In February, credit increased $18.6 (slightly more than the $18.2B initially reported).
- Revolving credit fell $1.7B
- Non-revolving credit rose $9.7B
Generally, revolving credit is credit card debt and non-revolving is financing or bank loans. A move to non-revolving credit shows investment, confidence and better access to credit. However, the smaller-than-expected increase shows less demand than anticipated.
It’s unusual for this report to move the market but it’s always something to keep an eye on.