US consumer credit for December was $11.56 billion versus an estimate of $25 billion

US consumer credit for December 2022 is $11.56 billion. This is much less than the $25 billion forecast. However, the prior month was revised to $33.11 billion from the previously reported $27.96 billion last month.

• Revolving credit fell to $7.201 billion from $15.299 billion last month
• Non-revolving credit fell to $4.364 billion from $17.808 billion last month

Year :

• Consumer credit is up 2.9% from 8.4% last month
• revolving credit is up 7.3% from 15.6% last month
• non-revolving credit is up 1.5% from 6.0% last month

There seems to be some decline in spending on credit. However, the data can be quite volatile. Nevertheless, it is the lowest since January 2022. Moreover, it is close to the bottom of the pre-pandemic range (see the red horizontal lines on the chart above)