Consumer Credit Extends Gains in September
Total consumer credit posted another gain of $11.4 billion for September. This follows a larger gain of $18.4 billion in August, bringing two-month growth to $29.8 billion. The trend that has developed over the past several months continued, with non-revolving credit (e.g., auto loans) leading the expansion with a $14.3 billion gain, while revolving credit (credit cards) contracted by $2.9 billion. Revolving credit growth has been stagnant since November 2011 (See Chart); the series has remained positive, just barely, on a year-over-year basis, posting averaging growth of only 0.57% per month (see grey box in chart).