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Economy in Brief
Japan Shows Very Moderate Growth As Trade War Clouds Gather
Japan’s sector indexes showed a solid gain in February...
U.S. Consumer Confidence Unexpectedly Rose in April
The Conference Board Consumer Confidence Index rose to 128.7 in April from 127.0 (initially reported as 127.7) in March...
U.S. New Home Sales and Prices Strengthen
Sales of new single-family homes during March increased 4.0% (8.8% y/y) to 694,000 (SAAR)...
U.S. FHFA House Price Index Continues to Strengthen
The FHFA index of U.S. house prices rose 0.6% during February...
U.S. Energy Prices Rise Further
Retail gasoline prices increased to $2.80 per gallon last week (14.3% y/y)...
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 |
