US consumer credit data for May 2021:
- Prior was +$18.6B
- Revolving credit +$9.2B
- Non-revolving credit +$26.08B
Non-revolving credit is generally car and student loans. You don't often see huge misses in this data point but it highlights the unpredictable nature of the reopening.
The timing of this is interesting because the WSJ was just out with an article highlighting how Americans demand for personal loans surged in April, citing Equifax data.
