Recent Updates
- US: Consumer Sentiment (Jan-prelim), Mfg & Trade Inventories & Sales (Nov), IP & Capacity Utilization, Adv Retail Sales, Producer Prices (Dec)
- US: Industrial Production Detail (Dec)
- US: Producer Price Indexes by Commodity Detail (Dec)
- more updates...
Economy in Brief
Empire State Manufacturing Index Declines in January
The Empire State Manufacturing Index of General Business Conditions decreased to 3.5 in January...
U.S. Industrial Production Continues Recovery
Industrial production advanced 1.6% in December...
U.S. PPI Rose 0.3% in December
The Producer Price Index for final demand rose 0.3% (0.8% y/y) in December...
U.S. Business Inventories Accumulate during November as Sales Weaken
Total business inventories increased 0.5% during November (-3.2% y/y)...
The EMU Trade Surplus Stabilizes
Both exports and imports have been regaining momentum...
Viewpoints
Commentaries are the opinions of the author and do not reflect the views of Haver Analytics.
by Tom Moeller April 6, 2018
Consumer credit outstanding increased $10.61 billion (5.1% y/y) during February following a $15.59 billion January rise, revised from $13.89 billion. It was the weakest monthly increase since September. A $15.0 billion rise had been expected in the Action Economics Forecast Survey. During the past ten years, there has been a 51% correlation between the y/y gain in consumer credit and y/y growth in personal consumption expenditures.
Nonrevolving credit usage grew $10.46 billion (5.0% y/y) after a $14.15 billion rise. Federal government borrowing (38% of the total) rose 8.8% y/y. Finance company balances (22% of the total) fell 1.5% y/y. Borrowing from depository institutions (25% of the total) improved 3.4% y/y and credit union loans (12% of the total) strengthened 11.0% y/y.
Revolving consumer credit balances nudged $0.15 billion higher (6.1% y/y), the weakest monthly rise since November 2013. Balances at depository institutions (84% of the total) increased 7.5% y/y. Finance company holdings (6% of the total) gained 5.1% y/y, while borrowing from credit unions (5% of the total) strengthened 9.5% 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 | 2017 | 2016 | 2015 |
---|---|---|---|---|---|---|---|
Total | $10.61 bil. | $15.59 bil. | $18.98 bil. | 5.1% | 5.4% | 6.7% | 7.1% |
Nonrevolving | 10.46 | 14.15 | 12.90 | 5.0 | 5.1 | 6.7 | 7.7 |
Revolving | 0.15 | 0.70 | 6.15 | 6.1 | 6.1 | 6.6 | 5.4 |