Strong Growth For Consumer Credit

Consumer credit rose a strong $20.1 billion in August to easily top Econoday's consensus range. Growth was strong for both nonrevolving credit, rising just over $15 billion in the month, and revolving credit as well, up nearly $5 billion. Gains in nonrevolving reflect demand for vehicle financing and also student loans while gains for revolving credit reflect credit-card debt. The consumer is spending and borrowing which, against the backdrop of healthy credit standards, is a plus for the economy.