Big Gain in August Consumer Credit Report
Consumer Credit posted a gain for the month of August according to a Federal Reserve report. Not only that, this $18.1 billion gain was the biggest jump in three months. Today’s report is not likely to be a major market…
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The report showed an expansion in credit to $2.726 trillion, making the gain come in at a seasonally adjusted 8.03% in the month. Dow Jones was looking for a gain of $7.3 billion and Bloomberg was calling for a gain of $7.8 billion for the month.
Today’s big gain was in non-revolving credit which includes auto loans and student loans. Revolving credit, which includes credit cards, rose by 5.9% or $4.2 billion to $854.9 billion.
If you trust the 7.8% released for unemployment this morning then chances are higher that the next month will have shown a gain as well in credit after mixed reports from retail and auto sales in September.
JON C. OGG
Contact [email protected] for any questions or corrections.
Jon Ogg has been a financial news analyst since 1997. Mr. Ogg set up one of the first audio squawk box services for traders called TTN, which he sold in 2003. He has previously worked as a licensed broker to some of the top U.S. and E.U. financial institutions, managed capital, and has raised private capital at the seed and venture stage. He has lived in Copenhagen, Denmark, as well as New York and Chicago, and he now lives in Houston, Texas. Jon received a Bachelor of Business Administration in finance at University of Houston in 1992. www.247wallst.com.
