Z.1 Flow of Funds Accounts of the United States – Flows and Outstandings, First Quarter 2011, June 9, 2011: “Debt of the domestic nonfinancial sectors expanded at a seasonally adjusted annual rate of 2¼ percent in the first quarter of 2011, about two percentage points less than the pace registered in 2010. Household debt declined at an annual rate of 2 percent in the first quarter; it has contracted in each quarter since the first quarter of 2008. Home mortgage debt fell at an annual rate of 3½ percent in the first quarter, ¾ percentage point more than the decline posted last year. Consumer credit rose 2½ percent at an annual rate in the first quarter, the second consecutive quarterly increase. Nonfinancial business debt rose 4 percent in the first quarter, following an increase of nearly 2 percent in the fourth quarter of last year. The changes in corporate bonds outstanding and in business loans more than accounted for the increase in nonfinancial business debt; commercial paper outstanding posted a small increase, but commercial mortgage debt continued to decline, albeit at a more moderate pace than during the previous year and a half. State and local government debt fell about 3 percent at an annual rate in the first quarter, partially retracing an 8 percent increase in the fourth quarter. Federal government debt increased at an annual rate of 7¾ percent in the first quarter.”