Skip to main content

NAM: Americans spending more and using credit cards

Total Consumer Credit Outstanding Graphic

Americans seem less cautious about using credit cards for purchases and the saving rate dropped to 3.1 percent in September — its lowest level since the start of the Great Recession.

The Federal Reserve Board reported last week that U.S. consumer credit outstanding rose 6.6 percent at the annual rate in September, picking up from a 4.2 percent gain in August.

During the past 12 months consumer credit has increased by 5.6 percent, according to National Association of Manufacturers chief economist Chad Moutray.

This suggests that Americans are less cautious in their spending and more willing to use credit cards for purchases than just a few months ago, Moutray wrote in a weekly report.

That report mirrors data showing a 1 percent jump in personal spending in September, its fastest monthly pace since August 2009, with year-over-year growth of 4.4 percent

On the other hand, consumer confidence pulled back in November and labor markets continue showing signs of tightening, Moutray wrote.

After reaching its highest point since January 2004 in October (100.7), the University of Michigan’s Index of Consumer Sentiment fell to 97.8 — well below the anticipated 100, Moutray reported.

Manufacturing job openings dipped from 435,000 in August — the highest level since January 2001 — to 425,000 in September. Overall, however, the data suggest that manufacturers are posting new jobs at a very strong rate, with an improved economic outlook boosting employment growth. To put the current number in perspective, job openings in the sector were 326,000 one year ago.

Related

1_ABA

ABA Celebrates 30 Years

The America Boatbuilders Association was founded in 1992 with the objective of collectively buying engines, raw materials and manufactured products at better prices.

1_YEARGIN

Who, Not How

Sometimes, to solve a tough problem, you need to get a different person in the room.

1_WHALESACTION

NMMA: Proposed Speed Rule an ‘Existential Threat’ to Industry

The association is calling on every marine brand, employee and boat owner to file public comment by Oct. 31 over a sweeping regulation to protect North Atlantic right whales.

1_AXOPAR

Axopar and Nimbus Renew Agreement

The boatbuilders have entered an agreement whereby Nimbus Group will retain exclusive rights to sell Axopar boats on the Swedish market.

1_IAN

Hurricane Ian Leaves Devastation in Florida

The storm left a wide swath of destruction, heavily impacting marine interests from Tampa Bay to Marco Island.

Norm

Email Is Your Ticket to Holiday Sales

Developing an effective email campaign can bolster sales and help fill winter coffers at your dealership.

1_NMRA

NMRA Presents Annual Awards

Edson CEO Will Keene and ComMar Sales president Tim Conroy were recognized for their contributions to the marine industry.

1_ PULSE.PING.2

DEALERS: Are Interest Rates Impacting Demand?

This month’s Pulse Report survey asks dealers whether interest rate increases are causing a downturn in boat sales. Take the survey here.

1_EPROPULSION

EPropulsion, Mack Boring Partner with Crest

Pontoon builder Crest will use an ePropulsion Navy 3.0 Evo electric outboard motor and an E175 battery for its 2023 Current model.