Updated: 08-Jul-24 15:30 ET
| May Consumer Credit |
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| Updated: 08-Jul-24 15:30 ET |
Highlights
- Consumer credit increased by $11.3 bln in May (Briefing.com consensus $9.5 bln) after increasing an upwardly revised $6.5 bln (from $6.4 bln) in April.
Key Factors
- Revolving credit increased by $7.0 bln to $1.345 trln.
- Nonrevolving credit increased by $4.4 bln to $3.720 trln.
- Consumer credit increased at a seasonally adjusted annual rate of 2.7% in May. Revolving credit increased at an annual rate of 6.3%. Nonrevolving credit increased at an annual rate of 1.4%.
Big Picture
- The key takeaway from the report is that revolving credit growth accelerated strongly after a slight contraction in May, so the question is whether consumers are turning to revolving credit because of need or increased optimism about economic prospects.
| Category | MAY | APR | MAR | FEB | JAN |
| Total Credit | $11.3B | $6.5B | -$1.1B | $11.8B | $12.4B |
| Revolving | $7.0B | -$0.9B | $1.7B | $11.8B | $6.7B |
| Nonrevolving | $4.4B | $7.3B | -$2.8B | $0.0B | $5.7B |