Following a significant downward revision to November's data, December consumer credit growth printed a gain of $14.755 billion, missing expectations of $15 billion (for the 5th month) and hovering near one-year lows. The most notable aspect was the $5.77 billion surge in revolving credit (e.g. credit cards) as Americans extended and pretended into the holidays - the biggest rise since April, and the second biggest monthly increase since the GFC.
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Evan as credit card usage surges...
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Then again, here it is in context:
More troubling however, those mainstays of the US economy, student and auto loans rose by the smallest amount since February 2012!
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And without "student loans", just how will Apple sell tens of millions of iPhones every quarter?
