- Weekly: **Unemployment Initial Claims Data have been revised**
- US: Housing Starts by State and Region (Feb)
- CPB World Trade Monitor (Jan)
- CPB World Trade Monitor (Jan)
- France: Registered Unemployed & Job Vacancies (Feb)
- US: Household Employment for States and Regions (Feb)
- US: Wholesale Trade Revisions, Advance Durable Goods (Feb)
- Manufacturing Survey - Markit US (Flash - Mar), Composite Survey - US (Flash - Mar), Services Survey - US (Flash - Mar)
- more updates...
Economy in Brief
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)...
Kansas City Federal Reserve Factory Index Strengthens; Expectations Surge
The Kansas City Fed reported that its index of regional manufacturing sector business activity increased to 20 during March...
U.S. Initial Unemployment Insurance Claims Rise
Initial claims for unemployment insurance increased to 258,000 (-3.0% y/y) during the week ended March 18...
U.K. Retail Looks Less Bulletproof
For the most part, the assessments embodied in the March survey from the UK's CBI are being taken as being upbeat...
by Tom Moeller November 7, 2016
Consumer credit outstanding increased $19.3 billion (6.5% y/y) during September following a $26.8 billion August rise, revised from $25.9 billion. An $18.0 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 $15.1 billion gain (6.7% y/y) after a $21.1 billion August increase. Federal government loans (37% of the total) rose 10.9% y/y. Finance company balances (23% of the total) fell 2.0% y/y. Borrowing from depository institutions (25% of the total) improved 5.0% y/y, and borrowing from credit unions (12% of the total) strengthened 12.9% y/y.
Revolving consumer credit increased a moderate $4.2 billion (5.9% y/y) after a $5.6 billion rise. Balances at depository institutions (84% of the total) grew 8.1% y/y. Finance company holdings (6% of the total) fell 7.3% y/y, while borrowing from credit unions (5% of the total) advanced 7.0% y/y.
Student loans during Q3'16 increased 6.4% y/y, down from a high of 14.4% growth in 2009. Motor vehicle loans increased 6.6% y/y versus 9.0% growth in 2014.
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.
The Economic Outlook from Fed Vice Chairman Stanley Fischer can be found here.
|Consumer Credit Outstanding (M/M Chg, SA)||Sep||Aug||Jul||Y/Y||2015||2014||2013|
|Total||$19.3 bil.||$26.8 bil.||$17.6 bil.||6.5%||7.0%||7.2%||6.0%|