US consumer credit for June 2021
US consumer credit for June expanded at a pace faster than expectations
- consumer credit $37.69 billion versus estimate 23.0 billion
- revolving credit $17.86 billion
- nonrevolving credit $19.83 billion
The credit number is the highest this year and highest going back to 2016 (at least). Typically, higher credit is indicative of a confident consumer. In the current environment, stocks are higher, home prices are higher, job market is improving which can lead to more consumer spending on credit.
It can get out of hand too. If the consumer spends too much and balances of credit go too high, it might lead to a pullback in spending at some point.
