The Recovery Is Official Now: Consumer Credit Grew In January

Alright, we’re declaring it. The economy has begun its recovery.

For the first time since the recession began, total consumer credit grew in January.

The first row shows total consumer credit. The second row is revolving, and the third row is nonrevolving. As you can see, revolving consumer credit is still waning.

chart

Photo: Federal Reserve

Here’s a chart showing total credit on a sequential basis.

consumer credit, monthly change, 03/05/10

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