empty
 
 

2020.07.0819:08:00UTC+00U.S. Consumer Credit Slumps More Than Expected In May

After reporting a sharp drop in U.S. consumer credit in the previous month, the Federal Reserve released a report on Wednesday showing consumer credit continued to decline in the month of May.

The Fed consumer credit slumped by $18.2 billion in May after plunging by a revised $70.2 billion in April. Economists had expected credit to decrease by $15.5 billion compared to the $68.7 billion nosedive originally reported for the previous month.

The continued decrease in consumer credit came as another sharp drop in revolving credit more than offset a rebound in non-revolving credit.

Revolving credit, which largely reflects credit card debt, tumbled by $24.3 billion in May after plummeting by $58.2 billion in April.

Meanwhile, non-revolving credit, such as student loans and car loans, rose by $6.0 billion in May after slumping by $12.0 billion in the previous month.

Compared to the same month a year ago, consumer credit in May was down by 5.3 percent as a 28.6 percent nosedive in revolving credit more than offset a 2.3 percent jump in non-revolving credit.

  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $8000 more!
    In March we raffle $8000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS


Can't speak right now?
Ask your question in the chat.
Widget callback