Keeping you up to date on the latest data releases.
- Consumer Credit
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.