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Economy in Brief

U.S. Consumer Credit Growth Stable in June, Still Stable With 2007
by Tom Moeller August 7, 2008

Consumer credit outstanding rose $14.3B during June following moderate $8.0 and $9.0 billion increases during the prior two months.

On a percentage basis, the change in consumer credit over the last three months averaged 5.0% (AR) and that was roughly stable. The rate of gain was, however, up from 3.3% this passed February.

Revolving credit outstanding rose $5.5B during June. Here again, the three month rate of growth of 5.0% recently has been stable but reduced from a 7.4% rise during all of last year.

Non-revolving credit, which accounts for nearly two thirds of total consumer credit, rose a sharp $8.9B in June. The three month annualized average growth rate, however, was 5.0% and that was up from a 2.2% growth rate in February, 4.7% growth during all of last year and 3.6% growth in 2004.

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

Credit card debt and payment use from the Federal Reserve Bank of Boston can be found here.

Consumer Credit (m/m Chg, SAAR) June May Y/Y 2007 2006  2005
Total $14.3B  $8.0B 5.6% 5.7% 4.5% 4.3%
  Revolving $5.5B $6.1B 7.2% 7.4% 6.1% 3.1%
  Non-revolving $8.9B $1.9B 4.6% 4.7% 3.6% 4.9%
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