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Economy in Brief
U.S. Mortgage Applications Continued to Slide Amid Higher Rates
The biggest declines have been in refinancing activity, while applications for purchase are just starting to crack...
UK Inflation Jumps
Inflation is at the highest rate since the series began in January of 1989...
U.S. Industrial Production Much Stronger than Expected in April
The increase in manufacturing output in April was once again led by motor vehicle and parts production...
U.S. Retail Sales Posted Solid Rise in April
Notwithstanding falling real incomes and declining confidence measures, consumer spending posted a solid increase...
U.S. Home Builder Index Took a Steep Drop in May
This is the fifth straight month that builder sentiment has declined...
Viewpoints
Commentaries are the opinions of the author and do not reflect the views of Haver Analytics.
The Many Links of Inflation Cycle: Hard Landing Is Needed to Crack Them
Peak Inflation & Fed Policy: A Relationship Which Should Worry The Fed And Scare Investors
Why Have the Yields on TIPS Been Negative in the Past Two Years?
"Core" GDP Suggests Economy Gained Momentum in Q1:2022
by Tom Moeller August 7, 2019
Individuals pared back their borrowing needs in June, but it remains strong. Consumer credit outstanding increased $14.58 billion (5.1% y/y) after rising $17.81 billion in May, revised from $17.10 billion. It was the smallest increase in three months. A $16.5 billion gain had been expected by the Action Economics Forecast Survey.
Nonrevolving credit usage grew $14.68 billion (5.6% y/y) during June, the strongest increase in six months. Borrowing from the federal government, which issues over 40% of nonrevolving credit, rose 7.3% y/y. Depository institutions lending (25% of credit) gained an accelerated 6.1% y/y. Meanwhile, finance company balances edged 0.7% higher y/y and credit union loans strengthened 8.7% y/y. Each of these sectors provide roughly 15% of nonrevolving credit.
Revolving consumer credit balances eased $0.08 billion (+3.9% y/y) in June following two months of strong increase. Credit provided by depository institutions, which makes up 90% of revolving balances, grew 4.9% y/y. Borrowing from credit unions (6% of the issuance) increased 8.4% y/y.
These Federal Reserve Board figures are break-adjusted and calculated by Haver Analytics. The breaks in the series in 2005, 2010 and 2015 are the result of the incorporation of the Census and Survey of Finance Companies, as well as changes in the seasonal adjustment methodology.
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) | Jun | May | Apr | Jun y/y | 2018 | 2017 | 2016 |
---|---|---|---|---|---|---|---|
Total | $14.58 bil. | $17.81 bil. | $17.49 bil. | 5.1% | 4.7% | 5.0% | 6.8% |
Nonrevolving | 14.68 | 10.32 | 10.81 | 5.6 | 5.3 | 4.8 | 6.9 |
Revolving | -0.08 | 7.48 | 6.68 | 3.9 | 3.1 | 5.6 | 6.8 |