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Household Financial Conditions

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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.

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