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Have Americans Finally Cut Back on Spending? Consumer Credit Shows a Slight Drop for September.

Have Americans Finally Cut Back on Spending? Consumer Credit Shows a Slight Drop for September. By: Dylan Sikes – AllPennyStocks.com News

Friday, November 8, 2024

While the big economic news yesterday was the 25 basis point cut from the Federal Reserve Board (and Fed Chair Powell repeatedly being asked if he would step aside if asked), another major data point was released—U.S. consumer credit.

The report, issued monthly by the Federal Reserve Board, provides a breakdown of consumer credit outstanding for both revolving (credit card) and nonrevolving loans by major categories of lenders, including commercial banks, finance companies, and others

September's print increased at an annual rate of 1.4 percent, lower than the 1.8 percent seen in August and the record high from July. The $6 billion increase was less than economist expectations of $13 billion as Americans reigned in spending. Combined, consumer credit increased at a seasonally adjusted annual rate of 3.2 percent during the third quarter, including a 2.8 percent increase in revolving credit and a 3.4 percent jump in nonrevolving credit.  

The majority of the increase from September stemmed from student loan debt as students returned to college. A debt-relief plan proposed by the Biden administration was also blocked, likely leading to an increase in payments.

At the end of September, revolving debt, which includes credit cards, personal lines of credit and home equity loans, declined slightly to $1.317 trillion from $1.323 trillion in August.

 


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