by Calculated Risk on 6/07/2010 03:00:00 PM

The Federal Reserve reports:

Consumer credit increased at an annual rate of 1/2 percent in April 2010. Revolving credit decreased at an annual rate of 12 percent, and nonrevolving credit increased at an annual rate of 7 percent.

Click on graph for larger image in new window.

This graph shows the year-over-year (YoY) change in consumer credit. Consumer credit is off 3.2% over the last 12 months.

Note: The Fed reports a simple annual rate (multiplies change in month by 12) as opposed to a compounded annual rate. Consumer credit does not include real estate debt.

Usually there is a fairly sharp increase in consumer credit during a robust recovery - but that isn't happening this time because household balance sheets are still a mess. Just another reminder that the recovery will be sluggish and choppy ...