2

1.3
8.9
11.1
8.2

10.6
10.7
9.0
9.7

8.7
-7.0
0.9
-2.4

1998 -- Q1
Q2
Q3
Q4

7.0
7.7
5.3
6.8

-1.0
-0.0
-3.5
-1.0

9.7
10.2
8.1
9.2

8.1
8.7
6.4
7.7

8.0
7.9
6.5
9.1

6.6
11.3
6.6
5.6

12.3
12.7
10.7
11.6

12.1
12.4
9.6
11.0

6.9
6.7
5.3
5.9

16.8
18.9
17.8
19.4

15.8
14.5
-3.8
-5.9

1999 -- Q1
Q2
Q3
Q4

7.3
5.3
6.5
5.5

-2.7
-2.3
-3.2
0.5

10.3
7.6
9.3
6.9

8.9
7.8
8.7
6.2

10.0
8.7
9.4
7.1

8.8
6.2
7.7
6.3

12.7
8.5
10.8
8.9

13.1
8.3
9.9
6.8

5.9
1.9
4.6
1.0

18.9
15.4
15.4
11.5

3.1
-5.6
9.9
0.8

2000 -- Q1
Q2
Q3
Q4

5.5
5.1
3.8
4.7

-6.0
-11.4
-8.0
-7.7

8.7
9.4
6.8
7.7

8.4
9.4
8.1
7.9

8.3
9.1
7.6
7.3

9.0
10.5
10.3
11.2

10.6
11.3
6.2
8.3

10.4
10.3
5.2
7.2

0.5
-0.8
2.5
3.1

8.6
11.5
9.7
11.1

18.8
-3.2
10.7
7.9

2001 -- Q1
Q2
Q3
Q4

6.2
5.1
6.5
6.5

0.2
-8.9
5.6
2.7

7.6
8.2
6.6
7.4

8.6
9.4
7.9
8.8

9.0
11.1
8.8
9.0

9.1
6.4
4.4
11.3

6.3
7.0
5.2
5.2

5.4
6.2
4.2
3.9

9.0
7.7
7.0
10.7

10.2
10.0
11.5
9.6

-1.9
-9.2
-17.8
0.3

2002 -- Q1
Q2
Q3
Q4

6.2
7.0
5.9
7.8

3.8
11.6
7.2
7.2

6.7
6.1
5.6
7.9

10.0
8.4
8.2
10.4

11.7
10.6
10.3
13.0

5.9
4.7
3.8
1.9

3.0
2.4
1.4
4.1

1.6
0.1
-1.1
2.2

6.8
11.4
11.9
12.5

8.7
9.0
7.4
9.5

9.9
0.4
-6.8
0.1

2003 -- Q1
Q2
Q3
Q4

7.4
11.0
7.0
6.3

5.1
19.6
8.2
9.1

7.9
9.1
6.8
5.7

11.3
11.6
9.5
7.0

14.1
13.9
11.4
9.3

4.1
5.2
5.3
2.2

4.0
5.7
3.3
3.8

3.6
5.5
1.6
2.0

6.9
11.3
7.2
6.3

9.6
8.3
9.9
9.7

2.7
-9.2
-9.9
7.2

2004 -- Q1
Q2

9.1
7.7

12.0
10.7

8.5
7.0

11.3
9.5

13.1
11.1

6.1
2.2

4.8
4.4

4.7
2.9

9.5
4.6

5.9
7.9

10.9
-9.6

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

Z.1, September 16, 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

1970
1971
1972
1973
1974

91.3
135.4
156.0
184.0
175.5

12.1
24.9
15.0
6.9
11.9

79.3
110.5
141.0
177.0
163.6

19.5
42.3
56.9
69.5
55.7

12.4
24.6
35.0
40.6
37.4

4.4
15.6
19.5
22.5
8.9

47.7
51.8
70.2
93.4
94.4

41.1
28.1
38.5
75.0
56.6

12.1
16.4
14.0
14.1
13.4

16.2
11.1
23.9
47.0
49.6

2.8
5.1
4.4
6.3
13.8

1975
1976
1977
1978
1979

192.7
244.8
321.2
390.7
391.9

85.6
69.2
56.3
52.5
35.8

107.1
175.6
264.8
338.2
356.1

56.0
82.9
127.8
160.5
169.2

38.8
57.5
85.9
106.2
115.9

7.8
22.0
35.5
46.4
43.3

39.9
74.2
117.1
138.3
160.3

18.7
43.7
73.3
78.5
84.1

11.1
18.5
19.9
39.4
26.6

2.1
23.5
53.6
74.7
91.1

14.1
20.5
13.5
24.0
15.0

1980
1981
1982
1983
1984

343.7
410.0
439.9
573.6
791.2

77.4
85.5
161.3
185.2
197.2

266.3
324.5
278.6
388.4
594.0

109.4
106.4
84.1
176.8
218.3

91.3
67.0
47.6
106.3
126.6

3.4
19.8
18.8
48.2
81.7

134.8
190.5
152.8
164.3
323.2

70.0
123.7
93.3
89.6
205.1

22.2
27.6
41.7
47.3
52.5

73.2
105.1
93.0
104.4
157.8

24.2
23.5
16.0
17.3
8.4

1985
1986
1987
1988
1989

963.0
845.3
719.0
787.6
687.4

225.7
216.0
143.9
155.1
146.4

737.3
629.3
575.1
632.5
541.0

307.2
259.6
262.6
270.4
283.8

175.0
197.4
220.4
214.3
225.5

84.0
55.8
32.3
46.6
47.0

266.5
295.5
222.0
308.1
207.2

181.8
224.9
163.4
222.9
159.9

163.6
74.2
90.4
54.0
50.1

204.0
328.8
290.6
250.2
225.0

1.2
9.7
6.3
7.4
10.2

1990
1991
1992
1993
1994

656.0
465.7
515.1
566.6
571.6

246.9
278.2
304.0
256.1
155.9

409.1
187.5
211.1
310.5
415.8

234.3
186.5
201.3
236.6
323.1

201.4
175.7
174.0
157.4
169.3

15.1
-8.8
9.2
61.4
134.8

127.7
-84.4
-7.1
16.2
138.9

133.8
-53.7
24.1
34.4
126.5

47.2
85.4
16.9
57.7
-46.3

229.1
182.6
283.2
294.3
464.9

23.9
15.1
24.1
69.8
-11.2

1995
1996
1997
1998
1999

684.8
716.5
767.7
1041.3
1020.4

144.4
144.9
23.1
-52.6
-71.2

540.3
571.5
744.6
1093.9
1091.6

325.2
332.5
310.3
438.1
483.8

157.7
211.2
223.9
306.8
371.8

147.0
103.6
68.0
103.3
107.2

276.0
255.0
392.8
588.2
569.3

227.1
182.8
291.8
398.0
373.7

-60.9
-15.9
41.5
67.7
38.5

446.7
532.7
592.3
1063.8
1054.2

78.3
88.0
69.9
31.2
13.0

2000
2001
2002
2003

841.6
1123.2
1323.2
1672.9

-295.9
-5.6
257.6
396.0

1137.4
1128.8
1065.7
1276.9

561.0
628.0
731.5
856.6

370.8
472.7
630.7
756.1

165.2
138.7
77.4
83.0

561.0
395.0
190.3
302.5

357.2
228.2
34.2
155.3

15.5
105.8
143.9
117.8

804.2
899.6
830.0
983.0

57.0
-49.8
5.6
-15.7

1998 -- Q1
Q2
Q3
Q4

1068.5
1185.2
835.7
1075.6

-38.0
-0.8
-132.4
-39.3

1106.5
1186.0
968.1
1115.0

446.4
490.7
367.5
447.6

303.7
304.2
254.1
365.2

87.9
153.3
92.6
79.4

586.5
622.8
542.0
601.4

409.9
431.0
345.2
406.1

73.6
72.5
58.6
66.0

917.1
1074.7
1056.5
1206.8

96.3
91.5
-24.9
-38.0

1999 -- Q1
Q2
Q3
Q4

1176.9
879.5
1087.3
937.8

-99.8
-85.3
-116.8
17.0

1276.6
964.8
1204.0
920.8

528.4
473.8
540.8
392.1

408.0
364.5
404.4
310.4

127.0
91.7
114.6
95.7

681.1
469.0
610.2
516.8

494.5
323.2
395.3
281.9

67.2
22.0
53.0
11.9

1228.7
1051.5
1089.2
847.3

19.7
-36.0
62.8
5.4

2000 -- Q1
Q2
Q3
Q4

955.8
889.2
681.9
839.3

-220.7
-412.6
-282.8
-267.4

1176.5
1301.8
964.8
1106.7

539.3
617.4
546.6
540.7

368.5
412.8
354.3
347.6

139.1
166.5
167.8
187.5

631.5
693.6
389.3
529.6

437.0
443.8
227.4
320.5

5.7
-9.1
28.9
36.4

647.2
891.5
774.5
903.7

122.8
-21.7
72.2
54.8

2001 -- Q1
Q2
Q3
Q4

1123.8
931.0
1201.7
1236.4

5.9
-302.5
184.6
89.5

1117.9
1233.4
1017.1
1146.9

603.0
674.3
580.2
654.6

432.6
546.5
444.9
466.8

157.6
113.3
78.4
205.4

407.3
465.3
350.5
357.1

245.5
285.9
195.8
185.4

107.6
93.9
86.5
135.2

856.3
855.6
1013.4
873.3

-13.2
-65.1
-123.1
2.3

2002 -- Q1
Q2
Q3
Q4

1189.2
1372.1
1164.9
1566.7

127.7
394.5
251.6
256.4

1061.5
977.5
913.3
1310.3

763.6
660.8
654.0
847.7

620.9
578.4
577.1
746.3

109.7
88.5
73.7
37.6

209.5
166.0
98.0
287.6

77.5
4.7
-50.8
105.3

88.5
150.7
161.4
175.0

807.2
851.4
719.8
941.8

65.4
2.8
-46.1
0.5

2003 -- Q1
Q2
Q3
Q4

1514.1
2294.0
1509.3
1374.3

184.0
723.0
317.1
360.0

1330.1
1570.9
1192.2
1014.3

945.2
999.1
844.6
637.6

836.6
855.1
723.8
609.0

80.3
102.1
104.4
45.1

285.4
405.8
238.5
280.4

174.1
269.0
77.9
100.3

99.5
166.1
109.1
96.3

969.0
861.9
1047.0
1054.1

17.8
-61.8
-64.7
46.0

2004 -- Q1
Q2

2034.8
1756.5

483.9
444.9

1550.9
1311.6

1045.5
904.9

875.5
766.5

124.4
45.0

356.9
332.5

236.2
145.9

148.6
74.3

651.8
885.9

70.8
-63.8

8

Z.1, September 16, 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

512.5
563.6
633.7
726.5
820.5

361.3
389.5
427.9
492.6
548.9

150.3
166.7
180.7
194.8
208.2

127.8
138.9
162.8
209.8
258.3

52.1
56.6
61.1
67.4
81.2

207.0
229.0
264.9
311.3
354.6

862.2
933.8
1052.7
1186.5
1346.1

569.4
610.4
685.5
759.5
842.9

219.4
237.8
256.2
295.6
322.2

260.4
283.9
337.8
412.5
504.9

95.6
116.0
129.4
157.6
174.3

932.0
1003.7
1036.8
1123.1
1249.1

358.0
377.9
396.7
444.9
526.6

1477.0
1661.2
1810.6
1997.8
2323.9

909.1
1026.5
1116.6
1229.1
1437.1

344.4
372.1
413.8
461.1
513.6

578.1
682.4
778.1
882.7
1052.4

198.9
222.8
212.6
229.8
238.0

2277.5
2535.6
2752.2
3039.6
3333.8

1449.3
1646.6
1825.0
2049.9
2273.6

610.6
666.4
698.6
745.2
809.3

2587.0
2881.5
3134.6
3422.2
3636.0

1615.5
1839.5
2033.9
2234.2
2401.1

677.9
752.1
841.0
895.0
945.2

1257.3
1593.6
1895.5
2145.8
2399.3

239.3
241.0
247.4
254.8
265.0

8351.4
8535.6
8749.8
9075.1
9497.5

3597.2
3787.3
3988.6
4227.6
4550.4

2504.1
2683.5
2857.5
3017.3
3186.6

824.4
815.6
824.8
886.2
1021.0

3761.9
3670.6
3666.7
3695.3
3841.2

2533.1
2477.3
2502.9
2549.8
2682.9

992.3
1077.7
1094.5
1152.2
1105.9

2630.3
2812.9
3111.6
3411.2
3884.2

288.8
304.0
318.7
388.5
377.5

3636.7
3781.7
3804.8
3752.2
3681.0

10037.4
10609.0
11352.1
12446.0
13572.2

4875.6
5208.1
5518.7
5956.7
6440.8

3344.3
3555.4
3779.3
4086.1
4457.9

1168.0
1271.7
1339.6
1442.9
1550.2

4116.8
4371.8
4762.7
5350.9
5954.5

2909.6
3092.3
3382.3
3780.4
4188.5

1045.0
1029.1
1070.7
1138.3
1176.9

4333.6
4866.2
5449.4
6513.2
7567.4

456.0
544.1
608.1
639.4
652.6

18105.9
19229.7
20552.9
22272.2

3385.1
3379.5
3637.0
4033.1

14720.8
15850.2
16915.9
18239.1

7012.9
7640.9
8372.4
9252.3

4828.7
5301.4
5932.1
6688.2

1726.5
1865.2
1942.6
2025.5

6515.5
6911.2
7101.4
7427.1

4545.7
4774.4
4808.6
4987.1

1192.3
1298.1
1442.0
1559.7

8372.7
9272.3
10102.3
11085.3

709.6
659.9
665.5
649.8

1998 -- Q1
Q2
Q3
Q4

15424.0
15720.3
15929.2
16198.2

3795.3
3795.1
3762.0
3752.2

11628.7
11925.2
12167.2
12446.0

5630.3
5753.0
5844.9
5956.7

3855.2
3931.3
3994.8
4086.1

1361.6
1399.9
1423.1
1442.9

4909.3
5065.0
5200.5
5350.9

3484.8
3592.5
3678.8
3780.4

1089.1
1107.2
1121.8
1138.3

5678.7
5947.4
6211.5
6513.2

632.1
655.0
648.8
639.4

1999 -- Q1
Q2
Q3
Q4

16494.1
16714.0
17018.7
17253.2

3727.2
3705.9
3676.7
3681.0

12766.9
13008.1
13342.0
13572.2

6089.1
6207.6
6342.8
6440.8

4188.1
4279.2
4380.3
4457.9

1474.7
1497.6
1526.3
1550.2

5522.6
5639.9
5825.3
5954.5

3905.4
3986.2
4118.0
4188.5

1155.1
1160.6
1173.9
1176.9

6820.4
7083.3
7355.6
7567.4

644.4
635.3
651.0
652.6

2000 -- Q1
Q2
Q3
Q4

17492.1
17714.4
17896.0
18105.9

3625.8
3522.7
3451.9
3385.1

13866.3
14191.8
14444.1
14720.8

6575.6
6730.0
6877.7
7012.9

4550.0
4653.2
4741.8
4828.7

1585.0
1626.6
1679.6
1726.5

6112.4
6285.8
6383.1
6515.5

4297.7
4408.7
4465.5
4545.7

1178.3
1176.0
1183.2
1192.3

7729.2
7952.1
8149.7
8372.7

683.3
677.9
695.9
709.6

2001 -- Q1
Q2
Q3
Q4

18386.8
18620.1
18920.6
19229.7

3386.6
3311.0
3357.1
3379.5

15000.2
15309.2
15563.5
15850.2

7163.6
7332.2
7477.3
7640.9

4936.8
5073.5
5184.7
5301.4

1765.9
1794.2
1813.8
1865.2

6617.3
6734.3
6821.9
6911.2

4607.0
4679.1
4728.1
4774.4

1219.2
1242.7
1264.3
1298.1

8586.7
8800.6
9054.0
9272.3

706.3
690.1
659.3
659.9

2002 -- Q1
Q2
Q3
Q4

19527.0
19870.0
20161.2
20552.9

3411.4
3510.0
3572.9
3637.0

16115.6
16360.0
16588.3
16915.9

7831.8
7997.0
8160.5
8372.4

5456.6
5601.2
5745.5
5932.1

1892.6
1914.8
1933.2
1942.6

6963.5
7005.0
7029.5
7101.4

4793.8
4795.0
4782.3
4808.6

1320.2
1357.9
1398.3
1442.0

9474.1
9686.9
9866.9
10102.3

676.2
676.9
665.4
665.5

2003 -- Q1
Q2
Q3
Q4

20931.4
21504.9
21882.2
22272.2

3683.0
3863.8
3943.1
4033.1

17248.4
17641.1
17939.2
18239.1

8608.7
8858.5
9069.7
9252.3

6141.2
6355.0
6536.0
6688.2

1962.6
1988.2
2014.3
2025.5

7172.8
7274.2
7333.8
7427.1

4852.1
4919.3
4938.8
4987.1

1466.9
1508.4
1535.7
1559.7

10344.6
10560.1
10821.8
11085.3

670.0
654.5
638.3
649.8

2004 -- Q1
Q2

22780.9
23220.1

4154.1
4265.3

18626.9
18954.8

9513.6
9739.8

6907.1
7098.7

2056.6
2067.9

7516.4
7599.5

5046.2
5082.6

1596.9
1615.5

11248.3
11469.8

667.5
651.6

Total

Federal
government

Total
nonfederal

1970
1971
1972
1973
1974

1422.5
1557.7
1713.7
1898.2
2073.1

299.5
324.4
339.4
346.3
358.2

1123.0
1233.4
1374.3
1551.9
1714.8

460.2
503.0
559.9
630.6
686.1

289.0
313.0
348.0
387.8
425.1

133.7
149.2
168.8
193.0
201.9

1975
1976
1977
1978
1979

2264.7
2508.3
2829.6
3214.5
3606.5

443.9
513.1
569.4
621.9
657.7

1820.8
1995.3
2260.2
2592.6
2948.9

739.2
823.6
951.4
1110.5
1280.6

463.9
521.7
607.6
713.7
831.2

1980
1981
1982
1983
1984

3957.9
4366.4
4788.3
5364.8
6151.2

735.0
820.5
981.8
1167.0
1364.2

3222.9
3545.9
3806.5
4197.8
4787.0

1401.5
1512.7
1582.1
1738.9
1949.5

1985
1986
1987
1988
1989

7132.3
7975.1
8677.6
9461.7
10166.2

1589.9
1805.9
1949.8
2104.9
2251.2

5542.5
6169.3
6727.8
7356.8
7914.9

1990
1991
1992
1993
1994

10849.6
11311.9
11830.2
12411.6
12989.9

2498.1
2776.4
3080.3
3336.5
3492.3

1995
1996
1997
1998
1999

13674.2
14390.7
15156.9
16198.2
17253.2

2000
2001
2002
2003

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

Business

Foreign