Total consumer credit rose $7.3 billion in May, down from a revised $20.3 billion gain in the prior month, the Federal Reserve said Monday.
The numbers: Total consumer credit rose $7.2 billion in May, down from a revised $20.3 billion gain in the prior month, the Federal Reserve said Monday. That translates into a 1.8% annual rate, down from a revised 5% gain in the prior month.Economists had been expecting... The numbers: Total consumer credit rose $7.2 billion in May, down from a revised $20.3 billion gain in the prior month, the Federal Reserve said Monday. That translates into a 1.
Nonrevolving credit, typically auto and student loans, fell 0.4% after a 2.1% growth rate in the prior month. It is the first decline in nonrevolving credit since April 2020.Big picture: U.S. consumers have spent at an above-trend pace over the last couple of years and economists are watching the data closely for signs of strains on household balance sheets. Many economists think that the top income earners are still spending but many other households are pulling back.
Market reaction: Stocks DJIA TMUBMUSD10Y continued to trade higher in afternoon trading on Monday while the yield on the 10-year Treasury note TMUBMUSD10Y inched lower but stayed about 4%.
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