ECONODAY: Consumer spending posted a sizable gain in May as did consumer credit which rose $18.6 billion vs a $13.4 billion increase in April. But the gain in May was largely confined, as it often is, to non-revolving credit which, up $16.2 billion, reflects a mix of vehicle financing and student loans (which are tracked in this report). Revolving credit, where credit card debt is tracked, rose only $2.4 billion in the month. Consumer reluctance to run up their credit cards is definitely a plus for long-term consumer health but isn't a plus for short-term consumer spending...
