Data Updates

Keeping you up to date on the latest data releases.

In the first quarter of 2013, the U.S. current account deficit expanded to −$106.1 billion, a $3.8 billion increase from the fourth quarter of 2012’s revised $102.3 deficit (-$110.4 billion, previously). In the current release, the Bureau of Economic Analysis revised data going back to 1999, resulting in a slightly smaller deficit for 2012. The first quarter’s expansion in the current account deficit comes after three quarters of contractions. As a percent of GDP, the current account increased slightly to 2.7 percent (from 2.6 percent in the fourth quarter of 2012). Exports of goods, services, and income fell −0.2 percent on a quarterly basis while imports remained flat. The decrease in exports drove the overall expansion of the deficit.

Total consumer credit outstanding improved in September, increasing 0.3 percent. On a year-over-year basis, total consumer credit is up 2.4 percent. For September, growth was concentrated in nonrevolving accounts, which grew 0.5 percent. Compared to September of last year, nonrevolving accounts are up 4.7 percent. The improvement in nonrevolving consumer credit has coincided with a sharp improvement in lightweight vehicle sales, which rose 8.0 percent in September. Comparatively, revolving accounts declined in September, falling 0.1 percent and are down 2.0 percent on a year-over-year basis.

Total consumer credit outstanding rose for the seventh consecutive month in April, increasing 0.26 percent. The improvement follows a downwardly revised increase of 0.20 percent in March. On a year-over-year basis, total consumer credit outstanding increased for the first time since March 2009, rising 0.55 percent. The improvement in consumer credit outstanding was driven by continued growth in non-revolving accounts, which rose 0.44 percent in April. Revolving accounts declined 0.13 percent in April after increasing 0.01 percent increase in March.

Consumer credit continued to increase in March, improving 0.25 percent on a seasonally-adjusted basis. On a year-over-year basis, consumer credit turned positive for the first time since February 2009, increasing 0.04 percent in March. The growth in consumer credit was driven by improvements in both revolving and non-revolving account balances. For the month of March, revolving credit balances rose 0.24 percent but remain down 5.24 percent since March 2010. The increase in revolving balances may be attributed to higher gas prices as consumers are likely to pay for gasoline purchases with a credit card. Non-revolving accounts grew for the sixth consecutive month, increasing 0.25 percent and are up 2.84 percent since March 2010. Questions remain as to how long growth in non-revolving credit will continue since the growth in non-revolving accounts has been driven primarily by strong new vehicle sales, which have shown some signs of leveling-off in the past couple of months.