According to the latest G.19 Consumer Credit Report, from the Federal Reserve, which includes all loans not secured by real estate, in the third quarter of 2020, consumer credit increased at a seasonally adjusted annual rate (SAAR) of 2¼%, while none revolving credit increased by 4% and revolving credit declined by 2½%. In September, consumer credit increased at a SAAR of 4¾% from the previous month, with revolving debt and nonrevolving debt individually increasing at rates of 4¾%, as well. Consumer credit totaled $4.2 trillion on a seasonally adjusted basis, with $989 billion in revolving debt and $3.2 trillion in nonrevolving debt. This is an increase of $16 billion from the previous month, with non-revolving credit increasing by $12 billion and revolving credit increasing by $4 billion. While still a long ways from the pre-COVID-19 pandemic levels, the end of the third quarter rate is a remarkable improvement from the second quarter (-2.6% vs -30.8%), consistent with GDP making a comeback in the same period.
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Consumer Credit - G.19