- US: GDP & Corporate Profits (Q4, 3rd release)
- Canada: Industrial Products & Raw Material Prices (Feb)
- Spain: Flash HICP and CPI, Construction Business Survey Press (Mar)
- Euro area: EC Business and Consumer Surveys (Mar)
- Belize: GDP (Q4)
- Chile: IP (Feb); Brazil: Retail Trade - Rebased 2014=100 (Jan)
- Croatia: Employment, Retail Trade Press (Feb), Earnings (Jan); Bulgaria: PPI (Feb); Montenegro: Wages (Feb); Latvia: Retail Trade (Jan); Lithuania: External Debt Service (Q4);
- more updates...
Economy in Brief
U.S. Initial Claims for Unemployment Insurance Ease
Initial jobless insurance applications fell to 258,000 (-3.1% y/y) during the week ended March 25...
U.S. Pending Home Sales Jump
The NAR reported that pending home sales increased 5.5% in February to an index level of 112.3...
U.S. Mortgage Loan Applications Remain Little Changed; Variable Rate Apps Surge
The MBA total Mortgage Market Volume Index slipped 0.8% last week (-12.4% y/y)...
La Dolce Vita? Italian Confidence Bumps Higher
Italian business and consumer confidence moved higher in March...
U.S. Consumer Confidence Improves Significantly
The Conference Board Consumer Confidence Index for March strengthened 8.2% (30.7% y/y) to 125.6...
U.S. Energy Product Prices Remain Under Pressure
Regular gasoline prices held steady at $2.32 per gallon last week (12.1% y/y) for the third straight week...
by Tom Moeller August 5, 2016
Consumer credit outstanding increased $12.3 billion during June following a $17.9 billion May gain, revised from $18.6 billion. The 4.1% m/m increase was the smallest since July 2012. A $15.0 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 $4.6 billion (5.9% y/y) after a little-revised $16.1 billion gain. It was the smallest dollar increase since December as trend growth has been softening. The 2.1% rise, however, was the smallest since a decline in August 2011. Federal government loans (36% of the total) increased 11.0% y/y. Finance company balances (24% of the total) eased 1.8% y/y. Borrowing at depository institutions (25% of the total) improved 5.7% y/y, and borrowing at credit unions (11% of the total) jumped 11.4% y/y. Nonprofit & educational institution loans (2% of the total) declined 10.2% y/y, and nonfinancial business loans (1% of the total) remained unchanged y/y.
Revolving consumer credit increased $7.7 billion after a $1.8 billion rise, revised from $2.4 billion. It was the largest increase in three months and left y/y growth strong at 5.4%. Balances at depository institutions (84% of the total) grew 8.2% y/y. Finance company holdings (6% of the total) fell 10.2% y/y, while borrowing from credit unions (5% of the total) advanced 7.8% y/y. Nonfinancial business credit (2% of the total) fell 11.7% y/y, and securitized credit card balances (3% of the total) declined 16.2% y/y.
Student loans during Q2 increased 6.6% y/y while motor vehicle loans rose 7.0% 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)||Jun||May||Apr||Y/Y||2015||2014||2013|
|Total||$12.3 bil.||$17.9 bil.||$17.0 bil.||5.8%||6.6%||7.2%||6.0%|