Consumer Credit Growth Steady

Growth in consumer credit remains steady, up $16.6 billion in December following an upward revised $22.4 billion in November. Nonrevolving credit, where student loans and vehicle financing are tracked, rose $14.8 billion against a $17.6 billion increase in the prior month. But revolving credit, here tracking credit card debt, rose only $1.7 billion vs November's $4.8 billion. Given the absence of December retail sales data, which have been delayed due to the government shutdown, the slowing in revolving credit may hint at less aggressive purchases during the final month of holiday shopping.