The debt burden on the U.S. economy surged in the first quarter as the coronavirus pandemic struck, according to a report from the Federal Reserve released Thursday.
Total domestic nonfinancial debt rose at a seasonally adjusted annual rate of 11.7% in the first three months of the year to $55.9 trillion. That’s the fastest pace since the fourth quarter of 1986. Household debt rose 3.9% and business debt jumped 18.8%, the largest increase since the records began in 1946. Federal debt rose 14.4%.
