Recent Updates
- **EIA releases, including WPSR, are delayed by the source**
- China: EPMI (Jun)
- US: New Residential Sales (May)
- Canada: Payroll Employment, Earnings, & Hours (Apr)
- more updates...
Economy in Brief
Italian Consumer Confidence Remains Hammered Down
Italy's consumer confidence fell month-to-month...
U.S. Current Account Deficit Deepens to Record in Q1'22
The U.S. current account deficit deepened to $291.4 billion during Q1'22...
Kansas City Fed Manufacturing Index Declines Further in June But Remains Positive
The Kansas City Fed reported that its manufacturing sector business activity index fell to 12 in June...
U.S. Unemployment Claims Edged Down
Initial claims for unemployment insurance filed in the week ended June 18 declined by 2,000 to 229,000...
U.S. Energy Prices Reverse Earlier Gains
Retail gasoline prices surged to $5.01 per gallon (63.1% y/y)...
Viewpoints
Commentaries are the opinions of the author and do not reflect the views of Haver Analytics.
by Tom Moeller June 7, 2021
• Nonrevolving credit usage continues strong.
• Revolving credit balances decline.
Consumer credit outstanding grew $18.6 billon during April, the same as in March, revised from $25.8 billion. February's increase was revised to $18.2 billion from $26.1 billion. A $20.0 billion April rise had been expected in the Action Economics Forecast Survey. The ratio of consumer credit outstanding-to-disposable personal income rose m/m to 22.5% compared to 23.9% during all of last year and 25.7% during 2019.
Nonrevolving credit usage increased $20.6 billion, the strongest rise since June of last year. Federal government borrowing, which issues over 40% of nonrevolving credit, grew an increased 4.4% y/y. Depository institution loans (25% of credit) grew a strengthened 4.7% y/y, up from 2.7% last year. Finance company borrowing (17.0% of loans) rose an accelerated 8.9% y/y, up from 1.0% growth in 2019, and credit union loans (15.0% of the total) increased a steady 2.8% y/y.
Revolving consumer credit balances declined $2.0 billion after a $1.4 billion March rise. Balances had been falling throughout 2020. Credit provided by depository institutions (90% of the total and mostly credit card debt), dropped 5.6% y/y. Credit union borrowing fell 7.0% y/y and the value of finance company loans weakened 16.8% y/y.
These Federal Reserve Board figures are break-adjusted and calculated by Haver Analytics. The breaks in the series in 2005, 2010 and 2015 are the result of the incorporation of the Census and Survey of Finance Companies, as well as changes in the seasonal adjustment methodology. The consumer credit data are available in Haver's USECON database. The Action Economics figures are contained in the AS1REPNA database.
Consumer Credit Outstanding (M/M Chg, SA) | Apr | Mar | Feb | Apr y/y | 2020 | 2019 | 2018 |
---|---|---|---|---|---|---|---|
Total ($ bil) | 18.6 | 18.6 | 18.2 | 2.3% | -0.2% | 4.6% | 4.5% |
Nonrevolving | 20.6 | 17.2 | 15.1 | 4.9 | 3.6 | 5.0 | 4.8 |
Revolving | -2.0 | 1.4 | 3.1 | -5.5 | -11.1 | 3.6 | 3.7 |