The Federal Reserve report released on January 9, U.S. consumer credit at an annual rate in November 2011 increased by 10 percent, or about $ 20.4 billion for the third consecutive month of growth, and record the largest increase since November 2001. This growth is almost twice the increase economists had expected.
Personal consumption expenditure as a share of U.SWorld Steel Pipe . gross domestic product (GDP) ratio of up to 70%, thus reflecting the personal consumption expenditures, consumer credit data to become seen as a barometer of the U.S. economy.
The report shows that the nationwide consumer credit in November rose to $ 2.4779 trillion U.S. dollars. Various types of consumer credit for the month have different degrees of growth, educational investment, the purchase of cars and other non-revolving credit at an annual rate increase of 10.7 percent, or about $ 14.8 billion to $ 1.68 trillion; for credit cards and other aspects of of a revolving line of credit at an annual rate increase of 8.5 percent, or about $ 5World Steel Pipe .6 billion to $ 797.9 billion.
IHS Global Insight economist Paul Luo Yi Valery Giscard d'Estaing grace that credit growth is a positive signal of the U.S. economic recovery, showing that consumer needs and wishes are on the rise. But he also pointed out that behind the data, there are some downside risks, credit growth may also mean in the context of weak employment environment, the more people seek to borrow to cover necessary expenses.