- US: Advance Trade & Inventories (Feb)
- Sweden: Retail Trade, PPI, International Trade (Feb); Iceland: CPI (Mar)
- Turkey: International Reserves (Feb); Mauritius: Wage Rate Index, LFS (Q4); Saudi Arabia: Non-Oil Foreign Trade (Jan); Palestine: BOP (Q4); UAE: Fuel Prices (Apr); Israel: Construction Starts & Completions (Q4); South Africa: Construction Survey (Q1); Tanzania: Trade (Q4)
- Brazil: PPI (Feb)
- more updates...
Economy in Brief
Texas Factory Sector Activity Remains Strong
The Dallas Fed indicated in its Texas Manufacturing Outlook Survey that the General Business Activity Index eased during March...
EMU Money and Credit Growth Are Less Than Impressive Than Euro-PMIs
EMU nominal money supply growth is slightly higher over three months, but credit growth in the EMU is slower...
Durable Goods Orders Strengthened by Another Jump in Aircraft
New orders for durable goods rose 1.7% (5.0% y/y) during February...
Correction to Unemployment Insurance Weekly Claims
The Department of Labor has issued a correction to yesterday's annual revision to seasonally adjusted weekly unemployment claims...
EMU PMIs Are Off to the Races...Farewell Mediocrity?
The PMI rankings for the manufacturing and service sector PMIs in the EMU are suddenly off the chart...
U.S. New Home Sales Improve While Prices Decline
Sales of new single-family homes increased 6.1% (12.8% y/y) during February to 592,000 units (AR)...
by Sandy Batten September 8, 2016
Consumer credit outstanding picked up in July, increasing $17.7 billion (6.0% y/y) during the month versus an upwardly revised, though still subpar, $14.5 billion (initially $12.3 billion) rise in June. The previously reported May increase was also revised up, rather significantly, to a $22.6 billion increase from $17.9 billion. A $15.1 billion increase had been expected in the Action Economics Forecast Survey. Over the past 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 led the July rise, increasing $14.9 billion (6.1% y/y) after an upwardly revised $5.4 billion gain in June. The June increase is still the smallest dollar increase since December. Federal government loans (37% of the total) increased 11.2% y/y. Finance company balances (23% of the total) eased 2.1% y/y. Borrowing from depository institutions (25% of the total) improved 5.6% y/y, and borrowing from credit unions (12% of the total) jumped 11.3% y/y.
Revolving consumer credit edged up $2.8 billion (5.9% y/y) in July, its smallest monthly increase since February. But the initially reported $7.7 billion for June was revised up to $9.2 billion. Balances at depository institutions (84% of the total) grew 8.3% y/y. Finance company holdings (6% of the total) fell 6.8% y/y, while borrowing from credit unions (5% of the total) advanced 8.5% 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)||Jul||Jun||May||Y/Y||2015||2014||2013|
|Total||$17.7 bil.||$14.5 bil.||$22.6 bil.||6.0%||6.6%||7.2%||6.0%|