Re: debt

["Devine, James" <jdevine@xxxxxxx>]

Title: RE: [PEN-L] debt

are consumers finally cutting back on debt-acquisition? if so, that would likely encourage the second dip of the Dubya recession.

------------------------
Jim Devine jdevine@xxxxxxx &  http://bellarmine.lmu.edu/~jdevine

> -----Original Message-----
> From: Ian Murray [mailto:seamus2001@xxxxxxxxx]
> Sent: Friday, June 06, 2003 9:31 AM
> To: PEN-L@xxxxxxxxxxxxxxxx
> Subject: [PEN-L] debt
>
>
> Non-Financial Debt Growth Rate Slows
> From Bloomberg News
>
> June 6, 2003
>
> 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.
>