Deleveraging continues, throughout the US economy. (The chart below does not include the May data nor the April revision).
(…) Consumer credit outstanding decreased at a seasonally adjusted annual rate of 4.5%, down $9.1 billion to $2.415 trillion, a Federal Reserve report said Thursday. Economists surveyed by Dow Jones Newswires had forecast a $2.0 billion decline.
It was the fourth time in a row that borrowing fell. Credit during April was revised to a decline of $14.9 billion from an increase of $954.8 million.
The Fed data Thursday said revolving credit, or credit-card use, fell a 20th straight time in May, down $7.3 billion, or 10.5%, to $830.83 billion. Nonrevolving credit fell 1.4%. (…)
