For the 3rd month in a row, Consumer Credit growth rose less than expected. At $13.226 billion (against expectations of a $16.5bn gain), this is the smallest growth since Nov 2013. This is the first 3-month miss since June 2009. Once again, as expected, the rise is practically entirely due to student and auto loans (which now face 27% delinquency for the subprime borrowers) which rose by $12.3 billion, or 93% of the total.
First 3 month miss since June 2009