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Fed Report Shows Household Borrowing Fell Negative in Q3, Government Borrowing Surged
Thursday, 11 December 2008 16:31:25 GMT
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The Federal Reserve's latest Flow of Funds report shows that total net borrowing in the credit markets actually grew during Q3 to $2990.5B from $2018.5B in Q2. However, this was due primarily to a massive increase in borrowing by the federal government to $2078.5B in Q3 from 310.4B in Q2. Unsurprisingly, borrowing by the household sector fell negative, as tight credit conditions span from Wall Street to Main Street. Looking at a breakdown of the instruments used in order to borrow, Treasuries were easily the vehicle of choice, highlighting the dependence of the government on foreign investors to fund their spending.
Source: The Federal Reserve Board
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