US: Steady increase in total consumer credit - Nomura

Analysts at Nomura note that the US consumer credit rose by $10.2bn in June, a modest pace following a $24.3bn increase in May.

Key Quotes

“Revolving loans fell slightly by $0.2bn, while nonrevolving loans increased at a steady pace of $10.4bn. Steady increases in total consumer credit in recent months appear consistent with the healthy pace of personal consumption expenditure growth in Q2.”

“Strong consumer fundamentals (low employment and steady income gains) should remain supportive for consumer spending.”