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2008 Economic Calendar |
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Resource Center » U.S. & Intl Recaps | Release Dates | Why Investors Care | Today's Calendar
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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
| Released on 5/7/07 For Mar 2007 | ||||||||||||
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Highlights
Consumer credit jumped $13.5 billion in March, well above expectations and compared with an upward revised $5.5 billion in February. Revolving credit rose $4.6 billion to $6.8 billion, reflecting higher gas prices and strong retail sales, while non-revolving, reflecting solid vehicle sales, rose $3.3 billion to $6.7 billion. March's gains, equal to a 6.7% annual growth rate, are well above trend comparing against a 4.6 percent annual rate in the first quarter and 4.1% in the fourth quarter. Moderate job growth appears to be enough to keep consumer spending going, a plus for retail sales. Chain-store reports for April will be released Thursday while April retail trade data, one of the week's calendar highlights, will be released Friday.
Consumer credit rose a moderate $3.0 billion in February, down from a $6.6 billion gain in January and at a sub-trend 1.5 percent annual rate. More moderate consumer spending in March suggests continued modest growth in credit.
Consumer credit Consensus Forecast for March 07: +$4.0 billion
Range: $3.3 billion to +$6.5 billion
![[Chart]](chart.gif)
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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. |
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