Global| May 08 2008U.S. Consumer Credit Growth Up in March, Stable With 2007
by:Tom Moeller
|in:Economy in Brief
Summary
Consumer credit outstanding rose $15.3B during March after an upwardly revised $6.6B February increase. The gain was more than twice the rise that was generally expected. On a percentage basis, the change in consumer credit over the [...]
Consumer credit outstanding rose $15.3B during March after an upwardly revised $6.6B February increase. The gain was more than twice the rise that was generally expected.
On a percentage basis, the change in consumer credit over the last three months averaged 5.5% (AR), about the same as during all of 2007.
Revolving credit outstanding rose $6.3B, nearly twice the February increase. The three month growth rate, however, fell slightly to 6.9% from 7.5% last year.
Non-revolving credit, which accounts for nearly two thirds of total consumer credit, increased more sharply last month by $9.0B after an upwardly revised $2.6B February gain. The three month annualized average growth rate, however, was stable with last year's 4.7% increase though that was up from a 1.2% low at the end of last year.
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) | March | February | Y/Y | 2007 | 2006 | 2005 |
|---|---|---|---|---|---|---|
| Total | $15.3B | $6.6B | 5.9% | 5.7% | 4.5% | 4.3% |
| Revolving | $6.3B | $3.9B | 7.9% | 7.5% | 6.1% | 3.1% |
| Non-revolving | $9.0B | $2.6B | 4.7% | 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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