US consumer lending was lower than anticipated
- Prior was $25.84B (revised to $18.58B)
That’s a big miss and an even-bigger revision. My guess is that this reflects people using stimulus payments to pay down debt.
- Revolving credit -1.96B
- Non-revolving credit +20.57B
Revolving credit is generally credit cards and this drop highlights what some surveys showed: That people are trying to pay off debt.