Wednesday, July 9, 2014

Consumer Credit Grew $19.6 Billion in May

Consumer credit increased $19.6 billion in May. May’s gains continue to be driven by demand for student loans and auto lending captured in non-revolving credit. Revolving credit also contributed to the gain, but was not as strong as the surge seen the month prior. The annualized credit growth dropped to 7.4%, from 10.0% in April.

Revolving credit grew $1.8 billion. It’s well below the large $8.8 billion growth from the month prior, and below the $4.3 billion average growth seen in the last three months. Non-revolving credit grew by $17.8 billion, as consumers continue to finance large ticket items. Vehicle sales have remained at or above 16 million units SAAR and student loan growth continues to expand.

Read the Federal Reserve release.

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