Consumer borrowing picked up in June, latest Fed data show
The numbers: That translates into a 4.3% annual rate. Credit growth rose at a revised 2.3% gain in June, higher than the initial estimate of a 1.3% gain.Key... The numbers: That translates into a 4.3% annual rate. Credit growth rose at a revised 2.3% gain in June, higher than the initial estimate of a 1.3% gain.Key details: All of the gain came in nonrevolving credit, typically auto and student loans. This borrowing rose 6% in June, up sharply from a 0.3% growth rate in the prior month.
Revolving credit, such as credit cards, fell 0.6% in June after an 8.1% gain in the prior month. This is the first decline since April 2021.A vibrant labor market has supported consumer spending this year. But economists are watching carefully. There is a sense that any excess savings from the pandemic is dwindling.
On top of this, banks reported to the Fed that they expect to tighten loan terms for the remainder of the year. They see sluggish demand for new loans.Market reaction: Stocks DJIA SPX were higher on Monday. The yield on the 10-year Treasury note BX:TMUBMUSD10Y rose to 4.08%.
Norge Siste Nytt, Norge Overskrifter
Similar News:Du kan også lese nyheter som ligner på denne som vi har samlet inn fra andre nyhetskilder.
Fed should do more to encourage discount window use: ex-Fed stafferFormer Fed staffer and bank policy expert Bill Nelson argues that the regulatory guidelines issued by the Federal Reserve in July fail to address the main issues preventing banks from using the discount window.
Les mer »
Consumer transaction volume on Coinbase fell 70%, troubling for cryptoInsider tells the global tech, finance, markets, media, healthcare, and strategy stories you want to know.
Les mer »
Why consumer tests for risk of Alzheimer’s have potential downsidesIf you have a higher risk of developing Alzheimer's, would you want to know? People in the US can now order a blood test to find out, but it is unclear what you can do with that information.
Les mer »
How strong is consumer confidence under Joe Biden?As Republican presidential candidates hammer Joe Biden on the economy, one of the president's top supporters in the Senate said, “consumer confidence is the...
Les mer »
Beyond Big Tech: Alternative ways to invest in A.I., according to two ETF expertsTwo ETF experts explore ways to invest in artificial intelligence while diversifying beyond popular Big Tech stocks.
Les mer »
10 Best & Worst Italian Dressing on Store Shelves, According to RDsWe used nutrition facts to ranking these top-selling salad toppers and this list exclusively tackles name-brand Italian dressing.
Les mer »