· The slowdown reflected the federal government's debt which grew just 3.7% during 3Q and that slowed the y/y gain to 5.2%, half the growth rate of 2003. A 7.9% (10.6% y/y) rise in households' home mortgage liabilities also was the slowest since early 2001 and nearly half the rate of gain of just a year ago. 

· To the upside, consumer credit growth quickened to 10.2% (4.3% y/y), but households' obligations in the form of bank loans surged for the fourth straight quarter (58.1%, 134.6% y/y). 

· The net worth of the US household sector jumped 1.5% in 3Q versus 2Q'06 to a record $54.064 trillion.

· On the asset side of the ledger, total assets of households and nonprofit organizations rose at a 6.6% rate (7.4 y/y). Households' ownership of real estate rose at just a 3.9% rate (8.3% y/y), the slowest rate of gain in ten years. Mutual fund share holdings rose at a 12.2% rate (16.1% y/y) and the value of corporate equities held directly by households rose 3.5% (-2.7% y/y). The value of money market shares rose at a 20.6% rate with higher interest rates (17.2% y/y) but Treasury security holdings fell for the second consecutive quarter (+15.6% y/y).