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1/11
Real Household Net W or th200 5$ b i l li ons ( log sc a le
)
8 000 0 80 00000006 0 0 0 0
8000060000Real household net worth rose by $780 billion in
thefirst quarter (in nominal terms, net worth increased
$1.1 trillion to $54.6 trillion). From the 2009 Q1
4 000 0 40 000,$4.8 trillion. However, real net worthremains
$13.4 trillion below the 2007
Q2 peak.
2 000 0 20 000
105050505050900 0 90 00105050505050Source: Haver Analytics
1
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8/9/2019 q110flowfunds
2/11
Household Net Wo r th as a % of D isposable Pe rsonal
Incomepercen tPerso nal Saving Ratepercen t
64 0 124 060 0
1210
As a share of disposable income, networth rose to 492%.
56 0
52 0
8
62 048 0
64
1 0505050
44 0
40 0
2
01 0505050Sources: FRB, BEA /Haver
2
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8/9/2019 q110flowfunds
3/11
Household Credit Market Liabi l i t iesfour -quar ter chang e,
%
2 0 2001 6
2016Household debt fell for thesixth straight quarter
1 2
8
12
84
84
105050505050
0
-4
0
-4105050505050Source: Federal Reserve Board /Haver Analytics
3
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8/9/2019 q110flowfunds
4/11
Househo ld L iabi li ties as a Share of Dispo sable Inco mera t
io
1 4 1 4.4
1 .2
1 .4
1 .2as gradual deleveraging in the householdsector
continued.
1 .0 1 .0
0 .8 0 .8
105050505050
0 .6
0 .4
0 .6
0 .4105050505050Source: Haver Analytics
4
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8/9/2019 q110flowfunds
5/11
Do me st ic F inancia l Sec tor : Credi t Market L iabi l it
iesfour -quar ter chang e, %
4 0 4003 0
4030Financial sector debt continuedto fall sharply in the first
quarter.
2 0
1 0
20
1000
100
105050505050
-1 0
-2 0
-10
-20105050505050Source: Federal Reserve Board /Haver
Analytics
5
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8/9/2019 q110flowfunds
6/11
Nonfarm No nf inancial C orpo rate C redi t Market De bt /Equi
typercen t
12 0 12 02 0
10 0
12 0
10 0Nonfinancial corporate debt/equityfell further in the first
quarter.
8 0 80
6 0 60
1 05050505050
4 0
2 0
40
201 05050505050Source: Federal Reserve Board/Haver Analytics
6
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8/9/2019 q110flowfunds
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Hom eo wners ' Equi ty as a Share o f House hold Re al Es
tatepercen t
75 0 75 05 .067.5
75.067.5
60.052.5
60.052.55
45.0
5 5
45.0
10505050
37.530.0
37.530.0
,very low by historical standards, has begunto recover (rising
for four straight quarters).
10505050Source: Federal Reserve Board/Haver Analytics
7
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8/9/2019 q110flowfunds
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Nonf inancia l Corporate F unding Gappercen t o f GD P
0 0 4 0 0 4.0 4
0 0 2
0.04
0 0 2.0 2
0.00
0.02
0.00.0 0
-0.02
0.00
-0.02
1 05050-0 .0 4 -0 .0 4
capital investment in Q1 and an end to inventoryreduction,
companies as a whole did not face a funding gap.
1 05050Source: Haver Analytics
8
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Private Nonf inancial Debtas a s ha r e o f G DP , %
18 0 18 08 016 0
18 016 0Total private sector debt-to-GDP fellmodestly further in
the first quarter...
14 0
12 0
14 0
12 02 010 0
12 010 0
1 05050505050
8 06 0
80601 05050505050
Source: Haver Analytics
9
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Federa l Deb tas a s ha r e o f G DP , %
60 0 60 00 .0
52.5
60.0
52.5while federal debt-to-GDP rose again.
45 .0 45 .0
37 .5 37 .5
1 05050505050
30.022.5
30.022.51 05050505050
Source: Haver Analytics
10
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State & Loc a l Deb tas a s ha r e o f G DP , %
1 8 188
1 6
18
16
State and local debt-to-GDPremained relatively elevated.
1 6
1 4
16
144
1 2
14
12
1 050505050501 0 101 05050505050Source: Haver Analytics
11
