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Economy in Brief
U.S. Federal Government Budget Deficit Shrinks in July
The U.S. Treasury Department reported a federal budget deficit of $211.1 billion in July...
U.S. Mortgage Applications Rose Slightly in the Latest Week
Mortgage applications increased 0.2% (-62.9% y/y) from one week earlier...
U.S. Productivity Declines in Q2, Pushing Unit Labor Costs Higher
Nonfarm business sector productivity fell 4.6% (AR) during Q2'22...
U.S. Small Business Optimism Edged Up in July
The NFIB Small Business Optimism Index edged up to 89.9 in July...
U.S. Gasoline & Crude Oil Prices Continue Weakening
Retail gasoline prices declined to $4.04 per gallon (+27.3% y/y) last week...
Viewpoints
Commentaries are the opinions of the author and do not reflect the views of Haver Analytics.
by Tom Moeller December 12, 2005
Growth in credit market debt owed by the household sector jumped at a 13.3% rate last quarter, the strongest rate in a year. A 15.5% (13.2% y/y) jump in mortgage obligations lifted the figure but consumer credit also surged at an 8.7% rate (4.2% y/y), the strongest this year. These gains powered overall domestic nonfinancial debt growth to its fastest of the year, 9.8% (9.2% y/y)
Growth in the federal government debt also was firm at 6.9% y/y while non-financial corporations' debt grew a faster 7.7% y/y.
Household sector asset values rose 12.8% y/y due to a 14.1% rise in the value of real estate holdings. Financial asset values rose 9.8% due to a 19.0% rise in the value of mutual fund shares but the value of corporate equities held directly rose just 3.0%.
The net worth of the US household sector in 3Q improved 2.6% (10.9% y/y) to a record $51.1 trillion. The gain lifted net worth to a historic 5.6 times income.
| Flow of Funds | % of Total | 3Q 05 (AR) |
2Q 05 (AR) |
Y/Y | 2004 |
2003 |
2002 |
|---|---|---|---|---|---|---|---|
| Total Credit Market Debt Outstanding | 8.7% | 8.8% | 8.7% | 8.4% | 8.8% | 7.7% | |
| Federal Government | 12% | 6.6% | -3.7% | 6.9% | 9.0% | 10.9% | 7.6% |
| Households | 28% | 13.3% | 12.0% | 10.9% | 11.2% | 10.2% | 9.7% |
| Nonfinancial Corporate Business | 14% | 6.5% | 8.7% | 7.7% | 5.2% | 3.4% | 0.5% |
| Financial Sectors | 32% | 6.1% | 10.7% | 7.5% | 7.5% | 10.1% | 9.2% |
| Net Worth: Households & Nonprofit Organizations (Trillions) | $51.1 | $49.8 | $48.2 | $43.9 | $39.0 | ||
| Tangible Assets | $20.8 | $20.1 | 14.1% | $18.7 | $16.4 | $15.0 |
