Consumer credit outstanding surged $28.9 billion during September following an unrevised $16.0 billion August rise. It was the largest increase rate, yoy 7.1% in postwar history. Expectations were for a $17.2 billion gain.
Separately, robust credit was led by non-revolving increased about 22 billion dollar from previous month while revolving credit grew 6.7 billion. Non-revolving is almost consist of auto-loan and borrowing of longer-period maturity. This is likely in line with spurred car sales recently.
On the other hand, revolving credit such as private credit card usage increased with pace of 4.7% from a year earlier and it's faster than previous years. Albeit this growth rate is lower than non-revolving, higher itself could signal reflation scenario in U.S. economy.
| Consumer Credit Outstanding (M/M Chg, SA) | Sep | Aug | Jul | Y/Y | 2014 | 2013 | 2012 |
|---|---|---|---|---|---|---|---|
| Total | $28.9 bil. | $16.0 bil. | $19.5 bil. | 7.1% | 7.0% | 6.0% | 6.1% |
| Revolving | 6.7 | 4.0 | 4.2 | 4.7 | 3.7 | 1.4 | 0.6 |
| Nonrevolving | 22.2 | 12.0 | 15.3 | 8.0 | 8.3 | 7.9 | 8.5 |
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