- Egypt: IP (Feb)
- US: Regional Payroll Employment (Mar)
- US: GDP by Industry (Q4)
- Realtors Confidence Index Survey (Mar)
- US: Existing Home Sales (Mar)
- Manufacturing Survey - Markit US (Flash - Mar), Composite and Services Survey - Markit US (Flash - Mar)
- Mexico: National Employment Survey(Mar)
- *Switzerland: House Price Index - Rebased to Q1-2000=100 (Q1)*
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Economy in Brief
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U.S. Initial Unemployment Insurance Applications Increase
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Japan trade trends, broadly considered, seem to be stabilizing...
U.S. Mortgage Loan Applications Fall
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by Tom Moeller April 7, 2017
Consumer credit outstanding strengthened $15.2 billion during February following a $10.7 billion January increase, revised from $8.8 billion. A $15.0 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 increased $12.3 billion (6.4% y/y) in February after a $13.5 billion increase. Federal government loans (38% of the total) rose 10.0% y/y. Finance company balances (22% of the total) fell 1.7% y/y. Borrowing from depository institutions (25% of the total) improved 6.2% y/y, and credit union loans (12% of the total) strengthened 12.7% y/y.
Revolving consumer credit balances bounced back $2.9 billion (6.2% y/y) and reversed a $2.6 billion decline. Balances at depository institutions (84% of the total) increased 7.0% y/y. Finance company holdings (6% of the total) improved 5.6% y/y, while borrowing from credit unions (5% of the total) advanced 8.3% 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.
|Consumer Credit Outstanding (M/M Chg, SA)||Feb||Jan||Dec||Feb Y/Y||2016||2015||2014|
|Total||$15.2 bil.||$10.9 bil.||$13.9 bil.||6.3%||6.5%||7.0%||7.2%|