Consumer Credit Growth Unexpectedly Crashes

Consumer debt growth declined by much more than expected in May, data from the Federal Reserve showed Wednesday.

Economists had been expecting consumer debt to grow by around $20 billion. The 1.8 percent rise is far lower than historically normal levels of four to five percent and much lower than the 5.9 percent growth seen in 2021 and eight percent growth in 2022. In April, consumer credit grew by at an annual rate of five percent.

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