US consumer credit for May 2019
US consumer credit for May 2019 came in at $17.086B vs $17B estimate.
- The prior month was revised to $17.457B from $17.497B
- revolving credit which includes credit card debt, increased $7.2 billion after $7 billion advance last month. The rise in revolving credit was the largest since October.
- nonrevolving debt climbed $9.9 billion, the least since June 2018, after rising $10.5 billion in May. Nonrevolving debt includes loans for schools and automobiles
- credit expanded at an annual rate of 5% in May after growing 5.2% the month prior
Gains in the consumer credit underscores positive consumer sentiment on the back of a strong labor market. The consumer represents roughtly 2/3 of the US GDP.
Having said that, looking at the 6 month average of consumer credit, the bias is trending more to the downside despite the last two months being higher.
