Consumer credit increased $8.0 billion to $2.807 trillion in March. The U.S. Treasury reported a $112.9 billion monthly net surplus in April. Initial jobless claims fell 4,000 to 323,000 for the week ended 5/4.

• Consumer credit increased $8.0 billion (0.28%) to $2.807 trillion in March. Revolving credit (i.e., credit cards) was down $1.7 billion (-0.20%) while non-revolving credit (i.e., auto loans) rose $9.7 billion (0.50%).

• The U.S. Treasury reported a $112.9 billion monthly net surplus in April. Individual income taxes are up 35% year-on-year.

• Initial jobless claims fell 4,000 to a level of 323,000 for the week ended May 4th, a new recovery low.