https://youtu.be/VG-m-eWoarU
- U.S. consumer credit rose $37.7B for the month of June, according to the Federal Reserve, exceeding an estimate of $23B.
- Consumer credit increased at a 10.6% annualized rate to $4.32T in June.
- For Q2, revolving credit rose at a 10.7% annual rate, and non-revolving credit also rose by 8.3%.
- In June, revolving credit increased at a 22% annual rate, while nonrevolving credit increased by 7.2%.
- On a seasonally adjusted basis, total outstanding credit increased by $37B.
- In May, consumer credit increases more than expected in March
(Bloomberg) — U.S. consumer borrowing surged in June by the most on record, reflecting large increases in credit-card balances and non-revolving loans. Total credit jumped $37.7 billion from the prior month after an upwardly revised $36.7 billion gain in May, Federal Reserve figures showed Friday. On an annualized basis, borrowing increased 10.6%. The June gain exceeded all but one estimate in a Bloomberg survey which had a median projection of $23 billion. Revolving credit outstanding, which includes credit cards, climbed $17.9 billion — the second-largest increase on record. Non-revolving credit, which includes auto and school loans, rose $19.8 billion. The broader reopening of the economy has allowed Americans to go out and spend on services such as meals out and travel, activities that were largely curbed during the height of the pandemic. What’s more, vehicle sales remained elevated in June. In the second quarter, outstanding loans for motor vehicle purchases rose $40.7 billion from the previous three months, the Fed’s data showed. Loans for education climbed $4.1 billion. Total consumer credit outstanding increased an annualized 8.8% in the second quarter. The Fed’s report doesn’t track debt secured by real estate, such as home mortgages. Nick Note: we have binge buying. It makes ence we have bing borrowing. Another warning of the bubble. We believe this is result of the overstimuilation of the economy We are blowing bubbles everywhere. So which dart will burst the bubble. My bet is the coming rolling shut downs brought on by the Delta variant. This coming train wreck will do rather nicely. Speeding down the track they do not realize the bridge has washed out. The markets, politicians, the FED even the CDC are clueless and unable to see the storm clouds on the horizon. We know how this reodeo will go…After all its not our frist one….