Global| Apr 08 2008U.S. Consumer Credit Growth Eased in February
by:Tom Moeller
|in:Economy in Brief
Summary
Consumer credit outstanding rose $5.1B during February, roughly half the gain posted for January. The weak rise lowered three month growth in credit to 2.8% (AR) which, due to slower growth in consumer spending, was half the rate of [...]
Consumer credit outstanding rose $5.1B during February, roughly half the gain posted for January.
The weak rise lowered three month growth in credit to 2.8% (AR) which, due to slower growth in consumer spending, was half the rate of gain during all of last year.
Growth in revolving credit slowed only somewhat m/m to $4.7B but three month growth halved from its November high to 5.4% (AR).
The gain in non-revolving credit, which accounts for nearly two thirds of total consumer credit, grew just $0.5B and the three month growth rate dropped to 1.3% (AR) versus a high of 8.1% last September.
These figures are the major input to the Fed's Flow of Funds accounts for the household sector, released quarterly.
The Recession Dating Procedure from the National Bureau of Economic Research (NBER) can be found here.
| Consumer Credit (m/m Chg, SAAR) | February | January | Y/Y | 2007 | 2006 | 2005 |
|---|---|---|---|---|---|---|
| Total | $5.1B | $10.3B | 5.8% | 5.7% | 4.5% | 4.3% |
| Revolving | $4.7B | $5.6B | 8.2% | 7.5% | 6.1% | 3.1% |
| Non-revolving | $0.5B | $4.8B | 4.4% | 4.7% | 3.6% | 4.9% |
Tom Moeller
AuthorMore in Author Profile »Prior to joining Haver Analytics in 2000, Mr. Moeller worked as the Economist at Chancellor Capital Management from 1985 to 1999. There, he developed comprehensive economic forecasts and interpreted economic data for equity and fixed income portfolio managers. Also at Chancellor, Mr. Moeller worked as an equity analyst and was responsible for researching and rating companies in the economically sensitive automobile and housing industries for investment in Chancellor’s equity portfolio. Prior to joining Chancellor, Mr. Moeller was an Economist at Citibank from 1979 to 1984. He also analyzed pricing behavior in the metals industry for the Council on Wage and Price Stability in Washington, D.C. In 1999, Mr. Moeller received the award for most accurate forecast from the Forecasters' Club of New York. From 1990 to 1992 he was President of the New York Association for Business Economists. Mr. Moeller earned an M.B.A. in Finance from Fordham University, where he graduated in 1987. He holds a Bachelor of Arts in Economics from George Washington University.
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