Accessible Version

Figure 1a. Total debt of nonfinancial businesses, 1980-2017

Year	Percentage change
1980	9.7
1981	12.5
1982	9.0
1983	10.4
1984	16.3
1985	10.8
1986	11.4
1987	8.5
1988	9.5
1989	7.0
1990	3.6
1991	-2.3
1992	-0.2
1993	3.4
1994	5.6
1995	6.3
1996	5.2
1997	8.4
1998	11.5
1999	11.1
2000	9.1
2001	4.5
2002	2.4
2003	1.2
2004	6.2
2005	7.9
2006	10.0
2007	12.5
2008	5.7
2009	-4.9
2010	-1.5
2011	2.6
2012	5.0
2013	4.5
2014	6.1
2015	6.9
2016	5.5

Source: Federal Reserve Board, Financial Accounts of the United States.

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Figure 1b. Ratio of nonfinacial business debt to gross domestic product, 1980-2017

Year	Percent Ratio
1980	51.5
1981	51.6
1982	54.0
1983	54.9
1984	57.4
1985	59.2
1986	62.4
1987	63.9
1988	64.9
1989	64.4
1990	63.1
1991	59.7
1992	56.3
1993	55.3
1994	55.0
1995	55.7
1996	55.4
1997	56.6
1998	59.7
1999	62.4
2000	64.0
2001	64.7
2002	64.1
2003	61.9
2004	61.6
2005	62.3
2006	64.8
2007	69.8
2008	72.6
2009	70.4
2010	66.8
2011	66.1
2012	66.7
2013	67.4
2014	68.5
2015	70.4
2016	72.3

Source: Federal Reserve Board, Financial Accounts of the United States.

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Figure 1c. Equity issuance by nonfinancial US firms

Year	Private	Public
1997	19.64	59.64
1998	36.21	74.11
1999	93.94	110.28
2000	191.71	118.37
2001	81.53	77.58
2002	20.14	62.11
2003	20.73	44.42
2004	27.79	64.34
2005	101.62	54.71
2006	159.23	56.03
2007	231.58	65.44
2008	264.03	44.75
2009	165.53	63.14
2010	112.23	60.81
2011	121.24	58.74
2012	140.82	62.98
2013	171.37	101.78
2014	228.54	91.58
2015	275.65	110.59
2016	267.96	87.42
2017	279.23	107.78

Note: Data for 2017 reflect private issuance through the first quarter. Private issuance includes venture capital, buyouts, corporate finance, mezzanine, and other private equity investments.

Source: Securities Data Company and the Securities Exchange Commission, the Private Equity Analyst, and the PricewaterhouseCoopers National Venture Capital Association MoneyTree Report.

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Figure 2a. Selected default and delinquency rates, 1990-2017

Quarter	C loan delinquency rate	Month	Nonfinancial bond default rate
1990Q1	5.2	Jan-90	2.8
1990Q2	5.4	Feb-90	2.7
1990Q3	5.5	Mar-90	3.3
1990Q4	6.3	Apr-90	3.8
1991Q1	6.3	May-90	3.8
1991Q2	6.4	Jun-90	4.0
1991Q3	6.2	Jul-90	3.1
1991Q4	6.0	Aug-90	3.7
1992Q1	5.8	Sep-90	3.2
1992Q2	5.5	Oct-90	3.5
1992Q3	5.3	Nov-90	3.7
1992Q4	4.8	Dec-90	4.2
1993Q1	4.4	Jan-91	5.1
1993Q2	4.0	Feb-91	5.3
1993Q3	3.6	Mar-91	5.7
1993Q4	3.1	Apr-91	4.8
1994Q1	2.8	May-91	5.0
1994Q2	2.4	Jun-91	4.6
1994Q3	2.2	Jul-91	3.5
1994Q4	2.2	Aug-91	2.5
1995Q1	2.1	Sep-91	1.8
1995Q2	2.1	Oct-91	1.8
1995Q3	2.1	Nov-91	1.5
1995Q4	2.1	Dec-91	0.9
1996Q1	2.1	Jan-92	1.9
1996Q2	2.1	Feb-92	2.0
1996Q3	2.0	Mar-92	1.9
1996Q4	2.0	Apr-92	1.9
1997Q1	1.9	May-92	1.8
1997Q2	1.8	Jun-92	1.5
1997Q3	1.7	Jul-92	0.6
1997Q4	1.7	Aug-92	0.7
1998Q1	1.8	Sep-92	0.7
1998Q2	1.7	Oct-92	0.7
1998Q3	1.8	Nov-92	0.6
1998Q4	1.9	Dec-92	0.5
1999Q1	2.0	Jan-93	0.5
1999Q2	2.0	Feb-93	0.2
1999Q3	2.1	Mar-93	0.5
1999Q4	2.0	Apr-93	0.4
2000Q1	2.1	May-93	0.7
2000Q2	2.2	Jun-93	0.7
2000Q3	2.3	Jul-93	0.7
2000Q4	2.5	Aug-93	0.7
2001Q1	2.7	Sep-93	0.4
2001Q2	2.9	Oct-93	0.5
2001Q3	3.3	Nov-93	0.2
2001Q4	3.5	Dec-93	0.3
2002Q1	3.7	Jan-94	0.3
2002Q2	3.9	Feb-94	0.4
2002Q3	3.9	Mar-94	0.6
2002Q4	3.9	Apr-94	0.5
2003Q1	3.7	May-94	0.5
2003Q2	3.6	Jun-94	0.4
2003Q3	3.3	Jul-94	0.4
2003Q4	2.8	Aug-94	0.4
2004Q1	2.6	Sep-94	0.3
2004Q2	2.3	Oct-94	0.3
2004Q3	2.0	Nov-94	0.3
2004Q4	1.8	Dec-94	0.3
2005Q1	1.6	Jan-95	0.6
2005Q2	1.5	Feb-95	0.5
2005Q3	1.5	Mar-95	0.5
2005Q4	1.4	Apr-95	0.7
2006Q1	1.4	May-95	0.8
2006Q2	1.3	Jun-95	1.0
2006Q3	1.3	Jul-95	0.8
2006Q4	1.2	Aug-95	0.8
2007Q1	1.2	Sep-95	0.8
2007Q2	1.2	Oct-95	0.7
2007Q3	1.2	Nov-95	0.8
2007Q4	1.3	Dec-95	0.6
2008Q1	1.5	Jan-96	0.6
2008Q2	1.8	Feb-96	0.5
2008Q3	1.8	Mar-96	0.6
2008Q4	2.6	Apr-96	0.6
2009Q1	3.2	May-96	0.3
2009Q2	3.8	Jun-96	0.5
2009Q3	4.4	Jul-96	0.4
2009Q4	4.3	Aug-96	0.3
2010Q1	4.0	Sep-96	0.4
2010Q2	3.6	Oct-96	0.4
2010Q3	3.3	Nov-96	0.6
2010Q4	3.0	Dec-96	0.6
2011Q1	2.5	Jan-97	0.7
2011Q2	2.1	Feb-97	0.7
2011Q3	1.8	Mar-97	0.9
2011Q4	1.7	Apr-97	0.9
2012Q1	1.5	May-97	0.8
2012Q2	1.4	Jun-97	0.6
2012Q3	1.3	Jul-97	0.6
2012Q4	1.2	Aug-97	0.6
2013Q1	1.1	Sep-97	0.3
2013Q2	1.0	Oct-97	0.4
2013Q3	1.0	Nov-97	0.3
2013Q4	0.9	Dec-97	0.3
2014Q1	0.9	Jan-98	0.3
2014Q2	0.8	Feb-98	0.5
2014Q3	0.8	Mar-98	0.5
2014Q4	0.7	Apr-98	0.6
2015Q1	0.7	May-98	0.6
2015Q2	0.8	Jun-98	0.6
2015Q3	0.9	Jul-98	0.6
2015Q4	1.0	Aug-98	0.4
2016Q1	1.5	Sep-98	0.4
2016Q2	1.6	Oct-98	0.4
2016Q3	1.6	Nov-98	0.4
2016Q4	1.6	Dec-98	0.9
2017Q1	1.5	Jan-99	0.9
2017Q2	1.4	Feb-99	1.1
		Mar-99	1.3
		Apr-99	1.84
		May-99	2.15
		Jun-99	1.97
		Jul-99	2.44
		Aug-99	2.29
		Sep-99	2.18
		Oct-99	1.85
		Nov-99	1.73
		Dec-99	1.65
		Jan-00	1.44
		Feb-00	1.56
		Mar-00	1.68
		Apr-00	1.68
		May-00	2.02
		Jun-00	2.03
		Jul-00	1.76
		Aug-00	1.77
		Sep-00	1.72
		Oct-00	1.7
		Nov-00	1.73
		Dec-00	1.92
		1-Jan	3.01
		1-Feb	3.24
		1-Mar	3.33
		1-Apr	4.34
		1-May	4.41
		1-Jun	4.32
		1-Jul	3.84
		1-Aug	3.73
		1-Sep	4
		1-Oct	3.62
		1-Nov	3.7
		1-Dec	5.09
		2-Jan	5.86
		2-Feb	5.89
		2-Mar	5.91
		2-Apr	5.54
		2-May	5.9
		2-Jun	4.59
		2-Jul	6.86
		2-Aug	6.38
		2-Sep	6.41
		2-Oct	5.92
		2-Nov	4.93
		2-Dec	6.63
		3-Jan	3.14
		3-Feb	3.3
		3-Mar	3.28
		3-Apr	3.52
		3-May	3.48
		3-Jun	1.61
		3-Jul	2.33
		3-Aug	2.27
		3-Sep	1.74
		3-Oct	1.44
		3-Nov	1.3
		3-Dec	1.29
		4-Jan	0.77
		4-Feb	0.69
		4-Mar	0.63
		4-Apr	0.66
		4-May	0.62
		4-Jun	0.61
		4-Jul	0.39
		4-Aug	0.35
		4-Sep	0.42
		4-Oct	0.62
		4-Nov	0.63
		4-Dec	1.01
		5-Jan	1.23
		5-Feb	1.33
		5-Mar	1.17
		5-Apr	0.96
		5-May	1
		5-Jun	0.53
		5-Jul	0.3
		5-Aug	0.32
		5-Sep	1.75
		5-Oct	1.96
		5-Nov	1.9
		5-Dec	2.82
		6-Jan	2.8
		6-Feb	2.7
		6-Mar	1.39
		6-Apr	1.17
		6-May	1.19
		6-Jun	0.29
		6-Jul	0.27
		6-Aug	0.27
		6-Sep	0.17
		6-Oct	0.26
		6-Nov	0.25
		6-Dec	0.23
		7-Jan	0.32
		7-Feb	0.31
		7-Mar	0.24
		7-Apr	0.2
		7-May	0.3
		7-Jun	0.27
		7-Jul	0.24
		7-Aug	0.25
		7-Sep	0.3
		7-Oct	0.28
		7-Nov	0.18
		7-Dec	0.18
		8-Jan	0.39
		8-Feb	0.37
		8-Mar	0.34
		8-Apr	0.35
		8-May	0.6
		8-Jun	0.74
		8-Jul	0.57
		8-Aug	0.68
		8-Sep	0.68
		8-Oct	0.71
		8-Nov	0.53
		8-Dec	1.25
		9-Jan	1.55
		9-Feb	1.98
		9-Mar	4.12
		9-Apr	5.02
		9-May	5.86
		9-Jun	7.79
		9-Jul	7.63
		9-Aug	7.12
		9-Sep	5.09
		9-Oct	4.32
		9-Nov	3.4
		9-Dec	0.9
		10-Jan	0.63
		10-Feb	0.5
		10-Mar	0.37
		10-Apr	0.22
		10-May	0.17
		10-Jun	0.09
		10-Jul	0.12
		10-Aug	0.44
		10-Sep	0.46
		10-Oct	0.45
		10-Nov	0.61
		10-Dec	0.71
		11-Jan	0.64
		11-Feb	0.31
		11-Mar	0.34
		11-Apr	0.34
		11-May	0.21
		11-Jun	0.13
		11-Jul	0.13
		11-Aug	0.17
		11-Sep	0.34
		11-Oct	0.35
		11-Nov	0.8
		11-Dec	0.82
		12-Jan	0.94
		12-Feb	0.91
		12-Mar	0.8
		12-Apr	0.8
		12-May	0.42
		12-Jun	0.37
		12-Jul	0.31
		12-Aug	0.42
		12-Sep	0.32
		12-Oct	0.29
		12-Nov	0.25
		12-Dec	0.68
		13-Jan	0.64
		13-Feb	0.55
		13-Mar	0.59
		13-Apr	0.67
		13-May	0.63
		13-Jun	0.31
		13-Jul	0.29
		13-Aug	0.27
		13-Sep	0.22
		13-Oct	0.15
		13-Nov	0.12
		13-Dec	0.07
		14-Jan	0.07
		14-Feb	0.09
		14-Mar	0.2
		14-Apr	1.42
		14-May	1.41
		14-Jun	1.44
		14-Jul	1.45
		14-Aug	1.42
		14-Sep	1.3
		14-Oct	0.18
		14-Nov	0.18
		14-Dec	0.15
		15-Jan	1.15
		15-Feb	1.13
		15-Mar	1.25
		15-Apr	1.26
		15-May	1.36
		15-Jun	1.45
		15-Jul	0.63
		15-Aug	0.74
		15-Sep	0.8
		15-Oct	0.77
		15-Nov	0.77
		15-Dec	1.16
		16-Jan	1.25
		16-Feb	1.27
		16-Mar	1.39
		16-Apr	1.62
		16-May	2.12
		16-Jun	1.72
		16-Jul	1.64
		16-Aug	1.62
		16-Sep	1.48
		16-Oct	1.29
		16-Nov	0.71
		16-Dec	0.75
		17-Jan	0.81
		17-Feb	0.69
		17-Mar	0.54
		17-Apr	0.5
		17-May	0.5
		17-Jun	0.48

Note: Nonfinancial bond default rates are six-month trailing defaults divided by beginning-of-period outstanding, at an annual rate.

Source: For default rate and outstanding amount of nonfinancial bonds, Moody's Analytics, Inc.; for delinquency rate and outstanding amount of commercial and industrial (C&I) loans, Call Report data.

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Figure 2b. Corporate bond yields, 1997-2017

Month	10-year triple-B	10-year high-yield
Jan-97	7.4	9.7
Feb-97	7.4	9.6
Mar-97	7.7	9.8
Apr-97	7.6	9.8
May-97	7.5	9.4
Jun-97	7.4	9.4
Jul-97	6.9	9.0
Aug-97	7.2	9.2
Sep-97	7.0	9.0
Oct-97	6.8	9.1
Nov-97	6.9	9.0
Dec-97	6.7	9.1
Jan-98	6.6	8.8
Feb-98	6.7	8.9
Mar-98	6.8	8.9
Apr-98	6.8	9.0
May-98	6.7	9.0
Jun-98	6.6	9.3
Jul-98	6.7	9.3
Aug-98	6.9	10.3
Sep-98	6.3	10.2
Oct-98	6.7	10.7
Nov-98	6.6	10.0
Dec-98	6.6	10.2
Jan-99	6.5	10.1
Feb-99	7.0	10.4
Mar-99	7.0	10.1
Apr-99	7.0	10.0
May-99	7.3	10.4
Jun-99	7.5	10.6
Jul-99	7.7	10.7
Aug-99	7.9	10.8
Sep-99	7.8	10.9
Oct-99	7.8	11.1
Nov-99	7.9	10.8
Dec-99	8.1	10.8
Jan-00	8.3	11.1
Feb-00	8.2	11.4
Mar-00	8.1	11.9
Apr-00	8.5	11.8
May-00	8.7	12.2
Jun-00	8.3	12.0
Jul-00	8.2	12.1
Aug-00	8.0	11.8
Sep-00	8.1	12.1
Oct-00	8.1	12.7
Nov-00	7.9	13.6
Dec-00	7.6	13.1
1-Jan	7.5	11.8
1-Feb	7.3	11.5
1-Mar	7.4	11.9
1-Apr	7.5	11.9
1-May	7.5	12.0
1-Jun	7.6	12.0
1-Jul	7.2	11.6
1-Aug	7.1	11.3
1-Sep	7.1	12.6
1-Oct	6.9	11.3
1-Nov	7.2	10.8
1-Dec	7.3	11.0
2-Jan	7.5	10.8
2-Feb	7.5	10.9
2-Mar	7.9	10.7
2-Apr	7.6	10.3
2-May	7.4	10.8
2-Jun	7.6	11.8
2-Jul	7.5	11.7
2-Aug	7.1	11.4
2-Sep	6.8	11.8
2-Oct	7.2	11.9
2-Nov	7.1	11.1
2-Dec	6.5	10.8
3-Jan	6.6	10.4
3-Feb	6.2	10.2
3-Mar	6.2	9.8
3-Apr	5.9	9.1
3-May	5.4	9.1
3-Jun	5.4	8.7
3-Jul	6.3	9.1
3-Aug	6.3	9.0
3-Sep	5.7	8.6
3-Oct	5.9	8.4
3-Nov	5.9	8.2
3-Dec	5.7	7.9
4-Jan	5.6	7.8
4-Feb	5.5	7.9
4-Mar	5.3	7.9
4-Apr	6.0	8.1
4-May	6.2	8.5
4-Jun	6.1	8.4
4-Jul	6.0	8.2
4-Aug	5.6	8.0
4-Sep	5.5	7.8
4-Oct	5.4	7.6
4-Nov	5.6	7.5
4-Dec	5.4	7.4
5-Jan	5.3	7.5
5-Feb	5.5	7.3
5-Mar	5.7	7.9
5-Apr	5.5	8.1
5-May	5.3	8.1
5-Jun	5.3	7.8
5-Jul	5.5	7.7
5-Aug	5.3	7.8
5-Sep	5.6	8.0
5-Oct	6.0	8.3
5-Nov	5.9	8.3
5-Dec	5.8	8.3
6-Jan	5.9	8.2
6-Feb	5.9	8.1
6-Mar	6.3	8.2
6-Apr	6.4	8.2
6-May	6.6	8.4
6-Jun	6.7	8.7
6-Jul	6.5	8.7
6-Aug	6.3	8.6
6-Sep	6.2	8.5
6-Oct	6.1	8.4
6-Nov	6.0	8.3
6-Dec	6.2	8.2
7-Jan	6.2	8.2
7-Feb	6.0	8.0
7-Mar	6.1	8.1
7-Apr	6.1	8.0
7-May	6.3	7.9
7-Jun	6.5	8.4
7-Jul	6.6	9.2
7-Aug	6.5	9.0
7-Sep	6.5	8.7
7-Oct	6.4	8.8
7-Nov	6.3	9.3
7-Dec	6.4	9.4
8-Jan	6.4	9.8
8-Feb	6.5	10.1
8-Mar	6.7	10.4
8-Apr	6.7	9.7
8-May	6.9	9.9
8-Jun	7.0	10.2
8-Jul	7.2	10.5
8-Aug	7.2	10.6
8-Sep	8.0	11.8
8-Oct	10.0	15.7
8-Nov	9.7	17.8
8-Dec	9.3	17.7
9-Jan	9.0	14.3
9-Feb	9.1	16.0
9-Mar	8.9	14.2
9-Apr	8.4	12.2
9-May	7.9	13.1
9-Jun	7.4	11.9
9-Jul	6.7	10.9
9-Aug	6.5	10.6
9-Sep	6.2	9.7
9-Oct	6.2	9.6
9-Nov	6.0	9.5
9-Dec	6.0	8.9
10-Jan	5.7	8.8
10-Feb	5.7	8.9
10-Mar	5.8	8.5
10-Apr	5.5	8.3
10-May	5.6	9.0
10-Jun	5.3	8.9
10-Jul	5.1	8.3
10-Aug	4.9	8.3
10-Sep	4.8	7.8
10-Oct	4.8	7.5
10-Nov	5.0	7.9
10-Dec	5.4	7.7
11-Jan	5.4	7.5
11-Feb	5.3	7.4
11-Mar	5.4	7.5
11-Apr	5.2	7.3
11-May	5.0	7.3
11-Jun	5.2	7.6
11-Jul	4.9	7.4
11-Aug	4.9	8.1
11-Sep	5.2	8.7
11-Oct	4.8	7.8
11-Nov	5.0	8.2
11-Dec	4.8	7.8
12-Jan	4.6	7.3
12-Feb	4.5	7.1
12-Mar	4.7	7.3
12-Apr	4.5	7.2
12-May	4.4	7.6
12-Jun	4.5	7.2
12-Jul	4.1	7.0
12-Aug	4.1	6.9
12-Sep	4.0	6.7
12-Oct	3.8	6.6
12-Nov	3.8	6.5
12-Dec	3.9	6.3
13-Jan	4.1	6.2
13-Feb	4.0	6.3
13-Mar	4.0	6.2
13-Apr	3.8	6.0
13-May	4.3	6.2
13-Jun	4.9	6.8
13-Jul	4.8	6.7
13-Aug	5.0	7.0
13-Sep	4.9	6.9
13-Oct	4.7	6.5
13-Nov	4.8	6.6
13-Dec	4.8	6.6
14-Jan	4.6	6.6
14-Feb	4.5	6.2
14-Mar	4.5	6.2
14-Apr	4.3	6.2
14-May	4.1	6.0
14-Jun	4.1	5.9
14-Jul	4.2	6.2
14-Aug	4.0	5.9
14-Sep	4.3	6.3
14-Oct	4.2	6.0
14-Nov	4.1	6.2
14-Dec	4.2	6.4
15-Jan	3.8	6.2
15-Feb	3.9	6.1
15-Mar	3.9	6.1
15-Apr	4.0	6.0
15-May	4.2	6.1
15-Jun	4.5	6.4
15-Jul	4.5	6.4
15-Aug	4.6	6.6
15-Sep	4.5	7.2
15-Oct	4.5	6.8
15-Nov	4.6	7.0
15-Dec	4.7	7.4
16-Jan	4.7	7.6
16-Feb	4.6	7.7
16-Mar	4.3	7.1
16-Apr	4.1	6.6
16-May	4.1	6.7
16-Jun	3.9	6.6
16-Jul	3.7	6.3
16-Aug	3.6	6.0
16-Sep	3.7	6.0
16-Oct	3.8	6.1
16-Nov	4.3	6.3
16-Dec	4.3	6.1
17-Jan	4.3	5.9
17-Feb	4.1	5.7
17-Mar	4.2	5.8
17-Apr	4.1	5.7
17-May	3.9	5.6
17-Jun	4.0	5.6
17-Jul	3.9	5.5
17-Aug	3.9	5.6

Source: Staff estimates of smoothed yield curves based on Merrill Lynch bond data.

Return to text

Figure 2c. Corporate bond spreads, 1997-2017

Month	10-year triple-B	10-year high-yield
Jan-97	81.2	317.1
Feb-97	76.1	292.8
Mar-97	72.8	280.1
Apr-97	75.5	294.4
May-97	77.1	267.7
Jun-97	73.9	278.9
Jul-97	74.5	292.3
Aug-97	71.0	272.6
Sep-97	70.0	274.9
Oct-97	79.2	312.2
Nov-97	92.3	308.7
Dec-97	90.4	320.8
Jan-98	97.7	318.9
Feb-98	95.2	312.0
Mar-98	93.6	305.7
Apr-98	90.7	316.2
May-98	93.4	327.6
Jun-98	98.5	370.6
Jul-98	108.5	365.4
Aug-98	167.8	506.6
Sep-98	159.6	552.5
Oct-98	184.0	580.4
Nov-98	167.7	501.5
Dec-98	160.7	514.3
Jan-99	152.0	506.5
Feb-99	140.4	475.7
Mar-99	133.5	448.7
Apr-99	131.9	436.1
May-99	132.8	445.1
Jun-99	142.0	447.5
Jul-99	148.4	447.3
Aug-99	155.6	443.0
Sep-99	152.6	462.0
Oct-99	148.0	469.1
Nov-99	146.3	436.2
Dec-99	136.8	410.5
Jan-00	147.7	434.5
Feb-00	160.2	473.5
Mar-00	181.6	559.7
Apr-00	204.7	538.9
May-00	220.6	571.1
Jun-00	204.2	574.1
Jul-00	203.8	592.0
Aug-00	203.7	584.0
Sep-00	199.5	603.0
Oct-00	210.2	675.9
Nov-00	220.7	794.5
Dec-00	219.6	771.0
1-Jan	208.0	640.9
1-Feb	212.9	625.1
1-Mar	212.0	664.2
1-Apr	197.1	636.9
1-May	188.7	631.8
1-Jun	192.5	636.4
1-Jul	193.8	635.3
1-Aug	196.7	620.0
1-Sep	219.7	771.1
1-Oct	227.2	671.4
1-Nov	203.4	563.6
1-Dec	193.8	563.9
2-Jan	216.0	546.5
2-Feb	226.5	566.3
2-Mar	216.9	493.0
2-Apr	225.8	493.3
2-May	212.4	545.7
2-Jun	247.6	671.7
2-Jul	276.4	694.9
2-Aug	272.2	698.5
2-Sep	286.3	780.7
2-Oct	300.1	765.0
2-Nov	254.0	657.5
2-Dec	240.9	668.3
3-Jan	236.5	616.5
3-Feb	229.5	630.1
3-Mar	212.0	576.8
3-Apr	184.3	498.0
3-May	182.1	554.3
3-Jun	171.3	498.5
3-Jul	166.2	443.0
3-Aug	160.2	434.5
3-Sep	153.9	444.6
3-Oct	143.3	388.3
3-Nov	136.9	371.6
3-Dec	131.1	349.6
4-Jan	128.0	345.1
4-Feb	132.7	373.4
4-Mar	134.9	388.9
4-Apr	128.3	340.2
4-May	136.8	368.1
4-Jun	136.9	364.1
4-Jul	132.2	357.1
4-Aug	131.0	368.3
4-Sep	124.1	354.5
4-Oct	118.2	337.0
4-Nov	109.7	300.6
4-Dec	105.4	305.9
5-Jan	105.9	322.8
5-Feb	99.9	281.7
5-Mar	114.3	330.9
5-Apr	123.9	382.3
5-May	123.7	398.1
5-Jun	125.4	383.4
5-Jul	115.9	334.3
5-Aug	119.2	367.3
5-Sep	121.0	359.9
5-Oct	128.4	365.9
5-Nov	128.4	371.3
5-Dec	134.4	382.5
6-Jan	130.2	354.4
6-Feb	126.3	345.7
6-Mar	129.2	322.6
6-Apr	128.0	309.8
6-May	134.3	322.0
6-Jun	143.9	344.3
6-Jul	146.7	363.9
6-Aug	146.5	376.4
6-Sep	148.3	373.5
6-Oct	143.4	368.5
6-Nov	141.2	375.1
6-Dec	139.0	341.9
7-Jan	134.8	331.2
7-Feb	130.7	339.3
7-Mar	138.9	336.3
7-Apr	137.8	325.8
7-May	136.2	296.5
7-Jun	142.4	332.4
7-Jul	172.7	433.1
7-Aug	180.2	436.1
7-Sep	179.0	402.4
7-Oct	178.5	417.1
7-Nov	212.1	512.0
7-Dec	220.1	520.9
8-Jan	253.8	594.4
8-Feb	274.7	637.6
8-Mar	303.7	666.7
8-Apr	274.9	574.4
8-May	265.0	555.9
8-Jun	281.3	605.0
8-Jul	301.4	637.6
8-Aug	315.1	655.2
8-Sep	385.0	764.1
8-Oct	541.0	1111.0
8-Nov	620.4	1429.0
8-Dec	655.9	1488.9
9-Jan	558.6	1089.2
9-Feb	559.0	1242.4
9-Mar	583.4	1115.8
9-Apr	492.8	876.5
9-May	403.8	923.5
9-Jun	356.5	799.5
9-Jul	286.5	705.0
9-Aug	279.5	689.8
9-Sep	264.9	611.4
9-Oct	253.2	591.5
9-Nov	252.8	606.0
9-Dec	197.6	491.8
10-Jan	193.3	497.8
10-Feb	194.1	507.8
10-Mar	180.6	455.3
10-Apr	168.3	451.5
10-May	208.5	556.4
10-Jun	218.0	574.3
10-Jul	204.1	521.1
10-Aug	229.2	568.0
10-Sep	213.6	518.6
10-Oct	206.6	473.6
10-Nov	212.5	494.4
10-Dec	196.7	434.5
11-Jan	190.3	402.8
11-Feb	185.2	392.4
11-Mar	183.9	391.5
11-Apr	179.0	387.7
11-May	187.9	417.7
11-Jun	194.4	430.4
11-Jul	197.1	447.6
11-Aug	258.5	579.6
11-Sep	316.3	669.4
11-Oct	255.8	555.1
11-Nov	285.8	607.7
11-Dec	288.5	589.3
12-Jan	279.5	548.9
12-Feb	253.8	508.3
12-Mar	243.9	505.5
12-Apr	253.9	520.9
12-May	286.8	597.9
12-Jun	284.8	557.9
12-Jul	260.0	547.3
12-Aug	252.6	531.4
12-Sep	235.6	510.9
12-Oct	209.5	487.9
12-Nov	224.4	489.1
12-Dec	210.9	454.9
13-Jan	204.2	422.1
13-Feb	210.9	439.5
13-Mar	216.9	437.6
13-Apr	211.1	431.0
13-May	208.2	406.2
13-Jun	232.9	425.8
13-Jul	215.7	402.3
13-Aug	216.3	416.8
13-Sep	221.0	426.0
13-Oct	205.7	393.1
13-Nov	196.6	380.6
13-Dec	176.1	356.1
14-Jan	188.3	385.5
14-Feb	177.5	351.5
14-Mar	173.1	346.2
14-Apr	163.6	349.6
14-May	162.8	349.1
14-Jun	157.4	333.0
14-Jul	159.4	356.0
14-Aug	163.2	352.9
14-Sep	172.4	373.2
14-Oct	178.4	363.2
14-Nov	190.7	399.2
14-Dec	200.4	418.7
15-Jan	207.9	448.6
15-Feb	183.9	402.2
15-Mar	190.0	410.6
15-Apr	190.7	391.2
15-May	196.8	388.1
15-Jun	208.6	398.5
15-Jul	222.0	415.1
15-Aug	234.1	437.5
15-Sep	243.9	508.9
15-Oct	229.5	456.4
15-Nov	228.3	475.3
15-Dec	237.5	500.4
16-Jan	265.9	556.8
16-Feb	276.3	584.0
16-Mar	242.5	522.2
16-Apr	222.9	477.8
16-May	220.7	484.3
16-Jun	233.3	510.3
16-Jul	217.5	477.0
16-Aug	202.8	437.8
16-Sep	205.0	434.5
16-Oct	194.8	417.9
16-Nov	187.2	388.1
16-Dec	175.7	356.6
17-Jan	175.7	343.5
17-Feb	172.2	332.9
17-Mar	175.5	339.8
17-Apr	173.4	336.6
17-May	169.1	338.1
17-Jun	163.5	330.6
17-Jul	156.3	317.4
17-Aug	161.8	331.8

Note: Spreads over 10-year Treasury yield.

Source: Staff estimates of smoothed yield curves based on Merrill Lynch bond data; staff estimates of smoothed yield curve, U.S. Department of Treasury

Return to text

Figure 2d. Commercial paper yields, 1997-2017

Month	30-day A2/P2 nonfinancial	30-day AA nonfinancial
Jan-97	5.5	5.3
Feb-97	5.4	5.3
Mar-97	5.6	5.4
Apr-97	5.7	5.5
May-97	5.7	5.5
Jun-97	5.8	5.5
Jul-97	5.7	5.5
Aug-97	5.7	5.5
Sep-97	5.7	5.5
Oct-97	5.7	5.5
Nov-97	5.7	5.5
Dec-97	6.1	5.8
Jan-98	5.6	5.5
Feb-98	5.6	5.5
Mar-98	5.7	5.5
Apr-98	5.7	5.5
May-98	5.7	5.5
Jun-98	5.8	5.5
Jul-98	5.7	5.5
Aug-98	5.7	5.5
Sep-98	5.7	5.4
Oct-98	5.6	5.1
Nov-98	5.5	5.0
Dec-98	5.9	5.2
Jan-99	5.0	4.8
Feb-99	5.0	4.8
Mar-99	5.0	4.8
Apr-99	5.0	4.8
May-99	5.0	4.8
Jun-99	5.2	5.0
Jul-99	5.3	5.1
Aug-99	5.4	5.2
Sep-99	5.5	5.3
Oct-99	5.5	5.3
Nov-99	5.6	5.4
Dec-99	6.6	6.0
Jan-00	5.8	5.6
Feb-00	6.0	5.8
Mar-00	6.1	5.9
Apr-00	6.2	6.0
May-00	6.7	6.4
Jun-00	6.8	6.5
Jul-00	6.7	6.5
Aug-00	6.7	6.5
Sep-00	6.7	6.5
Oct-00	6.7	6.5
Nov-00	6.8	6.5
Dec-00	7.5	6.5
1-Jan	6.3	5.7
1-Feb	6.1	5.4
1-Mar	5.6	5.0
1-Apr	5.1	4.7
1-May	4.4	4.1
1-Jun	4.1	3.8
1-Jul	4.0	3.7
1-Aug	3.8	3.5
1-Sep	3.3	3.0
1-Oct	2.9	2.4
1-Nov	2.5	2.0
1-Dec	2.6	1.8
2-Jan	2.1	1.7
2-Feb	2.2	1.8
2-Mar	2.2	1.8
2-Apr	2.1	1.8
2-May	2.0	1.8
2-Jun	2.0	1.7
2-Jul	2.0	1.7
2-Aug	2.0	1.7
2-Sep	2.0	1.7
2-Oct	2.0	1.7
2-Nov	1.7	1.3
2-Dec	1.8	1.3
3-Jan	1.5	1.3
3-Feb	1.4	1.2
3-Mar	1.4	1.2
3-Apr	1.4	1.2
3-May	1.4	1.2
3-Jun	1.3	1.1
3-Jul	1.2	1.0
3-Aug	1.2	1.0
3-Sep	1.2	1.0
3-Oct	1.2	1.0
3-Nov	1.2	1.0
3-Dec	1.2	1.0
4-Jan	1.2	1.0
4-Feb	1.1	1.0
4-Mar	1.1	1.0
4-Apr	1.1	1.0
4-May	1.1	1.0
4-Jun	1.3	1.1
4-Jul	1.5	1.3
4-Aug	1.6	1.5
4-Sep	1.8	1.7
4-Oct	1.9	1.8
4-Nov	2.2	2.0
4-Dec	2.5	2.2
5-Jan	2.5	2.3
5-Feb	2.7	2.5
5-Mar	2.9	2.7
5-Apr	3.0	2.8
5-May	3.2	3.0
5-Jun	3.3	3.1
5-Jul	3.5	3.3
5-Aug	3.7	3.5
5-Sep	3.9	3.6
5-Oct	4.0	3.8
5-Nov	4.2	4.0
5-Dec	4.4	4.2
6-Jan	4.5	4.4
6-Feb	4.6	4.5
6-Mar	4.8	4.6
6-Apr	5.0	4.8
6-May	5.1	5.0
6-Jun	5.3	5.1
6-Jul	5.4	5.2
6-Aug	5.4	5.2
6-Sep	5.4	5.2
6-Oct	5.3	5.2
6-Nov	5.4	5.2
6-Dec	5.4	5.2
7-Jan	5.3	5.2
7-Feb	5.3	5.2
7-Mar	5.3	5.2
7-Apr	5.3	5.2
7-May	5.3	5.2
7-Jun	5.4	5.2
7-Jul	5.4	5.2
7-Aug	5.8	5.2
7-Sep	5.7	4.9
7-Oct	5.2	4.7
7-Nov	5.0	4.5
7-Dec	5.5	4.3
8-Jan	4.2	3.6
8-Feb	3.4	2.9
8-Mar	3.2	2.4
8-Apr	3.1	2.1
8-May	2.8	2.0
8-Jun	2.9	2.1
8-Jul	2.9	2.1
8-Aug	2.9	2.0
8-Sep	4.2	2.1
8-Oct	5.8	1.6
8-Nov	5.1	0.6
8-Dec	5.2	0.3
9-Jan	2.1	0.2
9-Feb	1.6	0.3
9-Mar	1.2	0.2
9-Apr	0.9	0.2
9-May	0.7	0.2
9-Jun	0.6	0.2
9-Jul	0.5	0.2
9-Aug	0.4	0.2
9-Sep	0.3	0.1
9-Oct	0.3	0.1
9-Nov	0.3	0.1
9-Dec	0.3	0.1
10-Jan	0.2	0.1
10-Feb	0.2	0.1
10-Mar	0.3	0.2
10-Apr	0.3	0.2
10-May	0.4	0.2
10-Jun	0.4	0.2
10-Jul	0.4	0.2
10-Aug	0.4	0.2
10-Sep	0.4	0.2
10-Oct	0.4	0.2
10-Nov	0.4	0.2
10-Dec	0.4	0.2
11-Jan	0.4	0.2
11-Feb	0.4	0.2
11-Mar	0.4	0.2
11-Apr	0.4	0.1
11-May	0.3	0.1
11-Jun	0.3	0.1
11-Jul	0.3	0.1
11-Aug	0.4	0.1
11-Sep	0.4	0.1
11-Oct	0.4	0.1
11-Nov	0.4	0.1
11-Dec	0.5	0.1
12-Jan	0.5	0.1
12-Feb	0.5	0.1
12-Mar	0.5	0.1
12-Apr	0.5	0.1
12-May	0.5	0.1
12-Jun	0.5	0.1
12-Jul	0.5	0.1
12-Aug	0.5	0.1
12-Sep	0.5	0.1
12-Oct	0.5	0.1
12-Nov	0.4	0.1
12-Dec	0.4	0.1
13-Jan	0.4	0.1
13-Feb	0.4	0.1
13-Mar	0.4	0.1
13-Apr	0.3	0.1
13-May	0.3	0.1
13-Jun	0.3	0.1
13-Jul	0.3	0.1
13-Aug	0.3	0.1
13-Sep	0.3	0.1
13-Oct	0.3	0.1
13-Nov	0.3	0.1
13-Dec	0.2	0.1
14-Jan	0.3	0.1
14-Feb	0.3	0.1
14-Mar	0.3	0.1
14-Apr	0.2	0.1
14-May	0.2	0.1
14-Jun	0.2	0.1
14-Jul	0.2	0.1
14-Aug	0.2	0.1
14-Sep	0.2	0.1
14-Oct	0.3	0.1
14-Nov	0.3	0.1
14-Dec	0.5	0.1
15-Jan	0.4	0.1
15-Feb	0.4	0.1
15-Mar	0.5	0.1
15-Apr	0.5	0.1
15-May	0.5	0.1
15-Jun	0.5	0.1
15-Jul	0.5	0.1
15-Aug	0.4	0.1
15-Sep	0.4	0.1
15-Oct	0.4	0.1
15-Nov	0.4	0.1
15-Dec	0.7	0.3
16-Jan	0.7	0.3
16-Feb	0.8	0.4
16-Mar	0.8	0.3
16-Apr	0.8	0.4
16-May	0.8	0.4
16-Jun	0.8	0.4
16-Jul	0.8	0.4
16-Aug	0.8	0.4
16-Sep	0.8	0.4
16-Oct	0.8	0.4
16-Nov	0.8	0.4
16-Dec	1.0	0.6
17-Jan	1.0	0.6
17-Feb	1.0	0.6
17-Mar	1.2	0.8
17-Apr	1.2	0.8
17-May	1.2	0.8
17-Jun	1.4	1.0
17-Jul	1.4	1.1
17-Aug	1.4	1.1

Source: Depository Trust & Clearing Corporation.

Return to text

Figure 2e. Commercial paper spreads, 1998-2017

Month	30-day A2/P2 nonfinancial	30-day AA nonfinancial
Jan-98	14	3
Feb-98	6	-5
Mar-98	-20	-33
Apr-98	2	-9
May-98	-3	-14
Jun-98	-132	-148
Jul-98	6	-8
Aug-98	-22	-34
Sep-98	-42	-59
Oct-98	32	-15
Nov-98	35	-10
Dec-98	100	79
Jan-99	10	-1
Feb-99	3	-10
Mar-99	-5	-17
Apr-99	-15	-26
May-99	28	16
Jun-99	-8	-29
Jul-99	8	-5
Aug-99	-37	-50
Sep-99	-10	-25
Oct-99	14	-5
Nov-99	-4	-22
Dec-99	152	128
Jan-00	-23	-37
Feb-00	0	-14
Mar-00	-21	-35
Apr-00	4	-7
May-00	-39	-61
Jun-00	-15	-35
Jul-00	2	-13
Aug-00	-1	-17
Sep-00	8	-10
Oct-00	9	-9
Nov-00	12	-10
Dec-00	160	107
1-Jan	88	27
1-Feb	56	-10
1-Mar	52	2
1-Apr	53	16
1-May	29	-1
1-Jun	19	1
1-Jul	14	-5
1-Aug	13	-1
1-Sep	53	24
1-Oct	23	-13
1-Nov	53	8
1-Dec	76	33
2-Jan	22	-8
2-Feb	39	-6
2-Mar	39	0
2-Apr	25	-6
2-May	19	-4
2-Jun	23	3
2-Jul	14	-1
2-Aug	10	-6
2-Sep	6	-10
2-Oct	9	-6
2-Nov	32	13
2-Dec	31	10
3-Jan	11	-9
3-Feb	5	-8
3-Mar	-3	-13
3-Apr	5	-7
3-May	6	-5
3-Jun	-17	-25
3-Jul	6	-3
3-Aug	8	-2
3-Sep	-9	-18
3-Oct	5	-4
3-Nov	6	-3
3-Dec	12	5
4-Jan	0	-6
4-Feb	0	-6
4-Mar	0	-6
4-Apr	2	-5
4-May	3	-3
4-Jun	-28	-36
4-Jul	3	-4
4-Aug	-5	-13
4-Sep	-28	-35
4-Oct	3	-5
4-Nov	-5	-11
4-Dec	23	16
5-Jan	-18	-26
5-Feb	3	-4
5-Mar	-30	-38
5-Apr	-15	-23
5-May	-6	-13
5-Jun	-25	-33
5-Jul	-2	-9
5-Aug	-12	-20
5-Sep	-24	-33
5-Oct	-16	-25
5-Nov	3	-5
5-Dec	17	8
6-Jan	-11	-20
6-Feb	3	-6
6-Mar	-37	-45
6-Apr	-3	-11
6-May	-5	-13
6-Jun	5	-4
6-Jul	1	-7
6-Aug	0	-7
6-Sep	-3	-10
6-Oct	1	-6
6-Nov	1	-6
6-Dec	17	9
7-Jan	-2	-9
7-Feb	-10	-16
7-Mar	3	-3
7-Apr	4	-3
7-May	3	-3
7-Jun	5	-4
7-Jul	8	-2
7-Aug	91	23
7-Sep	93	38
7-Oct	51	14
7-Nov	21	-15
7-Dec	164	123
8-Jan	98	65
8-Feb	47	-3
8-Mar	81	11
8-Apr	53	-17
8-May	66	5
8-Jun	13	-40
8-Jul	53	-3
8-Aug	65	9
8-Sep	216	23
8-Oct	420	77
8-Nov	239	-18
8-Dec	171	-1
9-Jan	104	-9
9-Feb	88	3
9-Mar	68	5
9-Apr	42	-6
9-May	36	-1
9-Jun	30	-2
9-Jul	25	-1
9-Aug	19	1
9-Sep	22	8
9-Oct	13	0
9-Nov	9	-1
9-Dec	17	7
10-Jan	9	-1
10-Feb	10	-1
10-Mar	17	7
10-Apr	12	-1
10-May	18	1
10-Jun	32	8
10-Jul	20	0
10-Aug	15	-2
10-Sep	20	4
10-Oct	14	0
10-Nov	14	0
10-Dec	20	5
11-Jan	15	1
11-Feb	16	0
11-Mar	22	4
11-Apr	21	-1
11-May	20	-3
11-Jun	22	0
11-Jul	18	-6
11-Aug	24	-3
11-Sep	24	0
11-Oct	21	-4
11-Nov	23	-4
11-Dec	32	1
12-Jan	25	-7
12-Feb	27	-4
12-Mar	28	0
12-Apr	23	-5
12-May	23	-5
12-Jun	30	4
12-Jul	25	2
12-Aug	26	0
12-Sep	31	5
12-Oct	20	-4
12-Nov	22	-3
12-Dec	29	5
13-Jan	21	-4
13-Feb	19	-3
13-Mar	22	2
13-Apr	12	-9
13-May	15	-5
13-Jun	16	-3
13-Jul	14	-4
13-Aug	14	-3
13-Sep	15	-2
13-Oct	17	-1
13-Nov	14	-3
13-Dec	14	-2
14-Jan	13	-3
14-Feb	14	-2
14-Mar	13	-1
14-Apr	9	-4
14-May	9	-2
14-Jun	10	-3
14-Jul	12	-2
14-Aug	13	-1
14-Sep	14	-1
14-Oct	16	-2
14-Nov	17	-2
14-Dec	27	4
15-Jan	26	2
15-Feb	26	1
15-Mar	37	1
15-Apr	31	0
15-May	29	1
15-Jun	28	1
15-Jul	29	1
15-Aug	27	2
15-Sep	28	3
15-Oct	26	2
15-Nov	25	1
15-Dec	29	-1
16-Jan	30	1
16-Feb	29	2
16-Mar	33	5
16-Apr	27	2
16-May	29	4
16-Jun	29	6
16-Jul	28	4
16-Aug	27	5
16-Sep	29	7
16-Oct	28	5
16-Nov	29	4
16-Dec	19	-5
17-Jan	29	3
17-Feb	31	1
17-Mar	18	-11
17-Apr	28	-1
17-May	28	0
17-Jun	17	-8
17-Jul	25	2
17-Aug	16	-7

Note: Spreads computed over the target federal funds rate.

Source: Depository Trust & Clearing Corporation.

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Figure 3. Growth rates of bank loans and total debt for nonfinancial corporate businesses, 1980-2016

Year	Debt	Bank Loans
1980	8.0	13.3
1981	12.9	13.9
1982	8.8	22.7
1983	10.4	9.0
1984	16.9	16.8
1985	12.4	10.2
1986	13.8	14.5
1987	10.0	0.8
1988	10.4	7.9
1989	8.4	6.9
1990	5.3	-1.7
1991	-2.3	-8.7
1992	0.7	-5.2
1993	5.7	-1.4
1994	7.3	9.4
1995	7.2	14.0
1996	4.9	4.9
1997	8.5	8.2
1998	10.7	11.2
1999	10.4	6.1
2000	8.3	6.5
2001	2.8	-11.6
2002	0.2	-13.0
2003	0.2	-11.4
2004	3.9	0.6
2005	5.2	-4.4
2006	7.6	3.7
2007	11.6	16.8
2008	4.1	9.0
2009	-6.3	-30.0
2010	-1.9	-12.6
2011	5.4	31.9
2012	5.3	13.2
2013	5.6	10.3
2014	5.8	8.9
2015	6.9	9.3
2016	5.0	5.3

Note: The shaded bars indicate periods of economic contraction as defined by the National Bureau of Economic Research.

Source: Federal Reserve Board, Financial Accounts of the United States.

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Figure 4. Growth rates of bank loans and total debt for partnerships and proprietorships, 1980-2016

Year	Total	Bank loans
1980	12.8	2.9
1981	11.7	10.9
1982	9.3	-5.7
1983	10.5	1.9
1984	15.2	15.9
1985	8.2	1.6
1986	7.2	0.5
1987	5.8	6.6
1988	7.9	6.6
1989	4.2	8.5
1990	0.0	2.4
1991	-2.4	0.0
1992	-2.3	1.6
1993	-1.8	2.6
1994	1.3	8.8
1995	4.0	6.1
1996	6.0	14.6
1997	8.2	20.3
1998	13.3	9.2
1999	12.7	16.4
2000	11.2	14.3
2001	8.5	10.8
2002	7.3	5.3
2003	3.3	2.2
2004	11.1	6.9
2005	13.4	30.8
2006	14.3	17.2
2007	13.9	17.9
2008	8.4	12.9
2009	-2.7	-9.7
2010	-0.9	-1.8
2011	-1.6	-2.9
2012	4.4	7.4
2013	2.6	2.3
2014	6.8	8.8
2015	6.8	9.1
2016	6.4	6.1

Note: The shaded bars indicate periods of economic contraction as defined by the National Bureau of Economic Research.

Source: Federal Reserve Board, Financial Accounts of the United States.

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Figure 5a. Firms planning capital outlays, 2001-17

Quarter	Net percent of firms planning capital outlays in next six months
2001Q1	31.52379978
2001Q2	31.68543104
2001Q3	28.77991065
2001Q4	28.00682865
2002Q1	29.51638069
2002Q2	30.73160152
2002Q3	29.73980285
2002Q4	29.98470256
2003Q1	28.52722298
2003Q2	27.83535249
2003Q3	29.6134379
2003Q4	29.96745042
2004Q1	31.58295035
2004Q2	31.96796838
2004Q3	32.38706734
2004Q4	33.00321394
2005Q1	32.69148538
2005Q2	32.04008535
2005Q3	31.13262277
2005Q4	31.06299391
2006Q1	30.89647112
2006Q2	30.96597268
2006Q3	30.91702881
2006Q4	30.20530492
2007Q1	30.06099137
2007Q2	28.81032705
2007Q3	28.78482525
2007Q4	28.37160272
2008Q1	24.14307133
2008Q2	25.66385252
2008Q3	22.73714256
2008Q4	19.49597148
2009Q1	17.17522561
2009Q2	18.54318104
2009Q3	17.73949277
2009Q4	17.57465208
2010Q1	19.17924292
2010Q2	18.46617932
2010Q3	18.79998132
2010Q4	19.54146434
2011Q1	22.17756897
2011Q2	20.49862664
2011Q3	20.83554977
2011Q4	22.42903102
2012Q1	22.17557564
2012Q2	23.62396255
2012Q3	22.88664974
2012Q4	21.17634427
2013Q1	22.25594925
2013Q2	22.76696597
2013Q3	23.90090238
2013Q4	23.95387387
2014Q1	23.31513631
2014Q2	23.90476351
2014Q3	24.92672721
2014Q4	25.75823331
2015Q1	25.34322539
2015Q2	25.02482483
2015Q3	24.94815303
2015Q4	25.64516763
2016Q1	25.31341602
2016Q2	25.12336038
2016Q3	24.97873144
2016Q4	25.54968249
2017Q1	28.33257733

Note: Data are quarterly and are seasonally adjusted.

Source: National Federation of Independent Business (NFIB).

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Figure 5b. Outlook for small business expansion over the next three months, 2001-17

Quarter	Percentage of firms that consider the next three months a good time to expand
2001Q1	12.91602811
2001Q2	12.10945913
2001Q3	11.96630911
2001Q4	10.99302528
2002Q1	14.89506028
2002Q2	15.21152535
2002Q3	13.91505375
2002Q4	11.9368644
2003Q1	11.87721256
2003Q2	14.35585006
2003Q3	16.88020633
2003Q4	19.82504831
2004Q1	21.82221481
2004Q2	23.62039861
2004Q3	23.77084584
2004Q4	25.71291669
2005Q1	21.79557479
2005Q2	19.86607736
2005Q3	20.63538995
2005Q4	19.64604569
2006Q1	19.76894092
2006Q2	19.10179634
2006Q3	15.4206989
2006Q4	16.68398469
2007Q1	16.81488837
2007Q2	14.11550203
2007Q3	14.31020664
2007Q4	11.78879419
2008Q1	7.831423273
2008Q2	6.054607306
2008Q3	7.243123749
2008Q4	3.928585109
2009Q1	4.87016248
2009Q2	5.833998586
2009Q3	6.319094729
2009Q4	6.085293828
2010Q1	4.824371673
2010Q2	5.646706575
2010Q3	5.387898075
2010Q4	6.265104143
2011Q1	7.770784125
2011Q2	5.411690331
2011Q3	5.530108436
2011Q4	6.431301933
2012Q1	7.61574256
2012Q2	7.345174229
2012Q3	5.579592829
2012Q4	5.552582449
2013Q1	5.527628732
2013Q2	6.261082688
2013Q3	7.643831422
2013Q4	6.655231967
2014Q1	7.419910665
2014Q2	9.249819195
2014Q3	10.65768514
2014Q4	11.71941725
2015Q1	12.37781786
2015Q2	11.1947152
2015Q3	11.71913586
2015Q4	10.75548603
2016Q1	8.299519578
2016Q2	8.219661901
2016Q3	7.733481165
2016Q4	11.76747224
2017Q1	22.26509516

Note: Data are quarterly and are seasonally adjusted.

Source: National Federation of Independent Business (NFIB).

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Figure 5c. Net percentage of banks reporting increased demand for C&I loans by small firms, 2001-17

Quarter	Net percentage of banks reporting increased demand for C&I loans by small firms
2001Q1	-29.7
2001Q2	-34.5
2001Q3	-42.1
2001Q4	-50
2002Q1	-45.4
2002Q2	-29
2002Q3	-36.4
2002Q4	-48.2
2003Q1	-20.6
2003Q2	-21.8
2003Q3	-12.3
2003Q4	-3.9
2004Q1	21.8
2004Q2	37.5
2004Q3	38.9
2004Q4	25.5
2005Q1	29.6
2005Q2	37
2005Q3	35.2
2005Q4	8.9
2006Q1	5.3
2006Q2	3.5
2006Q3	0
2006Q4	-13
2007Q1	-5.3
2007Q2	-19.2
2007Q3	-11.8
2007Q4	-7.7
2008Q1	-23.6
2008Q2	-16.1
2008Q3	-15.4
2008Q4	-7.4
2009Q1	-57.7
2009Q2	-63.5
2009Q3	-54.7
2009Q4	-35.7
2010Q1	-29.6
2010Q2	-9.3
2010Q3	-3.6
2010Q4	-21.4
2011Q1	5.6
2011Q2	9.6
2011Q3	5.8
2011Q4	-18.8
2012Q1	15.1
2012Q2	21.8
2012Q3	0
2012Q4	4.5
2013Q1	15.4
2013Q2	7.7
2013Q3	24.3
2013Q4	0
2014Q1	14.1
2014Q2	8.5
2014Q3	25
2014Q4	5.5
2015Q1	5.7
2015Q2	4.1
2015Q3	7.2
2015Q4	3
2016Q1	-12.7
2016Q2	-2.9
2016Q3	2.9
2016Q4	-1.5
2017Q1	1.5
2017Q2	-8.7

Note: SLOOS data are quarterly and are not seasonally adjusted. C&I is commercial and industrial.

Source: Federal Reserve Board, Senior Loan Officer Opinion Survey on Bank Lending Practices.

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Figure 6a. Net percentage of of banks tightening standards on C&I loans, 2001-17

Quarter	Large firms	Small firms
2001Q1	79.92	50.03
2001Q2	49.17	33.65
2001Q3	45.29	33.85
2001Q4	65.54	51.12
2002Q1	54.6	38.95
2002Q2	21.48	10.95
2002Q3	40.09	6.42
2002Q4	33.34	30.9
2003Q1	34.04	21.35
2003Q2	14.76	14.91
2003Q3	-4.62	0.18
2003Q4	-8.93	6.84
2004Q1	-34.86	-9.59
2004Q2	-34.36	-23.78
2004Q3	-34.51	-5.16
2004Q4	-34.45	-20.34
2005Q1	-56.35	-17.65
2005Q2	-32.87	-29.81
2005Q3	-24.89	-23.22
2005Q4	-14.66	-11.42
2006Q1	-5.69	-6.5
2006Q2	-34.83	-25.51
2006Q3	-13.18	-1.29
2006Q4	-12.98	1.03
2007Q1	-9.47	1.6
2007Q2	-20.52	5.62
2007Q3	11.15	3.09
2007Q4	33.07	4.98
2008Q1	35.31	32.53
2008Q2	58.04	65.68
2008Q3	57.88	70.81
2008Q4	87.52	67.32
2009Q1	63.89	55.29
2009Q2	13.52	36.9
2009Q3	5.89	31.51
2009Q4	4.92	9.88
2010Q1	-12.91	1.54
2010Q2	-14.76	5.16
2010Q3	-15.29	-20.71
2010Q4	-8.36	-3.81
2011Q1	-17.51	-3.8
2011Q2	-21.84	-17.35
2011Q3	-21.25	-1.92
2011Q4	-0.76	-1.18
2012Q1	2.72	0.92
2012Q2	-16.29	-1.03
2012Q3	-9.8	-2
2012Q4	-2.87	-6.59
2013Q1	-3.63	-14.13
2013Q2	-19.11	-19.83
2013Q3	-22.15	-6.47
2013Q4	-11.43	-3.27
2014Q1	-11.27	-1.44
2014Q2	-6.71	-7.28
2014Q3	-9.37	-2.45
2014Q4	-6.2	-2.34
2015Q1	-2.88	-2.68
2015Q2	-2.02	1.21
2015Q3	1.72	1.15
2015Q4	4.02	5.28
2016Q1	9.22	6.52
2016Q2	8.66	2.36
2016Q3	9.43	3.2
2016Q4	1.71	0.2
2017Q1	-5.86	-2.1
2017Q2	-0.25	-1.83

Note: Data are quarterly and are not seasonally adjusted. Firms with annual sales of more than $50 million are considered large.

Source: Federal Reserve Board, Senior Loan Officer Opinion Survey on Bank Lending Practices.

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Figure 6b. Net fraction of firms reporting that credit was harder to get compared to 3 months ago

Quarter	Percent of firms
2003Q3	12
2003Q4	11
2004Q1	14
2004Q2	12
2004Q3	14
2004Q4	13
2005Q1	11
2005Q2	12
2005Q3	9
2005Q4	10
2006Q1	12
2006Q2	10
2006Q3	11
2006Q4	11
2007Q1	12
2007Q2	14
2007Q3	13
2007Q4	13
2008Q1	13
2008Q2	17
2008Q3	14
2008Q4	20
2009Q1	20
2009Q2	26
2009Q3	33
2009Q4	33
2010Q1	37
2010Q2	36
2010Q3	32
2010Q4	35
2011Q1	32
2011Q2	30
2011Q3	34
2011Q4	34
2012Q1	33
2012Q2	30
2012Q3	33
2012Q4	32
2013Q1	33
2013Q2	30
2013Q3	25
2013Q4	27
2014Q1	23
2014Q2	24
2014Q3	23
2014Q4	25
2015Q1	20
2015Q2	25
2015Q3	22
2015Q4	22
2016Q1	19
2016Q2	21
2016Q3	20
2016Q4	22
2017Q1	20
2017Q2	19

Note: Data are quarterly aggregates of monthly data and are seasonally adjusted. This question is asked only of firms reporting that they regularly borrow.

Source: National Federation of Independent Business, Small Business Economic Trends.

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Figure 6c. C&I loan terms: Changes in loan spreads, 2001-17

Quarter	Large/middle-market firms	Small firms
2001Q1	84.5	32.04
2001Q2	58.63	23.71
2001Q3	48.82	38.28
2001Q4	77.04	41.24
2002Q1	60.69	49.05
2002Q2	18.27	6.48
2002Q3	61.08	18.85
2002Q4	50.13	24.7
2003Q1	45.79	19.03
2003Q2	14.16	12.46
2003Q3	-18.72	3.64
2003Q4	-26.65	-18.72
2004Q1	-50.32	-16.57
2004Q2	-47.47	-21.73
2004Q3	-45.28	-37.51
2004Q4	-59.57	-25.98
2005Q1	-73.89	-20.07
2005Q2	-69.31	-60.19
2005Q3	-39.02	-31.37
2005Q4	-40.54	-26.9
2006Q1	-37.83	-36.05
2006Q2	-74.66	-62.99
2006Q3	-37.06	-15.69
2006Q4	-45.34	-28.47
2007Q1	-54.89	-29.69
2007Q2	-68.35	-33.39
2007Q3	-19.39	-19.01
2007Q4	53.37	14.34
2008Q1	48.94	45.37
2008Q2	87.3	74.65
2008Q3	94.42	76.55
2008Q4	99.66	94.64
2009Q1	98.63	95.42
2009Q2	71.34	65.36
2009Q3	51.5	45.2
2009Q4	29.46	38.22
2010Q1	5.34	19.31
2010Q2	-40.72	-4.18
2010Q3	-58.85	-29.75
2010Q4	-49.87	-39.25
2011Q1	-51.77	-47.22
2011Q2	-54.9	-49.28
2011Q3	-63.4	-56.84
2011Q4	-47.41	-45.26
2012Q1	-38.43	-38.27
2012Q2	-48.12	-25.7
2012Q3	-44.28	-12.96
2012Q4	-44.51	-30.11
2013Q1	-30.51	-39.8
2013Q2	-50.02	-44.94
2013Q3	-64.44	-45.38
2013Q4	-67.54	-49.18
2014Q1	-59.65	-47.97
2014Q2	-63.91	-41.86
2014Q3	-63.56	-29.64
2014Q4	-41.66	-48.61
2015Q1	-36.7	-40.37
2015Q2	-29.92	-26.37
2015Q3	-40.76	-34.88
2015Q4	-1.65	-21.99
2016Q1	7.94	-24.9
2016Q2	29.62	-5.59
2016Q3	6.87	-28.93
2016Q4	-5.31	-6.21
2017Q1	6.62	-3.79
2017Q2	-20.49	-9.44

Note: Data are quarterly and are not seasonally adjusted. Firms with annual sales of more than $50 million are considered large. Negative numbers represent easing, and positive numbers represent tightening.

Source: Federal Reserve Board, Senior Loan Officer Opinion Survey on Bank Lending Practices.

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Figure 7a. Most import problem facing small businesses, 2001-17

Quarter	Percent reporting poor sales	Percent reporting government regulation
2001Q1	9.5	12.2
2001Q2	12.1	11.8
2001Q3	13.4	11.3
2001Q4	17.0	10.8
2002Q1	15.6	11.1
2002Q2	15.0	11.8
2002Q3	15.5	10.3
2002Q4	15.9	10.7
2003Q1	17.7	10.1
2003Q2	16.9	9.9
2003Q3	16.5	11.3
2003Q4	14.9	10.7
2004Q1	13.9	11.1
2004Q2	12.7	10.9
2004Q3	11.6	10.3
2004Q4	10.8	9.7
2005Q1	9.9	9.1
2005Q2	10.6	10.0
2005Q3	9.7	10.3
2005Q4	9.8	9.7
2006Q1	8.9	11.0
2006Q2	9.4	10.0
2006Q3	11.0	10.2
2006Q4	10.7	11.8
2007Q1	10.8	11.0
2007Q2	11.4	10.1
2007Q3	12.2	10.2
2007Q4	12.5	10.8
2008Q1	14.8	8.9
2008Q2	16.5	9.2
2008Q3	18.3	8.1
2008Q4	23.3	8.9
2009Q1	29.8	10.8
2009Q2	31.6	11.3
2009Q3	32.4	12.0
2009Q4	33.1	11.9
2010Q1	31.8	11.8
2010Q2	30.8	14.3
2010Q3	30.4	15.0
2010Q4	29.9	14.9
2011Q1	26.9	17.8
2011Q2	25.9	16.3
2011Q3	25.3	16.9
2011Q4	23.9	18.9
2012Q1	22.0	19.9
2012Q2	20.9	19.4
2012Q3	20.1	20.8
2012Q4	20.1	18.9
2013Q1	19.0	20.9
2013Q2	16.7	21.4
2013Q3	16.0	21.8
2013Q4	15.3	20.9
2014Q1	14.0	20.9
2014Q2	14.6	20.4
2014Q3	13.0	20.7
2014Q4	11.6	21.9
2015Q1	12.9	22.0
2015Q2	11.4	22.5
2015Q3	11.0	20.7
2015Q4	10.9	20.8
2016Q1	11.8	19.1
2016Q2	12.3	19.5
2016Q3	12.0	20.7
2016Q4	11.0	19.7
2017Q1	10.8	18.2

Note: NFIB data are quarterly aggregates of monthly data and are seasonally adjusted.

Source: National Federation of Independent Businesses (NFIB).

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Figure 7b. Most import problem facing small businesses, 2001-17

Quarter	Percent reporting taxes	Percent reporting interest rates and finance	Percent reporting inflation
2001Q1	24.40123	2.959254	3.183725
2001Q2	24.83926	4.038131	2.686633
2001Q3	20.96032	2.817642	2.819638
2001Q4	19.78943	2.17816	2.255981
2002Q1	22.427	2.953772	2.306515
2002Q2	20.80829	3.077084	1.576362
2002Q3	20.9626	2.79695	1.835412
2002Q4	20.84567	2.1438	2.245272
2003Q1	19.37411	1.97171	3.47496
2003Q2	17.76928	2.123402	1.390073
2003Q3	17.99985	1.775309	1.837554
2003Q4	17.9782	2.086141	2.261225
2004Q1	17.21989	2.011823	2.65268
2004Q2	17.68067	1.151192	4.222694
2004Q3	19.12707	1.775627	2.766924
2004Q4	18.16194	2.023442	4.31459
2005Q1	16.95447	2.042663	3.876587
2005Q2	18.61815	2.166253	5.033741
2005Q3	19.29005	2.804107	4.650826
2005Q4	19.3152	2.957919	5.396711
2006Q1	18.71736	3.070046	6.0427
2006Q2	17.54429	4.149978	5.966126
2006Q3	16.46036	4.855969	5.455054
2006Q4	18.39465	2.921613	4.537328
2007Q1	23.54294	4.067199	4.096109
2007Q2	24.55332	3.124802	2.96333
2007Q3	18.53872	2.922958	4.32456
2007Q4	19.38048	2.884461	6.642672
2008Q1	19.50512	3.055085	10.02418
2008Q2	16.61053	3.122058	15.05763
2008Q3	17.52208	2.968693	17.25404
2008Q4	19.25982	3.85017	10.72076
2009Q1	19.62287	4.038781	6.909789
2009Q2	20.71509	4.14429	3.073598
2009Q3	21.38048	3.994087	3.373506
2009Q4	21.1365	3.810756	2.696678
2010Q1	20.84479	5.025671	3.733638
2010Q2	21.71213	4.191988	3.163051
2010Q3	22.28753	3.975005	2.516754
2010Q4	21.05007	3.806126	4.645095
2011Q1	18.00891	3.014365	5.545566
2011Q2	19.68876	3.210116	7.242421
2011Q3	18.24107	3.96806	7.722963
2011Q4	19.01748	3.823784	5.479143
2012Q1	19.1018	2.985274	7.437258
2012Q2	19.61427	3.211715	7.382723
2012Q3	21.26537	2.97709	5.79254
2012Q4	21.01607	2.858298	6.346511
2013Q1	22.13156	2.950981	6.43486
2013Q2	22.56852	2.169697	4.444104
2013Q3	20.26291	2.029147	4.851157
2013Q4	21.04927	1.894553	4.184077
2014Q1	22.15373	1.904102	3.496245
2014Q2	21.49918	2.122382	3.544692
2014Q3	22.27911	2.085237	3.784479
2014Q4	23.09006	1.928435	4.106158
2015Q1	21.14133	2.870522	2.573243
2015Q2	21.48835	2.070805	2.571453
2015Q3	22.2629	1.13382	2.773097
2015Q4	21.10679	1.950099	2.010301
2016Q1	21.1487	1.853213	2.67198
2016Q2	21.49352	2.03817	2.570795
2016Q3	20.25162	2.15916	1.739023
2016Q4	20.08252	1.95601	1.987236
2017Q1	21.17927	1.854434	1.729017

Note: NFIB data are quarterly aggregates of monthly data and are seasonally adjusted.

Source: National Federation of Independent Businesses (NFIB).

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Figure 7c. Most import problem facing small businesses, 2001-17

Quarter	Percent reporting big business	Percent reporting cost of labor	Percent reporting availability of insurance	Percent reporting labor quality
2001Q1	9.692498	6.845213	8.070896	18.497
2001Q2	10.30191	6.063683	10.18883	15.24812
2001Q3	10.40745	6.276055	12.5488	16.32101
2001Q4	10.61271	4.817701	13.23075	14.97156
2002Q1	10.68262	4.842853	14.97735	11.44534
2002Q2	10.29142	5.061646	17.26716	12.22843
2002Q3	10.383	5.27336	18.55455	10.37432
2002Q4	10.66128	4.82075	20.22114	9.998247
2003Q1	9.681678	4.8649	21.87067	8.383859
2003Q2	10.27739	5.022908	25.36596	8.165169
2003Q3	9.342356	5.291104	24.61094	8.495342
2003Q4	10.70925	5.801585	26.17611	8.006648
2004Q1	10.69851	5.929719	25.73762	9.303243
2004Q2	10.24595	4.964813	25.48204	9.141755
2004Q3	10.30792	4.288964	26.69892	9.584572
2004Q4	9.774424	4.787429	26.07009	10.01631
2005Q1	9.687299	5.022632	26.66534	10.2045
2005Q2	9.222022	4.882825	24.57639	10.17304
2005Q3	8.280977	5.288438	23.75839	9.67153
2005Q4	7.830516	4.779131	22.9901	9.932766
2006Q1	8.698745	5.10174	20.62397	11.17035
2006Q2	8.169617	5.842881	22.63339	12.25802
2006Q3	8.267409	5.234026	19.80011	11.69232
2006Q4	8.890998	5.799679	18.90668	12.81821
2007Q1	7.688587	5.175848	18.67099	13.21666
2007Q2	8.151848	5.795257	17.61028	12.28953
2007Q3	9.228364	6.188976	16.82644	13.74345
2007Q4	7.938949	5.843722	15.87519	12.6691
2008Q1	7.719528	5.186019	13.71925	11.30823
2008Q2	7.104677	4.802007	12.54982	9.284803
2008Q3	6.209505	4.131733	10.86525	8.769888
2008Q4	5.962151	3.904886	9.852594	7.606401
2009Q1	5.742584	5.137079	8.77506	5.35645
2009Q2	6.117467	3.856106	8.465967	4.24558
2009Q3	6.143443	4.062818	8.900804	3.792379
2009Q4	5.9602	4.000014	7.88054	3.609644
2010Q1	6.824382	3.016891	7.778109	3.396971
2010Q2	6.088862	3.977724	7.387453	4.16508
2010Q3	6.098889	2.961127	7.967122	3.772267
2010Q4	5.97123	3.079431	7.877709	3.722217
2011Q1	5.866913	3.947492	7.802023	6.391325
2011Q2	7.06751	4.05274	7.290172	5.067878
2011Q3	6.082366	3.878468	7.04911	4.747772
2011Q4	6.968005	4.136594	6.875443	5.867336
2012Q1	6.913148	3.93485	7.800914	6.330449
2012Q2	6.020572	3.081116	8.22391	6.054955
2012Q3	7.094792	3.806168	7.135737	5.678604
2012Q4	6.973838	3.155459	7.821137	5.001296
2013Q1	6.924508	4.004922	7.853925	5.221167
2013Q2	7.993216	4.060812	8.137732	7.153395
2013Q3	6.117918	4.713171	8.228949	8.583197
2013Q4	7.938828	5.20361	8.752413	8.069435
2014Q1	7.975624	5.086405	7.90385	9.120112
2014Q2	7.969546	5.011624	8.084729	10.3138
2014Q3	9.113588	3.646035	8.302254	9.477304
2014Q4	7.921555	5.221014	7.666161	11.09977
2015Q1	7.008144	5.200356	8.97011	12.02779
2015Q2	6.966553	5.929678	8.048849	12.46105
2015Q3	7.096014	5.60695	8.333663	13.42643
2015Q4	6.915218	5.242822	8.633916	14.08754
2016Q1	8.040049	5.279471	7.982799	13.94821
2016Q2	7.945771	5.853209	9.053996	13.57651
2016Q3	7.091295	6.616455	8.329047	14.42052
2016Q4	7.924562	6.233339	8.635078	15.0546
2017Q1	8.048461	6.322208	8.980617	15.9078

Note: NFIB data are quarterly aggregates of monthly data and are seasonally adjusted.

Source: National Federation of Independent Businesses (NFIB).

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Figure 8a. Percent of C&I loans 30 or more days delinquent and nonaccruing, 2002-16

Quarter	Small-business-lending-intensive banks*	Non-small-business-lending-intensive banks*
2002Q2	3.258737	3.824745
2002Q3	3.204402	3.790409
2002Q4	3.143997	3.639504
2003Q1	3.43111	3.417069
2003Q2	3.382937	3.373259
2003Q3	3.214619	3.13083
2003Q4	2.817402	2.641178
2004Q1	2.875843	2.46254
2004Q2	2.865929	2.103318
2004Q3	2.768397	1.971959
2004Q4	2.463446	1.706755
2005Q1	2.659749	1.554323
2005Q2	2.462784	1.379141
2005Q3	2.557724	1.469017
2005Q4	2.414898	1.45081
2006Q1	2.638223	1.456157
2006Q2	2.636947	1.277942
2006Q3	2.988218	1.28904
2006Q4	2.410096	1.235882
2007Q1	2.704123	1.311521
2007Q2	3.459147	1.227695
2007Q3	3.676351	1.294762
2007Q4	3.974442	1.398179
2008Q1	4.398756	1.581261
2008Q2	4.603253	1.723767
2008Q3	4.922684	1.773287
2008Q4	5.605794	2.3302
2009Q1	6.659784	2.800242
2009Q2	6.943776	3.217344
2009Q3	6.709148	4.044977
2009Q4	6.619396	4.047755
2010Q1	5.367897	3.782373
2010Q2	3.897163	3.510938
2010Q3	4.814105	3.289407
2010Q4	4.502983	2.840395
2011Q1	4.050195	2.569746
2011Q2	3.884055	2.24065
2011Q3	3.696393	2.022475
2011Q4	3.91431	1.741163
2012Q1	3.821369	1.549136
2012Q2	3.458196	1.400309
2012Q3	3.352149	1.336359
2012Q4	3.03478	1.187984
2013Q1	2.966745	1.117305
2013Q2	2.619092	1.057286
2013Q3	2.470037	0.99996
2013Q4	2.37753	0.891654
2014Q1	2.418893	0.868973
2014Q2	2.132473	0.831713
2014Q3	2.200084	0.779787
2014Q4	2.103034	0.737146
2015Q1	2.25658	0.744921
2015Q2	2.059087	0.808873
2015Q3	1.994516	0.883904
2015Q4	1.985998	0.993121
2016Q1	2.087728	1.534918
2016Q2	1.966458	1.570007
2016Q3	2.058477	1.506996
2016Q4	2.065872	1.490377

Note: Small-business-lending-intensive banks are defined as institutions where 80 percent or more of their commerical and industrial (C&I) and commercial real estate nonfarm nonresidential property (NNP) loans have initial values of $1 million or less. NNP loans are secured by nonfarm, nonresidential real estate. Data are unweighted.

Source: The data are constructed from special tabulations of Call Reports (Consolidated Reports of Condition and Income for U.S. Banks, Schedule RC-C, Part II: Loanst ot Small Businesses and Small Farms) dated June 30, 2001, to December 31, 2016.

* On September 5, 2018, this column header was relabeled.

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Figure 8b. Percent of CRE loans 30 or more days delinquent and nonaccruing, 2002-16

Quarter	Small-business-lending-intensive banks*	Non-small-business-lending-intensive banks*
2002Q2	1.997052	1.647839
2002Q3	2.077594	1.60195
2002Q4	2.08869	1.562178
2003Q1	2.280523	1.744919
2003Q2	2.030975	1.570958
2003Q3	1.948793	1.471975
2003Q4	1.861999	1.407866
2004Q1	1.884518	1.380094
2004Q2	1.887811	1.258389
2004Q3	1.815471	1.239352
2004Q4	1.709372	1.129269
2005Q1	1.909258	1.216875
2005Q2	1.683133	1.060917
2005Q3	1.716634	1.099347
2005Q4	1.673913	1.047568
2006Q1	1.696008	1.086862
2006Q2	1.712831	0.993983
2006Q3	1.85558	1.019742
2006Q4	1.888882	1.078401
2007Q1	2.086771	1.164086
2007Q2	2.193135	1.132995
2007Q3	2.28034	1.329513
2007Q4	2.469058	1.621577
2008Q1	2.688007	1.859465
2008Q2	2.656355	1.96302
2008Q3	2.836454	2.158246
2008Q4	3.18642	2.681766
2009Q1	3.725022	3.648013
2009Q2	3.843784	4.105754
2009Q3	3.956006	4.739237
2009Q4	4.066039	5.185128
2010Q1	4.344636	5.786556
2010Q2	4.325885	5.470922
2010Q3	4.108277	5.491848
2010Q4	4.216617	5.337902
2011Q1	4.903025	5.480686
2011Q2	4.465288	5.036058
2011Q3	4.312836	4.883353
2011Q4	4.101425	4.67791
2012Q1	4.384579	4.484882
2012Q2	4.074773	4.05655
2012Q3	3.873487	3.966941
2012Q4	3.874048	3.577358
2013Q1	3.948579	3.377996
2013Q2	3.668941	3.032513
2013Q3	3.525437	2.701183
2013Q4	3.578353	2.409453
2014Q1	3.31786	2.290713
2014Q2	3.242083	1.984631
2014Q3	3.157369	1.842128
2014Q4	3.044957	1.621519
2015Q1	3.206836	1.509482
2015Q2	2.832357	1.304042
2015Q3	2.736875	1.212066
2015Q4	2.672199	1.129831
2016Q1	2.711093	1.10516
2016Q2	2.437885	0.989378
2016Q3	2.436753	0.966944
2016Q4	2.494946	0.941677

Note: Small-business-lending-intensive banks are defined as institutions where 80 percent or more of their commerical and industrial (C&I) and commercial real estate nonfarm nonresidential property (NNP) loans have initial values of $1 million or less. NNP loans are secured by nonfarm, nonresidential real estate. Data are unweighted.

Source: The data are constructed from special tabulations of Call Reports (Consolidated Reports of Condition and Income for U.S. Banks, Schedule RC-C, Part II: Loanst ot Small Businesses and Small Farms) dated June 30, 2001, to December 31, 2016.

* On September 5, 2018, this column header was relabeled.

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Figure 9. Venture capital investment activity, 2006-17

Quarter	Millions of dollars	Number of companies
2006Q1	6965.391	857
2006Q2	6812.341	732
2006Q3	8511.218	838
2006Q4	6877.993	841
2007Q1	8790.762	1112
2007Q2	8167.557	1041
2007Q3	9344.326	1000
2007Q4	9155.38	1063
2008Q1	9885.261	1352
2008Q2	10315.17	1161
2008Q3	9568.442	1129
2008Q4	7484.975	1005
2009Q1	6635.119	1137
2009Q2	6165.284	1037
2009Q3	7018.472	1085
2009Q4	6752.399	1123
2010Q1	7724.422	1337
2010Q2	8744.574	1334
2010Q3	7120.473	1263
2010Q4	8409.835	1392
2011Q1	13418.97	1762
2011Q2	10316.52	1612
2011Q3	11164.8	1661
2011Q4	9760.09	1632
2012Q1	9696.736	2085
2012Q2	11070.18	2003
2012Q3	10217.13	1887
2012Q4	9732.845	1914
2013Q1	10336.47	2321
2013Q2	10771.17	2223
2013Q3	11287.21	2319
2013Q4	12490.21	2350
2014Q1	13708.56	2670
2014Q2	19650.68	2565
2014Q3	15790.26	2629
2014Q4	19508.6	2560
2015Q1	20245.99	2699
2015Q2	20094.41	2751
2015Q3	21713.56	2593
2015Q4	16983.31	2358
2016Q1	18724.45	2366
2016Q2	22474.6	2149
2016Q3	15351.79	2013
2016Q4	14275.5	1889
2017Q1	16473.56	1797

Source: PitchBook National Venture Capital Association Venture Monitor.

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