Saturday, October 8, 2011

USA Consumer Credit Rises (Charts) *Federal government lending 47% of increase*

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Federal Reserve Statistical Release: Consumer Credit

USA Consumer Credit (Not Seasonally Adjusted) Total consumer credit increased +0.53% and +$12.89 billion to $2.454 trillion in August 2011 from July 2011. This is a 19-month high. Total revolving credit increased +0.49% and +$3.83 billion to $792.64 billion, a 7-month high. Total nonrevolving credit increased +0.55% and +$9.06 billion to $1.66 billion, an all-time high now that student loans are included.

[Editor's Note] Effective with the September 2010 data, the law changed and the U.S. federal government is the primary lender to students. Previously, the U.S. federal government had been the guarantor of student loans and private lenders provided the credit. A significant increase in NonRevolving Credit can be attributed to increased student loans by the government.

USA Consumer Credit Holders (Not Seasonally Adjusted) The U.S. Federal Government & Sallie Mae and Commercial Banks were the primary drivers of the August 2011 monthly increase in total consumer credit, representing 47% and 37% of the net increase, respectively. Next were Credit Unions, Finance Companies, NonFinancial Business, Savings Institutions, and Securitized Pools at 18%, 14%, 3%, 1%, and -20%, respectively.

Commentary In August 2011, excluding the U.S. Federal Government and Sallie Mae, total consumer credit increased only +0.33% and +$6.80 billion from the prior month July 2011 and actually decreased -4.11% and -$88.31 billion from the prior year August 2010. Public sector credit, the U.S. Federal Government and Sallie Mae, has been supporting a significant portion of the consumer credit increase via student loans. Private sector credit remains at low levels and is not significantly increasing.

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