CONSUMER CREDIT

Pre-Covid, consumer credit grew by $15 billion/month and remained that way through 12/21. During CY2022, consumer credit growth jumped to $30 billion/month, but since 1/23 growth has steadily weakened and is now about $5 billion/month. Moreover, credit card balances declined by $462 million in April, the first decline in three years, evidence of strain on low- and middle-income households who rely more on plastic and less on their portfolio.