- In April consumer credit rose $26.84 billion (prior revised to $26.1B)
- Revolving credit rose $1.79B
- Non-revolving credit up $17.8B
Car loans are driving a large part of the pickup in consumer spending. There was a surge in credit card balances in April that likely reflected a post-winter spending spree but we’ve reverted to trend now and the $1.79B rise in credit card spending reflects the softness in consumer spending cited by Wal-Mart earlier today.
