Bloomberg reports Consumer Credit in U.S. Rose Less Than Estimated in June.
I prefer to go straight to the source.
The Fed G.19 Report shows consumer credit rose 3.1% in June, with nonrevolving credit up 4.4% and revolving credit down 0.2%.
In May, consumers went on a credit spree. Total credit rose 7.5%, nonrevolving credit 6.2%, and and revolving credit rose a whopping 11.2%.
In April, total credit rose 3.2%, nonrevolving credit 1.0%, and revolving credit 4.0%.
The surge in consumer credit early in the quarter explains the strong second-quarter GDP.
Revolving credit, primarily credit cards, now totals $1.038 trillion. Nonrevolving credit such as mortgages, auto loans, and student loans totals a whopping $2.868 trillion.
Party on dudes.
Mike “Mish” Shedlock
Maybe people are buying ahead of the tariffs.
It’s an annual rate. Divide by 12 to get an idea of the monthly rate.
Mish, I don’t think non revolving credit includes mortgages. If it did it would be much higher than $2.8 trillion. It’s mostly auto loans and student loan debt. But you’re right, party on!
that’s gotta be typo,red ink rose 8% in ONE MONTH!!Are folks that flatass broke!