June Consumer Credit Preview
June Consumer Credit is expected to increase $6.3bln after growing $7.8bln, or 3.6%, in May.
Use of revolving credit (e.g. credit cards) increased rose $5.7bln in May after a marginal increase in April. Non-revolving credit (e.g. student loans) rose $2.1bln, after rising $8.2bln in April.
April’s revolving credit number was particularly low, likely reflecting seasonal factors since borrowing doesn’t typically pick up until summertime. May’s number was back on track, and June’s should be as well given that consumer spending data held up over the period.