Global| Aug 07 2008U.S. Consumer Credit Growth Stable in June, Still Stable With 2007
by:Tom Moeller
|in:Economy in Brief
Summary
Consumer credit outstanding rose $14.3B during June following moderate $8.0 and $9.0 billion increases during the prior two months. On a percentage basis, the change in consumer credit over the last three months averaged 5.0% (AR) and [...]
Consumer credit outstanding rose $14.3B during June following moderate $8.0 and $9.0 billion increases during the prior two months.
On a percentage basis, the change in consumer credit over the last three months averaged 5.0% (AR) and that was roughly stable. The rate of gain was, however, up from 3.3% this passed February.
Revolving credit outstanding rose $5.5B during June. Here again, the three month rate of growth of 5.0% recently has been stable but reduced from a 7.4% rise during all of last year.
Non-revolving credit, which accounts for nearly two thirds of total consumer credit, rose a sharp $8.9B in June. The three month annualized average growth rate, however, was 5.0% and that was up from a 2.2% growth rate in February, 4.7% growth during all of last year and 3.6% growth in 2004.
These figures are the major input to the Fed's Flow of Funds accounts for the household sector, released quarterly.
Credit card debt and payment use from the Federal Reserve Bank of Boston can be found here.
| Consumer Credit (m/m Chg, SAAR) | June | May | Y/Y | 2007 | 2006 | 2005 |
|---|---|---|---|---|---|---|
| Total | $14.3B | $8.0B | 5.6% | 5.7% | 4.5% | 4.3% |
| Revolving | $5.5B | $6.1B | 7.2% | 7.4% | 6.1% | 3.1% |
| Non-revolving | $8.9B | $1.9B | 4.6% | 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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