Consumer credit rose $19.60 billion (0.6%) to $3.20 trillion in May. The U.S. Treasury reported a budget surplus of $70.5 billion for June and a fiscal year-to-date deficit total of $365.9 billion. Initial jobless claims fell 11,000 to 304,000 for the week ended 7/5.

• Consumer credit rose $19.60 billion (0.6%) to $3.20 trillion in May. Revolving credit (i.e., credit cards) increased by $1.76 billion, while non-revolving credit (i.e., auto loans) increased by $17.80 billion.

• The U.S. Treasury reported a budget surplus of $70.5 billion for June and a fiscal year-to-date deficit total of $365.9 billion. The deficit fiscal YTD is down 28% from this time last year due to higher tax receipts, up 8.2% over the year, followed by lower defense spending, down 5.5% over the year.

• Initial jobless claims fell 11,000 to 304,000 for the week ended July 5th.