US consumer credit $7.228 billion vs. $15.5 billion estimate – ForexLive

US consumer credit for the month of October

  • consumer credit for October comes in at $7.228 billion vs. $15.5 billion estimate
  • prior month was revised lower to $15.03 billion from $16.21 billion previously reported
  • revolving credit fell by $-5.47 billion. It is down -6.7% annual
  • non-revolving credit increased by $12.69 billion. Revolving credit is up 4.8% annually

Nonrevolving credit includes things like auto loans and school loans.  Revolving credit is a proxy for credit card spending. That can be highly correlated to retail sales. The lower revolving credit this month is indicative of care higher employment as a result of Covid and perhaps the expectations for further retrenchment when things like unemployment benefits begin to run out (at the end of the year).

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