- Korea: Housing Price Index (Apr)
- US: Consumer Sentiment (Apr-final), GDP (Q1 Adv), ECI (Q1)
- Consumer Sentiment Detail (Apr-final)
- US: Selected NIPA Tables (Q1-Adv), Summary key Source Data (Q1)
- Canada: GDP by Industry (Feb), Industrial Product Prices (Mar)
- *Taiwan National House Price Indexes Rebased to 2016=100.*
- Euro area: HICP (Apr-Flash), ECB Survey of Professional Forecasters (Q2)
- Italy: CPI, HICP (Apr-Prelim)
- Brazil: Sao Paolo Capacity Utilization (Mar);Mexico: Debt (Mar);
- more updates...
Economy in Brief
U.S. Employment Cost Index Has Stronger Gain
Lifted by outsized rises in several industries, the employment cost index for civilian workers rose 0.8% (2.4% y/y) during Q1'17...
Chicago Purchasing Managers Index Strengthens
The Chicago Purchasing Managers Business Barometer Index for April increased to 58.3 from 57.7 in March...
EMU Money and Credit Perk Up
There is some noticeable acceleration in EMU money and credit growth...
Durable Goods Orders Improvement Moderates
New orders for durable goods rose 0.7% (4.5% y/y) during March...
U.S. Initial Claims for Unemployment Insurance Increase
Initial unemployment claims for unemployment insurance rose to 257,000 during the week ended April 22...
U.S. Pending Home Sales Ease
The National Association of Realtors (NAR) reported that pending home sales slipped 0.8% ((+0.8% y/y) during March...
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%|