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- China: GDP (Q4)
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Economy in Brief
Delay in Release
of Data for Construction, MSIO, Intl Trade, Wholesale Trade, Monthly Treasury, Retail Sales, Business Sales & Inventories, and Housing Starts Due to Lapse in Federal Government Funding.
U.K. Retail Sales Begin to Lose Momentum
U.K. retail sales fell by a sharp 1% in December...
Philadelphia Fed Manufacturing Index Rebounds; Pricing Pressure Eases
The Philadelphia Fed reported that its General Factory Sector Business Conditions Index increased to 17.0 during January...
U.S. Initial Unemployment Insurance Claims Slip
Initial claims for jobless insurance eased to 213,000 (-2.6% y/y) during the week ended January 12...
Passenger Car Registrations Hold to Low Ground in Europe
Passenger car registrations in Europe fell on a year-over-year comparison for the fourth consecutive months in December...
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 |
