Americans Still Swiping the Card

Consumer Credit growth far exceeded Bloomberg forecasts coming in at $32 billion compared to $25 billion expected. Markets, already down for the day, were relatively unchanged at this news as the bigger data release Friday was unemployment. 

Revolving credit (including credit cards) made up a decent chunk of this, marking the third largest increase this year on a month-over-month basis. Revolving credit outstanding now totals $1.154 trillion, well above its early-2020 peak. Next month, the New York Fed releases its quarterly breakdown of consumer credit providing a closer look into the components that make up revolving and non-revolving credit. 

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