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Economy in Brief
U.S. Mortgage Applications Continue to Weaken
The MBA Loan Applications Index fell 1.2% (-54.5% y/y) in the week ended May 20...
German Climate Reading Continues to Skid Toward the Abyss
Germany's GfK consumer climate reading improved ever so slightly in June...
U.S. New Home Sales Plunge in April as Prices Jump
The new home sales market is unraveling...
U.S. Energy Prices Rise Further
Retail gasoline prices increased to $4.59 per gallon in the week ended May 23...
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Among the early reporting countries in Europe and Japan, the S&P PMI readings for May tilt toward weakness...
Viewpoints
Commentaries are the opinions of the author and do not reflect the views of Haver Analytics.
State Coincident Indexes in April 2022
State Labor Markets in April 2022
Profits & Margins Plunge In Q1: Expect More Margin Contraction As Fed Squeezes Inflation
The Many Links of Inflation Cycle: Hard Landing Is Needed to Crack Them
Peak Inflation and Fed Policy: A Relationship which Should Worry the Fed and Scare Investors
by Tom Moeller October 8, 2012
Lenders accommodated consumers' borrowing needs during August.
Consumer credit surged $18.1B following a revised $2.5B July decline
according to Federal Reserve figures released late on Friday. The
Action Economics survey consensus called for an August increase of $6.3B.
Versus last year credit outstanding grew at an accelerated 5.5% rate.
A bounce-back in non-revolving credit of $13.9B accounted for the August surge. The monthly rise brought the y/y gain to 7.8%, its strongest since late 2002. Non-revolving credit accounts for roughly two thirds of the credit total. Revolving credit rose a lesser $4.2B and recovered most of its July drop. That left the y/y gain at a moderate 0.9%.
The figures used in this report 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 in the AS1REPNA database.
Consumer Credit Outstanding (M/M Chg, SA | Aug | Jul | Jun | Y/Y | 2011 | 2010 | 2009 |
---|---|---|---|---|---|---|---|
Total | $18.1B | -$2.5B | $11.8B | 5.5% | 3.4% | -1.2% | -4.5% |
Revolving | 4.2 | -4.8 | -3.3 | 0.9 | 0.1 | -7.4 | -8.8 |
Non-revolving | 13.9 | 2.4 | 14.7 | 7.8 | 5.0 | 2.5 | -1.8 |