US consumer credit probably reaccelerated in August

Data released by the Federal Reserve Board on assets and liabilities at commercial banks imply that revolving liabilities rose by $4.8 billion during the reference period, a touch above the $4.3-billion increase recorded in July. 

"Powered by an anticipated auto-led pickup in nonrevolving liabilities outstanding, the nominal value of US consumer installment credit likely expanded by $21.5 billion in August, eclipsing the $19-billion takedown posted in the prior month", says Societe Generale. 

Buoyed by decade-high motor vehicle sales nonrevolving loans probably climbed by $16.8 billion during the reference period, a touch below the $17.2-billion average set over the May-July span. 

"If these forecasts are on the mark, consumer credit outstanding has risen by almost $226 billion to $3.47 trillion over the latest 12 months", added Societe Generale.