Last Update: 10-Oct-14 16:58 ET
- Consumer credit increased by $13.5 bln in August, down from a downwardly revised $21.6 bln (from $26.0 bln) in July. The Briefing.com consensus expected consumer credit to increase by $20.0 bln.
- That was the smallest increase in consumer credit since it expanded by $8.3 bln in November 2013, but it still managed to increase by double-digits for the 9th consecutive month.
- Typically, consumer credit goes through large monthly revisions, but any future revision is unlikely to alter the current double-digit growth trend.
- Revolving credit declined to $880.3 bln in August from $880.5 bln in July, a drop of $0.2 bln. That was the first decline since revolving credit fell by $0.9 bln in February.
- Nonrevolving credit increased by $13.7 bln in August to $2,366.7 bln from $2,352.9 bln in July.
- Consumer credit has increased by an average of $18.6 bln per month in 2014.