- 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 October 7, 2016
Consumer credit outstanding increased $25.9 billion (6.8% y/y) during August following a $17.8 billion July improvement, revised from $17.7 billion. It was the strongest rise since September 2015, and one of the firmest of the economic expansion. A $16.5 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 rise, with a $20.2 billion gain (7.0% y/y) after a $15.0 billion July increase. Federal government loans (37% of the total) rose 11.0% y/y. Finance company balances (23% of the total) fell 1.6% y/y. Borrowing from depository institutions (25% of the total) improved 5.8% y/y, and borrowing from credit unions (12% of the total) jumped 12.8% y/y.
Revolving consumer credit increased a moderate $5.6 billion (6.2% y/y) after a $2.8 billion rise. Balances at depository institutions (84% of the total) grew 8.5% y/y. Finance company holdings (6% of the total) fell 6.7% y/y, while borrowing from credit unions (5% of the total) advanced 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.
Low Interest Rates from Fed Vice Chairman Stanley Fischer can be found here.
|Consumer Credit Outstanding (M/M Chg, SA)||Aug||Jul||Jun||Y/Y||2015||2014||2013|
|Total||$25.9 bil.||$17.8 bil.||$14.4 bil.||6.8%||7.0%||7.2%||6.0%|