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In the US, consumer credit expansion slowed slightly in September, rising $10.9bn to $3.95tn, notes the research team at Nomura.

Key Quotes

“For the previous six months, consumer credit expanded about $14.2bn every month on average. Revolving credit fell slightly by $0.3bn to $1.04tn.”

“Given healthy consumer fundamentals, this decline appears transitory. Nonrevolving credit rose $11.2bn to $2.91tn. While the monthly pace of nonrevolving credit expansion slowed somewhat in September, this slowdown follows two consecutive months of strong increases.”

“While rising interest rates may adversely affect consumer consumptions of autos and other durable household products, the momentum in personal spending growth remains healthy.”