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.
Evan as credit card usage surges...
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!
And without "student loans", just how will Apple sell tens of millions of iPhones every quarter?