US consumer credit for the month of October
- US October consumer credit rises by $18.91 billion versus estimate of $16 billion
- prior month was revised to $9.58 billion versus $9.51 billion previously reported
- Revolving credit rises and $7.91 billion versus revised 187 million increase in September. Was previously reported as $-1.11 billion
- nonrevolving credit rises $11 billion versus revised $9.39 billion. Was previously $10.63 billion
- consumer credit is up 5.5% annualized
- revolving credit is up 8.8% annualized
- nonrevolving credit is up 4.3% annualized
The consumer credit is higher but if you have a job, stocks are going higher and has prices are also higher, it makes consumers more happy to spend. The challenge is to not get overly extended like the consumer did before the 2008 crash.
The consumer credit data does not track debt secured by real estate such as home mortgages.
