Non-Financial Debt Growth Rate Slows
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Growth in non-financial debt slowed during the first quarter, reflecting smaller gains in borrowing by consumers, companies and governments, the Federal Reserve said.
Non-financial debt, which excludes borrowing by banks, rose at a 6.5% annual rate during the quarter, the slowest in a year.
In the fourth quarter, non-financial debt increased at an 8% pace.
Household debt rose at a 10% pace in the first quarter after expanding at a 10.9% pace in the fourth quarter.
The Fed’s report also showed that household net worth declined to $39.313 trillion in the first quarter from $39.333 trillion in the fourth quarter as the value of stocks and mutual funds fell.
Business debt rose at a 3.7% pace after increasing at 4.3% the previous quarter.
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