According to the National Association of Manufacturers’ (NAM) Monday Economic Report for this week, the Index of Consumer Sentiment rose from 64.9 in January to 66.4 in February, a 13-month high, according to preliminary data from the University of Michigan and Thomson Reuters. Expectations of future conditions, however, slipped in February.
U.S. consumer credit outstanding rose 2.9% at the annual rate in December, slowing from 8.4% in November. Revolving credit, which includes credit cards and other credit lines, grew 7.3% in December, easing from 15.6% growth in November. Even with some deceleration in the latest month, Americans have continued to be willing to take on new debt as revolving credit has soared 14.8% over the past 12 months.
Nonrevolving credit, which includes auto and student loans, increased 1.5% in December, slowing from 6.0% in November. On a YoY basis, nonrevolving credit has risen 5.6%. Overall, U.S. consumer credit outstanding has increased 7.8% over the past 12 months.