US consumer credit rises $9.513 billion versus $15 billion estimate
US consumer credit for the month of September 2019the US consumer credit for the month of September rose by $9.513 billion which was a less than the $15 billion estimate.
- The prior month was revised slightly lower $217.842 billion from $17.901 billion
- the rise is the slowest pace since June 2018
- borrowing increased at a 2.8% annualized rate which was the slowest since June 2018
- revolving debt which includes credit card debt declined $1.1 billion after falling $2.2 billion in the previous month.
- Nonrevolving debt increased by $10.6 billion which is the smallest gain in 4 months. This came after a $20 billion gain in August
The consumer is downshifting a little in the current month but before we can make a big judgment that they are really worried, the total credit increased at an annualized 4.9% in the 3rd quarter which was the fastest growth rate since the 4th quarter of 2018.