Consumer credit. The lowest level since November 2020
- Total consumer credit in the US rose by $7.24 billion in May 2023, a figure considerably below market expectations of a $20.25 billion increase.
- This was the smallest monthly gain in consumer credit since November 2020.
- Revolving credit, typically credit cards, increased by 8.2%, which is a drop from the 13.8% increase in the previous month.
- Non-revolving credit, generally auto and student loans, fell by 0.4%, following a downwardly revised 2% increase in the prior month.
A surprising number and congruent with the slowing consumer