- China: Industrial Profits (Mar); Philippines: Tourist Arrivals (Feb); Korea: GDP (Q1)
- New Zealand: Tourism Expenditure, International Reserves, RBNZ Analytical Accounts and Statistical Balance Sheet (Mar); Australia: Import and Export Price Indexes (Q1)
- Japan: Input Output Prices, International Trade, Lease Contracts (Mar), First 10 Days Trade (Apr)
- France: INSEE Household Survey (Apr), Registered Unemployed & Job
- more updates...
Economy in Brief
U.S. Gasoline Prices Are Little-Changed; Crude Oil Falls
Regular gasoline prices of $2.45 per gallon last week (13.3% y/y)...
Japan's METI Indexes Show Ongoing Gains
The services sector is assessed by the METI indexes where it is named the 'tertiary sector.' That sector index rose to 104.1 in February...
U.S. New Home Sales & Prices Strengthen
Sales of new single-family homes increased 5.8% (15.6% y/y) during March to 621,000...
U.S. Consumer Confidence Backpedals
The Conference Board Consumer Confidence Index fell 3.7% during April (+27.0% y/y) to 120.3...
U.S. FHFA House Price Index Regains Strength
The FHFA U.S. house prices increased 0.8% during February (6.5% y/y)...
French Manufacturing and Service Sectors Weaken But Stay on Trend or Hold Recent Gains
The French manufacturing sector trend index is down to 1 in April from 3 in March...
by Tom Moeller July 8, 2016
Consumer credit outstanding increased $18.6 billion during May following an unrevised $13.4 billion April gain. A $15.2 billion increase had been expected in the Action Economics Forecast Survey. During the last ten years, there has been a 46% correlation between the y/y growth in consumer credit and y/y growth in personal consumption expenditures.
Nonrevolving credit borrowing grew $16.2 billion (6.6% y/y) after a little-revised $12.0 billion gain. Federal government loans (36% of the total) increased 11.3% y/y. Finance company balances (24% of the total) eased 1.5% y/y. Borrowing at depository institutions (25% of the total) improved 5.3% y/y, and borrowing at credit unions (11% of the total) jumped 16.3% y/y. Nonprofit & educational institution loans (2% of the total) declined 9.6% y/y, and nonfinancial business loans (1% of the total) remained unchanged y/y.
Revolving consumer credit increased $2.4 billion after a $1.4 billion rise, last month reported as $1.6 billion. Balances at depository institutions (84% of the total) grew 8.2% y/y. Finance company holdings (6% of the total) fell 8.3% y/y, while borrowing from credit unions (5% of the total) advanced 5.6% y/y. Nonfinancial business credit (2% of the total) fell 11.7% y/y, and securitized credit card balances (3% of the total) declined 16.4% y/y.
Student loans during Q1 increased 6.5% y/y while motor vehicle loan rose 8.1% y/y.
These Federal Reserve Board figures are break-adjusted and calculated by Haver Analytics. There is a break in the credit outstanding data from November 2010 to December 2010 due to the Fed's benchmarking process. Benchmark estimates are based on the Census of Finance Companies (CFC) and the Survey of Finance Companies (SFC) conducted in 2010 and 2011, respectively.
The consumer credit data are available in Haver's USECON database. The Action Economics figures are contained in the AS1REPNA database.
|Consumer Credit Outstanding (M/M Chg, SA)||May||Apr||Mar||Y/Y||2015||2014||2013|
|Total||$18.6 bil.||$13.4 bil.||$29.4 bil.||6.3%||6.5%||7.2%||6.0%|