Friday, November 7, 2014

Consumer Credit Grew 5.9% (SAAR) in September

Consumer credit increased at a seasonally adjusted annual rate of 5.9% in September to $3.27 trillion. The growth rate was 2.0% for revolving credit (to $881 billion)—following a 0.3% drop in August—and 7.3% for non-revolving credit (to 2.4 trillion).

Total outstanding consumer credit increased by $15.9 billion. Total outstanding non-revolving credit grew by $14.5 billion, primarily driven by increases of $10.9 billion in student loans and $7.4 billion in auto loans. Total outstanding revolving credit increased by $1.4 billion.

The Federal Government continues to be the primary holder of non-revolving credit, holding 34%, followed by finance companies and depository institutions, with 26% each. Depository institutions continue to be the primary holder of revolving credit, holding 81%.

Read the Federal Reserve release.

No comments:

Post a Comment

Please read our comment policy before making a comment.