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U.S. Consumer Credit Jumps by $20.4 Billion in November

U.S. Consumer Credit Jumps by $20.4 Billion in November

Tzu-Wen Chen, Technical Strategist

THE TAKEAWAY: [U.S. Consumer Credit Jumps by $20.4B] > [Consumer Confidence, Bank Lending Gain]

U.S. consumer credit for November surged $20.4 billion, surpassing the forecasted $7.0 billion. In the biggest gain since November 2001, credit jumped to $2.48 trillion, indicating that households are gaining the confidence to take on debt and banks are more willing to lend.

U.S. Consumer Credit Chart: January 2009 to January 2012

U.S._Consumer_Credit_Jumps_by_20.4_Billion_in_November_body_Chart_2.png, U.S. Consumer Credit Jumps by $20.4 Billion in November

Chart created using data by Bloomberg– Prepared by Tzu-Wen Chen

The unemployment rate unexpectedly fell by 0.2% to 8.5% in December, the lowest level since February 2009. The improving job market, combined with low borrowing rates, has contributed to growing consumer confidence and an increased borrowing appetite by households. At the same time, the heavy dependence on credit indicates that the job market has yet to improve enough to provide the incomes needed to sustain consumer spending.

Revolving debt, which includes credit cards, climbed by $5.6 billion, while non-revolving debt, which includes educational and auto loans, increased by $14.8 billion.

--- Written by Tzu-Wen Chen DailyFX Research

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.