- Korea: GDP (Q4); Thailand Auto Sales (Feb)
- Turkey: Capacity Utilization, Business Tendency survey (Mar); South Africa: Tourism & Migration (Jan), Manufacturing Survey (Q1)
- Croatia: Tourism (Jan); Montenegro: Foreign Trade (Feb); Czech Republic: CPI by COICOP (Feb), Registered Employment (Q4); Kazakhstan: Loans & Deposits (Feb); Slovenia: Business Cycle Indicators (Mar); Russia: Employment by Industry (Q4);
- 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 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%|