November 2012 Consumer Credit Growing At Pre-Recession Rates
From Econintersect Combined RSS Feed
January 8, 2013 - 10:21pm
Written by Steven Hansen
The headline said:
In November, consumer credit increased at a seasonally adjusted annual rate of 7 percent. Revolving credit increased at an annual rate of 1 percent, while nonrevolving credit increased at an annual rate of 9-1/2 percent.
Econintersect takeaway from the data:
November 2012 unadjusted consumer credit was 26.6% driven by student loans. In other words credit expanded even ignoring student loans. Using the Feds 7% seasonally adjusted annual rate, it means that total consumer credit expansion rate (ignoring student loans) is approximately 5%.
Credit Card usage is growing only marginally, but the growth is in non-revolving loans (cars, boats, trailers, etc).
The market expected consumer credit to expand $8.0 to $10.6 billion versus the seasonally adjusted expansion of $16.0 billion reported.
Read more »
Continue reading this article »
Share This Article: