That stings: There are signs that the consumer has restarted.
For the first time in a a while, the year-over-year change in the total amount of revolving consumer credit (credit cards) has shrunk on a year-over-year basis. This is true whether you’re looking seasonally adjusted or non-seasonally adjusted data.
The year-over-year number collapsed in an unprecedented manner after the bust, but had been climbing and had poked its head above water in the middle of last year.
It’s been declining for a while again, and now consumer is shedding debt.
One might argue that this is a good long-term trend (maybe) but it doesn’t bode well for the current economy.
Photo: Eric Platt/Business Insider, Data: Federal Reserve via Bloomberg
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