Consumer Credit Growth Slows Dramatically After Record Surge Last Month

Consumer Credit Growth Slows Dramatically After Record Surge Last Month

“F**k off, I’m stuffed” could be the sub-title for the latest data from The Fed on consumer credit.

After a record surge in June, July saw total consumer credit rise 4.7% at an annualized rate to $4.331 trillion (+17.004bn vs expectations of a $25 billion surge and after June’s $37.69 billion spike)…

Revolving credit growth slumped after the bingefest in June and non-revolving credit growth slowed for the 2nd straight month…

It appears that while June suggested a ‘return to normal’ patterns of “charge it, I need it” spending by the American consumer, July – and the start of the Biden Admin’s Delta scaremongering – may have prompted a retracement. It was also not helped by the ongoing collapse in buying attitudes signaled by UMich’s sentiment survey.

Is the American consumer getting ‘full’?

Tyler Durden
Wed, 09/08/2021 – 15:12

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