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US households and lenders exhibit caution as non-revolving loans decline for the first time since the pandemic's onset, suggesting potential economic slowdown and looming recession fears.
The growth of US consumer loans witnessed a significant slowdown in May, with non-revolving loans like installment loans for car purchases and college tuition falling for the first time since the pandemic began. The decline indicates that both lenders and consumers are becoming more cautious amid increasing signs of an economic slowdown. This cautious behavior is likely in response to the rise in the benchmark interest rate, which is at its highest level since 2006, making borrowing more expensive for households already impacted by price inflation.
Source: Bloomberg
In a recent episode of the Stay In Your Lane Podcast from Triple T Transport, Allianz Trade North America Chief Economist Dan North shed light on why the anticipated economic recession hasn't yet materialized and its implications on the freight market.
The ISM Manufacturing Index moves from contraction to expansion for the first time in 16 months.
CEOs at Davos signal ongoing supply chain disruptions may persist, affecting global freight and consumer prices.
Sharp increase in freight rates early 2024 may signal an impending surge in goods inflation, according to data from Steno Research.
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