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U.S. Second-Quarter Federal Reserve Flow of Funds (Text)

Sept. 20 (Bloomberg) -- Following is the text from the Federal Reserve’s flow of funds report.

Debt of the domestic nonfinancial sectors expanded at a seasonally adjusted annual rate of 5 percent in the second quarter of 2012, ½ percentage point more than in the first quarter.

Household debt rose at an annual rate of 1¼ percent in the second quarter, the largest increase since the first quarter of 2008. Nonetheless, household debt has changed little, on net, since the third quarter of last year. Consumer credit rose at an annual rate of 6¼ percent in the second quarter, the seventh consecutive quarterly increase. Home mortgage debt declined a bit more than 2 percent in the second quarter, continuing the downtrend that commenced in early 2008.

Nonfinancial business debt rose at an annual rate of almost 5 percent in the second quarter, after an increase of 3½ percent in the first quarter. Corporate bonds outstanding and business loans increased, while commercial mortgage debt continued to decline.

State and local government debt rose at an annual rate of ¾ percent in the second quarter, after five consecutive quarterly declines. Federal government debt rose at an annual rate of almost 11 percent in the second quarter, about 1¾ percentage point less than the average pace during the previous four quarters.

At the end of the second quarter of 2012, the level of domestic nonfinancial debt outstanding was $39.1 trillion, of which household debt was $13.0 trillion, nonfinancial business debt was $12.0 trillion, and total government debt was $14.1 trillion.

Household net worth--the difference between the value of households’ assets and liabilities--was $62.7 trillion at the end of the second quarter of 2012, about $300 billion less than at the end of the first quarter. In the second quarter, the value of corporate equities and mutual funds owned by households declined close to $600 billion, more than offsetting a $355 billion increase in the value of real estate owned by households.

SOURCE: Federal Reserve Z.1

To contact the reporter on this story: Kristy Scheuble in Washington at kmckeaney@bloomberg.net

To contact the editor responsible for this story: Marco Babic at mbabic@bloomberg.net

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