The economic disruption caused by the COVID-19 pandemic caused outstanding consumer credit at credit unions to fall for the month of May. However, the pace of decline slowed compared to April's pace, according to data from the Federal Reserve.
Outstanding consumer credit at credit unions declined by $5.7 billion in May to $470.4 billion.
Both revolving and nonrevolving credit fell for May.
Revolving credit slipped from $61.6 billion in April to $60.8 billion in May. This was the fifth consecutive monthly decline in revolving credit at credit unions.
Nonrevolving credit declined by $4.8 billion in May to $409.7 billion after falling by $10.2 billion in April.
Read the G.19 Report.
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