Real Household Net Worth

2005$ billions (log scale)

80000 80000
Real household net worth rose by $780 billion in the
60000 first quarter (in nominal terms, net worth increased 60000
$1.1 trillion to $54.6 trillion). From the 2009 Q1
trough real household net worth has risen
trough,
40000 $4.8 trillion. However, real net worth 40000
remains $13.4 trillion below the 2007
Q2 peak.

20000 20000

9000 9000
60 65 70 75 80 85 90 95 00 05 10
Source: Haver Analytics

1
 Household Net Worth as a % of Disposable Personal Income
percent

Personal Saving Rate

percent
640 12
As a share of disposable income, net
worth rose to 492%.
600 10

560 8

520 6

480 4

440 2

400 0
80 85 90 95 00 05 10
Sources: FRB, BEA /Haver

2
 Household Credit Market Liabilities
four-quarter change, %

20 20
Household debt fell for the
sixth straight quarter…
16 16

12 12

8 8

4 4

0 0

-4 -4
60 65 70 75 80 85 90 95 00 05 10
Source: Federal Reserve Board /Haver Analytics

3
 Household Liabilities as a Share of Disposable Income
ratio

14
1.4 14
1.4
…as gradual deleveraging in the household
sector continued.
1.2 1.2

1.0 1.0

0.8 0.8

0.6 0.6

0.4 0.4
60 65 70 75 80 85 90 95 00 05 10
Source: Haver Analytics

4
 Domestic Financial Sector: Credit Market Liabilities
four-quarter change, %

40 40
Financial sector debt continued
to fall sharply in the first quarter.
30 30

20 20

10 10

0 0

-10 -10

-20 -20
60 65 70 75 80 85 90 95 00 05 10
Source: Federal Reserve Board /Haver Analytics

5
 Nonfarm Nonfinancial Corporate Credit Market Debt/Equity
percent

120 120
Nonfinancial corporate debt/equity
fell further in the first quarter.
100 100

80 80

60 60

40 40

20 20
60 65 70 75 80 85 90 95 00 05 10
Source: Federal Reserve Board/Haver Analytics

6
 Homeowners' Equity as a Share of Household Real Estate
percent

75 0
75.0 75 0
75.0

67.5 67.5

60.0 60.0

52.5
5 5 52.5
5 5

45.0 45.0

Homeowners equity in real estate,

Homeowners’ estate while still
37.5 very low by historical standards, has begun 37.5
to recover (rising for four straight quarters).
30.0 30.0
80 85 90 95 00 05 10
Source: Federal Reserve Board/Haver Analytics

7
 Nonfinancial Corporate Funding Gap
percent of GDP

0 04
0.04 0 04
0.04

0 02
0.02 0 02
0.02

0.00 0.00

-0.02 -0.02
Despite another robust quarter of real business
capital investment in Q1 and an end to inventory
reduction, companies as a whole did not face a funding gap.
-0.04 -0.04
90 95 00 05 10
Source: Haver Analytics

8
 Private Nonfinancial Debt
as a share of GDP, %

180 180
Total private sector debt-to-GDP fell
modestly further in the first quarter...
160 160

140 140

120 120

100 100

80 80

60 60
60 65 70 75 80 85 90 95 00 05 10
Source: Haver Analytics

9
 Federal Debt
as a share of GDP, %

60 0
60.0 60 0
60.0
…while federal debt-to-GDP rose again.

52.5 52.5

45.0 45.0

37.5 37.5

30.0 30.0

22.5 22.5
60 65 70 75 80 85 90 95 00 05 10
Source: Haver Analytics

10
 State & Local Debt
as a share of GDP, %

18 18
State and local debt-to-GDP
remained relatively elevated.

16 16

14 14

12 12

10 10
60 65 70 75 80 85 90 95 00 05 10
Source: Haver Analytics

11