The U.S. Federal Reserve has just released the numbers for consumer credit outstanding in August. The report shows a massive increase to the historical nonrevolving credit total, about a $171 billion increase from last month’s published figures.
That being said, total outstanding consumer credit increased at an annual rate of 5.4% in August. Revolving credit decreased at an annual rate of 1.2%, while nonrevolving credit increased at an annual rate of 8.0%.
Total revolving credit, which is mainly credit cards, was a seasonally adjusted $848.9 billion in August. This is a $0.9 billion decrease from July and is the third consecutive month that revolving credit has fallen.
Total nonrevolving credit, or installment credit, which consists primarily of student and auto loans, was a seasonally adjusted $2,188.0 billion in August. This is a $14.5 billion increase from July and marks yet another month that nonrevolving credit has soared.
Total consumer credit outstanding in August was $3,036.9 billion, up $13.6 billion from July.
Total consumer credit outstanding is up 5.9% from a year ago.
Via Floating Path