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Unpredicted high for customer borrowing stuns economic experts

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Reports suggest that customers borrowing was at its highest level in five months this Jan, as Americans were applying for auto loans and school loans at a renewed pace. The $16.2 billion increase in customer borrowing followed a $15.1 billion boost in December, according to Federal Reserve reps and a group of 27 economic experts surveyed by Bloomberg. Resource for this article:

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Enormous craze of borrowing



It is really good that more people are interested in credit since customer spending drives 70 percent of the economy, according to economist Terry Sheehan. Experts believe that the increase has come from things such as a higher employment rate and more stable house values. On top of that, financing is much cheaper for people to get, which is a massive driving factor.



“There’s been some repair to household balance sheets in the last few years,†said Sheehan. “Consumers certainly have a little more leeway in their borrowing, and with greater employment prospects we have certainly seen a greater ability to borrow.â€


The economy is doing much better since the Dow Jones Industrial Average increased to record levels. On top of that, the joblessness rate has dropped considerably.



Better job market right now



In the week ending March 2, first-time jobless claims fell by 7,000 to 340,000, notes the Labor Department. Economic experts surveyed by Bloomberg had envisioned an increase in this segment of unemployment statistics, to 355,000. Not only did the reverse occur, but the four-week average decreased to a new five-year low.



More work opportunities translated into more revolving debt, too, as credit card debt increased $106 million in Jan after a $3.2 billion decrease during December 2012. Non-revolving credit (auto loans, student loans, et al) had increased by $18.3 billion in Dec., the largest such boost in the category since November 2001, when car manufacturers were dangling zero-percent financing to get people to start buying again in the aftermath of 9/11.



In January, school loans increased $25.9 billion.



Sources



Bloomberg

Huffington Post

NASDAQ