Updated: 07-Nov-23 15:14 ET
|Updated: 07-Nov-23 15:14 ET
- Consumer credit increased by $9.0 bln in September (Briefing.com consensus $9.0 bln) after decreasing a downwardly revised $15.8 bln (from -$15.6 bln) in August.
- Revolving credit increased by $3.1 bln in September to $1.288 trln. Nonrevolving credit increased by $6.0 bln to $3.689 trln.
- Consumer credit increased at a seasonally adjusted annual rate of 2.2% in September.
- Revolving credit increased at an annual rate of 8.6%. Nonrevolving credit decreased at an annual rate of 2.4%.
- The key takeaway from the report is that tighter lending standards and reduced borrowing needs in the face of higher interest rates have slowed the pace of credit expansion, particularly for nonrevolving debt.