Charts of the Week
U.S. Consumer Credit
Chart of the Week for June 21, 2019 - June 27, 2019
The U.S. Federal Reserve Board publishes monthly data on consumer credit based on a survey of commercial banks, consumer finance companies, credit unions, and retailers. The report represents loans for households, for financing purchases of goods and services as well as refinancing existing consumer debt. The chart above shows the month-end amount of total U.S. Consumer Credit (in billions) over the past year.
For April 2019, consumer credit grew by $17.5 billion, which was above the consensus expectation of $12 billon, and the largest increase since November 2018. On a year-over-year basis, consumer credit grew by 5.3%. Revolving credit, primarily credit card use for purchases or cash advances, rose by $7 billion in April 2019 after falling in March 2019. Economists noted that current interest rate indications are uncertain, and the Federal Reserve Board may pause interest rate hikes, or even cut interest rates, which may have varying impacts on Consumer Credit usage. Other data indicates lending standards might be tightening and possibly lowering consumer credit growth going forward, including a recent survey of Senior Loan Offices that indicated 15.2% of respondents noted higher lending standards for credit cards, and 1.8% reported increased standards for auto loans.
Posted by: sarah_oz@yahoo.com
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