In the above chart, nonrevolving government is not seasonally adjusted, the rest of the numbers are.
The Federal Reserve Consumer Credit Report for August shows seasonally-adjusted rise in credit of $14.4 billion.
Seasonally Adjusted Consumer Credit Details
- Total Credit: +14.4 Billion
- Revolving Credit: +3.0 Billion
- Nonrevolving Credit: +11.4 Billion
Not Adjusted Consumer Credit Details
- Total Credit: +40.7 Billion
- Revolving Credit: +9.5 Billion
- Nonrevolving Credit: +31.1 Billion
- Nonrevolving Government: +14.5 Billion
Nonrevolving government credit is a subset of nonrevolving. It includes student debt. Nearly half of the rise in nonrevolving credit was student debt.
Back-to-School spending accounts for the big difference between the seasonally adjusted numbers and the not adjusted numbers.
Credit Cards Shunned
Consumers continue to shun credit card debt. Revolving debt is below the pre- pandemic level of $1.098 trillion.
And it’s still below the housing bubble peak of $1.020 trillion in May of 2008.
Expectations
The Bloomberg Econoday consensus was $18.1 billion in a range of $16.0 billion to $15.0 billion.
Economists missed the mark badly.
This is more strong evidence of a weakening economy.
Also consider Another Month of Weaker Than Expected Job Gains in September
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