2011 Economic Calendar
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Consumer Credit  
Released On 11/7/2011 3:00:00 PM For Sep, 2011
PriorConsensusConsensus RangeActual
Consumer Credit - M/M change$-9.5 B$5.0 B$2.0 B to $9.0 B$7.4 B

Consumer credit expanded $7.4 billion in September benefiting once again from strength in nonrevolving credit. Nonrevolving credit outstanding, reflecting strong vehicle sales, rose $8.0 billion in the month to $1.66 trillion. This offsets another contraction in revolving credit, down $0.6 billion to $789.6 billion outstanding. September brings in third quarter data which shows consumer credit expanding at a 1.6 percent annual rate, down from the second-quarter rate of 3.5 percent. Revolving credit during the quarter contracted at a 3.2 percent annual rate, more than reversing the second-quarter rate of plus 1.5 percent. Consumer credit is a tale of two worlds with weakness on the revolving side pointing to consumer reluctance to take on debt and also reluctance on the banking side to issue debt.

Consensus Outlook
Consumer credit outstanding in August fell for the first time in nine months, declining $9.5 billion with both revolving and non-revolving contracting. Revolving credit fell $2.2 billion while non-revolving credit fell $7.3 billion. The outlook for September is mixed with non-revolving likely popping higher given the month's strong unit sales of vehicles.

The dollar value of consumer installment credit outstanding. Changes in consumer credit indicate the state of consumer finances and portend future spending patterns.  Why Investors Care
The debt-to-income ratio shows how indebted consumers are relative to income. A rising ratio indicates that consumers are taking on greater debt burdens with respect to income growth. In a growing economy, this may not be dangerous. However, indebtedness could quickly become a problem if income and employment conditions turn around. The yearly change in debt outstanding shows yearly trends in debt growth and tends to be less volatile than the monthly change.
Data Source: Haver Analytics

2011 Release Schedule
Released On: 1/72/73/74/75/66/77/88/59/810/711/712/7
Release For: NovDecJanFebMarAprMayJunJulAugSepOct

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