Friday, October 5, 2018
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.
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