Consumer debt continues to climb. Total household debt rose by $184 billion to reach $17.69 trillion; mortgage balances increased by $190 billion to $12.44 trillion, while balances on auto loans climbed $9 billion to $1.62 trillion. Consumer sentiment plunged about 13% in May, following a period of relative stability for the past three months; the steep decline of 10 index points marks a statistically significant drop and brings sentiment to its lowest level in six months.
April retail sales increased by 3.5% and most key retail segments experienced year-over-year (YOY) sales. The major segments with increases were non-store (online) retailers and food services and dining establishments.
The consumer price index (CPI) rose 3.4% over the last 12 months; Core CPI increased 3.6% over the year. Housing and motor fuel rose; combined, these two indexes contributed over 70% of the monthly increase in the index for all items.
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