A security guard wearing a mask and riding a Segway patrols inside Penn Square Mall as the mall reopens Friday, May 1, 2020, in Oklahoma City.A jump in loans and corporate bond issuance pushed total US nonfinancial business debt to $16.8 trillion, higher than the level of household debt.
Companies likely boosted their debt in preparation of riding out a downturn sparked by the coronavirus pandemic. US nonfinancial business debt surged by a record amount in the first quarter of the year as companies loaded up on loans and corporate bonds to protect against economic fallout stemming from the coronavirus pandemic. according to a Thursday report from the Federal Reserve
. An increase in loans and corporate bond issuance pushed total US nonfinancial business debt to $16.8 trillion in the quarter, surpassing the $16.3 trillion of household debt. At the same time, the coronavirus pandemic-induced stock market rout took a bite out of household net worth, which fell the most on record to $110.8 trillion from $117.3 trillion in the previous period. The market has since rebounded strongly from March lows, signaling that net worth may in large part recover in the second quarter.
Federal government debt jumped an annualized 14.3%, from a 3.8% annualized rate in the prior quarter.
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