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January 11, 2016
Consumer credit rose 4.8% in November
Total consumer credit rose a seasonally adjusted 4.8 percent in November – the slowest growth since last January – but should continue to fare well as the "labor market approaches full employment and as interest rates remain low," said NAFCU Chief Economist and Director of Research Curt Long.
Consumer credit increased 5.4 percent in October and 9.9 percent in September (all seasonally adjusted annual rates), according to data published by the Federal Reserve.
Total consumer credit for credit unions increased 0.5 percent in November from the previous month, compared to a 1.1 percent increase for banks and a 0.4 percent decrease for financial companies. In the third quarter, total consumer credit at credit unions increased 3.3 percent, while consumer credit at banks and financial companies rose 2.5 percent and 1.1 percent, respectively.
Credit unions' share of the total consumer credit market was 9.6 percent in November. Banks had 40.1 percent of the market, and financial companies held 19.6 percent.
Non-revolving credit, which is mostly motor vehicle and education loans, increased at an annual rate of 3.8 percent, which was the "slowest growth pace since 2011," Long said in a NAFCU Macro Data Flash report. Revolving credit, which is primarily credit cards, increased 7.4 percent in November, after a downwardly revised 0.1 percent growth in October.
Consumer credit increased 5.4 percent in October and 9.9 percent in September (all seasonally adjusted annual rates), according to data published by the Federal Reserve.
Total consumer credit for credit unions increased 0.5 percent in November from the previous month, compared to a 1.1 percent increase for banks and a 0.4 percent decrease for financial companies. In the third quarter, total consumer credit at credit unions increased 3.3 percent, while consumer credit at banks and financial companies rose 2.5 percent and 1.1 percent, respectively.
Credit unions' share of the total consumer credit market was 9.6 percent in November. Banks had 40.1 percent of the market, and financial companies held 19.6 percent.
Non-revolving credit, which is mostly motor vehicle and education loans, increased at an annual rate of 3.8 percent, which was the "slowest growth pace since 2011," Long said in a NAFCU Macro Data Flash report. Revolving credit, which is primarily credit cards, increased 7.4 percent in November, after a downwardly revised 0.1 percent growth in October.
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