Consumer financial health
Quarterly snapshot of consumer credit, consumer spending and average weekly earnings
|Year-over-year growth of consumer credit||5.5%||4.9%||4.5%||4.6%|
|Year-over-year growth of consumer spending||4.5%||4.3%||4.9%||5.2%|
|Year-over-year growth of average weekly earnings||0.6%||0.7%||0.5%||0.5%|
This chart shows the year-over-year change by quarter in consumer credit, consumer spending and average weekly earnings.1
The latest information available is for the third quarter 2018, with consumer credit and spending remaining strong. Consumer credit increased 4.6% at the end of the third quarter compared to last year to reach $3.9 trillion. That’s roughly in line with the 4.5% growth in consumer credit at the end of the second quarter 2018.
Consumer spending saw its largest year-over-year increase in the past two years rise 5.2% to over $14 billion, possibly indicating that consumer confidence is holding steady.
Annual weekly earnings grew by 0.5% at the end of the third quarter; roughly in line with annual increases in past quarters. These figures suggest that wages are not keeping up with inflation, which increased by an average of 2% in the past two years.
1Source data: Federal Reserve, Bureau of Economic Analysis and Bureau of Labor Statistics
Data date: 01/8/2019
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