American consumer credit unexpectedly dropped for the first time since 2024.

Consumer credit unexpectedly decreased in the United States for the first time since 2024, due to a decrease in revolving credit. Data released by the Federal Reserve on Wednesday showed that total outstanding consumer credit decreased by approximately $182 million in May, following significant increases in the previous two months. Economists surveyed had estimated a median increase of $17.5 billion. Revolving credit balances, such as credit card debt, decreased by $5.3 billion, the largest drop since 2024. Non-revolving credit, such as auto loans and student loans, increased by $5.1 billion in May. The report does not include mortgage loans.