U.S. Consumer Credit Fell $1.2B, the Biggest Drop Since April 1992

Consumer credit, or non-mortgage loans to individuals, fell $1.2 billion in September, the most since April 1992, to $2.37 trillion, according to the Federal Reserve data released today. Consumer credit declined at a 0.6% annual rate. In August, consumer credit increased $9.1 billion or a 4.7% annual rate. In April 1992, outstanding consumer credit fell by $1.78 billion, according to the Fed.

The decline was unexpected. Wall Street economists surveyed by MarketWatch were expecting consumer credit to grow by $5.4 billion in September. Economists forecast consumer credit to rise by $6 billion in September, according to the median of 37 estimates in a Bloomberg News survey.

Non-revolving credit (like loans for cars and boats) fell by $4.05 billion, or by a seasonally adjusted annual rate of 3.21%, to $1.50 trillion. The drop in non-revolving credit is the largest since October 1991, when it fell by $4.81 billion.

Revolving credit (like credit card loans) grew by $2.85 billion, or at an annual rate of 4.00%, to $857 billion. This is the fastest pace since May 1993. 

The consumer credit data do not include home mortgages or other loans secured by real estate

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