- New Zealand: International Trade (Feb)
- Korea: Consumer Survey Index (Mar); Philippines: Public Finance (Jan)
- Weekly: **Initial Claims Data Revisions Completed**
- Euro area: Flash Consumer Confidence Indicator (Mar)
- US: New Residential Sales (Feb)
- Belgium: Business Survey (Mar)
- Uruguay: GDP (Q4)
- more updates...
Economy in Brief
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...
U.S. Existing Home Sales Fall to Five-Month Low; Inventory Remains Tight
Sales of existing single-family homes declined 3.7% (+5.4% y/y) to 5.480 million units (AR) during February...
U.S. FHFA House Price Index Momentum Diminishes
The FHFA U.S. house price index remained unchanged during January following a 0.4% December increase ...
Japan's Trade Trends Turn Sharply Higher
Japan has logged its largest current account surplus since April 2010...
by Tom Moeller March 7, 2017
Consumer credit outstanding increased $8.8 billion (6.3% y/y) during January following a $14.7 billion December increase, earlier reported as $14.2 bil. An $18.0 billion increase had been expected in the Action Economics Forecast Survey. During 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 gained $12.6 billion (6.4% y/y) in January after an $11.2 billion increase. Federal government loans (38% of the total) rose 10.2% y/y. Finance company balances (22% of the total) fell 1.9% y/y. Borrowing from depository institutions (25% of the total) improved 6.7% y/y, and credit union loans (12% of the total) strengthened 12.4% y/y.
Revolving consumer credit balances declined $3.8 billion (+6.0% y/y) and reversed a $3.6 billion increase. Balances at depository institutions (84% of the total) increased 6.9% y/y. Finance company holdings (6% of the total) improved 0.9% y/y, while borrowing from credit unions (5% of the total) advanced 7.2% 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.
The 2017 Budget and Economic Outlook from the Congressional Budget Office can be found here.
|Consumer Credit Outstanding (M/M Chg, SA)||Jan||Dec||Nov||Y/Y||2016||2015||2014|
|Total||$8.8 bil.||$14.7 bil.||$25.9 bil.||6.3%||6.5%||7.0%||7.2%|