Keeping you up to date on the latest data releases.
- Consumer Credit
Total consumer credit rose for the ninth consecutive month in May, improving 0.7 percent on a seasonally adjusted basis. After May’s improvement, total consumer credit balances stand 1.7 percent below their pre-recession peak on a non-inflation adjusted basis. Furthermore, total consumer credit rose 5.3 percent on an annual basis, making it the largest annual increase in total consumer credit since June 2008. The growth in total consumer credit was driven by improvements in both revolving and nonrevolving credit. Nonrevolving credit rose for the ninth consecutive month in May, increasing 0.5 percent. Compared to May 2011, nonrevolving credit is up 7.3 percent, the largest twelve month increase since January 2004. Moreover, revolving credit surged 0.9 percent in May after falling 0.4 percent in April. May’s performance marks the largest monthly increase in revolving credit since November 2007. On a year-over-year basis, revolving credit is up 1.5 percent.