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%.

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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%.

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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

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