US consumer credit rise slows significantly to $5.102 billion, well below expectations of $10.5 billion and previous $17.87 billion. #MACRO
U.S. (MAY) CONSUMER CREDIT ACTUAL: 5.102B VS 17.873B PREVIOUS; EST 10.550B
US May consumer credit outstanding rises by $5.1B vs +$11.0B expected https://t.co/x4bw9SeVzO
US consumer borrowing rose by $5.1 billion in May, less than half of the $10.5 billion economists expected and down sharply from April’s revised $17.9 billion increase, according to the Federal Reserve’s G.19 report released Tuesday. The slower gain translated to a 1.2% seasonally adjusted annual growth rate. Revolving credit, which includes credit-card balances, fell at a 3.2% pace, while non-revolving credit such as auto and student loans advanced 2.8%. The data suggest households are curbing credit-card use even as demand for longer-term loans continues to rise.