Recent Updates
- Japan: Japan: CPI, Government Bond Trading Volume by Category of Investors (Apr)
- New Zealand: Overseas Merchandise Trade (Apr)
- UK: Consumer Confidence Barometer (May)
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Economy in Brief
U.S. Index of Leading Indicators Fell in April
Five of the index's components fell in April, one was unchanged and four increased...
U.S. Unemployment Claims Rose in the Latest Week
The state insured rates of unemployment in regular programs vary widely...
U.S. Housing Starts Dip in April but Remain Elevated
The pattern of housing construction activity seems to be shifting toward multifamily...
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...
Viewpoints
Commentaries are the opinions of the author and do not reflect the views of Haver Analytics.
Profits and 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 & 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?
by Tom Moeller January 8, 2020
Consumer Credit Outstanding increased $12.53 billion (4.5% y/y) during November after an $18.96 billion October gain, revised from $18.90 billion. A $16.4 billion increase had been expected by the Action Economics Forecast Survey.
Nonrevolving credit usage rose $14.94 billion (5.0% y/y) in November, the strongest increase in three months. Borrowing by the federal government, which issues over 40% of nonrevolving credit, rose a lessened 6.9% y/y. Depository institutions lending (25% of credit) gained an accelerated 7.5% y/y. It was the strongest y/y advance since November 2015. Meanwhile, finance company balances rose a steady 1.0% y/y following declines from 2015 to 2018. Credit union loans continued the slowdown which began late last year and rose 2.5% y/y, after 13.0% growth during 2018.
Revolving credit usage declined $2.43 billion (+2.9% y/y) in November after a $7.92 billion October rise. Credit provided by banks, which makes up 90% of revolving balances, rose a greatly reduced 2.9% y/y. It was growing at a 7.5% y/y pace during the summer of last year. Borrowing from credit unions (6% of the issuance) increased a lessened 6.1% y/y. Borrowing from finance companies fell 1.3% y/y.
During Q3 2019, student loan debt outstanding rose a greatly lessened 5.0% y/y. Motor vehicle loan debt outstanding increased a steady 4.0% 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) | Nov | Oct | Sep | Nov y/y | 2018 | 2017 | 2016 |
---|---|---|---|---|---|---|---|
Total | $12.53 bil. | $18.96 bil. | $8.93 bil. | 4.5% | 4.8% | 5.1% | 6.8% |
Nonrevolving | 14.94 | 11.06 | 8.76 | 5.0 | 5.4 | 4.9 | 6.9 |
Revolving | -2.43 | 7.92 | 0.19 | 2.9 | 3.1 | 5.6 | 6.8 |