Consumer credit rose $28 billion in November, down only slightly from $29.1 in the prior month, the Federal Reserve said Monday.
The numbers: Total consumer credit rose $28 billion in November, down only slightly from the $29.1 billion gain in the prior month, the Federal Reserve said Monday. That translates into a 7.1% annual rate, up/down from a revised 7.4% gain in the prior month.Key... The numbers: Total consumer credit rose $28 billion in November, down only slightly from the $29.1 billion gain in the prior month, the Federal Reserve said Monday. That translates into a 7.1% annual rate, up/down from a revised 7.
Nonrevolving credit, typically auto and student loans, rose 3.9% down from a 6.5% growth rate in the prior month. This category of credit is much less volatile.Big picture: Consumer credit has been growing consistently between $24 billion and $30 billion per month for the last seven months. While some households are borrowing more to withstand inflationary pressures, economists see the growth as mainly a sign of strength in the economy.
“As we take a temperature check of the American consumer, we find they have proven resilient throughout 2022,” said David Tinsley, senior economist for Bank of America Institute, a think tank on banking and financial market issues. “While 2023 is likely to be more challenging, especially if the labor market deteriorates, consumers are starting the year in good overall financial health,” Tinsley said, in a report released last month.
Market reaction: Stocks DJIA SPX were mixed on Monday afternoon after strong gains at the open. The yield of the 10-year Treasury note TMUBMUSD10Y was down slightly to 3.53%.
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