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Debt held by non-financial sectors in the U.S. expanded by 4.1 percent in Q1 2009, the slowest rate since Q2 2008, according to the federal government's flow-of-funds report, which was put out today.
Household debt fell 1.1 percent in Q1, following a 2.0 percent drop in Q4; the Q4 drop was the first ever quarterly decline in household debt since records were kept in 1951.
Household debt rose by just 0.4 percent in all of 2008, the slowest annual pace on records dating to 1946.
Within the category of household debt, consumer credit fell 3.5 percent in Q1 following a 3.1 percent drop in Q4. The 3.5 percent drop is the largest since Q2 1980, when consumer credit fell 7.0 percent.
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AP |
Home mortgage debt fell just a bit but was treated as flat for the quarter, making it the fourth consecutive quarterly decline.
Total business debt fell 0.3 percent in Q1, which marked the first quarterly decline since Q1 1993.
Debt held by state and local governments rose 4.9 percent, the largest increase since Q2 2007, and debt held at the federal level rose 22.6 percent, a decline from the 37.0 percent increase in Q4.
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Data is a real-time snapshot *Data is delayed at least 15 minutes