Consumer Credit

The overall amount of U.S. consumer borrowing fell $1.3 billion in June, far less than the $5.3 billion decline that was expected, after a revised $5.3 billion decline in May (first reported as -$9.1 billion).  Revolving debt, such as credit card debt, fell for the twenty-first consecutive month to the lowest since October 2005.  Non-revolving debt, such as automobile loans, grew $3.1 billion. 

Summary:  The 5th straight monthly decline in consumer credit signals that consumers are still hesitant to spend and that retail sales are not likely to improve quickly.

» More Economic Indicators