Consumer credit for March 2021
- prior month revised to $26.13 billion from $27.57 billion. Last month surged by the most since late 2017
- revolving credit +$6.4 billion to $0.980 trillion
- up 7.9% year on year nurses 10.0% last month
- nonrevolving credit $19.45 billion to $3.261 trillion
- up 7.2% year on year versus 6.7% last month
Revolving credit includes credit cards. Nonrevolving credit includes auto and school loans. The gain this month was most since June as demand for cars has been a strong despite the supply constraints due to global semiconductor shortage.
Increases in the consumer credit generally move higher when consumers are more confident. The increase in government stimulus checks, increase vaccination and the easing of restrictions has given the consumer more confidence
