US consumer credit increases by $7.24 billion versus estimate of $20.25 billion

<ul><li>Total consumer credit in the US rose by $7.24 billion in May 2023, a figure considerably below market expectations of a $20.25 billion increase.</li><li>This was the smallest monthly gain in consumer credit since November 2020.</li><li>Revolving credit, typically credit cards, increased by 8.2%, which is a drop from the 13.8% increase in the previous month.</li><li>Non-revolving credit, generally auto and student loans, fell by 0.4%, following a downwardly revised 2% increase in the prior month.</li></ul><p>A surprising number and congruent with the slowing consumer</p>

This article was written by Greg Michalowski at www.forexlive.com.