Consumers Spending Stalls as Nonrevolving Credit Declines

Federal Reserve data reveals that total consumer credit increased by $7.3 billion during May (1.8% annualized), the slowest growth since November 2020.  Nonrevolving consumer credit, which includes auto and student loans, declined by -0.4% (annualized basis) during the month, while revolving credit, like credit cards, expanded 8.2%.

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