The New York Fed is out with its quarterly consumer debt report.
- Q2 consumer debt $11.63tn vs $11.65tn in Q1
- Q2 mortgage originations at lowest since 2000
- Auto loans rise to highest since 2006
- Student outstanding loans $7bn-1.2tn in Q2
- Will keep monitoring subprime auto loans
The slump in mortgages took the wind out of consumer debt in the second quarter and that’s not necessarily good news. The US consumer is a highly indebted mob so it would have been better to see signs of overall debt falling. Again, it’s something you would hope to see if wages were rising.
NY Fed total debt balance 14 08 2014
