US Consumer Credit Growth Hits Five-Year High in May

Source: Federal Reserve 

American consumer credit grew for the second straight month in May to mark its biggest climb in five years. KBE is down 0.75%.

• Total consumer credit grew 9.98% in May to mark the biggest increase since March 2016’s 10.36% growth.
• Total outstanding credit stood at $4.279 trillion versus April’s $4.244 trillion.
• Depository institutions remained the top credit holders, followed by the federal government and finance companies.
• Revolving credit jumped 11.4% after the -1.2% decline in April. The May figure grew to $974.6 billion from $965.4 billion in April.
• Non-revolving credit gained 9.5% after April’s 7.7%. This is equivalent to $3.304 trillion, up from the previous month’s $3.278 trillion.
• Commercial bank interest rates for new car loans grew for both the 48-month and 60-month offerings.
• Interest rates for credit card plans stood at 14.61% and at 9.58% for personal loans.