Household Financial Conditions
Recent GDP-account revisions caused an increase in the saving rate and a decline in the debt-to-income ratio (as analysts expected) relative to the pre-revision values. According to the revised figures, the ratio of consumer debt to disposable personal income reached 20.43% in 1999:IIIQ, its highest level this decade, thus continuing the upward trend that began in early 1998. Correspondingly, the pattern of negative saving rates, which emerged a year ago, has disappeared since the revisions.
Suggested citation: "Household Financial Conditions," Federal Reserve Bank of Cleveland, Economic Trends, no. 99-11, pp. 15-16, 11.01.1999.