Global| Mar 12 2021U.S. Credit Demand More "Normal" Share of GDP in Q3
Summary
• TEST The Financial Accounts data are in Haver's FFUNDS database. Associated information is compiled in the Integrated Macroeconomic Accounts produced jointly with the Bureau of Economic Analysis (BEA); these are carried in Haver's [...]
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TEST The Financial Accounts data are in Haver's FFUNDS database. Associated information is compiled in the Integrated Macroeconomic Accounts produced jointly with the Bureau of Economic Analysis (BEA); these are carried in Haver's USNA database as well as in FFUNDS.
| Financial Accounts (SAAR, Bil.$) | Q4'20 | Q3'20 | Q2'20 | Q1'20 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|
| Total Borrowing* | 5,225 | 3,265 | 13,043 | 9,523 | 7,764 | 3,091 | 2,861 |
| % of GDP | 24.3 | 15.4 | 66.8 | 44.2 | 37.1 | 14.4 | 13.9 |
| Federal Government | 2,513 | 2,045 | 11,535 | 2,168 | 4,565 | 1,191 | 1,258 |
| Households | 1,070 | 924 | 11 | 604 | 652 | 517 | 498 |
| Nonfinancial Corporate Business | 189 | -240 | 1,651 | 2,474 | 1,019 | 467 | 317 |
| Financial Sectors | 1,106 | -111 | -1,388 | 4,020 | 907 | 372 | 347 |
| Foreign Sector | 348 | 137 | 202 | -386 | 75 | 253 | 198 |
*Previously called "credit market borrowing" and includes debt securities plus loans. The total here includes borrowing by noncorporate business and state & local governments, not shown separately.
Carol Stone, CBE
AuthorMore in Author Profile »Carol Stone, CBE came to Haver Analytics in 2003 following more than 35 years as a financial market economist at major Wall Street financial institutions, most especially Merrill Lynch and Nomura Securities. She has broad experience in analysis and forecasting of flow-of-funds accounts, the federal budget and Federal Reserve operations. At Nomura Securites, among other duties, she developed various indicator forecasting tools and edited a daily global publication produced in London and New York for readers in Tokyo. At Haver Analytics, Carol is a member of the Research Department, aiding database managers with research and documentation efforts, as well as posting commentary on select economic reports. In addition, she conducts Ways-of-the-World, a blog on economic issues for an Episcopal-Church-affiliated website, The Geranium Farm. During her career, Carol served as an officer of the Money Marketeers and the Downtown Economists Club. She has a PhD from NYU's Stern School of Business. She lives in Brooklyn, New York, and has a weekend home on Long Island.
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