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Dec. consumer credit rises $3.1 billion
Consumer credit shows a far less-than-expected increase in the last month of 2004, Fed report shows.
February 7, 2005: 3:32 PM EST
WASHINGTON (Reuters) - U.S. consumer credit outstanding rose a less-than-expected $3.1 billion in December, capping a year of straight monthly increases after a large upward revision to November's data, the Federal Reserve said Monday.
The December rise undershot Wall Street expectations for a $7.7 billion monthly increase, but followed a much stronger November result than first reported.
November's reading was revised to a $2.0 billion increase from its initially announced $8.7 billion decline, which had been described as the largest monthly fall on record.
After the revisions, Fed data showed December's increase as the 13th consecutive month of rising consumer credit outstanding. Consumer debt levels rose in every month of 2004, for a total yearly increase of 4.5 percent.
Both revolving and non-revolving credit levels increased in December to total $2.104 trillion.
Non-revolving credit, which includes closed-end loans for cars, tuition, boats, vacations and other items, rose at an annual rate of 2.0 percent in December. Revolving credit, which measures credit and charge card activity, rose at a more modest 1.4 percent rate.
Dec. consumer credit rises $3.1 billion
Consumer credit shows a far less-than-expected increase in the last month of 2004, Fed report shows.
February 7, 2005: 3:32 PM EST
WASHINGTON (Reuters) - U.S. consumer credit outstanding rose a less-than-expected $3.1 billion in December, capping a year of straight monthly increases after a large upward revision to November's data, the Federal Reserve said Monday.
The December rise undershot Wall Street expectations for a $7.7 billion monthly increase, but followed a much stronger November result than first reported.
November's reading was revised to a $2.0 billion increase from its initially announced $8.7 billion decline, which had been described as the largest monthly fall on record.
After the revisions, Fed data showed December's increase as the 13th consecutive month of rising consumer credit outstanding. Consumer debt levels rose in every month of 2004, for a total yearly increase of 4.5 percent.
Both revolving and non-revolving credit levels increased in December to total $2.104 trillion.
Non-revolving credit, which includes closed-end loans for cars, tuition, boats, vacations and other items, rose at an annual rate of 2.0 percent in December. Revolving credit, which measures credit and charge card activity, rose at a more modest 1.4 percent rate.
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