tailieunhanh - Flow of Funds Accounts of the United States

Instruments used to predict future mutual fund returns include the aggregate dividend yield, the default spread, the term spread, and the yield on the three-month T-bill, variables identified by Keim and Stambaugh (1986) and Fama and French (1989) as important in predicting . equity returns. The dividend yield is the total cash dividends on the value- weighted CRSP index over the previous 12 months divided by the current level of the index. The default spread is the yield differential between Moodys BAA-rated and AAA- rated bonds. The term spread is the yield differential between Treasury bonds with more than ten years to maturity and T-bills that mature. | For use at 12 00 . eastern time September 20 2012 federal reserve statistical release Flow of Funds Accounts of the United States Flows and Outstandings Second Quarter 2012 Board of Governors of the Federal Reserve System Washington DC 20551 Flow of Funds Summary Statistics Second Quarter 2012 Debt of the domestic nonfinancial sectors expanded at a seasonally adjusted annual rate of 5 percent in the second quarter of 2012 V percentage point more than in the first quarter. Household debt rose at an annual rate of 14 percent in the second quarter the largest increase since the first quarter of 2008. Nonetheless household debt has changed little on net since the third quarter of last year. Consumer credit rose at an annual rate of 64 percent in the second quarter the seventh consecutive quarterly increase. Home mortgage debt declined a bit more than 2 percent in the second quarter continuing the downtrend that commenced in early 2008. Nonfinancial business debt rose at an annual rate of almost 5 percent in the second quarter after an increase of 3V percent in the first quarter. Corporate bonds outstanding and business loans increased while commercial mortgage debt continued to decline. State and local government debt rose at an annual rate of percent in the second quarter after five consecutive quarterly declines. Federal government debt rose at an annual rate of almost 11 percent in the second quarter about 1 percentage point less than the average pace during the previous four quarters. At the end of the second quarter of 2012 the level of domestic nonfinancial debt outstanding was trillion of which household debt was trillion nonfinancial business debt was trillion and total government debt was trillion. Household net worth the difference between the value of households assets and liabilities was trillion at the end of the second quarter of 2012 about 300 billion less than at the end of the first quarter. In the second quarter the .