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Economy in Brief

U.S. Consumer Credit Growth Eased in February
by Tom Moeller April 8, 2008

Consumer credit outstanding rose $5.1B during February, roughly half the gain posted for January.

The weak rise lowered three month growth in credit to 2.8% (AR) which, due to slower growth in consumer spending, was half the rate of gain during all of last year.

Growth in revolving credit slowed only somewhat m/m to $4.7B but three month growth halved from its November high to 5.4% (AR).

The gain in non-revolving credit, which accounts for nearly two thirds of total consumer credit, grew just $0.5B and the three month growth rate dropped to 1.3% (AR) versus a high of 8.1% last September.

These figures are the major input to the Fed's Flow of Funds accounts for the household sector, released quarterly.

The Recession Dating Procedure from the National Bureau of Economic Research (NBER) can be found here.

Consumer Credit (m/m Chg, SAAR) February January Y/Y 2007 2006  2005
Total $5.1B  $10.3B 5.8% 5.7% 4.5% 4.3%
  Revolving $4.7B $5.6B 8.2% 7.5% 6.1% 3.1%
  Non-revolving $0.5B $4.8B 4.4% 4.7% 3.6% 4.9%
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