NFCI Non-Financial Leverage Subindex
Chicago Fed measure of growth in household and business debt ratios
Data from
Where the NFCI Non-Financial Leverage Subindex stands now
The NFCI Non-Financial Leverage Subindex was -0.46 in Oct 30, 2026. Since 1971 it has ranged from -1.97 in Sep 25, 2020 to 2.77 in Aug 17, 2007. It has been higher than a year earlier for 100 weeks in a row.
What it means for households: Consumer Debt Statistics
How the NFCI Non-Financial Leverage Subindex has moved since 1971
NFCI Non-Financial Leverage Subindex: little changed over the past year
NFCI Nonfinancial Leverage Subindex, weekly (0 = long-run average): -0.46 in Oct 30, 2026, little changed from -0.59 a year earlier. Weekly, 1971–2026.
What the NFCI Non-Financial Leverage Subindex measures
NFCI Non-Financial Leverage Subindex by week, 1971 to 2026
| Week | Index value | Change from a year earlier |
|---|---|---|
| Oct 30, 2026 | −0.46 | +0.13 |
| Oct 23, 2026 | −0.47 | +0.12 |
| Oct 16, 2026 | −0.47 | +0.13 |
| Oct 9, 2026 | −0.47 | +0.13 |
| Oct 2, 2026 | −0.48 | +0.12 |
| Sep 25, 2026 | −0.48 | +0.13 |
| Sep 18, 2026 | −0.49 | +0.12 |
| Sep 11, 2026 | −0.49 | +0.12 |
| Sep 4, 2026 | −0.5 | +0.12 |
| Aug 28, 2026 | −0.5 | +0.12 |
| Aug 21, 2026 | −0.51 | +0.12 |
| Aug 14, 2026 | −0.52 | +0.11 |
| Aug 7, 2026 | −0.52 | +0.11 |
| Jul 31, 2026 | −0.53 | +0.11 |
| Jul 24, 2026 | −0.53 | +0.11 |
| Jul 17, 2026 | −0.54 | +0.1 |
| Jul 10, 2026 | −0.55 | +0.09 |
| Jul 3, 2026 | −0.55 | +0.1 |
| Jun 26, 2026 | −0.56 | +0.09 |
| Jun 19, 2026 | −0.57 | +0.08 |
| Jun 12, 2026 | −0.57 | +0.08 |
| Jun 5, 2026 | −0.58 | +0.07 |
| May 29, 2026 | −0.58 | +0.07 |
| May 22, 2026 | −0.58 | +0.07 |
| May 15, 2026 | −0.59 | +0.06 |
| May 8, 2026 | −0.59 | +0.06 |
| May 1, 2026 | −0.59 | +0.06 |
| Apr 24, 2026 | −0.59 | +0.06 |
| Apr 17, 2026 | −0.59 | +0.07 |
| Apr 10, 2026 | −0.59 | +0.07 |
| Apr 3, 2026 | −0.59 | +0.07 |
| Mar 27, 2026 | −0.59 | +0.07 |
| Mar 20, 2026 | −0.59 | +0.07 |
| Mar 13, 2026 | −0.59 | +0.08 |
| Mar 6, 2026 | −0.59 | +0.08 |
| Feb 27, 2026 | −0.58 | +0.09 |
| Feb 20, 2026 | −0.58 | +0.1 |
| Feb 13, 2026 | −0.58 | +0.11 |
| Feb 6, 2026 | −0.58 | +0.11 |
| Jan 30, 2026 | −0.58 | +0.12 |
| Jan 23, 2026 | −0.58 | +0.13 |
| Jan 16, 2026 | −0.58 | +0.14 |
| Jan 9, 2026 | −0.58 | +0.15 |
| Jan 2, 2026 | −0.58 | +0.16 |
| Dec 26, 2025 | −0.58 | +0.17 |
| Dec 19, 2025 | −0.58 | +0.18 |
| Dec 12, 2025 | −0.58 | +0.19 |
| Dec 5, 2025 | −0.58 | +0.2 |
| Nov 28, 2025 | −0.58 | +0.21 |
| Nov 21, 2025 | −0.58 | +0.22 |
| Nov 14, 2025 | −0.59 | +0.21 |
| Nov 7, 2025 | −0.59 | +0.21 |
| Oct 31, 2025 | −0.59 | +0.22 |
| Oct 24, 2025 | −0.59 | +0.22 |
| Oct 17, 2025 | −0.6 | +0.21 |
| Oct 10, 2025 | −0.6 | +0.21 |
| Oct 3, 2025 | −0.6 | +0.21 |
| Sep 26, 2025 | −0.61 | +0.2 |
| Sep 19, 2025 | −0.61 | +0.19 |
| Sep 12, 2025 | −0.61 | +0.19 |
| Sep 5, 2025 | −0.62 | +0.18 |
| Aug 29, 2025 | −0.62 | +0.17 |
| Aug 22, 2025 | −0.63 | +0.16 |
| Aug 15, 2025 | −0.63 | +0.16 |
| Aug 8, 2025 | −0.63 | +0.16 |
| Aug 1, 2025 | −0.64 | +0.14 |
| Jul 25, 2025 | −0.64 | +0.14 |
| Jul 18, 2025 | −0.64 | +0.14 |
| Jul 11, 2025 | −0.64 | +0.14 |
| Jul 4, 2025 | −0.65 | +0.13 |
| Jun 27, 2025 | −0.65 | +0.13 |
| Jun 20, 2025 | −0.65 | +0.13 |
| Jun 13, 2025 | −0.65 | +0.13 |
| Jun 6, 2025 | −0.65 | +0.13 |
| May 30, 2025 | −0.65 | +0.13 |
| May 23, 2025 | −0.65 | +0.13 |
| May 16, 2025 | −0.65 | +0.13 |
| May 9, 2025 | −0.65 | +0.13 |
| May 2, 2025 | −0.65 | +0.13 |
| Apr 25, 2025 | −0.65 | +0.13 |
| Apr 18, 2025 | −0.66 | +0.12 |
| Apr 11, 2025 | −0.66 | +0.12 |
| Apr 4, 2025 | −0.66 | +0.12 |
| Mar 28, 2025 | −0.66 | +0.12 |
| Mar 21, 2025 | −0.66 | +0.12 |
| Mar 14, 2025 | −0.67 | +0.11 |
| Mar 7, 2025 | −0.67 | +0.11 |
| Feb 28, 2025 | −0.67 | +0.11 |
| Feb 21, 2025 | −0.68 | +0.1 |
| Feb 14, 2025 | −0.69 | +0.09 |
| Feb 7, 2025 | −0.69 | +0.09 |
| Jan 31, 2025 | −0.7 | +0.08 |
| Jan 24, 2025 | −0.71 | +0.07 |
| Jan 17, 2025 | −0.72 | +0.07 |
| Jan 10, 2025 | −0.73 | +0.06 |
| Jan 3, 2025 | −0.74 | +0.05 |
| Dec 27, 2024 | −0.75 | +0.04 |
| Dec 20, 2024 | −0.76 | +0.03 |
| Dec 13, 2024 | −0.77 | +0.02 |
| Dec 6, 2024 | −0.78 | +0.01 |
| Nov 29, 2024 | −0.79 | 0 |
| Nov 22, 2024 | −0.8 | 0 |
| Nov 15, 2024 | −0.8 | 0 |
| Nov 8, 2024 | −0.8 | 0 |
| Nov 1, 2024 | −0.81 | −0.01 |
| Oct 25, 2024 | −0.81 | 0 |
| Oct 18, 2024 | −0.81 | 0 |
| Oct 11, 2024 | −0.81 | 0 |
| Oct 4, 2024 | −0.81 | 0 |
| Sep 27, 2024 | −0.81 | 0 |
| Sep 20, 2024 | −0.8 | +0.01 |
| Sep 13, 2024 | −0.8 | +0.01 |
| Sep 6, 2024 | −0.8 | +0.01 |
| Aug 30, 2024 | −0.79 | +0.02 |
| Aug 23, 2024 | −0.79 | +0.02 |
| Aug 16, 2024 | −0.79 | +0.02 |
| Aug 9, 2024 | −0.79 | +0.02 |
| Aug 2, 2024 | −0.78 | +0.02 |
| Jul 26, 2024 | −0.78 | +0.02 |
| Jul 19, 2024 | −0.78 | +0.02 |
| Jul 12, 2024 | −0.78 | +0.01 |
| Jul 5, 2024 | −0.78 | +0.01 |
| Jun 28, 2024 | −0.78 | 0 |
| Jun 21, 2024 | −0.78 | 0 |
| Jun 14, 2024 | −0.78 | 0 |
| Jun 7, 2024 | −0.78 | −0.01 |
| May 31, 2024 | −0.78 | −0.01 |
| May 24, 2024 | −0.78 | −0.02 |
| May 17, 2024 | −0.78 | −0.02 |
| May 10, 2024 | −0.78 | −0.02 |
| May 3, 2024 | −0.78 | −0.03 |
| Apr 26, 2024 | −0.78 | −0.03 |
| Apr 19, 2024 | −0.78 | −0.03 |
| Apr 12, 2024 | −0.78 | −0.03 |
| Apr 5, 2024 | −0.78 | −0.04 |
| Mar 29, 2024 | −0.78 | −0.04 |
| Mar 22, 2024 | −0.78 | −0.04 |
| Mar 15, 2024 | −0.78 | −0.04 |
| Mar 8, 2024 | −0.78 | −0.05 |
| Mar 1, 2024 | −0.78 | −0.05 |
| Feb 23, 2024 | −0.78 | −0.06 |
| Feb 16, 2024 | −0.78 | −0.06 |
| Feb 9, 2024 | −0.78 | −0.07 |
| Feb 2, 2024 | −0.78 | −0.07 |
| Jan 26, 2024 | −0.78 | −0.08 |
| Jan 19, 2024 | −0.79 | −0.1 |
| Jan 12, 2024 | −0.79 | −0.11 |
| Jan 5, 2024 | −0.79 | −0.11 |
| Dec 29, 2023 | −0.79 | −0.12 |
| Dec 22, 2023 | −0.79 | −0.13 |
| Dec 15, 2023 | −0.79 | −0.14 |
| Dec 8, 2023 | −0.79 | −0.15 |
| Dec 1, 2023 | −0.79 | −0.15 |
| Nov 24, 2023 | −0.8 | −0.17 |
| Nov 17, 2023 | −0.8 | −0.17 |
| Nov 10, 2023 | −0.8 | −0.18 |
| Nov 3, 2023 | −0.8 | −0.18 |
| Oct 27, 2023 | −0.81 | −0.2 |
| Oct 20, 2023 | −0.81 | −0.2 |
| Oct 13, 2023 | −0.81 | −0.2 |
| Oct 6, 2023 | −0.81 | −0.2 |
| Sep 29, 2023 | −0.81 | −0.2 |
| Sep 22, 2023 | −0.81 | −0.19 |
| Sep 15, 2023 | −0.81 | −0.19 |
| Sep 8, 2023 | −0.81 | −0.19 |
| Sep 1, 2023 | −0.81 | −0.18 |
| Aug 25, 2023 | −0.81 | −0.18 |
| Aug 18, 2023 | −0.81 | −0.17 |
| Aug 11, 2023 | −0.81 | −0.16 |
| Aug 4, 2023 | −0.8 | −0.15 |
| Jul 28, 2023 | −0.8 | −0.14 |
| Jul 21, 2023 | −0.8 | −0.13 |
| Jul 14, 2023 | −0.79 | −0.11 |
| Jul 7, 2023 | −0.79 | −0.11 |
| Jun 30, 2023 | −0.78 | −0.09 |
| Jun 23, 2023 | −0.78 | −0.08 |
| Jun 16, 2023 | −0.78 | −0.07 |
| Jun 9, 2023 | −0.77 | −0.05 |
| Jun 2, 2023 | −0.77 | −0.04 |
| May 26, 2023 | −0.76 | −0.01 |
| May 19, 2023 | −0.76 | 0 |
| May 12, 2023 | −0.76 | +0.01 |
| May 5, 2023 | −0.75 | +0.03 |
| Apr 28, 2023 | −0.75 | +0.04 |
| Apr 21, 2023 | −0.75 | +0.06 |
| Apr 14, 2023 | −0.75 | +0.07 |
| Apr 7, 2023 | −0.74 | +0.1 |
| Mar 31, 2023 | −0.74 | +0.11 |
| Mar 24, 2023 | −0.74 | +0.13 |
| Mar 17, 2023 | −0.74 | +0.15 |
| Mar 10, 2023 | −0.73 | +0.17 |
| Mar 3, 2023 | −0.73 | +0.19 |
| Feb 24, 2023 | −0.72 | +0.22 |
| Feb 17, 2023 | −0.72 | +0.24 |
| Feb 10, 2023 | −0.71 | +0.26 |
| Feb 3, 2023 | −0.71 | +0.28 |
| Jan 27, 2023 | −0.7 | +0.31 |
| Jan 20, 2023 | −0.69 | +0.34 |
| Jan 13, 2023 | −0.68 | +0.37 |
| Jan 6, 2023 | −0.68 | +0.38 |
| Dec 30, 2022 | −0.67 | +0.41 |
| Dec 23, 2022 | −0.66 | +0.44 |
| Dec 16, 2022 | −0.65 | +0.46 |
| Dec 9, 2022 | −0.64 | +0.48 |
| Dec 2, 2022 | −0.64 | +0.5 |
| Nov 25, 2022 | −0.63 | +0.52 |
| Nov 18, 2022 | −0.63 | +0.53 |
| Nov 11, 2022 | −0.62 | +0.55 |
| Nov 4, 2022 | −0.62 | +0.55 |
| Oct 28, 2022 | −0.61 | +0.57 |
| Oct 21, 2022 | −0.61 | +0.58 |
| Oct 14, 2022 | −0.61 | +0.59 |
| Oct 7, 2022 | −0.61 | +0.59 |
| Sep 30, 2022 | −0.61 | +0.6 |
| Sep 23, 2022 | −0.62 | +0.59 |
| Sep 16, 2022 | −0.62 | +0.6 |
| Sep 9, 2022 | −0.62 | +0.61 |
| Sep 2, 2022 | −0.63 | +0.61 |
| Aug 26, 2022 | −0.63 | +0.62 |
| Aug 19, 2022 | −0.64 | +0.63 |
| Aug 12, 2022 | −0.65 | +0.63 |
| Aug 5, 2022 | −0.65 | +0.65 |
| Jul 29, 2022 | −0.66 | +0.65 |
| Jul 22, 2022 | −0.67 | +0.66 |
| Jul 15, 2022 | −0.68 | +0.68 |
| Jul 8, 2022 | −0.68 | +0.7 |
| Jul 1, 2022 | −0.69 | +0.71 |
| Jun 24, 2022 | −0.7 | +0.73 |
| Jun 17, 2022 | −0.71 | +0.74 |
| Jun 10, 2022 | −0.72 | +0.75 |
| Jun 3, 2022 | −0.73 | +0.77 |
| May 27, 2022 | −0.75 | +0.77 |
| May 20, 2022 | −0.76 | +0.79 |
| May 13, 2022 | −0.77 | +0.8 |
| May 6, 2022 | −0.78 | +0.81 |
| Apr 29, 2022 | −0.79 | +0.82 |
| Apr 22, 2022 | −0.81 | +0.82 |
| Apr 15, 2022 | −0.82 | +0.83 |
| Apr 8, 2022 | −0.84 | +0.82 |
| Apr 1, 2022 | −0.85 | +0.83 |
| Mar 25, 2022 | −0.87 | +0.82 |
| Mar 18, 2022 | −0.89 | +0.81 |
| Mar 11, 2022 | −0.9 | +0.81 |
| Mar 4, 2022 | −0.92 | +0.8 |
| Feb 25, 2022 | −0.94 | +0.78 |
| Feb 18, 2022 | −0.96 | +0.77 |
| Feb 11, 2022 | −0.97 | +0.76 |
| Feb 4, 2022 | −0.99 | +0.75 |
| Jan 28, 2022 | −1.01 | +0.73 |
| Jan 21, 2022 | −1.03 | +0.72 |
| Jan 14, 2022 | −1.05 | +0.7 |
| Jan 7, 2022 | −1.06 | +0.7 |
| Dec 31, 2021 | −1.08 | +0.69 |
| Dec 24, 2021 | −1.1 | +0.68 |
| Dec 17, 2021 | −1.11 | +0.68 |
| Dec 10, 2021 | −1.12 | +0.68 |
| Dec 3, 2021 | −1.14 | +0.67 |
| Nov 26, 2021 | −1.15 | +0.68 |
| Nov 19, 2021 | −1.16 | +0.69 |
| Nov 12, 2021 | −1.17 | +0.7 |
| Nov 5, 2021 | −1.17 | +0.72 |
| Oct 29, 2021 | −1.18 | +0.73 |
| Oct 22, 2021 | −1.19 | +0.74 |
| Oct 15, 2021 | −1.2 | +0.74 |
| Oct 8, 2021 | −1.2 | +0.76 |
| Oct 1, 2021 | −1.21 | +0.76 |
| Sep 24, 2021 | −1.21 | +0.76 |
| Sep 17, 2021 | −1.22 | +0.75 |
| Sep 10, 2021 | −1.23 | +0.73 |
| Sep 3, 2021 | −1.24 | +0.71 |
| Aug 27, 2021 | −1.25 | +0.67 |
| Aug 20, 2021 | −1.27 | +0.62 |
| Aug 13, 2021 | −1.28 | +0.57 |
| Aug 6, 2021 | −1.3 | +0.5 |
| Jul 30, 2021 | −1.31 | +0.43 |
| Jul 23, 2021 | −1.33 | +0.34 |
| Jul 16, 2021 | −1.36 | +0.24 |
| Jul 9, 2021 | −1.38 | +0.14 |
| Jul 2, 2021 | −1.4 | +0.04 |
| Jun 25, 2021 | −1.43 | −0.08 |
| Jun 18, 2021 | −1.45 | −0.18 |
| Jun 11, 2021 | −1.47 | −0.28 |
| Jun 4, 2021 | −1.5 | −0.4 |
| May 28, 2021 | −1.52 | −0.49 |
| May 21, 2021 | −1.55 | −0.6 |
| May 14, 2021 | −1.57 | −0.68 |
| May 7, 2021 | −1.59 | −0.76 |
| Apr 30, 2021 | −1.61 | −0.83 |
| Apr 23, 2021 | −1.63 | −0.9 |
| Apr 16, 2021 | −1.65 | −0.96 |
| Apr 9, 2021 | −1.66 | −1 |
| Apr 2, 2021 | −1.68 | −1.05 |
| Mar 26, 2021 | −1.69 | −1.08 |
| Mar 19, 2021 | −1.7 | −1.1 |
| Mar 12, 2021 | −1.71 | −1.12 |
| Mar 5, 2021 | −1.72 | −1.14 |
| Feb 26, 2021 | −1.72 | −1.14 |
| Feb 19, 2021 | −1.73 | −1.15 |
| Feb 12, 2021 | −1.73 | −1.15 |
| Feb 5, 2021 | −1.74 | −1.15 |
Weekly · Federal Reserve Bank of Chicago data retrieved via FRED (NFCINONFINLEVERAGE)
Counties with the highest debt burden scores
There's no county figure for this measure, so this list uses the debt burden part of our County Distress Index.
| Rank | County | Score (0–100) |
|---|---|---|
| 1 | Bronx County, NY | 99.6 |
| 2 | Miami-Dade County, FL | 99.4 |
| 3 | Rockland County, NY | 99.4 |
| 4 | Clayton County, GA | 99.1 |
| 5 | Broward County, FL | 99 |
| 6 | Palm Beach County, FL | 98.8 |
| 7 | Santa Barbara County, CA | 98.4 |
| 8 | St. Lucie County, FL | 98.4 |
| 9 | Osceola County, FL | 98.3 |
| 10 | Orleans Parish, LA | 98 |
Questions about the NFCI Non-Financial Leverage Subindex
What does the NFCI nonfinancial leverage subindex measure?
It measures how fast two debt ratios are growing: business debt compared with GDP, and household mortgage and consumer debt compared with spending on durable goods and home building. The result is in standard deviations from the long-run average, so zero is average, above zero means growth above the average and below zero means growth under it. It is not a percent.
Does this show that credit is getting harder to get?
No. It measures debt growth, not loan terms or interest rates. The Chicago Fed publishes a separate credit subindex for credit conditions, and its overall National Financial Conditions Index combines many more indicators. The Fed's household debt service ratio is the measure of payments against income.
How often is it updated, and does it change?
The Chicago Fed posts it every Wednesday for the week ending the previous Friday. Because the two inputs are quarterly, the weekly value is an estimate between quarterly data, and the Chicago Fed re-estimates past values every week, so earlier readings on this page can change.
Sources and method for the NFCI Non-Financial Leverage Subindex
- Federal Reserve Bank of Chicago data retrieved via FRED (NFCINONFINLEVERAGE) We use the weekly figures as published, from Jan 8, 1971 through Oct 30, 2026, with no adjustment of our own. Federal Reserve Bank of Chicago’s report
We write with assistance from AI tools. Figures come from the data and sources named on this page.