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Increasing Consumer Credit

Tuesday, December 12, 2017   (0 Comments)

Squeezed-in between a solid volume of recent economic data, a few reports released last week were consistent with a strengthened outlook for consumers. One such report, The Fed’s G-19 Statistical Release on U.S. consumer credit, revealed that loan and credit card outstanding rose 6.6% (annual rate) in September. That’s a 4.2% gain from the prior month. Viewed another way, consumer credit has increased 5.6% over the past 12 months. Some economists believe this indicates that U.S. consumers are less cautious in their spending and are now more willing to use credit cards to purchase goods and services than just a few months ago. On the other hand, the consumer savings rate plummeted to 3.1% in September. That’s the lowest level since December 2007 (the approximate start of the Great Recession). We believe this data tells us there are hardy gains in consumer expenditures --- revealing one of those “bright spots” in our current economy.

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