1/11: MetroIntelligence Economic Update by P. DUFFY

December FOMC meeting minutes indicate above-trend economic growth continuing in 2019

After taking into account incoming economic data, information from business contacts, and the tightening of financial conditions, participants indicated either no material change or only a modest downward revision in their assessment of the economic outlook. Economic growth was expected to remain above trend in 2019 and then slow to a pace closer to trend over the medium term.

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Consumer credit use remained strong in November, rising 6.75 percent year-on-year

In November, consumer credit increased at a seasonally adjusted annual rate of 6.75 percent. This is the third month out of the past four that consumer credit grew more than $20 billion. That hasn’t happened in four years.¬† ¬†Revolving credit increased at an annual rate of 5.50 percent, while nonrevolving credit increased at an annual rate of 7 percent.

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CoreLogic:  October delinquencies lowest in 18 years

Nationally, 4.1 percent of mortgages were in some stage of delinquency (30 days or more past due, including those in foreclosure) in October 2018, representing a 1 percentage point decline in the overall delinquency rate compared with October 2017, when it was 5.1 percent. This was the lowest for the month of October in at least 18 years.

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